Middle East

Checking privilege or checking presumptions?

CM has lost count of the times the white privilege moniker has been thrown about as a way to shut down debate. There is an almost uncanny wish for liberal whites to white-shame other whites these days. It seems that 99.9% of those who throw the white privilege word are white themselves. The tacit argument is that they feel they gain acceptance with non-whites by denying their own identity. Have non-whites come out en-masse demanding this? Virtually none that CM has met.

The left is obsessed with this idea that all minorities are distinct groups who share identical thoughts and beliefs. Take the radically leftist inspired C-16 compelled speech laws in Canada where the trans community took what was supposed to be a compassionate piece of legislation as one where they felt betrayed by the lack of consultation and presumption of shared voice. There is a fantastic scene from Freedom Writers to this very point. Do these supposedly justice for all human rights crusading cultural Marxists assume all minorities are facsimilies within their clusters? Why do these activists become self appointed spokespeople for these groups? It is exactly this type of condescending action which creates the very division they are trying to stop. Diversity of thought among individuals, anyone?

Take these posters from the University of San Francisco (uSF). Karl Marx may have recently turned 200 but his legacy lives and breathes in California. So much for universities being the cradle of free and open thinking. The University of Texas has the MasculinUT program which is equally obtuse. Men must not feel obliged to express unrestricted masculinity. Do not pass Go, do not collect $200 – why not castrate male UT students or force inject female hormones instead? Let’s not start with the mind-bending educational programs forced on pre-schoolers across the world. The designers don’t even hide the agenda. Not to mention Bill 89 in Ontario which allows the state to remove children from parents who don’t accept their gender identity in time. Or a Massachusetts kindergarten that has banned the use of the word ‘best friend’ for the sake of inclusivity. We’re even being told to ask for an infant’s consent to change their diaper. It is a slippery slope that the left wants considered mainstream when it is patently empirically extreme.

Apart from the deeply condescending nature of the uSF posters, are Christians the only religion that should feel privilege? Why not Buddhists, Jews, Hindus or Muslims? Do those groups not observe religious holidays? Do the majority of Muslims protest Christians celebrating Christmas? No. Do Christians take to the streets when Muslims celebrate Ramadan? No. When you’re busting to go to the bathroom do you consciously check cisgender privilege? Most likely not. It is surprising more cisgender women don’t cross the border to use male bathrooms when their line in long. Probably because of a group assumption that men are less hygienic and might leave the toilet seat up.

Let’s look at some of the leftist thinking about ranking ‘privilege’.

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Take the quick test above. According to this table you will need to become an other, intersex, gay, trans, Middle Eastern, homeless, blind, disfigured, short, Muslim scientist (presumably climate professors get extra negative scores) to maximize all potential disadvantages. There is no worse combination for future victimhood in the liberal identikit than a tall, white, straight, cis male who works in finance. Although thankfully Australians are regarded at the lowest spectrum of whites. Still, how unfair to the Japanese who have gone through two decades of virtually no economic growth and untold natural disasters to be compared to Aussies that have had 25 years of unfettered economic expansion and face some dangerous snakes and spiders. Or is that a function of the Japanese being required to check their colonial past throughout Asia in the early 20th Century?

White privilege is just another tenet of group categorization. Should whites pay a tax to offset their level of privilege, presumably relative to their position on the chart above?

Going back to the white privilege shamers, many of those CM knows have backgrounds in finance. In an industry that is often tagged for having a penchant for deregulation, free spirits and mugging Main St. is anything but, when so many scream to the world at their virtuous moral code. How many of them support so many ideologies around equality of outcome despite most of these ‘white’ investment bankers being the first in line to cry foul if their ‘supposedly’ superior skill sets have not been rewarded accordingly. So while on the outside they protest so much injustice and inequality, they scream like libertarians internally. They can’t have it both ways. CM has always been a libertarian and believes in equality of opportunity rather than equality of outcome.

CM appreciates there are injustices throughout the world but the worst way to achieve it is by compelling it, even under the veil of affirmative action. The case studies of doing so are overwhelmingly conclusive of producing the opposite outcomes. If everyone is assured the same result, why bother studying or striving for the extra mile? It is counter intuitive. It is also downright demeaning to assume that ALL ambitious minorities are crying to be given a leg up.

The most recentwhite privilege jab was over a discussion of the freedom of speech of NFL kneelers. Because many of the players happen to be black, CM needed to check white privilege. The only argument CM made was that these NFL players were employees who have a boss. How dare CM silence these people fighting for a cause! CM argued that no one is claiming they do not have a right to protest but if their bosses are witnessing customers (aka fans) deserting the games, hence impacting revenues which ultimately impedes the ability to throw multi millions to the same players something has to give. Put simply they have a business call to make. Make it all about police brutality but when harsh economics ends up seeing players sacked, don’t cry to CM. Is your boss unfair to sack or demote you if you are not prepared to please customers in order for the business to stay afloat? Just take a knee and see how far you get. CM bets none of you will. You know full well the boss is entitled to expect a return on the money he or she pays you. The boss isn’t doing it solely out of generous spirit. The NFL bosses aren’t questioning free speech but forecasting the net present value of the franchise.

The irony is that most of the kneelers (although CM read that Colin Kaepernick does invest into some of the causes he is protesting) do not invest their own spare time to fight those injustices. Many are trying to stay out of the courts given their all too frequent misdemeanors off the field – rape, DUI, resisting arrest, dog-fighting etc. Yet the white privilege shamers come forward with the argument that fans should put up with it. The liberal creed is that ‘social justice’ must be beaten into viewers. Do these SJWs get that the more they hammer these messages home the further they drive the people they’re trying to convince away? If we can white shame these spectators enough they’ll cave, right? Wrong. Little do they realize that these same fans might have financial, marital or employment stresses that the game is supposed to take them from? Is it just white fans seeking remediation? Most certainly not.

White privilege was hurled at the US education system for unconscious racial bias. What The NY Times article failed to document was that 99.6% of ALL kids stay out of big trouble which would result in serious disciplinary action, including arrest. All too easy to dumb it down to colour alone, yet when looking at liberal (Brookings Institute) or libertarian (Heritage Foundation) think tanks, both point to broken homes as a major cause of problems in graduation rates and disciplinary action. This has been documented over decades. Yet the liberal view is that all this division can only be attributed to white privilege. Torn asunder if black libertarians like Thomas Sowell, Larry Elder or Candice Owens don’t tow the line.

Skin colour seems to be a single-variable regression to white shamers. Does CM tell his half-Japanese kids to moan and complain that they are mixed race? Or does he try to impart to them the value of hard work, diligence and making their way through application and effort? They hopefully get the message that their father has tried to impart to them many times that the ‘taste of victory’ is umpteenths times greater the harder the challenge. Did Oprah become the world’s highest paid entertainer for hard work or just because she is black? Should we gut the NFL and put in less competent white players to ensure that ethnic balance is restored along the lines of population weights? Would fans want to pay a premium to see inferior performance? White shamers would suggest they would. Common sense would say not.

Yet, white privilege is the problem that if fixed will supposedly solve everything. Australian nurses and midwives are being told in the latest code of conduct to check white privilege and admit their colonial past to expectant mothers of other backgrounds. No seriously, instead of focusing on ensuring safe deliveries they are being asked to bow down to this ridiculous indoctrination. Will mothers giving birth feel empowered that the midwife grovels or marvel in the miracle of bringing life into the world?

Little by little, freedoms are being forcibly removed from society under the guise of political correctness. Reasoned debate is ignored. Outcomes are engineered in a way that ensures the data fits the legislation. Canada is one of the worst examples of this in action and the latest polls against PM Justin Trudeau reflect the backlash. Instead of debating sensibly through democratic means, the left wants to channel their doctrine through education and compelled speech. The left shouldn’t be surprised when a growing list of countries throughout Europe are becoming fed up with centralized control and voting at a sovereign level to disassociate themselves. Even if Brussels still tries to influence those constituents as to how they democratically choose to sustain their cultures, as evidenced this week in Italy.

Take the UK stance over Islam. British authorities seem so afraid of their own shadow that they have introduced a two-tiered approach to the control of citizens that would even make Lenin blush. Not initially by design but by avoidable mistakes. The dithering non-confrontational nature of the Brits means that they muddle through issues which end up making them more uncomfortable and put the population in a worse position, period. There are undoubtedly swathes of Muslims who detest the way they are tarred with the same brush as the more radical among them that are behind terrorist activity or grooming under-age girls for rape and sex trafficking. Rightly so. Any group of Christians would feel equally appalled to have their faith associated with sexually deviant priests molesting young boys. Therein lies the danger of generalizing groups rather than correctly targeting individual perpetrators, regardless of whether religion has been taken out of context to commit crimes.

Radio presenter and founder of Quilliam, Maajid Nawaz, has openly critized the UK authorities for pandering to political correctness.

For too long in this country, we have ignored the issue of grooming gangs. Of young vulnerable teenage girls who have been victimised, drugged, raped and abused…Whether it’s the Rotherham case or all the other cases that were replicated across the country, it is both the conclusion of the prosecutor in the Rotherham case…or indeed the official inquiry into why it took so long for these young vulnerable under-age girls to get justice – both of those concluded that fears of racism prevented us from coming to the defence of vulnerable under-age girls…Fears of racism meaning that the state was scared that it would be accused of being racist if it rightly arrested and prosecuted largely British Pakistani Muslim men in their abuse of under-age white teenage girls…If we hadn’t all been silent, if we had all addressed this issue head on when it needed to be addressed, when it was time to address it, then the void would not have emerged for the populist agitators to fill that gap…

Nawaz holds no punches. The British government has presumed the majority of Muslims may get offended so 1,000s of innocent under-age (white) girls became sacrificed on the altar of political correctness. One Labor politician claimed that these rape victims should shut up for the sake of diversity. Should that be categorized as a white privilege offset? Presumption is a dangerous game. Are people surprised when the cover up is finally exposed that Britons become enraged? It is hardly a win-win for the Muslim community at large to have this fester beyond the squalid state it already has become.

Yet examining the state of UK prisons, inmates identifying as Muslims number 15% of the population despite being 7% of the UK population. Is that a sign the judiciary is being biased against the Tommy Robinsons of the world? No. While the drive-thru jailing of him last week apears overly biased, the explosive growth in the Muslim prison population would not exist were the courts targeting non-Muslims. If only the courts were able to expedite justice for these poor girls as quickly as Mr Yaxley-Lennon.

Examining the huge surge of violence (against fellow inmates and guards), an 800% leap in unexplained deaths (aka murder) and the 6 fold jump in call outs of the tactical riot squad within UK prisons over the last decade coincide with the doubling of jailed radicals. It must worry the law makers no end to how they solve for this disturbing rise in crime and stick to politically correct narratives.

The simple solution is to engage a broader section of all communities beyond those that have clearly produced no tangible results. When will they realize it is not working and DO something about it, rather than presuming the several speak for the whole?

If liberals desperately covet diversity and identity politics for the good of peoplekind, they are going the wrong way about it. Shaming others has proven to be a recruiter for the right. To put this in chess parlance –

The best chess move is the one which your opponent least wants you to make

Instead of ostracism and presumption, try engaging individuals rather than expect them to accept accusations of association to groups that they may abhor.

Unseen WW2 pics thru lens of AIF Lt. Norman Peterson

 

What happens when you poke a Russian bear?

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As written earlier in the week, regardless of one’s views on the righteousness of any attack on Syria, Putin is being faced for the first time in a long time, a leader of a foreign nation (nations as it turns out) prepared to stand up to him. Obama fled the Syria battlefield after being given a two hour window when Russia first went to the aid of Assad. If that wasn’t the ultimate sign of a bully in the Kremlin it is hard to think of what is. While sanctions may have bitten to a degree post Ukraine and the shooting down of a Malaysian Airlines flight, Syria is essentially a testing ground for Putin to weigh up Western (specifically Trump’s) resolve. If we look at Russia’s response post the Syrian strike,

The worst apprehensions have come true. Our warnings have been left unheard…A pre-designed scenario is being implemented. Again, we are being threatened. We warned that such actions will not be left without consequences…All responsibility for them rests with Washington, London and Paris…Insulting the President of Russia is unacceptable and inadmissible.

Kind of says it all really – Russia hasn’t been insulted. Putin has. He must have a glass jaw  like Trump! Two bullies flexing muscle. In a show down Should Putin wish to pick a direct conventional fight against 3 nuclear powers (explicitly mentioned), he knows that ‘mutually assured destruction’ is the very last option in the drawer and next to no chance of being selected despite all of the media beat up. On a conventional basis, Putin wins more battles by stirring up the hornet’s nests in other regions. Lending more support to Iran, Lebanon and Yemen. Destabilize Saudi Arabia and antagonize Israel.

CM wrote,

It is worth nothing that Syria is Rosoboronexport’s (Russia’s military export wing) 2nd largest customer after Iran. Putin is sick of having the West try to remove his clients. Assad is key to Russia’s foothold in the Middle East. With an essentially pro-Iran Iraqi government and Syria as well as Hezbollah Putin has a geopolitical doormat from the troubled separatist states to Russia’s south to Lebanon.

Some arguments have been made about the risks of the American, French or UK strikes killing Russian troops or civilians on the ground in Syria handing Russia free will to attack its enemies. Scroll back to November 2015 when the Turkish Air Force shot down a Russian Su-24 fighter it claimed entered its airspace. Two Russian pilots were killed in the shooting and subsequent rescue. The Russians were incensed but President Erdogan is still in power and Ankara isn’t flailing after seeing its capitol turned into smoldering rubble.

This argument that the Russians weren’t given advance warnings of the attack is ridiculous. Had the Russian defence forces been on proper alert (they most definitely weren’t passed out behind their radar screens after a vodka binge) they would have detected the missile launches. Wind back to the 59 missile launch earlier last year against Syrian chemical facilities. We didn’t hear a peep from Putin. Why now? Of course he is incensed over the booting of diplomats on the nerve agent scandal but this is a showdown of ego.

Think of the long geopolitical chess board here. Should Trump have backed down on Putin’s threats, wouldn’t China’s Xi feel equally empowered to annex Taiwan by telling POTUS that he risks ‘grave reprisals if he meddles with Chinese sovereign territory’?

For all the initial snubbing of Trump by Macron on his historic election win in France, there is no way he would have gone in alone to attack a chemical facility without the guarantee of the military might of America. It is unlikely Theresa May would have done it either. So for all of the ‘unhinged’ lunatic rhetoric bandied about by the media, foreign nations don’t gamble their own sovereignty lightly, especially over something like Syria.

General Mattis has said they plan no further strikes at this stage. Does Putin order his forces to sink a US destroyer in the Mediterranean which launched those missiles? Highly unlikely. He does have the best weapon available to do that (the ‘Sunburn’) but sending US naval vessels to the bottom of the sea on a strategic strike would seem a big response to a targeted hit.

Let there be no mistake. There is a new sheriff in town. Russia has a bloody nose it didn’t think it would find itself. Putin miscalculated that Trump isn’t all Twitter-fueled bluster. Uncertainty in foreign leaders is always a risk for enemies. Trump has shown Putin he won’t be bullied like his predecessor.

Putin doesn’t want a hot war with America. The best way to strike at the US is like the last 6 decades. Undermine her at every opportunity. Supply her enemies. As mentioned before, if the Russians didn’t think it worth hitting back at Turkey for deliberately targeting its fighters, it is unlikely that Putin, no matter how ‘insulted’ he might feel will take a strike not aimed at Russians as a pretext to pick a fight with Trump. Putin has worked out the US president’s measure. He miscalculated. He won’t make that mistake twice.

For the media, running all the scare campaign stories is not only highly irresponsible (as it did over Yemen’s attacks on Saudi Arabia) but proving the lack of depth of analysis. They can beat Trump over the head all they wish but should note the actions of Macron and May following him into the region as a tacit approval of the US leader. Was he the madman they portrayed him as in the first place they would have stayed well out of it.

Watch for Putin’s response (unlikely but will threaten it will come when the evil Americans least expect) and think deeply about why it is important that the real despots (Putin, Xi, KJ-U, Erdogan) around the world no longer have the ability to exercise free will in knowledge that the worst they face is a slap on the wrist from the UN.

Sounds more like grounds for congratulation than censure. 

2018 – no more space for multiple ‘elephants’ in the room

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The Contrarian Marketplace wishes everyone a Happy New Year and prosperous 2018.

As oft the case people are busy making new year’s resolutions. CM mission doesn’t change. It aims to further energize the spirit of enquiry. To be the maverick voice that will not be silenced. We live in a world where we need to become comfortable being uncomfortable. We can no longer hide behind group think Because we feel it is dangerous to challenge consensus views. CM won’t buckle to identity politics, victimhood or social justice.

However that will never exclude us from criticism and we welcome feedback to improve the offering. We will not take The Guardian approach of refusing to acknowledge the content might be the problem when appealing for readers to ‘donate’. CM is self funded. It will remain so because it never wishes to be beholden to others to peddle tailored messages to keep the lights on.  If CM doesn’t survive on its own merits then it dies through market forces.

In 2017, Brandon Tatum showed what impact a Tucson, Arizona police officer can have on today’s media. His videos have gone viral (50mn+ views) on topics from the NFL, BLM to anti-Trump protests. He is now working for the Conservative Tribune such has been his impact. He speaks in cold hard truths. One doesn’t have to agree with what he says but he makes compelling arguments. No accolades from the journalist associations to self congratulate. As we used to say at high school sports competitions- “look at the scoreboard.”

CM started two years ago to challenge conventional thinking on all manner of topics.  It was born out of a growing realization that the mainstream media on both sides of the fence was too biased. Investigative journalism has all but disappeared, replaced with clickbait headlines and little more than biased piffle for what can only loosely be described as content. It seems that journalists are paid on the number of shares or likes rather than the quality of input.  As Ariana Huffington once said, “I’ve long said that those of us in the media have provided too many autopsies of what went wrong and not enough biopsies.”

2017 has been a continuation of the ridiculous pandering to political correctness and our lawmakers seem even more determined to avoid censure from social media, somehow thinking it speaks for the majority. Gender neutral toilets, removing statues and same-sex marriage take priority to the oncoming fiscal/monetary train wreck and a fracturing geopolitical landscape. It is almost as if our elected leaders have the blinkers on.

2018 is shaping up to be one that our political class is ill prepared for. Out of one’s depth is not a harsh enough criticism. Too many governments (including conservatives) are running up the national credit card trying to bribe bewildered constituents into tolerating more of their nonsense. However at some point, appeasement will not work because government’s can’t economically afford it.

Silent voices are increasingly pushing back. Traditional parties are seeing their constituents abandoning them. Australia’s conservative Liberal Party is Exhibit A. It is no longer a party true to its core. After the Turnbull coup it has taken its constituents for mugs but they have left in droves. While the Libs champion superior leadership, how is it One Nation has taken a huge bite out of it’s support base? It doesn’t add up and its this sense of denial that guarantees they’ll be destroyed at the next election.

Look at the growth in nationalist parties in Austria, France, The Netherlands, Germany, Italy and even America. While they may not have outright majorities in every case the reality is that all of these parties surged in the most recent elections. Mainstream parties can mark it down as a one-off or ‘they’ll be back’ mentality but this time is different. Take Trump. His GOP hate him almost as much as the Democrats. While the mainstream media ties itself into knots over the relevance of well done steak and tomato ketchup to running a country or the fact he paid millions in tax, his brand of political incorrectness is refreshing.

Sure his words are vulgar at times and Obama knocks the sports off him for eloquence or as a nice guy but we are in a world of ruthless people. The geopolitical landscape is rapidly changing. The last US administration allowed a free-for-all for nations such as China and Russia to roam free on the global landscape. Russia’s actions in the Ukraine, Syria and Iran or China building man made military bases in contested Asia-Pac waters have filled a vacuum vacated by the US. We should be glad that we have a Trump who is putting his foot down that things have changed.

While Trump’s use of ‘Rocketman’ to describe North Korea’s leader may seem juvenile, China hasn’t fully worked him out. They stroked his ego by allowing him to be the first President to dine in the Forbidden City after his rhetoric saying that if they don’t deal with Kim he will. The resumption of Chinese oil trading with North Korea in full defiance of UN sanctions tells two things. China thinks the UN is a waste of space and it is testing Trump’s resolve to carry out his threats to take care of business with minor provocations. China’s military is nowhere a match for the US so this could backfire badly if they miscalculate. This will escalate again in 2018.

Don’t rule out India’s growing frustrations with China. China’s built a naval port in Sri Lanka’s Hambantota. Recently the Maldives signed a FTA with China which should be ringing alarm bells in Delhi. For the last decade, China has been strengthening its armed (ground and air) forces to India’s north too, including the funding of the upgrade of the 1300km construction of the Karakoram Highway (aka China-Pakistan Friendship Highway). It is no surprise that Russia has been replaced by the US and UK as preferred arms suppliers to India.

As written several days ago, the Middle East seems to be an unstable powder keg. The way the stars are aligning with respects to the death of the former Yemeni President Saleh, the cleaning of the House of Saud, the repudiation of Qatar by the Gulf states and ructions in Iran point to something larger to kick off. Do not be surprised to see Israel and Hezbollah clash again in 2018. It won’t be an Arab Spring. Afterall this is more a shift toward a more direct clash between Sunni and Shia, not just played through proxy wars in Yemen, Syria or Lebanon. One can’t sink Saudi and Emirati naval vessels off Yemen’s coast with Iranian Revolutionary Guard support indefinitely.

These geopolitical problems will only put pressure on global markets which are already overstretched asset bubbles in almost every form – equities, bonds and housing. The realisation that unfunded pensions are likely to wipe out the retirements plans of millions causing even more pressure on economic growth. There is no escaping the fact that the can has been kicked down the road for too long. Whether 2018 is the precise year it unfolds is still a moot point but we are moving ever closer to the impending financial collapse which will be uglier than 1929.

Central banks have no plausible ammunition left to play with. Bloated balance sheets filled with mislabeled toxic assets (liabilities). Record low interest rates offer next to no policy flexibility and tapped out consumers face oblivion if asset prices keel over. A systemic banking collapse is absolutely plausible. No amount of QE will work this time.

Yes, it would be nice to see 2018 trump 2017 for good news (it wouldn’t be hard) but sadly the punch bowl at the party is empty and the hangover won’t be pleasant. No amount of painkillers will let one avoid a throbbing headache which will last a very long time.

Forewarned is forearmed.

Regime overthrow in Iran? Don’t get too excited (yet)

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The US State Department seems to be openly welcoming the outbreak of spontaneous demonstrations in Iran selling it as the early steps of regime change. In fact it is more likely to help President Rouhani force economic changes he has been prevented from making due to deep seated corruption within the regime itself. Rouhani has tried to make economic changes for years to boost the economy but the regime has kept monopoly power over multiple industries which has impeded his ability to do it.

The Iranian banking system holds 10s of billions of dollars in non-performing loans which is weighing down the economy and undermining the potential for private-sector-led recovery. Given the increasing vulnerability of Iran’s financial system, the government urgently needs to restructure and recapitalize the banks. Iranian banks were weakened by a sluggish economy caused by the sanctions, state interference in lending decisions and lax regulations causing excessive competition with unlicensed financial institutions.

The country’s recovery could well slow since Trump has raised the possibility that sanctions could be reimposed or new sanctions introduced. It should come as no surprise that this has deterred many banks and other foreign companies from operating in Iran.

The Iranian government directly owns and operates hundreds of state-owned enterprises (SoE) and indirectly controls many companies in the private sector. Inflation (9%), price controls (e.g. milk, energy) designed to tame it and rising unemployment (12.4%) are really behind the protests than a direct call to overthrow the Islamic Republic. Still don’t rule out the US State Department rubbing its hands with glee to try to throw a spanner in the works. Easier done by crushing its economy by redeploying sanctions given the financial system is in such a precarious position.

We shouldn’t ignore the timing of the assasination of former Yemeni President Saleh in the last month. His death now gives Saudi Arabia more will to take heavier action against the Iran backed Houthi in Yemen. Now that Saudi Arabia has recently cleaned house with the arrests of royal family members to tighten the inner circle, it almost seems the stars are aligning for the ante to be upped on Iran.

While much has escaped the mainstream media, at the narrow Bab al-Mandeb Strait separating Yemen and Djibouti/Eritrea, multiple US, Saudi and Emirati warships have been attacked by Houthi rebel forces. In January 2017 a Saudi al-Madinah frigate was sunk in the strait. An Emirati HSV-2 swift naval craft was also put out of action in late 2015. Cargo ships (10% of global trade) make their way up the Red Sea via the Bab al-Mandeb Strait to the Suez Canal, could suffer if tensions rise here.

While many are distracted by the decision to move the US Embassy to Jerusalem as an unnecessary ‘in-the-face’ action, most Gulf States want Israel on their side to help them defend against and ultimately defeat Iran. It is only 7 months ago that the Saudis pushed to expel Qatar from the GCC for keeping cosy relations with Iran and supporting Hamas and the Houthi in Yemen. The South Pars/North Dome Gas Condensate field – the world’s largest natural gas field –  is jointly owned by Iran and Qatar which means divided loyalties between the GCC and Tehran.

Get ready for lots of fake news. Something tells CM that there is something more sinister at play.

Ultra High Net Worth Individuals (by country)

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In an ever growing world of haves vs have nots, Elliman has released an interesting update on the statues of global wealth and where it is likely to head over the next decade. It suggests North America has 73,100 UNHWIs at an average of $100mn each or $7.31 trillion. To put that in perspective 73,100 North Americans have as much wealth as Japan & France’s annual output combined. Over the next decade they expect 22,700 to join the ranks.

Europe has 49,650 UHNWI also at the magical $100mn mark (presumably the cut off for UHNWI or the equivalent of Japan.

Asia is growing like mad with $4.84 trillion split up by 46,000 or $105mn average. In a decade there are forecast to be 88,000 UHNWIs in Asia.

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I am not sure what the World Bank was smoking when coming up with the coming forecasts I’ve rthe next decade but the figures smel fishy.  Then it all comes down to this chart.

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1) Political uncertainty? Everywhere you look – Trump, Brexit, Catalonia, Australia, France, Germany, Austria, Czech Republic, The Netherlands, Hungary, Poland etc etc

2) Potential fall in asset values – looks a very high chance of that. Current asset bubbles are almost everywhere – bonds, equities, real estate etc

3) Rising taxes – maybe not the US or Canada (if you follow the scrutiny over Finance Minister Morneau), but elsewhere taxes and or costs of living for the masses are rising

4) Capital controls – China, India etc

5) Rising interest rates – well the US tax cuts should by rights send interest rates creeping higher. A recent report showed 57% of Aussies couldn’t afford an extra $100/month in mortgage – a given if banks are forced to raise lending rates due to higher funding costs (40% is wholesale finance – the mere fact the US is raising rates will only knock on to Aus and other markets).

Surely asset prices at record levels and all of the other risk factors seemingly bumping into one another…

So while UHNWIs probably weather almost any storm, perhaps it is worth reminding ourselves that the $100mn threshold might get lowered to $50m. It reminds me of a global mega cap PM who just before GFC had resplendent on his header “nothing under $50bn market cap”. Post GFC that became $25bn then eventually $14bn…at which point I suggested he change the header entirely.

I had an amusing discourse on LinkedIn about crypto currencies. The opposing view was that this is a new paradigm (just like before GFC) and it would continue to rise ( I assume he owns bit coins). He suggested it was like a promissory note in an electronic form so has a long history dating back millennia. I suggested that gold needs to be dug out of the ground – there is no other way. Crypto has huge risk factors because it is ultimately mined in cyber space. State actors or hackers can ruin a crypto overnight. There have already been hacking incidents that undermine the safety factor. It does’t take a conspiracy theory to conjure that up. To which he then argued if it all goes pear shaped, bitcoin was a more flexible currency. Even food would be better than gold. To which I suggested that a border guard who is offering passage is probably already being fed and given food is a perishable item that gold would probably buy a ticket to freedom more readily as human nature can adapt hunger far more easily in the fight for survival. I haven’t heard his response yet.

In closing isn’t it ironic that Bitcoin is now split into two. The oxymornically named Bitcoin Gold is set to be mined by more people with less powerful machines, therefore decentralizing the network further and opening it up to a wider user base. Presumably less powerful machines means fewer safeguards too although it will be sold as impervious to outsiders. Of course the idea is to widen the adoption rate to broaden appeal. Everyone I know who owns Bitcoin can never admit to its short comings. Whenever anything feels to be good to be true, it generally is. Crypto has all the hallmarks of a fiat currency if I am not mistaken? While central banks can print furiously, they will never compete with a hacker who can digitally create units out of thin air. Fool’s Gold perhaps? I’ll stick to the real stuff. I’ll take 5,000 years of history over 10 years any day of the week.

4 more years

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Start laughing. It is ok. It is the same thing heard time and time again since forecasting it back in mid-2015. Yes, at this rate he is staring at another 4 years should his health hold out. This week capped off yet another mad push for so called ‘progressive’ (regressive) values will only drive the wedge of division ever deeper. People are growing sick and tired of being told how they must think. When liberal TV host Bill Maher admits openly that “Democrats, this movement to childproof the world has made Republicans the party of freedom and Democrats the party of poopers.” you know they are in trouble. Yet they can’t help being victims. Have you already forgotten how the liberals turned on Rachel Maddow over the tax returns? Yet one can guess they won’t run a more centrist candidate like Bill Clinton in 2020 but one pushing the thresholds of the identity kit. If they can find a genderless Dreamer who was raised by a North Korean Muslim lesbian couple they’ll have their ‘person’.

Sure liberals can celebrate the admission of girls into the Boy Scouts. It will probably become Scouts of America where tying knots will be replaced with wearing a rainbow scarf, learning gender fluidity while being banned from rubbing two sticks together to make fire because it is harmful to the environment.  No doubt they’ll learn the correct use of genderless pronouns which in reality will be of high value because the State of California would sooner jail citizens for incorrect use of language than properly vetting illegal immigrants. By the way how silent has the media been now that the Supreme Court ruled 8-1 to approve the revised travel ban? No matter how one might hate it or view its insensitivity, many of those that voted for him will happily chalk it up as a win. He ran that as part of his election campaign. Get over it.

Of course celebrating  Columbus Day 2017 was yet another chance to bash colonialists for things that modern day descendants had nothing to do with.  The City of Detroit wants to replace it with Indigenous People’s Day. Well truth be told that Michiganites born in America are indeed indigenous. We had this debate in Australia this year where socialist and Greens city councils in the Marxist state of Victoria went beyond their remit of collecting rubbish and keeping park amenities clean by announcing they would be scrapping Australia Day. Instead of asking their 240,000 residents for their opinion they rigged a poll by asking 80 activists and even then couldn’t muster more than 60% in favour of their preferred name of ‘Invasion Day’. Talk of pathetic when they can’t even get all of the victims onside. Yet the mayor of one of the councils decided to speak down to those who couldn’t accept it by telling them they lacked ‘education’. The irony was that many prominent aborigines are in favour of Australia Day because it celebrates togetherness and how far the nation has come rather than rake over coals that happened  230 years ago. Yet the socialists made out that calling it Australia Day for aborigines was the equivalent to the Jews as Germans celebrating ‘Holocaust Day’. Seriously?

This year statues of former Confederate generals like Robert E Lee sparked outrage when nary we heard a peep beforehand. Even people like basketball legend Charles Barkley said he has never driven past any statues and associated them with any excuse to grieve today. So once again Australia copied suit. Calling for the removal of statues of Captain James Cook, Governors Phillip and Macquarie, because they weren’t discoverers and settlers but ‘invaders’. Yet liberals will happily find this as another excuse to play the victim by erasing the history they don’t like. Get rid of the statues and it won’t be long before the next victim case arrives in the in-tray to protest over. Once again, people are tired of the lectures. Sick of being told they should feel guilty for things they had no control over because they weren’t even born at the time. How can we possibly move forward if they’re forever wanting people not responsible for things to apologize and be wracked with guilt? Move on!

Then we have had the NFL saga. The original BLM protest started by Kaepernick kneeling has been so diluted from its original purpose that the controversial quarterback promises to stand during the anthem if he can have a multi million dollar contract again. The initial shirt fronting bluster of NFL Commissioner Roger Goodell has turned into a 180 degree retreat after Trump tweeted about considering cutting the generous tax breaks the league receives. Money talks greater than protests in the end. Fans were sick of the in their face protests when they wanted to unwind in front of the ball game. While progressives scream the right to ‘freedom of speech’, fans merely exercised freedom of consumption – burning memorabilia and season tickets. The very money that pays the multi million dollar salaries of the players have a right to get what they handed over their hard earned dollars for. Even if they want to draw attention to a worthy cause do fans require it drilled into them every game? This is the problem with the left. It bangs on incessantly that it ends turning people off. I have not heard of fans complaining of any players protesting on their own time. Whether we like it or not, NFL players are employees. If any of us took a knee to our boss who told us to manage a difficult account you shouldn’t be surprised if you’re demoted or worse. It is not a violation of free speech. It is dissent – pure and simple. Just like those openly using tax-payer funded websites to vilify their boss. Once again, send a mail to your boss cc-ing the firm and tell him or her what a complete jerk they are and see how long you last.

Now we have Weinstein. Liberal celebrities are trying to cover up their own impropriety (Affleck, Kimmel et al) post the exposure of ‘one of their own’ by turning on POTUS. There has been tweet and post after post on Trump’s ‘p*ssy grab’ tape (which by the way he was elected in full knowledge of voters) being just as bad as Weinstein. While once can cry foul that these are double standards to OK the president but vilify Weinstein for disrespecting women, his legion of followers have more of an issue with Hollywood hypocrites try to push their heightened sense of values on them when they so blatantly hid a monster that served their lavish lives. The deplorables are sick of these liberals lecturing them. It is not a question of who is worse – Trump or Weinstein- but having actors talk down to them in such sanctimonious fashion.

Then it was only a few weeks back that Michelle Obama was bludgeoning American women for obeying their husbands at the polling booth and abandoning the ‘sisters’. Does Mrs Obama honestly believe she will sway female Trump voters back to being Democrats by calling out their supposed lack of intelligence. What a slap in the face to all women to have her patronize them. I do not recall her making those sweeping statements to get a woman in the Oval Office when Hillary ran against her husband in 2008?

So the only message to liberals is that if they want to get rid of the President then they ought to pay attention to all of the things which cost them the election in 2016. If anything they’ve amplified the noise which turned people away in droves. One can see the 2020 election campaign by the Democrats. It will crank up victimhood, identity politics and focus on trying to get people married to the state. Isn’t it telling that Trump said if politicians don’t want to overhaul Obamacare then they can switch from a bountiful taxpayer healthcare plan to the system they are resisting  change – how silent they’ve become…then again how many from both sides of the house are on the payroll of big pharmaceutical companies…? This is the thing – it is no longer GOP vs Democrats – both are not behind POTUS. If he ran as an independent he’d win.

The way the liberals can win is to encourage open, rational debate (like the Trump rally which gave their stage to BLM protestors to wonderfully unify them on many levels), allow conservatives to speak on campus on issues without causing trigger warnings, micro aggression and safe spaces and to refrain from shoving every political issue in the electorate’s face at every opportunity.  Failure to do so will practically guarantee a return of the incumbent in 2020. All the signs point to an even bigger defeat. Keep up the good work. The only fear is that any the rate your expending grievances you may run out of things to moan about when the next 4 years eventually arrive.