Poverty

Ohio Democrat suggests heartbeat bill exclude African American women

Ohio passed the “Heartbeat Bill” last week to make it illegal to abort a fetus once a heartbeat is detected. State Rep Janine Boyd (D) proposed an amendment that African American women should be exempted from the legislation. It was defeated.

Her argument?

Black slaves were once treated like cattle and put out to stud in order to create generations of more slaves…Our country is not far enough beyond our history to legislate as if it is.”

Note that 70% of Planned Parenthood abortion clinics are located in low income areas. While African Americans are 13% of the population, 37% of pregnancies are terminated. In NY, more black babies are aborted than born.

Who knew that abortion should be race based?

$14bn shock for Shorten. Not $100m

Image result for bill shorten ev

Let’s face it, pre-election budget boasting is a beauty contest we can do without. Fanciful promises guarantee we will not end up in surplus. Shorten’s speech was loaded with mistakes. Let’s cut through some numbers.

The Coalition put forward the following on Tuesday.

What escaped many in the Frydenberg budget of Tuesday is that to fund the 16.8% jump in tax receipts on 2018/19, individual taxpayers will still see their pockets hit +18.4% in aggregate even after including the ‘generous’ rebates. Superannuation tax collections will jump 43% in 4 years time.

NDIS spending is targeted to be 92% higher by 2022/23 than last year. Medicare +24%, public hospital assistance to the states +21%, aged care services +27%. For all the celebrations of lowering pharmaceutical rebates for one wonder drug from $120,000 to $6.50, the reality is spending in this segment will fall 18.4% in total. The family tax benefit will squeak 4% higher in the next 4 years.

As written on Tuesday, the revenue projections of the government are unrealistic as we stare at a slowing world economy. German industrial production in March cratered to 44.1 and China’s auto sales continued a 7-month double-digit slump in February.

Analyzing the Labor response

Shorten claimed NDIS was cut A$1.6bn to get a surplus. Under Frydenberg’s budget, NDIS for 2019/20 will rise A$4.5bn. Out to 2022/23, it rises to over A$24bn.

The Opposition Leader also made reference to A$14bn in cuts to public schools. Note the funding to public schools on 2013/14 was A$4.8bn. In 2018/19 it was $7.7bn and projected in 2022/23 to be A$10.4bn. 

$200mn to renovate nursing campuses in Australia won’t achieve much. The John Curtin Medical Research School at the ANU cost $130mn alone.

Shorten made reference to bushfires being caused by climate change. Fire & Rescue NSW notes that 90% of fires are either deliberately or accidentally set. A Royal Commission after the horrible Black Saturday bushfires showed that policies which restricted backburning reduction targets were to blame for the larger spread of fires, not climate change. In 2013, Tasmania learned none of the lessons with similar policy restrictions preventing the Tasmanian Parks & Wildlife Service to complete more than 4% of all the 2.6m hectares it manages. The reef is not being damaged by climate change and floods and drought are no more frequent or severe than a century ago.

While climate alarmists will relish the prospect of 50% electric vehicles (EV) and cut emissions 45% by 2030 to save the planet, a few truths need to be considered:

1) our own Chief Scientist, Alan Finkel, has admitted that no matter what Australia does to mitigate global warming our impact will be zero. Naught. Nada. Putting emotion to one side, is there any point in spending $10s of billions to drive electricity prices?

2) South Australia and Victoria have already beta tested what having a higher percentage of renewable energy does or rather doesn’t do for sustainable and reliable baseload power. Both states have not only the highest energy prices in Australia but the world. These stats are backed up in Europe. The EU member states with a higher percentage of renewables have steeper electricity prices than those with less. These are facts.

3) Consumption patterns matterLast year Aussies bought only 2,200 EVs. In 2008, SUVs made up 19% of the new car sales mix. Today they make up 43%.
In 2008, c.50m total passengers were carried on Australian domestic flights to over 61m today. The IATA expects passengers flown will double over the current level by 2030. These are hardly the actions of people panicked about cataclysmic climate change. Or if they are, they expect others to economize on their behalf.

Qantas boasts having the largest carbon offset program in place yet only 2% of miles are paid for, meaning 98% aren’t. 

4) Global EV production capacity is around 2.1m units. While rising, it is still a minor blip on 79 million cars sold worldwide. Add to that, auto parts suppliers and car makers are reluctant to expand capacity too fast in a global auto market that is slowing rapidly.

Car sales in China have fallen for 7 straight months. In Feb 2019, sales fell 13.8% on the back of January’s -15% print.  Dec 2018 (-13%), Nov 2018 (-13.9%) & Oct 2018 (-11.7%) according to the Chinese Association of Automobile Manufacturers (CAAM). The US and Australian car markets are under pressure too. 

5) So haphazard is the drive for EV legislation that there are over 200 cities in Europe with different regulations. In the rush for cities to outdo one another this problem will only get worse. Getting two city councils to compromise is one thing but 200 or more across country lines?

Without consistent regulations, it is hard for makers to build EVs that can accommodate all the variance in laws without sharply boosting production costs. 

6) Fuel excise tax – at the moment, 5% of our tax revenue comes from the bowser. $25bn! Will Mr. Shorten happily give this up or do we expect when we’ve been forced to buy EVs that we will be stung with an electricity tax on our cars?

7) Norway is a poor example to benchmark against. It is 5% of our land mass, 1/5th our population and new car sales around 12% of Australia. According to BITRE, Australia has 877,561km of road network which is 9x larger than Norway.

Norway has around 8,000 chargers countrywide. Installation of fast chargers runs around A$60,000 per unit on top of the $100,000 preparation of each station for the high load 480V transformer setup to cope with the increased loads.

Norway state enterprise, Enova, said it would install fast chargers every 50km of 7,500km worth of main road/highway.

Australia has 234,820km of highways/main roads. Fast chargers at every 50km like the Norwegians would require a minimum of 4,700 charging stations across Australia. Norway commits to a minimum of 2 fast chargers and 2 standard chargers per station.

The problem is our plan for 570,000 cars per annum is 10x the number of EVs sold in Norway, requiring 10x the infrastructure.

While it is safe to assume that Norway’s stock of electric cars grows, our cumulative sales on Shorten’s plan would require far greater numbers. So let’s do the maths (note this doesn’t take into account the infrastructure issues of rural areas):

14,700 stations x $100,000 per station to = $1,470,000,000

4,700 stations x 20 fast chargers @ A$60,000 = $5,640,000,000 (rural)

4,700 stations x 20 slow chargers @ A$9,000 = $846,000,000 (rural)

10,000 stations x 5 fast chargers @ A$60,000 = $3,000,000,000 (urban)

570,000 home charging stations @ $5,500 per set = $3,135,000,000 (this is just for 2030)

Grand Total: A$14,091,000,000

Note that Shorten pledged $100m to EV charging stations around Australia to meet his goals. Even if he was to skimp on 2 fast and 2 slow chargers per stand, Aussies taxpayers will need to shell out $6.5bn. At least he could technically cover that with repealing $6bn in franking credits.

Norway’s privately run charging companies bill users at NOK2.50 (A$0.42c) per minute for fast charging. Norway’s electricity prices are around NOK 0.55 (A$0.05c) per kWh to households.  In South Australia, that price is 43c/kWh. So will Shorten subsidize an EV owner charging in Adelaide at the mark up a private retailer might charge? 

What about subsidies to EV buyers? If we go off Shorten’s assumptions of $3,400 per EV at 570,000 EVs per annum, the tax payer will fork out $1.94bn a year.

Will there be a cash-for-clunkers scheme?  If the plan is to drive internal combustion powertrains off the road, existing owners may not be emboldened with the decimation in the value of their existing cars. Let’s assume buyers are irrational and accept $3,000 per car (Gillard offered $2,000 back in 2010) trade-in under the scheme. That would amount to $1.73bn.

8) Making our own batteries! While it is true Australia is home to all of the relevant resources, sadly we do not have enough cobalt to make enough of them.

Australia is home to only 4% (5,100t) of the world’s cobalt. 60% of the world’s cobalt comes from DR Congo which has less than satisfactory labour laws surrounding children. If we want cheap EVs, we have to bear that cross of sacrificing children to save the planet. It can’t be done any other way.

Li-ion batteries consume around 42% of the globe’s cobalt supplies. Cars are 40% of that. The rest being computers, mobile phones, etc.

9) Automakers have set up their own battery capacity to supply internal production. Given our terrible history in automotives, we should not expect them to line up to buy our batteries.

Nissan spent around A$770m on a battery plant in Sunderland. Panasonic plowed $2.8bn into the battery plant that supplies Tesla.

10) Australia has no real homegrown industrial scale EV battery technology. If we bought in a technical license, that will only make our production costs prohibitive on a global scale. Our high wage costs would add to the improbability of it being a sensible venture.

All in, Shorten’s EV plans could cost Australians well over $20bn with c.$4bn in subsidies ongoing.

11) Green jobs – according to the ABS, jobs in the renewable sector have fallen from the peak of 19,000 in 2011/12 to 14,920 in 2016/17. The upshot is that green jobs in the renewable sector are not sustainable.

In short, Mr. Shorten’s budget reply was extremely thin on detail. Especially with respect to climate change. The LNP has plenty of ammunition to prosecute the case on his wild costing inaccuracies (as outlined above) yet will they have the gumption to fight on those lines. Saving the planet is one thing.

Loading a stretched grid with EVs and increasing the proportion of less reliable power sources looks like a recipe for disaster. We need only look at consumption patterns to get a true sense of how ‘woke’ people when it comes to global warming. South Australians and Victorians are already living the nightmare of renewables.

This election is about one thing – individual pocketbooks. The electorate needs working solutions, not electric dreams.

Which part of failed EU don’t the UK politicians get?

Which part of the failed EU project don’t British politicians get? Why would anyone want to remain a member in a club which is so badly failing them? 40m more Europeans under the poverty line since 2007. 118 million in total or 22% of the EU population. Did they forget the Swiss handing back its free pass to enter the EU because they saw no value in joining a club anyone can join. Are the Brits wanting to ditch the pound in favour of a forced euro currency? What merits lie in remaining?

Two more clear examples emerged in the last week to show how more member states are rejecting the elites in Brussels.

League head and Italian Deputy PM Matteo Salvini has seen his party unseat the Democratic Party in Basilicata which had a strong hold on the region for 25 years. At the last election 60% of Italians voted for parties that rejected the EU. This poverty stricken area south of Italy has now endorsed League to take care of its affairs after decades of failure by the pro-EU centre-left incumbent.

Switch to The Netherlands. The anti immigration eurosceptic Forum for Democracy (FvD) Party, established only 2 years ago, took the largest number of seats (13) in the upper house election from zero. The FvD stripped the centre-right of its Senate majority, with PM Rutte’s party losing 7 seats to 31.

Throw on top that, former darling of the left, President Macron, has authorized the army to shoot unarmed yellow vest protesters who are rejecting nose bleed cost pressures for 19 straight weeks. Let’s remain in the EU to endorse such progressive behaviour.

If the board of directors of the EU Club live in denial and fail to listen to the grievances of a growing swell of disgruntled members there can only be one outcome. The club will go out of business. Best that the UK doesn’t renew its membership.

Why?

What often surprises CM is the need to openly show one’s abhorrence to the now 50 people senselessly murdered in Christchurch. On the contrary, if one didn’t find the events appalling that would say something in itself. There is nothing ‘woke’ about publicly showing one is against what happened. Of course the overwhelming majority of us are. Yet moral preening does nothing to help stem the flow of such terror. Neither does capitalizing on tragedies such as this to pit division via unhinged political activism.

Social media has been whipped into a frenzy since the cold blooded crime. Ad hominem attacks against the usual culprits for being complicit does little to help the grieving process. There must be no words to understand their pain. So why resort to cheap shots and big noting on Twitter? Survivors and families of the dead will hardly find solace by reading the bile of ignorant apparatchiks making a bad situation palpably worse.

CM has often questioned the purpose of lighting up monuments and splashing avatars with national flags of where those atrocities occurred. Does anyone in their right mind think that would-be-perpetrators pay the slightest mind to such appeals? Might as well keep the lights on. Because unless proper action is taken, nothing will change. Instead of stifling debate, we need to engage in it. Tackle the issues burning the fabric of our society.  Social and mainstream media continue to push false narratives, making people even more afraid to speak their minds. Some countries like Canada have laws that jail those that dare to.

If we accept the vast majority of people in the world are decent no matter what their background, why is it activists expect certain groups to self-flagellate when such events occur? The background of the victims or the villains should be irrelevant. It is despicable beyond belief to murder innocent unarmed people whatever their race, skin colour, religious beliefs or sexual proclivity. No one should question this. Yet tougher and tougher legislation restricting freedoms ends up being the by-product. Unfortunately newly introduced laws end up causing the opposite of intended effect. It only emboldens these extremists to go deeper underground. It exacerbates resentment.

We have to ask ourselves why? It seems most of the political class is asleep at the wheel given the trend of rising nationalism, especially throughout Europe. Instead of having deep transparent discussion addressing the problems and issues driving these movements, our leaders think it prudent to bury their heads in the sand. Hiding behind the spineless guise of political correctness, they legislate against certain groups with ever harsher penalties in ways which seem only to underpin the popularity of those that seek to defend them. If the political elite think believe they understand the will of the people they are woefully out of their depth at selling messages of unity. For if they understood the layman, populist parties would remain on the outer.

Think about it. Alternative for Deutschland, Sweden Democrats, The Dutch Freedom Party, Lega in Italy, the Freedom Party in Austria, Vlaams-Belang in Belgium, Order & Justice in Lithuania, Law & Justice Party in Poland, Fidesz in Hungary, True Finns, Front National in France…the list goes on. From fringe parties (or not even in existence) a decade ago to Top 3 in many cases. Have more Europeans become racist bigots in the last decade by chance or do they feel their lot changing for the worse?

Take a look at the poverty statistics across Europe. There were 78mn living below the poverty line in 2007. At last count, Eurostat noted that number was 118mn  (23.5% of the European population). In the Europe 2020 strategy, the plan is to reduce that by 20 million. Fat chance.  37.5mn (7.5%) are living in severe material deprivation (SMD) , up from 32mn in 2007. 40 million extra Europeans are suffering in poverty in a little over a decade. No wonder these nationalist parties have gained traction. It is easy to whip up a disaffected mob by claiming their futures are being undercut by mass migration. Whether the arguments are sound or not is frankly irrelevant. People want their lives back. Seeing the inaction among incumbent parties, many are willing to chance those that supposedly feel their pain. Macron still faces yellow vest protests for four consecutive months. Is it any wonder nationalist Marine Le Pen polls higher than the young President?

Perhaps we should question the authorities in playing their part in firing up the discontented. After reading 200+ pages of the Rotherham Inquiry into grooming gangs, it was revealed that the police and local council turned a blind eye to the systematic rape of 1,000 minors over two decades because they feared being thought of as racist were they to target the perpetrators based on their ethnicity. It was political correctness gone mad. Now the scandal has broken out across the country, the courts are finally throwing the book at these criminals. Read the above link at your peril. It is utterly distressing. 1,000s of lives senselessly ruined because leaders were too gutless to stand up for principle. One does not have to be an extremist to be outraged at such cruelty going unpunished for so long.

Politically correct law makers or activist judges do not justify murdering 50 innocent men, women and children. Let us be perfectly clear on this point. However it is not hard to see how those on the fringes use such incidents to fuel their resentment.  Social media allows for such obscene behaviour to be normalised because of the echo chamber dynamic.

What do the statistics of extremism say?

According to the Australian Crime Institute, “understanding the precise nature and scale of the far-right in Australia is made difficult by a lack of empirical information and research. Gaining reliable data on the far-right is firstly complicated by debate over exactly what constitutes violence motivated by far-right ideology…Moreover, Australia does not have any formal monitoring systems for this form of violence, such as that of the US Federal Bureau of Investigation’s ‘Hate Crime Statistics’ (something CM did earlier this month)

In America, Anti-Semitic hate crimes are around 5x the level of Anti-Islamic hate crimes which are around 1.5x Anti-Christian hate crimes. Overall hate crime is lower than two decades ago.

Germany’s Federal Ministry for the Interior (BfV) updated its fact book on the size of left and right wing groups and the rise of Salafists at home. To summarize:

In 2017, the BKA (Federal Criminal Police Office) registered 39,505 offences in the category of politically motivated crime, an increase of 20.4% over the 2014 figure, but 4.9% down on the 2016 number.

Right wing extremist party membership has risen from 22,600 in 2015 to 24,000 in 2017.

There were 1,054 (2016: 1,600) registered cases of violent criminal offences with a right-wing extremist background, a fall of 34.1%. The number of violent crimes directed at foreigners came in at 774 (2016: 1,190, the highest level since the current definition of politically motivated crime was introduced in 2001) down 34.9%. The number of violent crimes against actual or supposed left-wing extremists dropped by half 98 (2016: 250) remained about the same. Attempted homicides fell from 18 in 2016 to only four in 2017.

Left wing extremist party membership has risen from 26,700 in 2015 to 29,500 in 2017, +10.5%.

In 2017,  6,393 criminal offences were classified as left-wing politically motivated crimes with an extremist background (2016: 5,230), +22.2%, of which 1,648 were violent crimes (2016: 1,201), +37%. The number of violent criminal offences with a left-wing extremist background that were directed against the police and security authorities significantly increased 65.2% to 1,135 (2016: 687) exceeding even the level of 2015. The number of violent criminal offences against actual or supposed right-wing extremists halved to 264 (2016: 542).

Islamic Extremists

Salafist movements in Germany have risen from 8,350 in 2015 to 10,800 in 2017 with the BfV noting on the whole, that all Islamist following in 2017 amounted to approximately 25,810 individuals, up 1,400 on 2016. BfV did note

The threat situation has not at all eased. On the contrary: the shift towards a violence-oriented/terrorist spectrum has revealed a new dimension of the Islamist scene, which was also illustrated by the attacks carried out in Germany in 2016However, Salafism in Germany enjoys undiminished popularity. Its continuous attractiveness shows the importance of Salafism being subject to a debate in society as a whole and of intelligence collection carried out by the community of the German domestic intelligence services. This is even more significant as adherents of the jihadist tendency of Salafism not only reject the West – symbolised by the free democratic basic order – but also actively fight against it: either by travelling to so-called jihad areas or by mounting attacks in the West.”

In the area of politically motivated crime by foreigners, 1,617 offences with an extremist background were registered in 2017 (2015: 1,524), including 233 violent offences (2015: 235).  In 2016, there were two homicides and 13 attempted homicides by foreigners with an extremist background (2015: three).

A fall of 4.9% in total politically motivated crime is hardly something to celebrate when the number is 40,000 on an annualised. There are 6x as many politically motivated crimes in Germany than America with only 1/5th the population.

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If we take a step back, were suspect Tarrant’s atrocities any more reprehensible than Anders Breivik in Norway gunning down 69 unarmed teenagers on Uttoya island? Stephen Paddock murdering 58 concert goers in Las Vegas? Adam Lanza slaying dozens of small kids at Sandy Hook elementary? The gunmen inside the offices of Charlie Hebdo or the barbaric eviscerations inside the Bataclan? The truck drivers in Berlin, Nice, Stockholm or Barcelona mowing down 100s of innocent pedestrians? Where was the outrage in 2018 when a church was bombed by extremists in Indonesia killing 13 people? What about the Jonestown massacre in 1978 which claimed 908 souls? All of them are deeply sickening not only in total loss of life but the grotesque manner in which these heinous acts were carried out. 

No-one with a pulse can look at recent events without utter disbelief. When the suspect tells us the motivations behind the attack, we will see social media get uglier still. If we truly want to put an end to this type of disaster, we must open ourselves up to debate. Going on recent trends, we will continue to light up statues and point fingers instead of actively seeking to find solutions through reasoned discussion. When will we wake up from this nightmare of our own making and communicate?

In the meantime spare a thought for the victims and their families and allow them to grieve their losses in peace.

Down and out in Davos

Davos is likely to be unlike any gone before it. Lucky for the globalist elitists who like to rug up in mink collar lined Moncler down jackets, Trump won’t be there to verbal them over their blatant double standards. Ironically the fact he isn’t going is more evidence of their inability to self reflect rather than the other way around. Trump is hardly an eloquent mouthpiece at the best of times but his words and stance around nationalism resonate far wider than the €200 Chateau Briande chewing wealthy will be prepared to admit at Davos.

France. As the Gilets Jaune (Yellow Vest) movement rolls into week 9, where has the media been reporting it? Macron would normally attend the Davos mob as “the poster child” but he can’t because of the domestic situation. Should he show up to hug his globalist chums, the chaos at home would exacerbate. This is no small matter for the proponents of world government. We shouldn’t forget Marine LePen is polling higher than Macron. Nor should we overlook the fact she won 35% of the 2nd round vote, twice the level ever seen in the anti-EU Front National’s history.

Germany isn’t much better. Although Frau Merkel will be in Davos. Despite stepping down from the rotting carcass her policies have turned her party into, she’ll be fawned over at the matriarch. Deutschland, the paragon of the EU’s economic chest beating, saw industrial production plunge 4.7% in November, its worst showing since the GFC. The fastest rising party in Germany, the anti-immigrant AfD, whose chairman was bashed to within an inch of his life, plans to be far more open about jettisoning the EU going forward. Yet more anti-globalist forces at the gate.

Italy has felt the wrath of EU meddling in ratifying its latest budget. Despite 60% of the country voting in eurosceptic parties last year, the EU is still pushing its weight around via the ECB. Italians are far from pleased with Brussels. Many of her banks in the south are carrying nose bleed territory bad debts which make them technically insolvent. Italians want out.

Hungary, Poland and the Czech Republic have openly rejected globalism and any shaming from the Bullies from Brussels has only led to bigger majorities handed to them by their citizens.

Austrian Chancellor Sebastian Kurz has made it clear that illegal immigration is not for them, no matter how much UN global compacts or EU directives want to encourage it. Why else would he appoint a member of the anti-immigrant FPO as the minister for that portfolio?

PM Rutte of The Netherlands lost seats in the last election, mainly to Geert Wilders’ anti immigrant PVV. The socialist parties were all but annihilated.

UK PM Theresa May is looking on shaky ground to pass her version of Brexit through the Commons. Even Jaguar’s woes in China are supposedly the fault of Brexit. Even the iconic brand’s UK sales are up 76% since 2013. Surely it’s macroeconomic headwinds not leaving the EU that is driving this. Despite all the scare stories from the BoE, the people aren’t buying it. The UK has its highest ever petition signed to get parliament to vote for “No Deal”. So much for the expert’s advice!?

There is a groundswell movement the establishment continues to ignore. Famous economists giving fire side chats to out of touch journalists don’t convince the people who aren’t living these utopian dreams espoused from Davos.

Davos seems a bit like an Oscars gathering. The audience they are appealing to are increasingly looking the other way and tuning out. It matters not whether some believe we need to show more compassion and embrace global cooperation. The people in charge of selling it could not muck up the messaging and execution of said plans if they had a mandate to do so.

Davos 2019 may well see its proclamations become little more than rearranging deck chairs on the Titanic. We’ve been so overdue an economic correction and the little bigoted people increasingly trying to protect their own interests are already telling us they’re knee deep in recession already. At the same time they’re sick of their leaders legislating against them for supposed intolerance.

Maybe France is the globalist canary in the coal mine. Macron’s police force is already being asked to step it up a notch against the protestors. He need be wary of the police switching sides which would be a cataclysmic blow for globalism. Bring it on.

Poverty, poverty on the wall, the French aren’t even the worst of all

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Why are we surprised at the yellow vest uprising across France? Poverty/risk of social exclusion across Europe has continued to spiral upwards since the Global Financial Crisis (GFC). There were 78mn living below the poverty line in 2007. At last count, Eurostat notes that number was 118mn  (23.5% of the European population). In the Europe 2020 strategy, the plan is to reduce that by 20 million.  37.5mn (7.5%) are living in severe material deprivation (SMD) , up from 32mn in 2007.

The SMD rate represents the proportion of people who cannot afford at least four of the nine following items:

  • having arrears on mortgage or rent payments, utility bills, hire purchase installments or other loan payments;
  • being able to afford one week’s annual holiday away from home;
  • being able to afford a meal with meat, chicken, fish (or vegetarian equivalent) every second day;
  • being able to face unexpected financial expenses;
  • being able to buy a telephone (including mobile phone);
  • being able to buy a colour television;
  • being able to buy a washing machine;
  • being able to buy a car;
  • being able to afford heating to keep the house warm.

The French are merely venting what is happening across the EU. The EU could argue that at 18% poverty, the French should be happy compared to other nation states. Europeans aren’t racist to want a halt to mass economic migration when they are the ones financially struggling as it is. Making economic or compassionate arguments aren’t resonating as they feel the problems first hand.

Is it a surprise that the UK, at 22.2% poverty, wanted out of the EU project to take back sovereign control? Project Fear might be forecasting Armageddon for a No Deal Brexit but being inside the EU has hardly helped lift Brits from under a rock. Why would anyone wish to push for a worse deal that turns the UK into a colony?

Why is anyone surprised that there has been a sustainable shift toward populist political parties across Europe? Austria, Italy, The Netherlands, Poland, Hungary, Sweden, Germany…the list goes on. Even France should not forget that Front National’s Marine LePen got 35% of the vote, twice the level ever achieved. Is is a shock to see her polling above Macron?

The success and growth of EU-skeptic parties across Europe will only get bigger. The mob is unhappy. Macron may have won on a wave of euphoria as a fresh face but he has failed to deliver. He may have suspended the fuel tax hikes, but the people are still on the street in greater numbers. He has merely stirred the hornet’s nest. Perhaps UK PM Theresa May should take a look at the table above and realise that her deal will only cause the UK to rise up. At the moment sanity prevails, and when it comes in the shape of Jeremy Corbyn that is perhaps a sign in itself.

Pension blackhole widens

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CM has been saying for quite some time that the US public pension system is a runaway train running out of track. It seems Zerohedge today confirms many of those same trends. The ratcheting down of return targets by ridiculously small amounts because to actuarially mark-to-market to reality is too scary to contemplate.

To quote the article,

CalSTRS is making the bold move to drop its future goal to… 7%…And CalPERS is ratcheting down its return goals in steps to… wait for it, 7% by 2021.

with interest rates near their lowest levels in human history, it’s been difficult for these pensions to generate a suitable return without taking on more and more risk.

And that’s another big problem with pensions – their investment returns are totally unrealistic.

Most pension funds require a minimum annual return of about 8% a year to cover their future liabilities.

But that 8% is really difficult to generate today, especially if you’re buying bonds (which is the largest asset for most pensions). So pensions are allocating more capital to riskier assets like stocks and private equity.”