TheLastRefuge Profile picture
Aug 11, 2021 45 tweets 12 min read Read on X
(1) When they say inflation will "spike" or increase this year, and then "come back down next year", what they are saying is the price will skyrocket.... AND THEN the price will remain high.

EX. A lemon goes from $0.49 to $0.99 today. And next year remains $0.99 !
Image
(2) Inflation is a measure of the change in a price.

Inflation is usually presented in terms of percentage of change. Currently inflation is running in excess of 10% this year, on an annual basis (annualized). Meaning prices (on aggregate) are 10% more than last year.
(3) The rate of inflation for fuel, unleaded regular gasoline, is up 60% on an annualized basis.

When the WH and FED say inflation will "level off" next year, they are saying the price next year will remain at least 60% more than last year, and will increase *more slowly*.
(4) Saying "inflation is transitional", or "inflation will come back down", is a misnomer intended to lull you to sleep and accept what Barack Obama said years ago: "under my policies prices will necessarily skyrocket".
(5) Why such a massive one-year spike, and then a leveling off with prices remaining high?

The answer is not difficult; however, the financial media have a vested interest in you not understanding.
(6) For the entirety of President Trump's term in office his economic policies were intentionally lowering prices.

For four years we were in a deflationary, or static place with consumer prices. [I'll explain in a minute]
(7) Four years of static pricing and dropping pricing that was specifically due to America-First economic policy.

Now... RIGHT NOW.... in one year, with the America-First agenda being destroyed, we are getting FOUR years of inflation compacted into one year.
(8) Right after the election the Fed knew what the reversal of Trump's trade and economic policies would do. That's why they said they would "accept inflation" in 2021.

reuters.com/business/energ…
(9) That’s Fed admission is because – while they will not say it openly, they know there’s no way to stop it.

Massive inflation is a direct result of the multinational agenda of the Biden administration; it’s a feature not a flaw, and it has nothing whatsoever to do with COVID.
(10) Keep in mind the first group to admit what is to come were the banks, specifically Bank of America, because the Fed monetary policy is part of the cause.

There is a doubling inflationary impact from the Fed pumping money.

msn.com/en-us/money/ma…
(11) Notice how Bank of America says "for up to four years" of large inflation. Why *four years*?

That's because BoA knows four years of Trump policy deflation preceded the current state of Obama/Biden "re-inflation". Four years = Presidential term.
(12) If Biden policy to reverse Trump was executed at the same rollout scale of Trump's economic policy, it would take four years of rising prices. But Biden is reversing Trump policy in year one. Hence all the re-inflation comes in year one.
(13) You might remember, when Trump initiated tariffs against China (steel, alum, & more), Southeast Asia (product specific), Europe (steel, alum, & direct products), Canada (steel, alum, lumber, dairy), the financial pundits screamed that consumer prices were going to skyrocket.
(14) They didn’t. Consumer prices did not increase.

Trump knew they wouldn’t because essentially those trading partners responded in the exact same way the U.S. did decades ago when the import/export dynamic was reversed.
(15) Trump’s massive, and in some instances targeted, import tariffs against China, SE Asia, Canada and the EU not only did not increase prices, the prices of the goods in the U.S. actually dropped.

It sounds counter-intuitive, until you understand what happened. 👇
(16) To retain their position, China and the EU responded to U.S. tariffs by devaluing their currency as an offset to higher export prices. It started with China, because their economy is so dependent on exports to the U.S.
(17) China first started subsidizing the targeted sectors hit by Trump's tariffs. The CCP government of Beijing gave industries free electricity, gas, eliminated taxes due, etc etc. To help offset U.S. import tariffs.

They lowered the price of goods being exported.
(18) Then China went further. Beijing (total communist control over their banking system) devalued their currency to boost their avoidance of U.S. tariffs.

However, the currency devaluation had an unusual effect.
(19) The cost of all Chinese imports dropped, not just on the tariff goods. Imported stuff from China dropped in price at the same time the U.S. dollar was strong. This meant it took less dollars to import the same amount of Chinese goods; and those goods were at a lower price.
(2 0) Yes, the Beijing subsidies and currency devaluation worked in the way it dropped prices of Chinese goods and offset U.S. tariffs.

However, as a result, we were importing deflation…. the exact opposite of what the financial pundits claimed would happen.
(21) Trump's overall "trade war" with China meant the Chinese were lowering prices in the battle, and as a consequence U.S. importers had lower prices.

These lower prices were passed on to U.S. consumers. Stuff from China was cheaper. ie. "deflation"
(22) However, as the Chinese economy was under pressure, they stopped purchasing industrial products from the EU, that slowed the EU economy.

Germany, France and the EU were furious....
(23) President Trump didn't care...
(24) In response to a lessening of overall economic activity, a *pissed off* EU then followed the same approach as China.

[Remember, the EU was already facing pressure from the exit of the U.K. from the EU system. BREXIT !!]
(25) The EU didn't like Trump putting steel & aluminum tariffs on them, then walking away from the Paris treaty, then dismissing the Transatlantic trade deal (TTIP), and now creating a massive North American economic engine with Mexico via the USMCA.
(26) So the EU decided to take the same approach as China and fight back. The EU central banks started pumping money into their economy and offsetting with subsidies. Yes, they essentially devalued the euro.
(27) The outcome for U.S. importers from the EU was same as the outcome for U.S-China importers. We began importing deflation from the EU side.

A strong dollar, lower Euro value; that means cheaper goods from the EU, and ultimately more deflation.

They really hated orange man.
(28) In the middle of this there was a downside for U.S. exporters. With China and the EU devaluing their currency, and with a very strong domestic U.S. economy, the value of the dollar increased.
(29) This made purchases from the U.S. more expensive. U.S. multinational companies who relied on exports (lots of agricultural industries and raw materials) took a hit from higher export prices.

Trump would need to help farmers, specifically those dependent on exports....👇
(30) However,... and this part is really interesting,... it only made those multinationals more dependent on domestic U.S. sales for income. With less being exported, there was more product available in the U.S for domestic purchase.
(31) With more product remaining in the U.S. what happened? Yup, you guessed it.... this dynamic led to another predictable outcome, even lower prices for U.S. consumers.

Lots of happy middle-class Americans. Orange man notsobad for them.
(32) From 2017 through early 2020 U.S. consumer prices were dropping. We were in a rare place where deflation was happening. Combine lower prices with higher wages, and you can easily see the strength within the U.S. economy.
(33) For the rest of the world this seemed unfair, and indeed they cried foul – especially Canada.

Canada was apoplectic. Tariffs on their lumber, dairy, Steel and aluminum, and then Trump shut down the NAFTA loophole they were using. Trudeau furious... sent Freeland to fight.
(34) However, this was "America First" in action.

Middle-class Americans were benefiting from Trump's reversal of 40 years of economic policies like those that created the rust belt. Democrats knew they had a big problem. Trump's economic agenda was working.
(35) NOW.... REVERSE THIS… and you understand where we are with inflation.

JoeBama economic policies are exactly the reverse. The monetary policy that pumps money into into the U.S. economy via COVID bailouts and ever-increasing federal spending drops the value of the dollar.
(36) With the FED pumping money into the U.S. system, the dollar value plummets. At the same time, JoeBama dropped tariff enforcement to please the Wall Street multinational corporations and banks that funded his campaign.
(37) Now the value of the Chinese and EU currency increases. This means it costs more to import products, and that is the primary driver of current price increases in consumer goods.
(38) Simultaneously, a lower dollar means cheaper exports for the multinationals (Big AG and raw materials).

China, SE Asia and even the EU purchase U.S. raw materials at a lower price. That means less raw material in the U.S. which drives up prices for U.S. consumers.
(39) It is a perfect storm. Higher costs for imported goods and higher costs for domestic goods (food). Combine this dynamic with massive increases in energy costs from ideological policy, and that’s fuel on a fire of inflation.
(40) Annualized inflation is now estimated to be around 10+ percent, and it will likely keep increasing. This is terrible for wage earners in the U.S. who are now seeing wage growth incapable of keeping up with higher prices.
(41) Real wages are decreasing by the fastest rate in decades. We are now in a downward spiral where your paycheck buys less. As a result, consumer middle-class spending contracts.
(42) Gasoline costs more (+60%), food costs more (+10% at a minimum) and as a result, real wages drop; disposable income is lost. Ultimately this is the cause of a stagnant economy & inflation.
(43) None of this is caused by COVID-19. All of this is caused by current economic policy and current monetary policy sold under the guise of COVID-19.
(44) If spending continues, the dollar drops. As a result the inflationary period continues. It is a spiral that can only be stopped if policies are reversed…. and the only way to stop these insane policies is to get rid of Wall Street democrats & republicans constructing them.
(45) Be patient, be respectful, be kind and caring. Don’t look for trouble. But when the time comes to fight, drop the niceties and fight for your family with insane ferocity. Fight like you're the third monkey on the ramp to Noah’s Ark…. and damned if it ain’t starting to rain.

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More from @TheLastRefuge2

Oct 6
The CBS move was easy to see coming.

Larry Ellison previously said he "would never let Elon Musk fail." Ellison is Musk's financial backstop.

Musk will never stake a position against Oracle, Google or Thiel's interests.

Ellison then began moving toward TikTok. K-Street funded to assist with lobbying. Trump circle directly part of the assist (Sacks, Lutnick, Musk).

David Ellison simultaneously begins moving toward Paramount (CBS). There is no distance between father and son. Trump circle then assists (Hollywood tariffs).

Ideologically social media and boomer media target operations complete. Now watch what happens with CNN.
At the end of this construct, AI enmeshed with govt., and Social Media data, via national security and Palantir.

L Ellison wins. D Ellison wins. Musk wins. Thiel wins. Sacks wins. Ackman wins. Alex Karp wins. Bibi wins.
The Kentucky Derby is won by horses, but it’s the owners who get the prize money.
Read 4 tweets
Sep 30
Inside the released report by John Durham, the special counsel outlined how former FBI Director James Comey was intimately involved in the creation of the Carter Page FISA application.

Durham noted that Comey kept asking the DOJ National Security Division and FBI counterintelligence investigators, “Where’s the FISA, we need the FISA.”  However, John Durham never interviewed James Comey or Andrew McCabe. 

The former FBI Director and Deputy refused to cooperate or give testimony to John Durham.  So, how did John Durham have details about the demands of Comey?

The answer is found in the footnotes. 

Durham reviewed transcripts of interviews given by Andrew McCabe to the Office of the Inspector General, Michael Horowitz, who previously investigated FBI conduct in the origin of the Carter Page FISA.  Durham pulled quotes from that transcript. [Footnote #1207, page 199 – Durham Report]

justice.gov/storage/durham…

QUESTIONS: If Andrew McCabe gave testimony to the OIG about the motives and impetus of FBI Director James Comey in pushing for the Carter Page FISA application, why did the OIG report never outline those transcribed interviews?  Why was the interview transcript never included in the 2019 OIG report?

[ NOTE: A transcribed interview of Andrew McCabe exists in the OIG office. @DNIGabbard through @AGPamBondi can request the transcription and release it to the public.]

However, let me answer the questions without the customary pretending from the DC professional political class.  The short version is that OIG Michael Horowitz was protecting the DOJ and FBI. The longer version is a coverup that includes Rod Rosenstein, Bill Barr and ultimately yes, John Durham. 

“Where’s the FISA?  We need the FISA?” ~ James Comey

You see, the DOJ-NSD and FBI CoIntel needed to find a safe and legal justification for previous spying on the Trump campaign.

The Clinton operation and 2016 FISA Title 1 surveillance of former CIA operative Carter Page became the fraudulent justification for that intent.

Because “FISA Title I” surveillance authority against a U.S. citizen is so serious (the U.S. government is essentially calling the target a spy), only a few people are authorized to even apply for such surveillance warrants.  One of the four people authorized to make such a Search Warrant request is the Asst. Deputy Attorney General as head of the National Security Division of the DOJ.

In September and October of 2016 a few critical things were happening:

1. NSA Director Mike Rogers was about to inform the FISC of the FBI spying operation using the NSA database.

2. CIA Director John Brennan was informing President Trump of the risk factors associated with the Clinton/FBI operation (that included #1).

3. The DOJ-NSD was quickly assembling the FISA Court application, sans Woods File, to be used against Carter Page. The Clinton/Steele Dossier was going to be used in lieu of the mandatory Woods File.

While Comey was saying, "where’s the FISA?  We need the FISA?" Pressure was building on the office of the Asst. Deputy Attorney General in charge of the DOJ-NSD, that's John Carlin.

Subsequently, Asst. Attorney General John P Carlin resigned as head of the DOJ-NSD.

Did Carlin resign in fear? Seems likely.

washingtonpost.com/world/national…Image
Image
A few years later, while COVID was raging and few people were paying attention, OIG Horowitz released a COVID delayed letter and summary report about the FBI spying operation [technically, exploiting the NSA database].

On its face the OIG release outlines a review and finding, actually a warning, by Horowitz’s office about FBI contractor access to “a certain national security database.” 

The OIG report was titled: “Management Advisory: Notification of Concerns Identified in the Federal Bureau of Investigation’s Contract Administration of a Certain Classified National Security Program.”

The advisory part is particularly interesting when absorbed through the prism of prior information.

oig.justice.gov/reports/manage…

On the surface of the release, the OIG was noting concerns and a warning shared with the FBI about ongoing contractor access to the NSA database. Thus, a “classified national security program” becomes defined.

However, in the background of the release it appears the OIG was using this public notification as a CYA of sorts.

Meaning the OIG was saying publicly they have advised the FBI of “concerns” they carried with the FBI abusing access to the NSA database.

Within the report you will note the IG calls out the FBI because the FBI hid their response to the IG warning behind the cloud of “classification.”

This left the IG with no alternative except to say the classified response has to be accepted as the final FBI response to the IG warning. 

The IG goes on to say to the FBI you have 90 days to tell me what you did to address the contractor access abuses.

In reality OIG Michael Horowitz was covering his ass and telling us why. Perhaps that's why Horowitz was removed from his position recently and sent to the IRS office where Secretary Bessent could keep an eye on him.

Keep in mind this contractor access to the bulk NSA metadata is a big deal.  All of the FISA audits in the past eight+ years have pointed out how FBI contractors continue to abuse their access to the database and unlawfully extract information without minimization efforts required by fourth amendment protections. 

The scale of the abuse is actually stunning; and the OIG reviewed the process and found the same issues that existed in 2015 and 2016 remained uncorrected five years later.

/END
Image
Read 4 tweets
Sep 30
1/ During the period of Nov 2015 to April 2016, the Obama administration, through the FBI under James Comey and Andrew McCabe, was conducting a political spying operation against all republican presidential primary candidates using the power of their offices.

The intent was two-fold. (1) Tracking the candidates to identify activity; and (2) conducting opposition research to be fed to the campaign of Democrat candidate Hillary Clinton.

This surveillance activity was happening in concert with Comey, McCabe and a small group inside the FBI, running a defensive operation for the issues surrounding Hillary Clinton's prior use of private email servers -which included classified information transmission- during her tenure as Secretary of State.

SOURCE: DNI

dni.gov/files/document…
2/ Documentary evidence of the Obama spying operation surfaced as an outcome of the NSA compliance officer discovering the FBI activity.

The compliance officer reported the activity to National Security Agency Director, Admiral Mike Rogers.

The spying operation is not an issue of FISA-702, or any FISA system or process. However, the availability of FBI access to the NSA database is what triggered the discovery of the spy operation.

That FBI access is created under the auspices of FISA, but FISA-702 or any aspect therein was not the issue.

The issue was the spying operation. FISA and using the NSA database to conduct the electronic surveillance, was simply the tool to exploit the electronic communication (metadata) of the targets.

The Obama administration was spying on their political opposition and telling the Clinton team the results of their surveillance.

The United States government was spying on candidates for office in order to control the outcome of the 2016 U.S. presidential election.
3/ After Director Mike Rogers was made aware of the operation, the exploitation of the NSA database, the NSA Director blocked the FBI from access and begun an investigation.

That investigation culminated in Director Mike Rogers informing the regulatory body in charge of protecting the database from exploitation.

FISC:

With the NSA now collecting the private electronic communication of Americans, the FISA Court was assigned the responsibility of oversight; intended to protect the growing metadata library and ensure the 4th Amendment provisions to the constitution were maintained.

The FISC oversight was intended to stop the government from reviewing the private records of Americans, the NSA database, without a warrant.Image
Read 5 tweets
Sep 26
1) Newly appointed U.S. Attorney Lindsey Halligan, from the Eastern District of Viginia, has released a criminal indictment of former FBI Director James Comey. [LINK BELOW]

The indictment alleges three counts. Counts one and two are ‘false statements’ to congress on September 30, 2020, [18 U.S.C. § 1001(a)(2)] and count three is ‘obstruction of a federal proceeding’ stemming from the same testimony. [18U.S.C. § 1505]

The first false statement charge surrounds Hillary Clinton’s “approval of a plan concerning” Donald Trump and the 2016 U.S. Presidential Election.

storage.courtlistener.com/recap/gov.usco…Image
2) COUNT #1 – James Comey claimed he could not remember being made aware of the Trump-Russia collusion plan, and there is ample evidence from his own previous public statements, from public and sworn statements by former CIA Director John Brennan, from former statements by officials in the January 5, 2017, meeting memorialized by Susan Rice, from statements that remain sealed as recounted by former FBI Deputy Director Andrew McCabe, and from statements under oath by the former Clinton campaign team -including campaign manager Robby Mook- that James Comey was well aware of the plan.

While this first count is based on the tenuous “I don’t remember” aspect, this count holds more material benefit than simply Comey’s recollection. This count could open the door to public testimony by McCabe, Rice, Mook, Brennan and even Barack Obama and Hillary Clinton herself as to Comey’s knowledge; each was a first-hand witness.

This first count holds strong material value in a public trial regardless of the outcome. This first count establishes the baseline for USAO Lindsey Halligan to bring all material witnesses into court and publicly put them on record outlining the Trump-Russia collusion scheme.

You could say, I hope the intent is not just to incarcerate Comey per se’ – but rather to use what Comey represents to indict the entire enterprise around him.  The facts behind Count #1 make this possible.

Let’s all hope this strategic intent unfolds.Image
3) Count #2, involves James Comey falsely testify he did not direct former his FBI Special Government Employee (SGE) Daniel Richman to leak information to New York Times reporter Michael Schmidt.

This second count is easily evidenced through the prior investigation of Office of Inspector General Michael Horowitz and all prior witness statements therein. Again, that includes testimony to Horowitz given by former FBI Deputy Director Andrew McCabe.

Additionally, the second count is evidenced by the direct testimony of Daniel Richman himself, who was hired by James Comey and given special access privileges to classified information systems. Richman was likely a grand jury witness during the assembly of the case against Comey.  Count #2 is the easiest to prove beyond any reasonable doubt.Image
Read 4 tweets
Sep 16
1) Grassley does a pretty good job of outlining the predicate for the search warrants issued by the Biden DOJ (Lisa Monaco) and FBI (Arctic Frost).

Where Grassley falls short (by design?) is connecting the search warrant results to their destination.

The J6 Committee!

See it now?

grassley.senate.gov/imo/media/doc/…
2. The results from the FBI search warrants, was the predicate material for the J6 team to begin targeting Trump supporters in the aftermath of the 2020 election. Image
3. Those Arctic Frost search warrants included banking records, networks, affiliations, communications, Google search results, social media platform user IDs and much more.

theconservativetreehouse.com/blog/2023/11/2…
Read 5 tweets
Sep 15
1) Okay @PeterKlyng , you want to play that "proof" game again. You want receipts? OK, I'm good with that approach. Let's go....
2) It was in June 2022, when Senator Chuck Grassley sent a letter to then Attorney General Merrick Garland and FBI Director Chris Wray, notifying them of whistleblower allegations from within the FBI that senior leadership in both Main Justice and FBI are involved in a coordinated effort to cover up criminal activity related to Hunter Biden.

t.co/cu8I1OEayZ
3) The whistleblower allegations, in combination with the documented history of DOJ and FBI misconduct, culminate in Senator Grassley stating:

...“If these allegations are true and accurate, the Justice Department and FBI are – and have been – institutionally corrupted to their very core to the point in which the United States Congress and the American people will have no confidence in the equal application of the law. Attorney General Garland and Director Wray, simply put, based on the allegations that I’ve received from numerous whistleblowers, you have systemic and existential problems within your agencies.”

Grassley was admitting what has been visible for years.
Read 17 tweets

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