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

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
Sep 13
1) Defending Kash.

Predictably, the one constant in an ever-changing IC universe, steps up to defend his #1 Source.

Solomon defends Kash.

justthenews.com/government/cou…
2) The reality is actually something entirely different.

The people in control of FBI field operations (not Kash), set up their agency head by informing the boss a suspect was in custody.

The ever concerned and focused on public opinion, Kash Patel, then took to Twitter to relay the news.

We all watched it unfold.
3) An embarrassed Patel then was forced to retract his public statement, walking back his message that a suspect was in custody.

The FBI field operatives smiled. Egg applied as expected, it worked brilliantly.

Patel couldn't then turn to those who set him up with anger, because their defense was, "we were questioning a suspect, we didn't tell you to go public with it - and as it turned out the suspect was cleared."

It was a brilliant maneuver, intended to undermine his authority and position and it worked perfectly.

Did you see his face when he eventually did arrive in Utah and didn't say a word at the microphone?
Read 4 tweets
Aug 26
Many have asked for this link.

scribd.com/document/34954…
On Friday November 18th, 2016, The Washington Post reported on a recommendation in “October” that Mike Rogers be removed from his NSA position:

..."The heads of the Pentagon and the nation’s intelligence community have recommended to President Obama that the director of the National Security Agency, Adm. Michael S. Rogers, be removed.
The recommendation, delivered to the White House last month, was made by Defense Secretary Ashton B. Carter and Director of National Intelligence James R. Clapper Jr., according to several U.S. officials familiar with the matter.

[…] In a move apparently unprecedented for a military officer, Rogers, without notifying superiors, traveled to New York to meet with Trump on Thursday at Trump Tower. That caused consternation at senior levels of the administration, according to the officials, who spoke on the condition of anonymity to discuss internal personnel matters."...

washingtonpost.com/world/national…
In February and March 2017 HPSCI Chairman Devin Nunes, a gang of eight member, reviewed intelligence reports that were assembled exclusively for the office of the former President (Obama). That is why he went to the Eisenhower Executive Office Building (EEOB) Information Facility to review.

After Devin Nunes review the information March 22nd, 2017, Nunes stated the intelligence product he reviewed was “not related to Russia, or the FBI Russian counter-intelligence investigation”.

House Intelligence Committee Chairman, Devin Nunes, then held a brief press conference and stated he had been provided intelligence reports brought to him by unnamed sources that include ‘significant information’ about President-Elect Trump and his transition team.

Quotes from the presser:

1.) …”On numerous occasions the [Obama] intelligence community incidentally collected information about U.S. citizens involved in the Trump transition.”

2.)  “Details about U.S. persons associated with the incoming administration; details with little or no apparent foreign intelligence value were widely disseminated in intelligence community reporting.”

3.) “Third, I have confirmed that additional names of Trump transition members were unmasked.”

4.) “Fourth and finally, I want to be clear; none of this surveillance was related to Russia, or the investigation of Russian activities.

“The House Intelligence Committee will thoroughly investigate surveillance and its subsequent dissemination, to determine a few things here that I want to read off:”

•“Who was aware of it?” •“Why was it not disclosed to congress?” •“Who requested and authorized the additional unmasking?” •“Whether anyone directed the intelligence community to focus on Trump associates?” •“And whether any laws, regulations or procedures were violated?”

“I have asked the Directors of the FBI, NSA and CIA to expeditiously comply with my March 15th [2017] letter -that you all received a couple of weeks ago- and to provide a full account of these surveillance activities.”

youtu.be/ivwOXxw3aDs?si…
Read 8 tweets
Aug 25
Most have forgotten...

Back in 2017 when House Intelligence Committee Chairman Devin Nunes was working to reauthorize the FISA legislation, Nunes wrote a letter to ODNI Dan Coats about this specific issue:

intelligence.house.gov/uploadedfiles/… x.com/TheLastRefuge2…Image
There is little doubt the NSA database was used by Obama-era officials, from 2012 through April 2016, as a way to spy on their political opposition. Quite simply there is no other intellectually honest explanation for the scale and volume of database abuse that was taking place.

When we reconcile what was taking place and who was involved, then the actions of the exact same principal participants take on a jaw-dropping amount of clarity.

All of the action taken by CIA Director Brennan, FBI Director Comey, ODNI Clapper and Defense Secretary Ashton Carter make sense. Including their effort to get NSA Director Mike Rogers fired.

Russia-Gate, the Steele Dossier and even the 2017 Intelligence Community Assessment (drawn from the dossier and signed by the above) were needed to create a cover-story and protect themselves from discovery of this four-year weaponization, political surveillance and unlawful spying.

This is why President Obama was willing to push the Russiagate story with his activity in December of 2016 after the election.  Obama wasn’t only dirtying up President Trump, Obama was using Russiagate as a cover for the spying that took place using the NSA database.

Even the appointment of Robert Mueller as special counsel makes sense; Mueller was FBI Director when the use of the NSA database surveillance began. Aaron Zebly was his chief-of-staff.Image
The beginning decision to use FISA (702) as a domestic surveillance and political spy mechanism appears to have started in/around 2012. Perhaps sometime shortly before the 2012 presidential election and before John Brennan left the White House and moved to CIA. However, there was an earlier version of data assembly that preceded this effort.

Political spying 1.0 was actually the weaponization of the IRS.

This is where the term “Secret Research Project” originated as a description from the Obama team. It involved the U.S. Department of Justice under Eric Holder and the FBI under Robert Mueller. It never made sense why Eric Holder requested over 1 million tax records via CD ROM, until overlaying the timeline of the FISA abuse:

The IRS sent the FBI “21 disks constituting a 1.1-million-page database of information from 501(c)(4) tax exempt organizations to the Federal Bureau of Investigation.” The transaction occurred in October 2010

washingtonexaminer.com/irs-send-massi…
Read 9 tweets
Aug 23
1. Former National Security Advisor John Bolton is a well-documented neocon, who operates inside the business model of selling U.S. foreign policy influence for personal gain.  His activity mirrors that of former Senator John McCain in many regards.

John Bolton sold his access, contacts and ability to influence policy to the highest bidder. In DC parlance they call that a “consultant.” When the consulting is contracted for a specific foreign national interest, the title shifts to “lobbyist.”  That was his job, and all of Washington DC knows it.

Washington DC operates on this business model; the entire system will be soft to criticize Bolton, and many will likely defend him.Image
2. The FBI raid on his residence and office has led to a considerable amount of speculation.  However, as some background details start to come out, it appears CIA Director John Ratcliffe provided FBI Director Kash Patel with specifics on the international travels and efforts of Bolton.

That CIA referral has led to an FBI investigation under the auspices of potential violations of the espionage act, where Bolton would have leveraged current or prior classified intelligence information as part of his influence business.

Almost identically to former Senator John McCain, John Bolton was well known to intersect with the nation of Qatar as part of his operation.  Qatar has deep pockets and a long-identified influence operation throughout the middle east and the United States, sometimes playing all sides.

Qatar is also the playground for the CIA.

While it is yet unknown which nation and which activity Bolton was likely engaged in, the highest probability centers around the deepest pockets, which would also put Bolton on the CIA radar.Image
3. "The information that provided the basis for the warrant to search John Bolton’s home on Friday was based on intelligence collected overseas by the C.I.A., according to people who spoke on condition of anonymity to discuss an ongoing criminal investigation.

John Ratcliffe, the C.I.A. director, provided Kash Patel, the F.B.I. director, with limited access to the intelligence. It involved the mishandling of classified material by Mr. Bolton, the people said.

The search of the home and office of Mr. Bolton, who was national security adviser during President Trump’s first term, was a major escalation of a long-running inquiry into whether he collected or leaked sensitive national security information, law enforcement officials said.

The nature of the intelligence collected overseas is not known. The F.B.I. obtained the search warrant after presenting evidence to a federal judge. Mr. Bolton’s office declined to comment.

The C.I.A. and F.B.I. regularly cooperate on counterterrorism investigations. It is unusual for the C.I.A. to so prominently provide information for a high-profile investigation of a former U.S. official."...

nytimes.com/live/2025/08/2…
Read 5 tweets

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