The Manchester Free Press

Saturday • December 10 • 2022

Vol.XIV • No.XLIX

Manchester, N.H.

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Ruminations of a New Hampshire Republican with decidedly libertarian leanings TypePad
Updated: 14 min 27 sec ago

Democrats Push to Make Local News an Arm of Government

Wed, 2021-11-10 12:56 +0000

Just the News:  Washington Sen. Maria Cantwell leads push to send taxpayer support to news organizations

Tucked into President Joe Biden’s proposed nearly $2 trillion social spending bill is a provision to boost local media through tax incentives meant to help an industry battered by the COVID-19 virus.

[...]

The Joint Committee on Taxation estimates the cost of the legislation at $1.67 billion over 10 years.

“Journalistic standards, local newspapers and broadcasters play a critical role in holding our elected officials accountable, shining a spotlight on important news and challenging the issue of our community to come to light,” said U.S. Sen. Maria Cantwell of Washington state, author of several portions of the local journalism bill, during a floor speech Friday.

“The Local Journalism Sustainability Act is essential to maintaining that trust, that diversity of voices and that local perspective,” said Cantwell, who is quarterbacking the effort in the Senate as part of the budget reconciliation process. “The tax incentives in this bill will help local newspapers and digital-only news journalists, and broadcast newsrooms remain financially viable to retain and hire local base journalists to cover local news stories.”

"Essential to maintaining trust," says Senator Cantwell.  Sure.  News outlets that have squandered the trust of their audiences need propping up.  The likely result of subsidies through tax policy is not objective reporting but reporting that satisfies Democrat political objectives.

Read the rest here.

Categories: Blogs, United States

Change Passwords Immediately

Wed, 2021-11-10 12:36 +0000

Just the News:  State Department urgently tells employees to change passwords 'immediately'

The directive, which was viewed by Just the News, came in the form of a "Cybersecurity Notice" from the Department of State, instructing employees to change the passwords on all OpenNet user accounts from 12 to 16 characters.

The text messages were sent out shortly before 3 p.m., according to the two recipients. The messages sent ripples throughout the State Department, they said.

"There's a greater sense of urgency on this than on previous password reset requirements," one recipient told Just the News. "It's very serious."

Neither recipient could speak on the record, because they work for the government and are not authorized to speak to the media. Just the News was not able to independently verify whether every State Department employee received the text messages. 

The State Department did not immediately respond to a request for comment.

Read the rest here.

Categories: Blogs, United States

Fiona Hill — Then and Now

Wed, 2021-11-10 11:17 +0000

In a glowing New Yorker 2019 article about Fiona Hill and her testimony to the House Intelligence Committee, John Cassidy wrote of her steely self-confidence, moral earnestness, and duty to testify despite harassment.  Hill testified:

“Some of you on this committee appear to believe that Russia and its security services did not conduct a campaign against our country—and that perhaps, somehow, for some reason, Ukraine did,” Hill said. “This is a fictional narrative that has been perpetrated and propagated by the Russian security services themselves. The unfortunate truth is that Russia was the foreign power that systematically attacked our democratic institutions in 2016.”

Hill was hailed as a feminist hero for her testimony, which committee Democrats held until nearly the end of their hearings because of its forceful impact. 

But with the indictment of Igor Danchenko, Fiona Hill's moral earnestness begins to look more like a talent for lying with great poise.  Yesterday, Eric Felten reported in RealClearInvestigations that Fiona Hill may have committed perjury when she testified about Christopher Steele during Donald Trump's Impeachment I trial.

As part of the impeachment proceedings, Hill gave closed-door testimony to House lawmakers and investigators for the Permanent Select Committee on Intelligence, the Committee on Oversight and Reform and the Committee on Foreign Affairs. During that testimony in October 2019, Hill answered many questions emphatically and apparently without leaving herself wiggle room. Hill did not express the sort of memory fog that often afflicts well-coached, evasive witnesses. Asked whether she was “aware of any interaction between Mr. Steele and Ukrainians,” Hill did not say “to the best of my recollection” or “I don’t remember specifically,” or even a simple “no.” Instead she expanded her answer to deny not only any knowledge of Steele and Ukrainians, but to deny any knowledge of anything Steele-related: “I have no knowledge whatsoever of how he developed that dossier. None. I just want to state that.”

Lawmakers are particularly interested in that statement. The Danchenko indictment states that Hill introduced Danchenko both to Steele and to an unnamed public relations executive, since identified as Charles Dolan Jr., a Hillary Clinton ally. Republican members of the House Permanent Select Committee are questioning whether Hill could have had “no knowledge whatsoever” of how the dossier was developed when she had a central role in connecting those key players. RealClearInvestigations was unable to reach Hill through her former attorney.

Read the rest of the RealClearInvestigations article here, and the New Yorker article here. 

Categories: Blogs, United States

“Great Democrats” Popping Up in Durham’s Investigation.

Tue, 2021-11-09 17:33 +0000

Jonathon Turley:  Durham Exposes New Links To Clinton Campaign in Creation of Russian Collusion Scandal

Then there is Hillary Clinton herself. Steele also has testified that it was his understanding that Clinton was aware of his work and the development of the dossier. Yet during the campaign and long afterward, Clinton never admitted that her campaign funded the dossier, despite media and congressional inquiries about that fact. No less an official than campaign chairman John Podesta denied any connection in testimony before Congress.

More importantly, before the Steele dossier was given to the FBI and the press, then-CIA Director John Brennan briefed former President Obama on Clinton’s alleged “plan” to tie candidate Trump to Russia as “a means of distracting the public from her use of a private email server.”

Now, with Danchenko’s indictment, Dolan’s name has been added to a seemingly growing array of Clinton associates whom Durham has referenced in the development of the Russia collusion scandal.

Read the rest here.

Categories: Blogs, United States

Great Awakening or Great Reset?

Tue, 2021-11-09 12:03 +0000

Doug “Uncola” Lynn:  The Anecdotes of an American Nobody at the End of Things

Although not all people can be awakened and most are beyond reach, it doesn’t mean I haven’t been trying to wake up people in my locality.

There’s no denying folks have been deceived and, as a result, have allowed their good intentions to become weaponized for the benefit of the elite architects behind the real Big Lie.

[,,,]

Ironically, I never mention political parties or Illegal Joe. People already have a low opinion of these clowns and they understand that government corruption exists. As far as we are all concerned, let’s just assume the politicians, for the most part, are ignorant puppets wielding misappropriated power and causing much destruction.

That is my modus operandi and my four ideological and psychological offensives are as follows:

A.) Covid has surreptitiously subsumed individual rights, and the U.S. Constitution, via Collectivist ideology; all due to a virus with a 99.8% survival rate. It originated in communist China and the director of the WHO is a communist. The Covid mandates are NOT about health – they are about establishing a new political and economic system via the Great Reset.

B.) The Event 201 / Gates, WEF, John Hopkins Covid collusion and in the pursuit of The Great Reset. The Covid mandates are NOT about health – they are about establishing a new political and economic system via the Great Reset.

C.) The CDC, WHO, Big Pharma, Fauci, NIH, FDA greed and corruption, the patent trail, as well as vaccine injuries and death. I have cited (the PCR test creator) Dr. Kary Mullis’ assessment of Fauci as a “liar” and how PCR testing was utilized to inflate false positives in people without symptoms. Also (inventor of the mRNA vaccine) Dr. Robert Malone’s data revealing increased Covid cases in the most vaxxed nations – possibly due to Antibody Dependent Enhancement. The Covid mandates are NOT about health – they are about greed and the Malthusian depopulation schemes of those behind the Great Reset.

D.) The Associated Press and Reuters monopoly of news and being used by governments to feed specific narratives and how the online “fact-checkers” merely cite the same government-sourced spin. How Big Pharma sponsors the Big Five corporations that comprise the majority of the mainstream media – and while referencing history as proof of governments which have surveilled and forced mandates on citizens had a much higher mortality rate than Covid-19.

Although the cognitive dissonance has been fun to watch, there is no denying the insularity of the Hive Mind. The Hive protects itself by believing what it wants to believe and it is fueled by false binaries such as Republican against Democrat, the Mainstream Media versus Fox (i. e. “fake”) News, and the “science” versus the” science deniers”.

Simply put, the people need a larger perspective:  It’s called the “big picture”.

Read the rest here.

Categories: Blogs, United States

Tom's "Best Yet" Chili

Mon, 2021-11-08 17:02 +0000

Back in the 1980s, I worked at Advest, Inc. with a guy by the name of Bill Noonan.  Advest was a regional brokerage firm located in Hartford, Connecticut.  Bill was Advest's resident expert and on telephone systems.  Outside of work, Bill was a member of the International Chili Society, an organization dedicated to a quest for the world's best chili through the sponsorship of chili cookoffs.  The International Chili Society sponsors chili cookoffs throughout the U.S. and the world.  The winners compete in a World Championship Chili Cookoff.

One year, I forget which, Bill got to compete in the World Championship.  His Caldwell County Chili was the winner of the New Jersey State Championship.  So when he invited me to be his cookoff partner, I was honored to accept.  It was great fun.  We competed in Connecticut, New Jersey, Vermont, and New Hampshire, but alas, we always came in tied for sixth.  (ICS cookoff judges award prizes for the top five recipes.  The hundred or so other competitors come in tied for sixth.)

That was 30 years ago, give or take.  Bill and I are long gone from Advest, and Advest itself has disappeared, having been acquired and then disbanded by Merrill Lynch.  I confess Bill and I haven't done a great job of staying in touch.  But, from time to time over the years, I've tried my hand at our chili recipes, always tweaking here and there and always with good results. It's a competition style chili — no beans, no corn, no other exotic vegetables.

This past weekend we had a small get together at our house, so I dragged out my recipe — last tweaked about six years ago — and I have to say, this latest tweaking is my best yet.

Tom's "Best Yet" Chili

9 T – Cumin
3 T – Paprika
3 T – Chili Powder
1 T – Cayenne Pepper
1 T – Caram Masala
1 T – Garlic Powder
1 T – Turmeric
1 t – White Pepper

3T TToner'sBrown Gravy
1 Quart of Chicken Broth

1 or 2 shots of Mescal
1 Bottle of Corona
3 T – Honey or Maple Syrup

4 lbs Stew beef cut into ½ inch pieces, more or less.
3 or 4 Bacon Strips – optionally add T of bacon grease

4 cans CChi-Chi'sDiced Green Chilies
4 Baseball size yellow onions.
1 Green Bell pepper
1 Jalapeno pepper
6 Cubanelle peppers

  1. Mix the powdered spices (paprika, cumin, chili powder, cayenne pepper, white pepper, garlic powder) in a bowl and set aside for later.
  2. In a large pot cook the bacon on low heat until crisp. Remove bacon from the pot and drain it on a paper towel. Leave the drippings in the pot.
  3. While bacon is cooking, cut stew beef into bite sized pieces of about ½ inch.
  4. When the bacon is done and all the beef has been cut, add the beef to the pot to brown it.
  5. While the beef is browning in the pot on low heat, pour some of the chicken broth into a mixing bowl. Add the TToner'sBrown Gravy powder to it and mix it until it is a smooth brown liquid. Add this to the pot.
  6. Add the 4 cans of CChi-Chi'sDiced Green Chilies to the pot.
  7. Add the remaining chicken broth to the pot.
  8. Chop the onions and add to the pot.
  9. Chop the peppers eliminating the pepper seeds and add to the pot.
  10. Add Corona and Mescal to the pot.
  11. Add about three heaping tablespoons of the mixed chili spice powder to the pot.
  12. If necessary, bring it to a boil to reduce the liquid and achieve your desired thickness. Then simmer covered for 2 or 3 hours.
  13. Sample it: This is the time to add experimental spices (including salt) to a small bowl of chili.
  14. Add honey, experimental spices.  Add salt and remaining spices to taste. Simmer for a while longer. Expect to have some spice mix left over.

If you decide to try it, let me know how it goes.

Categories: Blogs, United States

Margot Cleveland's Takeaways from Supreme Court Oral Arguments on Gun Rights

Mon, 2021-11-08 14:25 +0000

The U.S. Supreme Court heard oral arguments last week in New York State Rifle and Pistol Assoc. v. Bruen.  The case challenges the constitutionality of New York’s law banning handguns for self-defense outside of the home unless licensed.  The problem with the New York gun law is the extreme difficulty of getting a license unless you are a judge, retired police officer, or celebrity.  Average citizens can pound sand.

Margot Cleveland found six takeaways in the oral arguments, the fires two of which, in my view, are the most convincing.

1. New York Concedes The Second Amendment Secures an Individual’s Right to Bear Arms Outside the Home

When the individual New Yorkers challenging the law, Robert Nash and Brandon Koch, along with the New York State Rifle and Pistol Association, first asked the Supreme Court to hear their appeal, they sought to entice the high court to take the case by stressing how important the underlying constitutional principle at issue is, writing: “Perhaps the single most important unresolved Second Amendment question remaining” after Heller and McDonald established the individual right to bear arms, “is whether the Second Amendment secures the individual right to bear arms for self-defense where confrontations often occur: outside the home.”

Not only was that question unanswered by the Supreme Court in Heller and McDonald, but after Heller and McDonald the lower courts disagreed on the scope of the Second Amendment outside of one’s house.

But last Monday’s argument made the issue a non-issue, with New York conceding the question. The “history is so clear that New York no longer contests that carrying a handgun outside of the home for purposes of self-defense is constitutionally protected activity,” Paul Clement, the attorney arguing on behalf of the petitioners challenging the state’s restrictive licensing law, stressed during oral argument.

2. Nice Little Right—I Mean, Privilege—You’ve Got There

While New York conceded the Second Amendment applies beyond one’s threshold, Solicitor General Barbara Underwood quickly forgot that the Bill of Rights protects rights—it doesn’t define privileges. For instance, in discussing the regulation of firearms outside the home, Underwood started to say that “these regulations are all an effort to accommodate the right,” but then backtracked, saying the regulations seek to “respect the right of self-defense.”

The slip of the tongue was telling, however: It means New York state doesn’t truly view the Second Amendment right to keep and bear arms as a right, but as a privilege it will accommodate — when governmental officials deem it appropriate.

Justice  Samuel Alito exposed this reality more clearly when he asked New York’s solicitor general whether an employee leaving a New York City building at midnight had a right under the state’s licensing scheme to carry a concealed weapon if she feared walking home through a high-crime area. Underwood acknowledged that under the New York licensing scheme, the cleaning woman would not be entitled to a permit.

“How is that consistent with the core right to self-defense, which is protected by the Second Amendment?” Justice Alito countered.

“Because the core right to self-defense doesn’t . . . allow for all to be armed for all possible confrontations in all places,” New York’s attorney replied.

While true, the response ignores the reality of New York’s position, which Justice Alito spelled out: Celebrities, retired police officers, and judges can carry guns, but not “the kind of ordinary people who have a real, felt need to carry a gun to protect themselves.”

Several times throughout the argument, the lawyer for those challenging New York’s law stressed the same point, telling the justices: “In order to exercise a constitutional right that New York is willing to concede extends outside the home, you have to show that you have an atypical need to exercise the right that distinguishes you from the general community. That describes a privilege. It does not describe a constitutional right.”

Read the rest here.

Categories: Blogs, United States

Was Carter Page in on the Russian Collusion Hoax?

Mon, 2021-11-08 12:51 +0000

In the wake of Igor Danchenko's arrest, Twitter speculation has been rampant on any number of topics related to RussiaGate.  One possibility that had never crossed my mind is the idea that Carter Page may have been in on the Russian Collusion Hoax from the start.  

Twitter sleuth @joebev49 linked to a February 2018 Times Union article with the story of how Carter Page got his introduction to the Trump campaign. 

WASHINGTON — Forget about “joined at the hip.” In New York, whether it’s Albany or the five boroughs, the social and political worlds are metaphysically one and the same.

So it was no surprise that when a Naval Academy grad and aspiring foreign-policy player named Carter Page asked New York Republican Party Chairman Edward Cox to help him gain entrée to the Trump presidential campaign, Cox was only too happy to oblige.

Page, of course, is now one of the central figures in the crossfire between President Donald Trump and Democrats on Capitol Hill led by Senate Minority Leader Charles E. Schumer over special counsel Robert Mueller’s Trump-Russia investigation.

Categories: Blogs, United States

The "Stolen" Diary

Mon, 2021-11-08 10:42 +0000

Jonathan Turley has thoughts and questions about the FBI and its raids on Project Veritas writers.  According to James O'Keefe, Project Veritas received a tip saying Ashley Biden's diary was abandoned in a room.  Unable to verify its authenticity, Project Veritas turned it over to law enforcement.

The New York Times reported that the FBI searched two locations in New York in search of the “stolen” diary that went missing days before the 2020 presidential election. Project founder James O’Keefe questioned how the Times received the story within an hour of the first raid.

O’Keefe says that the organization actually received a tip that the diary was abandoned in a room, an allegation that harkened back to the abandoned laptop of Hunter Biden.  However, Ashley reportedly insisted it was stolen.

The use of the FBI is also reminiscent of the still unexplained use of the FBI when Joe Biden was Vice President to search for a gun owned by Hunter Biden that was discarded behind a restaurant.

Project Veritas decided not to run the story because it could not verify that the diary belonged to Biden. (The FBI may have just offered that confirmation). Instead, it alerted the police, according to O’Keefe: “Project Veritas gave the diary to law enforcement to ensure it could be returned to its rightful owner. We never published it.”

So why the raids?  Since when does the FBI conducted raids over missing diaries?

The FBI can cite the interstate elements of the alleged theft as raising a federal crime. However, what is the crime?

Read the rest here.

Categories: Blogs, United States

Searching Databases of Adverse Reactions to COVID-19 Vaccines

Sun, 2021-11-07 15:52 +0000

A gentleman from Perth in Western Australia left an instructive comment on the essay by Dr. Phil Greer I posted some days ago that I think deserves a post of its own.  Here is the meat of it:

My pet topic is IVERMECTIN. It could have stopped this pandemic dead in its tracks, as it has done in India.

The classic give away regarding the Pharma corruption, is Merck. The original manufacturer of IVM, (now off patent) went about their way to put down and smear the drug, while in the sidelines developing their own equivalent, albeit different molecular version “molnupiravir” as doctor Pierre Kory suggested to US Republican congressmen and women, this surely constitutes some sort of criminal act, when you consider how many lives lost, could have been saved, by the actions of Merck. That’s just the tip of the iceberg I think.

TGA in Australia, when banning/restricting the use of IVM, could only come up with 3 very weak straw man arguments. Basically:

1) those taking the drug might feel wrongly protected and violate covid protocols. (Ironically it’s the vaxed that now appear to be the problem.)
2) doctors might prescribe too larger doses, in other words overdose their patients, based on what they might read on social media. Outrageously pathetic argument.
3) Australia’s supply of the drug may become depleted! An unwittingly sublte admission as to how many people know the truth about the drug.

With regards DAEN here in Australia, here’s the link,
( https://apps.tga.gov.au/PROD/DAEN/daen-entry.aspx ) type in “COVID-19 vaccine” and it comes up with all 4. Compare it to any other vaccines, and interestingly ivermectin, it’s shocking.

Do the same on this WHO adverse event website vigiaccess.org.  Again shocking and the truth sits there in broad day light.

I did as Steve suggested, followed his link to the Australian Government Department of Health Database of Adverse Event Notifications.  I entered "COVID-19 vaccine" and searched.  Four medicines came up.

  1. COMIRNATY COVID-19 vaccine tozinameran
  2. COVID-19 Vaccine (TNS) COVID-19 Vaccine (Type not specified)
  3. COVID-19 Vaccine AstraZeneca ChAdOx1-S (Viral vector)
  4. Spikevax COVID-19 vaccine Elasomeran (mRNA)

For reporting dates, I used January 1, 2018, through October 22, 2021. Result summary:

Number of reports (cases): 71,414
Number of cases with a single suspected medicine: 70,271
Number of cases where death was a reported outcome: 620

Using the same dates, I initiated a search for "ivermectin,"  which came up with two medicines.

  1. Stromectol ivermectin
  2. Tradename not specified ivermectin

Result summary:

Number of reports (cases): 8
Number of cases with a single suspected medicine: 4
Number of cases where death was a reported outcome: 2

Bear in mind that the results above are for Australia.  The numbers become much more alarming when you perform the same search on the World Health Organization website.  There are two differences between DAEN and WHO searches.  The WHO does not break out COVID-19 vaccines by brand name, and it does not have a facility for narrowing your search by date.  But it does provide breakdowns of its results by type of adverse reaction, geographical distribution, age, sex, and reports per year.

The summary of results from a database search for "COVID-19 vaccine" on the World Health Organization website is as follows:

COVID-19 vaccine contains the active ingredient(s): Covid-19 vaccine.
Result is presented for the active ingredient(s).
Total number of records retrieved: 2,444,292.

Years reported were from 2014 through 2021.

The summary of results from a database search for "ivermectin" on the World Health Organization website is as follows:

ivermectin contains the active ingredient(s): Ivermectin.
Result is presented for the active ingredient(s).
Total number of records retrieved: 5,699.

Years reported were from 1992 through 2021.

I urge everyone to try the searches on their own and explore the results.  It's hard to escape the conclusion that drug company profits have been given priority over human lives.

Categories: Blogs, United States

Auto-Correct

Sat, 2021-11-06 16:42 +0000

Categories: Blogs, United States

The Price of Gas

Sat, 2021-11-06 16:40 +0000

Categories: Blogs, United States

Democrats Love to Talk About Equality

Sat, 2021-11-06 16:37 +0000

Categories: Blogs, United States

Let's Go Brandon

Sat, 2021-11-06 16:34 +0000

Categories: Blogs, United States

Life After Football

Sat, 2021-11-06 16:31 +0000

Categories: Blogs, United States

Here's One Way

Sat, 2021-11-06 16:28 +0000

Categories: Blogs, United States

Message to John Durham From The Center for Renewing America

Sat, 2021-11-06 15:47 +0000
Categories: Blogs, United States

Rising Antisemitism

Sat, 2021-11-06 10:44 +0000

Roger L. Simon:  Republican Jews Meet in Vegas Amidst Rising Antisemitism and a Clueless Administration

“Approximately one in four (24 percent) American Jews has been the target of antisemitism over the past 12 months: 17 percent said they had been the targets of antisemitic remarks in person, 12 percent said they had been the targets of antisemitism online or on social media, and 3 percent said they had been the victims of physical attacks.

“Consequently, approximately four out of every ten American Jews (39 percent) have changed their behavior out of fear of antisemitism.”

Despite what some nostalgic liberal groups would like us to believe, the vast majority of this bigotry, soft or hard, comes not from the remnants of the KKK, but from the supposedly “woke” left, as well as the obvious Islamic extremists.

Read the rest here.

Categories: Blogs, United States

"Infrastructure Bill" on its Way to Biden's Desk

Sat, 2021-11-06 10:44 +0000

House Passes Biden Infrastructure Bill After Hours of Negotiations

The measure includes some $550 billion in new spending that seeks to fund the construction of roads, bridges and highways, public transport, water infrastructure, as well as power and broadband infrastructure, and cyber security, among other initiatives. It passed the Senate in August.

The final vote was 228-206, with 13 Republicans joining Democrats in support of the bill. The Republicans were Reps. John Katko (R-N.Y.), Andrew Garbarino (R-N.Y.), Nicole Malliotakis (R-N.Y.), Tom Reed (R-N.Y.), Jeff Van Drew (R-N.J.), Chris Smith (R-N.J.), Don Young (R-Alaska), Adam Kinzinger (R-Ill.), Fred Upon (R-Mich.), Don Bacon (R-Nebr.), Anthony Gonzalez (R-Ohio), Brian Fitzpatrick (R-Penn.), and David McKinley (R-W.Va.)

Six progressive Democrats—members of the “Squad”—voted against the measure. They were Reps. Ilhan Omar (D-Minn.), Cori Bush (D-Mo.), Alexandria Ocasio-Cortez (D-N.Y.), Ayanna Pressley (D-Mass.), Jamaal Bowman (D-N.Y.), and Rashida Tlaib (D-Mich.).

The total price tag is $1.2 trillion, of which $550 billion goes to roads, bridges, highways, water, and other traditional infrastructure items.  The remaining $650 billion goes to assisting Democrats in future elections,

Read the rest here.

Categories: Blogs, United States

Fed Chairman Admits Failure to Maintain Stable Prices

Sat, 2021-11-06 09:29 +0000

The following article was provided by Mike Gleason, a Director with Money Metals Exchange.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

A negative turn in social mood points to trouble in financial markets

Precious metals markets reacted this week to news of the Federal Reserve’s tapering plans.

The Fed didn’t deliver any real surprises, though. It left interest rates unchanged as expected and confirmed that it would gradually cut back on monthly asset purchases.

This gesture toward tightening does not represent any real departure from ultra-loose monetary policy. Central bankers will still be stimulating already overheated markets. And they will still be adding fuel to the inflation fires that are spreading throughout the economy.

Price level increases have been so rapid and so persistent this year that Fed chair Jerome Powell is being forced to rhetorically walk back his previous “transitory” claims.

During his press conference on Wednesday, Powell made a stunning admission. He acknowledged that the Fed has failed to achieve price stability as required by its dual mandate.

Jerome Powell: We're accountable to Congress and to the American people for maximum employment and price stability. The level of inflation we have right now is not at all consistent with price stability.

Transitory is a word that people have had different understandings of. For some it carries a sense of short lived and there's a real time component measured in months let's say. Really for us what transitory has meant is that if something is transitory it will not leave behind it permanently or very persistently higher inflation.

So that's why we took a step back from transitory. We said, "Expected to be transitory." So, we're trying to explain what we mean, and also acknowledging more uncertainty about transitory. It's become a word that's attracted a lot of attention that maybe is distracting from our message, which we want to be as clear as possible.

Powell’s definition of “transitory” is even less clear than before. What is clear is that he isn’t willing to do his job, at least not as previous Fed chairmen understood it. Someone like Paul Volcker would be aggressively hiking rates and trying to tame money supply growth in order to combat the inflation that’s been created.

Volcker inherited a raging inflation problem when he took over the Fed in 1979. He addressed it by hiking rates into the double digits.

Volcker’s tough medicine ultimately worked. By January 1980, gold and silver prices peaked out and inflation worries receded over the following two decades.

If the 2020s are going to be anything like the 1970s, then we are still in the very early stages of an inflation resurgence. Interest rates have much further to rise. And until they turn positive in real terms, the precious metals bull market has much further to run.

Gold bulls are eyeing a potential breakout above the current monthslong consolidation pattern. They will be looking for a strong weekly close above the $1,800 level to confirm bullish momentum is gathering.

As of this Friday recording that appears to be happening. Gold prices come in at $1,815 an ounce, up 1.4% for the week. Silver is pushing higher by 0.8% since last Friday’s close to trade at $24.17 per ounce. Platinum is up 1.3% this week to trade at $1,047. And finally, palladium shows a weekly gain of 1.6% to carry a quote of $2,073 an ounce.

Current spot prices are attracting bargain hunters in the bullion market. Demand for coins, rounds, and bars continues to come in strong.

Robust physical buying is keeping premiums elevated and forcing some modest shipping delays on orders made through Money Metals Exchange. Most bullion items, however, are in stock and available for purchase, but we are seeing some tightness again on certain items that is resulting in modest delays.

There may come a day when demand overwhelms scarce supplies of physical precious metals. Whether it’s a panic buying episode due to a financial crisis of some sort, or it’s simply heavy volumes being sustained over time, the potential for shortages and price spikes exists.

Obviously, it’s much to the advantage of an investor to accumulate bullion ahead of any mad rush for metals.

A change in investor psychology may be afoot. This week’s election results suggest that the public mood isn’t being reflected by the record-high stock market.

Voters turned against the party in power – the Democrats – in a big way in Virginia. The Democrat incumbent governor in New Jersey also nearly got thrown out in a race that he had expected to win easily. Nationally, approval ratings for President Joe Biden are tanking.

Political pundits point to social issues such as rising crime, critical race theory, and vaccine mandates that are driving growing anger among voters. But whenever the party in power suffers a dramatic plunge in popularity, there are usually underlying economic frustrations behind the backlash.

Maybe the economy isn’t as strong as the headline numbers suggest. Maybe inflation is even worse than reported. Maybe the daily struggles of millions of ordinary Americans aren’t being priced in on Wall Street or by futures markets.

A negative turn in social mood is often a precursor for trouble in financial markets. Equities have been artificially inflated by Fed stimulus to extremely lofty valuations. This kind of market distortion makes for a dangerous time to be buying. History shows that Fed-fueled asset booms lead to busts – whether in nominal or real terms.

Given the inflation backdrop, investors have few safe places to hide. Money markets yield essentially nothing, and bonds don’t yield much more – certainly not enough to deliver positive real returns.

The last thing central bankers and their beneficiaries on Wall Street want to see is a massive flight from financial assets into gold and silver. But precious metals are one of the last remaining asset classes that offers solid value. They are also among the only asset classes that tend to perform well during periods of stagflation like we saw in the late 1970s.

Given Fed chairman Powell’s own admission that we no longer have price stability in this country, we can expect to see more supply disruptions and price spikes in various economic goods. These pressures will eventually, at some point, likely work their way through precious metals markets – perhaps in dramatic fashion.

 

Mike Gleason is a Director with Money Metals Exchange, a precious metals dealer recently named "Best in the USA" by an independent global ratings group. Gleason is a hard money advocate and a strong proponent of personal liberty, limited government and the Austrian School of Economics. A graduate of the University of Florida, Gleason has extensive experience in management, sales and logistics as well as precious metals investing. He also puts his longtime broadcasting background to good use, hosting a weekly precious metals podcast since 2011, a program listened to by tens of thousands each week.

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