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Tue, 21 Sep 2021
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Seven possible causes of the next financial crisis

Jerome Powell
The great financial historian, Charles Kindleberger, pointed out in the 1970s that over several centuries, history showed there was a financial crisis about once every ten years. His observation still holds. In every decade since his classic Manias, Panics and Crashes of 1978, such crises have indeed continued to erupt in their turn, in the 1980s, 1990s, 2000s, 2010s, and again in 2020. What could cause the next crisis in this long, recurring series? I suggest seven possibilities:

1. What Nobody Sees Coming

A notable headline from 2017 was "Yellen: I Don't See a Financial Crisis Coming in Our Lifetimes." The then-head of the Federal Reserve was right that she didn't see it coming; nonetheless, well within her and our lifetimes, a new financial crisis arrived in 2020, from unexpected causes.

It has been well said that "The riskiest stuff is what you don't see coming." Especially risky is what you don't think is possible, but happens anyway.

About the Global Financial Crisis of 2007-09, a former Vice Chairman of the Federal Reserve candidly observed: "Not only didn't we see it coming," but in the midst of it, "had trouble understanding what was happening." Similarly, "Central banks and regulators failed to see the bust coming, just as they failed to anticipate its potential magnitude," as another top central banking expert wrote.

The next financial crisis could be the same — we may take another blindside hit for a big financial sack.

In his memoir of the 2007-09 crisis, former Secretary of the Treasury Henry Paulson wrote, "We had no choice but to fly by the seat of our pants, making it up as we went along." If the next financial crisis is again triggered by what we don't see coming, the government reactions will once again be flying by the seat of their pants, making it up as they go along.


Despite China fully vaccinating 71% of population, 91% of 12-17 year-olds, outbreaks still occurring, working on highly experimental mRNA injections

china vaccine injection
© Reuters
China has fully vaccinated more than one billion people against the coronavirus -- 71 per cent of its population -- official figures showed Thursday.

The country where the virus was first detected has mostly curbed the virus within its borders but is racing to get the vast majority of its population vaccinated as a new outbreak flickers in the southeast.

Comment: Covid-19 was detected in numerous places on the planet, not just China, and well before any 'official' declaration was made; for more on its likely origins, see: Compelling Evidence That SARS-CoV-2 Was Man-Made

"As of September 15, 2.16 billion vaccine doses have been administered nationwide," said National Health Commission spokesman Mi Feng at a press briefing.

Comment: Why would China want to experiment with mRNA vaccines when there's a wealth of evidence that they're already proving to be ineffective, dangerous, and in some cases, deadly? The Inanity of RNA Vaccines For COVID-19

RT reports on that China has injected much of its over 12s, but it has not yet been targeting its children under 12:
Just over 90% of students in China aged 12-17 have received two doses of a Covid-19 vaccine, state media has revealed. Despite the high inoculation rate, the Ministry of Education has urged caution in schools over the virus.

On Wednesday, People's Daily shared that the two-dose vaccination rate of teachers and students over 18 years old stands at 95%, slightly higher than the rate among younger pupils.

Despite the wide vaccine coverage among China's school children, the Ministry of Education has issued a notice imploring institutes and schools to make Covid prevention and control a top priority.

The statement came after China's National Health Commission warned that coronavirus infections were circulating at a primary school in Putian, a city home to three million in East China's Fujian Province. The region has recorded over 150 local cases in five days, prompting some cities in other parts of the country to impose travel warnings before major holidays.
Sinovac china vaccine school
This photo taken on August 21, 2021 shows high school students queueing to receive the Sinovac Covid-19 vaccine in Nanjing.
A number of cities in Fujian province, such as Quanzhou and Fuzhou, have decided to suspend primary schools and kindergartens, with others switching classes to online learning.

The Chinese government has manufactured and authorized several of its own Covid jabs. While two of the main domestically produced vaccines have been given the green light for administration to children as young as three, authorities have yet to expand the inoculation campaign to the under-12s.

It's common knowledge by now that the vast majority of the population - especially young people - do not need an injection for the relatively harmless coronavirus.

Several regions across China started vaccinating its teenagers against Covid in July, including the capital Beijing.

Figures from the National Health Commission showed that China has so far managed to administer close to 2.16 billion vaccine doses.
The above shows that even 'successful' mass injection campaigns, targeted, local lockdowns, and the various other draconian measures, do not achieve what they set out to do: Also check out SOTT radio's: NewsReal: Covid-19/11

Brick Wall

Federal judge declines to block Florida ban on mask mandates

florida kids school masks
© AP Photo/Chris O'Meara, File
In this Tuesday, Aug. 10, 2021, file photo, students, some wearing protective masks, arrive for the first day of school at Sessums Elementary School in Riverview, Fla.
A federal judge declined Wednesday to block a ban imposed by Republican Gov. Ron DeSantis to prevent mandating masks for Florida school students amid the ongoing coronavirus outbreak.

Judge K. Michael Moore in Miami denied a request by parents of disabled children for a preliminary injunction against an executive order that DeSantis issued in July that served as the basis for the Florida Department of Health issuing a rule that required school districts to allow parents to opt out of any student mask mandates.

Moore wrote in his ruling that parents should have pursued administrative claims before filing a lawsuit.

Comment: See also:


Florida landlord says tenants must get COVID-19 vaccine or move out

inverrary village florida
© Carline Jean / South Florida/Sun Sentinel
Inverrary Village is one of three apartment complexes in Lauderhill whose owner, Santiago J. Alvarez, is requiring proof of COVID-19 vaccination from new and renewing tenants.
If you're not vaccinated for COVID-19, you can forget about moving into any of eight apartment complexes in Broward and Miami-Dade counties owned by Santiago A. Alvarez and his family.

And if you're still unvaccinated when it comes time to renew your lease, you'll have to find someplace else to live.

Alvarez, who controls 1,200 units in the two counties, is the first large-scale landlord known to national housing experts to impose a vaccine requirement not only for employees, but also for tenants. They'll be required to produce documentation that they've received at least an initial vaccine dose.


Was valuable Canadian vaccine technology illicitly handed to China by employees of the National Microbiology Lab in Winnipeg?

canada vaccine lab techs

Screenshot from National Microbiology Laboratory promotional video.
The answer is likely yes -- and it's something Justin Trudeau and other Canadian politicians are desperately trying to hide.

Over the summer Justin Trudeau's Liberal administration made extreme moves to try to block the release of a set of unredacted documents to members of the Canadian parliament.

Those documents contain, among other things, information about why two Chinese-national senior scientists at the National Microbiology Laboratory (NML) facility in Winnipeg, Manitoba, together with several of their Chinese-national students, were physically removed in early July 2019 and the two senior scientists were fired in January 2021.


Scottish teachers did not face an elevated risk of severe COVID-19 when schools were open

It's been known since early in the pandemic that children's risk of death from COVID-19 is extremely low. However, proponents of school closures have long argued that keeping schools open would put teachers at significant risk.

Back in January, six teaching unions urged the Government to "pause" school reopenings. They argued that returning pupils to classrooms while the virus was still spreading would expose education workers to "serious risk of ill-health".

However, figures published by the ONS later that month cast serious doubt on the unions' claims. Between March and December of 2020, the COVID-19 death rate among education workers - adjusted for age and sex - was "significantly lower" than that among the general population.

The highest death rates were observed among taxi drivers, machine operators, security guards, restaurant workers, and social care staff - i.e., in working class professions.

One potential criticism of the ONS report is that the researchers took an average over ten months, and schools were closed for much of that time. Perhaps the risk for teachers would have been much higher if schools had stayed open?

Comment: See also:


F**k Joe Biden? Looks like US voters may do just that come next year's midterms

© Reuters / Carlos Barria
Less than a year in power, Biden's approval ratings are dropping like a rock amid controversial moves from his administration, including a compulsory vaccine mandate. This is paving the way for a major Republican resurgence.

Just below the high-fructose, Cheez Whiz surface of American society, there are warning signs that a mighty giant - a sluggish, overweight giant, but a giant nonetheless - is struggling to awaken from a media-induced slumber. And the rumblings are registering in some unexpected places.

Since the days of the Roman Empire, rulers have appreciated the need for bread and circuses as a means for keeping the hearts and minds of their subjects distracted, with gladiatorial matches mixed up with a generous amount of blood and beverage. And considering that there is no bigger circus in US society than American football, the Democrats may have some cause for concern.


Failed axing of California governor is a victory for the most successful experiment in socio-political brainwashing ever

© AFP/Justin Sullivan
California Governor Gavin Newsom
The votes are counted, the result complete: The citizens of the once-Golden State are so indoctrinated with wokeness they can't vote for any politician who isn't wholesale progressive. Nothing else explains Gavin Newsom's victory.

That stretch of sun-drenched, overpriced real estate along the Pacific is an undeniable, unmitigated disaster, and it has sunk deep into that status under the watch of Getty family trust fund baby Newsom. I would challenge anyone to debate the fact that the puddle of oil in Sacramento's state house is an abject failure and to offer any researched and confirmed numbers to back up any claims he's been a sustained success. Beyond that, I'd love to encounter anyone who holds enthusiasm in their hearts for this slick ventriloquist dummy masquerading as a national-caliber leader.

The statistics detailing the unquestionable garbage fire are omnipresent. One online search can keep you reading for hours. However, just as an example, we can begin with the state's rankings by US News and World Report.

Keep in mind that California is the most populous state in the Union and claims to possess the seventh largest economy on Earth (The latter is now dubious due to the huge economic backslide overseen by Newsom). Those facts should lend the Golden State massive resources and constructive insurance provisions to maintain some level of stability. Still, California ranks 20th in education, 28th in crime, 31st in infrastructure, 35th in natural environment, 36th in fiscal stability, and 50th out of 50 in opportunity.

Comment: "A funny thing happened on the way to the recall..." Watch the glitch as 'recall' votes disappeared live on CNN:
vote talley monitor
Vote totals before and after
Last night on CNN 351,000 "Yes" votes disappeared in an instant during live coverage of the Newsom Recall Election in California. It would appear the missing votes do not change the outcome (...unless the Newsom vote is also 'a glitch').

Arrow Up

Migrant encounters over 200,000 again in August, as border surge continues

Border waiters
© Los Angeles Times
Families at the US-Mexico border at Roma, Texas
There were more than 200,000 migrant encounters at the southern border in August, Customs and Border Protection (CBP) confirmed on Wednesday, the second month in a row where the number has been over the 200,000 mark as migrants continue to attempt to enter the U.S.

Fox News first reported that there were 208,887 encounters in August. While it marks the first decrease in migrant encounters seen under the Biden administration, where migrant encounters have been sharply rising for months, it is only a 2% drop over the more than 212,000 encounters in July.

Additionally, the 208,887 number for August represents a 317% increase over last August 2020 which saw 50,014 encounters — and a 233% increase over August 2019, where there were 62,707 amid that year's border crisis.


Taliban discovers cache of Soviet-made ballistic missiles in Panjshir Valley

© Screenshot
Warheads and ballistic missiles found in Panjshir Valley
Taliban militants have found several old Soviet-made ballistic missiles in the Panjshir Valley while securing the region and defeating local resistance forces. However, the missiles appear to be in an inoperable condition.

Militants found the missile cache lying on the bank of the Panjshir River, footage that has surfaced online shows. The Panjshir Valley was taken over by the Taliban last week following a short-lived conflict with local forces.

Video shot by the militants shows around 10 Luna-M (NATO reporting name FROG-7) short-range and 10 R-17 Elbrus (NATO reporting name Scud B) medium-range ballistic missiles.