1. HUGE DISCOVERY!

What would have been exposed if @GenFlynn hadn't been impeded by corrupt FBI, DOJ and the Obama White house?

He'd have exposed CHINA and their laundering of IRANIAN OIL MONEY!

Read the thread below for the back story on how they went after Flynn.

🚨🚨 THREAD TIME 🚨🚨

let's talk about the differences between income, wealth, and class

tl;dr: income is earned, wealth is bought, and class is inherited

also hi friends, while on the topic of income, this work is my only source of it! times are tough and folks are really struggling, but if you have a couple extra bucks please consider sending a tip my way

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INCOME is the amount of money a person makes from labor and investments

so if you work for 2,000 hours and are paid $40,000 in a year, that's income

OR if you have a $1,000,000 stock portfolio with a 5% return rate and cash out $40,000 of it, that's income too (fucked, right?)

WEALTH is the amount of capital you own

that could be owning a house and land worth $150,000

or owning a small business with $150,000 in assets

or owning $150,000 worth of stocks

wealth is the investments that are themselves accruing value

CLASS is about what you stand to inherit

in the united states we use a lot of weird doublespeak to avoid talking about the proletariat, the petit bourgeoisie, and the bourgeoisie directly

proletariat ~ working class
petit bourgeoisie ~ middle class
bourgeoisie ~ upper class

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This is a really tough problem to resolve, especially if the massive increase in inflows from the trade and financial accounts are sustained, as I expect they will be well into 2021.

Clearly the PBoC would like to see the RMB gradually...

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strengthen. This would keep financial markets stable and promote rebalancing, but the RMB has already strengthened a lot, and this puts unwanted pressure on exporters and “international circulation”.

Although PBoC reserves have been flat, other state-controlled Chinese...

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banks have bought large amounts of dollars, but this is expensive. If these banks have half a trillion dollars of exposure, for example, they are losing at least $15-17 billion annually on negative carry, plus another $20-30 billion just this year from the rise of the RMB.

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Beijing seems also to be trying other measures to slow the rise. The regulators are relaxing capital controls on outflows. In mid October the PBoC cut to zero the reserve requirement ratio for banks doing FX forward trading. This requirement was created in 2018 to reduce...

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downward pressure on the RMB. In late October it suspended the counter-cyclical factor in RMB fixing, which was introduced in 2017 also to reduce downward currency pressure. But in both cases while the RMB dropped a few pips on the news, it quickly resumed its upward climb.

1/ In @RayDalio's perspective, we are at the very late stages of the long term debt cycle. These long term debt cycles typically take 50-75 years to play out. This cycle began in 1945 when World War II ended and we began the US dollar-dominated world order.

2/ In the words of @RayDalio, "Right now, the world’s major central banks have the least fuel in their tanks since the late 1930s so are now in the later stages of the long-term debt cycle. Because they come along about once in a lifetime most people aren’t aware of them."

3/ Central banks have spent the last decade in a race to see who could devalue their currency the fastest. Near 0% interest rates have meant increased printing of the dollar, euro, and yen. Central banks no longer have the ability to tighten credit so they print money.

4/ Being towards the later stages of the long-term debt cycle there is a global sovereign debt bubble similar to what we saw in the 20's & 30's. In 2019, global debt-to-gdp hit 322% with total debt reaching a new all-time high of $253 Trillion.

5/ The wealth gap has also expanded to levels last seen in the 30's. Historically, inequality and large wealth gaps have eventually led to dire consequences. Periods of conflict and social unrest often marked by taxes, revolutions, or wars.

Took the 6 yo old out for some local lock down exercise on his bike. Park too busy to cycle through, so we did a loop on local roads because that's the only other option without driving somewhere. Here's how it went (a thread) @CycleSheffield @CyclewalkSCR @DameSarahStorey

The 6yo doesnt cycle in a complete straight line yet so one of us cycles abreast of him just in case. Lots of drivers waited patiently for a long time before overtaking slowly and safely. Thank you for this. Sudden accelerating engines make the 6yo less likely to stay straight.

Some drivers, sadly not an insignificant number, decided they needed to get past more quickly and more slowly than was safe. Where were they all going to and why the need to be so impatient? It's not like there is anything to get to quickly at the moment.

Drivers coming the other way were generally the biggest threat. The roads were double parked with people using the park (worst I have have ever seen) resulting in narrow road space. Drivers did not slow down to adjust to this or to us cycling alongside the 6yo.

One driver overtaking a parked car had to encroach on to our side of the road. Instead of waiting he pushed out and shook his head at us. Did he think we shouldn't be on the road with a small child or did he just think he had priority? Either way he was wrong.

Until 2050 we'll likely see "a #supercycle in investments in 'clean' energy infrastructure, 'clean' transportation & everything that's required for the '#green' transition."

There's so much bullshit in here, I'll unpack some of it in a

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1st (cf. @MGSchmelzer): there is no reason to assume that a massive productivity- & hence production-boom will lead to reduced emissions, because it will increase production&growth, & it is those two variables that global greenhouse emissions track most closely. #Degrowth.

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Every time capitalism has made massive productivity gains (e.g. w/ the #steamengine; the taylorist #assemblyline; computers), that has led to a *radicalisation* of capitalism as a mass production system (as opposed to earlier versions, where luxury goods were for elites),...

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So there's no reason believe that a new round of capitalist accumulation (#accumulationbydispossession / #primitiveaccumulation) - in this case: some kind of "#greencapitalism - will in any way positively impact emissions rates, but every reason to believe the opposite...

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I would like to look into this, as it speaks to an often-overlooked issue: the relationship between different phases of capitalist development, such as imperialism, fordism, & post-fordism, connected to energy regimes (coal-based, oil-based, renewables-based capitalism)?