German Minister of Economics Robert Habeck is under fire after his comments during an interview with an ARD broadcaster on Tuesday evening.

The conversation surrounded the astronomical rise in the price of energy taking all the income away from people who would purchase other goods and services. As Germans no longer can afford purchases, the stores and businesses can no longer operate.  Minister Habeck was asked if that means a wave of bankruptcies and business closures are forecast.

Mr. Habeck responded that businesses can stop operating, but that doesn’t mean they will go insolvent.  Just because the business loses most or all of their revenue, doesn’t mean they will go bankrupt.  That doesn’t make sense, Minister Habeck was pressed to apply commonsense. If businesses close to save money, workers are not employed. If workers are not employed people do not earn income.  If people do not earn income, the economy worsens.

Habeck had no response other than an economically detached “Green Party” perspective that businesses will not go bankrupt just because they are not operating. However, his facial expressions reflect that he knows what comes next, total economic collapse. WATCH: 

https://youtu.be/x8bGPxZfIdQ

(Reuters) – German Economy Minister Robert Habeck faced a backlash on Wednesday for saying he could imagine parts of the economy stopping production due to rising energy prices that German firms say are threatening their existence.

Asked whether he expected a wave of insolvencies at the end of this winter due to companies’ rising energy bills, Habeck said “No, I don’t. I can imagine that certain industries will simply stop producing for the time being.”

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On one hand losing the ability to manufacture aluminum is bad news for any economic activity that requires the use of aluminum.  However, on the other hand, this politically guided ‘new world’ we are going toward doesn’t need aluminum, because you cannot eat it.

Predictably 2023 is going to be the beginning of several ‘Build Back Better’ decades where the ownership of material things disappears.  When your wages are focused on sustaining yourself with housing, food and energy, all of those other purchases become mere indulgences.

Sustainable life in equity with the needs of the planet, means returning to the era when you received an orange or a piece of chocolate as a Christmas gift, and you are thankful. Cars, appliances, phones or other types of luxury durable goods are indulgences which become out of reach for the worker class.  Thus, removing smelters, iron works, factories and other heavy industrial machines only makes sense.

As meager wage earnings are focused on purchases to sustain life, there is little room for indulgences.  As the World Economic Forum has stated, we will own nothing and we will be happy.  Happiness experiences will be provided and the virtual metaverse will fill our needs.

LONDON, Sept 1 (Reuters) – Two more European aluminium smelters are powering down as the region’s energy crisis shows no signs of abating.

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Comrade Citizens, it is important we stop thinking wrong thoughts about increasing the supply of abundant, natural energy resources as a tool to offset the sustainability of human life which might include selfish pursuits of happiness.  Correct thinking citizens view themselves as parasites upon our great planet, especially in California.

To affirm equity needs of our collective society as the electricity resource becomes increasingly scarce, California Governor Gavin Newsom reminds everyone to change their habit for electricity use and embrace the new era of scarcity.  Habits must be changed comrade citizens if we are to collectively work toward our communal energy goals and climate change aspirations.

As dear leader clearly expresses in his plea for voluntary compliance, we can get through this transition and embrace the new scarcity mindset if we just accept our responsibility to the collective need of a better society, a place where the rules will always be in our interests.  WATCH:

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Yes, we can comrades.  Yes, we can.

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What is predicted to happen in Europe is just stunning, literally stunning.

♦Context – According to official data from the World Bank, the combined Gross Domestic Product (GDP) of the European Union was just over $17 trillion US dollars in 2021. That is the last calculated measure.  The combined GDP value of European Union represents roughly 12.78 percent of the world economy.

According to analysts for Goldman Sachs, the current energy crisis in Europe has increased electricity prices at a rate that is increasing almost daily.  Within the data it is now estimated that households within the EU will pay an additional $2 trillion for electricity in the next year.

Put that $2 trillion into context with their GDP, and that scale of energy cost would be wiping out 12% of the purchasing strength within the total EU economy.  Forget about buying anything else, if this analysis is correct Europeans will be buying food and energy, nothing else.

If you consider what that means, it is bordering on full economic collapse of western Europe.

What is being described above is what we posited when we outlined the impact of the “Energy Economy” {Go Deep}.  When you suck 12% of the purchasing power out of an economic engine simply to maintain the status of current energy use, everything else starts to collapse.

Also keep in mind we are only talking about the direct impact of $2 trillion in electricity cost.  The downstream consequence is far greater because everything created, produced, or manufactured, including food, is dependent on electricity – which will drive the final cost to produce of all those products even higher.

The damage is almost unimaginable in scale.

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Yes, it’s like something out of a dystopian ‘hunger games’ movie, except it is unfortunately real life.  ITV News in Great Britain is running a wheel-of-fortune type marketing campaign where desperate viewers can call in for an opportunity to spin the wheel and win having their energy bills paid.

Comrades, it is not a spoof, this actually took place today and it looks like it will continue due to popular demand.  UK citizens are facing astronomical increases in energy bills as a result of the EU green climate change agenda in combination with Russia halting the export of natural gas.  The price of natural gas increased 30% today alone as Russia cuts off supplies completely.  Europe is on the brink of the worst economic recession in history.

ITV steps in with a promotional effort that shows just how bizarre this Build Back Better future has become.  Perhaps next week viewers might be able to call in for a chance at winning extra food rations, chocolates or even gasoline.  Here’s a video to show what is happening.  WATCH:

https://youtu.be/rC7O8LISY48

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Good luck comrade citizens, you too could be a winner on the wheel of survival.  It’s all in good fun comrade. Smiles everyone, smiles.

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Joe Biden has hired John Podesta to be the new Clean Energy Czar [Announcement Here] citing his experience in progressive causes.  Hilariously, the New York Times is running with a justification that Podesta holds some prior experience in advancing the climate change agenda. [See Here]

(NYT) […] In bringing on Mr. Podesta, Mr. Biden continues to surround himself with veterans of past Democratic administrations, old hands who can step into challenging positions without on-the-job training.

“His deep roots in climate and clean energy policy and his experience at senior levels of government mean we can truly hit the ground running,” Mr. Biden said of Mr. Podesta in a statement. (more)

If Podesta is the new Clean Energy Czar, it begs the question of what the heck John Kerry is doing now?  I digress.

You might remember that Steven Chu was the Obama Climate Change Czar for the first clean energy boondoggle that came as an outcome of the American Recovery and Reinvestment Act (ARRA), those shovel ready jobs that didn’t materialize and carried the Solyndra spending nonsense.

John Podesta had nothing to do with the Obama-era clean energy initiatives or energy spending programs. Podesta was inserted into Obama’s orbit in the second term (2013) specifically to watch out for Hillary Clinton’s interests when she left to run for President.   Podesta later joined her in 2015 and took over the strategy team.

Bottom line, John Podesta is being now being hired to divvy up the $316 billion in Green New Deal money recently authorized by congress.  That is what Podesta specializes in, the distribution of taxpayer money to DNC allied groups and networks in advance of the 2022 midterms.   Podesta, Hillary’s fixer, is a bagman, nothing more.

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The Bureau of Labor and Statistics (BLS) released the August Jobs Report [DATA HERE].

The topline is a net gain of 315,000 jobs with an increase in unemployment to 3.7%.  However, the June and July jobs reports were revised down by 107,000 lower than previously reported, and if you look carefully at the data, you can see a serious problem.

Keep in mind, in the background is a release yesterday showing productivity within the economy dropping in the second quarter by 4.1%. [DATA]  Combine the drop in productivity with higher wages of 5.7% and total wage costs per unit of business output are up 10.1%.  Now we turn back to today’s employment release, and look at these three points of data:

(1) Unemployment for adult men and unemployment for Latinos increased in August.  Adult men and specifically adult Latino men are losing their jobs. (2) The average number of hours worked in August dropped 0.1 hour to 34.5 hours. (3) Total employment amid those aged 16 to 19-years of age increased by 363, 000 in August:

The graphic is modified Table A-1 to focus on ‘age’

 •Total economic productivity drops [biggest quarterly drop since 1948].  •Men and Latinos are losing jobs.  •Average hours worked drops.  •Teenage employment increases. What do these four facts tell you?

A total of 363,000 more teenagers started working in August, yet the total net gain in employment overall was 315,000 jobs.   That should be the headline of the August 2022 jobs report.

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UPDATE: Transcript ADDED – Tonight, a perpetually nasty and likely medicated man, demanding respect from a nation he abhors, will rally his 30% and decry the majority in a primetime address.  The shouting is scheduled to originate at 8:00pm ET from Philadelphia, Pennsylvania.

Major media stenographers are saying he has been practicing this speech for several days.  There are also rumors he may introduce the latest regime gaslighting term “growth recession,” to discuss the economy.

The majority of the American victims likely will not be watching the protestations of their abuser. However, if you find yourself tuning in to learn just how much he hates you, or if you want to laugh at the insufferable old dolt, well, here’s the livestream links:

PBS Livestream – White House Livestream – Fox News Livestream

[Transcript]  THE PRESIDENT:  My fellow Americans, please, if you have a seat, take it.  I speak to you tonight from sacred ground in America: Independence Hall in Philadelphia, Pennsylvania.

This is where America made its Declaration of Independence to the world more than two centuries ago with an idea, unique among nations, that in America, we’re all created equal.  This is where the United States Constitution was written and debated.

This is where we set in motion the most extraordinary experiment of self-government the world has ever known with three simple words: “We, the People.”  “We, the People.”

These two documents and the ideas they embody — equality and democracy — are the rock upon which this nation is built.  They are how we became the greatest nation on Earth.  They are why, for more than two centuries, America has been a beacon to the world.  But as I stand here tonight, equality and democracy are under assault.  We do ourselves no favor to pretend otherwise.

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Let’s say you are an average household with an income around $100,000/yr who has an increase in electricity rates from $300 to $500 due to Joe Biden’s new national energy policy known as the Green New Deal.  That’s $200 more per month for this initial economic/energy “transition” moment.

That extra $200/month equates to $2,400 per year.

That $2,400 per year is static economic activity.  Meaning nothing additional was created, and nothing additional was generated.  The captured $2,400 is simply an increase in the price of a preexisting expense.

Take that expense and expand it to your community of 100 friends and family households.  The $2,400 now becomes $240,000 in cost that doesn’t generate anything.  $240,000 is removed from the community economy.  $240,000 is no longer available for purchasing other goods or services within this community of 100 households.

The economic purchasing power of the 100-household community is reduced by $240,000 per year.

Take that expense and expand it to your county of 10,000 households.  Now you are reducing the county economic activity by $24 million.  In this county of 10,000 households, $24 million in economic transactions have been wiped out.  Meals at restaurants, purchases of goods and services, or any other spending of the $24 million within the county of 10,000 households (approximately 25,000 residents) has been lost.

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During his opening monologue tonight, Tucker Carlson becomes the first mainstream pundit to point out the lies in the central bank argument.

The federal reserve and EU central banks claim they are raising interest rates to stop inflation by slowing demand.  A demand side approach.  However, it isn’t demand driving inflation; it’s the cost of energy driving inflation. That’s a supply side issue.

The central banks cannot admit what they are doing, or people would catch on.  They are intentionally reducing economic activity in order to support having scarce energy production. WATCH:

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