Barrons has an interesting article on an increase in bank auto repossession rates connected to defaults [see here].  Essentially, used car prices have surged significantly and the timeline seems to indicate the temporary covid-19 stimulus spending had a lot to do with the increase in demand.

According to data assembled by CoPilot, used cars are currently priced approximately 10,000 higher than they would be without any pandemic related influence, supply side or demand side.  Banks and financial institutions loaned money into the climbing market price.  However, the artificially inflated car prices now create a bubble where the liability on the books is significantly higher than the repossessed asset is worth.

A higher rate of auto loans are now defaulting for both sub-prime and prime borrowers (double for both), indicating the former buyers are under financial pressure and can no longer make their car payments.  The loan to value ratio was as high as 140% when the banks made the loans, a more traditional or normal ratio is 80%.

The banks have a vested financial interest in limiting the number of repossessed vehicles they allow into the used car auction market in order to keep the book value of the cars as high as possible.  Those banks and financial institutions have recently rented more storage space for the vehicles being repossessed.

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Unfortunately, (a) she’s not talking about energy or oil production/supply; and (b) she believes it.

Commerce Secretary Gina Raimondo, a comprehensively incompetent and unqualified person selected to run the commerce department, blames, without hesitation, a “fundamental lack of supply” for the cause of U.S. inflation [04:38].  She’s not pretending, Raimondo genuinely believes this.

I have struggled with the question of whether it’s incompetence or intentional ideology that drives some of these cabinet members to say stupid stuff.  In the case of Commerce Secretary Raimondo, it is clearly incompetence.  In order to believe that a lack of supply is driving inflation; which is not coincidentally the same demand-cause opinion held by the federal reserve; a person has to ignore the dozens of key economic indicators that show consumer demand has contracted, inventories are climbing, and orders to manufacturers have dropped.

Even Samsung, one of the largest producers of electronics sold in the United States, has told all their suppliers to stop sending the component goods used to manufacture their products because orders for finished goods have plummeted.  Hell, consider this…. THE COMMERCE DEPARTMENT, yes, that’s right, the Department that Raimondo is in charge of, has collected the data showing RETAIL SALES have DROPPED.  Yet here she is blaming a lack of supply for inflation.  WATCH:

It is not a lack of supply driving supply side and producer inflation. It is the massive increase in material, processing and transportation costs associated with Biden’s energy policy that are impacting supply-side inflation.   Demand has contracted, inventories are climbing, manager orders have plummeted, and consumers are squeezed.  Yet this knucklehead thinks recession is unlikely.

Gina Raimondo was also on Meet The Press, with another knucklehead, Chuck Todd.

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Despite the U.S. media not giving any time, attention or discussion to the rise of farmer protests in Europe, everyone should pay attention because the same climate change goals being enforced in the European Union are coming to North America.

The global food manipulators within the World Economic Forum have established the farming policy that aligns with their climate change goals. As noted in this Sky News discussion this is the Great Reset. It’s not just Netherlands Prime Minister Mark Rutte pushing the agenda, in 2020 Canadian Prime Minister Justin Trudeau gave an identical outline, with an identical timeline, for the exact same process [SEE HERE]. The collective WEF political leaders are all singing from the same hymnal.

In this discussion and interview segment, the spokesperson for Netherlands, Agricultural and Horticultural Organization Wytse Sonnema, outlines why there is such a broad sense of “frustration, anger, even despair” amongst farmers amid proposals for nitrogen reduction target plans.  This will be coming to North America soon. WATCH:

In very simple terms, the politicians cannot reduce the farming process for industrial food production without reducing the farming yield.  It is just commonsense.

You do not need to be a farmer to understand that nitrogen/phosphorus-based industrial fertilizer has been the reason why farm yields have generated massive amounts of food on a global basis.  The United States, U.K. and places like the Netherlands have massively increased their ability to generate food for export, in large part due to the success of improved fertilizer and crop saving modern pesticides.

Larger discussion continues below….

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In an effort to keep the Daily Open Thread a little more open topic we are going to start a new daily thread for “Presidential Politics”. Please use this thread to post anything relating to the JoeBama Administration and Presidency.

“This is no small thing, to restore a republic after it has fallen into corruption. I have studied history for years and I cannot recall it ever happening. It may be that our task is impossible. Yet, if we do not try then how will we know it can’t be done? And if we do not try, it most certainly won’t be done. The Founders’ Republic, and the larger war for western civilization, will be lost.”

“But I tell you this: We will not go gently into that bloody collectivist good night. Indeed, we will make with our defiance such a sound as ALL history from that day forward will be forced to note, even if they despise us in the writing of it.”

~ Mike Vanderboegh

This thread will refresh daily and appear above the Open Discussion Thread.

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Our Father, who art in heaven, hallowed be thy Name. Thy kingdom come. THY WILL BE DONE, on earth as it is in heaven. Give us this day our daily bread. And forgive us our trespasses, as we forgive those who trespass against us. And lead us not into temptation, but DELIVER US FROM EVIL.

For Thine is the kingdom and the power and the glory, forever and ever. Amen †

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It was not long ago when we noted the absence of food will change things.   While Dutch farmers are fighting the government and trying to keep producing food, in Sri Lanka the shortages of food and fuel have reached a boiling point.  Angry citizens have taken control of the presidential palace, set fire to the Prime Minister’s house, and overwhelmed government offices.

Fearing for his life, “Sri Lankan Prime Minister Ranil Wickremesinghe said he would resign after just two months in office after protesters stormed and occupied the president’s residence and office amid public anger over the country’s deepening sovereign-debt crisis.” (WSJ link)

The U.S. State Department and the ambassador to Sri Lanka, Julie Chung, are asking for protestors to remain peaceful as if their hunger is ‘transitory’.  However, videos from the country highlight the futility of platitudes amid tens of thousands of angry citizens who are desperate.  It is a hot mess that’s likely to surface in other nations quickly.

(Via WSJ) – Braving tear gas and water cannons in the capital, Colombo, protesters—many waving the national flag and wearing helmets—also entered the president’s office on Saturday, in one of the largest antigovernment demonstrations in the country this year.

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Decepticon Senator Lisa Murkowski is the primary target and reason for President Trump’s travel to Alaska for a rally.   Murkowski, a leftist in the Republican ranks, must be removed if progress in taking down the UniParty is to continue.  President Trump is rallying in support of Alaska Governor Mike Dunleavy, Senate candidate challenging Murkowski, Kelly Tshibaka, and candidate for congress Sarah Palin.

The anticipated start time for President Trump’s remarks is 4:00pm in Anchorage Alaska or 8:00pm ET.  Rumble livestream links below:

Donald J Trump Rumble Livestream – RSBN Rumble Livestream Link – Alternate Rumble Livestream Link

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In his weekly monologue Neil Oliver gives his perspective on the changing of the guard at #10 Downing Street.  Meet the potential new boss, same as the old boss etc.   While drawing attention to the detached and aloof viewpoints of the self-installed ‘ruling class’, Oliver riffs one of the best lines from this week:

…“Two years ago, I gave scant thought to acronyms like WHO, UN, WEF.  Now I watch them with the same attention I give to dogs that look like they might bite.”…

Damned if that isn’t the truth.  WATCH:

[Transcript] – The running of this country has precious little to do with we, the people – that much becomes more obvious every day. Ever more blatantly the powers that be are treating us like the sitting tenants in a property they want to knock down so they can sell the plot for profit to their pals and assorted foreign carpet baggers.

We the people, with our individual opinions and ambitions and dreams are just in the way of their anti-human fantasy of a so-called progressive future. They got fed up waiting for us to die of old age in our armchairs, in front of three bar electric fires we can’t afford to switch on, and have set about demolishing the old place while we’re still living in it.

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It has been many years since CTH made the decision to stop documenting the predatory attacks from within the Safari confines of Atlanta, Baltimore, Philadelphia, Oakland, New York City, Los Angeles, Milwaukee, Austin and several major metropolitan areas. {Go Deep} It became almost impossible to report on the Safari because even a decade ago the politically correct internet police were scrubbing content faster than Nina Jankowicz would sing about disinformation.

However, in the decade that’s passed; and as expected throughout the rise of the Dream Defenders and BLM; things have gotten much worse.  The most recent example of danger within a regional safari zone comes from Philadelphia. A group of seven “teens” beat a 73-year-old man to death with a traffic cone.

A traffic cone.

PHILADELPHIA – Security video released Friday by Philadelphia police shows a group of teens fatally beating a man in his early 70s with a traffic cone.

In a statement, the Philadelphia Police Department said authorities were searching for seven teens seen in the video, which was recorded on the morning on June 24.  The victim, who was not identified in the statement and who police blurred in the video, fell to the ground after being struck with “objects,” the department said. He died the next day.

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During his opening monologue Friday evening, Fox News host Tucker Carlson went into great detail outlining the current evidence of how the SARS-CoV-2 virus originated.

As a direct consequence of the COVID-19’s global impact, a geopolitical reset has taken place.  Carlson asks the questions of whether this reset was done purposefully, and why is there no one looking at how the virus originated?   WATCH:

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