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Page added on July 24, 2019
JPMorgan: We Believe The Dollar Could Lose Its Status As World’s Reserve Currency
Almost eight year ago, we first presented a chart first created by JPMorgan’s Michael Cembalest, which showed very simply and vividly that reserve currencies don’t last forever, and that in the not too distant future, the US Dollar would also lose its status as the world’s most important currency, since it is never different this time.
As Cembalest put it back in January 2012, “I am reminded of the following remark from late MIT economist Rudiger Dornbusch: ‘Crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought.'”
Perhaps it is not a coincidence then that in light of the growing number of mentions of MMT and various other terminal, destructive monetary policies that have been proposed to kick on the current financial system the can just a little bit longer, that the topic of longevity of reserve currency status is once again becoming all the rage, and none other than JPMorgan’s Private Bank ask in this month’s investment strategy note whether “the dollar’s “exorbitant privilege” is coming to an end?”
So why is JPM, after first creating the iconic chart above which has since spread virally across all financial corners of the internet, not only worried that the dollar’s reserve status may be coming to an end, but in fact goes so far as to state that “we believe the dollar could lose its status as the world’s dominant currency (which could see it depreciate over the medium term) due to structural reasons as well as cyclical impediments.”
Read on to learn why even the largest US bank has started to lose faith in the world’s most powerful currency.
Is the dollar’s “exorbitant privilege” coming to an end?
In Brief
The U.S. dollar (USD) has been the world’s dominant reserve currency for almost a century. As such, many investors today, even outside the United States, have built and become comfortable with sizable USD overweights in their portfolios. However, we believe the dollar could lose its status as the world’s dominant currency (which could see it depreciate over the medium term) due to structural reasons as well as cyclical impediments.
As such, diversifying dollar exposure by placing a higher weighting on other currencies in developed markets and in Asia, as well as precious metals makes sense today. This diversification can be achieved with a strategy that maintains the underlying assets in an investment portfolio, but changes the mix of currencies within that portfolio. This is a completely bespoke approach that can be customized to meet the unique needs of individual clients.
The rise of the U.S. dollar
It is commonly perceived that the U.S. dollar overtook the Great British Pound (GBP) as the world’s international reserve currency with the signing of the Bretton Woods Agreements after World War II. The reality is that sterling’s value was eroded for many decades prior to Bretton Woods. The dollar’s rise to international prominence was fueled by the establishment of the Federal Reserve System a little over a century ago and U.S. economic emergence after World War I. The Federal Reserve System aided in the establishment of more mature capital markets and a nationally coordinated monetary policy, two important pillars of reserve-currency countries. Being the world’s unit of account has given the United States what former French Finance Minister Valery d’Estaing called an “exorbitant privilege” by being able to purchase imports and issue debt in its own currency and run persistent deficits seemingly without consequence.
The shifting center
There is nothing to suggest that the dollar dominance should remain in perpetuity. In fact, the dominant international currency has changed many times throughout history going back thousands of years as the world’s economic center has shifted.
After the end of World War II, the U.S. accounted for biggest share of world GDP at more than 25%. This number is brought to more than 40% when we include Western European powers. Since then, the main driver of economic growth has shifted eastwards towards Asia at the expense of the U.S. and the West. China is at the epicenter of this recent economic shift driven by the country’s strong growth and commitment to domestic reforms. Over the last 70 years, China has quadrupled its share of global GDP to around 20%—roughly the same share as the U.S.—and this share is expected to continue to grow in the years ahead. China is no longer just a manufacturer of low cost goods as a growing share of corporate earnings is coming from “high value add” sectors like technology.
China regaining its status as a global superpower
Earnings in China are becoming more balanced
In addition to China, the economies of Southeast Asia, including India, have strong secular tailwinds driven by younger demographics and proliferating technological know-how. Specifically, the Asian economic zone—from the Arabian Peninsula and Turkey in the West to Japan and New Zealand in the East and from Russia in the North and Australia in the South—now represents 50% of global GDP and two-thirds of global economic growth. Of the estimated $30 trillion in middle-class consumption growth between 2015 and 2030, only $1 trillion is expected to come from today’s Western economies. As this region grows, the share of non-USD transactions will inevitably increase which will likely erode the dollar’s “reserveness”, even if the dollar isn’t replaced as the dominant international currency.
In other words, in the coming decades we think the world economy will transition from U.S. and USD dominance toward a system where Asia wields greater power. In currency space, this means the USD will likely lose value compared to a basket of other currencies, including precious commodities like gold.
Dollar’s declining role already under way?
Recent data on currency reserve holdings among global central banks suggests this shift may already be under way. As a share of overall central bank reserves, the USD’s role has been declining ever since the Great Recession (see chart). The most recent central bank reserve flow data also suggests that for the first time since the euro’s introduction in 1999, central banks simultaneously sold dollars and bought euros.
Central banks across the globe are also adding to gold reserves at their strongest pace on record. 2018 saw the strongest demand for gold from central banks since 1971 and a rolling four-quarter sum of gold purchases is the strongest on record. To us, this makes sense: gold is a stable source of value with thousands of years of trust among humans supporting it.
USD share of central bank reserves, %
The current U.S. administration has called into question agreements with nearly all of its largest partners—tariffs on China, Mexico and the European Union, renegotiating NAFTA, as well as abandoning the Trans Pacific Partnership. A more adversarial U.S. administration could also encourage countries to reduce their reliance on USD in trade. Currently 85% of all currency transactions involve the USD despite the U.S. accounting for only roughly 25% of global GDP.
Countries around the world are already developing payment mechanisms that would avoid using the dollar. These systems are small and still developing but this is likely to be a structural story that will extend beyond one particular administration. In a recent speech on the international role of the euro, Bank for International Settlements Chief Economist Claudio Borio brought up the benefits of pricing oil in the euro saying, “Trading and settling oil in the euro would move payments from dollars to euros and thereby shift ultimate settlement to the euro’s TARGET2 system. This could limit the reach of U.S. foreign policy insofar as it leverages dollar payments.” The European Central Bank also alluded to this theme in a recent report saying that “growing concerns about the impact of international trade tensions and challenges to multilateralism, including the imposition of unilateral sanctions seem to have lent support to the euro’s global standing.”
We believe we are at an important juncture. On a real basis, the dollar stands currently more than 10% above its long-term average and on a nominal basis has actually been trending lower for 50 years (see chart below).
Given the persistent—and rising—deficits in the United States (in both fiscal and trade), we believe the U.S. dollar could become vulnerable to a loss of value relative to a more diversified basket of currencies, including gold. As we scan client portfolios, we see that many of them have far more U.S. dollar exposure than we feel is prudent. At this stage of the economic cycle, we believe this exposure should be more diversified. In many cases, our recommendation would likely be to place a higher weighting on other G10 currencies, currencies in Asia and gold (see chart).
FX exposure
330 Comments on "JPMorgan: We Believe The Dollar Could Lose Its Status As World’s Reserve Currency"
JuanP Projections on Fri, 26th Jul 2019 2:06 pm
Psych 101. Help for Davy on Fri, 26th Jul 2019 1:32 pm
JuanP on Fri, 26th Jul 2019 2:11 pm
Mueller, The Mayor Of Munchkin-land, & Democrat Misadventures
Profile picture for user Tyler Durden
by Tyler Durden
Fri, 07/26/2019 – 14:50
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Authored by James Howard Kunstler via Kunstler.com,
Who imagined that in the climactic scene of the blockbuster RussiaGate fantasy, when the curtain was ripped away, the Wizard at the controls would turn out to be… Captain Queeg! We need not rehash all the depressing particulars of Robert Mueller’s six-hour public humiliation in two House committee hearings in order to reach a set of conclusions about the conduct of his rogue investigation and the perfidious report issued in his name.
One is that Robert Mueller could not have run his investigation. There is even reason to question that he was briefed on the day-to-day developments by the people who did run it — since, for instance, he apparently never heard the phrase “Fusion GPS,” that is, the swarm of flying monkeys who delivered the whole shebang’s predicate documents known as the Steele Dossier simultaneously to the FBI, The Washington Post, and The New York Times beginning in 2016. By his testimony Wednesday, Mr. Mueller gives new meaning to the term useful idiot.
The two-year inquisition was run by attorneys Andrew Weissmann and Jeanie Rhee, two arch Hillary Clinton partisans (the latter a lawyer for the Clinton Foundation), leading now to the conclusion that the Mueller Investigation itself was no less a Clinton operation than the Steele Dossier. I wonder if it will become known whether Mrs. Clinton herself was in regular communication with Weissmann and Rhee during these years, or who were the intermediaries between them. Surely federal attorney John Durham has the mojo to seize phone records of the Mueller Team and find out exactly who was checking in with whom.
I, for one, even doubt that the lingering assertion of Russian “interference” in the 2016 election — taken as dictum by too many dupes — has any merit at all. Rather it was just a foggy byproduct of the mighty gaslighting effort by experienced Intel Community specialists working the zealously biased and credulous news media into a lather of bad faith. All of the Russians and “Russian agents” lassoed into narrative appear to have professional connections to either the CIA, the FBI, the US State department, or Mrs. Clinton’s various networks of myrmidons in the DNC, the Obama administration, and Fusion GPS. These relationships were all sedulously ignored by the Special Counsel’s office — and now they can’t be.
Hence, it is easy to imagine that Attorney General Barr and his lead investigator, Mr. Dunham, must now entertain the unappetizing prospect of examining the roles of Mrs. Clinton and the foregoing cast of characters in this melodrama for the purpose of discovering whether this was actually the seditious conspiracy that it appears to have been — with rather horrific possible consequences of grave charges and severe punishments.
In all this long and excruciating public playing-out of dark schemes, Mr. Trump, first candidate and now president, seems to have acted as little more than a tackling dummy for the Mueller Team and its backstage confederates. He tweeted childishly about the deeply partisan composition of the Mueller Team when he should have mounted a forceful legal opposition to the effrontery of their selection in the first place.
It’s interesting to follow the pronouncements of the bit-players in this spectacle, now that Mr. Mueller has inadvertently destroyed the basis of the sacred narrative. Rep. Jerold Nadler turned up yakking with Anderson Cooper on CNN last night, looking every inch like the Mayor of Munchkin Land, bloviating against the supposed imminent Russian takeover of America (read: by witches) and the now-receding fool’s errand of impeachment, which would only further expose the criminal culpability of his own Democratic Party in this sordid misadventure. Mr. Cooper looked deeply pained by the chore, and yet his own professional credibility is on the line after two years of allowing himself to be played like a flugelhorn by the folks who matter in this country, and he contested nothing in Mr. Nadler’s mendacious pratings.
And now a fretful silence will descend around this colossal goddamned mess as the momentum of history shifts against the perpetrators of it, and the true machinery of American justice is brought to bear upon them. The playing-out of Act Three will probably coincide with epic global financial disorder in the months ahead, further obscuring what people and nations can do to arrest the collapse of Modernity and its sidekick Human Progress.
More Davy Identity Theft on Fri, 26th Jul 2019 2:33 pm
JuanP on Fri, 26th Jul 2019 2:11 pm
Davy on Fri, 26th Jul 2019 2:35 pm
Oops, sorry everyone. I forgot the link again.
https://www.zerohedge.com/news/2019-07-26/mueller-mayor-munchkin-land-democrat-misadventures
More Davy Sock Puppetry on Fri, 26th Jul 2019 2:36 pm
JuanP Projections on Fri, 26th Jul 2019 2:06 pm
Anonymouse on Fri, 26th Jul 2019 2:39 pm
Juan, what’s up with the Kunstler obsession??
joe on Fri, 26th Jul 2019 3:13 pm
Vladimir Bukovsky Russia Dissident explains how the EU=USSR
https://youtu.be/m41Tdl5mvdg
Davy on Fri, 26th Jul 2019 3:13 pm
I am really sorry about the muddled and confused post I made at 12:24. I was so angry I got everything all jumbled up in my head. Which happens. A lot.
Here is what I meant to say, sorry JuanP, and with my greatest respects.
Juanpee, the more you attempt to highlight my hypocrisy and extremism, the more I will be here. I promise you this. No problems for me. I enjoy mindless trolling and sock puppetering. I am just a poor dumbass who got his feelings hurt. Why were my feelings hurt, because no one here would follow my orders. WTF, did I really think I can make people do what I want on an unmoderated site. Actually YES, I do. LMFAO. What this shows is just how dysfunctional my personality is. I have been doing this brainless activity for year(s) now. That classifys me as someone with a personality disorder. Obsessive stalking, trolling, and cyber bullying for lengthy periods is a clear sign I have lost my mind.
I hope this clears the air.
Peak Oil Ombudsman on Fri, 26th Jul 2019 3:20 pm
DavyDonaldTurd (DDT):
DDT, your thoughts reflect and project perfectly like a mirror; the subconscious perceptions that are held about the Self. What you fail to comprehend is your incessant assaults and postings are a perfect reflection of your present state of mind and how you feel about yourself on the inside. Your resentment, anger and desire for revenge reveal anger and contempt of yourself, rooted in jealously, fear, and a sense of failure with who you are, questioning your ability to aptly compete with others.
DDT, use this knowledge to become more self-aware and introspective. By doing so, you can diffuse inner conflict and confusion and become a pacifist of the mind rather than a bellicose, xenophobic, and hateful Trumptard of the mind.
DavyDonaldTurd (DDT), clean-up your act, now, before it’s too late. The clock is ticking, and the hour is late.
JuanP identity fraud on Fri, 26th Jul 2019 3:30 pm
Davy on Fri, 26th Jul 2019 3:13 pm I am really sorry about the muddled and confused post”
JuanP sock silliness on Fri, 26th Jul 2019 3:34 pm
Peak Oil Ombudsman on Fri, 26th Jul 2019 3:20 pm
DavyDonaldTurd (DDT):”
Juan, you are lame and stale
Anonymouse on Fri, 26th Jul 2019 3:46 pm
Juan, what is a Peak Oil Ombudsman? That is a goofy example of a sock puppet.
More Davy Sock Puppetry on Fri, 26th Jul 2019 4:12 pm
JuanP identity fraud on Fri, 26th Jul 2019 3:30 pm
JuanP sock silliness on Fri, 26th Jul 2019 3:34 pm
More Davy Identity Theft on Fri, 26th Jul 2019 4:13 pm
Anonymouse on Fri, 26th Jul 2019 3:46 pm
The insane sock stalker JuanP on Fri, 26th Jul 2019 5:42 pm
More Davy Sock Puppetry on Fri, 26th Jul 2019 4:12 pm
More Davy Identity Theft on Fri, 26th Jul 2019 4:13 pm
Robert Inget on Fri, 26th Jul 2019 5:44 pm
Trump suggests he hasn’t ruled out weakening dollar after top aide said it was off the table
BY BRETT SAMUELS – 07/26/19 06:18 PM EDT 33
290
“I could do that in two seconds if I want”.
President Trump said Friday he had not completely ruled out a proposal to artificially weaken the dollar hours after his top economic adviser said such a move was off the table.
Trump earlier this week shot down a pitch from trade adviser Peter Navarro, who suggested intervening in currency markets to strengthen the U.S. position in the global market, according to multiple reports.
National Economic Council Chairman Larry Kudlow then told CNBC on Friday morning that the administration “ruled out currency intervention.”
But asked about the possibility on Friday afternoon, Trump was less concrete.
“I could do that in two seconds if I want,” Trump told reporters in the Oval Office when asked why he wouldn’t consider Navarro’s proposal. “I didn’t say I’m not going to do something.”
JuanP on Fri, 26th Jul 2019 5:46 pm
Desperate Dem Rep Goes Full Conspiracy Theorist: Claims “Somebody Got To Mueller”
by Tyler Durden
This is starting to feel like a Twilight Zone episode.
Having been embarrassed by Mueller’s mumblefest, it seems Democrats have merely cranked up their conspiracy theories in an effort to save themselves from mental health crises.
California Rep. Ted Lieu was the best example by far (which is saying something with Rep. Swalwell on the committee) as he gloated that, during his discussion with Special Counsel, Mueller dropped a potential bombshell that the reason he did not indict Trump for obstructing the Russia probe was because of a Justice Department office of legal counsel opinion that prohibits indicting sitting presidents.
“The reason again that you did not indict Donald Trump is because of [Office of Legal Counsel] opinion stating that you cannot indict a sitting president, correct?” Lieu asked Mueller in the hearing.
“That is correct,” Mueller said.
This seemed to contradict Mueller’s own previous comments and his report, but nonetheless, Lieu excitedly took to Twitter to proclaim “nobody should be above the law” and various leftists quickly created memes suggesting #LockHimUp etc…
The Smoking Gun!?
FACT: There’s substantial evidence that @POTUS obstructed justice. It’s clear that anyone else would be facing criminal prosecution. The #MuellerReport does NOT exonerate the president. #RetweetTheReport #MuellerHearings pic.twitter.com/RrkX7gS0dS
— Rep. Ted Lieu (@RepTedLieu) July 24, 2019
But – and it’s a big but… as Daily Caller’s Chuck Ross notes, before Democrats could celebrate too much, Mueller corrected his testimony when he appeared hours later before the House Intelligence Committee for a second round of testimony about his Russia investigation…
“Now before we go to questions, I want to add one correction to my testimony this morning,” Mueller began in his opening remarks.
“I want to go back to one thing that was said this morning by Mr. Lieu, who said, and I quote, ‘you didn’t charge the president because of the OLC opinion.’”
“That is not the correct way to say it,” he said, adding, “as we say in the report, and as I said in the opening, we did not reach a determination as to whether the president committed a crime.”
Crushing the dreams of every leftist.
But – and here’s the leap towards the irrational and mentally ill – Lieu suggested to CNN’s Wolf Blitzer during an interview later in the day that “somebody got to” Robert Mueller to force the former special counsel to correct his testimony. “[Y]ou say Mueller fully understood your question. Doesn’t Mueller’s correction, which he later provided, prove otherwise?” Blitzer asked.
“This is what’s so odd about that exchange. Special counsel Robert Mueller agreed that the OLC opinion prevented a sitting president from being indicted, and then the Republican member after me asked him a series of questions to try to get him to walk it back, and he did not do that.”
“And then it wasn’t until there was a recess with the Intel committee that he started to walk some of it back,” said Lieu.
“I don’t know who got to him. I don’t know who talked to him, but that was very odd, what he did.”
Blitzer asked Lieu, “What are you suggesting? … Are you saying he only did that because of pressure from someone?”
“I don’t know,” said Lieu, “but he clearly answered the way he answered to me, and then he had numerous times to walk that back by the next Republican member who asked him a series of questions on the exact same issue trying to get him to walk it back.”
Another Davy Sock Puppet on Fri, 26th Jul 2019 5:50 pm
The insane sock stalker JuanP on Fri, 26th Jul 2019 5:42 pm
More Davy Identity Theft on Fri, 26th Jul 2019 5:50 pm
JuanP on Fri, 26th Jul 2019 5:46 pm
Forum police on Fri, 26th Jul 2019 6:01 pm
Keep this up juanpee and you will be deported back to you know where
Another Davy Sock Puppet on Fri, 26th Jul 2019 5:50 pm
More Davy Identity Theft on Fri, 26th Jul 2019 5:50 pm
Another Davy Sock Puppet on Fri, 26th Jul 2019 6:09 pm
Forum police on Fri, 26th Jul 2019 6:01 pm
Cloggie on Fri, 26th Jul 2019 6:30 pm
“Vladimir Bukovsky Russia Dissident explains how the EU=USSR”
Little lying joe trying to muddy the waters.
First of all: why are you dissing the USSR? They were your vaillant allies with which you managed to get the European world destroyed, you hate so much?
Furthermore, it is outright insane to compare the EU with the USSR. The latter was a monster, where the EU is way too humanitarian. English like you always lie that the EU is anti-democratic, although we have to endure the sight of this lying pos and snake oil salesman Fromage, who was elected into EU parliament, from where he is foulmouthing against Europe around the clock, rather then doing time in a straight-jacket in a Soviet psycho-ward (your WW2-ally) like this Bukovsky clown.
Is he a jew, btw? Since Michael Ledeen is so jubilant about him?
https://pjmedia.com/michaelledeen/2012/12/29/the-greatest-subversive-of-our-times/#comments
Oh wait, he is a Putin-hater, that is all I need to know:
https://www.theoccidentalobserver.net/2011/03/03/jewish-dissidents-target-putin/
Jew or not, Bukovsky hates Europe and want Anglosphere, the last bastion of the jews, to remain on top.
Oh wait, here Bukovsky is dissing “his Russians”
https://www.nationalreview.com/2019/05/vladimir-bukovsky-dissident-conversation-echoing-words/
“Do you have a lot of math?” I ask Bukovsky. “Yeah,” he says. “I love math.” I say, “Must be something in the Russian water. Russian kids seem to be math whizzes.” This is a misimpression, says Bukovsky. “It’s like chess,” he adds. “Everyone says, ‘Oh, the Russians are so good at chess!’ To begin with, it’s the Jews who are so good!”
Of course he is a jew, otherwise kosher National Review wouldn’t interview him.
The best way to illustrate that the EU is not the USSR is that unfortunately we can’t get rid of the English! Eastern European countries that dared to try to escape from that slave-empire and UK-ally, like the brave Hungarians in 1953.
The English, however volunteered to join Europe, mostly because they were Europe’s sick man, a shabby country, best symbolized by trade unionist Arthur Scargill, empoverished and stripped of its empire by their American “friends”. Thanks to the EU, Britain found the way up again (“Cool Brittania”). But now they shot themselves into their own feet with this Brexit farce.
#TailSpinCountry
It is like Juncker said to Fromage: “why are you still here”.
So little shabby joe and nail-in-the-coffin-of-the-white-race: why don’t you get your ass out of the EU? Nobody is going to bomb you back in the EU. Just get lost, before we kick you out by the end of October, you lying pos.
Cloggie on Fri, 26th Jul 2019 6:49 pm
Since the end of 2016 I have been predicting here that Teump and Brexit eventually means the End of the West. And see…
https://www.dailymail.co.uk/news/article-7288899/US-Ambassador-Woody-Johnson-heaps-Brexit-pressure-EU.html
The EU is now contemplating the possibility that Britain will not bow to pressure and that a No Deal Brexit could create a Iron Curtain-style divide between the bloc and Britain.
An Iron Curtain would be almost too good to be true, because it would shield Europe off from the toxic Anglo-Zionist influence and watch poor spineless Anglo whitey to become racially bolshevized, which means that every aspect of white Anglo culture is going to be demonized, eradicated, banned, book-burned. Every statue is going to be toppled. Expect Sheakspeare, one of the greatest literary geniuses in world history, to become banned because of his anti-semitic “Merchant of Venice”.
https://www.theguardian.com/books/2016/jun/01/yale-english-students-call-for-end-of-focus-on-white-male-writers
Anglosphere = Judaic State = USSR-2.0
https://www.nytimes.com/2018/08/21/us/unc-silent-sam-monument-toppled.html
https://www.nationalreview.com/2015/06/shakespeare-white-stop-teaching/
Cloggie on Fri, 26th Jul 2019 8:05 pm
Markets Brexit verdict:
https://www.dailymail.co.uk/news/article-7291327/Sterling-hits-lowest-rate-against-euro-July-getaway.html
“Plunge of your holiday pound: Blow for families as sterling hits lowest rate ever against euro for July getaway”
Holidaymakers will get even worse rates at many bureaux de change, especially at airports. Some booths offer as little as 0.8 euros to the pound, meaning £500 buys just 400 euros. Four years ago £500 would have bought nearer 700 euros.
Ah well, Brexit is good for the environment as the Brits will be inclined more to stay at home, much to the chagrin of the Spanish.
Always look at the bright side of life!
P.S. soon we could have an Iron Curtain through the Channel and international tourism will come to a shrieking halt.
Ah well, anything to protect the unique Boreal world:
https://images.app.goo.gl/XzzyQUY9tkUjjazv8
Cloggie on Fri, 26th Jul 2019 8:14 pm
Statement of order: according to new British regulations, our regular poster “joe” in the future will need to be addressed as “joe esquire” or “joe esq.” for short:
https://www.dailymail.co.uk/news/article-7290591/Jacob-Rees-Mogg-BANS-staff-using-got-equal-new-Leader-Commons-office.html
“Jacob Rees-Mogg issues list of rules to his new staff BANNING them from using ‘got’, ‘very’ or ‘equal’ and demanding they refer to ‘non-titled males’ as ‘Esquire’”
Low caps suffice as it is only joe.
End of the announcement.
Davy on Fri, 26th Jul 2019 8:20 pm
cloggo, a low sterling will translate into greater business opportunities eventually. There are always trade offs. For some reason you think planet earth is pro Euro and against everyone else??
I AM THE MOB on Fri, 26th Jul 2019 8:40 pm
Clogg
Psychology is not real science..But I bet you want to fuck your mother like the whack job founder of psychology argued..Its all subjective..
Over half of psychology studies fail reproducibility test
https://www.nature.com/news/over-half-of-psychology-studies-fail-reproducibility-test-1.18248
Ouch and that includes IQ..Dr Flynn should go out and find a real job..And stop being a racist quack..
Davy on Fri, 26th Jul 2019 8:41 pm
Excluding my ID Theft and Sock Puppetry, I am spending less time on this lame unmoderated forum to concentrate on my own blog. I do want to thank all those who have attacked me with giving me material for growth. I have saved the best of my comments for my new blog. I have years worth of material. I have enjoyed moderating the worst of you and neutering your selfish useless agendas. I will still be here it is just I will be spending more time putting out a blog. I don’t expect much of a following with my blog. This is more a personal effort to assemble what I have learned over the last 10 years of formulating my REAL Green Deep Adaptation. Many of my ideas and lifestyles are not mine. I barrow what ever works. I do not claim anything either. It is an open source effort. Anyone can take what I am offering and use it however you want. Take my title if you like. For the stalkers here I hope you find my blog and visit the comment forum. It will be only lightly moderated to prevent juanpee identity theft and excessive cloggo spamming. LOL. There will be a prize for juanpee and annoymouse if you can stalk my blog. Double LOL. Anyway fuck my enemies and many thanks to those who contributed to my metamorphous.
I guess I could have joined the moderated section at PO dot com, but I knew I’d get my ass permanently banned. I’ll try not to let the door smack me up the backside on the way out.
Goodbye to ALL of you dumbasses.
Keepin’ it real, people.
I AM THE MOB on Fri, 26th Jul 2019 8:41 pm
And let that be a lesson to you too Theo..I know you are reading this..I beat clogg down and I will beat you down..
Davy on Fri, 26th Jul 2019 8:45 pm
I read this in my Trickle Down Economics course 101 at Ozark Community College:
A low sterling will translate into greater business opportunities eventually.
Davy on Fri, 26th Jul 2019 8:47 pm
I am Turd
I am Davy
I am DavyTurd
Hear me Roar, people.
juanpee ID FRAUD on Fri, 26th Jul 2019 8:59 pm
Davy on Fri, 26th Jul 2019 8:47 pm
Should be,
Here me roar
Duncan Idaho on Fri, 26th Jul 2019 11:06 pm
“Wipe your feet on the way out.”
Another Davy Sock Puppet on Sat, 27th Jul 2019 12:44 am
I AM THE MOB on Fri, 26th Jul 2019 8:41 pm
Cloggie on Sat, 27th Jul 2019 2:51 am
Cloggmeister, sir, a low sterling will translate into greater business opportunities eventually. There are always trade offs. For some reason you think planet earth is pro Euro and against everyone else??
You are so right, empire dave. The Zimbabwe dollar is currently rather low. Accordingly the business opportunities there are endless.
Point for you.
https://static01.nyt.com/images/2003/10/18/international/19zimb.slide01.jpg
What again where the American arguments against British colonial rule?
https://pics.me.me/rhodesia-circa-1950-zimbabwe-today-white-rule%3Eevery-other-rule-20958581.png
https://www.thepatriot.co.zw/wp-content/uploads/2014/09/53.jpg
https://rhodesia.me.uk/wp-content/uploads/2018/08/MazoeHarvestTime1965_final2.jpg
https://www.newyorker.com/tech/annals-of-technology/one-of-africas-biggest-dams-is-falling-apart
“One of Africa’s Biggest Dams Is Falling Apart”
Let me guess: rrrrraycism!
Cloggie on Sat, 27th Jul 2019 3:08 am
“I beat clogg down and I will beat you down..”
Give me the link to the location where you “beat me down”, you insufferable fool. In reality I have invaded into your territory and spoken the truth about history without you or your water carrier and partner in crime, empire dave, being able to do anything against it. YOU LOST.
Expect this incursion into your territory as a template for things to happen in the near future in North-America, where large numbers of USE-spies will infiltrate to connect to US white nationalists in order to arm them and prepare them for the final blow.
Look floppy, you lost again:
https://pjmedia.com/trending/supreme-court-gives-trump-go-ahead-to-fund-the-wall/
“Supreme Court Gives Trump Go-Ahead to Fund the Wall”
Mhoahahaha!
I AM THE MOB on Sat, 27th Jul 2019 4:22 am
What has a small dick..Can’t run, can’t jump, can’t dance, can’t sing, and is usually fat?
https://i.imgur.com/jFHZLs8.jpg
The mask is off!
HAHA!
Cloggie on Sat, 27th Jul 2019 4:25 am
“‘I will pave the way for post-Brexit trade deal with US’: Dominic Raab will fly to Washington within weeks to step up negotiations and says ‘Brussels isn’t the only game in town'”
https://www.dailymail.co.uk/news/article-7291537/Britain-step-trade-negotiations-warns-Raab.html
Jewboy Dom Raab has (probably) won, European Tess May lost. The Chamberlains of this world have a habit of losing out against the Churchills in Britain, much to the delight of the Americans, who get a new colony presented to them on a silver platter.
Of course Raab is right, Brussels is not the only game in town for Britain. The British heart is in America, it is just that the British have a brain too, that has a nagging doubt about the economic wisdom of the Brexit move.
Likewise for us Europeans, Washington isn’t the only game in town either. You can think of alternatives like Moscow or Beijing. Or even better: both.
#NewSilkRoad
https://www.zerohedge.com/news/2018-07-04/europe-turns-down-chinese-offer-grand-alliance-against-us
“Europe Turns Down Chinese Offer For Grand Alliance Against The US”
Everything hinges around the real game-plan of DJT. Nobody knows for sure, not even I.lol
But a clue can be given by the behavior of the US deep state by mouth of its press organs. They absolutely HATE DJT. That should give you a hint that there is no secret understanding between the US oligarchy and DJT, they are at war.
I bet 60-40 that Trump is a closet white nationalist and he is intentionally busy blowing up the empire before the deep state inevitably returns, for demographic reasons, after Trump, perhaps in 2020, but hopefully in 2024. And that Herr Drumpf is fooling the British and that in reality he is serving long-term German and not British interests:
https://www.independent.co.uk/news/world/americas/us-politics/donald-trump-adolf-hitler-books-bedside-cabinet-ex-wife-ivana-trump-vanity-fair-1990-a7639041.html
“Donald Trump ‘kept book of Adolf Hitler’s speeches in his bedside cabinet'”
Another clue is that DJT insists that Europe rearms. You don’t do that if you want your European colony to remain subservient till kingdom comes. That could be interpreted as a wish to have a strong Europe standing by, able to intervene when all hell will break lose in the US (Youtube VrF7alkwdHw “Calm before the storm”)
Yet another clue is that George Soros HATES Brexit for he simple reason they are going to lose the continental European colony. My impression is that international jewry has long given up on conquering the entire world…
https://www.bloomberg.com/opinion/articles/2017-09-27/america-s-new-world-order-is-officially-dead
“America’s New World Order Is Officially Dead”
…but is still divided over the European Question: fight to keep it (Soros) or dump it as a lost cause (Raab) and concentrate on at least keeping the Anglos under their thumb and be content with the ownership of Orwellian Oceania and compete with that Anglo -Zionist vehicle in the upcoming multi-polar world order.
Cloggie on Sat, 27th Jul 2019 4:37 am
What has a small dick..Can’t run, can’t jump, can’t dance, can’t sing, and is usually fat?
Note that our jewish friend I AM THE MOB is constantly mocking white Americans, the sort of people that are in the majority on this board.
The depressing fact is that these white Americans are delivering ZERO RESISTANCE against this constant humiliation of them by their (((owners))).
I know that Americans can’t stand in the shadow of Germans, descendants of the “under-classes of Europe”, etc., etc., but this is ridiculous.
The perfect illustration of this state of affairs is symbolized by this Borat video:
https://www.youtube.com/watch?v=IdKm5lBb2ek
That fat, demoralized, scared, clueless American is empire dave; I AM THE MOB, in contrast, is the International Jew (the world’s foremost problem, Henry Ford), constantly making fun of, fooling, mocking and humiliating white Americans:
What has a small dick..Can’t run, can’t jump, can’t dance, can’t sing, and is usually fat?
http://tinyurl.com/y954o3nb
Cloggie on Sat, 27th Jul 2019 4:38 am
I AM THE MOB, in contrast is Borat…
Cloggie on Sat, 27th Jul 2019 5:09 am
Talking about British brains and their nagging doubt… Soft-Brexit paper the DailyMail still allows hard-Brexit skeptics to voice their concerns:
https://www.dailymail.co.uk/debate/article-7291551/PETER-OBORNE-dont-wish-gloomster-rain-parade-Boris-Johnson-but.html
“PETER OBORNE: I don’t wish to be a gloomster and rain on Boris’s parade, but grave doubts surround his ability to deliver”
The Last Days of the West and Brexiteers gearing up to park themselves in the 1939-mode.
I’m in doubt myself 51-49 between soft- and hard-Brexit.
Soft-Brexit would remove the British from the European decision-making process (which is very good), so the EU-army, USE and relaxing anti-Russian sanctions can materialize. Additionally, Britain will remain economically attached to Europe, which is good for both EU and UK economies. And even more important, the UK is less likely to become America’s unsinkable aircraft carrier after Trump, lined up against continental Europe.
Hard-Brexit: it would drive Europe into the arms of Russia and China, which would be a winning coalition (New Silk Road). All Europe, Russia and China have to do is withdraw from the UN, IMF, dollar and the EU from NATO, set up counter global organisations and the empire is over once and for all, without a shot fired. Sooner or later Europe will remove itself from empire anyway.
Davy on Sat, 27th Jul 2019 5:20 am
“a low sterling will translate into greater business opportunities eventually.”
“You are so right, empire dave. The Zimbabwe dollar is currently rather low. Accordingly the business opportunities there are endless.”
cloggo, a tad extreme don’t ya think? Obviously I made my point.
Davy on Sat, 27th Jul 2019 5:22 am
“Expect this incursion into your territory as a template for things to happen in the near future in North-America, where large numbers of USE-spies will infiltrate to connect to US white nationalists in order to arm them and prepare them for the final blow.”
Dear me, cloggo, now you are going full fantasy. LMFAO. Maybe you should take a rest from all this. You have lost your ability to reality test.
Davy on Sat, 27th Jul 2019 5:24 am
“That fat, demoralized, scared, clueless American is empire dave”
LOL
Davy on Sat, 27th Jul 2019 5:31 am
“These Are The Hardest-Working Cities In America”
https://tinyurl.com/y6ad96cy zero hedge
“Productivity in the US has been a hot topic among economists over the past few years, as the Fed and other academics have puzzled over how the longstanding correlations between unemployment & inflation have unraveled in the years since the financial crisis. Americans are working longer hours than ever before. Yet, wage growth remains stagnant, and automation is killing more jobs than ever before. Still, the US has perennially ranked as one of the hardest-working countries in the world as American workers clock in more hours than almost any of its peers in both the developed and developing world classifications.”
Davy on Sat, 27th Jul 2019 6:11 am
“THE STRICTLY ECONOMIC CASE FOR ENERGY TRANSITION”
https://tinyurl.com/y3kacme8 surplus energy economics
The cost component is known here as the Energy Cost of Energy (ECoE). This is the critical determinant of the ability of surplus energy to drive economic activity. Low ECoEs provide a large surplus on which to build prosperity, but rising ECoEs erode this surplus, making us poorer…here can be no assurance that the ECoE of a renewables-based energy system can ever be low enough to sustain prosperity. Back in the ‘golden age’ of prosperity growth (in the decades immediately following 1945), global ECoE was between 1% and 2%. With renewables, the best that we can hope for might be an ECoE stable at perhaps 8%, far above the levels at which prosperity deteriorates in the West, and ceases growing in the emerging economies.
According to the International Energy Agency (IEA), additions of new renewable generating capacity have stalled, with 177 GW added last year, unchanged from 2017. Moreover, the IEA has stated that additions last year needed to be at least 300 GW to stay on track with objectives set out in the Paris Agreement on climate change…n 2018, output of electricity generated from renewable sources increased by 314 TWH (terawatt hours), but total energy consumption grew by 938 TWH, with 457 TWH of that increase – a bigger increment than delivered by renewables – sourced from fossil fuels.
We need to understand that, when an individual pays for electricity, or puts fuel in a car’s tank, this represents only a small fraction of what he or she spends on energy. The vast majority of energy expenditure isn’t undertaken as direct purchasing by the consumer, but is embedded in literally all of his or her outlays on goods and services. The scope for direct purchasing is determined by the scale of embedded use. As prosperity deteriorates, then, the ability of the consumer to purchase energy is reduced. There is every likelihood that energy suppliers could find themselves trapped between the Scylla of rising costs and the Charybdis of impoverished customers. We should, accordingly, be prepared for the failure of a system which relies almost entirely on commercial enterprise for the supply of energy. Far from prices soaring in response to tightening supplies, it’s likely that the impoverishment of consumers keeps prices below costs, resulting in a shrinkage of energy supply as part of a broader deterioration in economic activity.
Davy on Sat, 27th Jul 2019 6:26 am
“Germany overshoots natural resources two months ahead of global average”
https://tinyurl.com/y5lxcqst clean energy wire
“The natural resources humans can consume sustainably this year will be used up by Monday 29 July, according to calculations by the Global Footprint Network. If all the world’s population lived as resource-intensive as people in Germany do, they would have already consumed the annual budget more than two months ago, on 3 May – one day later than Germany reached its “overshoot day” last year.”
Cloggie on Sat, 27th Jul 2019 6:54 am
“Germany overshoots natural resources two months ahead of global average”
I bet the US has much more than two months, right?
Back to Germany:
https://deepresource.wordpress.com/2019/07/27/germany-spectacular-growth-with-less-energy-and-emissions/
Germany 1990-2017:
50% economic growth
9% less primary energy consumption
28% less emissions
The transition will proceed much faster in an economic downturn, caused for instance by the potential Cold War 2.0 between continental Europe and US+UK over Brexit.
Davy on Sat, 27th Jul 2019 7:30 am
“Germany overshoots natural resources two months ahead of global average” I bet the US has much more than two months, right?”
DUH
Cloggo, the post was to shed light on the fact that Germany has made it a stated policy to reduce its footprint. We can say in regards to a big economy Germany is about as good as it can get and yet German is stalling. This is a statement in contradiction to your wild techno optimism and euro chauvinism.
“The transition will proceed much faster in an economic downturn, caused for instance by the potential Cold War 2.0 between continental Europe and US+UK over Brexit.”
“You are not dealing with reality with your gross exaggerations.”
Davy on Sat, 27th Jul 2019 7:47 am
“EU Faces Two Ugly Realities: Johnson Will Deliver Brexit, Eurozone in Recession”
https://tinyurl.com/y3dhyhy5 money mavin via zero hedge
“EU in Recession Germany is in recession right now. That’s my call but it is a minority view. By October 31, the entire Eurozone is likely to be in recession. To understand recession chances and the potential for EU panic, please see US, Germany, Japan in Manufacturing Recessions: Full-Blown Recessions Coming Up. Pretending Period is Over The pretending period is now over. Johnson will deliver Brexit. And there is not a damn thing the UK parliament can do about it.”