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Energy Independence

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In The News

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Texas National Guard Urges Members To Volunteer Amid Border Crisis

Texas National Guard Urges Members To Volunteer Amid Border Crisis The Texas Military Department seeks Guardsmen who are willing to volunteer their time to defend the Lone Star State amid the “unprecedented” migrant crisis along the Texas-Mexico border.  The Texas Military Department stated, “new full-time positions” are available for the Operation Lone Star border support mission. “Volunteers must be medically and administratively deployable and members of the Texas Military Department,” it said.  “We are still looking for Texas Guardsmen to support Operation Lone Star. Please help us stop human trafficking, smuggling, and illegal border crossings while we are securing texas. Lodging and per diem included,” the department’s Twitter said.  We are still looking for Texas Guardsmen to support Operation Lone Star. Please help us stop human trafficking, smuggling, and illegal border crossings while we are #securingtexas Lodging and per diem included. Click here for more information https://t.co/F3itNkXZar pic.twitter.com/bUZuZ6uc2S — Texas Military Dept (@TXMilitary) September 23, 2021 Operation Lonestar “integrates Texas Department of Public Safety with the Texas National Guard and deploys air, ground, marine, and tactical border security assets to high threat areas to deny Mexican Cartels and other smugglers the ability to move drugs and people into Texas,” according to the Office of Governor Greg Abbott. Abbot joined Fox News’ Hannity Thursday to discuss the border crisis. He said his state took “unprecedented action” to secure the border amid the flow of at least 15,000 migrants who ended up under a Texas bridge earlier this week.  Texans ― & all Americans ― demand & deserve a secure southern border & the protection of our nation’s sovereignty. We know Biden isn’t going to do it. So, Texas will continue to take unprecedented action to secure the border. pic.twitter.com/VR7lk968ZL — Greg Abbott (@GregAbbott_TX) September 24, 2021 Days later, the Biden administration finally took action

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What’s Really Going On In China

What’s Really Going On In China Authored by Charles Hugh Smith via OfTwoMinds blog, Losses will be taken and sacrifices enforced on those who don’t understand the Chinese state will no longer absorb the losses of speculative excess. Let’s start by stipulating that no one outside President Xi’s inner circle really knows what’s going on in China, and so my comments here are systemic observations, not claims of insider knowledge. Many western observers have noted the centrality of Marxist-Leninist-Maoist doctrine in President Xi’s writings. This is somewhat akin to invoking America’s Founding Fathers to support one’s current policies: if you’re trying to modify state policy in China, you have to explain it in the context of the Chinese Communist Party’s history and doctrines. Never mind if the ideals were not met; what’s important is establishing continuity and resonance with the history of China, the core doctrines of Chinese Communism and the CCP’s leadership based on those doctrines. That said, we should be careful not to read too much into doctrinal evocations such as common prosperity, which are useful conceptual anchors and slogans but not the full story. What’s actually happening in China isn’t Marxist or Capitalist–it’s plain old non-ideological human greed, hubris and magical thinking manifesting as moral hazard running amok.. Moral hazard— the separation of risk and consequence, as speculators make increasingly risky bets because they know any losses will be covered by the state–is effectively the new State Religion in China: everyone is absolutely confident that every punter, especially all the rich, powerful, well-connected speculators–will be bailed out by the central government. Greed knows no bounds when a speculator is insulated from risk, for people have an insatiable appetite for risky bets when the gains will be theirs to keep but any losses will be covered by the government. This is the fundamental story of

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China Is Responsible For More Than A Third Of World GDP Growth – This Is A Problem

China Is Responsible For More Than A Third Of World GDP Growth – This Is A Problem As Deutsche Bank’s FX strategist George Saravelos writes in a recent research report he has been “on the pessimistic side of the reflation narrative for some time now.” In the note titled “three charts for pessimists”, he admits that there are many more things happening to the global economy than easy fiscal and monetary policy, including a large negative supply-shock, in turn leading to sizeable demand destruction; stronger than expected precautionary saving behavior from consumers pushing down r*; and massive structural economic change on the back of COVID-led digitization across multiple sectors. And now we have to add China to the mix. His first chart below highlights a simple observation: China has been acting as a massive global growth turbocharge since the start of the century, and is responsible for more than a third of world GDP growth. As Saravelos gloomily notes, “systemic risks of the unfolding property developer crisis aside, if the last few months experience are signaling a regime break in Chinese tolerance for what authorities have termed “low quality” growth, the world should take notice.” Back to the developed world, Saravelos’ second chart shows there is still a massive hole in the UK labor market. Total hours worked are a whopping near-10% below trend compared to pre-COVID. Yet the market is now fully pricing a Bank of England rate hike early next year. For sure, wages are rising, but as a recent IFS study showed there are still massive disruptions in the UK labor market. It will take a brave central bank to hike in to such a hole. Even if it does, it is hardly positive for the currency. Finally, there are two parallel universes. The global goods sector

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