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mynewshq · 25 days ago

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Reject World Bank advice or risk implosion, Nigerians tell Tinubu

•Say, many people on the streets are walking corpses •Can’t bear the hardship for 15 years•FG’s reforms harsh, elitist, unsustainable — Professor Uremadu •World Bank advice misguided, insulting to millions of Nigerians — ActionAid Last Tuesday, October 15, 2024, Nigerians got the shock of their lives even as they grappled with hunger and pains occasioned by government policies. The World Bank Senior Vice President, Indermit Gill, declared in Abuja that it would take at least 10 or 15 years for President Bola Tinubu’s economic reforms to transform the economy and advised the Federal Government not to waive but continue with the reforms in the said years ahead. In his special remarks at the Nigeria Economic Summit, the World Bank official said among others that the “oil wealth that should be used for the welfare of all Nigerians, has for too long been used to benefit just the elites. The elites are also being hurt by these reforms that started last year, but they have done very well in the past, and they have built big buffers. The ordinary Nigerians are being hurt even more, and they were hurt much more by the policies of the past. Nigeria will need to stay the course for at least another 10 or 15 years to transform this economy. It’s very difficult to do these things but the rewards are massive. ”This advice from the World Bank has provoked many Nigerians who rejected it. Nigerians from different strata of life have therefore warned President Bola Tinubu that he would face the threat of implosion by angry citizens should the Federal Government go ahead with the World Bank’s advice to sustain the prevailing stinging reforms for the next 10 to 15 years. They urged President Tinubu to ignore the World Bank, saying there was experiential evidence worldwide, including Nigeria, that the financial institution was not delivering the sustained economic growth, prosperity, and better standards of life it promised with its package. Nigeria on the throes of catastrophic collapse – Prof Ochonu A Nigerian academic, historian, author, and professor of African History at Vanderbilt University, Nashville, Tennessee, United States of America, Prof. Moses Ochonu, asserted: “We may be on the throes of an implosion, a showdown between suffering Nigerians and their rapacious and unfeeling leaders. The 10-15-year timeline of sustained hardship suggested by the World Bank is humanly impossible to bear or adapt to. It may come down to a choice between predictable, defeatist death by hunger and heroic death by mass social upheaval, and I warn that it is not too late for Tinubu and his people to defuse the ticking incendiary device of hardship they have cultivated, incubated, and unleashed on Nigerians. They can still change course and remove the impossible choice of death by hardship and death by uprising. Any people, no matter how resilient and creatively adaptable they may be, have their limits. People are not machines, even machines break down when subjected to stress and tension over a long period. The World Bank is notorious for prescribing a self-annihilating path of economic reforms to developing countries whose leaders depend on loans to support budgets that are largely mismanaged projects. This pattern of subservience and dependence emboldens the World Bank to recommend harmful reforms to our leaders. The World Bank, we should remember, is a distant hegemonic player with no empathy for Nigerians. Its only interest is to push for so-called reforms and adjustments that fulfil the ideological fantasies of its Western funders and principals. Past Nigerian presidents since 1999 and even before proved themselves pliable, to various degrees, to the World Bank’s manipulative influence and allowed the institution to influence some aspects of their fiscal, economic, and monetary policies. Sadly, President Tinubu has taken this to unheard-of levels. He has essentially outsourced every facet of his government’s economic policy to the World Bank and its neo-liberal agenda of stripping the poor of subsidies, cushions, and state-funded opportunities to increase the pool of revenue available to political elites and to repay dubious multilateral loans. Tinubu is the most World Bank-compliant president we have ever had—no question about it. His devotion to the World Bank reform orthodoxy is uncritical and total, and he is blinded to the contradiction in the World Bank’s rhetoric on Nigeria. As long as the World Bank praises their action and they have access to World Bank financial facilities, Tinubu, and his economic team will continue to allow the World Bank people to have it both ways and escape the scrutiny they deserve. The duplicity of the World Bank is numbing. It advances reforms that decimate the Nigerian middle class and intensify the precariousness of the poor, while at the same time claiming that it is not the reforms that are deepening poverty and hardship. World Bank’s advice not only unacceptable but inhumane — ActionAid ActionAid Nigeria, AAN, in a reaction by its Country Director, Andrew Mamedu, said: “The recent statement made by the World Bank Senior Vice President and Chief Economist, Mr. Indermit Gill at the 30th Nigerian Economic Summit (NES30) in Abuja urging the Nigerian government to sustain its current economic reforms for the next 10-15 years with no clear plans on how it will cater for the people is misguided and insulting to the millions of Nigerians living through unprecedented economic hardship. This call assumes that continuity and persistence in these policies will yield transformative results, but the evidence tells otherwise. While long-term reform is important, the strategies proposed by the World Bank seem disconnected from the immediate socio-economic realities of Nigeria, especially regarding poverty, weak institutional capacity, and structural economic deficiencies. The World Bank and International Monetary Fund (IMF) have been deeply involved in Nigeria’s economy for decades, pushing policies that have done far more harm than good. The Structural Adjustment Programme (SAP) introduced in the late 1980s remains one of the most devastating legacies of this relationship. It crippled our local industries, especially the textile sector, and opened the floodgates for Nigeria to become heavily dependent on imported goods. Before the SAP, Nigeria’s textile industry was a vibrant hub employing hundreds of thousands of workers. While the World Bank celebrates the unification of Nigeria’s exchange rate as the most effective in 20 years, it has led to severe hardship for citizens, driving inflation to a 28-year high. Additionally, the sudden removal of fuel subsidies without robust compensatory mechanisms has further eroded household incomes. These reforms disproportionately affect Nigeria’s poorest, pushing the country deeper into poverty while global financial institutions and foreign investors reap the benefits of Nigeria’s open economy. “It is not only unacceptable but inhumane to ask Nigerians to endure 15 more years of suffering in the name of reforms that have historically failed us. Millions of Nigerians can barely afford food, fuel, or basic services today. Asking them to wait for over a decade for things to get better is an affront to their dignity and a reckless gamble with the nation’s future. The question is, how many Nigerians will be alive till then to reap the benefits of these reforms, what does the future hold for our children who are currently feeling the brunt of the hardship, will there still be hope for them in 15 years’ time? “Nigerians cannot and will not wait for 15 years for economic policies that will continually inflict hardship. The people of this nation deserve urgent action, not promises of long-term recovery. Every passing day under the weight of these reforms pushes more citizens into extreme poverty and despair.“ We demand that the government rethinks its blind allegiance to the World Bank’s economic blueprint and starts prioritizing the welfare of its people.“ The government must reject the idea that growth must come at the expense of human lives and begin to invest meaningfully in local industries, small businesses, and sustainable economic models that empower Nigerians rather than enslave them. The government must impartially fight one of the root causes of this hardship which is corruption starting with the NNPC as they are at the middle of corruption and responsible for the mismanagement of funds from recent reports of the $300 million ‘bailout funds collected from the Federal Government. Amongst all, accountability to the people must take precedence and reforms must be people-centered.” Scheme to hold the nation hostage – Gbemre N-Delta activist A Niger Delta activist, Zik Gbemre, who dismissed the World Bank’s advisory, said: “I do not agree with this, it is a conspiracy aimed at keeping Nigeria perpetually in bondage, in chains and handcuffs. We were told under Ibrahim Babangida’s military administration that if Nigeria devalued her currency, that would end poverty, but since then, Nigerian currency has been worthless. Nigeria’s problems are visible and we do not need a microscope to see them.There are too many leakages in the public treasury, appointing people without capacity, and with worthless accumulated certificates and degrees/diplomas to head government parastatals and ministries/agencies. Nigeria needs sincere people. If all these wastages are stopped, credible people elected and appointed, Nigeria will overcome inflation, hardship, and poverty. Few individuals control the public treasury.” An assembly of impostors — Prof Muoboghare A Niger Delta leader and former Commissioner in Delta State, Prof Patrick Muoboghare, retorted: “The World Bank is an assemblage of first-world fraudsters braying upon the third-world and having her for a success dinner.” They have taken our govt captive —Egi, activist An activist, Engr. Mike Egi, added: “Nigerians have no choice, an agent of the World Bank and stooge of imperialism has kidnapped their government.” It is provocative —West, Bayelsa CLO chair The chairman of the Civil Liberties Organization, CLO, in Bayelsa State, Mr. David West, declared: “I disagree with the World Bank on its opinion to give President Bola Tinubu administration’s reforms another 10 to 15 years or that Nigerians should continue to endure this extraneous hardship for another 10 to 15 years. It is provoking as a matter of fact. Nigerians are tired of exercising patience on this suffering. In Europe or elsewhere, the hardship is not equitable to what we are going through here in Nigeria. If what we are passing through happens in any of the European countries, I do not think they will condone it. Let us not deceive ourselves, Nigerians cannot give the government another 10 years to endure further hardship. Therefore, the federal government should not rely on this postulation by the World Bank, they should abandon it and begin to see how they will bring Nigeria out from this terrible, excruciating, hunger, hardship, and poverty.” Enemy of Nigeria – Akpan, activist The Executive Director of COMPPART Foundation for Justice and Peace Building in Akwa Ibom State, Saviour Okon Akpan, said: “When groups like the World Bank give out such advice to countries like Nigeria, the first question I ask is: Is Nigeria an independent country? And to what extent can we exercise such independence? Secondly, from the advice of the World Bank, I have seen the institution as Nigeria’s enemy because if the World Bank is serious about reforms as it claims, it should have put its feet down and stop Nigeria from the menace of borrowing to loot and re-looting the recovered stolen funds.The World Bank as far as I am concerned does not care about the lives of Nigerians, rather they are interested in protecting the economic interest of their owners through the weaponization of poverty at all fronts, not minding the effects. But what will be their gain by not allowing nations to operate their home-grown economic system within their needs, but based on what the World Bank wants? It is disheartening because our elected representatives, including the President, unfortunately, do not have a clear-cut blueprint and escape strategy to revive the economy. It will be too touchy for Nigerians – Ovo, economist Charles Oyo an economist who resides in Warri,, opined: “It is very likely those offering the advice to the federal government do so from the comfort of their air-conditioned offices and houses. They know Nigerians are going through the most severe hardship they have ever had since its creation in 1960. The eastern part of the country suffered more during the civil war no doubt, but as one entity, Nigerians have not had it this tough. The advice from the international agency could be the right step but the realities on the ground do not support it. It will be tough for Nigerians to bear.” Ploy to keep us in perpetual penury —Professor Uremadu Professor of Banking & Finance, Michael Okpara University of Agriculture, Umudike, MOUAU, Professor Sebastian Uremadu, described the advice by the World Bank Vice President as hypocritical and anti-people. Prof. Uremadu said Tinubu’s policies are elitist, retrogressive and unsustainable, regretting that they have rather brought pain on Nigerians. He said: “God forbid such unsolicited advice. In fact, it’s no advice but a prescription of the World Bank to keep us in perpetual penury. Nigerians are already walking corpses. From May 2023 when he unilaterally removed fuel subsidy, things went awry. Fuel subsidy affects everything, once the transportation cost goes up, it can’t come down. There is insecurity everywhere, farmers can’t go to farm again and there’s hunger everywhere. Tinubu should restore fuel subsidy, no country exists without one form of subsidy or the other. Even America subsidies for her farmers. The President’s policies on taxation are hurting and should not be sustained. Many multinationals are pulling out of Nigeria and even local companies are folding up because they can no longer cope. When you have multiple taxation you are imposing a heavy burden on the people because they are the ones that will eventually pay the tax. So, for me, the World Bank advice is bad. It’s not in the best interest of Nigerians, the people are finding life difficult, we can’t sustain Tinubu’s reforms “ . Nothing wrong with Tinubu reforms — Ambakederimo, S-South leader Convener of the South-South Reawakening Group, Elder Joseph Ambakederimo, who differed in his view, said: “Often, we have managed the Nigerian economy in an ad-hoc manner with no one leader willing to take some hard decisions that will pivot the country towards sustainability. The quick-fix measure that we have tried many times was to keep postponing the evil day. President Bola Tinubu’s economic elixir for the country is looking bad for the people with everyone shouting and even asking for the reversal of the reforms until the World Bank President spoke in favour of the reforms, asking us to allow it go through for another ten years or more before we begin to see the results. We should support the reforms and allow them to take their full course, which should be a one-off pain. The fact that the oil wealth has benefited a tiny majority of Nigerians is no news, but the question is how do we turn the narrative around for the good of the people. This is where the problem lies because mismanagement and misapplication of resources have become rife. The oil wealth is held down by a few with the majority sulking with very little or nothing, therefore, we must strive to ensure that violators of the management of our common patrimony are punished. This is the only way we can have some respite.” World Bank not after our interest, should be ignored — COSEYL President General of COSEYL, Comrade Goolldluck Ibem said: “The activities and advice of World Bank before now have shown that it is an organization that is not interested in the welfare of African countries but rather only interested in advancing her objectives and goals while pretending to care for the country they are advising. The World Bank is the reason the naira is on its knees today. Its advice to the former Head of State, General Ibrahim Babangida to implement the Structural Adjustment Programme, SAP, led to the galloping devaluation of the naira. Since then, we have not recovered from that huge mistake. President Bola Tinubu should ignore any advice from the World Bank. Any President who wants to succeed must prioritize the interest of his people above any interest from any quarters.” Rev. Joseph John Hayab, former CAN Chairman, of Kaduna state, said“ Many visiting world Bank chiefs love making anti-people statements whenever they come to Nigeria. Nigerians have not quickly forgotten the Structural Adjustment Program (SAP) of the Babangida era, which also came from advice from some international monetary organisations that pushed the country into a poor economic state. These world bodies always advise our leaders to introduce policies that will not yield any positive results. The World Bank and other international groups cannot give leaders of European countries and the USA any economic advice that will make their citizens suffer because they know every responsible government puts its citizens first in every decision and action. Some of their statements do not show respect for our citizens, instead, they are taking our patience for granted and misleading our leaders. I will therefore advise President Tinubu to know that he is the President of many hungry Nigerians and he should find an urgent solution to the acute hunger and poverty in the land. Any economic policy or international advice that will not address hunger, poverty and lift up the standard of living of the common men and women should be discarded. The World Bank and all other international monetary agencies should only advise our government on how to reduce poverty and the gap between the rich and the poor. They must not help to increase the hardship our citizens are facing already which may push the citizens to revolt”. Suleiman Abdul-Aziz, spokesman of the Northern Elders Forum (NEF), said“ I think while the World Bank’s advice to sustain the Tinubu reforms may have merit, it is essential to ensure that these reforms benefit all Nigerians and address the current hardships faced by the population. The government must prioritize the welfare of the people and implement policies that promote inclusive growth and development. Nigerians should not have to bear the burden of economic reforms alone; it is the responsibility of the government and international institutions to ensure that the benefits of these reforms are felt by all. Anthony N Z Sani, former Secretary General of the Arewa Consultative Forum (ACF): Read the full article

#Nigeria #Tinubu #WorldBank

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gerardrotonda · 3 months ago

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The Path of Monetary Policy - Focus on Trends and not on Events, Inflation Remains a Problem.

Gerard Rotonda

This is not the beginning of the end. The Federal Reserve responds to economic conditions, not market fluctuations nor volatility. While yesterday's global market downturn might have sparked panic, such reactions are never constructive. The decline was driven by weaker-than-expected employment numbers, but markets have since corrected themselves. This will influence the direction of monetary policy.

Though economic growth may slow, this is far from a catastrophic event. The Fed stands ready to provide liquidity if necessary, and policymakers must remain vigilant. The Federal Reserve’s primary goals are price stability and full employment. It also has a duty to ensure financial stability. Should liquidity dry up, the Fed has the capacity to intervene—though this is not currently required.

What’s next for Fed rates? There’s no justification for an emergency rate cut. The markets are already acting as a de facto arm of monetary policy. The Fed will continue to assess incoming data—ranging from financial markets to economic indicators like unemployment and retail sales—before making any decisions. Predicting policy moves in advance is fraught with risk, especially in a world full of surprises. Excessive forward guidance could prove misleading, so I anticipate no rate cuts in 2024 as the Fed remains data-dependent.

Inflation remains a concern, and it is fundamentally a monetary policy issue. Are we spending and printing too much money? The U.S. economy is remarkably large, and the total market value of U.S. companies is an incredible asset. The U.S. continues to attract both people and capital from around the world. Our currency is favored by asset holders and central banks alike for international trade. The U.S. also boasts the institutions, research labs, and technology that drive global innovation, as well as the world’s largest and strongest financial institutions and capital markets.

America is resilient. Avoiding excess stimulus could have curbed inflation, but given a choice between the growth of U.S. debt and assets versus that of any other country, I would choose our configuration every time. This speaks to a crucial understanding: American history is a story of resilience. The U.S. has a unique capacity for self-correcting prophecy—our ability to become alarmed often leads us to solve problems. From my perspective, the U.S. has always navigated through difficult periods. While we face significant challenges and an unsustainable fiscal trajectory, we should remember that events tend to be bad, but trends tend to be good. The world often fixates on daily events, but the trend—the fact that the U.S. continues to outpace the rest of the world—deserves greater focus. We must keep our concerns in perspective and find a sensible balance.

Gerard Rotonda

#economy

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biblenewsprophecy · 8 months ago

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Fed Chair: US debt not sustainable; JH: US has less than 10 years to solve it

COGwriter

ZeroHedge reported:

March 27, 2024

We’ve been pointing it out for so long – in fact, for most of our 15 years in existence – that it has become more of a chore than actual reporting, especially since the “number only go up“, as it hits a new all time high virtually every day. We are talking, of course, about the exponential curve that is the US debt, …

And yet, every now and then we are surprised by the latest developments surrounding the unsustainable, exponential trajectory of US debt. Like, for example, the establishment admitting that it is on an unsustainable, exponential trajectory.

That’s precisely what happened overnight when in an interview with the oh so very serious Financial Times (which has done everything in its power to keep its readers out of the best performing asset class of all time, bitcoin), the director of the Congressional Budget Office, Phillip Swagel, issued a stark warning that the United States could suffer a similar market crisis as seen in the United Kingdom 18 months ago, during former Prime Minister Liz Truss’s brief stint leading Britain – which briefly sent yields soaring, sparked a run on the pound, led to an immediate restart of QE by the Bank of England and a bailout of various pension funds, not to mention the almost instant resignation of Truss – citing the nation’s “unprecedented” fiscal trajectory. …

And while Swagel said the U.S. is “not there yet,” he raised concerns of how bond markets could fare as interest rates have climbed. Specifically, he warned that as higher interest rates raise the cost of paying its creditors, on track to reach $1 trillion per year in 2026, bond markets could “snap back.”

Well, we have some bad news, because if one calculates total US interest on an actual, annualized basis… we don’t have to wait until 2026, we are there already and then some. …

Bobby Kogan, senior director of federal budget policy at the communist-leaning Center for American Progress think tank … said … was chilling: “You either should have been worried a long time ago, or you should be less worried now,” he said. “Because we’ve been on roughly the same path for forever, but to the extent that it’s different, it’s better.”

Actually no, it’s not better. It much, much worse, and the fact that supposedly “serious people” are idiots and make such statements is stunning because, well, these are the people in charge!

But he is certainly right that “you should have been worried a long time ago” – we were very worried, and everyone laughed at us … https://www.zerohedge.com/markets/cbo-director-warns-debt-market-meltdown-us-debt-unprecedented-trajectory

Yes, what the USA is doing is unsustainable and worse than most believe.

But at least some are wondering.

Received an email from a group I had not heard of before called Schiff Sovereign, with the following by James Hickman:

It’s interesting to see how so many mainstream voices are starting to express concern about the gargantuan size of the US national debt. …

60 Minutes interviewed the Chairman of the Federal Reserve, Jerome Powell.

The US national debt now stands at more than $34 trillion. It will surpass $35 trillion by the summer and likely $36 trillion by the end of the year.

It’s growing so quickly that the interviewer asked about the debt, “Thirty years from now, it is projected to be $144 trillion. . . [I]s the national debt a danger to the economy in your view? I have the sense this worries you very much.”

The answer to almost any sentient human being, of course, is “absolutely yes.” And the Fed Chairman admitted as such. Sort of. He said:

“In the long run, the US is on an unsustainable fiscal path. . . Over the long run, of course it does [worry me very much] . . . It’s time for us to get back to putting a priority on fiscal sustainability. And sooner is better than later.”

Now a term like “the long run” is a funny thing because it can mean just about anything. …

This will be a fiscal black hole from which there is no escape. And it’s less than 10 years away.

We’re not being sensationalist or dramatic here; this is a simple arithmetic problem based on the government’s own projections. And frankly those projections are optimistic.

Yes, to say that the USA has ten years left is optimistic.

Consider the following from last fall:

The United States Deficit Road To Ruin

According to the U.S. Treasury, year-end data from September 2023 show that the deficit for the full year 2023 was $1.7 trillion, $320 billion higher than the prior year’s deficit. As a percentage of GDP, the deficit was 6.3%, an increase from 5.4% in FY 2022. This means that the United States will likely post the worst GDP growth excluding debt increases since 1929 …

The United States government is unable to spend less than 22.8% of GDP, and no tax revenue measure can eliminate the deficit. Those who think that taxing the rich would eliminate the deficit should ask how the government would collect $1.7 trillion in additional taxes per year and every year, no matter what the growth of the economy is.

With $33.6 trillion of public debt and the administration’s own estimate of the accumulated deficit for 2023–2022, public debt is going to soar by $14 trillion. No tax measure can eliminate that problem.

Deficits are always a spending problem. 10/23/23 https://www.zerohedge.com/political/united-states-deficit-road-ruin

The yield on the benchmark 10-year Treasury note, a key barometer for mortgage rates, auto loans and student debt, rose back above 5% on Monday. …

Most of the recent jump in Treasury yields is due to a so-called term premium, said Andrew Hunter, deputy chief U.S. economist at Capital Economics.

Basically, investors are demanding a higher return to lend their money to the U.S. government — in this case, for 10 years. One reason: Investors seem skittish about rising U.S. government debt, Hunter said. Generally, investors demand a higher return if they perceive a greater risk of the government’s inability to pay back debt in the future.

The rapid rise in Treasury yields may “accelerate an already weakening economic picture that is masked by higher rates,” said Tony Dwyer, chief market strategist Canaccord Genuity Group, in a Monday note. https://www.cnbc.com/2023/10/23/the-10-year-treasury-tops-5percent-again-heres-what-that-means-for-you.html

The USA is the most indebted nation in the history of humanity. Rising interest rates increase the debt and look to one day result in a debt spiral that will be a factor in the elimination of the USA!

This increasing of debt cannot go on forever.

Even when he was President of the United States, Barack Obama said the levels of debt his Administration oversaw was “unsustainable,” yet the debt keeps going up.

Notice the following levels of official US debt:

January 20, 2009, $10,626,877,048,913.08, date Obama-Biden Administration inaugurated.

January 19, 2017, $19,944,429,217,106.77, date Obama-Biden leave office, replaced the next day by Trump-Pence.

January 19, 2021, $27,752,835,868,445.35, the date Trump-Pence leave office, replaced the next day by Biden-Harris.

January 19, 2024, $34,072,342,032,939.15, after 3 years of the Biden-Harris Administration (see also https://fiscaldata.treasury.gov/datasets/debt-to-the-penny/debt-to-the-penny)

And it has gone up a hundreds of billions more since January 19, 2024.

Official US debt nearly doubled under the Obama-Biden Administration. It also greatly increased by about the same amount in only four years under the Trump-Pence Administration. Debt went up over $6 trillion in the first three years of the Biden-Harris Administration and is expected to increase greatly.

The Bible warns about debt and disobedience:

43 The alien who is among you shall rise higher and higher above you, and you shall come down lower and lower. 44 He shall lend to you, but you shall not lend to him; he shall be the head, and you shall be the tail. 45 Moreover all these curses shall come upon you and pursue and overtake you, until you are destroyed…47 “Because you did not serve the LORD your God with joy and gladness of heart, for the abundance of everything, 48 therefore you shall serve your enemies, whom the LORD will send against you, in hunger, in thirst, in nakedness, and in need of everything; and He will put a yoke of iron on your neck until He has destroyed you. 49 The LORD will bring a nation against you from afar, from the end of the earth, as swift as the eagle flies, a nation whose language you will not understand, 50 a nation of fierce countenance, which does not respect the elderly nor show favor to the young. 51 And they shall eat the increase of your livestock and the produce of your land, until you are destroyed; they shall not leave you grain or new wine or oil, or the increase of your cattle or the offspring of your flocks, until they have destroyed you. 52 They shall besiege you at all your gates until your high and fortified walls, in which you trust, come down throughout all your land; and they shall besiege you at all your gates throughout all your land which the LORD your God has given you (Deuteronomy 28:43-45,47-52).

7 The rich rules over the poor, And the borrower is servant to the lender. (Proverbs 22:7)

13 And the Lord said, “Because they have forsaken My law which I set before them, and have not obeyed My voice, nor walked according to it, 14 but they have walked according to the dictates of their own hearts…16 I will scatter them also among the Gentiles, whom neither they nor their fathers have known. And I will send a sword after them until I have consumed them.” (Jeremiah 9:13,14a,16)

12 One-third of you shall die of the pestilence, and be consumed with famine in your midst; and one-third shall fall by the sword all around you; and I will scatter another third to all the winds, and I will draw out a sword after them. (Ezekiel 5:12)

Now, you may wish to read and re-read something that the prophet Habakkuk was inspired to write over 2600 years ago:

3 For the vision is yet for an appointed time; But at the end it will speak, and it will not lie. Though it tarries, wait for it; Because it will surely come, It will not tarry…5 Indeed, because he transgresses by wine, He is a proud man… 6 “Will not all these take up a proverb against him, And a taunting riddle against him, and say, ‘Woe to him who increases What is not his–how long? And to him who loads himself with many pledges’? 7 Will not your creditors rise up suddenly? Will they not awaken who oppress you? And you will become their booty. 8 Because you have plundered many nations, All the remnant of the people shall plunder you. Because of men’s blood And the violence of the land and the city, And of all who dwell in it. (Habakkuk 2:3,5,6-8).

9 “Woe to him who covets evil gain for his house, That he may set his nest on high, That he may be delivered from the power of disaster! 10 You give shameful counsel to your house, Cutting off many peoples, And sin against your soul. 11 For the stone will cry out from the wall, And the beam from the timbers will answer it. (Habakkuk 2:9-11)

The above prophecy will be fulfilled at the time of the end (cf. “The message was true, but the appointed time was long…in the latter days, for the vision refers to many days yet to come,” Daniel 10:1,14). Daniel 8:19, 11:27,29,35 use the same Hebrew term for “appointed time” as Habakkuk 2:3, while Daniel 10, using a different term, ties the latter days to the time in Daniel 8:19. Habakkuk 2 was not fulfilled in its entirety anciently.

And that is not a new idea. The Dead Sea Scrolls discovered last century were helpful in various ways, and included something related to Habakkuk.

The Dead Sea scrolls have the following in a Commentary on Habakkuk from roughly 2000 years ago. The following was translated in the 1950s by F.F. Bruce:

God commanded Habakkuk to write the things that were coming upon the last generation, but the fulfilment of the epoch he did not make known to him. (1Q p Hab. vii 1-5)

While ancient commentaries like this are NOT scripture, this particular one shows that those who understood the Hebrew language, around 2000 years ago, believed that Habakkuk’s words had NOT been fulfilled then and were for the time of the end.

As far as to who these passages in Habakkuk are directed to in the end, it makes little sense that these verses in Habakkuk 2 would be directed towards the modern nation of Israel as it does not have enemy creditors. It must be a nation or group of nations with some prominence at the appointed time of the end. As far as “violence of the land” as a contributing factor, this would seem to include crime, military missions, and perhaps riots/civil unrest, but might it also include promotion of violent sports? Is the USA government not giving shameful counsel regarding matters such as homosexuality and abortion?

Since the USA is the most indebted nation of all time, and since the tiny nation of Israel does not have enemy creditors, it is logical that the prophecy in Habakkuk is directed towards the USA.

And the timing?

Well, years before I saw the Dead Sea document, I concluded that because Habakkuk 2 states it is for the appointed time of the end, that it pertained to our current generation.

After Jesus warned about the beginning of sorrows (Matthew 24:4-8), other problems (Matthew 24:9-13), the great tribulation (Matthew 24:21-22), His return (Matthew 24:29-31), etc. He stated:

32 “Now learn this parable from the fig tree: When its branch has already become tender and puts forth leaves, you know that summer is near. 33 So you also, when you see all these things, know that it is near — at the doors! 34 Assuredly, I say to you, this generation will by no means pass away till all these things take place. (Matthew 24:32-35)

The sorrows have begun, we are in that GENERATION.

In light of that, consider that the Book of Proverbs teaches:

12 There is a generation that is pure in its own eyes, Yet is not washed from its filthiness. 13 There is a generation — oh, how lofty are their eyes! And their eyelids are lifted up. 14 There is a generation whose teeth are like swords, And whose fangs are like knives, To devour the poor from off the earth, And the needy from among men.

15 The leech has two daughters — Give and Give!

There are three things that are never satisfied, Four never say, “Enough!”: (Proverbs 30:12-15)

It appears that for many USA politicians the debt is never enough.

This will not end well for the USA.

Related to USA debt, we put together the following video:

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14:44

And the Debt Goes On …

On June 3, 2023, US President Joe Biden signed a bill to increase the official debt-ceiling of the United States. According to the US Treasury the “ceiling” has been changed, increased, or delayed 78 other times. The official debt has nearly tripled since the Obama-Biden Administration. The official debt increased about $2 trillion per year under Donald Trump’s Administration and has done close to that in the Joe Biden Administration. While the USA has been able to increase debt with limited consequences (like inflation) so far, does the Bible show this can end in destruction? What did God warn about debt through the prophet Habakkuk? Is getting into high amounts of debt a blessing or curse according to the Bible? Do Democrats or Republicans currently have a plan that will now be implemented to pay off the debt? Has the USA been functioning as an international “leech” consistent with statements in the Book of Proverbs? Does the Bible say it is wicked to borrow money you do really intend to repay? Steve Dupuie and Dr. Thiel cover these matters.

Here is a link to our video: And the Debt Goes On …

Perhaps it should be pointed out that the old Radio Church of God did teach that Habakkuk 1 had future fulfillment and tied it in with Isaiah 10 (Hoeh H. The Race Question. Plain Truth, July 1957 p. 22)–which WCG tied in with the coming destruction of the USA.

Furthermore, the old Worldwide Church of God did clearly teach that Habakkuk 2 had future application:

Habakkuk … God also said that this vision was to be written for our benefit today. … (Habakkuk 2:3). God showed Habakkuk that He will punish all the unrighteous at the end-time. … (Habukkuk 2:8, 10, 16-17) (Armstrong HW, editor in chief. THE MINOR PROPHETS SPEAK TO US! Youth Bible Lessons, Level 7, Lesson 9, 1986, p. 4)

So, yes, the old WCG understood that Habakkuk 2 was prophetic for the end time–not that it was fully fulfilled thousands of years ago (which many in certain COGs wrongly believe).

On the other hand, some will discount Habakkuk because it is prophetic.

Do you believe the words that God inspired Habakkuk to write? If so, do you really understand what is going to happen to the USA, UK, and their Anglo-descended allies relatively soon?

There is also a YouTube video related to this: Was USA debt and destruction predicted 2,600 years ago?

The days of the USA are numbered and are almost up.

Do NOT think that whoever may win the presidential election in 2024 will fix the debt matter.

The rising USA debt cannot continue indefinitely–there is a major price to pay.

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blogcowboyron · 8 months ago

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The Nation’s Unsustainable Fiscal Path

The Nation’s Unsustainable Fiscal Path The federal government faces an unsustainable fiscal future. In February 2024, we released our annual report on the nation’s fiscal health, highlighting both short-term and long-term risks. Federal debt held by the public (that is, the total amount of money that the federal government owes to its investors) will continue to grow faster than the economy,…

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bitcoincables · 9 months ago

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Bitcoin Futures Data Suggests Potential Price Rally Beyond $45K

Bitcoin's price reached over $45,000 on February 8, the highest level since January. This rise corresponds with the S&P 500 reaching a record high, indicating that investors are looking for protection from inflation. The current market conditions show potential for further bullish momentum, especially as the US government's debt continues to rise and consumer debt delinquency rates hit a 12-year high.

The US government's debt is at a historic high of $34.2 trillion, leading some to believe that the interest paid on the debt matters less than the overall number. US Federal Reserve Chair Jerome Powell has admitted that the long-term fiscal path is unsustainable. This could result in the Fed cutting interest rates, causing investors to seek refuge in stocks and commodities.

With the US budget deficit projected to increase by 66% over the next decade and consumer debt delinquency rates soaring, the uncertain macroeconomic environment creates an opportunity for scarce assets such as Bitcoin. However, there is no guarantee that the current price level will be sustained, so it's crucial to analyze the positions of influential market players. Bitcoin futures data suggests further bullish momentum, while options market data indicates moderate optimism.

The caution among bullish investors may stem from previous price action following the spot Bitcoin exchange-traded fund (ETF) approval in January, which led to increased volatility and forced liquidations of long futures contracts. Despite this, Bitcoin derivatives metrics suggest a potential path toward $49,000. It is important to monitor market conditions and consider the impact of factors such as excessive leverage.

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dencyemily · 9 months ago

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Crypto Markets Experience Surge Amid Growing Concerns about Fiscal Sustainability

Federal Reserve Chair Jerome Powell's recent cautionary words about the unsustainable fiscal path of the United States have triggered a response in the cryptocurrency market. Investors, seeking refuge from economic uncertainties, are turning to cryptocurrencies like Bitcoin, anticipating a bullish trend, especially in the wake of expected Federal rate cuts.

Simultaneously, Ripple's protracted legal battle with the SEC continues to be a focal point, influencing not only the company's future but also setting regulatory precedents for the broader cryptocurrency industry. A recent court order requiring Ripple to disclose additional financial details adds complexity to an already intricate legal saga.

Solana's foray into the consumer market with its Chapter Two crypto phone, amassing 60,000 pre-orders, signals growing interest in blockchain technology applications. The platform's commitment to continuous improvement, exemplified by the Fire Dancer upgrade, reinforces Solana's position as a key player in the blockchain space.

The integration of blockchain technology with traditional internet services is gaining momentum, exemplified by collaborations like the Ethereum Name Service and GoDaddy partnership. These initiatives aim to demystify blockchain technologies, making them more accessible to a broader user base.

February's crypto calendar is marked by significant token unlocks, with projects like Avalanche, Aptos, and Optimism preparing for potential market impacts. Aptos's unlock, releasing over 7% of its circulating supply, holds particular significance and could introduce substantial liquidity and volatility.

While Solana and Cardano exhibit bearish trends, XRP stands out by trading bullish, with increased daily volume indicating heightened buying pressure. The absence of crypto ads at major events like the Super Bowl underscores the unique position of the crypto industry in today's economic landscape.

As the cryptocurrency market navigates global economic factors, technological advancements, and regulatory uncertainties, it remains an ever-evolving space that presents both challenges and opportunities for investors.

#Jerome Powell #US #Bitcoin #BTC #Solana #SOL #cryptocurrency #Ripple’s #SEC #Cryptotale

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worldmarketus · 10 months ago

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Global Debt Dip in 2022 to $235 Trillion – IMF Says

The Numbers Speak

Global debt saw a reduction of 10 percentage points relative to the world’s GDP in 2022, totaling $235 trillion. This drop reflects a positive trend, showcasing the global economy’s resilience despite the challenges posed by the pandemic. However, it’s important to note that even with this decline, the world’s debt still remains 9 percentage points higher than it was in 2019 and $200 billion more than in 2021.

Putting It in Perspective

To put this in perspective, total global debt in 2022 stood at 238 percent of the world’s GDP. While this is a decrease from 248 percent in 2021, it is higher than the 229 percent recorded in 2019. This indicates that while progress has been made, there is still work to be done to bring global debt levels back to pre-pandemic norms.

Factors at Play

The IMF attributes this decline in global debt over the past two years to a combination of factors. One significant contributor is the rebound in economic activity following the initial pandemic-related contraction. Additionally, the global economy has experienced unexpected bouts of inflation, which have influenced these debt dynamics.

Private vs. Public Debt

A noteworthy aspect of this reduction in global debt is the difference between private and public debt. Private debt has decreased at a faster rate, dropping by 6.4 percentage points to 146 percent of GDP. Many countries, particularly advanced economies and emerging markets (excluding China), have seen their private debt levels return to pre-pandemic levels.

On the other hand, public debt decreased by a more modest 3.6 percentage points, amounting to 92 percent of GDP in 2022. The IMF notes that this reduction in public debt was more pronounced in the preceding year, 2021.

Looking Ahead

The IMF cautions that historical patterns suggest that once debt surges, it seldom reverts to previous levels. It’s important to consider that the favorable economic conditions that helped reduce debt ratios in 2021 and 2022 are unlikely to persist. The rebound in real GDP growth is slowing down, and central banks are raising interest rates to combat inflation, adding a layer of complexity to the global economic landscape.

A Call for Action

This update from the IMF comes at a time when there is increasing attention on addressing debt distress in poorer and vulnerable middle-income countries. The IMF emphasizes the importance of these nations enhancing their capacity to collect additional tax revenues. For countries with unsustainable debt burdens, a comprehensive approach that includes fiscal discipline and debt restructuring under the Group of Twenty Common Framework is seen as necessary.

To summarize, while the decline in global debt is encouraging, it is critical to remain vigilant. The pandemic’s challenges are far from over, and the path to global economic stability will necessitate ongoing efforts and international cooperation. As we navigate these complexities, the world continues to learn important lessons about the complex dance of debt and economic health.

#bussiness #us #world markets #share market #globalmarketplace #accounting #economy #ecommerce #commercial #worldmarketbuzz

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clickvibes · 11 months ago

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#2024address #Presidentialaddress #tinubu

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ennovance · 2 years ago

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Yesterday saw the US Congressional Budget Office publish its budget outlook for the next decade. These assume current laws on fiscal policy remain unchanged, but still make for some stark reading.

For instance, as today’s chart shows, the federal debt held by the public is set to hit an all-time high by 2028 on its current trajectory, with further increases as far as the eye can see. In large part, that’s thanks to projected deficits of more than 5% of GDP over the decade ahead, which in turn will mean debt interest takes up a larger and larger component of spending. Never before in history have deficits been anywhere near this high for so many successive years.

Furthermore, this is assuming that the 10yr Treasury yield stays fairly constant around the 3.8% mark over the decade ahead, along with continuous trend growth rather than recessions or crises. So in reality it’s quite plausible these projections could be too optimistic. Indeed, if you look at the projection made in 2009, it thought that 2023’s debt would be at 57.5% rather than 98.0%.

When net interest spending last got up to the levels projected, back in the mid-to-late 1980s, attention did start to turn back towards deficit reduction in Washington. But that wasn’t a sudden shift, instead taking place over many years. That said, given the unsustainable path of current policy, clearly something’s got to give at some point in the future. A productivity miracle? Another surprise burst of inflation? Big tax rises or spending cuts? Or a combination?

-dB

https://twitter.com/mohossain/status/1625992566763134980?s=46&t=PYP-fPKX7yuDOBMhNmbU1Q #fed #investment #investor #ennovance #

#privateequity #chemicals #ennovance #loan #economy #investor #investors #equity #pe #debt #finance #energy #credit #fund

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talmagemoorehead · 2 years ago

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End the Fed, yes, but End War First

The only hope we have of solving our political and financial problems is democracy where both sides are allowed to speak out and eventually vote some sort of legal compromise between each extreme of our binary, flawed, short-sighted solutions.

“…we’re on an unsustainable fiscal path at the federal government level. That has been the case for some time. And it’s something we will have to deal with. And better to deal with it sooner rather than later.” — Fed Chairman Powell Here’s one of the most powerful non-elected public figures in the world warning us that our elected officials are spending the next generations’ money at such a high…

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#Democracy&039;s Survival #End of War #End the FED #FED #Powell #totalitarianism #WEF

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jadagul · 1 year ago

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I've read two pieces about this in the past day or so that I've been thinking about.

The better one is Noah Millman's. He cycles through all the obvious suggestions, but also makes a few that I hadn't heard or thought of before.

The first is about pandemic hangover stuff:

People got a lot of free money during the pandemic and had little to spend it on; household savings went through the roof. Intellectually, people surely knew this was temporary, but nonetheless I’m sure people feel shitty about pandemic assistance ending, the rise in prices now that they can actually buy stuff, and the drawdown of their savings. Even if wages are rising, they feel poorer because of irrationally rising expectations.... That combination suggests that consumers may have established unsustainable consumption patterns in the wake of the pandemic, through a combination of pent-up demand from a period when there was no way to spend money and a fuzzy notion of how long pandemic savings would actually last—or, better, a fuzzy expectation that after the pandemic a recovery would mean earned income would completely make up for the funds previously provided by government assistance. That isn’t what happened, and that failure is not only a negative shock to expectations, it’s a very real pressure for retrenchment and cutting personal spending.

A second is an obvious-in-retrospect point about inflation: unemployment hurts a few people very badly, but inflation hurts everyone a little.

the pain of inflation is more spread out than the pain of unemployment. From a utilitarian perspective, that’s arguably a reason to prefer inflation to unemployment, all else being equal; the long-term social and economic consequences of unemployment are horrific, far worse than what we’re now experiencing from inflation. But even if spreading the pain out means avoiding those horrific consequences, it still means a whole lot more people experiencing pain.

And the third point, maybe the most common, is that our fiscal situation is deteriorating in a way that (1) hasn't mattered in the past twenty years but (2) could start mattering now, and people might be understandably nervous about that.

Which brings me to the other article, from Timothy Burke. I like a lot of Burke's writing (and I've been reading him for nearly twenty years now), but he really does seem to have a genuinely-depressive streak, especially when talking about politics.

None of that in any way reckons with how older Americans have felt that the basic social contracts that governed work were unilaterally broken by employers while younger Americans have never had any expectation that their employers would have even the remotest sense of responsibility towards employees.... Most people have the completely legitimate and well-founded feeling that they’re being ripped off—that public services are being hollowed out, that things are being taken away from them for no real reason, that one person’s getting insanely rich while everybody else is every day poorer. That your dollars buy less, but also that the world is shabbier. The money that bought museums and libraries and parks and civil servants and road maintenance and buildings that employed thousands is now buying a skyscraper that has 25 apartments for foreign billionaires who don’t actually live there most of the time anyway.

And I read that and my reaction is just... I don't think any of that is true! Or maybe better, I don't think 90% of that is true.

The university education that put you on a steady path to a well-lived life is now a gateway to uncertainty while also being far more expensive than it was, while also being run by people who have very little interest in education as such.... If you’re looking to rent, you’re uneasy: rents are hard to find, they feel they’re hard to keep. Things keep changing. You might have expected to buy a home or a condo only to find that despite earning in the top 5% you can afford nothing nearby, nothing where you’d like to live.... Whatever you make, whether it’s $18/hour or $200,000 a year, it doesn’t feel like you can count on making it a year from now, whatever the data shows. Whatever you look forward to as possibilities, it feels like they could melt like a sno-cone under a broiler.... I look profoundly economically secure on paper but I don’t feel it. I felt far better about my economic future twenty years ago when I had less money on hand, was making much less and had more debt. And that does affect my economic decisions. I hesitate to travel. I worry about buying anything really expensive. I certainly don’t want to buy a house or condo again, not yet; the last experience was bad enough. I am terrified when I think about investments—even mutual funds keep me up at night if I let my mind wander to them. I splurge on books and food and media content and that’s about it. Not all my fears are economic even by my own reckoning, but they’re keeping company with my thoughts about money and spending and risk.

And as a description of how Timothy Burke feels, I'm sure that's accurate. (And makes me feel bad for him.) I don't think any of that is objectively true! Like, I can see an argument for some amount of systemic risk, but more than in the 80s? More than in the middle of the cold war? Really?

On the other hand, maybe that's the answer. This is the most uncertain time in my experience, because I was born in 1986 and the Berlin Wall fell before my first memory. Maybe it's just that returning to a bipolar world has everyone anxious!

But at any rate, Burke is expressing a feeling that I'm sure is shared by a lot of people in his generic social class, and probably/possibly by a lot of others. I don't think that feeling is accurate but that's probably what people are responding to.

the divergence between consumer sentiment on the U.S. economy and the actual performance of the U.S. economy according to available metrics is wild.

#economics #the economy #politics #us politics #noah millman #timothy burke

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downtonabbeyrevisited · 3 years ago

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Season Two Episode Four

A 1918 timestamp ushers us into one of Downton’s more slow moving episodes where three parts painful banality has been mixed with one part life-or-death peril.

Providing more interesting political and cultural conflict than WW1 (at least at Downton) is Isobel’s ongoing grating at Cora’s very soul. Cora has had the temerity to ensure that the staff don’t collapse on their feet and has done something with the linen that I can’t quite fathom which, of course, Isobel takes as a slight upon her medical knowledge. Isobel makes the fatal error of calling Cora’s bluff threatening to ‘seek some other place’ if she is not appreciated at Downton. Major Clarkson also takes sides with Cora and Isobel now has no choice but to throw herself and her messiah complex upon the Red Cross in Northern France. I am sure they will be thrilled.

With Isobel’s departure, Moseley and Mrs Bird find themselves at a loss having deep cleaned the house and moaned about their employer’s eating habits. Turns out that one thing they forgot to do was deploy any semblance of a security system as a random man with a drama school limp wanders into the house looking for food. In a manner that would make the current Conservative front bench recoil with horror, Mrs Bird starts up a soup kitchen out of her own (presumably rather small) pocket. In her latest attempt to not do her job, Mrs Patmore drags Daisy out for some fresh air and in the process uncovers this particular bit of well meaning but financially unsustainable charity. Mrs Patmore scales up the operation, creating a “special storage area” to squirrel away surplus from the army’s stock, which O’Brien conveniently overhears (but to be honest, it’s not that much of a coincidence. I imagine most of the kitchen heard it considering that Mrs Patmore practically yelled it). In an effort to try and inject a bit of actual drama into this episode, O’Brien reports this to Mrs Hughes but (un)fortunately, Mrs Hughes could not care less. But after watching the world’s most appalling secret handover of goods in the village, O’Brien rallies and this time is successful in bringing Cora to the nefariously compassionate Bird-Patmore coalition. To absolutely everyone’s surprise (viewers included) Cora orders food to be taken from the house stock rather than army and with all the over-confidence of a consultant sets about re-arranging tables and streamlining the workflow.

Feeling much less charitable than Mrs Bird, Moseley heads to the Abbey and attempts to make himself indispensable and reach the dizzying heights of ‘Valet to the Earl of Grantham’. But not long after the peels of laughter that such a notion invites have died down, Bates returns and takes Mr Molesley’s shoehorn which one can’t help but think is emblematic of something. The return of Mr Bates is, naturally, a painfully protracted process that involves key protagonists not talking to each other, Thomas smoking on a wall, and the obligatory invocation of Kamal Pamuk. Robert invites Bates back to help him through the ‘veil of shadow’ and as such I was intrigued to learn that he is a World of Warcraft devotee. Bates reappearance downstairs also allows for the return of two other key Downton Abbey tropes: Anna and (John)Bates having a heart to heart under the cover of darkness, and Thomas and O’Brien’s irrational loathing/scapegoating of Britain’s most infuriatingly lovelorn character (outside of Thomas Thorne) to resume with aplomb.

Less happy to be within the confines of the Abbey is Edith who continues to signal that all of this is really a bit beneath her (certain elements quite literally). Ever the teacher’s pet, Mr Molesley reports the sighting of an Officer by the maid’s staircase to Mrs Hughes who hears that there have been lots of rumours on the timeline tonight and comes out to say that she does not live in a sack. Unfortunately, Major Bryant does not live in one but definitely frequents one and, as such, it is of course Ethel is dismissed. As she rapidly packs all her belongings, Anna pleas to Mrs Hughes on her behalf confirming that she is indeed the friend we all want but probably don’t deserve. But Mrs Hughes can’t get rid of her that easily as Edith (and passenger) skulk back to liven up the end of the episode with news of an oncoming baby *Eastenders drums intensify*.

Talking of undeserving relationships, Sybil and Branson receive more air-time than usual, providing the latter the opportunity to demonstrate that at times he really can be a muppet. And a slightly malevolent one at that. Sybil is firmly under the cosh this week with Violet making thinly veiled references to inappropriate alliances and Mary asking probing questions whilst she tries to get on with her job. Mary thinks that she has spotted her sister and Branson having some kind of romantic exchange but in reality, all that she has seen from afar is Branson telling Sybil that she is in love with him which when you think about it, is all kinds of awful and hardly the basis for a healthy relationship. After a long walk through the grounds where I am half expecting Branson to appear on a horse Willoughby-style, Sybil eventually caves and confesses to Mary that she doesn’t know if she likes Branson despite his eminently creepy voice over. Sybil then relays her sororal confidence and rather than taking this as an opportunity to ingratiate himself, Branson for whatever reason attempts to coerce Sybil into a relationship but not before he belittles her job. Sybil looks rightfully outraged as some equally emotionally manipulative strings wail in the background in an attempt to try and make us think that anything that has just happened was evenly slightly dreamy.

Threaded through this glacially paced episode has been the looming threat of a both a concert and the death of Matthew and (to a much lesser extent because that is how class works) William. In an effort to break the monotony of walking around the exact same bit of French trench (see previous re-caps for further details), William and Matthew take to wandering across some largely unadulterated land and into the path of some nonchalant Germans. Daisy’s lack of (presumably fawning) letters from William starts off a chain of enquiry which confirms that the War Office has declared Matthew and William missing enabling Mary to once again deploy her signature move: weeping into her gloves. But only one hand this time because she needs to keep a bit of composure for the show must go on! Apparently. Following some abysmal piano playing (I grew up in an appallingly musical household and we all had to endure the torture of other people at the early stages of learning an instrument. It was of course blissful when we got good but, heck, I was thrown straight back to the horror of it all with that ‘accompaniment’ and had an odd sort of stress response which I won’t describe here), Mary and Edith do a rendition of If You Were the Only Girl (In the World) as everyone looks on stony-faced before participating in the millenia’s most morose sing-a-long. With a very good sense of drama, Matthew and (to a much lesser extent) William make their return. Matthew takes his place at Mary’s side and joins in the signing to what is now presumably quite a bewildered audience. Ah, Downton.

Romantic declaration of the moment

Violet raises reasonable concerns about Richard Carlisle but Mary is more interested in expanding her real estate portfolio and agrees to throw her lot in with a fiscal agreement disguised as a marriage. Upon his ‘miraculous’ return, Matthew gives the union his blessing on the condition that Richard remains deserving. Not that he ever really was. But the sentiment is what matters here and what is more loving* than putting another’s presumed happiness before your own.

*there are actually a lot of other more loving things but in the interest of formatting, we’re going to sweep those under a very large rug for now.

Expressive eyebrow of the week

Rather than training as a nurse or being actually pretty useful in a convalescent home, Mary’s contribution to the war effort is being amicable with Edith. Violet declares that she has now “seen everything” as the spirit of Mrs Adelman moves on.

Wait, what?

“I wish we had a man” Presented without comment

“If I am not appreciated here, I will seek some other place” Yes. PLEASE.

“What must he do to persuade you he is in love with Lavinia? Open his chest and carve her name on his heart” No, Mary. Matthew merely needs to carve her name with a compass on his forehead to prove that…

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“I hate the word ‘missing’. It leaves so much room for optimism.” Robert is a bit emotionally weird isn’t he?

“We haven't kissed or anything. I don't think we've shaken hands. I'm not even sure if I like him like that. He says I do, but I'm still not sure.” And lo, another red flag is raised. But because Branson is Downton’s version of a Bolshevik, both Mary and Sybil view this not as a warning about the boy’s behaviour but rather a symbol of his political leanings and such signals are duly ignored.

“He always seems a romantic figure to me” Daisy Robinson writes fanfic. Pass it on.

“Sometimes in war, one can make friendships that aren't quite…appropriate. And can be awkward, you know, later on. I mean, we've all done it.” Once again, Violet, tell us more!

Bates says that he has returned to “Downton at war” which sounds like a lucrative exhibition name if I ever did hear one.

Despite Mary’s most valiant efforts, no musical performance had ever gone out to such an impassive audience until Rosalind came along

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Matthew of course is used to a much better quality sing-, sorry, song-a-long

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#Downton #downton abbey #downton rewatch #Mary Crawley #Matthew Crawley #thomas barrow #thomas branson #mrs o'brien #Mrs Patmore #daisy mason #william mason #Cora Crawley #Lady Grantham #lord grantham #john bates #Joseph Molseley #anna bates #Youtube

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mariacallous · 2 years ago

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In 2016, Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), which created the Puerto Rico Financial Oversight and Management Board to restructure the Commonwealth’s unsustainable burden of more than $72 billion in debt and more than $55 billion in unfunded pension liabilities. The board oversaw a bankruptcy process that culminated in March 2022, when a federal court confirmed a plan that reduced Puerto Rico’s debt by 80%. Still, the work of putting the Commonwealth on a sustainable fiscal path remains incomplete. At our annual Municipal Finance Conference in July 2022, four experts weighed in on the effects of PROMESA and the challenges that remain: Natalie Jaresko, former executive director of the oversight board; Sergio Marxuach, policy director at the Center for a New Economy; David Skeel, chairman of the oversight board and professor of corporate law at the University of Pennsylvania Carey Law School; and John Ceffalio, senior research analyst for Municipals at CreditSights. The panel was moderated by Michelle Kaske of Bloomberg.

You can watch a video of the panel here. Here are a few highlights.

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akhilas-stuff · 3 years ago

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Sustainable Development Goals:

GOAL 13 AND GOAL 12

WHAT IS CLIMATE ACTION (Goal 13) ?

Climate action means stepped-up efforts to reduce greenhouse gas emissions and strengthen resilience and adaptive capacity to climate-induced impacts, including: climate-related hazards in all countries; integrating climate change measures into national policies, strategies and planning; and improving education, awareness-raising and human and institutional capacity with respect to climate change mitigation, adaptation, impact reduction and early warning.

COVID 19 AND IT'S IMPACT ON CLIMATE ACTION (Goal 13)

As the world is struggling with the rapid-onset COVID-19 crisis, and while it is early to conclude which response strategies were the most successful, we can already start drawing some lessons to help shape our response to the slow-onset disaster of climate change. We share here seven such lessons on how to ensure that the recovery from the COVID-19 crisis will happen in a way that will still put the 2030 Agenda and the Paris Agreement at the center of sustainable development efforts.

1. Put science and scientists first

From the early stages of the COVID-19 pandemic, scientists came together to form collaborative networks beyond political lines and national borders, which has increased the efficiency and speed in research to find a cure. Similarly, policy for advancing climate action should follow science, rather than having political differences interfering with, and preventing, scientific research to be carried out. While the global response to the climate emergency is, and should continue to be, part of multilateral negotiations, science is not negotiable. Well informed climate negotiations mean unimpeded transparency and scientific cooperation, such as the one provided by the Intergovernmental Panel on Climate Change (IPCC).

2. Adopt a “whatever money it takes” approach

Investments that can save even one life, improve livelihoods and the health of ecosystems are never too much. Governments have quickly mobilized financial support to back businesses and expand welfare benefits in response to the COVID-19 pandemic; and this is the right thing to be done! But we often see that much-needed investments on climate action fall victim to difficult negotiations and political conflicts. An urgent fund mobilization is needed to avoid a climate catastrophe. Research shows that the climate investments needed also make great economic sense. For example, it is estimated that for every dollar invested in climate resilient infrastructure six dollars are saved.

3. Protect and improve common goods.

Over-exploitation of common goods, without consideration for the long-term needs of our next generations, has resulted in the “tragedy of the commons”, with big environmental impacts, including the zoonotic origins of the COVID-19 pandemic. Cases of response to the current pandemic show that previous investments by countries in public health and welfare systems have produced better results. Equally important are investments to restore clean air and water, healthy ecosystems, and other environment and climate goods, which contribute to planetary health.

4. Focus on those already left behind

The COVID-19 pandemic struck fast and affected those most vulnerable, those who had little means and access to health-care services, and those in nursing homes and homes for persons with disabilities. In the case of climate change, the ones that have been left behind include inter alia poor farmers, people who lack access to basic services, people living in slums as well as climate migrants. Climate mitigation and adaptation activities should put these and other vulnerable groups at the center of attention and response.

5. Make the global value chains climate resilient

The COVID-19 driven disruption in sectors like transport, medicine and tourism was immediate and hard. The climate crisis with its low on-set characteristics will drive at least similar if not larger implications in the value chains of main sectors. But it will likely do this over a longer time. There is an opportunity to develop systems able to increase the resilience of value chains in climate sensitive sectors; and ensure that critical commodities and services are available to all at times of climate-induced disasters. This will also impact the supply of funds and finances, which need to be directed to deal with critical situations, rather than bailing out polluting industries in decline, creating quick stimulus for sustainable and low-carbon commodities and common goods services.

6. Fix and make sustainable the food systems

The FAO has started documenting the negative impacts of COVID-19 on food security. The impacts of climate change on agriculture have also been extensively documented by the IPCC and it is evident that the most crucial global value chain that must be secured against the climate emergency is the food supply chain. Making agriculture and food systems more sustainable is not science fiction. Many policy options have been proposed and already implemented including inter alia ecological rotation of crops, robust estimation of the true cost of food, reducing food waste, fair trade, drastically reducing pesticides, decarbonizing food production and distribution systems.

7. Ensure credible information and not fake news leads the public discussion

Since the causes and risks of climate change are already well examined, documented and vetted, scientific facts and solutions need to be brought widely to the attention of the public to avoid speculations and misconstrued theories, which only cause anxiety and panic, as is happening around this novel disease. The science is unequivocal, and the advocacy should be as large as ever to make every climate denier become a climate champion.

The climate crisis may be seen as a slower moving crisis than the speed of this global pandemic, but it’s the long-term effects are likely to be far more threatening. Runaway global warming is something we do not have the science, technology or funding to solve. Without additional commitments to decarbonization, the planet is on track for a 3.2 degree global temperature rise and beyond. This is linked to an increased likelihood of pandemics, extreme weather events, droughts, flooding and widespread destabilization of global food, economic and security systems. Unchecked global warming will undo gains to address almost every sustainable development goal. It will undo economic recovery.

Today, however, global warming can be limited. As plans are formulated to help countries and communities rebuild their economies and societies, this is an opportunity to embrace renewable energy, green technology and sustainable new sectors that put the planet on a fast-track path to decarbonization.

UNEP is supporting national, regional and sub-regional policymakers and investors and to green fiscal stimulus packages and financing. UNEP is helping to prioritize “green and decent” jobs and income, investments in public wealth and social and ecological infrastructure, advance decarbonized consumption and production and drive forward responsible finance for climate stability.

The work focuses on sectors critical to building back a strong economy: energy transition, buildings and construction, food systems, waste, and mobility, enabling the world to establish the next generation of sustainable and productive infrastructure.

It includes efforts to make trade more climate resilient and sustainable and build on lessons learned from the policies of the Global Green New Deal. UNEP is also continuing to support ongoing country actions on climate change, repurposing energy, cooling, nature-based solutions and recovery investments to align with the Paris Agreement, in collaboration with UNDP and other partners to ensure recovery plans reduce future risks from climate and nature breakdown.

UNEP is committed to supporting member states to identify and facilitate these opportunities and to support successful outcomes at the next Climate Change Conference (COP26) taking place in 2021, and the broader 2030 agenda.

RESPONSIBLE CONSUMPTION AND PRODUCTION (Goal 12)

WHAT IS IT?

As defined by the Oslo Symposium in 1994, sustainable consumption and production (SCP) is about "the use of services and related products, which respond to basic needs and bring a better quality of life while minimizing the use of natural resources and toxic materials as well as the emissions of waste and pollutants . This goal is meant to ensure good use of resources, improving energy efficiency, sustainable infrastructure, and providing access to basic services , green and decent jobs and ensuring a better quality of life for all.

IMPACT DURING COVID-19

Unsustainable production and consumption is perpetuated by brown financing, investments and lifestyle choices. Such practices have led to a depletion of natural resources, disruption of ecosystems, resource and carbon-intensive economies and infrastructures, as well as environmental health issues and diseases.

This pandemic has shown where many of the weaknesses in our systems lie. It has proved that responsibilities to act extend from governments to private sector to civil society and individuals if we are to successfully meet environmental goals. Closed borders, availability of commodities, and confinement have forced behaviour changes worldwide.

Some of the changes have accelerated new and emerging sectors that support responsible consumption, such as online working or locally sourced production. As people return to work and schools reopen, some of these positive changes can be retained. Employers – public and private – and individuals have now tested alternative ways of working, studying and consuming at a scale that can durably leap-frog some transitions to more responsible consumption and production.

UNEP is working with partners for recovery policies and investments to incentivize circularity, an inclusive sustainable consumption driven approach and the aligning of public and private finance with shifts towards more sustainable and resilient economies and societies. This is a real opportunity to meet that demand with stimulus packages that include renewable energy, smart buildings and cities, green and public transport, sustainable food and agriculture systems, and lifestyle choices.

Taking action today to protect ecosystems on land and in water, combating global heating and including “safety first” biosecurity measures and environmental safeguards is critical. Ensuring that the knowledge and commitment to responsible consumption and production extends across all pillars of societies will be fundamental building blocks to future-proof the progress and success of all other sustainable development goals.

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