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Thursday, June 16, 2022

The Global Inflation Momentum

40% of all US dollars in circulation were printed less than 3 years ago


By Professor Gilbert Morris

It's a Global Recession
Nothing done by the Central Banks of the world, will cauterise the current inflation momentum, which is not nation centric, but global!
This last clause - about the global character of this inflationary flourish - is telling: the Central Banks seem willfully ignorant of this global scale, each applying domestic tools as if shoveling water in a strainer will at least appear to be effective.
It is galloping nonsense of the first water!

In the US, the Federal Reserve’s role is to police “headline inflation” usually the effects of the money system, the cost and value of credit, driven by the money supply.
The problem is this inflationary moment is not American, (it’s global as I said) and worse, the US Federal Reserve had a hand in distorting the money system, so much so, as to render itself and it’s tools irrelevant to the scope and scale of the problem: over the last 13 years, “Quantitative Easing” - basically printing money to inject into banks - has lead to a situation that 40% of all US dollars in circulation were printed less than 3 years ago.
The basic law of supply and demand suggests that such a phenomenon alone is inflationary.
This Quantitative Easing together with interest rates at zero destroyed traditional lending that drives growth in an economy.
Where did all those trillions of dollars end up?
In the hands of the wealthiest 1% of the population, and in large corporations whose boards initiated the largest stock buybacks in American history; rendering the securities markets a fever unto themselves; a most morally vulgar undemocratic feature of Anglo-American capitalism.
This exacerbated the wealth and income gap on its own: and COVID 19 and the impacts of economic expansion away from the traditional economy to digital platforms - like Amazon, ZOOM etc. - foolish, ill-thought out stimulus packages, work-from-home initiatives, automation and permanent labour replacement and the normal economic incentives of the marketplace have been distorted beyond recognition.
Notably, the same employees who want to remain at home, also want liquid retirement packages when the time comes. However, their 401k and retirement funds are invested in office buildings. These office buildings now empty or leases collapsed, companies go bankrupt with losses to their own retirement funds in a vicious cycle.
But these are side notes: the real problem are two:
1. The abject stupidity of shutting down the entire world in 2020, destroying global supply chains and the delicate global informal labour markets that supported it; which will never be repaired.
This is the baseline driver of price appreciation and not the money system; which as I said above has induced economic and social disequilibrium.
If one listened to the Chairman of the US Federal Reserve yesterday, he has essentially defaulted to chasing the energy markets where the Fed has zero impact. His problem is market sentiment is ahead of Fed actions in determining overall economic sentiment.
2. The war in Ukraine - which is the fault of the West - though Putin is responsible. The war, together with the COVID 19 induced supply chain crunch has driven up fuel prices and so energy costs, which means energy inputs to every aspect of modern life has been impacted …and at the same time, lack of capacity (from the stupid shutdown) means the energy induce price together with the supply induced pricing has sent prices spiraling upwards.
Now this has begun to impact product availability and consumer sentiment. Tesla raised prices three times this year alone.

Even if countries turned toward development, availability and delivery of supply suffers from both energy input costs and lack of supply scale.
In 2020, I called for a $4.5 trillion dollar global reset “stimulus”, paid in Special Drawing Rights (SDR) to avoid inflationary US dollars, tied to meeting some sustainability criteria. (“Credit Guidance toward purloined outcomes as my brother Craig Shelton advises so often). Of course this was not done. There was no global leadership on resetting the mommy world’s economy after the reopening from the shutdowns. This was barking madness; given the impact of COVID and the impacts of the Federal Reserve’s quantitative easing, incoming automation and the economic and financial pressures on households globally.
Now, the US/NATO in stoking Putin into this conflict in Ukraine; they have ignored all the basic economic calculations of this conflict.

Tunisia is about to starve to death for Russian/Ukrainian wheat. I’ve said again and again…hold all parties to the conflict accountable, but make deals to offset the effects of the conflict. Instead, the West - the world’s chief warmongerers - wasted time demonising Putin for doing what the West has done 120 times in the 20th century alone, rather than making critical deals as Kissinger, Professor Mearsheimer and myself have argued.
Worse, the incompetence of the West is shown not only in the near destruction of Ukraine, but also in the new strategic alignments that are stronger than the West, including Russia, China, India, much of Africa and South America or nearly 60% of the world’s population.
Additionally, at the same time that 40% of all US dollars in existence were printed in the last three years, the West’s hubris has led to the strongest Ruble in its history and a Ruble/Rupee exchange rate trading away from US dollar reserves.
For the Caribbean, we are suffering already: we will find it hard to build a bird’s nest because of supply chain issues. Our purchasing power will be routed by imported and implicit inflation. And the heat of the coming summer will cause unforeseen suffering and infrastructural collapses with no relief in energy prices…because we did not use the pandemic to shift our capacities toward alternative energy.

For those delusionists touting crypto as a hedge: Learn to read facts: crypto is not a hedge. It’s a proxy and has been in synchronisation with traditional assets for 17 months now!


Tuesday, May 17, 2022

Understanding The Significance of The United States Game Against The Bahamas and Cuba


“Deo adjuvante, non timendum.”
“With God as My Helper, I have nothing to fear”

We Must Ensure that the United States of America Does Not Create Confusion in The Bahamas Relationship with the Republic of Cuba

By Dr Kevin Alcena

Unlike men with political ambition, Jose Marti was a man with political ambition with a difference: a difference that propels a political activist, poet, journalist and teacher to attain national heroic status in the Republic of Cuba. Born in 1853, Jose Marti became a known activist against established foreign institutions and powers that dominated Cuba. He suffered and labored for the people - notwithstanding the level of oppression by colonial powers against him and his people.

No wonder he wrote that "Men of action, above all those whose actions are guided by love, live forever. Other famous men, those of much talk and few deeds, soon evaporate." His love for his people is immeasurable and profound, without form and shape and not bounded by any potential personal gain.

Jose Marti’s dedicated and zealous pursuit of freedom resulted in many incarceration with authorities right from an early age of 17 when he was exiled to Spain for being vociferously against the colonial rule suppression of the people of Cuba. and exploiting the natural resources of Cuba. Jose Marti selflessly took up the task of educating the people of Cuba to contradict the political system of the colonial powers in order to raise awareness with the generality of the people of Cuba to stand up for their rights. He used his expertise in poetry, and journalistic edge to advance his fight for the freedom of the Republic of Cuba from foreign domination.

Most interestingly, Jose Marti was very plain in denouncing the lack of spirituality and arrogance in the colonial powers’ approach to the manipulation of Cuba. He was strongly in support of democratic principles that will provide and assure ordinary Cubans the greater national security, respect of dignity of being a Cuban.

His zeal for the development of Cuba and freeing Cuba from the domination led him to leave the shores of the US (where he had flee to avoid the retribution of colonial masters) to join the war in Cuba for the independence of Cuba. Jose Marti was a man with courage to leave his comfort in the US to fight for his people without concern of his personal safety, but with vision of the future of the free Republic of Cuba.

Against advice from friends and well-wishers for his welfare and safety and his lack of military training, Jose Marti valiantly went to Cuba to fight the war in favor of his beloved country, which resulted in his death. This conforms to his philosophy that "just as he who gives his life to serve a great idea is admirable, he who avails himself of a great idea to serve his personal hopes of glory and power is abominable, even if he too risks his life. To give one's life is a right only when one gives it unselfishly.”

Jose Marti was one of the most prolific writers in the Hispanic world that helped to transform Cuban arts and cultures. He was a man of great ideas and philosophy that was ahead of his peers.

His vision and thoughts were innovative and constructive to help the development of democracy in Cuba, as he wrote in one his famous quote that ”like stones rolling down hills, fair ideas reach their objectives despite all obstacles and barriers. It may be possible to speed or hinder them, but impossible to stop them."

The Bahamas is not torn between the United States and the Republic of Cuba regarding the two Doctors detained at the Carmichael Detention Center. The Bahamas is a country of law and order and is signatory to international treaties with various countries such as the United States and Cuba, and the government has the obligation to uphold these treaties. The two Cuban Dentists should be prosecuted and fined for entering The Bahamas illegally, regardless of the fact that they are Cubans and have resident documents enabling them to reside in the United States.

We must be very careful with the United States, because they are the ones that brought these two Cubans to The Bahamas detention centre. We have to ensure that the US does not use this strategy to create confusion in our relationship with the Republic of Cuba.

If we comply with the US requirements to send the two Cubans to the US, we would be breaking the treaty between The Bahamas and Cuba, and in addition, it will result in mass travel illegally through The Bahamas by Cubans who have US visas but without Cuban exit permits that would allow them to leave Cuba legally.

In the views of Jose Marti, “the struggles waged by nations are weak only when they lack support’…wisdom and the ability to insist on agreement as guided by treaty between the Bahamas and Cuba. We must not forget that Cuban delegates were kicked out by US imposed conditions to a Sheraton Hotel in Mexico as a result of the US Helms-Burton Act. These Cuban gentlemen were minding their legitimate business, but the hotel was threatened to be fine up to $300,000 against the Hotel for accepting these Cuban delegates.

This is not political - it's perversity. It is not even the Superego judging the Ego. It is our own capacity for hate, increasing until it becomes a kind of compulsion - neurosis where reverence and destruction alternate and we reverently destroy. We falter and faint and deny him thrice. We develop sympathy at the expense of loyalty. I don't like it. It just ain't right.
Where is the outcry? We have become silent spectators, eagerly awaiting our daily dose of public scandal, noisy expulsions and excommunications.
''A man must swallow a toad every morning if he wishes to be sure of finding nothing still more disgusting before the day is over.'' (Morley)
We must stop this. It's not right. There is no honour in this battle. There is no dignity in this death. There are no victors on this battleground of shame. Only a man with the shield of Perseus against the ghosts of character assassination. ''Whatever you blame, that you have done yourself.'' (Groddeck) There is no hate without fear. Hate is the consequence of fear. We hate what we fear and so where hate is, fear is lurking.

We must stop this moth-and-candle preoccupation with hate, this triumph of resentment, this abuse of intellect, this perversion of the heart that obliterates our knowledge of the purpose of life; that denies the God within us, wantonly exterminated. I don't like it. It just ain't right.

The world failed to respond to this abhorrent issue, neither did Wall Street or any major US authorities. According to E. M Forster: ”if I had to choose between betraying my country and betraying my friend, I hope I should have the guts to betray my friend”. It is imperative that our Cabinet Minister understand the significance of this game that the American has instigated against The Bahamas and Cuba. Let’s not forget that our greatest friend is our greatest nightmare: that is the United States of America. They enjoy the art of propaganda and manipulation.

As President Fidel Castro said in an address on the celebration of the 51st Anniversary of the Attack on the Moncada and Carlos Manuel de Cedspedes Fortresses, “I shall address a sinister character that keeps threatening, insulting and slandering us. This is not a whim or an agreeable option; it is a necessity and a duty”.

Wednesday, April 27, 2022

Do Not Exclude Cuba from the Summit of the Americas

Cuba denounces U.S. government exclusion of Cuba from preparations for Ninth Summit of the Americas

Excerpts from statement to the press by Cuban Foreign Minister Bruno Rodríguez Parrilla

Summit of the Americas

I am obliged to denounce the fact that the U.S. government has decided to exclude the Republic of Cuba from preparations for the Ninth Summit of the Americas set to take place in Los Angeles, June 8-10; and is currently exerting extreme pressure on numerous governments in the region that have privately and respectfully opposed this exclusion.

The U.S. government is misleading the public and governments of the hemisphere by saying that it has not yet made decisions regarding invitations.

I respectfully urge Secretary of State (Anthony) Blinken to say honestly whether or not Cuba will be invited to the Ninth Summit of the Americas.

A central axis, according to preparations for the event, will be health.  And I must inform our people and international public opinion that there are currently negotiations underway, conducted in an unclear manner, with quite a few neoliberal elements, and many shortcomings, in relation to the real needs of the peoples regarding the COVID-19 pandemic, the structural causes of precarious health systems that have led to tragic consequences and caused an extremely high number of deaths in our hemisphere, including the United States of America, and have avoided substantial cooperation and basic financing to address these consequences, and are now negotiating in an opaque manner a so-called Health and Resilience Action Plan for the Americas through the year 2030.

I must note that these negotiations are being held, in an obscure manner, with the exclusion of Cuba and other member states of the Pan American Health Organization, which are participating in these processes, in violation of their own mandates.

Cuba has always, in a modest but altruistic and persistent fashion, provided the possibility for international cooperation in health, which has been recognized worldwide.

There are Latin American vaccines against COVID-19 which are Cuban. The medical brigades that responded to the COVID emergency in the region, in the hemisphere in more than 50 countries on the planet, have been Cuban.

It would be convenient to take into account during this process, and benefit our peoples, Cuban medical presence in confronting natural disasters and epidemics in the past, the provision of tens of thousands of medical scholarships for low-income Latin American, Caribbean and United States youth, the existence of the Latin American School of Medicine in Havana, Operation Miracle that returned the sight of millions of low-income persons, Cuba's ability to establish cooperation, transfer state-of-the-art technology, provide pharmaceutical products, vaccines and novel treatments, the ability to share advanced protocols and medicines in the field of health…

Another central axis of the Summit, from which Cuba is intended to be excluded, is emigration.  A document with a long title: Letter of Understanding on Migration Management and Protection of Migrants is also being negotiated behind the back of international, US, Latin American and Canadian public opinion.  It is a code that seeks to force Latin American and Caribbean States to repress migration, to absorb the migrants that the United States decides to process outside its territory, which incorporates elements of the racist, xenophobic and plundering U.S. vision of our migrants.  It does not address in any way the real causes of migration, but it does, however, offer palliatives, stimuli, financing and economic incentives to countries that send migrants to the U.S. and are closer to its borders, to attenuate this process.

With Cuba, however, his recipe is the extreme tightening of the blockade, causing deprivation to Cuban families, the application of Undersecretary Mallory's stark memorandum: "depressing wages, causing hunger, despair and the overthrow of the Government," is the American prescription in relation to Cuba…
The exclusion of Cuba from the Ninth Summit of the Americas would constitute a serious historical setback in relation to the two previous editions.  In Panama, in 2015, Army General Raúl Castro Ruz led the delegation from our island which participated on equal footing, and raised his firm, dissenting voice, but always serene, respectful and constructive…

A third axis of the Summit of the Americas is that of democracy and human rights.  In the obscure negotiations taking place today, the intention is to establish the Organization of American States to certify all elections in the region.  This is the same OAS of the coup in Bolivia, and the intention of the United States, historically responsible for coups in our region, and also responsible for the coups in recent decades against progressive governments.

How can a Summit take place, centered on democracy, having excluded, at the arbitrary whim of the host, certain countries of Latin America and the Caribbean?  Can anyone think of something more undemocratic?
The U.S. has no moral authority to set itself up as a model in this matter or to criticize others…

The Ninth Summit of the Americas could still be an opportunity if, in an inclusive manner and on equal terms for all countries, it debated, without exclusions and with sincere commitment, the most pressing problems that affect the continent.

Cuba supports the genuine efforts to promote dialogue, links and cooperation between Our America, the America of Bolivar and Martí, and the United States, between the Community of Latin American and Caribbean States and the United States government…

Cuba, which firmly defends the unity within the diversity of Our America, today expresses our profound gratitude to the peoples and governments that maintain a courageous, dignified, solidary position, demanding of the U.S. government that Cuba not be excluded from the Ninth Summit of the Americas.


Thursday, April 7, 2022

The Property Value Explosion Issue in Canada, Mexico and the Caribbean

It was likely that property prices in Canada, Mexico and the Caribbean would shoot upwards...


By Professor Gilbert Morris

Gilbert Morris - Professor
Canada is an attractive place….with excellent systems, infrastructure, commercial and service clusters: this attractiveness is confirmed by a blistering property market that rivals Turks and Caicos and Tokyo.

The result of this property value explosion - like Turks and Caicos islands - Canadian locals are being priced out of their cities and country. I myself, have raised this spectre and I warned at March 2020, that an impact of:

1. Covid 19
2. The 100 million North American retirees over the next 20 years

It was likely that property prices in Canada, Mexico and the Caribbean would shoot upwards. I explained that the two drivers - one an event driven demand and the other a demographic driven demand - cross-pollinated into a sustainable economic force, likely to run for at least two decades. Neither the Caribbean nor Mexico are prepared for this influx or uptick. And Canada’s attempt to limit property purchasers shows they are woefully unready.

The full details of what’s wrong and how to put it right can’t be shown here.
a. Limiting purchasers will fail because it does not move at the speed of the markets = and could have the reverse effect of generating even higher prices - and so a lottery dynamic for the designated properties
b. This would result in “overspill” in price appreciation to properties not included in Trudeau’s selections, still pricing citizens out of their country
c. Any solution must move at the speed of the market by absorbing the appreciation in price and value into a mechanism for the benefit of the citizen, rather than fighting price appreciation pointlessly
d. The best mechanism for this is to place designated properties into a Sovereign REIT, of which all citizens are members, then allow those lands to gain and move by the same open market momentum

This means the government would not have to offset the price appreciation - or introduce redistributive programmes as citizens would benefit from market driven organic momentum!


Friday, April 1, 2022

Bahamas Deputy Prime Minister, Chester Cooper Calls for the Legal Age of Consent in The Bahamas to be Increased to 18 years of age

Bahamian Deputy Prime Minister - Chester Cooper:  I am also for eliminating any ambiguity in the law with regard to teenage minors consenting to sex with adults - once again, they cannot.

Chester Cooper, DPM - The Bahamas
Public discourse can be rocky, but it can often bring about change.

The current discussion about the age of consent should be followed by action on the part of lawmakers.

I have previously called for the legal age of consent to be increased to 18 years of age, and I stand by that today.

This will further protect minors and make clear that children who cannot drink alcohol, join law enforcement, open a bank account, stand before a court as an an adult or vote, for example, cannot reasonably consent to sex with an adult.

Any law that suggests otherwise is out of step with what the vast majority of those whom the law is supposed to serve believe.

I am also for eliminating any ambiguity in the law with regard to teenage minors consenting to sex with adults - once again, they cannot.

Laws must change as the values of society evolve and mature.

Cabinet is considering measures to bring about these changes and they are long overdue.

- Chester Cooper, your DPM and MP

Monday, March 28, 2022

Will Smith’s action lacked an “objective correlative”, an emotional reaction proportional to that which induced it


By Professor Gilbert Morris

Will Smith assaults Chris Rock
TS Eliot spoke of an “objective correlative”, an emotional reaction proportional to that which induced it. Eliot thought Hamlet’s response to his situation lacked an objective correlative.
Will Smith’s action lacked the same: the impulse to defend honour implies there is honour to induce its defence.
Mrs. Jada Smith’s behaviour even her recent illness does not imply a defensible honour in the manner of Mr. Smith’s undertaking.
This is especially true when one considers that Mr. Smith knew already that he would have the mike and an adoring global audience and could have humiliated Mr. Rock by mere explaining that Mrs. Smith was in fact unwell!
Rock would have poured on apologies and the vindication would have been proportional.
What would have impelled Rock to joke about Jada? Well, he’s a comedian and everyone is game. Second, he and Will are friends: could he have been intending to defend his friend?
I have no interest in this situation, expect it’s an opportunity to discuss a foundational moral point concerning emotional proportionality in the vortex of human behaviour that justifies it.

Consider: Had 50 Cent or Shaq made that joke, would Will have risen from his seat?
There is an internal calculus when nice boys contemplate violence. It occurs in seconds, a sort of “sizing up”. In Will’s calculus Rock was vulnerable and essentially defenceless.
That is what’s pernicious!
So, what actually drive Mr. Smith?

Well, who knows abundantly?
One surmises that he didn’t defend Mrs. Smith at all: he defended himself and perhaps his children watching with the need to witness an alignment of familial loyalty; which is to say, a defence of their mother by their father.
The hear is strange and estranging. One understands defending a devoted wife, friend and companion, but first she must be a devoted wife friend and companion.

Monday, March 21, 2022

U.S. Imperialism Keeps The Fire Burning

U.S. imperialism adds fuel to the fire, but from afar

Economic, commercial and financial sanctions, as a means to exert pressure on a country, do not solve the current crisis, but rather add fuel to the fire and aggravate the international economic situation

By  |

Economic, commercial and financial sanctions keep the fire alive
Miguel Díaz-Canel Bermúdez Communist Party of Cuba Central Committee First Secretary and President of the Republic cited three elements that are sustaining and aggravating the world’s current difficulties, during his closing remarks at the Ministry of Culture’s annual review for the year 2021, held at José Martí National Library.

The tightened United States’ economic, commercial and financial blockade of Cuba; the aggressiveness of the United States internationally; and the uncertainty created by covid-19 were the three issues impacting the current situation he emphasized.

With regard to the blockade, the President said that we are now experiencing a different moment, a particular feature of recent years, "Things began to get very complicated in the second half of 2019, when the Trump administration adopted more than 240 measures that cut off our sources of financing.  They placed us on their list of countries that allegedly support terrorism.  And all this has been maintained under Joe Biden's administration," he explained.

The blockade, he recalled, has caused shortages, financial persecution, persecution of fuel suppliers, in particular, and to this was added the even greater aggressiveness of the U.S. government against Cuba, with a broad media campaign demonizing our country, in an attempt to discredit all elements of the Cuban Revolution, seeking to construct the appearance of total failure, that everything is wrong and everything the country does to mitigate current conditions does nothing to solve the problems, he stated.

The President pointed out that this aggressiveness can be seen in the way the events of July 11 were addressed and the way a play was staged, announcing to the world that on November 15 the Cuban Revolution would collapse, and now they are attempting to distort Cuba's position with respect to the current events in Europe.  This imperialist hostility is not only directed toward Cuba; it is evident at a global level, he noted.

He called for reflection on the fact that we live in a world that needs peace more than ever, at a time when more than twenty countries have not yet been able to vaccinate even 10% of their populations and do not know when they will be able to do so, reminding those present that only 61% of the population worldwide has been fully vaccinated.  We know, he said, that until the planet’s population is immunized, the pandemic will continue.

It is never the time to be starting wars, the President said, adding, "They have mounted this aggressive media campaign, attempting to distort the essences.  I understand very well that our people are following the current military conflict in Europe and the regrettable loss of human lives, in addition to the material damage and the general threat to peace and regional and international security, but Cuba has expressed itself clearly, firmly and repeatedly, in strict adherence to our foreign policy that is based on the principles of the Revolution, with careful and rigorous analysis of the facts from all angles," he said.

And this is a serious matter, of extreme complexity, with historical roots, including those of recent history, which cannot be ignored, just as the conditions that have led to this situation cannot be ignored, he said.  "Cuba firmly and consistently defends international law, the United Nations Charter and the Proclamation of Latin America and the Caribbean as a zone of peace," he reaffirmed, assuring that, "We defend peace under all circumstances and unambiguously oppose the use of force against any state."

As a small country we understand this better than anyone, besieged for more than 60 years.  Under constant threat, we have suffered state terrorism, military aggression, biological warfare and a brutal blockade, and we are absolutely clear about the value of the principles of international law that serve as protection against unilateralism, imperialism, hegemonic policies and attempts to dominate developing countries.  These are principles and norms that we have defended firmly and consistently in all scenarios.  On this occasion, we have denounced political manipulation and double standards, and we have spoken the truth, he said.

An offensive military encirclement has been established around Russia, he said, condemning the fact that, for decades, the U.S. government has progressively expanded its hegemony and military presence in the region, with the continued expansion of NATO in Eastern European countries, ignoring commitments made by U.S., European and Soviet leaders in the 1990s, after the unification of Germany and the disintegration of the USSR, he recalled.

This conflict could have been avoided if the Russian Federation's well-founded demands for security guarantee had been seriously and respectfully addressed, he said.

Díaz-Canel noted, "To think that Russia should remain passive in the face of NATO's offensive military encirclement is irresponsible, to say the least.  They have taken that country to an extreme situation," he said, pointing out that the continued use of economic, commercial and financial sanctions as a means to exert pressure on a country, does not solve the current crisis, but rather adds fuel to the fire and aggravates the international economic situation, which has been severely affected by these two difficult years of pandemic, he added.

U.S. imperialism is adding fuel to the fire, he said, but from afar, using European countries as its backyard.  Cuba has made this point regularly in different international events, he stated, and recalled the speech delivered by Army General Raúl Castro, on February 22, 2014, in which he emphatically addressed this issue.

As we have reiterated, we will continue to advocate for a serious and constructive diplomatic solution to the current crisis in Europe, advocating peaceful means that guarantee the security and sovereignty of all, as well as regional and international peace, stability and security, he stated.  Cuba has been obliged to confront the pandemic under the brutal economic, commercial and financial U.S. blockade, which has been qualitatively escalated since 2019 to an even more damaging level, he noted.

We will have the opportunity to review these highly sensitive issues in greater depth and trust that the people will continue to keep an eye on these events and make the effort required to distinguish truth from manipulation, he stated.