Senator Joe Manchin Pretends to be Surprised That Joe Biden is Banning Coal Powered Energy

Senator Joe Manchin Pretends to be Surprised That Joe Biden is Banning Coal Powered Energy

Yesterday, Joe Biden declared that all coal-fired electricity plants in the U.S would be shut down, saying, “we’re going to be shutting these plants down all across America and having wind and solar.”

Today, West Virginia Democrat Joe Manchin, the senator who gave Joe Biden the vote he needed for the ‘inflation reduction act’ also known as the climate change investment act that will eliminate all oil, coal and natural gas development, pretends to act surprised that Joe Biden will destroy the West Virginia coal mining industry.

Joe Manchin – “Today, U.S. Senator Joe Manchin (D-WV) released the following statement on comments President Biden made about shutting down coal plants.

“President Biden’s comments are not only outrageous and divorced from reality, they ignore the severe economic pain the American people are feeling because of rising energy costs. Comments like these are the reason the American people are losing trust in President Biden and instead believes he does not understand the need to have an all in energy policy that would keep our nation totally energy independent and secure. It seems his positions change depending on the audience and the politics of the day. Politicizing our nation’s energy policies would only bring higher prices and more pain for the American people.

“Let me be clear, this is something the President has never said to me. Being cavalier about the loss of coal jobs for men and women in West Virginia and across the country who literally put their lives on the line to help build and power this country is offensive and disgusting. The President owes these incredible workers an immediate and public apology and it is time he learn a lesson that his words matter and have consequences.” (read more)

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New England Power Officials Warn of Pending Winter Crisis as Natual Gas Prices Skyrocket and Electricity is Likely to be Rationed

New England Power Officials Warn of Pending Winter Crisis as Natual Gas Prices Skyrocket and Electricity is Likely to be Rationed

New England consists of six states in the US Northeast, Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.  The states have been warned by regional ISO electricity providers for several years about their vulnerability if the winter weather is harsh and there is a significant increase in demand for home heating.  Those warnings are now multiplied by the massive price increases for natural gas.

Keep in mind as all these natural gas and LNG issues surface, the U.S. has been exporting natural gas to Europe as part of the Biden effort to subsidize the NATO effort against Russia.  Prices for natural gas have skyrocketed, and now shortages of the fuel source for energy production may create even bigger problems for New England.

[Via Zero Hedge] – […] The region’s power mix changes have left it increasingly reliant on international NatGas spot markets. State governors have asked US Energy Secretary Jennifer Graholm to waive the Jones Act and allow foreign-owned tankers to ship LNG from the US Gulf region. 

All of this has led to New England residents facing some of the highest electricity bills in years. Heating season is already underway. 

New England ISO expects the grid will be stable if there’s a mild-to-moderate winter. However, if there’s an extreme cold spell across the Northeast, then grid chaos could unfold: “The grid overall is in a much tighter position.

“If we get a sustained cold period in New England this winter, we’ll be in a very similar position as California was this summer,” Nathan Hanson, a senior vice president of energy and commercial management of LS Power Development LLC, which has two NatGas power plants in New England, warned. (more)

According to the U.S. Energy Information Association (IEA), U.S. storage of Liquified Natural Gas (LNG) is 12% below the five-year average (LINK).  Additionally, the IEA is expecting the U.S. to export 11.7 billion cubic feet of LNG per day during the fourth quarter of 2022 — up 17% from the third quarter. The destination of that export is Europe.

Consider that 43% of U.S. households use natural gas for home heating, and power suppliers use natural gas to create electricity.  With the massive 2022 exports of LNG to Europe (+17% in fourth quarter alone), that means lower domestic supplies and increased prices here in the United States for electricity and home heating.  We are seeing and feeling these massive price increases right now.

Barrons – […]  If you need more evidence of the impact of natural gas exports on prices, just compare supply and demand fundamentals for the year leading up to February 2020 (the last pre-pandemic month) versus the year leading up to this May (the most recent month with full federal data). Annualized production rose over the period, while domestic consumption remained roughly flat. Yet LNG exports almost doubled—a surge that tightened U.S. gas markets and doubled the price that U.S. consumers pay for the fuel. 

The growth of global demand for U.S. LNG can be tied to many market forces, including the shortfalls in Europe due to Russia’s manipulation of European Union gas markets. Sustained high demand in wealthy Asian nations has contributed to export growth as well. And so has the U.S. gas industry’s dogged determination to ship its wares to the highest bidder, foreign or domestic. 

Russia’s role has been particularly critical in the rise of global LNG demand. As Russia choked off gas shipments to Europe, EU buyers have turned to global LNG markets to make up the shortfall. Global LNG prices rose in response, and U.S. LNG companies ramped up output, shipping more cargoes to Europe. But Russia responded by further clamping down on gas supplies to the EU—a vicious circle that has hurt Europe’s economy even more severely than it has harmed America’s.

There’s little sign that U.S. gas prices will ease in the coming years. Freeport’s demand will be back online soon enough, and there are three other massive LNG export projects under construction, with more than a dozen of others waiting for financing.

[…] Curiously, federal regulators have consistently found that the gas export projects are in the public interest—meaning they were in the economic interest of LNG companies and gas drillers. But now, exports are creating sky-high costs for U.S. consumers, and drillers are reluctant to boost gas output lest prices fall back to earth. So, it’s high time to consider whether soaring U.S. LNG exports are actually in America’s interest—or if, instead, runaway LNG exports are fueling energy inflation and undermining the nation’s economic competitiveness. (read more)

Not only are U.S. taxpayers directly paying for the majority of costs in Ukraine, but we are also subsidizing the European Union by exporting LNG and driving up the price for energy here at home.  Here’s the Wall Street Journal talking about the risks to New England:

[Via Wall Street Journal] – New England power producers are preparing for potential strain on the grid this winter as a surge in natural-gas demand abroad threatens to reduce supplies they need to generate electricity.

New England, which relies on natural-gas imports to bridge winter supply gaps, is now competing with European countries for shipments of liquefied natural gas, following Russia’s halt of most pipeline gas to the continent. Severe cold spells in the Northeast could reduce the amount of gas available to generate electricity as more of it is burned to heat homes.

The region’s power-grid operator, ISO New England Inc., has warned that an extremely cold winter could strain the reliability of the grid and potentially result in the need for rolling blackouts to keep electricity supply and demand in balance. The warning comes as executives and analysts predict power producers could have to pay as much as several times more than last year for gas deliveries if severe weather creates urgent need for spot-market purchases.

“The most challenging aspect of this winter is what’s happening around the world and the extreme volatility in the markets,” said Vamsi Chadalavada, the grid operator’s chief operating officer. “If you are in the commercial sector, at what point do you buy fuel?”

Power producers in New England are limited in their ability to store fuel on site and face challenges in contracting for gas supplies, as most pipeline capacity is reserved by gas utilities serving homes and businesses. Most generators tend to procure only a portion of imports with fixed-price agreements and instead rely on the spot market, where gas prices have been volatile, to fill shortfalls. (more)

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South Africa Confirms Likelihood of Saudi Arabia Joining BRICS Economic Alliance

South Africa Confirms Likelihood of Saudi Arabia Joining BRICS Economic Alliance

South African President Cyril Ramaphosa held a two-day summit with Saudi Arabia on mostly economic matters.

At the conclusion of the summit, he confirmed the intent of Saudi Arabia to join the BRICS economic coalition, which should not come as a surprise given the previous statements by Saudi leader and Crown Prince Mohamed Bin Salman (MbS).

(MSM) Ramaphosa confirms Saudi Arabia wants to join Brics family.  This was revealed by President Cyril Ramaphosa during his two-day state visit to the kingdom on Sunday.

“The Crown Prince (prime minister Mohammad bin Salman bin Abdulaziz al Saud) did express Saudi Arabia’s desire to be part of Brics and they are not the only country,” said Ramaphosa. He confirmed this on Sunday during an engagement with the media.

Brics held its first summit in 2009, with SA joining the following year. The bloc has generally been seen as an alternative to the dominance of the western economies.

“We did say that Brics having a summit next year under the chairship of South Africa in SA and the matter is going to be under consideration.

“A number of countries are making approaches to Brics members, and we have given them the same answer that it will be discussed by the Brics partners and thereafter a decision will be made.” (read more)

Since the outset of the Western Alliance sanctions against Russia, we have been predicting an increased geopolitical influence from the BRICS team.  A global financial and economic cleaving is underway created by the western nations chasing ideological climate change energy policy, while the rest of the world remains pragmatic toward oil, coal and natural gas as energy resources.

We have been closely monitoring the signs of a global cleaving around the energy sector taking place.  Essentially, western governments’ following the “Build Back Better” climate change agenda which stops using coal, oil and gas to power their economic engine, while the rest of the growing economic world continues using the more efficient and traditional forms of energy to power their economies.

(July 2022) […] “This accession, if Saudi joins it, will balance the world economic system, especially since the Kingdom of Saudi Arabia is the largest exporter of oil in the world, and it’s in the G20,” Hamed said. “If it happens, this will support any economic movement and development in the world trade and economy, and record remarkable progress in social and economic aspects as Saudi Arabia should have partnerships with every country in the world.” (read more)

That would essentially be the end of the petrodollar, and -in even more consequential terms- the end of the United States ability to use the weight of the international trade currency to manipulate foreign government.  The global economic system would have an alternative.  The fracturing of the world, created as an outcome of energy development, would be guaranteed.

Keep in mind, in early June Federal reserve Chairman Jerome Powell stated, “rapid changes are taking place in the global monetary system that may affect the international role of the dollar.”  {LINK}

The western alliance (yellow) would be chasing climate change energy policy to power their economies.  The rest of the world (grey) would be using traditional and more efficient energy development.  The global cleaving around energy use would be complete.

This is not some grand conspiracy, ‘out there‘ deep geopolitical possibility, or foreboding likelihood as an outcome of short-sighted western emotion.  No, this is just a predictable outcome from western created events that pushed specific countries to a natural conclusion based on their best interests.

You can debate the motives of the western leaders who structured the sanctions against Russia, and whether they knew the outcome would happen as a consequence of their effort, but the outcome was never really in doubt.  Personally, I believe this outcome is what the west intended. The people inside the World Economic Forum are not stupid – ideological, yes, but not stupid. They knew this global cleaving would happen.

For a deep dive on BRICS, as predicted by CTH, {SEE HERE}.  The bottom line is – the 2022 punitive economic and financial sanctions by the western nations’ alliance against Russia was exactly the reason why BRICS assembled in the first place.

Multinational corporations in control of government are what the BRICS assembly foresaw when they first assembled during the Obama administration.  When multinational corporations run the policy of western government, there is going to be a problem.

In the bigger picture, the BRICS assembly are essentially leaders who do not want corporations and multinational banks running their government. BRICS leaders want their government running their government; and yes, that means whatever form of government that exists in their nation, even if it is communist.

BRICS leaders are aligned as anti-corporatist.  That doesn’t necessarily make those government leaders better stewards, it simply means they want to make the decisions, and they do not want corporations to become more powerful than they are.  As a result, if you really boil it down to the common denominator, what you find is the BRICS group are the opposing element to the World Economic Forum assembly.

The BRICS team intend to create an alternative option for all the other nations. An alternative to the current western trade and financial platforms operated on the use of the dollar as a currency.  Perhaps many nations will use both financial mechanisms depending on their need.

The objective of the BRICS group is simply to present an alternative trade mechanism that permits them to conduct business regardless of the opinion of the multinational corporations in the ‘western alliance.’

The BRICS team, especially if Saudi Arabia, Iran and Argentina are added creating BRICS+, would indeed be a counterbalance to the control of western trade and finance.  This global cleaving is moving from a possibility to a likelihood.  If Saudi Arabia joins BRICS the fracture becomes almost certain.

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Tucker Carlson Discusses Nord Stream Pipeline Sabotage, Almost Certainly a U.S. Covert Action Against Russia

Tucker Carlson Discusses Nord Stream Pipeline Sabotage, Almost Certainly a U.S. Covert Action Against Russia

Tucker Carlson accurately outlined the most likely suspect of the sabotage against Russia’s Nord Stream I and II pipeline today.  When you consider the media blitz by Joe Biden’s National Security Advisor, Jake Sullivan, last weekend (ABC, CNN, NBC and CBS); specifically pointing out the U.S. position against Russia; it is almost a certainty that U.S. action was behind the underwater detonation of explosives to take out Nord Stream pipeline system.  WATCH:

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CBS Economic Gaslighting Example, Face the Nation Pretends Not to Know Joe Biden Energy Policy Driving Higher Prices

CBS Economic Gaslighting Example, Face the Nation Pretends Not to Know Joe Biden Energy Policy Driving Higher Prices

“Gaslighting” is essentially a term used to describe an abuser continually lying to victim in order to make the victim misbelieve reality.

Economic “gaslighting” is a process of lying about the nature of true cause in order to continue advancing the abusive policy.

Combine the economic gaslighting with the historic leftist approach of pretending not to know things, and you get this dynamic on CBS Face the Nation today.  In this brief segment describing inflation, we see all the classic strategies deployed by ideological media.

First, notice they blame: (1) the pandemic recovery, (2) consumer demand, (3) Ukraine, and (4) a supply chain ‘muddle’.  Not only are these issues ridiculous, but none of them are the cause of supply side inflation.  Blaming “consumer demand,” which has transparently collapsed for the last year, is beyond nonsense.  WATCH, and also pay attention to the graphics they use to manipulate the audience:

The true cause of inflation, and yes that includes ‘global inflation‘, is the collective western economy jump into climate change energy policy known as “build back better.”  Stopping the use of oil, gas and coal as the source for cheap energy, has resulted in every element of the inflation they outline.

As an outcome of their ideology, the central banks of the western economies are now trying desperately to lower economic activity to reduce energy consumption.  The goal is to lower human activity to the point where windmills and solar farms can sustain it.  Everything else is pretending.

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Notice the synergy between the western economies who are following the Build Back Better climate change instructions from the World Economic Forum (yellow map) to the actions of the central banks who are trying to support the political agenda (blue map).

Coming out of the pandemic, western oil, coal and gas energy development was blocked.  Immediately energy prices skyrocketed, driving up the costs of everything.  Using the justification of “too much demand” the central banks (including the U.S. Federal Reserve Bank) are raising interest rates to lower the need for energy.

Western political leaders are pretending this is not a collective intention.

This is all being done by specific design.

Controlling a global population; controlling human activity; is the collective goal.

Show me the powerful political voice who will stop pretending and call this process out directly, and I will show you the most powerful global politician in history of the modern world.

…Who is John Galt?

This is why they are trying so hard to eliminate him.

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The Great Economic Pretending Yet Again Meets Main Street Reality

The great economic pretending is predicated on denying that major western economies are shrinking because political leaders are collectively destroying cheap and reliable energy production (oil, coal, gas), while simultaneously chasing expensive and [un]sustainable energy development (wind, solar).

The Build Back Better / Green New Deal climate change agenda is destroying every economy based on ‘collectively agreed‘ energy policy.  Energy driven supply side inflation is crushing consumers in every western economy.  Sales and purchases of goods have stopped.  Affording food, fuel and housing is the focus of billions. Yet, denial is everywhere.

It was not that long ago, June 23rd to be precise, when Fedex gave a forward-looking forecast based on existing operational results.  In late June Fedex anticipated a generally stable continuation of business operations.  Here we are, three months later and Fedex business collapsed in the last quarter.  CEO Raj Subramaniam says shipping demand unexpectedly plummeted.  The great economic pretending meets reality.

Keep in mind, about six weeks ago Maersk, the international shipping company that delivers millions of containers of goods all around the world, mostly by ship, said they saw demand and orders plummeting as shipping warehouses were full of unsold goods {link, Aug 3rd}.

[The Fedex Collapse] – […] The company scrapped its forecast for its earnings in its current fiscal year that it had issued less than three months ago. For the three months ended Aug. 31, FedEx now projects adjusted earnings per share of $3.44 and $23.2 billion in revenue. That’s below analysts’ consensus forecast of $5.14 adjusted earnings per share and $23.6 billion in revenue, according to FactSet. (more)

The company is also revising its 2023 financial outlook and said it expects conditions to worsen further in its second quarter. Economists have sparred for months over whether or not the US is heading into a recession. (more)

The Great Pretending Continues….

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German Minister of Economics, Robert Habeck, Under Fire as Energy Driven Reality of Economic Collapse Starts Sinking In

German Minister of Economics, Robert Habeck, Under Fire as Energy Driven Reality of Economic Collapse Starts Sinking In

German Minister of Economics Robert Habeck is under fire after his comments during an interview with an ARD broadcaster on Tuesday evening.

The conversation surrounded the astronomical rise in the price of energy taking all the income away from people who would purchase other goods and services. As Germans no longer can afford purchases, the stores and businesses can no longer operate.  Minister Habeck was asked if that means a wave of bankruptcies and business closures are forecast.

Mr. Habeck responded that businesses can stop operating, but that doesn’t mean they will go insolvent.  Just because the business loses most or all of their revenue, doesn’t mean they will go bankrupt.  That doesn’t make sense, Minister Habeck was pressed to apply commonsense. If businesses close to save money, workers are not employed. If workers are not employed people do not earn income.  If people do not earn income, the economy worsens.

Habeck had no response other than an economically detached “Green Party” perspective that businesses will not go bankrupt just because they are not operating. However, his facial expressions reflect that he knows what comes next, total economic collapse. WATCH: 

(Reuters) – German Economy Minister Robert Habeck faced a backlash on Wednesday for saying he could imagine parts of the economy stopping production due to rising energy prices that German firms say are threatening their existence.

Asked whether he expected a wave of insolvencies at the end of this winter due to companies’ rising energy bills, Habeck said “No, I don’t. I can imagine that certain industries will simply stop producing for the time being.”

The answer, in an interview with ARD broadcaster on Tuesday evening, sparked criticism of the minister in charge of Europe’s biggest economy, with mass-selling Bild newspaper saying Habeck “has no idea about the economy.”

Friedrich Merz, the conservative opposition leader, also took the opportunity to criticize Habeck, Germany’s second most popular politician, saying he and his ruling coalition were not taking energy and economy questions seriously.

“One could see how helpless Mr. Habeck you are with these questions last night on German television,” Merz told the lower house of parliament.

Habeck’s comments come as economists and industry groups warn that rising energy prices are a growing risk for Germany’s medium and small-sized businesses, which form the backbone of the economy.  (read more)

Things are about to get very spicy in Germany as the reality of the unsustainable Build Back Better agenda starts to sink in.  The intellectual disconnect from an economic minister to the consequences of an energy policy removing trillions of dollars from the economy is stunning.

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Horrific Biden Consequence, 20 Million American Households Behind on Electricity Bills, Pending Shutoff

Horrific Biden Consequence, 20 Million American Households Behind on Electricity Bills, Pending Shutoff

Long-term CTH readers might remember in 2014 when President Obama claimed U.S. families had been paying too little for electricity for too long.  As soon as Joe Biden took office, he began implementing the Green New Deal energy policy that, (a) directly forces higher costs for energy; and (b) is now creating massive problems.

In July I noted my own electricity bill had jumped 28% in a single month.  That bill was followed by another almost identical increase this month.  A review of the Consumer Price Index (CPI) for July [Data Here] shows that nationally the same thing is happening.  The year-over-year electricity price has increased 15.2%. However, worse still, the July increase alone was 1.9%, which figures to an annualized rate of 22.8%.

When the growth rate of monthly increase is exceeding the year-over-year result, that means future higher prices are coming.  This is a serious problem that cannot be overstated. Already struggling with a doubling of gas prices, massive food price increases at the grocery store and the pain of all costs for goods far outpacing any rate of wage increase, this type of uncontrollable increase in price of electricity is going to hit the middle class hard.

Steve Cortes calls this the backside of the Biden created inflation hurricane.  The backside of a hurricane is the worst because it hits from the opposite direction upon already weakened infrastructure.

The hurricane metaphor is apt because any increase in energy costs will be accompanied by the simultaneous arrival of another wave of food inflation, as the massive increases in field and crop prices start to feed into the food supply chain headed to our forks next month.

Making matters that much worse, Bloomberg is now reporting that 20 million households are now behind in their utility bills, specifically electricity bills, and the moratorium on shut offs has ended.  [Paywall Article]  Steve Cortes has written about the issue on his substack [Here].

One in six U.S. households, that is tens-of-millions of Americans, are now facing having their electricity turned off due to lack of payment.  It is certainly understandable how this horrific outcome would happen. Joe Biden’s energy policies are destroying working class families with unsustainably higher prices.

20 million households is a catastrophic level of utility default.  This is a serious issue with major social implications created by the desperation of those families.  Middle- and lower-income families cannot survive this level of financial pressure.

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Rents are behind. Mortgages are behind.  Car payments are behind. And now this report on utility bills.

Steve Cortes appeared with Steve Bannon to discuss {Direct Rumble Link} – WATCH:

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