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Labour’s Political Surge, Financial Crises Looming

Labour is set to potentially replace the Conservatives in Britain, the author of The Big Reset predicts higher gold prices, US shale production is unsustainable, the media faces backlash for ignoring Biden’s cognitive decline, and a documentary covers Thomas Massie’s off-grid journey.

The User's Profile Ivor July 5, 2024
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DISCLAIMER: The following content does not reflect the opinions of Peak Prosperity, but is rather a summarization of content that has caught the interest of members of the community.

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Britain is on the cusp of a political shift, with Labour poised to replace the Conservatives. Prime Minister Rishi Sunak has cautioned against a Labour supermajority, urging voters to limit their power. This echoes Margaret Thatcher’s cyclical view of political time, contrasting with Western linear thinking. Thatcher, often criticized for her economic policies, strategically placed industries in Britain and managed high interest rates during a global crisis. Her opposition to the Euro and the ERM showcased her foresight, predicting Tony Blair’s victory and understanding political cycles better than most. Currently, global dissatisfaction with incumbents, driven by economic downturns and globalist agendas, is evident. Leaders like Macron, Sunak, Trudeau, Biden, and Ursula von der Leyen face backlash for their focus on global governance and conflicts like the war against Russia, reflecting a broader rejection of the globalist vision.

In financial news, Willam Middlekoop, author of “The Big Reset,” discussed the current financial landscape and the future of gold on Palisades Gold Radio. Middlekoop emphasized the distortion of reality in today’s financial environment, predicting a significant increase in gold’s value. His book explores the potential collapse of the US dollar system and the rise of a new financial order, with increasing geopolitical tensions suggesting a potential hybrid World War III scenario. Middlekoop highlights the shift from a unilateral to a multilateral world, with China and Russia playing more prominent roles. He also discusses the potential for a new monetary system centered around commodity-based currencies and the challenges facing the US dollar. Middlekoop advises a diversified investment strategy, including equities, real estate, cash, Bitcoin, and physical gold and silver, to prepare for financial instability and geopolitical tensions.

The U.S. set a record for oil production in 2023, driven by major shale plays like the Permian Basin. However, this high production rate is not sustainable due to rapid declines in well output and the exhaustion of “sweet spots.” The Gulf of Mexico and Alaskan oil production are also expected to decline. Experts criticize overly optimistic projections from agencies like the EIA, arguing that they underestimate the challenges of maintaining production levels. Despite the rise of electric vehicles, oil demand in the U.S. remains strong, and the belief in infinite oil supplies is increasingly unrealistic.

In economic commentary, Gareth Solay, Chief Market Strategist at Verified Investing, discussed Federal Reserve Chair Jerome Powell’s comments on inflation and interest rates. Solay predicts potential rate cuts later in the year and more significant cuts in 2025 due to deflationary trends. He highlights the economic divide, where wealthier individuals benefit from stock market gains while others struggle with inflation and high living costs. Solay remains bullish on gold and silver, noting their long-term prospects driven by central bank purchases and economic uncertainties. He also predicts a significant correction in the stock market, particularly in tech stocks like Nvidia, due to increased competition and margin pressures. Solay advises investors to focus on education and long-term strategies, cautioning against chasing trends.

In the documentary “Off the Grid,” congressman Thomas Massie from eastern Kentucky reflects on his journey from a rural upbringing to a political career. Embracing labels like libertarian-leaning Republican and constitutional conservative, he values self-sufficiency and local decision-making. His activism began with a letter to the editor opposing local government actions, leading to community support and eventually a political career. Despite his political role, he remains committed to his farm and family, advocating for less federal interference in local matters and emphasizing sustainable living.

The media faces backlash for failing to disclose President Joe Biden’s mental and physical decline, blaming “right-wing media” for their inaction. This pattern of selective reporting is discussed in Jonathan Turley’s book, “The Indispensable Right: Free Speech in an Age of Rage,” highlighting the media’s shift away from objectivity. Concerns about Biden’s health peaked with Special Counsel Robert Hur’s report, which noted Biden’s mishandling of classified material but suggested prosecution would be difficult due to his declining memory. Reporters now express regret, admitting they avoided the story partly due to its coverage by right-wing media, reflecting a broader trend in journalism towards advocacy over objectivity. Instances of misleading coverage have led to public distrust and declining media outlets.

Sources

“It’s Just Time”: The Cyclical Nature of Political Power and Thatcher’s Enduring Legacy

She understood cycles better than any Western politician I have ever met.

Source | Submitted by rhollenb

“The Big Reset: Revisiting Gold’s Role in a Shifting Global Financial Landscape”

“The probabilities are overwhelmingly on Gold’s side. That is the best environment to see gold increase its value.”

Source | Submitted by rhollenb

U.S. Oil Production Peaks in 2023: A Modern-Day Spindletop?

“In 2023, the U.S. set an annual oil (crude oil + condensate) production rate record of 12.927 million barrels/day (mb/d) according to the U.S. Department of Energy/Energy Information Administration (U.S. DOE/EIA or EIA).”

Source | Submitted by roosterrancher

Fed’s Tightrope: Inflation, Interest Rates, and the Everyday American’s Struggle

“Delinquency rates of over 90 days on credit cards jumped to their highest level since 2012, and 401k plans saw a 40% increase in hardship withdrawals.”

Source | Submitted by rhollenb

From MIT to the Shire: A Libertarian’s Journey Back to Kentucky

My philosophy is live and let live, and I think it comes from growing up here in eastern Kentucky, where sort of the motto is, “You don’t worry about what somebody’s doing in their hollow if they don’t worry about what you’re doing in your hollow.”

Source | Submitted by quickcodecutter

Media Admits Ignoring Biden’s Health Due to “Right-Wing Media” Influence

It is a telling admission that, yet again, reporters chose not to report on a story because they wanted to frame the news for political purposes.

Source | Submitted by PhilH

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