The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” . . . “Paper is poverty. It is the ghost of money and not money itself.”– Thomas Jefferson, 1743-1826 “Wall Street Wall Street Uber Ales”.



“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks…will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered…. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” . . . “Paper is poverty. It is the ghost of money and not money itself.”– Thomas Jefferson, 1743-1826

Social Media is a consumer of self-worth and manufacturer of fragile EGO, narcissism, and delusion. There is a Welsh bloke who regularly interviews Paul Craig Roberts, the Welsh bloke spends most of his questions blowing smoke up PCRś arse. A remarkable thing about James Corbett ( also based in Japan) is how fresh he keeps his work and even with James, I can’t stomach watching the regular segment he was chatting with some other guy for an inordinate length of time.
The Musk Letter from Greenlight is pretty solid I am sure. The Management of Expectations in the tech market is not something that anyone has got the hang of and anyone that does is fired for being a Cassandra. Things are complicated in that as with Solar, Wind and Energy storage technologies there is real progress but also the reality that The existing paradigm cannot be ditched anytime soon and is, in fact, part of the solution and not the problem which the new technologies are solving.
I think the problem is one of not only expectations but also of spinning what the PR people hope will be self-fulfilling prophecies, the Rove type Actors in History idea. In itself, the Actors in history idea is just a variation of Hans Christian Andersons “Emperor’s new clothes “
If we are headed for a Repeat of 2008/9 and a new Lehmans moment Mike ? where will the preferred Scapegoats come from? Musk would be more like another Enron than another Lehmans? Theresa May blamed New Labour and Profligacy in public spending for the 2008/9 crisis in here Speech at the Tory conference, The Austerity Narrative is still very raw and how much of the current economic malaise on main street be laid at the door of Austerity and too much of newly created debt-based money going into pumping up the financialised economy?

Tesla is a small part of a bigger picture, what the real budget is to get the show back on the road rests in the availability of Energy and Resources which are properly directed to areas of real market need as opposed to artificially created Market wants? This is obscured by the nonsense narratives of Money as a scarce resource. I suspect that Bezos ( Amazon) and Zuckerberg ( Facebook) UBER possibly, may be in the crosshairs for scapegoating as well. Personally, I would be looking at the Hedge Funds/Private equity funds which are in fact just a new front for what we used to call Merchant Banks, Black Rock and the long list of familiar names in the MEGA m&A action are where I think the Crosshairs should be trained but, I suspect that yet again the next crisis will see Banks getting away with it and ending up with the Jewels in the pile of shit, one of which in all likelihood will end up being Tesla,  This article has stood out in my mind from what I have read over the past month

Dr Michael Hundson, author of a new book, ‘… and forgive them their debts’, about the history of debt forgiveness. Hudson explains that the rulers of Byzantium wiped out the savings of rich people by forgiving debts because cancelling debts does not cause economic crises but prevents them. He explained that the Bronze Age Babylonians had worked out the mathematics of this. Compound interest grows exponentially, whereas productivity can only grow linearly, and so whatever the interest rate, national debt will eventually outstrip productivity. Forgiving debt seems to me to be rough justice for the individual, but the rulers weren’t so interested in the individual; they were interested in keeping the economy going, and having a stock of fit young people for their wars. I’ve got the book on order, but in the meantime I’ve been looking at a review of the topic, written in 2012, which makes reference to the work of Michael Hudson, titled, ‘The long tradition of debt cancellation in Mesopotamia and Egypt from the 3rd to the 1st millennium BC JC’.

Zero Hedge

to journal

Uber Burned $600 Million In Q2: Key Results

With Uber once again in the media spotlight, following yesterday’s WSJ report that several mutual funds have – for the first time ever – cut their valuation of the world’s most valuable private company by up to 15%, and today’s lengthy Reuters expose questioning just what the company’s true value is, moments ago Uber’s Q2 financials were leaked courtesy of Axios, which reports the following summary: gross bookings up 17% in Q2, number of trips taken up 150% in the past year while the company’s adjusted loss fell modestly while EBITDA improved fractionally.

Still, despite a modest improvement in operations, the company still burned $600 million in Q2, reducing its cash from $7.2Bn to $6.6Bn.

Some more details, via Axios:

  • Gross bookings rose 17% in the second quarter to $8.7 billion (and doubled from a year earlier).
  • Adjusted net revenue was $1.75 billion in Q2 vs $1.5 billion in Q1 and around $800 million in Q2 2016.
  • Adjusted net loss fell almost 9% quarter-over-quarter to $645 million and over 14% year-over-year.
  • Q2 EBITDA loss was $534 million, down from $598 million in Q1. Uber’s global ride-share business was margin positive last quarter, which is a flip from Q1.
  • Global trips increased 150% year-over-year, including 90% growth in developed markets and over 250% growth in developing markets. This excludes China, which Uber exited last summer in exchange for an equity stake in Didi Chuxing. It includes Russia, where Uber’s recently-announced partnership with Yandex has yet to be approved by local regulators.
  • Revenue note: Uber is no longer reporting adjusted net revenue to its investors, due to new guidance from the SEC.
  • Cash: $6.6 billion at quarter’s end, down from around $7.2 billion at the end of Q1.
  • Tips: Uber drivers have earned around $50 million in tips between when the program was rolled out in select markets on June 20 and the beginning of this week. For context, Lyft reported a similar $50 million figure for a 2.5 month period ending in the middle of this past June, but that was for a longer time period and for all of its markets (Lyft originally launched tipping nearly five years ago, generating over $250 million to date).

All in all, a modest improvement but not nearly enough to leave a major dent in the company’s cash burning ways. Still, it is an improvement: putting Uber’s roughly $600MM in quarterly cash burn in context, it is roughly half that of Tesla, which as reported earlier last month, burned through a record $1.16 billion in the second quarter.






Matthew Ehret

August 7, 2019
© Photo: Flickr

With the recent discussion of the collapse of the western system of banking (and neo-liberal ‘post-truth’ values more generally) a serious overview of the post-WWII stripping down of nation states is in order. Over the past couple of weeks, various figures like France’s Finance Minister Bruno Le Maire and American Senator Elizabeth Warren have called for a re-organization of the banking system with Le Maire saying on July 13 that the Bretton Woods “has reached its limits”, and Warren stating on July 22 that “the country’s economic foundation is fragile. A single shock could bring it all down.” It is no secret that the western nations sit atop the largest financial bubble in human history with global derivatives estimated at $550 trillion to $1.2 quadrillion.

As refreshing as it is to hear such candid admissions of the system’s failure from high level political figures, when asked what they wish will replace this bankrupt order, neither Le Maire nor Warren have any desire to work with the Russia-China Belt and Road alliance and are unfortunately on record supporting policies cooked up by the very same oligarchs they appear to despise in the form of the Green New Deal. In spite of what many of its progressive proponents would wish, such a global green reform would not only impose Malthusian depopulation upon nation states globally were it accepted, but would establish a the supranational authority of a technocratic managerial elite as enforcers of a “de-carbonization agenda”.

Due to the rampant lack of comprehension of how this crisis was created such that such idiotic proposals as “green new deals” are now seriously being suggested as remedies to our current ills, a bit of history is in order.

Some necessary background

“The money changers have fled from their high seats in the temple of our civilization. We may now restore that temple to the ancient truths. The measure of the restoration lies in the extent to which we apply social values more noble than mere monetary profit.”

– Franklin Delano Roosevelt, first Inaugural Address 1933



Author: rogerglewis Looking for a Job either in Sweden or UK. Freelance, startups, will turń my hand to anything.

1 thought on “The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” . . . “Paper is poverty. It is the ghost of money and not money itself.”– Thomas Jefferson, 1743-1826 “Wall Street Wall Street Uber Ales”.

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