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Welcome to the Winter of Our Discontent

Charles Hugh Smith
March 25th, 2021
Of Two Minds Blog
Comments (10)

This article was originally published by Charles Hugh Smith at Of Two Minds Blog. 

If you think this scale of stimulus is sustainable and consequence-free, you must be mainlining Delusional.

Wall Street’s euphoria knows no bounds, so how can this be the Winter of Our Discontent? We all know the source of Wall Street’s euphoria: $1.9 trillion in stimulus, followed by another $3 trillion for corporate welfare, oops, I mean infrastructure, and a Federal Reserve whose solution to destabilizing wealth and income inequality is to make the rich even richer because, well, that’s what we do here at the Federal Reserve.

An old adage holds that what everybody else already knows has little value. So everybody knows about the Fed’s endless spew of monetary giveaways to Wall Street and the federal government’s endless trillions in borrow-and-blow stimulus, but does everyone already know that the stimulus-based economy and all the Fed-inflated asset bubbles are completely phony?

Yes, phony. Does everyone already know that none of the promises that have been made to you can possibly be kept?

“Free” (to you) healthcare: no.

Future Social Security payments with an equivalent purchasing power to the checks issued today: no.

A national currency that holds its value into the future: no.

High-functioning public infrastructure: no.

A working democracy in which citizens can affect change even if the power structure defends a dysfunctional, corrupt status quo: no.

An affordable higher education system that prepares its graduates for entrepreneurial jobs in the real-world economy: no.

Cheap, abundant fossil fuels and reliable surpluses of electricity: no.

High returns on low-risk savings: no.

A government that can borrow endless trillions of dollars with no impact on interest rates or the real economy: no.

Pay raises that keep up with real-world inflation: no.

Ever-rising corporate profits: no.

A status quo that actually ends privilege instead of cloaking it with PC PR: no. (Recall I wrote an entire book about institutionalized privilege and inequality: Inequality and the Collapse of Privilege.)

A system that encourages the launching of new real-world businesses: no, no, no, a thousand times no.

A status quo that has some realistic plan to impose Cold Turkey withdrawal on all of Wall Street’s junkies addicted to Fed smack: you must be joking. The junkies are running the entire financial system.

The faint glimmerings of reality leaking through the public-relations blitz is the first light of The Winter of Our Discontent. The Federal Reserve’s apologists and lackeys are speaking 21 times this week, all to reassure the Wall Street junkies and dealers that the Fed’s supply of smack is infinite. Why don’t we just rename the Fed The Ministry of Propaganda? Wouldn’t a dash of calling it what it really is be refreshing?

If you think this scale of stimulus is sustainable and consequence-free, you must be mainlining Delusional. According to the Fed’s apologists and the political class, Spring is here and will last forever. This chart says The Winter of Our Discontent has yet to start, but the first signs are visible to those willing to look past the PR.


President Trump is Breaking Down the Neck of the Federal Reserve!

He wants zero rates and QE4!

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    Author: Charles Hugh Smith
    Date: March 25th, 2021

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    1. Hmm, at 74 yrs, I learned a long time ago that free is not free. That at some point in time, the piper will have his due, one way or another. And the way things are going or headed in this country, you had better grab your rear end and hang on, because it’s going to be a bitch of a ride ( considering who the elected people are and what their motives are ), it will be a bitch of a ride anyway.

    2. Bill says:

      The overarching point is, that our gov’t is truly a complete farce. Officialdom works in collusion with the central banks to keep the money flowing in to the State, corporations, etc. Unfortunately, to get away with this scheme most people have been dumbed-down and successfully propagandized, they accept the crumbs distributed to the masses. Many citizens have shown to be like children, give them a toy and all is well.
      Of graver concern is that officialdom and the central bank is literally destroying the money, rendering it more valueless by the month, and it is accelerating. The federal debt is incomprehensibly huge. In reality it is unknowingly huge. Officialdom has stopped discussing how to address the debt. They know it’s pointless, that bridge has been crossed and the bridge has been destroyed. The debt cannot and will not be addressed, nothing can be done about it, it’s too late – that’s the truth.
      Debt accumulation will just go on until a national financial crisis unfolds and the money is worthless, that’s all. The end result of course will be that the State will curtail our civil rights in a effort to contain the chaos and upheaval, financial crises have always ended this way throughout history.

    3. Frank Thoughts says:

      I have lived through many economic cycles and long enough now to have a lot of wisdom on these things. I have also lived in many different economic systems, crashes, wars etc. And …

      Just as the last crisis crashed to the floor interest rates and ramped up money printing (QE etc.), so the next crisis will also come like a thief in the night. Anyone who remembers the 70s will know interest rates can leap overnight, inflation soar, and cities fall apart. It then takes a decade or two for politicians to ‘fix’ things.

      If you look at where we are in the cycle, then it is clear we are going to have a combined inflation and rising interest rates shock. Such an event BENEFITS the guys at the top. Inflation raises their price returns at point of purchase, and interest rates nail the indepted and make them very compliant and servile. In the end it is always about power and keeping control. They just need to keep most people by the short and curlies.

      It is true some “middle class” people will benefit because they have cash savings, but these days that is a very small number of people. Most people are in debt to the sky or are now totally dependent on government payments. That is the sweet spot for the elite.

    4. Andrea.Iravani. says:

      Something strange is taking place on Global Research website which has opposed all of the draconian measures related to the scamdemic. 
      Today, The Swiss Policy Research Institute which has also opposed all of the draconian measures in the past is suddenly claiming that the
      “covid-19” injections are great for people under 60, and Global Research also featured an article by the American Economic Policy Institute that falsely claims the same, and neither of those articles list the inherent risks involved with the “vaccines” and do not make any differentiation between the many snake oil companies that are pushing the shots onto people, most of which have had lengthy histories of fraud, abuse, malfeasance, and mal-practice. Peter Koenig and Binoy Kampmarc have also made significant changes to their claims as well which I notices earlier this week. 

      “I don’t know how someone controlled you 

      They bought and sold you.” – The Beatles

      I had also reported on that years ago. Almost every member of the press is a CFR member.

      I believe that Gates, Trump, InfraGard, and Center for Global Engagement are responsible for the lying in the alt right and alt left that did not exist prior to QAnon, and increased with “covid-19.” Sorros is probably also funding the alt left in this too. All of the Sputnik radio show hosts went bananas at the onset of the pandemonium and are full fledged big pharma propagandists. I did not always agree, and there were sometimes mistakes, but opinions and mistakes are much different than outright deliberate pathological lying in and participating in an evil conspiracy and psy-op  of death and destruction, which is in real terms, a covert war.

      According to Wikispooks:

      “Financing of Journalism
      Research by the Columbia Journalism Review examined 20,000 charitable grants by the Gates Foundation and found that more than $250 million dollars went toward journalism like the news organisation NPR, which covers other philanthropic endeavors of the foundation in a favorable way. Other recipients of grants are: BBC, NBC, Al Jazeera, ProPublica, National Journal, The Guardian, Univision, Medium, The Financial Times, The Atlantic, The Texas Tribune, Gannett, Washington Monthly, Le Monde, and The Center for Investigative Reporting.[34] It is more than likely that financing of media organisations through foundation money will generally influence their reporting directly, or like advertising before, create a friendly media environment.
      The full scope of Gates’s giving to the news media remains unknown because the foundation only publicly discloses money awarded through charitable grants, not through contracts.[35]”

      I happen to be of the opinion that this was done by China in order to prevent Wuhan residents who had been protesting for years prior to the Wuhan Military Games over a number of grievances against the Chinese government, including waste incinerators being built, and were quarantined strictly for political reasons immediately prior to the nationally and internationally Chinese New Year in order to prevent protests at the parade that would spill over into the rest of China. That is why the lockdowns happened in America and the rest of the world as well, in part. China took the lead, and everyone followed suit. Illnesses on cruise ships have been common for years prior to this, and I know this for an absolute fact. So that is not anything out of the ordinary for cruise ships, which also were the initial people claimed to be infected with “covid-19.” China’s exports also declined prior to this and their economy was contracting. Trump’s sanctions and import taxes were large contributing factors to this. The Repo markets also broke down prior to “covid-19” followed by the break down of the oil market, all coinciding with massively overinflated stock markets. Everyone knew that the bubble was about to burst, in fact it is shocking that it didn’t happen years ago, and if the plunge protection team did not exist, it would have, because everyone knew that there really is no there there. It doesn’t take a mathemtician to figure this out. When you have companies like SnapChat, that do not charge for using it, do not advertise, and do not sell user data, there is no income source other than the stock market, the bond market, banks, or the government. That meets the criteria for a Ponzi Scheme by definition. To deny it is anything other than a Ponzi scheme, or more accurately many Ponzi Schemes, is a lie. Over 97% of publicly traded comlanies do not use GAAP. 

      My initial reaction to Anthony Fauci’s first “covid-19” warning to the public:

      Comment ID: 4022161
      February 25, 2020 at 10:59 am
      I am preparing the public for the fraudulent marketing scam by Colgate Palmolive for Colgate Zero, marketed as all natural vegan toothpaste, which contains toxic sodium flouride found in tootpaste and tap water which is an unnatural man made product and is a byproduct of aluminum smelting.

      The whole scam to add sodium flouride was based on junk science in which a study had concluded that people in regions high in naturally occuring calcium flouride had fewer cavities and fewer bone fractures because calcium and not flouride promotes stronger bones and teeth. Sodium flouride is a corrosive chemical resulting in flourosis which degrades calcium in bones and teeth resulting in osteoporosis and dental cavities, discoloration, and pitting of teeth.

      Does it matter if the flavors and sweeteners are natural when the active ingredient is totally unnatural?

      As I pointed out:

      Comment ID: 4021768
      February 17, 2020 at 12:45 pm
      How will the Repos be repaid with M1 contracting and short term time depsits increasing? That will be either a magic trick, or a swindle, the latter being the more likely outcome- buying on the cheap out through forced desperation! So sick of the scams! If Silicon Valley was as environmentally concerned as they feign to be, they would not be engaging in engineered obsolescence! Concerned about the environment, only if they can financially benefit from carbon tax credits, otherwise, foggedaboutit!

      It looks like they were repaid with stimulous based on medical fraud in hindsight!

      Andrea Iravani

    5. Jim in Va. says:

      Stock up folks hard times are coming….where can you go?

    6. Missouri says:

      There’s no free lunch forever.

      Some of you may have noticed my recent messages about the creation of Steve’s Underground Newsletter. I have received requests to be a group leader for the establishment of a small survival community. Thus Steve’s Underground Newsletter will be adding the new tact of also discussing the formation of such a venture. Interested individuals should subscribe to Steve’s Underground Newsletter and inquire for instructions on how to subscribe by sending an email to [email protected]. The next forth coming issue will be Survival Food Part Two: The Biggest Storage Dangers To Your Survival Food. Steve’s Underground Newsletter is sent by email twice a week at the subscriber cost of only one dollar per month. In it I cover survival, preparedness, product reviews, current events and much more. It’s entirely interactive in that I try to answer all my emails. To sign up send an email to [email protected] to get instructions on how to subscribe,
      Prepare and Stay Well,

    7. Andrea.Iravani. says:

      There  is no need for oil or gas with electric earth batteries. Electricity is in the ground and atmosphere at all times. It is visible to the naked eye even without lightening. Trillions oftiny glowing specs of electricity the size of a dust spec, and static electricty is also a form of it. It can be harnessed. There is no will for anyone to do it because it has been a protected interest since the industrial revolution. The first electric earth battery was developed in Germany in the 1880s. A few were also developed in America. The coal magnates had a vested interest in preventing their use. It was not developed by Tesla, contrary to popular belief. It was a scientific, organic, free energy, movement at that time.

      Andrea Iravani

    8. Andrea.Iravani. says:

      There  is no need for oil or gas with electric earth batteries. Electricity is in the ground and atmosphere at all times. It is visible to the naked eye even without lightening. Trillions oftiny glowing specs of electricity the size of a dust spec, and static electricty is also a form of it. It can be harnessed. There is no will for anyone to do it because it has been a protected interest since the industrial revolution. The first electric earth battery was developed in Germany in the 1880s. A few were also developed in America. The coal magnates had a vested interest in preventing their use. It was not developed by Tesla, contrary to popular belief. It was a scientific, organic, free energy, movement at that time. Much better than the grotesque, sick, evil, sadistic, biological batteries developed by the psychopaths in the 1960s being used now!

      Andrea Iravani

    9. Somebody please correct me if I’m wrong, wouldn’t we have less problems in the world if we skipped all the living and suffering and went right to the part we outlaw man’s brain and do away with man kind altogether, or is the democrats already trying this angle? yeah I know, I’m just another dumb rear ended old man who doesn’t know when his bowls move any more.
      but I’m not as bad as that clown we have for President.

    10. Ya…. But even if you follow the past cycles of our/your lifetime you can’t really compare to now. Seeing as we are in an absolute struggle for the survival of humanity. Sadly this is not being dramatic or overstating what is happening. This goes far beyond anything people have lived through previously. Most people are not truly seeing or capable of understanding so much going on. The paradigm of our realm is shifting. Things are all leading to exactly what we have been told “great reset”. It is just much different version then the joke being ran on the sheep currently. Considering we have all grown up on a web of lies, false history, and a certain narrative to have you must come to the realization we know truly nothing. And unless you start understanding the only answers you will ever find are the ones you come to yourself then you will always remain a fool believing whatever someone tells you. Most people are unwilling to remove their false sense of security and their incorrect perception of this realm. Because it is easier that way, that is everyones choice to make. To seek true knowledge which is our best weapon right now or stay asleep and believe all the nonsense and deception everyday and believe all the fake history we were told. Doing nothing, turning a blind eye or just sitting on the sidelines is just the same as the ones who are doing this horrible genocide of our fellow humans. People may want to truly start thinking of the implacations each of our choices have and how serious your free will choice of where you stand is. Because if you can’t understand how this materialistic demonic shit lie realm is not our last destination well I can’t imagine how one might answer when asked “so uh, why did you just not do anything, bend the knee to oligarchs and turn your back to the one who has created us…” good luck answering that one and people probably dumb enough to try to lie in this situation…

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