Brandon’s Legacy

U.S. stock futures looked set to break below the lows of May, as financial markets continue to reel from a surprise acceleration in inflation just days ahead of a Federal Reserve interest-rate decision.

  • Futures on the Dow Jones Industrial Average fell 597 points, or 1.9%, to 30762.
  • Futures on the S&P 500 dropped 92.75 points, or 2.4%, to 3808.
  • Futures on the Nasdaq 100 decreased 350.5 points, or 3%, to 11517.

On Friday, the Dow Jones Industrial Average fell 880 points, or 2.73%, to 31393, the S&P 500 declined 117 points, or 2.91%, to 3901, and the Nasdaq Composite dropped 414 points, or 3.52%, to 11340.

The S&P 500 ended Friday only fractionally above the May closing low of 3900.79. The Dow and the Nasdaq also are in danger of falling below May’s lows.

The Federal Government will not allow interest rates to match or exceed the inflation rate, but that’s what is necessary to bring the death spiral under control.

 

 

On This Day

On this day in 1898, the “Rough Riders” — the First U.S. Volunteer Cavalry under the leadership of Theodore Roosevelt — sailed from Tampa, Florida bound for Santiago de Cuba. The Rough Riders were legends during the Spanish–American War (April-August 1898). Roosevelt had resigned his position as Assistant Secretary of the Navy in May 1898 to join the volunteer cavalry. Roosevelt and the commander of the unit, Colonel Leonard Wood, trained and supplied the men so well at their camp in San Antonio, Texas, that they were allowed into the action, unlike many other volunteer companies of the day. A few days after the Rough Riders’ charge up San Juan Hill, the Spanish fleet fled Cuba.

Image: Colonel Roosevelt (center, with glasses) and his Rough Riders at the top of the hill which they captured, Battle of San Juan. Photographed by William Dinwiddie.

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A New Panther

EUROSATORY 2022: It’s not often that a new tank, with tracks and all, appears on the market. Hence, Rheinmetall’s unveiling of the KF51 Panther on the first day of the Eurosatory show in Paris was quite an event.

The German company said the Panther KF51 (KF is short for Kettenfahrzeug, or tracked vehicle;  the number indicates it falls into the 50-ton plus class) “is destined to be a game changer on the battlefields of the future.” It sets “new standards” in “lethality, protection, reconnaissance, networking, and mobility,” the company boasted in a statement.

It is designed for the export market.

 

All-in-all, it’s a brick in the Wall…

Freeport LNG represents a critical piece of infrastructure in Europe’s divestment from Russian oil. Yet the story of the explosion is almost nowhere in the mainstream news. Freeport represents over 20% of US natural gas exports. A ten billion plus+ CapEx project, the plant processes two billion cubic feet a day of pipeline-quality natural gas. The plant spits off $7.4 billion in revenue yearly… [and] 80% of its shipments are direct to Europe.

As Europe attempts to divest from Russian oil, it becomes increasingly reliant on the constant stream of cargo ships from ports like Freeport. So what exactly happened at Freeport?

The explosion occurred at 11:40 a.m. CT on Quintana Island, 65 miles south of Houston. The explosion caused a fire that sent black smoke billowing into the air and could be felt from dozens of miles away. Analysts believe that the outage will take 12+ cargoes off the market this summer, amounting to nearly one million tons of LNG that will not be available to Europe before winter.

Natural gas spot prices in the UK have jumped more than 30 percent on news. As we find out exactly what caused Freeport, it’s a shocking reminder of the fragility of our core energy infrastructure. A constant reminder that we are only a few bad actors away from total collapse.

I’m sure that the FBI is on the case and that arrests are imminent.

 

And in a shocking development

39 COMMENTS

  1. Two weeks ago I called my financial advisor and told him to cash out my remaining investment portfolio and terminate my status as a client with his firm. The financial/economic future does not bode well and cash will be king….. and stuff those mattresses, money in the bank won’t be safe. I read about the new Panther MBT and it seems like a copy of the Russian Armata with lots of automation, only 3 crew, only one machine gun and lots of computerization and electronics. Sometimes keeping it simple is better. But it looks sweet.

  2. I’m a big Teddy Roosevelt fan. I know he had his issues, who doesn’t? But he won the Medal of Honor and the the Nobel Peace Prize.
    If you haven’t watched the movie “Rough Riders” you are missing out. All the usual caveats apply about artistic license and such, but they did a good job.
    https://www.imdb.com/title/tt0118453/

  3. LNG Explosion…and Joe BloHard (“everything is great under my rule”…for who Joe?) says we’re just fine. How about adding these to the FBI investigation list you posted the other day:

    6/9/22 Irrigation water was canceled in California (the #1 producer of food in the US) and storage water flushed directly out to the delta.
    6/12/22 Largest Pork Company in the US Shuts Down California Plant Due to High Costs
    6/13/22 Fire Breaks Out at a Food Processing Plant West of Waupaca County in Wisconsin

    That last one especially frosts the shorts, now we’ll have a frozen pizza shortage (I have two in the freezer, $50 ea, bidding starts at 1:00pm).

    The reality is none of what we are seeing is funny one bit; one or two is an anomaly, but approaching 100 (that we know of) is a pattern that smacks of direct sabotage that will go unchecked and uninvestigated.

    @Shiloh- I waffle between “cash on hand” vs. market holdings…will it get worse making everything worthless?

  4. Domestic LNG prices are actually down since the Freeport explosion, proving that large scale LNG exports are responsible for raising the domestic price.

    Obama was the first to approve LNG export terminals, desiring to reduce European reliance on Russian gas and reduce Chinese coal consumption (like THAT happened). Trump continued to push LNG exports to improve our balance of trade.

    Personally I don’t like to see any American energy exported. Think how cheap energy could be if we drilled, refined, and kept it all.

  5. Brandon’s Legacy. We have just started to see his legacy, there is still a long way to the bottom.

    I hadn’t heard about the Freeport explosion in the news. Wonder if anyone has done a statistical comparison between the numbers of fires and explosions in infrastructure in the past 2 years and similar infrastructure in a 2 year period about a decade ago. Sure seems like a lot of explosions and fires recently.

    Even with his faults you have to admire Teddy Roosevelt, Franklin not so much.

    Have to admit the Panther looks cool, digital camouflage and LED headlights are probably options though.

  6. In non-fake news, apparently the Potentate of the Pandemic, the Dinky Despot, the Beast of Bethesda, the Imperator of Infectious Disease, Doctor Anthony Fauci has tested positive for Covid. Despite “full vaccination” and two boosters. I ask you all to join me in prayer for that conceited little shitweasel.

    Also, WHO to rename monkeypox “after concern that it could stoke racism and stigma.”

    https://www.axios.com/2022/06/14/monkeypox-rename-who-name-racism

    How something named after monkeys could be racist eludes me. What is going through the heads of the WHO? (Don’t ask me what should go through the heads of those people and their ilk.)

    • Perhaps the WHO will have a contest to select the new name for monkey pox like the Brits did a few years ago ending up with BoatyMcBoatface or something similar. I would suggest Biden/Harris syndrome but I am sure this august group can come up with something better.

      • To the Allmighty: Please take Saint Fauci and let his death from Covid cause us all to rename the plague, “Hunter’s Dick”.

        Q – What’s wrong with you?
        A – Hunter’s Dick.
        Q – Sorry, man.

        The next plague should be named Camel’s C*nt.

        Neither term is racist. Hunter Brandon is white and a camel is, well, just a camel.

      • Given the sort of people in charge at WHO it’ll be something like “Straight White Christians Are to Blame”. Not a snappy acronym, but you know that’s what they want to get across.

        I’d humbly propose that the lesions be called “sodomy sores” or “buggery blisters”. “Catamite cankers” is another possibility, but I’m not an Infectious Disease specialist.

    • You actually believe that clown allowed himself to be vaxxed in any way, shape, or form? He knows damn well it’s a death sentence, he’s been working with that for 2 decades! Attempted to patent the vaxx in ’06. No go, was told it in no way met any of the criteria to be termed a vaccine.

  7. Any bets on 8-9% mortgage rates by Christmas? Fed IS going to raise rates again in Sept. Freeport is ‘interesting’ for the timing, that is for sure!

    • If interest rates are under 10% it won’t put the brakes on. That must be accompanied by wide open oil leases and pipeline construction. This the Brandon team won’t do.

      • Of course they won’t do it. They’re hell-bent on destroying the USA. I’d say time for the Generals to speak up and take over, but they know who butters their bread and won’t lift a finger.

  8. I had a preview of SloJoe’s legacy today when I filled up my truck. At $5.1-/gallon, I put seventy freaking bucks worth in it. I oly fill it about every two months, so it frosts me, but it’s a minor economic impact….for now….

    • $5.60 in Phoenix, $4.60 where I live. I don’t know why the dollar difference in price. California is $7-8/gallon.

  9. The kerfuffle in Cuba exposed the weakness of US rifles compared to he 8mm Mauser used by the Spanish troops. In the end the difference was leadership. Spain had not sent their best and brightest officers.

  10. Love the RR photo, and TR of course.

    And yes, an LNG terminal blows along with yet another food plant. The whole thing glows, whether foreign or domestic.

    But don’t worry, we’ve got Drag Queen Story Hour which is what America’s all about, says Octo Nancy.

  11. That new Panther comes with a 130mm cannon because the Krauts won’t fire Depleted Uranium rounds because the Environment or something so they had to up to 130mm to get the same penetration performance using tungsten. So less rounds.

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