RUTHFULLY YOURS

https://asiatimes.com/2021/11/us-inflation-more-horrible-than-washington-admits/

The US Consumer Inflation Report for October was horrible, showing a 12% annualized rate of price change. But it’s even worse than it looks. The shelter component of the index lags the more reliable private gauges of rent inflation. That means worse is to come.

Three US companies publish national rent indexes – CoreLogic, Zillow and Apartmentlist.com – and their readings of year-on-year rent inflation range from 9% to 16%. But the US Bureau of Labor Statistics reports a year-on-year rise in the rents of just 3.4%. Shelter represents a third of household expenditures according to the Consumer Price Index.

Before the COVID-19 pandemic, the private indices and the government measure of rent inflation moved in lockstep, albeit with lags in the latter reflecting the fact that not everyone’s lease expired at the same time. Given past lags, the rent increases should have shown up in CPI by now. So I really can’t explain the discrepancy.

Led by used vehicle prices, durable goods prices rose 12% over the twelve months through October, according to the official data. That can be blamed on the chip shortage, which constrained auto production and left consumers and car dealers in bidding wars for everything on four wheels. But the price of nondurable goods also jumped 10% over the past year. That’s simple demand-pull inflation: the combination of a $6 trillion giveaway to US consumers and enhanced jobless benefits that kept 2 million Americans out of the workforce left too much money to chase too few goods.

https://www.bloombergquint.com/business/ships-keep-coming-pushing-u-s-port-logjam-and-waits-to-records

The logjam of container ships outside the California ports of Los Angeles and Long Beach swelled to another record as stepped-up efforts to clear cargo off the docks failed to prevent the average wait for vessels from reaching nearly 17 days. The queue, both at anchor and in a holding zone, rose to 83 ships as of late Friday, four more than Wednesday and topping the previous high of 81 set earlier in the week, according to officials who monitor marine traffic in San Pedro Bay. The average wait increased to 16.9 days, double the level from two months ago, according to L.A.’s Wabtec Port Optimizer.

Strained supply chains have become an economic drag on the world’s largest economy and a political risk for President Joe Biden as the disruptions put upward pressure on inflation while highlighting shortages of workers, including truck drivers and warehouse staff. Consumer sentiment is deteriorating amid a spike in the cost of living.

“Every sector of the supply chain has reached capacity,” Port of Long Beach Executive Director Mario Cordero said in a statement this week announcing that its terminals had their second-busiest October on record.
“We are trying to add capacity by searching for vacant land to store containers, expanding the hours of operation at terminals, and implementing a fee that will incentivize ocean carriers to pull their containers out of the port as soon as possible.”

The White House earlier this week touted incremental progress at L.A.-Long Beach– a 20% decline in the number of containers sitting for more than nine days days in the week to Nov. 8. The adjoining gateways for 40% of the nation’s containerized imports have handled 17% more volume this year, while their land-side storage capacity remained unchanged.

https://www.manhattancontrarian.com/blog/2021-11-12-do-you-have-any-doubt-that-the-fbi-is-fundamentally-a-criminal-organization

Over the years, mostly in connection with the Trump/Russia collusion hoax, I have had many occasions to cover what I have considered to be wrongful — indeed clearly criminal — conduct by the FBI. To give just a few examples, there was the 2016 application for a FISA warrant against Carter Page (three times renewed) based on knowingly false information; the 2017 set-up of Michael Flynn; and then-Director Comey’s blatant lies to President Trump in early 2017 about what the FBI was up to. Or go to this link for a long litany of wrongful FBI and DOJ conduct.

The problem with all of this, of course, is that the FBI completely undermines its own mission when it engages in such conduct. As I wrote at that last link in December 2017:

[Y]ou would be out of your mind ever to cooperate in any way with these guys. And so would everybody else in this country. And thus, the FBI and Justice are totally undermining their own effectiveness as law enforcement institutions.

So with all that has now come out about the FBI’s sordid and criminal role in the Trump/Russia matter, do you think that the people at the Bureau would be at least a little chastened? Don’t be ridiculous. Indeed, they have every reason to have learned the opposite lesson. With more than five years having passed since the launch of the “Crossfire Hurricane” investigation (i.e., spying on the Trump presidential campaign), most statutes of limitations have expired without any of the main perpetrators getting charged. The sole FBI guy who has taken a plea (lawyer Kevin Clinesmith, for altering an email submitted as part of one of the later FISA applications) was sentenced in January 2021 to mere probation (that is, no jail time). The New York Times quotes the sentencing judge, James Boasberg, as follows:

“Anybody who has watched what Mr. Clinesmith has suffered is not someone who will readily act in that fashion,” Judge Boasberg said. “Weighing all of these factors together — both in terms of the damages he caused and what he has suffered and the positives in his own life — I believe a probationary sentence is appropriate here and will therefore impose it.”