Auto Crisis Worsens As Rate Of Severely Delinquent Loans Hits 2009 Levels
An alarming number of Americans with auto loans are struggling to make monthly payments. Auto loan performance saw further deterioration in December, and loan delinquencies jumped. Of all loans, severely delinquent ones have reached the highest rate since the financial crisis about 15 years ago.
New bone-chilling data via Cox Automotive sheds light on the rapidly deteriorating auto loan market. The report said loans delinquent by more than two months increased by 5.3% and jumped 26.7% from a year ago.
People are not paying their car loans.
Auto loans delinquent (overdue) by MORE than 60 days are now up *26.7%* from a year ago.
Not a crisis just yet but watch this trend closely.
Of all loans, 1.84% were severely delinquent, which was an increase from 1.74% in November and the highest rate since February 2009.
In December, 7.11% of subprime loans were severely delinquent, increasing from 6.75% the prior month. The subprime severe delinquency rate was 163 basis points higher than a year ago, and the December rate was the highest in the data series back to 2006.
Cox Automotive said even though an increasing amount of people are missing loan payments — this has yet to manifest into defaults:
Loan defaults declined 13.5% from November but were up 16.9% from a year ago. The annualized auto loan default rate in December was 2.56%, which was lower than the 2.98% rate in December 2019. The default rate in 2022 was 2.28%, up from a low of 1.98% last year but still lower than the 2.90% rate in 2019.
And perhaps the reason why defaults have yet to surge is that lenders don’t consider the borrower to be in default until 90 to 120 days late of insufficient payments. This might suggest that a default wave could be hitting over the next few quarters as consumers are tapped out by 20 months of negative real wave growth, depleted personal savings, and maxed-out credit cards. All those folks who bought cars they didn’t need nor could afford with +$1,000 monthly payments during Covid will be financially ruined when the next recession hits.
Over a million children left public schools in 2020, a migration that came on the heels of school lockdowns and masking requirements, and was hastened by increased parental dissatisfaction with K-12 education.
Enrollment in U.S. public schools declined by 1.4 million students between fall 2019 and fall 2020, dipping to 49.4 million, a loss of nearly 3 percent, according to data from the National Center for Education Statistics (NCES).
The decline may be closer to 2 million, according to a report by Education Next showing that traditional public school enrollment as a percentage of all school enrollment declined sharply between 2020 and 2022.
Enrollment in traditional public schools fell from 81 to 76.5 percent of total enrollment during that period, while enrollment in public charter schools, private schools, and homeschooling grew by a combined 4.5 percent.
Those numbers indicate that nearly 2 million students left traditional public schools for other educational options over the previous three years.
In many cases, the disruption in learning due to COVID-19 policies was the catalyst many parents needed to make the jump away from public schools to charter schools, private schools, and homeschooling.
Based on recent enrollment figures and the comfort many parents express with their decision to opt out of public schools, it appears the missing millions will not return.
Dissatisfaction With Learning
Parent satisfaction with K-12 education plunged between 2019 and 2022, according to GALLUP. Prior to the onset of COVID-19, 51 percent of parents said they were either completely or somewhat satisfied with their child’s education. Three years later, that satisfaction level was 42 percent, the lowest in over 20 years.
Nearly a quarter of Americans, 23 percent, said they were completely dissatisfied with their child’s education.
Parent interviews conducted by The Epoch Times revealed that distance learning during school lockdowns provided a glimpse into the classroom that made parents question their school’s ability to educate their children.
“For a while, [our kids] were getting homework assigned to them by their teachers … but there was no teaching going on,” Matt Mohler of Tallahassee, Florida, said. He moved his children from a highly public school to a classical charter school in the fall of 2020.
“Once a week they’d all get together on a classroom call, and that was the extent of what the teachers were doing. We realized that we weren’t getting a lot of effort out of the teachers.”
“The distance learning was eye-opening,” said Maria Nicholas of Whittier, California, who began homeschooling her son in the fall of 2021. She said she would not have considered homeschooling if not for the lockdown, but seeing how her middle-school son thrived while at home rather than in the classroom was a factor in her decision.
Shireen Qudosi of Orange County, California, took her autistic son out of public school in October 2020. “There wasn’t even a functioning curriculum in place, which access into the classroom through remote learning confirmed.”
Mask and Vaccine Requirements
In January 2022, 65 percent of public schools tracked by data site Burbio had student masking requirements. Parent and student protests against mandatory masking erupted that month in New York, California, and Massachusetts.
The combination of public school mask policies and state vaccine mandates drove some parents to seek alternatives.
Longtime home-schooler Christine Hamman saw an influx of parents to her home-school group during the last two years. “COVID added people who are anti-vax and anti-masking,” she said. “Mostly, parents didn’t want their kids masked for six hours a day.”
“When SB 276 was signed, we realized we’d be homeschooling all of our children,” said Sara Cruz, speaking of a California law expanding vaccine requirements for schoolchildren. Cruz began home-schooling during the current school year.
“I’m on the other end of this spectrum,” Nicholas said.
“I’m for it, and I would like more people to have it,” she said, but seeing the number of people unmasked and unvaccinated at her school caused concern for her son’s health. “I thought they weren’t doing enough to keep the kids safe,” she said, which was a factor in her choice to withdraw.
Other reasons for leaving public schools included concern over appropriate teaching on social issues like sex, gender, and drug abuse, as well as student safety.
Parents don’t want their children exposed to the “radical indoctrination that the public schools are doing,” J. Allen Weston, Executive Director of the American Home School Association, told The Epoch Times.
“The school had a ‘Say No to Drugs’ campaign, but they were going into detail on what drugs were out there,” Mohler said, speaking of his daughter’s second-grade class.
“If they’re going to learn about that, they’re going to learn about that from me.”
Other parents expressed concern over bullying, the stress created by active-shooter drills, and the availability of sexual content on smartphones carried by other students.
Where They Went
Most parents who opted out of public schools over the last few years chose other educational options for their kids. Homeschooling was the choice for many, though the number of children enrolled is difficult to estimate.
“It is impossible to know the exact numbers because more than half of the states do not require parents to register as homeschoolers. Or if they are required, then the state does not keep count,” Weston said. He reported that his organization grew by a factor of 20 over the last three years.
Heather Martinson, the founder of Celebration Education home-school co-op, told The Epoch Times the Facebook group for homeschoolers in her area tripled to 12,000 members since January 2020.
Public charter schools, which had more than doubled to 3.4 million in the preceding decade, enrolled another 270,000 students between 2019 and 2021, according to the National Association of Public Charter Schools (NAPCS).
Private school enrollment grew as well, adding over 500,000 in 2020 reach 11.1 million, according to data site Statista. A study by the CATO Institute shows that more private schools gained enrollment than lost it during 2020-21.
Some students who left public schools in 2020 entered the workforce. About 2 million students dropped out of high school that year, according to NCES.
In 2017, the NCES found that 47 percent of high school dropouts were employed. If the percentage remained similar in 2020, that would mean over 900,000 students left school for work that year.
Other Shifts
Though not reflected in national totals, public school enrollment in large cities has been in decline for up to 20 years in some cases. These losses appear to be driven more by demographic changes than by parents opting out of public schools.
Enrollment in Denver public schools dropped 3 percent from 2019 to 2021, a change driven in part by low birth rates and a shrinking population, according to education news site Chalkbeat.
New York City’s public school enrollment decreased by some 38,000 students in 2020, but 9,376 of them simply crossed the river to New Jersey according to the website Gothamist. More than 5,100 students moved from New York to Pennsylvania that year, and another 5,600 to Florida.
Also, the population of New York state was in decline during that time. The state lost over 350,000 to domestic migration between July 2020 and July 2021.
Enrollment in Los Angeles public schools has dropped 42 percent since the early 2000s, according to the online publication EdSource. LA Unified School District Superintendent Alberto Carvalho told journalists in July that recent losses are attributable partly to people moving to other states because of political ideology or the desire for lower taxes.
Return Unlikely
Relatively few students who withdrew from public school in 2020 have returned so far. Public school enrollment rebounded just 0.2 percent in 2021, including first-time enrollees, and remains at its lowest level since 2010.
Parents who made the choice to withdraw from public school during the last two years are highly satisfied with their choice, according to a report from NAPCS.
Nearly 90 percent of families who changed school types experienced a positive change as a result of the switch, with 57 percent saying their child was happier, according to NAPCS.
Egg Seizures Skyrocket At US Border As Arbitrageurs Attempt To Capitalize On Poultry Crisis
America’s egg shortage worsens by the week. Supermarkets nationwide are running out of eggs as prices hyperinflate. Egg arbitrage is rising as people attempt to smuggle egg and poultry products across Mexico–US border for resale in the States where they can reap hefty profits.
Eggs in rural Mexico!
100.00 pesos = USD 5.33 for a flat
3.80 pesos for six eggs = .20 cents USD
I think I need to get into the egg smuggling business! pic.twitter.com/6Qk7JEfctS
US Customs and Border Protection reported a 108% increase in egg and poultry seizures at land ports on the border from Oct. 1 to Dec. 31. The uptick in egg smuggling comes as retail prices erupt in the US as the avian flu forced producers to cull tens of millions of birds and egg-laying hens over the last year.
“My advice is, don’t bring them over.
“If you fail to declare them or try to smuggle them, you face civil penalties,” said CBP Supervisory Agriculture Specialist Charles Payne
Egg seizures are so rampant that CBP tweeted that smugglers will be slapped with $10,000 fines.
The San Diego Field Office has recently noticed an increase in the number of eggs intercepted at our ports of entry. As a reminder, uncooked eggs are prohibited entry from Mexico into the U.S. Failure to declare agriculture items can result in penalties of up to $10,000. pic.twitter.com/ukMUvyKDmL
— Director of Field Operations Jennifer De La O (@DFOSanDiegoCA) January 18, 2023
People have realized there are huge profits in buying a 30-count carton of eggs at $3.40 in Juarez, Mexico, and reselling them in the US.
It’s only a matter of time before cartels figure out about this lucrative trade.
The Centers for Disease Control and Prevention (CDC) played a direct role in policing permissible speech on social media throughout the COVID-19 pandemic. Confidential emails obtained by Reason show that Facebook moderators were in constant contact with the CDC, and routinely asked government health officials to vet claims relating to the virus, mitigation efforts such as masks, and vaccines.
For a broader analysis of the federal government’s pandemic-era efforts to suppress free speech—and whether they violated the First Amendment—see Reason‘s March 2023 cover story on the ramifications of these emails. This article provides screenshots of the emails themselves.
After Elon Musk took control of Twitter, he permitted several independent journalists to peruse the company’s previous communications with the FBI, the CDC, the White House, and government officials elsewhere. These disclosures, which have become known as the Twitter Files, reveal that government bureaucrats put substantial pressure on Twitter to restrict alleged misinformation relating to elections, Hunter Biden, and COVID-19.
The Facebook Files, which were obtained by Reason as a result of the state of Missouri’s lawsuit against the Biden administration, reveal that the CDC had substantial influence over what users were allowed to discuss on Meta’s platforms: Facebook and Instagram.
The messages reveal an environment where the CDC kept tabs on Meta’s moderation practices and regularly told the company what the agency wanted it to do.
For instance, in May 2021, CDC officials began routinely vetting claims about COVID-19 vaccines that had appeared on Facebook. The platform left it up to the federal government to determine which assertions were accurate.
Facebook’s moderator notes that some of the above claims “would already be violating”—an implicit admission that the CDC’s opinion on the other claims would be a deciding factor in whether the platform would restrict such content. Facebook was clearly a willing participant in this process; moderators repeatedly thanked the CDC for its “help in debunking.”
Claims vetted by the CDC included whether “COVID-19 is man-made.” The CDC told Facebook that it was “theoretically possible, but extremely unlikely.”
For months, it was Meta policy to prohibit users from asserting that the pandemic may have originated from a lab leak. The platform revised this policy around the same time that the above email exchange took place.
By July 2021, the CDC wasn’t just evaluating which claims it thought were false, but whether they could “cause harm.”
Then, in November, the Food and Drug Administration granted emergency authorization for children to receive Pfizer’s COVID-19 vaccine. Meta proudly informed the CDC that it would remove false claims—”i.e. the COVID vaccine is not safe for kids”—from Facebook and Instagram. Meta also provided the CDC with a list of new claims about vaccines and asked whether the government thought they could “contribute to vaccine refusals.”
The CDC determined that this label applied to all such claims.
It’s important to consider the ramifications. Meta gave the CDC de facto power to police COVID-19 misinformation on the platforms; the CDC took the position that essentially any erroneous claim could contribute to vaccine hesitancy and cause social harm. This was a recipe for a vast silencing across Facebook and Instagram, at the federal government’s implicit behest.
Meta frequently gave the CDC lists of pandemic-related topics that had gone viral, seeking guidance on how to handle them. And the CDC informed Meta “to be on the lookout” for misinformation stemming from specific alleged misconceptions.
Meta also kept the CDC apprised of criticism of Anthony Fauci, the White House’s COVID-19 advisor and head of the National Institute of Allergy and Infectious Diseases (NIAID). One email warned the CDC that Facebook users were mocking Fauci for changing his mind about masking and double-masking. The CDC replied that this information was “very helpful.”
If the tone of Meta’s communications seems overly friendly, it’s worth noting that staffers viewed government employees at the CDC as their “colleagues.” In one email, Meta discussed providing said colleagues with access to a “reporting channel” for COVID-19 misinformation. The list of individuals with access included CDC staff, as well as employees at Reingold, a communications firm advising government health agencies.
This is just a snapshot of the messages exchanged between the CDC and Meta. They also had regular conference calls. The CDC was not the only arm of the federal government engaged in this work, of course: White House staffers also castigated Meta for not deplatforming alleged misinformation fast enough. President Joe Biden himself accused Facebook of “killing people” in July 2021.
One wonders whether these condemnations, from Biden and others in his administration—which included the specific threat of punitive regulation if demands for greater censorship were not met—influenced Meta’s decision to delegate COVID-19 content moderation to the CDC.
SHOT Show Roundup: Newest Firearms, Vehicles, Drones For Special Operations Forces
SHOT Show 2023 kicked off earlier this week. Recall that we combed through Venetian Expo and Caesars Forum in Las Vegas, revealing some of the most innovative products the defense industry has.
We came across AeroVironment’s Kamikaze Switchblade drone (infamous since the Biden administration is sending thousands to Ukraine), grounded-based robots with mounted guns, UTVs for special operations forces, anti-drone guns, handheld thermite breaching tools, armored vehicles, high-tech weapons, and much more.
As the SHOT Show winds down, we found the last remaining exhibitors with high-tech guns, firearms accessories, vehicles, and/or gear — many of these defense firms have extensive military contracts.
One light vehicle used currently by special operations forces was featured at the SWORD Defense Systems exhibit.
The vehicle was outfitted with drones, multiple side mounts for light machine guns, and a turret on top for a heavy machine gun.
Walking the Venetian floor, we found the US Army’s new submachine gun.
The Army awarded B&T USA the contract for a submachine — this is the first award the service has made for a submachine in half a century. It’s called the APC9K, beating out SIG Sauer, CZ, PTR, and many more to win the contract.
In another exhibit, we noticed two fixed-wing drones.
A South Korean company had a massive drone that could shoot projectiles.
More next-generation military gear. Most everything you’ve seen in Call of Duty: Modern Warfare has become a reality.
Here’s the original ArmaLite rifle, known by many as the AR platform.
Tulsi Gabbard?
All of those pistol-braced firearms will soon have to be registered as short-barrel rifles with the ATF. There was a lot of chatter about the new pistol brace rule at the event. ATF was also present at the event.
Here’s a special ops vehicle with a mini-gun on top. So it’s a Ford truck. What happened to all those Toyota Hilux?
And last but not least, Ghost Gunner’s latest iteration of the CNC mill to finish 80% lowers to completion.
BlackRock has come to an agreement with the state of Florida after Governor Ron DeSantis (R) declared that asset managers overseeing some of the state’s $220 billion+ in pension funds cannot employ environmental, social and governance (ESG) investment strategies, according to Bloomberg.
DeSantis and other trustees of the state authority running Florida’s pensions formally changed the plans’ policies on Tuesday to say that decisions surrounding investments “must be based only on pecuniary factors” which do not take into account “social, political, or ideological interests.”
“To the extent that BlackRock has complied with the governor’s directives to abandon ESG metrics, we appreciate this and celebrate this win for Floridians,” said DeSantis press secretary Bryan Griffin.
The effort by DeSantis began in August, when he banned state pensions from investing in ESG strategies. In response, Florida’s State Board of Administration began updating contracts with investment managers.
“The SBA continuously evaluates all managers, and they are all held to the same exacting standards in delivering returns and performance,” reads a statement.
Besides BlackRock, the world’s biggest asset manager, dozens of other firms manage Florida’s pensions, including Morgan Stanley, Schroders Plc and Artisan Partners, according to filings.
BlackRock, which managed about $13 billion in Florida pension funds as of December, said it’s “committed to the SBA’s mandate of prioritizing financial performance consistent with their investment objectives,” according to a statement. -Bloomberg
The agreement between BlackRock and Florida also follows an announced move last year by state CFO Jimmy Patronis, who said he was pulling $2 billion in state funds out of the money manager – which he accused of using Florida’s pensions to fund a “social-engineering project.” He advised the SBA to remove the firm as one of its asset managers as well.
On Tuesday, BlackRock CEO Larry Fink said the ESG issue has turned “ugly.”
Lawmakers in Jackson have just introduced legislation to exempt gold and silver coins, bars, and rounds from the Mississippi’s state sales tax. Rep. Jill Ford has reintroducedHouse Bill 508 at the beginning of the 2023 session.
This year’s legislative effort seeks to build on last year’s momentum. Last year, Rep. Ford’s sales tax exemption bill passed out of the Mississippi House of Representatives overwhelmingly but it missed a deadline in the Senate needed to receive a hearing.
Two similar Mississippi bills have already been introduced this session (HB 23&SB 2019).
Imposing taxes on the exchange of Federal Reserve notes for monetary metals (i.e. gold and silver) has become an unusual and outmoded practice in the United States… only 8 states still engage in it.
Most recently, Alabama, Tennessee, and Virginia last year passed legislation to exempt or extend current sales tax exemptions on the precious metals. With 42 states now having eliminated sales taxes on purchases of gold and silver, Mississippi may be the next state to do so.
Under the status quo in Mississippi, citizens are discouraged from protecting their savings against the devaluation of the dollar because they are penalized with sales taxation for doing so. No state bordering Mississippi has the same policy.
Passage of HB 508 would remove disincentives to holding gold and silver — a move that has become especially pertinent at a time when inflation is ripping through the economy and wrecking havoc on family budgets.
Eliminating sales taxes on gold and silver is good public policy for several reasons:
Levying sales taxes on precious metals is inappropriate. Sales taxes are typically levied on final consumer goods. Computers, shirts, and shoes carry sales taxes because the consumer is “consuming” the good. Precious metals are inherently held for resale, not “consumption,” making the application of sales taxes on precious metals inappropriate.
Studies have shown that taxing precious metals is an inefficient form of revenue collection. The results of one study involving Michigan show that any sales tax proceeds a state collects on precious metals are likely surpassed by the state revenue lost from conventions, businesses, and economic activity that are driven out of the state.
The harm is exacerbated when you consider that all of Mississippi’s neighbors (Alabama, Louisiana, Kentucky, and Tennessee) have already stopped taxing gold and silver. Most recently, Tennessee ended this tax in 2022, and Arkansas eliminated this tax in 2021.
Taxing gold and silver harms in-state businesses. It’s a competitive marketplace, so buyers will take their business to neighboring states, such as Alabama or Louisiana (which have eliminated or reduced sales tax on precious metals), thereby undermining Mississippi jobs. Levying sales tax on precious metals harms in-state businesses who will lose business to out-of-state precious metals dealers. Investors can easily avoid paying $136.50 in sales taxes, for example, on a $1,950 purchase of a one-ounce gold bar.
Taxing precious metals is unfair to certain savers and investors. Gold and silver are held as forms of savings and investment. Mississippi does not tax the purchase of stocks, bonds, ETFs, currencies, and other financial instruments.
Taxing precious metals is harmful to citizens attempting to protect their assets. Purchasers of precious metals aren’t fat-cat investors. Most who buy precious metals do so in small increments as a way of saving money. Precious metals investors are purchasing precious metals as a way to preserve their wealth against the damages of inflation. Inflation harms the poorest among us, including pensioners, Mississippians on fixed incomes, wage earners, savers, and more.
Meanwhile, no states have permanently reversed their existing exemptions. The state of Louisiana and Ohio both experimented briefly with reimposing sales taxes on precious metals purchases.They both quickly reversed course (within two years) and reinstated their sales tax exemptions on precious metals — because businesses, coin conventions, and state tax revenues were leaving the state.
Currently Mississippi is tied for 45th out of 50 in the 2023 Sound Money Index. Passage of HB 508 would allow the state to increase its ranking dramatically.
SBF’s Clinton Ties Helped Disgraced Crypto King Dupe Investors
The relationship between FTX founder Sam Bankman-Fried and the Clintons helped him to boost credibility before his firm imploded.
Bankman-Fried, or SBF, is accused of eight criminal charges, including conspiracy to commit money laundering, conspiracy to commit wire fraud on customers and lenders, conspiracy to commit commodities and security fraud, and separate wire fraud on customers and lenders.
And as the NY Post reports, a close relationship with the Clintons helped SBF to dupe investors.
Bill Clinton was paid north of $250,000 when he spoke at the disgraced FTX CEO’s Crypto Bahamas Conference in April, sources told The Post. At the over-the-top tropical shindig, the ex-US president along with former UK Prime Minister Tony Blair were famously photographed onstage next to Bankman-Fried, who appeared wearing shorts and a T-shirt.
Shortly thereafter, Bill and Hillary Clinton invited the 30-year-old Bankman-Fried — known as “SBF” in crypto circles — to speak at their annual Clinton Global Initiative in New York — an effective endorsement of the former FTX CEO that played a pivotal role in elevating his reputation among politicians and deep-pocketed investors alike, insiders told The Post. -NY Post
To promote the Clinton event, SBF’s photo was featured on the Clinton Foundation website next to notables such as Matt Damon, Gavin Newsom, Melinda French-Gates and Larry Fink.
People close to the Clintons say it was a typical quid-pro-quo between the Democratic power couple and SBF; up and coming business leaders gain credibility by riding the Clinton coattails – and then the Clintons get a check.
“The Clintons’ involvement gave SBF some air cover,” said one former confidante in a statement to the Post.
And while many politicians have returned donations from SBF and other FTX executives, it’s been crickets from the Clintons – with critics saying it’s ‘unseemly’ for Bill Clinton to hold on to the $250,000 speaking fee he received when thousands of investors have lost their retirement accounts and savings in the implosion.
“I don’t think every public figure has to give back every dollar from every tarnished source, but it’s obviously wrong to hold onto money the orchestrator of a Ponzi scheme paid you to lend their grift credibility,” said Jeff Houser, director of progressive corruption watchdog, the Revolving Door Project.
“They should just apologize and give the money back now,” another insider told the Post, adding “It’s only going to get messier.“
Too many people invest in bitcoin the asset without fully appreciating all of the value that Bitcoin the technology can provide…
As you might have learned from watching the mainstream news, the bitcoin price has been pumping as of late. If you bought the top and held until now, you may consider taking advice from good ol’ Mr. Goldshill himself, Peter Schiff, and use this opportunity to sell. If you’re someone who missed the boat, though, you may reasonably wait for confirmation and buy closer to $70,000. For those thinking to make a quick buck, you might hop on for a ride just to try and cash out near the next all-time high. If you’re a Communist who doesn’t believe we need a noncoercive way to coordinate human action… well, then, I can’t help you.
Whatever your story or specific situation is, one thing is clear: buying bitcoin is not going to help you.
Yes, you read that right. The physical act of trading one monetary good for another does next to nothing for you. Sure, you might make a few dollars in the short term (save for as much as 37% on short-term gains taxes). You may even get a girlfriend. Pay for that next vacation? Lambo? Why not?! But none of that matters because the ultimate value of bitcoin is not merely quantitative, but qualitative. And to get the qualitative benefits, you’ll need to prove you’ve done some work…
The gift of bitcoin lies in the unfathomable unlocking of understanding that you receive from putting in the time and effort to study it. The bad news is that there’s so many different rabbit holes down which to go. You could spend months to years learning about any of the following: cryptography, computer science, distributed systems, open-source software, network effects, game theory, economics, monetary theory, eleventh grade math, energy production, geopolitics, history, human rights, philosophy, human psychology, personal responsibility, just to name a… few. The good news is that there’s so many rabbit holes down which to go. I’ve been studying Bitcoin since 2018, and I’ve yet to even come close to exhausting the depth and breadth that Bitcoin offers. On top of that, the wisdom derived is rooted in reason and logic; it acts as an anchor in a world where reality is constantly and increasingly manipulated.
Initially, it’s hard to grapple with the fact that you’ve grown accustomed to living with a relatively short-term mindset, as we all have at some point in our lives. This short-term mindset is what Bitcoiners refer to as “high time preference.” It might take some time, but understanding how the money we choose changes individuals’ incentive structure is the first step to understanding why bitcoin is the best form of money. Inflationary fiat incentivizes its users to make decisions based on the needs of the present, while disinflationary bitcoin incentivizes its users to plan for the future while deprioritizing present consumption. It took me years of intent study to get to a point where I could articulate that point and truly grasp its effect on society. Don’t expect to get there in one conversation, article or podcast. This knowledge can only be spoon fed so much. You have to build a “proof-of-work” mindset. Unfortunately, many of your friends think they already know what they don’t know…
DUNNING-KRUGER AROUND AND FIND OUT
Source: author
Wikipedia states that the Dunning–Kruger (DK) effect is a cognitive bias whereby people with low ability, expertise or experience regarding a certain type of task or area of knowledge tend to overestimate their ability or knowledge. One main reason that most normies won’t take the time and effort to do their own research, or DYOR, is because of hubris.
The most recent and obvious example of this in regards to Bitcoin came during Joe Rogan’s recent interview with geopolitical strategist, speaker and New York Times best-selling author, Peter Zeihan. While this guy is seemingly intelligent and well versed on much of what he writes and speaks about, he completely exposed his utter lack of knowledge and understanding of Bitcoin (and basic monetary theory) in less than a three-minute time span. For a great breakdown of how epically wrong he was about Bitcoin, listen to Guy Swann’s brilliant “Bitcoin Audible” podcast.
The point here is not to beat up on Zeihan (too much). The point is that we are all human and are able to easily make incorrect assumptions based on misconceptions and ignorance. To approach Bitcoin, you must begin with a level of humility and intellectual honesty. Unfortunately, too many of us will outsource this to “trusted” media sources filled with people who have yet to do the work themselves. This is a core concept within Bitcoin: don’t trust, verify. If you choose to trust those who show bravado but are void of any depth of knowledge, you’ll end up sharing their same misconceptions. You have to do the work yourself and come to your own conclusion. It takes… time (pun indeed intended).
The physical act of purchasing bitcoin is not the pinnacle of virtue. If you want to capture the entire value that Bitcoin offers, you need to show the mental proof of work required to comprehend at least a fraction of what this invention can do. Most of your normie friends won’t, though. Many will continue believing that the solution to life’s ills can be solved through subjugating their will to an equally-flawed human, whether they be red or blue. Others will go back to their bread and circuses. Most will lose focus in order to support “the next thing.” Everyone will have their reasons and justifications. Some of your friends will even become salty haters or remain intellectually dishonest.
Chicago Mayor Admits ‘Mistake’ After Student Bribery Scandal
Chicago Mayor Lori Lightfoot admitted to making a ‘mistake’ after getting caught red handedillegally seeking help from students to aid her reelection campaign in exchange for class credits.
In an email to Chicago Public Schools teachers last Wednesday, Lightfoot asked teachers to encourage students to volunteer to help her with a second term as mayor in what she called the “externship program.”
Students would be expected to contribute 12 hours per weekto the Lightfoot campaign, for which students could earn “class credit,” WTTV reported.
“We’re simply looking for enthusiastic, curious and hard-working young people eager to help Mayor Lightfoot win this spring,” read the email.
After WTTVNews reported on the email, Lightfoot’s campaign scrambled to do damage control – saying they would “case contact with CPS employees” out of an “abundance of caution.”
Lightfoot herself said the attempt to bribe students was “simply a mistake.”
After her campaign was caught sending e-mails to Chicago Public Schools teachers asking them to offer extra credit to students who volunteered to get her re-elected, Chicago Democrat Mayor Lori Lightfoot now says it “was simply a mistake.” pic.twitter.com/dPVACIzOyJ
Now, the Chicago Public Schools inspector general is investigating the matter, according to NBC News.
Meanwhile, Lightfoot’s Mayoral opponents are pouncing.
The email comes just as a nine-way mayoral battle is underway and Lightfoot is facing formidable opponents, including Rep. Jesus “Chuy” Garcia of Chicago and Paul Vallas, a former superintendent of Chicago schools.
Vallas called for a thorough inquiry into the extent of the campaign’s involvement, including whether someone shared government email lists with a political entity.
“I cannot believe CPS did this without some kind of clear message from City Hall,” he said.
Another mayoral hopeful, Chicago Alderman Sophia King, said the email in and of itself was the kind of thing that “gives Chicago a bad name.”
“I really think this is egregious, and if she had anything to do with this she should step down,” King said of Lightfoot. -CBS News
In more damage control, the Lightfoot campaign has issued several statements stating that campaign staff have “been reminded about the solid wall that must exist between campaign and official activities and that contacts with any city of Chicago, or other sister agency employees, including CPS employees, even through publicly available sources is off limits. Period.”
