Ripped From The Headlines, January 13, 2023
CA Power Grid Issues Exposed, Big Banks Set To Hose You, Again, BlackRock Loses Its Shirt - Read, Share, & Subscribe - SherlocExposes.com
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Ripped From The Headlines - A Tribute To The Legendary Paul Harvey
(EDITOR’S NOTE 1: Orange-linked text is clickable for additional information.)
"David Higares was on his fourth day without power in his Morada home in San Joaquin County when he woke up to indoor temperatures barely above 50 degrees.
His lights had flickered twice since his neighborhood outside Stockton went dark Saturday, following one of the train of atmospheric river storms, but his home remained dark, he said. Each time he checked, it seemed Pacific Gas & Electric had again pushed back the estimate for restoring power.
'It feels endless at this point,' said Higares, who lost all the food in his refrigerator and freezer due to spoilage. 'Basically, we’re camping indoors.'
'We expect, unfortunately, more weather extremes, more climate volatility — not just hotter in the summer, but more extreme weather in our winters,” said Mark Toney, executive director of the Utility Reform Network, which advocates on behalf of utility ratepayers. ‘Utilities [should be] viewing themselves as part of an ecosystem, if you will, of disaster preparedness.'”
The nation’s largest banks said rising interest rates are likely to push the U.S. into a recession this year, though they are only starting to feel the effects in their quarterly earnings.
The four largest commercial banks reported mixed fourth-quarter results on Friday. Lending grew more profitable and consumers continued to spend on credit cards, but the banks collectively stowed away $2.8 billion in the final three months of 2022 to cover potential loan losses. JPMorgan Chase & Co. set aside nearly half of it.
'It may be a mild recession. It may not be,' JPMorgan Chief Executive Jamie Dimon said in a call with reporters.
The banks said that their customers continue to spend on discretionary items, including travel. Customers at the four banks collectively spent 10% more on their credit cards compared with a year ago.
They also stopped paying off the charges so quickly. Credit card balances rose a collective 17% at the four banks."
"BlackRock’s Larry Fink has admitted that 'negative markets had a substantial impact' on the world’s largest fund manager last year, wiping out $1.4tn of its assets and hitting profits.
In an internal memo seen by the Financial Times, the chief executive said the operating environment 'is unlike anything we’ve seen in decades.'
His comments come as asset managers across the industry have suffered steep declines in assets under management amid one of the toughest market environments in recent history. Global stocks and bonds fell last year by nearly 20 percent and 14 percent respectively.
Reporting fourth-quarter results, BlackRock said its assets under management dropped from a record $10tn a year ago to $8.6tn. Revenues fell by 15 percent to $4.3bn compared with the same period a year ago."
"What’s With The Infrastructure Friday,” Ripped From The Headlines. Things To Ponder:
“Our Budget Surplus Can Handle It! Oh, Wait…”
We figure that’s CA Governor Gavin Newsom’s office these days…
Setting aside the state’s epic failure of turning a budget surplus into a deficit in record time, the systemic issues with infrastructure in California, and around the country, is on center stage right now…
Winter storms a few weeks ago = epic systems failure.
Endless storms in CA now = epic systems failure.
Supply Chain = epic systems failure.
See a pattern here?
All that money goes into the system (from you), yet nothing seems to get fixed (by them).
What gives?
It feels like this Stevie Wonder song:
“So, We Know There’s A Bad Recession Coming And All, But Screw You Anyway…”
Been to a bank lately? If you can actually get inside one, that is…
That’s about how the service feels, right?
Rich guys who run the banks hold your money for ransom say that it’s coming, we’re worried about us, and good luck to you, then they drop this nugget:
“The banks said that their customers continue to spend on discretionary items, including travel. Customers at the four banks collectively spent 10% more on their credit cards compared with a year ago.
They also stopped paying off the charges so quickly. Credit card balances rose a collective 17% at the four banks.”
Research tip: That last quote is a leading indicator of a problem. People are having to borrow to live…
Where are my emojis, right about now…? ‘cause that ain’t good!
But, there’s a bigger problem…
It looks like the FDIC program really has no way to insure your deposits… and the banks don’t have any money either…
Surprise!
This video with Seth Holehouse of Man In America and Kirk Elliot breaks it all down in 30 minutes. Just click on it to watch it:
“Hello, I Must Be Going!”
That’s Larry Fink of Blackrock these days…
Talking about people’s investment dollars that have gone, POOF…
Maybe he was too busy being all ESG Superman to pay attention to fundamentals?
Not to worry though…we’re sure he’s part of that ESG Investment grift we talked about yesterday…
So he’ll get his money back…
Everyone else?
Fink Happens. Enjoy your losses!
What Does This Mean?
Your fellow humans recognize that things are wrong…
AND THEY’VE BEEN EXPRESSING IT.
You should look at this full Wall Street Journal polling report to see just how much.
You’re about the get a WHOLE LOT POORER if you don’t take action.
Why Should I Care?
Have you noticed the weather trends?
How about the end of the middle class?
This all affects you…
You should care.
What Should I Do?
Be a beacon… sound the alarm.
Time is short…
Share this newsletter… heck, take from it and do your own. We give you permission…
Take the time to learn about Parallel Economies, and find alternatives to the things you use today… food, money, and transportation.
It sounds like doom & gloom… but, it’s not a bad practice in a high-tech world to have practical skills and methods… just in case.
GET MOVING ASAP.
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Tell them to ask us.
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