OPEC Rebukes Biden and the West, Major Global Power Shifts at Play

Sanctions against Russia have horribly backfired as OPEC+ decided today to cut 2 million barrels per day, despite pleas from Biden, while China has completed a move to weaken the petrodollar.

China just finished successful live tests of it’s mBridge system, for international exchange in the new e-yuan. The test was completed cross-border with the UAE, Thailand, Hong Kong and China.

The Saudis, who ignored Biden’s calls in March, had been eyeing yuan-based oil sales to China as opposed to the exclusive sale of oil in U.S. petrodollars since 1974. Signing deals with China also allows the Saudis to more easily bypass any possible future Western sanctions.

Biden had campaigned on turning Saudi Arabia into a “pariah” state.

Also today, Russia side-stepped Western sanctions, signing a new fuel deal with the Taliban for agricultural goods and access to precious minerals.

Russia could also have a new customer in the Philippines, whose President Marcos Jr. announced he is considering buying Russian fuel and fertilizer.

What does it mean? Dollar devaluation and more price increases.

Enjoy the rest of Obama’s third term.

FLASHBACK 2020: Democrats kill low price oil buy for U.S. strategic reserve

RELATED: Democrats block amendment to prevent U.S. oil sales to China | Biden sends five million reserve barrels to China

VIDEO ABOVE: Tom Luongo explains geopolitics as a seven-player Go game, and we’ve hit an inflection point.

Now for Some Memes…

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Bond Market Collapse Must Have Been Next on Biden’s To-Do List

Thanks to the Biden-Administration-created runaway inflation, this is one of the worst years in the history of the bond market.

The Bloomberg Aggregate Bond Index or The Agg (shown above) is used by investors to measure the performance of the U.S. bond markets, including U.S. Treasuries, highly-rated corporate bonds and mortgage-backed securities.

The thick black line is 2022 so far, while the previous 25 years are in color.

“Nothing remotely close like this has happened before.”

Jim Bianco, Bianco Research

This bond market is worse than 1980, which scarred bond investors for a generation, according to Jim Bianco, of Bianco Research.

The Wall Street Journal reports it might not be time to give up on bonds, noting that at least nine past periods have been worse adjusted for inflation.

Meanwhile, Blackrock, the wokest and largest asset management firm in the world, continues buying up single-family homes.

Read more: US Treasury yield curves between three years and ten years flatten, with two inversions. That’s not good.

See more toons from the talented Lisa Benson.

Charts courtesy Jim Bianco.

This is not investment advice. Go ask the “Big Guy.”

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Massive Taxes, Spending in Biden’s Bankruptcy Plan for America

Joe Biden’s communist economic team unveiled the administration’s tax plan this week, which includes massive tax hikes, spending and big brother surveillance.

Biden wants banks to give yearly reports on your accounts to the IRS, including activity from Venmo and Paypal type transactions. (Social media credit score vibes, anyone?)

No word if Lois Lerner is coming out of retirement to use the new IRS power exclusively on conservatives.

Biden’s doubling the capital gains tax rate would decrease, instead of increase, federal revenue by $33 billion over 10 years, since investors exploit loopholes to avoid paying high rates, according to analysis by Penn Wharton.

So, Biden needs an additional death tax to grab up “unrealized capital gains” to prevent families from passing down wealth, which communists believe is better spent by bureaucrats.


  • Top rates on long term capital gains, dividends to 43.4% (record high)
  • IRS gets annual report on your bank accounts.
  • Second “Biden death tax” on top of current one for unrealized capital gains.
  • Top personal income tax rate from 37 percent to 39.6 percent.
  • New “Seniors and small businesses” 3.8 % surtax on Social Security payments, 401(k)s and pensions, IRA distributions, and small business S-corp and partnership profits for those making more than $400k per year.

Hat tip: Ryan Ellis reporting

In 2017, the Trump administration lowered the corporate tax rates to allow the U.S. to better compete with other countries around the world. Biden seeks to end American competiveness. China will be pleased.

“I congratulated him on his elevation, I asked if he could possibly help me.”

Joe Biden on congratulating Xi Jinping on becoming President in 2013 (see video below)

See more toons from the talented Gary Varvel.

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States Failing FInancially Before COVID lockdowns

Truth in Accounting has released their review of all 50 states’ finances, discovering 39 states did not have enough money to pay all of their bills. And this is based on fiscal year 2019 data, before the pandemic was declared.


  1. New Jersey
  2. Illinois
  3. Connecticut
  4. Hawaii
  5. Massachusetts
  6. Delaware
  7. Kentucky
  8. California
  9. Vermont
  10. New York

Illinois, the only state to use the Federal Reserve’s new Municipal Liquidity Fund (“lender of last resort”), is again set to borrow over a billion dollars if a new U.S. stimulus package is not passed.

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Biden’s Tax Returns Reveal He Eluded Obamacare Taxes

The media is obsessed with President Trump’s taxes yet fail to scrutinize Joe Biden, whose returns reveal he dodged the “high income” tax written into the socialist Obamacare program.

Biden’s income skyrocketed from $400,000 to $11 million after leaving office.

To avoid paying the 0.9% “high-income” tax on wages in Section 9015 of Obamacare, he funneled his book royalties and speaking fees through two corporations, CelticCapri Corporation and Giacoppa Corporation, and listed his earnings as corporate profits.

Do as thou wilt, apparently.

See more toons from the talented Mike Shelton.

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Startups Leaders Surveyed on a Post-Covid Workplace

Hundreds of startup founders and their teams were surveyed by the Founders Forum on the future of remote work. Most respondents were Gen X and Millennials, who favored a balanced approach to remote and office work.

The team at Visual Capitalist produced more outstanding infographics based on the results, which include the best and worst parts of working from home.

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