Category Archives: Financial


the coming year, you will begin to notice how the mainstream media is changing its mind regarding the U.S. economy and the trajectory of the stock market. Instead of bashing President Trump, they will celebrate market rallies. Instead of deeming the stocks expensive, they will show “proof” that this is an extreme-value moment. Expert after expert will speak his mind, luring novice investors, Millennials, and people that are sitting on cash back in.

After this recent December crash, Wealth Research Group published an in-depth letter, showing that for the past 86 years, an infallible indicator has predicted huge returns – and that indicator is flashing again. I want to show this again because it is paramount to my overall investing strategy.

Courtesy: U.S. Global Investors

The 3rd year in office for a reigning president is the best one for stocks. This chart goes back all the way to 1833. Since the Great Depression in 1932, the numbers are even better than those above. Returns in the third year of an election cycle yield over 15% – that is insane.

Here’s the thing – as it stands, due to the December mini-bear market, the S&P 500 is actually down a few percentage points since we began to measure the returns of this current year.

The FED has done its part to jolt stocks. Historically, it has minded its own business leading up to a presidential election. This means that we’re not likely to see increases, nor rate cuts for a long time. If we do see them, they will be few and far between. For the most part, I anticipate very marginal monetary policy decisions. The FED doesn’t want to openly influence elections.


As you can see, leading up to the 2008 meltdown and recession, we saw a huge run-up in the net worth/disposable income ratio. This was followed by a sharp change of course – the same one we’re witnessing today, so the seeds of a recession are being sowed.

We’re not in a similar situation as we were in 2008, though. For the most part, that event was a self-reflecting mechanism, which taught the world about misuse of leverage and ignorance of risk. Unfortunately, not all of the lessons that were learned are being implemented today.

The one that we’re most alarmed by is the lack of consideration by Washington, specifically regarding the ability to keep financing $1.1T annual deficits by issuing bonds and getting the world to buy them at low rates.

Take a look:


Foreigners have been strangled by dollar-denominated debt, but they’re not innocent bystanders themselves.

Governments around the world are staying away from U.S.-originated debt, but they also issue debt of their own at artificially low rates, even negative ones.

It’s a global yield Armageddon.

Check this out:

Courtesy: U.S. Global Investors

None of this is sustainable in the long-term, but as I have said multiple times, it doesn’t mean that the markets will act as a self-correcting mechanism right away.

We know the domestic jobs market is very strong. If you have skills, from basic ones to expert level, you can find employment today. It won’t be a middle-class lifestyle right away, but businesses are definitely hiring and people are not afraid to quit, in pursuit of their dream career.

Job openings have increased since the lows in the summer 2009. The FED wants employment to continue to increase, since it fuels the bubble and feeds the machine.

I can tell you that for the most part, most Americans are already “sold” that the recovery is now in full swing. Of course, the average person has NO CLUE that the price of this wealth effect will be a 25%-30% reduction in the purchasing power of his currency between now and 2024.

A stealth tax of an additional 25% on our entire net worth makes people want to vomit, as it should. This is the punishment of currency printing, which follows the boom.

This is precisely the reason that we’re hedging our savings by diversifying into inflation-beaters; assets that are ideal for times such as the ones we’re approaching.

Courtesy: U.S. Global Investors

Gold stocks are CHEAP. More importantly, look at the incredible rally of 2016, which brought us our biggest winners; truly contemplate how insignificant this was in the grand scheme of things.

You’re becoming a natural resources investor in one of the best times in history.

Best Regards,

Lior Gantz

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Facebook is On Its Deathbed After Millions Flee and a Wave of Scandals

Facebook Is On Its DEATHBED After Millions FLEE And A Wave Of Scandals. It was recently reported that the social media giant lost 15 million users in the past few years, but most of these users are young people. This paints a terrible trend for the platform that is rapidly trying to transform itself into a privacy focused network.

But amid this crisis they are being criminally investigated by Federal prosecutors, losing two of their top executives, and being hit by a massive global network outage.

Mark Zuckerberg’s plans seem to be failing and his actions only seem to be making the demise of Facebook happen sooner. While this is bad news all around it seems Facebook is still growing users on Instagram which may be its saving grace. All of this news comes as we also are learning that Twitters user base is shrinking as well. Could this be the end of the Social Media Giants?

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A World Without Work: Universal Basic Income’s “Deal With The Devil”

There have always been certain issues that function as litmus tests, in that there is a factually correct position and many factually incorrect positions. Those wrong position, however, tell us things about the person holding them. Gun control is the best example. The right position is based on a mountain of data collected over generations. The wrong positions range from uninformed to the mendacious. As a result, the gun issues is a good litmus test. A person wrong on guns is telling us things about themselves.

The universal basic income is shaping up to be another one of those litmus test issues, where the self-righteous and fashionable use it to advertise their virtue and edginess, but also tell us about their ignorance. The other day, the leader of America’s hipster intellectuals, Claire Lehmann dramatically announced she is now on board with the universal basic income. In fact, Andrew Yang’s goofy Asian hipster populism platform is starting to become the cool thing among our edgy trend setters.

The giveaway at this point, with this issue, is in that linked Quillette post.

“There are reasonable arguments to be leveled in good faith against the UBI platform, which Yang has dubbed “The Freedom Dividend,” but what was once considered a utopian pipe-dream is beginning to sound more plausible in light of the unfolding tectonic economic and technological shifts.”

Are there reasonable arguments made in bad faith? That line makes clear that one side is virtue signaling, hoping the other side plays the role of skeptic.

What’s shaping up is the UBI is going to be the hipster beard for the politically active millennials, who dream of living as the Eloi. As was brilliantly explained before, it can’t possibly work as expected, but that is part of the attraction. That’s always part of the appeal to utopianism. The believers are emotionally wedded to the idea because the Promised Land always feels just out of reach. The world without work, where everyone is free to self-actualize and get a gold star from teacher is the millennial dream.

The math of UBI is really not worth discussing, however, as the people excited by it are incapable of grasping it anyway. They are simply using the issue to stake out what they think is the moral high ground. Yang is a very smart guy, who grew up studying the people now flocking to these sorts of ideas. The alt-right thinks they meme’d him into existence, but Yang looks a lot like an East Asian Obama. That is, he is the sort of minority who flatters upper-middle class white Progressives just be existing.

The real problem with the UBI is it is part of the larger trend of infantilizing people, turning them into wards of the custodial state. A society where everyone is watched, where everyone has their speech monitored, where everyone is on an allowance, is called a prison. That’s how prisons work. Given the tender sensibilities of the next generation, this world is evolving into a daycare center. Ideas like UBI are not about economics. They are about normalizing the custodial state. UBI is Faust’s poodle.

The problems that UBI are supposed to address are real and concerning. Automation is replacing labor at an alarming rate. Sure, the robot future is wildly exaggerated, mostly by people who have no experience in the real world. Most people reading this, for example, will not live to see robot trucks roaming the highways. Still automation is a serious issue facing the West. The consequences are frightening, not for material reasons, but because they will force the West to face up to the reality of culture and social organization.

You’ll note that in the linked Quillette article, there is no mention of immigration. The latest data show that Trump’s alleged jobs boom is mostly just a boom in migrants finding work in America. End immigration and automation suddenly is a different issue. In fact, it becomes a tolerable issue, because a society willing and able to put its own interest ahead of strangers is able to rationally address the sorts of welfare schemes required to support friends and neighbors. That’s the fear that truly haunts our ruling class.

In fact, the fear of facing up to the basic questions every society must address is what is behind the fear of automation and technology. When Tucker Carlson told Ben Shapiro that he would happily ban certain forms of automation, Shapiro nearly burst into tears because he lives in fear of ever having to face the questions Carlson raised. When you face the questions “Who are we and what sort of society do we want?”, things like automation and social welfare become less frightening. UBI is a way to avoid facing those questions.

Litmus tests like gun control or now UBI offer an opportunity to introduce the subjects that our betters would prefer not to discuss. UBI is a door that opens to a debate about who we are and what kind of society we want. That inevitably leads to the question of who gets to decide and why. That debate is always a part of what defines a society. For the modern West, it is a part that has no conscious place in our political life. Talking about the details may not be a lot of fun, but even a deal with the devil has opportunities.

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Arch globalist Tony Blair ‘secretly advising’ Macron on how to sabotage Brexit

According to a prominent British newspaper, the former Prime Minister of the United Kingdom, Tony Blair, has taken part in secret briefings with leaders of foreign countries in an effort to thwart the UK’s effort to leave the EU.

The preeminent globalist politician, who’s perhaps best-known for leading his countrymen into the Iraq War before he vacated government to assume several exceedingly profitable advisory and speaking roles which netted him tens of millions of pounds, has been covertly briefing France’s embattled President on how to prevent the UK from leaving the EU.

According to Britain’s Daily Telegraph, which cites ‘Sources in Paris’, fellow globalist politician Emmanuel Macron has been given advice from Tony Blair on how to prevent Brexit. The newspaper reported that Blair has also met with Jean-Claude Junker, the President of the European Commission, to discuss Brexit, advising the EU to give absolutely no concessions to Britain, and that such tactics would cause British leaders to give up on Brexit entirely.

In 2018, Breitbart London reported that Michael Barnier, the EU’s staunch Euro-Federalist Brexit negotiator had held meetings with the Tony Blair Institute.

These most recent claims come after a line that was reported by The Times on Sunday, which claimed, also citing sources, that Blair had communicated to Macron, “You’ve got to hold firm and then we’ll end up staying.”

A member of British parliament who spoke to The Telegraph about the allegations regarding Blair’s underhanded activities expressed that a former prime minister working against the interests of his own nation by supporting foreign powers to undermine the UK’s sovereignty was unprecedented in contemporary British history. The politician described Blair’s behavior as “totally unacceptable.”

When The Telegraph reached out to Mr. Blair to give him a chance to respond to these allegations, a spokesperson working for him stated, “We don’t comment on private meetings.”

Blair’s recent behavior is only the latest in a series of moves made during his relentless lobbying campaign against the British people’s decision to leave the EU which began when he joined forces with former Conservative party leader John Major to support then Prime Minister David Cameron’s push to dissuade voters from voting leave in the run-up to the 2016 Brexit decision. Just days after Brits voted to leave the EU, Blair shifted his strategy and began campaigning for a second referendum.

In the following two weeks after the referendum, he claimed that individuals who had voted to remain felt “disenfranchised”, and that the case for Brexit had “crumbled”.

Last year, Blair continued his crusade against the British people’s decision to leave the EU when he addressed an audience in Portugal, declaring “I am 100 percent opposed to Brexit… Up to the very end, I am going to do everything I can to stop it.”

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Facebook’s Under Criminal Investigation

Facebook reportedly under criminal investigation for secret data-sharing deals. Is this why Facebook was down all day yesterday? Were they conducting a massive purge? Federal prosecutors are probing Facebook’s illicit data-sharing partnerships, reportedly subpoenaing data from smartphone manufacturers as the regulatory walls appear to close in on the beleaguered social media firm. A New York grand jury has subpoenaed two device-makers’ records as part of a criminal investigation into some of the 150+ dubiously legal data partnerships Facebook forged with technology companies and other large corporations, according to sources familiar with the requests who spoke to the New York Times.

Facebook’s Data Deals Are Under Criminal Investigation

Facebook’s offices in Menlo Park, Calif. A federal grand jury is looking at partnerships that gave tech companies broad access to Facebook users’ information.

By Michael LaForgia, Matthew Rosenberg and Gabriel J.X. Dance, New York Times,
March 13, 2019

Federal prosecutors are conducting a criminal investigation into data deals Facebook struck with some of the world’s largest technology companies, intensifying scrutiny of the social media giant’s business practices as it seeks to rebound from a year of scandal and setbacks.

A grand jury in New York has subpoenaed records from at least two prominent makers of smartphones and other devices, according to two people who were familiar with the requests and who insisted on anonymity to discuss confidential legal matters. Both companies had entered into partnerships with Facebook, gaining broad access to the personal information of hundreds of millions of its users.

The companies were among more than 150, including Amazon, Apple, Microsoft and Sony, that had cut sharing deals with the world’s dominant social media platform. The agreements, previously reported in The New York Times, let the companies see users’ friends, contact information and other data, sometimes without consent. Facebook has phased out most of the partnerships over the past two years.

“We are cooperating with investigators and take those probes seriously,” a Facebook spokesman said in a statement. “We’ve provided public testimony, answered questions and pledged that we will continue to do so.”

It is not clear when the grand jury inquiry, overseen by prosecutors with the United States attorney’s office for the Eastern District of New York, began or exactly what it is focusing on. Facebook was already facing scrutiny by the Federal Trade Commission and the Securities and Exchange Commission. And the Justice Department’s securities fraud unit began investigating it after reports that Cambridge Analytica, a political consulting firm, had improperly obtained the Facebook data of 87 million people and used it to build tools that helped President Trump’s election campaign.

The Justice Department and the Eastern District declined to comment for this article.

The Cambridge investigation, still active, is being run by prosecutors from the Northern District of California. One former Cambridge employee said investigators questioned him as recently as late February. He and three other witnesses in the case, speaking on the condition of anonymity so they would not anger prosecutors, said a significant line of inquiry involved Facebook’s claims that it was misled by Cambridge.

In public statements, Facebook executives had said that Cambridge told the company it was gathering data only for academic purposes. But the fine print accompanying a quiz app that collected the information said it could also be used commercially. Selling user data would have violated Facebook’s rules at the time, yet the social network does not appear to have regularly checked that apps were complying. Facebook deleted the quiz app in December 2015.

The disclosures about Cambridge last year thrust Facebook into the worst crisis of its history. Then came news reports last June and December that Facebook had given business partners — including makers of smartphones, tablets and other devices — deep access to users’ personal information, letting some companies effectively override users’ privacy settings.

The sharing deals empowered Microsoft’s Bing search engine to map out the friends of virtually all Facebook users without their explicit consent, and allowed Amazon to obtain users’ names and contact information through their friends. Apple was able to hide from Facebook users all indicators that its devices were even asking for data.

Privacy advocates said the partnerships seemed to violate a 2011 consent agreement between Facebook and the F.T.C., stemming from allegations that the company had shared data in ways that deceived consumers. The deals also appeared to contradict statements by Mark Zuckerberg and other executives that Facebook had clamped down several years ago on sharing the data of users’ friends with outside developers.

F.T.C. officials, who spent the past year investigating whether Facebook violated the 2011 agreement, are now weighing the sharing deals as they negotiate a possible multibillion-dollar fine. That would be the largest such penalty ever imposed by the trade regulator.

Facebook has aggressively defended the partnerships, saying they were permitted under a provision in the F.T.C. agreement that covered service providers — companies that acted as extensions of the social network.

The company has taken steps in the past year to tackle data misuse and misinformation. Last week, Mr. Zuckerberg unveiled a plan that would begin to pivot Facebook away from being a platform for public sharing and put more emphasis on private communications.

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In two decades half of all jobs predicted to be lost to automation

If you think it’s difficult to find a job now, it might be considerably more challenging to stay employed in the not-too-distant future. That’s because automation is expected to replace a high percentage of positions as time goes on. Here is a staggering statistic: In the next two decades, half of all jobs are likely to be eradicated as automation take on those tasks instead.

According to the Swedish Foundation for Strategic Science, some of the jobs that are expected to be the hardest hit include business person/economist (46 percent of jobs expected to be replaced by automation), engineer (56 percent replaced) and accounting assistant (97 percent replaced). Other job types that are also being heavily replaced by automation — expected to be in the hundreds of thousands of jobs in the next 20 years — are those in retail and healthcare.

And 98 percent of models are expected to be replaced by automation, so it looks like the era of Christie Brinkley, Cindy Crawford, Gisele and Kendall Jenner might be winding down.

Many people up until now have known about automation such as robots and computers replacing jobs formerly done by humans. Many assumed that the jobs being replaced were only those involving agriculture, manufacturing and warehouses. But based on the incredibly high numbers of unexpected types of jobs being replaced, it is clear that automation can and does replace many others types of jobs, even those that have been considered as ones that only humans could do. Apparently, automation and robots can use human-like traits to do jobs that many people assumed could only be done by humans.

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Alarming: Automation replacing jobs faster than anticipated

Automation has been expected to replace high numbers of jobs, but in recent years, the pace has picked up much faster than economists anticipated. Stefan Fölster, head of the libertarian think tank Reforminstitutet, says that just in the last five years, close to 500,000 jobs in Sweden have been eliminated as a result of automation.

This alarming trend of automation replacing jobs that for many years have been done by humans has been called by some the “fourth Industrial Revolution.” Indeed, the ramifications of the trend are just as far-reaching as any previous revolution and upheaval that has taken place in the working world.

Unfortunately, many job holders and leaders in the working world are not taking the trend of automation replacing jobs seriously enough. Now is the time to plan ahead and come up with workarounds and ways to survive.
Solutions for the job-killing trend

Even as automation takes over and replaces many jobs, adults still need to work. Because there are jobs that are not as likely to be automated, those are the ones that people either entering the workforce or considering a career change should consider. Possibilities include:

Jobs that require originality, such as those involving inventions and scientific discoveries
Positions in which workers need to have artistic abilities, such as musicians, writers and designers
Jobs requiring social skills
Roles in which people need to engage in negotiation and persuasion, such as sales and real estate
Positions requiring people to have high levels of emotional intelligence, such as counseling and clergy

Technology can be a wonderful addition to the world when it makes life easier and more efficient. But there is also a major downside, in that tech in the form of automation replaces so many jobs, leaving many hard working people at a loss. All the while the population increases, and adults of working age need to have a way to support themselves and their families. In this modern and constantly changing era, one key to surviving and thriving is being adaptable while staying informed on trends.

Sources include:

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Europe bans Boeing 737 MAX: Planes grounded, diverted as nations shut airspace over Ethiopia crash

An Israeli-bound Norwegian Airlines plane has been forced to return to Stockholm, just one of the troubled Boeing 737 MAX jets being diverted in Europe as nations close their airspace one by one over the deadly crash in Ethiopia.

The European Aviation Safety Agency (EASA) on Tuesday announced an EU-wide airspace ban on the aircraft in order to “ensure the safety of passengers.” At the same time, they made clear it was too early to draw conclusions on the cause of the crash.

The ban follows an avalanche of bans and suspensions from European countries and carriers.

As announcements of the suspensions started to come in, a number of planes were forced to turn around mid-flight. Data from tracker website Flightradar24 shows that Norwegian flight DY4545 got as far as Romania before the plane was diverted back to Stockholm Arlanda Airport. Two flights from Turkey also made an about-face over European airspace.

The bans were issued in light of the Ethiopian Airlines crash on Sunday – the second disaster involving the new Boeing jet in the last six months.

On Tuesday, Austria, Australia, France, Germany, Ireland, UK, Singapore, Malaysia, Norway, Belgium, Oman, Indonesia, Poland and the Netherlands announced they would be suspending all flights involving the Boeing aircraft, joining several other nations and airlines that announced bans the day before. At least 27 airlines have now grounded the Max 8.

Meanwhile in the US, despite several politicians calling on the FAA to ground the aircrafts, the aerospace organization has maintained they are safe to fly and declined to take any action.

Late on Tuesday, Russia’s S7 Airlines, which operates two Boeing 737 MAX aircraft, said it has suspended the operation of the planes until the exact causes of the Ethiopia crash are established.

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Brexit chaos: UK MPs reject Theresa May’s deal AGAIN

The UK parliament has again rejected Prime Minister Theresa May’s Brexit deal after she secured legally binding assurances from Brussels on the controversial Irish ‘backstop’ – but the changes weren’t enough to placate lawmakers.

May’s deal was defeated 391 to 242 on Tuesday evening and will be followed on Wednesday by a debate and vote in the House of Commons on the prospect of the UK leaving the EU with “no deal” in place – which MPs are also expected to reject.

If that happens, MPs will vote on Thursday on extending article 50 which triggered the UK’s exit process from the EU.

May, who said that she “profoundly rejects” the decision taken by the house, added that Tory MPs will be given a free vote on the no-deal motion on Wednesday. She told parliament that she has struggled with the need to honor the 2016 Brexit referendum results while also getting a good deal from Brussels, adding that if MPs vote to leave with no deal, that will become official government policy.

After the vote, Labour leader Jeremy Corbyn accused May of running down the clock on Brexit and said he will try to get MPs to back a Labour plan. He also said it was now “time for a general election.”

A spokesperson for European Council President Donald Tusk said he “regretted the outcome” of the Tuesday vote and said the EU had “done all that is possible” to reach an agreement. “It is difficult to see what more we can do,” the statement said, adding that the latest vote “significantly increased” the likelihood of a no-deal Brexit.

Tusk also said the EU would consider a “reasoned request” from London for an extension of article 50, but only with “credible justification.”

If MPs opt for extending article 50 to continue deliberations, it still will not solve the problems May’s government is facing. The choice will then have to be made as to whether article 50 is revoked completely, ending the Brexit process altogether, or for a new referendum to be held.

Labour MPs have been calling for clarification on what will happen on March 29 – the day the UK is scheduled to officially leave the EU. SNP MPs have reiterated calls for a second referendum, saying that the time has come for May to accept that a new referendum is necessary.

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Analysts Slam Tesla’s Bizarre Business Model Changes as “Amateur Hour”

We were baffled, if not surprised, when we reported earlier today that Tesla had again changed its business model for the third time in two weeks when it decided to keep some of its retail stores open. It turns out we weren’t the only ones confused by the fact that the company seems to be making up its business model on the fly: here is Bloomberg summarizing the similarly perplexed hot takes by other Wall Street analysts.

Arndt Ellinghorst at Evercore called the moves “amateur hour”:

“We do not think we will raise too many eyebrows with the opinion that this looks like amateur hour. Tesla clearly is in need of a stronger middle management layer critical in running a $50 billion auto company.”
“There should be no argument that this was a better topic for internal-discussion before what clearly has been and will be two months of pure price confusion for the consumer.”

    “To backtrack from the online only strategy to us is a sign that may indicate Tesla did not see a positive reaction to orders post the announcement.”
    “Going forward, Tesla does have another (short-term) marketing tool to close the quarter: order now before the March 18th price increases.”
    “We have to wonder how engaged and motivated Tesla retail employees will be in the short run after being blind-sighted by the move and even now still potentially being held in limbo.”
    “The seemingly spontaneous yet dramatically altering strategic decisions (for a $50 billion market cap company) doesn’t lend a lot of confidence, in our view. Rather, it makes it seem like Tesla is making decisions on the fly and reacting to very short-term factors.”

Jed Dorsheimer at Canaccord:

    “While the reversal to keep stores open does call into question the soundness of the initial decision, we view this as the right course of action and think that test drives are still an important part of the sales process until the electric vehicle penetration rates increase meaningfully.”

Careening from one "business model" to another, on Monday Tesla abruptly decided to keep "keep significantly more stores open than previously announced", according to a blog posted on the company's website. 

"Last month, we announced that we would be winding down many of our stores and moving to online-only sales in order to pass the savings along to our customers," the blog noted, ignoring the fact that last month was 12 days ago. 

"Over the past two weeks we have been closely evaluating every single Tesla retail location, and we have decided to keep significantly more stores open than previously announced as we continue to evaluate them over the course of several months," the piece continues. 

Tesla says that it wound up closing 10% of its sales locations and that these locations were stores that "didn't invite the natural foot traffic our stores have always been designed for". It then goes on to say that they were stores that "would have closed anyway". Tesla says an additional 20% of stores remain under review for potential action. 
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Trump Proposes Ending Tax Credit For Electric Vehicles

The White House proposed on Monday eliminating a tax credit worth up to $7,500 on the purchase of new electric vehicles, a move it says would save the U.S. government $2.5 billion over a decade.

Major automakers have been lobbying Congress to extend the credit that phases out after companies hit 200,000 vehicles sold. They are hopeful Congress could expand the benefit by including it in a package of extended tax provisions that would otherwise expire that could win approval this year.

Tesla Inc and General Motors Co both hit the 200,000 figure last year, but other major automakers are far from that figure. The credit consumers receive for buying Teslas fell to $3,750 on Jan. 1 and will drop to $1,875 for six months starting July 1.

The credit for GM vehicles will fall to $3,750 on April 1, and then drop to $1,875 in October for six months.

It will completely disappear for Tesla buyers in January 2020 and in April 2020 for GM.

In November, a congressional report said 57,066 taxpayers claimed $375 million in electric vehicle tax credits in 2016. Congress previously estimated the cost of the credit at $7.5 billion between the 2018 and 2022 fiscal years.

The credit enjoys strong support among Democrats in Congress, but Senator John Barrasso, a Republican who chairs the Senate Environment and Public Works Committee, has proposed legislation to end it entirely.

In December, White House economic adviser Larry Kudlow said the administration of President Donald Trump wanted to end subsidies for electric cars and other related items, including renewable energy sources.

“As a matter of our policy, we want to end all of those subsidies,” Kudlow said. “And by the way, other subsidies that were imposed during the Obama administration, we are ending, whether it’s for renewables and so forth.”

This of course makes leftists completely flip out:

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