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Bank of America Warns “Civil Unrest” Could Crash Global Economy

“Flashbacks to the days just before the French Revolution are all too real.”

Published

2 years ago

on

Michele Tantussi via Getty Images

In its latest Fund Manager survey, Bank of America warns that one of the biggest risks that could precipitate a global economic collapse is the prospect of mass “civil unrest.”

While the market is looking bullish thanks to several rounds of positive news regarding a COVID-19 vaccine, BofA Chief Investment Officer Michael Hartnett is telling investors that that sentiment is baked in and it’s now time to “sell the vaccine” in coming weeks/months as we think we’re close to “full bull”.

Coronavirus itself remains the biggest “tail risk” to the global economy for the 8th consecutive month, followed by the “tech bubble.”

However, what’s really raising eyebrows is the factor that BofA considers to be the third most likely threat to financial stability and growth, namely “civil unrest.”

Zero Hedge explains exactly what Bank of America is referring to with its warning of “civil unrest”:

“So what’s going on here, is Wall Street really starting to worry about what we first said back in 2010 – much to Time Magazine’s mockery – that the Fed’s disastrous policies would eventually push US society to armed conflict and/or to civil war. While it may be easy to dismiss such fears as hyperbolic, consider what otherwise level-headed Bloomberg macro commentator (and former Lehman trader) Mark Cudmore wrote overnight in his latest lament that markets are so broken, that in the end it will all “end in tears”, either in the form of collapse of fiat currency or through “political revolution”, read armed conflict.”

“Which brings us back to square one. Because in a world where a handful of traders are the most bullish they have been in 20 years while the living standards of tens of millions of Americans are absolutely dismal with the economy on the verge of yet another depression-causing shutdown, the flashbacks to the days just before the French Revolution are all too real.”

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Riots

French Workers Vow “Mother Of All Battles” As Macron Govt To Raise Retirement Age To 64

Get ready for the riots.

Published

2 months ago

on

11 January, 2023

Zero Hedge

JULIEN DE ROSA via Getty Images

Get ready for the riots to break out… France’s government has just proposed raising the legal retirement age as it embarks on significant reforms to the pension system, and not for the first time.

The Macron government going years back was already met with fierce pushback and anger upon earlier similar proposals and major overhaul attempts. The plan was unveiled Tuesday by Prime Minister Élisabeth Borne, and proposes raising legal retirement age from 62 to 64 by 2030.

The plan stopped short of Macron’s previously proposed 65, and an outline of the proposal seeks to require that workers pay into the system for two more years, raising this from the current 41 to 43 years paying in.

The Macron government has argued a major overhaul is urgently necessary to stave off a coming huge deficit in the system. Macron has been pushing for such reforms since his first election in 2017. 

According to the details of the plan as summarized in BBC:

  • A full pension from 2027 will require working for 43 years (instead of 42 years currently)
  • Guaranteed minimum pension income of not less than 85% of the net minimum wage, roughly €1,200 (£1,060) per month at current levels, for new retirees
  • Police officers, prison guards, air traffic controllers and other public workers in jobs deemed physically or mentally arduous will keep the right to retire early
  • Their retirement age will be increased by the same number of years as the wider labor force
  • End to so-called “special regimes” with different retirement ages and benefits for rail workers, electricity and gas workers, among others.

Some of the above listed ‘sweeteners’ such as the increase in minimum pension to around €1,200 over and above the current €900 is an attempt to win the public’s support ahead of it being presented to parliament in the next weeks.

Widely cited recent polls point to around 70-80% of the population opposing Macron’s desired retirement age of 64. Already labor unions are planning large protests to begin next week, including some strikes set to begin Jan.19, with the FT citing the following union leaders touting they are ready for the “mother of all battles”:

Frédéric Souillot, head of the Force Ouvrière union, put the government on notice earlier this week that unions were willing to shut down the economy to stop the pensions law. “If for Emmanuel Macron this is the mother of all reforms, then for us it is the mother of all battles,” he said.

Far-left leader Jean-Luc Mélenchon called the proposal a “grave social regression”, while Le Pen called it “unjust” and said the French could count on her far-right party’s “total determination” to block it.

Protests have already been growing in some locales, with larger demonstrations expected next week…

It comes at a moment of rising cost of living across Europe and the West broadly, and amid deep uncertainty over near-future term energy and food prices related to the Ukraine war and fast-moving geopolitical events.

PM Borne is setting out to convince the population that the system must “evolve to ensure its future” – given especially that other European countries have already adjusted. “I know French people are worried about the changes, and we want to explain it and convince them,” she sought to assure.

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crime

Rand Paul: “There’s Going To Come A Day Of Reckoning”; People Will “Rise Up”

“There’s going to be a day that people are going to wake up and say, ‘We’ve had enough.'”

Published

8 months ago

on

25 July, 2022

Steve Watson

Screenshot

Senator Rand Paul vowed this past weekend that a “day of reckoning” is coming for Democrats because Americans are sick and tried of spiralling crime and violence dominating their cities.

Appearing on Hannity, Paul spoke of the Democrats’ double standards on political violence in the wake of an attack on GOP Rep. Lee Zeldin last week during a campaign speech.

“The left wing is egging this on,” Paul urged, adding “and if we want to end this we have to start locking people up.”

Paul compared the media coverage of the attack on Zeldin to how the media covered Paul being violently attacked a few years ago, noting that the a Louisville Courier reported said “violence against me was justified.”

Paul went on to decry the rise of crime and violence, noting “There’s going to come a day of reckoning where the people who live in New York City – crime disproportionately affects those in poor neighborhoods and those who are minorities. One day they’re going to rise up and say, ‘We’ve had enough. The Democrats are not protecting our children.'”

Paul continued, “Kids are dying at the bus stop. Kids are dying on the subway. The Democrats don’t care about your kids. And it continues to happen decade after decade.”

“There’s going to be a day that people are going to wake up and say, ‘We’ve had enough. We’re going to vote for law and order.’ And Lee Zeldin is the law and order candidate,” Paul asserted.

“So I think there is a chance that people will say, ‘I don’t care, Black, White, whatever. I’m not associated with any party. I want a stop to the crime and we have to put people in jail.’ I think that’s coming,” Paul added.

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    Abortion

    Videos: Violent Attacks On Pregnancy Clinics Continue

    Antifa thugs are even attacking pro-abortion pregnancy centres

    Published

    9 months ago

    on

    28 June, 2022

    Steve Watson

    JOHN RUDOFF/AFP via Getty Images

    As Democrats are pledging to ignore the Supreme Court ruling to hand back abortion laws to States, and to erect macabre illegal abortion tents in national parks, pregnancy centres throughout America, even pro-choice ones, continue to be violently attacked.

    The ‘night of rage’ appears to be turning into an entire Summer, again. Democrats still refuse to condemn the violence.

    Watch:

    An Antifa mob in Portland even attacked a clinic that isn’t anti-abortion. The Mother and Child Education Center executive director Maura White told Fox News “They lumped us in with them,” adding “We’re not anti-abortion.”

    Anything with the words ‘mother and child’ or ‘pregnancy’ on its sign seems to be a viable target for these morons.

    When the Antifa thugs learned they had attacked a pro-choice centre, they stood by the action, reasoning that the executive director is a “liberal catholic democrat.”

    They also smashed up a Starbucks for the hell of it, even though the company has pledged to financially aid abortion travel:

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