XRP Analyst Predicts Bull Run is Coming | Is XRP $10 Just the Beginning? | XRP Biggest Crypto Story | #XRP #XRPBullRun #XRPPricePrediction #XRPBiggestCryptoStory #CryptoNews https://youtu.be/UWiyhjRZEsg

If we want to understand the #ESG movement “ecosystem,” we have to consider major players and their roles. Doing so will help us evaluate which organizations are most influential and consider what motivations may drive their actions.

Can You Feel The Earth Shaking?
Normals Are Stepping Up All Over the World. Everything is Shifting. The Evidence follows:

elizabeth nickson

Did you hear the roar on the streets when Milei won Argentina? It built and built, and then everyone was out on the streets shouting, from windows, inside shops, houses. It is the future, all over the world. The Netherlands on Friday. Same same. Universal rejoicing.

Absurdistan does a solid line in doom, but our firmly held first principle is that every single one of us should be two or three times as rich, with massively increased scope and ability to do the things we want to do. Defeating the criminal cartel that runs Big Pharma, Big Ag, Big Government, Big Tech and Big Charity will light up the galaxy if not the universe. And….this. Especially this:


Unlike almost everyone in the media, Absurdistan knows regulation is the principal reason we are hornswoggled serfs. Even Trump’s team was surprised at the economic boom that came from his mild de-regulation; they thought tax relief was the key. It was important, none of us should be paying more than 25% in taxes, if that, but the regulation! You have no earthly idea how fiendish it has become until you start a business or require permission to create anything in the material world. Few journalists ever do that, the most they do is join a bank in “communications”, design an app or website, do PR, or ‘consult’. They are virtually, to a man or woman, children in the real world. So no one reports on the most brutal crippler of every man, woman and child on earth. Equally, virtually no writer I read has any grasp on the ingenuity, the creativity, the strength of the ordinary man. They all seem to think we need guidance from them, which is laughable. They have screwed up everything so utterly, we teeter daily on the edge of fiscal catastrophe

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Bloomberg reports on Milei victory
When Vivek Ramaswamy proposed instantly firing 50% of federal bureaucrats on Day One, I stood on my office chair and cheered.

When Javier Milei tore strips of paper representing government ministries off the whiteboard, I had to go out and run around the house a few times.


sheer heaven
Africa is not limited by anything but confiscatory corrupt government, as asserted by Magatte Wade in her new book. Wade should be running things in Africa, which is polluted by commies, plutocrats, crooked multinationals, ravening bureaucrats, corrupt politicians and the brutalist green movement. The Chinese would stun the world if they could get rid of the vicious predatory communist regime that enslaves every man, woman and child. And not in the sense that they are “taking over”.


The mop-up will take decades. But unpicking the bad regs and shooing the bad legislators off to permanent exile, prosecuting the army of government thieves, and creating a multi-polar world, will be more absorbing than our endless self-cherishing, self-indulgence. Have we not all shopped enough? We have powerful enemies, but they are fully aware of how destructive they have been, their guilt written on their exhausted pouchy faces.

Trump is a symptom, not a cause

People fighting the Borg wish for leaders but this is not a movement that requires leadership by anyone but each and every one of us. Trump is a symptom, not a cause. This is multi-headed, like Medusa, representing tens, hundreds of millions of individuals saying NO. Real politicians like Mike Johnson, Geert Wilders, Pierre Poilievre, Javier Milei, and Danielle Smith are listening to us and stepping up.

I annoy even myself when I repeat this, but I come from a family that has been in ‘the New World’ since 1630: Puritans, Revolutionaries, infrastructure builders, town fathers and mothers. I own ten thousand pages of their records and can tell you at concrete level assurance, that one of cities they founded, Vancouver, would not be riven by Asian criminal cartels washing most of the drug money in North America through our real estate and casinos, if my great aunt and uncle were alive. They, that generation and those before, didn’t run their cities via government, they ran it through civil society, their churches and charities and cultural clubs and they told government what to do. What they decided upon, collectively, became law. Law wasn’t made by witless, inexperienced, childless men and women who move from college straight to government, it was made by those who engaged with life fully. On their block, in their neighborhood, in their city. They knew where every sparrow fell. And, by the way, my family married into Indian bands and were officers on the Underground Railroad. Everything academia and publishing tells you about the founding is arrant propaganda meant to strip you of self-respect and power.


Boomers, Gen X, Millennials, threw away engagement and our current enslavement, our stasis, our stuck-ness, is the result. Not really our fault. We were brainwashed and mind controlled by military level psy-ops, run out of the CIA, the Tavistock Clinic and the cursed Club of Rome. Reclaiming that power is our responsibility going forward. It is the future. No one gets to go back to sleep. I wrote about our collective brainwashing extensively in August. Here is one piece:

They Break Every Family, Every Town, Every Country

They Break Every Family, Every Town, Every Country
This is the second in an August series about the Head of the Snake, an examination of the cabal that is behind the Great Reset, the Covid and Global Warming hoaxes, and every profit-bonanza war of the last thirty, if not 500 years, but especially Ukraine. They call themselves by a proliferation of names: the Olympians, the Elect, Bilderbergers, the 300, demi-gods, the Black Nobility, other silly secret names that must not be spoken. They are secret because their intent is evil. They practice the occult – foolish and irresponsible – they are “Masons” of the crazy branch, a cult that operates entirely in the dark and entirely for themselves. They are as power-hungry as Hillary Clinton and far more corrupt than she or Biden or his dreadful son. They have been around for a thousand years, laughably tracing their bloodlines back to Sumer and the Pharaohs and they think that is important. In fact, who they are is Hunter Biden, he is their id, the visual manifestation of their disgusting de…

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Herewith a roundup of our recent victories in no particular order of importance. Many (not all) are courtesy of kevinfernandes82 on Instagram, who does yeoman work aggregating daily the many wins by populists across the world; I heartily recommend a follow to fight off despair.

I am only describing the wins of the past ten days, and I edited out dozens. Each win represents hundreds to thousands to millions of people who stood up and took back their power.

Politics


Geert Wilders and his Party for Freedom won a groundbreaking victory this week.

Libertarian Javier Milei won in Argentina, promising to strip government of many ministries.

All of Spain on the streets calling for end to Socialism. Retired Generals call for coup to get rid of socialist Prime Minister


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Danielle Smith declares that the Trudeau Liberals are a lawless government and it’s time to assert the constitution

Bloc Quebecois calls for abolition of Governor General’s office as expenses soar 11%. This office is King Charles’s grift and a mechanism of British Round Table control. Crown land is our land, not his.

The restaurant that kicked out GOP Governor Sarah Huckabee Sanders because she worked for Trump closes its doors.

CEO of DeSantis super PAC resigns.

The Conservative Party of Canada has not polled this high since the 1950’s. It outpolls the Liberals and NDP among under 30’s.

Rudy Giuliani states that Zelensky has photographs of Hunter Biden that could bring down the Democratic Party and has been using them to blackmail Biden.

A Republican has just beat a Democrat in the Mayoral race in Charleston, South Carolina for the first time since 1877.

Farmers in France spray government buildings with cow manure to protest increases in charges and taxes.

Former Black Voices for Trump wins against left-wing Fulton County District Attorney Fani Willis, as a Fulton County judge rejects a bid to lock him up over his social media posts

4th Circuit Court of Appeals struck down part of Maryland’s laws regulating handguns.

Putin blames the U.N.: “Due to the sabotage of U.N. decisions which clearly provide for the creation and peaceful coexistence of two independent and sovereign states, more than one generation of Palestinians has been brought up in an atmosphere of injustice.”

Italian court convicts 207 people in Mafia maxi-trial.

U.S. Speaker Mike Johnson releases 40,000 hours of security footage of January 6th.

Trump has considerably more support among young voters than Joe Biden according to a new NBC poll.

Ex-Massachusetts senator facing 28 federal charges in connection with COVID fraud investigation.

Asian-American residents of Brighton Park Chicago are furious about illegal migrants coming to their neighbourhood. 87% voted for Biden.

One hundred police called out after protest surrounds Trudeau at restaurant. “You have blood on your hands”, call protestors referring to the vaccine mandates.

German constitutional court strikes down plan of left-green-liberal government: rules they may not use 60B euros intended for Covid, for climate and energy measures.

The Crown dropped charges against a pizza parlour owner for not closing down his restaurant during covid. The hearing lasted ten minutes and the verdict greeted with cheers.

The Irish riot after an Algerian migrant injures three children. WEFer immigration policy is on the chopping block in every country.

The Grotesque Sexualization of the Culture is Winding Down


Biden Pentagon official overseeing the department managing elementary schools has been arrested in a human trafficking sting in Georgia.

Prime Minister-Elect Javier Miles and Sound of Freedom Producer Eduardo Verastegui just signed and agreement to end all human trafficking operations in Argentina.

Andrew Cuomo sued for sexual harassment by former executive assistant.

GOP donor Harlan Crow’s brother is accused of financing a 100-person sex trafficking ring.

Bad Boy Label President sued for sexual assault, negligence.

TikTok, X and Meta CEOs to face Congressional Hearing Over Child Sexual Exploitation.

Cuba Gooding Jr hit with two civil suits related to NYC sexual assaults

American Idol coach, and Interscope Records founder, Jimmy Iovine sued over sexual misconduct and abuse.

NYC Mayor Eric Adams accused of sexual assault in 1993 in new legal filing

Jeremy Fox sued for sexual assault in NYC restaurant.

Axl Rose sued over sexual assault by former Penthouse model.

Julia Ormond sues Harvey Weinstein, CAA and Disney for sexual battery and enabling sexual assault.

Model claims photographer Terry Richardson raped her, sold it as art.

Jeffrey Epstein’s multimillionaire friend accused of sexually harassing stepdaughter.

The ex-mayor of College Park, Maryland has been sentenced to 30 years in prison for possession and distribution of child sexual abuse material. Democrat, White House guest pled guilty to 100 counts.

Authorities allege Binance allowed bad actors to freely transact on the platform, enabling everything from child sex abuse to terrorist financing. Binance CEO steps down, Binance pays $4.3B in fines.

A federal judge in California certified a class action lawsuit against Pornhub/MindGeek/Aylo on behalf of tens of thousands of child victims abused for profit.

“I’m at a loss”. Trudeau governments experts upset by foot-dragging over online harms law. Trudeau is widely believed to participate in violent sexual activities.

P Diddy settles with Cassie over abuse and trafficking, but not before his reputation is destroyed. Two more women charge choking and rape.

Saskatchewan Party MLA charged with soliciting sexual services kicked out of government caucus.

Stacey Abram’s brother-in-law arrested for attacking 16-year-old, human trafficking in Tampa.

Peter Nygard convicted on four counts of sexual assault.

World Health Organization paid sexual abuse victims in the Congo $250US each.

John Podesta’s friend, who debunked Pizzagate, arrested for raping toddlers.

Media/culture


CBC admits to making multiple censorship appeals to social media platforms, so many that they say they ‘couldn’t really analyze each one correctly’.

Big Box stores ditching self-checkout citing theft and customer preference.

Conservatives reject Canada-Ukraine trade bill.

The International Cricket Council bans transgender women from women’s cricket.

Bell Media tells CRTC its priorities are backwards during Online Streaming Act hearing.

Javier Milei announces the closure of the Ministry of Women, Gender and Equality in 21 days.

The Director of the University of Alberta’s sexual violence center has been removed from her position after she endorsed an open letter that denied allegations of rape and sexual violence by Hamas terrorists during the October massacre.

Elon Musk is donating all X Corp revenue from advertising and subscriptions associated with the war in Gaza to hospitals in Israel and the Red Cross/Crescent in Gaza.

Morning Joe admits Ukraine has lost the war against Russia.

Fauci admits Covid vaccine causes myocarditis in young men.

China welcomes Arab and Muslim foreign ministers for talks on ending war in Gaza.

X surpasses Instagram and Facebook by a significant margin in driving traffic through Google.

Elon Musk and X file lawsuit against Media Matters. Penalties both civil and criminal.

Ken Paxton of Texas opens investigation into Media Matters for fraud.

Truth Social filed defamation lawsuit against twenty media companies.

Canadians have stopped caring about climate change.

Texas Attorney General Paxton has sued Pfizer.

Marjorie Taylor Greene questions whether Nancy Pelosi orchestrated January 6th.

Trump releases doctor letter touting health and weight loss on Biden’s birthday.

The Iowa Board of Regents has voted to abolish DEI in all State Universities.

Rumble under ‘major DDoS attack after CEO pledged to join Elon Musk to fight woke censorship.

An official UK inquiry panel reports that Boris Johnson was bamboozled by Covid data.

Sam Altman of OpenAI fired. Reinstated and two women board members let go.

Sam Bankman Fried convicted. Faces decades in prison.

Italy bans production and sale of lab grown meat.

Trans Activist company behind Miss Universe has filed for bankruptcy.

A female boxer in Canada withdrew from a championship match after learning she was set to fight a trans-identified male.

Financial

As I reported here last week, Net-Zero and ESG are on their deathbed in every country but the most insane.

CNBC fires staff dedicated to covering climate change.

19 Republican Attorneys General are going after the big banks for closing accounts and discriminating against customers over political/religious beliefs

Trudeau’s billion-dollar Green Slush Fund’s head resigns, after it is discovered she funnelled $200K to her own company.

Hong Kong bankers have lots of free time and anxiety as global dealmaking sinks.

Bank of Canada’s Macklem says interest rates may be high enough to tame inflation.

Bank of Canada reports that Canadians don’t need digital currency and don’t want it.

SEC Commissioner says “there’s no reason for us to stand in the way of a Spot Bitcoin ETF.

Russia, the most sanctioned country in the world will end the year with a $75 Billion profit. The US, the most indebted country in the world, will end 2023 with a lost of $@ Trillion.

Luxury houses tied to China’s Evergrande chairman seized by creditor. Chairman placed under police surveillance.

Argentine stock market up 20% after Milei’s election

South Africa to chair BRICS extraordinary joint meeting on the situation in Gaza.

Mortgage rates decline for the first time in two years.

Inflation declines in Canada, the U.S. and the U.K. to lowest in two years.

Dutch Central Bank has prepared for a new Gold Standard.

Republicans building case against Antony Fauci. New emails show Fauci adviser suggesting he destroyed records.

Jim Jordan issues subpoena to Bank of America for sharing customer’s private financial information with the FBI.

Australian clamps down on migrants with criminal convictions.

BLM activist Jayden X found guilty on all seven counts for his actions on January 6th.

Decline in local U.S. news outlets is accelerating.

Canada Media Fund admits subsidizing newspapers and news channels didn’t stop decline.

Ghost busses uncovered filled with FBI agents dressed as Trump supporters on January 6th.

Pfizer stock hits three year low, down 50% from 2021.

Disney loses $40B from DeSantis pulling special treatment.

Voter Fraud


A federal judge in Georgia has ordered a trial for the case against Dominion machines.

Trump declares he will bring everything to light, including the 2020 election fraud, concluding we need same day voting and paper ballots.

Kim Phuong Taylor found guilty of 51 counts related to voter fraud in the election of her husband, Jeremy Taylor

Fulton County, Georgia acknowledges that 3,600 ballots from the 2020 election audit were duplicated. Discrepancy turned over the the GA Attorney General for investigation.

Obama-appointed federal judge just ruled against voting machines in Georgia.

Maricopa County Elections Department has admitted they improperly certified the voting machines that failed on Election Day. Sixty percent of the machines failed.

Trump: “We have so much evidence of election fraud, and I look forward to introducing it in my trials.”

Colorado judge keeps Trump on 2024 primary ballot as latest 14th Amendment case falters.

South Carolina implements Voter ID.

Meta allows ads saying 2020 election was rigged on Facebook and Instagram.

Stacey Abrams’ voting organization, overseen by Georgia Senator Raphael Warnock (who stole his seat), is facing serious allegations of financial fraud.

Arizona Governor Katies Hobbs’ Election Task Force concluded that then-Secretary of State Hobbs engaged in election interference in 2022 by preventing Arizonans from voting while running her own election for governor.

Wisconsin legislature has passed two constitutional amendment proposals that seek to prohibit noncitizen voting and the use of private money (ZuckBucks) to conduct elections.

ZuckerBucks banned in 32 states.



All this in fewer than ten days. The future should be blinding you right about now.

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Much of the mainstream news/propaganda is designed to oppress, depress and disempower you. Even independent journalism falls into despair all too often. I fight that with every fibre of my ability. I disagree. I do not think we are lost. I don’t think there is a new dark age ahead. I think quite the opposite.

Again, I am grateful for all the subscriptions, paid and otherwise last week. “Put a chick in it” was enormously popular. When you like, subscribe and pay, I know where to go next with my writing. Thank you especially for the founding memberships and the people who send money via PayPal, and $20 bills from Thailand - you make a huge difference. Again, I keep my prices low so if you are not rich, you can afford to support me and others. If you are rich, consider a founding membership…cheaper in the long run!

https://elizabethnickson.substack.com/p/can-you-feel-the-earth-shaking?utm_medium=ios

The intellectual lineage of the ESG movement is fundamentally globalist and collectivist. This article focuses on these two major intellectual themes that have come together in the #ESG movement.

ESG advocates use a variety of jargon. Some are pretty straightforward to define, others are rather ambiguous and slippery. Today’s column will help you cut through the clutter and ask the right questions of #ESG advocates.

The Age of Megathreats
Nouriel RoubiniNov 4, 2022
op_roubini3_Getty Images_worlddisaster Getty Images
NEW YORK – Severe megathreats are imperiling our future – not just our jobs, incomes, wealth, and the global economy, but also the relative peace, prosperity, and progress achieved over the past 75 years. Many of these threats were not even on our radar during the prosperous post-World War II era. I grew up in the Middle East and Europe from the late 1950s to the early 1980s, and I never worried about climate change potentially destroying the planet. Most of us had barely even heard of the problem, and greenhouse-gas emissions were still relatively low, compared to where they would soon be.

Moreover, after the US-Soviet détente and US President Richard Nixon’s visit to China in the early 1970s, I never really worried about another war among great powers, let alone a nuclear one. The term “pandemic” didn’t register in my consciousness, either, because the last major one had been in 1918. And I didn’t fathom that artificial intelligence might someday destroy most jobs and render Homo sapiens obsolete, because those were the years of the long “AI winter.”

Similarly, terms like “deglobalization” and “trade war” had no purchase during this period. Trade liberalization had been in full swing since the Great Depression, and it would soon lead to the hyper-globalization that began in the 1990s. Debt crises posed no threat, because private and public debt-to-GDP ratios were low in advanced economies and emerging markets, and growth was robust. No one had to worry about the massive build-up of implicit debt, in the form of unfunded liabilities from pay-as-you-go social security and health-care systems. The supply of young workers was rising, the share of the elderly was still low, and robust, mostly unrestricted immigration from the Global South to the North would continue to prop up the labor market in advanced economies.

Against this backdrop, economic cycles were contained, and recessions were short and shallow, except for during the stagflationary decade of the 1970s; but even then, there were no debt crises in advanced economies, because debt ratios were low. The kind of financial cycles that lead to crises were contained not just in advanced economies but even in emerging markets, owing to the low leverage, low risk-taking, solid financial regulation, capital controls, and various forms of financial repression that prevailed during this period. The advanced economies were strong liberal democracies that were free of extreme partisan polarization. Populism and authoritarianism were confined to a benighted cohort of poorer countries.

Goodbye to All That

Fast-forward from this relatively “golden” period between 1945 and 1985 to late 2022, and you will immediately notice that we are awash in new, extreme megathreats that were not previously on anyone’s mind. The world has entered what I call a geopolitical depression, with (at least) four dangerous revisionist powers – China, Russia, Iran, and North Korea – challenging the economic, financial, security, and geopolitical order that the United States and its allies created after WWII.

There is a sharply rising risk not only of war among great powers but of a nuclear conflict. In the coming year, Russia’s war of aggression in Ukraine could escalate into an unconventional conflict that directly involves NATO. And Israel – and perhaps the US – may decide to launch strikes against Iran, which is on its way to building a nuclear bomb.


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With Chinese President Xi Jinping further consolidating his authoritarian rule, and with the US tightening its trade restrictions against China, the new Sino-American cold war is getting colder by the day. Worse, it could all too easily turn hot over the status of Taiwan, which Xi is committed to reuniting with the mainland, and which US President Joe Biden is apparently committed to defending. Meanwhile, nuclear-armed North Korea has once again been seeking attention by firing rockets over Japan and South Korea.

Cyberwarfare occurs daily between these revisionist powers and the West, and many other countries have adopted a non-aligned posture toward Western-led sanctions regimes. From our contingent vantage point in the middle of all these events, we don’t yet know if World War III has already begun in Ukraine. That determination will be left to future historians – if there are any.

Even discounting the threat of nuclear Armageddon, the risk of an environmental Apocalypse is becoming increasingly serious, especially given that most of the talk about net-zero and ESG (environment, social, and governance) investing is just greenwashing – or greenwishing. The new greenflation is already in full swing, because it turns out that amassing the metals needed for the energy transition requires a lot of expensive energy.

There is also a growing risk of new pandemics that would be worse than biblical plagues, owing to the link between environmental destruction and zoonotic diseases. Wildlife, carrying dangerous pathogens, are coming into closer and more frequent contact with humans and livestock. That is why we have experienced more frequent and virulent pandemics and epidemics (HIV, SARS, MERS, swine flu, bird flu, Zika, Ebola, COVID-19) since the early 1980s. All the evidence suggests that this problem will become even worse in the future. Indeed, owing to the melting of Siberian permafrost, we may soon be confronting dangerous viruses and bacteria that have been locked away for millennia.

Moreover, geopolitical conflicts and national-security concerns are fueling trade, financial, and technology wars, and accelerating the deglobalization process. The return of protectionism and the Sino-American decoupling will leave the global economy, supply chains, and markets more balkanized and fragmented. The buzzwords “friend-shoring” and “secure and fair trade” have replaced “offshoring” and “free trade.”

But on the domestic front, advances in AI, robotics, and automation will destroy more and more jobs, even if policymakers build higher protectionist walls in an effort to fight the last war. By both restricting immigration and demanding more domestic production, aging advanced economies will create a stronger incentive for companies to adopt labor-saving technologies. While routine jobs are obviously at risk, so, too, are any cognitive jobs that can be unbundled into discrete tasks, and even many creative jobs. AI language models like GPT-3 can already write better than most humans and will almost certainly displace many jobs and sources of income. In due course, some scientists believe that Homo sapiens will be rendered entirely obsolete by the rise of artificial general intelligence or machine super-intelligence – though this is a highly contentious subject of debate.

Thus, over time, economic malaise will deepen, inequality will rise even further, and more white- and blue-collar workers will be left behind.

Hard Choices, Hard Landings

The macroeconomic situation is no better. For the first time since the 1970s, we are facing high inflation and the prospect of a recession – stagflation. The increased inflation in advanced economies wasn’t “transitory.” It is persistent, driven by a combination of bad policies – excessively loose monetary, fiscal, and credit policies that were kept in place for too long – and bad luck. No one could have anticipated how much the initial COVID-19 shock would curtail the supply of goods and labor and create bottlenecks in global supply chains. The same goes for Russia’s brutal invasion of Ukraine, which caused a sharp spike in energy, food, fertilizers, industrial metals, and other commodities. Meanwhile, China has continued its “zero-COVID” policy, which is creating additional supply bottlenecks.

While both demand and supply factors were in the mix, it is now widely recognized that the supply factors have played an increasingly decisive role. This matters for the economic outlook, because supply-driven inflation is stagflationary and thus increases the risk that monetary-policy tightening will produce a hard landing (increased unemployment and potentially a recession).

What will follow from the US Federal Reserve and other major central banks’ current tightening? Until recently, most central banks and most of Wall Street belonged to “Team Soft Landing.” But the consensus has rapidly shifted, with even Fed Chair Jerome Powell recognizing that a recession is possible, that a soft landing will be “very challenging,” and that everyone should prepare for some “pain” ahead. The Federal Reserve Bank of New York’s model shows a high probability of a hard landing, and the Bank of England has expressed similar views about the United Kingdom. Several prominent Wall Street institutions have also now made a recession their baseline scenario (the most likely outcome if all other variables are held constant).

History, too, points to deeper problems ahead. For the past 60 years in the US, whenever inflation has been above 5% (it is above 8% today), and unemployment has been below 5% (it is now 3.5%), any attempt by the Fed to bring inflation down toward its 2% target has caused a recession. Thus, a hard landing is much more likely than a soft landing, both in the US and across most other advanced economies.

Sticky Stagflation

In addition to the short-term factors, negative supply shocks and demand factors in the medium term will cause inflation to persist. On the supply side, I count eleven negative supply shocks that will reduce potential growth and increase the costs of production. Among these is the backlash against hyper-globalization, which has been gaining momentum and creating opportunities for populist, nativist, and protectionist politicians, and growing public anger over stark income and wealth inequalities, which is leading to more policies to support workers and the “left behind.” However well-intentioned, such measures will contribute to a dangerous wage-price spiral.

Other sources of persistent inflation include rising protectionism (from both the left and the right), which has restricted trade, impeded the movement of capital, and heightened political resistance to immigration, which in turn has put additional upward pressure on wages. National-security and strategic considerations have further restricted flows of technology, data, and talent, and new labor and environmental standards, as important as they may be, are hampering both trade and new construction.

This balkanization of the global economy is deeply stagflationary, and it is coinciding with demographic aging, not just in developed countries but also in large emerging economies such as China. Because young people tend to produce and save more, whereas older people spend down their savings and require many more expensive services in health care and other sectors, this trend, too, will lead to higher prices and slower growth.

Today’s geopolitical turmoil further complicates matters. The disruptions to trade and the spike in commodity prices following Russia’s invasion were not just a one-off phenomenon. The same threats to harvests and food shipments that arose in 2022 may well persist in 2023. Moreover, if China does finally end its zero-COVID policy and begin to restart its economy, a surge in demand for many commodities will add to the global inflationary pressures. There is also no end in sight for Sino-Western decoupling, which is accelerating across all dimensions of trade (goods, services, capital, labor, technology, data, and information). And, of course, Iran, North Korea, and other strategic rivals to the West could soon contribute in their own ways to the global havoc.

Now that the US dollar has been fully weaponized for strategic and national-security purposes, its position as the main global reserve currency could eventually begin to decline, and a weaker dollar would of course add to inflationary pressures in the US. More broadly, a frictionless world trading system requires a frictionless financial system. But sweeping primary and secondary sanctions have thrown sand in what was once a well-oiled machine, massively increasing the transaction costs of trade.

On top of it all, climate change, too, will create persistent stagflationary pressures. Droughts, heat waves, hurricanes, and other disasters are increasingly disrupting economic activity and threatening harvests (thus driving up food prices). At the same time, demands for decarbonization have led to underinvestment in fossil-fuel capacity before investment in renewables has reached the point where they can make up the difference. Today’s large energy-price spikes were inevitable.

The increased likelihood of future pandemics also represents a persistent source of stagflation, especially considering how little has been done to prevent or prepare for the next one. The next contagious outbreak will lend further momentum to protectionist policies as countries rush to close borders and hoard critical supplies of food, medicines, and other essential goods.

Finally, cyberwarfare remains an underappreciated threat to economic activity and even public safety. Firms and governments will either face more stagflationary disruptions to production, or they will have to spend a fortune on cybersecurity. Either way, costs will rise.

The Worst of All Possible Economies

When the recession comes, it will not be short and shallow but long and severe. Not only are we facing persistent short- and medium-term negative supply shocks, but we are also heading into the mother of all debt crises, owing to soaring private and public debt ratios over the last few decades. Low debt ratios spared us from that outcome in the 1970s. And though we certainly had debt crises following the 2008 crash – the result of excessive household, bank, and government debt – we also had deflation. It was a demand shock and a credit crunch that could be met with massive monetary, fiscal, and credit easing.

Today, we are experiencing the worst elements of both the 1970s and 2008. Multiple, persistent negative supply shocks have coincided with debt ratios that are even higher than they were during the global financial crisis. These inflationary pressures are forcing central banks to tighten monetary policy even though we are heading into a recession. That makes the current situation fundamentally different from both the global financial crisis and the COVID-19 crisis. Everyone should be preparing for what may come to be remembered as the Great Stagflationary Debt Crisis.

While central banks have been at pains to sound more hawkish, we should be skeptical of their professed willingness to fight inflation at any cost. Once they find themselves in a debt trap, they will have to blink. With debt ratios so high, fighting inflation will cause an economic and financial crash that will be deemed politically unacceptable. Major central banks will feel as though they have no choice but to backpedal, and inflation, the debasement of fiat currencies, boom-bust cycles, and financial crises will become even more severe and frequent.

The inevitability of central banks wimping out was recently on display in the United Kingdom. Faced with the market reaction to the Truss government’s reckless fiscal stimulus, the BOE had to launch an emergency quantitative-easing (QE) program to buy up government bonds. That sad episode confirmed that in the UK, as in many other countries, monetary policy is increasingly subject to fiscal capture.

Recall that a similar turnaround occurred in 2019, when the Fed, after previously signaling continued rate hikes and quantitative-tightening, stopped its QT program and started pursuing a mix of backdoor QE and policy-rate cuts at the first sign of mild financial pressures and a growth slowdown. Central banks will talk tough; but, in a world of excessive debt and risks of an economic and financial crash, there is good reason to doubt their willingness to do “whatever it takes” to return inflation to its target rate.

With governments unable to reduce high debts and deficits by spending less or raising revenues, those that can borrow in their own currency will increasingly resort to the “inflation tax”: relying on unexpected price growth to wipe out long-term nominal liabilities at fixed interest rates.

How will financial markets and prices of equities and bonds perform in the face of rising inflation and the return of stagflation? It is likely that, as in the stagflation of the 1970s, both components of any traditional asset portfolio will suffer, potentially incurring massive losses. Inflation is bad for bond portfolios, which will take losses as yields increase and prices fall, as well as for equities, whose valuations are hurt by rising interest rates.

For the first time in decades, a 60/40 portfolio of equities and bonds suffered massive losses in 2022, because bond yields have surged while equities have gone into a bear market. By 1982, at the peak of the stagflation decade, the average S&P 500 firm’s price-to-earnings ratio was down to eight; today, it is closer to 20, which suggests that the bear market could end up being even more protracted and severe. Investors will need to find assets to hedge against inflation, political and geopolitical risks, and environmental damage: these include short-term government bonds and inflation-indexed bonds, gold and other precious metals, and real estate that is resilient to environmental damage.

The Moment of Truth

In any case, these megathreats will further contribute to rising income and wealth inequality, which has already been putting severe pressure on liberal democracies (as those left behind revolt against elites), and fueling the rise of radical and aggressive populist regimes. One can find right-wing manifestations of this trend in Russia, Turkey, Hungary, Italy, Sweden, the US (under Donald Trump), post-Brexit Britain, and many other countries; and left-wing manifestations in Argentina, Venezuela, Peru, Mexico, Colombia, Chile, and now Brazil (which has just replaced a right-wing populist with a left-wing one).

And, of course, Xi’s authoritarian stranglehold has given the lie to the old idea that Western engagement with a fast-growing China would ineluctably lead that country to open itself up even more to markets and, eventually, to democratic processes. Under Xi, China shows every sign of becoming more closed off, and more aggressive on geopolitical, security, and economic matters.

How did it come to this? Part of the problem is that we have long had our heads stuck in the sand. Now, we need to make up for lost time. Without decisive action, we will be heading into a period that is less like the four decades after WWII than like the three decades between 1914 and 1945. That period gave us World War I; the Spanish flu pandemic; the 1929 Wall Street crash; the Great Depression; massive trade and currency wars; inflation, hyperinflation, and deflation; financial and debt crises, leading to massive meltdowns and defaults; and the rise of authoritarian militarist regimes in Italy, Germany, Japan, Spain, and elsewhere, culminating in WWII and the Holocaust.

In this new world, the relative peace, prosperity, and rising global welfare that we have taken for granted will be gone; most of it already is. If we don’t stop the multi-track slow-motion train wreck that is threatening the global economy and our planet at large, we will be lucky to have only a repeat of the stagflationary 1970s. Far more likely is an echo of the 1930s and the 1940s, only now with all the massive disruptions from climate change added to the mix.

Avoiding a dystopian scenario will not be easy. While there are potential solutions to each megathreat, most are costly in the short run and will deliver benefits only over the long run. Many also require technological innovations that are not yet available or in place, starting with those needed to halt or reverse climate change. Complicating matters further, today’s megathreats are interconnected, and therefore best addressed in a systematic and coherent fashion. Domestic leadership, in both the private and public sector, and international cooperation among great powers is necessary to prevent the coming Apocalypse.

Yet there are many domestic and international obstacles standing in the way of policies that would allow for a less dystopian (though still contested and conflictual) future. Thus, while a less bleak scenario is obviously desirable, a clear-headed analysis indicates that dystopia is much more likely than a happier outcome. The years and decades ahead will be marked by a stagflationary debt crisis and related megathreats – war, pandemics, climate change, disruptive AI, and deglobalization – all of which will be bad for jobs, economies, markets, peace, and prosperity.

The Age of Megathreats
Nouriel RoubiniNov 4, 2022
op_roubini3_Getty Images_worlddisaster Getty Images
NEW YORK – Severe megathreats are imperiling our future – not just our jobs, incomes, wealth, and the global economy, but also the relative peace, prosperity, and progress achieved over the past 75 years. Many of these threats were not even on our radar during the prosperous post-World War II era. I grew up in the Middle East and Europe from the late 1950s to the early 1980s, and I never worried about climate change potentially destroying the planet. Most of us had barely even heard of the problem, and greenhouse-gas emissions were still relatively low, compared to where they would soon be.

Moreover, after the US-Soviet détente and US President Richard Nixon’s visit to China in the early 1970s, I never really worried about another war among great powers, let alone a nuclear one. The term “pandemic” didn’t register in my consciousness, either, because the last major one had been in 1918. And I didn’t fathom that artificial intelligence might someday destroy most jobs and render Homo sapiens obsolete, because those were the years of the long “AI winter.”

Similarly, terms like “deglobalization” and “trade war” had no purchase during this period. Trade liberalization had been in full swing since the Great Depression, and it would soon lead to the hyper-globalization that began in the 1990s. Debt crises posed no threat, because private and public debt-to-GDP ratios were low in advanced economies and emerging markets, and growth was robust. No one had to worry about the massive build-up of implicit debt, in the form of unfunded liabilities from pay-as-you-go social security and health-care systems. The supply of young workers was rising, the share of the elderly was still low, and robust, mostly unrestricted immigration from the Global South to the North would continue to prop up the labor market in advanced economies.

Against this backdrop, economic cycles were contained, and recessions were short and shallow, except for during the stagflationary decade of the 1970s; but even then, there were no debt crises in advanced economies, because debt ratios were low. The kind of financial cycles that lead to crises were contained not just in advanced economies but even in emerging markets, owing to the low leverage, low risk-taking, solid financial regulation, capital controls, and various forms of financial repression that prevailed during this period. The advanced economies were strong liberal democracies that were free of extreme partisan polarization. Populism and authoritarianism were confined to a benighted cohort of poorer countries.

Goodbye to All That

Fast-forward from this relatively “golden” period between 1945 and 1985 to late 2022, and you will immediately notice that we are awash in new, extreme megathreats that were not previously on anyone’s mind. The world has entered what I call a geopolitical depression, with (at least) four dangerous revisionist powers – China, Russia, Iran, and North Korea – challenging the economic, financial, security, and geopolitical order that the United States and its allies created after WWII.

There is a sharply rising risk not only of war among great powers but of a nuclear conflict. In the coming year, Russia’s war of aggression in Ukraine could escalate into an unconventional conflict that directly involves NATO. And Israel – and perhaps the US – may decide to launch strikes against Iran, which is on its way to building a nuclear bomb.


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With Chinese President Xi Jinping further consolidating his authoritarian rule, and with the US tightening its trade restrictions against China, the new Sino-American cold war is getting colder by the day. Worse, it could all too easily turn hot over the status of Taiwan, which Xi is committed to reuniting with the mainland, and which US President Joe Biden is apparently committed to defending. Meanwhile, nuclear-armed North Korea has once again been seeking attention by firing rockets over Japan and South Korea.

Cyberwarfare occurs daily between these revisionist powers and the West, and many other countries have adopted a non-aligned posture toward Western-led sanctions regimes. From our contingent vantage point in the middle of all these events, we don’t yet know if World War III has already begun in Ukraine. That determination will be left to future historians – if there are any.

Even discounting the threat of nuclear Armageddon, the risk of an environmental Apocalypse is becoming increasingly serious, especially given that most of the talk about net-zero and ESG (environment, social, and governance) investing is just greenwashing – or greenwishing. The new greenflation is already in full swing, because it turns out that amassing the metals needed for the energy transition requires a lot of expensive energy.

There is also a growing risk of new pandemics that would be worse than biblical plagues, owing to the link between environmental destruction and zoonotic diseases. Wildlife, carrying dangerous pathogens, are coming into closer and more frequent contact with humans and livestock. That is why we have experienced more frequent and virulent pandemics and epidemics (HIV, SARS, MERS, swine flu, bird flu, Zika, Ebola, COVID-19) since the early 1980s. All the evidence suggests that this problem will become even worse in the future. Indeed, owing to the melting of Siberian permafrost, we may soon be confronting dangerous viruses and bacteria that have been locked away for millennia.

Moreover, geopolitical conflicts and national-security concerns are fueling trade, financial, and technology wars, and accelerating the deglobalization process. The return of protectionism and the Sino-American decoupling will leave the global economy, supply chains, and markets more balkanized and fragmented. The buzzwords “friend-shoring” and “secure and fair trade” have replaced “offshoring” and “free trade.”

But on the domestic front, advances in AI, robotics, and automation will destroy more and more jobs, even if policymakers build higher protectionist walls in an effort to fight the last war. By both restricting immigration and demanding more domestic production, aging advanced economies will create a stronger incentive for companies to adopt labor-saving technologies. While routine jobs are obviously at risk, so, too, are any cognitive jobs that can be unbundled into discrete tasks, and even many creative jobs. AI language models like GPT-3 can already write better than most humans and will almost certainly displace many jobs and sources of income. In due course, some scientists believe that Homo sapiens will be rendered entirely obsolete by the rise of artificial general intelligence or machine super-intelligence – though this is a highly contentious subject of debate.

Thus, over time, economic malaise will deepen, inequality will rise even further, and more white- and blue-collar workers will be left behind.

Hard Choices, Hard Landings

The macroeconomic situation is no better. For the first time since the 1970s, we are facing high inflation and the prospect of a recession – stagflation. The increased inflation in advanced economies wasn’t “transitory.” It is persistent, driven by a combination of bad policies – excessively loose monetary, fiscal, and credit policies that were kept in place for too long – and bad luck. No one could have anticipated how much the initial COVID-19 shock would curtail the supply of goods and labor and create bottlenecks in global supply chains. The same goes for Russia’s brutal invasion of Ukraine, which caused a sharp spike in energy, food, fertilizers, industrial metals, and other commodities. Meanwhile, China has continued its “zero-COVID” policy, which is creating additional supply bottlenecks.

While both demand and supply factors were in the mix, it is now widely recognized that the supply factors have played an increasingly decisive role. This matters for the economic outlook, because supply-driven inflation is stagflationary and thus increases the risk that monetary-policy tightening will produce a hard landing (increased unemployment and potentially a recession).

What will follow from the US Federal Reserve and other major central banks’ current tightening? Until recently, most central banks and most of Wall Street belonged to “Team Soft Landing.” But the consensus has rapidly shifted, with even Fed Chair Jerome Powell recognizing that a recession is possible, that a soft landing will be “very challenging,” and that everyone should prepare for some “pain” ahead. The Federal Reserve Bank of New York’s model shows a high probability of a hard landing, and the Bank of England has expressed similar views about the United Kingdom. Several prominent Wall Street institutions have also now made a recession their baseline scenario (the most likely outcome if all other variables are held constant).

History, too, points to deeper problems ahead. For the past 60 years in the US, whenever inflation has been above 5% (it is above 8% today), and unemployment has been below 5% (it is now 3.5%), any attempt by the Fed to bring inflation down toward its 2% target has caused a recession. Thus, a hard landing is much more likely than a soft landing, both in the US and across most other advanced economies.

Sticky Stagflation

In addition to the short-term factors, negative supply shocks and demand factors in the medium term will cause inflation to persist. On the supply side, I count eleven negative supply shocks that will reduce potential growth and increase the costs of production. Among these is the backlash against hyper-globalization, which has been gaining momentum and creating opportunities for populist, nativist, and protectionist politicians, and growing public anger over stark income and wealth inequalities, which is leading to more policies to support workers and the “left behind.” However well-intentioned, such measures will contribute to a dangerous wage-price spiral.

Other sources of persistent inflation include rising protectionism (from both the left and the right), which has restricted trade, impeded the movement of capital, and heightened political resistance to immigration, which in turn has put additional upward pressure on wages. National-security and strategic considerations have further restricted flows of technology, data, and talent, and new labor and environmental standards, as important as they may be, are hampering both trade and new construction.

This balkanization of the global economy is deeply stagflationary, and it is coinciding with demographic aging, not just in developed countries but also in large emerging economies such as China. Because young people tend to produce and save more, whereas older people spend down their savings and require many more expensive services in health care and other sectors, this trend, too, will lead to higher prices and slower growth.

Today’s geopolitical turmoil further complicates matters. The disruptions to trade and the spike in commodity prices following Russia’s invasion were not just a one-off phenomenon. The same threats to harvests and food shipments that arose in 2022 may well persist in 2023. Moreover, if China does finally end its zero-COVID policy and begin to restart its economy, a surge in demand for many commodities will add to the global inflationary pressures. There is also no end in sight for Sino-Western decoupling, which is accelerating across all dimensions of trade (goods, services, capital, labor, technology, data, and information). And, of course, Iran, North Korea, and other strategic rivals to the West could soon contribute in their own ways to the global havoc.

Now that the US dollar has been fully weaponized for strategic and national-security purposes, its position as the main global reserve currency could eventually begin to decline, and a weaker dollar would of course add to inflationary pressures in the US. More broadly, a frictionless world trading system requires a frictionless financial system. But sweeping primary and secondary sanctions have thrown sand in what was once a well-oiled machine, massively increasing the transaction costs of trade.

On top of it all, climate change, too, will create persistent stagflationary pressures. Droughts, heat waves, hurricanes, and other disasters are increasingly disrupting economic activity and threatening harvests (thus driving up food prices). At the same time, demands for decarbonization have led to underinvestment in fossil-fuel capacity before investment in renewables has reached the point where they can make up the difference. Today’s large energy-price spikes were inevitable.

The increased likelihood of future pandemics also represents a persistent source of stagflation, especially considering how little has been done to prevent or prepare for the next one. The next contagious outbreak will lend further momentum to protectionist policies as countries rush to close borders and hoard critical supplies of food, medicines, and other essential goods.

Finally, cyberwarfare remains an underappreciated threat to economic activity and even public safety. Firms and governments will either face more stagflationary disruptions to production, or they will have to spend a fortune on cybersecurity. Either way, costs will rise.

The Worst of All Possible Economies

When the recession comes, it will not be short and shallow but long and severe. Not only are we facing persistent short- and medium-term negative supply shocks, but we are also heading into the mother of all debt crises, owing to soaring private and public debt ratios over the last few decades. Low debt ratios spared us from that outcome in the 1970s. And though we certainly had debt crises following the 2008 crash – the result of excessive household, bank, and government debt – we also had deflation. It was a demand shock and a credit crunch that could be met with massive monetary, fiscal, and credit easing.

Today, we are experiencing the worst elements of both the 1970s and 2008. Multiple, persistent negative supply shocks have coincided with debt ratios that are even higher than they were during the global financial crisis. These inflationary pressures are forcing central banks to tighten monetary policy even though we are heading into a recession. That makes the current situation fundamentally different from both the global financial crisis and the COVID-19 crisis. Everyone should be preparing for what may come to be remembered as the Great Stagflationary Debt Crisis.

While central banks have been at pains to sound more hawkish, we should be skeptical of their professed willingness to fight inflation at any cost. Once they find themselves in a debt trap, they will have to blink. With debt ratios so high, fighting inflation will cause an economic and financial crash that will be deemed politically unacceptable. Major central banks will feel as though they have no choice but to backpedal, and inflation, the debasement of fiat currencies, boom-bust cycles, and financial crises will become even more severe and frequent.

The inevitability of central banks wimping out was recently on display in the United Kingdom. Faced with the market reaction to the Truss government’s reckless fiscal stimulus, the BOE had to launch an emergency quantitative-easing (QE) program to buy up government bonds. That sad episode confirmed that in the UK, as in many other countries, monetary policy is increasingly subject to fiscal capture.

Recall that a similar turnaround occurred in 2019, when the Fed, after previously signaling continued rate hikes and quantitative-tightening, stopped its QT program and started pursuing a mix of backdoor QE and policy-rate cuts at the first sign of mild financial pressures and a growth slowdown. Central banks will talk tough; but, in a world of excessive debt and risks of an economic and financial crash, there is good reason to doubt their willingness to do “whatever it takes” to return inflation to its target rate.

With governments unable to reduce high debts and deficits by spending less or raising revenues, those that can borrow in their own currency will increasingly resort to the “inflation tax”: relying on unexpected price growth to wipe out long-term nominal liabilities at fixed interest rates.

How will financial markets and prices of equities and bonds perform in the face of rising inflation and the return of stagflation? It is likely that, as in the stagflation of the 1970s, both components of any traditional asset portfolio will suffer, potentially incurring massive losses. Inflation is bad for bond portfolios, which will take losses as yields increase and prices fall, as well as for equities, whose valuations are hurt by rising interest rates.

For the first time in decades, a 60/40 portfolio of equities and bonds suffered massive losses in 2022, because bond yields have surged while equities have gone into a bear market. By 1982, at the peak of the stagflation decade, the average S&P 500 firm’s price-to-earnings ratio was down to eight; today, it is closer to 20, which suggests that the bear market could end up being even more protracted and severe. Investors will need to find assets to hedge against inflation, political and geopolitical risks, and environmental damage: these include short-term government bonds and inflation-indexed bonds, gold and other precious metals, and real estate that is resilient to environmental damage.

The Moment of Truth

In any case, these megathreats will further contribute to rising income and wealth inequality, which has already been putting severe pressure on liberal democracies (as those left behind revolt against elites), and fueling the rise of radical and aggressive populist regimes. One can find right-wing manifestations of this trend in Russia, Turkey, Hungary, Italy, Sweden, the US (under Donald Trump), post-Brexit Britain, and many other countries; and left-wing manifestations in Argentina, Venezuela, Peru, Mexico, Colombia, Chile, and now Brazil (which has just replaced a right-wing populist with a left-wing one).

And, of course, Xi’s authoritarian stranglehold has given the lie to the old idea that Western engagement with a fast-growing China would ineluctably lead that country to open itself up even more to markets and, eventually, to democratic processes. Under Xi, China shows every sign of becoming more closed off, and more aggressive on geopolitical, security, and economic matters.

How did it come to this? Part of the problem is that we have long had our heads stuck in the sand. Now, we need to make up for lost time. Without decisive action, we will be heading into a period that is less like the four decades after WWII than like the three decades between 1914 and 1945. That period gave us World War I; the Spanish flu pandemic; the 1929 Wall Street crash; the Great Depression; massive trade and currency wars; inflation, hyperinflation, and deflation; financial and debt crises, leading to massive meltdowns and defaults; and the rise of authoritarian militarist regimes in Italy, Germany, Japan, Spain, and elsewhere, culminating in WWII and the Holocaust.

In this new world, the relative peace, prosperity, and rising global welfare that we have taken for granted will be gone; most of it already is. If we don’t stop the multi-track slow-motion train wreck that is threatening the global economy and our planet at large, we will be lucky to have only a repeat of the stagflationary 1970s. Far more likely is an echo of the 1930s and the 1940s, only now with all the massive disruptions from climate change added to the mix.

Avoiding a dystopian scenario will not be easy. While there are potential solutions to each megathreat, most are costly in the short run and will deliver benefits only over the long run. Many also require technological innovations that are not yet available or in place, starting with those needed to halt or reverse climate change. Complicating matters further, today’s megathreats are interconnected, and therefore best addressed in a systematic and coherent fashion. Domestic leadership, in both the private and public sector, and international cooperation among great powers is necessary to prevent the coming Apocalypse.

Yet there are many domestic and international obstacles standing in the way of policies that would allow for a less dystopian (though still contested and conflictual) future. Thus, while a less bleak scenario is obviously desirable, a clear-headed analysis indicates that dystopia is much more likely than a happier outcome. The years and decades ahead will be marked by a stagflationary debt crisis and related megathreats – war, pandemics, climate change, disruptive AI, and deglobalization – all of which will be bad for jobs, economies, markets, peace, and prosperity.

The murky precepts of Environmental, Social, Governance #ESG criteria wield growing influence in investing and in regulation. Here's a short guide...

Despite the Biden administration’s increasing support of ESG investments and ESG investment companies, opposition to them continues to increase in the U.S., including with government officials and legislators, hence a new bill.

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Artist Gian Lorenzo Bernini, was born in 1598.
He revolutionised art with his ability to imbue marble with lifelike qualities, intricate anatomy and supple appearance, capturing the delicate nuances of the human form in an astonishingly realistic manner.

???? Alvesgaspar

Source of the image: https://en.wikipedia.org/wiki/Gian_Lorenzo_Bernini

1964 Cadillac Cyclone XP-74 This 1964 XP-74 was desgined by GM V.P. Bill Mitchell

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Some two years ago,my brother made a colored painting of this dog using his colored pencils. Back then, I wanted to try it out too but with graphite. Sadly, I had a many portraits on my hands back then and somehow I totally forgot about this until late last month when I saw someone upload it in this community.
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Then I thought, why not try this now, and I did.
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The outlines...
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**It was fun hosting you folks, do stop by tomorrow.**

Admiración y respeto. Para los obreros que arriesgan sus vidas por un sueldo que ni les alcanza.