MADNESS AND INSANITY IN A TIME OF JOE BIDEN

thelivyjr
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Re: MADNESS AND INSANITY IN A TIME OF JOE BIDEN

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THE CAPE CHARLES MIRROR JANUARY 13, 2023 AT 10:29 PM

Paul Plante says:

According to accounts, the Penn Biden Center for Diplomacy and Global Engagement, the location where some of the classified documents Joe Biden has stashed here and there, has or had a mission of engaging “fellow citizens in shaping this world, while ensuring the gains of global engagement are widely shared.”

Who exactly those “fellow citizens” might in fact be is never mentioned, nor is mention made of the world they are trying to shape the way Joe Biden wants it shaped.

But from Joe’s unceasing and unrelenting economic war on China that Joe is trying to get other countries to be stupid and join, China isn’t allowed to be a part of the “CLUB,” to wit:

Reuters

“U.S. talks with Japanese, Dutch to yield no immediate China chip export curbs – source”

By Alexandra Alper

January 12, 2023

WASHINGTON, Jan 12 (Reuters) – The White House will discuss a recent crackdown on exports of chip-making tools to China with Japanese and Dutch officials during upcoming visits, but they will not result in “immediate” pledges from the two countries to impose similar curbs, a person familiar with U.S. officials’ thinking said on Thursday.

The Biden administration in October published a sweeping set of export controls, including measures tightly restricting Chinese access to U.S. chipmaking technology, as part of a bid to slow Beijing’s technological and military advances.

But it has not yet convinced key allies to put in place similar equipment curbs seen as essential to making the restrictions effective, since Japanese and Dutch firms Tokyo Electron Ltd and ASML Holding NV also are top producers of chipmaking equipment.

Upcoming meetings between U.S. President Joe Biden and Japanese Prime Minister Fumio Kishida and Dutch Prime Minister Mark Rutte at the White House on Friday and next Tuesday, respectively, will provide forums to discuss the issue, said a person briefed on U.S. officials’ thinking.

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thelivyjr
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Re: MADNESS AND INSANITY IN A TIME OF JOE BIDEN

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THE CAPE CHARLES MIRROR JANUARY 16, 2023 AT 11:35 PM

Paul Plante says:

And it is not enough for him that the shallow-thinking, short-sighted Joe Biden has declared economic warfare on Russia and China, so he had to add Europe to his list of targets to attack, as well, which is leading to this backlash from Joe’s ostensible “allies,” to wit:

The Associated Press

“EU seeking to offset Biden’s green plans with own subsidies”

Story by Raf Casert

16 January 2023

BRUSSELS (AP) — From Paris to Stockholm and Brussels, European Union leaders and member nations were putting forward moves Monday to ensure the 27-nation bloc would not be left behind by the United States in the green industry race.

Talk of huge subsidies to prop up companies at home and fears of a race to the bottom that allows domestic production to muscle out competition are set to dominate the EU’s political agenda right up to a special economic summit Feb. 9-10.

The tipping point came when the $369 billion U.S. Inflation Reduction Act was approved last summer, which EU leaders see as an attempt to cut European firms out of the lucrative American market for clean energy technology like electric vehicles and excessively favors a “made-in-America” approach that discriminates against European multinationals.

Ever more forceful, EU nations want to counter it.

“We need to send a strong message that we will act to safeguard our industrial base.”

“It is crucial that the EU remains an attractive place to invest, innovate and produce,” EU Council President Charles Michel said Monday in Stockholm.

Not only does France want speed, it also wants much bigger subsidies.

“We want state aid that can be much more massive for certain sectors that we clearly identify — hydrogen, electric batteries, solar panels, semiconductors,” Le Maire said.

“There is not a moment to lose.”

Ever since the IRA was approved, the EU has been seeking to dull its sharpest measures, especially enticements offered for the production of electric vehicles on U.S. soil.

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Re: MADNESS AND INSANITY IN A TIME OF JOE BIDEN

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THE CAPE CHARLES MIRROR JANUARY 18, 2023 AT 11:03 PM

Paul Plante says:

And let’s take a look at the subsidy war Joe Biden has triggered with his declaration of isolationism, nationalism, Jingoism and economic war against Europe, where European nations are now going to bribe U.S. chip makers to build their chip fabs in Europe, not here, by offering them bigger bribes, er, sorry, “economic subsidies,” than the bribes Joe Biden can pay them to build here instead by going to this Reuters article titled “Intel is committed to Germany chip plant, working with government – exec” by Jane Lanhee Lee and Hakan Ersen on January 17, 2023, where we have as follows on that subkiect, to wit:

HALF MOON BAY, Calif/FRANKFURT, Jan 17 (Reuters) – U.S. chip giant Intel Corp is committed to building its chip fabrication plant, or fab, in Magdeburg, Germany and is working out funding details with the government, according to Chief Global Operations Officer Keyvan Esfarjani.

end quotes

“Funding details” is a modern-day euphemism for “how big a bribe will you pay me to build here instead of in the US?”

Getting back to the story:

“We are committed to making the Magdeburg project successful,” Esfarjani told Reuters on the sidelines of Industry Strategy Symposium, a chip conference by Semi last week in Half Moon Bay, California.

“While we have to pace ourselves in this current environment, we can’t take our eye off the ball.”

The comments come after regional newspaper Volksstimme reported last month that Intel has backed away from its original target of starting chip factory construction in the eastern German city in the first half of 2023, saying the semiconductor giant wanted more public subsidies.

end quotes

“More public subsidies” is another modern-day euphemism for “how big a bribe will you pay me to build here instead of in the US?”

Going back to Reuters, we have more on that story of who can now pay the biggest bribes to get a chip fab built near them, to wit:

When asked about Intel’s investment, Germany’s economy ministry’s spokesperson told Reuters the government was in “constant exchange with Intel and the European Commission” about the project.

“The type and (maximum possible) amount of funding depends on approval by the EU Commission – and for this, clear benchmarks and data on the company’s project are needed.”

The newspaper report said inflation was increasing costs.

Esfarjani declined to comment on that but said, since the announcement, “geopolitical challenges have become greater, semiconductor demand has declined and inflation and recession are disrupting the global economy.”

end quotes

The statement about “geopolitical challenges have become greater” is of course a direct reference to the global disruption the isolationist and nationalistic policies of the Jingo Joe Biden has caused, and make note as well of the statement “semiconductor demand has declined,” which takes us back to Reuters once again, to wit:

He pointed out that Intel already purchased the land where the fab will be built late last year.

In March Intel announced Magdeburg as the site for its new mega chip manufacturing complex, a key part of its $88 billion investment drive across Europe.

Governments in Europe are still jockeying for Intel’s investments.

Last week Italy’s government also reiterated that it was determined to secure an investment by Intel.

end quotes

And that is the news!

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Re: MADNESS AND INSANITY IN A TIME OF JOE BIDEN

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THE CAPE CHARLES MIRROR JANUARY 26, 2023 AT 11:24 PM

Paul Plante says:

So, by way of review here, on July 28, 2022, Joe Biden published his “Statement from President Biden on House Passage of CHIPS and Science Act to Lower Costs, Create Good-Pay Jobs and Strengthen Our National Security,” where Joe told us as follows, to wit:

“Today, the House passed a bill that will make cars cheaper, appliances cheaper, and computers cheaper.”

“It will lower the costs of everyday goods.”

“And, it will create high-paying manufacturing jobs across the country and strengthen U.S. leadership in the industries of the future at the same time.”

end quotes

Of course, that was then and this is now which takes us to this Reuters article titled “Intel sees more losses as PC makers sharply cut chip buying; shares slump” by Jane Lanhee Lee and Chavi Mehta on January 26, 2023, where we have reality as it exists in the real world, not the dream world of Joe Biden, to wit:

Jan 26 (Reuters) – Intel Corp said on Thursday it expects to lose money in the current quarter, surprising investors with a bleaker-than-expected outlook for both the PC market and slowing growth in its key data center division.

Two of Intel’s most important markets are showing signs of weakness after two years of strong growth as remote work boomed during the pandemic.

Now, the PC industry is struggling with a glut of chips after demand for consumer electronics fell off a cliff and business customers wary of a recession are slowing spending on data centers.

end quotes

So what is Joe Biden’s solution for that – build more chip fabs with taxpayer money because in a falling market, we obviously need to spend taxpayer dollars on the ability to make even more chips, which is insane, which takes us back to Reuters for more, as follows:

“We expect some of the largest inventory corrections literally that we’ve ever seen in the industry taking place that’s affecting the Q1 guide in a meaningful way,” Intel Chief Executive Pat Gelsinger told Reuters.

“Everything hinges on the PC market recovery.”

“AMD isn’t immune to this either,” said Wayne Lam, an analyst at CCS Insight about Intel rival Advanced Micro Devices Inc.

“Don’t think we’ve seen the bottom for INTC…”

“They are not running a sustainable business model.”

Intel expects profit margins to fall further after dropping from 58.4% in the fourth quarter of 2020 to 39.2% in the fourth quarter of 2022.

“Its safe to say that ambitions to return to a 60% margin in the future is light years away,” said CFRA Research analyst Angelo Zino.

Shares of other microchip companies fell as well, with AMD down 2.6% and Nvidia Corp down 2%.

PC shipments fell 16.5% to 292.3 million units in 2022, per data from research firm IDC, forcing chipmakers to cut back production and slash revenue forecasts.

Shrinking PC demand also pressured Microsoft Corp’s More Personal Computing segment, which includes Windows, devices and search revenue, leading to a 19% drop in the segment in its second quarter.

Meanwhile, the data center market has also slowed from double-digit growth as businesses cut costs to ride out an economic slowdown.

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Re: MADNESS AND INSANITY IN A TIME OF JOE BIDEN

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THE CAPE CHARLES MIRROR JANUARY 27, 2023 AT 11:01 PM

Paul Plante says:

Reuters

“Intel’s ‘historic collapse’ erases $8 billion from market value”

By Aditya Soni and Nivedita Balu

January 27, 2023

Jan 27 (Reuters) – Intel Corp saw about $8 billion wiped off its market value on Friday after the U.S. chipmaker stumped Wall Street with dismal earnings projections, fanning fears around a slump in the personal-computer market.

The company predicted a surprise loss for the first quarter and its revenue forecast was $3 billion below estimates as it also struggled with slowing growth in the data center business.

Intel supplier KLA Corp settled 6.9% lower after its dismal forecast.

****************************

Reuters

“Chip equipment maker KLA’s third-quarter forecasts disappoint, shares sink”

Reuters

January 26, 2023

Jan 26 (Reuters) – U.S. chip toolmaker KLA Corp on Thursday forecast third-quarter revenue and profit below Wall Street estimates, the latest company to signal a hit from easing demand as customers seek to reduce excess inventory.

The company’s shares fell more than 5% in trading after the bell.

KLA had earlier said its systems & service revenues could be affected in the near term by the U.S. export regulations on the sale of U.S. semiconductor technology to China.

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Re: MADNESS AND INSANITY IN A TIME OF JOE BIDEN

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THE CAPE CHARLES MIRROR JANUARY 28, 2023 AT 6:23 PM

Paul Plante says:

And let us face facts and reality here as mature, rational thinking adults, this as Joe Biden and the Democrats continue their efforts to build back better to make America great again by a policy of America first, which means elbowing other countries, starting with China, another hated enemy of Joe Biden and the Democrats, along with Russia, both run by “autocrats” who pose a real serious threat to our “sacred democracy” that Joe and the Democrats are champions of, out of the way of a resurgent America led forth on the world stage by Joe Biden, because China, people, is like a serpent in the Garden of Eden Joe and the Democrats are promising, and so it is the duty of Joe Biden today to crush the head of the serpent, for the good of the world that sorely needs the stern, guiding hand of Joe Biden to lead it into a Pax Biden that will last for a thousand years by destroying China’s economy along with the economies of Germany and Russia, but really, people, does that matter, that to make America great again by building it back better by a policy of America First?

Today, people, in our times, not the times of some forgotten yesterday in America when things were different, before equity, now that the JANUARY REVOLUTION is over and our Republic has been overthrown, and the Marxist Dictatorship of the Proletariat has been established in its place at the national level here in the United States of America with the ascension of the God-like Joe Biden into the oval office, we are seeing the beginning of “Bidenism,” which like Stalinism before it, is based on based on centralization, extreme nationalism, isolationism, and totalitarianism.

As we saw in a Reuters article entitled “U.S. Speaker Pelosi: Capitalism has not served our economy as well as it could” by Reuters on September 17, 2021, according to Nancy Pelosi and the Democrats, capitalism has not served the U.S. economy as well as it could have, and it needed to be improved, and hence, Bidenism, where all industry is brought under rigid government control in the name of national security

As to BIDENISM, it is an all-embracing doctrine which demands a one hundred percent surrender of the individual will in the name of mystical nationalism – with ends not clearly defined.

This nationalism is beyond good and evil, and thus is deified.

Therefore, BIDENISM should properly be classed as a kind of religion like fascism and communism, the latter based on class-consciousness, the former on nationalism.

BIDENISM, in simple terms, is defined as a one party system of government with the Democrats in charge of everything, and in which each class have their distinct place, function, and representation in the government, while the individual, that being us, is subordinated to the state and control is maintained by military forces, secret police, rigid censorship, and governmental regimentation of industry and finance, which takes us to this Reuters article titled “Japan, Netherlands to join U.S. in restricting chip equipment exports to China, Bloomberg reports” on January 27, 2023, where we have the following example of BIDENISM being put into action to protect America from China, to wit:

TOKYO, Jan 27 (Reuters) – Japan and the Netherlands will soon agree to join the United States in restricting exports of semiconductor manufacturing equipment to China, Bloomberg News reported.

Talks between the countries will conclude as early as Friday, with the Netherlands restricting ASML Holding NV from selling machines to China used to make certain types of advanced chips, Bloomberg reported, citing people familiar with the matter.

Japan would impose similar restrictions on Nikon Corp, the report said.

Deputy Chief Cabinet Secretary Seiji Kihara, a government spokesperson, said Japan would make “appropriate steps” based on the United States’ and other nations’ regulatory moves.

He declined to comment further when asked about the report at a Friday afternoon media briefing.

The Dutch foreign ministry declined comment.

Prime Minister Mark Rutte, who has said he expects to reach agreement with the United States and other allies on stricter controls but that the Netherlands will not simply adopt U.S. rules, will take questions at his weekly news briefing later on Friday.

Sources have told Reuters that a deal between Dutch and U.S. officials could be clinched by the end of the month as representatives from the two countries meet in Washington on Friday.

Getting the Netherlands and Japan to impose tighter export controls on China would be a major diplomatic win for U.S. President Joe Biden’s administration, which in October announced sweeping restrictions on Beijing’s access to U.S. chipmaking technology to slow its technological and military advances.

Without Japanese or Dutch cooperation, U.S. companies would face a competitive disadvantage.

“We have been in discussion with the United States and other countries regarding the export-control regime,” Yasutoshi Nishimura, Japan’s Minister of Economy, Trade and Industry, told reporters on Friday.

“We will implement any measures in accordance with our Foreign Exchange Law and through international cooperation,” he added, declining to provide further details.

While Nikon could be affected, the Japanese company most likely to be affected by new restrictions will be chip manufacturing machinery maker Tokyo Electron, which relies on China for about a quarter of its sales, said Masahiko Hosokawa, a Meisei University professor and former director general of trade control at the ministry.

“A balance needs to be struck so no one among Japan, the United States and Europe will be disproportionately disadvantaged.”

“It’s about fairness,” he said.

Dutch officials have insisted that fresh controls address national security concerns rather than favour U.S. chip-related companies, a source familiar with the discussions told Reuters.

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Re: MADNESS AND INSANITY IN A TIME OF JOE BIDEN

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THE CAPE CHARLES MIRROR FEBRUARY 1, 2023 AT 7:09 PM

Paul Plante says:

If anybody recalls, because my goodness, it was more than a day ago, there was a time in America not that long ago where people were quite literally locked in their houses, looking for something to do, like on-line gambling, or playing the stock market with free stimulus money, or “gaming,” or actually working from home as some people were doing, all of which created an ARTIFICIAL DEMAND for computers, servers, etc. which Joe Biden in his vincible ignorance thought was the way it was always going to be, so he is wasting billions of taxpayer dollars building what is excess chip-making capacity using taxpayer dollars, as we see from the following, to wit:

CNBC

“AMD beats on sales and profit but warns of a 10% revenue decline in Q1”

Kif Leswing

January 31, 2023

AMD reported fourth-quarter earnings on Tuesday, beating Wall Street expectations for sales and profit, but guided analysts to a 10% decline in year-over-year sales in the current quarter.

AMD reported earnings as many of its rival chipmakers have stumbled in recent weeks, citing lower consumer demand for finished electronics and gluts of parts needed to make PCs and servers.

Intel, AMD’s primary competitor, reported a disastrous quarter last week that included a weak 2023 outlook including a 40% year-over-year decline in sales in the March quarter.

While AMD said it saw slow sales for its PC chips and graphics processors, it said its data center segment rose 42% year-over-year, suggesting it took market share from Intel.

But its client group, which includes sales from PC processors, was down 51% year-over-year because of a slumping PC market, AMD said.

It added that its customers have too much inventory of its chips, a theme other semiconductor companies have mentioned in recent weeks.

The global PC market is in a protracted slowdown, according to estimates.

AMD CEO Lisa Su told analysts that the company expects the total PC market to be down about 10% in 2023, and said the PC environment was “weak.”

AMD’s gaming business, which is comprised of graphics cards and chips for gaming consoles, was down 7% year-over-year.

AMD expects that the segments with PC chips and graphics processors will continue to decline in the current quarter, but data center and embedded sales will grow.

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