Sunday, March 8, 2020

Major Worldwide Crack-up, Crisis and Depression

In my very recent post "1971-The Beginning of the End: Massive Monetary Disorder, I explain why unsound money is really the root cause of most of the economic and social disorder in the world today.

Nixon abandoned our last vestige of sound money by cancelling the Bretton Woods accord (the gold-backed dollar) in 1971 to fund the Vietnam war.  That has led to a 50 year period of rising debt, budget deficits, trade deficits, inflation, financial asset inflation, repeated bubbles and the resulting instability (collapsing bubbles) and deep recessions resulting in falling living standards, inequality, monetary disorder, instability, the rise of China, the Petro-dollar, endless wars, the massive military-industrial complex, a leviathan surveillance state, mega corporate monopolies, massive US government growth, government malfeasance and corruption, national de-industrialization, wealth inequality, the Eurodollar rise and fall, widespread US intervention and manipulation in nearly every global nation -- all continuing to the present day. All fueled by easy (unsound) money and unbridled spending.

It didn't have to be that way. Those persistent budget and trade imbalances over the past decades could never have happened with "sound" money, as the deficit nation would have seen a loss of gold (money) that would have slowed the economy and reduced imports to a balance with exports. And debt creation would have been severely limited since new money would have to be backed by gold-- and the quantity of gold is limited. Exchange rates would have been very stable too. Trade wars, kinetic wars, trade and budget deficits don't exist with a gold standard. That is the beauty of a world-wide gold standard. That's also why gold standards rarely last long.

The result, in part, is that our society, our culture, our civic order, our work ethic, our moral bearings have all decayed and diminished. Our social contract has also been torn asunder. It's not just in the US, but all over the world. All this is basically started with Nixon's abandonment of the gold standard: the adoption of unsound money!

But That's Not All!


I also lay out some of the similar themes in my post Extremes in Unsound Money and Finance are Leading to Catastrophe from February 2018.  

In my post Our Finite Limits, I discuss that the massive rise of debt, especially from China after 2009, has led the world to the end of affordable commodities due to the reality of the world's finite resources. 

This has two elements: 

One factor is that, in the hollowed-out economies of The West (due to persistent trade deficits with Asia-caused by unsound money), the non-elite workers have stagnant wages and fewer breadwinning jobs as entire industries fled to China and the rest of Asia.  Most gov't statistics don't capture this well as the top 10% are doing very well giving the aggregate statistics an optimistic spin.  

The second factor is where commodities, which are finite in supply, that their prices tend to rise as all of the easy-to-extract stuff becomes exhausted as we keep demanding more. You get to the point that more growth causes high prices in the important commodities like oil.  But consumers no longer can afford high commodity prices, therefore there can be no growth! It's because growth causes high prices!

Put another way, the world, and humanity, is reaching the limits of growth -- growth pushed by rapidly rising debt (unsound money). But no growth will make the mountains of debt, accumulated so far, unsustainable since that debt was sold and predicated on enough growth to pay back capital with interest. There comes a point where the debt defaults, the economy collapses and economic depression sets-in.

I discuss in my post Modern Civilization is at Risk, how crisis tends to wipe-out that excess money and debt --(unsound money). I suggest there that our world's population might not be sustainable.  Also see my post How Your Money Goes "Poof" to Money Heaven that lays out a scenario where world bonds crack up first leading a stock market crack-up.  It could be stocks to crater first.  At the end, markets close as stock prices plummet to trading halts and markets can't re-open as futures stay limit down.  When markets do re-open, stock prices are 80 to 90% lower. "Poof!"

From Sven Henrich, "We’re witnessing the most profound challenge to central bankers since the great financial crisis of 2008/09. Their appeasement of markets since 2009 has left us all vulnerable. The constant subsidy of markets and the economy as led us to the largest credit and asset bubble in our lifetimes and the architects of the monstrosity have left themselves weak and depleted."

Also see very recent posts warning of rising risks: Rising Risk of Financial and Economic Chaos and Rising Risk of Financial and Economic Chaos, Part 2.
 
The world is reaching the end of a very long road. That post dates from October, 2018.  I'll paste-in part of that post below (unedited so you can see what I got right and wrong).  We might be facing the end of civilization as we know it.

How We Arrived at the End of the Road:


1) Rising debt in the US has hid the increasing poverty caused by the wealth transfer from US to China (and Japan before them) for awhile. Debt levels have risen everywhere and it's marginal utility to produce growth is nearly gone, even in China. Debt levels continue to rise faster than GDP (everywhere).  If the world economy continues to stagnate, there is a potential of corporate debt defaults especially in Emerging Market countries first. Even sovereign debt is at risk, first in commodity producing countries and peripheral EU countries like Greece and Italy then the rest. Interest rates might rise at the worse possible time as a result of debt distress and defaults.

2) Zero interest rates have prolonged the game for awhile but low or zero rates are unsustainable.  Pensions are already failing in many cities in the US and around the world as investment returns in bonds has dropped so low that pensions don't have enough money to pay benefits. Also, there are far too few workers per beneficiary now (see Demographics are Destiny below). The math doesn't work. Expect cuts in benefits which lower consumer income and spending. But the necessary higher interest rates would blow up the deficit here and kill the economy.

3) Trump is right, the US economy is hollowed-out with the loss of manufacturing jobs and the loss of entire industries. The non-elite workers in the US are financially tapped-out with stagnate incomes and burdened with rapidly rising costs of healthcare, healthcare insurance, rents, food, drugs. Our imports are down. China is feeling this as their exports are way down. World trade is stagnating. The manufacturing sector in this country has been in recession for years now. General recession may be just around the corner.

4) The economy is in near-recession despite rising debt bubbles. The US government has racked up $10 Trillion in debt in just 10 years. In recent years, if you subtracted the debt racked up by the government, our nation's GDP would have been negative for much of the last 10 years. China racked-up double that amount of debt in the same time frame. A vast expansion of US auto loans that some people say is reminiscent of another subprime bubble has propped-up the auto sector. A trillion dollars in student loans have been given to students in the past 8 years and 43% of these loans are now not being payed back.And the US is still making more of these loans!

5) Demographics are destiny. The working age population is beginning to shrink in all of the important economies. This portends shrinking demand for everything which means the end of growth for the entire world. Companies can automate, but who will they sell to?


6) The real money supply to the world, the "Eurodollar" and it's associated derivatives, has been in decay since 2011 (see HERE) and the great financial crisis. Since then, banks have been exiting these shadow banking markets at an increasing rate. Just look at bank stocks to see the decline in their trading and profits. Central bankers haven't noticed this most important development as they are willfully blind and/or incompetent . They don't know what they are doing!

7) QE doesn't work. That's obvious. Even the educated idiots at central banks can see that! They just can't admit it and it's making them look like fools. They are starting to tip-toe away from it.

8) NIRP and the risk of depositor "bail-ins" is killing the EU banking system! And NIRP and ZIRP is killing pension funds, insurance companies and retirees everywhere. The situation is completely unsustainable. Never in history have interest rates been zero or negative. It's absurd and causing more harm than good. EU banks are a systemic risk to the world. What can't be sustained, won't! The EU is likely the epicenter of the next financial crisis which may be triggered by a political crisis.

9) 30 years of declining interest rates is over. So just steady rates is a trend change. US and world rates are now rising as front-running investors can "smell" that the EU and Japan are about to get out of the QE business. Interest rates are rising now in the US; not falling.

10) EU banks are a royal mess. Chinese debt system is a royal mess. The risk of a sudden and substantial Chinese devaluation is increasing as they will surely nationalize huge amounts of bad corporate debt that they created since 2009. Already the Chinese currency is falling slowly this year and is back to 2010 levels. Even small devaluations have roiled markets recently.  A sudden and substantial devaluation would set off a world-wide crash. It's possible that civil unrest may lead to social disintegration if not outright revolution at some point in China.

11) The era of cheap energy is over. If the economy tries to recover, oil prices rise so high that it kills the economy/consumers. If we can't afford high oil prices, then we cannot have growth. (because growth causes unaffordably high oil prices!) And the price at which oil is affordable, ie., $30 to $40 per barrel, kills the oil producers and oil producing countries (and kills oil export country government revenues). The cost of extraction of a "marginal" barrel of oil is much higher now. So, energy production will eventually drop and all the oil and commodity producing countries will remain in recession or depression. What's needed to "save" us is cheap, ie., $10 oil, for an extended period or a miracle in cheap energy technology.

12) The Middle East and North Africa is already in a state of collapse, setting off a disastrous migration crisis into Europe. It's going to get worse as low oil prices will collapse Saudi Arabia and the other countries that have managed to avoid chaotic crashes. That entire region will collapse.

13) If growth is dead, then the mountain of debt, which continues to accumulate at a rate much higher than nominal GDP growth worldwide, is unsustainable. The end of the road is defaults, crises, recession and depression. Debt defaults by companies and entire countries will cause a new round of banking troubles and trouble in global supply chains. It happened in 2008 after all. Collapse is a real possibility. When it happens is the $64 Trillion question.

14) Economic stagnation, if prolonged, will cause political turmoil that will eventually affect markets and economies. Witness Catalonia, the recent Austrian election, Brexit, the election of Trump, etc. There is trouble brewing even in the US as the entire government is full of liars and cretins including the deep state, who is dedicated to overthrowing Trump's election and his plan to reform the economy. This means that, even in the US, a large portion of the US govt, the deep state, is engaged in sedition and treason.  The Deep State doesn't want reform!

15)  The USA may now be a failed state due to stupidity, corruption, and utter and complete collapse of competence of the Fed. Govt. There is utter gridlock of political discord as the Democrats have completely lost their minds along with their constituents. Corruption under Clinton and Obama is coming to light that may put an end to the Democratic Party. Meanwhile, everything is broken and un-fixed in the nation at the same time there is a non-functioning government. There will be consequences to such chaos especially when financial and economic crises erupt (very soon).

So, we really are reaching the end of the road. We're all in for a rude awakening.

Sunday, March 1, 2020

Trump Targeting the Clinton's in New 2020 Campaign Ad

Trump's new 2020 campaign ad:


Here's the transcript:

"The 2020 election is about replacing the failed and corrupt political establishment with a new government controlled by you--the American people. The Washington establishment and the financial and media corporations that fund it exist for only one reason: to protect and enrich itself.

The Establishment has trillions of dollars at stake in this election. For those who control the levers of power in Washington and for the global special interests, they partner with people that don't have your good in mind. Our campaign represents a true existsential threat like they have never seen before.

This is not simply another four-year election. This is a crossroads in the history of our civilization that will determine whether or not “We The People” reclaim control over our government.

The political establishment that is trying to stop us is the same group responsible for our disastrous trade deals, massive illegal immigration, and economic and foreign policies that have bled our country dry.

The political establishment has brought about the destruction of our factories and our jobs as they flee to Mexico, China and other countries all around the world. It's a global power structure that is responsible for the economic decisions that have robbed our working class, stripped our country of it's wealth and put that money into the pockets of a handful of large corporations and political entities.

This is a struggle for the survival of our nation. And this will be our last chance to save it.. This election will determine whether we are a free nation or whether we have only the illusion of democracy, or whether we are, in fact controlled by a small handful of global special interests, rigging the system -- and our system is rigged. This is reality. You know it. They know it. I know it and pretty much the whole world knows it.

The Clinton machine is at the center of this power structure. We see this first hand in the Wikileaks documents where Hillary Clinton meets in secret with international banks to plot the destruction of US sovereignty in order to enrich these global financial powers, her special interest friends and her donors.

Honestly, she should be locked up.

The most powerful weapon deployed by the Clinton's is the corporate media-- the press.. Let's be clear on one thing: the corporate media in our country is no longer involved in journalism. They are a political special interest no different than any lobbyist, or other financial entity with a total political agenda -- and the agenda is not for you. It's for themselves.

Anyone who challenges their control is deemed a sexist, a racist, a xenophobe. They will lie, lie, lie, and then again, they will do worse than that. They will do whatever is necessary. The Clinton's are criminals, remember that. This is well documented. And the establishment that protects them has engaged in a massive cover-up of widespread criminal activity at the State Department and the Clinton foundation in order to keep the Clinton's in power. They knew they would throw every lie they could at me and my family and my loved ones.

They knew they would stop at nothing to try to stop us. Nevertheless, I take all of these slings and arrows gladly for you. I take them for our movement so that we can have our country back.

I knew this day would arrive and it was only a question of when, and I knew the American people would rise above it and vote for the future they deserve. The only thing that can stop this corrupt machine is you. The only force strong enough to save our country is Us. The only people brave enough to vote out this corrupt establishment is You the American people.

Our great civilization has come upon a moment of reckoning. I didn't need to do this. I built a great company and I had a wonderful life. I could have enjoyed the fruits and benefits of years of successful business deals instead of going through this absolute horror show of lies, deceptions, malicious attacks. Who would have thought?
I'm doing it because this country has given me so much and I feel so strongly that it’is my turn to give back to the country that I love. I'm doing this for the people and for the movement and we will take back this country for you and we will make America great again."

Thursday, February 27, 2020

Climate Lies -- Antarctic "Melting" OMG!!

The Alarmist Article:


From MSDNC;  
"NASA satellite captures Antarctica melting during heat wave"

"Antarctica, home to the coldest place on Earth, experienced a worrying heat wave earlier in February, possibly even setting a record high temperature for the normally frigid continent. A NASA satellite has taken stock of what that heat meant to the local ice cap and glaciers.

OMG!! MELTWATER IN THE ANTARCTIC!!
NASA's Earth Observatory released two images from the agency's Landsat 8 satellite. They highlight dramatic changes in the ice and snow along the northern tip of the Antarctic peninsula.

A close-up look at Eagle Island on Feb. 4 showed plenty of snow coverage. A follow-up view from Feb. 13 revealed bright-blue melt ponds and exposed ground.

"I haven't seen melt ponds develop this quickly in Antarctica," said Mauri Pelto, a glaciologist at Nichols College in Massachusetts, in a NASA post on Friday.

Eagle Island isn't far from Argentina's Esperanza research base where a record high temperature was logged.

A World Meteorological Organization committee is working to verify the record temperature reading, but the results of the warm spell are easy to spot in the satellite views. The heat wave liquefied around 20% of Eagle Island's seasonal snow accumulation in a matter of days.

The heat and related meltwater formation is part of a pattern. "If you think about this one event in February, it isn't that significant," said Pelto. "It's more significant that these events are coming more frequently."

The Truth of So-Called Antarctic "Melting"


At first glance, you would be led to think that the picture shown is a satellite image of the Antarctic Continent. The truth is that it's an image of Eagle Island at the very end of the Antarctic Peninsula,  far outside of the Antarctic Circle (shown as the 63' S latitude)!   Eagle Island is closer to Argentina than the Antarctic Continent!! Esperanza Base is at the tip of this peninsula.

Antarctic Peninsula Showing Eagle Island in Red

Antarctic Continent Map Showing Antarctic Peninsula Highlighted in Red
Even on Eagle Island, there are only two months in the year where the daily highs reach above freezing. Even in the warmest months, daily lows are well below freezing.  Esperanza Base, located in the northernmost and warmest part of Antarctica, at the tip of the Antarctic Peninsula (Eagle Island), at a latitude of 63 ° south, the temperature is even higher, in fact, the daily average ranges from a low of -10.5 °C (13 °F) in June to a high of 1.5 °C (35 °F) in January. The cold record is -38.4 °C (-37.1 °F).

The rest of the Antarctic Continent is continuously well below freezing, usually well below zero, even in the summer months.  See my discussion of just how cold Antarctica really is. 

THERE IS NO MELTING IN 99.99% OF ANTARCTICA EVER, EVEN IN THEIR SUMMER!!!

Monday, February 17, 2020

The (Somewhat) Green Fantasy of Electric Cars

The picture exposes the entire fantasy reality of very expensive all-electric cars, especially if that gen-set shown below is powered by natural gas. Presumably it's in some rural area or the outback of Australia? You see, some 65% of US power comes from fossil fuels and most of the rest comes mostly from hydroelectric and nuclear.  (Wind power is a surprising 5.7% these days, with Solar power is less than 1%--see chart below.)

The Approximate Reality of Electric Cars
I found a used 2018 Tesla Model 3 with long range batteries for sale in Houston with only 7,600 miles on it for $45,500.  Not bad.  With 60 month financing at 3.99% and 10% down payment, it costs $754 per month. If anything goes wrong, I'm not sure about warranty issues with this used car.

Then I went to GEICO, who insures my plebeian Toyota Camry, to price comprehensive car insurance for this Tesla.  The cost was $991 per 6 months or $165 per month.

So, to buy a used long-range Model 3, it will cost $919 per month to get it on the road (financed).  Yes, you might save $100 to $150 per month in gasoline costs assuming the electricity cost is nil, but is it worth it??

You're not really saving the planet either, since most electricity is generated from fossil fuels. Also, the cost of the vehicle itself reflects the embedded energy in the manufacture of the car which is at least twice as high as an internal combustion alternative up to 3 or 4 times that cost.  So, you're emitting at least twice the CO2 emissions in buying one of the cheapest all-electric cars.  The expensive ones caused 3 or 4 times the CO2 emissions of a similar conventional car --which is reflected in it's price.  (For example, the final cost reflects the energy in mining the various materials, the refining and transporting of the materials to factories, human energy and capital in the manufacturing-which requires energy, and transport to the end buyer.  The final price reflects all of the costs of: 1) human energy, 2) electric power energy and 3) fossil fuel energy to mine and refine the raw materials and assemble each unit -- the total manufacturing and delivery process.)

The planet is OK anyway since global warming is not a huge crisis it's made out to be.  See my recent post A Summary of Climate Lies.   Elitist and/or Leftist politicians and out-of-control Central Banks are the biggest risk to you and the world.

Electricity Generation, US, 2016

Sunday, February 16, 2020

1971: The Beginning of the End--Massive Monetary Disorder

US National Debt since 1900
In 1970, US debt was $275 Billion. It took 188 years to achieve that. Now, the US is selling that amount of debt every month, or even in a week!

Worse, it's just recently selling most of it to the US Federal Reserve (another part of the government). That's called debt monetisation and is the stuff of the Weimar Republic except all these money transactions are only electronic accounting transactions that create bank reserves rather than issuing paper money. 

We really have just "funny money" (fiat money) not based on anything but confidence and faith in the government. How long do you think that can last? It's already coming to an end as investors are chasing hard assets like crazy now; like housing, gold, stocks. Inflation is raging in those assets.

Background

After WWII, the US was the only major economy that emerged from the war with prosperity and a robust economy. We also had huge gold reserves since we had enjoyed huge trade surpluses with the world before and during WWII. The Bretton Woods arrangement was established in 1944 among the Allied powers where the US dollar, backed by gold, was the de facto global monetary standard. And it worked very well.

But in 1971, Nixon ended this monetary arrangement which ended gold-backed money. It was done at that time to enable the government to run deficits to fund the Viet Nam war without raising taxes to pay for it. As an immediate result, the US dollar plunged in value and our national debt and inflation began to skyrocket. A falling dollar soon caused the oil exporting countries to sharply raise oil prices in 1974 igniting a budgetary and inflationary spiral.

Then came decades of huge, unsustainable global imbalances in trade and debt, inflation, falling living standards, inequality, monetary disorder, instability, the rise of China, the Petro-dollar, endless wars, the massive military-industrial complex, a leviathan surveillance state, mega corporate monopolies, massive US government growth, government malfeasance and corruption, national de-industrialization, wealth inequality, the Eurodollar rise and fall, widespread US intervention and manipulation in nearly every global nation -- continuing to the present day. All fueled by easy (unsound) money and out-of-control spending.

It didn't have to be that way. Those persistent budget and trade imbalances over the past several decades could never have happened with "sound" money, as the deficit nation would have seen a loss of gold (money) that would have slowed the economy and reduced imports to a balance with exports. And debt creation would have been severely limited since new money would have to be backed by gold-- and the quantity of gold is limited. Exchange rates would have been very stable too. Trade wars, kinetic wars, trade and budget deficits don't exist with a gold standard. That is the beauty of a world-wide gold standard. That's also why gold standards rarely last long.

Instead debt, budget deficits, trade deficits, financial asset inflation, repeated bubbles and the resulting instability (collapsing bubbles) and deep recessions have serially eroded our economy and culture since 1971 really, but especially since 2001. The result, in part, is that our society, our culture, our civic order, our work ethic, our moral bearings have all decayed and diminished. Our social contract has also been torn asunder. It's not just in the US, but all over the world.  All this is basically started with Nixon's abandonment of the gold standard: the adoption of unsound money! 


Below are a number of charts and graphs to show just how pivotal the change to fiat money really was.  It's enormous, pivotal and undeniable.

Unending Debt, Budget and Trade Deficits, and Declining Living Standards


Real Wages, Real GDP, Trade Policies in the US (1947 to 2014)



US Federal Surplus or Deficits

US Merchandise Trade Balance

US Goods Trade Balance Since 1971

Debt at All Levels Vs GDP

Federal Debt Held by the Public From 1790

Growth in Productivity and Hourly Compensation Since 1948

Consumer Price Indexes Since 1775

 Income Inequality


  

US Income Growth 1917 to 2012

Income Inequality Since 1971

Income Inequality Since 1913 to 2017


Historical Income Inequality Caused by Fiat Money


Social Disorder



Incarceration Rates 1925 to 2014

Share of 25 to 29 Year Olds Living with Parents or Grandparents

US Personal Savings Rate

Net Savings as a Percent of Gross Income

  International Turmoil



Currency Values Relative to Gold

Worldwide Hyperinflation Episodes

Number of Countries with Banking Crises

Saturday, February 15, 2020

A Summary of Climate Lies

Everything is a lie or a false meme these days in the media, in political circles, and with the government and UN.  Here's a video presentation from well known Dr. Don Easterbrook who debunks the various lies and manipulations regarding what was formerly known as Global Warming, now "Climate Change" because warming has paused for the past 18 years. It's about an hour in length.

You can find data that you can trust at Real Climate Science.

FACTS:

  • Sea level is rising 7 inches per CENTURY, not 20 feet.  The oceans have risen 400 feet in the past 10,000 years-- all natural!!
  • Severe storms and hurricanes are NOT more frequent than long term averages.
  • Arctic and Antarctic ice extent are in normal ranges of the past 100 years. 
  • Antarctic ice sheet is arguably growing, not melting at all.
  • The vast ice sheet of Greenland is between 1 1/2 to 2 miles thick (7000 to 10,500 feet elevation). Temperatures at that elevation in the arctic are NEVER above freezing even in the summer. Therefore the vast majority of Greenland ice is NOT melting. It can't!  (See below)
  • The Antarctic is similar to Greenland where nearly all of the continent remains below freezing --even in their summer. (See below.)
  • There hasn't been any global warming overall in the past 15 years.
  • The 1930s was the warmest decade in the past century, NOT our current period.
  • Snowfall is not below normal. Four of the past 5 years have set snowfall records.
  • CO2 is a trace gas at 0.04% (400 ppm), up from 0.03% (300 ppm) in 100 years.  It's not enough to cause warming.
  • We are led to believe that warming is occurring because NOAA and NASA keep manipulating data to reduce the high temperature extremes of the 1930s and increase ("adjust") recent data warmer.
  • The Oceans are alkaline and will never acidify. The oceans have an alkaline pH of 8.3 (below 7.0 is acid, above 7.0 is alkaline).  The pH will never drop because the ocean is a massive carbonate and bicarbonate buffer system that will eventually absorb all excess atmospheric CO2 to an atmosphere equilibrium concentration near 280 ppm CO2.

Antarctic Climate 


The average temperatures of the continent are extremely low. Some 99% of the continent is continually below freezing even in their summer (January).  There is no evidence of any shrinkage in the continents ice sheet and maybe good evidence of it gaining in extent. (Source: https://www.climatestotravel.com/climate/antarctica)

South Pole
At the South Pole, 2,800 meters (9,200 feet) above sea level, the average annual temperature is -49 °C (-56 °F), ranging from about -28 °C (-18 °F) in January to about -59.5 °C (-74.5 °F) in July. The lowest recorded temperature is -83 °C (-117 °F), while the highest is -12 °C (10 °F).

Here are the average temperatures of the South Pole (Amundsen–Scott Station).
South Pole - Average temperatures
MonthJanFebMarAprMayJunJulAugSepOctNovDec
Min (°C)-30-43-57-61-62-63-63-63-62-54-40-29
Max (°C)-26-38-50-53-54-54-55-55-54-48-36-26
Min (°F)-22-45-71-78-80-81-81-81-80-65-40-20
Max (°F)-15-36-58-63-65-65-67-67-65-54-33-15

Vostok
However, the lowest temperature ever recorded in the continent, which is also the world record, belongs to the Russian station of Vostok, 3,500 meters (11,500 feet) above sea level, where the temperature reached as low as -89.2 °C (-128.6 °F) in in 1983. Here, the highest temperature ever measured is -14 °C (7 °F). This station is located near the geometric center of the continent, which is decisively indicating that continentality is a determining factor in temperature distribution, even more than latitude.
Here are the average temperatures of the Vostok station.
Vostok - Average temperatures
MonthJanFebMarAprMayJunJulAugSepOctNovDec
Min (°C)-38-50-62-68-69-69-70-72-70-63-50-38
Max (°C)-27-39-53-61-62-61-62-64-62-52-37-27
Min (°F)-36-58-80-90-92-92-94-98-94-81-58-36
Max (°F)-17-38-63-78-80-78-80-83-80-62-35-17

There are also inland areas, with no weather stations, where even lower temperatures have been measured by satellites, such as Dome A, located at 4,000 meters (13,000 feet) above sea level, where a temperature of -93 °C (-135 °F) has been estimated.

In coastal regions, the climate is much milder. This happens because of the lower latitude (in some areas, the coasts are beyond the polar circle) and of the lower altitude (unlike in the interior, where there is a thick ice cap, here we are obviously at sea level), as well as of the influence of the sea. Here, the temperatures rarely drop below -30 °C (-22 °F) even in winter, while they can exceed the freezing point in summer. The highest temperatures ever measured in the continent have been 14.5 °C (58 °F), recorded on January 5, 1974, in the former Vanda Station, located near a salt lake in the McMurdo Dry Valleys, at a latitude of 77 degrees South, and 17.5 °C (63.5 °F), recorded in the Argentine Esperanza base in March 2015 (see below).

The Australian Casey Station is located on the coast of the Indian Ocean, at a latitude of 66 degrees South. Oddly, the average temperature at Casey Station reaches its minimum of -15 °C (5 °F) in May, probably for the change in atmospheric circulation that occurs in winter, while it peaks around -0.5 °C (31.5 °F) in January.
Casey - Average temperatures
MonthJanFebMarAprMayJunJulAugSepOctNovDec
Min (°C)-3-5-10-15-19-18-18-18-17-15-9-4
Max (°C)20-4-8-11-10-10-10-10-8-31
Min (°F)2723145-2000151625
Max (°F)363225181214141414182734

At the Esperanza Base, located in the southernmost and warmest part of Antarctica, at the tip of the Antarctic Peninsula, at a latitude of 63 ° south, the temperature is even higher, in fact, the daily average ranges from a low of -10.5 °C (13 °F) in June to a high of 1.5 °C (35 °F) in January. The cold record is -38.4 °C (-37.1 °F).

Greenland Climate


In the interior, covered by the ice cap (Section 3 of map figure), the temperature remains around freezing or below even in summer, and it decreases with altitude. In summer, it usually snows above 300 meters (1,000 feet) above sea level. The coldest areas are the central ones, where the ice cap is thicker.  So there can't be any melting for the vast majority of Greenland!! (Sources: here Also: here.)



Eismitte


For instance in the point called Eismitte, at the center of the island, about 3,000 meters (10,000 ft) above sea level, an expedition in 1930 installed a weather station, which recorded an average temperature ranging from -47 °C (-53 °F) in February to -12 °C (10 °F) in July. The lowest recorded temperature was -65 °C (-85 °F) and the highest was -3 °C (27 °F).


Summit Camp


In the more recent scientific station of Summit Camp, located near the highest point of the ice plateau, where the altitude reaches 3,200 meters (10,500 ft), the average temperature ranges from -42 °C (-44 °F) in January to -13 °C (9 °F) in July; the coldest record so far is -67 °C (-88.5 °F), while the highest has been 3.6 °C (38.5 °F). Here are the average temperatures:

Summit Camp - Average temperatures
MonthJanFebMarAprMayJunJulAugSepOctNovDec
Min (°C)-48-46-45-40-30-19-15-21-29-39-42-48
Max (°C)-36-38-32-29-19-11-11-14-22-28-28-36
Min (°F)-54-51-49-40-22-25-6-20-38-44-54
Max (°F)-33-36-26-20-212127-8-18-18-33