• Get Woke, Go Broke: New "Queer" 'Doctor Who' Suffers Worst Ratings In Series History
  Get Woke, Go Broke: New “Queer” ‘Doctor Who’ Suffers Worst Ratings In Series History

  Woke activists today often like to hearken back to nostalgic media from the 1960s; what they consider the golden era or genesis moment of far-left movements in British and US history.  These were the days when being a progressive was considered “counter-culture” and cool, with every major rock star and celebrity tapping into youth angst and hippie philosophy.  The progressive shift led to considerable social instability in the 1970s.

  It is common these days to hear leftists in popular media argue that TV shows like Star Trek or Doctor Who were “always woke” and that they are simply carrying on the tradition.  This is simply not true.  While many productions in the US and in Europe displayed liberal sensibilities, woke activists are not liberal and do not hold liberal values.  They are, rather, a hybrid ideology combining elements of Marxism/communism/fascism, collectivism, moral relativism and narcissism.

  One could argue that the woke cult is the natural end state, the unavoidable final evolution of liberal thinking.  That may be true, but that’s a debate for another day.  The point is, the woke activism of today has very little in common with the political movements of the 1960s.  In fact, if you were to go back in time only 15 years ago and tried to explain to a typical Democrat in the US or Labour member in the UK what leftists are trying to get away with in 2024, they would laugh in your face and call you crazy.

  In our decade nearly every major television and film franchise of the past has received the woke treatment; what leftists call “updating for modern audiences.”  As a consequence, nearly every franchise has suffered an extreme collapse in audience number, ad revenues and box office receipts.  Why?  Because woke ideology is a fringe movement making up a tiny percentage of the population.  Almost no one likes it, hence the reason why “Get Woke, Go Broke” has become a rule rather than a theory.

  Doctor Who has not been able to escape this rule despite being considered an open sci-fi world where almost anything goes.  The problem is, it doesn’t matter what the canon technically allows or what the writers want – In the end the fans always dictate what succeeds and what fails.  When a show starts preaching at people about respecting gender pronouns, they aren’t going to stick around to see what happens next.

  The BBC show (working hand-in-hand with Disney) has been on an unstoppable decline for the past few years as it becomes increasingly woke.  The real collapse started with the introduction of a female and decidedly feminist Doctor (played by Jodie Whitaker) for three seasons.  The series ratings fell exponentially and Whitaker became one of the most hated iterations of the main character in the history of the show.    

  You would think the BBC would have learned not to be confrontational with the fans, but as we all know leftists never admit failure, they only double down.  The newest version of the character is being applauded as the first “black queer” Doctor Who, played by Rwandan-Scottish actor Ncuti Gatwa.  The show also features a villain played by Drag Queen and trans activist Jinkx Monsoon.

   

  Long considered a family show, parents are turning away from Doctor Who because they don’t want their children constantly exposed to gender propaganda.  Not surprisingly, the show’s audience numbers have imploded by roughly 50% compared to the previous two seasons.  The mainstream entertainment media blamed “warm weather” in the UK for the ratings disaster, but numerous representatives from the production openly attacked fans for their opposition to its woke direction and told them not to watch. 

  As Ncuti Gatwa told Variety when discussing fan criticism:

  “Don’t watch. Turn off the TV. Go and touch grass, please, for God’s sake…As the world darkens – and I do think the world is darkening around queer rights – there is a joy and a celebration, and there’s a community…”

  It would seem the audience took Gatwa’s advice to heart.  They aren’t watching and his show is now facing an embarrassing collapse into obscurity.

  Tyler Durden
  Thu, 05/16/2024 – 02:45

• Israel Will 'Set Sights' On Turkey If Hamas Defeated, Erdogan Claims
  Israel Will ‘Set Sights’ On Turkey If Hamas Defeated, Erdogan Claims

  Via The Cradle

  Turkish President Recep Tayyip Erdogan warned on 15 May that Israel would “target” Turkey if victorious against the Hamas and other Palestinian militants in the Gaza Strip.

  “Israel will not stop in Gaza, and if not stopped, this rogue state will eventually target Anatolia with its delusions of a promised land,” Erdogan said during a parliamentary group meeting in Ankara. “We will continue to stand by Hamas, which fights for the independence of its own land and which defends Anatolia,” the Turkish president stressed.

  

  “On Nakba, the Day of Catastrophe, we once again declare with all our being and resources that we stand by Palestine and the Palestinian cause … We will also ensure that the perpetrators of genocide face justice,” Erdogan added.

  For the past several months, the Turkish president has harshly criticized Israeli authorities, accusing them of overseeing ongoing genocide in Gaza. However, his actions trailed far behind his words, as it took over six months for Ankara to end its highly lucrative trade ties with Israel.

  Days after announcing a trade freeze, the Turkish government partially walked back its decision by issuing temporary approval for the supply of construction materials to Israel. Ankara has also refrained from obstructing the flow of oil from neighboring Azerbaijan to Israel.

  For its part, Tel Aviv has been quietly returning diplomats to Turkey in recent weeks after withdrawing them months ago over “security concerns.”

  Nevertheless, Turkish officials continue to send mixed signals, as earlier this week, Foreign Minister Hakan Fidan said his country decided to submit its declaration of official intervention in South Africa’s genocide case against Israel at the International Court of Justice (ICJ).

  “Israel systematically killing thousands of innocent Palestinians and rendering a whole residential area uninhabitable is a crime against humanity, attempted genocide, and the manifestation of genocide,” Fidan told reporters.

  Tyler Durden
  Thu, 05/16/2024 – 02:00

• Escobar: De-Dollarization Bombshell – The Coming Of BRICS+ Decentralized Monetary Ecosystem
  Escobar: De-Dollarization Bombshell – The Coming Of BRICS+ Decentralized Monetary Ecosystem

  Authored by Pepe Escobar,

  Get ready for what may well be the geoeconomic bombshell of 2024: the coming of a decentralized monetary ecosystem.

  

  Welcome to The Unit  – a concept that has already been discussed by the financial services and investments working group set up by the BRICS+ Business Council and has a serious shot at becoming official BRICS+ policy as early as in 2025.

  According to Alexey Subbotin, founder of Arkhangelsk Capital Management and one of the Unit’s conceptualizers, this is a new problem-solving system that addresses the key geoeconomic issue of these troubled times: a global crisis of trust.

  He knows all about it first-hand: a seasoned financial professional with experience in investment banking, asset management and corporate matters, Subbotin leads the Unit project under the auspices of IRIAS, an international intergovernmental organization set up in 1976 in accordance with the UN statute.

  The Global Majority has had enough of the centrally controlled monetary framework put in place 80 years ago in Bretton Woods and its endemic flaws: chronic deficits fueling irresponsible military spending; speculative bubbles; politically motivated sanctions and secondary sanctions; abuse of settlement and payment infrastructure; protectionism; and the lack of fair arbitration.

  In contrast, the Unit proposes a reliable, quick and economically efficient solution for cross-border payments. The – transactional – Unit is a game-changer as a new form of international currency that can be issued in a de-centralized way, and then recognized and regulated at national level.

  The Unit offers a unique solution for bottlenecks in global financial infrastructure: it is eligible for traditional banking operations as well as for the newest forms of digital banking.

  The Unit can also help to upend unfair pricing in commodity trading, by means of setting up a new – fair and efficient – Eurasian Mercantile Exchange where trading and settlement can be done in a new currency bridging trade flows and capital, thus paving the way to the development of new financial products for foreign direct investment (FDI).

  The strength of the Unit, conceptually, is to remove direct dependency on the currency of other nations, and to offer especially to the Global Majority a new form of apolitical money – with huge potential for anchoring fair trade and investments.

  It is indeed a new concept in terms of an international currency – anchored in gold (40%) and BRICS+ currencies (60%). It is neither crypto nor stablecoin – as it’s shown here.

  The Beauty of Going Fractal

  The Global Majority will instantly grasp the primary purpose of the Unit: to harmonize trade and financial flows by keeping them outside of political pressure or “rules” that can be twisted at will. The inevitable consequence translates as financial sovereignty. What matters in the whole process are independent monetary policies focused on economic growth.

  That’s the key appeal for the Global Majority: a full ecosystem offering independent, complementary monetary infrastructure. And that surely can be extended to willing Unit partners in the collective West.

  Now to the practical level: as Subbotin explains, the Unit ecosystem may be easily scalable because it comes from a fractal architecture supported by simple rules. New Unit nodes can be set up by either sovereign or private agents, following a detailed rule-book in custody of the UN-chartered IRIAS.

  The Unit organizers employ a distributed ledger: a technology that ensures transparency, precluding capital controls or any exchange rate manipulation.

  This means that connection is available to all open DEX and digital platforms operated by both commercial and Central Banks around the world.

  The endgame is that everyone, essentially, may use the Unit for accounting, bookkeeping, pricing, settling, paying, saving and investing.

  No wonder the institutional possibilities are quite enticing – as the Unit can be used for accounting and settlement for BRICS+; payment and pricing for the Eurasian Economic Union (EAEU); or as a reserve currency for Sub-Saharan Africa.

  And now comes the clincher: the Unit has already received backing by the BRICS Business Council and is on the agenda at the crucial ministerial meeting in Russia next month, which will work out the road map for the summit next October in Kazan.

  That means the Unit has all it takes to be on the table as a serious subject discussed by BRICS+ and eventually be adopted as early as in 2025.

  Will Musk and the NDB Be on Board?

  As it stands, the priority for the Unit conceptualizers – whom I followed for over a year during several, detailed meetings in Moscow – is to inform the general public about the new system.

  The Unit team is not interested at all in getting straight into political hot waters or to be cornered by ideologically-laden arguments. Direct references to inspiring but sometimes controversial concepts or authors like Zoltan Pozsar may bury the Unit concept into pigeon holes, thus limiting its potential impact.

  What may lie ahead could be extraordinarily exciting, as the Unit appeal could extend all the way from Elon Musk to the BRICS’s New Development Bank (NDB), hopefully engaging an array of crucial actors. After a positive evaluation by Finance Minister Anton Siluanov – who remains on the post in the new Russian government – it’s not far-fetched to imagine Putin and Xi discussing it face to face this week in Beijing.

  As it stands, the major takeaway is that the Unit should be seen as a feasible, technical solution for the theoretically Unsolvable: a globally-recognized payment/trade system, immune to political pressure. It’s the only game in town – there are no others.

  Meanwhile, the Unit conceptualizers are open for constructive criticism and all manners of collaboration. Yet sooner or later the battle ranks will be lined up – and then it will be a matter of seriously upping the game.

  “Academically Sound, Technologically Innovative”

  Vasily Zhabykin, co-author of the Unit white paper and founder of CFA.Center, Unit’s technological partner at Skolkovo Innovation Hub in Moscow, crucially stresses: the Unit “represents apolitical money and can be the connector between the Global South and the West.”

  He’s keen to point out that “the Unit can keep all the wheels turning unlike most of the other concepts that feature ‘dollar killers’, etc. We do not want to harm anybody. Our goal is to improve efficiency of currently broken capital and money flows. The Unit is rather the ‘cure for centralized cancer’’’.

  Subbotin and the Unit team “are keen to meet new partners who share our approach and are ready to bring additional value to our project.” If that’s the case, they should “send us 3 bullet points on how can they help and improve the Unit.”

  A bold follow-up step should be, for instance, a virtual conference on the Unit, featuring leading Russian economist Sergey Glazyev, Yannis Varoufakis, Jeffrey Sachs and Michael Hudson, among others.

  By email, Glazyev, a member of the Russian Academy of Sciences and the Minister of Integration and Macroeconomics of the Eurasia Economic Union (EAEU) , summed up the Unit’s potential:

  “I have been following the development of Unit for more than a year and can confirm that Unit offers a very timely, feasible solution. It is academically sound, technologically innovative and at the same time complementary to the existing banking infrastructure.

  Launching it under the auspices of an UN institution gives Unit legitimacy, which the current Bretton Woods framework is clearly lacking. Recent actions by the US administration and loud silence from IMF clearly indicate the need for change.

  A decentralized approach to emission of potential global trade currency, whose intrinsic value is anchored in physical gold and BRICS+ currencies, makes Unit the most promising of several approaches being considered. It balances political priorities of all participants, while helping each sovereign economy develop along its optimal path.

  The New Development Bank (NDB) and BRICS+ shall embrace the concept of Unit and help it to become the pinnacle of the new emerging global financial infrastructure, free from malign political interferences while focused instead on fair trade and sustainable economic growth.”

  A clear, practical example of possible Unit problem-solving concerns Russia-Iran trade relations. These are two top BRICS members. Russian trade with Iran is unprofitable due to sanctions – and both cannot make payments in US dollars or euros.

  Russian companies suffer significant losses after switching to payments in national currencies. With each transfer, Russian businesses on average lose as much as 25% due to the discrepancy between the market rate in Iran and the state rate.

  And here’s the key takeaway: BRICS+ as well as the Global Majority can only be strengthened by developing closer geoeconomics ties. The removal of Western speculative capital shall free up local commodity trading, and enable the pooling of investable capital for sustainable development. To unlock such a vast potential, the Unit may well be the key.

  Tyler Durden
  Wed, 05/15/2024 – 23:40

• Environmental Protection Not A Major Issue For Majority
  Environmental Protection Not A Major Issue For Majority

  In a survey of 38 countries carried out by Statista Consumer Insights, only between 21 and 44 percent of respondents said that they considered environmental protection a major issue for their country.

  As Statista’s Katharina Buchholz reports, respondents in Brazil were the most concerned about the environment, with those in Mexico and Colombia also rating environmental protection as more important than most countries in the survey.

  

  You will find more infographics at Statista

  The picture was more mixed in Asia, with Indonesians seeing the issue as highly important, while respondents in Indian and China hit around the survey average and Pakistan ranked lower in the international comparison. However, the countries rating the environment as a major issue typically also rated many other issues as highly problematic. Despite fewer people seeing the problem in China and India, environmental protection was still rated as the second and fourth most important issue, respectively, by respondents in these countries behind the likes of health/social security or unemployment, education and poverty.

  In developed countries, climate change was typically rated more important than environmental protection, while it was the other way round in developing countries. European ratings ranked from 40 percent in Italy deeming environmental protection a major issue to just 19 percent saying the same in Ireland. Among U.S. respondents, 27 percent thought the issue was major – rank 13 among 20 issues.

  Tyler Durden
  Wed, 05/15/2024 – 23:20

• A Nanny State Idiocracy: A Tale Of Too Many Laws And Too Little Freedom
  A Nanny State Idiocracy: A Tale Of Too Many Laws And Too Little Freedom

  Authored by John & Nisha Whitehead via The Rutherford Institute,

  “Whether the mask is labeled fascism, democracy, or dictatorship of the proletariat, our great adversary remains the apparatus—the bureaucracy, the police, the military.”

  – Simone Weil, French philosopher

  We are caught in a vicious cycle of too many laws, too many cops, and too little freedom.

  It’s hard to say whether we’re dealing with a kleptocracy (a government ruled by thieves), a kakistocracy (a government run by unprincipled career politicians, corporations and thieves that panders to the worst vices in our nature and has little regard for the rights of American citizens), or a Nanny State Idiocracy. 

  Whatever the label, this overbearing despotism is what happens when government representatives (those elected and appointed to work for us) adopt the authoritarian notion that the government knows best and therefore must control, regulate and dictate almost everything about the citizenry’s public, private and professional lives.

  The government’s bureaucratic attempts at muscle-flexing by way of overregulation and overcriminalization have reached such outrageous limits that federal and state governments now require on penalty of a fine that individuals apply for permission before they can grow exotic orchids, host elaborate dinner parties, gather friends in one’s home for Bible studies, give coffee to the homeless, let their kids manage a lemonade stand, keep chickens as pets, or braid someone’s hair, as ludicrous as that may seem.

  As the Regulatory Transparency Project explains, “There are over 70 federal regulatory agencies, employing hundreds of thousands of people to write and implement regulations. Every year, they issue about 3,500 new rules, and the regulatory code now is over 168,000 pages long.”

  

  In his CrimeADay Twitter feed, Mike Chase highlights some of the more arcane and inane laws that render us all guilty of violating some law or other.

  As Chase notes, it’s against the law to try to make an unreasonable noise while a horse is passing by in a national park; to leave Michigan with a turkey that was hunted with a drone; to refill a liquor bottle with different liquor than it had in it when it was originally filled; to offer to buy swan feathers so you can make a woman’s hat with them; to enter a design in the Federal Duck Stamp contest if waterfowl are not the dominant feature of the design; to transport a cougar without a cougar license; to sell spray deodorant without telling people to avoid spraying it in their eyes; and to transport “meat loaf” unless it’s in loaf form.

  In such a society, we are all petty criminals.

  In fact, Boston lawyer Harvey Silvergate estimates that the average American now unknowingly commits three felonies a day, thanks to an overabundance of vague laws that render otherwise innocent activity illegal and an inclination on the part of prosecutors to reject the idea that there can’t be a crime without criminal intent. 

  The bigger the government grows, the worse the red tape becomes.

  Almost every aspect of American life today, including the job sector, is now subject to this kind of heightened scrutiny and ham-fisted control.

  Whereas 70 years ago, one out of every 20 U.S. jobs required a state license, today, almost 1 in 4 American occupations requires a license.

  According to business analyst Kaylyn McKenna, more than 41 states require that makeup artists be licensed. Twenty-eight states require a license before you can work as a residential painter. Funeral attendants, whose duties include placing caskets in visitation rooms, arranging flowers and directing mourners, have to be licensed to do so in Kansas, Maine and Massachusetts.

  The problem of overregulation has become so bad that, as one analyst notes, “getting a license to style hair in Washington takes more instructional time than becoming an emergency medical technician or a firefighter.”

  This is what happens when bureaucrats run the show, and the rule of law becomes little more than a cattle prod for forcing the citizenry to march in lockstep with the government.

  Overregulation is just the other side of the coin to overcriminalization, that phenomenon in which everything is rendered illegal, and everyone becomes a lawbreaker.

  As policy analyst Michael Van Beek warns, the problem with overcriminalization is that there are so many laws at the federal, state and local levels—that we can’t possibly know them all.

  “It’s also impossible to enforce all these laws. Instead, law enforcement officials must choose which ones are important and which are not. The result is that they pick the laws Americans really must follow, because they’re the ones deciding which laws really matter,” concludes Van Beek. “Federal, state and local regulations — rules created by unelected government bureaucrats — carry the same force of law and can turn you into a criminal if you violate any one of them… if we violate these rules, we could be prosecuted as criminals. No matter how antiquated or ridiculous, they still carry the full force of the law. By letting so many of these sit around, just waiting to be used against us, we increase the power of law enforcement, which has lots of options to charge people with legal and regulatory violations.”

  Case in point: in New Jersey, in what journalist Billy Binion describes as “yet another example of the effects of overcriminalization, which increases interactions between civilians and police with little benefit to actual public safety,” police went so far as to arrest a teenager and seize other teen’s bicycles for so-called traffic violations and a failure to register their bikes with the state.

  This is the police state’s superpower: it has been vested with the authority to make our lives a bureaucratic hell.

  That explains how a fisherman can be saddled with 20 years’ jail time for throwing fish that were too small back into the water. Or why police arrested a 90-year-old man for violating an ordinance that prohibits feeding the homeless in public unless portable toilets are also made available. Or how states across the country, in a misguided attempt to disperse homeless populations, have criminalized sitting, sleeping, or resting in public spaces; sharing food with people; and camping in public.

  The laws can get downright silly.

  For instance, in Florida, it’s against the law to eat a frog that was used in a frog-jumping contest. You could also find yourself passing time in a Florida slammer for such inane activities as singing in a public place while wearing a swimsuit, breaking more than three dishes per day, farting in a public place after 6 pm on a Thursday, and skateboarding without a license.

  “Such laws,” notes journalist George Will, “which enable government zealots to accuse almost anyone of committing three felonies in a day, do not just enable government misconduct, they incite prosecutors to intimidate decent people who never had culpable intentions. And to inflict punishments without crimes.”

  Unfortunately, the consequences are all too serious for those whose lives become grist for the police state’s mill.

  In this way, America has gone from being a beacon of freedom to a locked down nation.

  We labor today under the weight of countless tyrannies, large and small, carried out in the so-called name of the national good by an elite class of governmental and corporate officials who are largely insulated from the ill effects of their actions.

  We increasingly find ourselves badgered, bullied and browbeaten into bearing the brunt of their arrogance, paying the price for their greed, suffering the backlash for their militarism, agonizing as a result of their inaction, feigning ignorance about their backroom dealings, overlooking their incompetence, turning a blind eye to their misdeeds, cowering from their heavy-handed tactics, and blindly hoping for change that never comes. 

  The overt signs of the despotism exercised by the increasingly authoritarian regime that passes itself off as the United States government (and its corporate partners in crime) are all around us: censorship, criminalizing, shadow banning and de-platforming of individuals who express ideas that are politically incorrect or unpopular; warrantless surveillance of Americans’ movements and communications; SWAT team raids of Americans’ homes; shootings of unarmed citizens by police; harsh punishments meted out to schoolchildren in the name of zero tolerance; community-wide lockdowns and health mandates that strip Americans of their freedom of movement and bodily integrity; armed drones taking to the skies domestically; endless wars; out-of-control spending; militarized police; roadside strip searches; privatized prisons with a profit incentive for jailing Americans; fusion centers that spy on, collect and disseminate data on Americans’ private transactions; and militarized agencies with stockpiles of ammunition, to name some of the most appalling.

  Yet as egregious as these incursions on our rights may be, it’s the endless, petty tyrannies—the heavy-handed, punitive-laden dictates inflicted by a self-righteous, Big-Brother-Knows-Best bureaucracy on an overtaxed, overregulated, and underrepresented populace—that illustrate so clearly the degree to which “we the people” are viewed as incapable of common sense, moral judgment, fairness, and intelligence, not to mention lacking a basic understanding of how to stay alive, raise a family, or be part of a functioning community.

  In exchange for the promise of an end to global pandemics, lower taxes, lower crime rates, safe streets, safe schools, blight-free neighborhoods, and readily accessible technology, health care, water, food and power, we’ve opened the door to lockdowns, militarized police, government surveillance, asset forfeiture, school zero tolerance policies, license plate readers, red light cameras, SWAT team raids, health care mandates, overcriminalization, overregulation and government corruption.

  We relied on the government to help us safely navigate national emergencies (terrorism, natural disasters, global pandemics, etc.) only to find ourselves forced to relinquish our freedoms on the altar of national security, yet we’re no safer (or healthier) than before.

  We asked our lawmakers to be tough on crime, and we’ve been saddled with an abundance of laws that criminalize almost every aspect of our lives.

  We wanted criminals taken off the streets, and we didn’t want to have to pay for their incarceration. What we’ve gotten is a nation that boasts the highest incarceration rate in the world, with many doing time for relatively minor, nonviolent crimes, and a private prison industry fueling the drive for more inmates.

  We wanted law enforcement agencies to have the necessary resources to fight the nation’s wars on terror, crime and drugs. What we got instead were militarized police decked out with M-16 rifles, grenade launchers, silencers, battle tanks and hollow point bullets—gear designed for the battlefield, more than 80,000 SWAT team raids carried out every year (many for routine police tasks, resulting in losses of life and property), and profit-driven schemes that add to the government’s largesse such as asset forfeiture, where police seize property from “suspected criminals.”

  We fell for the government’s promise of safer roads, only to find ourselves caught in a tangle of profit-driven red light cameras, which ticket unsuspecting drivers in the so-called name of road safety while ostensibly fattening the coffers of local and state governments.

  This is what happens when the American people get duped, deceived, double-crossed, cheated, lied to, swindled and conned into believing that the government and its army of bureaucrats—the people we appointed to safeguard our freedoms—actually have our best interests at heart.

  As I make clear in my book Battlefield America: The War on the American People and in its fictional counterpart The Erik Blair Diaries, the problem with these devil’s bargains is that there is always a catch, always a price to pay for whatever it is we valued so highly as to barter away our most precious possessions.

  In the end, such bargains always turn sour.

  Tyler Durden
  Wed, 05/15/2024 – 23:00

• Convicted Non-Violent Felons Can Own Guns, Ninth Circuit Rules
  Convicted Non-Violent Felons Can Own Guns, Ninth Circuit Rules

  In what must be the first time California’s 9th circuit has ruled in favor of the 2nd Amendment, non-violent convicted felons can now own guns.

  The decision stems from a 2020 case, in which California resident Steven Duarte was arrested after tossing a handgun out of a moving car during a traffic stop. He was indicted by a federal grand jury for possessing said firearm while being previously convicted of “a crime punishable by imprisonment for a term exceeding one year” in violation of the federal “felon-in-possession” law.

  

  Duarte had five prior non-violent criminal convictions in California; vandalism, felon in possession of a firearm, drug possession, and two convictions for fleeing a police officer – each of which is punishable by one year or more in prison. After pleading not guilty, Duarte’s case proceeded to trial, where he was found guilty and sentenced to 51 months in prison.

  Not so fast!

  As the Epoch Times notes further, in a 2-1 decision handed down on May 9, the Ninth Circuit Court of Appeals ruled that Mr. Duarte’s conviction violated the Second Amendment as applied to him.

  Specifically, the court’s majority found that the federal government failed to prove that its felon-in-possession law supports disarming convicted felons for life under a two-step framework established by the U.S. Supreme Court in the 2022 “New York State Rifle & Pistol Association Inc. v. Bruen” case.

  The two-step process, put forth by U.S. Supreme Court Justice Clarence Thomas, first requires the court to determine whether the Second Amendment’s “plain text” covers an individual’s conduct. If so, then that conduct is presumptively protected, and the government must prove that its law is “consistent with this Nation’s historical tradition of firearm regulation.”

  “Because Duarte is an American citizen, he is part of the people whom the Second Amendment protects,” Senior Circuit Judge Carlos Bea wrote for the majority.

  “The Government argues only that ’the people‘ in the Second Amendment excludes felons like Duarte because they are not members of the ’virtuous’ citizenry,” he wrote. “We do not share that view.”

  The burden then fell back to the federal government to show that its gun possession policy aligns with the “historical tradition” of the United States.

  However, during the Early Republic era, Mr. Duarte’s past convictions either would have been considered misdemeanors, didn’t exist as a crime, or may have had predecessors for which the government failed to provide evidence of their existence, Judge Bea noted.

  ‘Historically Understood Meaning’

  “Based on this record, we cannot say that Duarte’s predicate offenses were, by Founding-era standards, of a nature serious enough to justify permanently depriving him of his fundamental Second Amendment rights,” the majority opinion read.

  “The Second Amendment’s plain text and historically understood meaning therefore presumptively graduate his individual right to possess a firearm for self-defense.”

  Judge Bea, a George W. Bush appointee, was joined by Circuit Judge Lawrence VanDyke, a Donald Trump appointee. The majority opinion overturned a 2010 Ninth Circuit precedent, “U.S. v. Vongxay”, which upheld the federal prohibition on possession of firearms by felons.

  Circuit Judge Milan Smith, a George W. Bush appointee who penned the Vongxay opinion, dissented and urged the appeals court to order a new hearing of Mr. Duarte’s case before a full, 11-judge panel.

  He argued that Buren does not override Vongxay, at least not before the U.S. Supreme Court further clarifies the constitutionality of the federal felon-in-possession law.

  “One day—likely sooner, rather than later—the Supreme Court will address the constitutionality of [the federal felon firearm ban] or otherwise provide clearer guidance on whether felons are protected by the Second Amendment,” Judge Smith wrote in his dissenting opinion.

  “But it is not our role as circuit judges to anticipate how the Supreme Court will decide future cases.”

  The Ninth Circuit’s vacation of Mr. Duarte’s conviction added to the post-Bruen “Circuit Split” over the scope of the Second Amendment.

  The Ninth Circuit joins, at least for now, the Third Circuit to rule in favor of Americans permanently stripped of Second Amendment rights because of past non-violent offenses, while the Tenth Circuit has reaffirmed its precedent upholding the restriction on those individuals.

  In a 2-1 ruling last October, the Tenth Circuit observed that the Bruen Court “didn’t appear to question the constitutionality of longstanding prohibitions on possession of firearms by convicted felons.”

  Instead, it argued, “Bruen apparently approved the constitutionality of regulations requiring criminal background checks … to ensure that the applicant is a ‘law-abiding, responsible citizen.’”

  Tyler Durden
  Wed, 05/15/2024 – 22:40

• Toxic Atmosphere At FDIC Spurs Calls For Chair's Resignation
  Toxic Atmosphere At FDIC Spurs Calls For Chair’s Resignation

  Authored by Philip Wegmann via RealClearPolitics,

  The White House did not offer their full faith and credit to the FDIC chairman when asked by RealClearPolitics about a bombshell 234-page investigation that detailed a toxic environment within the agency.

  

  Other than noting that Martin Gruenberg, the official in question, had already “apologized and spoke[n] to” allegations that he presided over a culture of bullying, harassment, and mismanagement, Karine Jean-Pierre, the president’s spokeswoman, mostly demurred.

  Gruenberg will not skate by so easily when he testifies before Congress this week. Republicans in both the House and Senate are hell-bent for leather. And his scalp.

  The report was published by law firm Cleary Gottlieb last week and followed a Wall Street Journal investigation last November that documented a federal agency akin to “a good ol’ boys club” where female employees were subjected to stalking, unwelcome illicit messages, and sexual harassment.

  The episode is an embarrassment to President Biden, who promised on the first day of his administration to fire “on the spot” anyone who engaged in such behavior.

  It is also a political liability. If Gruenberg, a Biden nominee who served in both the Obama and Trump administrations and the Senate confirmed by voice vote, exits under pressure, it would leave the FDIC board deadlocked during an election year. “A 2-2 vote would stall and probably doom politically sensitive banking policy,” observed Renaissance Macro Research. The regulatory policy of the administration would then hang in limbo.

  These realities are not lost on many in the FDIC workforce who want reform. In a statement obtained by RCP, current employees expressed their concern that “the egregious issues documented in the Cleary report by over 500 employees have become partisan.”

  Working at an agency now under scrutiny for a history of reprisals against whistleblowers, the statement was left unsigned, though the drafters noted that they “have a wide range of political views, ranging from far left to far right.”

  “The FDIC employees behind this statement do not have confidence that the chairman and executive management have the willingness to truly make the cultural and structural changes necessary to fully address the [matters] identified in the report,” they write.

  For his part, Gruenberg has already offered an apology.

  “I want to also thank everyone who shared their experiences throughout this process. I know that doing so was difficult. To anyone who experienced sexual harassment or other misconduct at the FDIC, I again want to express how very sorry I am. I also want to apologize for any shortcomings on my part,” he said in a statement when the Cleary Gottlieb report was published.

  “As chairman, I am ultimately responsible for everything that happens at our agency, including our workplace culture,” Gruenberg added.

  The chairman, whom the report found has a history of anger and belittling staff, plans to announce a new, independent office devoted to professional conduct at the agency, according to prepared testimony before the House Financial Services Committee Wednesday. But the head of that committee, Republican Chairman Patrick McHenry, has already called for his resignation. And some FDIC employees are already registering their dissatisfaction.

  “The Chairman has communicated the action plan that he oversaw the creation of as proof of his commitment to improving conditions at the FDIC. We, however, do not have confidence that this action plan is meaningful,” they wrote.

  More than a dozen Republicans now oppose Gruenberg. South Carolina Sen. Tim Scott, the ranking member on the Senate Banking Committee, has called for his resignation. Iowa Sen. Joni Ernst has called on the Department of Justice to open an investigation. Only one Democrat, however, Illinois Rep. Bill Foster, has followed suit, calling for the FDIC chairman to step down.

  Rep. Maxine Waters, the top Democrat on Financial Services, blasted the report, not the FDIC chairman, for focusing too much on current leadership. Democrats are expected to circle the wagons to protect Gruenberg during his testimony – an irony given the propensity of Democrats, not Republicans, to rail against toxic workplace environments.

  Treasury Secretary Janet Yellen signaled her displeasure, telling reporters Tuesday that “the kind of abuses that were documented in the report are a totally unacceptable way to treat employees at the FDIC and not in line with the core values of the Biden administration.” She stopped short, however, of joining Republican calls for his resignation.

  Tyler Durden
  Wed, 05/15/2024 – 22:20

• "Make Innocence Great Again": Mothers Gear Up To Decide The 2024 Elections
  “Make Innocence Great Again”: Mothers Gear Up To Decide The 2024 Elections

  Authored by Russ Jones via The Epoch Times (emphasis ours),

  

  “Make innocence great again.”

  It’s a mantra that Juliana Ormond feels strongly about. The suburban mom of three children seeks to call attention to the importance of preserving the purity and innocence of childhood. She said she desires a return to a time when she contends innocence was valued and protected, which conflicts with the complexities and challenges of the current culture.

  “The only way to bring back innocence is to keep our children away from those who want to make everything about sexual identity,” Ms. Ormond said. “I look for political candidates who support policies that align with the Bible.”

  She said she has watched the culture become more progressive since she was young. From her home in suburban Orlando, Ms. Ormond told The Epoch Times that two of her children are 10 years apart. Her younger daughter had a radically different school experience from her older sister.

  “One day, my younger daughter brought a girlfriend home after school,” she said. “The friend proudly proclaimed that she was nonbinary. I was shocked. That ideology wasn’t pushed when my older daughter went to school.”

  Mothers such as Ms. Ormond represent a significant demographic segment of the population and make up a sizable portion of the electorate. Candidates recognize the importance of appealing to this demographic group to secure their votes. Their motivations are deeply personal, rooted in parenthood’s daily struggles and triumphs. From grassroots activism to high-profile political campaigns, mothers harness their perspectives and experiences to advocate for change on issues ranging from abortion, health care, and education to the environment and social justice.

  “I believe both the Democrat and Republican parties have left the people,” Ms. Ormond said. “I am dissatisfied with our government and think they are all in cahoots with one another.”

  Moms of various social and political stripes are welcomed in the corridors of strategic planning, and mothers are stepping out and striding onto the political stage with vigor and determination, reshaping the political landscape. These women assert their influence in the public arena, driven by a deep-seated desire to create a better world for their children.

  Mama Bears Bite Back

  With almost 89 million women eligible to vote, they represent the largest and possibly most persuasive voting bloc in the United States. Among this constituency are those who identify as “mama bears.”

  The Mama Bear movement is growing and altering the nation’s political climate. These mothers represent a diverse group of everyday women who are driven to shield their children from the agendas of special interest groups who think they know what’s best for kids.

  Moms for Liberty co-founder Tina Descovich talked with The Epoch Times about parents’ growing concern about public education and parental rights. In 2021, three mothers from Florida founded Moms for Liberty to combat COVID-19 restrictions.

  “Moms are troubled about the country’s future and education crisis in America,” she said. “Schools have been infiltrated with woke ideologies, so moms are looking closely at private schools or homeschooling their children.”

  Ms. Descovich, a former Brevard School Board member in Florida, said Moms for Liberty focuses on the 2024 state school board elections nationwide, where progressive agendas thrive.

  In April, the Biden administration reversed changes made under President Donald Trump and Education Secretary Betsy DeVos that updated Title IX regulations governing schools’ responses to sexual misconduct. The revised rules, which go into effect in August, reinterpret what constitutes harassment and sex discrimination to prohibit actions driven by sexual orientation, gender identity, sex stereotypes, and pregnancy.

  To date, 15 states have sued the administration over the new policy. Moms for Liberty has elevated its effort to inform moms about the changes.

  “Many moms are deeply troubled with the rewriting of Title IX,” Ms. Descovich said. “We must stand up for the parental right to raise our children and support them as they navigate significant life lessons.”

  For these reasons, she said, many parents seek alternative education options such as homeschooling or private schools.

  Moms for Liberty is represented in 48 states, with 300 chapters and 330,000 members. Ms. Descovich said the organization recently discovered that more than half of its members have not voted more than once in the past eight years in a primary.

  “Most moms are not historically politically active,” she said. “We’re working on getting them registered to vote on our issues.”

  Progressive Moms Embrace Social Diversity

  Alexandria White founded Student Affairs Moms, the largest online community for mothers in the student affairs profession. She is the mother of one daughter and a seasoned diversity, leadership, and inclusive communities trainer. The resident of Oxford, Mississippi, said she understands the desire to maintain innocence with children but also said that complex social issues must be addressed.

  “I believe in preparing my children for complex topics,” Ms. White said.

  Such topics include, for instance, a classmate who has two moms.

  “This kind of preparation reduces bullying,” she said. “Our children are more likely to be more empathetic.”

  Ms. White told The Epoch Times that moms seek candidates who identify with their family needs and align with their community and family values.

  “There is no perfect candidate,” she said. “We must, however, have passion in our hearts and reason in our minds. What can a particular candidate do that connects with my heart but also reasoned with my mind regarding policies?”

  Ms. White consults clients who work hard to meet the financial needs of their families and women who seek “work-life harmony.” She engages moms, who evaluate these issues and demands as they vote.

  “The pulse is on what candidate can make the average person’s dollar go the farthest,” Ms. White said. “Most moms are worried about their children’s overall mental, spiritual, or physical health.”

  According to a survey conducted by The Current Project, nearly 70 percent of black single mothers with school-age children think the nation is headed in the wrong direction. About 90 percent of respondents said they believe that the current public school system does not adequately serve students’ needs, and 56 percent have considered transferring their children to different schools in the past year. The Current Project, a New York City-based advocacy group, surveyed 504 middle-to-low-income black mothers who are single.

  Six out of 10 respondents strongly agreed they would be more inclined to support a candidate who advocated granting parents greater flexibility in selecting the school for their children. The respondents emphasized after-school child care, gifted and talented programs, respect for their child’s gender identity, and class sizes.

  “I’m concerned that some of the social wedge issues are being used to defund public education,” Merisa Bowers, a mom of a 7-year-old son and City Council president of Gahanna, Ohio, told The Epoch Times. “We need vital public education systems for workforce development and a system that creates an educated population.”

  She acknowledged that following the U.S. Supreme Court’s overturning of Roe v. Wade in 2022, Ohio voters last year overwhelmingly approved a constitutional amendment that guarantees access to abortion and reproductive health care.

  “All politics is local,” Ms. Bowers said. “While presidential cycles are important and do a lot of good, most politics at the state and local level affect individuals and families. It’s important that moms evaluate what’s happening politically in their local communities.”

  Tyler Durden
  Wed, 05/15/2024 – 22:00

• Boeing Could Face Criminal Prosecution Over 737 MAX Crashes: Justice Department
  Boeing Could Face Criminal Prosecution Over 737 MAX Crashes: Justice Department

  Authored by Jacob Burg via The Epoch Times (emphasis ours),

  The U.S. Department of Justice determined on May 14 that Boeing violated a deferred prosecution agreement that allowed the aerospace company to evade criminal charges after two crashes of its 737 MAX jet that killed everyone on board.

  

  Justice Department prosecutors delivered the news to a federal judge on May 14 after hosting a closed-door meeting with the families of the victims of the 2018 and 2019 crashes on April 24. The agency now has until July 7 to decide whether it will file criminal charges against Boeing, during which time it will tell the court how it plans to proceed, the Justice Department said.

  Glenn Leon, the head of the Justice Department’s fraud section, said in a letter that the aerospace company failed to implement measures to prevent it from running afoul of federal anti-fraud laws, which is a violation of its 2021 deferred prosecution agreement.

  The Justice Department said it could prosecute the company “for any federal criminal violation of which the United States has knowledge,” including a fraud charge that Boeing hoped to sidestep with its $2.5 billion settlement with the U.S. government.

  The government did not say whether it would move forward with prosecuting Boeing, one of its biggest aerospace contractors.

  “The Government is determining how it will proceed in this matter,” the Justice Department said in a court document.

  The 2018 and 2019 737 MAX crashes involved a new flight-control system that Boeing added to the jet without notifying airlines or their pilots, according to investigations. The aerospace company then discounted the system’s importance and failed to overhaul its application until after the second crash caused further casualties.

  The Justice Department then investigated Boeing before settling the case with a deferred prosecution agreement on Jan. 7, 2021. The department agreed not to prosecute for the charge of defrauding the government in misleading the regulators who approved the 737 MAX after closed-door negotiations with Boeing.

  Instead, Boeing paid a total of $2.5 billion in settlement fees. That included nearly $1.8 billion to airlines whose 737 MAX jets were grounded, a $500 million fund for compensating victims, and a $243.6 million fine to the U.S. Government.

  “The tragic crashes of Lion Air Flight 610 and Ethiopian Airlines Flight 302 exposed fraudulent and deceptive conduct by employees of one of the world’s leading commercial airplane manufacturers,” Acting Assistant Attorney General David P. Burns of the Justice Department’s Criminal Division said in 2021.

  “Boeing’s employees chose the path of profit over candor by concealing material information from the FAA concerning the operation of its 737 Max airplane and engaging in an effort to cover up their deception.”

  U.S. Attorney Erin Nealy Cox, for the Northern District of Texas, was also featured in the Justice Department’s 2021 statement on the Boeing agreement.

  “The misleading statements, half-truths, and omissions communicated by Boeing employees to the FAA impeded the government’s ability to ensure the safety of the flying public,” she said.

  The agreement between Boeing and the U.S. Government was set to expire on Jan. 7, two days after a mid-air blowout of a door panel on an Alaskan Airlines flight, also featuring a 737 MAX. That incident triggered the Justice Department’s 2024 investigation into whether Boeing violated the 2021 settlement.

  As a result of the various crashes and incidents, Boeing has faced multiple civil lawsuits, Senate and House investigations, and increased public scrutiny of its business practices.

  Paul Cassell, the attorney representing the 737 MAX crash victims’ families, said in late April that he was worried the Justice Department was giving Boeing “preferential treatment” after the April 24 closed-door meeting with the agency yielded no decisive updates on its investigation.

  “We don’t understand how it could possibly be in the public interest to dismiss the charges and avoid a trial that could shed light on so many of the safety issues that continue to surface regarding the 737 Max that’s made by Boeing,” he told The Epoch Times.

  The Associated Press contributed to this report. 

  Tyler Durden
  Wed, 05/15/2024 – 21:40

• Glenn Greenwald Makes An Important Prediction On Ukraine
  Glenn Greenwald Makes An Important Prediction On Ukraine

  It was Tuesday night that Secretary of State Antony Blinken was leading a bizarre rock anthem as the guitar and vocals front man at a Kiev bar, singing Neil Young’s “Rockin’ in the Free World” — and the internet collectively cringed. But only the next morning, on Wednesday, Ukrainian President Volodymyr Zelensky declared he was canceling all upcoming foreign trips at a moment his forces are getting hammered in the Kharkiv region.

  “Volodymyr Zelenskyy has instructed that all international events scheduled for the coming days be postponed and new dates coordinated. We are grateful to partners for their understanding,” said Zelensky’s press secretary Sergii Nykyforov.

  Just a quick reminder that you and your family can’t afford rent, gas, and groceries because inflation is out of control and your tax dollars are being spent on things like Secretary of State Tony Blinken playing guitar at a bar in Ukraine.

  Please be more pissed off. pic.twitter.com/bbyXMuiG0p

  — NotKennyRogers (@NotKennyRogers) May 14, 2024

  https://platform.twitter.com/widgets.js

  Ukraine’s military leaders are “making all decisions based on comprehensive information. Additional forces are being deployed, reserves are available,” Nykyforov stated.

  Among the foreign trips which have been postponed were expected visits of Zelensky to Spain and Portugal. Spain has just recently given up at least one of its Patriot missile batteries for Ukraine after considerable pressure from EU and NATO leaders.

  Commenting on these developments, journalist Glenn Greenwald has made an important prediction and point…

  By this time next year, there will be about 15 people still admitting they supported this bloodshed and debacle of the US blocking diplomatic solutions and instead fueling this futile war in Ukraine.

  Everyone else will pretend they opposed it. US war propaganda is always false. https://t.co/VOycKd5QLH

  — Glenn Greenwald (@ggreenwald) May 15, 2024

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  He wrote Wednesday, “By this time next year, there will be about 15 people still admitting they supported this bloodshed and debacle of the US blocking diplomatic solutions and instead fueling this futile war in Ukraine.”

  “Everyone else will pretend they opposed it. US war propaganda is always false,” Greenwald concluded.

  Indeed this is very similar with how the Iraq war turned out: “everyone” was on board, until they weren’t.  

  And those who had it horribly wrong all along suddenly fell silent and ‘forgot’ their past gatekeeping and rabid denunciations of the minority ‘other side’ whose ‘unpopular’ predictions proved accurate.

  Never forget pic.twitter.com/9PdsEwNwLy

  — Mark Ames (@MarkAmesExiled) May 15, 2024

  https://platform.twitter.com/widgets.js

  …Behold the predictable pattern of US Empire in a long, slow decline.

  * * * 

  A golden oldie…

  This had to be one of the greatest Freudian slips in modern history pic.twitter.com/QslbvNMvG8

  — An0maly (@LegendaryEnergy) May 15, 2024

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  Tyler Durden
  Wed, 05/15/2024 – 21:20

• FBI And DHS Issue Warning On Foreign Terrorist Groups For June "Pride Month'
  FBI And DHS Issue Warning On Foreign Terrorist Groups For June “Pride Month’

  Authored by Jack Phillips via The Epoch Times,

  The FBI and U.S. Department of Homeland Security (DHS) issued a public service announcement saying that foreign terrorist organizations like ISIS and related terrorist organizations could target certain events across the United States during “Pride Month”-related events in June.

  “Organizations like ISIS may seek to exploit increased gatherings associated with the upcoming June 2024 Pride Month,” the announcement said. The two agencies said the terror threat is “compounded” by the “current heightened threat environment” in the United States.

  

  The terrorist threats could come via the mail, in person, or online, the agencies said, without elaborating or providing specific details.

  The bulletin noted that June 12, 2024, is the eighth anniversary of the mass shooting at the Pulse Nightclub in Orlando in which 49 people died. After the incident, pro-ISIS groups “praised this attack as one of the high-profile attacks in Western countries” and “supporters celebrated it,” the FBI and DHS said.

  There was no evidence that the ISIS terrorist group was directly involved in plotting that shooting, the shooter, Omar Mateen, called 911 after the incident started and pledged allegiance to the group.

  The agencies cited that in February 2023, an ISIS-related message board had included “rhetoric and rallied against the growth and promotion” of LGBT groups, the FBI said. “Messages also called for ISIS followers to conduct attacks on soft targets, though they weren’t specific” to those venues, it added.

  Last June, three ISIS sympathizers tried to attack a parade in Austria, using vehicles and knives, according to the FBI and DHS.

  The two agencies revealed “possible indicators” of what they called “potential threat activity,” which includes “unusual surveillance or interest in buildings, gatherings, or events” as well as “unusual or prolonged testing or probing of security measures at events or venues,” violent threats made online or in person, or photography of security related equipment or personnel.

  Other FBI Warnings

  In April, the FBI announced that it had arrested an 18-year-old Idaho man for allegedly plotting to carry out a terrorist attack targeting local churches. The man, identified in court documents as Alexander Mercurio, is accused of telling an FBI informant about his alleged plans and that he wanted to launch an attack last Sunday, April 7, but was thwarted by officials.

  “The defendant allegedly pledged loyalty to ISIS and sought to attack people attending churches in Idaho, a truly horrific plan which was detected and thwarted by the FBI’s Joint Terrorism Task Force,” the FBI said in a statement issued at the time

  It comes as FBI Director Chris Wray last month that foreign terrorist groups are again looking to attack the United States in an “increasingly concerning” way, adding that his agency is attempting to prevent an attack on U.S. soil via terrorist groups such as ISIS-K, a regional branch of ISIS mainly in Afghanistan and Pakistan.

  “Foreign terrorists, including ISIS, al-Qaeda, and their adherents, have renewed calls for attacks against Jewish communities here in the United States and across the West in statements and propaganda,” Mr. Wray said at the event. He then made reference to a terrorist attack claimed by ISIS in Moscow, Russia, that left more than 140 people dead.

  “The foreign terrorist threat and the potential for a coordinated attack here in the homeland, like the ISIS-K attack we saw at the Russia Concert Hall a couple weeks ago, is now increasingly concerning. Oct. 7 and the conflict that’s followed will feed a pipeline of radicalization and mobilization for years to come,” he added.

  In the meantime, Mr. Wray has been issuing warnings about the threat posed by the Chinese Communist Party (CCP), often warning this year that the regime is actively targeting U.S. systems. The CCP’s hacking programs are much larger than the U.S.’s cybersecurity structure.

  “To put it simply, [the Chinese Communist Party] is throwing its whole government at undermining the security and economy of the rule-of-law world,” the FBI director said earlier this year.

  Tyler Durden
  Wed, 05/15/2024 – 21:00

• France Declares State Of Emergency, Sends Troops, To Quell Deadly Riots In Pacific Territory
  France Declares State Of Emergency, Sends Troops, To Quell Deadly Riots In Pacific Territory

  French President Emmanuel Macron has declared a 12-day state of emergency starting Wednesday as a result of deadly riots which have gripped France’s Indo-Pacific territory of New Caledonia.

  Four people died and many others were wounded in clashes with police Tuesday night, with reports of looting and buildings burned to the ground. The mayhem was sparked by a vote in France’s parliament, the National Assembly, which authorizes residents who’ve resided in New Caledonia for 10 years to cast ballots in provincial elections.

  

  But the archipelago’s indigenous Kanak people have for decades chafed over what they see as a power grab favoring the descendants of colonizers who want to remain part of France. These ethnic tensions have simmered for many years, and have boiled over this week.

  The French territory lies east of Australia and is ten time zones ahead of Paris, and it has about 270,000 people. The new state of emergency aims “to restore order in the shortest time possible” – according to a parliament statement.

  There are widespread reports that French military troops have been deployed to put down the pro-independence riots, and a ban on TikTok has also reportedly been issued, but Paris officials have sought to downplay these draconian measures.

  According to the Associated Press, “Asked if France could deploy the French military to the island, Thevenot said it’s not the army’s job to maintain order but that it is helping with the transport of police reinforcements.”

  A montage view of the destruction and fires raging:

  New Caledonia hit by deadly unrest as France approves local voting system change

  Follow us on Rumble: https://t.co/Nuc9nUzlmx pic.twitter.com/3SwO7U95LK

  — RT (@RT_com) May 15, 2024

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  However, later the AFP news agency wrote that France has deployed army personnel at New Caledonia ports as well as the main airport.

  New Caledonia’s president Louis Mapou has said that the deaths from the last 24 hours of unrest included three young indigenous Kanak people and a French gendarmerie police officer who had previously sustained wounds. Hundreds of protesters and police have been injured.

  “The moblie gendarme seriously wounded by a bullet in New Caledonia has just died,” Darmanin announced. “Our thoughts are with his family, those close to him and his friends. Nothing, absolutely nothing, justifies violence. Order will be restored.”

  Paris has confirmed an extra 500 French police officers have been sent to the territory to help restore order.

  The French Empire has deployed its military to put down insurgents in the Pacific island of New Caledonia, which is near Australia!

  And France has also banned TikTok in that island to hide human rights violations.

  Freedom, democracy and Western values on display: pic.twitter.com/0PViDdpt74

  — S.L. Kanthan (@Kanthan2030) May 15, 2024

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  All schools and public buildings in the capital of Noumea have remained shut. Hundreds of buildings have been damaged or have been set on fire.

  Fresh reporting in The New York Times demonstrates how seriously France is taking it, with President Macron having canceled an overseas trip:

  The French authorities have undertaken what they called a “massive” mobilization of security forces since violent protests broke out in New Caledonia this week over a proposed amendment to the French Constitution that would change local voting rules in the territory. A vote in France’s Parliament approving the amendment on Tuesday ignited riots overnight that left four people dead, including a law enforcement officer.

  #UPDATE ⚡️🇫🇷 —Events are growing in New Caledonia.

  At least 4 people were killed in the riot in New Caledonia. – LS pic.twitter.com/yEsNWZ2ONH

  — UK R REPORT (@UKR_Report) May 15, 2024

  https://platform.twitter.com/widgets.js

  According to more:

  The French government said that more than 1,800 security officers were already in the territory and that 500 reinforcements would arrive in the next 24 hours.

  At a crisis meeting, Mr. Attal said that the army was being deployed to secure ports and the airport.

  Following a crisis security meeting chaired by Macron on Wednesday, the French president’s office issued a statement expressing “strong emotion” of the deaths as a result of the riots.

  

  The statement further said that “All violence is intolerable and will be subject to a relentless response” to ensure that order and peace are restored.

  Tyler Durden
  Wed, 05/15/2024 – 20:40

• Al Gore Said The Ice-Caps Would Be Gone By 2014… Yes 2014!
  Al Gore Said The Ice-Caps Would Be Gone By 2014… Yes 2014!

  Authored by Martin Armstrong via ArmstrongEconomics.com,

  The Press refuses to hold all of these failed Climate Change forecasts to task…

  

  All they do is keep moving the date for our doom, all due to CO2.

  In fact, the real crisis is the continued weakening of the magnetic field, which leads to pole shifts about every 43000 years – yes, that conforms to the ECM frequency.

  The major shifts we discovered from the data scientists provided us came out to be 720,000 years.

  Either way, they both seem to be lining up in our lifetime.

  We are headed more into a pole shift than a climate change thanks to CO2.

  The fact that they are targeting farmers when we should be stockpiling food now is either the most idiotic human decision in history or intentional with hopes of reducing the population.

  

  If I keep forecasting every year that the stock market would crash by 90%, I think they would call me a nut-job and laugh after ten years of perpetual failed forecasts.

  But with the climate, they just love to keep the fraud going.

  After June 6th, they are whispering about restricting travel to reduce CO2 this summer.

  They want to deprive you of your vacation this year as well.

  Tyler Durden
  Wed, 05/15/2024 – 20:20

• Mississippi Passes Law Banning Trans-Friendly Bathroom Policies In Public Schools
  Mississippi Passes Law Banning Trans-Friendly Bathroom Policies In Public Schools

  A lot of Americans are asking how we so quickly got to a point where a man could simply declare he is the opposite sex, throw on a wig and a leotard, and then walk into a women’s restroom while being protected by government officials? 

  In some Democrat controlled states if you try to stop these people from doing this you could even be arrested or sued.  Even worse, the gender ideology has now infiltrated public schools where young and vulnerable children are subject to trans exceptionalism.  

  How did this happen?

  Through a combination of political support, NGO influence, ESG money, corporate promotion, media propaganda and astroturf activism the trans movement gained momentum too swiftly to be countered in a practical way.  The gears of local and state government turn slowly and convincing public officials that the gender ideology problem was a reality took time.  That is how a movement representing only 1% of the population was suddenly in a position to dictate the speech and behavior of the other 99% – They had the backing of every major institutional power structure.

  With Big Tech companies censoring or banning almost anyone questioning the gender cult and government officials vying to pass laws making criticism of trans people a hate crime, the effort was almost victorious.  A lot of people were afraid to speak up for fear of being “cancelled.”  Then public schools, teacher’s unions and other organizations started pushing gender theory onto kids and this is when things changed.  Mess with people’s children and now you have a war on your hands.

  

  The idea of biological males being allowed to enter girls bathrooms in a school setting was perhaps the straw that broke the camel’s back.  This was a situation in which parent tax dollars were going towards the indoctrination of their own kids and putting those kids at risk from mentally unstable people.  This is why homeschooling in the US in 2023 remained 45% higher than it was in 2019, even after covid mandates had been lifted.  Public school enrollment has been falling nationwide. Americans don’t want their kids exposed to activist controlled environments. 

  Multiple red states are finally taking action to rectify the situation, much to the outrage of progressives.  In particular, Utah and Mississippi have recently passed laws requiring trans people to use the bathroom that corresponds to their biological sex in public education centers (including in dorms and locker rooms).  Mississippi State Governor Tate Reeves notes:

  “It’s mind blowing that this is what Joe Biden’s America has come to…Having to pass common sense policies that protect women’s spaces was unimaginable just a few years ago. But here we are… we have to pass a law to protect women in bathrooms, sororities, locker rooms, dressing rooms, shower rooms, and more.”

  Rob Hill, the Mississippi state director for the Human Rights Campaign, the nation’s largest LGBTQ advocacy group, called the new law an attempt to “strip basic rights from LGBTQ+ people in our state”:

  “This bill does nothing but attempt to push us further apart at the expense of LGBTQ+ people, who deserve the freedom to be and to use bathrooms and locker rooms without the prying eyes of politicians peering over the stall…Shame on the governor and the MAGA agenda of hate.”

  But it’s the prying eyes of mentally deranged weirdos that these laws are specifically designed to address.  Why are leftists so insistent on trans-friendly bathroom laws?  It’s not about bathroom convenience.  They know that it is a way to get their foot in the door in terms of special legal protections and government affirmation for the trans ideology.  In other words, if the government recognizes your delusion your delusion becomes real.  Trans friendly bathrooms in public schools are also a short skip away from trans privileged speech laws like those seen in Europe and Canada.

  The political left relies on the conservative and moderate sense of compromise to gain advantage.  Give them and inch and they will always take a mile, until one day your kids wake up in a world where being “trans” is the only way to get the government to take your concerns seriously. 

  Tyler Durden
  Wed, 05/15/2024 – 20:00

• Thousands Of Children Prescribed Ivermectin Or Hydroxychloroquine For COVID: Study
  Thousands Of Children Prescribed Ivermectin Or Hydroxychloroquine For COVID: Study

  Authored by Zachary Stieber via The Epoch Times,

  Doctors prescribed ivermectin or hydroxychloroquine more than 4,400 times to children with COVID-19 during periods of time when the drugs were not recommended against the illness by authorities, according to a new study.

  

  Doctors issued 813 prescriptions of hydroxychloroquine to minors with COVID-19 after the Pediatric Infectious Diseases Society on Sept. 12, 2020, advised against using hydroxychloroquine outside of a clinical trial, researchers found. The recommendation came after the U.S. Food and Drug Administration (FDA) revoked emergency use authorization for hydroxychloroquine against COVID-19.

  Another 3,602 prescriptions of ivermectin for children with COVID-19 were issued after Feb. 5, 2021, when the Infectious Diseases Society of America released guidelines advising not to use ivermectin outside of a trial. The FDA later in 2021 urged people not to take ivermectin against COVID-19, although it has since been forced to rescind those warnings.

  Dr. Julianne Burns, a clinical assistant professor of pediatric infectious diseases at Stanford Medicine Children’s Health, and other researchers examined records from Komodo Healthcare Map, a health care claims database that Komodo Health says covers 330 million patients. They looked for children who had acute COVID-19 from March 7, 2020, to Dec. 31, 2022.

  After excluding some children, including those who did not have continuous insurance coverage for at least one year prior to diagnosis, the researchers found approximately 4,480 prescriptions of “nonrecommended medications.”

  All but a few dozen of the prescriptions were for ivermectin or hydroxychloroquine.

  Both drugs are approved by the FDA, but not against COVID-19. Some agencies, groups, and doctors say the drugs should not be used against the illness, pointing in part to clinical trials that have found little or no evidence that they’re effective. Other organizations and doctors, though, say the drugs work against COVID-19, citing their own experience and other trials that found the drugs were beneficial. Off-label prescriptions are common in the United States.

  Dr. Burns and the other researchers who conducted the new study, which was published by the American Academy of Pediatrics’ journal, said their findings showed “children were prescribed ineffective and potentially harmful medications for acute COVID-19 despite national clinical guidelines.”

  The only data on effectiveness or lack thereof they cited was the FDA’s authorization revocation for hydroxychloroquine and the guidance from the Pediatric Infectious Diseases Society and Infectious Diseases Society of America. As for their safety description, they pointed to a federal advisory that found a 24-fold increase in ivermectin prescriptions and a five-fold increase during the same time of ivermectin-related calls to poison control centers.

  Dr. Robert Apter, who was not involved in the study, highlighted how the study referred to potential issues but cited no evidence of actual issues from usage of the drugs against COVID-19.

  “The fact that there was a report of increased calls to poison control centers about ivermectin doesn’t mean a thing. When something gets in the news and people are curious about it, they may call the poison control center,” Dr. Apter told The Epoch Times.

  He said that the drugs “have a long history of safe use in children.”

  Dr. Apter has prescribed treatments for thousands of COVID-19 patients and was one of the doctors who sued the FDA over its anti-ivermectin statements. He said he’s prescribed ivermectin or hydroxychloroquine for several teenagers who became so sick that their families became concerned. Those children improved quickly and there were no side effects, according to the doctor.

  Dr. Burns did not respond to a request for comment.

  The researchers said limitations to their study stemmed from their reliance on health care records, which can’t account for COVID-19 infections that were not reported to a health care provider and might contain mislabeled codes. Funding came from the Stanford Maternal and Child Health Research Institute. No conflicts of interest were listed.

  A previous study, examining claims data from Dec. 1, 2020, through March 31, 2021, identified 128 prescriptions of ivermectin for children for non-parasitic infections, with researchers assuming the prescriptions were for COVID-19. That paper drew from IQVIA’s health claims database. The researchers also examined data from patients with Medicare Advantage insurance and found some ivermectin prescriptions, though none for children.

  Tyler Durden
  Wed, 05/15/2024 – 19:40

• These Are The Most Polluted Cities In The US
  These Are The Most Polluted Cities In The US

  According to the World Health Organization, air pollution is responsible for 7 million deaths annually, and could cost the global economy between $18–25 trillion by 2060 in annual welfare costs, or roughly 4–6% of world GDP.

  And with predictions that 7 in 10 people will make their homes in urban centers by mid-century, cities are fast becoming one of the frontlines in the global effort to clear the air.

  In this visualization, Visual Capitalist’s Chris Dickert uses 2024 data from the State of the Air report from the American Lung Association to show the most polluted cities in the United States.

  

  What is Air Pollution?

  Air pollution is a complex mixture of gases, particles, and liquid droplets and can have a variety of sources, including wildfires and cookstoves in rural areas, and road dust and diesel exhaust in cities. 

  There are a few kinds of air pollution that are especially bad for human health, including ozone and carbon monoxide, but here we’re concerned with fine particulate matter that is smaller than 2.5 microns, or PM2.5 for short. 

  The reason for the focus is because at that small size, particulate matter can penetrate the bloodstream and cause all manner of havoc, including cardiovascular disease, lung cancer, and chronic pulmonary disease. 

  The American Lung Association has set an annual average guideline of 9 µg/m³ for PM2.5, however, the World Health Organization has set a much more stringent limit of 5 µg/m³.

  The 21 Worst Polluted Cities in the U.S.

  Here are the top 21 most polluted cities in the U.S., according to their annual average PM2.5 concentrations:

  Rank	City, State	Annual average concentration, 2020-2022 (µg/m3)
  1	Bakersfield, CA	18.8
  2	Visalia, CA	18.4
  3	Fresno, CA	17.5
  4	Eugene, OR	14.7
  5	Bay Area, CA	14.3
  6	Los Angeles, CA	14.0
  7	Sacramento, CA	13.8
  8	Medford, OR	13.5
  9	Pheonix, AZ	12.4
  10	Fairbanks, AK	12.2
  11	Indianapolis, IN	11.9
  12	Yakima, WA	11.8
  13	Detroit, MI	11.7
  T14	Chico, CA	11.6
  T14	Spokane, WA	11.6
  15	Houston, TX	11.4
  16	El Centro, CA	11.1
  17	Reno, NV	11.0
  18	Pittsburgh, PA	10.9
  T19	Kansas City, KS	10.8
  T19	Las Vegas, NV	10.8

  Note: The American Lung Association uses Core Based Statistical Areas in its city and county rankings, which have been shortened here to the area’s principal city, or metro area in the case of the Bay Area, CA.

  Six of the top seven cities are in California, and four in the state’s Central Valley, a 450-mile flat valley that runs parallel to the Pacific coast, and bordered by the Coast and Sierra Nevada mountain ranges. As a result, when pollution from the big population centers on the coast is carried inland by the wind—cities #5 and #6 on the list—it tends to get trapped in the valley. 

  Bakersfield (#1), Visalia (#2), and Fresno (#3) are located at the drier and hotter southern end of the valley, which is worse for air quality. The top three local sources of PM2.5 emissions in 2023 were farms (20%), forest management / agricultural waste burning (20%), and road dust (14%). 

  Benefit to Economy

  While the health impacts are generally well understood, less well known are the economic impacts.

  Low air quality negatively affects worker productivity, increases absenteeism, and adds both direct and indirect health care costs. But the flip side of that equation is that improving air quality has measurable impacts to the wider economy. The EPA published a study that calculated the economic benefits of each metric ton of particulate matter that didn’t end up in the atmosphere, broken down by sector.

  Sector	Benefits per metric ton
  Residential Woodstoves	$429,220
  Refineries	$333,938
  Industrial Boilers	$174,229
  Oil and Natural Gas Transmission	$125,227
  Electricity Generating Units	$124,319
  Oil and Natural Gas	$88,838

  At the same time, the EPA recently updated a cost-benefit analysis of the Clean Air Act, the main piece of federal legislation governing air quality, and found that between 1990 and 2020 it cost the economy roughly $65 billion, but also provided $2 trillion in benefits. 

  Benefit to Business

  But that’s at the macroeconomic level, so what about for individual businesses?

  For one, employees like to breathe clean air and will choose to work somewhere else, given a choice. A 2022 Deloitte case study revealed that nearly 70% of highly-skilled workers said air quality was a significant factor in choosing which city to live and work in.

  At the same time, air quality can impact employer-sponsored health care premiums, by reducing the overall health of the risk pool. And since insurance premiums averaged $7,590 per year in 2022 for a single employee, and rose to $21,931 for a family, that can add up fast. 

  Consumers are also putting their purchase decisions through a green lens, while ESG, triple-bottom-line, and impact investing are putting the environment front and center for many investors.

  And if the carrot isn’t enough for some businesses, there is the stick. The EPA recently gave vehicle engine manufacturer Cummins nearly two billion reasons to help improve air quality, in a settlement the agency is calling “the largest civil penalty in the history of the Clean Air Act and the second largest environmental penalty ever.”

  Tyler Durden
  Wed, 05/15/2024 – 19:20

• US Suspends EcoHealth Funding Over Wuhan Lab Compliance
  US Suspends EcoHealth Funding Over Wuhan Lab Compliance

  Authored by Zachary Stieber via The Epoch Times (emphasis ours),

  U.S. officials have cut off funding to a nonprofit that funneled government money to a laboratory in China located in the same city where the first COVID-19 cases appeared.

  

  EcoHealth Alliance (EHA), the nonprofit, “did not adequately monitor” compliance from the Wuhan lab with the terms and conditions of a grant from the U.S. National Institutes of Health (NIH), Henrietta Brisbon, a deputy assistant secretary at the U.S. Department of Health and Human Services, the NIH’s parent agency, said in a May 15 letter to EcoHealth President Peter Daszak. Officials also found that the subaward to Wuhan lacked requirements that would make the grant in compliance with federal law and regulations.

  “Given the issues regarding the management of EHA’s grant awards and subawards, I have determined that the immediate suspension of EHA is necessary to protect the public interest,” Ms. Brisbon added later.

  EcoHealth, which is based in the United States, passed more than $1 million to the Wuhan lab, the Wuhan Institute of Virology, over the years to study bat coronaviruses.

  In 2019, the experiments yielded a more virulent version of a bat virus in mice, according to an annual report for 2019 that was not conveyed to the U.S. government by EcoHealth until 2021.

  U.S. officials then asked for laboratory notebooks and other files regarding the testing. EcoHealth officials said they did not have the files, but had forwarded the request to the Wuhan lab. Wuhan officials never provided the files, according to U.S. and EcoHealth officials.

  EcoHealth facilitated gain-of-function research in Wuhan, China without proper oversight, willingly violated multiple requirements of its multimillion-dollar National Institutes of Health grant, and apparently made false statements to the NIH,” Rep. Brad Wenstrup (R-Ohio) said in a statement. “These actions are wholly abhorrent, indefensible, and must be addressed with swift action. EcoHealth’s immediate funding suspension and future debarment is not only a victory for the U.S. taxpayer, but also for American national security and the safety of citizens worldwide.”

  EcoHealth & Dr. Daszak facilitated gain-of-function research in China without proper oversight & willingly violated multiple requirements of @NIH grants.

  They should never again receive a single penny from the U.S. taxpayer.

  Read Chairman @RepBradWenstrup‘s full statement👇 pic.twitter.com/Jw9VQVVBIf

  — Select Subcommittee on the Coronavirus Pandemic (@COVIDSelect) May 15, 2024

  Dr. Wenstrup, chairman of the House Select Subcommittee on the Coronavirus Pandemic, released a report on May 1 recommending federal prosecutors investigate Mr. Daszak over violations of the grant terms.

  Dr. Wenstrup, for instance, noted that EcoHealth blamed the delay in providing the annual report on being “locked out” of the NIH’s system, but that a forensic audit by the government uncovered no evidence supporting that claim.

  Rep. Raul Ruiz (D-Calif.), the ranking member of the subcommittee, said in a statement that he welcomed the suspension of funding to EcoHealth.

  “Every recipient of federal taxpayer funding has an obligation to meet the utmost standards of transparency and accountability to the American public,” he said. “EcoHealth Alliance’s failure to do so is a departure from the longstanding legacy of good faith partnerships between NIH and federal grantees to advance science and the public interest, which remains essential for the continued work of preventing and preparing for future threats to our nation’s public health.”

  Mr. Daszak, who holds a doctorate in parasitic infectious diseases, told the subcommmittee in a recent hearing that “in all of our federally funded projects, we have maintained an open, transparent communication with agency staff” and “rapidly provided information critical to public health and agriculture.”

  EcoHealth currently has three grants being funded by the U.S. National Institutes of Health, including a grant to experiment on bats with antibodies against the Nipah virus could be re-infected in lab experiments.

  The Department of Health and Human Services (HHS) is suspending all funding to EcoHealth and proposing the nonprofit be debarred, or unable to receive funding for a period of time that could last years or even decades.

  “The length of debarment, if ultimately imposed, will be based on the seriousness of the cause for debarment,” Ms. Brisbon said.

  EcoHealth has 30 days to contest the findings from the HHS.

  “EcoHealth Alliance is disappointed by HHS’ decision today and we will be contesting the proposed debarment,” a spokesperson for the organization told The Epoch Times in an email. “We disagree strongly with the decision and will present evidence to refute each of these allegations and to show that NIH’s continued support of EcoHealth Alliance is in the public interest.”

  The HHS inspector general said previously that both NIH and EcoHealth officials failed to properly monitor experiments done under the grant.

  The NIH, for example, did not make sure the annual report was submitted in a timely manner, the watchdog said.

  EcoHealth, the watchdog added, should have submitted the report by the end of September 2019 but did not do so until August 2021.

  The HHS previously debarred the Wuhan Institute of Virology (WIV) from receiving U.S. taxpayer funds over its failure to provide the requested materials.

  The debarment, announced in September 2023, is for 10 years.

  “The NIH determined that WIV may have conducted an experiment yielding a level of viral activity which was greater than permitted under the terms of the grant,” Ms. Brisbon said in a letter to the lab’s director at the time.

  The lab’s refusal to hand over notebooks and other materials means the determination is undisputed, she said. “As such,” she wrote, “there is risk that WIV not only previously violated, but is currently violating, and will continue to violate, protocols of the NIH on biosafety.”

  Correct. But further accountability is needed. Both for EcoHealth and for EcoHealth’s enablers.

  — Richard H. Ebright (@R_H_Ebright) May 15, 2024

  Tyler Durden
  Wed, 05/15/2024 – 19:00

• Tyson Foods CEO Unsure When Nation's Collapsing Beef Herd Will Reverse
  Tyson Foods CEO Unsure When Nation’s Collapsing Beef Herd Will Reverse

  Tyson Foods CEO Donnie King spoke at the BMO Global Farm to Market Conference in Toronto on Wednesday, expressing much uncertainty about when US ranchers will rebuild tight cattle herds meaningfully. 

  Reuters was the first to report King’s comments at BMO’s farm conference. He stated ranchers had been pressured in recent years to offload cattle due to high grain costs and drought, which, in return, sent the nation’s beef cattle herd plunging to the lowest in more than half a century. 

  King provided some encouraging news, citing slightly lower grain costs and improved grazing conditions in the Midwest as factors in increasing the US herd. However, he noted that a high-interest rate environment is a significant headwind. 

  All in all, King’s comments did not provide confidence that the nation’s beef cattle herd would reverse from seven-decade lows as ranches continue offloading cows to slaughterhouses. The latest figures from the US Department of Agriculture show that the nation’s cattle herd is 87.2 million head (as of Jan. 1), the lowest level since 1951. Data from USDA in the chart below only goes back to 1974. 

  

  Shrinking herds means fewer cows, as the latest slaughter price per 100 pounds is around $186, the highest ever and in breakout territory. 

  

  We have explained that ranches have been culling more cows for several years because of droughts, surging feed costs, and high interest rates. 

  • Dwindling US Cattle Herd Implies Supermarket Beef Prices May Rise Even More
  • Hamburger Prices Might Continue To Rise As US Cattle Herd Shrinks
  • US Cattle Prices Hit Nine-Year High As National Herd Drops To Half-Century Low
  • US Beef Prices Hit Record High As Nation’s Cattle Herd Expected To Shrink Through 2025

  This perfect storm has sent beef prices at the supermarket to record highs. 

  

  Lane Broadbent, president of KIS Futures Inc. in Oklahoma City, told Bloomberg earlier this year that herds aren’t expected to rebound before at least 2026. 

  We suspect retail prices will go higher until demand destruction is achieved. Seasonally, outdoor cookouts ignite an upswing in beef demand in the coming weeks. 

  Can the Fed just print more beef? Oh wait, no, but you know who can: Bill Gates.

  Tyler Durden
  Wed, 05/15/2024 – 18:40

• Slovak PM Robert Fico Expected To Survive; UK Media Appears To Justify Assassination Attempt
  Slovak PM Robert Fico Expected To Survive; UK Media Appears To Justify Assassination Attempt

  Update(1840ET): Prime Minister Fico is said to be improving, following reports that he was in surgery due to several gunshot wounds from the Wednesday assassination attempt. Deputy Prime Minister Tomas Taraba has told the BBC he “is not in a life-threatening situation at this moment.” 

  “Fortunately, as far as I know, the operation went well – and I guess in the end he will survive,” the statement indicated.

  Deputy Prime Minister Robert Kalinak has told reporters in a briefing that “there is no doubt” that the attack was a politically motivated assassination attempt. “The inability to accept the will of some part of the public, which some group does not like, is the result that they have worked towards today,” he said in reference to Fico’s political opponents. A video is widely circulated of the detained suspect’s interrogation wherein the man, identified as Juraj Cintula, confesses to saying he “disagreed” with his government’s policies. 

  Western media coverage of the attempted killing has been interesting to say the least. Fico was alongside Viktor Orban a dissenter when it comes to the NATO line on Ukraine.

  Journalist Glenn Greenwald has commented, for example, “Listen to this Sky News report on the shooting of Robert Fico. Not only do they come close to justifying it because he opposes aid to Ukraine, but they also casually imply that he’s being paid by the Kremlin. This casual accusation is so prevalent in the West, and toxic.” The Sky segment in question which calls Fico “very pro-Russian” and that it’s “not surprising” that the attack took place is below:

  Unsurprisingly, Sky News has literally justified the assassination attempt on Slovakian PM Robert Fico. Despicable ghouls.

  Reposting it, because the previous one has “mysteriously disappeared”. pic.twitter.com/JXPGJzgnTF

  — Olga Bazova (@OlgaBazova) May 15, 2024

  https://platform.twitter.com/widgets.js

  Update(1220ET): The identity of the shooter has been revealed in national media, and video of the actual moment the shots range out and PM Fico went down has emerged on some social media platforms.

  Several local media reports, citing visuals and witnesses at the scene, report that the man who shot the Slovak PM is a writer and activist named Juraj Cintula.

  While a clear motive has yet to be established, Cintula is said to be part of the pro-West and socially liberal “Progressive Slovakia” party.

  New: moment that Slovakia was shot pic.twitter.com/KRF6h18BQ8

  — Amichai Stein (@AmichaiStein1) May 15, 2024

  https://platform.twitter.com/widgets.js

  Statements have poured in from Western leaders: “Shocked and appalled by the shooting of Prime Minister Robert Fico. I wish him strength for a speedy recovery. My thoughts are with Robert Fico, his loved ones, and the people of Slovakia,” NATO chief Jens Stoltenberg said on X.

  Photographs have emerged of the shooter being taken into custody. He also appears to be wounded or have suffered injury after being swiftly taken down by security…

  The Shooter who attempted to Assassinate the Prime Minister of Slovakia, Robert Fico earlier today has been Identified by Slovakian Media as a 71-Year-Old Poet and Member of the Pro-Western Progressive Party, Juraj Cintula from the Town of Levice. Cintula had previously been… pic.twitter.com/KebqzkD5NM

  — OSINTdefender (@sentdefender) May 15, 2024

  https://platform.twitter.com/widgets.js

  And from Hungary’s Orban:

  Hungarian Prime Minister Viktor Orban on Wednesday expressed “deep shock” over the “heinous attack against my friend” Slovakia’s premier Robert Fico, who was reportedly shot and hospitalised after a cabinet meeting.

  “I was deeply shocked by the heinous attack against my friend, Prime Minister Robert Fico. We pray for his health and quick recovery! God bless him and his country!,” the nationalist fellow EU leader wrote on X.

  

  Meanwhile, Russian media and others have pointed out that Fico’s most controversial stance concerned Ukraine and NATO funding. Sputnik has the below partial list of recent controversies centering on the Slovak PM:

  • Fico earned NATO’s ire after vowing to block the delivery of weapons to Ukraine during his latest run for office. Fico has also expressed dissatisfaction with Bratislava’s defense pact with Washington, promising to review it.
  • Fico has expressed fervent opposition to Ukraine’s membership in NATO, and said he believes Russia began its military operation as a result of neo-Nazis running rampant in Ukraine.
  • Fico has warned that Western military assistance to Ukraine will only prolong the crisis and increase the number of victims, and has accused foreign forces of meddling in the conflict, which “could have been extinguished at the very beginning.”
  • Fico believes anti-Russian sanctions have “negatively affected” the lives of ordinary Slovaks.
  • Fico has been bashed by European legacy media as a left-wing populist analogue of Hungarian right-wing populist Viktor Orban, with outlets pulling out all the stops to accuse him of “democratic backsliding” and “flouting European norms,” including over his push to reform the criminal code.
  • The Slovak PM has also made enemies with powerful European political and business interests, promising to launch an independent inquiry into the EU’s authoritarian pandemic-era policies.

  * * *

  Slovakia’s populist prime minister Robert Fico has been shot, according to breaking news reports, after which he was rushed to the hospital and appears to be alive according to early reports. But some reports have listed his condition as “very serious” and that he had to be airlifted.

  According to emerging details in The Associated Press, Fico “was injured in a shooting and taken to hospital. The incident took place in the town of Handlova, some 150 kilometers northeast of the capital, according to the news television station TA3.”

  

  Local authorities say that a suspect is in custody. The shooting happened in front of the House of Culture where a government meeting was taking place.

  One eyewitness “saw the prime minister being lifted from the ground by security guards and loaded into a car and driven away.”

  Several people were greeting Fico and the moment the shots rang out, after which the prime minister fell to the ground. The would-be assassin was then taken by police. No details have been released as to the extent of his injuries.

  Unconfirmed video of the immediate aftermath:

  🇸🇰 Details on the assassination attempt on Slovakian PM Robert Fico:

  The shooter was hiding in the crowd that had gathered at the building where the Prime Minister was speaking. He fired from within the crowd, presumably 3-4 times.

  He then tried to escape but was apprehended by… pic.twitter.com/jS3waHm9q0

  — DD Geopolitics (@DD_Geopolitics) May 15, 2024

  https://platform.twitter.com/widgets.js

  He has been outspoken against deepening Western involvement in the Ukraine war, for which he’s made many enemies and critics among Western allies, and of course within Ukraine itself.

  For example, here’s how CNN last October described his ascendancy to prime minister and leader of the small NATO member state… “A party headed by a pro-Kremlin figure came out top after securing more votes than expected in an election in Slovakia, official results show, in what could pose a challenge to NATO and EU unity on Ukraine.”

  However, at this early point a motive is unknown.

  

  A national outlet in Slovakia has reported the following unconfirmed details of his condition (machine translation):

  According to the available information, which immediately began to spread, Prime Minister Robert Fico was hit by 2-3 wounds, allegedly in the limb, chest and abdomen. It is said that up to 4-5 shots should have been fired. According to information from the PLUS 7 DAYS weekly , someone from the crowd called out “Robo, come here” and the shooting started.

  “It’s a gunshot wound to the abdomen and arm. He’s currently out of danger. They’re going to operate on him,” our well-informed source told us at 3:30 p.m.

  Some conflicting reports say he may have been shot in the head.

  

  Meanwhile, there is growing speculation that this could be connected to Fico’s contrarian stance on Ukraine against the hawks in NATO, where he has only one other prominent ally…

  Double your security, Mr. Prime Minister. They’re out for blood. https://t.co/nf26dtqoaq

  — Daniel McAdams (@DanielLMcAdams) May 15, 2024

  https://platform.twitter.com/widgets.js

  developing…

  Tyler Durden
  Wed, 05/15/2024 – 18:40

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• Mass Starvation: Here's Why Most Of America Is Completely Unprepared
  Mass Starvation: Here’s Why Most Of America Is Completely Unprepared

  Authored by Brandon Smith via Alt-Market.us,

  The concept of mass starvation has not been in the forefront of American society for a very long time. Even during the Great Depression the US was majority agrarian and most people knew how to live off the land. In fact, the US has never suffered a true national famine. There have been smaller regional instances of famine (such as during the Dust Bowl in the 1930s), but nothing coming remotely close to the kinds of famines we have seen in Asia, the Eastern Bloc, Africa or the Middle East in the past 100 years.

  

  Even Western Europeans dealt with major famines during the World Wars (like the Dutch Famine) and that experience has left an imprint on their collective consciousness. Most Americans, on the other hand, don’t get it. Because we have lived in relative security and economic affluence for so long the idea of ever having to go without food seems “laughable” to many people. When the notion of economic collapse is brought up they jeer and call it “conspiracy theory.”

  Compared to the Great Depression, the US population today is completely removed from agriculture and has no idea what living off the land means. These are not things that can be learned in a few months from books and YouTube videos; they require years of experience to master.

  I will say that things have changed dramatically in the past two decades I have been writing for the liberty media. When I started back in 2006 the preparedness movement was incredibly small and often people were afraid to broach such topics in public forums.

  In the past several years preparedness culture has EXPLODED in popularity. Millions of Americans are now dedicated survival experts with extensive preps and firearms training. Prepping and shooting is no longer the realm of tinfoil hat “crazies”, now it’s considered cool.

  The credit crash of 2008-2009 certainly helped wake people up to the reality of economic instability in the US. Then the covid pandemic, the lockdowns and the attempts at medical tyranny really shocked Americans out of their stupor. Everything we “conspiracy theorists” have been warning about was suddenly confirmed in the span of a couple of years. Every time globalists and governments create a crisis they only inspire more preppers.

  The greater problem in terms of famine is not that individual Americans are not aware of the threat; many of them are. The problem is that our infrastructure and logistical systems are designed to fail and there’s not much the average citizen can do about it.

  The just-in-time freight system is perhaps one of the worst ever devised in terms of community redundancy. Any disruption no matter how minor could cut off supplies to a town or city for days or weeks. Then there’s the interdependency that comes with food being produced outside most states. If your state does not have a solid agricultural base then it will be reliant on outside food sources during a crisis. What guarantees are there that your region will be able to secure food from elsewhere?

  Furthermore, most of the populace, even those that are preparing, have never experienced large scale starvation events before. It’s difficult to adapt mentally to a threat that one has never seen.

  I suggest people who want to know what starvation feels like practice it from time to time. Try fasting for 24 hours, then try fasting for 48 hours. See how many days you can go without eating (just be sure to drink plenty of water). My maximum was seven days (after months of practice), and what I found was that after day three the hunger pangs actually stop altogether. You don’t go crazy, you don’t get violent; at most you might get tired, but you will also be surprised at how heightened your thinking becomes and how much energy you still have.

  The human body can survive for three weeks or more without a single bite of food. My suspicion is that initial panic over potential hunger is the thing that causes the most violence during famines. People encounter starvation and lose their minds within the first three days. First-stage stomach pains and fogginess causes them to react without thinking and this leads to the widespread riots and other crisis events we are used to seeing in history during food shortages.

  Fasting is a way to educate yourself on what it means to starve; it’s not as bad as it seems as long as you have some fat stores in your body. When you hit the point of muscle loss and organ deprivation, that’s when things change and the possibility of death arises. Having some familiarity with the feeling of true hunger will help you to avoid panic should the real thing ever occur in the future.

  The greater problem is not what you can endure, though. Watching people you care about starve is much more difficult. This is not something you can practice for and it could be a far more powerful motivator when it comes to looting and crime during a crash.

  The goal of course is to avoid famine altogether. Food storage is the foundation of any survival plan. Anyone who claims that jumping right into agriculture and hunting and wild edibles is the solution has never actually had to survive off the land in their lives. The reality is, finding enough food and growing enough food to live on is difficult for most people even in normal times.

  During collapse, crops are often difficult to plant safely. They can be stolen or destroyed easily and require large communities of people to maintain and protect. Even smaller gardens can draw attention from undesirables and are hard to hide.

  Hunting might be useful initially if you live in a rural area, but you won’t be the only person with the same idea and animals will move out of a region quickly if they are being hunted on a daily basis. You’ll have to go further and further out to find them and that’s risky during a crisis.

  Wild edibles are nice in spring and summer when they are plentiful, but then again, if you’re hiking around expending more calories that you can get from these plants then the entire exercise is pointless. I tend to find that wild edibles proponents are the most delusional when it comes to the logistics of survival. Survivalists who think they’re going to run to the woods and live off of the random plants they find will probably die.

  Growing food, hunting food and foraging food are all supplemental measures, especially in the first years of any crisis event. Without a primary emergency supply most people will not make it. Food storage has been a mainstay of civilization for thousands of years for a reason – It works. When larger secure communities are established then agriculture can return and self sustaining production makes food storage less important. Until then, what you have in your basement or your garage is the only thing that’s going to keep you alive.

  Unfortunately, there are some people out there who think they don’t need to store supplies because they plan to take from other people. Firstly, anyone who makes this their Plan A is probably a psychopath and I have zero empathy for them. Secondly, such people won’t stay alive very long. With every violent encounter the risk of injury or death increases; looters and raiders will be whittled down rather quickly as they get picked off by people defending their resources.

  It’s not like the movies, folks; marauders will disappear swiftly during a crash. After the first year I would be surprised if any of these individuals or groups still exist.

  In the meantime, the initial stages of collapse are going to be a shock for many Americans. It could be a grid down event, an economic collapse, a supply chain collapse, etc., but the panic associated with hunger will be ever present. People who understand the nature of famine can avoid panic and organize for safety. They will survive and thrive. People who don’t understand famine will freak out in the first week without food and make detrimental mistakes.

  Mental preparedness is just as important as physical preparedness. Keep that in mind as we move forward into uncertain times.

  *  *  *

  One survival food company, Prepper All-Naturals, has proactively dropped prices to allow Americans to stock up ahead of projected hikes in beef prices. Their 25-year shelf life steaks currently come at a 25% discount with promo code “invest25”.

  Tyler Durden
  Tue, 05/14/2024 – 23:40

• Samsung Tops Apple In Q1 Global Smartphone Shipments
  Samsung Tops Apple In Q1 Global Smartphone Shipments

  While not quite a duopoly, Apple and Samsung have long been known to produce the most popular smartphones from a global perspective. Over the past years, however, Chinese tech companies have started catching up and, at times, even overtaking Apple’s iPhone product lines.

  In the following chart, based on data from the IDC Quarterly Mobile Phone Tracker,  Statista’s Florian Zandt shows that between January and March 2024, roughly one out of five of the 289 million smartphones shipped were Samsung devices, while Apple commanded a market share of 17.3 percent. Xiaomi, however, wasn’t far behind with a 14.1 percent share in the market translating to around 41 million smartphones shipped in the first quarter of the year.

  

  You will find more infographics at Statista

  Rounding out the four smartphone vendors with the highest amount of devices shipped is Transsion, which produced every tenth smartphone sold in the first three months of 2024. Although the Chinese company entered IDC’s top 5 for the first time in the second quarter of 2023, it’s been around since 2006. Its devices have become increasingly popular in emerging markets like the African continent.

  Looking at smartphone vendor market share over time, Apple and Samsung have been on top for most of the first quarters since 2014. The notable exception is Huawei, which rose to prominence in the latter half of the 2010s and even managed to overtake Samsung for the best-selling smartphone brand worldwide in the second quarter of 2020 after already coming within 3.3 percentage points in the three months prior.

  Huawei’s rise was abruptly halted by the end of 2020, reportedly due to the increasing pressure of U.S. sanctions on the company. Its shoes were quickly filled by its Chinese competitors Xiaomi and Oppo, which had combined market shares ranging from 22 to 25 percent in the first quarters of 2021, 2022, 2023 and 2024.

  Tyler Durden
  Tue, 05/14/2024 – 23:20

• Over $13 Million Paid Out In Vaccine Injury Claims In Australia
  Over $13 Million Paid Out In Vaccine Injury Claims In Australia

  Authored by Monica O’Shea via The Epoch Times (emphasis ours),

  The Australian government has paid out $20.5 million (US$13.2 million) in COVID-19 vaccine injury claims to people who experienced harm from the jab.

  

  Services Australia data provided to The Epoch Times reveals 6.82 percent of claims have been compensated so far, that is 286 out of 4,191.

  “As at 31 March 2024, the COVID-19 Vaccine Claims Scheme has received 4,191 claims and paid 286 claims to the value of around $20.5 million,” a spokesperson said.

  “Services Australia expects to receive new claims until the COVID-19 Vaccine Claims Scheme’s end date of 30 September 2024.”

  The updated figures up to the end of March, follow a submission to the government’s COVID-19 Inquiry, revealing it had paid $16.9 million worth of claims up to the end of November 2023.

  The federal government is due to deliver a budget for 2024/2025 covering all government agencies in the evening on May 14.

  How Does the Vaccine Claims Scheme Work?

  Australia’s COVID-19 vaccine claims scheme allows individuals to claim losses above $1,000 in relation to “moderate to severe adverse reactions to COVID-19 vaccines.”

  It covers vaccines approved by the Therapeutic Goods Administration (TGA) including the AstraZeneca, Pfizer, Moderna, and Novavax jabs.

  Services Australia administers the scheme on behalf of the Department of Health and Aged Care (DHAC). In April, the Department updated the policy to include more claimable conditions, based on advice from the TGA.

  In order to make a compensation claim, individuals must meet the definition of harm, be admitted to hospital as an inpatient, or have a waiver if seen in outpatient care.

  Further, those who suffered harm need to have experienced losses or expenses of more than $1,000 due to the vaccine.

  The conditions included range from anaphylactic reaction to erythema multiforme (major), myocarditis, pericarditis and thrombosis with thrombocytopenia syndrome.

  Also included, are shoulder injuries from the vaccine, or other moderate to significant physical injuries that caused permanent impairment or need an extended period of medical treatment.

  “In both cases, the injuries must have been sustained during the physical act of being given the vaccine. You must also have been admitted to hospital as an in-patient,” Services Australia explains.

  “Presenting to an emergency department is not recognised as being admitted to hospital.”

  Lockdown Lead to Surge in Demand for Government Services

  Services Australia revealed it had processed 1.3 million JobSeeker claims in 55 days in 2020, an amount that equates to the claim volume normally processed within two and a half years.

  “At the peak, more than 53,000 claims were completed in a single day. Within the same 55 day period, the Agency also received and monitored approximately 3.7 million phone calls, 1.9 million service centre walk-ins, and 250,000 social media interactions,” the department said (pdf).

  During Victoria’s lockdown in 2021, demand for COVID-related claims also surged.

  “In less than 4 months, between 1 July and 26 October 2021, Services Australia processed over 5.1 million COVID-related claims alone—more than the full-year total of 3.5 million claims across all social security and welfare payments in the year prior to COVID (2018-19).”

  Not Enough Focus on Mental Health, Psychologists

  Meanwhile, the Australian Association of Psychologists Incorporated (AAPi) has raised concerns that there was not enough focus on mental health support during the pandemic.

  “Particularly during times of crisis, such as snap lockdowns, crisis support lines should have been prominently displayed along with the urging of people to reach out for support and the continuation of psychological treatment,” they said.

  The Foundation for Alcohol Research and Education (FARE) also raised concerns that alcohol companies and retailers taking advantage of the situation.

  “Alcohol companies invested significantly in digital marketing and in expanding their capacity to deliver alcohol, outpacing privacy and marketing regulation,” FARE said.

  Tyler Durden
  Tue, 05/14/2024 – 23:00

• Elections And Devaluations
  Elections And Devaluations

  Authored by Yves Smith via NakedCapitalism.com,

  Yves here. It’s revealing that Serious Economist Jeffrey Frankel limits himself to third-world examples in his case studies below on post-election devaluations.

  Perhaps it would be unseemly to look at, say, the US, UK, Japan, South Korea, or even Australia (admittedly the latter and Canada have their currency values substantially affected by commodity prices). Of course, Frankel might contend that any politically-related currency action in an advanced economy would not amount to a depreciation-level decline. After all, they have independent central banks.

  As many, including your humble blogger, have noted, the US is running a very hot fiscal policy along side tight monetary policy. Hence America has persisted in having solid to very strong groaf figures, leading the Fed to persist in tight monetary policy. All of that has led the dollar to trade at very lofty levels.

  One has to think the dollar will start to reverse near the election, say in October. But inflation has been very sticky, and it’s interest rates that are buoying the greenback, so it might stay comparatively strong even past the election. In addition, the US has, at least since the Clinton Administration, has had an explicit strong dollar policy. Weak currencies and financial centers do not co-exist happily. The Fed has historically not cared a whit about what moves in interest rates have done in terms of in and out flows to emerging economies, who are routinely whipsawed by hot money moves. One wonders if we will eventually see the Fed become more attentive to the value of the dollar.

  Any readers who are currency-knowledgeable are encouraged to opine on which countries might look more attractive as King Dollar retreats from its current high.

  

  By Jeffrey Frankel, Economist and Professor, Harvard Kennedy School. Originally published at VoxEU

  An unprecedented number of voters will go to the polls globally in 2024. It has long been noted that incumbents tend to engage in expansive fiscal (and where possible monetary) policy in the run up to elections in order to buoy the economy and therefore their electoral prospects. This column extends this concept to look at exchange rates and finds that currencies frequently depreciate following an election as the incumbent’s efforts to overvalue the currency in the run up to the election are unwound and the new government comes to terms with depleted reserves and current account woes.

  Lots of countries are voting, with 2024 an unprecedented year in terms of the number of people who will go to the polls.  Recent elections in a number of emerging market and developing economies (EMDEs) have demonstrated anew the proposition that major currency devaluations are more likely to come immediately after an election, rather than before one. Indeed, Nigeria, Turkey, Argentina, Egypt, and Indonesia are five countries that have experienced post-election devaluations within the last year.

  The Election–Devaluation Cycle

  Economists will recall a 50-year-old paper by Nobel Prize winning professor Bill Nordhaus as essentially initiating research on the political business cycle (PBC).  The PBC refers to governments’ general inclination towards fiscal and monetary expansion in the year leading up to an election, in hopes of the incumbent president, or at least the incumbent party, being re-elected.  The idea is that growth in output and employment will accelerate before the election, boosting the government’s popularity, whereas the major costs in terms of debt troubles and inflation will come after the election.

  But the seminal 1975 paper by Nordhaus also included the prediction of a foreign exchange cycle particularly relevant for EMDEs.  That is the proposition that countries generally seek to prop up the value of their currencies before an election, spending down their foreign exchange reserves, if necessary, only to undergo a devaluation after the election.

  Nordhaus wrote: “It is predicted that the concern with loss of reserves and balance of payments deficits will be greater in the beginning of electoral regimes, and less toward the end.…The basic difficulty in making intertemporal choices in democratic systems is that the implicit weighting function on consumption has positive weight during the electoral period and zero (or small) weights in the future.”

  The devaluation may be undertaken deliberately by an incoming government, choosing to get the unpleasant step – with its unpopular exacerbation of inflation – out of the way while it can still blame it on its predecessors.  Or the devaluation may take the form of an overwhelming balance-of-payments crisis soon after the election.  Either way, a government has an incentive to hoard international reserves during the early part of its term in office, and to spend them more freely to defend the currency toward the end of its term.

  A political leader is almost twice as likely to lose office in the six months following a major devaluation as otherwise, especially among presidential democracies (Frankel 2005).  Why are devaluations so unpopular that governments fear to undertake them before elections?  In the traditional textbook model, a devaluation stimulates the economy by improving the trade balance.  But devaluations are always inflationary in countries which import at least a portion of the basket of goods consumed.  Furthermore, devaluations in EMDEs often are contractionary for economic activity, particularly via the adverse balance sheet effects on those domestic borrowers who had incurred debts denominated in dollars.

  The theory of the political devaluation cycle was developed in a series of papers by Ernesto Stein and co-authors.  One might think that voters would wise up to these cycles and vote against a leader who sneakily postponed a needed exchange rate adjustment.  But given a lack of information about the true nature of the politicians, voters may in fact be acting rationally.  Figure 1, from Stein and Streb (2005) shows that devaluations are far more common in the immediate aftermath of changes in government. (The sample covers 118 episodes of changes, excluding coups, among 26 countries in Latin America and the Caribbean between 1960 and 1994.)

  Figure 1 Average devaluation pattern before and after elections

  

  Source: Stein and Streb (2004).

  Some Devaluations Over the Past Year

  Many EMDEs have been under balance-of-payments pressure during the last two years.  One factor is that the US Federal Reserve raised interest rates sharply in 2022-23 and is now leaving them higher for longer than markets had been expecting.  Consequently, international investors find US treasury bills more attractive than EMDE loans and securities.

  A good example of the political devaluation cycle is Nigeria.  Africa’s most populous country held a contentious presidential election on 25 February 2023.  The incumbent, who was term-limited, had long used foreign exchange intervention, capital controls, and multiple exchange rates to avoid devaluing the currency, the naira. The new Nigerian president, Bola Tinabu, was inaugurated on 29 May 2023. Two weeks later, on 14 June, the government devalued the naira by 49% (from 465 naira/$, to 760 naira/$, computed logarithmically). It soon turned out that this was not enough to restore equilibrium in the balance of payments.  At the end of January 2024, the government abandoned its effort to prop up the official value of the naira, devaluing another 45% (from 900 naira/$ to 1,418 naira/$, logarithmically).

  A second example is Turkey’s election in May 2023. President Recep Tayyip Erdoğan had long pursued economic growth by obliging the central bank to keep interest rates low – a populist monetary policy that was widely ridiculed because of the president’s insistence that it would reduce soaring inflation – while simultaneously intervening to support the value of the lira.  The government guaranteed Turkish bank deposits against depreciation, an expensive and unsustainable way to prolong the currency overvaluation.  After the elections, the lira was immediately devalued, as the theory predicts.  The currency continued to depreciate during the remainder of the year.

  Next, on 19 November 2023, Argentina elected a surprise candidate as president, Javier Milei.  Often described as a far-right libertarian, he comes from none of the established political parties. He campaigned on a platform of diminishing sharply the role of the government in the economy and abolishing the ability of the central bank to print money.  Milei was sworn in on December 10. Two days later, on 12 December he cut the official value of the peso by more than half (a 78% devaluation, computed logarithmically, from 367 pesos/$ to 800 pesos/$).  At the same time, he took a chain saw to government spending such as energy subsidies rapidly achieved a budget surplus, and initiated sweeping reforms.  Argentine inflation remains very high, but the central bank stopped losing foreign exchange reserves after the devaluation, again as predicted by the theory.

  A fourth example is Egypt, where President Abdel Fattah al-Sisi just started a third term, on 2 April 2024. The economy has been in crisis for some time. Nevertheless, the government had ensured its overwhelming re-election on 10-12 December 2023 by postponing unpleasant economic measures, not to mention by preventing serious opponents from running.  The widely expected devaluation of the Egyptian pound, came on 6 March 2024 depreciating 45% (from 31 egyptian pounds/$ to 49 pounds/$, logarithmically).  It was part of an enhanced-access IMF programme, which also included the usual unpopular monetary and fiscal discipline.

  Finally, in Indonesia the widely liked but term-limited President Jokowi is soon to be succeeded by the Defense Minister Prabowo Subianto, who is less widely liked but was backed by the incumbent in the 14 February election. The rupiah has been depreciating ever since the 20 March announcement of the outcome of the contentious presidential vote.  It fell almost to an all-time record low against the dollar on 16 April.

  What next?

  Of course, the association between elections and the exchange rate is not inevitable.  India is undergoing elections now and Mexico will in June.  But neither seems especially in need of major currency adjustment.

  Venezuela is scheduled to hold a presidential election in July.  As with some other countries, the election is expected to be a sham because no major opposition candidates are allowed to run. The economy is in a shambles due to long-time mismanagement featuring hyperinflation in the recent past and a chronically overvalued bolivar.  But the same government that essentially outlaws political opposition also essentially outlaws buying foreign exchange.  So, equilibrium may not be restored to the foreign exchange market for some time.

  To stave off devaluation, these countries do more than just spend their foreign exchange reserves.  They often use capital controls or multiple exchange rates, as opposed to allowing free financial markets.  That doesn’t invalidate the phenomenon of post-election devaluations; it just works to insulate the governments a bit longer from the need to adjust to the reality of macroeconomic fundamentals.  Unfortunately, many of these countries also fail to allow free and fair elections, which works to also insulate the government from the need to respond to the voters’ verdict.

  Tyler Durden
  Tue, 05/14/2024 – 22:40

• "The Russians Just Walked In": Ukraine Border Defense Funds Diverted To Fake Companies In Massive "Betrayal"
  “The Russians Just Walked In”: Ukraine Border Defense Funds Diverted To Fake Companies In Massive “Betrayal”

  Authored by Thomas Stevenson via Human Events (emphasis ours),

  Head of the Mezha Anti-Corruption Center, Martyna Bohuslavets, has written a report in Pravda asking “Where are the fortifications?” She reports that millions of dollars that were intended for the construction of fortifications in Ukraine were instead “transferred to Kharkiv OVA to front companies of avatars.”

  

  Bohuslavets said the Ukrainian Kharkiv Regional Military Administration (Kharkiv OVA) paid out funds to fictitious companies during the construction and fortification of the Kharkiv region. The report comes as Russian forces have broken into the northern region of Ukraine and the US continues funding the war.

  According to Ukranian Pravda reports, the Russian military has begun to advance in the northern region of Ukraine where funding that was set for fortification was transferred to fake companies. The offensive from the Russian military launched on Monday with attacks on towns and villages, the Kyiv Post reports. A total of 7 billion hryvnias was spent there by Ukraine, according to the report.  

  This comes as the BBC reports that a regional Ukrainian commander in Kharkiv has said that the first line of defense was missing in a massive “betrayal” in the northern region of the country.  Denys Yaroslavskyi, a commander in the region in charge of the Ukrainian Special Reconnaissance Unit, told the outlet, “There was no first line of defence. We saw it. The Russians just walked in. They just walked in, without any mined fields.” 

  He told the BBC that government officials claimed to have built up the mines as the first line of defense at a huge cost. He told reporters, “Either it was an act of negligence, or corruption. It wasn’t a failure. It was a betrayal.” He then added, “When we were fighting back for this territory in 2022, we lost thousands of people. We risked our lives.” 

  “And now because someone didn’t build fortifications, we’re losing people again,” he stated.  

  In March, the Government Accountability Office (GAO) reported on the lack of oversight on the funds going to Ukraine during the war. GAO found in its report from March that the Defense Department is lacking in its ability to provide oversight on the resources being sent to Ukraine in the war.  

  The GAO reported, “DOD does not have quality data to track delivery of defense articles to Ukraine. DOD guidance on PDA does not clearly define at what point in the delivery process defense articles should be recorded as delivered or provide clear instructions for how DOD service branches are to confirm delivery.” 

  It added that full documentation of the funding being sent to the military effort has been lacking.  

  Ukraine has entered the “where is the money, Lebowski” phase https://t.co/llv6KOmUGb

  — zerohedge (@zerohedge) May 14, 2024

  https://platform.twitter.com/widgets.js

  Tyler Durden
  Tue, 05/14/2024 – 22:20

• FDA Preparing For Possible Bird Flu Spread Among Humans: Commissioner
  FDA Preparing For Possible Bird Flu Spread Among Humans: Commissioner

  Authored by Zachary Stieber via The Epoch Times,

  The U.S. Food and Drug Administration (FDA) is preparing for a scenario in which the highly pathogenic avian influenza starts spreading among humans, the agency’s commissioner said on May 8.

  “This virus, like all viruses, is mutating. We need to continue to prepare for the possibility that it might jump to humans,” Dr. Robert Califf, the commissioner, told senators during a hearing in Washington.

  The influenza, also known as the bird flu or H5N1, has recently started spreading among cattle and other species. One person in Texas has had a confirmed case this year.

  

  Food and Drug Administration Commissioner Dr. Robert Califf in Washington in a file image. (Joe Raedle/Getty Images)

  So far, genetic sequencing and other data indicate that influenza poses little risk to people, and there are no signs that the flu is transmitting from person-to-person, according to U.S. officials. But they are working on getting treatments, tests, and vaccines ready in case that changes.

  “We’ve been busy getting prepared for if the virus does mutate in a way that jumps into humans on a larger level,” Dr. Califf told the Senate Appropriations Committee’s Agriculture Appropriations Subcommittee.

  The patient in Texas primarily experienced one symptom: inflamed eyes. Neither the patient nor many of the cows that have been infected have suffered respiratory symptoms. H5N1 commonly infects the respiratory tracts of birds.

  “The real worry is that it will jump to the human lungs, where, when that has happened in other parts of the world for brief outbreaks, the mortality rates have been 25 percent,” Dr. Califf said. The worry is based in part on how viruses typically mutate, such as in the case of COVID-19.

  From 2003 to April 1, 2024, 889 cases of H5N1 have been confirmed across the globe, according to the World Health Organization (WHO). Of the patients, 52 percent have died.

  WHO chief scientist Jeremy Farrar said recently that H5N1 has developed into a “global zoonotic animal pandemic” and that scientists are concerned that the virus could evolve to spread among humans.

  Tedros Ghebreyesus, the director-general of the organization, said Wednesday that “the virus does not show signs of having adapted to spread among humans, but more surveillance is needed.”

  Many experts consulted by the U.S. government are concerned about the jump of the influenza to cattle and other species and how cattle intermingle with pigs, chickens, and humans on farms, according to Dr. Califf. A May 3 study from U.S. and Danish researchers said testing of tissues from cattle indicated the animals could serve as a “mixing vessel” for avian influenza because receptors from chickens, ducks, and humans were expressed in the cows.

  While the risk is still low, “if we institute the countermeasures now and reduce the spread of the virus now, then we’re much less likely to see a mutation that jumps to humans for which we’re ill-prepared,” Dr. Califf added.

  Current U.S. rules mandate testing of some cattle before being moved to another state. The guidance includes advising workers on farms to wear protective equipment when dealing with animals that may be or are sick with the bird flu.

  The FDA is focusing in part on ensuring the country’s milk supply is safe to drink. The agency and its partners have tested samples of milk from grocery stores. Although some samples tested positive, no live virus has been detected, meaning the milk supply is safe, according to the agency.

  Test results from beef have also found beef is safe, according to the U.S. Department of Agriculture.

  The agency has confirmed H5N1 infections in 36 herds across nine states, including Colorado, Kansas, and Michigan. Data from affected cows indicate H5N1 began circulating in cattle in late 2023, according to a preprint paper from the department.

  About 70 farm workers are being monitored in Colorado, officials said in a briefing this week, but none have displayed symptoms as of yet.

  Tyler Durden
  Tue, 05/14/2024 – 22:00

• Why 1960 Alternate Electors Succeeded Where 2020 Ones Failed
  Why 1960 Alternate Electors Succeeded Where 2020 Ones Failed

  Authored by Lawrence Wilson via The Epoch Times (emphasis ours),

  A November election decades ago produced a clear winner in a hotly contested presidential race. Yet the popular vote immediately came under scrutiny in several states. In one, auditors discovered clear errors in tabulating vote totals. In others, credible evidence of election fraud was uncovered.

  

  With a court challenge underway, electors from both parties met at a state capitol and conducted the electoral vote. Two certifications were forwarded to Washington, one declaring the Democratic candidate to be the victor, the other naming the Republican.

  The Republican vice president—also a candidate in the race—convened a joint session of Congress on Jan. 6. Without fanfare, he moved to accept the Democratic slate of electors and set the Republican electors aside.

  So ended the presidential election of 1960.

  The state in question was Hawaii. The vice president was Richard Nixon, who ran against Democrat John F. Kennedy, and would have won if as few as 11,000 votes spread over five battleground states had gone the other way.

  Sixty years later, history nearly repeated itself as Republican electors from seven states sent alternative electoral certifications to Washington amid allegations of election fraud.

  This time the alternate slates were rejected. On Jan. 6, 2021, in a joint session presided over by Republican Vice President Mike Pence, also a candidate in the race, Congress certified Democratic candidate Joe Biden the winner over President Donald Trump.

  Many Americans have no memory of the 1960 election, and few are likely aware of the striking similarities between it and the 2020 election. The Hawaii election provided the rationale for the alternate elector plan promoted by some associates of President Trump following the 2020 election.

  Since last year, criminal prosecutions have been levied against Republicans who took part in the plan in Michigan, Georgia, Nevada, New Mexico, and Arizona. President Trump is facing related charges in a Washington federal court.

  The two elections have much in common, yet the cases exhibit key differences that spelled success for the alternate electors in 1960 and defeat in 2020.

  Recount in Progress

  The first tally of votes in Hawaii during the 1960 election showed Kennedy had won by 92 votes. After a second tabulation of the totals—not a recount of the ballots themselves—Nixon led by 141 votes.

  Democrats petitioned a state circuit court for a recount. But Republican Lt. Gov. James Kealoha, who was acting governor at the time, had no legal authority to reopen the ballots or invalidate the results. So he certified Nixon as the winner.

  

  After an initial audit, a judge ordered a full recount of the state’s ballots on Dec. 13, 1960, just six days before the electoral vote.

  That court order was crucial to the success of Hawaii’s dual elector plan because it placed the outcome of the popular vote in legal limbo. While a winner had been certified, a state court had taken action that might lead to a different result.

  Lawsuits were also filed to challenge aspects of the 2020 election. One was pending in Georgia, and one remained under appeal in Michigan, though the Michigan Supreme Court refused to halt certification of the popular vote on Dec. 9, 2020.

  However, there was no court order in any state and no action by a state legislature to mandate a recount or to delay the certification of the election.

  State-Certified Electors

  In 1960 the ongoing recount created a dilemma for Hawaii’s acting governor. If only the Republican electors voted, Nixon would carry Hawaii even if Kennedy was later found to have won the most votes.

  Yet federal law establishes the date for the electoral vote as “the first Monday after the second Wednesday in December” following the election. If there were no vote on Dec. 19, 1960, the brand-new state of Hawaii would miss out on its first presidential election.

  So with the recount in progress, both sets of Hawaii electors met at Iolani Palace, the seat of the Hawaiian government. They voted for their respective candidates one minute apart. Kealoha signed two certificates of ascertainment and sent them to Washington.

  A certificate of ascertainment states the elector candidates pledged to a presidential candidate and the total number of votes received. The electors for the candidate who received the most votes are “elected” as presidential electors from their state.

  A separate document, the electoral ballot, states the outcome of the electoral vote for that state.

  The certificate of ascertainment is a second important difference between the 1960 and 2020 cases.

  To be sure, some of the 2020 electors knew about the Hawaii case and used it as a rationale for their efforts. The Pennsylvania Republican Party issued a press release stating as much.

  “Today’s move by the Republican Party electors is fashioned after the 1960 Presidential election, in which President Nixon was declared the winner in Hawaii,” the Dec. 14, 2020, release stated.

  

  “While Democrat legal challenges were pending, Democratic presidential electors met to cast a conditional vote for John F. Kennedy to preserve their intent in the event of future favorable legal outcomes.”

  In 2020, Republican electors in Pennsylvania and New Mexico added conditional language to their vote certifications, saying they were filed “on the understanding that it might later be determined that we are the duly elected and qualified Electors for President and Vice President of the United States of America” from their respective states.

  Read the rest here…

  Tyler Durden
  Tue, 05/14/2024 – 21:40

• Target To Limit LGBT Pride Products To Online And 'Select Stores' After Last Summer's Controversy
  Target To Limit LGBT Pride Products To Online And ‘Select Stores’ After Last Summer’s Controversy

  Authored by Bill Pan via The Epoch Times (emphasis ours),

  Target has announced that its LGBT-themed merchandise will only be sold online and at select stores this June, a decision made after last year’s Pride Month marketing campaign divided customers and dragged down sales.

  

  In a statement on its website, Target said that instead of prominently displaying its Pride Month collection in all its stores, it will be “offering a collection of products including adult apparel, home, food, and beverage items, curated based on consumer feedback.”

  “The collection will be available on Target.com and in select stores, based on historical sales performance,” the company added, noting that it will also join Pride Month events in “our hometown of Minneapolis and around the country” over the summer.

  A spokesperson for the retailer didn’t specify the number of brick-and-mortar stores where Pride Month merchandise will be sold, although a report by Bloomberg indicated that about half would do so.

  “Target is committed to supporting the LGBTQIA+ community during Pride Month and year-round,” Target told The Epoch Times in an emailed statement. “Most importantly, we want to create a welcoming and supportive environment for our LGBTQIA+ team members, which reflects our culture of care for the over 400,000 people who work at Target.”

  Last summer, Target came under heavy criticism on social media following the release of its LGBT-themed collection, which featured a range of clothing, including what was dubbed a “tuck-friendly” female-style swimsuit designed to help men who identify as transgender conceal their genitalia. Some products were also labeled as being able to “thoughtfully fit on multiple body types and gender expressions.”

  Shoppers who disagreed with Target’s promotion of what they saw as “woke” transgender ideology posted videos and images on social media showing rainbow-colored onesies for infants as well as swimsuits that offer “extra crotch coverage” that many viewers mistakenly believed were aimed at children. The swimwear in question was available in adult sizes extra-small through extra-large and were not in the kid’s section.

  Other products that received backlash from conservative shoppers included apparel and accessory items for adults with pro-LGBT messages, such as “We Belong Everywhere,” “Too Queer for Here,” and “Cure Transphobia” from British designer Erik Carnell, who identifies as a gay transgender man. The designer’s brand Abprallen also includes clothing sporting Satanist imagery, although the designs in question weren’t available for sale in Target.

  Since the controversy and ensuing backlash, the retailer announced it would remove some of the Pride merchandise from its shelves. Some rural Target stores in more socially conservative Southern states were also forced to move the items away from front-of-store displays due to customer backlash.

  “Given these volatile circumstances, we are making adjustments to our plans, including removing items that have been at the center of the most significant confrontational behavior,” the company said at the time, alleging violent threats that were “impacting our team members’ sense of safety and well-being” on the job.

  But the backlash didn’t stop there. Target’s reaction to conservative outrage by scaling back its LGBT merchandise and displays then prompted complaints from progressive advocacy groups, who questioned the company’s stated support of their cause.

  “The LGBTQ+ community has celebrated Pride with Target for the past decade. Target needs to stand with us and double-down on their commitment to us,” Kelley Robinson, president of the Human Rights Campaign, wrote on X.

  The backlash coming from customers on both sides appears to have taken a toll on the brand. In August 2023, Target’s own earnings report unveiled its first quarterly sales decline in six years, with net sales down 4.9 percent from the same quarter the previous year.

  In a full-year earnings report released this March, Target reported a total 2023 revenue fall of 1.6 percent to $107.4 billion, down from $109.1 billion a year earlier. Comparable sales for the 2023 fiscal year also declined nearly 4 percent, although operating income rose 48 percent to $5.7 billion.

  While the company partly blamed the dip in sales on the post-COVID shift in consumer trends, it also said it would be reevaluating how it celebrates Pride Month in the future.

  “As we navigate an ever-changing operating and social environment, we’re committed to staying close to our guests and their expectations,” Target chief executive Brian Cornell said in last August’s corporate earning call, defending the decision to adjust the chain’s Pride Month assortment in the face of negative customer reaction.

  “Specific to Pride and Heritage months, we’re focused on building assortments that are celebratory and joyous with wide-ranging relevance, being mindful of timing, placement and presentation,” he told investors.

  “Our goal is to ensure we continue to celebrate moments that are special to our guests while acknowledging that, every day, for millions of people, they want Target to serve as a refuge in their daily lives.”

  Tyler Durden
  Tue, 05/14/2024 – 21:00

• "We Need To Deal With The Debt" – Goldman CEO Warns Interest Costs On America's Ballooning Borrowings Means "Issues Down The Road"
  “We Need To Deal With The Debt” – Goldman CEO Warns Interest Costs On America’s Ballooning Borrowings Means “Issues Down The Road”

  Authored by Tom Ozimek via The Epoch Times (emphasis ours),

  Goldman Sachs CEO David M. Solomon is the latest business leader to sound the alarm on the Biden administration’s deficit spending, which comes as the cost of making interest payments on America’s ballooning government debt has exceeded spending in both the critical sectors of defense and Medicare.

  “I think the level of debt in the United States [and] the level of spending is something that we need a sharper focus on and more dialogue around than what we’ve seen,” the investment banking chief told Bloomberg Television on Monday, adding that if something isn’t done to rein it the spending, it could create problems.

  

  His remarks come as the cost of servicing America’s ballooning government debt reached $514 billion for the first seven months of the current fiscal year, becoming the second largest line item in the budget, and surpassing both the bills for national defense and Medicare spending.

  The latest monthly statement from the U.S. Treasury—released on May 8—shows that the $514 billion spent on net interest so far this fiscal year has surpassed spending on both national defense ($498 billion) and Medicare ($465 billion).

  Interest spending—now the fastest growing part of the budget—is currently greater than all the money spent on education ($128 billion), transportation ($70 billion), and veterans ($183 billion) combined.

  The nonpartisan Committee for a Responsible Federal Budget (CRFB) predicts that, by 2051, spending on interest will be the largest line item in the budget. Currently, only Social Security spending ($837 billion) is greater than what’s being forked over to service the nation’s growing debt.

  “Rising debt will continue to put upward pressure on interest rates. Without reforms to reduce the debt and interest, interest costs will keep rising, crowd out spending on other priorities, and burden future generations,” CRFB said in a statement.

  It comes as a number of economists, business leaders, and lawmakers have issued warnings about out-of-control deficit spending that adds to the debt load.

  House Speaker Mike Johnson (R-La.) said in October—the first month of the 2024 fiscal year—that it was already well past time to establish a bipartisan commission to tackle the federal government’s $34.6 trillion debt.

  “The consequences if we don’t act now are unbearable,” he said at the time. Despite his calls for such a commission, the project remains stuck in limbo.

  Many Democrats and left-leaning groups oppose the commission because they fear it would recommend cuts to Social Security, while some Republicans have expressed reluctance out of concern it would be a backdoor way to raise taxes.

  No Longer a Pandemic

  In his remarks to Bloomberg Television on Monday, Mr. Solomon said that some of the U.S. government’s massive debt-fueled spending in recent years may have been justified to prevent the economy from crashing during the COVID-19 lockdowns. However, he decried the fact that even though the pandemic is no longer a factor, the spending spree continues.

  “The spending levels … are continuing at a pace that I think is raising our debt level and creating issues for us down the road,” he warned.

  President Joe Biden in March unveiled a sweeping $7.3 trillion budget blueprint, which includes raising the corporate income tax rate to 28 percent from 21 percent, and forcing those with wealth of $100 million to pay at least 25 percent of their income in taxes.

  The blueprint was panned by Mr. Johnson, who said it reflected an “insatiable appetite for reckless spending.”

  Deficit spending in the United States hit $1.7 trillion in 2023, or 6.3 percent of gross domestic product (GDP), according to a recent report from the Congressional Budget Office (CBO). The agency estimated that deficit spending would grow to 8.5 percent of GDP by 2054.

  At the same time, CBO projected that America’s debt-to-GDP ratio, which in the 1980s was around 35 percent of GDP, will grow to 166 percent by 2054, while warning that this would pose “significant risks” to America’s fiscal and economic outlook.

  Mr. Solomon said that America’s deficit spending is an issue that “deserves a lot of attention.”

  “Hopefully, there will be a lot more discussion as we move through the election and into the next administration,” he said, adding that, “we need to deal with the debt and the deficits.”

  ‘Dollar Will Be Worth Nothing’

  Tesla CEO Elon Musk recently sounded the alarm on massive government spending, warning that unless steps are taken to slow down the growth of the U.S. national debt, the dollar will become worthless.

  “We need to do something about our national debt or the dollar will be worth nothing,” Mr. Musk said in a post on X.

  The billionaire tech mogul was reacting to a post about Gen. H.R. McMaster’s warning that the world is on the cusp of World War III while calling for a doubling in defense spending to prepare for potential threats.

  Mr. Musk has repeatedly advocated for a negotiated end to the conflict in Ukraine to put a halt to the loss of life.

  Like Mr. Musk, billionaire investor Warren Buffett has also warned about the “important” consequences of deficit spending. However, the Berkshire Hathaway founder predicted that, when push comes to shove, the government would opt to raise taxes rather than reduce spending.

  “I think higher taxes are likely,” Mr. Buffett said on May 4 at Berkshire Hathaway’s annual shareholder meeting in Omaha.

  “They may decide that some day, they don’t want the fiscal deficit to be this large because that has some important consequences. So they may not want to decrease spending and they may decide they’ll take a larger percentage of what we own, and we’ll pay it,” he said.

  

  Analysts at the University of Pennsylvania estimate that when the debt-to-GDP ratio hits around 200 percent, it will hit the point of no return—when no amount of future tax increases or spending cuts could prevent the government from defaulting on its debt.

  JPMorgan CEO Jamie Dimon has predicted that America’s debt-to-GDP ratio would “hockey stick” upward at some point, meaning rise sharply and become unsustainable after a period of relatively gradual increase.

  “It is a cliff. We see the cliff. It’s about 10 years out. We’re going 60 miles an hour,” Mr. Dimon said, speaking on a panel at the Bipartisan Policy Center in Washington at the end of January 2024.

  The International Monetary Fund (IMF) has also sounded the alarm on the Biden administration’s fiscal stance, warning that its massive deficit spending and ballooning public debt threaten to stoke inflation and—potentially—even spark financial chaos.

  Tyler Durden
  Tue, 05/14/2024 – 20:20

• OpenAI 'Exploring' How To Responsibly Generate AI Porn
  OpenAI ‘Exploring’ How To Responsibly Generate AI Porn

  OpenAI, maker of ChatGPT, has recently disclosed plans that could revolutionize its technology’s applications, signaling a potential shift in its traditionally stringent content policies. According to draft documentation released last week, the company is exploring how to ‘responsibly’ introduce not-safe-for-work (NSFW) content through its platforms. The new policy is highlighted in a commentary note within the extensive Model Spec document, sparking a complex discussion about the future of AI in generating sensitive content, Wired reports.

  

  “We’re exploring whether we can responsibly provide the ability to generate NSFW content in age-appropriate contexts through the API and ChatGPT,” the note reads. “We look forward to better understanding user and societal expectations of model behavior in this area.”

  Current usage policies prohibit the generation of sexually explicit or even suggestive materials. However, the document suggests a nuanced consideration: the possibility of allowing NSFW content in age-appropriate contexts. This potential pivot is not about promoting explicit content indiscriminately but rather understanding societal and user expectations to guide model behavior responsibly.

  OpenAI is considering how its technology could responsibly generate a range of different content that might be considered NSFW, including slurs and erotica. But the company is particular about how sexually explicit material is described.

  In a statement to WIRED, company spokesperson Niko Felix said “we do not have any intention for our models to generate AI porn.” However, NPR reported that OpenAI’s Joanne Jang, who helped write the Model Spec, conceded that users would ultimately make up their own minds if its technology produced adult content, saying “Depends on your definition of porn.” -Wired

  The concern extends beyond the direct implications of NSFW content. Danielle Keats Citron, a law professor at the University of Virginia, has emphasized the broader societal repercussions, noting that intimate privacy violations can severely impact targeted individuals’ lives, restricting their opportunities and personal safety.

  Of course, there are already a lot of NSFW AI content generators using things like Stable Diffusion, many of which border on (or worse) virtual child exploitation that we’re sure this guy would defend.

  “Intimate privacy violations, including deepfake sex videos and other nonconsensual synthesized intimate images, are rampant and deeply damaging,” she said. “We now have clear empirical support showing that such abuse costs targeted individuals crucial opportunities, including to work, speak, and be physically safe.” According to Citron, OpenAI’s potential embrace of NSFW content is “alarming.”

  

  OpenAI’s announcement addresses an ongoing debate about the balance between technological innovation and ethical responsibility – particularly when it comes to setting precedents for how AI technologies might handle sensitive content in the future. The engagement with various stakeholders, as OpenAI spokesperson Grace McGuire told the outlet, noting that the Model Spec was an attempt to “bring more transparency about the development process and get a cross section of perspectives and feedback from the public, policymakers, and other stakeholders.”

  Earlier this year, OpenAI’s chief technology officer, Mira Murati, told The Wall Street Journal that she was “not sure” if the company would in future allow depictions of nudity to be made with the company’s video generation tool Sora.

  AI-generated pornography has quickly become one of the biggest and most troubling applications of the type of generative AI technology OpenAI has pioneered. So-called deepfake porn—explicit images or videos made with AI tools that depict real people without their consent—has become a common tool of harassment against women and girls. In March, WIRED reported on what appear to be the first US minors arrested for distributing AI-generated nudes without consent, after Florida police charged two teenage boys for making images depicting fellow middle school students. -Wired

  While OpenAI’s usage policies prohibit impersonation without permission, the decisions made by OpenAI could have far-reaching effects. Of course, they also realize that if they don’t compete in this space, someone else’s AI will simply dominate, leaving OpenAI as the gimp.

  

  Tyler Durden
  Tue, 05/14/2024 – 20:00

• Citadel's Ken Griffin Tells Qatar Audience: American Campus Chaos Is "Anarchy"
  Citadel’s Ken Griffin Tells Qatar Audience: American Campus Chaos Is “Anarchy”

  On day one of the 2024 Qatar Economic Forum in Doha, Citadel’s Ken Griffin covered a wide range of hot-button issues. He criticized the Biden administration’s latest wave of Chinese tariffs, the ongoing campus crisis terrorizing American colleges and universities, global geopolitical tensions, and former President Trump’s potential comeback. 

  Griffin started the conversation by discussing soaring geopolitical risks from Eastern Europe to the Middle East to China. He warned, “We are living in a different world than what we fantasized just a few years ago.”

  “There are more tail risks that are harder to manage. That goes with this rise in geopolitical complexity,” Griffin said. As we must note, the surge in conflicts is a direct symptom of a world fracturing into a multi-polar state. 

  Bloomberg provided a live blog of the event via the ‘Top Live Blogs’ function on the Terminal. BBG journos noted that Griffin criticized the Biden administration for new tariffs, announced Tuesday, but well telegraphed for the last several days, on Chinese electric vehicles, advanced batteries, solar cells, steel, aluminum and medical equipment. He called the move a continuation of ‘incoherent economic policy,’ adding a Trump administration would restore America’s image abroad. 

  On the subject of the continued education crisis at American universities and colleges, of shady non-governmental organizations facilitating pro-Palestinian protests, he said:

  “What’s happening on campuses is not free speech, it’s anarchy.”

  He added:

  “Universities should be trying to encourage a constructive debate between students of different backgrounds.”

  Separately, in a Financial Times interview on Saturday, Griffin, who is one of Harvard’s most prominent donors, said the Ivy League school needs to embrace “Western values” and pointed out the chaos is a byproduct of a “cultural revolution.”

  Back in Doha, Griffin also commented on the geopolitical shitstorm in Eastern Europe between Russia and Ukraine, the Middle East between Israel and Hamas, and worsening Sino-US relations. 

  “There are just larger tails that didn’t exist seven or eight or 10 years ago,” he said, adding that the only way to mitigate risk is to construct portfolios with protection, capitalizing off tail risk events. 

  The billionaire, who founded the $63 billion hedge fund Citadel, then commented on Trump’s potential return to the White House, calling him a person who can’t be pushed. 

  “He will exude a level of strength that will help stabilize the world in these trying times,” the billionaire said. Bloomberg pointed out that he had yet to donate to the presidential campaign. 

  *   *   * 

  Watch here for the whole discussion: 

  Tyler Durden
  Tue, 05/14/2024 – 19:40

• House Oversight Cmte Probing Biden Voter Mobilization Order
  House Oversight Cmte Probing Biden Voter Mobilization Order

  Authored by Ben Weingarten via RealClearPolitics,

  The House Oversight Committee is probing a controversial Biden administration executive order tasking the federal government with mobilizing voting groups it says are underrepresented.

  

  In a letter obtained by RealClearPolitics, Chairman James Comer (R-Ky.) has requested that Office of Management and Budget Director Shalanda Young produce a slew of documents and information concerning the development and implementation of Biden’s sweeping “Executive Order on Promoting Accessing to Voting” no later than May 28, and a staff-level briefing by May 20.

  The demand by the chairman of the House Oversight Committee signals an escalation in Republican lawmakers’ efforts to combat an effort they say may be unlawful, if not unconstitutional.

  The administration characterizes its efforts as a remedy to “discriminatory policies and other obstacles … disproportionally affect[ing]” black, non-English-speaking, handicapped, and other minority voters. EO 14019 calls on all federal agencies to develop and execute corrective plans to “promote voter registration and voter participation.”

  It instructs officials government-wide to consider “soliciting and facilitating approved, nonpartisan third-party organizations … to provide voter registration services on agency premises.”

  Seeing the order as potentially enabling “the executive branch to circumvent the legislative process,” Comer is asking Young to clarify the “constitutional or statutory authority the President relied on,” as well as all “White House and OMB documents and communications” pertaining to the drafting of it.

  In past oversight letters, including ones delivered in June 2022 by then-ranking Republicans on various committees, including Comer, members have also raised concerns that officials could violate the Hatch Act prohibiting their engagement in political activities in carrying out the order.

  Senate Republicans have also questioned whether the act violates the Antideficiency Act, which precludes federal agencies from using funds “for a purpose that Congress did not explicitly authorize” – namely “voter mobilization.”

  “Overreach by the federal government often leads to confusion and inconsistencies,” Comer also stated. He cites a recent letter from Mississippi Secretary of State Michael Watson to Attorney General Merrick Garland to illustrate this issue.

  The order mandates that relevant agencies seek to ensure “access to voter registration for eligible individuals in federal custody.”

  To satisfy that charge, the Magnolia State official notes that the U.S. Marshals Service is modifying contracts and/or intergovernmental agreements with jails “to provide voter registration materials and facilitate voting by mail,” and likewise that the Justice Department is working to “facilitate voter registration and mail voting for individuals in the custody of the Bureau of Prisons.”

  He says these efforts create “numerous opportunities for ineligible prisoners to be registered to vote in Mississippi.” Illegal aliens, Secretary Watson warns, may be among those receiving information on how to register to vote.

  The Biden administration issued EO 14019 in March 2021. Despite a raft of oversight requests from House Republicans of agencies within their respective committee jurisdictions, those agencies have largely withheld the strategic plans they were tasked with crafting and implementing, and information regarding the putatively non-partisan groups with which they have coordinated.

  The White House has rebuffed RealClearInvestigations in its efforts to solicit details about an order that Republicans characterize as little more than a taxpayer-funded Democrat get-out-the-vote effort.

  As RCI has previously reported, the Biden administration has sought to drive voter registration through agencies as diverse as the Departments of Labor, Housing and Urban Development via job training centers, public housing authorities, and child nutrition programs. U.S. Citizenship and Immigration Services has issued guidance calling for the agency to register voters at naturalization ceremonies.

  The Department of Education has blessed the use of “federal work-study funds to pay students for “supporting broad-based get-out-the-vote activities, voter registration,” and other activities.

  In January, over two dozen Pennsylvania legislators filed a federal lawsuit challenging the executive order. The Foundation for Government Accountability (FGA) – which has litigated with the Biden administration to pry loose documents concerning the order – submitted an amicus brief supportive of the suit, asserting that the agencies’ efforts have one thing in common: “They provide government welfare benefits and other services to groups of voters the vast majority of which have historically voted Democrat.”

  Republicans’ concerns over the order extend to the involvement of the third-party groups with which agencies were to consider coordinating. The order itself was built on a blueprint from progressive think-tank Democrats. In a since-deleted but still archived analysis, the outfit estimates that if fully implemented, the order could generate 3.5 million new or updated voter registrations annually – a significant figure given that recent presidential elections have been determined by thousands of votes across a few states.

  Dems as well as the American Civil Liberties Union have reportedly worked to implement the directive. Documents obtained by the Heritage Foundation’s Oversight Project and released earlier this month show that at a July 2021 listening session convened by the Biden administration, left-leaning activist groups encouraged some of the practices federal agencies would ultimately implement to carry out the directive, for example in targeting prospective voters in prisons and at naturalization ceremonies.

  “Every participant whose party affiliation or political donation history could be identified by the Oversight Project was identified as a Democrat except for one Green Party member,” the report noted.

  While the participants suggested efforts to target constituencies including criminals, immigrants, low-income families including those in public housing, and Native Americans, the Oversight Project observed that “There is no corresponding evidence of efforts [to] increase voter access and education in likely Republican constituencies.”

  As RCI has also recently reported, Democrats have made purportedly non-partisan voter registration targeting groups that vote disproportionately Democrat a linchpin of their plans to prevail in recent election cycles.

  “If the Biden Administration wants to use taxpayer-funded buildings to allow ‘nonpartisan third-party organizations’ to engage in voter registration,” Comer writes, “then the American people deserve to know who these organizations are.”

  The Oversight Committee’s pursuit of information regarding the order comes in the wake of the House Small Business Committee’s recent escalation of its own probe of the order.

  It recently subpoenaed two members of the Small Business Administration who refused to sit for transcribed interviews regarding an unprecedented partnership the agency inked with the Michigan Department of State. Under the relevant memorandum of understanding, among other things, state officials may conduct in-person voter registration at administration small business outreach events.

  Fox News reported that the Small Business Committee found that nearly all – “22 out of 25 such outreach events have taken place in counties with the highest population of Democratic National Committee target demographics.”

  In March, a federal judge dismissed the Pennsylvania legislators’ case challenging the executive order on grounds of standing.

  In late April, the legislators took their case to the Supreme Court, filing a petition for writ of certiorari and motioning for expedited consideration of their request in hopes the nation’s highest court will rule favorably on the matter of standing prior to the 2024 election.

  Ben Weingarten is a fellow of the Claremont Institute, senior contributor at The Federalist, and 2019 recipient of The Fund for American Studies’ Robert Novak Journalism Fellowship, under which he is currently working on a book on U.S.-China policy.

  Tyler Durden
  Tue, 05/14/2024 – 19:20

• RFK Jr. And AV24 Super PAC Sue Meta, Alleging Election Interference
  RFK Jr. And AV24 Super PAC Sue Meta, Alleging Election Interference

  Authored by Matt McGregor via The Epoch Times (emphasis ours),

  Independent presidential candidate Robert F. Kennedy and the super PAC backing him have filed a lawsuit against Meta Platforms, Inc., for election interference after it allegedly shadow banned the documentary “Who is Bobby Kennedy?” on Facebook and Instagram.

  

  American Values 2024 (AV24) announced in a May 13 press release that they have filed the lawsuit in a California district court for violating the First Amendment and “the American people’s fundamental right to a presidential election decided by voters, not by trillion-dollar corporations.”

  The complaint alleges that Meta “brazenly” censored speech supportive of Mr. Kennedy, then lied about its actions.

  According to the complaint, Meta “sent users messages threatening to suspend their accounts or otherwise punish them if they sought to watch, share or even post a link to the film. And they made good on these threats, disabling and suspending users who did so.”

  In addition, the complaint says that Meta stated that the film contained improper sexual or violent content.

  When users attempted to comment, those comments were removed, the complaint alleges.

  “Under the Support and Advocacy Clause of the Civil Rights Act of 1871, private companies and their officers and employees cannot in concert seek to prevent by force, threat or intimidation any citizen from engaging lawful speech supporting or advocating the election of a presidential candidate,” the complaint says.

  After AV24 released the documentary, it began trending on X. However, Facebook and Instagram—both Meta-owned—allegedly suppressed “the organic reach of content they don’t want to spread,” the PAC said in a May 6 press release.

  The film was also labeled with a COVID-19 vaccine disclaimer that referred users to other sources such as the Center for Disease Control’s website, the complaint said.

  In response to The Epoch Times’ request for comment on the allegation last week, a spokesperson for Meta stated, “The link was mistakenly blocked and was quickly restored once the issue was discovered.”

  In response to a request for an updated comment on the allegation of election interference in the lawsuit, a Meta spokesperson repeated the above statement.

  ‘Implausible’

  AV24 said in its lawsuit that Meta’s claim of accidental censorship is “implausible on its face” and contradicts “the numerous messages users received from Meta offering other, equally implausible explanations.”

  The documentary film, released May 3, is narrated by actor Woody Harrelson. The film is a biography of Mr. Kennedy aimed at providing a look into who he is as opposed to how mainstream media portray him.

  It begins with Mr. Kennedy quoting from various media reports that paint him as a “mentally disturbed” conspiracy theorist instead of an environmental attorney who took on corporate malfeasance.

  It discusses how he went after the pharmaceutical industry after meeting with mothers who believed vaccines injured their children.

  “Right now big oil funds the Republicans, Big Tech funds the Democrats, Big Pharma and the military contractors make sure to donate to both,” Mr. Kennedy said.

  “Who is liberal now and who is conservative? Who’s left and who’s right? These labels make less and less sense. I’ve been fighting corporate corruption for 40 years. I know how they work. I know how to clean them up. And that’s why I’m running for president.”

  The lawsuit referenced what it calls Meta’s “different agenda, tilting the playing field in favor of, at the behest of, and in collusion with the current Administration.” The alleged collusion between Meta and the Biden administration is documented in the Murthy v. Missouri case pending before the U.S. Supreme Court. 

  The legal complaint also referenced a recent Congressional report entitled “The Censorship-Industrial Complex: How top Biden White House officials coerced Big Tech to censor Americans, true information, and critics of the Biden Administration.”

  “With extensive quotation from internal Facebook emails and other documents, the report describes in detail ‘collusion’ between Facebook and the White House eventually resulting in an agreement by Facebook pursuant to which the platform would and did implement censorship policies suppressing critics of the Administration, particularly critics of its COVID policies, specifically including Mr. Kennedy,” the complaint says.

  AV24’s co-founder Tony Lyons said that polls show 20 percent of Americans aren’t aware that Mr. Kennedy is running for president, while another 30 percent have been fed misinformation about him and his policies.

  “Reaching those voters could change the outcome of the 2024 election,” Mr. Lyons said. “How are people supposed to find out that they have a viable alternative candidate—that they don’t have to vote for the lesser of two evils—when Meta is colluding with the Biden administration to block key channels for communicating with the American public?”

  ‘It Works’

  Jay Carson, former advisor to President Bill Clinton and now to Mr. Kennedy, produced the film.

  He stated in the documentary that during campaigns, big corporations hire writers in media like him to attack those who challenge their power.

  “Here is the way the playbook works: First they attack you broadly and they question your facts,” he said.

  “They say you’re lying and it’s ferocious. But if you keep on moving after that, they move on to character assassination. They take on who you are as a person. They dig up everything bad in your past and leak it to the press.”

  If this doesn’t work, Mr. Carson said, “they say you’re a liar.”

  If liar doesn’t work, they call their target an anti-semite and a racist.

  “No two slurs in America are worse than those,” Mr. Carson said. “No slur, except crazy. Crazy, or kook, or crank, or nutjob are their mainstays. That’s their nuclear option.

  “If they can get everyone to dismiss you as a wacko nutjob, everything you say is suspect and then they can get back to selling whatever thing it is you said might not be safe. And here’s the thing: It works.”

  Tyler Durden
  Tue, 05/14/2024 – 19:00

• Goldman Finds Commercial Power Demand In Virginia Explodes Higher As 'Next AI Trade' Soars
  Goldman Finds Commercial Power Demand In Virginia Explodes Higher As ‘Next AI Trade’ Soars

  All eyes are on the powering-up America theme as the surge in artificial intelligence sparks a nationwide boom in data center building. The urgent need to overhaul the nation’s power grid to meet the skyrocketing demand for electricity is now front and center. We pointed out earlier this month that data centers hiding in ‘spy country’ Northern Virginia will need a ‘reactor’s worth of power.’ 

  Continuing the focus on Virginia, a team of Goldman analysts led by Hongcen Wei revealed that commercial power demand across the state has exponentially surged, unlike anywhere else in the country. 

  

  Wei explained to clients, citing data from GS’ equity analysts, that “US power consumption growth will accelerate sharply to an annual average 2.4% pace in 2022-2030, boosted by data centers, AI, and EVs.” 

  As we noted in “The Next AI Trade,” “Everyone Is Piling Into The Next AI Trade,” and “The Next AI Trade Just Hit An All-Time High,” power demand across the US is set to rise dramatically through 2030 because of the proliferation of data centers, electrification trends, and reshoring efforts. 

  The analyst pointed out that an acceleration in power demand growth is set to eclipse GDP through the second half of the decade—this hasn’t happened in three decades.

  

  Wei’s analysis then focuses on commercial power consumption in Virginia, which has skyrocketed in the last several years as new data centers are hooked up to the local grid. Meanwhile, commercial power demand in ex-Virginia (or the rest of the US) remains laggard but is expected to rise in the coming years. 

  

  He noted, “The impact of data center developments is more difficult to observe directly within larger states, where more factors simultaneously impact power demand.” 

  In relation to all other forms of power demand in the state, commercial outstrips residential and industrial. 

  

  Using the statistical “doppelganger” method, Wei’s team found that data centers boosted Virginia’s power consumption by 2.2 gigawatts in 2023. This number will only increase, resulting in the need for increased nuclear power in the state or the adoption of small reactors near data centers. 

  

  The analyst concludes:

  “First, AI and data centers are boosting US power demand as market participants expect, especially in regions like Virginia. But the overall magnitude of the boost remains modest, compared to both the current level of US total power demand and the expected level of data center power demand in later years of the decade.” 

  In a separate note, Goldman’s Julia Masch shows the GS US Power Up America index (GSENEPOW) and GS Electrifcaion index (GSXEACDC) are powering higher but points out the GS Power Up Europe index (GSPIPOWR) has lagged behind. 

  

  Why is so much power needed? Well…

  

  For more clarity on where power demand surges are expected, Visual Capitalist’s Julie Peasley uses data from Cushman & Wakefield to visualize the top data center markets worldwide. 

  

  The ‘Powering Up America’ theme is red hot. 

  Tyler Durden
  Tue, 05/14/2024 – 18:40

• 1 In 8 US Adults Have Tried GLP-1 Obesity Medications, Poll Finds
  1 In 8 US Adults Have Tried GLP-1 Obesity Medications, Poll Finds

  Authored by Amie Dahnke via The Epoch Times (emphasis ours)

  One in eight American adults have used popular weight loss and diabetes drugs known as GLP-1 agonists, according to the latest KFF Health Tracking Poll.

  

  The survey, which involved nearly 1,500 adult participants and was carried out in late April, found that two-thirds of those currently using the drugs are doing so to manage diabetes or heart disease, while roughly four out of 10 are taking the medication primarily for weight loss.

  Approximately 6 percent of U.S. adults, equating to over 15 million people, are currently taking a prescribed medication from the GLP-1 agonist class of drugs, according to the poll.

  Other Key Findings

  Other key findings reveal that, among those who have ever taken GLP-1 agonists, 43 percent were diagnosed with diabetes by a doctor, 25 percent were diagnosed with heart disease, and 22 percent were told by a doctor within the last five years that they were overweight or obese.

  The reasons for using these drugs are nearly evenly split: 39 percent of Americans turn to GLP-1 agonists to treat a chronic condition, while 38 percent use them for weight loss. The remaining 23 percent rely on the drugs to address both chronic conditions and weight management.

  The poll also confirms media reports that the popularity of these drugs has surged over the past couple of years. According to the survey, 32 percent of adults now say they have heard “a lot” about GLP-1 agonists, an increase of 19 percent from July 2023.

  Despite their growing popularity, the poll noted that 54 percent of all adults who have taken GLP-1 drugs find it difficult to afford the cost. One in five adults who took the drugs said it was “very difficult” to afford them. While insurance sometimes covers part of the cost, even insured adults found the expenses challenging, with 53 percent reporting difficulties in bearing the costs.

  Ozempic, produced by Novo Nordisk, is listed at $935.77 for a monthly injection, while Wegovy is priced at $1,349.02 for a 28-day supply—both without health insurance.

  One in five adults aged 50-64 report having taken GLP-1 drugs at some point, a higher proportion compared to other age groups. Among this 50-64 age bracket, 15 percent indicate using these medications to treat chronic conditions, while 5 percent took them solely for weight loss purposes. Relatively few adults under 50 have taken GLP-1 drugs for managing chronic illnesses, but similar shares of 18-29 year olds (7 percent) and 30-49 year olds (6 percent) reveal using them for weight loss goals.

  Most Americans Want Medicare Coverage

  While some insurance providers offer coverage for GLP-1 agonist drugs, Medicare does not cover these medications if they are prescribed for weight loss purposes. The poll reveals that only 8 percent of adults aged 65 and older took a GLP-1 drug for a chronic condition, and 1 percent used it solely for weight loss. This is despite 37 percent of poll respondents aged 65 and above reporting that a doctor had informed them they were overweight or obese.

  Most poll respondents believe that Medicare should begin covering prescription drugs for weight loss (though the program is currently prohibited by law from doing so). In fact, 60 percent of adults who responded to the poll support Medicare providing coverage for such prescription medications.

  Several GLP-1 agonists are available on the U.S. market for people  with diabetes or who are obese, including Ozempic, Trulicity, Byetta, Victoza, Rybelsus, Adlyxin, and Bydureon. A similar class of medication called a GLP-1/GIP receptor agonist, such as Mounjaro, is also prescribed. Wegovy is a relatively newer GLP-1 agonist marketed specifically for those seeking to manage their weight.

  GLP-1 agonists work by mimicking the GLP-1 hormone naturally produced by the body. This hormone is secreted from the small intestine and is responsible for triggering insulin release, blocking glucagon secretion, and slowing stomach emptying. It also helps create a feeling of fullness after eating by affecting areas of the brain that process hunger and satiety signals.

  Tyler Durden
  Tue, 05/14/2024 – 18:20

• Record Household Debt, Jump In Delinquencies Signal "Worsening Financial Distress", Fed Warns
  Record Household Debt, Jump In Delinquencies Signal “Worsening Financial Distress”, Fed Warns

  While the market remains focused on tomorrow’s CPI print, and to a lesser extent the April retail sales reports, which will both be released at 8:30am on May 15. we should flag another important report that doesn’t typically get a lot of attention: the New York Fed’s Household Debt and Credit Report for 1Q 2024 which was just published, and where the latest data on credit card debt and delinquencies has recently been the most important part of the report.

  While we already know that in the latest monthly consumer credit report published by the Fed last week and covering the month of March, total consumer debt hit a record high (despite a sharp slowdown in credit card growth) even as the personal savings rate plunged to an all-time low, hardly a ringing endorsement for the strength of the US consumer…

  

  … today’s report provided more granular details which however did not change the conclusion: the US consumer is getting weaker, and while not in a crisis just yet, will get there soon enough.

  As the chart from the NY Fed shows, at the end of the first quarter, US household debt reached a record and more borrowers are struggling to keep up: overall US household debt rose to $17.69 trillion, the NYFed’s Quarterly Report on Household Debt and Credit revealed (link here). That’s an increase of $184 billion, or 1.1%, from the fourth quarter.  

  

  Consumers have added $3.4 trillion in debt since the pandemic, and that increased debt bears much higher interest rates.

  And with both credit card rates and total credit at all time highs, the data corroborate the mounting financial pressures on American families in an age of elevated inflation. The persistent rise in the prices of essentials such as food and rent have strained household budgets, pushing people to borrow against their credit cards to pay for necessities.

  Total credit card debt stood at $1.12 trillion in the first quarter of 2024, according to the report (the number diverges from the monthly print reported last week by the NY Fed and which was much higher), but an increasing number of borrowers are behind on credit card payments. While down slightly sequentially according to this data set (if not the NY Fed’s other data set), the number in line with seasonal patterns of consumers paying debt incurred over the holidays. But as Bloomberg notes, credit card balances are up almost 25% from the first quarter of 2020.

  “Credit card balances usually rise in the second and third quarters and then they really tend to spike around the holidays in Q4,” Ted Rossman, a senior analyst at Bankrate, wrote in a note to clients. “With inflation and interest rates likely to remain elevated, there’s a very good chance credit card balances will surge to new highs later in 2024.”

  Meanwhile, in a blog post by NY Fed economists, they cautioned that “consumers facing a financial squeeze may be maxing out their credit cards and falling behind on payments” and added that “one observable factor that is strongly correlated with future delinquencies is a high credit card utilization rate.”

  

  “In the first quarter of 2024, credit card and auto loan transition rates into serious delinquency continued to rise across all age groups,” said Joelle Scally, Regional Economic Principal within the Household and Public Policy Research Division at the New York Fed. “An increasing number of borrowers missed credit card payments, revealing worsening financial distress among some households.”

  As of March, 3.2% of outstanding debt was in some stage of delinquency. That remains still 1.5% points lower than the fourth quarter of 2019, but delinquency transition rates increased for all product types, according to the Fed. And also interest rates before covid were about 5% lower.

  

  In a separate post, economists at the St. Louis Fed pointed out that credit card delinquency rates are returning to historically more normal levels after pandemic-related government assistance programs pushed them to unusually low numbers. They added, however, that “present levels of credit card delinquency are greater than pre-pandemic levels, suggesting that a trend which began prior to the pandemic has accelerated.”

  About 121,000 consumers had a bankruptcy notation added to their credit reports last quarter, and approximately 4.8% of consumers held some debt in third-party collections. What is remarkable is that those consumers currently in collection have the highest number on record in collection amounts. Which means that once the delinquency train finally leaves the station, and creditors start collecting in earnings, the amount of debt in 3rd party collections will be literally off the chart!

  

  And the clearest hint that we are getting there, is that borrowers using more than 60% of their credit are falling into delinquency at a faster pace than before the pandemic, making up most of the increase in credit card delinquency rates. About a third of balances associated with borrowers using more than 90% of their credit became delinquent in the past year, compared to about 25% before the pandemic.

  

  What is most remarkable here is that despite a so-called end to the student loan repayment moratorium, it appears that not only is nobody repaying their student loans, but that debt issuers aren’t even bothering to make the delinquent debt as such (then again, it is difficult to determine how much of that debt is delinquent as missed federal student loan payments will not be reported to credit bureaus until the fourth quarter).

  

  The data also show a wide range in credit card utilization rates. About one in six credit card users are using at least 90% of their available credit. And an additional 11% are using between 60% and 90% of their available credit.

  The Fed researchers found younger borrowers and those with lower incomes are more apt to be financially stressed than older borrowers and those with higher incomes, who may have more credit available. “Millennials were the only group whose delinquencies exceeded their pre-pandemic rate,” New York Fed researchers wrote in a blog post.  

  

  The Fed’s report showed 6.9% of credit card debt transitioned to serious delinquency last quarter, up from 4.6% a year ago. And for credit card holders aged 18–29, 9.9% of balances were in serious delinquency.  

  

  Auto loan delinquencies are also higher as the average monthly car payment jumped to $738 in 2023. Close to 2.8% of auto loans are now 90 or more days delinquent — that equates to more than 3 million cars. Auto loans are the second-largest debt category following mortgage debt, with $1.62 trillion outstanding.

  The biggest household debt holding is for housing. It accounts for more that 70% of the total. That debt is performing well, but homeowners are increasingly tapping their accumulated home equity in the form of a home equity loans, meanwhile new mortgage originations have tumbled near record low levels as a result of the soaring rates…

  

  … which also means that foreclosures are starting to tick up.

  

  Meanwhile, on the other side of the table, some $16 billion in additional home equity loans was originated — the biggest increase since 2008 — and $37 billion was added over the past year. Homeowners have about $580 billion in outstanding home equity credit available, the most in about 15 years.

  So what to make of this information, especially when even the Fed is warning that the US consumer is in increasingly weak shape.

  Well, credit card debt has increased sharply in recent quarters. When it surpassed $1.0tn for the first time in history in 2Q 2023, alarm bells went off in some circles, although according to Bank of America’s (especially sanguine) economists, the surge in credit card debt is partly just a normalization, after consumers used their fiscal stimulus windfalls to pay down their balances in 2020-21. Moreover, they note that even setting aside the structural drift away from cash, credit card debt should scale up with the nominal economy. As a share of disposable income, total credit card debt in 4Q 2023 was still below its pre-pandemic level.

  

  Instead of the total credit number, BofA urges clients to pay more attention to credit card delinquencies: the total amount of delinquent credit card debt stood at $110bn as of 4Q 2023, up 42%; that number grew even higher in Q1 2024.

  To put these numbers in context, BofA offers two approaches: first, why you shouldn’t worry too much

  • How much will surging delinquencies weigh on consumer spending? The good news is that credit cards make up only 6.5% of total consumer debt. Despite the recent increase, delinquent credit card debt accounts for only 0.5% of total disposable income.
  • Meanwhile, mortgages make up 70% of consumer debt and are by far the biggest swing factor for total delinquencies. A large share of households is locked into low fixed-rate 30-year mortgages. This has kept mortgage delinquencies, and total delinquent debt, very low by historical standards, and made consumer spending more resilient to Fed hikes than in the past. Even when student loan delinquencies finally do normalize, that would not move the needle a great deal assuming mortgage debt remains stable.

  And then, here is why you should worry:

  • So far so good, but the picture gets a little more concerning at the lower end of the income distribution. Lower-income households are less likely to be homeowners, so they are benefiting less from low fixed mortgage rates. Meanwhile, they are more likely to also be delinquent on their credit cards. From this fact, one can conclude that credit card delinquencies appear to be higher among younger consumers (who would, on average, have lower income.

  

  • Further, delinquencies might understate the issues consumers are facing due to credit card debt. There is likely a large group of consumers who are paying their minimum balances, and so are not delinquent, but are unable to pay the full balance, and so are paying high APRs (annual percentage rates) on the overdue amounts. APRs have risen significantly due to Fed hikes, increasing the strain on such consumers.

  More in the full BofA note available to pro subscribers.

  Tyler Durden
  Tue, 05/14/2024 – 18:00

• Snyder: "Demographic Winter Is Coming" As Fertility Rates Plummet All Over The Globe
  Snyder: “Demographic Winter Is Coming” As Fertility Rates Plummet All Over The Globe

  Authored by Michael Snyder via The End of The American Dream blog,

  Fertility rates have fallen way below replacement level throughout the entire industrialized world, and this is starting to cause major problems all over the globe.  Aging populations are counting on younger generations to take care of them as they get older, but younger generations are not nearly large enough to accomplish that task.  Meanwhile, there aren’t enough qualified young workers in many fields to replace the expertise of older workers that are now retiring.  Sadly, this is just the beginning.  As I discuss in my new book entitled “Chaos”, if fertility rates continue to drop we could potentially be facing an unprecedented global population collapse in the decades ahead. 

  

  This has become so evident that even the mainstream media is starting to do stories about this.  In fact, an economist that was just interviewed by the Wall Street Journal is warning that “demographic winter is coming”…

  Fertility is falling almost everywhere, for women across all levels of income, education and labor-force participation. The falling birthrates come with huge implications for the way people live, how economies grow and the standings of the world’s superpowers.

  In high-income nations, fertility fell below replacement in the 1970s, and took a leg down during the pandemic. It’s dropping in developing countries, too. India surpassed China as the most populous country last year, yet its fertility is now below replacement.

  “The demographic winter is coming,” said Jesús Fernández-Villaverde, an economist specializing in demographics at the University of Pennsylvania.

  Here in the United States, if we want to maintain a stable population we need the fertility rate to be at 2.1 or above.

  Unfortunately, our fertility rate dropped to just 1.62 last year, which was an all-time record low…

  In the U.S., a short-lived pandemic baby boomlet has reversed. The total fertility rate fell to 1.62 last year, according to provisional government figures, the lowest on record.

  Had fertility stayed near 2.1, where it stood in 2007, the U.S. would have welcomed an estimated 10.6 million more babies since, according to Kenneth Johnson, senior demographer at the University of New Hampshire.

  Our native-born population has been in decline for quite some time.

  The only reason why the U.S. population as a whole has not been shrinking is because of the tremendous amount of immigration that has been happening.

  But even though it is not shrinking, the U.S. population has been rapidly getting older, and it is being projected that just six years from now seniors will actually outnumber children for the first time in our entire history…

  Seniors are set to outnumber children for the first time in American history within six years, as experts warn that the country is about to struggle with a dramatically aging population.

  The ‘silver tsunami’ has already seen the burden on working age people double since 1960 when there were six workers for every over-65.

  Needless to say, seniors are counting on all the rest of us to fund Social Security and Medicare.

  But there are way too few of us, and so a day of reckoning for those programs is quickly approaching…

  Actuaries warned last year that Social Security’s trust fund is expected to be depleted by 2034, with spending on welfare and Medicare predicted to rise from 9.1 percent of US GDP to 11.5 in just 12 years.

  And America’s changing age profile means there will be just 2.75 working-age people for every dependent-age person by 2030 when children are included.

  Of course it isn’t just the U.S. that is dealing with such issues.

  In Japan, South Korea and China, fertility rates are even lower than they are in the United States…

  The problem is not confined to the US with most developed nations experiencing an aging population including Japan whose population is expected to shrink 30 percent by 2070 when four-in-ten will be over 65.

  The situation is so stark in South Korea that Oxford University professor David Coleman predicted the entire country would be extinct at current rates by 2750.

  And even China, which recently lost its status as the world’s most populous nation to India, is now shrinking at a rate of nearly a million people a year.

  And fertility rates are also way below replacement level all over Europe…

  The projected fertility rates in Central, Eastern, and Western European countries are all below the global average estimated for 2050 and 2100, and are already lower than what is needed to sustain population growth.

  The total fertility rate in Western Europe is projected to fall from 1.53 in 2021 to 1.44 in 2050 and 1.37 in 2100.

  Italy, Spain, and Andorra were projected to have the lowest fertility rates by then.

  So what is causing this?

  As I have warned my readers for many years, sperm counts have dropped to catastrophically low levels all over the planet.

  If sperm counts continue to decline at the rate they have been, eventually most males will be infertile.

  Infertility is also at frightening levels among our young women.  I am sure that most of you know couples that desperately want to have children but have been unable to do so.

  Meanwhile, our culture has become rabidly anti-child and rabidly anti-family, and as a result there are vast hordes of young people that have decided that they never want to be parents.

  And thanks to the global reach of our entertainment industry, we are constantly exporting that culture to the rest of the world.

  So what we are witnessing should not be a surprise to any of us.

  We are simply reaping what we have sown.

  There are about 8 billion people living on our planet today.

  But it won’t stay that way for long.

  Population decline has already become a major political issue in nations all over the globe, and during the years ahead vast numbers of people will be wiped out by wars, pestilences, famines and natural disasters.

  Humanity has become incredibly selfish and self-centered, and as a result we have stopped caring about the future.

  All throughout human history, successful societies have always greatly valued marriage, family and children.

  But now we have embraced “new values”, and we are rapidly destroying the bright future that we could have had.

  *  *  *

  Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.

  Tyler Durden
  Tue, 05/14/2024 – 17:40

• Putin Plotting 'Physical Attacks' On West, UK Intelligence Warns, Amid Spate Of Mystery Arsons
  Putin Plotting ‘Physical Attacks’ On West, UK Intelligence Warns, Amid Spate Of Mystery Arsons

  A top British intelligence official has issued a new alarmist warning concerning the ‘Russian threat’ to the West. Anne Keast-Butler, who for the last year has headed up the UK’s GCHQ, or signals intelligence operations (which is the equivalent of America’s NSA), has warned in her first major speech that President Putin is plotting “physical attacks” against Western targets.

  Addressing cyber security experts in Birmingham, the GCHQ director claimed that Moscow is busy “nurturing and inspiring” groups of cyber attackers, and is even “in some cases seemingly coordinating physical attacks against the West.”

  

  She said that alongside Russia, China poses an “epoch-defining” risk to long-term UK national security as well. She admitted that currently China is taking up “more resource… than any other single mission” at GCHQ.

  But ultimately she focused the speech on British intelligence being “increasingly concerned about growing links between the Russian intelligence services and proxy groups to conduct cyber-attacks – as well as suspected physical surveillance and sabotage operations.”

  She also said at a moment the major new Kharkiv offensive is underway that “Putin has not given up on his maximalist goal of subjugating the population of Ukraine.”

  Her dire assessment comes as the British government is seeking to crack down on Russian diplomatic sites in the UK which are suspected of being dual Russian intelligence hubs.

  There have also been recent new accusations of specific attacks on UK infrastructure being linked to Russia. For example The Telegraph writes that “Last week, a British man was charged with an arson attack in London and accused by prosecutors of working for Wagner Group, the Russian paramilitary organization.”

  The same report notes that “Russia has long been accused of protecting cyber gangs that target Western organizations, allowing them to operate with relative impunity as they carry out sophisticated hacks.”

  “Last week, the National Crime Agency named Dmitry Khoroshev, a Russian national, as the person behind LockBit – a ransomware group that had stolen hundreds of millions of pounds from businesses,” The Telegraph continues.

  There are other locations in Europe where recent ‘mystery fires’ or suspected sabotage attacks have occurred, raising the suspicions of NATO officials.

  🇷🇺NATO ACCUSES RUSSIA OF COVERT OPERATIONS WITH GANGSTERS

  NATO intelligence has warned of suspected Russian arson and sabotage in the US, UK, and EU, using local gangsters to disrupt arms shipments to Ukraine.

  Accusations involve arson at key sites:

  ⁠•⁠ ⁠ London warehouse… pic.twitter.com/mWBAY1uAPv

  — Mario Nawfal (@MarioNawfal) May 12, 2024

  https://platform.twitter.com/widgets.js

  Days ago, The Daily Mail produced a highly speculative report which somewhat sensationally points the finger at “gangsters” hired by Moscow to “set Europe alight”: 

  Intelligence chiefs have warned ministers they fear Britain and other key Ukrainian allies are being targeted by Russian saboteurs following a series of suspicious incidents in recent months.

  These include a wave of fires at arms factories and military-related industrial sites in the West that are supplying Ukraine. There have also been attacks on computer systems, train derailments and even jamming of satellite signals for civil air flights.

  Last night [or last Friday night], a senior British security source said Western intelligence agencies feared a spate of industrial fires were connected to Moscow, saying ‘the b******s’ were trying to set Europe alight.

  ‘Lots of fires that we thought were accidents and unconnected have turned out to be connected,’ he said. 

  This source added that intelligence chiefs had warned ministers that Moscow was increasingly hiring gangsters and far-Right extremists to carry out attacks on Western interests.

  The aforementioned words of GCHQ director Keast-Butler seem to provide new confirmation that this is the view of British intelligence – that at the very least some of these incidents are being seen as the result of Moscow-linked sabotage.

  Likely many of these industrial incidents and fires (going back “months” we are told) could be accidents, and it’s unclear the degree to which there’s been any actual confirmed sabotage or arson. Still, it has set off some degree of panic in the top echelons of the UK government: 

  One Cabinet Minister insisted he could not discuss the suspected sabotage and arson attacks, even on a background basis, ‘for national security reasons’.

  But Tory MP Bob Seely, a Russian-speaking specialist on disinformation and member of the foreign affairs committee, said that Britain must wake up to the threat.

  ‘We need to understand that the Russian state believes it is in conflict with the UK and other leading Western nations,’ he added.

  ‘We have to defend ourselves. We don’t know the true scale of these operations. Some look amateurish – but they will get more sophisticated. They are in part for propaganda purposes to show that [Vladimir] Putin is hitting back at the West but also intended to stretch our security forces.’

  Again, all of these accusations have little in the way of verifiable evidence (or at least it hasn’t been made public). 

  

  Below is a key incident in Berlin as reported by The Daily Mail:

  Earlier this month, another fire broke out at a factory near Berlin run by a firm making air defense systems supplied to Ukraine.

  It took 223 firefighters to tackle the inferno, with billowing clouds of black smoke and fears of toxic contamination. Police said they suspected ‘negligent arson’ since there were ‘no indications of sabotage or an attack’.

  The wave of suspected Kremlin attacks go far wider than attacks on military supplies. Sweden, which joined Nato after the invasion of Ukraine, is investigating whether state-backed sabotage lies behind a series of train derailments.

  Poland – a key supporter of Kyiv and arms supply route -– disrupted a network of saboteurs thought to be planning an attack on their rail system.

  The Economist has made the same accusation in a headline this week that reads Russia is ramping up sabotage across Europe: The Kremlin believes it is in a shadow war with NATO. Here’s how the magazine described the same Berlin fire:

  The fire that broke out in the Diehl Metall factory in the Lichterfelde suburb of Berlin on May 3rd was not in itself suspicious. The facility, a metals plant, stored sulphuric acid and copper cyanide, two chemicals that can combine dangerously when ignited. Accidents happen. What raised eyebrows was the fact that Diehl’s parent company makes the IRIS-T air-defence system which Ukraine is using to parry Russian missiles. There is no evidence that this fire was an act of sabotage. If the idea is plausible it is because there is ample evidence that Russia’s covert war in Europe is intensifying.

  Interestingly, police have cited “negligent arson” as the cause for the disaster, which at one point caused area evacuations on fears of poison gas clouds as a result of the large fire.

  So apparently there are shadowy teams of Russian-backed saboteurs going around trying to derail trains and blow up manufacturing sites. While anything is possible – especially after over two years of horrific, grinding war in Ukraine – not one of these saboteurs has been caught in the act, other than the pair which allegedly surveilled an American military base.

  Several Britons charged in a plot to burn down a warehouse of a Ukrainian shipping company in East London, allegedly on orders of Russia’s Wagner Group. https://t.co/BbohaCLCvo

  — Yaroslav Trofimov (@yarotrof) April 26, 2024

  https://platform.twitter.com/widgets.js

  There’s as yet no ‘smoking gun’ – despite these loud warnings from NATO officials. However, some suspects have reportedly been rounded up:

  In April alone a clutch of alleged pro-Russian saboteurs were detained across the continent. Germany arrested two German-Russian dual nationals on suspicion of plotting attacks on American military facilities and other targets on behalf of the GRU, Russia’s military intelligence agency. Poland arrested a man who was preparing to pass the GRU information on Rzeszow airport, the most important hub for military aid to Ukraine. Britain charged several men over an earlier arson attack in March on a Ukrainian-owned logistics firm in London whose Spanish depot was also targeted. The men are accused of aiding the Wagner Group, a mercenary group that has been active in Ukraine and is now under the GRU’s control.

  Earlier this month Britain did expel a Russian defense attaché from the country, accusing the official of being an undeclared intelligence officer under diplomatic cover. In this case too, the government hasn’t made the basis for its suspicions public.

  The body of reporting which alleges Putin is ultimately behind these ‘sabotage plots’ has grown over the last several weeks:

  Mysterious accidents at US, ally’s defense facilities spark sabotage fears https://t.co/cD9dmwV0Be

  — Newsweek (@Newsweek) April 19, 2024

  https://platform.twitter.com/widgets.js

  Throughout the war in Ukraine, Russia has also seen dozens of mysterious fires break out at industrial and defense-related sites and factories. In some causes the Kremlin has blamed West-backed Ukrainian saboteurs. Is Putin now returning the favor against Europe? 

  Tyler Durden
  Tue, 05/14/2024 – 17:20

• Will Tariffs Outweigh CPI?
  Will Tariffs Outweigh CPI?

  Authored by Peter Tchir via Academy Securities,

  Markets shrugged off high headlines on PPI, for a variety of valid reasons.

  Now we can move on to CPI (where I see the “whisper number” as a lower than expectations print).

  I’m more focused on tariffs.

  My recollection of tariffs was that far more economists reacted negatively to the initial round of tariffs imposed by President Trump in 2018.

  I figured I’d check with ChatGPT if my perception was correct.

  The media reaction to President Trump’s tariffs in 2018 was largely negative, with widespread criticism from economists, business groups, and various sectors impacted by the tariffs.

  1.  Economists’ View: The vast majority of economists believed that the tariffs would harm the U.S. economy. In a March 2018 Reuters survey, almost 80% of economists stated that the steel and aluminum tariffs would be detrimental, with none predicting economic benefits​ (Wikipedia)​. Many economists and organizations, including over 1,000 who wrote a warning letter, compared the tariffs to historical policy mistakes like the Smoot-Hawley Tariff Act, which contributed to the Great Depression​ (Wikipedia)​.

  2.  Economic Impact: Analyses indicated that the tariffs led to increased costs for U.S. consumers and businesses. A study found that by December 2018, the tariffs had reduced U.S. real income by $1.4 billion per month and increased consumer costs by $3.2 billion per month​ (Wikipedia)​. The prices of intermediate goods rose by 10% to 30%, and the tariffs were equated to a significant tax increase, potentially offsetting the benefits of Trump’s 2017 tax cuts​ (Tax Foundation)​.

  3.  Business and Industry Reaction: The Council on Foreign Relations highlighted the chaos and negative market reactions following the announcement of the tariffs. The Dow Jones Industrial Average fell significantly after the tariffs were announced, reflecting concerns about their impact on the global trading system and U.S. economic stability​ (Council on Foreign Relations)​.

  4.  Agriculture Sector: U.S. farmers were particularly critical of the tariffs due to the retaliatory measures from other countries, which significantly hurt their exports. The Trump administration attempted to mitigate this by announcing $12 billion in emergency relief for farmers, but this was met with mixed reactions. Many farmers and legislators criticized the relief as insufficient and labeled it as temporary “welfare” rather than a solution to the underlying trade issues​ (DW)​.

  Overall, the media and expert reaction to Trump’s tariffs in 2018 was predominantly negative, citing increased costs, economic disruption, and inadequate relief measures for affected industries.

  ChatGPT (version 4o specifically) seems to “think” that my recollection was accurate.

  I am not sure what it means that not only were the original tariffs kept in place long after the election (and are still in place), but we’ve now added to them?

  While I agree, many of these are useful and necessary, I do think that we’ve been our own worst enemy in some cases like solar panels (see With “Exceptionalism” Like This, Who Needs Enemies).

  • I am not sure how the tariffs won’t add to inflation and create some possible supply issues.

  • I am not sure how easy it will be for China to get around these by utilizing facilities in countries like Mexico? If they can, and are more incentivized than they already have been, it will continue to slow on-shoring and near-shoring efforts (and make them more expensive to execute).

  • I am not sure that China will come back with a “measured” response?

  I think the risk of renewed serious inflation has been put back on the table. It isn’t going to impact CPI tomorrow, but in 3 months? 6 months?

  

  I see the longer term benefits of creating an economy that is more secure (and am fully on board with that), but that doesn’t mean we haven’t created new and additional inflation risks.

  Do I become bearish on yields today, or wait until after what seems to be a widely expected post CPI rally?

  Tyler Durden
  Tue, 05/14/2024 – 17:00

Digest powered by RSS Digest

• US Says Putin's Dramatic Cabinet Reshuffle Smacks Of 'Desperation'
  US Says Putin’s Dramatic Cabinet Reshuffle Smacks Of ‘Desperation’

  The Biden administration has reacted to Russian President Vladimir Putin’s significant cabinet shake-up announced Sunday, wherein Putin tapped Andrey Belousov, a former deputy prime minister who specializes in economics, to move into the position of defense minister. Sergei Shoigu meanwhile has been moved to head Russia’s Security Council at the expense of Nikolai Patrushev. Shoigu can be seen as having in essence been given a promotion.

  This big shuffle was unexpected, and the surprise has been registered in European capitals and Washington, with the US saying that this shows signs of “desperation” for Moscow sustaining the high costs of the Ukraine invasion.

  “Our point of view is that this is further indication of Putin’s desperation to sustain his war of aggression against Ukraine, despite it being a major drain on the Russian economy and the heavy losses of Russian troops, with some estimates as high as 315,000 casualties,” State Department spokesman Vedant Patel said to a press briefing Monday.

  

  “The Kremlin’s mobilization of its war of aggression against Ukraine has caused so many families to suffer,” he stated. “Russia started this unprovoked war against Ukraine. Putin could end it at any time by withdrawing his forces from Ukraine.”

  To be expected, Britain is also joining in on the US critique, with current and former officials agreeing that Putin’s decision-making shows signs of ‘instability’: 

  Christopher Steele, a former MI6 intelligence officer, said the reshuffle suggested there was “serious instability right in the heart” of Russia’s regime.

  He told Sky News that Patrushev being removed from his role as secretary of the Russian Security Council was “astonishing”.

  “It’s important to understand that he’s been one of Putin’s closest allies, former head of the FSB and so on for many years… and was rated by people to be probably the second most powerful man in Russia after Putin himself,” he said.

  “I think what this indicates is not just a reshuffle along normal governmental lines. It’s really quite serious instability right in the heart of this regime”.

  And yet, when it comes to the war itself, there’s clear consensus even in Western press that Russia is advancing deeper into Ukraine.

  Here are today’s control-of-terrain maps for #Russia‘s invasion of #Ukraine from @TheStudyofWar & @criticalthreats. Full assessment to follow.

  Interactive map: https://t.co/nWJkG3YbEo

  1/ Kharkiv + Luhansk pic.twitter.com/rzAnRCYsm9

  — Institute for the Study of War (@TheStudyofWar) May 14, 2024

  https://platform.twitter.com/widgets.js

  Below is a statement via Russian state media’s RT revealing some of Belousov’s intended areas of focus as he is soon to take over the Ukraine war as defense minister:

  * * *

  During his confirmation hearing before the Federation Council on Monday, Belousov pointed out that servicemen fighting in the Ukraine campaign enjoy an adequate level of pay. “Today, the bar has been raised to at least 200,000 rubles ($2,200). In principle, people earn much more there. However, this is not just about cash payments and allowances. We still have work to do.”

  …Belousov expressed outrage that veterans of the Ukraine conflict who come home on vacation “are being kicked out of civilian medical facilities and sent to hospitals, which are often overcrowded.”

  Another issue is the red tape involved when military personnel seek to access their benefits, the nominee minister continued, adding that, ideally, this should be resolved with the help of electronic systems.

  As the hearing wrapped up, the Federation Council’s press service said, as quoted by TASS, that the chamber would not make a public assessment of Belousov’s candidacy and that a letter on the matter would be sent to Putin. The deliberations on the nomination are expected to continue on Tuesday.

  However, Valentina Matvienko, the head of the Federation Council, called the president’s pick for defense minister “a very fortunate choice.” She noted Russian senators are well acquainted with Belousov’s work and have interacted with him on numerous occasions.

  Matvienko recalled that Russia’s defense spending had more than doubled in the midst of the Ukraine conflict. “Everything that the Defense Ministry orders… must be in line with the capabilities of the economy… The defense minister must be in constant contact with other ministries to organize this process efficiently,” she said, adding that Belousov has a lot of experience in this area.

  Tyler Durden
  Tue, 05/14/2024 – 02:45

• 1000s Of Islamists Protest Against 'Censorship' After Calls For A Caliphate In Germenay Are Banned
  1000s Of Islamists Protest Against ‘Censorship’ After Calls For A Caliphate In Germenay Are Banned

  Authored by Thomas Brooke via ReMix News,

  The Salafist group organizers claimed unfair censorship after strict conditions were imposed on Muslims calling for a caliphate in Germany and against anti-Semitic rhetoric…

  

  Thousands of Islamists took to the streets of Hamburg again on Saturday for what organizers called a “defense of Islamic values” in the face of political intimidation and media censorship.

  The protest was organized by Muslim Interaktiv, a group under investigation by Hamburg’s domestic intelligence agency for “extremism.” It claimed on its social media accounts that over 6,000 Muslims had turned out to participate, although police estimates put the figure closer to 2,300.

  The demonstration was in response to recent attempts by German politicians to restrict the group’s activities after a recent march in the port city sparked outrage amid calls for Germany to become a caliphate under Sharia Law, and participants chanted anti-Semitic slogans.

  Muslim Interaktiv claimed it wanted to “set an example” to protect “Islamic identity,” and posted that the requirement for Muslims to “commit to Western values” was the “lie of the year.”

  The demonstration was allowed to take place under strict conditions, which included a wholesale ban on anti-Semitic rhetoric, calls for a caliphate using any medium, and a ban on any incitement of hatred or violence.

  Organizers called the conditions ahead of the march “repressive” and revealed it had been seeking legal advice to take action against the measures imposed on the group.

  Attendees held placards claiming they were being censored by the German government.

  BREAKING:

  3000 Islamists took to the streets of Hamburg today.

  The Salafist organization “Muslim Interaktiv” and the protesters called for German law to be replaced with Sharia Law and for the Caliphate to be established in place of the German state.

  🇩🇪 pic.twitter.com/KEqf9Gh9Oi

  — Visegrád 24 (@visegrad24) May 12, 2024

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  After the controversial protest held last month, Germany’s Federal Interior Minister Nancy Faeser denounced the demonstration despite overseeing the country’s open borders immigration policy in recent years that has seen millions of Muslims, many of whom have originated from countries that practice fundamental Islam, arrive in Germany.

  “Seeing an Islamist demonstration of this kind on our streets is difficult to bear. It’s a good thing that the Hamburg police counteracted crime with a large presence,” she told Tagesspiegel.

  She told the Funke newspaper group last week the new conditions imposed on the group’s activities gave the police greater power to intervene and disperse the participants if necessary.

  “Anyone who would rather live in a caliphate, and therefore in the Stone Age, is against everything that Germany stands for. We defend our constitution — with the means of our constitution,” she said.

  Read more here…

  Tyler Durden
  Tue, 05/14/2024 – 02:00

• WHO Makes Key Concessions Ahead Of Pandemic Treaty Vote
  WHO Makes Key Concessions Ahead Of Pandemic Treaty Vote

  Authored by Kevin Stocklin via The Epoch Times (emphasis ours),

  The World Health Organization (WHO) has watered down some provisions of its pandemic agreements ahead of the upcoming World Health Assembly on May 27. Critics in the United States, however, say the changes don’t do enough to address the concerns over the policy.

  

  Provisions in prior drafts of the WHO pandemic treaty and International Health Regulations (IHRs) together aimed to effectively centralize and increase the power of the WHO if it declares a “health emergency.”

  The release of the latest draft of the amendments, dated April 17, are the first public update on the IHR draft, which was initially made public early 2023.

  “In most areas, and for all of those which most concerned us from a legal perspective, the interim draft reflects a major retreat by the WHO Working Group from the text of the original proposals,” write English solicitors Ben and Molly Kingsley in an April briefing paper regarding the new amendments.

  Some WHO-watchers remain wary, however.

  “Practically all the bad things are still there,” Dr. Meryl Nass, a U.S.-based physician and vocal critic of the WHO agreements, told The Epoch Times.

  “The language is gentler, but since there is so much to be decided later it is not clear the gentler language is meaningful,” Dr. Nass said.

  “My best guess is that they are desperate to get something passed, so the options are likely to be either a vanilla version of the treaty … or a delay. But they fear delay because people are waking up.”

  The WHO and its advocates—including celebrities, politicians, and religious groups—have launched a global campaign urging the 194 member states to sign the documents.

  “Give the people of the world, the people of your countries, the people you represent, a safer future,” WHO Director-General Tedros Adhanom Ghebreyesus said at a May 3 Geneva meeting. “I have one simple request: please, get this done, for them.”

  He urged any countries that don’t support the agreements to refrain from encouraging other states to oppose it.

  WHO ambassador and former U.K. Prime Minister Gordon Brown on March 20 lauded “a high-powered intervention by 23 former national presidents, 22 former prime ministers, a former U.N. general secretary, and 3 Nobel Laureates … to press for an urgent agreement from international negotiators on a Pandemic Accord.”

  Mr. Brown called for unified global action to “expose fake news disinformation campaigns by conspiracy theorists trying to torpedo international agreement for the Pandemic Accord.”

  He refuted criticisms that the pandemic treaty and IHR amendments would cede any sovereignty from member nations to the WHO.

  

  

  Critics Remain Unconvinced

  Despite these assurances, however, the efforts to vest more power within the WHO continue to face resistance.

  In recent months, Louisiana and Florida passed laws stating that state officials will not obey WHO directives, and other states, such as Oklahoma, are considering similar legislation.

  On May 8, attorneys general from 22 states signed a letter to President Joe Biden urging him not to sign the WHO agreements, and stating that they will resist any attempts by the WHO to set public health policy in their states.

  “Although the latest iteration is far better than previous versions, it’s still highly problematic,” the attorneys general wrote. “The fluid and opaque nature of these proceedings, moreover, could allow the most egregious provisions from past versions to return.

  “Ultimately, the goal of these instruments isn’t to protect public health. It’s to cede authority to the WHO—specifically its director-general—to restrict our citizens’ rights to freedom of speech, privacy, movement (especially travel across borders), and informed consent.”

  Amid this recalcitrance, the WHO has stepped back from some of the more controversial measures. The Biden administration is involved in negotiating the WHO treaty and have expressed support for it, but haven’t stated a definite intention to sign.

  The Latest Draft

  Struck from the latest draft is a provision that member nations “recognize WHO as the guiding and coordinating authority of international public health response” and commit to follow the WHO’s directives during a health emergency. The latest draft also states that WHO recommendations are non-binding.

  Read more here…

  Tyler Durden
  Mon, 05/13/2024 – 23:40

• South Korea Still Dominates The World With The Highest Density Of Robot Workers
  South Korea Still Dominates The World With The Highest Density Of Robot Workers

  China’s huge investment in industrial robotics has made it one of the most automated nations on the planet in the space of just a few short years.

  As Statista’s Anna Fleck reports, according to the latest study by the International Federation of Robotics (IFR), the number of operational robots in China’s manufacturing industry reached a ratio of 392 units per 10,000 employees in 2022, a robot density now similar to that of Japanese industry.

  China currently ranks fifth in the world, behind South Korea (1,012 per 10,000 employees), Singapore (730), Germany (415) and Japan (397).

  As the following infographic shows, China and South Korea are the countries that have made the most progress in the race to industrial automation in recent years.

  

  You will find more infographics at Statista

  In Europe, robot density has seen a pretty big jump in Swiss industry, with the ratio more than doubling between 2017 and 2022 – from 129 to 296 robots per 10,000 employees.

  France’s manufacturing industry still had a lower level of robotization than most of its neighboring European industries: 180 robots per 10,000 employees in 2022 – compared, for example, with 216 in Belgium (and Luxembourg) and 219 in Italy.

  Tyler Durden
  Mon, 05/13/2024 – 23:20

• The Masked And The Super Masked
  The Masked And The Super Masked

  Authored by Roger L. Simon via The Epoch Times (emphasis ours),

  We live in an era of masks, only not the fun kind you might find at Carnivale in Venice, Italy.

  

  Something considerably more sinister is going on.

  This era began, as almost all of us realize now, with COVID-19 when all of us were told to put on masks or our friends and relatives might die. We might expire ourselves.

  How necessary this was has been the subject of much discussion. My “Spidey sense” says no. Others may differ.

  Nevertheless, as with all pandemics—real, imagined, or something in between—the need eventually diminished. People were liberated. Sort of.

  Only masks are still around us, startlingly so. In some cases they are more around us than ever.

  I think it was on Clay Travis and Buck Sexton’s radio show I first heard the masks referred to, ironically, as a “fashion statement.” True enough—they do often tell us where the wearer stands on a whole raft of things—but that was a few months ago. It almost seems like ancient history.

  Now masks are upon us with a vengeance—black ones, miscellaneous scarves, and, of course, keffiyehs. The wearers have various intents—to scare us; to hide their identities from the police, college administrators, or potential employers; or simply, pathetically, to be a faddist, part of what they think of as an “in crowd.”

  We have seen this song before during Antifa and Black Lives Matter demonstrations. Exercise your right of free speech but don’t tell us who you are. We could call this cowardly, because it is, but it is also quite dangerous as it expands.

  In some ways it reminds me of internet trolls, especially paid ones, who turn up virtually everywhere under assumed names, some obvious and some not. Does the First Amendment give you permission—legally, or more importantly, morally—to lie about who you are while exercising your right of free speech? Interesting question.

  Many of the masked demonstrators on our campuses, we have been told—and considering the numbers who aren’t students, it is almost certainly true—are also paid for their “work,” not to mention transportation, tents, food, etc.

  Who pays?

  These are the people I termed in my title the Super Masked. They are the truly nefarious. The masked are their witting or unwitting foot soldiers.

  It is the Super Masked who are behind the anti-Americanism, anti-Westernism, anti-free market capitalism, open borders, anti-religion, anti-Semitic, often pro-Chinese communist, gender fluid movements, and so forth.

  Someone is paying for the campus chaos across our country. It doesn’t come free.

  Who, then, are the Super Masked, and why are they doing this?

  Park MacDougald has some answers in his Tablet article “The People Setting America on Fire.” Mr. MacDougald isolates, as have others, three groups as the principal organizers of the protests—Students for Justice in Palestine (SJP), Jewish Voice for Peace (JVP), and Within Our Lifetime (WOL).

  Who is behind them? Mr. MacDougald has interesting details of the various cutouts, but it comes down to many of the “usual suspects”—the Rockefeller Foundation, George Soros in his various guises, and, to a great degree, the Tides Foundation. The author has this to say about Tides:

  “Tides, you might have noticed, is a name that keeps coming up again and again. The Tides Nexus, of which the Tides Foundation is a part, is one of largest progressive dark-money networks in the country, controlling upward of a billion in assets; its list of major donors is an all-star cast of left-wing billionaires and foundations, including Soros, Peter Buffett and his NoVo Foundation, eBay founder Pierre Omidyar, the Rockefeller Brothers Fund, the Ford Foundation, and the New Venture Fund, controlled by another Democratic dark-money powerhouse, Eric Kessler’s Arabella Advisors. A pioneer of what critics have called ‘charitable money-laundering’ through the use of fiscal sponsorships to obscure money trails through multiple layers of bureaucracy, Tides, through its donations and fiscal sponsorships, has emerged as a major backer of the anti-Israel protest movement across the country.”

  This is, needless to say, not just about anti-Israel activities but about every progressive cause imaginable. Tides might be described as the king of the Super Masked.

  One is tempted to channel the immortal words of President Ronald Reagan and say, “Mr. Tides, tear off that mask!”

  My intention is to point out the level of often-deliberate obfuscation going on and the amount that people are being used, their ignorance exploited, consciously or unconsciously.

  It’s easy to say that the infamous “globalists” are behind all this, and quite possibly it’s true, but I think there is a level at which people of all sorts have been swept up in causes they think are good without stopping to realize what they really are doing. It’s “my team,” and I will do what they say, even if it involves using “dark money.” And hiding my identity behind a mask.

  The fight for transparency in our culture has been going on for some time with, unfortunately, little success. Meanwhile, we hear endless blather about preserving “democracy.” But without transparency, there is no democracy or constitutional republic, whichever you prefer.

  So, tear off those masks!

  End of sermon.

  BUT NOT QUITE!

  After I wrote the above, the most amazing report came out in the New York Post (May 9) that could break your brain. Black Lives Matter is suing the Tides Foundation? What is going on here?

  “A progressive nonprofit that has been shelling out cash to anti-Israel protest groups is being sued by Black Lives Matter Global Network Foundation for fraud and withholding more than $33 million in donations, a bombshell lawsuit claims.

  “Tides Foundation, which has managed hundreds of millions in donations for progressive groups since it was founded in 1976, has ‘refused to honor its promises and continues to commandeer BLMGNF’s donations,’ according to the 285-page lawsuit filed in California Superior Court, Los Angeles County, on Monday.

  “Instead, Tides doled out an undisclosed amount of donations to a radical BLM breakaway group run by anti-police activist Melina Abdullah — who lost a ‘frivolous’ lawsuit against BLMGNF — according to court papers and an attorney for BLMGNF.”

  What was it that Sir Walter Scott said? “What a tangled web we weave when first we practise to deceive!”

  Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.

  Tyler Durden
  Mon, 05/13/2024 – 23:00

• Which Countries Have The Highest Infant Mortality Rates?
  Which Countries Have The Highest Infant Mortality Rates?

  Infant mortality rates are generally regarded as the barometer of an overall population’s health. A higher rate indicates unmet needs of a population, especially with regards to food availability and sanitation.

  Visual Capitalist’s Pallavi Rao visualized the top 15 countries with the highest infant mortality rates, according to 2023 estimates from the CIA World Factbook. It is measured as the number of infant deaths under the age of one, per 1,000 live births in a given year.

  

  ℹ️ Comoros has been excluded from the map for visibility reasons.

  Ranked: Countries With the Highest Infant Mortality Rates

  Afghanistan currently has the highest infant mortality rate in the world at 103 deaths per 1,000 babies born. Decades of conflict have pushed the country to the brink and a prolonged drought since 2021 has made food more scarce.

  

  Meanwhile, the other 14 countries on this list are all from Sub-Saharan Africa. Some of them are also experiencing civil unrest, a breakdown of state machinery, and high undernourishment rates.

  While this is concerning, Africa’s infant mortality rate as a whole has improved tremendously in the last seven decades. Between 1950–2024, the continent’s average fell 73% to 41 deaths per 1,000 births.

  Expansion of healthcare, improving nutrition, access to clean drinking water, and mass immunization programs are some of the reasons behind this massive decline.

  Estimates assume Africa’s infant mortality rate will improve further to 25 per 1,000 live births by 2050—which is roughly the same as Asia today.

  Tyler Durden
  Mon, 05/13/2024 – 22:40

• Go Nuts About Nuts To Help Keep Cancer At Bay
  Go Nuts About Nuts To Help Keep Cancer At Bay

  Authored by Alexandra Roach via The Epoch Times (emphasis ours),

  In their many variations, nuts are a superfood praised as rich sources of minerals, vitamins, amino acids, proteins, and other bioactive compounds.

  

  Chestnuts are champions for vitamin C, for instance. Pistachios contain the most vitamin A and potassium. Both are high in folic acid. Cashews enrich us with magnesium. The level of vitamin B3 (niacin) is the highest in peanuts, and vitamin E (tocopherol) is found in almonds.

  Walnuts are especially high in alpha-linolenic acid (ALA), a neuroprotective omega-3 fatty acid important for normal growth and development. It also has been shown to induce apoptosis (programmed death of cells) in breast cancer cells.

  Our bodies cannot produce ALA, hence, nutritional intake is a must, as it is with many other key nutrients.

  Research Supports the Benefits of Nuts

  A 2023 review published in the journal Foods, found mounting evidence that a nut-rich diet can potentially prevent numerous chronic illnesses.

  According to the report, “The ingestion of phytochemicals from nuts and their positive influence on several diseases (cancer, heart disease, stroke, hypertension, birth defects, cataracts, diabetes, diverticulosis, and obesity) are established.”

  In addition to the improvement of cardiovascular disease, depression, and cognitive function, nut consumption is correlated with lower cancer incidence and cancer mortality, and decreased all-cause mortality, states a 2021 review.

  The Nut/Cancer Health Connection

  The World Health Organization predicts a considerable increase in cancer, with a potential of 32.6 million cases worldwide by 2045.

  Effective strategies, such as increasing dietary fiber, eating more fruits and vegetables, and physical activity, could potentially reduce cancer risk factors by approximately 42 percent.

  The journal Chronic Diseases and Translational Medicine published a 2023 review about the interrelation of nut consumption and different types of cancer, including women-related and gastrointestinal cancers.

  Data suggests that eating nuts not only reduces “cancer-related risk and mortality,” but possibly prevents the occurrence of certain types of cancer and its advancement. Nuts contain active anticarcinogenic compounds such as “folate, phytosterols, saponins, phytic acid, isoflavones, ellagic acid, α-tocopherol, quercetin, and resveratrol,” according to the review.

  The research points to certain phytochemicals and their mechanisms as preventatives for cancer.

  Accordingly, walnuts, pecans, almonds, and pine nuts contain polyphenols, which inhibit carcinogenesis that is chemically induced. Likewise, hazelnuts and brazil nuts hold helpful properties, called isoflavonoids, to balance hormonal mechanisms.

  Most nuts are strong antioxidants that counteract oxidative stress and guard our DNA—the health benefits list of nuts is long.

  Nuts at a Glance

  Walnuts

  A review published in the journal Nutrition outlines the cancer-preventative properties of walnuts, as researched in animal studies with mice. It summarizes the following points:

  • A diet enriched with walnuts prevented the increase of “human breast cancers implanted in nude mice by [approximately] 80%.”
  • Mammary gland tumors were reduced by approximately 60 percent through a diet containing walnuts in a mouse model.
  • “Walnuts slowed the growth of prostate, colon, and renal cancers by antiproliferative and antiangiogenic mechanisms.”

  Another interesting fact was shared in the review. Comparing the intake of whole walnuts to a diet equally rich in n-3 fatty acids, the reduction of tumors in the mammary gland was greater when ingesting whole nuts. This reinforces the idea that active components in walnuts act synergistically to suppress cancer.

  Walnuts also proved their antitumorigenic qualities in an animal study in vivo in mice. Compared to the corn-oil-based control group, the walnut group featured two major improvements—the tumor growth rate was slowed by 27 percent, and the tumor weight was reduced by 33 percent.

  Reducing inflammation in the body benefits many health conditions, amongst others cardiovascular disease, obesity, diabetes, and cancer. Walnuts have proven valuable in all.

  A randomized controlled trial tested a daily intake of 56 grams of walnuts (366 calories) in 46 overweight adults. Another trial analyzed the same amount on diabetic patients. Both results showed that the increased nut intake improved endothelial function significantly, which is key for healthy blood and lymph vessels. In turn, endothelial cells are needed to protect from vascular malfunctions—the hallmarks of several types of malignant disorders.

  Almonds

  Contrary to common belief, regular almond intake does not lead to weight gain, although the nuts contain almost 50 percent fat. Instead, almonds “appear to promote weight loss,” affirms a research paper published in the Journal of the Science of Food and Agriculture, which benefits obesity-related illnesses, such as cardiovascular disease and cancer.

  However, almonds also contain the highly controversial and much-researched bioactive compound glycoside amygdalin. Highly controversial because its pharmaceutical development as an anti-cancer treatment continues to be a topic of discussion in the pharmaceutical world.

  As a commercial drug, amygdalin is distributed under the name Laetrile but has since been shown to have serious side effects, such as damage to nerves and the liver, a lack of oxygen in the blood, and confusion. Furthermore, the U.S. Food and Drug Administration has not approved Laetrile and has said that the compound shows only little anticancer effect.

  In contrast, a review in the Journal of Cancer Research and Therapeutics praises amygdalin’s few side effects, its low cost, and especially its excellent results in the battle against multidrug resistance. Furthermore, the compound can be easily naturally sourced as it occurs in the kernels of many fruits and is a compound in nuts.

  A 2023 comprehensive review published in the International Journal of Molecular Science relates the same hopeful message: “Amygdalin seems to be a promising naturally occurring agent against cancer disease development and progression.”

  While Amygdalin has proven its anti-tumor qualities, it is still not recommended as an extensive remedy, as some challenges need to be overcome.

  Its correct dosage heavily depends on the type of bacteria present in a person’s gut. Therefore, researchers have not been able to find an across-the-board therapy. “Unfortunately, there is currently no foolproof method for determining the microbial consortium and providing a safe oral dosage for every patient,” researchers state in a 2022 review.

  Scientists place their hope in modern nano-technologies as they further explore the qualities of amygdalin in cancer treatment. “There are several pieces of evidence to support the idea that amygdalin can exert anticancer effects against lung, breast, prostate, colorectal, cervical, and gastrointestinal cancers.” The compound “has been reported to induce apoptosis of cancer cells, inhibiting cancer cells’ proliferation and slowing down tumor metastatic spread,” according to the above-mentioned 2023 review.

  A 2019 article published in Cancer Medicine that dials in on amygdalin, primarily found in bitter almonds, not only highlights its “antioxidative, antibacterial, anti-inflammatory and immunoregulatory activities,” but investigates the clinical value of the anticancer agent.

  The compound introduces cytotoxicity and apoptosis in the body and balances the immune function, which affects especially “solid tumors” such as lung or bladder cancer and renal cell carcinoma.

  Despite limiting factors, such as the “primary stage” of both clinical and experimental research and the lack of high-quality publications on the topic, researchers still believe these studies to be promising regarding cancer treatments.

  Many may not be surprised that walnuts and almonds provide us with these health benefits. However, the following nut, which botanically speaking, is a legume, often gets a “bad rap” as a common allergen. Nevertheless, research shows its valuable qualities in cancer therapy.

  Peanuts

  A human study published in the journal Gynecologic and Obstetric Investigation showed that “High consumption of peanuts, walnuts, and almonds appears to be a protective factor for the development of breast cancer.”

  The study group included 97 female patients suffering from breast cancer, and a control group of 104 healthy women. Researchers analyzed their seed consumption via the Mantel-Haenszel test method and found a correlation between dietary nut intake and the development of breast cancer.

  Peanuts once again portrayed their qualities as functional food in a study that investigated phytosterols (PS), a natural compound that lowers cholesterol levels and prevents cardiovascular diseases. This research suggests that their sterol beta-sitosterol, in particular, holds protective anticancer effects against “colon, prostate, and breast cancer.”

  With 207 milligrams PS per 100 grams, unrefined peanut oil has the highest concentration of valuable beta-sitosterol—even higher than olive oil. Peanut butter “contains 144-157 mg PS/100 g.” Further refinement of the product results in lower rates of the active compound.

  Another healthy property of peanuts is the polyphenol phytochemical resveratrol—the target of a review focused on anticancer agents. In addition to peanuts, sources of resveratrol include grapes, red wine, and other berries.

  Researchers point out that people benefit from the consumption of this powerful antioxidant, as it displays “strong anti-tumor activities through inhibiting tumor cell proliferation, inducing cell apoptosis, promoting tumor cell differentiation, preventing tumor invasion and metastasis, and further moderating the host immune system to kill tumor cells.”

  In fact, the nickname “French Paradox” was given to resveratrol’s impact on the health of the French people, as it seems that the compound counteracts the French diet, which is often high in fats, and protects consumers from cardiovascular disease and more.

  Pistachios

  Another inconspicuous nut with plenty of healthy properties comes from the cashew family.

  In comparison to other nuts, the health profile of pistachios is even more advantageous. They are low-fat, a good source of vegetable protein, contain a remarkable amount of minerals (potassium) and vitamins (C and E), and are high in dietary fiber.

  Both, in vitro and in vivo models have indicated significant regulatory properties in pistachios on oxidative stress, according to a 2022 review. Consequently, eating pistachios also positively affected the risk of chronic diseases, including cancer.

  Another 2022 review highlighted resveratrol in pistachios and its favorable role in breast cancer treatment.

  Unfortunately, the high cost of this nut often keeps people from regular intake, which would be beneficial to their health.

  Diet, Inflammation, and Cancer

  It has long been known that lifestyle and diets greatly impact our health.

  A 2010 review describes the multistage process of cancer as “initiation, promotion, and progression,” and explains that oxidative stress plays a role in all three phases of tumorigenesis (the formation of cancer), as does chronic inflammation in the body—conditions fought by nuts.

  A diet rich in omega-3 fatty acids is beneficial to cancer survival, according to a review published in the Journal of Nutrition that examined several animal studies. In addition, it can lessen side effects that come with chemotherapy and increase the treatment’s efficacy. The review goes as far as stating that the “consumption of omega-3 fatty acids might slow or stop the growth of metastatic cancer cells,” after appropriate cancer treatment.

  Walnuts contain the highest amount of omega-3 fatty acids.

  Attention to Quality

  As phenolic compounds in nuts are highly unstable, they may be impacted by various processing techniques.

  Unfortunately, studies are rare, as certain types of nuts also react differently. Research that does exist indicates that thermal treatment negatively impacts nuts, such as hazelnuts, where most of the polyphenol content is found in the skin.

  Roasting also alters the profile of nutrients in nuts, which can lead to increased allergenicity and changed protein levels, for instance in peanuts. This processing technique seems to affect almonds and pistachios less—they stay stable or might even slightly benefit from the process. In contrast, the antioxidant profile of hazelnuts and walnuts suffers.

  A 2023 overview published in the journal Foods mentions that peanuts blanched in 100 degree Celsius water for 20 minutes were less allergenic. On the other hand, “boiling almonds for 10 min[utes], or cashews and pistachios for 60 min[utes] did not affect their properties.”

  Authors of the overview suggest that consumers best educate themselves about the variation of bioactive compounds in nuts and the impact of food processing methods, as well as finding a quality source.

  Recommended Daily Intake

  A 2020 narrative review highlights the extremely low consumption of nuts and seeds worldwide.

  Although nuts are continuously praised as a superfood, and the per-capita consumption in the United States increased to 5.6 pounds per person in 2022, recommended consumption is rarely met.

  The Global Burden of Disease Study found in 2017 that “global consumption was only 12 % of the recommended level” of a daily intake of 21 grams. In 2019, the Eat-Lancet Commission upped the recommended everyday consumption to 50 grams of tree nuts and/or peanuts. With an average daily intake of 7 grams of nuts, we do not come even close to that goal.

  As a rule of thumb, a 2021 study comes to the conclusions that eating a “handful of nuts” is a practical way of “achieving recommended nut intakes.” Researchers explained that combining various types of nuts in a medium-size handful averages at about 36.3 g, which “resulted in a high proportion of individuals taking at least 80% of the recommended intake of nuts.”

  Feel free to mix and match, bake with nuts and seeds, or add them to your salads, lunch, and dinner. Mostly though, just have fun going “nuts about nuts” and assisting your health at the same time.

  Alexandra Roach is a board-certified holistic health practitioner, herbalist, and movement teacher who has also worked as a journalist, TV news anchor, and author. She has earned citations from U.S. Army commanders for her work with military personnel and writes with a broad perspective on health.

  Tyler Durden
  Mon, 05/13/2024 – 22:20

• Services No Longer Required: Which Jobs Are Most At Risk?
  Services No Longer Required: Which Jobs Are Most At Risk?

  Long before the emergence of ChatGPT and other AI tools threatening to take over our jobs, technological advancements have altered the way people work, making some occupations disappear, while others emerged.

  Did you know, for example, that people used to work as living alarm clocks before actual alarm clocks became a thing?

  “Knocker uppers”, as they were called, would walk around in industrial England, wielding a long stick with which they’d tap on workers’ doors to wake them in time for their shifts.

  There also used to be “computers” long before the arrival of personal computers. They were persons performing mathematical calculations, a service that is no longer required today.

  So which jobs might be next?

  As Statista’s Felix Richter reports, each year, the U.S. Bureau of Labor Statistics publishes its Occupational Employment Projections – a report that’s looking at the U.S. labor market as a whole for the next 10 years, projecting changes in employment by occupation and revealing which jobs are most at risk from automation or other technological and societal shifts. In its latest edition covering the 2022-2032 period, the BLS identified four occupational groups that are projected to lose jobs over the next decade: office and administrative support occupations, production occupations and sales and related occupations as well as occupations in farming, fishing and forestry.

  As the following chart shows, cashiers, who are at risk of being replaced by self-checkout, are projected to see the biggest drop in employment over the next decade with 348,100 fewer jobs in 2032 than in 2022.

  

  You will find more infographics at Statista

  Other jobs high on the list are secretaries, office clerks and customer service representatives, with each of these occupations expected to see employment decline by more than 150,000 jobs until 2032.

  When looking at relative employment changes, word processors and typists (-39 percent) and watch and clock repairers (-30 percent) are most at risk of losing their jobs, with other relatively rare occupations also high on the list.

  Tyler Durden
  Mon, 05/13/2024 – 22:00

• Oil – A Global Tax
  Oil – A Global Tax

  Authored by Robert Burrows via BondVigilantes.com,

  Few commodities wield as much influence in the intricate web of global economics as oil. Oil is pivotal in driving economic growth and development as the primary energy source for transportation, manufacturing, and countless other sectors. However, beneath its surface lies a hidden truth: oil can act as a tax on growth, imposing significant costs on economies worldwide. 

  The Economic Impact of Oil Prices

  Oil prices have a profound impact on virtually every aspect of the economy:

  1. Cost of Production: For industries reliant on oil as a primary input, such as transportation, manufacturing, and agriculture, fluctuations in oil prices directly influence production costs. Higher oil prices translate into increased business expenses, squeezing profit margins and potentially leading to higher prices for goods and services.

  2. Consumer Spending: Rising oil prices can have a ripple effect on consumer spending patterns. As the cost of gasoline and other energy-related products increases, consumers may cut back on discretionary purchases or reallocate their budgets to cover higher fuel expenses, dampening overall consumption and economic growth.

  3. Inflationary Pressures: Oil prices significantly impact inflationary pressures within an economy. As production costs rise, businesses may pass on these higher costs to consumers through higher prices, contributing to inflationary pressures and eroding purchasing power.

  4. Macroeconomic Stability: Fluctuations in oil prices can disrupt macroeconomic stability, leading to volatility in financial markets, exchange rates, and interest rates. Oil-exporting countries may experience windfall profits during periods of high oil prices while oil-importing nations face trade imbalances, budget deficits, and currency depreciation.

  Essentially, a high oil price acts as a tax on growth via its impact on economic activity, as businesses and consumers bear the financial costs – the same level of GDP, but at a higher cost. So far, there is nothing that we don’t know.

  The oil dynamics have been changing over the years, which has been interesting to note. The most important change has been the shale revolution in the US. US oil production has boomed since 2005 due to fracking, recently resulting in the US becoming a net oil exporter and, as such, energy independent.

  

  Source: US Energy Information Administration, May 2024

  This changing dynamic has important implications regarding foreign policy and energy security. The US’s reliance on the Middle East is no longer what it once was. As a result, the US could be more hands-off in the future and potentially leave the ‘policing’ up to Europe. Presidential candidate Trump has suggested support for Ukraine could be withdrawn unless Europe increases its defence spending meaningfully. It’s fair to say that Europe needs to prepare for wavering US support and, as a result, has been scrambling to increase defence spending, which it can ill afford. 

  An escalation in the Middle East with the potential for less involvement from the US would not be good and would likely increase volatility in the price of oil. It would be in Europe’s best interest to ensure oil price stability.

  Geopolitics aside, this newfound global supply should result in excess supply. This, in theory, should mean lower prices for us all. Unfortunately, this is too simple a view; oil prices are heavily influenced by both supply (largely OPEC) and demand (economic growth) factors. Another consideration is the shift to renewable energy, which should force the price of oil downwards, assuming supply remains constant, which it won’t. This renewable energy shift has been slow; oil will likely remain the dominant energy source for years to come.

  So I ask myself, ‘is oil expensive or cheap? The answer: it depends.

  Looking at inflation-adjusted oil prices in the US, we see that prices are in fact sitting at the long run average:

  

  Source: Bloomberg, M&G, May 2024

  Prices could double from here before having a meaningful impact on the US. The moderate price of Oil is no doubt contributing to some of the strength that we currently see in the US. This does, however, bring up an interesting dynamic. As we know, oil is priced in US dollars, and countries other than the US are hostage to the price of oil in dollars. Looking at the cost of oil in a foreign currency tells a very different story. The chart below looks at the inflation adjusted price of oil in JPY:

  

  Source: Bloomberg, M&G, May 2024

  Oil prices trading at or near the highs will become problematic for the Japanese economy as they are a heavy net importer. The factors discussed above will be at play. Inflation will continue to increase as the Yen weakens, potentially forcing the BoJ’s hand to raise rates more meaningfully, which is a challenge given the debt level.

  Circling back to the oil price in US dollars, it has, in fact, been relatively stable despite the instability in the Middle East. A political misstep could see oil prices lurch higher, putting energy importers with very weak currencies in a very difficult position indeed. 

  Back in 1985, the Plaza Accord was signed, an agreement between the major economies to depreciate the dollar by intervening in currency markets. The dollar depreciated significantly as a result. There are similarities between then and now. Back then, monetary policy was tight, implemented by Paul Volker, and set against expansionary fiscal policy by the government at the time. This powerful cocktail sucked in capital, resulting in an extremely strong dollar. Sound familiar?

  In fact, just recently, the US, Japan and South Korea met to “consult closely” on currency markets. What exactly this means is unclear, but it is very interesting. Speculation is rife about whether Japan recently intervened in currency markets as the yen hit 160 to the dollar. Are we inching towards a new Plaza Accord? The stresses and strains don’t look particularly stretched when you compare the DXY ( a weighted dollar index versus international currencies) from 1985 to today, so a new Plaza Accord may be some way off:

  

  Source: Bloomberg, M&G, May 2024

  That said, the composition of the world we find ourselves in today is very different. Countries have become increasingly unstable as debt levels continue to rise and the share of GDP between developed and emerging markets has completely flipped. The US has a dual mandate of stable prices and full employment; perhaps international stability should also be a consideration.

  

  Source: IMF, May 2024

  Emerging markets and highly indebted oil importers with weak currencies will struggle to continue fighting the strong dollar due to the fact that it is the currency of international trade and settlement.

  Something is likely to break unless the Fed changes course. It’s hard to see the Fed cutting rates anytime soon, leaving us waiting for something to break. Will oil be the catalyst?

  Tyler Durden
  Mon, 05/13/2024 – 21:40

• How Americans Feel About Federal Government Agencies
  How Americans Feel About Federal Government Agencies

  Come election time, America won’t hesitate to show its approval or disapproval of the country’s elected political representatives. That said, feelings about the federal bureaucracy and its associated agencies are a little harder to gauge.

  Visual Capitalist’s Pallavi Rao charts the results from an opinion poll conducted by Pew Research Center between March 13-19, 2023. In it, 10,701 adults—a representative of the U.S. adult population—were asked whether they felt favorably or unfavorably towards 16 different federal government agencies.

  

  ℹ️ Access Pew Research’s methodology document to find out how they conducted their survey.

  Americans Love the Park Service, Are Divided Over the IRS

  Broadly speaking, 14 of the 16 federal government agencies garnered more favorable responses than unfavorable ones.

  Of them, the Parks Service, Postal Service, and NASA all had the approval of more than 70% of the respondents.

  

  Note: Figures are rounded. No answer responses are not shown.

  Only the Department of Education and the IRS earned more unfavorable responses, and between them, only the IRS had a majority (51%) of unfavorable responses.

  There are some caveats to remember with this data. Firstly, tax collection is a less-friendly activity than say, maintaining picturesque parks. Secondly, the survey was conducted a month before taxes were typically due, a peak time for experiencing filing woes.

  Nevertheless, the IRS has come under fire in recent years. As per a New York Times article in 2019, eight years of budget cuts have stymied the agency’s ability to scrutinize tax filings from wealthier and more sophisticated filers.

  At the same time poorer Americans are facing increasing audits on wage subsidies available to low income workers. According to a Transactional Records Access Clearinghouse report, this subset of filers was audited five-and-a-half more times the average American.

  Tyler Durden
  Mon, 05/13/2024 – 21:20

• Pressure On China Heightens As Capital Outflow Chokes Liquidity
  Pressure On China Heightens As Capital Outflow Chokes Liquidity

  Authored by Simon Black, Bloomberg macro strategist,

  The latest money data from China shows its capital-outflow problem is worsening, pressuring policymakers to allow a further weakening in the currency.

  China released money and inflation data over the weekend. CPI and PPI were not great reading, but money supply data was even more downbeat: M2’s growth disappointed, while M1 growth is moldering, falling 1.4% year-on-year versus +1.2% expected.

  Real M1 growth is now also contracting, which is ominous for China’s thus far gingerly-improving growth.

  

  China has a capital-outflow problem that is putting pressure on liquidity.

  It has a nominally closed capital account, but we can infer capital outflow by looking at the difference between the trade surplus and official reserves at the central bank, plus FX held at other banks.

  

  Emerging markets typically have foreign reserves forming their monetary base due to the difficulty in reliably borrowing in their own currency cost efficiently. When capital leaves a country that can comfortably borrow in its own currency, the central bank can print money to replace the lost liquidity.

  But in a country like China, capital outflow leads to a mechanical fall in domestic liquidity.

  Cuts in the required reserve ratio, with another one expected next month, and interest-rate reductions can help alleviate this decline. Another lever is the currency. A weaker yuan eases the pressure on the fall in the monetary base as capital leaves.

  USD/CNY continues to bump up against the upper band of the yuan fix, signaling the pressure the currency is under.

  

  Foreign FX at banks is falling. Some of this likely due to capital outflow, but some is also due to China directing state banks to intervene to prevent the currency from weakening too far.

  

  China continues to incrementally ease to try to kickstart a post-Covid traumatized economy.

  With a low debt-to-GDP ratio, the central government has scope to borrow more. That is happening, with the Ministry of Finance today announcing it would issue the first CNY 40 billion of ultra-long special sovereign bonds of a total of CNY 1 trillion between now and November.

  Despite all this, the stock market has been recovering most of the year.

  Oversold conditions hinted a bottom was near.

  Excess liquidity (real money growth minus economic growth) is supportive for the advance to continue, as even though real money growth is weak, so is economic growth, implying there is enough “free” liquidity to find its way into the market.

  Tyler Durden
  Mon, 05/13/2024 – 21:00

• UN Unleashes Controversy, Accusations Of Deception, Over 'Revised' Gaza Casualty Data
  UN Unleashes Controversy, Accusations Of Deception, Over ‘Revised’ Gaza Casualty Data

  Since the start of the brutal Gaza conflict in the wake of Oct.7, a public ‘info-war’ has raged over the numbers of wartime casualties, especially on the Palestinian side. Something similar happened in the Syrian war, as well as in the ongoing Russia-Ukraine war: either side’s true casualties became a matter of tightly guarded internal secrets on the one hand, and an issue of public propaganda to demean the enemy and hurt their global standing on the other.

  Israel especially has faced immense international criticism of late amid allegations of ‘genocide’ given the very obviously high death toll among Gaza civilians. It is even the case that some Israeli officials have at times admitted to extraordinarily high civilian deaths during the campaign, but they have also blamed Hamas for using civilians as ‘human shields’ and launching rockets from densely populated urban areas.

  Fresh controversy has been unleashed Monday over how the United Nations’ Office for the Coordination of Humanitarian Affairs (OCHA) counts the war dead, and the extent to which it relies on Palestinian and Hamas sources:

  The United Nations on Monday clarified that the overall number of fatalities in Gaza tallied by the Ministry of Health in Gaza remains unchanged, at more than 35,000, since the war broke out between Israel and Hamas on October 7.

  The clarification comes after the UN humanitarian agency OCHA (United Nations Office for the Coordination of Humanitarian Affairs) published a report on May 8 with revised data regarding the number of Palestinian casualties in the war. The UN agency in its report reduced the number of women and children believed to have been killed in the war by nearly half.

  The number was reduced because the UN says it is now relying on the number of deceased women and children whose names and other identifying details have been fully documented, rather than the total number of women and children killed. The ministry says bodies that arrive at hospitals get counted in the overall death count.

  

  According to more via CNN:

  UN spokesperson Farhan Haq told a daily briefing at the UN that the health ministry in Gaza recently published two separate death tolls – an overall death toll and a total number of identified fatalities. In the UN report, only the total number of fatalities whose identities (such as name and date of birth) have been documented was published, leading to confusion.

  Earlier in the day a FOX headline had alleged that the new UN figures show that almost 50% less women and children were killed than previously reported by the UN office:

  According to an infographic published in OCHA’s daily report on May 6, the number of women killed in the fighting was said to be 9,500, while the organization, which admits to relying on figures from the Hamas-run Ministry of Health in Gaza, claimed that 14,500 children had been killed since the war began on Oct. 7. 

  Two days later, in its May 8 report, the U.N. agency appeared to have cut the number nearly in half, showing instead that some 4,959 women and 7,797 children had been killed so far in the war, which began after thousands of Hamas-led terrorists infiltrated southern Israel from Gaza, slaughtering more than 1,200 people, mostly civilians, and taking some 240 people hostage. 

  

  Israel’s long-running complaint is that the Hamas-Run Gaza Health Ministry consistently exaggerates the death figures, or else tends round up or impose demographic classifications even when details of a particular death are unknown or unverified. On Monday the ministry said that total deaths since Oct.7 have surpassed 35,000.

  Critics of the UN have been quoted as saying, “U.N. agencies have consistently shown they prefer to trust the numbers coming out of Hamas-controlled sources rather than doing basic due diligence.”

  Pro-Israel critics of both the UN office and Gaza’s health ministry have pointed to deep inconsistencies in accounting for casualties and have rejected the “fog of war” defense…

  @Mike_Wagenheim @JNS_org: The Director of UNICEF Catherine Russell indicated in mid-March, she was citing Hamas health ministry numbers, 13,000 children had died in Gaza. The UN released totals yesterday showing that less than 8,000 children have died in Gaza as a result of the… pic.twitter.com/wCtvC7bxE5

  — Hillel Neuer (@HillelNeuer) May 12, 2024

  https://platform.twitter.com/widgets.js

  Israel has also long maintained that a huge proportion of the total number of Palestinian deaths were actually armed Hamas combatants – and herein lies the heart of the controversy and questions over discrepancies. 

  However, it should be kept in mind that all parties to some extent admit that civilian casualties are tragically and horrifically high.

  Even Prime Minister Benjamin Netanyahu himself has recently acknowledged a very high number of Palestinians civilians dead…

  Death toll in Gaza acknowledged during the extensive Dr. Phil chat with Israel’s Prime Minister Netanyahu:

  Israel “killed 14,000 terrorists” & a “slightly bigger number, about 16,000 civilians.”

  Netanyahu states that those civilians “were killed in the places where the… pic.twitter.com/7WRRECDY2T

  — Margaret Brennan (@margbrennan) May 12, 2024

  https://platform.twitter.com/widgets.js

  Ultimately, Netanyahu blamed Hamas for the Palestinian deaths, but admitted Israel “killed 14,000 terrorists” & a “slightly bigger number, about 16,000 civilians” according to a recent interview with Dr. Phil in Israel.

  The Israeli leader said those civilians “were killed in the places where the terrorists won’t let them leave” – thus ultimately seeking to absolve his own forces from any responsibility. He has also echoed this in other recent media interviews:

  “Fourteen thousand [Hamas terrorists] have been killed, combatants, and, probably around 16,000 civilians have been killed,” Netanyahu told the “Call Me Back” podcast.

  The estimate is slightly lower than the numbers provided by the Hamas-run Ministry of Health, which put the total death count at more than 35,000. The ministry’s estimate does not differentiate between terrorists and civilians.

  Still, the grim reality remains that this far outpaces civilian deaths even from more than 2-years of the Ukraine war.

  Tyler Durden
  Mon, 05/13/2024 – 20:40

• Man Who Attacked Times Square Police Officers With Machete Sentenced To 27 Years
  Man Who Attacked Times Square Police Officers With Machete Sentenced To 27 Years

  Authored by Ryan Morgan via The Epoch Times (emphasis ours),

  A federal judge has handed down a 27-year prison sentence to the suspect who pleaded guilty to attacking a trio of New York Police Department (NYPD) officers in Times Square on New Year’s Eve 2022 in the name of radical Islamic extremism.

  

  Trevor Bickford, 20, of Wells, Maine, pleaded guilty in January to multiple counts of attempting three attempted murder charges and three charges of assaulting U.S. employees or officers just over a year prior on Dec. 31, 2022. Together, the charges carried a maximum potential penalty of up to 120 years in prison.

  On Thursday, May 9, U.S. District Judge Kevin Castel sentenced Mr. Bickford to serve 324 months in prison for the attack, a period lasting 27 years. The sentence is longer than the 10-year prison term Mr. Bickford’s lawyers requested but less than the 50-year prison term prosecutors had sought.

  During the 2022 attack, Mr. Bickford allegedly shouted “Allahu Akbar,” an Arabic phrase meaning “God is great,” that perpetrators have shouted in past Islamic extremist incidents. Federal prosecutors had alleged and were prepared to present evidence at trial, including post-Miranda statements from Mr. Bickford, indicating he had desired to travel abroad to wage “jihad” but instead chose to carry out his attack closer to home.

  The U.S. Department of Justice said Mr. Bickford had spent months consuming radical Islamist materials, “including materials promoting the Taliban and reflecting the teachings of Sheikh Abu Muhammad Al-Maqdisi, a prominent radical Islamic cleric who was a spiritual mentor of al Qaeda,” prior to carrying out the attack.

  “The defendant’s brutal ambush of three New York City police officers keeping watch over New Year’s Eve celebrations was a premeditated act of terrorism,” FBI Director Christopher Wray said Thursday.

  The New Year’s Eve attack began near the edge of a high-security zone where revelers were to be screened before joining the celebrations in Times Square. Mr. Bickford admitted to swinging a 13-inch machete-like chopping blade called a khukuri toward the heads of NYPD Officers Michael Hanna, Louis Lorio, and Paul Cozzolino, causing injuries to all three men.

  

  The three officers sustained lacerations to their heads during the attack.

  Mr. Lorio said he could barely remain conscious after a large cut to his scalp required seven stitches that night. He told the court he now has migraine headaches several days a week and is likely to be forced into retirement after a decade-long police career as he copes with anxiety and depression that cause him to “burst out crying for no reason” or cripple him with waves of sadness. Therapy, though, has helped, he added.

  Mr. Cozzolino, who had graduated from the police academy only a day before the attack, said some of his physical pain, such as headaches, will last forever.

  As he swung his blade at the NYPD officers, Mr. Bickford also allegedly attempted to take one of the officer’s guns.

  It was Mr. Hanna who, despite being injured, reportedly managed to put an end to the attack by drawing his service weapon and shooting Mr. Bickford in the shoulder.

  Mr. Bickford’s legal team pointed to mental illness as a contributing factor in the attack.

  “I understand that I left scars, physical and mental,” Mr. Bickford said when given the chance to address the court during his sentencing. “My mental illness took me down a dark path.”

  Defense attorney Marisa Cabrera said her client is “deeply remorseful.“ She said her client came from a family with a background in U.S. military service and said her client had sought to join the military before his mental illness prevented that possibility. Ms. Cabrera said her client ”has returned to his old self with the aid of medication and treatment.”

  Judge Castel noted Mr. Bickford’s history of mental health issues and his relatively young age as reasons for granting some leniency in his sentence.

  NTD News reached out to Ms. Cabrera for comment following the sentencing decision but did not receive a response by press time.

  The Associated Press contributed to this article.

  From NTD News

  Tyler Durden
  Mon, 05/13/2024 – 20:20

• "Combat Illegal Corporate Behavior" – Dem Lawmakers Urge Biden To Use Executive Action Against High Food Prices 
  “Combat Illegal Corporate Behavior” – Dem Lawmakers Urge Biden To Use Executive Action Against High Food Prices 

  Greedflation is a myth, and Democrats are well aware of this. However, they will never acknowledge that corporate greed isn’t the root cause of inflation, as greed tends to be constant in the economy. What changed is the overstimulation of the economy through failed Bidenomics, which involves spending $1 trillion every 100 days. 

  In the early days of Russia’s ‘special operation’ in Ukraine, the Biden administration was able to scapegoat any failed economic policy on the ‘Putin Price Hike’ narrative – but not so much anymore – as they’ve pivoted the propaganda cannon from Putin to mega-corporations through their cheerleaders at leftist corporate media outlets. Now it’s all about popular buzzwords ‘greedflation’ and ‘shrinkflation.’ 

  Shown below via Bloomberg data, headlines featuring ‘greedflation’ in corporate media spiked in the summer of 2023, right around the time the administration launched the Bidenomics propaganda campaign. We all know Bidenomics has stoked a complete inflation shitstorm. However, Biden’s team is giving greedflation one last shot ahead of the November presidential elections to deflect blame on corporations for why working poor Americans can no longer afford to pay rent, eat at restaurants, afford the $1,000 monthly auto loan, and any other luxuries they were accustomed to before the worst inflation mess since the 1970s. Basically, Goldman’s brightest warned the other day: low-income consumers are in trouble. 

  

  We suspect the greedflation narrative won’t stick—just like the failed Bidenomics campaign—because Americans are waking up to the out-of-control spending in Washington, DC. 

  But anyway, Democratic Senator Elizabeth Warren, who once identified as a Native American, and other leftist lawmakers penned a very public letter (all about optics) to the Biden administration, requesting the immediate use of executive action to lower food prices. 

  “We commend the important steps your administration has recently taken on this issue, including steps to combat illegal and unfair corporate behavior, encourage competition in the food and grocery sectors, and more. The federal government should use every possible tool to lower food prices,” Warren and other lawmakers wrote. 

  They continued, “We believe you can exercise your executive authority to take additional action to address rising food prices without congressional action. Americans are facing sky-high food prices, caused by excessive price gouging by food and grocery giants.” 

  Democrats begging for price controls sounds like what communist or socialist lawmakers in third-world countries do. Yet, these lawmakers never learn a proper lesson (look at Cuba, North Korea, and Venezuela), where imposing price controls triggers shortages or surpluses, longer lines, lower quality products, and, of course, misallocation of products. 

  

  But, honesty, Democrats could care less. They have a mission of spending to bankrupt the nation literally, somehow lower prices in an inflation storm, and enable illegal aliens to vote. 

  Instead of blaming corporations, let’s remind readers again that overstimulating the economy generates price increases and windfall profits, so it’s not smart for lawmakers to do so. And this overstimulation, which Duquesne Family Office Chairman & CEO Stan Druckenmiller pointed out last week, is likely one of the biggest economic policy errors ever:

  If I was a professor, I’d give them an F. Basically, they misdiagnosed COVID and thought it was — we were going into a depression. The Fed did, too. I worried about it, too, in early days. The Fed eventually pivoted, better late than never. Treasury — Treasury is still acting like we’re in a depression.

  We outlined last summer that “stealth stimulus” was propelling Bidenomics, with the government spending  $1 trillion every 100 days. Now, with stagflationary threats emerging, the US economic situation is quickly deteriorating. 

  And here’s what comes next when the government starts calling for price controls, as explained by Alt-Market’s Brandon Smith:

  This same pattern has been witnessed from 1920s Weimar Germany to 1970s America to 1990s Yugoslavia to 2000s Argentina and Venezuela and beyond. But what happens next? In each case the trend leads first to price controls on producers and distributors, which ultimately fail. Then comes government rationing and the complete takeover of necessities including the food supply.

  Smith continued:

  The problem is simple, price controls lead to lost profit incentive which leads to less production. Less production leads to less supply and less supply leads to rising prices. This is on top of the root cancer that is fiat money creation. Politicians will rarely if ever address the actual cause of an inflationary crisis:  The government and the central banks. Instead, they try to blame free markets, “greedy” businesses and profit taking in times of distress.

  He concluded:

  Historically speaking, though, both Democrat and Republican presidents have tried price controls in the past. Public pressure must be applied (at the state level at minimum) to stop this from happening. As convenient as it might seem to blame producers and distributors, the real threat is coming from governments and banks. We cannot let the people who caused the crisis also benefit from it by giving them even more power.

  It’s a slippery slope from here… 

  *    *    * 

  Here’s the full letter:

  Tyler Durden
  Mon, 05/13/2024 – 20:00

• 'I Gave Up Shame Years Ago': Clinton Denounces Trump For Doing What She Did In 2016
  ‘I Gave Up Shame Years Ago’: Clinton Denounces Trump For Doing What She Did In 2016

  Authored by Jonathan Turley,

  “I gave up shame years ago.” Those words from actor John Lithgow appear to have been taken to heart by Hillary Clinton who has severed any sense of self-awareness or shame in her public comments. Lithgow, who played Bill Clinton in Broadway production of Hillary and Clinton, appears to have inspired the subject of his play. In a recent interview, Hillary Clinton heralded the prosecution of former president Donald Trump in Manhattan as “election interference” by keeping “relevant information” from voters before an election. For those of us who criticized Clinton for the funding of the infamous Steele dossier, it was a perfectly otherworldly moment.

  

  In the interview, Clinton went after the Supreme Court for delaying a trial of Trump despite the push by Special Counsel Jack Smith for a verdict before the election. She then left many in disbelief with the following statement:

  “And the one going on now currently in New York is really about election interference. It is about trying to prevent the people of our country from having relevant information that may have influenced how they could have voted in 2016 or whether they would have voted.”

  In the same election, it was Hillary Clinton’s campaign that lied about funding the Steele dossier and then hiding the funding as a legal expense through then Clinton General Counsel Marc Elias.

  

  (MSNBC/via YouTube)

  The Clinton campaign staff has never been known for transparency. Buried in the detailed account is a  footnote stating that Elias “declined to be voluntarily interviewed by the Office.” Likewise, John Durham noted that “no one at Fusion GPS … would agree to voluntarily speak with the Office” while both the DNC and Clinton campaign invoked privileges to refuse to answer certain questions.

  Elias, his former partner Michael Sussmann, and the campaign were later found involved in not just spreading the false claims from the Steele dossier but other false stories like the Alfa Bank conspiracy claim.

  It was Elias who managed the legal budget for the campaign. We now know that the campaign hid the funding of the Steele dossier as a legal expense.

  New York Times reporter Ken Vogel said that Elias denied involvement in the anti-Trump dossier. When Vogel tried to report the story, he said, Elias “pushed back vigorously, saying ‘You (or your sources) are wrong.’” Times reporter Maggie Haberman declared, “Folks involved in funding this lied about it, and with sanctimony, for a year.”

  Elias was also seated next to John Podesta, Clinton’s campaign chairman, when he was asked about the role of the campaign, he denied categorically any contractual agreement with Fusion GPS. Even assuming that Podesta was kept in the dark, the Durham Report clearly shows that Elias knew and played an active role in pushing this effort.

  Elias is now ironically advising Democratic campaigns on election ethics and running a group to “defend democracy.” He is still counsel to the Democratic Congressional Campaign Committee (DCCC) headed by Rep. Suzan Kay DelBene, D-Wash. Elias was later severed by the Democratic National Committee from further representation and has been previously sanctioned in federal court in other litigation.

  Notably, the Federal Election Commission sanctioned the Clinton campaign for hiding the funding as a legal expense. The Clinton campaign litigated the issue and insisted that the term is broadly used to cover a wide array of payments through counsel. That is precisely what the Trump team is arguing in the Manhattan case.

  Lying to the media and hiding the funding was a conscious effort to hide “relevant information that may have influenced” voters. With the help of the media, these false stories were spread throughout the country and later were used to start the Russian collusion investigation.

  Famous philosopher and mathematician Blaise Pascal once declared that “the only shame is to have none.” Hillary has finally achieved that ignoble status. She appears now to have lost even the capacity for shame.

  Tyler Durden
  Mon, 05/13/2024 – 19:40

• Pro-Israel PAC Guns For Massie – Did Speaker Johnson Encourage Attack?
  Pro-Israel PAC Guns For Massie – Did Speaker Johnson Encourage Attack?

  A prominent pro-Israel super PAC is gunning for Republican Congressman Thomas Massie, in retribution for his many recent votes against bills that advance Israel’s agenda in Washington. The group may have had some high-placed encouragement: Massie says House Speaker Mike Johnson recently threatened to sic the Israel lobby on Republicans who didn’t toe the pro-Israel line. 

  

  The vaguely-named United Democracy Project — the independent campaign-spending arm of the mighty American Israel Public Affairs Committee (AIPAC) — announced that it’s pouring $300,000 into advertisements on Fox television affiliates in Massie’s home state of Kentucky. “We are trying to shine a light on the radical anti-Israel record of Tom Massie,” spokesman Patrick Dorton told the Louisville Courier Journal. “We want every single voter in the state of Kentucky to know about his anti-Israel actions.”

  With its statewide attack, AIPAC likely intends to influence the 2026 election as well: McClatchyDC reports that Massie is considered to be one of three favorites for the 2026 Republican nomination to replace retiring Senate Majority Leader Mitch McConnell. 

  Clearly crafted to appeal to the religious right, the 30-second ad says “Israel, the Holy Land under attack by Iran, Hamas, Hezbollah…and Congressman Tom Massie,” and points to 15 Massie votes in April against measures favored by Israel’s advocates inside the United States. The ad concludes by saying, “Everyone who cares about the Holy Land needs to know: Tom Massie is hostile to Israel.”  

  https://t.co/hEJYFaBcPp pic.twitter.com/yoIdIg0pEX

  — United Democracy Project (@UnitedDemocProj) May 9, 2024

  https://platform.twitter.com/widgets.js

  Rather than having “attacked the Holy Land,” Massie has simply tried to defend the US Treasury from being plundered for the benefit of a foreign country that’s among the world’s richest.

  When Speaker Mike Johnson announced he would advance a bill to give another $14.3 billion to Israel, Massie — knowing he would face the wrath and perhaps the dollars of the Israel lobby — tweeted that he would vote “no.” His rationale: “Israel has a lower debt-to-GDP ratio than the United States. This spending package has no offsets, so it will increase our debt by $14.3 billion plus interest.”

  Massie also tried to defend the First Amendment, as one of only 19 representatives voting against the Antisemitism Awareness Act. Still pending in the Senate, it characterizes various statements about Israel as being antisemitic, subjecting colleges and universities to civil rights enforcement action if someone says the wrong thing. “Policing speech, religion and assembly is not the role of the federal government. In fact, it’s expressly prohibited by the U.S. Constitution,” said Massie. 

  Kentucky’s Republican primary will be held on Tuesday, May 21. Massie, a star of the libertarian movement, is being opposed by two GOP challengers, Eric Deters and Michael McGinnis. 

  Via his campaign’s X account, Massie said the pro-Israel super PAC was targeting him “because I am often the lone Republican for freedom of speech, against foreign aid, and opposed to wars in the Middle East.” He added that he was “urgently requesting” like-minded Americans to help him thwart the attack by donating to his campaign.   

  Massie told the Courier Journal there’s reason to think Johnson may have encouraged the AIPAC to give Massie’s primary challengers some indirect help:

  “This week in our GOP conference meeting, as members groused about blowback from the latest anti-antisemitism resolution, Speaker Johnson pledged to call his contacts at Jewish/Israel groups if [dissident GOP representatives] mustered opposition…

  This, and the timing of the ad announcement, does raise the question of whether the ads were suggested by or sanctioned by Speaker Johnson.”

  In addition to now being creatively accused of attacking the Holy Land, Massie has endured baseless accusations of antisemitism, including this gem from the editor of Commentary magazine: 

  Of course you’re a no, you disingenuous piece of anti-Semitic filth. https://t.co/pI4FM6hdm5

  — John Podhoretz (@jpodhoretz) February 4, 2024

  https://platform.twitter.com/widgets.js

  Massie has previously suggested that AIPAC’s role in US politics amounts to “foreign interference in our elections.” Critics called that sentiment an antisemitic “trope.” Undeterred, Massie last week posted a poll asking if AIPAC should be forced to register as an agent of Israel under the Foreign Agents Registration Act (FARA).  

  Foreign interest lobbying group AIPAC is running $300,000 of ads as part of a pressure campaign to influence my votes in Congress.

  The Foreign Agents Registration Act requires agents of foreign principals to register & disclose certain information. Should AIPAC register w/FARA?

  — Thomas Massie (@RepThomasMassie) May 10, 2024

  https://platform.twitter.com/widgets.js

  Tyler Durden
  Mon, 05/13/2024 – 19:20

• Will The Fed Lose Control?
  Will The Fed Lose Control?

  Authored by Ron Paul via The Ron Paul Institute for Peace & Prosperity,

  According to new reports from the Social Security and Medicare trustees, Social Security and a Medicare fund that pays for hospital expenses will both begin running deficits in 2035 and 2036. Disappointingly, but not surprisingly, Congress was too preoccupied spending billions more on military aid for foreign countries and banning TikTok to pay attention to the looming bankruptcy of the two largest federal entitlement programs.

  Many in Congress no doubt believe they can ignore the impending bankruptcy of Social Security and Medicare because they can count on the Federal Reserve to do the “dirty work” of cutting real benefits and raising taxes.

  This result can be produced via the hidden, and regressive, “inflation tax.”

  The Federal Reserve makes the debt-financed welfare-warfare state possible by monetizing the federal debt.

  

  This is one reason why, even though interest on the debt is now the third largest item in the federal budget behind Social Security and Medicare and ahead of military spending, there are so few in Congress serious about cutting welfare or warfare. Those few who seek real spending cuts in welfare are smeared as “heartless” while those seeking real cuts in warfare are smeared as “anti-American” by the uniparty.

  The government’s excessive spending and debt is leading to what some economists call “fiscal dominance.” Fiscal dominance occurs when a central bank must prioritize monetizing ever higher levels of government debt, giving Congress de facto control over monetary policy.

  The Federal Reserve’s purchase of federal debt will result in price inflation. It will also encourage more government spending by reinforcing the uniparty delusion that, as former Vice President Dick Cheney said, “deficits don’t matter.” The Federal Reserve’s inflationary policies artificially lower the interest rates, which are the price of money. The artificially low interest rates distort the signals sent to investors and entrepreneurs, leading to malinvestment. This creates bubbles resulting in illusionary prosperity. Eventually, economic reality will catch up with the Fed-created illusions and the bubbles will burst, causing an economic downturn.

  The next economic crisis will likely either be caused by or result in a rejection of the dollar’s world reserve currency status. Congress will be forced to make drastic cuts in spending while the Fed will be enabled to monetize the debt. This will result in massive public unrest potentially resulting in violence, the rise of authoritarian movements on the left and right, and increasing authoritarianism.

  The only way to avoid this fate is for a critical mass of Americans to demand Congress immediately begin rolling back the welfare-warfare state, starting with our bloated military budget. The savings from this can be used to help protect those currently reliant on government welfare and entitlement programs as those programs are phased out and the job of providing aid is returned to private charities, churches, and local communities. Congress should also rein in the Federal Reserve by passing the Audit the Fed bill, legalizing alternative currencies, and forbidding the Fed from purchasing government debt.

  Since the 2008 meltdown, Federal Reserve apologists have spent a lot of time saying that Audit the Fed puts Congress in charge of monetary policy while ignoring the fact that a real threat to the central bank’s autotomy is the growth in federal spending and debt. The goal, though, should be to abolish the Federal Reserve, not protect it. Those who truly want a monetary system free from political interference should join the movement to restore government’s constitutional limits and separate money and state.  

  Tyler Durden
  Mon, 05/13/2024 – 19:00

• "Sand Volcano" Emerges In Central Florida
  “Sand Volcano” Emerges In Central Florida

  Devo Seereeram, a Consulting Geotechnical Engineer and the owner of Devo Engineering has deemed the anomaly that has emerged in Central Florida to be a “sand volcano”. 

  The issue surfaced at a 300-million-gallon wastewater reservoir located west of State Road 429 in Apopka, near Golden Gem Road. This facility holds water intended for irrigating Apopka, Altamonte Springs, and nearby regions. It stores excess rainwater for use during dry periods, according to FOX 35.

  But mother earth has responded that the facility may not be located at the best possible location, Seereeram said: “This is ‘Mother Nature’ telling us we can’t do certain things, and we are going to respect that and respond and modify.”

  Speaking about the facility, Seereeram continued: “It’s one of the most important facilities we can be built in Central Florida. From an environmental standpoint, there’s absolutely no way we can keep putting treated wastewater into our streams, directly into the streams anymore.”

  

  FOX 35 reported that the construction team excavated too deeply and excessively thinned the land while building the storage area. This overburdened the ground, leading to a collapse similar to snow breaking through a roof.

  A sinkhole formed, and the combined air and water pressure ruptured a protective tarp, releasing 130 million gallons of water back into the upper Floridan aquifer and forming a sand volcano.

  Devo Engineering has previously addressed similar issues and is planning to reinforce and fill in parts of the land, reducing storage capacity but preventing further sand volcanoes. The engineers are now racing against time to complete the repairs before Central Florida’s rainy season begins, the report says.

  Seereeram concluded: “Here we have a situation where we have, fortunately, discovered it early. But it gave us enough time. So it was not a catastrophic release of water like a dam failure.”

  What’s the over/under on how long it takes Democrats to blame this obviously man-made anomaly on climate change, before using it to try and pass trillions of dollars in new spending?

  Tyler Durden
  Mon, 05/13/2024 – 18:40

• Leftists Triggered By Trump Policy To Potentially Execute Child Sex-Traffickers
  Leftists Triggered By Trump Policy To Potentially Execute Child Sex-Traffickers

  Authored by Steve Watson via Modernity.news,

  Leftist outlet The Huffington Post is upset that Donald Trump has suggested that the death penalty should be extended to drug kingpins and child sex traffickers.

  

  In an article headlined “There’s A GOP Plan For An Execution Spree If Trump Wins The White House,” the outlet points to remarks Trump made two years ago.

  The Huffington Post is freaking out that #DonaldTrump allies are planning to expand the #deathpenalty to include sexual abuse of children – There’s A #GOP Plan For An Execution #Spree If Trump Wins The White House – https://t.co/07ovo9g9Sv

  — Jeff Hertzog (@_jeffhertzog) May 11, 2024

  He stated that while it “sounds horrible” to advocate for the death penalty, countries that don’t have a “drug problem” are “those that institute a very quick trial, death penalty sentence” for traffickers.

  “You execute a drug dealer, and you’ll save 500 lives, because they kill on average 500 people,” Trump asserted at the time.

  The article cites former Trump DOJ official Gene Hamilton, noting that he previously advocated pursuing the death penalty for violent criminals, particularly those convicted of sexual abuse of children. 

  Hamilton wrote that the DOJ “should also pursue the death penalty for applicable crimes—particularly heinous crimes involving violence and sexual abuse of children—until Congress says otherwise through legislation.”

  By referring to past court decisions, the piece subtly argues that the death penalty for child rape “would violate constitutional protections against cruel and unusual punishment.”

  It also negatively points to efforts in states such as Florida to expand the death penalty to such horrific crimes, before pointing out that Joe Biden has previously opposed execution entirely, but is currently remaining silent.

  The article then points to multiple bills in the House and Senate that seek to abolish the death penalty for any crime.

  Why is the left apparently triggered by the suggestion to extend the death penalty to make it an option for convicted violent child rapists?

  *  *  *

  Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

  Tyler Durden
  Mon, 05/13/2024 – 18:20

Digest powered by RSS Digest

• Shocking Headline Of The Day: Germany To Re-Introduce Slavery
  Shocking Headline Of The Day: Germany To Re-Introduce Slavery

  Authored by Mike Shedlock via MishTalk.com,

  Young Germans will have to choose between the Bundeswehr (military service) and unpaid social service work. Libertarians to a person, will call this slavery, because that is what it is.

  

  Germany to Re-Introduce Slavery

  Please consider the Eurointelligence headline story Germany to Re-Introduce Slavery

  The headline might be bordering on the hysterical, but the big idea in German politics right now is to re-introduce the general draft. This is not happening because Germany expects to be at war. It is not about the military at all. Under the plans, young people, male and female, can choose between the Bundeswehr or a year of forced labour in the social services, essentially uncompensated.

  The main reason we see is that their fiscal rules have depleted them with the resources to fund the Bundeswehr and critical social services like old-age care. For example, there is a big row going on right now within the coalition currently between Boris Pistorius, the defence minister, and Christian Lindner, over Pistorius’ demands for another €6bn for the Bundeswehr. The discussions on the reintroduction of the draft are at an early stage. They won’t affect the current budget dispute. But it could go some way to fix the Bundeswehr’s budget issues.

  The SPD leader Lars Klingbeil sugar-coated the idea as giving young people an opportunity to serve the state at one point in their lives. Another underlying assumption is that young people are infinitely stupid. German high school goes until the age of 19. This is higher than elsewhere because German children do not start school until they are 6. With a year of enforced military or social services, they won’t start their studies or apprenticeship until they are 20. A Bachelor’s degree takes three, but this is usually not sufficient. So they will be 24 or 25 when they hit the labour market. This puts them at a distinct disadvantage to young people elsewhere.

  We expect mass emigration as a result. Young Ukrainian men who try to escape the draft often do so at the risk of their lives. Romanian police have discovered bodies of young Ukrainians trying to swim through the Tisa river into Romania. Young Germans won’t have to swim through the Rhine. They can just go anywhere within the Schengen area, and study where they like. For a country that is facing structural labour shortages, the re-introduction of the draft is about the worst policy decision imaginable. The smart people will leave.

  The political support is strengthening. The FDP has called for it. The SPD is also now in favour. The CDU says it is open to a discussion. The AfD will naturally support it. The Greens and the Left Party are opposed, but that won’t be enough to stop it.

  Not an “Opportunity”

  What’s being proposed is not an opportunity. It’s a mandate for servitude.

  I don’t know if it would pass, but Eurointelligence knows more about the internals of German politics than anyone else, so I expect forced servitude is on a train for passage at the moment.

  Mass emigration would undoubtedly be the result. Who wants to give up four years of their life taking care of immigrants, elderly, or preparing for war?

  And the more you prepare for war, the more like it is. Vietnam would not have happened without a draft. Mass protests finally ended it.

  Liberty at Stake

  I replied to a reader moments ago, about unalienable Rights, before I saw the Eurointelligence story.

  In response to Hospitals Turn to Pay In Advance, In Full a reader said there was a “right” to healthcare.

  I responded there was no such right.

  From the Declaration of Independence “We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.”

  I love the wording “unalienable” and “self-evident”. No one can take those rights away.

  I oppose the draft and support anyone anywhere, especially Ukrainians, who decides is is their unalienable right to “liberty” and “pursuit of happiness”, no matter what the government of Ukraine says and does.

  Vivek Ramaswamy

  I seriously cannot understand why many alleged Libertarians support Vivek Ramaswamy.

  For example, Vivek Ramaswamy, the youngest GOP presidential candidate, wants civics tests for young voters 18 to 24

  Though he’s campaigning as the “young” candidate, Ramaswamy would like to make it a little harder for the nation’s youngest voters to cast a ballot. 

  He’s proposing a constitutional amendment that would require citizens 18 to 24 to pass a civics test in order to vote — the same one immigrants take to become naturalized U.S. citizens. Under his proposal, young Americans could, as an alternative, perform six months of military or first-responder service. But if none of these requirements are met, they would have to wait until they turn 25 before they could vote in their first election.

  The Ramaswamy campaign emphasized that this isn’t a plan to raise the voting age because younger voters would still be able to participate if they met the requirements. But Ramaswamy has previously used language that explicitly stated he would try to raise the voting age. 

  “People like Vivek Ramaswamy who are using their age as an element to try and stand out to Gen-Z, they’re very obviously wolves in sheep’s clothing,” said Lucas Robinson, a young voter from Texas. “People our age can really see through people like that.”

  Savanah Now comments “It’s worth noting that Politico reported this year that even Ramaswamy’s own campaign staff didn’t like the idea. The Washington Post reports that younger conservatives don’t like it.”

  Of course, younger voters don’t like it. And if Trump was dumb enough to pick Vivek as his running mate, it could easily cost Trump the election.

  From Vivek2024.Com “The United States faces a 25% recruitment deficit in the military and just 16% of Gen Z say they’re proud to be American. The absence of national pride is a serious threat to our Republic’s survival. At a time when young Americans are taught to celebrate their differences, Civic Duty Voting – and in particular the service path – creates a sense of shared purpose and experience. Serving your nation, knowing something about your nation, or at least living in your nation for a short time as an adult isn’t too much to ask. Our lost civic pride won’t reappear automatically. Reviving it will require boldness.”

  If that does not sound like support for a draft, what does?

  Flashback to the 60s

  Also consider Vivek Ramaswamy wants young voters to pass a civics test. These Americans call it a flashback to the 1960s.

  Today, some Black Americans say Republican candidate Vivek Ramaswamy’s proposal to implement a civics test for voters ages 18 to 24 gives them flashbacks to the hurdles.

  Though the 15th amendment guaranteed the right for Black men to vote, some Southern states passed literacy test requirements and offered exemptions for white people after the Civil War, Olga Koulisis, assistant professor of history at Murray State University, explained.

  Vivek Could Not Pass His Own Civics Test

  AP News comments: Nikki Haley promises to send American special forces into Mexico. Vivek Ramaswamy has accused Mexico’s leader of treating drug cartels as his “sugar daddy” and says that if he is elected president, “there will be a new daddy in town.”

  Politico quotes Vivek: Using military force on cartels without Mexico’s permission “would not be the preferred option, but we would absolutely be willing to do it,” entrepreneur and conservative activist Vivek Ramaswamy said in an interview.

  Bombing Mexico to stop the drug trade, a clear act of war. It’s not the preferred method, but’s that’s OK, he would do it anyway.

  Vivek could not pass his own civics test on who gets to declare war. Notably, his position is close to that of Nikki Haley.

  Vivek, Not a Libertarian

  Vivek is no Libertarian. He’s a charlatan who all along had a single mission, running for Vice President.

  A draft, or forced servitude by any means, is in direct conflict with the unalienable right to liberty. Thus, anyone who says they believe in unalienable rights but supports a draft under any circumstances either does not understand the word unalienable or is a liar,

  Tyler Durden
  Mon, 05/13/2024 – 02:00

• RFK Jr. Unleashed: Biden's Israel "Bait And Switch", COVID Censorship, And Backing Treasuries With Gold And Bitcoin
  RFK Jr. Unleashed: Biden’s Israel “Bait And Switch”, COVID Censorship, And Backing Treasuries With Gold And Bitcoin

  Submitted by QTR’s Fringe Finance

  This weekend I had the pleasure of sitting down with independent 2024 Presidential candidate Robert F. Kennedy, Jr. for an hourlong interview.

  Our interview started with me asking Mr. Kennedy why, if you don’t follow the mainstream media narrative, you are automatically painted in a vile and unfavorable light. He told me: “I think a lot of it is driven by, or fortified at least, by financial interests. Upton Sinclair made this very, very useful statement that it’s almost impossible to persuade a man of a fact if the existence of that fact will diminish his salary.”

  “And we know that the media is dependent on the people that I’ve been suing and critical of for many, many years: the military-industrial complex, the pharmaceutical industry, big oil and coal, the carbon incumbents and big polluters, processed food companies like Kellogg’s, and the people who are poisoning a generation of American kids,” he continued.

  “People who challenge that narrative are outsiders. They become heretics. You cannot debate a heretic; you have to burn them down at the stake. You have to punish them.”

  He continued, talking about pushback from the Covid era: “And I think the way that I look at this, a lot of what I experienced, what a lot of dissenters experienced during COVID or during the McCarthy era or other parts of our history, or, you know, you can see this in countries all around the world, is that dissenters have to be silenced.”

  ---

  Listen to the full hourlong exclusive interview here.

  ---

  “And, you know, one of the ways you do that is through character assassination by applying pejoratives to them that marginalize them. Pejoratives like ‘anti-vaxxer,’ ‘conspiracy theorist,’ ‘anti-science,’ ‘quack’—all of these pejoratives that have been applied to me—it’s a way of silencing me so that nobody has to listen to me because I’m a lunatic, I’m a crazy person,” he told me.

  Explaining further, he said: “And really, what I do, what they call ‘conspiracy theories,’ is me saying, ‘Well, wait a minute. Are you sure these COVID vaccines are going to prevent transmission?’ Which I said in, you know, March of 2020 or May of 2020. And I was saying that because I was looking at the monkey studies, and in the monkeys, they did not prevent transmission.”

  “And yet, Anthony Fauci and Bill Gates and, you know, all of the panjandrums of the medical cartel were up there saying, ‘Do what you’re told. You’re protecting grandma. Protect society. If you take it, it will not spread. You cannot spread it to others.’ And I was looking at the monkey study and saying, ‘There is nothing in these studies that indicate that’s true.’ But when I raised it, that became a conspiracy theory,” he told me.

  He added: “When I suggested that glyphosate, which is the active ingredient of Roundup, was carcinogenic, that was a conspiracy theory — until we won a $2.2 billion jury verdict.”

  

  Mr. Kennedy continued, explaining that the mainstream media drove the narrative during Covid: “We heard from the outset of COVID, repeated again and again on CNN and all the other networks, MSNBC, that you have to trust the experts. Don’t do research yourself. Shut off your capacity for critical thinking. People who go and actually do their own research on the Internet are contemptible, you know, for this.”

  Then he explained why this logic simply doesn’t make sense: “And it was such a weird thing because that ‘trusting the experts’ is not a thing. It’s certainly not a feature of democracy. It’s not a feature of science. It’s the opposite of science. In science, you’re supposed to question everything. In democracy, you’re supposed to question authority. It is a feature of totalitarian governments, and it is a feature of religion.”

  When I asked Mr. Kennedy how we can more fairly assess and debate issues in the future, instead of having to wait for the official narratives to fail — as just happened with Chris Cuomo and ivermectin, as well as the pulling of the AstraZeneca vaccine off of the market — he told me: “We need to raise our children, we need to educate our public to sniff out that bias. And, you know, bias can be financial conflicts of interest, but there are all kinds of biases. There are biases that come from being raised in certain areas, raised in certain neighborhoods, members of certain clubs, and just, you know, the bias that we all have.”

  ---

  🔥 65% off today only: Readers can take 65% off a full year subscription – a discount they can keep for life – by using this link: Zero Hedge 65

  ---

  Kennedy summed it up: “If we’re really going to live fulfilling lives and lives of enlightenment, we have to undergo a process of self-questioning, of self-examination to eliminate biases.

  “And as a country, as a democracy, if we’re going to fulfill our destiny as the world’s exemplary nation, we need to be educating our citizens to have that practice about government institutions.”

  I then asked for Mr. Kennedy’s response to Joe Biden’s recent decision to withhold aid from Israel. He told me: “I think Israel’s war is a moral war. They’ve been attacked for 16 years by Hamas. And then, on October 7th, in this, you know, extraordinarily brutal invasion, every nation has a right to self-defense. And, you know, self-defense means destroying Hamas.”

  “It’s not Israel’s fault that Hamas uses civilian shields. Any other country, any nation faced with this kind of onslaught from a militarily superior nation, would give up and surrender to save their civilian population. Why is Hamas not doing that?” he added.

  “Hamas has no negotiating position. It says that the only concession that Israel could make is the annihilation of the Jewish state. And it actually has, in its charter and in all of its public statements, said that any negotiation with Israel is a violation of Islamic law, except as a ruse.”

  Mr. Kennedy continued, explaining that Israel has “no choice” but to destroy Hamas: “So people are out there demanding a ceasefire, but there have been five ceasefires, and every ceasefire Hamas has used to regroup, to rearm, to hoist the banner, and then to do another surprise attack. Well, I don’t see that Israel has any choice but to destroy Hamas.”

  Speaking about the collateral damage of the war, he commented: “Of course, it’s horrible. The civilian deaths are horrifying to all of us. But look, if you have a bank robbery and one of the robbers takes a hostage, is holding a hostage in his arms as a shield and firing at the police, and the police fire back and the hostage by mistake is killed, you don’t blame the police. The law and public opinion blame the bank robber. And the same thing is true in Gaza. Hamas is victimizing the Palestinian people. It’s pursuing an agenda by Iran, and the Palestinian people are suffering. Gaza should be one of the, you know, it should be a Mecca of economic development.”

  Responding directly to President Biden withholding aid, he commented: “President Biden pulled a kind of bait-and-switch, and I think the longer they prolong the war—and U.S. policy, President Biden’s policy, has, I think, prolonged the war and amplified the human suffering. I think the best thing for Palestine, for Gaza, is if the war ends quickly, which means the elimination of Hamas as quickly as possible and with as little civilian casualties as possible.”

  “And, you know, President Biden went to Congress with a $23 billion aid package, and now he’s not, on that pretense that he was going to get weapons, allowing the purchase of weapons by Israel.”

  Putting the conflict in context, Mr. Kennedy told me: “It’s weird that people say that the only country that shouldn’t be doing this is the one Jewish state. And by the way, there are much bloodier battles with much higher civilian casualties going on right now. In Yemen, I think 300,000 kids have been killed. In Syria, the Uighurs in China, there are conflicts happening all over the world right now, and nobody talks about them, and nobody cares. In the Congo, a million people have already died, and nobody talks about it.”

  “The only thing people want to talk about is when Jews start defending themselves, and there’s something very disturbing about that.”

  When I asked Mr. Kennedy how he plans on managing the country’s budget, given all of our foreign aid, and how he plans on protecting the sanctity of our country’s economy and the U.S. dollar, he explained: “You know, we need to cut our military budget probably in half. We need to cut chronic disease in our country, which is our biggest expense. That’s $4.3 trillion a year. We need to cut waste in government, and there are ways we can do that now that AI can actually help us do in ways we’ve never been able to before.”

  “I’m going to use all of those tools, but we also need to understand that we need to make investments in America’s future and grow our economy. You can’t just cut your way out of inflation. We need to create new industries, we need to reindustrialize our economy, and we need to make our economy larger so that the budget deficits become proportionately smaller.”

  “But, you know, we need to start by making the cuts, and that needs to happen very, very quickly.”

  When I asked him about sound money and possibly returning to a gold standard, he told me: “One of the issues that we’re toying with now is a Treasury bill that is based at least partially—maybe starting at one percent and increasing it—on a hard currency. On base currencies, like maybe a basket of currencies that include platinum, gold, silver, and Bitcoin. You know, my uncle tried to do something like this just before he died with the silver certificate and the gold certificate, to give Americans a hedge against inflation.

  “And there are lots of ways we can do that. We’re talking about making, for example, Bitcoin available and stopping the war against Bitcoin so that middle-class people, working-class people who want to hedge against inflation can do that. They don’t have to rely on fiat currency.”

  “And that will insert a discipline into the printing of money. If Americans have a choice, it will inject a discipline into the printing of money that we do not have right now.”

  You can listen to the full hour long interview audio at this link.

  

  QTR’s Disclaimer: Please read my full legal disclaimer on my About page here. In addition, please understand I am an idiot and often get things wrong and lose money. I may own or transact in any names mentioned in this piece at any time without warning. Contributor posts and aggregated posts have been hand selected by me, have not been fact checked and are the opinions of their authors. They are either submitted to QTR by their author, reprinted under a Creative Commons license with my best effort to uphold what the license asks, or with the permission of the author. This is not a recommendation to buy or sell any stocks or securities, just my opinions. I often lose money on positions I trade/invest in. I may add any name mentioned in this article and sell any name mentioned in this piece at any time, without further warning. None of this is a solicitation to buy or sell securities. These positions can change immediately as soon as I publish this, with or without notice. You are on your own. Do not make decisions based on my blog. I exist on the fringe. The publisher does not guarantee the accuracy or completeness of the information provided in this page. These are not the opinions of any of my employers, partners, or associates. I did my best to be honest about my disclosures but can’t guarantee I am right; I write these posts after a couple beers sometimes. Also, I just straight up get shit wrong a lot. I mention it twice because it’s that important.

  Tyler Durden
  Sun, 05/12/2024 – 23:30

• CFTC Aims To Ban Derivatives Based On Elections, Athletic Competitions And Awards Contests
  CFTC Aims To Ban Derivatives Based On Elections, Athletic Competitions And Awards Contests

  Previously enjoyed betting on the outcome of an event, like a Presidential election? The CFTC wants to make sure that doesn’t happen again.

  According to the Wall Street Journal, the regulator is now targeting “derivatives contracts based on political elections, athletic competitions and awards contests” to try and draw more prominent lines between investing and gambling. 

  The Commodity Futures Trading Commission proposed a regulation to oversee event contracts, a rapidly growing market where investors bet on event outcomes, the report said. 

  The proposed regulation won’t affect sports betting through traditional sportsbooks regulated by state commissions or popular online platforms like DraftKings. Nor will it impact offshore platforms like Betfair, which currently allows U.S. election bets.

  The proposal, approved 3-2 along party lines, will undergo public review before a final vote in the coming months. Democratic commissioners emphasized the potential threat to election integrity posed by political event contracts, particularly with a Biden-Trump rematch looming.

  Christy Goldsmith Romero, a Democratic commissioner, said: “Never before has the sanctity of elections been so critical or so under threat. The CFTC should not allow products in our markets with an unacceptable risk of unchecked abuse and manipulation that could threaten the sanctity of elections, thereby threatening democracy and national security.”

  

  Yet the proposal was called “grossly overbroad” by Summer Mersinger, a Republican commissioner, the report noted. 

  One company that offers “yes” or “no” betting questions has been Kalshi. Event contracts, though small compared to stocks or futures, have grown rapidly since Kalshi launched in 2021. Recent Kalshi contracts included wagers on whether “Oppenheimer” would win Best Picture and if Columbia University’s president would be ousted. 

  CFTC Chair Rostin Behnam, a Democrat supporting the proposal, noted that more event contracts were listed in 2021 than in the previous 15 years combined. 

  The CFTC has previously blocked U.S. trading platforms from launching political betting markets. Last year, it prevented Kalshi from offering contracts based on which party controls Congress, prompting Kalshi to sue the agency in November over the rejection.

  “We look forward to continuing to engage with our regulators and Congress, as we have always done, to ensure that our customers can participate in legitimate trading with legitimate use cases on a legitimate, regulated exchange and not on offshore and illegal markets where there is no customer protection or market integrity,”  Mansour told WSJ. 

  CFTC regulations established after the 2010 Dodd-Frank Act prohibit event contracts involving terrorism, assassination, war, gaming, or illegal activities, but the lack of a clear definition of “gaming” led to disputes over whether it applies to sports and political contracts, prompting Friday’s proposal to explicitly ban wagers on elections, sports, or awards contests.

  Tyler Durden
  Sun, 05/12/2024 – 23:00

• The New York Times Denounces Cancel Culture… After Fueling Cancel Culture For Years
  The New York Times Denounces Cancel Culture… After Fueling Cancel Culture For Years

  Authored by Jonathan Turley,

  For those of us who have criticized the cancel culture in higher education for years, the attacks and shunning have been unrelenting. The media has played a role in that culture and none more prominently than the New York Times. Recently, however, the mob came for liberal professors and media who have remained silent for years as conservatives and others were targeted on campus.

  Suddenly, there is a new interest in free speech and academic freedom, including by the Times editors who blamed cancel culture for the recent demonstrations and disruptions on campus.

  

  Until good liberals were targeted on campus, cancel culture was treated as free speech. It did not matter that preventing others from speaking or being heard is the very antithesis of free speech.

  The New York Times reached true infamy in the controversy over publishing Sen. Tom Cotton’s (R., Ark.) op-ed where he argued for the possible use of national guard to quell violent riots around the White House.

  It was one of the lowest points in the history of modern American journalism. Cotton was calling for the use of the troops to restore order in Washington after days of rioting around the White House.  While Congress would “call in the troops” six months later to quell the rioting at the Capitol on January 6th, New York Times reporters and columnists called the column historically inaccurate and politically inciteful.

  Reporters insisted that Cotton was even endangering them by suggesting the use of troops and insisted that the newspaper cannot feature people who advocate political violence. One year later, the New York Times published a column by an academic who had previously declared that there is nothing wrong with murdering conservatives and Republicans.

  Later, former editors came forward to denounce the cancel culture at the Times and the censorship of opposing views.

  At the same time, the Times has embraced “advocacy journalism.” Former New York Times writer (and now Howard University Journalism Professor) Nikole Hannah-Jones is a leading voice for advocacy journalism. Indeed, Hannah-Jones has declared “all journalism is activism.”

  Now, however, liberal professors and writers are being targeted. After years of turning a blind eye to conservative and libertarian figures being purged from faculties or canceled in events, the Times is alarmed that

  …students and other demonstrators disrupting college campuses this spring are being taught the wrong lesson — for as admirable as it can be to stand up for your beliefs, there are no guarantees that doing so will be without consequence.

  What is most striking is how the editors chastise administrators for lacking the courage that they have not shown for years in standing up to their cultural warriors:

  For several years, many university leaders have failed to act as their students and faculty have shown ever greater readiness to block an expanding range of views that they deem wrong or beyond the pale. Some scholars report that this has had a chilling effect on their work, making them less willing to participate in the academy or in the wider world of public discourse. The price of pushing boundaries, particularly with more conservative ideas, has become higher and higher…

  It has not gone unnoticed — on campuses but also by members of Congress and by the public writ large — that many of those who are now demanding the right to protest have previously sought to curtail the speech of those whom they declared hateful.

  It is certainly good to see the “Old Gray Lady” have second thoughts about cancel culture. However, she might want to look inwardly before casting more cultural stones.

  Tyler Durden
  Sun, 05/12/2024 – 22:30

• Coffee Is Anti-Aging, Linked To Prevention Of Dementia And Sarcopenia: Study
  Coffee Is Anti-Aging, Linked To Prevention Of Dementia And Sarcopenia: Study

  Authored by Ellen Wan via The Epoch Times (emphasis ours),

  Enjoying a cup of joe can offer more than just a pick-me-up: It has been shown to have numerous health benefits, especially for older people. Research has found that the natural molecule in coffee, trigonelline, can help improve sarcopenia (age-related muscle loss) and maintain muscle function during aging.

  

  Muscle mass and function gradually decline as we age, potentially leading to sarcopenia. This can hinder mobility and even result in dependence and disability. The hallmarks of sarcopenia include a decline in nicotinamide adenine dinucleotide (NAD+) levels and mitochondrial dysfunction.

  Recent Research

  A study published in Nature Metabolism in March found that trigonelline is a precursor to NAD+. Increasing the therapeutic dose of trigonelline can raise the levels of NAD+ in the cells of sarcopenia patients. Supplementing trigonelline also enhanced mitochondrial activity, NAD+ levels, and muscle function in aged mice. Furthermore, long-term supplementation of trigonelline significantly increased grip strength in the forelimbs of aged mice.

  However, the study also pointed out that sarcopenia is a multifactorial disease, and trigonelline cannot reverse all its causes. It must be combined with other nutrients that help maintain muscle, such as protein, vitamin D, or omega-3 fatty acids.

  Nutrition and physical activity are important for older people to maintain healthy muscles. Assistant professor Vincenzo Sorrentino from the Health Longevity Translational Research Program at the National University of Singapore Yong Loo Lin School of Medicine, who participated in the study, stated in a press release that this research on trigonelline has increased the potential for achieving healthy longevity and addressing age-related diseases.

  Trigonelline is found in plant-based foods such as coffee beans and fenugreek seeds.

  A study involving 1,781 older Korean men indicated that coffee consumption was associated with a reduced risk of sarcopenia. Compared to those who drank less than one cup of coffee per day, individuals who drank at least three cups of coffee per day had a significantly lower probability of developing sarcopenia. However, the risk reduction was less pronounced among those who consumed one or two cups of coffee daily.

  Understanding the Benefits and Drawbacks of Coffee Consumption

  Many people drink coffee without considering its health benefits or risks. However, debates about coffee have been ongoing for a long time.

  Coffee is a complex mixture containing approximately 1,000 chemicals. Human reactions to coffee or caffeine vary, and the effects can vary significantly depending on the amount consumed.

  One study found that drinking three to five cups of coffee per day in midlife was associated with a 65 percent lower risk of developing dementia or Alzheimer’s disease in old age. Another study found that compared to light coffee drinkers (one to two cups per day), heavy coffee drinkers (more than six cups per day), non-coffee drinkers, and those who drank decaffeinated coffee had higher odds of developing dementia.

  A study published in The New England Journal of Medicine in 2020 showed that consuming three to five cups of coffee daily was associated with a reduced risk of several chronic diseases. However, considering that excessive caffeine intake may have some adverse effects, it is recommended that adults who are not pregnant or breastfeeding limit their daily caffeine intake to 400 milligrams, while pregnant and breastfeeding women should limit their daily caffeine intake to 200 milligrams. Additionally, research has found that very high caffeine intake (more than 1,000 milligrams per week) is a risk factor for anxiety and depression.

  Due to the differences in coffee bean varieties and extraction methods, the caffeine content can vary significantly. Therefore, when consuming coffee daily, checking the actual caffeine content listed on the product packaging is recommended.

  It is also important to note that many commercially available coffees are often mixed with heavy cream and flavored syrups, which can add extra calories, sugar, and saturated fat, diminishing the health benefits of black coffee.

  Iced Pumpkin Spice Latte

  Johns Hopkins Medicine shared an easy-to-make and healthy coffee recipe on its website:

  Ingredients:

  • 1 cup brewed coffee
  • ½ cup canned plain pumpkin
  • ½ cup milk
  • 2 teaspoons pumpkin pie spice (or ½ teaspoon each of cinnamon, ginger, nutmeg, and allspice)
  • 1 teaspoon vanilla extract
  • 4 ice cubes

  Preparation: Blend all ingredients for a seasonally-inspired beverage. Adding pumpkin helps increase fiber intake, which is beneficial for gut health.

  Note: It is advisable to use as little sugar as possible. If you must add a sweetener, consider using a small amount of pure maple syrup.

  Tyler Durden
  Sun, 05/12/2024 – 21:30

• Seattle Could Shutter 20 Elementary Schools Due To Budget Constraints
  Seattle Could Shutter 20 Elementary Schools Due To Budget Constraints

  When happens when your city pisses away all of your tax revenue on trying to feed, shelter and coddle activists and homeless people? You wind up having to make budget cuts. And, in Seattle, those cuts could be coming in the form of closing up to 20 elementary schools. 

  The district’s budget deficit has reached more than $100 million, according to new reporting from MYNorthwest. 

  And Superintendent Brent Jones’ proposal for ‘Well-Resourced Schools’ might lead to the shutdown of over a quarter of the district’s 73 elementary schools, the report says. 

  According to the Seattle Public Schools, 29 of these schools have fewer than 300 students each, and are considered under-enrolled. The district warns that keeping these schools open may necessitate cuts or the elimination of preschool programs, a reduction in core staff, larger class sizes, and fewer curriculum offerings.

  The plan has been met with considerable opposition from both parents and teachers, who expressed their concerns at Wednesday’s meeting.

  

  Ben Gitenstein, a parent of a student in the SPS district commented: “It’s not 20 schools, it’s 20 communities. All the kids who thought they knew who their next year’s teacher would be. All the local mom-and-pop stores that sell ice cream to the kids after school, they’re all going to be seriously impacted.”

  He continued: “Closing neighborhood schools is really bad for neighborhoods and it’s really bad for all of us because, at the end of the day, the real problem here is enrollment.”

  Superintendent Brent Jones commented: “We’re trying to make sure we’re focused on the students’ experience and not just a building.”

  The report concluded stating that, at the meeting, Jones reflected on his own experiences as a student within SPS, noting that he attended four different elementary schools. He described each transition as a positive experience.

  School closures, under his plan, would not take place until the 2025-2026 school year at the earliest. He is scheduled to present an initial recommendation at a school board meeting on June 10.

  Good luck with that.

  Tyler Durden
  Sun, 05/12/2024 – 21:00

• Newsom Forced To Slash California Budget, Blames Crippling Deficit On "Rain Bombs" And Tax Shortfalls
  Newsom Forced To Slash California Budget, Blames Crippling Deficit On “Rain Bombs” And Tax Shortfalls

  In the course of two years, California has turned a $100 billion surplus into a $73 billion deficit, forcing governor Gavin Newson (D) to propose painful (token) spending cuts on Friday while announcing his revised state budget.

  

  When asked how the state was able to achieve such a monumental fail, Newsom – who claims the deficit is actually $27.6 billion (to which even AP called him out) – blamed a reduction in taxes from capital gains income, which surged in 2021 amid a raging stock market and plummeted in 2022. Then, in 2023, the state ‘continued to collect less tax revenue than projected’ due to capital loss carryovers. He also blamed “unexpected rain bombs” – which caused the IRS to extend the tax filing deadline for most California taxpayers in 2023 following severe winter storms. When those taxes were eventually collected, they were 22% below expectations, according to the Governor’s office.

  Watch:

  According to AP, Newsom will cut $6.7 billion set aside for doctors who treat Medicaid patients, cut off healthcare to 14,000 disabled migrants in their home, saving $94.7 million, and slashed $550 million that was headed towards state schools in order to build new facilities.

  Republican State Senator Brian Dahle called the cuts a “hollow gesture, at best,” adding “The governor’s national ambitions have triggered a massive exodus of people and businesses creating an enormous revenue shortfall of personal and corporate income taxes.”

  “You can’t have a good government without a strong private sector. Plain and simple, people are being priced out of California from bad policies and mismanagement,” Dahle continued.

  In total, Newsom is proposing $32.8 billion in cuts over two years – including an 8% cut to state operations, which he says will shore things up.

  Of course, we know that’s bullshit.

  Refreshing your memory from early April, Mike Shedlock gave a sobering view into reality;

  *  *  *

  The City Journal founder Ed Ring comments on the Golden State Budget Fantasy

  While finalizing the upcoming fiscal year’s state budget back in May 2022, California governor Gavin Newsom boasted of an extraordinary projected surplus: $97 billion. The governor immediately collaborated with an enthusiastic state legislature to spend it all. Of course, new spending on new programs and benefits tends to become permanent.

  This has happened repeatedly in California. Between fiscal year 2012–13 and fiscal year 2022–23 (the year with the projected $97 billion surplus), per capita general-fund spending doubled, from just over $3,000 per resident to just under $6,000. (All figures are in 2022 inflation-adjusted dollars.)

  The State Office of Legislative Analyst’s latest report projects a $73 billion dollar deficit for the next fiscal year. It won’t be easy to paper over this debt, but the state may use its opaque accounting system to hide the ball.

  California’s general-fund budgets are reported on a cash basis. The state’s balance sheet, however, uses “accrual-based accounting.” Without getting too far into the weeds, this is an apples v. oranges situation. Instead of the algebraic perfection of private-sector income statements, balance sheets, and cash flows, government accounting provides no easy way to reconcile what you see on the budget.

  Some watchdogs, however, have succeeded in cracking the code. John Moorlach, one of the only certified public accountants to serve in the California State Senate, just published a review of the state’s fiscal health, focusing on the balance sheet. According to Moorlach, California’s balance sheet is in trouble.

  Moorlach declared in a March California Insider interview that the state “now has the largest unrestricted net deficit in the US: $222 Billion.” In plain English, Moorlach is saying that California’s state government accounts have liabilities that exceed assets by $222 billion. No matter how creative Newsom and his financial wizards may be, someday that money will have to be paid.

  A remedy that California has turned to over the years and will undoubtedly turn to now is to accumulate additional long-term debt. Emulating the federal government, but lacking its dollar-printing ability, California’s state and local governments and agencies have racked up over a trillion dollars in debt, primarily in bonds and unfunded pension liabilities. These liabilities, too, must be paid. Since that’s all but impossible, the liabilities must be serviced with payments that, just as at the federal level, will eat up more and more of the operating budgets.

  How Much Is California in Debt?

  The above link says over a trillion. That’s being very generous to California. Click on it to discover … California State and Local Liabilities exceed $1.6 Trillion.

  California’s total state and local government debt now stands at almost $1.6 trillion, or about half the state’s GDP.

  That isn’t an alarming ratio when compared to the national debt, which has now soared to 128 percent of U.S. GDP with no end in sight. But Californians carry this $1.6 trillion state and local debt ($40,000 per capita) in addition to their share of the national debt (about $90,000 per capita).

  That article was from February of 2022. I suspect the liabilities are now close to $2 trillion.

  Cost of Running a McDonalds Jumps $250,000 in CA

  On February 4, I noted the Cost of Running a McDonalds Jumps $250,000 in CA Due to Minimum Wage Hikes.

  A blowback is underway.

  California Restaurants Cut Jobs

  On March 26, I commented California Restaurants Cut Jobs as Fast-Food Wages Set to Rise

  Proposition 103 Backfires

  Citing wildfire risk, State Farm will not renew policies on 30,000 homes and 42,000 business in California.

  

  Also on March 26, I commented Proposition 103 Backfires, State Farm to Cancel 72,000 California Policies

  Blame the state, not insurers.

  Congratulations to NY, IL, LA, and CA for Losing the Most Population

  

  People in California, increasingly getting sick of the state’s progressive madness, are voting with their feet.

  For discussion, please see Congratulations to NY, IL, LA, and CA for Losing the Most Population

  Absolute Basis Losers

  • New York: -631,104

  • California: -573,019

  • Illinois: -263,780

  California Leads the Nation in Unemployment

  The BLS metro shows unemployment rates were up in 218 of 389 metro areas. Nonfarm employment only rose in 59 areas.

  

  On March 15, I noted Unemployment Rates Rose in 218 of the 389 Metropolitan Areas

  Unsurprisingly, California has the highest unemployment rate in the nation at 5.7 percent vs. 4.1 percent nationally.

  A Booming Economy?

  California has massive problems although the stock market is at a record high and the economy is allegedly booming. The next recession will hit California exceptionally hard, and it’s not too far off. 

  Tyler Durden
  Sun, 05/12/2024 – 20:00

• Kansas Democrat Governor Vetoes Bill Restricting Foreign Ownership Of Land Near Military Bases
  Kansas Democrat Governor Vetoes Bill Restricting Foreign Ownership Of Land Near Military Bases

  Authored by Aldgra Fredly via The Epoch Times (emphasis ours),

  Kansas Gov. Laura Kelly vetoed a bill on Friday that aimed to prevent companies of China and other “foreign adversaries” from acquiring real property near military installations in the state.

  

  Senate Bill 172 aims to block individuals or companies from “countries of concern” from owning any interest in land located within a 100-mile radius of a military installation in Kansas.

  Under the bill, any foreign principal that owns or acquires any interest in real property in Kansas would be required to file registration with the attorney general and divest of the property.

  The Democratic governor has vetoed the proposed legislation, saying that the bill contains provisions that are “overly broad” and “not narrowly tailored” to protect the state from foreign adversaries.

  “While I agree that it is important for our state to implement stronger protections against foreign adversaries, this legislation contains multiple provisions that are likely unconstitutional and cause unintended consequences,” Ms. Kelly said in a statement.

  “Additionally, the retroactive nature of this legislation raises further serious constitutional concerns,” she added.

  Ms. Kelly said the legislature should consider proposals that protect Kansas from “bad actors” without affecting the state’s legitimate business relationships with potential trading partners and small businesses.

  “I am not willing to sign a bill that has the potential to hurt the state’s future prosperity and economic development,” the governor stated.

  According to a report by Kansas State University, foreign investors from China own a single acre of privately held agricultural land in the state. China is among the countries listed as U.S. foreign adversaries.

  As of 2021, China ranked as the third-largest export market for Kansas, trailing behind Mexico and Canada, according to a Kansas Export Statistics Executive Summary.

  Republicans Voice Disappointment

  Kansas Republicans have criticized Ms. Kelly’s decision to veto the bill. House Speaker Dan Hawkins, Majority Leader Chris Croft, and Speaker Pro Tempore Blake Carpenter issued a joint statement saying that the governor is putting military installations in Kansas at risk.

  “Foreign adversaries, such as China, have made their intentions toward the U.S. and our democracy abundantly clear,” Mr. Hawkins said in the statement.

  “It’s shameful that our governor has chosen not to take those threats seriously, leaving Kansas’ critical infrastructure and military installments exposed,” he added.

  Mr. Croft described the governor’s veto as “beyond disappointing,” saying that it leaves the state’s military bases and other critical infrastructure “wide open for adversarial foreign governments.”

  “The assets of this state are too important for us to sit on our hands and wait until it’s too late,” he stated. “This bill was carefully designed with input from everyone who wanted a say on how we should move forward.”

  Mr. Carpenter said he remains committed to protecting the military installations in Kansas and “ensuring that the Chinese Communist Party and other foreign adversaries do not compromise Kansas’s safety.”

  Similar Legislation in Other States

  Similar legislation has been introduced in several states, including Georgia, Iowa, Utah, and Oklahoma. The South Carolina Senate passed a bill in March that will partly ban companies or citizens of foreign adversaries from acquiring real property in the state.

  Stop AAPI Hate, a coalition aimed at ending discrimination against Asian Americans and Pacific Islanders, has condemned the measure and said it could stoke “xenophobia” among Asian American communities.

  “These land ban laws label our communities as untrustworthy, blame them for the actions of another country’s government, and stoke the flames of racism, xenophobia, and hate,” Cynthia Choi, co-founder of Stop AAPI Hate, said in a statement after Georgia’s passage of the bill.

  As of December 2021, China accounted for 383,935 acres of the 40 million acres of U.S. agricultural land owned by foreign investors, according to a report by the U.S. Department of Agriculture (USDA).

  While the acreage under Chinese ownership is slightly less than 1 percent of all foreign-held agricultural land, it represents a nearly 30-fold leap from 13,720 acres in 2010, according to a U.S.-China Economic and Security Review Commission report.

  Caden Pearson contributed to this report.

  Tyler Durden
  Sun, 05/12/2024 – 19:30

• Ukraine Warns Against Questioning Zelensky's Legitimacy Due To Wartime Suspension Of Elections
  Ukraine Warns Against Questioning Zelensky’s Legitimacy Due To Wartime Suspension Of Elections

  The end of Volodymyr Zelensky’s five year term as president of Ukraine is set to end by the close of May, at least according to what was stipulated upon his getting elected, however, the government has made it clear there will be no new election.

  Officials have cited martial law due to the Russian invasion to say that after his five-year term ends on May 21, there won’t be a new election until after martial law and wartime regulations are lifted.

  

  Ukraine’s Minister of Justice, Denys Malyuska, confirmed this in a fresh weekend interview with BBC News Ukraine. “The president’s powers endure until the election of his successor. However, certain provisions of the Constitution are open to interpretation, inviting speculation or conspiracy theories,” Malyuska said when asked about ongoing speculation over what happens after May 21st.

  He explained, “There may be considerable debate and criticism, particularly considering that the Constitution’s framers may not have fully anticipated the possibility of Ukraine being embroiled in a large-scale conflict, leading to some provisions being inadequately formulated.”

  When asked about appealing to a Constitutional Court in order to seek clarification, Malyuska said that it is ill-timed. Or in essence he said it won’t happen and warned against such an effort.

  “Such an appeal would imply legitimate questions and doubts, warranting resolution by the Constitutional Court. Given the country’s communication and security challenges, openly questioning the president’s legitimacy would be a grave error.”

  “Therefore, I see no merit in approaching the Constitutional Court presently. Perhaps, in the future, under different circumstances, it could be considered, but not at this juncture,” Malyuska followed with.

  Meanwhile, at a moment that Russia’s new cross-border Kharkiv offensive is in full swing, President Zelensky is telling the nation not to panic:

  Ukraine’s leader Volodymyr Zelenskiy called on his people not to panic amid Russia’s ongoing advance in the Kharkiv region that’s jeopardizing a local city.

  Ukrainians should trust in their army defending the country’s northeastern border area and not “yield to emotions” despite the fierce fight there and the “extremely difficult” situation on the outskirts of Vovchansk, Zelenskiy said in his regular evening statement on Sunday.

  “The advance in the Kharkiv region aims to stretch our forces and undermine their morale and motivation,” Zelensky said. “Defense battles have never been simple, and they become even more challenging when an enemy manages to instill fear.”

  There are reports that Russian forces have been rapidly advancing in the north this weekend…

  #BREAKING Russia is unexpectedly opening a new front in northern Ukraine – Sky News

  The Russian army has taken control of Strelche, Krasnoe, Pilna, and Borisovka in the Kharkiv region. pic.twitter.com/2DEMYUWbuk

  — Russian Market (@runews) May 10, 2024

  https://platform.twitter.com/widgets.js

  Russia is said to be seeking to create a 10km deep ‘buffer zone’ inside Ukrainian territory in order to better deter against cross-border mortar and drone attacks on the Belgorod region. According to the latest Sunday headlines:

  • RUSSIA CLAIMS CAPTURE OF MULTIPLE VILLAGES IN KHARKIV REGION, INCLUDING VOVCHANSK, PROMPTING MASS EVACUATIONS – SOURCES
  • UKRAINIAN PRESIDENT ZELENSKIY URGES CALM AMIDST RUSSIAN ADVANCES IN KHARKIV, EMPHASIZING TRUST IN THE ARMY’S DEFENSE EFFORTS – SOURCES
  • DESPITE REPORTS OF RUSSIAN GAINS, UKRAINIAN FORCES RESIST AND ATTEMPT COUNTER-ATTACKS IN THE REGION – SOURCES
  • FOCUS OF RUSSIAN OFFENSIVE APPEARS TO BE ESTABLISHING A BUFFER ZONE RATHER THAN DIRECT ASSAULT ON KHARKIV CITY, ACCORDING TO ANALYSTS – SOURCES
  • UKRAINIAN FORCES RESIST AND ATTEMPT COUNTER-ATTACKS IN THE REGION

  Scores of Russian civilians have been killed and wounded over the last several months by such shelling. Moscow has warned it will punish Ukraine for such attacks directly on Russian territory.

  Tyler Durden
  Sun, 05/12/2024 – 19:00

• Blame Canada? Justin Trudeau Creates Blueprint For Dystopia In Horrific Speech Bill
  Blame Canada? Justin Trudeau Creates Blueprint For Dystopia In Horrific Speech Bill

  Authored by Matt Taibbi via Racket News,

  On February 21st, Canadian Prime Minister Justin Trudeau gave a press conference in Edmonton, announcing his government’s decision to introduce the Online Harms Act, or Bill C-63. It was described in Canadian media as a “bill to protect kids” that would stop the “exploitation of children,” and Trudeau’s curt speech focused solely on minors. The scarf-clad PM angrily dismissed criticisms the bill might have a broader focus.

  “I look forward to putting forward that Online Harms bill, which people will see is very, very specifically focused on protecting kids, and not on censoring the Internet,” he said sharply. “I think everyone, wherever they are in the political spectrum, can agree that protecting kids is something governments should be focused on doing.”

  Soon after, on February 26th, Trudeau’s government introduced the bill. Canada’s stable of retreating, credulous on-air personalities announced its rollout like the arrival of penicillin. “Tonight, Web of Harm,” gushed CTV’s Omar Sachedina. “Tackling online dangers and safeguarding children… The long-awaited framework for protecting the vulnerable…”

  There was little initial uproar. What could be wrong with increasing child safety, or “protecting the vulnerable”?

  Then people read the bill.

  “If you look at the purpose of this law, it’s actually quite noble and most lawyers would agree with it,” says Canadian attorney Dan Freiheit. “Online safety, protecting children’s physical and mental health.” But the actual text?

  “It’s wild,” Freheit says.

  Trudeau was lying when he said C-63 was “very, very specifically focused on correcting kids.” The purview of the Online Harms Act extends far beyond speech, reimagining society as a mandated social engineering project, creating transformational new procedures that would:

  • enlist Canada’s citizens in an ambitious social monitoring system, with rewards of up to $20,000 for anonymous “informants” of hateful behavior, with the guilty paying penalties up to $50,000, creating a self-funded national spying system;

  • introduce extraordinary criminal penalties, including life in prison not just for existing crimes like “advocating genocide,” but for any “offence motivated by hatred,” in theory any non-criminal offense, as tiny as littering, committed with hateful intent;

  • punish Minority Report pre-crime, where if an informant convinces a judge you “will commit” a hate offense, you can be jailed up to a year, put under house arrest, have firearms seized, or be forced into drug/alcohol testing, all for things you haven’t done;

  • penalize past statements. The law gets around prohibitions against “retroactive” punishment by calling the offense “continuous communication” of hate, i.e. the crime is your failure to take down bad speech;

  • force corporate Internet platforms to remove “harmful content” virtually on demand (within 24 hours in some cases), the hammer being fines of “up to 6% of… gross global revenue.”

  Things you’re saying, things you’ve already said, things an administrative judge thinks you might say, all barred, with neighbors deputized as enforcers? Good times. Leave it to Trudeau, a frequent trailblazer in new forms of illiberalism in the digital age, to come up with this quantum leap downward on the rights front. C-63 is a Frankenstein’s Monster combining the worst censorship ideas already deployed by supposed ally government-in-laws like Europe’s Digital Services Act, Australia’s updated Australian Communications and Media Authority Act (ACMA), and Scotland’s Hate Crime and Public Order Act, which saw 7,152 complaints in its first week when the law took effect last month.

  Trudeau’s creation is a turbo-charged social surveillance law aimed first at forcing big platforms like Facebook and Twitter to “self-police,” but secondarily targeting individuals and doling out civil and criminal penalties for speech and thought on a scale not seen anywhere. What constitutes hateful conduct? While the bill newly defines hate speech as “likely to foment detestation or vilification” of Canada’s growing list of protected groups and individuals, Canadian lawyers interviewed were generally unsure of what the standard might look like in practice.

  “It’s impossible to know what exactly it’s going to mean,” says Bruce Pardy, Executive Director of Rights Probe. “So you’re going to have to rely upon the court in a criminal prosecution, or the human rights tribunal in a human rights proceeding, to put their own interpretation on that, and figure out where the line is.”

  Despite being split on how serious the immediate impact might be (“We’re not looking at prisons full of people doing life for misgendering” said one), most attorneys seemed to agree C-63 will be a game-changer if passed, aimed beyond speech at the very concept of individual rights, chipping away at ideas like the presumption of innocence and the right to face one’s accuser, and using traditionally dubious tools like ex post facto laws.

  On one level, it’s not surprising, given Canada’s historically diffident attitude toward rights — the first section in the country’s Charter of Rights and Freedoms, ironically introduced when Trudeau’s father Pierre was Prime Minister, is essentially a giant loophole — but this Prime Minister appears determined to swap out Canada’s reputation for brotherhood, humor, and generosity for a new one based on rigidity and collective paranoia.

  

  There’s a long backstory of important recent laws and Supreme Court cases that helped push Canada down a path toward C-63, but this bill still stands apart as a unique problem, and only a few domestic media outlets have been willing or able to criticize it. One of those is Rebel News, whose founder Ezra Levant says Canadians could really use America’s help in sounding the alarm. “Canadians need to fight for our own freedom, but the Canadian political and media establishment are obsessed by what U.S. journalists and politicians have to say about us,” Levant says. “So any attention Americans can bring to this civil liberties bonfire really makes a difference. Frankly, we need your help.”

  How bad is C-63? See for yourself, in a tour through its key sections:

  The biggest headline-grabber in C-63 involves new provisions for life imprisonment for speech offenses. There are really two. “Advocating genocide” is already a crime in Canada, but C-63 boosts its maximum penalty from five years to life. “Life sentences for sending out some words. That’s heavy,” Canada’s former Supreme Court Chief Justice, Beverley McLachlin, told journalist Edward Greenspon.

  Andrea MacLean of the Calgary-based JSS Barristers is among the lawyers who don’t necessarily foresee an avalanche of life sentences for speech offenses, but does worry the draconian life sentence provisions might have serious downstream effects.

  “They might encourage people to take plea deals they wouldn’t otherwise take,” MacLean says.

  

  As bad as the “sending out some words” portion is, a more frightening provision prescribes potential life sentences for any “offence motivated by hatred.” This is a difficult concept, but what the law proscribes is any violation of any “Act of Parliament,” no matter how minor, combined with hateful motivation. One example given was crumpling up an anti-gay flier and throwing it out the window in a national park, which would combine a federal littering prohibition with hate speech. Another attorney suggested this could refer to something like denial of restaurant service, and marveled that “this takes civil offenses and makes them into crimes.”

  I heard conflicting takes on this section, and it’s worth noting that Justice Minister Arif Virani has repeatedly described this “offence motivated by hatred” section as hateful intent mixed with a “criminal” offense like theft, assault, or murder. But the text reads like a parody of the American “hate crime enhancement” idea:

  

  The “prior restraint” portion of C-63 describes the process by which a person can be punished preemptively if an informant convinces a judge that either a “hate propaganda offence” or the aforementioned “offence motivated by hatred” has a “reasonable” chance of occurring:

  

  This clause might particularly affect a high-profile person like J.K. Rowling who’s already declared an intention to keep saying things deemed offensive to Canadians, who in 2017 passed a law (C-16) forbidding “gender identity” discrimination. Pardy, who described the 2017 measure as a “weaponization of human rights law,” says C-63 is like that act “on steroids.” This pre-crime provision includes a long list of potential punishments, ranging from house arrest, scheduled exit and entry from the home, ankle monitoring, and seizure of firearms. MacLean pointed out that this guts Canada’s Section 11 guarantee of presumption of innocence unless guilt is proven “beyond a reasonable doubt.” Again, a “reasonable” chance the crime will occur is sufficient to justify detention…

  Subscribers to Racket can read the rest here…

  Tyler Durden
  Sun, 05/12/2024 – 18:25

• Israeli Attacks Intensify Across Gaza, Rafah Civilians Have Nowhere To Go
  Israeli Attacks Intensify Across Gaza, Rafah Civilians Have Nowhere To Go

  Via Middle East Eye

  Israeli tanks have moved into eastern Jabalia in northern Gaza following a night of intense bombardment, which has killed some 19 Palestinians and flattened residential blocks, according to health officials.

  Israeli fire targeted ambulances near the camp’s Unrwa clinic, Wafa news agency is reporting. The Israeli army said that the latest incursion on the camp was to prevent Hamas from “rehabilitating military capabilities” there.

  

  In other areas of Gaza, Israeli air strikes reportedly killed some 27 Palestinians overnight. In Rafah, 18 Palestinians were killed in air strikes,  including several children, according to Wafa.

  Wafa is also reporting that the continuing air strikes have killed dozens more in the past few hours, with 12 bodies arriving at Kamal Adwan Hospital in Beit Lahiya, in northern Gaza.

  The director of the UN agency for Palestinian refugees, Sam Rose, has warned that Palestinians in Rafah are being instructed to evacuate to a nearby “expanded humanitarian area” which is already overcrowded and lacking in essential services.

  In an interview with BBC news, Sam Rose explained that al-Mawasi is “essentially sand dunes on the Mediterranean coast that are crowded with hundreds of thousands of people” who have already been displaced.

  “There is no water network, there is no infrastructure, sewage, sanitation,” he said.

  .@BarakRavid @axios sources suggest the Israelis are going to try to salami-slice Rafah to avoid crossing Biden’s “red line”: https://t.co/ND4EgQ4McI

  — Sam Heller | سام هيلر (@AbuJamajem) May 10, 2024

  https://platform.twitter.com/widgets.js

  Here are some of the latest updates:

  • The Israeli military has intensified attacks across Gaza in the past 24 hours, with 27 Palestinians killed overnight, including several children in southern Rafah.

  • Israeli forces “carpet-bombed” Jabalia refugee camp in northern Gaza, killing and wounding several Palestinians, Wafa news agency is reporting. Residential houses and evacuation centres have been flattened. The death toll is currently unknown.

  • In the West Bank, Israeli forces have raided the Arroub refugee camp near Hebron on Sunday, Wafa is reporting.

  • UN Secretary-General Antonio Guterres renewed calls for an “immediate ceasefire”.

  • UN agencies have warned that food supplies for distribution in southern Gaza will run out today.

  • Unrwa estimates that 300,000 Palestinians have fled Rafah in the last week, emphasising that displaced people have “nowhere safe to go”.

  Tyler Durden
  Sun, 05/12/2024 – 17:15

• Watch: Pelosi Dismantled In Real Time In Masterclass On Populism
  Watch: Pelosi Dismantled In Real Time In Masterclass On Populism

  Two weeks ago, former House Speaker Nancy Pelosi was thoroughly savaged during a debate at Oxford University over the question of whether populism is a “threat to democracy.” In case you missed it, read on as it’s making the rounds. If you have 14 minutes to spare, jump right in:

  Opening the case for the left was Rachel Haddad, Secretary of the Oxford Union. She argued that populist leaders like Donald Trump and Nigel Farage pose a threat to democracy, and are not a “new generation of geniuses” who can find simple solutions to longstanding, complex problems.

  Pelosi closed the debate for the proposition, defining populism as an “ethno-nationalist populism, generated by an ethnic negativity to immigrants, people who are different from them and the rest” (so, ‘they’re racists!’).

  Speaking against the motion were Union committee members Sultan Kokhar (Chair of Consultative Committee) and Oscar Whittle (Director of Research), as well as former Mumford & Sons lead guitarist, Winston Marshall – now a podcaster for The Spectator – who got into an exchange with Pelosi during parts of his speech.

  Marshall started out by saying:

  “Words have a tendency to change meaning when I was a boy, “woman” meant “someone who didn’t have a cock.”

  Populism has become a word used synonymously with “racists.” We’ve heard “ethno-nationalist,” with “bigot,” with “hillbilly,” “redneck,” with “deplorables.”

  Elites use it to show their contempt for ordinary people.”

  He then noted that Barack Obama, while still president, tried to frame he and Bernie Sanders as actual populists vs. Donald Trump, who ‘doesn’t care about working people.’

  But then, “If you watch Obama’s speeches after that point, more and more recently, he uses the word “populist” interchangeably with “strong man,” with “authoritarian.” The word changes meaning, it becomes a negative, a pejorative, a slur.”

  “To me, populism is not a dirty word. Since the 2008 crash and specifically the trillion-dollar Wall Street bailout, we are in the populist age, and for good reason. The elites have failed,” Marshall continued.

  He then got into it with Pelosi after drawing a parallel between January 6th and June 2020, saying: “I’m sure Congresswoman Pelosi will agree that the entire month of June 2020, when the federal courthouse in Portland, Oregon was under siege, and under insurrection by radical progressives, those too were dark days for America.”

  To which Pelosi shot back, “You are not. There is no equivalence there,” adding “It is not like what happened on January 6, which was an insurrection incited by the president of the United States.”

  Read on for Marshall’s complete masterclass in populism (transcript courtesy of RealClear Politics).

  My point, though is that all political movements are susceptible to violence, and indeed insurrection. And if we were arguing that fascism was a threat to democracy, I’d be on that side of the House.

  Indeed, the current populist age is a movement against fascism. I’ve got quite a lot to get through.

  Populism as you know, is the politics of the ordinary people against an elite, populism is not a threat to democracy. Populism is democracy, and why else have universal suffrage, if not to keep elites in check?

  Ladies and gentlemen, given the success of Trump, and more recently, Javier Milei taking a chainsaw to the state behemoth of Argentina’s bureaucratic monster, you’d be mistaken for thinking this was a right-wing populist age, but that would be ignoring Occupy Wall Street. That would be ignoring Jeremy Corbyn’s “for the many, not the few,” that would be ignoring Bernie against the billionaires, RFK Jr. against Big Pharma, and more recently, George Galloway against his better judgment. Now all of them, including Galloway, recognize genuine concerns of ordinary people being otherwise ignored by the establishment.

  I’m actually rather surprised that our esteemed opposition, Congressman Pelosi, is on that side of the motion. I thought the left was supposed to be anti-elite. I thought the left was supposed to be anti-establishment today, particularly in America, the globalist left have become the establishment. I suppose for Miss Pelosi to have taken this side of the motion, she’d be arguing herself out of a job.

  But it’s here in Britain, where right and left populists united for the supreme act of democracy, Brexit. Polls have showed the number one reason people voted for Brexit was sovereignty, for more democracy.

  What was the response of the Brussels elite? They did everything in their power to undermine the Democratic will of the British people and the Westminster elite were just as disgraceful. As we’ve heard, David Cameron called the voters “fruitcakes, loonies and closet racists.” The liberal Democrats did everything they could to overturn a democratic vote. Keir Starmer campaigned for a second referendum. Elites would have had us voting and voting and voting until we voted their way. Indeed, that’s what happened in Ireland and in Denmark.

  Let’s look at some of the other populist movements. The Hong Konger populist revolt is literally called the Pro-Democracy Movement. In the Farmer revolts from the Netherlands to Germany, France, Greece, to Sri Lanka, farmers are taking their tractors to the road to protest ESG policy that’s floated down to us from those all-knowing, infallible elites of Davos. The trucker movement in Canada became anti-elitist when petty tyrant Prime Minister Justin Trudeau froze their bank accounts, not the behavior of a democratic head of state. The Gilets Jaunes France, ULEZ in London, working people protesting policy that hurt them. And how are they treated? They’re called conspiracy theorists. They’re called far-right, by the mayor as well.

  Ladies and gentlemen, populism is the voice of the voiceless. The real threat to democracy is from the elites. Now don’t get me wrong, we need elites. If President Biden has shown us anything, we need someone to run the countries. When the president has severe dementia, it is not just America that crumbles, the whole world burns.

  But let’s examine the elites. European corporations spend over €1 billion a year lobbying Brussels, U.S. corporations spend over $2 billion a year lobbying in DC, and two-thirds of Congress receive funding from pharmaceutical companies. Pfizer alone spent $11 million in 2021. They made over $10 billion in profit. No wonder then that 66% of Americans think the is rigged against them for the rich and the powerful.

  And by the way, we used to have a word for when big business and big government were in cahoots. And I think any students here of early 20th-century Italian history will know what I’m talking about.

  What about Big Tech? Throughout the pandemic, Biden’s team, the FBI, and the Department of Homeland Security colluded with Big Tech in censoring dissenting voices. Not kooky conspiracy theorists, people like Dr. Jay Bhattacharya, the Stanford epidemiologist, people like Harvard scientist Martin Kulldorf, people spreading true information, not misinformation, true information at odds with the government narrative.

  Need I remind you, democracy without free speech is not democracy.

  This was a direct breach by the way of the First Amendment. Before COVID, Intelligence services colluded with Big Tech to have Trump suspended off Twitter. Yes, the same platform which hosted the Taliban and Ayatollah “Death To Israel” Khomeini. They thought the president crossed the line when he tweeted on Jan 6 quote, “Remain peaceful. No violence! Respect the law and our great men and women in blue.” That’s a quote.

  You may be thinking now that Trump is a populist. You are right. He didn’t accept the 2020 elections and he should have. So should Hillary in 2016. So should Brussels, and so should Westminster in 2016. And so too should Congresswoman Pelosi, instead of saying the 2016 election was quote, “hijacked.”

  PELOSI: That doesn’t mean we don’t accept the results, though!

  WINSTON MARSHALL: What about the mainstream media? Let me read you some mainstream media headlines. The New Yorker the day before the 2016 election, “The Case Against Democracy.” The Washington Post, the day after the election, “The Problem With Our Government Is Democracy.” The LA Times, June 2017, “The British Election Is A Reminder Of The Perils Of Too Much Democracy.” Vox, June 2017, “Two eminent political scientists say the problem with democracy is voters.” New York Times, June 2017, “The Problem With Participatory Democracy Is The Participants.”

  Mainstream media elites are part of a class who don’t just disdain populism, they disdain the people. If the Democrats had put half their energy into delivering for the people, Trump wouldn’t even have a chance in 2024. He shouldn’t, he shouldn’t have a chance. You’ve had power for four years. From the fabricated Steele dossier, to trying to take him off the ballot in both Maine and Colorado, the Democrats are the anti-Democrat party. All we need now is the Republicans to come out as the pro-Monarchist party.

  Ladies and gentlemen, populism is not a threat to democracy, but I’ll tell you what is. It is elites ordering social media to censor political opponents. It’s police shutting down dissenters, be it anti-monarchists in this country or gender-critical voices here, or last week in Brussels, the National Conservative Movement.

  I’ll tell you what is a threat to democracy. It’s Brussels, DC, Westminster, the mainstream media, big tech, big Pharma, corporate collusion and the Davos cronies. The threat to democracy comes from those who write off ordinary people as “deplorable.” The threat to democracy comes from those who smear working people as “racists.” The threat to democracy comes from those who write off working people as “populists.”

  And I’ll say one last thing. This populist age can be brought to an end at the snap of a finger. All that needs to be done is for elites to start listening to, respecting, and God forbid, working for ordinary people. Thank you.

  And of course, being Oxford, the Union voted for ‘populism bad’ – with 177 members voting for the motion, and 68 voting against. 

  Tyler Durden
  Sun, 05/12/2024 – 16:40

• Climate "Reparations" Numbers Are Rigged
  Climate “Reparations” Numbers Are Rigged

  Authored by Paul Mueller via the American Institute for Economic Research,

  Nobel Prize–winning economist Esther Duflo thinks rich countries should pay poor countries $500 billion in compensation each year for climate-change damages. It is our “moral debt.” She proposes an international 2-percent wealth tax on the ultra-rich and an increase in the global minimum corporate tax rate to fund this $500 billion transfer. 

  

  You and I may be shocked by such a suggestion but don’t worry: “It’s really necessary. And it’s reasonable. It’s not that hard.” Only someone in an elite, progressive bubble could say something like that. Let’s check her reasoning.

  Duflo claims that climate change creates costs, specifically through “excess” deaths due to excessive heat. Poorer countries from the global south near the equator will see more days of extreme heat, and so will see a disproportionate increase in excess deaths. 

  Other economists translated those deaths into an externality cost of $37 per ton of CO2. Multiply that by the roughly fourteen billion tons of CO2 emitted by the US and Europe and voila, wealthy countries generate $500 billion in externality costs per year.

  She proposes paying for this by increasing the global minimum corporate tax rate from 15 percent to 18 percent and introducing an international 2-percent wealth tax on the ultra-rich, which she defines as the 3000 richest billionaires. We can’t go into the many problems and obstacles to such funding mechanisms here — suffice it to say such ideas will be nearly impossible to implement.

  But Duflo’s back-of-the-envelope calculations, besides missing the bigger picture, are so speculative as to require playing make-believe. Let’s play along for a moment to see why. We’ll start by reverse-engineering her $500 billion number into a measure of harm.

  Regulatory agencies and insurance companies use the concepts of “statistical value of life” or the “statistical value of a life-year” to do cost-benefit analysis on risk and the monetary value of life. These concepts are slippery, however, and calculated in a variety of ways with a wide range of estimates. 

  To keep things simple, let’s assume that the value of one life-year is $200,000. The $500 billion number proposed by Duflo suggests that the cost imposed by wealthy countries burning fossil fuels is the loss of roughly 2.5 million life-year” in poor countries per year.

  That sounds like a staggering number!

  But what about the benefits that have accrued to developing countries from activities that generate CO2 emissions? Important advances in medicine, such as antibiotics and vaccines, were developed in modern industrialized countries. So, too, were refrigeration, cars, the internet, smart phones, radar; modern agricultural methods with herbicides, pesticides, and fertilizers; improvements in plumbing, building materials, manufacturing, and much more. “Polluting” activities in industrialized countries improved nutrition and safety around the world. These advances, and many others, significantly increased people’s life expectancies — especially in poor countries.

  Surely the value of these improvements should weight the opposite side of the scale from the expected harm of climate change — especially since the crusade against fossil fuels and carbon emissions will assuredly slow economic growth and innovation. Let’s consider the case of India for a moment.

  Life expectancy in India has basically doubled from about 35 years in 1950 to about 70 years in 2024. If you consider that India has just over a billion people living in it, modern technology developed by rich CO2-emitting countries has added 35 billion life-years in India alone. 

  Translating life-years back into dollars, 35 billion life-years times $200,000 per life-year means that the benefits from greater life expectancy in India over the past 75 years is the equivalent of $7 quadrillion dollars — or in annualized terms, an annual benefit of about $93 trillion dollars. In other words, the benefits to India alone are over a hundred times larger than Duflo’s estimate of costs!

  Nor is India cherry-picked. China has a similar story with life expectancy rising from 43.45 years to 77.64 years. Similar improvements in life expectancy occur across the global south. 

  In Africa: 

  • Mali (26.35 years to 60.86 years)
  • Chad (35.28 years to 55.44 years)
  • Libya (35.28 years to 73.59 years)
  • Kenya (41.05 years to 67.70 years)
  • Democratic Republic of Congo (38.15 years to 61.86 years)
  • Tanzania (39.86 years to 66.67 years)
  • Sudan (43.02 years to 66.30 years). 

  In South America: 

  • Panama (55.19 years to 79.27 years)
  • Nicaragua (40.44 years to 75.43 years)
  • Colombia (49.48 years to 78.04 years). 

  In southeast Asia: 

  • Indonesia (39.77 years to 72.50 years)
  • Malaysia (52.80 years to 76.79 years)
  • Vietnam (51.24 years to 75.91 years).

  Of course, one could argue that developed industrial countries are not solely responsible for increases in life expectancy around the world. But one could just as easily say the same about whether developed industrial countries are solely responsible for global CO2 emissions, climate change, or harm to people in the global south due to hotter weather. Connecting these two issues makes perfect philosophical sense, because the production of CO2 has historically been directly associated with increases in economic growth; which in turn is necessary for all the developments increasing longevity around the world.

  Even if we massage the assumptions in Duflo’s favor, the results remain favorable to industrialization. Suppose western technology and industrial activities contribute 50 percent to improvements in life expectancy. That’s still a $46 trillion annualized benefit to India. Reduce the value of a statistical life-year to $100,000 — that’s still a $23 trillion/year benefit from industrialization in the west. Exclude India from the analysis and cut the population we focus on down to 500 million people — that’s still over $12 trillion/year in benefits. Reduce the improvement in life-expectancy by six years — that still leaves about $10 trillion/year in benefits.

  So, even after making tons of assumptions to reduce their size, the estimated benefits of industrialization are still about twenty times larger than Duflo’s estimate of its costs. 

  Worrying about hypothetical, indirect costs of CO2 emissions when it comes to human well-being is like scrounging for pennies while ignoring $100 bills lying on the sidewalk. Actually, it is worse than that. It is like lighting $100 bills on fire to help you search a dark alley for some pocket change of human welfare.

  Economic development, driven largely by Adam Smith’s dictum “peace, easy taxes, and a tolerable administration of justice” which includes strong private property rights and limited government intervention, has improved human living standards in unprecedented ways over the past 300 years. These remarkable improvements in human welfare are not limited to wealthy, developed economies but are enjoyed around the world. 

  Duflo talks about the (external) costs of industrialization on certain countries without considering the truly massive (external) benefits of industrialization to those same countries.

  If anything, with a proper accounting, developing countries owe rich countries gratitude for the benefits they have received from industrialization and the corresponding CO2 emissions.

  Paul Mueller is a Senior Research Fellow at the American Institute for Economic Research. He received his PhD in economics from George Mason University. Previously, Dr. Mueller taught at The King’s College in New York City.

  Tyler Durden
  Sun, 05/12/2024 – 16:05

• Citadel Ken Griffin Rises Up Against Left's "Cultural Revolution," Says Time To Embrace "Western Values"
  Citadel Ken Griffin Rises Up Against Left’s “Cultural Revolution,” Says Time To Embrace “Western Values”

  The woke takeover of America’s higher education system, transforming classrooms into woke indoctrination camps, has been on full display over the last several years. More recently, the pro-Palestinian protests on campuses have been a shocking eye-opener for many, which only reveal America’s future leaders are being transformed into toxic, leftist creatures, used as ‘useful idiots’ by leftist-funded non-governmental organizations (funded by you know who), in a sinister plan masqueraded underneath social justice movements to start an actual revolution, destroy capitalism, and ultimately, conquer America. 

  If you don’t believe us, we’ve got some news that might change your mind.

  Late last month, one very outspoken speaker at a pro-Palestinian campus protest said the quiet part out loud:

   “There’s only one solution, intifada revolution. We must have a revolution so we can have a socialist reconstruction of the USA.” 

  An extremist on the mic says: “There’s only one solution, intifada revolution. We must have a revolution so we can have a socialist reconstruction of the USA.”

  This isn’t just about Israel/Palestine. It’s an attempt of the Marxist takeover of America. Our colleges have become… pic.twitter.com/2IEqRyuorB

  — A Man Of Memes (@RickyDoggin) April 30, 2024

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  The question law-abiding Americans need to ask is why leftist radicals in the Biden administration, who quite honestly hate America, allow toxic woke ideologies to flow through the education system, promoting hate and violence at colleges and universities. 

  Entire education curriculums have been infected with Marxist teachings, and purple-haired folks who are confused about their gender are infecting the vulnerable minds of youngsters with woke ideologies such as diversity, equity and inclusion, and queer theory. 

  With some calling for the federal government to intervene and save the republic from this chaos, the most unlikely heroes of our time are the billionaires, such as Elon Musk, Bill Ackman, and Ken Griffin, who are stepping up to the plate to defend Old Glory and the nation. 

  Musk is on X, awakening the world’s population to various forms of Marxism, pushed by dark money-funded NGOs, which is spreading across governments and society like stage four cancer. On the other hand, Ackman and Griffin have denounced woke Ivy League schools, such as Harvard, in very public ways. 

  The latest is Griffin, who founded the $63 billion hedge fund Citadel. In an interview Saturday, Griffin told the Financial Times that Harvard needs to embrace “Western values.” The school’s major donor said the campus crisis is a byproduct of a “cultural revolution.” 

  

  He said the US had “lost sight of education as the means of pursuing truth and acquiring knowledge” over the past decade.

  “The narrative on some of our college campuses has devolved to the level that the system is rigged and unfair, and that America is plagued by systemic racism and systemic injustice,” he noted.

  Griffin continued, “What you’re seeing now is the end-product of this cultural revolution in American education playing out on American campuses, in particular, using the paradigm of the oppressor and the oppressed.” 

  “The protests on college campuses are almost like performative art, and we’re not actually helping Palestinians or Israelis with these surreal protests,” the billionaire said, adding that in previous humanitarian crises, Americans would focus on practical aid. 

  As we’ve pointed out, the campus riots have nothing to do with helping the poor Palestinians. Similarly, adjacent pro-Palestinian protests, shutting critical infrastructure, such as highways, bridges, and airport terminals nationwide, have zero to do with helping these folks and everything to do with collapsing America. 

  The woke cult has been activated and unleashed in the US, as its objective is to scream racism over and over until communism is installed. If that’s the solution to their alleged problems – well – this should be a wakeup call – that communism has yet to work in the world – killing more than 100 million people and counting. 

  Here’s Morgan Freeman on ending racism:

  Morgan Freeman on ending racism: pic.twitter.com/Jw6lEymC8D

  — The Rabbit Hole (@TheRabbitHole84) April 23, 2024

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  FT asked Griffin on how to fix Harvard, and his response: 

   “Harvard should put front and centre [that it] stands for meritocracy in America and will educate the next generation of leaders in American business, government, healthcare, and the philanthropic community. Harvard will embrace our Western values that have built one of the greatest nations in the world, foster those values with students, and ask them to manifest these values throughout the rest of their life.”

  The billionaire added: “Freedom of speech does not give you the right to storm a building or vandalize it. That’s not freedom of speech. That’s just anarchy.”

  So again, the unlikely heroes of our time are an elite class of billionaires; they’re strapping on their combat shoes in this culture war and are signaling enough is enough. 

  Perhaps it’s time to upload antivirus woke software in America’s schools, not just higher education but the entire damn system in a major overhaul – we suspect the Trump admin team will do that. 

  Tyler Durden
  Sun, 05/12/2024 – 15:30

• Putin Unveils Dramatic Reshuffling Of Closest Advisors: Shoigu Out As Defense Minister
  Putin Unveils Dramatic Reshuffling Of Closest Advisors: Shoigu Out As Defense Minister

  Russian state media is confirming a huge breaking development that President Putin has removed his longtime Defense Minister and personal friend Sergei Shoigu as defense chief, who has overseen the Ukraine war since its beginning in Feb. 2022. He will now serve as head of the nation’s security council.

  “Sergei Shoigu is likely to lose the post of Minister of Defense of Russia to acting First Deputy Prime Minister Andrei Belousov,” English-language RT is reporting. “His candidacy was proposed by President Vladimir Putin, the Federation Council announced on Sunday.”

  

  Putin has also reportedly dismissed Secretary of the Security Council Nikolai Patrushev, according to Interfax.

  This appears in order to shuffle Shoigu into that position. Putin has now appointed Shoigu as new Secretary of the Russian Security Council. Likely Patrushev is also being moved to another position too.

  Wow, indeed. Looks like Putin is pushing out his long-time Defense Minister and Siberian forest hiking partner Sergei Shoigu. https://t.co/XUYoKmR1UO

  — Christopher Miller (@ChristopherJM) May 12, 2024

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  The proposed candidate for new defense chief, Belousov, has a background in Russia’s central bank and economics and finance…

  Russian President Vladimir Putin has proposed former First Deputy Prime Minister Andrey Belousov as candidate for Defense Minister, Tass reports https://t.co/jLuFF5g6b8

  — Bloomberg (@business) May 12, 2024

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  Below is some background on Belousov and his last two decades of government experience, though specific military decision-making or army experience on a strategic level appears to be absent, interestingly:

  2000‒2006: General Director, Centre for Macroeconomic Analysis and Short-Term Forecasting.

  2000‒2006: External adviser to the Prime Minister of the Russian Federation.

  2006‒2008: Deputy Minister of Economic Development and Trade, Deputy Minister of Economic Development.

  2008‒2012: Director, Government Department of Economy and Finance.

  2012‒2013: Minister of Economic Development of the Russian Federation.

  2013‒2020: Presidential Aide.

  21 January 2020: First Deputy Prime Minister of the Russian Federation, appointed by executive order of the President of Russia.

  Putin spokesman Dmitry Peskov addressed this lack of military experience as follows in a late Sunday press briefing:

  Explaining Shoigu’s replacement with a non-military official, Kremlin spokesman Dmitry Peskov said it was “natural” for Putin to decide that a civilian official to head the Defense Ministry.

  “The Defense Ministry must be absolutely open to innovation, to introduce advanced ideas and to create conditions for economic competitiveness — that’s why the president chose the candidacy of Andrei Removich Belousov,” Peskov told reporters.

  According to more details of Putin’s big reshuffling via RT:

  Senators are scheduled to engage in consultations regarding the nominees put forth by the president during committee sessions on May 13 and during a Federation Council meeting on May 14, as announced by the upper house of the Russian parliament.

  No further alterations have been made to the roster of candidates Putin has submitted for cabinet positions. His nominations include Vladimir Kolokoltsev for the position of interior minister, Alexander Kurenkov for minister of emergency situations, Sergey Lavrov for foreign minister, and Konstantin Chuichenko for justice minister.

  Denis Manturov, who served as deputy prime minister and head of the Ministry of Industry and Trade during Putin’s last term in office, has been nominated for the position of first deputy prime minister.

  Dmitry Peskov, Putin’s spokesman, says the Kremlin wanted to appoint an economic official to run the defense ministry after Russia’s security budget ballooned to 6.6 per cent of gross domestic product.

  “This demands special attention,” he told reporters.

  — max seddon (@maxseddon) May 12, 2024

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  And TASS has this further confirmation and backgrounder on Belousov (machine translation)…

  “Russian President Vladimir Putin proposed the candidacy of Andrei Belousov for the post of Minister of Defense, which was previously held by Sergei Shoigu. This is stated in a message on the Telegram channel of the Federation Council. In the previous government, Belousov worked as first deputy prime minister.”

  “65-year-old Belousov at various times held the positions of assistant to the head of state Vladimir Putin on economic issues, Minister of Economic Development of the Russian Federation, director of the Department of Economics and Finance of the Government of the Russian Federation, general director of the Center for Macroeconomic Analysis and Short-Term Forecasting, and worked at the Russian Academy in 1981-2006 Sciences (until 1991 – USSR Academy of Sciences). From April 30 to May 19, 2020, during Mishustin’s hospitalization with coronavirus infection, Belousov served as acting head of the Cabinet.”

  Tyler Durden
  Sun, 05/12/2024 – 14:44

• US Is Offering Israel A Strange Incentive To Hold Off Rafah Offensive
  US Is Offering Israel A Strange Incentive To Hold Off Rafah Offensive

  Over the weekend The Washington Post has reported a strange incentive and quid pro quo that the US is offering Israel if it agrees to hold off on the Rafah offensive. 

  The Biden administration is ready to hand over to Israel “sensitive intelligence” on the whereabouts of top Hamas leaders. The Washington Post cited four unnamed sources as saying the US “is offering Israel valuable assistance if it holds back, including sensitive intelligence to help the Israeli military pinpoint the location of Hamas leaders and find the group’s hidden tunnels.”

  The ‘offer’ is bizarre and somewhat unprecedented given one would think that Washington’s aim alongside Israel would be to dismantle a designated terror organization and ultimately bring down its top leadership. 

  But instead this is apparently being dangled like a carrot. Washington is holding out hopes that a ceasefire deal can be accomplished with Qatari and Egyptian mediation, but that still appears to be going nowhere. A full-scale Rafah assault is likely to put an end to Hamas-Israel talks, at least for the near future.

  

  According to more of the ‘incentives’ for Israel to abandon its Rafah ground offensive: “American officials have also offered to help provide thousands of shelters so Israel can build tent cities — and to help with the construction of delivery systems for food, water and medicine — so that Palestinians evacuated from Rafah can have a habitable place to live, said the officials, speaking on the condition of anonymity to disclose secret diplomatic talks,” WaPo writes.

  “President Biden and his senior aides have been making such offers over the last several weeks in hopes they will persuade Israel to conduct a more limited and targeted operation in the southern Gaza city,” the report continues.

  Separately, public comments made by White House National Security Council spokesperson John Kirby during a Thursday briefing appeared to confirm the Post’s reporting.

  Kirby had said, “We could also, in fact, help them target the leaders, including [Hamas leader Yahya] Sinwar, which we are, frankly, doing with the Israelis on an ongoing basis.”

  Part of the White House’s plan is to first get the bulk of Rafah civilians—which have been widely reported to be at over one million Palestinians—safely removed and evacuated before major fighting begins. But the main question echoed by almost all is: where will they go?

  “The aid community generally is very skeptical there’s any safe way to relocate people out of Rafah,” Jeremy Konyndyk, president of Refugees International, was quoted in The Washington Post as saying.

  People in Rafah sending me photos of the new evacuation orders from Israeli military for Al-Shaboura, Al-Geneina and Khirbet Al-Adas. “Everyone in these areas is risking their lives and the lives of their family members. For your safety – we ask you to evacuate immediately” pic.twitter.com/39B9f7VUq4

  — Bel Trew (@Beltrew) May 11, 2024

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  It of course remains unknown the degree to which US intelligence actually has more info on Hamas leaders’ whereabouts compared to Israeli intelligence.

  Presumably such intel would come through intercepted communications, or perhaps even a human source that had infiltrated Hamas. However, it’s highly doubtful the US has its own intelligence officers on the ground – other than possibly those working alongside IDF forces.

  Tyler Durden
  Sun, 05/12/2024 – 14:20

• Alvin Bragg's Office Deleted Phone Call Records Of Michael Cohen And Stormy Daniels' Lawyer
  Alvin Bragg’s Office Deleted Phone Call Records Of Michael Cohen And Stormy Daniels’ Lawyer

  Authored by Tom Ozimek via The Epoch Times (emphasis ours),

  

  A paralegal from Manhattan Attorney General Alvin Bragg’s office testified on Friday during former President Donald Trump’s “hush money” trial that some phone call records between Michael Cohen and Stephanie Clifford’s (a.k.a. Stormy Daniels) lawyer were deleted, raising questions about evidentiary integrity.

  In a bid to challenge some of the evidence being put forward in President Trump’s business records falsification trial in Manhattan, Trump attorney Emil Bove asked paralegal Jaden Jarmel-Schneider in court on May 10 about roughly three pages worth of records that the attorney claimed Mr. Bragg’s office had deleted.

  Mr. Jarmel-Schneider confirmed some deletions. He acknowledged that some phone call records from 2018 between Mr. Cohen and Keith Davidson (Ms. Clifford’s lawyer) had been deleted, along with some records of conversations between Ms. Clifford’s manager Gina Rodriguez and then-National Enquirer editor Dylan Howard about Ms. Clifford’s claim that she had an affair with President Trump.

  The Trump attorney alleged that the deletions were “significant,” prompting Mr. Jarmel-Schneider to dispute that characterization, though he acknowledged that some of the records had indeed been deleted.

  Prosecutors have submitted the call records into evidence in a bid to bolster their case that the alleged affair—which President Trump has denied—took place and that the former president falsified business records to conceal payments allegedly made to Ms. Clifford to stay silent.

  President Trump has denied any wrongdoing and maintains the case is a politically motivated bid to undermine his 2024 presidential campaign.

  The fact that prosecutors submitted the call records into evidence but didn’t tell the Trump defense team that some of them had been deleted raises questions about the integrity of the proceedings, according to Trump attorneys, and others.

  “Insanity! How on earth is this not a felony committed by Bragg and his minions? It sure would be if team Trump did it,” the former president’s eldest son, Don Trump Jr., said in a post on X.

  Insanity! How on earth is this not a felony committed by Bragg and his minions? It sure would be if team Trump did it.

  I’d love if we had actual journalists that would report on this ongoing travesty.

  Sadly, proper journalism is dead. They’re just scribes for the regime. https://t.co/vQkLDk3t1T

  — Donald Trump Jr. (@DonaldJTrumpJr) May 10, 2024

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  Mr. Trump Jr. was presumably referring to the fact that evidence tampering is a class E felony in the state of New York.

  Mr. Bragg’s office did not respond to a request for comment on the deleted records.

  The development comes at the tail end of an intense week that saw President Trump subjected to gag order sanctions, two failed attempts by the defense team to have a mistrial declared, and Ms. Clifford taking the stand.

  Mr. Cohen is expected to take the stand next week.

  Trial End in Sight

  After four weeks in court, prosecutors signaled that the first-ever criminal trial of a former U.S. president will be coming to an end.

  Jurors will soon have to decide whether prosecutors have proved beyond a reasonable doubt that President Trump was involved in falsifying business records as part of a scheme to influence the 2016 election.

  President Trump was charged by Mr. Bragg with 34 counts of falsifying business records. Typically, this is a misdemeanor charge, but in this case prosecutors allege the records were falsified to cover up a scheme to influence the 2016 election and therefore amounts to a felony.

  A number of legal experts have challenged the way Mr. Bragg elevated the misdemeanor into a felony. This includes retired Harvard law professor Alan Dershowitz, who argued that Mr. Bragg was operating on an invalid legal premise because he invoked federal statutes over which New York has no jurisdiction.

  Mr. Dershowitz also recently said that he believes that Mr. Bragg’s office has violated voters’ rights with the Trump prosecution, with the legal scholar arguing that the case amounts to a criminal conspiracy to influence elections.

  Prosecuting attorney Joshua Steinglass said Friday that prosecutors plan to call just two more witnesses and that it’s “entirely possible” that the prosecution will rest its case at the end of next week.

  Mr. Cohen, [a total liar] who is set to testify next week, made the original claims that led to the case. Specifically, the allegation of falsified business records pertains to 11 checks Mr. Cohen received and their corresponding invoices and vouchers.

  The defense team says that Mr. Cohen was paid attorney’s fees, while prosecutors allege that the legal expense categorization of the payments was fraudulent in order to cover up that they were meant to buy Ms. Clifford’s silence about the alleged affair.

  Ms. Clifford testified over the course of two days, with attorneys and the judge expressing some frustration that she frequently responded to questions with commentary that did not directly answer the question.

  Defense attorneys moved for a mistrial, arguing that her statements were “extremely prejudicial” and would improperly influence the jury.

  The judge denied that motion.

  Tyler Durden
  Sun, 05/12/2024 – 13:45

• Goldman Asks: "Might This Be A Monetary Juncture Akin To 1995 Or 2011" 
  Goldman Asks: “Might This Be A Monetary Juncture Akin To 1995 Or 2011” 

  In a client note on Friday, Goldman’s Mark Wilson commented on the money supply (M2) growth, which has noticeably turned upward following the most significant crash since the Great Depression. He questions if this is an inflection point in a “monetary juncture akin to 1995 or 2011.” 

  “Although we may be 12 months past the inflection in M2, the historic analog of that chart does pose the interesting macro question of might this indeed be a monetary juncture akin to 1995 or 2011,” Wilson wrote. 

  M2% Y-o-Y chart via Wilson’s note:

  

  As a reminder, the complete disinflation trend followed the M2 growth slump and really should’ve fallen faster if deficit spending wasn’t so out of control. The latest CPI bounce comes after the money supply bottomed about one year ago and, of course, rising deficits, with the federal government spending $1 trillion every 100 days. 

  

  On a separate note, Tressis chief economist Daniel Lacalle recently pointed out, “The massive deficit means more taxes, more inflation, and lower growth in the future,” adding, “Deficits are not a tool for growth; they are tools for stagnation.” 

  Ahead of next week’s April CPI print, we outlined to pro-subs on Friday that traders should expect a “downside surprise” as the lagging OER “crashes” and catches up with real-time metrics. 

  And now comes the April CPI “downside surprise” as OER crashes down to catch up with real time metricshttps://t.co/yRwuFen2e4

  — zerohedge (@zerohedge) May 1, 2024

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  However, we’ll leave you with this from Dohmen Capital Research: “The Fed is being forced to step on the accelerator to enable the financing of the record deficits at the US Treasury. They know that is inflationary, but they have no alternative.” 

  Tyler Durden
  Sun, 05/12/2024 – 13:10

• The Davos Class Is Desperate
  The Davos Class Is Desperate

  Authored by Marty Bent via bombthrower.com,

  One of Davos’ favorite front men, Yuval Noah Harari, joined the BIS Innovation Summit earlier this week to spread some laughable anti-bitcoin propaganda.

  “The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.” – Satoshi Nakamotopic.twitter.com/EsB4PBdQ0D

  — Marty Bent (@MartyBent) May 10, 2024

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  During his chat, Harari opined that “as a historian” he does not like bitcoin because it is a “currency based on distrust”. Here’s exactly what he said:

  When I look at bitcoin as a historian I don’t like it because this is a money built on distrust. The central idea of bitcoin is basically electronic gold, that we don’t trust the banks, the governments so we don’t want to give them the ability to create as much money as they like. So we create this bitcoin. It’s a currency of distrust.

  I do think that the future belongs to electronic money, but what we’ve seen over the last centuries is that it is actually a good idea to give banks and governments the ability to create more and more money in order to build more trust within society. So, I’m not sure what money would look like in 20 years or 30 years, but I hope that it would be a currency of greater trust and not a currency of distrust. -Yuval Noah Harari, famed Malthusian Nihilist and mediocre author

  Wow. This is what we in the psy-op world like to call “gaslighting”. It’s a tactic used to make someone believe something that is totally false and most likely never happened is actually true. When it comes to Harari’s specific comments on the history of humanity he is attempting to gaslight people into believing that giving governments and central banks the ability to “create more and more money in order to build trust within society” has actually happened. Nothing could be further from the truth and one only needs the ability to pick their head up from their phone, look around at the state of the world and recall four years of history to refute this objectively insane point of view.

  Do you all remember when a majority of the world’s governments banded together to shut down the global economy while flooding the global economy with TRILLIONS of dollars of liquidity? I think we can all agree that this was most likely the most extreme example of central planning on the political and monetary fronts that the world has ever seen. If we are to follow Harari’s logic that this level of coordination and central control over the monetary system, one would have to be able to look out at the world right now and confidently say that collective trust in governments and banking institutions by the people is at an all time high.

  Clearly, this is not the case. In fact, the exact opposite is true. Trust in political and financial institutions is as low as it has ever been. The Common Man is suffering under the weight of price inflation and is beginning to question the validity of government spending programs. Particularly here in the US. The geopolitical landscape is shifting toward a multi-polar world as large governments are finding it impossible to trust each other. This increasing distrust is being driven by the fact that some governments used their “trusted” control over the international monetary system to freeze the assets of a sovereign nation. We don’t even have to mention the bail out of the banks during the Great Financial Crisis, the forever wars in the Middle East, or the silencing of the whistleblowers who tried to make people aware that their governments cannot be trusted. Harari is either completely disconnected from reality or being completely disingenuous. I have a feeling it’s most likely the latter.

  This particular line of thinking shouldn’t be surprising coming from Harari and the fact that he said this at a digital summit thrown by the Bank for International Settlements should be even less surprising. The BIS is the top borg bank that would like to cattle herd the world into a digital panopticon that runs on a CBDC that can be granularly controlled by “trusted banks and governments”. Bitcoin is, quite literally, the biggest threat to their existence because it enables individuals to opt-out of a system dependent on trusting central planners.

  Trying to tap into people’s emotions by framing the discussion of “electronic money” myopically and attempting to reduce the decision making process to a knee jerk reaction based on the connotation of the juxtaposition of “distrust v. trust” is truly some lowest denominator argumentation. One would have to truly believe that most people are not only dumb, but extremely dumb.

  “Distrust in government bad. Trust in government good. Therefore, government controlling money good.” Caveman shit.

  Luckily for us, no one is buying Harari’s BS and Satoshi Nakamoto designed bitcoin in a way that allows us to break free from the madness of trusting governments and central banks. As he pointed out in February of 2009, the history of currencies is littered with breaches of trust by governments and central banks. Trusting these entities with the power to issue currency has proven to be catastrophic for whole societies. Trust needs to be completely removed from the process by leveraging a system that cannot be controlled by any individual, group, company or government and that is what bitcoin brings to the world. Individuals shouldn’t have to trust anyone but themselves to know what’s going on with their money. “Don’t trust, verify” is the ethos that bitcoin embodies and empowers individuals with. It’s a beautiful thing and it scares the ever living shit out of the Harari’s of the world.

  The Davos class is desperate and scared, as is evidenced by the nonsensical assertion put forth by Harari earlier this week. This should encourage you. Lean in. They know their losing the narrative battle.

  We’re going to win.

  *  *  *

  Follow Marty Bent on Twitter and subscribe via Tftc.io.

  The CBDC Survival Guide will give you the tools and the knowledge to navigate coming era of Monetary Apartheid. Bombthrower subscribers will get free when it drops (and The Crypto Capitalist Manifesto while you wait), sign up today.

  Tyler Durden
  Sun, 05/12/2024 – 12:35

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• Here's Why Russia Is Making A Fresh Push Into Ukraine's Kharkov Region
  Here’s Why Russia Is Making A Fresh Push Into Ukraine’s Kharkov Region

  By Andrew Korybko of the Korybko substack

  

  The five objectives that are enumerated in this piece encapsulate what Russia nowadays aims to achieve after over two years of intense proxy warfare with NATO.

  Zelensky claimed on Friday that Russia’s long-awaited offensive had finally begun following its fresh push into Kharkov Region from which it tactically pulled back in September 2022. This precedes him likely clinging to power on legally dubious pretexts once his term expires on 21 May and aligns with the Ukrainian Intelligence Committee’s prediction of political-military troubles heading into his summer.

  Here are the five objectives that Russia arguably aims to achieve in view of the conflict’s larger context:

  1. Create The Conditions For Russia To Control The Entirety Of Its New Regions

  Russia’s increasingly frequent gains in Donbass over the past month speak to how serious Ukraine’s conscription and logistical crises have become, thus enabling Moscow to push them to the breaking point by opening up a new front at this precise moment in time. This is meant to facilitate a military breakthrough for expelling Ukrainian forces from the entirety of Russia’s new regions, with any collapse of the front lines consequently paving the way for achieving additional military-political goals.

  2. Coerce Ukraine Into Demilitarizing All Of Its Rump Regions East Of The Dnieper

  Russia is unlikely to make territorial claims to Ukraine’s rump regions east of the Dnieper due to the high cost of sustainably securing, rebuilding, and integrating them, which is why it’ll probably instead demand their demilitarization as a buffer zone in exchange for letting Kiev retain political control. Any areas that it captures throughout the course of this reportedly launched campaign could be handed back upon that happening in a variation of the alleged compromises contained in spring 2022’s draft treaty.  

  3. Deter NATO From Crossing The Dnieper If Member States’ Forces Conventionally Intervene

  Russia doesn’t want NATO conventionally intervening in this conflict, but if member states like France and/or Poland unilaterally do so in the event that the front lines collapse, then Moscow hopes that its newly announced tactical nuclear weapons exercises will deter them from crossing the Dnieper. In connection with that, India and/or the Vatican could convey Russia’s red line to NATO, while Russia could restrain itself from chasing fleeing troops to and over the river so as to not worsen the security dilemma.

  4. Influence Ukraine’s Possibly Impending US-Backed Regime Change Process

  The Kremlin won’t negotiate with Zelensky, Poroshenko, or any of the other Ukrainian figures that were just placed on its Interior Ministry’s wanted list since it regards them as illegitimate so the US couldn’t freeze the conflict without someone else in power. Russia’s foreign intelligence service recently reported that the US is already exploring possible replacements to Zelensky, and Moscow naturally wants to influence this process in order to filter out figures who it knows wouldn’t abide by any peace agreement.

  5. End The Conflict In A Way That Ensures Russia’s Core Security Interests In The New Reality

  Russia’s maximalist goals of demilitarizing Ukraine, denazifying it, and restoring that country’s constitutional neutrality are unlikely to be achieved in full given the new reality of NATO preparing for a conventional intervention up to the Dnieper in order to avoid a strategic defeat in this proxy war. Considering that, Russia must resort to creative military-diplomatic means for ensuring its core security interests, though that requires an information campaign for tempering its supporters’ expectations.  

  ———-

  As argued above, Russia’s fresh push into Kharkov Region is intended to end this conflict by year’s end in the best-case scenario, though that of course can’t be taken for granted given the fog of war and innumerable variables that the public isn’t privy to. Nevertheless, the five objectives that were enumerated in this piece encapsulate what it nowadays aims to achieve after over two years of intense proxy warfare with NATO, which might lead to some observers recalibrating their analyses.

  Tyler Durden
  Sat, 05/11/2024 – 23:50

• The Latent Fascism Of Today’s Anti-Fascists
  The Latent Fascism Of Today’s Anti-Fascists

  Authored by Aaron Kheriaty via the Brownstone Institute,

  

  “Nothing can have as its destination anything other than its origin. The contrary idea, the idea of progress, is poison.” –Simone Weil

  The terms “fascist” and “fascism” are continuously bandied about today. But those who use these words most seem to understand them least, such that many of today’s self-styled anti-fascists paradoxically take on the central features of fascism to an extraordinary degree.

  We can see contemporary fascist tendencies manifesting on both ends of the political spectrum — not only among white supremacists but also in the character types described by Eugene Rivers as “trust fund Becky with the good hair revolutionary communist” or “white boy Carl the anarchist from the Upper East Side who is a junior at Sarah Lawrence.”

  Fascism is obviously worth opposing, but to be truly anti-fascist requires an understanding of how this ideology manifests in history and what the word actually designates. Already by the end of World War II, George Orwell noted that the term “fascist” was used so indiscriminately that it had become degraded to the level of a swearword synonymous with “bully.”

  Contrary to popular belief, fascism does not represent counterrevolutionary or reactionary opposition to progressive ideas in the name of tradition. Many thinkers advanced this mistaken interpretation during the postwar period, including, among others, Umberto Eco’s list of “Ur-Fascist” features published in the New York Review of Books in 1995, Theodore Adorno’s concept of the “authoritarian personality” described in his influential 1950 book of that title, Wilhelm Reich (1946) and Eric Fromm’s (1973) psychoanalytic interpretations of repressive systems, and Antonio Gramsci’s (1929) widely accepted myth that fascism was a counterrevolutionary movement of the “petit bourgeois.”

  The common mistake of all these interpretations involves generalizing the idea of fascism to include any movement that is either authoritarian or inclined to defend the past. This interpretation stems from an axiological faith (that is precisely the right word) in the value of modernity in the wake of the French Revolution.

  Modernity is taken to be an inevitable and irreversible process of secularization and human progress, in which the question of transcendence — whether broadly Platonic or Christian — has entirely vanished, and in which novelty is synonymous with positivity. Progress rests upon the ongoing expansion of technology and individual autonomy. Everything, including knowledge, becomes a tool to pursue affluence, comfort, and well-being.

  According to this faith in modernity, to be good is to embrace the progressive direction of history; to be evil is to resist it. Since fascism is clearly evil, it cannot be a development of modernity itself but must be “reactionary.” On this view fascism includes all those who fear worldly progress, have a psychological need for a strong social order to protect them, venerate and idealize a past historical moment, and so endow a leader with immense power to instantiate this.

  “According to this interpretation,” Augusto Del Noce wrote, “Fascism is a sin against the progressive movement of history;” indeed, “every sin boils down to a sin against the direction of history.”

  This characterization of fascism is almost entirely mistaken and misses its central features. Giovanni Gentile, the Italian “philosopher of fascism” and Benito Mussolini’s ghostwriter, penned an early book on the philosophy of Karl Marx. Gentile attempted to extract from Marxism the dialectic core of revolutionary socialism while rejecting Marxist materialism. As the authentic interpreter of Marxist thought, Lenin naturally rejected this heretical move, reaffirming the unbreakable unity between radical materialism and revolutionary action.

  Like Gentile, Mussolini himself spoke of “what is alive and what is dead in Marx” in his speech on May 1, 1911. He affirmed Marx’s core revolutionary doctrine — the liberation of man through the replacement of religion by politics — even while he rejected Marxist utopianism, which was the aspect of Marxism that made it a kind of secular religion. In fascism, the revolutionary spirit separated from materialism becomes a mystique of action for its own sake.

  Scholars of fascism have noted both a “mysterious proximity and distance between Mussolini and Lenin.” In the 1920s Mussolini was constantly glancing in the rearview mirror at Lenin as a rival revolutionary in a kind of mimetic dance. In his will to dominate, Mussolini spontaneously identified himself with the Fatherland and with his own people; however, there was no trace in this of any tradition that he affirmed and defended.

  In its origins and aims fascism is thus not so much a reactionary-traditionalist phenomenon, but a secondary and degenerative development of Marxist revolutionary thought. It represents a stage in the modern process of political secularization that started with Lenin. This claim may occasion controversy, but a philosophical and historical examination of fascism reveals it to be accurate.

  We easily miss these features if we focus exclusively on the obvious political opposition between fascism and communism during the Spanish Civil War and World War II. The fact that their philosophies share common genealogical roots and revolutionary ideals means neither that Lenin was a fascist (he was not) nor that fascism and communism are the same thing (they are not and fought to the death to prove it). Keep in mind, however, that an enemy of my enemy is not necessarily my friend.

  Fascism understands itself to be a revolutionary and progressive manifestation of power. As in communism, fascism replaces traditional religious principles with a secular religion in which the future — rather than an idealized past or meta-historical ideals — becomes an idol. Politics replaces religion in the quest to liberate humankind. Contrary to popular characterizations, fascism makes no attempt to preserve a heritage of traditional values against the advance of progress (one only has to look at fascist architecture for confirmation of this). Instead, it proceeds as the unfolding in history of a wholly novel and unprecedented power.

  Nazism was not so much an extreme form of fascism but the mirror image inversion of communism (the revolution in reverse). It added to fascism’s features its own origin myth, which necessarily had to reach back to pre-history. Its odious blood-and-soil socialist nationalism inverted Marxist universalism, but likewise resulted in the most extreme expression of colonialism. As with fascism and communism, Nazism was always ahistorical and entirely uninterested in preserving anything meaningful from the past.

  Rather than looking back to history or to trans-historical values, fascism strains forward and advances by means of a “creative destruction” that feels entitled to overturn everything standing in its way. Action for its own sake takes on a particular aura and mystique. The fascist unflinchingly appropriates and commandeers various sources of energy — whether human, cultural, religious, or technical — to remake and transform reality. As this ideology presses its advance, it makes no attempt to conform to any higher truth or moral order. Reality is simply that which must be overcome.

  Like the postwar interpreters of fascism mentioned above, many today mistakenly believe that fascism is grounded in strong metaphysical truth claims — that fascist authoritarian personalities somehow believe they possess a monopoly on the truth. On the contrary, as Mussolini himself explained with absolute clarity, fascism is entirely grounded in relativism:

  If relativism signifies contempt for fixed categories and for those who claim to be the bearers of objective immortal truth, then there is nothing more relativistic than fascist attitudes and activity. From the fact that all ideologies are of equal value, we fascists conclude that we have the right to create our own ideology and to enforce it with all the energy of which we are capable.

  The horrors of World War II were misdiagnosed by the postwar intellectuals’ mistaken interpretation of fascism and Nazism: these ideologies, and the bloodbath they unleashed, represented not the failure of the European tradition but the crisis of modernity — the outcome of the age of secularization.

  What are the ethical consequences of fascism? Once value is attributed to pure action, other people cease to be ends in themselves and become mere instruments, or obstacles, to the fascist political program. The logic of the fascist’s “creative” activism leads him to deny other people’s personhood and individuality, to reduce persons to mere objects. Once individuals are instrumentalized, it no longer makes sense to speak of moral duties towards them. Others are either useful and deployed or they are useless and discarded.

  This accounts for the extraordinary narcissism and solipsism characteristic of fascist leaders and functionaries: anyone who embraces this ideology acts as though he is the only person who really exists. The fascist lacks any sense of the purpose of law, or any reverence for a binding moral order. He embraces instead his own raw will to power: laws and other social institutions are mere tools deployed in the service of this power. Because the fascist’s action requires no ultimate end, and conforms to no transcendent ethical norm or spiritual authority, various tactics can be embraced or discarded at whim — propaganda, violence, coercion, desecration, erasure, etc.

  Although fascists fancy themselves creative, their actions can only destroy. Taboos are torn down indiscriminately and at will. Symbols rich with meaning — moral, historical, religious, cultural — are ripped from their context and weaponized. The past is nothing but an ideological tool or cipher: one can rummage around in history for useful images or slogans to deploy in service of expansive power; but wherever it is not useful for this purpose, history is discarded, defaced, toppled, or simply ignored as though it never existed.

  What are fascism’s stated ideals — what is it supposedly for? By design, this is never made entirely clear, except to say that novelty for its own sake assumes a positive value. If anything is held sacred it is violence. As in Marxism, the word “revolution” takes on an almost magical, mystical significance. But as I explained in Part II of this series, the ideology of total revolution only ends up strengthening the present order and the stronghold of the elites, by burning away those residual elements of tradition that make possible a moral critique of this order.

  The result is nihilism. Fascism celebrates an optimistic (but empty) cult of victory through force. In a reactionary backlash, neo-fascist “anti-fascists” mirror this spirit by a pessimistic passion for the defeated. In both cases, the same spirit of negation prevails.

  With this description in mind, we can understand why the word “fascism” logically boomerangs back on many of today’s self-styled anti-fascists. The practical upshot for our culture wars is not merely that the cure might be worse than the disease, but that the most radical “cure” in this case just is the disease. The danger is that a thinly veiled fascism — marching mendaciously under an anti-fascist banner — will overtake and absorb legitimate attempts to cure our ills, including ethically valid attempts to cure the cancer of racism or address other societal injustices.

  The same faith in modernity that led to mistaken interpretations of fascism after World War II also forces contemporary history and politics into unhelpful categories. If we question this axiological faith in the idea of modernity, we can establish a clearer view of 20th-century ideologies and their current manifestations. This entails neither automatically identifying the modernist or progressive view as anti-fascist, nor equating all forms of traditionalism (at least potentially) with fascism.

  In fact, the distinction between traditionalists (if I must use this unsatisfying term) and progressives is apparent in the different ways they oppose fascism. By tradition I don’t mean reverence for a static repository of fixed forms or a desire to return to an idealized period of the past; rather, I refer to the etymological meaning of that which we “hand on” (tradere) and thereby make new. A culture that has nothing of value to bequeath is a culture that has already perished. This understanding of tradition leads to a critique of modernity’s premise of inevitable progress — a groundless myth we should discard precisely to avoid repeating the horrors of the 20th century.

  This critique of modernity, and the rejection of ethics as “the direction of history,” leads to other insights regarding our present crisis. Rather than the standard left-right, liberal-conservative, progressive-reactionary categories of interpretation, we can see instead that the real political divide today is between perfectists and anti-perfectists. The former believe in the possibility of complete liberation of humanity through politics, whereas the latter regard this as a perennial error grounded in a denial of inherent human limitations. The acceptance of such limitations is elegantly expressed in Solzhenitsyn’s insight that the line between good and evil passes first neither through classes, nor nations, nor political parties, but right through the center of every human heart.

  We are all aware of the horrifying consequences that follow when fascism slides, as it readily does, into totalitarianism. But consider that the defining feature of all totalitarianisms is not concentration camps or secret police or constant surveillance — though these are all bad enough. The common feature, as Del Noce pointed out, is the denial of the universality of reason. With this denial, all truth claims are interpreted as historically or materially determined, and thus, as ideology. This leads to the assertion that there is no rationality as such — only bourgeois reason and proletariat reason, or Jewish reason and Aryan reason, or black reason and white reason, or progressive reason and reactionary reason, and so forth.

  One’s rational arguments are then taken to be mere mystifications or justifications and are summarily dismissed: “You think such-and-such only because you are [fill in the blank with various markers of identity, class, nationality, race, political persuasion, etc.].” This marks the death of dialogue and reasoned debate. It also accounts for the literally “loopy” closed-loop epistemology of contemporary social justice advocates of the critical theory school: anyone who denies being a [fill-in-the-blank epithet] only further confirms that the label applies, so one’s only option is to accept the label. Heads-I-win; tails-you-lose.

  In such a society there can be no shared deliberation rooted in our participation in a higher Logos (word, reason, plan, order) that transcends each individual. As happened historically with all forms of fascism, culture — the realm of ideas and shared ideals — is absorbed into politics, and politics becomes total war. From within this framework, one can no longer admit any conception of legitimate authority, in the enriching etymological sense of “to make grow,” where we also derive the word “author.” All authority is instead conflated with power, and power is nothing but brute force.

  Since persuasion through shared reasoning and deliberation is pointless, lying becomes the norm. Language is not capable of revealing truth, which compels assent without negating our freedom. Instead, words are mere symbols to be manipulated. A fascist does not attempt to persuade his interlocutor, he merely overpowers him — using words when these serve to silence the enemy or deploying other means when words will not do the trick.

  This is always how things begin, and as the internal logic unfolds, the rest of the totalitarian apparatus inevitably follows. Once we grasp fascism’s deep roots and central features, one essential consequence becomes clear. Anti-fascist efforts can succeed only by starting from the premise of a universal shared rationality. Authentic anti-fascism will therefore always seek to employ nonviolent means of persuasion, appealing to evidence and to the conscience of one’s interlocutor. The problem is not just that other methods of opposing fascism will be pragmatically ineffective, but that they will unwittingly but inevitably come to resemble the enemy they claim to oppose.

  We can look to Simone Weil as an authentic and exemplary anti-fascist figure. Weil always wanted to be on the side of the oppressed. She lived this conviction with exceptional single-mindedness and purity. As she relentlessly pursued the idea of justice inscribed in the human heart, she passed through a revolutionary phase, followed by a gnostic phase, before she finally rediscovered the Platonic tradition — the perennial philosophy of our shared participation in the Logos — with its universal criterion of truth and the primacy of the good. She arrived here precisely through her anti-fascist commitments, which entailed a rebellion against every delusional deification of man. Weil emerged from the modern world and its contradictions the way a prisoner emerges from Plato’s cave.

  After volunteering to fight with the Republicans in the Spanish Civil War, Weil broke with the illusory anti-fascism of Marxist revolutionary thought. Recognizing that, in the end, “evil produces only evil and good produces only good,” and “the future is made of the same stuff as the present,” she discovered a more enduring anti-fascist position. This led her to call the destruction of the past “perhaps the greatest of all crimes.”

  In her last book, written a few months before she died in 1943, Weil elaborated on the limits of both fascist vitalism and Marxist materialism: “Either we must perceive at work in the universe, alongside force, a principle of a different kind, or else we must recognize force as being the unique and sovereign ruler over human relations also.”

  Weil was thoroughly secular prior to her philosophical conversion and her subsequent mystical experiences: her rediscovery of classical philosophy occurred not through any sort of traditionalism, but by living the ethical question of justice with full intellectual honesty and total personal commitment. In pursuing this question to the end, she came to see that human self-redemption — fascism’s ideal — is actually an idol. Those who want to be truly anti-fascist would do well to explore Weil’s writings. I will give her the last word, which contains the seeds of the way out of our crisis. In one of her last essays, she offers us not a counsel of facile optimism, but a beautiful thought about our unconquerable receptivity to grace:

  At the bottom of the heart of every human being, from earliest infancy until the tomb, there is something that goes on indomitably expecting, in the teeth of all experience of crimes committed, suffered, and witnessed, that good and not evil will be done to him. It is this above all that is sacred in every human being.

  Republished from The Simone Weil Center

  Aaron Kheriaty, Senior Brownstone Institute Counselor, is a Scholar at the Ethics and Public Policy Center, DC. He is a former Professor of Psychiatry at the University of California at Irvine School of Medicine, where he was the director of Medical Ethics.

  Tyler Durden
  Sat, 05/11/2024 – 23:10

• Chicago Mayor Wants $1 Billion More For Schools Even Though 43% Of Teachers Are Chronically Absent
  Chicago Mayor Wants $1 Billion More For Schools Even Though 43% Of Teachers Are Chronically Absent

  By Ted Dabrowski and John Klingner of Wirepoints

  Chicago Mayor Brandon Johnson recently traveled to Springfield with a big wish list of stuff he wants from state lawmakers. Among them, $1 billion in extra funding for Chicago Public Schools.

  We have a host of reasons why his demand should be categorically rejected. Among them, CPS already spends $29,000 per student, Chicago teachers are already among the nation’s highest paid in big cities and the Chicago Teachers Union refuses to close the many empty, failing schools across the district. Not to mention that both CPS and CTU refuse to hold themselves accountable to students. Just 20% of minority CPS children can read at grade level and in math it’s even worse.

  Now add to that the growing rate of teachers simply not showing up to school. The U.S. Department of Education’s definition of chronic teacher absenteeism is 10 or more absences in a school year.

  In CPS, the share of teachers who are chronically absent has jumped to 43% from 28% just seven years ago. The jump can’t be blamed on the pandemic, as the rate of absenteeism was rising (from 28% to 36%) even before covid hit.

  

  Teacher attendance has a heavy impact on student outcomes. From the Illinois State Board of Education’s Report Card:

  “Teacher attendance is a “leading indicator” of student achievement, according to the U.S. Department of Education. Teachers with regular attendance provide continuity of instruction and attention to individual students. The National Bureau of Economic Research has shown that when teachers are absent for 10 days or more, student outcomes decrease significantly.”

  Instead of asking for more money, Mayor Johnson should make sure his CTU brethren are actually in the classroom. He should then set dramatically higher reading and math proficiency targets that both he and teachers are held accountable for. 

  And then the mayor should make those targets public.

  Tyler Durden
  Sat, 05/11/2024 – 22:30

• Your Tax Dollars At Work: In Two Years, $7.5 Billion Has Produced Just 7 EV Charging Stations
  Your Tax Dollars At Work: In Two Years, $7.5 Billion Has Produced Just 7 EV Charging Stations

  When people gripe about paying taxes and the government being a poor the absolute worst possible capital allocation, this is what they are talking about: $7.5 billion in investments for electric vehicles has – in two years – produced just 7 charging stations across four states. 

  The Bipartisan Infrastructure Law, signed by Biden in November 2021, allocated $7.5 billion for EV charging, the Washington Post writes. Of this amount, $5 billion went to states as “formula funding” for the National Electric Vehicle Infrastructure program to establish a network of fast chargers along major highways.

  Today, there’s seven chargers with a total of just 38 parking spots. And, come on: when the Post is calling it out, you know the results have been horrible. 

  The Post added that with the Biden administration’s new emissions rules requiring more electric and hybrid vehicles, the slow pace of charging infrastructure development could hinder the transition to electric cars. Twelve additional states have awarded contracts for charging station construction, while 17 states have yet to issue proposals.

  Alexander Laska, deputy director for transportation and innovation at the center-left think tank Third Way, told The Post: “I think a lot of people who are watching this are getting concerned about the timeline.”

  

  The slow rollout of new EV chargers is partly due to higher standards compared to previous fast chargers. The U.S. has nearly 10,000 fast charging stations, including over 2,000 reliable Tesla Superchargers, but non-Tesla chargers often suffer from poor performance.

  New Biden administration rules require chargers to be 97% operational, offer 150kW power, and be within one mile of highways. These standards are crucial but slow down progress due to complex rules, permitting challenges, and power demands. The NEVI program aims to boost fast charging capacity by 50% to reduce “range anxiety,” but states must first build the chargers.

  Cathy McMorris Rodgers (R-Wash.), Jeff Duncan (R-S.C.) and Morgan Griffith (R-Va.) wrote to the Biden Administration last month: “We have significant concerns that under your efforts American taxpayer dollars are being woefully mismanaged.”

  “State transportation agencies are the recipients of the money. Nearly all of them had no experience deploying electric vehicle charging stations before this law was enacted,” Nick Nigro, founder of Atlas Public Policy added.

  The Federal Highway Administration responded: “We are building a national EV charging network from scratch, and we want to get it right. After developing program guidance and partnering with states to guide implementation plans, we are hitting our stride as states move quickly to bring NEVI stations online.”

  “More Americans are buying EVs every day — with EV sales rising faster than traditional gas-powered cars — as the President’s Investing in America agenda makes EVs more affordable, helps Americans save money when driving, and makes EV charging accessible and convenient,” a White House spokesperson added.

  Tyler Durden
  Sat, 05/11/2024 – 21:50

• The Proof Of Censorship Is…Censored
  The Proof Of Censorship Is…Censored

  Authored by Jeffrey A. Tucker via the Brownstone Institute,

  

  It’s not been a good week for the Censorship Industrial Complex. 

  The machine has been built and put into action over nearly a decade but largely in secret. Its way of doing business has been via surreptitious contacts with media and tech companies, intelligence carve-outs in “fact-checking” organizations, payoffs, and various other clever strategies, all directed toward boosting some sources of information and suppressing others. The goal has always been to advance regime narratives and curate the public mind. 

  And yet, based on its operations and insofar as we can tell, it had every intention of remaining secret. This is for a reason. A systematic effort by government to bully private sector companies into a particular narrative while suppressing dissent contradicts American law and tradition. It also violates human rights as understood since the Enlightenment. It was a consensus, until very recently, that free speech was essential to the functioning of the good society. 

  Four years ago, many of us suspected censorship was going on, that the throttling and banning was not merely a mistake or the result of zealous employees stepping out of line. Three years ago, the proof started to arrive. Two years ago, it became a flood. With the Twitter files from a year ago, we had all the proof we needed that the censorship was systematic, directed, and highly effective. But even then, we only knew a fraction of it. 

  Thanks to discovery from court cases, FOIA requests, whistleblowers, Congressional inquiries thanks to the very narrow Republican control, and some industrial upheavals such as what happened at Twitter, we are overwhelmed with tens of thousands of pages all pointing to the same reality. 

  The censors developed a belief at the highest levels of control in government that it was their job to govern what information the American people would and would not see, regardless of the truth. The actions became truly tribal: our side favors banning gatherings, closing schools, says the Hunter Biden laptop is a fake, favors masking, mass vaccination, and mail-in voting, and denies the import of voter fraud and vaccine injury, whereas their side takes the opposite approach. 

  It was a war over information, undertaken in total disregard for the First Amendment, as if it doesn’t even exist. Moreover, the operation was not only political. It clearly involved intelligence agencies that were already hip deep in the “all-of-society” pandemic response. 

  “All of Society” means all, including the information you receive and are allowed to distribute. 

  A vast swath of unelected bureaucrats took it upon themselves to manage all knowledge flows in the age of the Internet, with the ambition to turn the main source of news and sharing into a giant American version of Pravda. All of this occurred right under our noses – and is still going on today. 

  Indeed, censorship is a full-on industry now, with hundreds and thousands of cut-outs, universities, media companies, government agencies, and even young people in school studying to be disinformation specialists, and bragging about it on social media. We are just one step away from a New York Times article – as follow-ups to their recent praise of the Deep State and also government surveillance – with a headline like “The Good Society Needs Censors.”

  Incredibly, the censorship is so pervasive now that it is not even reported. All these revelations should have been front page news. But so captured is the news media today that there are very few outlets that even bother to report the fullness of the problem. 

  Not receiving nearly enough attention is the new report from the Committee on the Judiciary and the Select Subcommittee on the Weaponization of the Federal Government of the US House of Representatives. 

  Running nearly 1,000 pages including documentation (however many pages are purposely blank), we have here an overwhelming amount of evidence of a systematic, aggressive, and deeply entrenched effort on the part of the federal government, including the Biden White House and many agencies including the World Health Organization, to tear out the guts of the Internet and social media culture and replace them with propaganda. 

  Among the well-documented facts are that the White House directly intervened in Amazon’s own marketing methods to deprecate books that raised doubts about the Covid vaccine and all vaccines. Amazon responded reluctantly but did what it could to satisfy the censors. All these companies – Google, YouTube, Facebook, Amazon – became acquiescent to Biden administration priorities, even to the point of running algorithmic changes by the White House before implementation. 

  When YouTube announced that it would take down any content that contradicted the World Health Organization, it was because the White House instructed them to do so. 

  

  As for Amazon, which is like every publisher in wanting full freedom to distribute, they faced intense pressure from government.

  

  These are just a few of thousands of pieces of evidence of routine interference from government against social media companies, either directly or through various government-funded cut-outs, all designed to enforce a certain way of thinking on the American public. 

  What’s amazing is that this industry was allowed to metastasize to such an extent over 4-8 years or so, with no legal oversight and very little knowledge on the part of the public. It’s as if there is no such thing as the First Amendment. It’s a dead letter. Even now, the Supreme Court seems confused, based on our reading of the oral arguments over this whole case (Murthy v. Missouri). 

  One gets the sense when reading through all this correspondence that the companies were more than a bit rattled by the pressure. They must have wondered a few things: 1) is this normal? 2) do we really have to go along? 3) what happens to us if we just say no?

  Probably every corner grocery store in any neighborhood run by a crime syndicate in history has asked these questions. The best answer is to do what you can in order to make them go away. This is precisely what they did time after time. After a while, the protocol probably begins to feel normal and no one asks anymore the basic questions: is this right? Is this freedom? Is this legal? Is this just the way things go in the US?

  No matter how many high officials were involved, how many in the C-suites of big companies participated, however many editors and technicians of the best credentials played along, there can be no question that what took place was an absolute violation of speech rights that very likely exceeds anything we’ve seen in US history. 

  Keep in mind that we only know what we know, and that is severely truncated by the force of the machinery. We can safely assume that the truth actually is far worse than we know. And further consider that this censorship is keeping us from knowing the full story about the suppression of dissidents, whether medical, scientific, political, or otherwise. 

  There might be millions in many professions who are suffering right now, in silence. Or think of the vaccine-injured or those who have lost loved ones who were forced to get the shot. There are no headlines. There are no investigations. There is almost no public attention at all. Most of the venues that we once thought would police such outrages have been compromised. 

  To top it off, the censors are still not backing down. If you sense a lessening of the grip for now, there is every reason to believe it is temporary. This industry wants the entire Internet as we once conceived of it completely shut down. That’s the goal.

  At this point, the best means of defeating this plan is widespread public outrage. That is made more difficult because the censorship itself is being censored. 

  This is why this report from the US House of Representatives needs to be widely shared so long as doing so is possible. It could be that such reports in the future will themselves be censored. It could also be the last such report you will ever see before the curtain falls on freedom completely. 

  Jeffrey Tucker is Founder, Author, and President at Brownstone Institute. He is also Senior Economics Columnist for Epoch Times, author of 10 books, including Life After Lockdown, and many thousands of articles in the scholarly and popular press. He speaks widely on topics of economics, technology, social philosophy, and culture.

  Tyler Durden
  Sat, 05/11/2024 – 21:10

• Chevy Forced To Ditch Its Long-Running Malibu Model As Forced Transition To EVs Continues
  Chevy Forced To Ditch Its Long-Running Malibu Model As Forced Transition To EVs Continues

  One of Chevy’s longest running vehicle models has now fallen at the hands of the company’s transition to EVs. The Chevy Malibu will be no longer, according to a new report from Car and Driver. 

  The Chevy Malibu, one of the longest-running and most successful vehicles in history, is being discontinued again. Chevrolet informed Car and Driver that production will end in November 2024 as the automaker invests $390 million in its Fairfax Assembly Plant in Kansas.

  Car and Driver reports that GM will also pause production of the Cadillac XT4 in January to retool for the Ultium-based Bolt EV. Production will resume in late 2025, with the XT4 and Bolt EV sharing an assembly line.

  Despite Chevy’s shift towards crossovers and SUVs, the Malibu remained a steady presence, with over 10 million units sold across nine generations. However, its discontinuation comes as a surprise given GM’s recent EV challenges, including missing the goal of selling 400,000 EVs by mid-2024 and reintroducing plug-in hybrids to North America.

  “We’ve been somewhat lukewarm toward the Malibu in recent years, but we’ll certainly lament the passing of such a longstanding nameplate. Who knows? Maybe GM will revive it as an EV in another 15 years,” Car and Driver wrote. 

  

  Meanwhile just days ago we published an article highlighting how Ford’s $120,000 loss per vehicle makes it fairly clear that California (and the nation’s) EVs goals are unreachable. 

  On April 24, Ford reported it lost $132,000 for each of its 10,000 electric vehicles sold in the first quarter of 2024, according to CNN. The sales were down 20 percent from the first quarter of 2023 and would “drag down earnings for the company overall.”

  The Epoch Times notes that the losses include “hundreds of millions being spent on research and development of the next generation of EVs for Ford. Those investments are years away from paying off.” Ford is the only major carmaker breaking out EV numbers by themselves. But other marques likely suffer similar losses.

  Californians bought 1.78 million new vehicles in 2023, reported the California New Car Dealers Association. Multiply that number by $132,000 and you get $235 billion. That would bankrupt every car manufacturer, meaning they just would pull out of selling anything in the state.

  The California government would have to set up socialist, government-owned companies to make the cars, like the infamous Yugo. Dubbed “the worst car in history,” it was sold in America in the 1980s and was made by the communist Yugoslav government just before the country itself broke up in 1991.

  And compared to that…the not-especially-wonderful-looking Malibu wouldn’t look that bad…

  Tyler Durden
  Sat, 05/11/2024 – 20:30

• The Land Of The Setting Sun: The Currency Crisis Of Japan Has Just Started
  The Land Of The Setting Sun: The Currency Crisis Of Japan Has Just Started

  By Tuomas Malinen of The MT Malinen substack

  On Tuesday, we shortly commented the flash crash and the (assisted) recovery of the Japanese Yen between Friday and Monday, 26-29 April, on the GnS Economic’s Deprcon Outlook. In this entry, I will detail the reasons behind the crash, which go way back in history starting from the post-WWII growth model of the Japanese economy, leading to the the financial crash of early 1990s. They imply that the currency crisis of Japan is far from over.

  Boom and bust

  The Japanese economy was devastated in the Second World War, which created a need for a major reconstruction effort. Japanese also switched their model of governance to democracy, which laid the foundation for a stable society supportive of investments. The economic boom after WWII was fueled by financial regulation that kept the nominal interest rate below inflation and successful economic reforms that supported, e.g., neutral recruiting of labor and education. The mandarins at the Ministry of Finance issued ceiling on interest rates of both lending and deposit rates, which led to a notable investment boom. Export sector grew fast with the composition of the exports changing from toys and textiles to bicycles and motorcycles and further to steel, automobiles and electronics over the decades.

  Japanese government began to deregulate the financial sector in the early 1980’s, following a global trend. Also, in the mid-1980’s, the Bank of Japan (BoJ) tried to aggressively limit the appreciation of yen (because it decreased country’s trade surplus), by cutting interest rates. These led to a rapid growth in the supplies of money and credit. A financial boom ensued.

  The credit expansion led to notable gains in the real estate and stock markets, where bubbles grew to massive sizes. By the late 1980’s, the price index for residential real estate in the six largest Japanese cities had 58-folded from 1955. During the 1980’s alone, the price of real estate increased by a factor of six. At the peak, the value of Japanese real estate was double of that in the US. According to the chatter at the time, the market value of land under the Imperial Palace in Tokyo was greater than the market value of all real estate in California. The Nikkei stock market index rose 40000 percent from early 1949 till late 1989, with massive increase during the 1980’s. In the late 1980’s, the market value of Japanese equities was twice the market value of US equities.

  The real estate and stock market booms were highly connected. A substantial portion of firms listed in the Tokyo Stock Exchange were real estate companies, which held considerable positions in property of major cities. Construction activity surged due to the combination of booming real estate prices and financial deregulation. Banks held large volumes of real estate and stocks, whose increasing value led to appreciation of banking stocks. Borrowers were usually required to pledge real estate as collateral, which meant that increase in the value of the real estate increased the value of the collateral enabling banks to increase their loan portfolio and grow in size. Also industrial firms bought real estate as the profit it produced was many times higher than that of, e.g., producing steel and automobiles. There was a ‘perpetual motion machine’ of ever-increasing prices and financial wealth, until suddenly there was not.

  In the mid-1989, the BoJ started to rise interest rates, with the obvious effort to prick the asset bubbles. It succeeded. The stock market peaked at the last trading day in 1989, and fell over 38 percent in 1990. It bottomed out in Spring 2003 after falling close to 80 percent from the peak (Nikkei actually broke its previous record, set on December 29, 1989, on February 22 this year). The fall in real estate prices was slower, but extensive. For example, commercial real estate fell close to one-tenth of its peak value. Because the collateral of the banking sector was tightly connected to real estate, its value collapsed. Many industrial firms suffered crippling losses from their investments in the real estate.

  The collapse of stock markets and real estate wiped out a large chunk of capital of banks, which in collaboration with the declining value of bank collateral, hurdled the banking sector into insolvency. Credit creation collapsed and the economy tumbled. A financial crisis set in.

  The bailout

  After the crash of the real estate sector, majority of the large Japanese banks remained bankrupt for most of the 1990’s. It was a tradition in Japan to socialize the losses of the banking sector, and regulatory authorities were reluctant to close banks considered bankrupt.

  While the BoJ was somewhat slow to respond to the crisis, it started to lower its target interest rate in 1991, which eventually reached zero in early 1999. When the crisis intensified, the BoJ started to act as lender of last resort, the main task of a central bank in a crisis, but it also bailed out several financial institutions. This was mostly done by providing funds to different bodies, including the Housing Loan Administration assuming bad loans from the off-balance sheet, or jusen, companies banks had created to provide mortgages and the New Financial Stablization Fund, which provided capital both to banks and private financial institutions. This was very exceptional as central banks do usually provide only liquidity, not capital, to banks not to mention to private financial companies.

  Facing a public anger over bank bailouts in the early stages of the crisis, the government allowed, and in some cases even encouraged, banks to extend loans to ailing businesses. Government, e.g., allowed for accounting gimmicks which, with the lacking transparency, enabled banks to downplay their loan losses and overstate their capital.

  These measures saved the financial sector, but at a heavy cost. Because the banking sector was not restructured, bank lending collapsed and was diverted towards ailing unprofitable companies. The reason for this was simple: banks tried to avoid further losses from bankruptcies.

  After the implosion of the asset bubbles, the domestic non-traded goods sector held the largest share of unprofitable companies. While bank lending to exporting (trading goods) sector diminished in the 1990’s, bank lending to the non-traded good sector actually increased. Thus, Japanese banks kept extending lines of credit to unprofitable firms to avoid losses that would have occurred if the firms would have gone bust. This zombified the Japanese economy.

  So, while government policies were effective in restoring some trust to financial sector, they let the “zombie” banks to linger. They were kept standing without recapitalization or clearing their books. Subsidies from the government and ‘zombie-lending’ from banks kept unprofitable firms operating, but also blocked creation of new firms, because when banks use their diminished lending capacity to support ailing companies, the funding for risky new enterprises dries up. The old unprofitable firms also tie private capital, which could otherwise be used to support the creation of new businesses. This leads to a vicious loop of depressed innovation, falling production and diminishing profits. As a result, the Japanese economy stagnated. Moreover, these policies led to misallocation of credit on a massive scale, fall in the investment rate, and a prolonged slump in productivity.

  

  The drag

  When the private sector becomes infested with so called zombie companies, which are able to stand only with the help of easy credit, it becomes a serious drag to the economy. This is clearly visible in the growth of the Total Factor Productivity of Japan.

  

  The figure above presents the three-year moving average of the growth of the TFP. We can see a rather clear collapse in the growth rate of the TFP of Japan from around 1992 lasting till 2012. In 2018, the TFP growth fell negative again, and spiked in 2023. The U.S. series provides a reference point.

  You can think of the TFP as a your productivity at work. If your productivity increases, you (usually) earn more income, which makes you able increase your livings standards and, e.g. to pay back your loans. However, if your productivity stagnates, or even starts to fall, you earn less income, which starts to eat into your living standards, unless you support it (artificially) through borrowing. Moreover, if a considerable share of this borrowing does not go into productive investments, which would increase your productivity and thus income stream in the future, you just go deeper into debt with your ability pay it back hindered. This is exactly what happened to Japan. Because her productivity fell for a very long time, the only way to keep the living standards and the economy afloat was through massive government borrowing and monetary stimulus (low interest rates). Due to this, the ability of the Japanese government to pay back its debt has diminished as the economy has now grown, while the debt pile has grown to a monstrous size.

  The problem Japan currently faces can thus be depicted as follows:

  

  After the crisis of early 1990’s, the leaders of Japan decided not to let the economy to crash, because of e.g. cultural issues. In Japan, bankruptcies are considered highly shameful often leading to suicides. While the bailout of the Japanese economy was understandable culturally, the fact is that the restructuring of the Japanese economy after the financial crisis was an utter failure. Another country which experienced a financial crash at the same time, but recovered quite remarkably, is Finland.

  Currency crisis

  Currency and debt crises tend to be deeply intertwined. This is because the foreign exchange value of a currency reflects the trust of international investors and businesses on the keeper of the currency, i.e. the government of a country.

  Essentially, a currency crisis or a crash is an “attack” on the exchange value of the currency in the markets. If the foreign exchange (FX) rate is fixed or pegged, this attack will test central banks (the monetary authority) commitment to the peg. The current view is that the timing of the attacks is not predictable (forecastable). If the FX-rate is fixed or pegged, market participants expect the policy of monetary authorities will be inconsistent with the peg and they will try to force authorities to abandon the peg, thus validating their expectations.

  What matters for speculators are the internal economic conditions with respect to external conditions set for the currency (like stable FX-rate) . If these are incompatible in some meaningful way, like when the government has an unsustainable debt burden, monetary authorities face a trade-off between external and domestic goals for the exchange rate. In these circumstances, random shocks in the foreign exchange markets, called sunspots, can trigger an attack on the external value of the currency. This means that, when internal economic conditions are deteriorating, due to e.g. an unsustainable sovereign debt load, random events or shocks, can break the trust of investors leading them to sell the currency in the exchange markets causing the (external) value of the currency to drop suddenly or even to crash.

  If a country holds a large external debt pile, a crashing currency will naturally increase its (foreign-currency) value threatening to create a wave of defaults. This applies to private entities, as well as to local and central governments. A currency crash is often expected to lead to interest rate rises by the monetary authority to defend the FX-rate of the currency. However, if the government holds a large amount of debt, higher interest rates can easily succumb the government under interest payments, which will eventually lead to a sovereign default. Rising interest rates would thus lead to further deterioration of trust by investors in the currency of a highly indebted government. This is why the Bank of Japan is trapped. If it would start to raise rates, the debt service burden of the Japanese government would rapidly become unsurmountable.

  Conclusions

  The bailout of the Japanese economy in early 1990s, which caused the slump in productivity leading to the very high indebtedness of the Japanese government, is the main culprit behind the ‘flash crash’ of the Japanese Yen. On April 26, it seems, a ‘sunspot’ triggered the selling. The response of the monetary authority, i.e., the BoJ, was to start to defend the yen at USDJPY pair of 160. Its intervention (buying of yen) pushed the pair to under 153 on May 3, where it has started to creep back up.

  As the underlying problems of the Japanese economy have not gone anywhere, the attack on the yen in the markets is likely to continue and escalate, again, at some point. The question is, what is the breaking point in the USDJPY pair after which investors start to flee? Moreover, we should remember that monetary authorities have their limits, while markets don’t. Thus, it is very likely that the currency crisis of Japan has but just started. See my other post for analysis on its implications.

  Tyler Durden
  Sat, 05/11/2024 – 19:50

• Watch: Northern Israel Is Literally On Fire After Hezbollah Attacks
  Watch: Northern Israel Is Literally On Fire After Hezbollah Attacks

  Starting Friday night into Saturday a series of surreal images and videos have circulated widely showing that whole swathes of northern Israel are literally on fire.

  The fires were largely in open field areas, but were very extensive given they were the result of about 35 rockets being fired from Hezbollah positions in southern Lebanon, targeting the northern city of Kiryat Shmona, which suffered damage.

  ⚡️Hezb-Allah missiles burning the occupied town of Kiryat Shmona pic.twitter.com/fgDMrDPL0A

  — War Monitor (@WarMonitors) May 10, 2024

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  Brushfires erupted, but there were some direct hits on homes and buildings as well. “The city reported significant damage to property and infrastructure, with dozens of homes and vehicles affected,” Ynet news reports.

  At least ten fire crews from the area of Galilee and Golan responded, and worked to extinguish at least two expansive fires which were in open fields.

  

  Since conflict erupted along the Israel-Lebanese border in the wake of the Hamas Oct.7 terror attack, rocket salvos from Hezbollah have been almost daily, but these appear to be the most extensive wildfires which have resulted to date.

  Israeli authorities have confirmed and filmed the fires which were at their height in the Friday overnight and Saturday early morning hours.

  ⚡️Hezbollah has brought hell to Kiryat Shmona… Massive fires erupted from Katyusha rockets…. are still ongoing. pic.twitter.com/ijnyFWFaOS

  — Warfare Analysis (@warfareanalysis) May 10, 2024

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  Hezbollah, which is a close ally of Iran, issued a statement confirming its fighters launched “a salvo of Katyusha rockets” at Israel’s north “in response to the Israeli enemy’s attacks on… civilians, most recently in Tayr Harfa.”

  Footage shows large fire burning in Kiryat Shmona, following Hezbollah’s rocket barrage. pic.twitter.com/dXVykITlaX

  — Arya – آریا 🇮🇷 (@AryJeay) May 10, 2024

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  Tens of thousands of Israeli residents have fled their homes after months of constant rocket barrages.

  Israel has also on a weekly and daily basis responded with large strikes on areas of southern Lebanon, including on villages and towns.

  “Kiryat Shmona” settlement once again on fire from Hezb-Allah 35+ rocket barrage pic.twitter.com/C1axkCmrom

  — julia m.k. (@bintmachgara) May 10, 2024

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  Israel’s Fire and Rescue Services North District issued a statement saying, “The firefighters are working tirelessly to contain the flames along the residential line, while fire alarms continuously sound in the area.”

  “The combination of weather conditions and heavy barrages has led to multiple fire sites—a scenario we were prepared for and responded to with reinforced efforts,” Commander Assistant Deputy Fire Commissioner Yair Elkayam,” it continued.

  Tyler Durden
  Sat, 05/11/2024 – 19:10

• "It Simply Does Not Make Any Sense": Judge Trashes Election Lawsuit By The Elias Law Firm
  “It Simply Does Not Make Any Sense”: Judge Trashes Election Lawsuit By The Elias Law Firm

  Authored by Jonathan Turley via jonathanturley.org,

  

  The firm of former Clinton campaign general counsel Marc Elias has lost another election case in a spectacular fashion. The Chief Judge of the Western District of Wisconsin, James Peterson (an Obama appointee), did not just reject but ridiculed the Elias Law Group challenge to a witness requirement for absentee voting. Elias have been previously sanctioned in court and accused of lying in the Steele dossier scandal by journalists and others.

  U.S. District Judge James Peterson ruled against the lawsuit brought by the Elias Law Group, arguing that the witness requirement violated the Voting Rights Act of 1965 and Civil Rights Act of 1964.

  The state statute under § 6.87(2) describes what the witness must certify. The statute first sets forth in two sentences what the voter must certify on the ballot envelope. The first requirement concerns the voter certifying that he or she meets the requirements for voting generally and for voting absentee in Wisconsin.

  The second requirement is certification that the voter followed the process for preparing the absentee ballot. These are the called the “first voter certification” and the “witness certification.”

  The witness certification refers to a witness certifying “all of the above,” which is obviously referring to the language on preparing the absentee ballot.

  Elias argued that it requires certification of everything that preceded it on the details of the voter’s record etc.

  In the court’s opinion, Judge Peterson expresses disbelief at the lunacy of the Elias argument, writing:

  “Normally, the court would begin by searching for other textual clues in the statute. But in this case, the most obvious problem with plaintiffs’ interpretation is that it simply does not make any sense.”

  The court then notes that:

  “Under plaintiffs’ interpretation, every witness would have to determine the voter’s age, residence, citizenship, criminal history, whether the voter is unable or unwilling to vote in person, whether the voter has voted at another location or is planning to do so, whether the voter is capable of understanding the objective of the voting process, whether the voter is under a guardianship, and, if so, whether a court has determined that the voter is competent. See Wis. Stat. §§ 6.02 and 6.03. Many witnesses would be unable to independently verify much of the required information. The statute allows any adult U.S. citizen to serve as a witness, suggesting that a wide variety of people should be able to do the job…It makes no sense to interpret § 6.87 in a way that would make compliance virtually impossible.

  If plaintiffs’ interpretation were correct, it would mean that countless absentee ballots over decades were invalid because the witness certified that the voter was qualified to vote and met the other requirements in the first voter certification, even though the witness had no basis for such a certification.”

  However, it gets even wackier. They argued that a simple witness requirement constituted a type of illegal vouching under the Voting Rights Act. This is a reference to the Jim Crow era when a registered voter had to vouch for a new voter, a system meant to prevent African Americans from voting.

  The case adds to a long litany of losses and controversies for Elias. That record includes allegations of lying to reporters and subverting voters.

  Elias featured prominently in the filings of Special Counsel John Durham. It was Elias who made the key funding available to Fusion GPS, which in turn enlisted Steele to produce his now discredited dossier on Trump and his campaign.

  During the campaign, reporters did ask about the possible connection to the campaign, but Clinton campaign officials denied any involvement. Weeks after the election, journalists discovered that the Clinton campaign hid payments for the Steele dossier as “legal fees” among the $5.6 million paid to Perkins Coie.

  New York Times reporter Ken Vogel said at the time that Elias denied involvement in the anti-Trump dossier. When Vogel tried to report the story, he said, Elias “pushed back vigorously, saying ‘You (or your sources) are wrong.’” Times reporter Maggie Haberman declared, “Folks involved in funding this lied about it, and with sanctimony, for a year.”

  It was not just reporters who asked the Clinton campaign about its role in the Steele dossier. John Podesta, Clinton’s campaign chairman, was questioned by Congress and denied categorically any contractual agreement with Fusion GPS. Sitting beside him was Elias, who reportedly said nothing to correct the misleading information given to Congress.

  The Clinton campaign and the Democratic National Committee were ultimately sanctioned by the FEC over the handling of the funding of the dossier through his prior firm.

  The Democratic National Committee reportedly later cut ties with Elias.

  Elias has been sanctioned in past litigation. Yet, other democrats have continued to hire Elias despite his checkered past. Elias unsuccessfully led efforts to challenge Democratic losses.  Elias also was the subject of intense criticism after a tweet that some have called inherently racist.

  Elias was back in the news in another major defeat in Maryland. He filed in support of an abusive gerrymandering of the election districts that a court found violated not only violated Maryland law but the state constitution’s equal protection, free speech and free elections clauses. The court found that the map pushed by Elias “subverts the will of those governed.”

  Elias has been accused of making millions from gerrymandering and challenging election victories by Republicans (while condemning such actions by Republicans as “anti-Democratic”). His work for New York redistricting that was ridiculed as not only ignoring the express will of the voters to end such gerrymandering while effectively negating the votes of Republican voters.

  Recently, Elias’ name popped up again in the scandal involving David Hogg and accounting irregularities. Hogg is accused of raising millions to support liberal candidates but allegedly spending only $263,000 on such candidates while paying $83,000 to the Elias law firm.

  Previously, when allegations of self-dealing and accounting improprieties were raised with regard to Black Lives Matter, the group’s attorney, Elias, immediately stood out for many. Elias resigned from his “key role” with BLM as the scandal exploded.

  It is not known if the Elias Law Group will appeal this stinging rebuke or cut its losses.

  Tyler Durden
  Sat, 05/11/2024 – 18:30

• Suspect In Bronx 'Rope And Rape' Arrested
  Suspect In Bronx ‘Rope And Rape’ Arrested

  A man who was caught on camera in a horrific rape in the Bronx has been arrested.

  

  Kassan Parks, 39, was arrested Saturday and charged with walking up behind a 45-year-old victim at 3 a.m. May 1, lassoing her with a bent from behind, dragging her unconscious body between two cars, and raping her, the NY Post reports.

  According to the NYPD, Parks pulled the victim to the ground, “causing her to lose consciousness.”

  “The male then dragged the victim between two cars and sexually assaulted her,” before fleeing the scene.

  Parks has been charged with first-degree rape, assault, strangulation, sex abuse, public lewdness and harassment.

  🚨BREAKING UPDATE: Police identified Kashaan Parks, 39 for choking a woman with a belt and ráping her between two cars in the Bronx.

  Parks has five prior arrests.

  A video emerged from the Bronx showing residents capturing Parks.

  What should be his punishment? https://t.co/zBmurcWmNz pic.twitter.com/Ii1zqXUedt

  — I Meme Therefore I Am 🇺🇸 (@ImMeme0) May 10, 2024

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  On Thursday, the Post reported that the victim had stopped cooperating with the NYPD’s Special Victims Unit. She was brought to a NYC hospital and is in stable condition.

  A total of 511 rapes have been reported throughout New York City as of May 5, which is in-line with 2023 figures YTD.

  Sadly, one has to wonder if he’ll even be prosecuted given where the crime occurred.

  What’s the point of searching for him since the NY “no crime” DA will release him the next day https://t.co/92Zid6nN86

  — zerohedge (@zerohedge) May 11, 2024

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  Tyler Durden
  Sat, 05/11/2024 – 17:50

• Gaza Truce Talks 'Back To Square One'
  Gaza Truce Talks ‘Back To Square One’

  For several months running there have been a seeming myriad of sometimes contradictory headlines saying a Hamas-Israel truce is “close,” or “nearing the finish line” or else “stalled” or also “progressing”… Friday saw truce talks come full circle with the following Hamas statement cited in Reuters:

  The Palestinian militant group Hamas said on Friday efforts to agree to a ceasefire for the Gaza Strip were back at square one after Israel effectively rejected a proposal by international mediators.

  

  The representatives of both sides for the ‘indirect’ talks in Cairo (and which are also mediated by Qatar) have gone home with nothing substantive having been advanced.

  Israeli media also confirms the talks “appeared to break up with no discernable progress, as the terror group said it had no intention of budging from a proposal already rejected by Israel.”

  “A senior Israeli official said the Israeli team had also left after handing mediators a list of its reservations about the Hamas proposal,” the report continues.

  Earlier in the week Hamas issued a statement saying, “The ball is now completely in the hands of the occupation.” So indeed neither side is backing away from their demands, and the stalemate has ensued.

  A key point of contention has been Hamas’ demand that Israel’s military withdraw from the Gaza Strip in full and on a permanent basis in order to receive hostages back, while Israel has interpreted this to mean a mere temporary pause in fighting and removal of some forces.

  Currently, Israel appears to be moving forward with the Rafah operation, and has the eastern part of the city surrounded. A main road dividing the eastern and western halves of the city has been captured by IDF tanks.

  The UN has warned that humanitarian aid workers cannot access the surrounded part of the city. Rafah currently is home to some 1.3 million displaced persons, and aid workers fear that a massacre will result if there’s a full ground operation.

  In Refah today.
  From the camera of journalist Hani Aburezeq. Rafah city, where 1 million Palestinians live. More than 300 thousand people left Rafah. The rest are getting ready to leave. Where they will go and how they will continue their lives is uncertain. pic.twitter.com/rv0AKDB3O9

  — Gaza Notifications (@gazanotice) May 11, 2024

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  But the Netanyahu government has never backed off from its insistence that Hamas can only be finished off if the IDF goes into Gaza to take out the final brigades and commanders. 

  Meanwhile, tens of thousands of Palestinians have been seen pouring out of Rafah, but it’s unclear where they will ultimately go. Egyptian security forces have had a heavy presence on the other side of the border, fearing that the Rafah crossing could be overrun. 

  Tyler Durden
  Sat, 05/11/2024 – 16:30

• Average Credit Card Debt In US Now Soaring Past $6,500
  Average Credit Card Debt In US Now Soaring Past $6,500

  Authored by Mary Prenon via The Epoch Times (emphasis ours),

  

  A just-released report from Scholaroo indicates that the U.S. national average for credit card debt has escalated to $6,555, with New Jersey residents leading the nation with an average debt of $8,155 per credit card. Scholaroo, a national firm matching college students with potential scholarships, surveyed more than 2,000 people across the United States during the final quarter of 2023.

  Coming in at a close second is Connecticut, with an average debt of $8,011 per credit card, followed by Maryland, New York, and Alaska—all with average credit card debts of more than $7,600 per card. Rounding out the top 10 states are Colorado, California, Massachusetts, Florida, and Hawaii, all with average credit card debts in excess of $7,400.

  “New Jersey residents’ debt surpasses the national average by 24 percent, while Mississippi has the lowest average credit card debt, with debtors owing just $5,186—20 percent less than the national average,” the report states.

  Kentucky and Indiana also fell on the lower side, with an average of $5,295.

  

  Bruce McClary, senior vice president of membership and media relations for the National Foundation for Credit Counseling (NFCC), told The Epoch Times that amount of debt is not surprising as many people are forced to use their credit cards just to stay afloat. “Things are so much more expensive than they were three years ago,” he said. “The runaway inflation is affecting grocery prices, and we’ve seen a roller-coaster ride for gasoline prices. Many people don’t have the money in their budgets for these added expenses and so they’re using credit cards and making minimum payments each month.”

  Based in Washington, the NFCC was founded in 1998 as a nonprofit credit-counseling source for people who need help in managing their debts. Its recently released Harris poll also surveyed 2,000 adults nationwide and found similar outstanding debt values. But the overall results were even more surprising: Nearly 32 percent of Americans are just getting by financially, while 62 percent fear that government instability will hurt their finances in the next 12 months.

  “The biggest concern is that if people continue to carry that much debt from month to month, making only the minimum payments required, it could take years to pay it off, and they’ll find it extremely difficult to save any money,” Mr. McClary said.

  The Harris poll also indicated that 31 percent of Americans don’t pay all their bills on time and that only 42 percent have a budget and keep track of spending. Almost 40 percent of those surveyed are concerned that the money they have or will save won’t last.

  The poll found that the most affected groups are people who are single, rent instead of own, are parents of children under 18, and have incomes of $50,000 or less.

  “Today’s higher rents may also be responsible for this credit card debt situation,” Mr. McClary said. “Most are paying way more than the recommended percent of their income toward rent, so now they’re faced with managing the rest of their expenses like groceries, utilities, gas, medical bills, and more. They’re finding they have to rely on the credit cards to help make ends meet.”

  As a result, many have already been priced out of the ever-skyrocketing housing market.

  “Ten years ago, Seattle was one of those cities considered to be affordable, but there’s been such a tremendous increase in rents there that many people are no longer able to afford buying or even renting there,” Mr. McClary said.

  The Federal Trade Commission’s (FTC’s) Consumer Advice Department recommends that those having difficulty making even the minimum monthly credit card payments first talk with the company to ask for its help.

  “Your goal is to work out a modified payment plan that lowers your payments to a level you can manage,” the FTC’s website states. “Creditors may be willing to negotiate with you even after they write your debt off as a loss, as you will still owe that debt.”

  The NFCC also provides renegotiation services with credit card companies to reduce the monthly interest rates, which can sometimes be as high as 20 percent.

  “What we try to do is help people regain control of their unmanageable debt by looking at their income and financial obligations and work out a livable budget,” Mr. McClary said. “It’s like a tire finally getting some traction after spinning in the mud for so long.”

  

  There seems to be no slowdown in Americans’ love of credit cards. According to the Scholaroo report, last year, almost 45.5 percent of the U.S. population opened at least one new credit card account, resulting in some 542.6 million new accounts by the end of 2023. While more than 50 percent of Americans prefer using debit cards for their day-to-day expenses, credit cards stand as the second most favored choice, with 36 percent of the population using them for their daily transactions.

  Tyler Durden
  Sat, 05/11/2024 – 15:50

• First F-16s To Arrive In Ukraine 'Within Weeks' From West, But Will It Matter?
  First F-16s To Arrive In Ukraine ‘Within Weeks’ From West, But Will It Matter?

  A high-ranking UK military source has told London’s daily Evening Standard newspaper that F-16 fighters will be delivered by the Western allies to Ukraine “within weeks”. 

  The official indicated that the aircraft are due to arrive by June, or at least July at the latest. The US previously authorized NATO countries to supply the US-made fighters to Kiev, at a moment Russia still controls the skies and has been degrading the country’s energy infrastructure via frequent attacks. Zelensky previously called the decision by the Biden administration “a breakthrough”. 

  Even small NATO states like Denmark are reportedly involved in handing over a few of its F-16s. Others in the program include the Netherlands, Norway and Belgium. Some of the planes are currently reported to be at a training facility in Romania, as efforts to prepare Ukrainian pilots for aerial combat in the Western fighters appear in their final phases.

  

  The Dutch especially are playing a big part, having committed to delivering a total of 24 F-16s for Ukraine’s armed forces.

  But a big question remains at a moment it’s been widely acknowledged that Ukraine is losing the conflict: will the US-made fighter jets make an actual difference at this late stage where Moscow is clearly dominant? The Evening Standard bluntly admits the following:

  But US officials have privately said the jets will not be a game changer when they eventually arrive after months of training, given the strength of the Russian air force and its defense systems.

  So essentially, aircraft worth multiple tens of millions of dollars each are being primed to get shot down in what will likely prove a major humiliation for the West. 

  Putin has already vowed that his forces will prioritize taking out Western-supplied fighter jets. In March, the Russian leader said during an address to pilots, “We will destroy their warplanes just as we destroy their tanks, armored vehicles and other equipment, including multiple rocket launchers.”

  Significantly, he warned at the time that even bases in Western countries could be targeted if Ukraine flies sorties from them. “Of course, if they are used from airfields of third countries, they become a legitimate target for us, wherever they are located,” Putin had said.

  Beginning last summer the Kremlin began highlighting that F-16 fighter jets are capable of carrying tactical nukes which are in select NATO countries’ possession. Russian Foreign Minister Sergey Lavrov for example at that time explained, “Moscow can’t ignore the nuclear capability of US-designed F-16 fighter jets that may be supplied to Ukraine by its Western backers. He went so far as to say that it will be seen as a threat from the West “in the nuclear domain.”

  Tyler Durden
  Sat, 05/11/2024 – 15:10

• They Went Woke: Oscars Facing Liquidity Crisis, Launch $500 Million Fundraising Drive As Viewers Flee
  They Went Woke: Oscars Facing Liquidity Crisis, Launch $500 Million Fundraising Drive As Viewers Flee

  Given that Ricky Gervais has been the only good thing about the Oscars in years, if not decades…

  …the Academy of Motion Picture Arts & Sciences has launched a $500 million fundraising initiative in an effort to offset the Oscars dramatic drop in viewership – which went from nearly 44 million in 2014, to just 19.5 million in the latest ceremony, according to Statista.

  Bill Kramer, the Academy’s Chief Executive, revealed in an interview with the Financial Times that the organization has already raised about $100 million, with contributions from high-profile donors like billionaire Leonard Blavatnik. The campaign is further bolstered by sponsorship agreements with renowned luxury brands, including the Dorchester Collection.

  The timing of this fundraising drive is crucial as the Academy’s current broadcasting agreement with ABC, a Walt Disney-owned network, is set to expire in 2028, coinciding with the 100th anniversary of the Oscars. Negotiations for renewal are expected to commence shortly, with Kramer describing the existing deal as “very healthy” and lauding the partnership with Disney as “amazing.” However, the shift towards streaming and the upheavals in the television and film industry have prompted the Academy to pursue what Kramer calls a “revenue diversification campaign.”

  “No healthy company or organization should rely on one source of support to a degree that could cause concern if that support decreases,” he told the outlet.

  The move comes amid broader financial struggles within the non-profit arts sector. Notable institutions like the Metropolitan Opera in New York have had to draw emergency funds from endowments due to cash shortfalls, and the Sundance Film Festival has faced significant challenges recovering post-Covid-19 disruptions.

  

  Going forward, the Academy is trying to position itself to appeal to a broader, more international donor base, reflecting a shift in its audience and membership demographics. Approximately 30 percent of its membership now resides outside the U.S., a significant increase from a decade ago.

  As the Academy seeks to broaden its appeal and financial stability, the success of this global fundraising campaign could be pivotal. With the film industry and its audiences undergoing radical transformations, these efforts might not only reshape the Academy’s financial landscape but also its cultural footprint on a global scale – with the campaign set to be launched in Rome on Friday.

  Good luck. As Gervais put it best in 2020:

  No one cares about movies anymore. No one goes to cinema, no one really watches network TV. Everyone is watching Netflix. This show should just be me coming out, going, “Well done Netflix. You win everything. Good night.” But no, we got to drag it out for three hours…

  …Seriously, most films are awful. Lazy. Remakes, sequels. I’ve heard a rumor there might be a sequel to Sophie’s Choice. I mean, that would just be Meryl just going, “Well, it’s gotta be this one then.” All the best actors have jumped to Netflix, HBO. And the actors who just do Hollywood movies now do fantasy-adventure nonsense. They wear masks and capes and really tight costumes. Their job isn’t acting anymore. It’s going to the gym twice a day and taking steroids, really. Have we got an award for most ripped junky? No point, we’d know who’d win that.

  Tyler Durden
  Sat, 05/11/2024 – 14:50

• James Carville Rages At Trump’s Success: "It's Going The Wrong Way, It's Not Working!"
  James Carville Rages At Trump’s Success: “It’s Going The Wrong Way, It’s Not Working!”

  Authored by Paul Joseph Watson via modernity.news,

  

  Veteran political strategist James Carville says “Trump’s more ahead than he’s ever been” as he urged Democrats to try something different because everything they do is “not working.”

  Trump’s more ahead than he’s ever been,” said Carville, lamenting how fewer Americans than ever are concerned about what happened on January 6.

  “It’s going the wrong way. It’s not working. Everything we’re that throwing is spaghetti at a wall, and none of it is sticking, me included,” said Carville.

  “We gotta try to think of something different. Because what we’re doing is really, really not working,” he emphasized.

  James Carville is frustrated that Trump is ‘more ahead than he’s ever been’, and that Democrat tactics are ‘not working’:
  “It’s going the wrong way. It’s not working.Everything we’re that throwing is spaghetti at a wall, and none of it is sticking, me included.
  We gotta try to… pic.twitter.com/OAMsDA37Ng

  — Eric Abbenante (@EricAbbenante) May 10, 2024

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  The former lead strategist in Bill Clinton’s winning 1992 Presidential campaign expressed frustration at his own inability to effect the outcome, lamenting, “The opinion I’ve come to is that I don’t matter.”

  “It doesn’t matter. You can prepare and you can be on TV, you can write pieces, you can have a YouTube channel, you can have a podcast and nothing, nothing!” Carville complained.

  MSNBC talking heads expressed similar frustration that Americans are no longer buying their hysterical narratives when they were dumbfounded by a new PBS Newshour/NPR/Marist poll that found more Americans believe Joe Biden is a threat to Democracy than Donald Trump.

  The sentiment that Trump is on course to win and there’s little Democrats can do about it now they’ve chosen to run a borderline dementia patient in Joe Biden is widely shared.

  Back in January, top pollster Frank Lunzt said he thought Trump was “done” after January 6 and impeachment but can now barely bring himself to admit that Trump is likely to win the presidency.

  Former CNN host Chris Cuomo also recently said Trump will win the election and that he’s never seen as much energy behind a candidate, even more so than Obama in 2008.

  “You know this guy’s gonna win by the way, this guy’s gonna win,” said Cuomo.

  James Carville is frustrated that Trump is ‘more ahead than he’s ever been’, and that Democrat tactics are ‘not working’:
  “It’s going the wrong way. It’s not working.Everything we’re that throwing is spaghetti at a wall, and none of it is sticking, me included.
  We gotta try to… pic.twitter.com/OAMsDA37Ng

  — Eric Abbenante (@EricAbbenante) May 10, 2024

  https://platform.twitter.com/widgets.js

  Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

  Tyler Durden
  Sat, 05/11/2024 – 14:30

• McDonald's Admits Consumers Are Broke With Planned Reintroduction Of $5 Meal Deal
  McDonald’s Admits Consumers Are Broke With Planned Reintroduction Of $5 Meal Deal

   Gen-Zers, millennials, and baby boomers have something in common: Many of them can no longer afford a Big Mac combo meal at McDonald’s following three years of ‘McFlation,’ which has sent the price of some combo meals as high as $18. 

  This was at a rest stop, but these McDonald’s prices are nuts right??? pic.twitter.com/0qq8Ima3ZA

  — Sam Learner (@sam_learner) July 18, 2023

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  These prices at McDonald’s sure looks like the dollar is in crash mode $18 for a Big Mac meal this use to be $5 in 2008 pic.twitter.com/5rpcrNtaul

  — Golden Coast (Cassandra) (@GregCrennan) February 20, 2024

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  18 bucks for a big mac meal soon? The fuck? I get chinese buffet 11.95 all you can lunch special. yea, good luck with that! Could get 2 big mac deal 6 bucks, and a dollar for soda 3 yrs ago. pic.twitter.com/H9g9HMHvmt

  — WappiesZijnSlimmerDanJij🇺🇲🇳🇱🇧🇪 (@RedneckDutch) February 12, 2024

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  🍔🍟 $18 for a Big Mac meal? That’s bad for America, says @ghoshworld.

  Here’s why https://t.co/NaeSPYiYir pic.twitter.com/G2RagTyhIL

  — Bloomberg Opinion (@opinion) February 27, 2024

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  The primary appeal of fast-food burgers (even though the food is terrible for your health) is cheap and fast. However, 3.5 years of disastrous Bidenomics (enabled by Fed chair Powell) has sparked an inflation shitstorm that continues to spread through the economy like stage-four cancer, with low-consumers under severe pressure – this was even acknowledged by McDonald’s in its latest earnings report.

  Now, McDonald’s could re-launch $5 combo meal deals, according to Bloomberg, citing a person familiar with the upcoming promotion. This could include a McChicken or a McDouble, fries, and a drink. 

  The potential new offering comes as Goldman analysts warned that low-income consumers are in rough shape and pulling back spending amid mounting stagflation threats. 

  “With >75% of the US consumer universe having reported Q1 results, we see indications that the US consumer is proving more stretched than previously anticipated as inflation combined with a bit of softening in the macro (lower payrolls & an uptick in unemployment in April), elevated gas prices & high interest rates continue to eat into spending power & consumer confidence,” Goldman analysts headed by Bonnie Herzog wrote in a note to clients on Thursday. 

  

  Herzog’s commentary on McDonald’s earnings report is a very ominous sign about the faltering economy: 

  • McDonald’s (MCD, CS) – US QSR industry comparable traffic was negative in Q1 and mgmt expects it to remain negative for the full year. Separately, mgmt noted that while the pressure may be more pronounced on the low-income consumer, all income cohorts are seeking value.

  McDonald’s CEO Chris Kempczinski said on the company’s earnings call on April 30 that he’s “laser-focused” on bringing back affordability for low-income consumers. 

  Here’s how meal deal will work, according to Bloomberg’s source:

  At McDonald’s, franchisees pay into an advertising fund and get to weigh in on major marketing campaigns, including promotions such as the viral Grimace Shake. A prior attempt to get operators — who run about 95% of US stores — to endorse the $5 meal initiative failed earlier this year, the person said. Some operators were concerned about losing money on the roughly four-week promotion, particularly in states such as California, where the minimum wage for fast-food workers jumped 25% to $20 an hour earlier this year. McDonald’s has said that franchisee cash flows are up about 50% since 2018 and are still on the rise, though an independent group representing operators has raised concerns about the cost of labor and investments to freshen up stores.

  To sweeten the deal, McDonald’s enlisted money from Coca- Cola Co. that could help cushion a potential profitability hit for franchisees, the person familiar said. The size of the beverage company’s contribution hasn’t been decided, and the burger chain wasn’t expected to put up funds. Coca-Cola, which often contributes to customers’ marketing programs, declined to comment.

  The big takeaway is that McDonald’s $5 meal deal is a direct response to Bidenomics’ failure, which has sent many low-income consumers into a dangerous financial mess of insurmountable credit card debt and drained personal savings. 

  Tyler Durden
  Sat, 05/11/2024 – 13:50

• Over 124 Pounds Of Cocaine And Fentanyl Seized In El Paso In 1 Week
  Over 124 Pounds Of Cocaine And Fentanyl Seized In El Paso In 1 Week

  Authored by Naveen Athrappully via The Epoch Times (emphasis ours),

  

  U.S. Customs and Border Protection (CBP) officials in the El Paso region seized more than 124 pounds of fentanyl and cocaine last week in four separate incidents, amid criticism of lax border policies.

  On April 30, officers working at the Bridge of the Americas seized cocaine totaling 42.5 pounds, according to a May 3 press release from the CBP.  The drugs were found to be concealed inside a Hyundai Elantra vehicle allegedly driven by a 48-year-old American citizen. “The seizure was made when CBP officers monitoring the Low Energy Portal inspection system spotted anomalies in the appearance of the vehicle and advised primary CBP officers,” the release noted.

  “A canine sweep of the car was positive and a Z-Portal (X-ray) scan of the car also revealed anomalies. CBP officers removed 18 cocaine-filled bundles from the rocker panels of the car.”

  On May 1, CBP officers at the El Paso Ysleta Port of Entry captured 11.2 pounds of fentanyl that were concealed in a Seat Ibiza vehicle. The drugs were allegedly being transported by a 26-year-old Mexican national. CBP seized the fentanyl during an enforcement operation.

  The vehicle in question was selected for a secondary exam, following which bundles of fentanyl were discovered in the central console area. In total, 15 packages were removed from the compartment, according to CBP.

  Last week, two more cocaine seizures were made by El Paso CBP officers totaling 70.8 pounds. The arrested individuals were handed over to federal authorities.

  “The drugs seized by our CBP workforce will not cause harm in the communities we share,” Hector A. Mancha, CBP El Paso’s director of field operations, said. “We are hard at work every day utilizing multiple tools to identify and stop those who attempt to circumvent our inspection process.”

  The CBP’s drug seizures come as former President Donald Trump blamed the Biden administration’s open border policies for fueling fatal drug overdoses in the United States.

  “This is country-changing, it’s country-threatening, and it’s country-wrecking,” he said during an event last month. “They have wrecked our country. But I stand before you today to declare that Joe Biden’s border bloodbath … it’s going to end on the day that I take office.”

  On his campaign website, President Trump said he marshaled the full power of government during his administration to prevent the inflow of drugs into the country, driving down drug overdose deaths for the first time in three decades.

  The former president “will impose a total naval embargo on cartels, order the Department of Defense to inflict maximum damage on cartel leadership and operations, designate cartels as Foreign Terrorist Organizations, and choke off their access to the global financial system,” the Trump campaign said.

  “President Trump will get the full cooperation of neighboring governments to dismantle the cartels, or else expose every bribe and kickback that allows these criminal networks to preserve their brutal reign. He will ask Congress to ensure that drug smugglers and traffickers can receive the Death Penalty.”

  The Biden administration said it was taking steps to counter the drug issue. In February, two senior administration officials said the United States and Mexico will boost data sharing to curb the inflow of synthetic drugs into America.

  The agreements are part of a wide effort “to facilitate action against criminal organizations that traffic people, guns, and illicit drugs, including fentanyl into our communities.”

  In a factsheet released last November, the White House said, ”The U.S. government, alongside our partners, will continue our efforts to prevent the production and trafficking of illicit synthetic drugs through multiple efforts, including the Global Coalition to Address Synthetic Drug Threats, which has brought together over 100 countries to collectively address the scourge of fentanyl.”

  Fentanyl, China

  The fentanyl crisis facing the United States is problematic since it is not solely a drug issue but a geopolitical concern as well. Much of the fentanyl entering the United States comes from China. The U.S. Drug Enforcement Administration (DEA) attributes 97 percent of illicit fentanyl coming into the United States to entities operating in China.

  In April, the House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party published a report detailing how China is fueling the fentanyl crisis in the United States.

  China “directly subsidizes the manufacturing and export of illicit fentanyl materials and other synthetic narcotics through tax rebates,” it said. Beijing even gave “monetary grants and awards to companies openly trafficking” such drugs.

  “There are even examples of some of these companies enjoying site visits from provincial PRC (People’s Republic of China) government officials who complimented them for their impact on the provincial economy.”

  A review of seven Chinese e-commerce sites found more than 31,000 instances of Chinese firms selling illicit chemicals. China censors content about domestic drug sales “but leaves export-focused narcotics content untouched.”

  “The fentanyl crisis has helped CCP-tied Chinese organized criminal groups become the world’s premier money launderers, enriched the PRC’s chemical industry, and had a devastating impact on Americans.”

  According to the U.S. Centers for Disease Control and Prevention (CDC), synthetic opioids like fentanyl are the primary driver of overdose deaths in the United States.

  Most of the illicit fentanyl in the United States is manufactured in Mexico from precursors bought from China, highlighting the importance of having full control over the border.

  In an interview with The Epoch Times last year, Sen. Ted Cruz (R-Texas) said that Mexican cartels “have 100 percent operational control over our southern border.”

  This month, Senator Joe Manchin (D-W.Va.) wrote a letter to President Biden asking him to use his executive authority to shut down the southern border to deal with the issue of illegal immigrants and drugs.

  “To fight the drug smugglers and the individuals deliberately avoiding Border Patrol detection, you should prohibit Border Patrol agents from performing non-mission humanitarian duties so they can do their jobs,” said the senator.

  Tyler Durden
  Sat, 05/11/2024 – 13:10

• Watch: Bill Maher Upends Stormy Daniels' Testimony With 2018 Footage
  Watch: Bill Maher Upends Stormy Daniels’ Testimony With 2018 Footage

  Comedian Bill Maher just used footage from a 2018 interview with Stormy Daniels to reveal that she completely contradicted her own testimony in the Trump ‘hush-money’ trial last week.

  

  After laying out how the Democrats have fumbled the ball on virtually every case against Trump, Maher turned his attention to Daniels, who he called a “bad witness.”

  “Because, let me show you a little video. This is when I had Stormy on in 2018, and first I asked her why she had sex with Trump… listen to that, and then listen to what she says after that.”

  Maher, in 2018, asked her: “Why did you fuck Donald Trump?” saying moments later “but you say it’s not a ‘me-too’ case,” referring to the flood of rape accusations against various men in the wake of the Harvey Weinstein scandal.

  To which Daniels replies: “It is not a ‘me-too’ case. I mean I wasn’t assaulted, I wasn’t attacked or raped or coerced or blackmailed. They tried to shove me in the ‘me-too’ box as part of their own agenda, and first of all I didn’t want to be part of that because it’s not the truth and I’m not a victim in that regard.”

  Maher then contrasts that statement with Daniels’ testimony last week, saying “she’s talking about he was ‘bigger and blocking the way,’ – it’s all the me-too buzzwords.

  During her testimony last week, Daniels claimed “There was an imbalance of power, for sure. He was bigger and blocking the way, but I was not threatened either verbally or physically,” she said, also claiming that she ‘blacked out.’

  “She said there was an imbalance of power, for sure. My hands were shaking so hard. She said she blacked out. Blacked out? She’s a porn star. You really think she blacked out? A porn star is used to having sex with people she does not know. That’s the job. It’s kinda like ‘stormy, Bob, Bob, stormy, fuck!’ So I just think she’s not a good witness.”

  Watch:

  Bombshell from Bill Maher as he uses previous footage from his own show to reveal how Stormy Daniels contradicted her testimony:
  “Let me show you a little video: This is when I had Stormy on in 2018.
  Maher: Why did you fuck Donald Trump?
  Daniels: “I have no idea. It is not a me… pic.twitter.com/8PgGUv1K3O

  — Eric Abbenante (@EricAbbenante) May 11, 2024

  As an aside, comedian and commentator @EricAbbenante of immunetothesystem.com has been on fire with great X threads of late. You may want to give him a follow.

  Stormy Daniels denied everything in 2018. She’s taken every position , as usual:https://t.co/1ZV7SfwWSQ

  — Eric Abbenante (@EricAbbenante) May 11, 2024

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  Tyler Durden
  Sat, 05/11/2024 – 12:30

• U.S. Representative Introduces Bill To End Federal Taxation On Gold And Silver
  U.S. Representative Introduces Bill To End Federal Taxation On Gold And Silver

  Via Money Metals,

  

  U.S. Representative Alex Mooney (R-WV) has re-introduced sound money legislation to remove all federal income taxation from gold and silver coins and bullion.

  The Monetary Metals Tax Neutrality Act (H.R. 8279) backed by the Sound Money Defense League, Money Metals Exchange, and free-market activists – would clarify that the sale or exchange of precious metals bullion and coins are not to be included in capital gains, losses, or any other type of federal income calculation. Gold and silver would be treated as a non-entity for tax purposes, putting it on par with the U.S. dollar.

  Reps. Scott Perry (R-PA) and Randy Weber (R-TX) joined as original cosponsors.

  “My view, which is backed up by language in the U.S. Constitution, is that gold and silver coins are money and are legal tender,” Rep. Mooney said.

  “If they’re indeed U.S. money, it seems there should be no taxes on them at all. So, why are we taxing these coins as collectibles?”

  Acting unilaterally, Internal Revenue Service bureaucrats have placed gold and silver in the same “collectibles” category as artwork, Beanie Babies, and baseball cards – a classification that subjects the monetary metals to a discriminatorily high long-term capital gains tax rate of 28%.

  Sound money activists have long pointed out it is inappropriate to apply any federal income tax, regardless of the rate, against the only kind of money named in the U.S. Constitution. And the IRS has never defended how its position squares up with current law.

  Furthermore, the U.S. Mint continuously mints coins of gold, silver, platinum, and palladium and gives each of these coins a legal tender value denominated in U.S. dollars. This formal status as U.S. money further underscores the peculiarity of the IRS’s tax treatment.

  A tax-neutral measure, the Monetary Metals Tax Neutrality Act states that “no gain or loss shall be recognized on the sale or exchange of (1) gold, silver, platinum, or palladium minted and issued by the Secretary at any time or (2), refined gold or silver bullion, coins, bars, rounds, or ingots which are valued primarily based on their metal content and not their form.”

  Under current IRS policy, a taxpayer who sells his precious metals may end up with a capital “gain” in terms of Federal Reserve Notes and must pay federal income taxes on this “gain.”

  But the capital “gain” is not necessarily a real gain. It is often a nominal gain that simply results from the inflation created by the Federal Reserve and the attendant decline in the Federal Reserve Note dollar’s purchasing power.

  Under Rep. Mooney’s bill, precious metals gains and losses would not be included in any calculations of a taxpayer’s federal taxable income.

  “U.S. inflation is not caused by CEOs of grocery stores or by outside world leaders, it is caused by the Federal Reserve and federal policy,” said Jp Cortez, executive director of the Sound Money Defense League. “The federal government has a responsibility to remove disincentives for people seeking alternatives to the Federal Reserve note dollar to protect their savings.”

  “The IRS does not let taxpayers deduct the staggering capital losses they suffer when holding Federal Reserve notes over time,” said Stefan Gleason, president of Money Metals Exchange, the U.S. company named Best Overall Precious Metals Dealer by Investopedia.com. “So it’s grossly unfair for the IRS to assess a capital gains tax when citizens hold gold and silver to protect them from the Fed’s policy of currency debasement.”

  The Monetary Metals Tax Neutrality Act aligns with a broader national trend. With most states having already eliminated sales tax on the purchase of precious metals, state legislatures are increasingly introducing and approving measures to eliminate state income taxation of gold and silver.

  Alabama and Nebraska each passed their version of this policy this year. Arizona, Arkansas, and Utah approved similar measures in recent years. And Iowa, Georgia, Oklahoma, Missouri, and Kansas also considered income tax exemptions in 2024, with several approving the bill across multiple committees and chambers.

  The text of the H.R. 8279 can be found here and additional information on its current status is located here.

  Tyler Durden
  Sat, 05/11/2024 – 11:50

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• Israel & US Fume As UN Votes To Elevate Palestine's Status
  Israel & US Fume As UN Votes To Elevate Palestine’s Status

  There were fireworks at the United Nations General Assembly (UNGA) on Friday as Israel tried to fight back against a Palestinian bid to become a full UN member.

  The assembly adopted a new resolution which puts the ‘State of Palestine’ on the pathway to future full membership in a vote of 143 to 9, with the US and Israel on the ‘no’ side. The resolution recognizes Palestine as “qualified to join” and the resolution text was described as essentially a global survey on the open question of full membership. 

  The move formally recommends to the UN Security Council that it “reconsider the matter favorably.” Since 2012 Palestine has been a non-member observer state. But now the General Assembly “determines that the State of Palestine…should therefore be admitted to membership” and it “recommends that the Security Council reconsider the matter favorably,” according to the resolution text.

  A few extra procedural rights were also granted by Friday’s vote: “The General Assembly resolution adopted on Friday does give the Palestinians some additional rights and privileges from September 2024 — like a seat among the UN members in the assembly hall — but they will not be granted a vote in the body,” Times of Israel writes.

  Israel is of course fuming, and the below spectacle played out before the UN General Assembly, complete with an interesting prop…

  Watch: Israeli ambassador to the UN @giladerdan1 used a paper shredder to shred the UN charter on the podium of the UN general assembly ahead of a vote that will give new privileges to the Palestinians at the UN pic.twitter.com/mWQ85c8uwK

  — Barak Ravid (@BarakRavid) May 10, 2024

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  Foreign Minister Israel Katz also chimed in, describing the upgrade in status of Palestinians in the UN a “prize for Hamas” in a statement released by his office.

  “The absurd decision taken today at the UN General Assembly highlights the structural bias of the UN and the reasons why, under the leadership of UN Secretary-General [Antonio] Guterres, it has turned itself into an irrelevant institution,” Katz said.

  US Ambassador to the UN Linda Thomas-Greenfield agreed that it was unnecessary and does nothing to advance peace:

  “Since the attacks of October 7, President Biden has been clear that sustainable peace in the region can only be achieved through a two-state solution, with Israel’s security guaranteed, where Israelis and Palestinians can one day live side by side with equal measures of freedom and dignity. It remains the US view that unilateral measures at the UN and on the ground will not advance this goal. The General Assembly resolution being debated today is no exception and so the United States will be voting “no” and encourages other Member States to do the same,” the US mission said.

  “Efforts to advance this resolution do not change the reality that the Palestinian Authority does not currently meet the criteria for UN membership under the UN Charter,” she added.

  In Europe, Spain and Ireland are the latest countries which are set to bestow recognition on a Palestinian state in a controversial move. The US has very consistently voted no when such efforts are presented at the UN and at the Security Council.

  Below is a breakdown of Friday’s UNGA vote…

  

  Tyler Durden
  Sat, 05/11/2024 – 02:00

• Ohio Postal Worker Hit 100MPH In Mail Van While Racing Mustang
  Ohio Postal Worker Hit 100MPH In Mail Van While Racing Mustang

  “Is there a reason you’re going over 100?” is something most people thought they’d never heard anyone asking of a United States Postal Service van.

  “I didn’t realize I was going that fast,” the postal worker replied. 

  Body camera footage captures a traffic stop in Ohio where a deputy pulled over a U.S. Postal Service mail van for speeding at over 100 mph in a 60 mph zone. The incident occurred just before 2 p.m. on April 21 on Route 20, west of Fremont, according to KKTV.

  According to the traffic report, the van had no plates, and the driver appeared to be racing a Ford Mustang.

  

  In the body camera video, the deputy states, “Yeah. I mean, that Mustang took off. He caught my attention, and then you blew by him, and I was pacing you at like 105.”

  Court records identified the driver as 28-year-old Drew Brown, who told officials she worked for the Fremont post office.

  The KKTV report noted that Brown waived the case, paid a $50 fine for the traffic violation, and received a verbal warning for racing.

  The Post Office commented: “Drew Brown is an employee. It is under investigation and as a matter of policy, we are unable to comment further on a specific individual personnel matter.”

  You can watch the bodycam footage of the stop here. 

  Tyler Durden
  Fri, 05/10/2024 – 23:35

• Common Laxatives Linked To Serious Behavioral Issues In Children, Warn Experts
  Common Laxatives Linked To Serious Behavioral Issues In Children, Warn Experts

  Authored by Sheramy Tsai via The Epoch Times (emphasis ours),

  

  Bradley Koehler resembled any four-year-old, always on the move and eager to explore the world around him. Healthy and well-adjusted, he began having episodes of bed-wetting, despite being successfully potty-trained.

  Alarmed by this regression, his parents sought medical advice. Doctors found that Bradley was suffering from constipation. The retained stool was exerting pressure on his bladder, inadvertently resulting in the nighttime incidents. His medical team prescribed daily doses of Miralax to alleviate the condition.

  Over the next few years, shifts in Bradley’s behavior alarmed his parents. At soccer practice, he began to lash out, his small legs delivering kicks to his peers in bursts of unprovoked aggression. School assignments, which previously captured his interest, were now met with outright defiance—papers crumpled and thrown on the classroom floor. His parents were concerned but chalked his behavior up to him just “being a boy.”

  During this time, his struggles with bowel movements continued. At the age of eight, Bradley began having seizures leading to a diagnosis of temporal lobe epilepsy. Bradley’s distress escalated to saying he “wanted to die,” attempting to leap from the family’s deck and grabbing for kitchen knives. In response, his family turned to UW Madison Children’s Hospital for psychiatric support.

  “In third grade, the wheels really began falling off the bus,” Bradley’s father, Mike Koehler, shared with The Epoch Times. His parents, teachers, administrators, and behavioral interventionists came together to address Bradley’s worsening behavior, which had deteriorated to the point that he required more support than a traditional classroom could offer.

  

  The Laxative Connection

  It was during a hospital visit in 2015 with Bradley, then aged 9, that a breakthrough came in an unexpected form. A family friend mentioned an article from the New York Times to Mr. Koehler, highlighting concerns over MiraLAX. This prompted Bradley’s parents to consider the possibility that the laxative could be responsible for their son’s significant shifts in behavior and health. “It was like a lightbulb went off,” Mr. Koehler remarked. Their growing suspicions found resonance with numerous other families who reported similar issues following their children’s use of the laxative.

  The U.S. Food and Drug Administration (FDA) allocated nearly a million dollars to investigate the potential adverse effects of MiraLAX on children despite the drug not being approved for those under 17. A decade later, this research, assigned to the Children’s Hospital of Philadelphia (CHOP), remains incomplete.

  

  The Epoch Times attempted to contact Dr. Robert Heuckeroth, lead researcher and Dr. Matthew Hodgson, vice president of research compliance and regulatory affairs, for updates and insights on MiraLAX and childhood constipation. The reply came only from Emily DiTomo, director of public relations, who stated, “Neither Bob nor Matthew is available to speak with you for your article.” When probed further, Ms. DiTomo stated, “Children’s Hospital of Philadelphia does not have any information to share.”

  Meanwhile, families like Bradley’s, potentially affected by the adverse effects of a widely used treatment, have been left to resolve the problem themselves.

  The Constipation Crisis in Children

  Nearly one in 10 children worldwide suffer from constipation, contributing to 3 percent of U.S. pediatric clinic visits—a number that escalates to 25 percent in pediatric gastroenterology clinics.

  “Functional constipation is common in childhood and is associated with geographical location, lifestyle factors, and stressful life events,” notes research published in The Journal of Pediatrics.

  Lisa Santo Domingo, director of the Pediatric Multidisciplinary Chronic Constipation Clinic at Johns Hopkins Children’s Center, suggests the reported figures for constipation in children are too low. “Some parents may underreport or dismiss mild or intermittent symptoms, leading to an underestimation of prevalence rates,” she explained to The Epoch Times in an email. She added that trends indicate an increasing prevalence of constipation among children in recent years.

  

  Treating constipation is not cheap. Children with constipation incur increased annual medical costs of $3.9 billion, according to The Journal of Pediatrics. Health care expenses for children with constipation are threefold higher compared to those without, and one out of four children carry this issue into adulthood.

  Practitioners diagnose constipation using the Rome IV criteria, identifying symptoms such as infrequent bowel movements, hard stools, and fecal incontinence. Factors contributing to this condition range from diets rich in processed foods and low in fiber, sedentary habits, toilet training methods, anxiety, medications, and conditions like obesity and irritable bowel syndrome.

  Constipation’s toll goes beyond physical pain, deeply affecting psychological health. Research indicates that children dealing with constipation report a lower quality of life than their peers, encountering greater challenges in relationships and academics and heightened levels of anxiety and depression.

  “Children experiencing constipation may feel embarrassed, frustrated, or anxious about their symptoms, especially if they result in accidents or social stigma,” Ms. Santo Domingo said. “Persistent symptoms may lead to absenteeism, decreased academic performance, and social withdrawal.”

  MiraLAX: Doctor Preferred

  Physicians often treat constipated children with laxatives. Their preferred choice is polyethylene glycol (PEG 3350), or MiraLAX, despite the drug not being approved for those under 17. Praised for its effectiveness, safety, and user-friendly format, MiraLAX powder dissolves in water or other drinks. It pulls water into the intestines to ease bowel movements. PEG 3350 is also present in several other laxatives and bowel preps, including GaviLAX, GlycoLax, ClearLax, and GoLytely, to name a few.

  

  According to Ms. Santo Domingo, “MiraLAX is commonly used as a first-line or adjunctive treatment for constipation in children and is generally considered safe and effective when used appropriately.” She highlighted its effectiveness for a spectrum of issues, from mild to moderate constipation to stool leakage, stressing its vital role in treatment and prevention for affected children.

  In an email to The Epoch Times, a representative from Bayer, the company behind MiraLAX, shared the laxative’s journey from its initial introduction as a prescription medication in February 1999 to its FDA approval for over-the-counter sales in 2006, specifically for “adults and children 17 years and older for up to 7 days unless otherwise directed by a doctor.”

  Despite official recommendations, Bayer references “many independent clinical studies” that affirm PEG 3350’s safety in younger patients, bolstering their support for its pediatric use.

  Doctors commonly prescribe MiraLAX off-label for children, supported by organizations such as the North American Society for Pediatric Gastroenterology, Hepatology, and Nutrition. “In clinical practice … it is common for pediatric gastroenterologists to prescribe PEG 3350 for chronic use and there have been no reports of serious, long-term side effects in the medical literature,” they write.

  

  According to a search by The Epoch Times of the FDA’s Adverse Events Reporting System, around 39,715 adverse reactions to PEG 3350 have been logged, including 2,607 cases involving children under 18. Experts caution that this may be the tip of the iceberg, suggesting widespread underreporting.

  Bayer reassures patients and practitioners, stating, “As part of Bayer’s ongoing commitment to consumer well-being, we regularly track, analyze, and report all adverse event data related to the use of the product.” This vigilance, they argue, reinforces the “continued safe use of MiraLAX.”

  “Before recommending MiraLAX or any laxative therapy, we conduct a thorough evaluation,” explains Ms. Santo Domingo. “We also provide education and guidance to parents and caregivers on the appropriate use.”

  Read more here…

  Tyler Durden
  Fri, 05/10/2024 – 23:05

• Visualizing How Americans Feel About Various Federal Agencies
  Visualizing How Americans Feel About Various Federal Agencies

  With the 2024 election season heating up, which should translate translate to our elected officials paying close attention to voter preferences, Americans have mixed feelings about various parts of the government.

  

  To that end, Visual Capitalist‘s Pallavi Rao and Sam Parker have taken the results of a recent opinion poll conducted by the Pew Research Center between March 13-19, in which 10,701 adults were asked whether they felt favorably or unfavorably towards 16 different federal agencies?

  More via Visual Capitalist:

  Americans Love the Park Service, Are Divided Over the IRS

  Broadly speaking, 14 of the 16 federal government agencies garnered more favorable responses than unfavorable ones.

  Of them, the Parks Service, Postal Service, and NASA all had the approval of more than 70% of the respondents.

  Only the Department of Education and the IRS earned more unfavorable responses, and between them, only the IRS had a majority (51%) of unfavorable responses.

  There are some caveats to remember with this data. Firstly, tax collection is a less-friendly activity than say, maintaining picturesque parks. Secondly, the survey was conducted a month before taxes were typically due, a peak time for experiencing filing woes.

  Nevertheless, the IRS has come under fire in recent years. As per a New York Times article in 2019, eight years of budget cuts have stymied the agency’s ability to scrutinize tax filings from wealthier and more sophisticated filers.

  At the same time poorer Americans are facing increasing audits on wage subsidies available to low income workers. According to a Transactional Records Access Clearinghouse report, this subset of filers was audited five-and-a-half more times the average American.

  See below:

  

  Tyler Durden
  Fri, 05/10/2024 – 22:35

• Hospitals Turn To Pay In Advance, In Full
  Hospitals Turn To Pay In Advance, In Full

  By Mish Shedlock of MishTalk

  If you are in the hospital emergency room, and that’s where most people without insurance go, then you get treated. Otherwise, many hospitals are turning to pay in advance for services.

  

  Please Pay in Advance

  The Wall Street Journal reports Hospitals Are Refusing to Do Surgeries Unless You Pay in Full First

  For years, hospitals and surgery centers waited to perform procedures before sending bills to patients. That often left them chasing after patients for payment, repeatedly sending invoices and enlisting debt collectors.

  Now, more hospitals and surgery centers are demanding patients pay in advance.

  Advance billing helps the facilities avoid hounding patients to settle up. Yet it is distressing patients who must come up with thousands of dollars while struggling with serious conditions.

  Those who can’t come up with the sums have been forced to put off procedures. Some who paid up discovered later they were overcharged, then had to fight for refunds.

  Among the procedures that hospitals and surgery centers are seeking prepayments for are knee replacements, CT scans and births.

  Federal law requires hospitals to take care of people in an emergency. Hospitals say they don’t turn away patients who need medical care urgently for lack of prepayment.

  They are seeking advance payment for nonemergencies, they say, because chasing unpaid bills is challenging and costly. Roughly half the debt hospitals wrote off last year was owed by patients with insurance, the Kodiak analysis found.

  Finding money for treatment is a challenge for many American households. Half of adults say they can’t afford to spend more than $500 on medical care should they be suddenly sick or injured, a survey by health policy nonprofit KFF found. They would need to borrow.

  No Skin in the Game

  It’s interesting to note that hospitals want payment in advance for births. Most illegals just walk in and never pay for anything.

  Nonpayment is one of the reasons costs are soaring for everyone who does pay. Medicare for all is not the answer. When consumers have no skin in the game, no one is interested in reducing costs.

  Pets Treated Better Than Humans

  Much money is wasted on keeping people alive who have less than a year to live.

  We treat our pets in pain better than we treat humans. I just went through that myself. Our 15-year-old dog lost his eyesight due to ruptured eyes and was running into walls. He was in pain and could not see.

  The total bill for that crying experience was only $232.

  Right to Die

  If what happened to our dog happened to me, I would want to go. Someone else might not.

  But for those who cannot pay for services and don’t have insurance, I suggest they should be given painkillers only, or select a right to die.

  We need to prioritize. And the only way for that to happen is for people to have some skin in the game.

  Something Wrong Somewhere

  Something is wrong somewhere when half of adults do not have $500 dollars to any emergency (auto repairs, medical, and home repairs).

  Inflation is certainly a problem. Thank Biden, the Fed, and Congress (both parties) for that.

  Ridiculous regulations are part of the cost. Medical malpractice insurance and lawsuits are a problem.

  The minute someone tries to discuss these things, the Right starts screaming about “death squads”.

  With millions of aging boomers, this problem is only going to get worse.

  Tyler Durden
  Fri, 05/10/2024 – 22:05

• Only Half Of Adults Say They Could Afford Their Childhood Home Today
  Only Half Of Adults Say They Could Afford Their Childhood Home Today

  There’s an old saying that you can never go home again, yet nearly half of all adults would do just that… if they could only afford it.

  A survey from Zillow had found that 44% of Americans would buy their childhood home if cost were not an issue, yet only half of all adults say they could afford it at today’s prices. An even larger share of millennials and Gen Z adults would buy their childhood home today. It suggests that the nostalgia craze that has swept pop culture, social media, fashion and marketing has reached housing.  

  

  “It appears younger generations aren’t just nostalgic for low-rise jeans and Barbie, but for a simpler time in their lives when home was a place of comfort and safety,” said Manny Garcia, a senior population scientist at Zillow who conducted this research. “They may associate positive memories with their childhood home, having lived there without the burdens of rent, mortgage payments, maintenance, insurance or other housing hurdles. Today, a comparable home can feel out of reach, especially for younger adults who aspire to buy, but face steep affordability challenges.” 

  Children of the 1980s and 1990s are the most likely to say they would buy their childhood home today — 62% and 55% respectively. Yet almost half of those born in the ’80s (47%) and nearly two-thirds of those born in the ’90s (62%) say they couldn’t afford it at today’s prices.

  Those would-be buyers now need to earn a six-figure income to afford the typical U.S. home. Younger generations may long for the housing market of their youth when prices were lower, but their parents likely faced similar, if not worse, affordability challenges in the early 1980s. In 1981, mortgage rates soared above 18%, taking the typical monthly mortgage payment amount up to 55% of a median income at the time. Today, a new mover’s mortgage burden represents nearly 40% of a typical income — still well beyond the 30% threshold considered affordable.  

  Buyers today have easier access to affordability resources. Home shoppers can see down payment assistance programs they may be eligible for on for-sale listings on Zillow. They can tap into online affordability tools to better understand how much they can comfortably spend on a home, and then shop for homes by monthly payment, instead of by purchase price. 

  While many adults aspire to buy their childhood home today, they likely envisioned a very different dream home in childhood. The largest shares of adults say that, as a child, their dream home included a pool (77%) and/or a home theater (73%). Today, 72% of adults would still include a pool, and 76% would include a home theater in their current dream home, suggesting some dreams never die.

  When reality sets in, practical features prevail. A vast majority of adults now dream of a home with air conditioning (89%), a walk-in closet (89%) and a laundry room (85%). However, that inner child lives within a significant share of adults, who still want a bowling alley (43%), a frozen yogurt or soft serve machine (34%), and a soda vending machine (24%) in their present-day dream home.  

  Not all generations grew up pining for the same dream home features. Elevators reveal the largest generational divide: 58% of those born in the ’90s say their childhood selves dreamed of having a lift in their home versus only 21% of those born in the ’50s and earlier. There is an almost equally large 35-point gap for Jacuzzis and hot tubs. Conversely, 38% of children of the ’50s and earlier dreamed of a home with a white picket fence in their childhood, while only 21% of those born in the ’90s say the same.

  Tyler Durden
  Fri, 05/10/2024 – 21:35

• Is The End Near? Victor Davis Hanson Ponders Threat Of Annihilation
  Is The End Near? Victor Davis Hanson Ponders Threat Of Annihilation

  Authored by Rob Bluey via The Epoch Times (emphasis ours),

  

  Victor Davis Hanson is well known for his intelligent commentary and astute analysis of current events. But for his latest book, he tackles a topic related to his work on military history. It’s called “The End of Everything: How Wars Descend Into Annihilation.”

  Mr. Hanson studied four historical examples of wartime extinction that he features in the book. Then he applies those lessons to contemporary society to examine our own vulnerabilities. The book is on sale now, and Mr. Hanson spoke with The Daily Signal to share his observations along with some advice about what’s at stake for the United States in the short term.

  Listen to the full interview on “The Daily Signal Podcast” or read the transcript—edited for length and clarity—below.

  Rob Bluey: Could you share with our listeners your motivation for doing this book?

  Victor Davis Hanson: I’ve written a lot of books on military history and I’ve come across cases where the defeated didn’t just become occupied or surrender unconditionally or have change of governments or suffer grievous losses, but they were completely wiped out.

  And by that, I mean it wasn’t just their physical space, their populations—of course, in the ancient world, they enslaved anybody they didn’t kill—but their language, their culture, their civilization, their religion disappeared within a generation. So, for today, we don’t know much about Punic culture in North Africa or the Aztecs in Mexico.

  It didn’t happen frequently, but what were the conditions under which it occurred? And then, I have a long epilogue trying to speculate if that could still happen given that the agents of annihilation—nuclear, bio, chemical, AI (artificial intelligence)—are much easier to use than muscular labor of the past.

  Mr. Bluey: In what ways are we today vulnerable to the threat of extinction?

  Mr. Hanson: I tried to look at a pattern—if there was a pattern. In all these cases, these societies did not realize they were in decline. They did not realize that, in the past, when they had wars, there were usually negotiations between the victor and the defeated, they had no idea who Cortés was, who Scipio was, who Mehmed II was, or Alexander, that these were killers, and they were different sorts than they had encountered before.

  They also had this kind of naive egocentric idea that allies would come to their rescue—the Spartans will come and save us, the Venetians will come to Constantinople, the Macedonians will attack the Romans from the rear. And they didn’t really understand that all allies are self-interested.

  And then, finally, they didn’t understand that these killers, the destroyers, were not like Genghis Khan or Tamerlane, they were men of education. Alexander was tutored by Aristotle. Scipio Aemilianus had Polybius at his side, the great Roman historian, when he destroyed the city. Mehmed had the largest library in the Islamic world. Cortés was a man of letters.

  So they didn’t realize that they had thought deeply about how to destroy. They didn’t just come in, kill, rape women, and leave. They really had an existential plan to erase these cities.

  And when you look at today, there’s the same idea that no one would ever do that, it couldn’t happen here, this is in the past.

  So I went through in the epilogue and looked at all the threats of extinction that we have seen in, say, the last 15 years. I was shocked.

  It wasn’t just Kim Jong Un saying that he wanted to wipe out South Korea, and he would, but it was people like [Turkish President] Recep Erdogan. He has threatened, he said not too long ago, about eight months ago, that the Athenians, the modern Athenians, would wake up one morning and there would be a barrage of rockets to wipe them out. That was anger over his attempt to take back islands that are Greek off the coast of Turkey.

  He said to the Armenians at Nagorno-Karabakh—a year ago, they ethnically cleansed every Armenian out of Azerbaijan. And they had been there for a thousand years. And he said, “We are going to deal with Armenia itself in the way that our grandfathers did.” And that was, of course, the destruction of Armenian culture in Turkey.

  We know what the Iranians have said. There was a very controversial statement by [Former Iran President Akbar Hashemi] Rafsanjani about 20 years ago, but more that’s been reiterated lately, in a variety of contexts, that the idea of Israel as the home of devout Jews is actually a gift to Iran because it concentrates devout Jews in one place.

  Half the world’s Jewry is now in Israel, but more importantly, these are the observant Jews, and they are at what Rafsanjani called a one-bomb state, that one nuclear weapon could erase Jewish civilization itself.

  [Russian President Vladimir] Putin, of course, says that Ukraine is an aberration that doesn’t really exist, it was a province of the Soviet Union, and the language should be obliterated, it should be reincorporated into Russia. I’ve counted about 16 statements in the press that Russian generals, Russian media, or Russian government officials have said if the war were to continue, they would use nuclear weapons.

  In the case of China, they have threatened to wipe out Taiwan and destroy the bastard idea of a Taiwanese civilization; they say it doesn’t exist. And they’ve threatened to nuke, as well, Japan if it aids Taiwan.

  I only mentioned that because I’ve had pretty good luck with Chinese publishers buying books on military history. I wrote a book on World War II they purchased, but they sent a letter to my publisher and basically said if I didn’t take that sentence out of the book, then they were going to cancel the publication agreement. And, of course, I couldn’t take it out. Instead, I sent back not just one threat of Taiwan, I found about 15 others, and I said, “This is ridiculous, you’ve done this more than—” And so they’ve canceled the Chinese translation. But it’s pretty prevalent.

  And also, the denial. People on the walls of Constantinople said: “We can work with a sultan. He won’t kill everybody.” And people said, “Alexander the Great is a philosopher; he won’t obliterate us like Philip did,” … or something like that.

  And when you see the same denial, people get very angry when you mention Putin’s threats, they say: “Oh, he’s just bluster. He would never do that.” And, “Kim Jong Un would never do that.” And, “I’m not sure that’s true.” History says that the odds are they won’t, but it’s happened and there’s no second chances when that happens.

  https://www.youtube.com/watch?v=RLMLGbQYhyo

  Mr. Bluey: What role do you think technology is playing in either facilitating or even [exacerbating] the potential for these actors to destroy other societies?

  Mr. Hanson: I think we learned with COVID gain-of-function research that the technology was accelerating much more rapidly than the social, political, economic, cultural analysis of how to handle it. And there were people who were freelancing, like EcoHealth, for example, that was giving expertise to the Wuhan lab. I think the same thing is true of AI.

  Unfortunately, I work at Stanford right next to Silicon Valley, so when I go out and eat dinner at night, I often listen to conversations of techies and I know people who give to Stanford, et cetera. I have very little confidence on their moral sense. I have a great deal of confidence that they’re very adept in high-tech research like AI.

  So my point is that when we see things like the FBI hiring Twitter contractors to suppress news about a laptop in the last election, these are the same people, the same mentalities that will be in charge of AI.

  And there was, I mentioned in the book, a Pentagon simulation in which they used a computer launch completely directed by an AI program. And so, they sent a missile on a computer and they programmed every defense mechanism in it possible. So as it went into the computer, they launched computer simulations of air attacks from aircraft, from anti-ballistic missile systems, weather problems, et cetera. And then, when it was almost over, they had the computer kill the launch because it was over.

  Well, the launch didn’t kill, it turned around and went back at the launch person because it had been programmed to think spontaneously about a threat. So the person who launched the missile had never thought that the missile would attack him.

  And so, they shut down the entire experiment because they realized that they didn’t have the capability in the real world of ensuring that an AI couldn’t reason or analyze a threat, including the person who launched the missile, which would be the greatest threat of all if he canceled the missile and aborted it.

  So things like that are pretty scary, just like the COVID and the biochemical, et cetera.

  And I think if you look at what these people said in the past, I was just shocked about the denial.

  Montezuma said, “We’re going to be here forever.” He had visions of the Cortés were some type of deities maybe, but he thought he could appease them.

  And the same thing was true of the Carthaginians, they said: “You know what? We will give up our elephant. We’ll do everything. The Romans won’t do this.” And they had no intention of doing anything else other than destroying them.

  So I do think there’s people—like the Chinese Communist government, like the government in North Korea, like the government in Turkey, like the government in Iran—who are in a whole different moral universe than what we think they’re in.

  Mr. Bluey: Do you think that some of that denial exists here in the United States today?

  Mr. Hanson: Absolutely.

  I don’t think the average American understands that the Chinese are producing four ships per year to our one ship. Or that if you took any of our $15 billion carriers and you put them in the straits between Taiwan and China, they wouldn’t last more than an hour given the Chinese have developed missile batteries where they could launch 5,000 or 6,000 small missiles that would go about 6 inches above the water and hit the waterline at night. And you couldn’t stop that.

  They are building nuclear weapons at a phenomenal rate. They’re working on anti-missile defense. They’re back up to probably 250,000 students in the United States; if 1 percent are engaged in espionage—and the FBI says it’s more than that—you’ve got thousands of people who are appropriating technology.

  I don’t think anybody understands that it’s going to take us six years to replenish Javelin stocks and maybe we can’t. North Korea is producing more 155-mm shells than we are. At least they sent 2 million of them to the Russians.

  So we are not armed, and yet, our strategic responsibilities, our strategic confidence, our arrogance has not lessened commensurately with our reduced defense capacity.

  We’re 40,000 recruits short now in the military—never happened before. And when you analyze who is not joining the military, it’s not blacks, it’s not Latinos, it’s not gays, it’s not women, it’s not trans people, all of those numbers are the same … the largest group are white males from the lower and middle classes whose families fought in Vietnam, first Gulf War, Afghanistan, but this third and fourth generation are not joining up.

  And unfortunately, for the military, if you look at the casualty or the fatality rates in Afghanistan and Iraq, that demographic dies at twice their demographics—72 percent to 74 percent of all the dead in Afghanistan, in Iraq are white males from the middle and lower classes.

  And yet, this is the very demographic that [retired Gen.] Mark Milley, chairman of the Joint Chiefs of Staff, and [Defense Secretary] Lloyd Austin, in testimonies, have suggested suffer from white rage or white privilege. And the Pentagon was investigating just those kind of slanders about that demographic, and they found, of course, in December, they quietly issued a report, there was no cabal of white supremacists.

  But the point is, you can’t really have a successful military when you’re 40,000 recruits short in just a year.

  Mr. Bluey: What do you suggest that societies today, including the United States, learn from those historical examples you gave us earlier in the interview to maybe mitigate some of the risks that we might find ourselves in in the future?

  Mr. Hanson: I would not put much confidence in international bodies or even in so-called close allies. The Spartans came all the way up to the Thebans and they heard the Macedonians, they turned right back. On the last day of the existence of Constantinople, they were looking out at the walls at the Hellespont thinking that Venetian galleys en masse would come up and save them.

  So … I support NATO. I don’t really think the U.N. (United Nations) is of much value. The only thing that will save the United States is a deterrent military, and we don’t have that now, an overwhelmingly large, successful, smart military. And if we don’t have that, we’re going to see more of what we saw in Afghanistan, what we saw with the Chinese balloon, what we see in Gaza.

  And I think Americans don’t realize that we’re on a back of a tiger and we can’t get off because we set up the postwar world, and we had the pretensions of saying to the world, “You can go in the Red Sea, you can go in the Black Sea, you can go in the Strait of Hormuz, you can do all that and you won’t be injured.” That was a wonderful thing to do. But if you’re going to have those pretensions that you’re going to have a postwar order, you have to have a military that, from time to time, takes care of the Houthis or gets rid of Soleimani.

  And it doesn’t mean you’re going to be a neocon interventionist, but I think under [former President Donald] Trump and [former State Secretary Mike] Pompeo, they had a, I guess you would call it a Jacksonian idea that there would be no better friend than United States and no worse enemy. And we did not want to get involved in optional military adventures, but we would be very, very tough on our enemies. And then, the tougher we were, the less we would have to do it once we reestablished deterrence.

  So, we’ve lost deterrence, and that can be achieved militarily, economically, politically, but we’ve lost it in every category and it’s going to be very, very dangerous to reestablish it.

  Mr. Bluey: How much is at stake this year as it pertains to the future of this great country?

  Mr. Hanson: Everybody says each election is the most important, but I can tell you that this election is more important than 2016 and 2020 because, in my lifetime, we’ve never seen the Democratic Party—they always say the Republican Party was taken over by MAGA, but you look at 90 percent of the MAGA agenda, and it’s traditionally low taxes, small government, strong defense, closed borders.

  But the Democratic Party, as we’re seeing with Columbia [University] and all these student protests, they are a revolutionary party. It’s not that they believe in a porous border; they believe in no border. It’s not that they believe in light sentencing; they don’t want to sentence anybody. They don’t want to have bail. They don’t believe that there is such a thing as deterrence, the way we got out of Afghanistan. They believe in radical climate change. You can show them data, you can show them all sorts, they don’t care, they want to ban combustible engines, they don’t want fossil.

  So this is a group of people, as we’re seeing in this split screen with Donald Trump charged with these ridiculous misdemeanors bootstrapped onto felonies. At the same time, people are entering with violence into a Columbia building. And as one of them said the other night, “They will be out in 24 hours.” I don’t think they’re even in jail as we speak, they’re already out.

  I guess what I’m saying is we’re in a revolutionary Jacobin period, kind of a Reign of Terror. And I don’t see it stopping unless—I don’t think the election of Donald Trump will be enough. You’ll have to elect the Senate, Donald Trump, and enlarge the House majority. And then they’re going to have to act very quickly to stop it, to restore the border, to restore deterrence, to restore deterrence against criminals, to get back our preeminent position economically, to stop this $1 trillion borrowing every 100 days.

  We’re in bad shape in every category. And I think, whether we like it, I know there’s a lot of Never-Trumpers out there, but whatever problem they have with Trump’s temperament, it just pales in comparison with the ideological revolutionaries that are in there now…

  If [President Joe] Biden is reelected, what we saw the first term will be nothing, it’ll be enhanced to a magnitude, it’ll be so much greater. So I’m really worried about this election, especially the integrity of the balloting and turnout and all of those other issues.

  Reprinted by permission from The Daily Signal, a publication of The Heritage Foundation.

  Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.

  Tyler Durden
  Fri, 05/10/2024 – 21:05

• Bidenomics At Work: Ford Slashing Battery Orders As Losses Per EV Approach $100,000
  Bidenomics At Work: Ford Slashing Battery Orders As Losses Per EV Approach $100,000

  Ford is cutting battery orders in yet another sign that the EV market, despite a constant tailwind from the U.S. taxpayer, is starting to slow. 

  The company is cutting the orders to curb electric-vehicle losses as it scales back its EV strategy in a slowing plug-in market, according to insiders who spoke to Bloomberg.

  

  Ford CEO Jim Farley has said the company’s EV unit “is the main drag on the whole company right now” and CAT said its “cooperation with Ford is moving forward as normal”. 

  The company responded by saying it wouldn’t comment on relationships with suppliers. 

  Bloomberg notes that with plummeting EV prices and weakening demand, Ford’s losses per electric vehicle exceeded $100,000 in the first quarter, doubling last year’s deficit.

  Bloomberg Intelligence estimates that Ford’s projected EV unit losses this year will nearly offset profits from its Ford Blue division, which produces traditional internal combustion engine vehicles like the Bronco SUV and gas-electric hybrids such as the Maverick truck.

  BI analysts said of the results: “That raises questions about the prudence of investing heavily in EVs.”

  Ford’s order reductions highlight industry challenges as U.S. automakers face weaker-than-expected EV demand and battery makers in South Korea, China, and beyond struggle with unsold inventory.

  Making a great electric car at a great price is extremely difficult

  — Elon Musk (@elonmusk) May 10, 2024

  https://platform.twitter.com/widgets.js

  This has affected prices for key metals like lithium, cobalt, and nickel, leading to multiyear lows and stalling new projects. Ford has reduced EV production costs but had to cut prices to stay competitive with Tesla.

  Ford CFO John Lawler said in April: “We’ve seen prices coming down quite dramatically and that’s why we haven’t been able to keep up from a cost reduction standpoint.”

  He continued: “But we’re targeting to take out as much cost this year as we can on Model e and all in the spirit of driving toward that contribution margin positive.”

  He concluded: “Model e has to stand on its own. It needs to be profitable and it has to provide a return on the capital we’re investing.”

  Thus, its no surprise to us (or to our readers, we’re sure) why, exactly Ford is cutting back on its EV investments.

  Recall we noted from the Epoch Times just days ago that on April 24, Ford reported it lost $132,000 for each of its 10,000 electric vehicles sold in the first quarter of 2024, according to CNN. The sales were down 20 percent from the first quarter of 2023 and would “drag down earnings for the company overall.”

  The losses include “hundreds of millions being spent on research and development of the next generation of EVs for Ford. Those investments are years away from paying off.” Ford is the only major carmaker breaking out EV numbers by themselves. But other marques likely suffer similar losses.

  Tyler Durden
  Fri, 05/10/2024 – 20:35

• The Top 10% Are The Main Beneficiaries Of Globalization, Says Study
  The Top 10% Are The Main Beneficiaries Of Globalization, Says Study

  By Linda Schadler of PhysOrg

  The income of many people around the world has considerably increased due to the economic globalization of the last 50 years. However, these income gains are unevenly distributed. A study by Dr. Valentin Lang, junior professor of political economy at the University of Mannheim, and his co-author Marina M. Tavares of the International Monetary Fund shows that the top 10% of the national income distributions, in particular, have benefited from this development.

  

  In their study, published in The Journal of Economic Inequality, the researchers tried to answer the questions if and how the globalization of the last 50 years has affected inequalities between people worldwide.

  Their research found that globalization has led to greater income inequalities within many countries. The gap between rich and poor has widened particularly in countries that have become more integrated into the global economy, such as China, Russia and some Eastern European countries. At the same time, globalization has reduced inequality between countries. The differences between countries therefore play an increasingly minor role in the global inequality rate.

  “The influence of globalization on income inequalities worldwide was greater than we had expected,” summarizes Valentin Lang, junior professor of International Political Economy at the University of Mannheim and author of the study. “We were particularly surprised that these differences were mainly due to the gains of the richest and that the lower income groups benefited little or not at all.”

  Increasing skepticism towards globalization

  The study also shows that globalization in its early and middle stages led to considerable income increases in the individual countries but that the growth effects diminish as the degree of globalization increases. “The benefits of globalization become smaller during the integration process, while the costs of distribution become higher. This matches the increasing skepticism towards globalization which can be observed in countries with a high level of economic integration,” Lang concludes.

  For analyzing economic globalization, the authors used a new empirical approach: They combined data on trade, financial flows and regulation from the past 50 years and related these to the different speeds and regional concentrations of economic liberalization measures in the individual countries.

  Tyler Durden
  Fri, 05/10/2024 – 20:05

• Netanyahu Vows To 'Stand Alone' & 'Fight With Fingernails' After Biden's Arms Supply Warning
  Netanyahu Vows To ‘Stand Alone’ & ‘Fight With Fingernails’ After Biden’s Arms Supply Warning

  Prime Minister Benjamin Netanyahu’s latest reaction to President Biden earlier in the week threatening that the US could withhold offensive weapons from Israel if its military escalates a ground offensive against Rafah has been to vow that his country is ready to “stand alone” and “fight with fingernails” in Gaza.

  “If we must, we shall fight with our fingernails. But we have much more than our fingernails, and with that strength of spirit, with God’s help, together we shall be victorious,” he said. Netanyahu is vowing to move forward with the ground offensive against the southern Gaza city where some 1.3 Palestinian refugees are located. Washington has long warned that there are not adequate enough civilian evacuation plans in place. The Rafah offensive is now official, per Axios: 

  Amid growing U.S. concerns about the humanitarian situation in Rafah, the Israeli security cabinet approved last night the “expansion of the area of ​​operation” of the Israel Defense Forces in the southern Gaza city, according to three sources with knowledge of the details.

  

  The prime minister in his latest remarks described that the country largely stood alone in the 1948 war that established Israel when it was “victorious” despite that it was fought by a “few against the many…and did not have weapon.”

  Defense Minister Yoav Gallant echoed something similar: “We will stand strong, we will achieve our goals,” he said. He asserted that “enemies as well as … best of friends” must know that Israel “cannot be subdued”.

  Already the US has paused a shipment of 2,000- and 500-pound bombs to Israel, but officials say there is still ample defense aid still in the pipeline. Perhaps Biden’s ‘threats’ are just political posturing in order to keep more Democratic voters from jumping ship over his Gaza policy ahead of November? 

  A fresh Times of Israel headline issued Friday reads: Despite Biden’s pause, billions of dollars in US arms for Israel still in pipeline…

  Billions of dollars worth of US weaponry remains in the pipeline for Israel, despite the delay of one shipment of bombs and a review of others by US President Joe Biden’s administration, which says it’s concerned the Israel Defense Forces could use them in densely populated Rafah, as is has in other parts of Gaza.

  So the current paused shipment is likely merely symbolic, or a show of ‘doing something’ without actually doing it in any meaningful way, and in the end Israel’s military will have whatever it needs to continue its offensive on Rafah.

  “A wide range of other military equipment is due to go to Israel, including joint direct attack munitions (JDAMS), which convert dumb bombs into precision weapons; and tank rounds, mortars and armored tactical vehicles, Senator Jim Risch, the top Republican on the Senate Foreign Relations Committee, told reporters,” Times of Israel continues.

  “Risch said those munitions were not moving through the approval process as quickly as they should be, noting some had been in the works since December, while assistance for Israel more typically sails through the review process within weeks.”

  Again, it’s more likely that this talk of halting defense aid is a ruse to get the political pressure turned down on the Biden White House, amid ongoing pro-Palestinian protests across US college campuses and Progressive outrage.

  Senator Bernie Sanders in a recent CNN interview aptly stated that “This may be Biden’s Vietnam” which both could cost him the election and be a black stain on his legacy.

  “I understand that a lot of people in this country are less than enthusiastic about Biden for a number of reasons and I get that. And I strongly disagree with him, especially on what’s going on in Gaza,” he commented on the president’s waning popularity even among Dems.

  Meanwhile Israel’s Security Cabinet has just approved a strategy of the IDF’s “measured expansion” of the Rafah operation. This seems to simply mean that Israel will push the offensive up to the extent where Washington can still comfortably stomach it on a public and international level.

  Tyler Durden
  Fri, 05/10/2024 – 19:35

• Sheriff’s Deputy Fired Over Jan. 6 Secures Nearly $400,000 In Settlement
  Sheriff’s Deputy Fired Over Jan. 6 Secures Nearly $400,000 In Settlement

  Authored by Zachary Stieber via The Epoch Times (emphasis ours),

  

  A sheriff’s deputy fired for protesting in Washington on Jan. 6, 2021, has secured a large settlement from Bexar County in Texas.

  Roxanne Mathai, a lieutenant with the Bexar County Sheriff’s Office (BCSO) at the time she traveled to Washington, will receive $395,000 in a settlement reached after she sued her former employer, the parties in the case told The Epoch Times.

  “We’re very pleased with the resolution,” Mark Anthony Sanchez, an attorney representing Ms. Mathai, told The Epoch Times. He said the settlement was “nothing short of vindication for Roxanne.”

  “I am grateful for the unwavering support of my attorney … and the countless individuals who stood by me throughout this challenging ordeal,” Ms. Mathai said in a statement. “This settlement not only provides closure for me personally but also sends a powerful message that wrongful termination will not be tolerated.”

  Monica Ramos, a spokeswoman for Bexar County, told The Epoch Times in an email that the county’s insurer decided to settle.

  “Bexar County continues to deny that any acts of discrimination or retaliation occurred,” Ms. Ramos said. “Nothing about the insurer’s decision to settle both claims can be construed as an admission of any wrongdoing or liability by Bexar County, which is expressly denied.”

  Ms. Mathai posted images and videos on Jan. 6, 2021, from a rally for then-President Donald Trump in Washington, held just before people began breaching the U.S. Capitol. Ms. Mathai went over to the building after the rally. She included captions in her posts, such as “Today has been amazing!”

  Bexar County Sheriff Javier Salazar said a day later that he was aware of the materials and that he intended to make sure Ms. Mathai never entered a sheriff’s office building again.

  He said that Ms. Mathai was allowed to exercise her First Amendment rights but should have left once crimes began being committed.

  There is no indication Ms. Mathai entered the Capitol and she has not been charged. She has said she left around 3 p.m., that she could not see any doors or windows from her position, and that she saw people climbing the walls at the Capitol but didn’t think that was illegal.

  The sheriff’s office discharged Ms. Mathai in June 2021 after officials determined she failed to report crimes and engaged in conduct unbecoming of an officer, according to documents reviewed by The Epoch Times.

  An arbitrator upheld the termination, finding in part that while near the Capitol she “knew or should have known she was observing illegal activity (trespass, barricades down, people climbing walls and scaffolding); that tear gas in the area and later a curfew were signs of trouble; that her social media would disseminate her pictures, video and comments to the public; and, that as an officer with the Bexar County Sheriff’s Office the last place she should be or remain or come back to was the scene of this so-called ‘rally.’”

  Ms. Mathai sued in 2022, alleging violations of her constitutional rights. She noted she had received permission from a superior to attend the pro-Trump rally and described herself as a “law-abiding citizen” who wanted to attend a peaceful event in support of the president.

  Ms. Mathai said she recorded video footage and photographs because she believed she “was a witness to history” and wanted to “create a record for posterity,” according to the lawsuit.

  “Ms. Mathai proudly and unapologetically voiced and displayed her lawful and constitutionally protected support of President Trump in person and through social media,” it stated.

  The suit said Ms. Mathai was “shocked and appalled” when she returned to her hotel room on Jan. 6 and watched what was unfolding at the Capitol.

  Bexar County is in southern Texas and includes San Antonio.

  An attempt in 2023 by Bexar County officials to have the case thrown out was rejected by U.S. District Judge Xavier Rodriguez, who was overseeing the case. He ruled that Ms. Mathai did not waive her rights to bring a federal claim.

  The Bexar County Commissioners Court in April approved a $100,000 payment to an outside insurance carrier to allow the carrier to take over the defense in the case. That was the deductible required under the insurance policy, so the insurer is covering the remainder of the settlement, according to the county.

  The parties entered a stipulation of dismissal in federal court and Judge Rodriguez dismissed it on Tuesday.

  “The termination in this case was done within policy and was upheld by an arbitrator. The decision to issue a settlement was made outside the BCSO,” Mr. Salazar, the sheriff, told The Epoch Times in an email. “There was no wrongdoing on the part of the administration, and I stand by our actions.”

  Tyler Durden
  Fri, 05/10/2024 – 19:05

• Biden Unveils Latest $400M Package For Ukraine, But US Artillery Shells Already Depleted 
  Biden Unveils Latest $400M Package For Ukraine, But US Artillery Shells Already Depleted 

  The Biden administration on Friday announced its third tranche of new aid for Ukraine since President Biden signed into effect Congress’ $95 billion foreign aid package, which includes $60 billion total funding for Ukraine.

  This newest authorized package is for $400 million and is to include High Mobility Artillery Rocket Systems, Patriot missiles, and various munitions including anti-aircraft and anti-tank ammo, and armored vehicles like Bradleys.

  “It will also provide a number of coastal and riverine patrol boats, trailers, demolition munitions, high-speed anti-radiation missiles, protective gear, spare parts and other weapons and equipment,” according to further details in the Associated Press. “The weapons are being sent through presidential drawdown authority, which pulls systems and munitions from existing U.S. stockpiles so they can go quickly to the war front.”

  

  It’s as yet unclear if this particular package will include the longer range Army Tactical Missile System, which can hit targets up to 190 miles away. Moscow has been warning the West that parties supplying Ukraine with weapons used against Russian territory will be seen as direct participants in the war.

  Ironically this new $400 million package has been announced the very same day that Russia has launched a rare, major cross-border offensive into the Kharkiv region, seeking to establish a ‘buffer zone’ some 10km deep inside Ukraine territory, ostensibly to prevent cross-border shelling from harming Russian citizens and to more easily intercept threats like drones.

  Currently, Ukrainian soldiers are resorting to literally trying to find leftover, unexploded artillery shells scattered in the ground at prior battle sites. The Wall Street Journal has underscored this severe lack of ammo along Ukraine’s front lines in writing that “Kyiv’s ammunition shortage is so acute that a soldier who hunts for Russian shells—and makes his own bombs—has become an important supplier for some units.” 

  On Thursday, David Sacks pointed to the significant depletion in artillery shell production in the US as a sign that Kiev’s external backers are growing weaker, not stronger amid the continued escalation…

  I warned that America didn’t produce enough artillery shells to supply both Ukraine and Israel; now Biden has cut off Israel. Some of those most outraged were strong advocates for giving Ukraine everything it wanted. They have no one to blame but themselves for depleting… https://t.co/uZvDSun7nb

  — David Sacks (@DavidSacks) May 9, 2024

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  “As the shortage of artillery shells has grown more acute in recent weeks, brigades have started sending their de-miners to Polyukhovich, hoping he’ll teach them how to find more ammunition,” the report said.

  “It is dangerous work. Several months ago, while Polyukhovich was out, his team tried to deactivate an antipersonnel mine, which is more sensitive than the antitank mines they normally work with,” WSJ detailed. “It went off, killing one of them and pockmarking the side of Polyukhovich’s house.”

  * * *

  Meanwhile, a shocking stat and reminder that the proxy war in Ukraine has in the end weakened America’s ability to defend itself…

  Even if the Ukraine War ended tomorrow, it would take over 5 years to replenish our stockpiles of artillery shells, Javelins and Stingers. But Biden sees no tradeoffs between helping Ukraine and Israel. And he wants to rattle the saber against China while he’s at it. pic.twitter.com/4xv0aNQWLi

  — David Sacks (@DavidSacks) October 25, 2023

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  Tyler Durden
  Fri, 05/10/2024 – 18:35

• "The Jobs Market Is Weakening, Inflation Has Picked Up And Growth Unexpectedly Slowed"
  “The Jobs Market Is Weakening, Inflation Has Picked Up And Growth Unexpectedly Slowed”

  By Rabobank

  The Bank of England left the Bank Rate unchanged at 5.25% yesterday, but the clear signal from the record of votes, and Governor Bailey, is that cuts aren’t far away. This time around the vote split 7-2 in favour of holding (previously 8-1), with arch-dove Dhingra being joined by former hawk Ramsden in plumping for a cut.

  The BOE’s Monetary Policy Report lowered inflation forecasts, but the policy Summary warned on uncertainties around the persistence of high services inflation and the spotty ONS labour market data. Governor Bailey commented that a cut in June is “neither ruled out nor a fait accompli”, while our own BOE watcher Stefan Koopman favors an August cut, owing to sticky services inflation and uncertainties around the impact of the recent 9.8% minimum wage decision.

  So, the Bank of England is now in a similar place to the ECB, and a similar place to where the Fed was earlier in the year: cuts are coming, we just need to see some more data to be assured on the timing. In spending so much time talking about cutting rates before actually cutting them, central bankers are doing their best Abe Lincoln impersonation: “give me six hours to chop down a tree, and I will spend the first four sharpening the axe.”

  A dovish Bank of England follows Sweden’s Rijksbank delivering a 25bps cut earlier in the week (the first in 16 years) and a 25bps cut from the Brazilian central bank yesterday (though four Board members wanted to cut by 50). The RBA doved-it-up on Tuesday by keeping the cash rate unchanged at 4.35% and maintaining their neutral bias – despite a big upside surprise in inflation in Q1 and half-percentage point upward revisions to their inflation forecasts for the remainder of this year. We think the RBA’s ‘hold and hope’ strategy will ultimately get waylaid by economic reality and that they will end up hiking twice more this year, albeit reluctantly.

  Banxico might have been the closest thing to a hawkish central bank this week. They opted to pause the cutting cycle that was initiated in March, while revising inflation forecasts substantially higher and warning of persistence in inflationary shocks. USDMXN dropped below 16.80 following the meeting despite small gains in the DXY index. Nevertheless, Rabobank’s Christian Lawrence and Molly Schwartz are expecting Banxico’s policy rate to continue falling later in the year, ultimately hitting 10% by Christmas.

  Over in the United States we saw a continuation of the theme established by a soft non-farm payrolls report last Friday that the US jobs market may be beginning to crack. Initial jobless claims this week printed at 231,000, well up on the expected 212,000 and last week’s upwardly-revised 209,000. This follows a recent run of soft data, including the lacklustre payrolls report, below expectations JOLTS job openings, and ISM reports showing employment contracting for both the manufacturing and services sectors.

  While the labor market is starting to look creaky, the prices paid components of those ISM reports pumped higher. This chimes nicely with a strong run of PCE and CPI data, which we might see continued next week when we get the April PPI and CPI reports for the United States. Could another upside surprise be on the cards there? [ZH: a downside surprise is far more likely]

  So, the jobs market looks to be weakening, inflation has picked up and growth unexpectedly slowed to just 1.6% annualized in Q1 figures reported the week before last. Nevertheless, Jay Powell isn’t bothered. He recently told reporters that he couldn’t see the ‘stag’ or the ‘flation’ in the economy at the moment.

  The BOE and the ECB might be channelling one former President in softening us up for rate cuts, but in light of the recent run of data it stretches credulity to suggest that Powell is channelling another: “Father, I cannot tell a lie…”

  

  While the economic picture appears to be softening in North America, in Europe things seemed to turn for the better this week. PMIs indicated a faster rate of expansion for Spain, France and Germany, and Italian industry also remains in expansion (albeit at a slightly reduced rate). German factory orders remained dreadful, but both imports and exports showed unexpected strength. French wage growth accelerated and German industrial production was less bad than feared. All of this follows on from stronger than expected Q1 growth figures for the Eurozone last week.

  Europe might be looking better, but it isn’t time to break out the bunting just yet. Growth is still weak, and it would be a brave call to suggest that inflation has been routed – even if it may be in retreat at the moment. There’s also plenty of potential for further shocks. Just this morning we saw news that Joe Biden plans to impose tariffs on Chinese EVs and other strategic sectors as early as next week. Such moves raise the risk of China dumping those products into other markets (like Europe), which might prompt action from the Europeans to protect already fragile German industry.

  There’s also the issue of the Israel-Hamas (/Hezbollah/Iran) war bubbling away in the background. Brent crude has stabilised around $83-84/bbl after the recent tit-for-tat between Israel and Iran momentarily petered-out, but tensions remain high and the war is moving into a new phase that introduces new potential catalysts for regional potshots.

  Israel this week cut off the crossing from Rafah into Egypt as a precursor to a ground offensive. Hamas tried to accept a ceasefire deal that Israel hadn’t offered. Joe Biden wound-back long running bipartisan support of Israel by threatening to halt shipments of offensive weapons if Israel pushes into Rafah. That latter development was almost certainly electorally-driven, with the campus youth vote, and the large Muslim population in Michigan of crucial importance to Biden’s chances of re-election. Netanyahu remains undeterred, declaring that “if we must, we shall fight with our fingernails.”

  So, all in all, it was another week where there were plenty of problems that we can point to, but both stocks and bonds went higher (at least as of time of writing). Perhaps there is some truth to an observation a trader once made to me: “bears sound smart, but bulls make money

  Tyler Durden
  Fri, 05/10/2024 – 18:05

• Hedge Funds That Sold In May Might Now Push Stocks To New Highs
  Hedge Funds That Sold In May Might Now Push Stocks To New Highs

  Authored by Simon White. Bloomberg macro strategist,

  Hedge funds seem to have taken the old adage about selling in May to heart. From being very long for most of this year, aggregate positioning now looks to have gone short – right as the stock market bounces. Hedge funds that are offside might now chase the market higher through the rest of the month.

  We can estimate how hedge funds are positioned in stocks by looking at the beta of hedge-fund indices (in this case HFR’s Macro/CTA index) to the S&P 500. As the chart below shows, it looks like funds are now short the stock market in the aggregate.

  

  We can use the DBi Managed Futures ETF to get a flavor of what CTAs have been doing. As the table below shows, this ETF came out of the S&P in April and started adding to the MSCI EAFE, with its overall developed-market equity position trending lower. As of last week, it is long futures in MSCI EAFE, MSCI EM, oil and gold.

  

  Hedge funds (CTAs and macro funds) now having a short exposure to stocks comes at a time when the good side (for long-only investors at least) of a positive stock-bond correlation is in play – stocks and bonds rising together, as yields trend lower in response to recent weaker economic data. The bear steepening in the yield curve that is typically pernicious for risk assets has given away to a more asset-friendlier bull flattening for now.

  With US stocks less than a percent off their all-time highs, there’s a good chance funds who now find themselves offside help push the stock market to a new peak. This would match the previous patterns of a change of stock leadership marking the near-end of a correction.

  Nonetheless, even though a new high would likely see some follow-through buying, the bull trend is not going to be as plain sailing as it was.

  Liquidity conditions are less conducive to rising risk assets. Reserves and the reverse repo facility (RRP) continue to trend lower. Tapering of quantitative tightening will take some of the edge off, but reserve liquidity will be less buoyant. Furthermore, the government’s interest bill will incrementally eat more reserves and reserve velocity.

  Selling in May maybe doesn’t look like a good idea now, but by St Leger’s Day in September, hedge funds who get back in the market might find they have experienced a lot of volatility without a whole lot of upside to compensate.
   

  Tyler Durden
  Fri, 05/10/2024 – 17:15

• They Went Woke: Oscars Facing Liquidity Crisis, Launch $500 Million Fundraising Drive As Viewers Flee
  They Went Woke: Oscars Facing Liquidity Crisis, Launch $500 Million Fundraising Drive As Viewers Flee

  Given that Ricky Gervais has been the only good thing about the Oscars in years, if not decades…

  …the Academy of Motion Picture Arts & Sciences has launched a $500 million fundraising initiative in an effort to offset the Oscars dramatic drop in viewership – which went from nearly 44 million in 2014, to just 19.5 million in the latest ceremony, according to Statista.

  Bill Kramer, the Academy’s Chief Executive, revealed in an interview with the Financial Times that the organization has already raised about $100 million, with contributions from high-profile donors like billionaire Leonard Blavatnik. The campaign is further bolstered by sponsorship agreements with renowned luxury brands, including the Dorchester Collection.

  The timing of this fundraising drive is crucial as the Academy’s current broadcasting agreement with ABC, a Walt Disney-owned network, is set to expire in 2028, coinciding with the 100th anniversary of the Oscars. Negotiations for renewal are expected to commence shortly, with Kramer describing the existing deal as “very healthy” and lauding the partnership with Disney as “amazing.” However, the shift towards streaming and the upheavals in the television and film industry have prompted the Academy to pursue what Kramer calls a “revenue diversification campaign.”

  “No healthy company or organization should rely on one source of support to a degree that could cause concern if that support decreases,” he told the outlet.

  The move comes amid broader financial struggles within the non-profit arts sector. Notable institutions like the Metropolitan Opera in New York have had to draw emergency funds from endowments due to cash shortfalls, and the Sundance Film Festival has faced significant challenges recovering post-Covid-19 disruptions.

  

  Going forward, the Academy is trying to position itself to appeal to a broader, more international donor base, reflecting a shift in its audience and membership demographics. Approximately 30 percent of its membership now resides outside the U.S., a significant increase from a decade ago.

  As the Academy seeks to broaden its appeal and financial stability, the success of this global fundraising campaign could be pivotal. With the film industry and its audiences undergoing radical transformations, these efforts might not only reshape the Academy’s financial landscape but also its cultural footprint on a global scale – with the campaign set to be launched in Rome on Friday.

  Good luck. As Gervais put it best in 2020:

  No one cares about movies anymore. No one goes to cinema, no one really watches network TV. Everyone is watching Netflix. This show should just be me coming out, going, “Well done Netflix. You win everything. Good night.” But no, we got to drag it out for three hours…

  …Seriously, most films are awful. Lazy. Remakes, sequels. I’ve heard a rumor there might be a sequel to Sophie’s Choice. I mean, that would just be Meryl just going, “Well, it’s gotta be this one then.” All the best actors have jumped to Netflix, HBO. And the actors who just do Hollywood movies now do fantasy-adventure nonsense. They wear masks and capes and really tight costumes. Their job isn’t acting anymore. It’s going to the gym twice a day and taking steroids, really. Have we got an award for most ripped junky? No point, we’d know who’d win that.

  Tyler Durden
  Fri, 05/10/2024 – 16:50

• "Something Super Weird Is Going On": Musk Reacts To 'Anticapitalist' Attack On Berlin Gigafactory
  “Something Super Weird Is Going On”: Musk Reacts To ‘Anticapitalist’ Attack On Berlin Gigafactory

  Update (1340ET): Some are wondering why the so-called ‘anticapitalist’ protesters who attacked the Tesla Gigafactory in Berlin are ignoring other automakers whose brands cater the the upper class they claim to oppose.

  “Why not protest factories making BMW 7 series and Mercedes S Class or Maybach?” asks X user ‘Warren Redlich,’ adding “Because they’re full of crap.“

  To which Tesla owner Elon Musk replied: “Something super weird is going on, as Tesla was the *only* car company attacked!”

  Something super weird is going on, as Tesla was the *only* car company attacked!

  — Elon Musk (@elonmusk) May 10, 2024

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  *  *  *

  All hell is breaking out at Tesla’s Gigafactory Berlin-Brandenburg on Friday as hundreds of woke Marxist extremists storm the property. 

  Videos on X show hundreds of people running towards the massive factory. 

  BREAKING: Far-left extremists just tried storming a Tesla factory near Berlin: pic.twitter.com/yspqWa0afZ

  — End Wokeness (@EndWokeness) May 10, 2024

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  Hunderte Aktivist:innen haben erfolgreich das Werksgelände von Tesla erreicht und feiern das Erreichen ihres Ziels!

  Die Produktion steht still. Heute wird kein Auto gebaut.#DisruptTesla pic.twitter.com/P0tWwwjChR

  — Disrupt (@disrupt__now) May 10, 2024

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  „Say it loud, say it clear #ElonMusk is not welcome here”#DisruptTesla action in #Grünheide starts now pic.twitter.com/ZXjvohTsCV

  — the brake (@TheBrakeNet) May 10, 2024

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  Im Zuge der Tesla Aktionstage blokieren Aktivist*innen eine Straße mit einem Tripod. Sie fordern alternative Orte des Zusammenkommens für Alle statt dreckiger Autos! 🥳🥳 #stoptesla pic.twitter.com/iEMGRVcBZm

  — Disrupt (@disrupt__now) May 10, 2024

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  “Most of those demonstrators do not come from Grünheide if any at all, they are not just against Tesla but against any form of capitalism and that’s a pretty ridiculous claim as its the best system to balance capital between poor and rich that exist. Its a wild mixture of people mainly believing in the lies of the media and activated from environmental organisations who amplify an ill designed protest,” one X user said. 

  A few hundred demonstrators, who are against capitalism and do not want vehicles to be produced at all from anyone, were tpday, Friday stopped by the police as they marched towards the Tesla site at 🇩🇪 Giga Berlin.

  Activists tried to break into the Tesla factory premises in… pic.twitter.com/Y5z6JWRdmL

  — Alex (@alex_avoigt) May 10, 2024

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  In March, the far-left militant/environmental group known as “Vulkangruppe” (Volcano Group) claimed responsibility for sabotaging the power grid near the Tesla factory. 

  • “No Tesla Is Safe”: Eco-Terrorists Attack German Power Grid, Causing Outage At Gigafactory

  Power was restored to the factory days later. 

  • Tesla Gigafactory In Germany Has Power Restored After Power Grid Attack By Leftist Group

  The West has to have a very serious conversation about shady non-governmental organizations funding chaos across Europe and the US. 

  From eco-terrorist attacks in Germany to migrant invasions across Europe – and across the Atlantic, migrant invasion on the southern border to BLM protests during Covid to pro-Palestinian demonstrations shutting down critical infrastructure (bridges, highways, and airport terminals) and colleges and universities – this chaos is all funded by Marxist NGOs that all have one goal: kill capitalism and America. 

  Tyler Durden
  Fri, 05/10/2024 – 16:39

• Carnival Rides
  Carnival Rides

  Authored by James Howard Kunstler via Kunstler.com,

  “These agencies are not trusted because they are not trustworthy.” — El Gato Malo on “X”

  The miasma of anxiety befogging so many brains in our troubled land begins to lift as every narrative served up by the US fascist intel blob goes annoyingly stale and impotent. The worst media meme — that a vicious officialdom is “defending our democracy” — gets laughed out of the room now when repeated incessantly by such shills as Jen Psaki and Lawrence O’Donnell of MSNBC. Everybody understands they want to “defend our democracy” by cancelling your freedom of speech, pounding you into bankruptcy, and stealing whatever remains of your stuff.

  

  Likewise, everything else: that our doings in Ukraine are a “fight for freedom,” that “white supremacy” lurks just out of sight getting ready to pounce on the “marginized” (who are actually running things, and doing it very badly), that “Joe Biden” turned around the economy, that “voting rights” equals non-citizens getting to vote, that election fraud is a “big lie” (and that the J-6 riot over it was an “insurrection”), and that the Covid vaccines were “safe and effective.”

  None of these dishonest persuasions work anymore, and all of the persuasion machinery stands in plain sight like so many nauseating carnival rides. One by one, the rides are flying apart, scattering debris and body parts of the poor slobs who were on the rides all over the fairgrounds. And so, the fear rises in the ones running the carnival. The county sheriff stands by looking to round up the sleazeball carnies with their missing teeth and needle tracks inside their elbows. Before long, they will find themselves in the courtroom. . . .

  The vicious officialdom put up the carnival and all of its rides to distract the public from the crimes they committed during and after the 2016 election. Donald Trump’s idle talk about putting Hillary Clinton in jail struck nerves throughout the federal bureaucracy, the halls of Congress, and the strongholds of the Clintons and the Obamas.

  The Clintons had literally bought the Democratic Party apparatus under the DNC, using the money they grifted into the Clinton foundation from such operations as the Uranium One deal, the Skolkovo war-tech transfer deal, and the Haiti earthquake relief effort. They were sure that ownership of the DNC guaranteed the election for Hillary. It did guarantee that she would overcome Bernie Sanders’ primary election victories and the delegates that came with them, even after Julian Assange’s Wikileaks release informed the world just how the Clintons bought and paid for the DNC and the whole Philadelphia convention. Call this the birth of the “misinformation” cult, in which everything true was converted into a “big lie.”

  The problem was, Hillary lost that election. What a surprise! Buying the convention was not enough, it turned out. Those “deplorables” did the unthinkable: cast enough of their stinky votes in just the right rust belt precincts to elect the Golden Golem of Greatness, who was as surprised as anybody, and really unprepared to cobble together an actual governing administration — in the process of which, Donald J. Trump was completely buffaloed by the outgoing Obama gang. They plotted by the lights of the White House Christmas tree to go after the interloper with all they had, starting with the surgical removal of a most dangerous appointee, National Security Advisor Mike Flynn, who knew all the secrets. . . and from there onto four years of Russia, Russia, Russia. . . .

  It’s hardly a mystery anymore how “Joe Biden” got elected. It’s perfectly obvious despite the “big lie” narrative that the 2020 election was stoked with a veritable orgy of ballot fraud and direct election interference by agency rogues, especially the ones leaning hard on Facebook, Twitter, and Google to manipulate what the public actually saw. Don’t believe your lying eyes they told the nation. What is a mystery is why they chose “Joe Biden” to front for the cabal around Barack Obama actually running the show. Never before in US history was there a president who left such a slime trail of bribery and corruption. Just as they had spent all their energy the previous four years in undermining Mr. Trump, they had to spend the next four years propping up and defending “Joe Biden,” and then desperately trying to save their own asses from a Trump return. Meanwhile, they set out on their mission to wreck the country sufficient to clear the way for establishing a transhuman public-private utopia of crypto-Marxian “equity” (theft of property).

  All of this political legerdemain summoned up the miasma of anxiety that beclouded the people of this sore-beset republic, and the nearly final blow to them was the Covid-19 operation, set in motion with the phony PCR test, that has now left a substantial number of citizens, vaccine-injured, disabled, and on-course for an early death — a pretty grotesque affront to our democracy. The victims are beginning to realize it.

  The battery of Trump trials and lawsuits meant to put him totally out of business are now all simultaneously collapsing. Special Counsel Jack Smith is left doing Chinese fire drills around his office Keurig coffee machine. When the prank-fest in Judge Juan Merchan’s courtroom concludes, whether the jury sees the show for the farce that it is, or not, the Golden Golem of Greatness will be at large again among the voters. If he is clever enough to pick a capable veep that represents something like “assassination insurance” — say, Vivek, Tulsi Gabbard, or JD Vance — then the Obama cabal and the blob that has been protecting it will be swept out of power and into a dragnet of a kind of law actually associated with the word justice.

  They are running out of ways to avoid it. All they’ve got left are the direst resorts: war, crashing the economy, another bio-weapon op against their own people, or an outright coup d’état. And even those probably won’t work.

  Tyler Durden
  Fri, 05/10/2024 – 16:25

• Stocks End Week On Muted Note As Stagflation Fears Mount  
  Stocks End Week On Muted Note As Stagflation Fears Mount  

  Late Friday afternoon, US main equity indexes showed little change, with the S&P 500 on track for a 2% weekly gain after investors digested new concerns about a slowing economy and elevated inflation, rekindling fears of stagflation.

  During the session, Treasury yields increased due to persistent inflationary pressures, complicating Federal Reserve Chairman Jerome Powell’s plan to cut interest rates later this year. Although most of the earnings season has concluded (prepare for Nvidia ER later this month), the continued strength from Corporate America remains a positive highlight. However, companies are increasingly signaling that low-income consumers are starting to crack. 

  Let’s begin with the biggest macro news in the session: This morning’s consumer confidence survey from the University of Michigan pointed to an implosion of Bidenomics. The report was a total disaster. The index “unexpectedly” plunged from 77.2 to 67.4, a 9.8-point drop, the biggest since August 2021. 

  

  … and was only a 7-sigma miss to expectations of a 76.2 print…

  

  … but it was the biggest miss on record!

  

  The consumer confidence report was released at 10:00 AM ET. Immediately afterward, US equity indexes gave up most of the gains and fell, moving sideways in afternoon trading. 

  

  Among the US main equity indexes, the Russel 2000 was the biggest loser in the session. This is mainly because of economic weakness. 

  

  There was little notable sector performance across the S&P500 besides tech, which was marginally higher, and energy, down half a percent. 

  

  NYSE TICK showed selling pressure after 10:00 AM and persisted into early afternoon. 

  

  Most shorted stocks are running out of steam to end the week. 

  

  Treasury yields extended gains after the report as stubborn inflationary pressures reminded traders of the higher-for-longer theme. 

  

  The Treasury 10-year Yield climbed above 4.5%. 

  

  Today’s stagflationary warning is a new challenge to the outlook of the Fed’s interest rate cutting cycle. Fed swaps for ’24 immediately sank from 1.77 cuts to about 1.63 cuts by late afternoon. Nasdaq futures tracked lower on fewer rate cuts. 

  

  “Our economists continue to forecast two rate cuts from the Fed this year beginning with the July meeting. And yields on 10-year Treasuries have come off recent highs following last week’s soft Payrolls report,” Goldman’s Chris Hussey wrote in a note this afternoon. 

  Citi’s US Economic Suprise Index slides to the lowest since January 2023. 

  

  Whoops. 

  Entire dovish move from huge jobs report miss has been reversed on catastrophic UMich print (which signals even more economic weakness) pic.twitter.com/xbjLTsa24e

  — zerohedge (@zerohedge) May 10, 2024

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  What to expect next week. 

  Which will reverse again next week when CPI is a huge miss https://t.co/8rjS34FLYL

  — zerohedge (@zerohedge) May 10, 2024

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  Bitcoin and Ethereum were clubbed like a baby seal after the report, sending the dollar soaring in a more hawkish environment. 

  

  Meanwhile, JPM gets bullish on ETH. 

  JPMorgan now just as bullish on ethereum as Larry Fink. Good luck @GaryGensler pic.twitter.com/tdQFKUvsKI

  — zerohedge (@zerohedge) May 10, 2024

  https://platform.twitter.com/widgets.js

  In commodities, WTI was whacked from the near $80bbl handle, tumbling down to a low $78 after the report. Gold and silver slid on a strong dollar. 

  

  Looking ahead, next week will be packed with macro data points, including the release of CPI, PPI, retail sales, and industrial production in the US. 

  Tyler Durden
  Fri, 05/10/2024 – 16:01

• Apple Apologizes For 'Soul Crushing' iPad Ad
  Apple Apologizes For ‘Soul Crushing’ iPad Ad

  Authored by Steve Watson via Modernity.news,

  Apple has issued an apology following massive backlash to an ad for the new iPad Pro that crushes physical creative tools in an industrial press.

  

  As we highlighted, the commercial shows the device obliterating items such as musical instruments, paint and cameras, then unveiling an iPad as the replacement for everything creative.

  Following an overwhelmingly negative response from viewers who branded the ad ‘soul crushing’, Apple issued a statement.

  “Our goal is to always celebrate the myriad of ways users express themselves and bring their ideas to life through iPad,’ the company claimed, going on to admit “We missed the mark with this video, and we’re sorry.”

  ‘We missed the mark with this video, and we’re sorry,’ the tech giant said of a new ad involving a hydraulic press, which had drawn heavy backlash https://t.co/s0eNXW565X pic.twitter.com/mwhrDvOJ8L

  — Financial Times (@FT) May 10, 2024

  According to reports, there were plans to broadcast the ad on terrestrial television, but they have now been scrapped.

  The ad is still live on Apple’s YouTube channel.

  It’s encouraging to see that people do not want dystopian tech crushing all aspects of humanity.

  British filmmaker Asif Kapadia was taken aback, like many others, as to how honest the ad was in its admission that tech companies are crushing creativity.

  Like iPads but don’t know why anyone thought this ad was a good idea
  It is the most honest metaphor for what tech companies do to the arts, to artists musicians, creators, writers, filmmakers: squeeze them, use them, not pay well, take everything then say it’s all created by them https://t.co/ZgwXO53UZ0

  — asifkapadia (@asifkapadia) May 8, 2024

  James Bore, tech expert at consultancy Bores Group, told the Daily Mail that the ad “shows how disconnected they are from actual creative efforts.”

  “I think they may have alienated a not-insignificant part of their target market by thinking like technologists rather than creatives,” Bores continued, adding “There were much better ways to create the same message, without destroying things that their customers will feel sentimental about for a publicity stunt.”

  “Unless of course they were going deliberately for the controversy sells angle, which I can’t rule out entirely,” Bores further noted.

  Someone “fixed” the Apple ad by reversing it, thereby effectively crushing the iPad and having the creative objects appearing in its place.

  Hey @Apple, @rezawrecktion elegantly fixed your ad for you — sound on 🔊 & enjoy 😊 pic.twitter.com/A9nImoVPx4

  — Art Jonak (@ArtJonak) May 8, 2024

  Others pointed out that the ultimate irony is that the concept wasn’t even an original creation, and was done before by LG in 2008:

  LG phone ad from 2008 (BBH London) pic.twitter.com/cWIDZx1d4a

  — Andy Allen (@asallen) May 9, 2024

  *  *  *

  Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

  Tyler Durden
  Fri, 05/10/2024 – 15:05

Digest powered by RSS Digest

• New "Guide" Teaches UK MPs To Spot "Conspiracy Theories"
  New “Guide” Teaches UK MPs To Spot “Conspiracy Theories”

  Authored by Kit Knightly via Off-Guardian.org,

  The British government has issued a new guidebook to all sitting MPs to help them spot “conspiracy theories”.

  

  Leader of the House Penny Mordaunt  MP, who commissioned the guide, has warned that:

  The proliferation of conspiracy theories across the UK is deeply disturbing. They are deliberate campaigns to spread disinformation and fear

  […]

  If they go unchallenged we risk the public being conned and their wellbeing potentially damaged. These campaigns are also a threat to the health of our democracy.

  It is essential that we give the public and their representatives the tools they need to combat this phenomenon.”

  And claimed the aim of the new guide was to:

  protect the public from the damaging effects of misinformation and safeguard the integrity of our democratic process,”

  Which sounds just lovely, doesn’t it?

  Oh, and just in case any of you are still caught up in the party politics illusion, the guide has full cross-party support, the Shadow Leader of the House called it “a must-read”.

  The report was co-written by “experts” representing several non-governmental organisations, and fact-checkers including:

  • FullFact – funded by (among others) Google, Facebook and the Open Society Foundation.

  • The Institute for Strategic Dialogue  – funded by (among others) the Bill & Melinda Gates Foundation, Google, Facebook, over a dozen national governments and the UN.

  • Global Network on Extremism and Technology  – The academic research arm of the Global Internet Forum to Counter Terrorism, a thinktank “designed to prevent terrorists and violent extremists from exploiting digital platforms”…and which is funded by (among others) Facebook, Amazon, Youtube and Microsoft.

  In short, it’s all a rather incestuous funding pool of the same handful of tech giants and billionaires paying “experts” to tell them what they want to hear.

  But we probably shouldn’t judge until we’ve read the “guide” itself, which is tricky because it doesn’t seem to be publicly available (seriously I looked everywhere, if you’re aware of a copy online post it in the comments and we’ll add it the link here).

  Fortunately, our old friends at the Guardian have given us a little taste, here’s three things they’re warning about.

  The Great Reset, which the Graun describes as…

  …a vague set of proposals from the World Economic Forum to encourage governments to move to adopt more equitable policies, the concept has been hijacked by conspiracy theorists claiming it is a bid by a small group to exert control.

  …which is wonderful, because it’s essentially admitting it’s true and then pretending it’s not.

  The Great Reset is, indeed, a WEF initiative. It was launched in June 2020 with the backing of world leaders and captains of industry, it aims to totally and completely rebuild the way our society works, including how we travel, what we eat and where we live.

  You can read about it in Klaus Schwab’s own words here, or see their handy diagram:

  

  How is that NOT “exerting control”?

  How does one go about transforming the farming, travel, taxation and employment policies of every nation on Earth without “exerting control”?

  Eating Insects is another “conspiracy theory”, apparently.

  With the Guardian warning that:

   [conspiracy theories] have included claims – fuelled by attempts to reduce meat consumption – that the WEF wants to make people eat insects.

  The only problem being that the WEF really does want people to eat insects:

  

  Like, a lot:

  

  You know what? The Guardian wants people to eat insects too. So does the BBC. And Time. The list is endless.

  This is – to use an overused word – gaslighting of the highest degree.

  They are at once saying “hey, we all need to eat insects to save the world”, and then claiming anyone who repeats it back at them is a conspiracy theorist.

  To encompass how mad this is you have to picture it being done on an interpersonal level.

  Imagine a double-glazing salesman comes to your door, wearing a double-glazing company logo and holding a double-glazing sales catalogue and says “I think you should buy some double-glazing”.

  To which you reply, “No thanks I don’t need any double glazing.”

  At this point the man screams “Double glazing? Who said anything about double glazing!? You lunatic!” storms off down the path, gets in his double-glazing van and drives away.

  It’s just that insane.

  Climate Lockdowns are the third “conspiracy theory” the Guardian warns us about, claiming:

  The ISD identified “climate lockdown” as the catchphrase for the conspiracy that the climate crisis will be used as a pretext for depriving citizens of liberty.

  But climate lockdowns are not a conspiracy theory either, they were first posited in a report in October 2020 published by Project Syndicate and the World Council for Sustainable Development. The proposed lockdown included banning private vehicles, the consumption of red meat and “extreme energy-saving measures”.

  Since then we have been inundated with peer-review studies, claiming lockdown is good for the environment.

  The Guardian itself headlined, in March 2021:

  Global lockdown every two years needed to meet Paris CO2 goals – study

  It was such an unpopular story that they sneakily changed the headline.

  It’s fairly clear that “climate lockdowns” are far from a conspiracy theory, that they were planned and then abandoned (or delayed) due to public anger at the first lockdown.

  *  *  *

  So, it looks like at least three of these “conspiracy theories” MPs are being “warned against” are actually…true. At least partially.

  Oh well.

  Still, it’s reassuring to know that unnamed experts from billionaire-funded NGOs are writing “guides” teaching our elected officials about the dangers of wrongthink.

  What a great way to “safeguard the integrity of our democratic process”.

  Tyler Durden
  Fri, 05/10/2024 – 02:00

• The TikTok Ban Is The Next Patriot Act
  The TikTok Ban Is The Next Patriot Act

  Authored by Aaron Sobczak via The Mises Institute,

  HR 7521, called the Protecting Americans from Foreign Adversary Controlled Applications Act, is a recent development in American politics. TikTok has been in the news for the past few years, after the public became aware of its connections to China. The popular social media mobile app is currently owned by ByteDance Ltd, a Chinese company. China and the United States currently have a rocky relationship, leading to fears that the Chinese government could potentially use this app to spy on American citizens. Several states and counties voted to restrict the usage of the app in some ways, mostly disallowing government employees from using it on government-owned phones. Earlier this month, the United States Congress passed a piece of legislation that would restrict the app’s availability if certain requirements are not met by ByteDance.

  

  Putting aside the idea that politicians rarely have pure motives, this act has the potential to be just as dangerous as the Patriot Act. With a supposed goal of protecting American national security, the Patriot Act granted sweeping permissions to the federal government and the National Security Agency to spy on American citizens, with far less due process. In addition to having the potential to violate privacy rights and the Fourth Amendment, this new act is a blatant attack on property rights. Mobile device manufacturers and owners have every right to install whatever software they would like, as it is their property. Any illusion of a right to national security is immediately contradicted as collective rights are positive in nature and thus not rights at all.

  When looking through this act, several parts stick out.

  It begins by restricting any entity from distributing, maintaining, or updating any application that is controlled by a foreign adversary. As skeptics of the state would point out, this is already problematic. It should be obvious that one cannot adequately trust the American national security regime to determine which countries or entities are adversarial. A recent egregious example would be when the United States was determined to paint Iraq, and Saddam Hussein, as a uniquely evil power that assisted with the events of 9/11. Additionally, one can point to how the Trump and Biden administrations supported covid lockdowns, thus making Americans who understood the Constitution and property rights look like enemies in the eyes of many. The state has proven itself to be incapable of telling Americans who or what they should fear.

  The act then goes on to even ban the hosting of internet services that enable the use of these apps, furthering the state’s control over the internet. In addition to these fears of further government censorship, Senator Rand Paul has pointed out that many Americans own a stake in ByteDance; this restriction would mean that the government is taking away American property without suspicion of a crime. The act does not just restrict companies that are directly controlled by a foreign government but even companies that are owned by private citizens of an adversarial state. When it comes to government censorship, the Chinese government is the gold standard. The American government is following in the steps of the Chinese Communist Party. The Constitution and the natural-law-based rights that the United States was founded upon conflict greatly with this level of state censorship.

  Setting aside any pretense of national security, this act will restrict competition in the American marketplace, if not incidentally. Companies such as Alphabet and Meta will benefit greatly from a huge decrease of competition in the social media marketplace. Additionally, foreign cooperation in the global marketplace serves to spread the values of capitalism and free expression. It is understood that free trade greatly reduces the risk of traditional warfare between states, resulting in greater global competition.

  Further alienating states that are considered adversarial is shown to diminish peace.

  This is seen in how Iran reacted to the end of the Joint Comprehensive Plan of Action, how North Korea positively reacted to President Donald Trump’s brief attempts to normalize diplomatic relations, and how Russia reacted to the expansion and aggression of the North Atlantic Treaty Organization.

  While not quite as wide-ranging as the Patriot Act, this recent act is dangerous in multiple ways.

  The natural rights to free expression, property, and privacy are at further risk with legislation such as this.

  One can point to how this will greatly support very large companies such as Alphabet and Meta in the American marketplace, companies that have spied on American citizens on behalf of the Federal Bureau of Investigation.

  Additionally, already-estranged nations are less likely to come to any sort of reasonable agreement as they are continually backed into a corner by the global community.

  Skeptical Americans who are knowledgeable of history should not trust the American national security regime to properly determine who their enemies are, or the best way to keep Americans safe.

  This legislation will only give increased power to the expansive state, power that the state has proven itself unable to use judiciously.

  Tyler Durden
  Thu, 05/09/2024 – 23:40

• Visualizing The Tax Burden Of Every US State
  Visualizing The Tax Burden Of Every US State

  This map graphic visualizes the total tax burden in each U.S. state as of March 2024, based on figures compiled by WalletHub.

  It’s important to understand that under this methodology, the tax burden measures the percent of an average person’s income that is paid towards state and local taxes. It considers property taxes, income taxes, and sales & excise tax.

  

  Data and Methodology

  The figures we used to create this graphic are listed in the table below.

  State	Total Tax Burden
  New York	12.0%
  Hawaii	11.8%
  Vermont	11.1%
  Maine	10.7%
  California	10.4%
  Connecticut	10.1%
  Minnesota	10.0%
  Illinois	9.7%
  New Jersey	9.5%
  Rhode Island	9.4%
  Utah	9.4%
  Kansas	9.3%
  Maryland	9.3%
  Iowa	9.2%
  Nebraska	9.2%
  Ohio	8.9%
  Indiana	8.9%
  Arkansas	8.8%
  Mississippi	8.8%
  Massachusetts	8.6%
  Virginia	8.5%
  West Virginia	8.5%
  Oregon	8.4%
  Colorado	8.4%
  Pennsylvania	8.4%
  Wisconsin	8.3%
  Louisiana	8.3%
  Kentucky	8.3%
  Washington	8.0%
  New Mexico	8.0%
  Michigan	8.0%
  North Carolina	7.9%
  Idaho	7.9%
  Arizona	7.8%
  Missouri	7.8%
  Georgia	7.7%
  Texas	7.6%
  Alabama	7.5%
  Montana	7.5%
  South Carolina	7.5%
  Nevada	7.4%
  Oklahoma	7.0%
  North Dakota	6.8%
  South Dakota	6.4%
  Delaware	6.4%
  Tennessee	6.1%
  Florida	6.1%
  Wyoming	5.7%
  New Hampshire	5.6%
  Alaska	4.9%

  From this data we can see that New York has the highest total tax burden. Residents in this state will pay, on average, 12% of their income to state and local governments.

  Breaking this down into its three components, the average New Yorker pays 4.6% of their income on income taxes, 4.4% on property taxes, and 3% in sales & excise taxes.

  At the other end of the spectrum, Alaska has the lowest tax burden of any state, equaling 4.9% of income. This is partly due to the fact that Alaskans do not pay state income tax.

  Hate Paying Taxes?

  In addition to Alaska, there are several other U.S. states that don’t charge income taxes. These are: Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming.

  It’s also worth noting that New Hampshire does not have a regular income tax, but does charge a flat 4% on interest and dividend income according to the Tax Foundation.

  If you enjoyed this post, be sure to check out this graphic which ranks the countries with the lowest corporate tax rates, from 1980 to today.

  Tyler Durden
  Thu, 05/09/2024 – 23:20

• Thursday Humor: What Is The Optimal Temperature For Global GDP Growth?
  Thursday Humor: What Is The Optimal Temperature For Global GDP Growth?

  Authored by Mike Shedlock via MishTalk.com,

  A group of climate alarmists have concluded that global GDP will be 23 percent lower on the current path.

  

  I was aware of the ridiculous article when it came out.

  I stopped reading when I noted that all countries were all given equal weighting. For example, Nigeria has the same weight as the US.

  The authors tried to mitigate this in various ways but it was obvious that the authors would bend the data and the report to match their goals.

  Today, I am pleased to present a complete and thorough trashing of the Nature article.

  Please consider Global Non-Linear Effect of Temperature on Economic Production: Comment on Burke, Hsiang, and Miguel by David Barker, emphasis mine.

  The journal Nature published an influential article in 2015 by Marshall Burke, Solomon M. Hsiang, and Edward Miguel (hereafter BHM) purporting to show that higher temperatures will lower economic growth in warm countries.

  The Web of Science reports that the paper is in the top six one hundredths of one percent of economics and business publications by citations, and Google Scholar shows 2,269 citations. BHM (2015) also received significant attention in the popular press. Hsiang further developed this work and cowrote a chapter of the National Climate Assessment (Hsiang et al. 2023) claiming that higher temperatures would reduce the rate of economic growth.

  BHM’s analysis is shallow and misleading. The authors use data with characteristics that are known to create spurious regression results without making proper adjustments or even acknowledging these characteristics. They estimate parameters of a quadratic curve relating temperature to growth, and then cherrypick countries to include in a chart that appears to confirm the shape of this curve. The curve is then used to project growth rates into the distant future using temperature scenarios that a more recent comment in Nature described as either “extremely unlikely” or “unlikely”.

  Description of BHM (2015)

  BHM (2015) use annual data representing 166 countries from 1961 to 2010 on temperature and economic growth. All countries are equally weighted, and every country is assigned a single average temperature for each year. Because some data are missing, there is a total of 6,584 country/year observations instead of the 8,300 that could be used if data from all years in all countries were available.

  The headline result of a 23 percent reduction in GDP comes from taking each country’s projected GDP per capita with and without climate change, then taking the weighted average by population, and then taking the percentage difference between the weighted sum with and without climate change.

  The headline result, that warming will reduce global GDP per capita by 23 percent, is more than double the mean estimate of BHM’s bootstrap estimation, which they do not report. BHM claim that their result is “globally representative”, but it does not hold without Greenland and the regions of the Sahara and Central Africa, and it does not hold in large regions of the world. Simulations support the hypothesis that spatial autocorrelation may be the cause of BHM’s results, and robustness checks also suggest that their results may be spurious. BHM has been the subject of methodological criticism (Newell et al. 2021; Tol 2019; Rosen 2019), but my paper is the first to precisely document its deceptive practices.

  Thesis Falls Apart

  Barker notes that if you remove Greenland and regions of the Sahara and Central Africa from the analysis, the entire BHM thesis falls apart.

  He also comments on dummy variables and notes that if the analysis started one year earlier, the BHM thesis also falls apart.

  On the geek side, Barker notes “Any data, no matter how noisy, will generate a smooth quadratic curve if one variable is regressed on another and its square and the predicted values of the dependent variable are plotted against possible values of the independent variable.”

  Thus, the nice smooth graphs of BHM are automatic by design.

  Regarding the lead chart, Barker says “Five countries are cherry-picked to make the relationship appear to be significant. While the figure is not a crucial part of BHM’s analysis, it is indicative of the misleading approach of the paper, and suggests alternative methods of measuring the relationship between growth and temperature.“

  Much of his rebuttal is complex and not light reading. I picked some highlights that I thought would be generally understandable.

  Optimal Temperature

  I am confident there is no such a thing as an optimal global temperature. Such a belief precludes technology advances that can mitigate climate impacts.

  At best, an optimal temperature is unknowable and changing. And it’s ridiculous to believe we could or should try to hit the optimal temperature even if it exists.

  It’s clear BHM had an agenda and manipulated the dates, the countries, the years included, and the dummy variables to produce the desired result.

  Forcing the Data to Meet the Non-Science

  BHM forced the data not to meet the science, but to meet a belief in non-science. I fail to see what they gain by this.

  At best, they now look like a pack of incompetent scientists, and at worst a pack of complete liars.

  Cheers From the Cult

  The people BHM address are in the same cult and need no convincing. OK, BHM got cheers from the cult. If that was the goal, congrats.

  But if the goal was to convince the skeptics, they failed miserably.

  Some of us saw through the nonsense right from the beginning. And now we have a stellar rebuttal from David Barker to back us up.

  March to Madness Continues

  The lie of the day is from the EPA: Carbon capture will pay for itself (thanks to IRA subsidies). No, it won’t even with subsidies. Expect blackouts and a higher price for electricity.

  

  In case you missed it, please see Biden’s New Carbon Capture Mandates Will Cause Blackouts, Increases Prices

  The march to energy madness continues.

  Tyler Durden
  Thu, 05/09/2024 – 23:00

• Chris Cuomo Admits Taking "Regular" Doses Of Ivermectin After Previously Saying Those Who Took It Should Be "Shamed"
  Chris Cuomo Admits Taking “Regular” Doses Of Ivermectin After Previously Saying Those Who Took It Should Be “Shamed”

  After once claiming on air that people taking ivermectin should be “shamed”, Chris Cuomo has done an about face on the drug, admitting on the PBD Podcast this week that he is taking a regular dose of it to deal with long Covid. 

  In January, Cuomo revealed he’s dealing with “long COVID,” the lasting effects of a previous infection. On the PBD Podcast hosted by Patrick Bet-David, the NewsNation host said he’s using antiviral medication to combat inflammation and “brain fog.”

  Trust the science… pic.twitter.com/uKe7o631Gt

  — Clown World ™ 🤡 (@ClownWorld_) May 8, 2024

  https://platform.twitter.com/widgets.js

  He said: “I’ll tell you something else that’s gonna get you a lot of hits. I am taking … a regular dose of Ivermectin. Ivermectin was a boogeyman during COVID. That was wrong. We were given bad information about Ivermectin. The real question is, why?”

  Why, Chris? Perhaps its because you and Don Lemon were on-air daily providing a constant stream of misinformation about the drug?

  He continued: “Everyone’s going to say ‘Joe Rogan was right. No, Joe Rogan was saying – yeah, he was right – that’s not what matters. What matters is, the entire medical community knew that Ivermectin couldn’t hurt you. They knew it … I know they knew it.”

  “How do I know? Because now I’m doing nothing but talking to these clinicians, who at the time were overwhelmed by COVID, and they weren’t saying anything!”

  But back during the pandemic, Cuomo took to the air to widely discredit ivermectin, despite it appears on the WHO’s List of Essential Medicines and having been dosed for humans millions of times. 

  Cuomo said during the pandemic:  “What person – you know you talk about cancel culture and who to shame – Ivermectin? A de-wormer? Really? … they need to be shamed. They need to be called out and shamed, brother.”

  

  Like all ridiculous liberal talking points, the truth tends to emerge only when involves the well-being of those espousing lessons on how others should live their lives. Cuomo now says about ivermectin: “It’s cheap, it’s not owned by anybody, and it’s used as an anti-microbial, antiviral and has been for all these different ways, and has been for a long time.”

   “My doctor was using it during COVID on her family and on her patients, and it was working for them. So. They were wrong to play scared on that. Didn’t know that at the time. Know it now, admit it now, reporting on it now.”

  Back in August 2023, when we published “The Unforgiveable Ivermectin Swindle“, we noted…the truth finds a way to make its way out eventually.

  Tyler Durden
  Thu, 05/09/2024 – 22:40

• Chinese Stock Rally Likely To Stall Without Robust Earnings
  Chinese Stock Rally Likely To Stall Without Robust Earnings

  By Henry Ren, Bloomberg Markets Live reporter and strategist

  Earnings for China Inc. are looking somewhat better, though likely not enough to keep fueling the recent stock market rally.

  Strategists say the bounce spurred by low valuations needs a full-blown earnings recovery to continue. Remember the lesson from China’s Covid reopening trade, which began favorably in late 2022 and lasted only three months.

  During that period when the MSCI China Index rallied 59% from trough to peak, analysts raised forward earnings expectations by about 10%. However, earnings revisions turned negative starting in February 2023, and Chinese stocks never managed to regain their strength.

  

  This year, after a 25% rebound from the bottom in January, Chinese stocks are once again at a tipping point, with investors turning to earnings for potential catalysts. First-quarter reports so far are decidedly mixed.

  Firms listed on the mainland have recorded a 4% decline in earnings as their gross profit margins lingered at low levels, according to UBS strategists. It’s a similar picture for MSCI China components.

  Companies making up a third of the benchmark index posted a 5% drop in sales, JPMorgan cautioned in a May 1 note.

  

  Next week’s reports from big-cap internet companies probably will determine how this earnings season registers on the index level. Weak retail sales growth in March and a decline in per-capita tourist spending during the May 1-5 national holiday are bad omens for the sector, which is highly affected by consumer sentiment.

  Better earnings are critically important, especially at a time when tailwinds that lifted Chinese stock gauges into bull territory are tapering off. The MSCI China Index is now technically overbought for the first time since January 2023.

  Meanwhile, Japanese equities have stabilized and US markets have digested the idea that fewer Federal Reserve rate cuts are coming, reducing the urgency for global funds to diversify away from developed markets.

  

  But it’s not all doom and gloom. The number of mainland-listed firms missing estimates declined this reporting season, and large-cap stocks are undergoing more upward earnings revisions, according to Morgan Stanley strategists led by Laura Wang.

  Some select industries still show signs of improvement, despite macro data being “weak and mixed,” said Vivian Lin Thurston, a fund manager at William Blair Investment Management in Chicago. Export-driven companies and appliance makers have stood out, she noted.

  Still, more patience is required if the recovery is to broaden. “What we do have is some better news on some specific sectors because the expectations are very low,” said Societe Generale strategist Frank Benzimra. “But it’s just too early to say that this is a sustainable upturn.”

  Tyler Durden
  Thu, 05/09/2024 – 22:20

• How People Get Around In America, Europe, And Asia
  How People Get Around In America, Europe, And Asia

  This chart, via Visual Capitalist’s Pallavi Rao, highlights the popularity of different transportation types in the Americas, Europe, and Asia, calculated by modal share.

  Data for this article and visualization is sourced from ‘The ABC of Mobility’, a research paper by Rafael Prieto-Curiel (Complexity Science Hub) and Juan P. Ospina (EAFIT University), accessed through ScienceDirect.

  The authors gathered their modal share data through travel surveys, which focused on the primary mode of transportation a person employs for each weekday trip. Information from 800 cities across 61 countries was collected for this study.

  

  North American Car Culture Contrasts with the Rest of the World

  In the U.S. and Canada, people heavily rely on cars to get around, no matter the size of the city. There are a few exceptions of course, such as New York, Toronto, and smaller college towns across the United States.

  

  Note: *Excluding Mexico. Percentages are rounded.

  As a result, North America’s share of public transport and active mobility (walking and biking) is the lowest amongst all surveyed regions by a significant amount.

  On the other hand, public transport reigns supreme in South and Central America as well as Southern and Eastern Asia. It ties with cars in Southeastern Asia, and is eclipsed by cars in Western Asia.

  As outlined in the paper, Europe sees more city-level differences in transport popularity.

  For example, Utrecht, Netherlands prefers walking and biking. People in Paris and London like using their extensive transit systems. And in Manchester and Rome, roughly two out of three journeys are by car.

  Tyler Durden
  Thu, 05/09/2024 – 22:00

• Democrats Attack Judge For Delaying Trump Florida Trial
  Democrats Attack Judge For Delaying Trump Florida Trial

  Authored by Jonathan Turley,

  While pundits, politicians and the press have long expressed outrage over attacks on judges by former President Donald Trump, many are now attacking any judge who delays any trial of Trump before the election. Democrats have accused Judge Aileen Cannon of being politically compromised, if not conspiratorial, in her delay of the Florida trial over the mishandling of classified documents. Yet, there is ample reason for the delay that many of us anticipated in this type of case when it was filed.

  

  For months, many of us have said that we doubt that this type of trial could be held on the rapid schedule demanded by Special Counsel Jake Smith. Smith has repeatedly sought to curtail trial review and even appellate rights of Trump to advance his schedule.

  His office has made convicting Trump before the election the overriding objective of its motion — a sharp departure from past Justice Department efforts to avoid trials to influence elections.

  As a criminal defense counsel, I have handled classified material cases and they are notoriously slow. Smith could have prosecuted this case in the shorter time frame if he simply charge obstruction. That would have also eliminated the glaring contrast with the handling of the Biden investigation into the current president’s retention and mishandling of classified material.

  Smith decided to charge an array of document charges related to classified material. The defense must have access, review, and can appeal issue related to the classified procedures. Yet, Smith wanted both the array of document charges and a fast track to trial. The Supreme Court has agreed with Cannon that Smith desire to secure a conviction before the election is not the overriding consideration.

  Judge Cannon is faced with recent admissions that the government mixed up files in the boxes and staged the famous photos of document strewn over a floor with classified jackets.

  Most importantly, disputes over the relevant documents continues as expected in the case.

  Nevertheless, leading democrats are denouncing Cannon as a partisan hack.

  Sen. Sheldon Whitehouse (D-R.I.), the chair of the Senate Judiciary Committee’s subcommittee on federal courts and oversight subcommittee, said accused Cannon of “deliberately slow-walking the case.” Ignoring the fact that similar cases have taken much longer to go to trial, Whitehouse simply declared “it is hard for me not to reach the conclusion that this [judge] is deliberately slow-walking the case to put it into a position where should [Trump] be elected, he can order that the investigation and prosecution be terminated.”

  His colleague Sen. Chris Coons (D-Del.) insisted that Cannon was “managing this case in a way that is making it highly unlikely that it will be resolved in a timely fashion.”

  Coons added “Justice deferred is often justice denied.” It is a bizarre statement. Classified documents cases routinely take longer to go to trial. The alternative is to cut off the ability of the defense to fully review the documents and review objections for resolution before trial. Yet, because the defendant is Trump and these Democrats want the trial to influence the election, such defense protections are now evidence of judicial bias.

  They, of course, ignore that Cannon has ruled repeatedly against major Trump motions in the case.

  Sen. Peter Welch (D-Vt.), a member of the Judiciary Committee, said Cannon’s “at it again, doing everything she can to delay.”

  Sen. Richard Blumenthal (D-Conn.), offered the most telling line. He said “I question whether this judge understands the magnitude or the legal import of this trial.”

  Indeed, it is the timing as much as the charges that makes this so important to the Justice Department and the Democrats. Smith has crafted this case to impact the election and the failure of the court to support that effort is apparently grounds for recusal.

  Blumenthal called for such a motion before the window is lost before the election: “It’s a classic dilemma for justice that a particular judicial officer may be conducting a trial that could be better done by somebody else.”

  Despite the statement of his colleague Coons, this is a case where justice delayed is justice.

  Tyler Durden
  Thu, 05/09/2024 – 21:40

• Manhattan Apartment Rents Gain Momentum, Signal Potential Record Highs This Summer
  Manhattan Apartment Rents Gain Momentum, Signal Potential Record Highs This Summer

  While the rent component of the consumer price index has shown a strong disinflationary trend since peaking in the summer of 2023, high-frequency data reveals rent prices in key metro areas are moving higher. 

  Several high-frequency rental data points show that the cost of signing a new lease on a house or apartment is rising again despite decelerating rent component print in the March Consumer Price Index. 

  

  Let’s begin with Manhattan apartment rents, hitting a new record for April, Bloomberg reported, citing a new report from appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.

  

  New leases signed in April topped an average of $4,250, up $9 from last April. Overall, prices peaked at $4,440 last August, sliding marginally in the fall months, and have since moved higher at the start of the year. 

  

  “The question is whether we’re going to beat last summer’s all-time highs,” said Jonathan Miller, president of Miller Samuel. 

  Miller pointed out that rents are likely to “beat last summer’s all-time highs” given their current trajectory and momentum.  

  Looking at CoreLogic data, its latest Single-Family Rent Index, which examines single-family rent price changes nationally and across major cities, “regained strength in February, posting the highest annual appreciation since April 2023,” according to Molly Boesel, principal economist at CoreLogic. 

  

  CPI rents will be deflationary as they catch up to lagged real-time indicators. However, if high-frequency data continues moving upward, there’s a risk CPI rents could turn back up later this year. 

  If this is the case, then potentially more bad news for Bidenomics and Federal Reserve Chairman Jerome Powell, who is enabling this fiscal trainwreck as inflation continues to crush working poor households. 

  Recall, earlier this week, Stan Druckenmiller told CNBC’s Joe Kernen that he rates Bidenomics an “F.”

  Tyler Durden
  Thu, 05/09/2024 – 21:20

• Virtual Home Invasions: We're Not Safe From Government Peeping Toms
  Virtual Home Invasions: We’re Not Safe From Government Peeping Toms

  Authored by John & Nisha Whitehead via The Rutherford Institute,

  “The privacy and dignity of our citizens is being whittled away by sometimes imperceptible steps. Taken individually, each step may be of little consequence. But when viewed as a whole, there begins to emerge a society quite unlike any we have seen—a society in which government may intrude into the secret regions of man’s life at will.”

  – Justice William O. Douglas

  The spirit of the Constitution, drafted by men who chafed against the heavy-handed tyranny of an imperial ruler, would suggest that one’s home is a fortress, safe from almost every kind of intrusion.

  

  Unfortunately, a collective assault by the government’s cabal of legislators, litigators, judges and militarized police has all but succeeded in reducing that fortress—and the Fourth Amendment alongside it—to a crumbling pile of rubble.

  We are no longer safe in our homes, not from the menace of a government and its army of Peeping Toms who are waging war on the last stronghold of privacy left to us as a free people.

  The weapons of this particular war on the privacy and sanctity of our homes are being wielded by the government and its army of bureaucratized, corporatized, militarized mercenaries.

  Government agents—with or without a warrant, with or without probable cause that criminal activity is afoot, and with or without the consent of the homeowner—are now justified in mounting virtual home invasions using surveillance technology—with or without the blessing of the courts—to invade one’s home with wiretaps, thermal imaging, surveillance cameras, aerial drones, and other monitoring devices.

  Just recently, in fact, the Michigan Supreme Court gave the government the green light to use warrantless aerial drone surveillance to snoop on citizens at home and spy on their private property.

  While the courts have given police significant leeway at times when it comes to physical intrusions into the privacy of one’s home (the toehold entry, the battering ram, the SWAT raid, the knock-and-talk conversation, etc.), the menace of such virtual intrusions on our Fourth Amendment rights has barely begun to be litigated, legislated and debated.

  Consequently, we now find ourselves in the unenviable position of being monitored, managed, corralled and controlled by technologies that answer to government and corporate rulers.

  Indeed, almost anything goes when it comes to all the ways in which the government can now invade your home and lay siege to your property.

  Consider that on any given day, the average American going about his daily business will be monitored, surveilled, spied on and tracked in more than 20 different ways, by both government and corporate eyes and ears.

  A byproduct of this surveillance age in which we live, whether you’re walking through a store, driving your car, checking email, or talking to friends and family on the phone, you can be sure that some government agency is listening in and tracking your behavior.

  This doesn’t even begin to touch on the corporate trackers that monitor your purchases, web browsing, Facebook posts and other activities taking place in the cyber sphere.

  Stingray devices mounted on police cars to warrantlessly track cell phones, Doppler radar devices that can detect human breathing and movement within in a home, license plate readers that can record up to 1800 license plates per minute, sidewalk and “public space” cameras coupled with facial recognition and behavior-sensing technology that lay the groundwork for police “pre-crime” programs, police body cameras that turn police officers into roving surveillance cameras, the internet of things: all of these technologies (and more) add up to a society in which there’s little room for indiscretions, imperfections, or acts of independence—especially not when the government can listen in on your phone calls, read your emails, monitor your driving habits, track your movements, scrutinize your purchases and peer through the walls of your home.

  Without our realizing it, the American Police State passed the baton off to a fully-fledged Surveillance State that gives the illusion of freedom while functioning all the while like an electronic prison: controlled, watchful, inflexible, punitive, deadly and inescapable.

  Nowhere to run and nowhere to hide: this is the mantra of the architects of the Surveillance State and their corporate collaborators.

  Government eyes see your every move: what you read, how much you spend, where you go, with whom you interact, when you wake up in the morning, what you’re watching on television and reading on the internet.

  Every move you make is being monitored, mined for data, crunched, and tabulated in order to amass a profile of who you are, what makes you tick, and how best to control you when and if it becomes necessary to bring you in line.

  Cue the dawning of the Age of the Internet of Things (IoT), in which internet-connected “things” monitor your home, your health and your habits in order to keep your pantry stocked, your utilities regulated and your life under control and relatively worry-free.

  The key word here, however, is control.

  In the not-too-distant future, “just about every device you have—and even products like chairs, that you don’t normally expect to see technology in—will be connected and talking to each other.”

  By the end of 2018, “there were an estimated 22 billion internet of things connected devices in use around the world… Forecasts suggest that by 2030 around 50 billion of these IoT devices will be in use around the world, creating a massive web of interconnected devices spanning everything from smartphones to kitchen appliances.”

  As the technologies powering these devices have become increasingly sophisticated, they have also become increasingly widespread, encompassing everything from toothbrushes and lightbulbs to cars, smart meters and medical equipment.

  It is estimated that 127 new IoT devices are connected to the web every second.

  These Internet-connected techno gadgets include smart light bulbs that discourage burglars by making your house look occupied, smart thermostats that regulate the temperature of your home based on your activities, and smart doorbells that let you see who is at your front door without leaving the comfort of your couch.

  Nest, Google’s suite of smart home products, has been at the forefront of the “connected” industry, with such technologically savvy conveniences as a smart lock that tells your thermostat who is home, what temperatures they like, and when your home is unoccupied; a home phone service system that interacts with your connected devices to “learn when you come and go” and alert you if your kids don’t come home; and a sleep system that will monitor when you fall asleep, when you wake up, and keep the house noises and temperature in a sleep-conducive state.

  The aim of these internet-connected devices, as Nest proclaims, is to make “your house a more thoughtful and conscious home.” For example, your car can signal ahead that you’re on your way home, while Hue lights can flash on and off to get your attention if Nest Protect senses something’s wrong. Your coffeemaker, relying on data from fitness and sleep sensors, will brew a stronger pot of coffee for you if you’ve had a restless night.

  Yet given the speed and trajectory at which these technologies are developing, it won’t be long before these devices become government informants, reporting independently on anything you might do that runs afoul of the Nanny State.

  Moreover, it’s not just our homes and personal devices that are being reordered and reimagined in this connected age: it’s our workplaces, our health systems, our government, our bodies and our innermost thoughts that are being plugged into a matrix over which we have no real control.

  It is expected that by 2030, we will all experience The Internet of Senses (IoS), enabled by Artificial Intelligence (AI), Virtual Reality (VR), Augmented Reality (AR), 5G, and automation. The Internet of Senses relies on connected technology interacting with our senses of sight, sound, taste, smell, and touch by way of the brain as the user interface. As journalist Susan Fourtane explains:

  Many predict that by 2030, the lines between thinking and doing will blur. Fifty-nine percent of consumers believe that we will be able to see map routes on VR glasses by simply thinking of a destination… By 2030, technology is set to respond to our thoughts, and even share them with others… Using the brain as an interface could mean the end of keyboards, mice, game controllers, and ultimately user interfaces for any digital device. The user needs to only think about the commands, and they will just happen. Smartphones could even function without touch screens.

  Once technology is able to access and act on your thoughts, not even your innermost thoughts will be safe from the Thought Police.

  Thus far, the public response to concerns about government surveillance has amounted to a collective shrug. Yet when the government sees all and knows all and has an abundance of laws to render even the most seemingly upstanding citizen a criminal and lawbreaker, then the old adage that you’ve got nothing to worry about if you’ve got nothing to hide no longer applies.

  To our detriment, we are fast approaching a world without the Fourth Amendment, where the lines between private and public property are so blurred that private property is reduced to little more than something the government can use to control, manipulate and harass you to suit its own purposes, and you the homeowner and citizen have been reduced to little more than a tenant or serf in bondage to an inflexible landlord.

  When people talk about privacy, they mistakenly assume it protects only that which is hidden behind a wall or under one’s clothing. The courts have fostered this misunderstanding with their constantly shifting delineation of what constitutes an “expectation of privacy.” And technology has furthered muddied the waters.

  However, privacy is so much more than what you do or say behind locked doors. It is a way of living one’s life firm in the belief that you are the master of your life, and barring any immediate danger to another person (which is far different from the carefully crafted threats to national security the government uses to justify its actions), it’s no one’s business what you read, what you say, where you go, whom you spend your time with, and how you spend your money.

  As Glenn Greenwald notes:

  “The way things are supposed to work is that we’re supposed to know virtually everything about what [government officials] do: that’s why they’re called public servants. They’re supposed to know virtually nothing about what we do: that’s why we’re called private individuals. This dynamic—the hallmark of a healthy and free society—has been radically reversed. Now, they know everything about what we do, and are constantly building systems to know more. Meanwhile, we know less and less about what they do, as they build walls of secrecy behind which they function. That’s the imbalance that needs to come to an end. No democracy can be healthy and functional if the most consequential acts of those who wield political power are completely unknown to those to whom they are supposed to be accountable.”

  As I make clear in my book Battlefield America: The War on the American People and in its fictional counterpart The Erik Blair Diaries, none of this will change, no matter which party controls Congress or the White House, because despite all of the work being done to help us buy into the fantasy that things will change if we just elect the right candidate, we’ll still be prisoners of the electronic concentration camp.

  Tyler Durden
  Thu, 05/09/2024 – 21:00

• Visualizing The Copper Investment Opportunity In One Chart
  Visualizing The Copper Investment Opportunity In One Chart

  Copper is essential for clean energy applications such as solar panels, wind turbines, and electric vehicles (EVs), as well as for expanding electrical grids.

  The surge in demand for the metal, driven by the growing adoption of these technologies, presents a unique investment opportunity for early investors in copper mining companies.

  Visual Capitalist’s Bruno Venditti introduces this chart by Sprott exploring the growing gap between copper supply and demand until 2050, based on projections from BloombergNEF’s Transition Metals Outlook 2023.

  

  Projected Copper Supply vs. Demand

  Copper is naturally abundant on Earth, but extracting the metal at the pace necessary for an electrified economy could be a challenge. The timeline for bringing a copper mine from discovery to production is lengthy, averaging over 16 years.

  Top producers like Chile and Peru are facing strikes and protests, along with declining ore grades. Russia, ranked seventh in copper production, faces an expected decline in production due to the ongoing war in Ukraine.

  Meanwhile, the increasing adoption of carbon-free technology only highlights copper’s significance. 

  High Demand for Transport and Electricity Grid

  The demand for copper in the transport sector is projected to increase by 11.1 times by 2050, from 2022. EVs, for example, can contain more than a mile of copper wiring.

  Additionally, the demand for copper needed to expand the global electricity grid is projected to increase by 4.8 times by 2050, from 2022.

  By 2030, the copper supply gap is projected to approach 10 million metric tons, with both copper prices and copper mining stocks potentially set to benefit.

  As the world embraces clean technologies, the search for and expansion of copper mines will be essential. Early investors who gain exposure to copper miners may benefit from the rapidly increasing demand.

  Sprott offers convenient exchange-traded alternatives for investors seeking exposure to copper miners. 

  Tyler Durden
  Thu, 05/09/2024 – 20:40

• Republican Introduces Bill Requiring Proof Of Citizenship To Vote
  Republican Introduces Bill Requiring Proof Of Citizenship To Vote

  Authored by Joseph Lord via The Epoch Times (emphasis ours),

  Rep. Chip Roy (R-Texas) has introduced a bill in the lower chamber of Congress that would ensure that illegal immigrants do not vote in federal elections.

  

  The Epoch Times first obtained a copy of the bill, dubbed the Safeguard American Voter Eligibility Act.

  The bill is being introduced with the support of House Speaker Mike Johnson (R-La.), who vowed to bring up such a bill during an appearance with former President Donald Trump weeks ago.

  Although noncitizen voting in federal elections is already unlawful, past Supreme Court decisions limit states’ power to ensure that voters are citizens.

  Mr. Roy’s bill seeks to strengthen safeguards around voter registration to ensure compliance with existing law against noncitizens voting.

  To this end, it demands that a state “shall not accept and process an application to register to vote in an election for Federal office unless the applicant presents documentary proof of United States citizenship with the application.”

  Speaking at a May 8 press conference in support of the legislation, Mr. Johnson tied it to ongoing protests at campuses across the United States.

  “In recent days, we’ve seen a growing number of folks on student visas show their willingness to break the law and utterly disrupt our way of life and threaten law-abiding students who are actually American citizens,” Mr. Johnson said. “If they’re willing to take over buildings and physically terrorize their fellow students, why would they not be willing to lie on a voter registration form?”

  Stephen Miller, a former senior adviser to President Trump, also commented during the press conference.

  “If Hakeem Jeffries and his Democrat members try to kill this bill, they will be declaring to the whole country that they want Joe Biden’s illegals to vote in this election,” Mr. Miller said.

  ‘Sacred Right and Responsibility’

  The bill lists several acceptable documents to verify the citizenship of a would-be voter, including a REAL ID compliant identification, a U.S. passport, a military ID card, or any valid state, federal or tribal identification, such as a birth certificate, hospital record, or adoption certificate, showing that the individual was born in, or is a naturalized citizen of, the United States.

  The bill also provides for accommodations for mail-in voting registration or those unable to produce documentary proof of citizenship, who can undergo a separate process to have their citizenship verified.

  States would also be required to “take affirmative steps on an ongoing basis to ensure that only United States citizens are registered to vote,” including clearing the voter rolls of those who are ineligible to vote due to their status as noncitizens. To that end, the bill also clarifies the conditions under which a state may seek to remove an individual from voter rolls.

  Additionally, the bill would require the secretary of the Department of Homeland Security to investigate noncitizens who are illegally registered to vote, up to and including the possibility of removal proceedings.

  The same bill will be introduced to the Democrat-controlled Senate by Sen. Mike Lee (R-Utah), who encouraged that it be taken up and passed in a statement to The Epoch Times.

  “Thousands of illegal immigrants are being given voter registration forms and driver’s licenses, allowing them to cast illegitimate ballots on election day,” Mr. Lee said. “At a time when trust in voting is more important than ever, we must stop foreign election interference and pass the SAVE Act.

  “Voting is both a sacred right and responsibility of American citizenship, and allowing the people of other nations access to our elections is a grave blow to our security and self-governance. I’m proud to stand with Chip Roy to save our democratic process and representative government.”

  Mr. Lee also spoke during the press conference.

  “There is not a good, legitimate reason to oppose this bill,” he said. “In fact, there are all kinds of things that would be wrong with this institution if it failed immediately to pass this bill and send it to the President for his signature.”

  Speaking with President Trump at Mar-a-Lago, Mr. Johnson explained why the conference is pursuing this legislation now.

  During his remarks, he noted that as many as 16 million new illegal immigrants could have entered the country under President Joe Biden’s term in office. Estimates of the exact number vary widely.

  “Among the problems that flows from this open border catastrophe is directly related to this threat to election integrity,” Mr. Johnson said.

  Current Law

  Mr. Johnson tied his concerns primarily to the National Voter Registration Act of 1993 (NVRA), otherwise dubbed the “Motor Voter” law, which allows people to register to vote at the same time that they pick up a driver’s license from their state’s Department of Motor Vehicles or other state agencies.

  However, the law does not allow states to seek documentary proof of citizenship, instead requiring that they take an individual’s word that they are a citizen unless the individual’s eligibility is called into question.

  A 2013 Supreme Court decision in Arizona v. Inter Tribal Council of Arizona expanded on the law, finding that the federal law supersedes existing state laws requiring documentary proof to vote—effectively banning states from imposing such requirements for federal voter registration.

  Speaking about this law, Mr. Johnson said, “we think that’s a serious problem”—one that he said Republicans will seek to amend.

  As so many illegal immigrants are already in the country, current law raises red flags that could potentially affect the outcome of the election, Mr. Johnson said.

  “There’s so many millions of illegals in the country, that if only one out of one hundred voted, they would cast potentially hundreds of thousands of votes,” Mr. Johnson said. “That could turn an election.”

  Critics of the bill have retorted that federal law already prohibits illegal immigrants from voting—a fact which they say makes the bill redundant.

  However, due to the Supreme Court’s expansion of the NVRA in 2013, existing laws include no solid mechanism for states to ensure that their voters are citizens.

  It’s unclear when the bill will be taken up in the lower chamber. But with Mr. Johnson’s blessing, it’s all but certain to come to the floor—forcing Democrats onto the record on the issue as immigration becomes a top concern for voters.

  With Republicans’ slim majority, the bill has good odds of passing the lower chamber; it faces longer odds in the Democrat-controlled Senate, where Senate Majority Leader Chuck Schumer (D-N.Y.) decides what comes to the floor.

  Tyler Durden
  Thu, 05/09/2024 – 20:20

• Meet The Company Helping Restart The Nuclear Revolution In The U.S.
  Meet The Company Helping Restart The Nuclear Revolution In The U.S.

  A company called Holtec has become the voice for restarting the nuclear power revolution in the U.S.

  As it becomes clear that the nation’s needs for power are far underserved, and will certainly be in the future with the adoption of AI, one company, currently the “top US manufacturer of storage equipment for nuclear waste”, is advocating for restarting cold reactors across the country. 

  Lately, the company’s ambitions have soared. Since 2019, it’s acquired four retired nuclear plants originally intending to decommission them: Indian Point (NY), Oyster Creek (NJ), Pilgrim (MA), and Palisades (MI), according to Bloomberg.

  Tearing down old reactors promised good returns due to the hefty trust funds tied to cleanup costs. Holtec quickly became the nation’s leading nuclear decommissioner.

  And, as the report notes, despite initially purchasing Palisades to dismantle it, Holtec is now planning to restart the reactor with a $1.5 billion loan from the DOE, marking the first time a cold reactor would be revived in the U.S. However, Holtec lacks experience in running nuclear plants.

  While concerns have been raised due to Holtec’s safety violations in the past four years of decommissioning, others consider such infractions normal in this tightly regulated industry. Nevertheless, nuclear power is increasingly seen as key to curbing greenhouse gas emissions, and Holtec aims to have Palisades online again soon and launch its own small modular reactors (SMRs) by the end of the decade. 

  

  SMRs, factory-built reactors that can be assembled onsite, represent a highly complex and largely unproven endeavor for Holtec and the industry – yet one we have written about extensively as the obvious next step for the industry. Just yesterday we highlighted Sam Altman’s now-greenlighted nuclear SPAC, trading under ALCC before switching to OKLO at the end of this week. 

  Holtec, meanwhile, is headquartered in Jupiter, Florida, but its business hub is the Camden, New Jersey campus and factory. Founder and CEO Krishna Singh’s office overlooks the Delaware River, facing Philadelphia, where he earned a Ph.D. in mechanical engineering from the University of Pennsylvania in 1972 after emigrating from India.

  He specialized in heat-exchange systems, crucial training for reactor design, which involves managing the high temperatures generated by fission reactions to produce power.

  Bloomberg writes that Holtec made its mark with a storage system for spent uranium fuel rods, addressing the mid-1980s problem of overcrowded indoor cooling pools. Singh’s innovation was a durable rack that minimized fuel rod movement during earthquakes, allowing plants to store more rods in the pools. With this patented design, he founded Holtec, and within a few years, his racks dominated the market.

  

  Traditionally, decommissioning involved shutting down reactors and letting them sit for decades. The Nuclear Regulatory Commission (NRC) gives operators up to 60 years to complete the process, funded by a trust built from utility ratepayer contributions. For instance, Palisades had $552 million in its trust fund when it closed. The long timeline allows funds to grow and radioactivity to decay.

  However, Holtec, NorthStar Group Services Inc., and EnergySolutions Inc. have adopted a different approach, starting decommissioning much earlier. Leveraging their expertise with radioactive materials, they complete the job in years instead of decades, keeping a share of any leftover trust fund money.

  “Not only does Holtec intend to bring Palisades back online, it also plans by the end of the decade to have its own small modular reactors up and running,” Bloomberg writes.

  Back in April we had previously written that a lot of the U.S.’s reactors could wind up coming back online. “There are a couple of nuclear power plants that we probably should, and can, turn back on,” Jigar Shah, director of the US Energy Department’s Loan Programs Office, told Bloomberg in an interview.

  In March, Shah’s office approved a loan to Holtec International Corp. to reopen the Palisades nuclear plant in Michigan. This was a historical shift, and it was the first nuclear power plant to be reopened in the US, setting a precedent for atomic energy to make a triumphal comeback. The plant could begin producing power as early as the second half of 2025.

  Nuclear power is the largest single source of carbon-free electricity. Given onshoring trends, electrification of transportation and buildings, and, of course, as we’ve noted in “The Next AI Trade,” the proliferation of AI data centers will overload power grids nationwide unless a significant upgrade is seen.

  We again highlighted the enormous investment opportunity last month titled “Everyone Is Piling Into The “Next AI Trade””, which lists companies powering up America for the digital age.

  

  Nearly 3.5 years ago, we provided readers with a straightforward investment thesis: “Buy Uranium: Is This The Beginning Of The Next ESG Craze” Back then, it became apparent to us that the resurrection of the nuclear power industry was imminent. 

  And the trend is only gaining steam as the revival of nuclear power plants will continue benefiting some of the largest uranium producers, such as Cameco. We told readers to buy uranium stocks, such as Cameco around the $10 handle – now it’s at $50 a share. 

  You can read Bloomberg’s full feature on Holtec here. 

  Tyler Durden
  Thu, 05/09/2024 – 20:00

• Decline Of Senior Officer Integrity And Civilian Control Of The Military
  Decline Of Senior Officer Integrity And Civilian Control Of The Military

  Authored by Keith T. Holcomb via RealClearDefense,

  

  Public confidence in the military has slipped. One major reason is the politicization of senior military officers, who show an increasing propensity to compromise their integrity to gain influence and achieve both budgetary and policy goals. Their willingness to spin carefully parsed and knowingly misleading testimony and advice compromises civilian control of the military. Simply stated, these generals and admirals are not providing full and complete representations of plans, concepts, and assessments to senior civilians in the executive and legislative branches, thereby depriving them of the unbiased information they require to make decisions required by the Constitution.

  In an era of increasing complexity, cleverly constructed narratives that present simplified, politicized positions to the general population have taken on out-sized importance. Senior officers increasingly are attempting to manipulate policy making by intentionally reducing complex reality to simple narratives designed to appeal to partisan audiences. 

  Integrity has two meanings pertinent to this issue: the common understanding of integrity as honesty and the less common and more formal understanding of integrity as the quality of being whole and complete. 

  Preparation for and experience in combat develops strong wills. Senior officers motivated by the desire to get the biggest possible piece of the pie for their services are tempted to dissemble to win the internecine budget and policy fights that are the lifeblood of official Washington. When these wills are not properly constrained by higher commitments to integrity and respect for the decision-making province of civilian authorities, generals and admirals can succumb to the temptation to deceive. 

  These deceptions can take many forms. A senior officer can choose to highlight some information. Conversely, they can obfuscate, discredit, or ignore other information. They can allude to expert knowledge or classified information to undercut or deflect questions that challenge their assertions. They can use the age-old technique of making strawmen of opposing views. Worse, they can engage in or encourage subordinates or cultivated commentators to engage in ad hominem attacks on the messengers of alternate views. 

  While the hyper-political environment sees daily evidence of such behaviors, some senior officers have exercised considerable self-discipline and have not let advocacy for a position override respect for the prerogatives of senior civilians. In short, just because they have the leadership persona, verbal skills, and communication staffs to construct one-sided positions and perhaps even succeed in the manipulation of some people, they have worked to develop full and balanced representations of the issues at hand. Theirs has been a triumph of professional ethics over the abuse of information to achieve their ends.

  Regrettably, that admirable conduct is in decline and that decline is a contributing factor for decreasing public trust in the military. The American public may not know the specific capabilities of various weapons or the operational implications of various policies. But constant exposure to spun narratives has trained them to recognize manipulation when they see and hear it. Many resent being manipulated, and their sense that such techniques are being used by the Nation’s most senior officers undermines their trust and confidence in the military. The military was once recognized as a profession culturally apart from the rest of society, but no longer. America’s military, and its senior officers especially, are increasingly viewed as no less cynically self-interested than the rest of the elite class.

  The decline of senior officer integrity increasingly impacts civilian decision makers. Not long ago, overbooked national leaders could confidently “repose special trust and confidence” in the senior officers providing assessments and recommendations to them. The disciplined and honorable behaviors of past generations of generals and admirals certainly validated this special trust and confidence. But, with a rise in manipulative narratives, civilian leaders and their staffs are more likely to feel compelled to dig into the details of complex military matters to gain the full and complete picture they need to discharge their responsibilities.

  In short, it is past time for senior officers to forego their increasing addiction to the power opiate of clever narratives and work to present full and balanced representations of the issues at hand.

  Absent immediate internal reform by the Department of Defense, civilian leaders will increasingly have to turn, just as they have with other federal agencies, to independent investigations to gain a more complete understanding of national security issues.

  Brigadier General Keith T. Holcomb, (U.S. Marine Corps, ret.), is a former USMC Fellow at the Center for Strategic and International Studies. His last assignment was as Director of the Training and Education Division, U.S. Marine Corps Combat Development Command.

  Tyler Durden
  Thu, 05/09/2024 – 19:40

• Huawei's New 'Made-In-China' Smartphone Sources More Chips Locally Amid US Tech War 
  Huawei’s New ‘Made-In-China’ Smartphone Sources More Chips Locally Amid US Tech War 

  With draconian export controls and blacklisting by Washington elites, Chinese tech giant Huawei is still operating and, in fact, producing new high-tech smartphones with components increasingly sourced from domestic suppliers. 

  A new teardown analysis by tech repair company iFixit and consultancy TechSearch International, first reported by Reuters, shows Huawei’s Pura 70 Pro has a NAND memory chip sourced domestically from the Chinese telecom equipment maker’s in-house chip unit, HiSilicon. 

  iFixit and TechSearch found the Pura 70 handset was operating on a Huawei-made advanced processing chipset called the Kirin 9010. They said the new chip is likely an “improved version” of the advanced chip used by Huawei’s Mate 60 series, which was launched last year to compete with Apple’s iPhone 15 lineup. 

  “While we cannot provide an exact percentage, we’d say the domestic component usage is high, and definitely higher than in the Mate 60,” Shahram Mokhtari, iFixit’s lead teardown technician, said. 

  Mokhtari continued, “This is about self-sufficiency, all of this, everything you see when you open up a smartphone and see whatever are made by Chinese manufacturers, this is all about self-sufficiency,” Mokhtari said.

  The central theme is that a worsening tech war between Beijing and Washington pushes Huawei to source more handset components in domestic markets. This is an alarming development for Washington politicians, who have spent several years sanctioning China to prevent them from acquiring high-tech Western chips and chip-making tools, as well as the hope of imploding China’s tech-creating abilities. However, the restrictions are backfiring, as Huawei now manufactures smartphones with more domestically sourced chips than ever.  

  Just wait for the day when Chinese state media, such as the Global Times, boasts that Huawei’s phones are made entirely with domestic parts. Given the current trajectory, we believe that day is approaching.

  Reuters cited analysts who believe Huawei’s phones are denting iPhone market share in the world’s largest handset market. 

  

  However, since the Pura 70’s components are not entirely sourced domestically, IFixit and TechSearch’s analysis shows South Korean company SK Hynix makes the DRAM chip. 

  Given the chip restrictions, SK Hynix told Reuters it had been “strictly complying with the relevant policies since the restrictions against Huawei were announced and has also suspended any transactions with the company since then.”

  The analysis showed that the processor used by the Pura 70 Pro was 7 nanometers (nm), similar to the chip used to power the Mate 60. 

  “This is significant because news of the 9000S on a 7nm node caused a bit of a panic last year when US lawmakers were confronted with the possibility that the sanctions imposed on Chinese chipmakers might not slow their technological progress after all,” iFixit said.

  iFixit continued, “The fact that the 9010 is still a 7nm process chip, and that it’s so close to the 9000S, might seem to suggest that Chinese chip manufacturing has indeed been slowed.”

  The re-emergence of Huawei, taking on Apple, has infuriated Washington. There was a report from Bloomberg earlier this week that the US revoked licenses that allowed Huawei to buy semiconductors from Qualcomm and Intel. 

  The biggest takeaway: Huawei is on a mission to entirely source components from local suppliers as the tech war between China and the US heats up. 

  Tyler Durden
  Thu, 05/09/2024 – 19:20

• The (Anti) Social Cost Of Carbon
  The (Anti) Social Cost Of Carbon

  Authored by Jonathan Lesser via RealClearEnergy,

  Forty-two was the mystical number that explained “life, the universe, and everything” in Douglas Adams’ comic novel, The Hitchhiker’s Guide to the Galaxy.  Today, another mystical number, the so-called social cost of carbon (SSC), is providing the excuse for the Environmental Protection Agency and green-energy-enamored state regulators to enact crippling energy policies.

  

  The SCC is the thumb on the scale that can justify virtually any policy aimed at eliminating fossil fuels. When the EPA first proposed its rule to reduce mercury emissions from coal-fired power plants, the agency’s cost-benefit analysis determined the benefits would be minuscule. Any putative benefits, it turns out, would come instead from reductions in carbon emissions and, here’s the key, based on a calculated value for the SCC.  The same was true for the EPA’s earlier attempt at carbon regulation via a “Clean Power Plan,” which was shut down by the Supreme Court. But here we are again with the agency’s newest rules trying to force coal plants to further reduce mercury emissions and to force both coal and natural gas-fired power plants to capture 90% of their carbon emissions. The technology to accomplish this doesn’t exist and EPA Administrator Michael Regan admitted the rule will force the closure of fossil-fuel power plants.

  The SCC values used by the EPA are derived from calculations in integrated planning models (IPMs). Those models assume a simplistic linear relationship between carbon emissions and world temperature (never mind that the validity of that linear assumptions is a subject of deep debate in scientific circles). The models then assume that the resulting temperature increases cause all forms of environmental doom – rising sea levels, more disease, and declining agricultural production – for which yet more estimates are made to assign future cost consequences. Here’s the key: the IPMs project these costs out for the next 300 years (not a typo). Then, those far future costs are “discounted” to estimate a value in today’s dollars by using truly absurd assumptions about such things as inflation and economic growth.

  A tongue-in-cheek forecaster’s creed is “Give them a number or give them a date. Don’t give them both.” Attempting to predict the future three centuries hence may be standard fare for science fiction writers, but basing energy policies on such predictions is insane.

  Imagine someone in the year 1724 predicting life – and technology – today. Benjamin Franklin was 18 years old and working in his father’s print shop. George Washington would not be born for another eight years. The French scientist Antoine Lavoisier, who first identified carbon as an element in 1789, would not be born until 1743. The first patent on a flush toilet would not happen for another half-century. Thomas Edison would not invent the light bulb and the telephone for another 150 years. Could anyone in 1724 have imagined automobiles, mobile phones, and MRI machines? How about integrated circuits, nuclear power, and B-2 bombers?

  To presume we can accurately predict, or even imagine, what the world will look like 300 years from now is just as preposterous. Yet, simplistic models and arbitrary assumptions are being used to drive energy policy decisions today. Using the SCC estimates, and assuming that new technologies will magically appear, the EPA can justify virtually any pollution control regulation, including those that effectively mandate electric vehicles. Similarly, even though offshore wind generation costs five times more than natural gas and coal, the SCC can “prove” the benefits of offshore wind exceed its costs. New York State, for example, assumes that, by 2040, thousands of megawatts of “dispatchable emissions-free generators” (the equivalent of a natural gas generator burning pure hydrogen) will provide the necessary backup for unreliable offshore wind, even though no such generators exist.

  Contrary to the economic fantasies peddled by green energy advocates, policies to eliminate fossil fuels based on the supposed benefits captured by the SCC will cripple the U.S. economy. Electricity prices, coupled with ill-considered plans to electrify virtually everything, will soar. Supplies will dwindle, requiring rationing, either explicitly or through rolling blackouts, such as those experienced every day in South Africa. Rather than creating some green energy nirvana, the lack of adequate and affordable electricity will cause societal decay.

  All of this based on a made-up number.

  Jonathan Lesser is a senior fellow with the National Center for Energy Analytics and president of Continental Economics.

  Tyler Durden
  Thu, 05/09/2024 – 19:00

• Security Scandal: Chinese Drone Hovers Over US Nuclear-Powered Supercarrier In Japan 
  Security Scandal: Chinese Drone Hovers Over US Nuclear-Powered Supercarrier In Japan 

  A major security scandal is developing at Japan’s Yokosuka Naval Base, where drone footage was recently filmed above an American nuclear-powered supercarrier without any activated anti-drone systems to intercept hostile unmanned aerial vehicles. This comes as loitering munitions, also known as kamikaze drones, are the hottest weapon on the modern battlefield in Eastern Europe and the Middle East.

  X account “这是我小号4”, translated in English from Chinese as “This is my trumpet number 4,” uploaded aerial videos and images of Yokosuka Naval Base. Some of the footage was directly over the USS Ronald Reagan. 

  

  The X account wrote in English, “For anyone who thinks it’s fake….” They attached a screenshot of the drone’s flight path of the naval yard on a map to the post. 

  For anyone who thinks it’s fake pic.twitter.com/PdfwHAnwqj

  — 这是我小号4 (@Xiao_Hao_4) April 2, 2024

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  The latest data from intel research firm Strategic Forecasting shows USS Ronald Reagan was recently moored at Yokosuka Naval Base. Footage from the drone was taken in early April. 

  

  The account posted additional images of the naval yard and US warships. 

  pic.twitter.com/JOCfTFMI68

  — 这是我小号4 (@Xiao_Hao_4) May 8, 2024

  Where are the anti-drone systems to guard against this type of aerial security breach? 

  https://platform.twitter.com/widgets.js

  pic.twitter.com/5Qx1CLQbIn

  — 这是我小号4 (@Xiao_Hao_4) April 4, 2024

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  In English again, the account said, “It took a month for the Japanese army to just realize…” The person was referring to a news story by the Japan Broadcasting Corporation, also known as NHK, covering his activity on social media about posting drone videos of US and Japanese warships. 

  It took a month for the Japanese army to just realize… https://t.co/TH6mWxQZV8

  — 这是我小号4 (@Xiao_Hao_4) May 8, 2024

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  NHK cited Ministry of Defense officials who said drone videos were “likely genuine.” Other sources we spoke with confirmed the videos are likely real and noted the possibility that this could’ve been a Chinese-made DJI drone. 

  Why didn’t the US and or Japan activate electromagnetic counter-measures against the drone?

  The next question: Did a Chinese spy – pilot this drone?

  Tyler Durden
  Thu, 05/09/2024 – 18:40

• Is China's Oil Demand Set For A Major Bounce Back?
  Is China’s Oil Demand Set For A Major Bounce Back?

  By Simon Watkins of OilPrice.com

  Since the mid-1990s, China’s extraordinary economic expansion almost singlehandedly drove a supercycle in key commodities prices it required to power such growth, including oil and gas. In 2013, it became the world’s largest net importer of total petroleum and other liquid fuels and, as late as 2017, its still high rate of economic growth allowed it to overtake the U.S. as the largest annual gross crude oil importer in the world. Late 2019 saw much of this activity grind to a halt as Covid hit the country, and the economic slowdown was exacerbated by its Draconian ‘zero-Covid’ policy that saw complete shutdowns of major economic centres at the slightest hint of infection. However, 2023 saw it achieve its official gross domestic product (GDP) growth target of “around 5 percent” – posting 5.2 percent in the end. The same official target is in place this year, with the key questions for oil markets being whether this will be achieved and if so, how easily?

  

  16 April saw China’s National Bureau of Statistics release the country’s Q1 GDP figure, which showed a 5.3 percent year-on-year increase. This was way above consensus analyst expectations of 4.6 percent and was also a rise from the Q4 2023’s 5.2 percent. “Aside from the continued decline in the property sector, policy support is filtering through investment,” Eugenia Victorino, head of Asia strategy for SEB in Singapore exclusively told OilPrice.com. “With property sales now 60 percent lower than their mid-2021 peak, transaction volumes are now comparable to levels last seen in 2012,” she added. “Investments in other sectors are also picking up, particularly in manufacturing and energy production and supply, and in the coming months, infrastructure investment will also start to accelerate on the back of fiscal stimulus,” she said. “The strong performance in the first two months of the year suggests that an economic recovery is underway,” she underlined. March’s key Caixin/S&P Global China manufacturing purchasing managers’ index (PMI) also came in very bullish. At 51.1 in the month, up from 50.9 in February (above 50.0 indicates expansion), it was the strongest since February 2023. “Overall, China’s manufacturing sector continued to improve in March, with expansion in supply and demand accelerating, and overseas demand picking up,” said Caixin Insight Group senior economist, Wang Zhe. April’s Caixin China General Manufacturing PMI also increased – to 51.4, beating estimates of 51 – and recording the sixth straight month of growth in factory activity. New orders rose the most in over a year and foreign sales increased at the fastest pace for nearly three-and-a-half years.

  This robust performance across several major sectors in China’s economy – including, crucially manufacturing – is in sharp contrast to the growth drivers seen last year. In the immediate aftermath of Covid, the country’s growth became reliant on just reopening the economy and removing negative policies – property, consumer, and geopolitics – rather than on aggressive stimulus, to drive activity, Rory Green, chief China economist for GlobalData.TSLombard exclusively told OilPrice.com at the time. “For the first time, a cyclical recovery in China [was] being led by household consumption, mainly services, as there [was] a great deal of pent-up demand and savings – about four percent of GDP – following three years of intermittent mobility restrictions,” he said. In terms of the effect that this had on oil prices at the time, it is apposite to note that transportation accounts for just 54 percent of China’s oil consumption, compared to 72 percent in the U.S. and 68 percent in the European Union. In 2022 and early 2023, net oil and refined petroleum imports were eight percent lower by volume than the pre-Covid peak, with infrastructure and export-oriented manufacturing partly offsetting lower mobility and less property construction. At that phase of China’s economic rebound, then, oil demand did increase, but the scale of this was far from sufficient to drive oil prices significantly higher on its own. This was even more the case, as China continued where possible to buy oil from Russia at a substantial discount.  

  Before this ‘Covid Phase’, China had already undergone several transitions in its core economic growth model, the effects of which continue to be felt to this day. From 1992 to 1998, its annual economic growth rate was basically between 10 to 15 percent; from 1998 to 2004 between 8 to 10 percent; from 2004 to 2010 between 10 to 15 percent again; from 2010 to 2016 between 6 to 10 percent, and from 2016 to the 2019 between 5 to 7 percent. For much of the period from 1992 to the middle 2010s, much of China’s massive economic growth was founded on a huge energy-intensive expansion of its manufacturing capabilities. This also involved the mass migration of new workers from the countryside and into the cities, which required a huge energy-intensive infrastructure build-out. Even after some of China’s growth began to switch into the less energy-intensive service sectors, its investment in energy-intensive infrastructure build-out remained very high. This pattern continued for many years, alongside the third phase of China’s economic growth, which was the rise of a middle class that powered domestic consumption-led demand for goods and services. All these phases had the net result of markedly increasing China’s demand for oil and gas. 

  Although this ‘Post-Covid Phase’ of growth currently looks like one that will see powerful drivers from several sectors of China’s economy – including manufacturing – it does not necessarily mean that oil prices will feel the full effects of this. The key reason here is that China continues to buy oil at greatly reduced prices not just from Russia, but also from Iran and Iraq too, through various mechanisms analysed in full in my new book on the new global oil market order. Despite sanctions in place on the first two of these countries, the U.S. is happy to look the other way for the most part, as oil demand being satisfied ‘off the official books’ ultimately feeds through into lower demand elsewhere in the global energy markets, so reducing bullish price pressure. Additionally, China does not want to encourage higher oil prices from any of those multitude of Middle Eastern countries over which it has developed an influence because the U.S. and several of its key allies remain China’s major export customers. The U.S. alone still accounts for over 16 percent of its export revenues. Rising energy prices in these countries could again fuel inflation and cause interest rates to rise, bringing the prospect of economic slowdown with them, as was seen in the aftermath of Russia’s invasion of Ukraine in 2022. According to a senior source in the European Union’s (E.U.) energy security complex spoken to exclusively by OilPrice.com recently, the economic damage to China – directly through its own energy imports and indirectly through damage to the economies of its key export markets in the West – would dangerously increase if the Brent oil price remained over US$90-95 pb for more than one quarter of a year. 

  Rising energy prices also have direct ramifications in U.S. presidential elections, in which China does not want to be seen playing a part, at least overtly. Longstanding estimates are that every US$10 pb change in the price of crude oil results in a 25-30 cent change in the price of a gallon of gasoline, and for every 1 cent that the average price per gallon of gasoline rises, more than US$1 billion per year in consumer spending is lost, adversely affecting the U.S. economy. Historically, around 70 percent of the price of gasoline is derived from the global oil price. This feeds through into the second part of this equation, as also analysed in full in my new book, which is that since the end of World War I in 2018, the sitting U.S. president has won re-election 11 times out of 11 if the economy was not in recession within two years of an upcoming election. If it was in recession in this timeframe, then only 1 sitting president has won out of 7 times (although even the 1 is debatable).

  Tyler Durden
  Thu, 05/09/2024 – 18:20

• West Fueling Global Conflicts, Trying To Topple Moscow, Putin Says On WW2 Victory Day
  West Fueling Global Conflicts, Trying To Topple Moscow, Putin Says On WW2 Victory Day

  As fully expected, Russian President Vladimir Putin struck a defiant tone in his speech at Moscow’s Red Square for the annual events commemorating Russia’s WW2 victory. Addressing thousands of soldiers in ceremonial attire, Putin accused the “arrogant” West of stoking conflict around the world. 

  “We know what the exorbitance of such ambitions leads to. Russia will do everything to prevent a global clash,” he said. “But at the same time, we will not allow anyone to threaten us. Our strategic forces are always in a state of combat readiness,” he stressed in reference to the country’s nuclear forces.

  

  The 71-year-old leader hailed that “Victory Day unites all generations,” and vowed: “We are going forward relying on our centuries-old traditions and feel confident that together we will ensure a free and secure future of Russia.”

  He called Victory Day “very emotional and poignant” as “Every family is honoring its heroes, looking at pictures with dear faces and remembering their relatives and how they fought.”

  He contrasted the “heroes” – Russian troops fighting in Ukraine, with the West – which is “fueling regional conflicts, inter-ethnic and inter-religious strife and trying to contain sovereign and independent centers of global development.”

  Present for the ceremony was nearly 10,000 Russian troops, including 1,000 who have fought inside Ukraine. According to AP correspondents, Putin underscored his ‘nuclear deterrent’ messaging by having nuke-capable missiles present: 

  Nuclear-capable Yars intercontinental ballistic missiles were pulled across Red Square, underscoring his message.

  The Soviet Union lost about 27 million people in World War II, an estimate that many historians consider conservative, scarring virtually every family.

  One theme which emerged from Putin’s speech is that the West has ignored and forgotten the immense sacrifice that Russians made in defeating the Nazis in WW2.

  Russian🇷🇺 President Vladimir Putin presides over the Victory Day celebrations in Moscow

  Did you know? It would take approximately 51.3 years to hold a minute of silence for each of the 27 million Soviets that died in World War 2

  More coverage: https://t.co/H1LZRQsy0p pic.twitter.com/Rx67mkTUs0

  — Afshin Rattansi (@afshinrattansi) May 9, 2024

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  Putin’s family too was personally impacted by the war and defense of the homeland:

  As Putin tells it, his father, also named Vladimir, came home from a military hospital during the war to see workers trying to take away his wife, Maria, who had been declared dead of starvation. But the elder Putin did not believe she had died — saying she had only lost consciousness, weak with hunger. Their first child, Viktor, died during the siege when he was 3, one of more than 1 million Leningrad residents who died in the 872-day blockade, most of them from starvation.

  For several years, Putin carried a photo of his father in Victory Day marches — as did others honoring relatives who were war veterans — in what was called the “Immortal Regiment.”

  Putin in the speech emphasized, “Today we see how the truth about the Second World War is being distorted. It hinders those who are used to building their essentially colonial policy on hypocrisy and lies.”

  The man sitting next to Putin on the podium is war veteran Yevgeny Kuropatkov, who will turn 101 this year.#VictoryDay #Moscow #Russia
  pic.twitter.com/gYCvMVmhTf

  — StellaMoscow (@SgforgoodStella) May 9, 2024

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  He also addressed the Ukraine conflict specifically, pointing out that the entire West is working tirelessly to defeat Moscow.

  “We know, and you know this better than anyone else, the enemy has enough modern tools, since the entire Western community is working for our enemy, dreaming about Russia ceasing to exist in its current form,” Putin described.

  Putin concluded his speech with the words, “Glory to the valiant armed forces! For Russia! For victory! Hurray!”

  🗣 Putin concluded his speech at the parade with the words, “Glory to the valiant armed forces! For Russia! For victory! Hurray!” pic.twitter.com/hJKpzZQCNG

  — Sputnik (@SputnikInt) May 9, 2024

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  He called what’s going on a “system of confrontation” by the collective West, which views Russia as “weak”. “I am sure they are now convinced that this was far from the reality, and rather the opposite is true,” he emphasized.

  Tyler Durden
  Thu, 05/09/2024 – 18:00