Sep 07

Today’s News 7th September 2022

  • Visualizing The World's Flight-Paths And Airports
    Visualizing The World’s Flight-Paths And Airports

    There are up to 8,755 commercial flights in the air at any given time of day. These flights transport thousands of people (and millions of dollars worth of goods) around the world.

    But where are these people and goods headed? This map from Adam Symington uses historical data from OpenFlights to visualize the world’s flight paths.

    As Visual Capitalist’s Carmen Ang details below, the graphic shows a comprehensive data set encompassing 67,663 different routes that connect 10,000 different airports across the globe.

    A Note On the Data

    The map uses an OpenFlights database provided by the third-party source that hasn’t been updated since June 2014.

    Because of this, the data used for the graphic is of historical value only. However, this detailed map sparked our curiosity and got us wondering—what are some of the busiest aviation hubs around the world right now?

    We did some digging, and here’s what we found.

    Busiest Airports by Passengers

    There are several ways to gauge an airport’s popularity. One way is to measure total passenger traffic throughout the year.

    According to Airports Council International (ACI), eight of the top 10 busiest airports for passenger traffic in 2021 were in America. Here’s a look at the top 10 list, as of April 11, 2022:

     

    In 2021, the airport with the most passenger traffic was Hartsfield-Jackson Atlanta International Airport. It accommodated more than 75 million passengers last year—a 76.4% increase compared to 2020 figures.

     

    Hartsfield-Jackson is well-known for being one of the busiest airports in the world. One reason for this is its convenient location—according to the airport’s official website, Atlanta is within a two-hour flight from 80% of the U.S. population.

    Dallas/Forth Worth (DFW) came in second place, seeing 62.5 million passengers throughout 2021. DFW was one of the only airports to boost its service offerings throughout the pandemic, and is also the main hub for American Airlines, the world’s largest airline by fleet size.

    Busiest Airports by Cargo

    While the U.S. dominates the ranking when it comes to passenger traffic, the list is much more diverse when looking at air cargo volumes. Here’s a look at the ranking, based on loaded and unloaded freight and mail (including transit freight):

     

    Hong Kong (HKG) takes the top spot since the airport processed more than 5.0 million metric tonnes of freight and mail throughout 2021.

     

    Hong Kong has been known as one of the busiest air cargo hubs for over a decade and is able to maintain this reputation because of its strategic location, impressive infrastructure, efficient customs, and business-friendly trade regulations.

    The COVID-19 Impact on Aviation

    The global pandemic hit the aviation industry hard. At its lowest point, international travel was down 98% from normal levels.

    While the aviation industry is starting to recover from its COVID-induced slump, things still haven’t fully bounced back yet, especially in places like Shanghai, where lockdowns are still being mandated.

    But experts remain hopeful for the future. According to ACI World’s General Director Luis Felipe de Oliveira, last year’s recovery was just the beginning.

    “With many countries taking steps towards the return of a certain normality, lifting almost all the health measures and travel restrictions as supported by science, we welcome the continuation of air travel demand’s recovery in 2022.”

    -LUIS FELIPE DE OLIVEIRA, ACI WORLD’S DIRECTOR GENERAL

    Tyler Durden
    Tue, 09/06/2022 – 23:20

  • US, China Reportedly Want Same Moon-Landing Sites: "Could Be The First Potential Point Of Conflict Over Resources Beyond Earth"
    US, China Reportedly Want Same Moon-Landing Sites: “Could Be The First Potential Point Of Conflict Over Resources Beyond Earth”

    Authored by Katie Hutton via TheMindUnleashed.com,

    The United States and China are preparing for an embarrassing showdown in the event that both countries decide to land their respective lunar rockets on identical locations near the Moon’s south pole, which, according to the present plans, may very well transpire.

    According to SpaceNews, both NASA and China’s space agency have discovered various landing locations that are comparable to one another for their respective lunar missions. These landing sites include the Shackleton, Haworth, and Nobile craters, which are situated close to the lunar south pole.

    According to SpaceNews, both organizations may have selected these locations because of their elevated heights, favorable lighting conditions, and closeness to shadowy craters that have the potential to store lunar water ice. These factors may have contributed to their decision.

    Futurism notes that it is currently unknown how the United States and China intend to deal with the possibility of a landing site overlap during their respective moon missions, which are scheduled to take off in the years 2025 and 2024, respectively.

    The fact that more and more nations are considering sending astronauts to the Moon has created a brand-new problem for scientists to solve.

    According to SpaceNews, the United States is in a difficult circumstance when it comes to space agreements with China as a result of a budget resolution insert defined as the “Wolf Amendment.”

    The “Wolf Amendment” is a stipulation that was introduced in 2011 by then-representative Frank Wolf (R-VA) and severely restricts NASA’s ability to work with China in any capacity. The unwillingness of countries to play nice when it comes to space is undoubtedly going to cause many issues going forward in the Space realm. And some fear that this will usher in further Space militarization.

    Despite the efforts of past presidents Barack Obama and Donald Trump to participate in space negotiations with China, the conversations ultimately did not get very far. According to the findings of the report, the administration of President Joe Biden does not now have any apparent intentions to re-engage in the discussions.

    Although the two nations’ options for landing locations on the moon aren’t exactly shocking, they might be a historic first nevertheless. And we should expect to see more instances like this in the future as tensions rise and humans continually venture into space.

    “It is not hard to see why they both want the same spots,” space and law policy professor Christopher Newman told SpaceNews. “It is prime lunar real estate for in-situ resource utilization.”

    “This could be the first potential point of conflict over resources beyond Earth,” he added.

    Newman stated that in addition, on the basis of the fact that both sides had signed the Outer Space Treaty, they should, in principle, “accept the use of celestial bodies for peaceful purposes.”

    “It will be interesting to see what happens,” Newman tells SpaceNews, adding that “a lot will depend on who gets there first.”

    Folks, it looks like we could have a good old fashioned show down.

    Tyler Durden
    Tue, 09/06/2022 – 23:00

  • Pentagon Makes "Unusual" Announcement Ahead Of ICBM Launch
    Pentagon Makes “Unusual” Announcement Ahead Of ICBM Launch

    “There will be an operational test launch of an Air Force Global Strike Command unarmed Minuteman III intercontinental ballistic missile early tomorrow morning, Sept. 7, from Vandenberg Space Force Base in California,” Pentagon spokesman Brigadier-General Pat Ryder told reporters on Tuesday. 

    Ryder said the ICBM test would be “routine,” adding Russia was notified per treaty obligations about Wednesday’s test. But as AP noted:

    “The announcement ahead of the launch was unusual; the Pentagon has not confirmed recent tests until after they take place.” 

    He said the objective of the test “is to demonstrate the readiness of US nuclear forces and provide confidence in the security and effectiveness of the nation’s nuclear deterrent.” 

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    The test comes weeks after a Minutemen III ICBM launch on Aug. 16 was postponed twice before to avoid any misunderstandings between Russia and China.

    Nuclear tensions between the US and Russia have only accelerated in the last six months because of the ongoing Russian-Ukraine war. NATO countries’ fierce hybrid fight against Russian forces by supplying Ukraine’s military with weapons puts the world on a dangerous path to expanded conflict. 

    Then Sino-US tensions reached levels not seen in decades last month when US House Speaker Nancy Pelosi’s visit to Taipei angered Beijing, who then launched a war drill around the self-ruled island it claims as its own. 

    Western globalist elites are hellbent on destabilization to contain the emergence of a multipolar world. 

    Perhaps the Pentagon now feels a pre-launch ICBM press conference is needed to project military dominance (or what’s left of it) to countries that challenge its unipolar world as a way to preserve its hegemony. 

    Tyler Durden
    Tue, 09/06/2022 – 22:40

  • What Is America's Goal For The Ukraine War? Answer: We Don't Have One
    What Is America’s Goal For The Ukraine War? Answer: We Don’t Have One

    Authored by Daniel Davis via 19fortyfive.com,

    Does America Have a Goal or Strategy for Ukraine? 

    On Friday, Treasury Secretary Janet Yellen announced the G7 had agreed to impose a price cap regime on Russian oil. As with most other actions by the U.S. and Europe related to Russia’s unjust war against Ukraine, the announcement of the cap was big on rhetorical flourish, but thread-bare on any evidence of a coherent strategic objective.

    (19FortyFive Contributing Editor Daniel L. Davis, author of this article, analyzes the situation in Ukraine on Fox News above.)

    The intent of the cap is to set a global price just above Russia’s marginal cost so that Moscow won’t make a profit on the sale of oil but high enough that Russia won’t stop producing altogether. Current global demand can’t be met without the nearly nine million barrels of oil per day provided by Russia, and if Putin were to stop producing suddenly, the resulting supply shock could send the price of oil into the stratosphere.

    The purpose of the cap, Yellen claimed, would be to “deliver a major blow for Russian finances and will both hinder Russia’s ability to fight its unprovoked war in Ukraine and hasten the deterioration of the Russian economy.” It remains to be seen if the G7 can make good on its aspiration and actually develop and implement a worldwide price cap scheme. But along with other actions sponsored or endorsed by the United States government, it is far from certain what end state Washington hopes to obtain.

    On February 7, about three weeks before Putin ordered the Russian military to invade its smaller neighbor, President Biden threatened to “impose the most severe sanctions that have ever been imposed” should Russia invade. Four days later, National Security Advisor Jake Sullivan explained that President Biden “believes that sanctions are intended to deter.  And in order for them to work — to deter, they have to be set up in a way where if Putin moves, then the costs are imposed.”

    Yet after the threats of sanctions failed to deter Putin, Biden adjusted the rationale when he claimed that in fact “no one expected the sanctions to prevent anything from happening.” Instead, he continued, the sanctions were designed to show Western “resolve,” which, over time, “will impose significant costs on him (Putin).” Even with this new claim on his justification for sanctions, there was no explanation for what these “significant costs” were designed to accomplish. The Administration’s lack of focus didn’t stop there, unfortunately.

    In late April, Secretaries of Defense and State, Lloyd Austin and Antony Blinken, traveled to Kyiv to meet with Ukrainian President Volodymyr Zelensky to explore ways the U.S. could help Ukraine’s military. Following their meeting, Austin said the United States wanted to see Ukraine remain a “sovereign country,” and that the U.S. wants “to see Russia weakened to the degree that it can’t do the kinds of things that it has done in invading Ukraine.” It’s what Austin, Blinken, and Biden have not said, however, that illustrates a continuing problem with American foreign policy.

    HIMARS Attack. Image Credit: Creative Commons.

    To date, none of America’s top leaders have said how our support for Kyiv is expected to achieve the outcomes sought. No one has articulated what a “weakened” Russia looks like or how we’ll know when that standard has been reached – or even why weakening Russia is a vital interest to the U.S. that is worth taking huge risks. These are not just academic or hair-splitting questions. They are foundational. Here’s why:

    Since even before the war began, the United States has had no vision for the end state it wishes to produce. For example, if Biden’s objective prior to 24 February genuinely was to deter Russia from launching a war, it should have been clear beyond a reasonable doubt that a threat of sanctions alone would not have been sufficient to convince Putin not to invade.

    Washington would have had to be aggressively engaged diplomatically with both Kyiv and Moscow to use the full heft of U.S. power to find a route to prevent war. There is no evidence the U.S. put any serious diplomatic effort towards averting war. Without a clearly articulated objective, there was nothing to guide the various departments of the Administration on how to achieve the desired outcome. The result was predictable: policy failure.

    Virtually the only objective voiced by any member of Biden’s national security team since the war began has been Austin’s aforementioned desire to see Russia “weakened.” Yet if the White House doesn’t know what a weakened Russia looks like, how will it ever know if its actions are contributing towards a successful outcome beneficial to America? That’s where we are right now.

    We send multiple rounds of multi-billion-dollar support to Ukraine, including some modern and some antiquated gear, but it is not a coherent set of military kit tied to enabling a specific capacity in the Ukraine Armed Forces. The White House leads multiple tranches of sanctions against Russia, but there is no declared purpose as to what they are intended to produce.

    RGW-90 rocket launcher in Ukraine. Image Credit: Creative Commons.

    Since we don’t know what we’re trying to accomplish, no one can tell the American people how much the effort is going to cost, how long it’s going to last, or even what success would look like. If this sounds familiar, it should: it is basically the same aimless, incompetent foreign policy the United States has been pursuing for decades.

    • We fought a generational war in Afghanistan that never bothered to set an objective; no one in power even articulated what success would look like, and thus no victory of any sort was ever achieved;

    • We started a war in Iraq beginning in 2003 that quasi-ended in 2011, only to return again in 2014 – without any president bothering to set an attainable military objective or even articulating what the Force was there to accomplish so the American people could know when the operation could successfully end – and it continues without success or end to this day.

    • We have had the same malady in our actions in Syria, Libya, Somalia, Niger, and many other locations in Africa: the government has not identified any attainable military objectives whose accomplishment would benefit our country and signal the end of the mission – and thus none have benefitted the U.S. and most still drone unsuccessfully on.

    The cost to the United States for all these failures has been profound – and now we’re creating a new mission without a clear objective and no identifiable end state. The Russia-Ukraine war just passed the six-month mark. The danger isn’t as much that we might still be trying to divine the Administration’s objectives six years from now – though that sad outcome is entirely possible – but that this war could one day spill over Ukraine’s borders and get us sucked into a war we should never have fought and from which we could never benefit.

    Tyler Durden
    Tue, 09/06/2022 – 22:20

  • The Periodic Table Of Endangered Elements
    The Periodic Table Of Endangered Elements

    The building blocks for everything on Earth are made from 90 different naturally occurring elements.

    As Visual Capitalist’s Carmen Ang and David Cole-Hailton shows in the graphic below, made by the European Chemical Society (EuChemS), of these 90 different elements, which ones are in abundance and which ones are in serious threat as of 2021.

    On the graphic, the area of each element relates to its number of atoms on a logarithmic scale. The color-coding shows whether there’s enough of each element, or whether the element is becoming scarce, based on current consumption levels.

    While these elements don’t technically run out and instead transform (except for helium, which rises and escapes from Earth’s atmosphere), some are being used up exceptionally fast, to the point where they may soon become extremely scarce.

    One element worth pointing out on the graphic is carbon, which is three different colors: green, red, and dark gray.

    • Green, because carbon is in abundance (to a fault) in the form of carbon dioxide

    • Red, because it will soon cause a number of cataphoric problems if consumption habits don’t change

    • Gray because carbon-based fuels often come from conflict countries

    For more elements-related content, check out our channel dedicated to raw materials and the megatrends that drive them, VC Elements.

    Tyler Durden
    Tue, 09/06/2022 – 22:00

  • FBI Ignored 'Eyewitness Testimony' Of Joe Biden’s Involvement In Son’s China Deal: Senator
    FBI Ignored ‘Eyewitness Testimony’ Of Joe Biden’s Involvement In Son’s China Deal: Senator

    Authored by Jack Phillips via The Epoch Times (emphasis ours),

    Sen. Ron Johnson (R-Wisc.) said that the FBI ignored eyewitness testimony regarding President Joe Biden’s involvement in his son’s dealings with a Chinese conglomerate about a month before the 2020 election.

    President Joe Biden (L) waves alongside his son Hunter Biden after attending mass at Holy Spirit Catholic Church in Johns Island, S.C., on Aug. 13, 2022. (Nicholas Kamm/AFP via Getty Images)

    The former Senate Homeland Security Committee chairman told the New York Post that “suppression and censoring of his testimony and Hunter’s influence peddling impacted the 2020 election” far worse than anything China or Russia could have achieved.

    About a month before the November 2020 election, a former associate of Hunter Biden, Tony Bobulinksi, told media outlets that Joe Biden was involved with his son’s and brother Jim Biden’s dealings with CEFC, a Chinese Communist Party-linked energy conglomerate. Bobulinksi confirmed the authenticity of emails sourced from the younger Biden’s laptop hard drive that referred to Joe Biden as “the big guy” due to a 10 percent cut in the new corporate organization.

    “Unfortunately, Tony Bobulinski’s first-hand eyewitness testimony regarding President Biden’s knowledge of Hunter Biden’s compromising web of foreign financial entanglements, especially with the Chinese, was not only ignored by the media, but also by the FBI,” Johnson said this week, referring to the 2020 claims.

    The Epoch Times reached out to the FBI for comment.

    Senate Report

    Johnson along with Sen. Chuck Grassley (R-Iowa), who has long investigated Hunter Biden, published a lengthy report on the Bidens’ business dealings in September 2020 (pdf), which raised questions about the younger Biden’s reportedly lucrative position at Ukrainian gas company Burisma Holdings while his father was vice president and took a leading role in handling the Obama administration’s relations with Ukraine.

    The senator’s comment came in response to reports alleging that former FBI special agent Timothy Thibault, who departed the bureau last month, hid intelligence that was provided by Bobulinski.

    Thibault was named several times by Grassley and Johnson in letters to the FBI and claimed the former agent displayed an animus toward former President Donald Trump. Whistleblowers from within the bureau told Grassley that the FBI had obtained information in 2020 about “criminal financial and related activity” on behalf of Hunter Biden, according to one of the senator’s letters (pdf), dated July 25, which was then allegedly suppressed by Thibault.

    Tyler Durden
    Tue, 09/06/2022 – 21:40

  • Mike Wilson Sees Stocks Tumbling To 3,400 In 3 Months, Slashes S&P EPS Forecasts As "Fire & Ice" Shifts Into High Gear
    Mike Wilson Sees Stocks Tumbling To 3,400 In 3 Months, Slashes S&P EPS Forecasts As “Fire & Ice” Shifts Into High Gear

    Over the weekend, in Morgan Stanley’s Sunday Start note, the bank’s in-house permabear Mike Wilson, previewed the topic of his weekly fire and brimstone sermon, which ironically was fire and ice, part 2, and his justification for why stocks are going far lower: his view that “this this time the decline in stocks will come mostly via lower earnings (and a higher equity risk premium) rather than higher rates” adding that the bank’s leading earnings models are all flashing red for the S&P 500, “and we have high confidence that the decline in NTM S&P 500 EPS forecasts is far from over.”

    Well, judging by today’s aggressive ERP expansion which saw all asset slump, Wilson was right again (and as usual miles ahead of the consensus). But just so Wall Street is up to speed with his latest worldview, Wilson spends much of his latest weekly note laying out his new concept, writing that while “fire and Ice” – Wilson’s framework which defined much of the past year –  has proven to be an effective way to describe the first half of this year – as Fed tightening in response to historically high inflation, the Fire, has weighed heavily on valuations for all asset markets while growth has also disappointed…the Ice – he writes that “part 2 will turn out to be more Icy than Fiery as slowing growth becomes the bigger concern for stocks, rather than inflation and the Fed.“

    Here are some more details on how Wilson sees the transition from part 1 to part 2 of “fire and ice”:

    At the risk of stating the obvious, 2022 has been a challenging year for stock investors of all stripes. The Russell 3000 is down approximately 18% (total return) year to date (YTD): and while Russell 3000 Growth has underperformed significantly (-24%), it’s been no picnic for value investors either (-11%). Clearly, the relative value trade of value over growth has worked well this year, but we note it’s mostly been due to Energy’s outperformance combined with defensive cohorts, rather than cyclicals like Financials. In fact, only 2 sectors, Energy and Utilities, are up in absolute terms this year while just 24% of all stocks in the Russell 3000 are in positive territory. To put that into context, in 2008, 48% of Russell 3000 stocks were up on the year as we entered the month of September. Suffice it to say, this year has been historically bad for stocks in terms of both price and breadth, but that is not a sufficient reason to be bullish. We think that poor breadth is indicative of more challenges to come on the growth side of the equation, which we address in our note today. While some have recently argued the breadth thrust off the June lows is a sign of better times ahead, we firmly disagree as our top down earnings work does not support such a conclusion. Meanwhile, that breadth thrust is losing altitude quickly and looks vulnerable to taking out the 50-day moving average, something it did not do off the March 2020 lows. Let the debate begin.

    Of course, as bad as it’s been for stocks, it’s been even worse for bonds on a risk-adjusted basis: 20-year Treasury bonds are down 24% YTD and the Barclay’s Agg. Index is off by 11%.

    Finally, commodities have been a mixed bag, too, with most commodities down on the year despite heightened inflationary concerns. To wit, the CRB RIND index, which measures the spot prices of a wide range of commodities, is down 7% YTD. Cash, on the other hand, is no longer trash, especially if one has taken advantage of the higher front-end rates. Interestingly, most of the damage for bonds was front end loaded as the Fed made its pivot clear in January.

    Wilson next reminds readers that he turned more positive on bonds versus stocks back in April, and while since then bonds have outperformed modestly, he argues that they now appear poised to see further outperformance technically and fundamentally if the second half brings more concern about growth rather than inflation as we expect. Outside the US, the picture is even clearer with bonds having outperformed stocks since June of 2021 with the global economy in far worse shape than the US.

    Next, Wilson extends on what he wrote over the weekend, and notes that while the June low for stocks and bonds was dramatic, he has been consistently in the camp that it wasn’t “THE low” for the S&P 500 in this bear market, but having said that, Wilson is more confident it was the low for long-term Treasuries for this cyclical bear market in view of the Fed’s aggressive action that has yet to fully play out in the real economy (well, maybe not, with 10Y yields soaring as we type this and threatening to break above the YTD highs). The MS strategist concedes that it may also have been the low for the average stock, given how poor the breadth was at that time, and the magnitude of the decline in certain stocks. His more pessimistic view on the S&P 500 index, meanwhile, is based on analysis that indicates all of the 30% de-rating in the forward S&P 500 P/E that occurred from December to June was due to higher rates: “we know this because the equity risk premium (ERP) was flat during this period. Meanwhile, forward NTM EPS estimates for the S&P 500 have come down by only ~1.5% and P/Es are now ~8% higher. With rates now ~30bp below the June highs, the ERP has fallen once again, to just ~285bp. This makes little sense, particularly given the significant slowdown in earnings we think is still to come.”

    And so, with the Fed dashing hopes for a dovish pivot (at least until futures tumble another 10%), Wilson thinks that asset markets may be entering fire and ice part two. In contrast with part one, this time the MS strategist contends that the decline in stocks should come mostly via a higher ERP and lower earnings rather than higher rates.

    Meanwhile, the bank’s earnings models are all flashing red for the S&P 500, and Wilson is highly confident that the decline in NTM S&P 500 EPS forecasts is far from over. In short, Wilson writes that “part two will be more icy than fiery, the opposite of 1H22. That’s not to say rates don’t matter – they do – and we expect bonds to perform better than stocks in this icier scenario.”

    What about the timing on Wilson’s “icy” forecast? Well, as the weather turns appropriately chilly this fall, so should growth – he writes – which could weigh mightily on stocks given the paltry ERP investors are getting paid to take this risk.

    And just to confirm his renewed bearish fervor, today Wilson revised his S&P 500 EPS estimates lower, and writes that “while we took our first cut to these numbers in our mid-year outlook, we waited to do the larger downward revision until now in order to better time the actual fall in bottom-up estimates, which drive stock prices. Our experience – i.e., prior mistakes – has taught us that it always takes longer for these cuts to play out than it should given the typical corporate optimism about the future.”

    So what are Wilson’s new S&P ESP forecasts following today’s downward revisions which point to continued and increasingly significant EPS growth downside well into 2023? Here is the answer:

    • cut the 2022 base case EPS estimate to $220 from $225 (down 2%),
    • 2023 base case estimate cut to $212 from $236 (down 10%),
    • 2024 base case estimate cut to $226 from $237 (down 5%).

    The ’22/’23/’24 base case estimates are now 3%/13%/14% below consensus, respectively, and more notably, in Morgan Stanley’s base case, 2023 now marks a modest earnings contraction (-3% year-over-year growth), although Morgan Stanley is still terrified to make a recession its base case scenario (that would scare off too many clients).

    The logic here is that nominal top line growth slows, but remains positive (mid-single-digit territory), while margins contract materially (1-1.5% margin compression) driven by sticky cost pressures, particularly on the labor side. The bank’s 2023 bear case EPS is  modestly lower to $190 from $195 – a case which continues to assume an economic recession (consistent with views published in our mid-year outlook), and implies an 11% year-over-year EPS growth contraction. The ’23 bull case EPS forecast also comes down to $234 from $245. In this scenario, nominal top line is slightly better and margin pressure is less significant.

    Yet while the bank slashes its EPS forecasts, its price targets set in June do not change, and EPS downside is offset by modest upside in P/E multiple expectations (ye olde goalseeking trick). The good news is that the bank’s new price and multiple expectations
    are point in time, June 2023 estimates. By then, Wilson notes, equities will be processing the growth path into 2024 (a  reacceleration), not the decelerating growth path into 2023 that’s in the rear view. As such, Wilson’s call for price downside as a result of declining EPS into mid-2023 – the basis of this note, and a high conviction view – is very much a tactical view (next 3 months). To further reinforce this point, the strategist notes that the market multiple typically troughs when EPS is only a third of the way through its decline (i.e., price front-runs EPS declines).

    Putting it all together, Wilson’s base case tactical view remains that fair value price for the S&P 500 is ~3,400, and while he expects that price level to be reached before year end, stocks will then work back toward 3,900 by mid next year (actually they will be much higher as the QE needed to monetize all the energy stimmies will long have been in play by then). As previously noted, Wilson thinks tactical fair value in his bear case (an economic recession) is 3,000, which implies an overshoot to the downside of his June ’23 bear case price target in advance of that date.

    * * *

    Wilson’s bottom line: the next several quarters will end up containing some of the most significant downward revisions to forward EPS forecasts seen in the past several cycles. As for valuation, the Morgan Stanley strategist thinks very little of these revisions have actually been discounted, as evidenced by the still depressed ERP component of the S&P 500 P/E ratio. While that view could be challenged as a subjective one, Wilson is confident that his ERP model suggests it is at least 100bps too low today and probably even more since the US is headed toward a recession (our bear case). That said, the strategist certainly appreciates that “this debate is what makes a market and have no illusion markets can trade more richly than they should for long periods of time.” On that note, he thinks the increased size of QT that is expected to begin this month could play a significant role in changing the market’s view of fair value for the ERP.

    Full Mike Wilson report available to pro subscribers.

    Tyler Durden
    Tue, 09/06/2022 – 21:20

  • A Glitch In The Matrix? Researchers Explore Déjà Vu… And How The Brain Can Sometimes Short-Circuit
    A Glitch In The Matrix? Researchers Explore Déjà Vu… And How The Brain Can Sometimes Short-Circuit

    Via The Epoch Times,

    Have you ever experienced the sudden feeling of somehow being exactly where you’ve been before, doing exactly what you swear you’ve already done? It could be while rearranging your living room, having a conversation, or simply sitting alone doing nothing.

    If so, you’re not alone.

    This feeling of familiarity is, of course, known as déjà vu (a French term meaning “already seen”) and it’s reported to occur on an occasional basis in 60 to 80 percent of people. It’s an experience that’s almost always fleeting and it occurs at random.

    So what is responsible for these feelings of familiarity?

    Despite coverage in popular culture, experiences of déjà vu are poorly understood in scientific terms. Déjà vu occurs briefly, without warning, and has no physical manifestations other than the announcement: “I just had déjà vu!”

    Many researchers propose that the phenomenon is a memory-based experience and assume the memory centers of the brain are responsible for it.

    Memory Systems

    The medial temporal lobes are vital for the retention of long-term memories of events and facts. Certain regions of the medial temporal lobes are important in the detection of familiarity, or recognition, as opposed to the detailed recollection of specific events.

    It has been proposed that familiarity detection depends on rhinal cortex function, whereas detailed recollection is linked to the hippocampus.

    The randomness of déjà vu experiences in healthy individuals makes it difficult to study it in an empirical manner. Any such research is reliant on self-reporting from the people involved.

    Glitches in the Matrix

    A subset of epilepsy patients consistently experience déjà vu at the onset of a seizure—that is, when seizures begin in the medial temporal lobe. This has given researchers a more experimentally controlled way of studying déjà vu.

    Epileptic seizures are evoked by alterations in electrical activity in neurons within focal regions of the brain. This dysfunctional neuronal activity can spread across the whole brain like the shock waves generated from an earthquake. The brain regions in which this electrical activation can occur include the medial temporal lobes.

    Electrical disturbance of this neural system generates an aura (a warning of sorts) of déjà vu prior to the epileptic event.

    By measuring neuronal discharges in the brains of these patients, scientists have been able to identify the regions of the brain where déjà vu signals begin.

    It has been found that déjà vu is more readily induced in epilepsy patients through electrical stimulation of the rhinal cortices as opposed to the hippocampus. These observations led to the speculation that déjà vu is caused by a dysfunctional electrical discharge in the brain.

    These neuronal discharges can occur in a non-pathological manner in people without epilepsy. An example of this is a hyponogogic jerk, the involuntary twitch that can occur just as you are falling asleep.

    It has been proposed that déjà vu could be triggered by a similar neurological discharge, resulting in a strange sense of familiarity.

    Some researchers argue that the type of déjà vu experienced by temporal lobe epilepsy patients is different from typical déjà vu.

    The déjà vu experienced prior to an epileptic seizure may be enduring, rather than fleeting—as it is for those who don’t have epileptic seizures. In people without epilepsy, the vivid recognition combined with the knowledge that the environment is truly novel intrinsically underpins the experience of déjà vu.

    Mismatches and Short Circuits

    Déjà vu in healthy participants is reported as a memory error, which may expose the nature of the memory system. Some researchers speculate that déjà vu occurs due to a discrepancy in memory systems leading to the inappropriate generation of a detailed memory from a new sensory experience.

    That is, information bypasses short-term memory and instead reaches long-term memory.

    This implies déjà vu is evoked by a mismatch between the sensory input and memory-recalling output. This explains why a new experience can feel familiar, but not as tangible as a fully recalled memory.

    Other theories suggest activation of the rhinal neural system, involved in the detection of familiarity, occurs without activation of the recollection system within the hippocampus. This leads to the feeling of recognition without specific details.

    Related to this theory, it was proposed that déjà vu is a reaction of the brain’s memory systems to a familiar experience. This experience is known to be novel, but has many recognizable elements, albeit in a slightly different setting. An example? Being in a bar or restaurant in a foreign country that has the same layout as one you go to regularly at home.

    Even more theories exist regarding the cause of déjà vu. These span from the paranormal—past lives, alien abduction, and precognitive dreams—to memories formed from experiences that are not first-hand (such as scenes in movies).

    So far, there is no simple explanation as to why déjà vu occurs, but advances in neuroimaging techniques may aid our understanding of memory and the tricks our minds seem to play on us.

    Tyler Durden
    Tue, 09/06/2022 – 21:00

  • Kansas School District Pays $95K Settlement After Suspending Teacher For Not Using Preferred Pronouns
    Kansas School District Pays $95K Settlement After Suspending Teacher For Not Using Preferred Pronouns

    A Kansas school district has agreed to pay a settlement of $95,000 in a civil lawsuit brought by a teacher who was suspended for refusing to use the preferred pronouns of a self-declared trans student (a female demanding to be referred to as “he/him”).

    Pamela Ricard, a math teacher at Fort Riley Middle School, says she was pressured by school officials to placate a trans student in her class by using preferred pronouns.  When Ricard asked for a religious exemption to the rule she was allegedly denied.  Ricard also claimed that the school district forced teachers to lie to parents about students and their trans status, and even asked teachers to not use student trans names during parent/teacher conferences in order to avoid revealing any sensitive information.    

    Ricard received a three day suspension after referring to the trans student as “Miss,” and for using the student’s legal enrolled name.  She was warned that any further “misgendering” would lead to more disciplinary actions.  

    It is important to note that there are no laws in the state of Kansas requiring that anyone use transgender pronouns, and that these rules were being unilaterally enforced by school district officials.  The Fort Riley School District was cornered into settlement when a federal court ruled in May that Pamela Ricard had a religious right to refuse censorship and to refuse to submit to pronoun requirements.  They also ruled that teachers cannot be pressured to keep secrets from the parents of trans students.

    The Kansas incident is only one of thousands of exposed events that prove the existence of a concerted widespread social justice agenda within the American school system.  Though the political left has consistently claimed that such an agenda does not exist and that parent accusations are nothing more than “conspiracy theory,” the evidence is undeniable.  

    The exposure of transgender indoctrination and policy enforcement in schools led to a national firestorm over Florida’s anti-grooming bill, which leftists called the “Don’t Say Gay Bill.”  The bill, now passed into law, prevents teachers from engaging in sexualized discussions or sexualized propaganda lessons with young children, and also demands that teachers share their lesson plans with parents.  Teachers that violate the law can be fired.

    Multiple states across the country have had to formulate similar pieces of legislation as a means to stop intersectional ideology from being injected into school curriculum.  Florida alone found that at least 44% of school textbooks the state reviewed contained multiple instances of social justice propaganda including Critical Race Theory propaganda.  Interestingly, the majority of the propaganda was discovered in books for children K-5. 

    Desantis provided multiple examples of leftist and CRT propaganda implanted in school texts, but to this day leftists claim no examples were given and that CRT is “not real.” 

    Twitter group ‘Libs Of TikTok’ famously showcased hundreds of video, made mostly by teachers, in which they openly admit to indoctrinating students with LGBT and CRT propaganda in their classrooms.  The group has faced multiple suspensions from various social media platforms, and has been accused of “hateful conduct” simply for reposting the videos to their own account.  

    The trans movement is a movement to control and to dictate speech while pretending it is a movement for civil rights.  No one has a right to compel another person by force or coercion to use their preferred pronouns.  The entire situation can be bewildering because of the multiple tentacles the extreme left employs in their culture war, but there are some rules that can help to clear the fog and confusion.

    The first rule which makes it possible to understand and predict the actions of the social justice left:  They ALWAYS lie.

    The second rule is:  They always double down on the lies.

    The third rule is:  They always gaslight when they are caught lying.

    The fourth rule is:  Believe what you see right in front of your eyes, not what they say that you should see.      

    The Kansas settlement for Pamela Ricard reveals yet another piece of the hidden puzzle that is woke ideology within public schools.  It is an indoctrination process that has been ongoing for years and only recently have parents started to notice and become involved.  

    Interestingly, though, in the case of Fort Riley, it was apparently school district officials that were threatening teachers in order to make them comply with the agenda, rather than specific teachers trying to slip their propaganda under the radar.  This shows that leftist teachers grooming children is not the only concern – We must also watch out for School board members and other officials using their power to frighten non-woke teachers into silence.    

    Tyler Durden
    Tue, 09/06/2022 – 20:40

  • "Blackouts Imminent" – 75,000 Powerless As Record California Power Usage Sparks 'Demand Response Event'
    “Blackouts Imminent” – 75,000 Powerless As Record California Power Usage Sparks ‘Demand Response Event’

    Update (2030ET): As was expected earlier, California power usage surged to a record high this afternoon raising the emergency status of the state’s electrical system to the highest possible level amid a blistering heat wave, which means rolling blackouts are imminent.

    This triggered a “demand response event”…

    And CA ISO is warning of more “blackouts imminent”.

    “This is going to be so dicey,” Michael Wara, director of Stanford University’s climate and energy policy program, said earlier in the day.

    “There’s a gap for two hours in the evening right now between available supply and projected demand.”

    This farce for one of the most-taxed states comes just four days after President Biden’s Energy Secretary Jennifer Granholm praised the state’s green energy policies.

    Granholm said that California was leading the nation in green energy development and praised its ability to shape national energy policy, according to an interview conducted by Fox 11 Los Angeles.

    “I love the fact that California is unabashedly bold about (green) energy policy,” Granholm stated, calling the state as a green “leader” for the rest of the country.

    “California’s boldness has … shaped our willingness in the federal government to move further and faster,” she said of California’s green energy policies.

    California’s energy policy has currently left 75,000 Californians without power already…

    And the state’s largest power company, PG&E Corp., said in a statement that it had notified about 525,000 homes and businesses that they could lose power for up to two hours.

    So this is what the rest of America can look forward to?

    *  *  *

    Update (1700ET): As we warned about earlier, Califiornians are apparently not heeding officials’ warnings that they should sacrifice their comfort for the sake of whatever business or social-engineering plan is the new thing.

    CAISO shows that usage is up 13% today from yesterday at the same time of day and for a second consecutive day, the state’s grid operator issued a level-2 energy emergency alert.

    The emergency declaration allows officials to order some large power consumers to shut down in a last-ditch effort to avoid outages.

    “We are heading into the worst part of this heat wave, and the risk for outages is real and it’s immediate,” California Governor Gavin Newsom said in a video posted Tuesday on Twitter. He urged residents and businesses to cut back on energy use during the late afternoon and early evening to help the state avoid outages.

    And average day-ahead prices for power on Tuesday in the southern part of the state surged 44% to $300.55 a megawatt-hour, the highest in 18 months.

    With heat soaring things are only likely to get worse:

    “We’re looking at a lot of records today,” said Bob Oravec, a senior branch forecaster at the US Weather Prediction Center.

    “They are having a lot of issues with power out there, and this isn’t going to help.”

    *  *  *

    California narrowly avoided rotating outages on Monday while power grid officials asked customers to conserve electricity amid a record-breaking heatwave.

    The prospect of outages did not bother Californians. Many customers continued to use appliances, air conditioning, and at-home electric vehicle chargers despite conservation pleas from California Independent System Operator (CAISO). 

    Monday was the fifth straight day CAISO warned about a blistering heat wave that pushed its electric system to the brink. Even though no widespread blackouts were reported, electricity demand surged to one of the highest levels (52,646 megawatts), outlining how customers widely ignored conservation calls. 

    A Reuters report showed soaring demand for electricity sent power prices in the state to the highest levels since August 2020.

    Power prices at the Palo Verde hub in Arizona and SP-15 in Southern California rose to $850 and $505 per megawatt hour, respectively. That was their highest levels since hitting record highs of $1,311 in Palo Verde and $698 in SP-15 in August 2020 when the ISO last imposed rotating outages.

    CAISO predicts demand could reach all-time high levels today as homes and businesses turn their thermostats down to escape triple-digit temperatures.

    And since Californians aren’t conserving electricity as demand steadily rises, this could mean CAISO would instruct utilities to start imposing rotating outages if duress on the grid continued — maybe then, after the fact, customers will get the message to conserve. 

    Elliot Mainzer, CEO of CASIO, said Monday: “We need a reduction in energy use that is two or three times greater than what we’ve seen so far as this historic heat wave continues to intensify.”

    Tyler Durden
    Tue, 09/06/2022 – 20:39

  • Top Senator: FBI Director Wray Must Do "Much More" To Combat Agency Bias
    Top Senator: FBI Director Wray Must Do “Much More” To Combat Agency Bias

    Authored by Jack Phillips via The Epoch Times,

    Sen. Chuck Grassley (R-Iowa) proclaimed this week that FBI Director Christopher Wray has to do “much more” to deal with alleged bias inside the bureau amid whistleblower claims that agents slow-walked an investigation into Hunter Biden and the current probe targeting former President Donald Trump.

    “We wouldn’t even know about it if there weren’t whistleblowers, very patriotic people in the Justice Department that came to me and gave me this information about Thibault,” Grassley, the ranking Republican on the Senate Judiciary Committee, told Fox News on Monday, referring to former FBI special agent Timothy Thibault, who left the bureau several weeks ago.

    Grassley said Thibault allegedly opened an investigation into Trump “based upon very just fuzzy newspaper reporting and then closes down an investigation on Hunter,” referring to President Joe Biden’s son.

    “At least Wray moved him out of that position. Now he is not even in the department,” the Republican senator continued.

    “But I think Wray has to do much more to come up with a plan to show that this political bias within the FBI is going to be attacked and rooted out.”

    “Total transparency is important,” he concluded. “The public’s business has to be public.”

    Whistleblowers

    A lawyer for Thibault, an assistant special agent in charge at the FBI’s Washington Field Office, confirmed that he departed the bureau in late August, although the lawyer disputed claims that he “did not supervise the investigation” into Hunter Biden and wasn’t “involved in any decisions related to any laptop that may be at issue in that investigation.”

    The lawyers also said there was nothing controversial about how he was escorted out of the building following his departure.

    Chuck Grassley (R-IA) speaks during a Senate Judiciary hearing in Washington, DC on April 20, 2021. (Bill Clark-Pool/Getty Images)

    Thibault turned in his security badge before he “walked with two long-time special agent friends through the field office to finish processing his paperwork,” Thibault’s lawyers added to The Epoch Times. “He walked out of the building by himself. Claims to the contrary are false.”

    In late July, Grassley said that “highly credible” whistleblowers approached his office and said there is widespread bias within the FBI, including efforts to discredit or downplay investigations into Hunter Biden There was a 2020 FBI intelligence assessment, Grassley wrote in a letter, that was “used by an FBI headquarters team to improperly discredit negative Hunter Biden information as disinformation.”

    “Based on allegations, verified and verifiable derogatory information on Hunter Biden was falsely labeled as disinformation,” he said, citing whistleblower claims.

    While the FBI whistleblowers have not been identified, a lawyer for several of them told the Washington Times late last month that agents have “lost confidence” in Wray’s leadership amid the bias allegations.

    “I’m hearing from [FBI staff] that they feel like the director has lost control of the bureau,” Kurt Siuzdak, a lawyer and former agent who represents FBI whistleblowers, said in an interview last week. “They’re saying, ‘How does this guy survive? He’s leaving. He’s got to leave.’”

    “All Wray does is go in and say we need more training and we’re doing stuff about it, or we will not tolerate it,” added Siuzdak.

    The Epoch Times has contacted the FBI for comment.

    Tyler Durden
    Tue, 09/06/2022 – 20:20

  • Putin Attends Military Drills With China, Hails Beijing's "Balanced Approach" To Ukraine Crisis
    Putin Attends Military Drills With China, Hails Beijing’s “Balanced Approach” To Ukraine Crisis

    President Vladimir Putin on Tuesday attended and observed the Vostok-22 Russian war games in person, held in the country’s far east, as well as in waters just off the eastern coast.

    Crucially, the exercises featured Chinese military participation, and others including military units from India and Syria. “According to Moscow, over 50,000 soldiers and more than 5,000 units of military equipment, including 140 aircraft and 60 ships, were to be involved in the drills,” The Moscow Times writes.

    Putin observing this week’s Vostok large-scale drills, via kremlin.ru

    This year’s drills are being described as greatly scaled down compared to the largest Vostok games which took place in 2018 – which is no doubt due to Russia’s concentration of forces for its invasion of Ukraine.

    The ongoing drills began on Sept. 1 and are scheduled to end on Wednesday. “Putin met Defense Minister Sergei Shoigu and military chief of staff Valery Gerasimov at the Sergeyevsky military range and later observed the final phase of the military exercises,” The Moscow Times describes.

    Putin is also in the far east to address the Eastern Economic Forum hosted in the port city of Vladivostok, where an estimated 5,000 people are in attendance for the four-day conference that kicked off Monday. The largest delegation in attendance is from China:

    At the forum’s plenary session Putin will be joined by China’s top legislator Li Zhanshu — who ranks third in the Chinese government hierarchy — with a bilateral meeting also on the agenda.

    Li will become the highest-ranking Communist party politician to travel to the country since Moscow’s military intervention in Ukraine.

    The Kremlin issued a statement underscoring the importance of the large Chinese presence: “Russia-China relations of comprehensive partnership and strategic cooperation are developing progressively,” it said before the bilateral meeting with Putin.

    The statement further hailed “China’s balanced approach to the Ukraine crisis” and its “understanding” of what’s driving Moscow’s ‘special operation’ in Ukraine.

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    In October, Russia and China held joint naval drills in the Sea of Japan. Days later, Russian and Chinese warships held their first joint patrols in the western Pacific. The next month, South Korea’s military said it had scrambled fighter jets after two Chinese and seven Russian warplanes intruded into its air defense identification zone during what Beijing called regular training.

    Just days before Russia’s Feb. 24 invasion of Ukraine, Beijing and Moscow announced a “no limits” partnership, although U.S. officials say they have not seen China evade U.S.-led sanctions on Russia or provide it with military equipment. Russia’s eastern military district includes part of Siberia and has its headquarters in Khabarovsk, near the Chinese border.

    Tyler Durden
    Tue, 09/06/2022 – 20:00

  • Huh? Biden Screams That He "Beat Pharma This Year"
    Huh? Biden Screams That He “Beat Pharma This Year”

    Authored by Steve Watson via Summit News,

    During a Labor Day speech in Milwaukee Monday, Joe Biden screamed that he “beat pharma this year” despite the fact that he provided billions in record profits for the pharmaceutical industry by attempting to enforce vaccine mandates.

    Watch:

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    Biden repeated the claim at a second speech in Pittsburgh:

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    A few violent extremists took issue with Biden’s claim:

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    *  *  *

    Brand new merch now available! Get it at https://www.pjwshop.com/

    In the age of mass Silicon Valley censorship It is crucial that we stay in touch. We need you to sign up for our free newsletter here. Support our sponsor – Turbo Force – a supercharged boost of clean energy without the comedown.
    Also, we urgently need your financial support here.

    Tyler Durden
    Tue, 09/06/2022 – 19:40

  • California's 2035 EV Mandate Being Debated In More Than Dozen States
    California’s 2035 EV Mandate Being Debated In More Than Dozen States

    More than a dozen states are now debating whether to adopt California’s radical green vehicle initiative, which bans all gasoline-powered new car sales by 2035.

    Fox News reported seventeen states could soon be on a path to follow the Golden State’s emission standards.

    Several of the 17 states are likely to move forward with the plan, including Washington, Massachusetts, New York, Oregon, and Vermont. California’s restrictions are the strictest in the country, mandating that all new vehicles run on either electricity or hydrogen by 2035.

    Connecticut, Delaware, Maine, Maryland, New Jersey, New Mexico, the District of Columbia, and Rhode Island are other states that might consider the new emission standards. 

    Meanwhile, Colorado, Pennsylvania, and Virginia are three states rebelling against rapidly moving toward electric vehicles. 

    Source: Daily Mail 

    The problem with states mandating future new car sales to be 100% electric in 13 years is that power grids will need a drastic upgrade to handle the millions of new EVs. Consider California. There are more than a million plug-in vehicles registered in the state, and in the last week, utility officials requested EV owners not to charge their vehicles due to a menacing heatwave. 

    Without a power grid overhaul to reliable on-demand clean energy, such as nuclear, grids across the country will be under extreme duress in the future of increased EVs on roads, leading to instability issues and frequent blackouts, similar to a third world country (or California). 

    Forcing everyone to depend on a battery without a grid overhaul sounds like a catastrophe waiting to happen.

    Let’s hope this 2030 prediction doesn’t play out:

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    Tyler Durden
    Tue, 09/06/2022 – 19:20

  • The Vital Role Of Nuclear Power In Reducing Emissions
    The Vital Role Of Nuclear Power In Reducing Emissions

    Authored by Robert Rapier via OilPrice.com,

    • The growth of the renewable energy industry in the last decade has been remarkable, but these new technologies cannot supply global energy demand.

    • Nearly every model out there points to the important role nuclear power must play in an energy system designed to reduce emissions.

    • In order to ensure the future of nuclear power, the world needs safe reactor designs, effective waste disposal solutions, and more political support.

    Any time I write about nuclear power, it evokes passionate responses from readers. That was certainly the case following my previous article, Nuclear Power Could Cut The World’s Carbon Emissions In Half.

    There is always a contingent who are convinced that all we need is solar power. I tend to think of these people as those “who haven’t done the math.” They provide lots of qualitative responses like “solar is cheaper than nuclear power” and cite solar energy’s incredible growth rate.

    It is true that solar is ramping up rapidly. In fact, I have written about it many times. All the way back in 2007 I wrote The Future is Solar. I have written dozens of articles on the topic since. But some solar proponents always try to convince me that we don’t need nuclear by citing facts I already know.

    Consider one of the responses to a discussion that broke out on Twitter following my previous article. Jigar Shah is the director of the Loan Programs Office of the U.S. Department of Energy. He was the founder of one of the early, successful solar companies, SunEdison. There isn’t a bigger advocate of cleantech out there than Jigar. But he knows that solar can’t do it alone, tweeting in response to someone who suggested otherwise:

    It is not a choice between the two. #solar will grow as fast as it physically can and won’t be 100%. Same with #wind, #geothermal, #hydro, #BiomassCCS, #efficiency, etc. You still have a huge political/resiliency hole that #nuclear has to fill. Every model shows it. #cleanfirm

    — Jigar Shah (@JigarShahDC) August 27, 2022

    [ZH: the tweet has since been deleted]

    Jigar argues that as fast as solar grows, it won’t be fast enough. There is a hole that nuclear has to fill. “Every model shows it.”

    In fact, the International Energy Agency knows it, projecting that we will need to double the world’s nuclear output by 2050 to reach net zero energy.

    That’s the difference between someone who has looked in detail at the numbers and someone who hasn’t. It’s the reason so many environmental organizations and advocates have come to the conclusion that if we don’t have a faster ramp-up of nuclear power, the world is going to keep burning coal.

    Look, I wish renewables could do it all. But the largest renewable market in the world certainly doesn’t think so.

    China has rolled out more solar power in recent years than any other country. Last year China’s solar output increased by 66 terawatt-hours (TWh). That was good for 35% of the entire global increase in solar power. China’s total solar generation for the year — 327 TWh — was double that of the U.S., which is in second place globally.

    But that hasn’t stopped China from building both new coal-fired power plants and new nuclear plants. China’s coal consumption has more than doubled in the past 20 years. The country accounts for 53.8% of the world’s coal consumption, and last year China set a new record for coal consumption.

    However, China has recognized that solar power — as fast as they are adding it — can’t do it all. That’s why China’s nuclear power output is growing steadily. Over the past decade, China’s average annual growth in nuclear power output was 16.7% — the most for any country except Iran. Over that time, China’s nuclear power consumption has increased by 320 TWh, and they still have 21 nuclear reactors under construction.

    Total global nuclear consumption increased by 148 TWh in the past decade, which means outside of China, nuclear power consumption declined over the past decade.

    Where is nuclear power growing? Below are the 10 countries with the fastest growth rates for nuclear power over the past decade.

    1. Iran — 41.9% average annual growth from 2011-2021

    2. China — 16.7%

    3. Pakistan — 14.9%

    4. Argentina — 5.4%

    5. India — 3.1%

    6. Russia — 2.5%

    7. Mexico — 1.7%

    8. Czech Republic — 0.8%

    9. Belgium — 0.5%

    10. Slovakia — 0.2%

    Global growth is an anemic 0.5%. In the U.S., which is still the world’s largest market for nuclear power with a 29% share globally — nuclear output declined by 0.2% on average over the past decade. The European Union saw an even bigger decline, at 1.3% per year.

    The EU overall is dependent upon nuclear power for 11% of its primary energy consumption. For the U.S. that number is 8.0% (this is for all energy consumption). In contrast, Asia Pacific’s, which is the region responsible for most of the world’s carbon emissions, is only dependent on nuclear power for 2.4% of its primary energy consumption.

    Can Asia Pacific region continue to develop with renewables supplying the bulk of the new energy demand? Given the rapid growth of overall energy demand in the region, it appears highly unlikely that renewables alone can meet the demand. In recent years this has translated into a large expansion of fossil fuel consumption in these regions.

    More nuclear power in developing regions could help supply growing energy demands without a continued explosion in the region’s carbon dioxide emissions. However, the world needs safe nuclear reactor designs, effective waste disposal solutions, and more political support.

    In the next article, I will relay findings on all of these fronts from a recent conversation I had with Dr. Kathryn Huff, the Assistant Secretary for the Office of Nuclear Energy.

    Tyler Durden
    Tue, 09/06/2022 – 19:00

  • Biden Issues "Final Decision" On State Sponsor Of Terror Label For Russia
    Biden Issues “Final Decision” On State Sponsor Of Terror Label For Russia

    President Joe Biden has made up his mind regarding whether or not to designate Russia an official ‘state sponsor of terror’ – after both the Ukrainian government as well as some prominent Democratic Congressmembers have been pushing hard for him to do so.

    Biden has “made a final decision against designating Russia as a state sponsor of terror,” White House spokesperson Karine Jean-Pierre said Tuesday, according to Reuters. She described that “The designation of Russia as state sponsor of terror could delay food exports and jeopardize deals to move goods through the Black Sea,” according to a press readout.

    US Embassy Moscow, file image

    The reference wis to a delicate UN-brokered agreement between Russia, Ukraine, and Turkey to allow grain exports to leave Ukrainian ports through a monitored ‘safety corridor’. 

    Jean-Pierre was following up on a comment made by Biden the day prior:

    U.S. President Joe Biden on Monday said Russia should not be designated a state sponsor of terrorism, a label Ukraine has pushed for amid Russia’s ongoing invasion while Moscow has warned it would rupture U.S.-Russian ties.

    Asked if Russia should be designated a state sponsor of terrorism, Biden told reporters at the White House: “No.”

    In July, House Speaker Nancy Pelosi told Secretary of State Antony Blinken that the White House must designate Russia or else Congress would do it. The formal designation would allow the further expansion of sanctions on the targeted nation, and would place Russia on the list with Cuba, Iran, North Korea, and Syria.

    While some countries like Latvia and Lithuania have already made the formal designation, the US administration has consistently resisted calls to do so, with Secretary of State Antony Blinken recently arguing that a terror designation wouldn’t change things much:

    “The costs that have been imposed on Russia by us and by other countries are absolutely in line with the consequences that would follow from designation as a state sponsor of terrorism,” he said in July.

    Earlier in the now six-month Ukraine conflict, the Biden administration began using the word “genocide” when talking about alleged Russian atrocities (but more recently has stopped using the specific word), but has so far resisted some Congressional calls to label Russia a terror state sponsor. 

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    Moscow has previously warned that if the US went through with a terror label designation, it would immediately sever all diplomatic relations. While relations are already of course at a low point in recent history due to the ongoing Ukraine invasion, each side still has their embassies open and diplomats in residence – though John Sullivan, the US ambassador to Moscow, has announced his retirement this week after nearly three years at the post.

    Tyler Durden
    Tue, 09/06/2022 – 18:40

  • Oil Market Is Short On Conviction And Positioning
    Oil Market Is Short On Conviction And Positioning

    By Alex Longley, Bloomberg markets live commentator and reporter

    Last year a much-loved phrase of Goldman’s commodity guru Jeff Currie was that the oil market was long on conviction, short on position — in the third quarter, the oil market has been short on both conviction and position.

    Currie’s premise last year was that a huge chunk of the oil market was bullish but that traders weren’t backing those in a big way. Right now, the oil market is gripped by a whirlwind of headlines — a cap on Russian oil prices, a surprise OPEC+ cut, a global growth slowdown and the potential return of Iranian oil supplies to name but a few — but options trades show the huge spread of views out there.

    On Monday, 5,000 Brent $200 calls for October traded. A cheap punt on higher prices, pretty straightforward. But on the same day, another trader was buying ratio $70/$75 put spreads for October. A cheap bet on a collapse in prices over the next two weeks.

    With futures open interest generally falling as well, it’s clear that the oil market remains light on position. But what the options market tells us right now, is that unlike the pre-war oil market, lots of traders are also struggling with conviction in the face of big intraday price swings.

    Tyler Durden
    Tue, 09/06/2022 – 18:20

  • "A Dangerous Escalation": Majority Of Americans Think Biden Speech Was "Designed To Incite Conflict"
    “A Dangerous Escalation”: Majority Of Americans Think Biden Speech Was “Designed To Incite Conflict”

    A majority of Americans, 56.8% think Biden’s declaration of war on Trump voters was a “dangerous escalation in rhetoric” which was “designed to incite conflict amongst Americans,” according to a new poll by the Trafalgar group.

    Perhaps even more telling is that 71% of Democrats said Biden’s speech – in which he said “MAGA forces” pose a “clear and present danger” to Democracy – thought it was simply “acceptable campaign messaging that is to be expected in an election year.”

    What should worry Democrats is that 62% of independent voters agreed with 89.1% of Republicans who said the speech was a “dangerous escalation.”

    This, from the president who campaigned on uniting America against hatred. 

    Conservatives on social media were appalled at the speech.

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    Tyler Durden
    Tue, 09/06/2022 – 18:00

  • Why Some Cities May No Longer Be Viable
    Why Some Cities May No Longer Be Viable

    Authored by Charles Hugh Smith via OfTwoMinds blog,

    Any city whose lifeblood ultimately depends on hyper-globalization and hyper-financialization will no longer be viable.

    The human migration from the countryside to cities has been an enduring feature of civilization. Cities concentrate wealth, productivity and power, and so they’re magnets to talent and capital, offering newcomers the greatest opportunities.

    Cities are efficient, packing population, productivity and wealth creation into small areas. Slums and sweatshops are immensely profitable, and cramming people into centers of manufacturing is far more efficient than scattering people and production across a landscape.

    Cities generally arose on coastal harbors, navigable rivers or the confluence of overland trade routes, as these hubs enabled profitable trade and transport of goods protected by defensible barriers.

    In sum, cities offered unmatchable advantages over more widely distributed settlements, trade and production. Given their typically strategic location and regional dominance, they tend to become political, military and cultural centers as well as economic / financial heavyweights.

    But the nature of cities has changed, and so has their viability as magnets for talent and capital. I recently discussed these shifts with longtime correspondent T.D., who succinctly summarized the economic foundations of New York City–a set of dynamics that applies in one way or another to virtually all major cities globally: cities are transport / value-added hubs.

    “With the creation of the Erie Canal, New York became a major port and city, a place where cheap immigrant labor and the precursors to all sorts of products could be immediately brought together in a value-added manner for finishing into a manufactured product which was then cost effectively shipped onward.”

    These longstanding economic foundations began shifting in the 1970s. Slums and manufacturing were deemed undesirable for environmental and aesthetic reasons, and globalization began chipping away at manufacturing within costly urban zones as production was shipped to lower-cost regions.

    The other core dynamic of the past 40 years, financialization, replaced value-added trade and goods with value-added financial instruments and services. As globalization and financialization transitioned to hyper-globalization and hyper-financialization, cities became magnets for real estate speculation, global capital seeking a safe place to park money, healthcare and higher education. status-enhancing conspicuous consumption and entertainment, i.e. the good life of diverse cultural attractions, neighborhoods, venues, cafes, bars and nightlife, all of which are the foundation of global tourism, now the primary industry in many cities.

    The shift to finance funded both the speculation and the consumption. Cities morphed from centers of value-added manufacturing and trade to financial transactions and the origination of financial instruments, developments which enabled and expanded a series of ever-larger speculative bubbles.

    Cities have always been more expensive than the countryside, but hyper-financialization has boosted urban costs to the point that only the top 10% or 20% can own their own home and afford all the good things the city has to offer without family wealth or speculative gains banked by playing hyper-financialization games.

    One driver of higher costs is cities are magnets for graft, corruption, insider deals and quasi-monopolies, as the aggregation of money and power make the rewards of insider self-service irresistible. All of these forms of skimming add cost without adding any value to residents or enterprises.

    Even worse, they erode competence and accountability, as the essence of insider self-service is the elimination of accountability so low-level corruption and incompetence cannot be reined in. Insiders have a free hand to exploit their access to the enormous flows of money and power that sluice through every major city.

    As T.D. explained, large-scale industry is the only force with sufficient heft to demand competence and accountability of city governments. The current batch of what passes for “industry”–tourism, hospitals, universities, museums, etc.–can’t threaten to leave, as their own existence depends on the city. None wield sufficient political power to clamp down on corruption and incompetence.

    As the energy, water, waste and transport infrastructure decays to the point of breakdown, industry would have stepped in and demanded managerial competence to get it fixed because industry needed those systems to survive. The complaints of highly segmented service industries don’t seem to wield the same power or urgency.

    As for finance, it’s already global, and it right-sizes its footprint to match the flows of capital sluicing through the city as well as its costs and amenities. If any of these factors goes the wrong way, finance will abandon the city in a New York Minute.

    In effect, globalization and financialization have hollowed out the traditional economic foundations of cities in favor of services and entertainment which are dependent on the speculative gains of financialization. Should the flood of wealth being generated by ceaseless hyper-financialization reach its zenith and crash, cities will lose their source of wealth and income even as their managerial competence has been eroded by the very success of financialization in generating staggering flows of money.

    Given an ever-expanding flood of money, competence and accountability can both be dispensed with. If the flow of money keeps expanding, simulacra of accountability and competence will do just fine.

    But when the flood of money dries up, and the city needs administrative competence and accountability to adapt, these have decayed to the point nobody in power has any experience of anything but an ever-expanding flood of money.

    In other words, the “efficiencies” of the city now depend on the permanent expansion of hyper-globalization and hyper-financialization, both of which are increasingly vulnerable to decay, downsizing or collapse.

    Any city whose lifeblood ultimately depends on hyper-globalization and hyper-financialization will no longer be viable. Non-viability of the globalized, financialized urban model is currently considered “impossible.” Let’s check in around 2030 and make an accounting of the second-order effects of the demise of globalization and financialization. One such effect might be a reversal of the human migration as people leave no-longer-viable urban zones en masse.

    *  *  *

    My new book is now available at a 10% discount this month: When You Can’t Go On: Burnout, Reckoning and Renewal. If you found value in this content, please join me in seeking solutions by becoming a $1/month patron of my work via patreon.com.

    Tyler Durden
    Tue, 09/06/2022 – 17:44

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Sep 06

Today’s News 6th September 2022

  • Saving America's Future
    Saving America’s Future

    Authored by Lawrence Kadish via The Gatestone Institute,

    Standing at a podium in Philadelphia, US President Joseph Biden recently sought to leverage the heritage of a city that gave birth to our American democracy while making such a fiercely partisan speech that its ultimate legacy may be to further divide a divided nation. Had he been more truthful about our nation’s current challenges, he might have stood inside a supermarket where prices for basic staples needed by working families are skyrocketing.

    He also could have chosen many of our New York neighborhoods where career criminals have essentially been presented with a “get out of jail” card by many in Biden’s political party.

    Then again, he could have stood next to a gasoline pump and acknowledged that his energy policies have returned us to an era of being energy dependent on foreign nations that are hostile to the very democracy he is sworn to protect.

    These realities reveal that America is at a dangerous tipping point, where the future of our nation is literally in question. One suspects no one in the White House is asking themselves how they can avoid previous leadership failures that allowed countries to go from global dominance to history’s dustbin. They need only look at the arc of time for nations such as Spain, the Netherlands and Britain to see how inept, incompetent or weak leadership led to their inevitable collapse as the dominant nation of their time. It is as if there is a house at 1600 Pennsylvania Avenue with no one in it.

    The Chinese, however, are students of history. With an economy that reaches around the globe and a military now capable of patrolling the Pacific, it is apparent they are betting that America will fail its test of leadership and follow others in relinquishing its global dominance. In this case, China is ready to assume that role.

    The stark reality is that the current White House occupants have compounded error upon error. A speech long on partisan rhetoric but short on competence will not address the strategic errors in judgment being made by those who took a sacred oath of office to preserve, defend and protect our nation.

    There is still time to hand a new generation of Americans a strong nation capable of defending its values, its citizens and its future, but that will require us to recognize what other nations refused to acknowledge: that history’s tipping point is before us.

    Tyler Durden
    Mon, 09/05/2022 – 23:30

  • Zero-COVID In China: Lockdowns Of Major Cities Continue
    Zero-COVID In China: Lockdowns Of Major Cities Continue

    After the controversial, two-months long coronavirus lockdown of Shanghai, China has once again placed a city of more than 20 million people under house arrest.

    As Statista’s Katharina Buchholz details below, a coronavirus lockdown in Chengdu in Central China that had started on Thursday was prolonged Monday.

    Mass tests are being carried out after the city saw 71 new Covid-19 cases on Sunday. While officials said the restrictions would continue until at least Wednesday, residents are uneasy due to similarities to the Shanghai lockdown, which was also announced in a piecemeal fashion. In April and May, almost 25 million people had been confined to their homes in Shanghai, with many suffering from inadequate food supply, lack of medical attention and psychological distress.

    Infographic: Coronavirus in China: Lockdowns of Major Cities Continue | Statista

    You will find more infographics at Statista

    In Southern tech hub Shenzhen, a weekend lockdown was lifted while restrictions in some parts of the city continue. The announcement had led to panic buying Friday in the city that had been under a full lockdown for a week in March already and now fears a second confinement could happen. Shenzhen saw 87 new virus cases Sunday. In March, it was the biggest city China had locked down to-date after a surge in coronavirus cases not seen since the first wave of infections in early 2020 emerged there. The Southern tech hub and special economic zone is only about one hour away from Hong Kong, which also saw a record-breaking Covid outbreak around that time.

    According to Our World in Data, China on Sunday recorded more than 3,000 new coronavirus cases. The highest-ever case count in the country occurred on April 14 of this year at around 29,500, almost double the 2020 high of 15,000 cases (February 13).

    After the major lockdowns of Wuhan and other cities in Hubei province ended in late March and early April of 2020, China had successfully followed a zero-Covid strategy for most of 2020 and 2021. Ever since the more contagious Omicron variant emerged, however, it has challenged China’s approach of zero tolerance towards the disease.

    Tyler Durden
    Mon, 09/05/2022 – 23:00

  • In His First Trip Abroad Since The Start Of The Pandemic, China's Xi Will Visit Producer Of Half The World's Uranium
    In His First Trip Abroad Since The Start Of The Pandemic, China’s Xi Will Visit Producer Of Half The World’s Uranium

    In his first overseas trip since the start of the coronavirus pandemic, Chinese President Xi Jinping will visit the country responsible for roughly half of the world’s uranium production.

    On September 14, Xi will visit Kazakhstan, the SCMP reported citing a Monday announcement at a briefing by the Kazakh foreign ministry. It follows months of speculation about the location of Xi’s first trip abroad since he went to Myanmar in January 2020. Beijing’s strict zero-Covid policy has curtailed travel inside and out of the country, and Xi and other senior figures have not left China since the start of the pandemic.

    Of the 25 Politburo members, only foreign policy chief Yang Jiechi has travelled abroad. Meanwhile, the country’s No 3 official, Li Zhanshu, will go to Russia on Wednesday in a sign that China’s top officials are resuming international travel. Li, head of the legislature, will also visit Mongolia, Nepal and South Korea.

    As reported previously, Indonesian President Joko Widodo has said Xi will visit Bali for the Group of 20 summit in November – where Vladimir Putin and Zelenskyy will also be present.

    Xi will meet Kazakh President Kassym-Jomart Tokayev for talks the host government said were “aimed at further deepening the eternal comprehensive strategic partnership and developing political, trade, economic, cultural and humanitarian cooperation”.

    Chinese President Xi Jinping meets Kazakh leader Kassym-Jomart Tokayev in Beijing on February 5. The pair will meet in Kazakhstan on September 14. Photo: Xinhua

    The visit could be followed by a trip to Uzbekistan to attend the Shanghai Cooperation Organisation summit, according to the SCO’s official Telegram channel. In a post on Sunday, the SCO said that “the leaders of all states confirmed their full-time participation in the summit” in Samarkand, to be held on September 15 and 16.

    More importantly, in Uzbekistan, Xi would be expected to meet Russian leader Vladimir Putin for the first time since the pair announced a “no limits” partnership on the eve of the Beijing Winter Olympics. Just three weeks later, Russian forces invaded Ukraine, leading to much speculation about how much Xi and other Chinese leaders knew about the operation in advance.

    The pair have been in telephone contact since – notably on Xi’s 69th birthday on June 15. At the time, Chinese state media quoted Xi as saying that “China is willing to continue to support the Russian side on issues related to core interests and major concerns such as sovereignty and security, to work closely on strategic cooperation between the two countries”.

    Russia is one of eight member states of the SCO, along with China, India, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan and Uzbekistan. There are four observer states in the process of acceding to the forum – Afghanistan, Belarus, Iran and Mongolia – while Armenia, Azerbaijan, Cambodia, Nepal, Sri Lanka and Türkiye are dialogue partners.

    Temur Umarov, an expert on China and Central Asia at the Carnegie Endowment for International Peace, said that choosing the region as a first overseas trip emphasized Beijing’s ambitions to expand its influence there. Indeed, it is hardly a coincidence that China is heading to the one country responsible for nearly half of the world’s uranium production.

    A violent crackdown on civil unrest in Kazakhstan in January caught Beijing by surprise, Umarov said, with Russian troops being sent in to quell the protests. In total, there were more than 200 deaths, Human Rights Watch has said.

    “We should remember that at that time, China looked so weak in Central Asia and Russia was very active,” Umarov said. “It was a pivotal moment that made China realise that something should be done to expand their understanding of Central Asia, to extend China’s ability to forecast what was going on and what will be happening in Central Asia.”

    Separately, in July, after 20 years of negotiations, Beijing agreed with Bishkek and Tashkent to begin building the China-Kyrgyzstan-Uzbekistan railway next year. It will give China another railway route into Central Asia in addition to existing links with Kazakhstan, and Russia’s invasion of Ukraine appears to have given the project some impetus.

    Previous media reports had speculated that Xi’s first overseas visit would be to Saudi Arabia. Meanwhile, the South China Morning Post reported in July that China had asked the leaders of some Western European countries to visit Beijing in November, taken by some as an indication that Xi would be confirmed for a third term as Communist Party chief at the national congress in October.

    Tyler Durden
    Mon, 09/05/2022 – 22:00

  • Brazil's Democracy Under Threat: Supreme Court Blocks President's Social Media
    Brazil’s Democracy Under Threat: Supreme Court Blocks President’s Social Media

    Authored by Augusto Zimmermann via The Epoch Times,

    In Brazil, some judges have highly ambitious political goals and make decisions accordingly.

    The current presiding justice at the nation’s Supreme Electoral Court is Alexandre de Moraes. He was elected as the presiding electoral officer in August, in a public ceremony with 2,000 guests at the court auditorium. He was a member of the Brazilian Social Democratic Party before being nominated justice of the nation’s Federal Supreme Court on Feb. 22, 2017.

    Before being nominated to the nation’s highest court, as reported by the French daily Le Monde, he was at the centre of a controversy when the daily Estadão published an investigation showing that he had intervened as a lawyer in at least 123 legal cases to defend a corporation that some have argued is suspected of being linked to Brazil’s main drug trafficking group, the First Command of the Capital.

    Moraes, who is now the nation’s top electoral officer in Brazil and responsible for overseeing the presidential elections, has issued numerous “monocratic decisions” against “misinformation,” in addition to sending some of President Jair Bolsonaro’s friends and supporters to jail, confiscating their electronic devices, and freezing their bank accounts.

    On March 18, for example, Moraes ordered the nationwide suspension of the messaging app Telegram. The ruling came after Telegram ignored an earlier order to block the account of Allan dos Santos, a supporter of Bolsonaro accused of spreading “misinformation.” He had previously issued a warrant for the arrest of Santos in October.

    In his ruling suspending Telegram nationwide, Moraes mentions its failing to remove “misleading” content from Bolsonaro’s own Telegram page. As reported, not only did he order the shutdown of the message app nationwide but also ordered Apple and Google to introduce “technological obstacles” to block Telegram on their operating systems and withdraw it from their digital stores in Brazil.

    Bolsonaro, who seeks reelection in October, relies on Telegram to reach his voter base. He has more than a million followers on the platform and this could prove crucial to his electoral campaign.

    Brazilian Supreme Court judge Alexandre de Moraes is pictured during a session to rule on whether former president Luiz Inacio Lula da Silva should start a 12 year prison sentence for corruption, potentially upending this year’s presidential election, at the Supreme Court in Brasilia, Brazil, on April 4, 2018. (Victoria Silva/AFP via Getty Images)

    ‘Authoritarian Decisions’

    On March 19, during the popular television program “Os Pingos nos Is” from Jovem Pam, journalist Augusto Nunes accused Moraes of committing several illegalities, including the abuse of authority and the violation of a cláusula pétrea (“stone clause”) in the Brazilian Constitution that makes freedom of expression an inalienable right of the citizen.

    Nunes also criticized the silence of politicians about Moraes’s “decisions,” including the banning of Telegram nationwide.

    “It’s time to demand senators and judges handcuffed for their cowardice. And those appointed by President Jair Bolsonaro have to explain how long this cowardly silence they have maintained in the face of arrogance will last,” he said.

    On May 27, 2020, Justice Moraes, who had become the nation’s top electoral officer, ordered the federal police to launch an operation probing businessmen, bloggers, and politicians allied to Bolsonaro. In the decision that authorised the operation, he also determined the blocking of all their accounts on social media outlets such as Facebook, Twitter, and Instagram. According to him, the monocratic decision is necessary for the interruption of “misinformation” and “fake news.”

    The investigation on “misinformation” conducted by Moraes concerns more generally the dissemination of information regarding the transparency of electronic voting machines and the credibility of the Brazilian electoral commission, which is actually headed by Moraes himself.

    Filipe Martins, the special advisor to the presidency of the Republic for international affairs, commented that “journalists, humorists, and ordinary citizens who act spontaneously are being treated as bandits for daring to express opinions that displease the establishment.”

    …

    Bolsonaro says democracy is now under serious attack in the country. He has accused these unelected judges of practising political interference and trying to deploy a judicial dictatorship.

    “Brazil is on the road to dictatorship. This is how dictatorships start now. You lose your freedom little by little, then one day you look, and you are completely tied up,” he told network Jovem Pan.

    After knowing all these extraordinary things, who would disagree? The democratic system is clearly being undermined by the replacement of the rule of law with the rule of judges. In fact, the premise that unelected judges know better what is best for the nation is elitist and utterly undemocratic.

    It is ironic to see that now the major threat to democracy in Brazil now comes not from elected politicians but from a highly anachronistic judicial oligarchy.

    Read more here…

    Tyler Durden
    Mon, 09/05/2022 – 21:30

  • "Toxic" Dust Storm Hits Burning Man, Causing Total Whiteout
    “Toxic” Dust Storm Hits Burning Man, Causing Total Whiteout

    The final weekend of Burning Man nearly ended earlier as visibility deteriorated to zero during a massive dust storm. 

    On Saturday, Burning Man’s official Twitter account tweeted the gates into the festival in Nevada’s Black Rock Desert were closed “due to whiteout conditions.” Event staff requested festivalgoers: 

    “Do not drive. Vehicles are becoming stranded and lost on the playa.” 

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    From a distance, the National Weather Service of Reno’s stationary cameras captured the moment when dust rolled across the festival area, severely impacting visibility for the tens of thousands of people. 

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    A passenger on a commercial flight captured a clearer view of the dust storm affecting the festival. 

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    The dust storm was so big that a weather satellite spotted it. 

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    On the ground, festivalgoers looked miserable on the last weekend of the nine-day event. The San Francisco Standard pointed out that the dust in the area is full of “alkaline” and is “quite toxic.” 

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    San Francisco Chronicle said the dust storm nearly “ruined the annual torching of a giant wooden effigy.” But by late Saturday evening, the gates reopened, and around 2200 local time, the statue went up in flames. 

    Toxic dust wasn’t the only thing festivalgoers had to worry about — daytime highs hit triple digits, sending some people home early.  

    Tyler Durden
    Mon, 09/05/2022 – 21:00

  • Deadly Earthquake Hits China's Southwestern Sichuan Province
    Deadly Earthquake Hits China’s Southwestern Sichuan Province

    A powerful earthquake rocked a mountainous region of China’s southwestern Sichuan province on Monday. At least 46 people are dead, in the latest problems mounting for the province hit by historic drought and Covid lockdowns. 

    The 6.8 magnitude earthquake hit Luding county in western Sichuan, about 120 miles west of the provincial capital of Chengdu, reported China Earthquake Administration. 

    Videos posted on social media showed damaged building structures and landslides.

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    Various types of infrastructure, such as roads and power lines, also appear to be damaged. 

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    Tremors were felt in Chengdu, a megacity with 21 million people currently under Covid lockdown. Besides lockdowns, the metro area has already faced power rationings due to drought and heatwaves this summer. 

    A question we have: When an earthquake strikes, can those under mandatory Covid lockdown exit their homes or condos to avoid danger?

    Sichuan is located on a major fault and is considered one of the country’s most highly active quake areas. In 2008, Chengdu was hit by a devastating 8.2 magnitude quake, leaving more than 69,000 dead. 

    Tyler Durden
    Mon, 09/05/2022 – 20:00

  • Retired US General Tells Ukraine "Better To Negotiate Now Than Later"
    Retired US General Tells Ukraine “Better To Negotiate Now Than Later”

    A retired Pentagon general has issued a rare call for Ukraine to immediately enter negotiations with Russia toward finding a peaceful solution to the now six-month long war. This comes after weeks of reports of a ‘stalemated’ battlefield along eastern and southern lines, and amid Western leaders increasingly acknowledging “uncomfortably low” and depleted weapons stockpiles.

    Army brigadier general Mark T. Kimmitt, who had served as Assistant Secretary of State for Political-Military Affairs under the George W. Bush administration, warned in a Wall Street Journal op-ed days ago that the current policy of ramping up weapons systems to Kyiv is only likely to lead to more casualties.

    He wrote in the Thursday article that “older and less advanced” systems which are increasingly making up the bulk of what’s now being supplied “may indicate that battlefield consumption rates have outpaced production to a point where excess inventories provided to Ukraine are nearly exhausted.”

    US Retired Brigadier General Mark Kimmitt, via Al Arabiya

    Kimmitt argued that the “dwindling stocks of leading-edge weapon systems” in NATO countries will inevitably lead to a prolonged conflict, and a longer war will in turn result in “more pressure from supporting nations, sustained inflation, less heating gas, and falling popular support.” He concluded:

    “This likely will mean muddling through a long war, with more casualties.”

    Outlining the “logistic peril” of getting NATO weapons to the Ukrainians, the retired general explored three options which involve varying means of keeping the weapons flowing and thus digging deeper into NATO stockpiles, but which will also ensure escalation – even including supplying Kyiv with longer range missiles.

    But Kimmitt then offers a final available option, which he admits no one including the Zelensky government itself seems willing to take seriously (given also the Ukrainian president has recently been vowing the “liberation” of Crimea). This last option – the path of serious negotiations – would involve Ukraine pushing for “an interim diplomatic resolution without (or with) territorial concessions.”

    “There is little incentive to negotiate” at the moment, Kimmitt acknowledges, but Zelensky “must recognize that diminishing resupplies would have a disastrous effect on his army, not merely for battlefield operations but for the message of declining outside support it would send to the people of Ukraine.”

    “Beginning the diplomatic resolution would be distasteful, and perhaps seen as defeatist, but as there is little chance of climbing out of the current morass, it may be better to negotiate now than later.”

    Such realism appearing in a mainstream outlet when it comes to the Ukraine debate is a rarity, but as Russia and the West continue their game of chicken over Ukraine, now clearly a full-blown proxy war, likely more such urgings for negotiated settlement will appear in public discourse.

    * * *

    Meanwhile, Russia too is putting Europe on notice regarding energy sanctions, as indeed both sides continue digging their heels in deeper…

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    Tyler Durden
    Mon, 09/05/2022 – 19:00

  • Who Benefits From US Government Claims That The UFO Threat Is Increasing "Exponentially"?
    Who Benefits From US Government Claims That The UFO Threat Is Increasing “Exponentially”?

    Authored by Caitlin Johnstone via Medium.com,

    A US senate report which is an addendum to the Intelligence Authorization Act for Fiscal Year 2023 has people talking due to the surprising statements it includes about the US government’s current position on UFOs.

    I mean Unidentified Aerial Phenomena.

    I mean Unidentified Aerospace-Undersea Phenomena.

    This latest moniker for the thing we all still think of as UFOs is the US government’s way of addressing how these alleged appearances, which began entering mainstream attention in 2017, are said to be able to transition seamlessly from traveling through the air to moving underwater in what’s been labeled “cross-domain transmedium” movement. Because branches of the US war machine are roughly broken up into forces specializing in air, sea, land and space operations, the notion that these things move between those domains gets special attention.

    UFO enthusiasts are largely focusing on a part of the addendum which oddly stipulates that the government’s newly named Unidentified Aerospace-Undersea Phenomena Joint Program Office shall not be looking into objects “that are positively identified as man-made,” because of the obvious implications of that phrase. This is understandable; if you’ve got a government office that’s responsible for investigating unidentified phenomena, you can just say it won’t be looking into phenomena that are “positively identified”. You wouldn’t have to add “identified as man-made” unless you had a specific reason for doing so.

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    But for me the claim that really jumps off the page, authored by Senate Select Committee on Intelligence Chairman Mark Warner, is the claim that these unidentified aerospace-undersea phenomena are a “threat” that is increasing “exponentially”.

    “At a time when cross-domain transmedium threats to United States national security are expanding exponentially, the Committee is disappointed with the slow pace of DoD-led efforts to establish the office to address those threats,” Warner writes in the report.

    “Exponentially” is a mighty strong word. Taken in its least literal sense, it means that threats to US national security from UFOs are increasing at an alarmingly rapid rate. That they have swiftly become much greater than they used to be.

    What is the basis for this incendiary claim? What information are US lawmakers being given to make them draw such conclusions and make such assertions? There’s a long chain of information handling between an alleged UFO encounter and a US senator’s pen, and corruption can occur at any point in that chain (including the first and last link).

    I remain comfortably agnostic about most aspects of the UFO question, up to and including the possibility that there are actual extraterrestrial or extradimensional beings zipping around our planet in technology our science cannot comprehend. But one thing I absolutely will take a hard and fast position on is that the moment the US government starts labeling something a “threat”, all trust and credulity must be immediately be thrown out the window.

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    This is after all occurring as the US enters a steadily escalating new cold war against both Russia and China, and we know that during the last cold war the CIA sought to exploit public panic about UFOs as a psychological weapon against the Soviets, and that the CIA has claimed that its newly developed spy planes were responsible for many UFO sightings in the 1950s, and that the US military was working on developing “flying saucer” aircraft during that same time. It also occurs after the assistant secretary of the Air Force for acquisition, technology and logistics stated at a 2020 conference that the Air Force has a brand new aircraft prototype, designed using new digital engineering technology, that has “broken a lot of records.”

    This new mainstream UFO narrative also has highly suspicious origins, with key players ranging from shady US intelligence cartel operatives like Lue Elizondo and Christopher Mellon, to corrupt senator Harry Reid and his plutocratic campaign donor Robert Bigelow, to Blink-182’s Tom DeLonge, who believes humanity is being tormented by malevolent extraterrestrials who feed off negative human emotions and that the US military is heroically protecting us from their evil agendas. Filmmaker Steven Greenstreet put out a short, well-sourced documentary with The New York Post this past May laying out copious amounts of evidence that the groundwork for the new UFO narrative was built on journalistic malpractice and negligence, obfuscation, omission, and outright lies. The footage we’re being shown of these supposed vehicles to justify this new narrative consist of blurs, flashes and smudges which can all be explained by mundane phenomena.

    So in my opinion this isn’t a subject we can just ignore, as weird and uncomfortable as the subject of UFOs might be for serious analysts. Whatever the subject, when you’ve got the US government claiming on highly suspect grounds that there’s an exponentially growing threat that urgently needs to be addressed militarily, it’s time to sit up and start paying attention.

    Not that I myself have any clear idea of what’s going on here beyond the distinct impression that we are being deceived about something potentially very important. And I don’t get the impression that other people have a very clear picture of what’s going on either.

    Some say this is just a scam to get more funding for the Space Force or the military in general. That could very well be, but as far as publicly available information goes we’re not seeing anyone saying anything like “Hey we need $40 billion to address this UFO problem.”

    Some say this is part of an agenda to justify getting weapons into space, but I suspect anyone likely to support that agenda would support it with or without the claim that we need to fight ET. And again, there’s the problem that nobody’s saying “Hey we need to get weapons into space because of UFOs.”

    Some say this is just a deliberate “distraction” designed to keep people from focusing on more important issues, but the problem there is that (A) the empire doesn’t normally roll out distractions in that way, and (B) the UFO issue isn’t getting much mainstream attention. It’s a peripheral story, dwarfed in comparison to real propaganda initiatives like Ukraine.

    Some say there’s a conspiracy to use high-tech weaponry to create a false flag alien invasion and unite humanity under a one world government, but that’s a fairly mainstream idea that’s being pushed on viral Netflix films by known fraud Steven Greer. I think the world is paranoid enough at this point that few would buy such a psyop even if it were somehow convincingly orchestrated.

    Some say this narrative is all a cover for new technology the empire is keeping under wraps, presenting an official position that the US government has nothing to do with the strange vehicles people are seeing in the air as stated in the ODNI’s report on UFOs last year. That would certainly explain the empire’s cockiness in confronting Russia and China simultaneously when public knowledge of its economic and military capabilities would indicate that that’s a bad idea.

    It could be as simple as the fact that once it becomes the established orthodoxy in Washington that UFOs are a threat and something needs to be done about them, it’s a safe bet that we’re going to see massive amounts of money moving around to deal with that threat and the emergence of war machinery that can be used in future confrontations with Russia and China. There are any number of creatures lurking in DC who would stand to benefit from that happening, and would stand to benefit from pushing that agenda. It’s possible that contracts have already been signed. It’s possible that finances have already been allocated for it from the war machine’s dark money slush fund, and that all this public talk is just narrative management to preemptively justify that spending when information about it comes out.

    Or maybe it’s some mixture of these things, or none of them. I don’t know. I do know that someone’s benefitting from all this. And I know it’s unreasonable to expect the most murderous and tyrannical regime on earth to tell us the truth about UFOs when it would stand nothing to gain by doing so, and we ordinary people should therefore do our best to understand what’s happening for ourselves.

    I think it would be good if people on the anti-empire fringes of the spectrum started looking at this thing more and describing what they’re seeing, even though it’s impossible to see everything behind the walls of government opacity. Otherwise the only people looking at it will be UFO enthusiasts who just want “disclosure” at any cost, and the operatives of the empire itself.

    *  *  *

    My work is entirely reader-supported, so if you enjoyed this piece please consider sharing it around, following me on Facebook, Twitter, Soundcloud or YouTube, buying an issue of my monthly zine, or throwing some money into my tip jar on Ko-fi, Patreon or Paypal. If you want to read more you can buy my books. The best way to make sure you see the stuff I publish is to subscribe to the mailing list for at my website or on Substack, which will get you an email notification for everything I publish. Everyone, racist platforms excluded, has my permission to republish, use or translate any part of this work (or anything else I’ve written) in any way they like free of charge. For more info on who I am, where I stand, and what I’m trying to do with this platform, click here. All works co-authored with my American husband Tim Foley.

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    Tyler Durden
    Mon, 09/05/2022 – 18:30

  • Suspect At Center Of Russiagate Hoax Wants Charges Thrown Out
    Suspect At Center Of Russiagate Hoax Wants Charges Thrown Out

    The primary source of Hillary Clinton’s hoax dossier used to paint Donald Trump as a Russian stooge wants a federal judge to dismiss charges filed against him for allegedly lying to federal agents about where he obtained salacious claims he fed the dossier’s author, Christopher Steele.

    Russian national Igor Danchenko says that the five false statement charges against him were improperly filed because the statements he made were “literally true.”

    According to the indictment, Danchenko lied about his contacts with “Russians,” his travels to Russia, and the identity of his sources. (Those are just some of the lies.)

    According to charging documents, Danchenko denied ever having communicated with longtime Clinton associate, Charles Dolan – a US-based PR expert.

    In John Durham’s words (via Techno Fog):

    More via the Epoch Times:

    Danchenko also lied, according to the documents, about believing that a phone call he received came from a businessman Sergei Millian described in court papers as Chamber President-1 and that the person on the other end told him certain information, and that he arranged to meet the person in New York.

    “In truth and fact … DANCHENKO never received such a phone call or such information from any person he believed to be Chamber-President 1, and DANCEHNKO [sic] never made any arrangements to meet with Chamber President-1 in New York,” the indictment states. “Rather, DANCHENKO fabricated these facts regarding Chamber President-1.”

    ‘Ambiguous Answers’

    In the new filing, Danchenko says that his answers did not violate the law, which prohibits making “materially false, fictitious, or fraudulent statement or representation” to federal agents or in federal court.

    “The law criminalizes only unambiguously false statements that are material to a specific decision of the government. By contrast, literally true or ambiguous statements, even if they are unresponsive or misleading, or false statements about ancillary matters, do not give rise to criminal liability,” Danchenko said through his counsel.

    Danchenko sat through numerous interviews with the FBI in 2017, according to the filing. During the interviews, Danchenko did say he didn’t talk to Dolan about specific allegations in the dossier, and that he believed he received a call from Millian, but those were “equivocal and ambiguous answers … prompted by fundamentally ambiguous questions,” the defendant said, asserting the statements “are literally true, and are immaterial as a matter of law.”

    The lawyers noted that Danchenko was not among those charged by former special counsel Robert Mueller’s team with making false statements.

    The charges against him came from special counsel John Durham’s team.

    Neither prosecutors nor the judge overseeing the case, U.S. District Judge Anthony Trenga, a George W. Bush appointee, have responded to Danchenko’s filing.

    Danchenko is scheduled to go on trial on Oct. 11.

    Tyler Durden
    Mon, 09/05/2022 – 18:05

  • Russia To Legalize Use Of Cryptocurrency In International Trade: Report
    Russia To Legalize Use Of Cryptocurrency In International Trade: Report

    Authored by ‘NAMCIOS’ via BitcoinMagazine.com,

    • Russia is close to pushing legislation for the use of cryptocurrency in international trade.

    • In current conditions “it is impossible to do without cross-border settlements in cryptocurrency,” the Bank of Russia and Ministry of Finance have reportedly agreed.

    • The necessary regulatory framework will still need to be introduced.

    The Bank of Russia and the country’s Ministry of Finance have reconsidered their positions toward cryptocurrency, acknowledging it to be necessary to legalize the use of cryptocurrencies in cross-border settlements, per a report by local news outlet TASS.

    According to TASS, the two government bodies have agreed that “it is impossible” to continue without enabling cryptocurrency as a legal payment method for international trade.

    The move comes as Russia dabbles on how to best regulate the Bitcoin and cryptocurrency markets. Swamped in Western sanctions, the world’s largest country has sought alternatives to the U.S. dollar so as to guarantee the efficient trade of its commodities.

    In March, the chairman of the country’s Congressional energy committee, Pavel Zavalny, said the country was open to taking payments for natural gas and other natural resources exports in bitcoin.

    “When it comes to our ‘friendly’ countries, like China or Turkey, which don’t pressure us, then we have been offering them for a while to switch payments to national currencies, like rubles and yuan,” Zavalny said at the time.

    “With Turkey, it can be lira and rubles. So there can be a variety of currencies, and that’s a standard practice. If they want bitcoin, we will trade in bitcoin.”

    In May, it was reported that Russia was “actively discussing” using cryptocurrency in international trade.

    Now, the imminent actualization of such a move shifts the tide as President Vladimir Putin last year had dismissed the possibility in an interview at the Russian Energy Week event in Moscow.

    “I believe that it has value,” Putin said at the time, referring to bitcoin.

    “But I don’t believe it can be used in the oil trade.”

    According to TASS, the necessary regulatory framework to enable cross-border settlements in cryptocurrency in Russia will still be introduced.

    Tyler Durden
    Mon, 09/05/2022 – 17:40

  • California Declares Grid Emergency (For 5th Straight Day) As Blackout Risks Surge
    California Declares Grid Emergency (For 5th Straight Day) As Blackout Risks Surge

    For the 5th straight day, California Independent System Operator (California ISO) declared a grid emergency Monday afternoon. The grid operator forecasts record high demand on Tuesday, with the possibility of ‘rotating outages’ as early as today. A menacing statewide heatwave has sparked huge demand for electricity while generating capacity remains subdued. 

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    The historic heat bearing down on California will push the state’s electricity system to its limit. Millions of homes and businesses are cranking air condition use to the max, contributing to what could be record high electricity demand tomorrow. 

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    The grid operator is preparing for electricity demand to hit 48.9 GW on Monday, the most since 2017, with a record high expected on Tuesday. 

    Notably, despite 5 days of warnings, the virtuous Californians are using more electricity today than at any time during the week…

    Bob Oravec, a senior branch forecaster with the US Weather Prediction Center, told Bloomberg many areas in the state would register in triple-digit territory early this week. 

    Much of California is under an excessive heat warning for the next four days. Sacramento could reach 113 on Monday and 115 on Tuesday shattering records for those days, Oravec said. Downtown Los Angeles reached 103 on Sunday, which was the first time the temperature broke 100 this year. – Bloomberg 

    Daily high temps across the state should peak by mid-week. 

    Power prices in the southern part of the state jumped above $200 per megawatt hour. 

    California ISO warned that ‘rotating outages’ are possible Monday, adding customers need to reduce energy consumption even more, to keep the lights on.

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    State officials continue to ask residents not to charge EVs to help with grid stability. 

    Tyler Durden
    Mon, 09/05/2022 – 17:15

  • Here Comes Part Two Of Morgan Stanley's "Fire and Ice"
    Here Comes Part Two Of Morgan Stanley’s “Fire and Ice”

    From Michael Wilson, Morgan Stanley chief US strategist

    Fire and Ice Part Deux

    At the risk of stating the obvious, 2022 has been a challenging year for stock investors of all stripes. The Russell 3000 is down approximately 16% (total return) year to date (YTD), and while Russell 3000 Growth has underperformed significantly (-22%), it’s been no picnic for value investors either (-9%). Only Energy and Utilities are up, and just 24% of all stocks in the Russell 3000 are in positive territory for the year. To put that into context, in 2008 48% of Russell 3000 stocks were up on the year as we entered the month of September. Suffice it to say, this year has been historically bad for stocks, but that is not a sufficient reason to be bullish.

    As bad as it’s been for stocks, it’s been even worse for bonds on a risk-adjusted basis. More specifically, 20-year Treasury bonds are down 24% YTD and the Barclays AGG index is off by 11%. Finally, commodities have been a mixed bag too, with most commodities down on the year despite heightened inflationary concerns. To wit, the CRB RIND index, which measures the spot prices of a wide range of commodities, is down 7% YTD. Cash, on the other hand, is no longer trash, especially if one has been able to take advantage of higher front-end rates.

    So, what’s going on? In our view, asset markets are behaving right in line with the fire and ice narrative we laid out a year ago. In short, after ignoring the warning signs from inflation last year, and thinking the Fed would ignore them forever, asset markets quickly woke up and discounted the Fed’s late but historically hawkish pivot to address it. Indeed, very rarely has the Fed tightened policy so quickly. Truth be told, as one of the more hawkish strategists on the Street last December, I never would have bet the Fed would be doing multiple 75bp hikes this year, but here we are. Don’t fight the Fed.

    While the June low for stocks and bonds was dramatic, we’ve consistently been in the camp that it wasn’t THE low for the S&P 500 in this bear market. Having said that, we are more confident it was the low for long-term Treasuries in view of the Fed’s aggressive action that has yet to fully play out in the real economy. It may also have been the low for the average stock, given how bad the breadth was at that time and the magnitude of the decline in certain stocks. Our more pessimistic view on the major index is based on analysis that indicates all of the 31% de-rating in the forward S&P 500 P/E that occurred from December to June was due to higher rates. We know this because the equity risk premium (ERP) was flat during this period. Meanwhile, forward NTM EPS estimates for the S&P 500 have come down by only 1.5% and P/Es are now 9% higher. With rates about 25bp below the June highs, the ERP has fallen once again, to just 280bp. This makes little sense in a normal environment but especially given the significant slowdown and earnings cuts we think are still to come.

    With the Fed emphatically dashing hopes for a dovish pivot, we think that asset markets may be entering fire and ice part deux.

    In contrast with part one, this time the decline in stocks will come mostly via a higher ERP and lower earnings rather than higher rates. Our leading earnings models are all flashing red for the S&P 500, and we have high confidence that the decline in NTM S&P 500 EPS forecasts is far from over.

    In short, part deux will be more icy than fiery, the opposite of 1H22. That’s not to say rates don’t matter – they do – and we expect bonds to perform better than stocks in this icier scenario.

    If Friday marked a short-term low for long-duration bonds (high in yields), the S&P 500 and many stocks could get some relief again as rates come down prior to the next round of earnings cuts. However, make no mistake, as the weather turns chilly this fall, so will growth, which will weigh mightily on stocks given the paltry ERP investors are getting paid to take this risk.

    Tyler Durden
    Mon, 09/05/2022 – 16:50

  • Ukraine's Largest Nuclear Power Plant Is Again Knocked Off Electrical Grid
    Ukraine’s Largest Nuclear Power Plant Is Again Knocked Off Electrical Grid

    For only the second time in its history, the Zaporizhzhia nuclear power plant in Ukraine – which is Europe’s largest – has been fully cut off from the electrical grid, reportedly due to shelling. The past days have seen the plant repeatedly suffered complete disconnection from the power grid, with the plant’s back-up safety systems being activated.

    “Ukraine’s embattled Zaporizhzhia nuclear power plant’s last working reactor has been switched off from the grid after the facility was disconnected from its last remaining power line due to shelling, Ukraine’s power plants operator said Monday,” AFP writes.

    Image: Ukrinform/ZUMA

    The shutdown was once again reported to be due to shelling, based on a fresh statement from Ukraine’s nuclear power operator Energoatom. “Power unit (reactor) No. 6 was shut down and disconnected from the grid” after a fire ignited that was “triggered because of shelling”.

    Throughout the summer both sides have consistently accused the other of shelling and damaging the facility, after some 500 Russian troops began occupying it in March.

    Just days ago, a UN-authorized visit by the International Atomic Energy Agency (IAEA) found that the nuclear plant is at risk given that the “physical integrity of the plant has been violated, several times,” according to a Friday press briefing given by Director-General Rafael Grossi, who led the team in person.

    Grossi underscored that “The military activity and operations are increasing in that part of the country, and this worries me a lot.” At least two IAEA exports have stayed at the embattled nuclear plant on a “permanent basis” in order to monitor safety.

    The primarily Ukrainian engineers which run the plant have maintained operations under the watch of the Russian troop presence. Zaporizhzhia supplies some 30% of Ukraine’s electrical needs.

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    Meanwihle, Ukrainian President Volodymyr Zelensky in a Sunday interview with ABC News that Russia with using the site as a “nuclear weapon”… 

    Russia’s military presence at the Zaporizhzhya nuclear power plant, Zelensky said, is tantamount to Russia occupying “six Chernobyls,” referring to the site of a 1986 nuclear meltdown in Ukraine under the former Soviet Union.

    “You see, they occupied our nuclear station, six blocks. The biggest in Europe,” Zelensky told ABC “World News Tonight” anchor David Muir in an interview excerpt shared Sunday.

    He then underscored: “It means the biggest danger in Europe. So, they occupied it. So that is — means that they use nuclear weapon. That is [a] nuclear weapon.”

    The Kremlin has claimed late last week a group of Ukrainian commandos tried to storm the plant from the river, but that the assault was repelled. The Russian side has also alleged Ukraine is attempting a ‘false flag’ operation at the plant in order to frame Moscow for some kind of disaster.

    Tyler Durden
    Mon, 09/05/2022 – 16:25

  • Big Labor Traps Workers in Unions They Oppose
    Big Labor Traps Workers in Unions They Oppose

    Authored by Mark Mix, op-ed via NewsWeek.com,

    This Labor Day, you may see headlines about a supposed “boom” in union organizing, and while high-profile union campaigns against well-known companies like Starbucks and Amazon have generated buzz, Department of Labor numbers showed unions lost 241,000 members last year.

    Less likely to make headlines is a trend Big Labor’s cheerleaders wish to ignore: the significant increase in efforts by workers seeking to remove long-entrenched unions from their workplaces.

    Employees across the country have submitted a wave of petitions to the National Labor Relations Board (NLRB), asking the federal agency to schedule votes to remove unpopular unions, a process known as “decertification.”

    In fact, according to the NLRB’s own data on petitions for elections to either install or remove a union, a unionized private-sector worker is more than twice as likely to be involved in a decertification effort as a similar nonunion worker is to be involved in efforts to unionize his or her employer.

    Another recent analysis found decertification petitions to the NLRB have increased by a whopping 42 percent this year. That’s 16 percent higher than the increase in petitions seeking to bring in a union (when counting the Starbucks campaign once, rather than tallying each individual location’s petition).

    When you consider that NLRB policies make it impossible for most workers to hold a decertification effort outside a brief 30-day window once every three years, the jump in decertification efforts looks even starker. There is no similar limitation on when petitions can be filed to trigger unionization votes.

    What we’ve seen here at the National Right to Work Legal Defense Foundation, which provides free legal aid to workers, confirms this trend. Foundation staff attorneys have received a record number of requests for legal assistance over the last couple of years from workers seeking help to navigate the NLRB’s maze-like decertification process.

    While you may not have heard about the wave of workers seeking to free themselves of unwanted unions, you can be sure Big Labor and its political allies know exactly what’s going on.

    NEW YORK, NEW YORK – JULY 20: Employees of HarperCollins Publisher participate in a one-day strike outside the publishing houses offices in Manhattan on July 20, 2022 in New York City. The strikers, who work in a variety of departments at the company, have been bargaining for a union contract since December 2021. Salary, a commitment to diversity and union security rights are some of the demands the workers have presented to the company. The union, Local 2110 of the UAW, represents more than 250 HarperCollins employees in the design, editorial legal, marketing, publicity, and sales departments.SPENCER PLATT/GETTY IMAGES

    You see, rather than ask why so many workers want to escape union ranks, union bosses and their Biden administration allies are pulling out all the stops to make it even more difficult for hard-working Americans to participate in a decertification election.

    The Biden-backed PRO Act – Big Labor’s top legislative priority – is a laundry list of new power grabs for union organizers. It would wipe out all 27 Right to Work laws that make union dues voluntary.

    Other PRO Act provisions, like mandating “Card Check” recognition that bypasses secret-ballot votes for unionization, and permitting unionization to be forced on gig economy workers, have also made headlines. Yet the bill also includes new statutory prohibitions on decertification elections, including giving union officials the ability to automatically delay any decertification vote through unproven allegations called “blocking charges.”

    But with the PRO Act stalled in the Senate, the Biden NLRB isn’t waiting on Congress to stifle decertification efforts.

    Biden-appointed union activists at the NLRB are seeking to squelch decertification efforts through bureaucratic fiat. This includes reversing the Election Protection Rule, a set of common-sense, if modest, reforms previously adopted by the NLRB that removed multiple Board-invented barriers to worker-backed decertification. One of those reforms that the Biden Board seeks to reverse allowed workers to challenge a union’s installation through Card Check with a private, secret-ballot vote.

    Meanwhile, the former union lawyer who was appointed top prosecutor at the Labor Board has said she intends to overturn the Foundation-won Johnson Controls precedent, which allowed employers to act on workers’ majority petitions and end the union’s “representation” through withdrawal of recognition. Johnson Controls also allowed union officials to seek an automatic secret-ballot vote to try to counter such withdrawal petitions, but few unions have opted for that because they fear private, secret-ballot elections.

    The fact that the NLRB is helping Big Labor strong-arm workers into joining union ranks, and going to such lengths to block workers from escaping, shows just how out of touch the NLRB is in protecting the rights of workers—one of which is the statutory right to decertify.

    Instead of improving the service they provide to attract more workers to voluntarily join union ranks, union bosses are simply doubling down on exercising their coercive government-granted powers to get workers under their control.

    In the short term, rigging the rules might help keep forced union dues flowing, but over the long run it will only further alienate union bosses from the workers they claim to represent. This is not a prescription for satisfied workers on Labor Day.

    *  *  *

    Mark Mix is president of the National Right to Work Committee.

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    Tyler Durden
    Mon, 09/05/2022 – 16:00

  • Suicide Blast At Russian Embassy In Kabul Kills 2 Diplomats
    Suicide Blast At Russian Embassy In Kabul Kills 2 Diplomats

    On Monday an unknown militant targeted Russia’s embassy in the Afghan capital of Kabul in a suicide attack, with the Russian Foreign Ministry subsequently confirming two diplomats were killed and multiple people wounded. 

    “At 10:50 am Kabul time on Sept. 5, an unidentified militant set off an explosive device in the immediate vicinity of the entrance to the consular section of the Russian embassy in Kabul,” an official ministry statement said.

    Image via TASS

    “As a result of the attack, two employees of the diplomatic mission were killed, and there are also Afghan citizens among the wounded.”

    Kremlin spokesman Dmitry Peskov condemned the “terrorist act” – which coincidentally came on the heels of the first anniversary of the Taliban takeover of Kabul, and of the deadly events surrounding America’s hasty August 2021 final exit from the country.

    A statement from the Afghan Taliban’s interior ministry suggested the suicide blast and casualties could have been much worse as the bomber may not have fully reached his intended target:

    “It was a suicide attack, but before the bomber could reach his target, he was targeted by our forces and eliminated,” Afghan Interior Ministry spokesman Abdul Nafy Takor told AFP.

    Asked whether the target was the Russian embassy, Takor said: “Yes.” An Afghan civilian was killed and several others wounded in the attack, he said.

    The attack may have also been targeting Afghan civilians applying for a Russian visa. “The blast went off at the entrance to the embassy’s consular section, where Afghans were waiting for news about their visas, according to the Russian Foreign Ministry and the state news agency RIA Novosti,” The Washington Post details.

    “A Russian diplomat had emerged from the building to call out the names of candidates for visas when the explosion occurred, the agency said,” according to the report.

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    While these kinds of bombings against foreign embassies and international institutions have become more rare since the Taliban takeover (given that in prior years it was often Taliban militants themselves conducting attacks against foreign targets, and many countries have also shuttered their consuls), the anti-Taliban ISIS-K group has remained active in conducting suicide bombings. And at times, rival Talban factions particularly in the south of the country and along the Pakistan border have clashed.

    Tyler Durden
    Mon, 09/05/2022 – 15:35

  • "The EU Makes Its Peace With Economic War… And The Global Neoliberal System Is Collapsing Around Us"
    “The EU Makes Its Peace With Economic War… And The Global Neoliberal System Is Collapsing Around Us”

    By Michael Every of Rabobank

    No role for payrolls, or G7 oil-price caps

    For those paying not attention to war or peace, US payrolls coming in largely in line with consensus didn’t move markets much on Friday. Weak factory orders that followed did: but markets would have seized on shoelace futures for any excuse to tell themselves the Fed is going to back off on rate hikes – when it isn’t.

    Then the G7 announced the imposition of an as-yet unspecified December price cap on Russia’s oil exports –and Russia turned off Nord Stream 1 gas flows– and markets tumbled. Stocks and bonds went down – but Brent oil went up before easing off highs.

    The G7 proposal is that they can bring down the cost of energy by using its monopoly on oil tankers and insurance to force Moscow to sell oil at a lower price, choking off its export earnings and war budget to boot. This could work: unless Russia refuses to sell oil to anyone who imposes the price cap, which it will; or Western tankers refuse to comply, or make offshore ship-to-ship transfers; or Western insurers won’t play ball; or India and China start their own insurance schemes; or third parties buy the cheap oil, blend it, and sell it back to world markets at higher prices (and maybe even split the gains with Russia). Meanwhile, thousands of inspectors would be needed to (inefficiently) police it. In short, this G7 scheme plays at a ‘war economy’ rather than doing it for real, “because markets”, and oil prices are more likely to trend higher than lower against such a backdrop.

    That is ironically also the backdrop for the OPEC+ meeting today, which energy markets will be looking to with anticipation: might we see cuts in output.

    Meanwhile, European electricity prices could reportedly hit new highs this week, when the flood of problems already flowing from energy prices is already staggering: 6 out of 10 British manufacturers may go the wall; experts warn of energy rationing that could see Brits told not to cook until after 8pm, pubs close at 9pm, and three-day weeks at schools; aluminium smelters and steel mills are closing; fertilizer companies are shuttering; the Netherlands warns of a plunge in flowers, fruit, and vegetable output, with that of bricks also tumbling; Spanish output of ceramic tiles has halted; and a slew of Italian firms didn’t come back after the summer break. Regardless of gas storage levels for THIS winter, Europe faces an industrial supply-chain collapse – and just as it is has pledged to re-arm to face a worrying geopolitical future.

    The EU makes its peace with economic war

    As such, even though markets are still pricing for local and global commercial activity to continue as before, it is no surprise that the global neo-liberal market system is collapsing around us.

    In the US, Trump-era tariffs on China were just extended; the White House is also considering dramatic restrictions on outward investment to China after its limits on semiconductor sales.

    But that is far from all: after saying it will halt market mechanisms in energy last week, and German rolling out another EUR65bn in price subsidies over the weekend, the EU may be shifting towards a war economy.

    As Reuters puts it: “The EU executive has been looking at how to avoid the supply bottlenecks that accompanied the coronavirus pandemic and no longer wants to rely on companies… to take precautions on their own. The so-called internal market emergency instrument, set to be presented on September 13, lays out several stages that open up varying powers to the Commission depending on the situation.” Via this new instrument the Commission will reportedly seek emergency powers giving it the right to re-organise supply chains; sequester corporate assets; re-write commercial contracts with suppliers and customers; order companies to stockpile strategic reserves; and force them to prioritise EU orders over exports. This is in effect a mirror of the ‘US Defence Production Act’ –  and the current crisis suggests it is likely to be needed soon, and perhaps on a large scale. Colour me unsurprised if so, even if you have to colour markets red.

    2016’s ‘Thin Ice’ showed how rapidly global neoliberalism would unravel based on heterodox economics, which shows neoliberalism’s Achilles’ heels, transition economics, which dissects how planned Soviet economies were turned into market economies, and realpolitik pointing to geopolitical rivalry as the trigger. The combination of the first two has been fabulously instructive, and predictive, in watching post-2008 market economies make the reverse journey, crisis by crisis, into crony socialism for the rich; the last matters too, as lots of people knew the neoliberalism wasn’t working –hence ‘lower for longer’– but couldn’t see how a left-wing policy backlash would happen. The answer was always that once we moved into the realm of national security, such populist policies would happen wrapped in the flag.

    The way to fight economic war

    The same framework can predict what now should logically follow.

    Central bank will keep raising rates rise to deal with inflation – “No Escape From Biggest Bond Loss in Decades as Fed Keeps Hiking,” said Bloomberg this weekend. That said, some will be more willing than others to accept that fact: the Kiwi press, for example, is quoting RBNZ Governor Orr saying, “We’re not there yet, but we’re close,“ on a peak in rates, under the headline “Adrian Orr accepts mortgage rates could fall next year.” Really? Is that how you win an economic war?

    Alongside higher rates, MMT will also need to back state spending in vital areas. Such hypothecated credit will reallocate scarce resources towards supply-chain restructuring and away from the likes of too-much high-end housing. Indeed, the question is when/if we also get non-fungible credit to key firms that can only go into specific physical capital rather than being arbitraged. It might take a central bank digital currency to do it, but it will happen: you don’t win wars with SPVs and spivs.

    MMT will probably also be used to supress energy prices to maintain as much industrial supply as possible, and to minimize household pain. In which case, we will have to see the Commission’s proposed industrial policy too: because if we do not have energy rationing by price, which the Soviets avoided, then we will have it by diktat, as the Soviets then had to do. And note the Soviets only avoided a currency collapse with capital controls and fixed exchange rates.

    We will also require friendshoring or onshoring to recycle capital and keep production in ‘safe’ hands. It’s time for market analysts to stop looking at papers on the benefits of free trade, and to instead read academic papers from other disciplines, such as ‘Wartime Commercial Policy and Trade between Enemies’ (Grinberg, 2021), which assesses how trade works during wars. Grinberg shows there are rare examples of countries selling weapons to their enemies: in the Siege of Grave, the French commander was ordered to sell gunpowder to the Dutch forces besieging his town. There is evidence for business-as-usual non-military trade despite bloodshed in smaller wars: during the Crimean War (1853-56), flax, hemp, linseed, and tallow trade continued between the UK and Russia given no alternative buyers or sellers. Even early in WW1, UK-German trade-flows were so large that they were allowed to continue either directly or via third parties.

    However, the key conclusion is the more a war is seen as existential and/or long term, the more trade is disrupted, whatever the costs – and business lobbying has little effect on such national security decisions.

    It’s existential to get this call right

    It goes without saying this war is existential for Ukraine; and Russia says it is for it too. The above hypothesis suggests the Commission’s latest policy proposals say the war is also existential and/or long-term for Europe. By contrast, the G7’s laughable oil-price cap says Ukraine is a far less important, shorter term struggle. Either that, or it reflects the ‘Crimean’ reality that there is no alternative oil seller or buyer. In which case, no, not just back to “because markets”…. the Commission’s proposals for rationing by diktat and industrial policy are going to be needed even more, as shown above.

    The alternative policy call stemming from the populist right and left –even from heterodox voices who predicted this neoliberal collapse, such as the brilliant Steve ‘MMT’ Keen– is to say ‘give Putin Ukraine to get cheap gas’. However, this is a simplistic “because not markets” view which fails to see the logical and historical risks that a Western retreat could open the door for more, and more global, war; for more, and more global weaponization of commodities and trade; and, though nobody in the West will publicly admit it, for a huge tail risk to the living standards it (fairly or unfairly) enjoys.

    In short, this war clearly remains both existential and long-term: and Grinberg’s hypothesis, and my own ‘Thin Ice’ framework, say commercial activity will shift accordingly. Indeed, if the Commission crosses the looming policy Rubicon, the EU may not be able to go back to ‘normal’ until its economy has been restructured defensively – literally so; and until geopolitical risks have been resolved by said defensive actions; and that might take years, or even *decades*.

    Markets will have to make their peace with the reality of economic war: more state controls on what you can and can’t do; rationing by price or by diktat; MMT; perhaps non-fungible credit; higher structural inflation; higher interest rates; mercantilism in ideological blocs; and a broad reversal of globalisation’s trend of higher asset prices and lower goods prices.

    You have not seen what Ga-Liz-riel has seen

    Against this backdrop, Ga-Liz-riel Truss is likely to be selected as the new UK PM today and assume office tomorrow – to face perhaps 20% inflation, strikes, recession, shortages, blackouts, ‘economic’ war with Russia, and possible trade war with the EU over Northern Ireland.

    Her philosophy of “geoliberalism” makes her a foreign policy leader in shining armor with blade out for Russia and China. Yet her Brexit self-confidence may also see her dive into the sea to swim away from allies in Europe and the West, ending up on a raft. Further, while absolutely cognizant of the ongoing economic war, having called for the G7 to become an “economic NATO”, and backing a new global “Network of Liberty”, her domestic policy is hard to reconcile with it.

    Truss is adamantly backing tax cuts for high earners and businesses, despite all the evidence that this is the worst possible way to run MMT or boost the supply-side; and she may also introduce Covid-scale price subsidies to keep energy lower. If so, that is a belt and braces, and sword and shield and plate-mail armour, approach that will artificially suppress supply shocks while juicing demand, and yet doing nothing to restructure supply chains defensively, or to reallocate physically scarce resources. Nobody wins an economic war that way.

    Apparently, however, we should all expect confident Ga-Liz-riel statements that: “You have not seen what I have seen.” Like the 1970’s collapse in Sterling, where the IMF had to be called in?

    Tyler Durden
    Mon, 09/05/2022 – 15:10

  • Russia Sanctions Ben Stiller & Sean Penn In New Blacklist Of 25 Americans
    Russia Sanctions Ben Stiller & Sean Penn In New Blacklist Of 25 Americans

    Russia announced Monday that it has blacklisted American actors over their activities in support of the Ukrainian government, also as retaliation for recent anti-Kremlin US sanctions. In total 25 US citizens, including senators and analysts at think tanks, are on the updated list.

    The list of those now banned from entering Russia “on a permanent basis” – according a Russian foreign ministry statement – includes Ben Stiller and Sean Penn, both of which met with President Volodymyr Zelensky in June. 

    Image via Twitter/@BenStiller/Kyiv Post

    A foreign ministry statement said the fresh action is in response to the “ever-expanding” US sanctions “against Russian citizens”. At this point, an estimated more than one thousand American nationals have been barred from entering Russia. 

    “As a measure in response to the ever-expanding personal sanctions on Russian citizens by [the US President] Joe Biden’s administration a permanent ban to enter the Russian Federation has been imposed on another group of US Congress members, high-ranking officials, members of the business and expert community and cultural figures (25 people),” the statement reads.

    “The hostile actions of US authorities, which continue to follow a Russophobic course, destroying bilateral ties and escalating confrontation between Russia and the United States, will continue to be resolutely rebuffed,” the ministry said.

    In late June Stiller traveled to Ukraine to meet with Zelensky, declaring the president “my hero”:

    “It’s a great honor for me.. you’re my hero!” said Stiller, a UN goodwill ambassador who met the Ukrainian leader on World Refugee Day.

    “What you’ve done, the way that you’ve rallied the country, the world, it’s really inspiring,” said the 56-year-old American comedian referring to Zelensky’s countless speeches to audiences around the world to rally support for his embattled country.

    Zelensky’s office released video of the meeting with the Hollywood star…

    As for Sean Penn, he was actually in Ukraine working on a documentary at the moment Russia invaded on Feb. 24.

    Ukraine subsequently bestowed top state awards to both Stiller and Penn “for support, upholding freedom and independence of Ukraine” – which they’ve continued to do in public statements and on social media.

    Tyler Durden
    Mon, 09/05/2022 – 14:45

  • Country Singer Jason Aldean Dropped By Longtime PR Firm Over Wife's Gender Comments
    Country Singer Jason Aldean Dropped By Longtime PR Firm Over Wife’s Gender Comments

    Authored by Jonathan Turley,

    Country singer Jason Aldean has been dropped by his longtime PR firm, GreenRoom PR, after his wife, Brittany Aldean, criticized early interventions on gender transitioning for young children.

    Brittany Aldean said that she was thankful that her parents did not intervene during her “tomboy phase” because she loves being a female. Various stars and advocates denounced her and GreenRoom then dropped her husband. What is interesting is that the company had its client list displayed yesterday but just removed the list and its home page. The effort may be to protect other country stars from the backlash of staying with the company when it is effectively blacklisting an artist for the political or social views of his spouse.

    Tyne Parrish, the co-owner of The Green Room called it a “difficult decision after 17 years to step away from representing Jason.”

    The call for the firm to drop the artist grew after this statement last week in an Instagram post by Aldrean that she would “really like to thank my parents for not changing my gender when I went through my tomboy phase.”

    “The Bones” singer Maren Morris later commented on Pope’s post, writing, “It’s so easy to, like, not be a scumbag human? Sell your clip-ins and zip it, Insurrection Barbie.”

    Aldrean later responded to her critics by saying “Advocating for the genital mutilation of children under the disguise of love and calling it ‘gender affirming care’ is one of the worst evils.”

    Singer and songwriter Cassadee Pope responded to Brittany Aldean’s post on Twitter, noting that Brittany Aldean’s alleged “tomboy phase” in no way compares “to someone wanting to transition.”

    Pope captured the essence of any people are angry with the comment.

    However, my concern, as usual, is with the free speech implications of what has become a type of blacklisting culture for those with unpopular or controversial political, social, or religious views. I understand the objections to Aldean’s comments but the response is reminiscent of the campaign against JK Rowling as a TERF (Trans Exclusionary Radical Feminist), including banning and burning her books. There is no willingness to separate her creative work from her personal views.

    In this case, a singer is being blacklisted because his wife (and possibly Aldean himself) hold conservative views on gender transitioning for young children. Yet, while some artists have joined the campaign, most others are silent, including the country singers represented by Green Room PR.

    Those listed artists included Lauren Akins, Tucker Beathard, Dierks Bentley, Bobby Bones, BROOKS & DUNN, Travis Denning, Patrict Droney, Caylee Hammack, and others. The home page now says simply “Contact: news@thegreenroompr.com” if you want to know who the firm represents or anything about the firm.

    The concern is clearly that these artists might make the “difficult decision” of separating from the firm after it dropped a fellow artist over the political and social views of his spouse.  The firm yielded to the pressure on one side but seems to be moving to protect itself from a backlash from country music fans.

    I would be raising the same free speech concerns if an artist was dropped because a spouse supported gender transitioning. The issue is whether the arts community should impose a de facto political litmus test for artists.  Blacklisting by studios and firms was common in the 1950s when communists and other political dissenters were being attacked by figures like Eugene McCarthy. The left has now embraced the practice in a far more extensive systems of banning books, speakers, and events by those who hold opposing views.

    Here is Aldean’s interview on Fox News:

    Tyler Durden
    Mon, 09/05/2022 – 14:20

  • China Slashes FX Deposit Requirement To Prop Up Yuan… But Only Delays The Inevitable
    China Slashes FX Deposit Requirement To Prop Up Yuan… But Only Delays The Inevitable

    With the yuan in freefall, on Monday morning China announced it will cut the reserve requirement ratio on FX deposits by 2% from 8% to 6%, effective September 15th, in a move aimed to stem its currency’s fall. This announcement came after more than 3% depreciation of the USDCNY since mid-August on the back of a stronger USD. This was China’s second FX RRR cut this year – on 25 April, PBOC cut the RRR on FX deposits by 1% from 9% to 8% after CNY depreciated by almost 3% against the USD in one week.

    According to Goldman, this cut should help increase FX liquidity onshore, easing FX appreciation (i.e., CNY depreciation) pressures as a result. And while the actual liquidity impact from this cut looks modest by Goldman’s estimates – onshore FX deposits stood at $674BN as of July 2022, so a 2% cut implies $13BN liquidity release – this cut serves as a strong policy signal that the PBOC is uncomfortable with the rapid depreciation of the currency especially ahead of the 20th Party Congress in October; sure enough the USDCNH appreciated slightly immediately after this announcement.

    Indeed, as Goldman’s Maggie Wei writes, the countercyclical factor (CCF) in the daily fixing also implies strengthening bias by the PBOC in recent days.

    The bank found a similar pattern ahead of the previous 19th National Party Congress in October 2017, when policymakers leaned against CNY depreciation through more negative CCF ahead of the Congress, though policy signals were less obvious going into the Congress in 2017.

    Looking forward, Goldman expects USD strength to continue in the near term, and local Covid outbreaks and property weakness to continue to drag on activity growth in China. As such, the bank expects USDCNY to depreciate to 7.0 over a 3-month horizon. After the 20th Party Congress, Wei adds that “policymakers might also have higher tolerance for CNY weakness” –  during a press conference this afternoon (September 5th), PBOC deputy governor Liu Guoqiang stated the exchange rate has been more flexible and acting as the automatic stabilizer of both the macroeconomy and the global balance of payments. He added that the exchange rate should demonstrate two-way fluctuations, and not necessarily stick to any fixed number. Goldman agrees, and thinks the PBOC might have tolerance for further CNY depreciation against the USD, especially as the broad USD continues to strengthen, though they might want to avoid continued and too fast one-way depreciation if possible.

    Bloomberg’s Simon White agrees and writes that “the forces causing the yuan to decline are structural, and there is a mounting likelihood that China may eventually drop the fixed-exchange rate regime altogether.”

    As White adds, Beijing’s FX RRR cut “is unlikely to be enough to countervail the structural problems in China putting pressure on the nominally-closed capital account. China’s response to the economic impact of lockdowns has been to aim stimulus at the predominantly export-facing SOE sector. The result has been a surge of almost $0.5 trillion in China’s trade surplus since 2020.”

    Indeed, a look at the underlying drivers of the surplus gets to the heart of China’s main problem: the surplus grew not just due to a surge in exports, but a stagnation in imports. Stimulus in China comes at a cost to the household sector, a net importer. In a sign of the poor sentiment and pessimism in the household sector — driven by financial repression, lockdowns and collapses in property prices — new CNY loan growth for households has fallen to at least 13-year lows.

    The bottom line, according to the Bloomberg commentator, is that China’s growth model is broken, as the loss in demand from the household sector is greater than any gain from the export sector, leading to lower growth overall, and thus greater pressure on the capital account. This is enough to push the yuan lower, but China also faces a mounting risk from its heavy debt load.  China has had the largest rise in private debt levels since 2010, and its debt-service ratio is through the danger level of 20%.

    And while high debt when growth is strong and rising is manageable, it becomes much less so when growth is falling.

    There are several levers China can pull to alleviate the growth impact from increased capital flight. One of these is allowing the yuan to weaken. But if the pain becomes too much, White believes that China may choose to abandon its fixed-rate regime altogether, which would have many profound (and dire for the status quo) implications, including for EM monetary policy and global supply chains.

    Tyler Durden
    Mon, 09/05/2022 – 13:55

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Today’s News 5th September 2022

  • Biden Puts The 'Total' In Totalitarianism
    Biden Puts The ‘Total’ In Totalitarianism

    Authored by Roger Kimball via AmGreatness.com,

    America has come perilously close to the edge of the point of no return…

    Joe Biden certainly set the punditocracy abuzz with his neo-totalitarian performance piece at Independence Hall in Philadelphia on Thursday. The significance of that speech can be broken down into three parts, two of which have already received abundant commentary. 

    The first has to do with the theater of the piece, its optics or stagecraft. As many commentators (myself included) noted, the feel of the event was distinctly, and distinctively, bombastic. The melodramatic red lighting, the presence of armed Marines flanking the president, and Biden’s hectoring, gesticulating delivery made the event seem eerily reminiscent of a speech by Stalin, Mao, or—the closest parallel—that diminutive former house painter who, for a few short years, mesmerized the world with his elaborately staged rallies before pushing ahead with more kinetic activities. 

    To those who object that I am flirting with Godwin’s Law by invoking old AH, I reply that the flirtation was not mine but the doing of Biden’s producers and puppeteers. The visual similarity between Joe Biden’s event and some nighttime events at Nuremberg are just too striking to be coincidental. Leni Riefenstahl, as someone noted, would have been proud. Those who point out that Biden’s speech took place on September 1, a fraught day on the Polish border anno domini 1939, may be too ingenious for this historically illiterate age, but who knows? Often these things are, as our Marxists friends like to say, no accident. There are wheels within wheels. 

    Which brings me to the question of the intent behind the theatrics. Was this exercise in garish, totalitarian kitsch a “gaffe,” as some are saying—an aesthetic miscalculation for which that blinking inarticulate muppet who is Biden’s press secretary will have to apologize? Apparently not, since she just said that the speech was “not political.” 

    The entertainment committee never sleeps. 

    A year or so back, I might have thought that the theatrics were inadvertent. I have changed my mind. Having watched Biden’s Justice Department morph into an American Stasi with the FBI conducting predawn raids against various Trump supporters, arresting former aides and confiscating the mobile phones and other property of his lawyers, I now think that the tactics of intimidation are part of a larger strategy. The FBI’s raid last month on Mar-a-Lago, Trump’s Palm Beach residence, belongs in this category, as of course do the hundreds of indictments and incarcerations of January 6 protestors. Almost all of those unfortunate souls wind up being charged with minor torts like “parading” in or around the Capitol, yet are nonetheless thrown in a special D.C. gulag for months before being found guilty by biased juries and subject to enhanced sentences handed down by Trump-hating judges.

    None of this is adventitious. Like the intimidating and slightly unhinged theatrics of Biden’s speech, they are all deliberate scare tactics, warnings to us all of what can happen to those who dissent. The spectacle of 87,000 newly minted IRS agents waiting in the wings is another part of that “shock-and-awe” campaign. 

    Beyond Theatrics

    So much for the theatrics of the speech. What about its substance? It was a tooth-and-claw attack on Donald Trump and the MAGA agenda. How sharp were those teeth and claws? Trump and his supporters, said Biden, shaking his fists, represent “an extremism that threatens the very foundations of our republic.” “The very foundations of our republic,” forsooth! A week earlier, he noted that the problem was “not just Trump, it’s the entire philosophy that underpins the . . . semi-fascism” of the MAGA agenda. 

    The response to this unprecedented attack by a sitting president against his predecessor—as well as against the tens of millions (more than 74 million we are told) of his predecessor’s supporters—has been so robust that Biden felt it necessary to walk back his remarks, sort of. “I don’t consider any Trump supporter a threat to the country,” he said Friday, after saying just that on prime-time television to the entire nation the night before. 

    But wait, what is the MAGA (or, to quote the results of the lucubrations of Biden’s focus group, “ultra-MAGA”) agenda that is supposedly so dangerous? It’s worth keeping the meanings of these epithets in mind. When Donald Trump first proposed his “Make America Great Again” formula, he specified several things that it encompassed.  At the top of the list were efforts to restore American prosperity, in part by exploiting our enormous energy resources, in part by abolishing mischievous and burdensome regulation, in part by cutting taxes and providing incentives for American business to hire Americans and produce their goods in America. 

    Also at the top of the list was the integrity of our southern border, stanching the flow of illegal immigration, and rebuilding a military that had been woefully neglected during the Obama years. Elsewhere on the domestic front, Trump battled against political correctness and what has come to be called “identity politics.” He largely remade the federal judiciary, seeing three Supreme Court justices and hundreds of lower court federal judges confirmed, all of whom were nominated because they subscribed to a Antonin Scalia-like judicial philosophy that limited the role of judges to interpreting the law in the light of the Constitution, not making law under the inspiration of their personal policy preferences. 

    In the sphere of foreign policy, the MAGA agenda meant “putting America first.” He insisted that our NATO allies begin to shoulder their stipulated financial burden, challenged China on trade and military adventurism, and scuttled the disastrous Obama-era nuclear deal (since renewed) with Iran. Trump also stood firmly against the democracy-exporting (or, more accurately, “democracy”-exporting) policies of the Bush era. America would go to war not to promulgate democracy but only to defend its own interests. His Abraham Accords brought peace to the Middle East, a world historical achievement for which Trump deserved the Nobel Peace Prize. 

    And how did all that work out? Pretty well, I’d say. By the time Trump left office, America was a net exporter of energy; illegal immigration had slowed to a trickle; before the onslaught of COVID, his policies had resulted in the lowest unemployment in decades, the lowest minority unemployment ever. Wages were rising, especially at the lower rungs, and the stock market was booming. All-in-all, MAGA meant American prosperity and success. 

    It did not, however, bode well for the elite globalist agenda which rested upon endless foreign wars, the neglect of American workers, and a disdain for traditional bourgeois values like hard work, family solidarity, and local initiatives. 

    Biden’s handlers have attempted to co-opt or usurp the epithet “MAGA” and transform it into something ominous. But what it means is not some existential threat to “the very foundations of our republic.” On the contrary, it is an affirmation of the principles of limited government and individual liberty that undergird the foundations of the American republic. 

    The Goal Is Control

    Which brings me to the third current of significance in Biden’s performance. There was a theatrical aspect, a substantive aspect—the attack on Trump, his supporters, and all things MAGA—and there is the long strategic game implied not just in Biden’s speech but in the extraordinary, overweening activity of his administration.

    In “Joe Biden and the Sovietization of America,” a column that will be published in the October edition of Spectator World (available online mid-September), I mention in passing the practice of Gleichschaltung, the attempt to bring all aspects of life into alignment with the governing philosophy of the state. The term was popularized in Germany in the late 1930s, but it describes a process that is common to all totalitarian societies (indeed, it describes the effort that puts the “total” in “totalitarian”). Among other things, it involves the politicization of all aspects of life, the surrender of individuality to ideology. George Orwell sketched the process in Nineteen Eighty-Four. Lenin and Stalin brought that fiction to real life in their iron-fisted control of life in the Soviet Union. Xi Jinping continues that legacy today in China. What we call “political correctness” hints at the program, for really to be politically correct is to suffuse every element of one’s life with the dogmas that the ruling consensus has defined as the correct orthodoxy. The fascistic formula “the personal is the political” gives one expression to this idea, since, taken seriously, it denies the legitimacy of the personal altogether. 

    The Biden regime is making great strides in this direction. As Josh Hammer observes in a penetrating column, Biden apparatchiks are moving on multiple fronts to abolish the distinction between the public sector and the private sector. Late last month, the world was treated to Facebook’s Mark Zuckerberg confessing on Joe Rogan’s podcast that, yes, the FBI did in fact put pressure on the social media giant to bury news about Hunter Biden’s “laptop from hell”—news that very likely would have changed the results of the 2020 election had it been allowed to circulate. Entities like Facebook and Twitter, Hammer points out, “no longer qualify as meaningfully ‘private’ and have instead simply become appendages of the state.” They are simply part of the propaganda machine of the ruling party. Citing Missouri Attorney General (and U.S. Senate candidate) Eric Schmitt, Hammer describes the “vast censorship enterprise” promulgated by the state. Former U.S. Representative Devin Nunes (R-Calif.) described aspects of this enterprise in his book Countdown to Socialism. 

    But the goal of total control involves more than censorship. It also involves the insinuation of the state into the most intimate areas of our private lives. One example is the Biden regime’s new weaponization of Title IX legislation. This brief statute, which, in just a couple of lines, says that institutions that receive federal funds may not discriminate on the basis of sex, has been enlisted in the campaign to abolish natural sexual identity and replace it with a polymorphous, “gender fluid” model. Among other things, this radical new interpretation of Title IX gives teachers priority over parents on matters of sex and gender, requiring, for example, that “K-12 schools support socially transitioning children to a different gender without requiring notice to parents, the involvement of medical professionals, or legal documentation.” 

    The late Andrew Breitbart liked to point out that politics is downstream from culture. Indeed it is. It saddens me to report, though, that the Left seems to have a livelier appreciation of this fact than the Right. Barack Obama came to office promising to “fundamentally transform the United States of America.” Obama laid the groundwork for that transformation. Now his bumbling, senescent protégé, aided by an army of Obama-era lieutenants, a compliant media, and a corrupt deep-state bureaucracy, is completing the job. 

    There is, I know, a point of no return, a point beyond which a society beset by totalitarian impulses must either rebel or succumb utterly. Are we there yet? I do not know. I do sense, however, that we have come perilously close to the edge. I pray that it is not too late. 

    Tyler Durden
    Sun, 09/04/2022 – 23:30

  • New Mexico Town Has Only 20 Days Of Fresh Water Left
    New Mexico Town Has Only 20 Days Of Fresh Water Left

    The city of Las Vegas, New Mexico, has 20 days of fresh water left, and officials are searching for alternative sources to prevent contaminated water from flowing to households and businesses, according to CNN. 

    Not to be confused with Las Vegas, Nevada, the 13,000-person city in San Miguel County relies solely on the now contaminated Gallinas River, which is full of ash and debris after the Calf Canyon-Hermits Peak Fire. 

    Las Vegas’ water treatment facility typically uses chlorine to clean the water, but it becomes carcinogenic when mixed with carbon-infused water because of all the ash. 

    “We need to get the carbon out of the water before we add disinfection,” Las Vegas Utilities Director Maria Gilvarry recently told residents at a public meeting. 

    We noted in late July (T-minus 50 days to no fresh water) that there was no immediate solution to fix the town’s water woes. Time is running out to find new water sources. 

    City officials are testing water in a nearby lake that could be their saving grace and buy the water-stricken town a few months. The tests take several days, and the hope is the water has less ash that would allow it to be run through the treatment facility. 

    “Our fingers are crossed on that,” Las Vegas Mayor Louie Trujillo said, adding the tests “will determine the quality of water we’re going to be sending to one of our reservoirs.”

    Gilvarry said if the water source is good enough, the city would have about two months of added water capacity, enough time to install upgraded treatment systems capable of processing the sediment-heavy water. 

    If the water tests are inadequate, city and state officials would implement a boil-water order and possibly increase rationings.

    Las Vegas has entered the final countdown until it exhausts all fresh water. Residents have been learning to live with less. They might have to live with a lot less if an immediate solution isn’t found. 

    Tyler Durden
    Sun, 09/04/2022 – 23:00

  • 5 Psychological Experiments That Explain The Modern World
    5 Psychological Experiments That Explain The Modern World

    Authored by Kit Knightly via Off-Guardian.org,

    The world is a confusing place. People do things that don’t make any sense, think things that aren’t supported by facts, endure things they do not need to endure, and viciously attack those who try to bring these things to their attention.

    If you’ve ever wondered why, you’ve come to the right place.

    Any casual reader of the alternate media landscape will eventually come up with a reference to Stanley Milgram, or Philip Zimbardo, the “Asch Experiment” or maybe all three.

    “Cognitive Dissonance”, “Diffusion of Responsibility”, and “learned helplessness” are phrases that regularly do the rounds, but where do they come from and what they mean?

    Well, here are the important psycho-social experiments that teach us about the way people think, but more than that they actually explain how our modern world works, and just how we got into this mess.

    1. THE MILGRAM EXPERIMENT

    The Experiment: Let’s start with the most famous. Beginning in 1963, Yale psychologist Stanley Milgram conducted a series of experiments now referred to as the Milgram Obedience Experiments.

    The setting is simple, Subject A is told to conduct a memory test on Subject B, and administer electric shocks when he makes mistakes. Of course, Subject B does not exist, and the electric shocks are not real. Instead, actors would cry, ask for help or pretend to be unconscious, all the while Subject A would be encouraged to carry on administering the shocks.

    The vast majority of subjects carried on with the test and gave the shocks, despite the distress of “Subject B”.

    The Conclusion: In his paper on this experiment Stanley Milgram coined the term “diffusion of responsibility”, describing the psychological process by which a person can excuse or justify doing harm to someone if they believe it’s not really their fault, they won’t be held accountable, or they do not have a choice.

    The Application: Almost literally endless. All institutions can use this phenomenon to pressure people into acting against their own moral code. The army, the police, hospital staff – wherever there is a hierarchy or perceived authority, people will fall victim to the diffusion of their own responsibility.

    NOTE: They made a decent film about Milgram, and the backlash his experiments caused called Experimenter. In recent years there has been a major pushback on this experiment, with articles in the MSM attacking the findings and methodology and new “researchers” claiming “it does not prove what you think it does.”

    *

    2. THE STANFORD PRISON EXPERIMENT

    The Experiment: Only slightly less famous than Milgram’s work is Philip Zimbardo’s Prison Experiment, carried out at Stanford University in 1971. The experiment set up a mock-prison for a week, with one group of subjects designated “guards” and the other “prisoners”.

    Both sides were provided uniforms, and prisoners were given a number. The guards were ordered to only ever address prisoners by their number, not their name.

    There were a number of other rules and procedures, detailed here.

    In brief, over the course of the week, guards became increasingly sadistic, dealing out punishments to disobedient prisoners and rewarding “good prisoners” in order to try and divide them. Many of the prisoners simply took the abuse, and in-fighting began between “trouble makers” and “good prisoners”.

    Though technically not an “experiment” in the purest sense (there was no hypothesis to test, and no control group), and perhaps impacted by “demand characteristics”, the study does reveal interesting patterns of behaviour in its subjects.

    The Conclusion: Prison guards became sadistic. Prisoners became obedient. All this despite no real laws being broken, no real legal authority, and no real requirement to stay. If you give people power and dehumanise those below them, they will become sadistic. If you put people in prison they will act like they are in prison.

    In short, people will act the way they are treated.

    The Application: Again, endless. We’ve seen it all through Covid, if you start treating people a certain way, the majority will go along with it and blame the minority who refuse to cooperate. Meanwhile, police forces around the world were suddenly granted new powers, and promptly abused them because the maskless and unvaxxed had been dehumanised in their eyes. Those reactions were engineered, not accidental.

    *

    3. THE ASCH EXPERIMENT

    The Experiment: Another experiment in conformity, not as brutal as Milgram or Zimbardo, but perhaps more unsettling in its findings.

    First conducted by Solomon Asch in the 1950s, the setup is a simple one. You put together a panel of subjects, one real subject and a handful of fake subjects.

    One by one the subjects are asked a series of multiple-choice questions to which the answer is always obvious, and all the fake subjects will get every answer wrong. The question is whether or not the real subject will maintain his own correct answer, or begin to conform with the group.

    The Conclusion: While most people maintained their right answers, the “error rate” in the experiment group was 37% versus less than 1% in the control group. Meaning 36% of subjects eventually began to change their answers to align with the consensus, even though they knew they were wrong.

    Around one-third of people will either pretend to change their minds for the sake of conformity or, more alarmingly, will actually alter their beliefs if they find themselves in the minority.

    The Application: Staged or invented polls, falsified vote counts in elections, bot accounts on social media, astroturfing campaigns. Media headlines proclaiming “everyone knows X” or “only 1% of people think Y”.

    There are a great many tools you can use in order to create the impression of a fake “consensus”, a manufactured “majority”.

    NOTE: The experiment has been done a million times in dozens of variations, but perhaps the most interesting finding is that putting just one other person in the panel who agrees with the test subject seemed to reduce conformity by 87%. Essentially, people hate being a lone voice but will tolerate being in the minority if they have some support. Good to know.

    *

    4. FESTINGER’S COGNITIVE DISSONANCE EXPERIMENT

    The Experiment: The least well-known experiment on the list, but in some ways the most fascinating. In 1954 Leon Festinger created an experiment to evaluate the phenomenon of cognitive dissonance, his setup was again quite simple.

    A subject is given a repetitive and dull physical task to do (originally turning wooden pegs, but other variations use other tasks).

    After the task is complete, the subject is instruced to go and prepare the next subject (actually a lab assistant) for the task, by lying and telling him/her how interesting the task was.

    It’s at this point the subjects are divided into two groups, one group is offered $20 to lie, the other only $1.

    This is the real experiment.

    The Conclusion: After lying to the fake subjects, and being paid their money, the real subjects take part in a post-experiment interview and record their genuine thoughts on the task.

    Interestingly, the 20-dollar generally told the truth, that they found the task dull and repetitive. While the one-dollar group, more often than not, claimed to have genuinely enjoyed the task.

    This is cognitive dissonance in action.

    Essentially, for the $20 group, the money was a good reason to lie to their fellow test subject, and they could justify their own behaviour in their head. But, for the $1 group, the meagreness of the reward made their dishonesty internally unjustifiable, so they had to unconsciously create their own justification by convincing themselves they weren’t lying at all.

    In summary, if you offer people a small reward for doing something, they will pretend to enjoy it, or be otherwise invested, to justify only making a small profit.

    The Application: Casinos, computer games and other interactive media use this principle all the time, offering players very little pay off knowing they will convince themselves they are enjoying playing. Big corporations and employers can likewise rely on this phenomenon to keep wages down, knowing that low paid workers have a psychological mechanism that may convince them they enjoy their jobs.

    NOTE: A variation on this experiment introduces a third group, who are paid nothing to lie. This group is not affected by cognitive dissonance, and will honestly appraise the task just as the well-paid group do.

    *

    5. THE MONKEY LADDER

    The Experiment: Now this is a somewhat controversial addition to the list, but we’ll get to that later. It’s a very famous experiment you’ve probably heard cited dozens of times.

    In the 1960s scientists at Harvard put five monkeys in a cage with a stepladder in the middle. Atop the stepladder is a bunch of bananas, however each time a monkey tries to climb the ladder they are all sprayed with ice-cold water. Eventually, the monkeys learn to avoid the ladder.

    Then one monkey is removed and a new monkey is introduced. He naturally goes straight for the ladder and is set upon by the other four monkeys.

    Then a second monkey is removed, and another new monkey is introduced. He naturally goes straight for the ladder and is set upon by the other four monkeys…including the one who was never sprayed.

    They continue to replace each monkey in turn, until no monkeys are present who were ever sprayed with water, and yet they all refuse to go near the stairs and prevent all the new monkeys from doing so.

    Now, the obvious conclusion here is that people can be conditioned to mindlessly follow rules they do not understand.

    The only problem with that is that none of this ever happened.

    Yes, that’s the controversy I mentioned earlier. Despite being easily found on every corner of the internet, despite magazine articles explaining it and animations recounting it…it never happened. The experiment appears to be entirely apocryphal.

    No ladder, no monkeys, no cold water.

    So while this supposed experiment doesn’t actually teach us about herd mentality, it does explain the modern world, because it shows us how easily a myth can be worked into a reality through sheer dint of repetition.

    BONUS: MONKEY LADDER REDUX

    That’s right, it doesn’t stop there, there’s another twist.

    National Geographic did actually recreate the fictional monkey ladder experiment using people:

    One subject walks into a doctor’s waiting room filled with fake patients. When a bell sounds, all the fake patients stand up for a second and then retake their seats.

    After this process repeats a few times, the fake patients are slowly removed one-by-one until only the subject of the experiment remains. Then secondary real subjects are introduced one at a time.

    The experiment seeks to answer the following questions:

    a) Will the original subject stand up at the bell without knowing why?

    b) Will they will continue to stand up when they are alone in the room?

    c) Will they then teach this behaviour to the new subjects?

    The answer to all three appears to be “yes”.

    Now, while far less scientific than the other four experiments, I include this here for a very specific reason. The above video of the experiment doesn’t just record the conforming behaviour but describes it as possibly beneficial. Adding that herd behaviour saves lives in the wild and is “how we learn to socialise”.

    A very interesting take, don’t you think?

    So, while the fake monkey experiment that never happened was used to teach us about the perils of herd mentality, its nonexistence actually teaches us about the perils of non-primary sources and the group consciousness’s ability to confabulate.

    Meanwhile, the real monkey experiment is used to sell us the idea that herd mentality does exist but is potentially a good thing. Raising the possibility the whole thing could have been staged, simply to promote conformity.

    …Isn’t the world a strange and confusing place?

    *

    So, there they are. Five of the most critical pieces of psychological research ever done, hopefully going forward nobody will be left in the dark when these concepts or experiments are referenced.

    But the point of this article is not to just make you, the reader, understand these experiments…it is also meant to remind you that they do.

    The people in charge, the elite, the 1%, “The Party”. The powers that be – or shouldn’t be – whatever you want to call them.

    They know these experiments. They have studied them. They’ve probably replicated them countless times on grand scales and in unethical ways we can barely imagine. Who knows exactly what takes place in the dank dark dungeons of the deep state?

    Just remember, they know how the human mind works.

    • They know they can make people do anything if they reassure them they won’t be held responsible.

    • They know that they can rely on people to abuse any power they’re given, OR believe they are powerless if they’re treated that way.

    • They know that peer pressure will change a lot of people’s minds even in the face of undeniable reality, especially if you make them feel completely alone.

    • They know that if you offer people only a small reward for completing a task, they will make up their own psychological justification for taking it.

    • They know that people will mindlessly do whatever everyone else is doing without ever asking for a reason.

    • And they know that people will happily believe something that never happened if it is repeated often enough.

    They know all of this. And they use that knowledge all the time – All. The. Time.

    Every commercial you see, every article you read, every movie they release, every item on the news, every “viral” social media post, every trending hashtag.

    Every war. Every pandemic. Every headline.

    All of them are constructed with these principles in mind to elicit specific emotional reactions that steer your behaviour and beliefs. That’s how the media works, not to inform you, not to entertain you…but to control you.

    And they have it down to a science. Always remember that.

    Tyler Durden
    Sun, 09/04/2022 – 22:30

  • Judge Tosses Lawsuit By Hitler-Praising, TDS-Stricken Fired Yale Psychiatrist
    Judge Tosses Lawsuit By Hitler-Praising, TDS-Stricken Fired Yale Psychiatrist

    A far-left psychiatry professor who sued Yale for firing her over unhinged comments she made against then-President Donald Trump, just had her lawsuit tossed by a federal judge, according to the Hartford Courant.

    Lee argued that Yale fired her in response to a January 2020 tweet that characterized “just about all” Trump supporters as suffering from “shared psychosis,” and that Trump lawyer Alan Dershowitz had “wholly taken on Trump’s symptoms by contagion.”

    She also tweeted that Trump was “worse than Hitler,” and then when challenged, stuck her other foot in her mouth – tweeting “Donald Trump is not an Adolf Hitler. At least Hitler improved the daily life of his followers, had discipline, and required more than himself to gain the respect of his followers.“

    Lee, herself clearly suffering from Trump Derangement Syndrome (TDS), used her Yale credentials to author a book, conduct interviews, and form a group – the “Independent Expert Panel for Presidential Fitness” – all aimed at taking down Trump over what they said was a lack of mental fitness.

    Crickets over Biden’s obvious dementia, by the way.

    Lee came under scrutiny from colleagues and leaders at Yale, as The Western Journal‘s Jared Harris notes.

    Dr. John Krystal, chair of the university’s psychiatry department, blasted the political activity happening under the guise of professional conduct.

    “I want to emphasize that you did not make these statements as a layperson offering a political judgment,” Krystal wrote in a 2020 letter to Lee. “You made them explicitly in your professional capacity as a psychiatrist and on the basis of your psychiatric knowledge and judgment.”

    “For that reason,” he continued, “the committee decided it was appropriate to consider how these statements reflected your ability to teach trainees.”

    One major factor in Krystal’s reaction to Lee’s political action is likely the “Goldwater Rule,” a professional standard from the American Psychiatric Association that warns against diagnosing someone without an evaluation.

    While it seems like an obvious step in diagnosis, Lee, who is not a member of the APA, argued that the danger from Trump outweighed the need for clinical evidence.

    Citing a supposed “duty to warn” the public about Trump’s mental state, Lee filed a lawsuit arguing that her own unhinged assault against the president wasn’t partisan slander but a professional obligation.

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    Tyler Durden
    Sun, 09/04/2022 – 22:00

  • Semper Sigh: Biden's Use Of The Marines Violated Long-Standing Federal Policies And Regulations
    Semper Sigh: Biden’s Use Of The Marines Violated Long-Standing Federal Policies And Regulations

    Authored by Jonathan Turley,

    Below is my column in the New York Post on the controversial speech of President Joe Biden in Philadelphia. The speech has received sharply different reviews from “disgusting” and “hateful” to a historic declaration of war against the enemies of the state. Some like Elie Mystal insisted that the speech did not go far enough because all Republicans are white supremacists, not just MAGA Republicans. I thought the speech was divisive and inflammatory. However, it was not the content but the optics of the speech that was particularly unsettling.  Framing Biden were two Marines standing like nutcracker props in a highly political speech. His use of the Marines (and the Marine band) violated long-standing rules for shielding the services from such political events.

    Here is the column:

    President Joe Biden’s speech in Philadelphia has produced sharply different responses from the media. On CNN, it was praised as a rallying cry for patriots. On conservatives sites, it was denounced as hateful and divisive.  For many of us, however, the optics was a glaring distraction with the intense red background and prominently placed Marines framing the President. The use of the Marines and the Marine band raised concerns given the clearly political purpose of the speech. Indeed, the networks did not view the speech as an address to the nation and refused to give the White House primetime slots.

    While White House press secretary Karine Jean-Pierre assured the media that “it’s not a political speech,” it was unabashedly political from calls to get the vote out to direct attacks on “MAGA Republicans” and Donald Trump. That again raised the legal questions over the use of the Marines in such a speech. Even CNN flagged the concern over the use of the Marines and CNN chief White House correspondent Kaitlan Collins stated the obvious that “it was a very political speech.”

    The optics of the speech instantly became a source of Internet chatter with the weird red background that made the President look like he was giving a stump speech from Dante’s Inferno. Indeed, it almost had that High Chancellor Adam Sutler look from V for Vendetta. (The comparison ultimately did not end with just the optics. Sutler warned his inner circle that “every day…brings us closer to November” and “I want this country to realize that we stand on the edge of oblivion. I want every man, woman and child to understand how close we are to chaos…to remember why they need us!”).

    However, it was the use of the Marine guards that most stood out — framing the President as he declared Trump supporters to be a threat to democracy . Biden denounced “MAGA Republicans” thirteen times as well as repeated references to his past and possible future political opponent, Donald Trump.

    The speech was obviously political, as noted by CNN’s Collins, as a “full frontal attack” on his political opponents.

    The United States has long drawn a line between the work of federal employees in public service and the use of such employees for political purposes. The Hatch Act was passed in 1939 to curtail the political activities of civilian federal employees.

    The Marine Corps expressly forbids personnel from being used or participating in such political events.

    “Active duty members will not engage in partisan political activities, and all military personnel will avoid the inference that their political activities imply or appear to imply DoD sponsorship, approval, or endorsement of a political candidate, campaign, or cause.”

    The other services have also drawn a bright line against such appearances. Army officials, for example, stress that their rules bar such involvement because “actual or perceived partisanship could undermine the legitimacy of the military profession and department.”

    In Department of Defense Directive 1344.10 the long list of prohibited involvement in political events include:

    “Attend partisan political events as an official representative of the Armed Forces, except as a member of a joint Armed Forces color guard at the opening ceremonies of the national conventions of the Republican, Democratic, or other political parties recognized by the Federal Elections Committee or as otherwise authorized by the Secretary concerned.”

    These rules also expressly bar the wearing of uniforms at such political speeches: “The wearing of the uniform by Service members … is prohibited … during or in connection with furthering political activities, private employment, or commercial interests, when an inference of official sponsorship … for the activity or interest may be drawn.”

    There are obviously gray areas for a president who is necessarily accompanied by members of the military. Moreover, drawing the line between what is a presidential address and what is a political speech is often difficult. Presidents are politicians and often use official statements to slam their critics or opponents. Such events often have color guards and military bands.

    The enforcement of such rules are also rather anemic. Even violation of the Hatch Act are routinely brushed aside by presidents and both the Biden and Trump administrations have violated the Act in the past.

    Yet, what is interesting is the relative silence of many in the media on the use of these Marines as virtual nutcracker props for a political speech. The media overwhelmingly condemned President Trump for his picture in front of St. John’s Church after the clearing of Lafayette Park in 2020. While the media falsely claimed that the park was cleared for the photo ed, many criticized the photo with military and law enforcement officials as inappropriate. Later, Gen. Mark A. Milley, apologized for being in the photo, declaring “My presence in that moment and in that environment created a perception of the military involved in domestic politics.”

    Yet, Milley has said nothing about supplying not just the Marine Band but Marines to stand directly behind Biden at a political speech as he denounced his political opponents as threats to democracy and part of what he was called a “semi-fascist” movement. Those Marines stood at attention as the President declared “Donald Trump and the MAGA Republicans represent an extremism that threatens the very foundations of our republic.” (Apparently, nothing says that you are against fascism as much as labeling your political opponents enemies of the state with Marines on either side of you).

    The use of the Marines would certainly seem to “create a perception of the military involved in domestic politics.” Moreover, the message sent to other military personnel, particularly other Marines, is that support for the President’s opponents is considered a threat to the constitutional Republic.

    The Washington Post previously objected to the use of the Marine band at the White House when President Trump was viewed as giving a political speech. During the Trump Administration, others joined such criticism including Members of Congress and public interest groups.

    Alice Hunt Friend, a senior fellow at the Center for Strategic and International Studies, told the Post that the use of the band was a “big violation” since “Americans who see uniformed military personnel at partisan political functions may assume the military has a partisan identity. Presidents running for reelection always have to take extra care to keep their military aides out of their campaign activities.”

    Those voices are, thus far, silent in President Biden’s use of these Marines for a highly partisan and divisive speech.

    Winston Churchill once said that it is “always dangerous” for military to find themselves mixing with politics because “they enter a sphere in which the values are quite different from those to which they have hitherto been accustomed.” That was never more evident as two young Marines stood at attention as their president accused millions of their fellow citizens of being enemies of the constitutional Republic. They deserved better from the President.

    Tyler Durden
    Sun, 09/04/2022 – 21:30

  • China Warns Of 'Counter-Measures' After Biden Approves $1.1bn Arms Sales To Taiwan
    China Warns Of ‘Counter-Measures’ After Biden Approves $1.1bn Arms Sales To Taiwan

    China is “firmly opposed” to the Biden administration’s approval of more than $1.1 billion in arms sales to Taiwan, and says to expect “counter-measures” in response.

    Navy soldiers walk past a 500-tonne corvette (L) named ‘Tuo Chiang’ — ‘Tuo River’ — is the first of its kind ever produced by Taiwan as “the fastest and most powerful” in Asia at the Tsoying navy base in southern Kaohsiung on March 31, 2015. (SAM YEH/AFP/Getty)

    Chinese embassy spokesman Liu Pengyu said on Saturday that the sales “severely jeopardize China-US relations and peace and stability across the Taiwan Strait,” and has called on Washington to “immediately revoke” them.

    Full statement (via Twitter):

    #Taiwan is an inalienable part of the #Chinese territory. The United States interferes in #China’s internal affairs and undermines China’s sovereignty and security interests by selling arms to the Taiwan region. It runs counter to international law and basic principles in international relations, and violates the one-China principle and provisions of the three China-US joint communiques, especially the August 17 Communique.

    It sends wrong signals to “Taiwan independence” separatist forces, and severely jeopardizes China-US relations and peace and stability across the Taiwan Strait. China is firmly opposed to this.China urges the US side to honor its commitment, earnestly abide by the one-China principle and the three China-US joint communiques,stop arms sales to and military interactions with Taiwan, and immediately revoke relevant arms sales to Taiwan, lest it should cause more damages to China-US relations and peace and stability across the #TaiwanStrait.

    China will resolutely take legitimate and necessary counter-measures in light of the development of the situation.

    Paging John Cena…

    Tensions between Washington and Beijing have intensified since House Speaker Nancy Pelosi’s visit last month, which China had warned against – and responded to by ordering military drills around the island nation after she had left.

    On Saturday, Taiwan said it “highly welcomes” the arms, and thanked the Biden administration for “continuing to implement its security commitments to Taiwan.”

    “In response to China’s recent continuous military provocations and unilateral changes in the status quo and creating crises, Taiwan’s determination to defend itself is extremely firm,” Taiwan’s Ministry of Foreign Affairs said in a statement, adding “This batch of arms sales includes a large number of various types of missiles that are needed to strengthen Taiwan’s self-defense, which fully demonstrates that the great importance the US government attaches to Taiwan’s defense needs, assisting our country to obtain the equipment needed for defense in a timely manner and to enhance our national defense capabilities.”

    On Thursday, Taiwan’s military shot down a drone near one of its island outposts near the Chinese coast, which happened just one day after Taiwan was able to repel drones hovering over three of the islands it occupies near the Chinese port city of Xiamen.

    Tyler Durden
    Sun, 09/04/2022 – 21:00

  • Will OPEC Cut Oil Output On Labor Day?
    Will OPEC Cut Oil Output On Labor Day?

    Authored by Tsvetana Paraskova via OilPrice.com,

    • OPEC is meeting on September 5 to discuss the state of the oil market.

    • The cartel is considering slashing oil production.

    • Reports of where oil demand is heading remain mixed.

    Saudi Arabia’s signal from two weeks ago that OPEC+ could decide to cut production at any time, in any form, managed to lift Brent oil prices to above $100 per barrel for around a week.   

    But this week, fresh lockdowns in China, intensified fears of recession, and guidance that the Fed will continue with the large key rate hikes sent oil prices tumbling to the low $90s.    

    While OPEC insists that oil demand is robust and will be so through the end of the year, data suggests that demand in the world’s top oil importer, China, has been weak this summer amid COVID lockdowns and slowing factory activity. 

    Overall Asian crude imports are estimated to have slowed in August from July, with imports in India, the world’s third-largest crude importer, also down month on month, according to Refinitiv Oil Research data cited by Reuters’ Asia Commodities and Energy Columnist Clyde Russell. 

    OPEC+ is meeting on September 5 for its regular monthly gathering to assess market conditions and decide how to proceed with the pact which currently expires in December this year. The group, in theory, rolled back by the end of August all the massive cuts from May 2020, but it’s estimated to be 2.9 million barrels per day (bpd) below the collective target. 

    Now the million-dollar question is: Will there be new cuts? And will cuts help support what looks like a softening physical crude market? 

    Per a Bloomberg survey of 19 industry analysts, OPEC+ is expected to keep the oil output target for October at the same level as in September when they meet next week. 

    Moreover, refiners in Asia expect Saudi Arabia to slash the price of its flagship grade to Asia for October amid lackluster fuel demand and increased competition from crude from other regions. If next week Saudi Aramco indeed slashes its prices, it would be an admission of a weakening demand for Middle Eastern crude in the key oil importing region, Asia. 

    OPEC insists that oil demand is strong. Global oil demand is still robust and will be such through the end of this year, OPEC Secretary General Haitham al-Ghais told Reuters last month, noting that the recent sell-offs didn’t reflect fundamentals and were driven by fear. 

    But the latest data compiled by Refinitiv paints a different picture.

    Chinese imports in August are expected to be only slightly above the July arrivals, and the June-August overall imports are estimated at around 1.5 million bpd below the 2021 average rate of purchases, Reuters’ Russell notes. 

    In July, crude throughput at Chinese refineries slumped to the lowest level since the height of the pandemic in March 2020, amid unplanned facility outages and lower processing rates at independent refiners due to declining refining margins. A new round of tax probes on private refiners, the so-called teapots, could slow down further the crude processing rates at the world’s top crude oil importer, while this week’s new lockdowns in several large cities are not helping demand, either. 

    Fears of demand destruction with slowing industrial activity not only in China, but also in Europe and the U.S., sent this week oil prices down to the levels from before August 21 when Saudi Energy Minister, Prince Abdulaziz bin Salman, said that OPEC+ was ready to cut production at any time in any form if it believes it would bring stability to the “schizophrenic” oil market.  

    If OPEC+ surprises most market observers and does announce cuts on September 5, it could support oil prices for some time. However, the more likely outcome of Monday’s meeting could be a wait-and-see approach and a vague statement of readiness to do whatever it takes to “stabilize” oil prices, which in OPEC+’s parlance typically means “lift” oil prices. 

    Two large uncertainties are hanging over the market apart from where demand will go from here, and they could prompt OPEC+ to wait for more clarity ahead of announcing possible production cuts. These are the so-called Iranian nuclear deal and the oil supply from key OPEC+ member Russia, which could dip from very resilient current levels once the EU embargo on seaborne Russian crude and fuel imports comes into full force in early 2023 and countries announce a price cap on Russian oil.    

    Tyler Durden
    Sun, 09/04/2022 – 20:30

  • Buffett's BYD Sales Add To Chinese Stock "Pain Trades"
    Buffett’s BYD Sales Add To Chinese Stock “Pain Trades”

    By George Lei and Ye Xie, Bloomberg Markets live commentators and reporters

    Three things we learned last week:

    1. There have been strong inflows into China’s stock market, despite the nation’s economic challenges. Chinese equity funds, led by ETFs, received $3 billion in the week through Aug. 31, in contrast to an outflow of $9 billion from global equity funds, according to EPFR Global and Citigroup. Foreign investors appear to be unfazed by the weak market performance, as renewed Covid outbreaks sent Chinese stocks to a three-month low.

    In August, long-only managers added bets on consumer-service names as part of the “reopening trade” as well as electric- vehicle makers, such as BYD Co., to gain exposure to the growth factor, according to Morgan Stanley. But their timing wasn’t particularly good. Warren Buffett’s Berkshire Hathaway started trimming its massive stake in BYD, putting the shares under pressure.

    Meanwhile, restaurant and traveling names such as Yum China, H World and Trip.com aren’t performing well amid the spreading Covid cases. “The recent lockdown in some China major cities and investors’ transactions on BYD imply a prolonged wait for these trades to add values,” Morgan Stanley’s analysts led by Gilbert Wong wrote in a note.

    2. The number of Chinese cities grappling with virus outbreaks is now almost as high as it was at the peak of the Omicron wave earlier this year. The southwestern metropolis of Chengdu locked down its 21 million residents, and Shenzhen’s 17.5 million inhabitants now fear a second city-wide shutdown this year.

    Since May, China has adopted a mass-testing strategy, setting up tens of thousands of testing booths across major cities. Authorities hoped frequent testing would help them avoid lockdowns and enable most business activities to carry on. The highly- transmissible BA.5 variant, however, has left the strategy increasingly ineffective and economic pains are mounting.

    3. Policy divergence is putting the yuan under pressure, but the People’s Bank of China has resisted the currency’s depreciation. Friday’s US jobs report is unlikely to prompt the Federal Reserve to change its hawkish message. It’s a coin toss between a 75-bp or a 50-bp rate hike at the Fed meeting later this month. This week, the European Central Bank is likely to raise rates by 75 bps. Facing depreciation pressure, the PBOC has set the yuan fixing stronger than expected. It has slowed the yuan’s decline, at least for now.

    Tyler Durden
    Sun, 09/04/2022 – 20:12

  • As Europe Implodes, It Plans "Radical Intervention" Including Price-Setting, Suspending Derivatives Markets And Europe-Wide Margin Call Bailouts
    As Europe Implodes, It Plans “Radical Intervention” Including Price-Setting, Suspending Derivatives Markets And Europe-Wide Margin Call Bailouts

    Just when you thought the narrative couldn’t get any more idiotic, Europe shocks just about everyone.

    A few days after the EU threatened commodity traders it would stage an “emergency intervention” to crush energy prices which were rising at a pace of about 20% per day (perhaps Europe can now print nat gas and electricity in addition to monetizing all deficits while injecting trillions in the process)…

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    … a move which actually worked for a few days until Putin reminded Europe who’s boss late on Friday when Gazprom suddenly decided it would “completely halt” all Nord Stream 1 transit altogether due to an “oil leak“, with the news sending global stock markets plunging and threatening to push European gas and power prices back to all time highs when markets reopen on Monday as well as forcing Sweden to follow Austria and Germany in bailing out energy companies as Nordic authorities warned of a “Lehman” moment risk, late on Sunday Bloomberg reported that European ministers will discuss “special measures to rein in soaring energy costs – from gas-price caps to a suspension of power derivatives trading – as the bloc scrambles to respond to latest developments in the deepening crisis.” A draft document seen by Bloomberg News notes that the Czech Republic, which holds the European Union’s rotating presidency, is set to include those tools on a list of emergency intervention options to be discussed at a meeting of energy ministers on Friday.

    While anything it does is doomed to fail, Europe has been scrambling to stave off an energy catastrophe that’s threatening to become an economic, social, and even financial crisis too.

    European leaders have been working for months to try to offset the impact of Russia’s squeeze on gas — a move they describe as the weaponization of energy. But the decision late Friday by Gazprom PJSC to keep the crucial Nord Stream pipeline shut brought on a new sense of panic.

    In response to soaring energy prices and rationing of firewood, over the weekend, Germany – the country most affected by the Nord Stream cutoff – unveiled a $65 billion package meant to boost demand and to protect consumers, with a levy on windfall profits, in effect completely undoing the ECB’s efforts to squash demand by hiking interest rates and ending QE, similar to what the Biden admin is doing to the Fed in the US.

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    At the same time, thousands of Czechs protesting in the streets this weekend served as a reminder of the social and political risks.

    “It is clear that the upcoming heating season will test the resilience of the EU energy market,” the Czech presidency plans to tell member states, according to the draft document for the emergency meeting. “It is critical to take stock of market developments and identify possible measures to address high electricity prices driven by high gas prices.”

    So what can Europe do? Nothing really, but it will pretend to be in control until the bitter end. The options the Czech presidency is set to suggest – according to Bloomberg – would complement measures floated by the European Commission in a policy note seen by Bloomberg last week. They included a power-demand reduction and price caps on renewables, nuclear and coal, all of which are of course dead-ends. The presidency is poised to propose similar “solutions” in the power sector and float the following additional tools:

    To limit the impact of gas prices on power prices:

    • temporarily capping the price of gas used for electricity generation
    • putting a price ceiling on gas imported from Russia
    • temporary exclusion of power production from gas from merit order and price setting on the electricity market could also be an option

    Uhm, someone should tell Europe that since Russia is already barely exporting any “weaponized” gas to Europe to destroy the continental economy, setting a price cap on whatever molecules of gas are left won’t really do anything at all. But this is what happens when Europe is run by absolute idiots.

    It gets better: to increase liquidity in the energy market, where virtually nobody trades any more since there is simply no physical with which to hedge financial positions, Europe will propose:

    • an urgent Europe-wide credit line support for market participants faced with very high margin calls
    • capping the limits for margining or automatic price ceiling adjustment
    • temporary suspensions of European power derivatives markets.

    In short, Pierre Andurand was not only absolutely spot on when he said the “oil market is completely broken” but now every other commodity market is about to be “regulated” to death. Which means paper prices may soon hit 0 as physical prices approach asymptote (i.e +∞).

    The Czech presidency is also set to suggest an even more humiliating and laughable assessment of how the EU could use its “carbon market” to address high electricity prices and ensure a quick deal on a commission proposal earlier this year to sell some permits withdrawn from the market and kept in a special reserve. Such sales – Bloomberg reports – “would boost supply of emission permits, helping lower their prices.” Spoiler alert: they won’t do jack shit.

    And in typical European word goulash style, the most hilarious idiocy was as usual saved for last: here it is from Bloomberg.

    The planned intervention should be designed in a way to avoid an increase in gas consumption or jeopardize the efforts to cut gas demand. It should be simple to implement and coordinate across the bloc and be consistent with the bloc’s climate goals, the presidency said in the draft document.

    Yup “simple to implement”, and this is where laughter breaks out. Why? Because as even Goldman said on Friday, nothing Europe does will lead to lower prices and if anything will send prices much higher. First, we excerpt from Goldman’s Damien Couravlin who explains – once again – why Europe’s “brilliant” plans always works in theory and collapse in practice (full note available to pro subs):

    And while Europe’s increasingly cartoonish leaders live in a Never Never land where they sacrifice their populations to freeze so they can continue their pro-Ukraine virtue signaling, here is Goldman explaining why Putin’s response will lead to a “significant rally” in nat gas prices (full note here for pro subs).

    Tyler Durden
    Sun, 09/04/2022 – 19:43

  • Buying Or Renting? The Old Question Is Back
    Buying Or Renting? The Old Question Is Back

    Op-ed by Jeffrey A. Tucker via The Epoch Times (emphasis ours),

    Every young person moving into adulthood faces the great question of whether to buy or rent their primary residence. That question just became much more complicated.

    The ratio between the two just expanded to the greatest gap since 2008, and it does not favor buying. Mortgage rates have made buying completely unaffordable even for those who can get a mortgage. That’s why housing demand has suddenly fallen off a cliff.

    The Mortgage Bankers Association reports that before lockdowns, median mortgage payments and asking rents were equal at $1,200. The choice was really about making the best choice to fit with career plans and duration of residency. Since lockdowns, rents have risen 10 percent to $1,314 while mortgage payments have risen 58 percent to $1,893. Now it is a different matter. It is about figuring out how to avoid being pillaged.

    Maybe the answer seems to favor renting. But not so fast: rental vacancies are now lower as a percentage of overall units on the market than they have been since 1983. That means it’s not so easy to get a place to live. The sheer number of applications means that renters can be extremely fussy about whom they accept or reject. A sketchy job history, an uncertain living situation, a ding on your credit report can all lead to a turndown. Plus the terms can be egregious: long leases, huge upfront payments, and strict terms for breaking them.

    Meanwhile, we’ve not seen this much upward price pressure on rents in nearly 40 years.

    (Data: Federal Reserve Economic Data [FRED], St. Louis Fed; Chart: Jeffrey A. Tucker)

    But put yourself out there in the home-buyer’s market and prepare yourself for sticker shock. The median home price has doubled since 2007. And it’s not just the price of homes. It’s the stringent credit conditions plus stunning mortgage rates that mean paying far more for far less. Once you add in the homeowners association fees, plus property taxes, it starts to feel utterly crazy, to say nothing of maintenance.

    Just since January, the number of homes sold in the United States has fallen 26 percent. One might suppose that this would lead to dramatic downward price pressure. But that’s not what happened in an economy with unrelenting currency devaluation. Prices have softened, to be sure, but we won’t see a crash like 2008. That’s because the purchasing power of money in general is falling.

    The inflation virus strikes in ways that are impossible to predict. Housing has cooled and so has jet fuel. There are no bargains in housing but you can fly coast to coast now for about $150. September flights from New York to Miami are at rock-bottom prices not seen in decades. This is because airlines have so tightly managed bookings that even small changes in consumer demand reflect very quickly in wonderful bargains.

    So while the flights are cheap, the hotels, food, and entertainment once you get to your destination are not. And this is why so many consumers today are rethinking travel plans.

    But staying home is no great shakes either because electricity and other utility bills are right now absorbing the highest levels of inflationary energy. Real-time year-over-year increases are running 14.6 percent. Those prices hit renters and buyers equally.

    So much for the old saw that buying a home is an investment while renting is just throwing money away. In today’s market, the opposite seems true. The more you save by renting instead of buying is money that you can invest.

    Of course it would be nice to have a good investment at hand. Nearly half of American households have nothing left after paying the bills for investment. Saving rates keep falling and have hit 5 percent. And credit card debt is rising. Among those who can afford to invest, getting a return above inflation is nearly impossible.

    The Fed seems determined to deliver unrelenting bad news to the stock market, even regarding bear markets as a sign of success. This is because current Fed policy isn’t really about sponging up the liquidity it dumped by the many trillions during 2020 and 2021.

    Instead it is about cooling off economic output, which these aging Keynesians believe bears the main responsibility for inflation. That means orchestrating something approximating a recession. The White House is on notice that this is happening and is preparing every manner of messaging to get people not to notice that they are getting poorer by the day.

    Meanwhile, the latest employment report offers only more confusion. More jobs, yes, but labor force participation is still stuck far below pre-lockdown levels. Worker to population levels are the same. The unemployment rate is ticking up, nowhere near alarming levels but the trend is only going to get worse over the months as we all settle into the reality that the recession is real.

    Indeed, as I’ve argued, the recession never really went away!

    Read more here…

    Tyler Durden
    Sun, 09/04/2022 – 19:30

  • Trump Says November Election's A "Referendum" On "Enemy Of The State" Biden
    Trump Says November Election’s A “Referendum” On “Enemy Of The State” Biden

    At his first rally since the FBI’s raid on Mar-a-Lago, former President Trump took aim at President Biden and the Democrat’s recent warnings about “MAGA Republicans”, calling the current president an “enemy of the state.”

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

    Speaking to supporters in Wilkes-Barre, Pennsylvania on Saturday, the former president addressed Biden’s primetime speech by deeming it the “most vicious, hateful, and divisive speech ever delivered by a [U.S.] president.”

    Trump claimed Biden was “vilifying 75 million citizens, plus another probably 75 to 150 [million], if we want to be accurate about it, as threats to democracy and as enemies of the state.”

    “You’re all enemies of the state,” he told the crowd to boos against Biden.

    “He’s an enemy of the state if you want to know the truth. The enemy of the state is him and the group that control him, which is circling around him. ‘Do this, do that, Joe.’”

    At another point during the Save America rally, Trump addressed the Mar-a-Lago raid, calling the investigation into whether he mishandled classified documents “one of the most shocking abuses of power by any administration in American history.”

    “Another one of our highest priorities under a Republican Congress will be to stop left-wing censorship and to restore free speech in America,” Trump continued.

    “We don’t have free speech. Go out and sign up now, by the way, for Truth Social. Anybody on Truth Social? It’s hot. And it’s much better than Twitter.”

    Finally, Trump urged Americans to vote for Republican candidates in November, saying the midterm election results will serve as a referendum on the Biden administration.

    “This election is a referendum on skyrocketing inflation, rampant crime, soaring murders, crushing gas prices, millions and millions of illegal aliens pouring across our border, race and gender indoctrination, converting our schools,” Trump said on Sept. 3.

    “And above all, this election is a referendum on the corruption and extremism of [President] Joe Biden and the radical Democrat Party.”

    “If you want to stop this destruction of America, you must vote Republican, you must go out and vote,” Trump added.

    “We are just two months away from the most important midterm election in American history,” Trump continued, “We need a landslide so big that the radical left just cannot rig it.”

    A “historic victory” for the Republican Party in November would pave the way for GOP lawmakers to tackle issues currently plaguing the nation, according to Trump.

    “Among our highest priorities must be to end the nightmare Joe Biden and congressional Democrats have created on our southern border,” he said.

    According to a recent USA TODAY/Ipsos poll (pdf), 59% of Republican voters said Trump should be the GOP nominee in 2024 and he “deserves reelection.” What’s more, 82 percent of Republican voters believe Trump can win the 2024 election. In contrast, only 44 percent said Biden should be the Democratic nominee in 2024 and deserves reelection. Only 60 percent of Democratic voters believe Biden could win in 2024.

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    Tyler Durden
    Sun, 09/04/2022 – 19:00

  • Déjà Vu: Argentines Are Once Again Voting For More Inflation While Remaining In Denial
    Déjà Vu: Argentines Are Once Again Voting For More Inflation While Remaining In Denial

    Authored by Marcos Falcone via The Mises Institute,

    On July 2, Martín Guzmán, Argentina’s Minister of Economy, finally resigned. Guzmán, who holds a PhD in economics from Brown University and studied under Joseph Stiglitz, had originally been introduced as the “rational” element of the left-wing coalition that came to office three years ago. But there is only so much time that can pass until inconsistent policies produce undesirable outcomes, something about the United States needs to learn in order to avoid Argentina’s mistakes. Indeed, it is probably a good idea to avoid 7.4 percent monthly inflation figures, like the one Argentina just released.

    Argentina’s Guzmán had been appointed by President Alberto Fernández in December 2019 with the impossible task of expanding the size of government and simultaneously bringing down poverty and inflation. This recipe is the same that former presidents Néstor and Cristina Kirchner tried between 2003 and 2015, which in the end caused annual deficits of about 8 percent of the gross domestic product (GDP) and inflation to soar to 40 percent. From 2015 to 2019, former president Mauricio Macri reduced the deficit but failed to achieve a fiscal surplus. Even so, the unpopular effects of fiscal adjustment, plus a combination of clumsiness and bad timing during his entire tenure cost him reelection.

    The pandemic, which caught the new government by surprise only three months after it took office, seemed like an opportunity for Kirchnerists to engage in modern monetary theory–style policies and mock those who warned about their consequences. Though Guzmán raised taxes, most government spending was financed through an increase in the money supply, the effects of which were bound to be delayed because of lockdowns.

    But in 2020, economists who were close to the administration were writing op-eds in which they suggested explanations as to why increasing the monetary supply not only did not cause inflation, but actually decreased it. The country was once again running high deficits, but Guzmán did not seem to care about them and contended that these were temporary measures.

    After the pandemic was over, instead of returning toward a path of fiscal balance and debt reduction, Guzmán accelerated the path toward high deficits, which can only be sustained by money printing, since markets did not trust Argentina’s government bonds. As a result, public spending currently is increasing more rapidly than revenue, and it is uncertain whether the country will meet the deficit target that was agreed with the IMF only last year in order to avoid defaulting on its debt. Meanwhile, annual inflation has risen to 70 percent and since Guzmán’s resignation, the peso fell more than 20 percent against the dollar.

    In this context, it may be surprising that markets interpreted Guzmán’s exit as bad news. Yet the fall of Guzmán and the arrival of new minister Silvina Batakis, who only lasted a few weeks and has already been replaced by “superminister” Sergio Massa, symbolized the victory of the “irrational” wing of the government led by Vice President (and former president) Cristina Kirchner, who is actually the one who selected President Fernández as her running mate back in 2019. In the past, Kirchner has argued that economic theories do not work in Argentina, and she is known for advocating permanent economic stimulus even if this means excessive money printing.

    If we are to believe insiders, Guzmán and Batakis both tried to correct the course of the economy and Massa will continue to pursue that goal, with the vice president as the main source of opposition. But if Massa fails and government policies on public spending stay the same, they will drive Argentina’s economy toward hyperinflation, which is the only possible outcome for a country with perpetually high deficits and no access to debt markets.

    This is not the first time that Argentina’s economy has been on the verge of collapse. In the minds of the public, the hyperinflations of 1975 and 1989–90 are still remembered. But the very policies that underlie these crises, which are related to extravagant levels of public spending, high deficits, and ultimately an excessive increase in the monetary supply, are yet to be repudiated by a majority of voters, as exemplified by Fernández and Kirchner’s win in 2019. History seems to have a way of repeating itself.

    Argentina’s example should serve as a warning to other countries of what can happen if the populist fantasy of creating money out of thin air clings onto the minds of key public officials and voters for too long. In the United States, for example, the Biden administration is showing signs of adhering to delusional theories about the economy that resemble those of Argentine Kirchnerism.

    Indeed, President Biden believes that one of his tweets can bring down gas prices, Senator Warren keeps blaming corporate greed for inflation, Democratic legislators praise acts to reduce inflation as though if monetary policy was just wishful thinking. But ignoring the fact that excessive money printing has an effect on price levels, or arguing that companies charge more because they are evil, are excuses that we have seen in Argentina at the beginning of inflationary processes, and we know what comes next. We do not want to end in that path.

    Tyler Durden
    Sun, 09/04/2022 – 18:30

  • BLM Chapters Accuse Parent Organization's Leader Of Millions In Fraud: Lawsuit
    BLM Chapters Accuse Parent Organization’s Leader Of Millions In Fraud: Lawsuit

    A lawsuit filed on Thursday in Los Angeles Superior Court accuses Black Lives Matter (BLM) and its leader, Shalomyah Bowers, of using foundation funds as his “personal piggy bank” and acting as a “rogue administrator” and a “middle man turned usurper.”

    Shalomyah Bowers

    Bowers, who became head of the Black Lives Matter Global Network Foundation in April, and is accused of paying millions to his own Bowers Consulting Firm, as well as diverting funds from a new group called Black Lives Matter Grassroots, Inc. – a coalition of BLM chapters.

    In total, over $10 million of donors’ money was siphoned by Bowers, including $2,167,894 paid to Bower’s firm in 2021, the lawsuit alleges.

    The lawsuit seeks damages and restitution, as well as a temporary restraining order to block the foundation from using BLM accounts, or its website.

    Bowers told the NY Post that the lawsuit is nothing more than a power grab by disgruntled activists who want to wrest control of the movement, including California State University Pan-African Studies professor Melina Abdullah.

    Dr. Melina Abdullah

    “The assets that we built, the financial resources, the social media platforms and the name ‘Black Lives Matter’ have been taken from us and are under the control of consultants,” said Abdullah, BLM Grassroots director and a co-founder of the BLM Los Angeles chapter.

    BLM Grassroots was launched three months ago, records show. It claims to represent BLM chapters across the country.

    The new group was founded in California in May by Walter Mosley, the lawyer who also drafted the lawsuit against Bowers, according to court papers. Mosley formerly represented Black Chyna in a law suit against Kim Kardashian in 2018. -NY Post

    In court papers, Abdullah is described as having been “engaged in intuitive protest simultaneous to the online activism of the three co-founders,” whatever that means.

    “It’s the most insane thing I’ve read in a court pleading, and it’s signed under penalty of perjury when they know it’s a lie,” said Bowers, who told the Post that the Foundation has recently undergone audits which don’t show $10 million going to him or his firm.

    “We are in the process of correcting things, of fixing things and dealing with disgruntled people who want to take over the group,” he continued.

    The lawsuit comes months after BLM founder Patrice Cullors stepped down amid reports of extensive real estate purchases, as well as internal criticism over the foundation’s operations. She named two organizers as interim executives – however months later both individuals said they never actually acted in those roles due to an inability to reach an agreement over the scope of their positions.

    According to the BLM Grassroots lawsuit, Bowers – who had been handling the administration under Cullors, took control of the operation, shutting out the grassroots chapters.

    “We’re asking for accountability,” said BLM Grassroots director of operations, Angela Austin, who added that the local chapter was locked out of its social media accounts after the killing of Patrick Lyoya in Grand Rapids, and that they had been given no commitment from BLM for continuing funding.

    “We’re fighting for the soul of Black Lives Matter,” said Abdullah. “Black Lives Matter belongs to the people who birthed and built it.”

    As American Thinker‘s Rajan Laad notes:

    While Bowers is claiming innocence, it would not be surprising if he did indeed profit from BLM. Despite their claims, BLM seems to me founded for solely pecuniary gains.

    BLM is a perfect instance of how modern liberalism functions as an extremely lucrative business model.  BLM merely expanded on the extortion business model of veteran race hustler Al Sharpton, which is ‘give us your money else we’ll brand you racist,’ but did it on a much larger scale.  Al Sharpton must feel like a worn-out pair of shoes in the bottom drawer of a shoe case.

    “Black Lives Matter” began as a trend on social media, in 2013 following Trayvon Martin’s death. Soon it evolved into a slogan used by ‘protestors’ across the US.

    In the death of George Floyd in 2020, BLM saw their biggest opportunity to take the ‘movement’ to the next level and become the sole arbiters in matters of race.  In parallel, BLM carried out ‘protests’, which were actually riots all over America.

    Dozens of people were killed and numerous others injured and thousands of businesses and properties, many minority-owned, were looted, torched, or otherwise vandalized. 

    Axios revealed that the total insured property losses incurred during the riots are between $1 to $2 billion dollars. The actual number including losses of uninsured property must be considerably higher.

    That must not have mattered to BLM.  For BLM, the riots were a promotional event that caused their coffers to be overflowing.

    BLM was supported by the Democrats and their propagandists in the media because they could blame the riots on Trump and benefit from it politically. The Democrats, too, saw this as an opportunity to raise funds.

    The noise created such a frenzy that anybody who was anybody began donating to BLM

    Hollywood stars such as Angelina Jolie, Steve Carell, Seth Rogen, Kate Beckinsale, Jennifer Lopez, Ryan Reynolds, etc. donated to BLM.

    Some stars even bailed out BLM rioters who were taken into custody.

    Big tech firms such as Google committed $12 million. Facebook and Amazon donated $10 million. Apple pledged $100 million, and so did Walmart. Target pledged $10 million while Home Depot announced  $1 million.

    BLM didn’t make any verifiable promises; their goal was unstated, esoteric, and symbolic which ensured they could keep collecting without any oversight.

    Rich donors didn’t verify how their donations were spent. Their sole purpose of donating was to be regarded as among ‘the good ones’. It was also like protection money to prevent BLM thugs from banging at their doors.

    In the end, BLM managed to make $90m in just one year over the death of George Floyd.

    Read the filing below:

    Black Lives Matter Grassroo… by samtlevin

    Tyler Durden
    Sun, 09/04/2022 – 18:00

  • Where's The Outrage? America's Leaders Are Fiddling While The Country Burns
    Where’s The Outrage? America’s Leaders Are Fiddling While The Country Burns

    Authored by J.Peder Zane via RealClearPolitics.com,

    Where’s the outrage? Bob Dole asked in the middle of the scandal-plagued presidency of Bill Clinton scandals. Voters, it turned out, cared more about prosperity.

    But as U.S. politics has descended into tribal warfare, that blinding emotion has become the default position of both major political parties. Each sees the other side as more than outrageous – as threats to self-government itself. Democrats are trumpeting the upcoming midterms as a battle for democracy against their “semi-fascist” enemies; Republicans are largely running on the promise to investigate and punish the Biden administration.

    Lost in this Revenge Play politics is thoughtful discussion about how to address our nation’s pressing problems. Yes, politicians issue policy statements and even pass legislation, but where are their specific plans to reduce the national debt, tame brewing foreign threats, tackle crime, and whip inflation? We now know the Biden administration cynically used the name, “Inflation Reduction Act,” to drum up support for climate and health care initiatives it had failed to pass before and that had nothing to do with corralling price increases. At a time when about 70% of Americans believe the country is on the wrong track, does anyone believe either party knows how to set things right?

    The GOP still pretends to be the party of small government and fiscal responsibility, but it has not only failed by any measure to achieve either, it no longer even tries. It’s just words, words, words.  

    Democrats have long claimed that they know how to fix things through government action, but six decades of failed social policies have thoroughly undermined that notion. Joe Biden’s recent declaration that he will erase a massive tranche of student debt is remarkable for many reasons. His unilateral, probably unconstitutional, move is a sure sign of our broken government drift towards authoritarianism. The wildly different estimates of its costs, which range from $300 billion to nearly $1 trillion, are yet more evidence that nobody knows what they’re doing. Can you imagine running a business like that? The truly astonishing thing is that no one is claiming it addresses the immense and urgent problem of the high cost of college, which is strongly tied to wrongheaded federal loan policies. Democrats don’t even pretend to have the answer. They are raising the red flag, finally admitting they only know how to throw money at the issue (using taxpayer money to buy votes in the midterms).

    Republicans are pointing this out, but where’s their plan?

    Then, of course, there is the abject failure by both parties to deal with the COVID-19 crisis that has already taken more than 1 million American lives.

    Recent studies show that the lockdowns that kneecapped our economy were not an effective deterrent against the spread of the disease. The closure of schools set back, perhaps irreparably, the education of millions of children. The trillions of dollars the federal government rushed out the door to mask the problems their policies created are now a case study of waste, fraud, and abuse. In the Aug. 16 article, “Prosecutors Struggle to Catch Up to a Tidal Wave of Pandemic Fraud,” which detailed how “those dollars came with few strings and minimal oversight,” the New York Times reported:

    In the midst of the pandemic, the government gave unemployment benefits to the incarcerated, the imaginary and the dead. It sent money to “farms” that turned out to be front yards. It paid people who were on the government’s “Do Not Pay List.” It gave loans to 342 people who said their name was “N/A.”

    Those COVID failures, and myriad others, underscore the incompetence of our leaders. At bottom, the Democrats have mostly bad answers for our problems and Republicans have almost no answers at all.

    In this context, the furious outrage that drives our politics is revealed as a cynical act of bipartisanship: It is the intentional effort by leaders from both parties to protect themselves. They have weaponized anger, keeping we the people’s eyes fixed on each other’s throats so that we don’t hold them to account for their failures. Don’t blame us, it’s your neighbor that’s the problem. Why worry about policy when we are battling existential threats to the nation’s soul?

    The culture war is real and it is important. But our high-dudgeon focus on woke leftists and extreme elements on the right is also a top-down strategy aimed at drawing attention away from Washington’s ineptitude. Our leaders are fiddling while the country burns: When will we stop dancing to their outrageous tune?

    Tyler Durden
    Sun, 09/04/2022 – 17:30

  • American Library Association Removes Webpage Promoting 'Secret' LGBT Messaging In Libraries
    American Library Association Removes Webpage Promoting ‘Secret’ LGBT Messaging In Libraries

    Authored by Jackson Elliott via The Epoch Times,

    The American Library Association (ALA) destroyed a webpage that taught librarians how to secretly promote pro-LGBT messaging.

    The original page, written by Maryland librarian Tess Goldwasser, told librarians how to sneak pro-LGBT books into towns that don’t want them.

    “Do you work for a library in a small, rural, conservative community? Are you a frontline staff member there, with no managerial or administrative authority? Do you wish you could do more to make your library more inclusive to the LGBTQIA++ community, but meet with resistance?” the post about LGBT book month read. “I hope it’s not just me!”

    Now, the link to the page leads to an error message. A search of ALA’s website doesn’t show the original page, although it does show the page’s old entry on search results.

    The error message on the American Library Association’s website at the page that once displayed advice on how to secretly promote pro-LGBT programming. Screenshot taken Sept. 3, 2022. (The Epoch Times)

    The Epoch Times contacted the ALA but has yet to hear back.

    Articles Removed

    According to Dan Kleinman, the leader of the library watchdog group Safe Libraries, the ALA has a long history of actions like these.

    “This is an established pattern by the American Library Association of hiding things from the public,” he said.

    “When the public sees what they’re doing and becomes aware of it and they realize how embarrassing it looks, they take it down.”

    Kleinman added that on numerous occasions, he has seen the ALA remove articles from its site.

    Safe Library leader Dan Kleinman visiting New York City, New York. (Photo courtesy of Dan Kleinman)

    In one instance, Kleinman publicized an ALA page that insisted that librarians can’t determine whether something is child pornography because they aren’t judges.

    Then the ALA changed the page, he said. After the controversial claim was gone, the ALA’s Office for Intellectual Freedom director Jamie LaRue mocked him for saying it was there without proof, Kleinman said.

    The ALA’s dabbling in drag queen story hour started with San Francisco librarian Michelle Tea, Kleinman said. From there, it became a global phenomenon.

    In its rush to popularize radical gender activism, the ALA put safety on the back foot, Kleinman said. In one case, child sex offender drag queens were allowed to read to children at a Houston, Texas library.

    “The reason why they didn’t follow their policy to vet people before they let them go see children is because the librarians felt that it would have been a microaggression to assume the drag queen had a criminal record,” said Kleinman.

    Far-Left Ideology on Gender

    The ALA originally began promoting far-left gender ideology five decades ago under the leadership of Judith Krug, the director of the American Library Association’s Office for Intellectual Freedom, Kleinman said.

    Krug shifted libraries to oppose censoring information to children, he said.

    “No longer would they keep them from inappropriate material. Now, they would make sure that they got that inappropriate material. And they would leave it up to the parents to decide to stop it,” Kleinman said.

    “And at the same time, they would mislead parents so the parents couldn’t stop or weren’t aware that they should be.”

    To oppose this spread of radical sexual material to young children, parents need to get informed and run for office on school and library boards, Kleinman said.

    “So many people are just simply not aware of this issue. That’s why it goes on. That’s why these librarians get to screw people over,” he said.

    Tyler Durden
    Sun, 09/04/2022 – 17:30

  • Argentine Health Officials Link "Aggressive" Pneumonia Deaths To Legionnaires' Disease
    Argentine Health Officials Link “Aggressive” Pneumonia Deaths To Legionnaires’ Disease

    Argentine health officials announced on Saturday that a pneumonia of previously unknown origin has been linked to Legionnaires’ disease – a rare bacterial infection of the lungs, after four people in a clinic in northwestern Tucuman province died. Seven others are currently infected.

    Police officers at the entrance of the Luz Medica hospital in Tucuman, Argentina. Photo: Diego Araoz / Telam / AFP

    The cases have been linked to a single private clinic in the northwestern city of San Miguel de Tucumán, according to the WHO’s regional office, the Pan American Health Organization (PAHO).

    Health Minister Carla Vizzotti told reporters in a Saturday statement that Legionnaires’ had been identified as the cause of double pneumonia in the four who died after the rare bacterial infection was initially ruled out, according to a Friday report by Reuters.

    Provincial health minister Luis Medina Ruiz, left, and Argentina’s health minister Carla Vizzotti, second from left, during a press conference in Tucuman, Argentina on Saturday. Photo: Tucuman Province Health Ministry / AFP

    On Tuesday, five health care workers and a patient who required intensive care were reported with pneumonia of unknown origin. Their symptoms emerged between Aug. 18 – 22.

    Then on Thursday, three more cases were reported by local health officials, bringing the total number to nine, and on Friday and Saturday Argentina reported the 10th and 11th cases.

    The most recent death was that of a 48-year-old man with underlying health problems, which followed a 70-year-old woman who had undergone surgery in the clinic.

    In total, 11 cases have been identified – nearly all involving clinic staff according to provincial officials. Of the seven under care, “four remain hospitalized, three of them under respiratory assistance, and three are under home surveillance, with less complicated clinical symptoms,” said provincial health minister Luis Medina Ruiz on Saturday, who added that “toxic and environmental causes” could not be ruled out – and that the clinic’s climate control systems were being checked.

    Google images via VOA News

    Reported symptoms include fever, muscle and abdominal pain and shortness of breath, with several patients experiencing pneumonia in both lungs.

    The disease first appeared in 1976 at a meeting of the American Legion veterans group in Philadelphia, PA, and was linked to contaminated water or unclean air conditioning systems.

    When the outbreak first appeared in Tucumán, officials first tested for Covied-19, flu and hantavirus, ruling them all out. Samples were then analyzed by the Malbran Institute in Buenos Aires, which pointed to Legionnaires’.

    Tyler Durden
    Sun, 09/04/2022 – 17:00

  • Latest Revelations About Mar-a-Lago Raid Unlikely To Sway Midterm Voters, Strategists Say
    Latest Revelations About Mar-a-Lago Raid Unlikely To Sway Midterm Voters, Strategists Say

    Authored by Michael Washburn via The Epoch Times (emphasis ours),

    The fresh controversy stoked by ongoing revelations about the FBI’s raid of the Mar-a-Lago home of former President Donald Trump, including the release on Sept. 2 of a detailed inventory of documents and items retrieved in the raid, is unlikely to have a significant effect on the outcome of the November midterm elections, political strategists have told The Epoch Times.

    FILE PHOTO: Former U.S. President Donald Trump arrives at Trump Tower the day after FBI agents raided his Mar-a-Lago Palm Beach home, in New York City, U.S., August 9, 2022. REUTERS/David ‘Dee’ Delgado

    The issues of concern to voters still struggling with massive inflation, and a bloated national debt exacerbated by President Joe Biden’s plan to forgive some $500 billion worth of federal student loans, will be much more decisive factors in the minds of voters heading to the polls, the strategists say.

    Reports on Friday that a small number of the thousands of documents seized by federal agents contained information labeled secret, confidential, or top secret, might appear to some observers to spell bad news for the former president and his anticipated 2024 reelection bid. U.S. District Judge Aileen Cannon has made public an inventory of the items of property taken in the raid, the vast majority of which—11,179—were not classified as in any way secret or confidential. But, according to a tally compiled by the New York Post, 54 documents were labeled “Secret,” 31 were “Confidential,” and 18 were officially “Top Secret.”

    The secret and top-secret documents were found in Trump’s office and in a storage room on the property, the Post reported.

    Muted Impact

    In spite of these revelations, the investigation into documents transferred from the White House at the time of Trump’s departure in January 2021 is still at an early stage, is prone to missteps and possible backfiring, and none of the findings are likely to dissuade voters from supporting Republican candidates or drive them to cross the political aisle and vote for the incumbent party, experts say. In part, this is simply a function of the timing of the investigation and of the November elections.

    “I think there will be more activity by the Department of Justice, but they will be careful. If they make a misstep, it will benefit Trump. I don’t think raid will affect the midterms much unless there is an indictment of Trump, which I think is very unlikely before November,” Keith Naughton, the principal of Silent Majority Strategies, a political consultancy based in Germantown, Maryland, told The Epoch Times.

    Naughton acknowledged that the raid, and recent statements by Trump, such as his call for a redo of the 2020 election, may motivate voters already inclined to support Democrat candidates. But while Democrats may hope that the raid and subsequent revelations prove highly embarrassing to Trump and the GOP, the truth is that most of the electorate will still vote on the basis of the larger economic issues affecting their day-to-day lives, Naughton believes.

    “The student loan giveaway by Biden is backfiring badly and the economy is not really improving, even if inflation is moderating a bit. Republicans and independents will turn out to vote against Biden’s flailing policies,” Naughton said.

    Naughton alluded to a debt forgiveness plan that has left even former Democrat officials and left-leaning economists expressing concerns about the feasibility of the measure and its long-term impact on the economy, what with a federal deficit of $1 trillion and some $30 trillion of overall government debt.

    The fallout from this measure is likely to be severe for Democrat candidates as the public comes to perceive more and more that a purportedly altruistic measure works to the disadvantage of poorer citizens in the long term while pushing government debt to ever more unsustainable levels, some economists believe.

    “I suspect this supposed to be a first step to making taxpayers liable for all student loans, and eventually to the federal government making college ‘free.’ College education would then be a transfer from the less well-off to the wealthier, who have much higher rates of college preparation and attendance. It would also put the federal government on an even faster track to a debt crisis,” Charles Steele, Chair of the Department of Economics, Business, and Accounting at Hillsdale College in Michigan, told The Epoch Times.

    The question of whether Trump may or may not have violated the Presidential Records Act of 1978, which established a highly specific protocol regarding the handling of documents by outgoing presidents, is a partisan-driven distraction from the issues on people’s minds, he continued.

    “The New York-Washington media axis is obsessed with Trump, the raid, and the January 6 hearings, and is very much out of touch. The rest of the country is much more concerned with the cost of living and issues affecting their livelihoods,” Naughton said.

    The Greater Mobilizer?

    Some commentators believe that, regardless of public concerns about the raid or what legal consequences the FBI’s actions and the ongoing investigation may have, challenges loom for Republican candidates in an environment where significant backlash against the Supreme Court’s recent divisive ruling in Dobbs v. Jackson Women’s Health Organization, which reversed Roe v. Wade, is all but inevitable.

    “Democrats are motivated by the Dobbs decision in a far greater way than the raid motivates Republicans,” David Carlucci, a former New York State senator who now works as a political consultant, told The Epoch Times.

    In the past, the issue of legal access to abortions was not quite the dealbreaker that it has become in the months since the Dobbs ruling, Carlucci argued. The decision has changed the game, and Republicans ignore this at their peril.

    “Republican politicians have for years been able to be pro-life and still get pro-choice voter support. Pro-choice voters have felt secure [in the belief] that access to a safe abortion would be protected. Moderate Republicans now have to carry water for their most conservative Republican counterparts because strict abortion bans are very much a concern for moderate voters,” Carlucci said.

    But other observers reject this analysis and argue that federal law enforcement has already committed such severe missteps in the execution of the raid and attempts to justify it that the fallout will give Trump-endorsed candidates an edge in the midterms.

    Rick Wiley, a political consultant who worked on Trump’s 2016 campaign, told The Epoch Times that the raid and its aftermath have “fired up” the GOP base.

    “The raid at Mar-a-Lago is one of those moments in history, where you remember where you were when you heard they raised the President’s private residence. And overwhelmingly, people are saying, ‘Was all this necessary?’ That’s a problem for the FBI and DOJ. They left everyone in the dark for days before they gave a half-hearted, at best, explanation for what happened, and most people were left scratching their heads,” Wiley said.

    Read more here…

    Tyler Durden
    Sun, 09/04/2022 – 16:30

  • Amazon Blocks Negative Reviews Of Its Woke Lord Of The Rings Series
    Amazon Blocks Negative Reviews Of Its Woke Lord Of The Rings Series

    Not long ago, if a company or corporation faced intense backlash from millions of their intended customers, they would try to fix the problem and appease the people that put money in their pockets.  In the past few years, though, things have changed.  Now, if millions of people don’t like a product they are attacked and shamed by companies as “bigots, racists, misogynists, etc.”  The idea is a rather authoritarian one – The consumer is now beholden to the establishment and its business partners.  If the establishment approves of a product you are not allowed to dislike or criticize that product.   If you do, you are a bad person with malicious intent.

    The business/buyer relationship has become a landowner/peasant relationship.  In their minds they have cast pearls of propaganda and because you are swine you just see it as garbage.  

    In the case of popular media and streaming entertainment when the public or a fandom criticizes a product the corporate response is to call it “review bombing.”  There is, of course, no such thing.  As a production company you must acknowledge that a large number of people don’t like your film or TV show and you are losing customers – You don’t own them, they own you.  

    For Amazon, the intention was to take yet another beloved property (Lord Of The Rings) and twist it into a vehicle for more woke propaganda, including intersectional feminist messaging and forced diversity casting for a story that was written as an ancient historical record of England.  Imagine if a company decided to make a movie about a fantastical African mythology and half the casting was white?  It would not go over very well…

    Is ‘The Rings Of Power’ the worst case of leftist propaganda ever created?  No, but it is the straw that broke the camel’s back.  This time the fandom is in heavy opposition and is not afraid to speak out.  The American consumer has grown weary and frustrated with the endless injection of social justice politics into our entertainment culture and now they are fighting back and speaking out.  

    Amazon and leftists in general are not happy about this.  Amazon is particularly worried because they have spent billions in production costs already for a show that now has a 37% audience ratings score on Rotten Tomatoes.  It appears they have decided that they won’t allow the same thing to happen on their own website.  

    Amazon is currently blocking reviews for 72 hours in order to “weed out the trolls.”  Meaning, they will most likely remove numerous negative reviews and keep all positive reviews in order to artificially boost the show’s audience rating.  There has been suspicion of this kind of behavior by Amazon and other websites in the past when it comes to woke productions, but this is the first time they have blatantly declared censorship of negative reviews.  At the very least, it is a sign of panic among the Hollywood establishment as they face widespread exposure of their propaganda.        

    Tyler Durden
    Sun, 09/04/2022 – 16:00

  • Michigan Investigates Missing Voting Equipment That Ended Up On eBay
    Michigan Investigates Missing Voting Equipment That Ended Up On eBay

    Authored by Mimi Nguyen Ly via The Epoch Times (emphasis ours),

    Police in Michigan are working with the state government to investigate how a piece of voting equipment ended up for sale online, according to Michigan Secretary of State Jocelyn Benson.

    “We are actively working with law enforcement to investigate allegations of an illegal attempt to sell a voter assist terminal acquired in Michigan,” Benson said in a statement.

    “Voter assist terminals are not used to tabulate ballots, but are typically used by voters with disabilities who need assistance marking their ballot privately at polling places,” she said.

    “While our elections remain secure and safe, we take seriously all violations of election law and will be working with relevant authorities to ensure there are consequences for those who break the law.”

    The machine had disappeared from the Colfax Township in Wexford County.

    Michigan Secretary of State Jocelyn Benson addresses the virtual 2020 Democratic National Convention on Aug. 20, 2020. (DNCC via Getty Images)

    Colfax Township Clerk Becky Stoddard confirmed to the Cadillac News that the equipment taken was a voter assist terminal machine or tablet from her township. Wexford County Clerk Alaina Nyman told the outlet that the voter assist terminal was noticed as missing some time before the August primary.

    “The equipment that went missing was not anything that could change a vote. It was a touchscreen [Voter Assist Terminal] machine,” Nyman said. “No election data was on it and you can’t get into the machine without the program cards and those were all accounted for.”

    Under Michigan election law, it is a felony to “conceal, withhold, or destroy a ballot box or voting machine,” as well as to “obtain undue possession of that ballot box or voting machine.”

    Connecticut Man Obtained Device From eBay: Reports

    Harri Hursti, a cybersecurity expert in Connecticut, said he had purchased a Michigan voting device on eBay for $1,200. He told WJBK that he then reached out to state officials after the purchase went through.

    On Twitter, Hursti wrote: “I contacted MI authorities even before the machine arrived – and before I even knew for certain if the machine had been used in Michigan.

    “I still do not know that as a fact, because the machine is still in an [unopened] box,” he added.

    Read more here…

    Tyler Durden
    Sun, 09/04/2022 – 15:30

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Sep 04

Today’s News 4th September 2022

  • Why Are Leftists Obsessed With Destroying Hero Culture?
    Why Are Leftists Obsessed With Destroying Hero Culture?

    Authored by Brandon Smith via Alt-Market.us

    In the movie ‘Batman: The Dark Knight’ the well regarded district attorney Harvey Dent makes a statement that has since woven itself into our popular culture to the point that we often hear it quoted as if it was said by some ancient philosopher.  He noted:

    “You either die a hero or you live long enough to see yourself become the villain.”  

    The most predictable interpretation of this is that there is a fine line between doing good and doing evil with the best of intentions.  People can start out as heroes and quickly fall to darkness in the name of serving the “greater good.”  I think there is more meaning behind the quote, however.  

    There is also the issue of historical revision and the fact that the heroes of yesterday might be considered the terrorists of tomorrow given who is in charge of writing the history books or reporting the news.  Sometimes heroes become villains through their own mistakes, other times they are just rewritten that way.    

    For example, today we hear constant gnashing and wailing from the political left about the “crimes” of the Founding Fathers and why they should be erased or canceled from our cultural zeitgeist.  They have even attempted to revise the very foundations of American history through their “1619 Project” as they assert that no American accomplishment is valid because “everything” was built around the institution of slavery.  They make no mention that slavery was an institution in every single culture on the planet since civilization began, but that doesn’t matter to them.  

    The goal of the 1619 Project was to diminish or dismiss everything distinctly American, right down to the revolution that founded our nation.  What they care about is the deconstruction of heroes, in part because if you can destroy the character of a hero then you might be able to also destroy what they stood for in the process.  And, if you can destroy the ideals of a society, it becomes a lot easier to then control that society.  

    When the political left seeks to undermine the legacy of the founders they aren’t just engaging in character attacks against men who can no longer defend themselves, they are also attempting to sabotage the vision those men created – The vision of a free republic outside of the dictates of collectivism and monarchy (rule by the elites).     

    Obviously the Founding Fathers are no longer alive, but there are millions of people that have carried on their legacy for generations that are in fact still living to see their heroes be made into monsters through revisionism.  

    But the destruction of heroes goes even deeper than historical rewrites.

    Leftists are also targeting the very foundations of heroic archetypes and mythologies by attacking hero representations in our society.  They are seeking to change the nature of heroism by hijacking cultural pillars and erasing beloved stories and characters in order to “reboot” them in the image of the leftist cult.  This is usually done under the cover of “diversity and equity” as a means to obscure the true agenda.  Let’s break down the tactics and motives behind this trend…

    Rewriting Heroes To “Reflect Our Modern Era”

    Woke ideology does not reflect our modern era in any way; it is actually a masked version of the old social models of collectivism and communism, specifically the social Marxism displayed by Mao’s Cultural Revolution.  The only difference is today we have online struggle sessions and corporations are fully onboard with the movement.  When leftists claim they are fighting the system, they have no idea what this really means.  The system loves woke politics. 

    Leftists use the reflection argument all the time to justify the gutting of hero mythologies and replacing them with vapid clones.  A recent example would be the latest Amazon release of their Lord Of The Rings prequel series.  I wrote about this extensively in my article ‘Amazon’s Woke Lord Of The Rings Is The Death Rattle Of Social Justice Content.’   To summarize, the new Lord of The Rings is designed to spread a political message and undermine the values of the past rather than tell a meaningful organic story.  Amazon even released their woke Lord of The Rings on the anniversary of Tolkien’s death.

    Sometimes this propaganda is subtle, and sometimes it’s a train wreck in your face.

    Specifically I examined the political left’s obsession with injecting their own Cultural Marxism into every new entertainment product as a means to saturate the media space with their ideology.  When they say they want to rehash old stories and old heroes but write them to “reflect the world of today,” what they are really doing is erasing past ideals and principles and eliminating choice.  They don’t want you to see the world from different points of view; you are only allowed to see it from THEIR point of view.  This is the exact opposite of good story telling.  

    Diversity As A Crutch And A Cudgel

    Diversity is meaningless.  It serves no purpose in terms of heroic representations.  People identify with actions and deeds and principles, not skin color.  Leftists in Hollywood do not actually care about diversity of skin color, they only care about two things – Using minorities as a crutch to justify poor storytelling and lazy productions, and using minorities as a cudgel or weapon when they face criticism.

    That is to say, when they make garbage media with no imagination or effort, they announce “we got diversity, though,” and this is supposed to make you want to watch their products anyway, otherwise you might be “racist.”  By extension, when you dare to criticize the political pontificating and terrible writing in their media, they can then say “our stories are fantastic, you just don’t like us because we hire brown people.”  See how that works?  They use minorities as a shield, either for their ineptitude or their malicious intent, but they DO NOT care about such people if they can’t exploit them.  

    “Diversity and inclusion” is the new slave plantation that leftist elites in Hollywood use to farm virtue points and ESG loans.  That’s all there is to it.  If they actually respected the idea of presenting diverse heroes, they would create original minority heroes and write them well.  Or, they would pick minority heroes from real history and avoid implanting current day woke politics into that era.      

    Narcissists Can’t Write Heroes

    It has long been my contention that the leftist ideology is rooted in appeals to narcissism.  Everything about it is based in entitlement rather than sacrifice.  It is based in demands for special treatment rather than respect for accomplishment and merit.  It is based in equity of outcome while eliminating equality of opportunity.  A person that has embraced the victim mentality can never be a hero or imagine how a hero would act.  They have no relationship to the concept, because narcissists are usually villains in the real world and villains tend to see themselves as victims while they spend their time victimizing others.  How else can they justify the evils they do?

    No Conservative Heroes Allowed

    As our media world was overrun with woke ideologues over the years the depictions of heroes and villains have become utterly twisted.  Heroes act selfishly with ego and hubris, and villains are usually depicted as either misunderstood people that are only reacting to the trespasses of society, or they are ridiculous exaggerations of conservatives and liberty activists.  This trend has become an epidemic in films, television, video games, comic books, etc.  Only in the past couple of years has there been mass push-back against the agenda, but there is a long way to go before things can change for the better.

    Many of these woke productions fail miserably, but they aren’t necessarily interested in box office success or making money.  Again, what they care about is saturation, as well as murdering the hero archetype openly where everyone can see.  They want to destroy your heroes in front of you and replace them with woke pod people.  This is what they care about.   

    The biggest problem is that most conservatives ignored the culture war while only focusing on fleeting political battles.  They acted as if the culture war didn’t matter, and in the process we have almost lost our country completely.  Future generations need heroic ideals and examples to live by, among real live people as well as in popular media.  By ignoring the culture war, conservatives ignored the future.  

    There are some people out there that are working to change our country’s course by producing original media with a heroic message based in American foundations of freedom, individualism, self reliance and meritocracy.  I’m working to join them by producing my own graphic novel project based on a survivalist hero.  The best we have is Burt Gummer from Tremors – He’s great, but we need more.  Readers who are interested in original non-woke entertainment can learn more about that project HERE.  

    It’s important not to underestimate the power of media in culture.  There is a reason why leftists are so obsessive with it; by changing all our heroes to villains they hope to change our values and our behaviors.  They aren’t just rewriting movies, or characters, or comic books, they are trying to rewrite us.  

    The only way to stop this is to identify the threat, neutralize the propaganda, and then bring back legitimate hero culture by writing it once again with our own hands and our own deeds.             

    Tyler Durden
    Sat, 09/03/2022 – 23:30

  • Activists More Than Halfway To Forcing Constitutional Amendment Convention
    Activists More Than Halfway To Forcing Constitutional Amendment Convention

    Authored by Brian McGlinchey via Stark Realities   

    Though it’s received relatively little attention, a conservative-led drive to call a convention to consider amendments to the U.S. Constitution has been making steady progress, and is now more than halfway toward realizing its goal.

    At a time when Americans are increasingly polarized — to the extent that 43% think a civil war will erupt in the next decade — should you be alarmed or enthused?

    Article V of the Constitution provides two avenues for amendments. Under the first one, Congress proposes amendments that are enacted if three-fourths of the state legislatures approve them. That’s the way all amendments have been advanced so far.

    Conservative activists want to knock the dust off the other Article V provision, which empowers state legislatures to “call a convention for proposing amendments.”

    To trigger a convention that way, two-thirds of the state legislatures must call for one, and governors have no say in the matter. States would then send delegates to a convention where proposals would be put forth and debated. In the end, the convention is only a vehicle for proposing amendments.

    As with congressionally-proposed amendments, ratification of any convention-proposed amendment requires the approval of three-fourths of the states. That approval must come from the state legislatures or, if states choose, a ratifying convention in the state.

    So far, 19 state legislatures have called for an amendments convention, which means advocates are more than halfway toward the 34 they need. Though that still leaves lots of work to do, there’s a sense of growing momentum, as four states joined the cause in 2022 alone: Nebraska, South Carolina, West Virginia and Wisconsin.

    Today, Republicans have full legislative control in 30 states. (That doesn’t count Nebraska, which has a nonpartisan, unicameral legislature and is already on board.)

    “COS” = Convention of States. Chart via Convention of States Action

    With political winds seemingly favoring the GOP in the coming November elections, a few more states could flip to full Republican control, including Minnesota and Nevada, which have yet to call for a convention.

    It isn’t all about Red vs Blue, however: Convention advocates have also targeted Republicans who’ve opposed their efforts. Convention of States Action and its affiliates spent over $600,000 in at least five state primary contests.

    Convention of States Action’s model language for state legislatures seeks to limit the scope of the convention to “proposing amendments…that impose fiscal restraints on the federal government, limit the power and jurisdiction of the federal government, and limit the terms of office for its officials and for members of Congress.”

    Many right-leaning advocates see a convention as an opportunity to rein in a federal government that is — thanks in part to the Supreme Court’s wildly creative interpretations of the Commerce Clause — operating far beyond the bounds of the Constitution, dominating countless aspects of American life that, according to the 10th Amendment, are to be exclusively under the purview of state governments.

    “The states have sort of lost their voice, and all we can do now is beg from the cheap seats and say, ‘Hey, don’t do that’,” South Carolina state rep. Bill Taylor, who led a successful constitution-calling effort, told Insider.

    Though the largest convention drive is led by conservatives, some liberals are itching for a state-led constitution-editing session of their own. Prompted by the Citizens United decision, progressive commentator Cenk Uygur launched Wolf PAC to push for a convention geared toward campaign finance reform. Four legislatures have advanced the Wolf PAC convention application.

    In 2016, Convention of States Action held a mock constitutional convention, and six amendments proposals were advanced. Among other things, they included:

    • Congressional term limits

    • Requiring a two-thirds vote of the House and Senate to increase the public debt

    • Restoring the Commerce Clause to its original intent and scope

    • Repeal of the 16th Amendment, which gave us the income tax

    • Giving states, by a three-fifths vote, the power to negate any federal law, regulation or executive order

    • Giving Congress an easy means of overriding federal regulation

    137 delegates representing 50 states participated in Convention of States Action’s 2016 simulated amendments convention 

    While the conservative drive has largely stayed under the major media radar, there is a growing sense of alarm among liberals. Former senator Russ Feingold is promoting a new book he co-authored: “The Constitution in Jeopardy.” In an interview with ABC News, he said the effort could result in reduced federal protection of the environment, civil rights and voting rights.

    There are also alarmists among some conservatives who conjure images of a “runaway convention” that ignores the stipulated scope and advances any number of unwelcome amendments — for example, an evisceration of gun rights.

    Even if the convention somehow went off the deep end, it’s important to remember that it only proposes amendments. Calling a convention requires the support of 34 legislatures, but any proposed amendment must then garner the support of 38 of them—some of which didn’t even support having a convention.

    With that built-in friction acting as a brake on extreme ambitions, amendments would seemingly require at least some bipartisan appeal to make it across the goal line. In that light, perhaps the proposal with the best chance of passing the high ratification hurdle would be one establishing congressional term limits, which is a central thrust of the conservative-led effort.

    A 2021 Rasmussen survey found 87% of Republicans, 83% of Democrats and 78% of independents favor them, which means state legislatures would face bipartisan pressure to ratify them if given the opportunity.

    The mere drive to hold a convention may have its own prodding effect on various fronts. Looking back, a state-led push for an Article V convention to bring about the direct election of U.S. senators was still one state short when Congress decided to yield to growing pressure and propose such an amendment on its own.

    Though it’s understandable that liberals would view a conservative-led constitutional-amendment push with deep unease — just as conservatives would were the roles reversed — limiting the power of the federal government may be the surest way to avert more acrimonious division in the country.

    The intensity of today’s division springs from the fact that we have an increasingly powerful central government — including a increasingly unchecked executive branch — imposing its will on 331 million people spread across a vast country containing many different subcultures and sets of values.

    Liberals and conservatives are thus compelled to clash with increasing intensity over who gets to control levers the Constitution never even authorized. The more we rightly restore authority to state and local governments, the lower the national political stakes for all of us, and the lower our collective temperature.

    However, the federal government won’t surrender that power on its own — which is exactly why the founders gave us this other avenue of amending the Constitution.

    Indeed, as one contemporaneous account recorded, George Mason, in urging the adoption of the state-driven convention avenue, argued that, without it, “no amendments of the proper kind would ever be obtained by the people, if the government should become oppressive.”

    Stark Realities undermines official narratives, demolishes conventional wisdom and exposes fundamental myths across the political spectrum. Read more and subscribe at starkrealities.substack.com

    Tyler Durden
    Sat, 09/03/2022 – 22:30

  • In Uncertain Times, Americans Stick With Fast Food
    In Uncertain Times, Americans Stick With Fast Food

    U.S. fast food and other limited service restaurants did not only get through the pandemic better than the restaurant industry as a whole – in high inflation times, affordable fast food has also been seeing steadily growing sales while other restaurant types could not uphold their post-pandemic growth trajectory.

    In fact, as Statista’s Katharina Buchholz details below, in June, the latest month on record with the Census Bureau, quick service restaurant sales grew by 14.4 percent, while those of other restaurants were down to 9.2 percent year-over-year.

    Infographic: In Uncertain Times, Americans Stick With Fast Food | Statista

    You will find more infographics at Statista

    Sales of limited service restaurants – which were well equipped to pandemic lifestyles due to their emphasis on take-out and drive-thru experiences – did not dip as much in the pandemic as those of regular restaurants did.

    However, by spring of 2021, other restaurant sales had one more overtaken fast food sales and stayed on a higher growth trajectory after leaving pandemic effects behind. In June, however, other restaurant sales slipped by almost $1.7 billion compared to May, while limited service restaurant sales only decrease by $150 million.

    According to Bloomberg, drive-thru services have been aiding fast food chains as they stayed popular beyond the pandemic. In February, U.S. drive-thru sales were 20 percent higher than they had been in the same month two years earlier.

    Industry publication QSR is even speaking of a “golden age of fast food” as sales and restaurant numbers are expanding in the sector, while also acknowledging headwinds like the hiring crunch, inflation

    Tyler Durden
    Sat, 09/03/2022 – 22:00

  • Watch: Drone Captures Images Of Mexican Drug Cartel Camp
    Watch: Drone Captures Images Of Mexican Drug Cartel Camp

    Authored by Allan Stein via The Epoch Times (emphasis ours),

    The first gunshots seemed to come down the mountain on the other side of Arizona’s border fence with Mexico, just east of Arivaca, where rival drug cartel factions battle to the death for supremacy.

    Sam, my security guide, listened closely as more shots rang out.

    They were hunters, no doubt, though not the kind you would typically expect.

    “Where exactly do you think the shots are coming from?” I asked Sam nervously from the back seat of his pickup truck.

    “I think they’re to the right,” Sam said, focused on the nearest mountain. “They could be on top of that big peak as well.”

    Members of a rival Mexican drug cartel were set up less than a half mile over Arizona’s border with Mexico on Aug. 25, as captured in this private security drone footage. (Courtesy private Arizona security company)

    It’s not as if we were invisible, clambering noisily up the winding dirt fire road in the border zone known as the California Gulch, part of the Coronado National Forest in southern Arizona.

    Our arrival in Sam’s gargantuan white Chevy Silverado on the sweltering morning of Aug. 25 was about as clandestine as a bullhorn in a public library.

    “They could be warning shots”—for us, Sam said. “But this is where they’re coming. Right here.”

    Sam is the pseudonym he uses to conceal his identity and that of his security company in Arizona. He’s been threatened by the Sinaloa Cartel for conducting border-watching activities. He now fears for the safety of his employees and family.

    Actual drone still footage shows a Mexican drug cartel faction (red dot) camped out just over the U.S. border near Arivaca, Ariz., on Aug. 25. (Courtesy of a private Arizona security company)

    Below our position, the unfinished Trump border wall and fence stretched east and west for miles, then abruptly stopped. On the U.S. side of the border, cattle grazed among dry clumps of grass or basked in the imperfect shade of sparse shrubbery, swatting flies with their tails.

    The jagged peaks on the Mexican side of the steel-grated border fence loomed green and majestic. Strange, though, how nature doesn’t immediately reveal its secrets. Hidden among the Las Guijas Mountains are some of the worst elements of the Sinaloa Cartel, Sam said.

    “How strong is your stomach?” Kyle, Sam’s security specialist, had asked me the day before.

    The fact that I enjoyed watching gory horror movies was good enough for Kyle to share an actual cell phone video of a man being mauled by two pit bulls in a Mexican border town not far from us.

    Unfortunately some things cannot be unseen.

    Kyle said that kind of cartel brutality is common in cities and towns on the Mexican side of the border fence.

    Kyle, a private security specialist in Arizona, operates a surveillance drone using an electronic console just east of Arivaca, Ariz., on Aug. 25. (Allan Stein/The Epoch Times)

    “These guys are battling for control of the Sinaloa Cartel. You have fights within fights,” said Sam, speaking both from experience and professional intelligence gathering.

    Sam believes cartel mayhem eventually will spill across the U.S. border in military force, bringing death and destruction to Americans—but not if a coalition of private citizens, law enforcement, and security firms that he envisions has its say.

    The real battle, he said, is not about winning hearts and minds.

    It’s about matching intel with intel, using superior surveillance techniques and equipment to beat the drug and human smugglers.

    For this purpose, Sam’s company recently acquired a $33,000 JTI-branded drone which they frequently use to conduct border reconnaissance missions for clients and law enforcement.

    Close-up drone footage shows a rival drug cartel faction member talking on a hand-held radio in an enclose on the Mexican side of the border fence east of Arivaca, Ariz., on Aug. 25. (Courtesy Arizona private security company)

    The drone is a beast of versatility equipped with high-definition and thermal cameras, and high-powered zoom lenses.

    Kyle operates the drone from the pickup bed using a console and laptop computer for imaging purposes. The drone has a maximum range of five miles traveling at speeds over 48 mph hundreds of feet above the ground. Batteries are interchangeable and last 45 minutes on a single charge.

    You can hear the drone yet rarely see it at higher altitudes housed in fortified gray plastic with four propellers to carry it aloft.

    Closeup drone footage shows a heavily armed Mexican drug cartel faction member walking near Arizona’s border with Mexico on Aug. 25. Seconds later, the man took aim at the drone with his rifle hoping to shoot it down. (Photos courtesy Arizona private security company)

    Sam and Kyle’s mission today was to seek out and photograph nearby cartel encampments on Mexico’s side of the border fence.

    Kyle took the drone out of a suitcase, then placed it in the middle of the fire road as he prepared for take-off. With the push of a console button, the drone whirred to life, propellers spinning like a supercharged weed-whacker.

    Up—up—and away the drone went with the turn of a joystick.

    Kyle monitored the action on the console screen while Sam watched on a laptop computer. The rugged mountain terrain below seemed alien in both viewfinders, taking shape when Kyle maneuvered to a lower altitude.

    “My guess is there are two factions here,” Sam said. “One is trying to keep [the other] from pushing east, the other west. We think they’re on the peak right below us—oh, there they are!”

    One of the factions is Los Chapitos, whose founder is Ivan Archivaldo-Guzman Salazar, alias “Chapito,” a Mexican narco trafficker and son of imprisoned druglord Joaquin “El Chapo” Guzman.

    Guzman was head of the Sinaloa Cartel until his arrest and extradition to the United States in 2017.

    An Arizona private security firm keeps high-tech equipment, including a surveillance drone, secure in heavy-duty suitcases in the back of a company pickup truck on Aug. 25. (Allan Stein/The Epoch Times)

    The other faction is El Mayo, led by suspected Mexican drug kingpin Ismael Maro Zambada Garcia.

    Sam said both factions currently are at war to control the entire Sinaloa Cartel on Arizona’s southern flank.

    High above the nearest mountain less than a half mile away, the drone’s camera suddenly spied two blue tarps spaced about 25 yards apart. In one of the tents, a man could be seen talking frantically on a hand-held radio.

    As Kyle zoomed in closer, the screen showed another man in body armor walking out of the bush, carrying what appeared to be an AR-15 semi-automatic rifle—definitely cartel.

    “We found his [expletive]!” Sam shouted and gave Kyle a fist pump, but it was too soon to celebrate.

    At that moment, the man looked up and saw the drone.

    He raised his rifle, and took aim.

    Read more here…

    Tyler Durden
    Sat, 09/03/2022 – 21:30

  • Texas Tax Haul Soars By Record 26% in 2022 Fiscal Year
    Texas Tax Haul Soars By Record 26% in 2022 Fiscal Year

    The Texas government just closed out its 2022 fiscal year with a bang. On Thursday, the state comptroller reported that the Lone Star State’s tax revenue rocketed by 25.6% to a total of $75.21 billion.

    It’s only the fifth time since 1988 that revenue grew by a double-digit percentage — and it’s double the next largest increase over that 34-year span.  

    “Revenues continue to outpace even our most recent forecast as All Funds tax collections closed the fiscal year $841 million above the projection in our Certification Revenue Estimate,” said state Comptroller Glenn Hegar in an official release. 

    That’s a stark contrast to California, which saw July revenue come in 12% below forecast.

    Texas has been a major beneficiary of migration from California: Over the last census cycle, 34% of new Texans arrived from California alone. Meanwhile, New York saw personal income tax collection fall 3.2% from April 1 through July.  

    “Economic growth and inflation have driven higher sales tax collections as demand remains strong and businesses and consumers continue to pay elevated prices for goods,” said Hegar.

    Gains in petroleum revenue led the way: Natural gas production tax revenue rocketed 185% to $4.5 billion, while oil production tax revenue grew a whopping 84% to $6.4 billion. 

    However, the broader revenue picture was rosy too:

    • Sales tax revenue rose 19.3% to $43 billion

    • Motor vehicle sales and rental tax revenue was up 12.5% to $6.45 billion

    • Franchise tax revenue leapt 25.2% to $5.67 billion

    The sales tax is the state’s largest source of funding, representing 56% of all tax collections. It’s imposed at a rate of 6.25%; combined with local sales taxes, the total at the register can be as high as 8.25%.

    Texas is one of only seven states with no personal income tax — along with Alaska, Florida, Nevada, South Dakota, Wyoming and Washington.  

    Tyler Durden
    Sat, 09/03/2022 – 21:00

  • Judge Dismisses Carter Page Lawsuit Against FBI Despite 'Deeply Troubling' Surveillance
    Judge Dismisses Carter Page Lawsuit Against FBI Despite ‘Deeply Troubling’ Surveillance

    Authored by Katabella Roberts via The Epoch Times (emphasis ours),

    A federal judge has dismissed a lawsuit brought by Carter Page, a former associate of President Donald Trump, over the FBI’s controversial surveillance of him as part of its investigation into the Trump campaign.

    Carter Page, petroleum industry consultant and former foreign policy adviser to Donald Trump, in New York City on Aug. 21, 2020. (Brendon Fallon/The Epoch Times)

    U.S. District Judge Dabney Friedrich issued the ruling on Thursday stating that Page, who was an informal presidential campaign adviser to Trump in 2016, cannot sue the FBI or other former officials involved in the $75 million lawsuit (pdf).

    Page filed the suit in 2020 against the FBI, the Justice Department, and multiple former FBI officials for damages stemming from what he called the “unlawful spying” against him over the now disproven allegations that the Trump campaign was colluding with Russia.

    In the lawsuit, Page accused the federal agencies and ex-officials of violating his constitutional rights and other legal rights by unlawfully surveilling him, noting that the “defendants’ unjustified and illegal actions (including violations of federal criminal law)” had “violated federal statutes enacted to prevent unlawful spying on United States persons, as well as the Constitution.”

    Defendants listed in the lawsuit included former FBI director James Comey, former Acting FBI Director Andrew McCabe, former top counterintelligence official Peter Strzok, and former FBI lawyer Kevin Clinesmith.

    Clinesmith pleaded guilty in 2020 to doctoring an email from the CIA to make it appear as if Page was not an agency asset, without disclosing that Page was an approved operational contact for the CIA who reported on his interactions with Russian intelligence officers.

    The email was used to obtain spy warrants to surveil Page.

    Friedrich noted that the “FBI’s conduct in preparing the FISA warrant applications to electronically surveil Page was deeply troubling” and that the government itself has “conceded that it lacked probable cause for two of the warrants.”

    ‘No Actionable Claim’

    However, Friedrich, a Trump appointee, ruled that the lawsuit be thrown out because Page had “brought no actionable claim against any individual defendant or against the United States.”

    “In part, that is because Page faces at least three statutory roadblocks. First, Congress has not created a private right of action against those who prepare false or misleading FISA applications,” the judge wrote, noting that “both the plain language and the structure of FISA make clear that civil liability under 50 U.S.C. § 1810 attaches only to those who conduct or perform electronic surveillance.”

    Secondly, the judge noted that Congress has “not provided for damages claims against federal officers for constitutional violations stemming from unlawful electronic surveillance in the national security context,” and thirdly, “Congress has not waived the United States’s sovereign immunity for this kind of claim.”

    Read more here…

    Tyler Durden
    Sat, 09/03/2022 – 20:30

  • Want To Get Away? These Are The Top 25 Islands To Visit In 2022
    Want To Get Away? These Are The Top 25 Islands To Visit In 2022

    After a pandemic-induced slump, travel is finally started to pick up again in many parts of the world. After years of waiting, where are people itching to go to on their next vacation?

    Visual Capitalist’s Raul Amoros and Carmen Ang created this infographic, using survey data from Travel + Leisure (T+L) magazine, to highlight the 25 top-ranked islands to visit around the world.

    Methodology of the World’s Best Awards

    Before diving in, it’s worth summarizing the methodology and briefly explaining how T+L compiled their findings. Each year, T+L conducts an annual global survey that uncovers the top travel experiences worldwide.

    In the survey, readers were asked to rate a range of things, including their favorite islands to visit. Islands were rated based on a few categories, including:

    • Activities and sights

    • Natural attractions and beaches

    • Food

    • Friendliness

    • Overall value

    Each category was given a score of excellent, above average, average, below average, or poor. From there, each island’s final tally was calculated, based on the average scores across all categories. Below, we’ll dive into the 2022 rankings based on these scores.

    The 5 Top-Ranked Islands to Visit

    At the top of the list, there’s a good mix of European, Asian, and South Pacific islands. Here’s a look at the top five islands, along with some context that explains why respondents ranked them so highly:

    1. Ischia, Italy

    Nestled in the gulf of Naples about an hour away from the mainland, this charming volcanic island takes first place because of its charming villages, pristine beaches, and welcoming locals.

    It’s also well-known for its hot springs, which are easily accessible by either taxi or public transport.

    2. The Maldives

    Famous for its baby-blue waters, respondents ranked the Maldives as their second-favorite island destination. Located in the Indian Ocean, this collection of islands is well-known for stunning beaches, as well as excellent snorkeling and diving. With a wide range of luxury resorts, the Maldives is also a popular honeymoon destination.

    3. Bali, Indonesia

    This Indonesia island ranks third on the list because of its picturesque natural beauty, rich culture, and a diverse range of outdoor activities like surfing, diving, and hiking. It’s also well-known for its art, music, and traditional dance performances. As the only predominantly Hindu province in Indonesia, visitors get a chance to learn more about Balinese Hinduism.

    4. Milos, Greece

    Located in the Aegean Sea, Milos is well-loved by visitors because of its tranquil beaches. And while the island is a popular tourist destination, it offers a slightly slower pace that its neighbors Santorini or Mykonos.

    5. Fiji Islands

    This remote group of islands in the South Pacific Ocean ranked fifth on the list because of their rich marine life and friendly locals. Well-known for its excellent diving, it’s been labeled the “soft coral capital of the world.”

    Top Ranking Islands, by Region

    Seven of the top 25 island destinations are in Europe, making it first on the list by region. Southeast Asia comes in close second, with six islands in the top 25.

     

    As the data shows, a majority of the islands rank highly because of their beautiful beaches and thriving marine life.

    However, there are a couple of outliers on the list. One good example of an outlier is Mackinac Island, which is well-loved for its historical attractions (Mackinac Island is home to a colonial fort built in the 18th century).

    One thing is clear from these rankings—whether you’re a diver, a history buff, or a foodie, there are a number of world-class island destinations that offer an experience of a lifetime.

    Tyler Durden
    Sat, 09/03/2022 – 20:00

  • "They Are Trying To Assassinate": Bannon Accuses Biden Of Stirring Anti-Right Hatred After Home 'SWATed' Again
    “They Are Trying To Assassinate”: Bannon Accuses Biden Of Stirring Anti-Right Hatred After Home ‘SWATed’ Again

    Authored by Eva Fu via The Epoch Times (emphasis ours),

    Former White House Chief Strategist Steve Bannon looks on as his attorney David Schoen speaks to reporters as he leaves the Federal District Court House at the end of the fourth day of his trial for contempt of Congress in Washington, on July 21, 2022. (Anna Moneymaker/Getty Images)

    Former White House adviser Steve Bannon has accused President Joe Biden of stoking hatred after police descended on Bannon’s Washington home over a fake report of a gunman on the loose. The incident occurred shortly before Biden’s Thursday speech attacking MAGA Republicans.

    Firefighters and police officers were sent to Bannon’s home on Sept. 1 evening, where he broadcasts his “War Room” radio program, DC’s Metropolitan Police Department told The Epoch Times. They left after finding no shots fired and no one hurt.

    It was the second time Bannon has been a victim of swatting, a harassment tactic of calling the emergency police line with a false claim of criminal activity so as to dispatch a law enforcement team to a particular address. Such practices can be traumatizing for the targeted person and have turned fatal in the past.

    “These are attempts to have the police kill me,” the 68-year-old, who was not home at the time, told The Epoch Times on Sept. 2. The previous hoax call in July prompted some 80 officers to swarm Bannon’s home, he said.

    With one wrong assessment from the police or an inadvertent move from the other party, Bannon added, things could have turned ugly.

    “It’s very dangerous, they are trying to assassinate,” he said. “They’re trying to weaponize the police to get into a situation where they inadvertently kill the political opponents of the Biden regime.”

    annon was not the only conservative targeted in recent months. In late August, police showed up at Rep. Marjorie Taylor Greene’s (R-Ga.) door in the early morning hours, two days in a row, in response to fake reports of a shooting at the residence. Following the first police response, the caller called back using a computer-generated voice, saying that they were upset over Greene’s “stance on ‘trans-gender youth’s rights.’”

    A jury in Washington convicted Bannon, who worked in the Trump administration, of being guilty of contempt of Congress in July over his refusal to comply with a subpoena issued by the House Jan. 6 select committee.

    Bannon on Friday blamed Biden for escalating hostility against Trump supporters. He noted the prank call had occurred less than an hour before Biden used his primetime speech to attack “MAGA Republicans” who embrace Trump’s “Make America Great Again” slogan.

    President Joe Biden delivers a primetime speech at Independence National Historical Park in Philadelphia, Pa., on Sept. 1, 2022. (Alex Wong/Getty Images)

    In Biden’s words, these individuals, together with Trump, “represent an extremism that threatens the very foundations of our republic.”

    Bannon described the caller, who like in Greene’s case had used a machine-generated voice, as “very sophisticated.”

    “This directly comes from the White House. They’ve stirred up the most dangerous and deranged members of their party,” he said.

    “What they wanted was a visual of the police around my place with me coming out … so they can play that split screen with Biden speech in Philadelphia,” said Bannon. “The deranged followers of Joe Biden timed this perfectly.”

    Bannon said Biden’s remarks were what Mao Zedong, the first leader of the Chinese communist regime, would have given during the Cultural Revolution, a campaign that Mao unleashed in 1960s to crush his political opponents. The movement brought the country into a decade of political and social chaos where frenzied young ideologues traveled around China and destroyed the country’s traditional heritage, and harassed and publicly denounced anyone deemed to be class enemies.

    “The Chinese ‘laobaixing’ has gone through this,” said Bannon, using a Chinese term for the general populace. “They’ve seen where they demonize their fellow countrymen as enemies.”

    What has played out in communist China is now repeating in America, said Bannon.

    Read more here…

    Tyler Durden
    Sat, 09/03/2022 – 19:30

  • President Biden Says He'll Attend Detroit Auto Show Because He's A "Car Guy"
    President Biden Says He’ll Attend Detroit Auto Show Because He’s A “Car Guy”

    President Joe Biden is going to be expected at the forthcoming Detroit Auto Show that will be taking place in two weeks. It’ll mark the first time he has visited Detroit since his days as Vice President, Bloomberg noted last week. 

    “I’ll be there. I’m a car guy, as you kind of noticed,” Biden said last week when asked if he was going to attend. 

    Sure, we noticed. In fact, we couldn’t help but notice that Biden is such a car guy that his administration is trying to force through counterproductive and burdensome environmental and EV requirements for auto manufacturers. Biden apparently has such reverence for the industry he has decided that it needs to be changed in its entirety.

    The new requirements and subsidies under the Biden administration have forced automakers to fundamentally change their vehicle lineups and how they operate. They’ve also become a tax on the American people that is dropping straight to the bottom line of auto manufacturers, as we’ve noted over the last week that automakers are raising their EV prices by almost the exact amount that the Biden administration is offering in subsidies to buyers.   

    And he’s such a fan of U.S. auto companies that Biden has barely acknowledged U.S. automaker Tesla’s existence, simply because the company isn’t embracing unionization amongst its workers. 

    Recall, back in May, we noted when Musk delivered a scathing criticism of Biden and the President’s handling of inflation. Musk told a virtual conference ;last month that he believes the government has printed too much money in recent years.

    “I mean, the obvious reason for inflation is that the government printed a zillion amount of more money than it had, obviously,” Musk said, likely referring to COVID-19 relief stimulus packages worth trillions of dollars that were passed in recent years.

    If governments could merely “issue massive amounts of money and deficits didn’t matter, then, well, why don’t we just make the deficit 100 times bigger,” Musk asked. “The answer is, you can’t because it will basically turn the dollar into something that is worthless.”

    During the same conference, Musk said: “The real president is whoever controls the teleprompter” and “The path to power is the path to the teleprompter.”

    Biden was officially invited to the Auto Show by Maureen Donohue Krauss, chief executive officer of the Detroit Regional Partnership, who also sought out Commerce Secretary Gina Raimondo to attend.

    The show starts on September 14 and the last sitting President to attend was Barack Obama, Bloomberg noted. 

    Biden concluded: “As my grandfather used to say, with the grace of God and the goodwill of my neighbors, I’ll see you at the Auto Show.”

    Tyler Durden
    Sat, 09/03/2022 – 19:00

  • Over 50 Biden Administration Employees, 12 US Agencies Involved In Social Media Censorship Push: Documents
    Over 50 Biden Administration Employees, 12 US Agencies Involved In Social Media Censorship Push: Documents

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

    More than 50 officials in President Joe Biden’s administration across a dozen agencies have been involved with efforts to pressure Big Tech companies to crack down on alleged misinformation, according to documents released on Aug. 31.

    Jen Easterly, the director of Cybersecurity and Infrastructure Security Agency, answers questions during her confirmation hearing in Washington on June 10, 2021. (Kevin Dietsch/Getty Images)

    Senior officials in the U.S. government, including White House lawyer Dana Remus, deputy assistant to the president Rob Flaherty, and onetime White House senior COVID-19 adviser Andy Slavitt, have been in touch with one or more major social media companies to try to get the companies to tighten rules on allegedly false and misleading information on COVID-19, and take action against users who violate the rules, the documents show.

    In July 2021, for instance, after Biden said that Facebook was “killing people” by not combating misinformation effectively, an executive at Meta reached out to Surgeon General Vivek Murthy, a Biden appointee, to say that government and Meta teams met after the remarks “to better understand the scope of what the White House expects from us on misinformation going forward.”

    The same executive later wrote to Murthy saying, “I wanted to make sure you saw the steps we took just this past week to adjust policies on what we are removing with respect to misinformation, as well as steps taken to further address the ‘disinfo dozen,’” including removing pages linked to the group.

    The White House publicly pressured social media companies to take action against a group that officials dubbed the “disinformation dozen,” which a nonprofit claimed were producing the bulk of “anti-vaccine misinformation” on the platforms. Also in July 2021, Murthy said Facebook hadn’t done enough to combat misinformation.

    Flaherty, director of digital strategy for the White House, told Slavitt and others in April 2021 that White House staff would be briefed by Twitter “on vaccine misinfo,” with the meeting including “ways the White House (and our COVID experts) can partner in product work,” according to one of the messages.

    In another exchange that year, a Department of Treasury official working on “mis, dis, and mal-information” told Meta workers that the deputy Treasury secretary wanted to talk about “potential influence operations.”

    In a text in February 2021, meanwhile, U.S. Cybersecurity and Infrastructure Security Agency (CISA) Director Jen Easterly wrote to another agency official that she was “trying to get us in a place where Fed can work with platforms to better understand the mis/dis trends so relevant agencies can try to prebunk/debunk as useful.”

    The documents were part of a preliminary production in a lawsuit levied against the government by the attorneys general of Missouri and Louisiana, later joined by experts maligned by federal officials.

    “If there was ever any doubt the federal government was behind censorship of Americans who dared to dissent from official Covid messaging, that doubt has been erased,” Jenin Younes, a lawyer with the New Civil Liberties Alliance who is representing some of the plaintiffs in the case, said in a statement. “The shocking extent of the government’s involvement in silencing Americans, through coercing social-media companies, has now been revealed.”

    ‘Censorship Enterprise’

    Plaintiffs said the massive pressure campaign amounted to a “Censorship Enterprise” because it involved so many officials and agencies.

    Government lawyers only identified 45 officials at five agencies—the Department of Homeland Security, CISA, the Centers for Disease Control and Prevention (CDC), the National Institute of Allergy and Infectious Diseases, and Murthy’s office—who communicated with social media companies on misinformation, although documents they produced showed others were involved, including officials at the Census Bureau and the Departments of Treasury and State.

    Responses from the Big Tech companies also revealed more officials involved with the effort.

    Meta has disclosed that at least 32 federal officials, including top officials at the White House and the Food and Drug Administration, were in communication with it about content moderation. Many of the officials weren’t identified in the response by the government.

    YouTube disclosed 11 officials not divulged by the government and Twitter identified nine, including senior officials at the State Department.

    “The discovery provided so far demonstrates that this Censorship Enterprise is extremely broad,” plaintiffs said, adding later that “it rises to the highest levels of the U.S. Government, including numerous White House officials.”

    Additionally, the FBI wasn’t identified even though the agency recently said, after Meta CEO Mark Zuckerberg revealed that the bureau reached out before the 2020 election, that it routinely issues communications to social media companies.

    To read more and see all of the documents, click here…

    Tyler Durden
    Sat, 09/03/2022 – 18:30

  • JPM: "Clients Will Feel More Comfortable Buying Stocks After We See Panic Selling"
    JPM: “Clients Will Feel More Comfortable Buying Stocks After We See Panic Selling”

    One week ago, as stocks tumbled after the bear-market rally fizzled halted abruptly by the 200dma, even Goldman’s biggest trading desk bull, Scott Rubner, capitulated and responding to client questions whether this is the time to sell, he said yes, and warned that as markets enter September, traditionally the weakest month for stocks, with CTAs turning full-blown sellers (see “Now It Gets Ugly: CTAs Turn Short, Have Over $8BN To Sell This Week“), it’s time to play defense (a call which he has doubled down on in his latest note from Friday which we will discuss shortly and is available to pro subscribers).

    But it’s not just Goldman (and Bank of America) that warn there is more pain to come: somewhat shockingly – at least to those who still read and believe the weekly notes from Marko Kolanovic – JPMorgan desk trader Andrew Tyler echoed Goldman’s (and BofA’s) skepticism and on Friday wrote that “after 5, consecutive days of selling, we received a number of questions about whether we had seen panic selling. We have not.”

    As Tyler explains (maybe to the likes of Kolanovic who will be shocked that it is possible to work at JPMorgan and to have a bearish view of things) what we are seeing is not a bull market but rather a “multi-quarter bear market”, and one of its hallmarks is that it can be characterized as “orderly selloff”, which is to be expected with hedge fund net leverage still extremely low and far greater than normal bearishness (via puts) than in normal selloffs.

    As such, JPMorgan still awaits “one of those ‘flush days’ where you have VIX spike to the 40-50 range, the market falls ~4%, and you begin getting calls from relatives about which assets to sell.”

    As Tyler concludes “some clients have mentioned that after they see an event like that, then they would feel more comfortable buying dips.”

    Tyler Durden
    Sat, 09/03/2022 – 18:00

  • California Gov. Newsom Reaped $10.6 Million In Campaign Cash From 979 State Vendors Who Pocketed $6.2 Billion
    California Gov. Newsom Reaped $10.6 Million In Campaign Cash From 979 State Vendors Who Pocketed $6.2 Billion

    By Adam Andrzejewski, author of OpenTheBooks substack

    California Governor Gavin Newsom has quietly solicited millions of dollars in campaign donations from state vendors, key people, employees, or their affiliated corporate political action committees.

    While progressives decry corporate money in politics, Governor Gavin Newsom has embraced the highly unethical practice of soliciting campaign cash from state contractors.

    Our auditors at OpenTheBooks.com found 979 state vendors who gave $10,561,828 in political donations to Newsom during his 2010, 2018, recall election, and 2022 election cycles. Meanwhile, these companies reaped $6,201,978,173 in state payments.

    These donations represented the equivalent of more than 40-percent of the current cash on hand – $24 million – in the governor’s campaign committee as of 08/01/2022, according to disclosures.

    We created an interactive map displaying by ZIP Code all of the governor’s campaign contributions—by name and employer, amount donated, when, and where located – across America. Just click a pin (ZIP Code) and scroll down to see the results that render in the chart beneath the map.

    Mapping campaign donations: Newsom For California Governor 2010, 2018, 2022:

    We reached out to Newsom and his press secretary Daniel Lopez requesting comment — giving the governor a chance to defend his fundraising practice. We will update the piece if the Newsom responds on the record.

    Since 1940, however, individuals and entities negotiating or working under federal contracts have been prohibited from giving political cash to federal candidates, parties, or committees. In California, however, this political patronage is perfectly legal (at least for now).

    Here are some of the companies who gave campaign cash to Gov. Newsom and separately received state payments. In all these examples, the donations came from the organization itself or its executives, employees, subsidiaries, partners, or political action committees during Newsom’s 2010, 2018 and 2022 election cycles.

    I. MAJOR HEALTH CARE COMPANIES – Gave $691,615 in campaign donations and received $1.9 billion in state payments.

    • Anthem Blue Cross (health insurance provider) received $844,875,535 in state payments while donating $69,305 during Newsom’s 2018 and 2022 elections— $40,000 of that was during the 2022 cycle.

    • UnitedHealth Group (managed health care and insurance provider) received $544,245,717 in state payments while donating $120,900 between the 2018 and 2022 cycles — $62,000 was donated in the 2022 cycle. Even the Chief Compliance Officer Joy Hia donated $500 to the 2022 campaign.

    • Centene Corporation (Fortune 500 managed care company) and Health Net, LLC, a major subsidiary, which provides health plans for those with Medicare and Medicaid, received $206,155,778 in state payments while donating $242,550. The company itself donated $121,800 while then-CEO Michael Neidorff gave $120,400 between 2018 and 2022. Not included is an additional $120,400 from wife Noemi Neidorff. Michael Neidorff passed away on April 7, 2022.

    • Kaiser Permanente received $172,217,805 while employees donated $35,910 including the vice president of government relations, Gary Cohen ($5,000 | 2018 election). Blue Shield of California received $74,283,100 in state payments while donating $102,550 including $70,200 from the company and $32,350 from key executives and employees. Masimo Corporation, a health-tech company, received $3,820,654 in state payments and gave $120,400 to Newsom’s 2018 and 2022 races – half of the donations came in 2022.

    II. MAJOR UTILITY COMPANIES – Gave $405,601 in campaign donations and received $430,416,420 in state payments

    • Pacific Gas & Electric Company (PG&E) based in San Francisco heavily criticized for its role in the California wildfires and recently came out of bankruptcy. The company received $323,777,292 in state payments (FY2021) and gave $123,929 in donations for the 2018 election. These donations included five and six figure gifts from five C-suite execs including CEO Geisha Williams ($10,000). Due to continuing scandals, Newsom stopped taking donations from PG&E after his election in 2018. The company also gave $358,000 between 2011-2018 to Newsom’s wife, Jennifer Siebel Newsom’s charity.

    • Edison International, with subsidiaries Southern California Edison and consultancy, Edison Energy, LLC, received $100,575,389 in state payments and gave $67,850 in campaign donations through the company, key employees, and staff. Additionally, the company’s trade association, Edison Electric Institute, donated $15,000 to Newsom’s 2018 race.

    • Calpine Corporation, the largest generator of electricity from natural gas and geothermal sources in the United States with 33 facilities in California received $3,134,154 in state payments and gave $109,822 in campaign donations. CEO Thad Hill gave $10,000 and other top execs gave $12,500 to Newsom.

    • California Water Service Company (Cal Water) received $2,121,724 in state payments and gave $94,000 between Newsom’s 2018 and 2022 campaigns.

    • California American Water Company, a subsidiary of American Water – the largest publicly-traded water and wastewater utility in the U.S. – received $807,861 in state payments and gave $10,000 through their employees PAC in the 2018 election. American Water also gave at least $5,000 to the governor’s wife’s charity in 2019.  

    III. MAJOR TELECOM COMPANIES – Gave $241,959 in campaign donations and received $420.3 million in state payments

    • AT&T received $260,394,271 in state payments and donated $82,210 to Newsom’s 2018 campaign. Public affairs executive Ken McNeely donated $17,000 between the 2010 and 2018 campaigns and also co-chaired the 2019 Flip The Script Gala for The Representation Project, a non-profit founded by Gavin Newsom’s wife Jennifer Siebel Newsom.

    • Verizon received $130,184,875 in state payments and donated $46,700 with the majority of the donations ($45,000) through the company itself.

    • Telrite Holdings (Life Wireless) received $9,102,033 in state payments and donated $10,000 to the 2018 campaign. California operates its LifeLine, the free phone program for low-income residents.

    • Comcast received $20,627,409 in state payments and donated $103,049. The company itself gave $29,200. Employees gave $73,849 including senior executive vice president David Cohen, based in Philadelphia, who gave $29,200 to the 2018 election. The company also gave at least $15,000 to The Representation Project (Newsom’s wife’s charity).

    IV. BIG LAW – top nine firms gave $198,142 in campaign donations and received $28.6 million in state payments

    We found nine law firms that reaped $28,615,984 in state payments and gave $198,142 in campaign cash to the governor. These donations came the law firms, principals, partners, key employees, or staff.

    Top donors included Nixon Peabody who gave $94,272 and received nearly $2.2 million in payments; Perkins Coie who gave $36,400 and received $1.4 million in payments; and Orrick Herrington & Sutcliffe donated $31,710 to Newsom and received $4.3 million in state payments. Others prominent firms backing the governor and receiving millions of dollars in state payments included: Loeb and Loeb ($11,850) and Munger Tolles & Olson ($5,750).

    V. BIG BANKS – Gave $186,836 in campaign donations and received $781 million in state payments.

    • Bank of America received $508,725,231 in state payments while donating $13,026. $10,000 came through their state and federal political action committee in 2018 while $3,026 was donated by employees.
    • Citigroup received $264,640,535 in state payments while donating $147,050. CEO William Mills donated $24,600 to Newsom’s 2018 race. The Citigroup state political action committee donated $110,600 between the 2018 and 2022 races.
    • Wells Fargo received $7,578,648 in state payments while donating $26,760 to Newsom’s 2018 race – staff gave $21,760 and the bank’s PAC donated $5,000.

    OTHERS

    Two railway companies with quasi-marketplace monopolies reaped nearly $47,505,454 in state payments during fiscal year 2021 and gave $112,400 in campaign donations to Newsom since 2010. BNSF Railway Company received $40,411,142 in state payments and gave $26,200 between the 2018 and 2022 campaigns. Union Pacific Railway Company received $7,094,312 in state payments and gave $86,200 in the 2018 and 2022 elections.

    Ten California based Native American tribes donated over $841,800 to Newsom’s campaign fund and their benefits are harder to quantify. Although those tribes received $8,753,578 in state payments (FY2021), their casinos are a highly regulated state business (in addition to many other interests before the state).

    Jennifer Siebel Newsom’s non-profit loophole

    While the governor was soliciting state vendors for campaign donations, Mrs. Newsom, the first partner, Jennifer Siebel Newsom, solicited state vendors for donations to her charity, The Representation Project.

    Major corporations with state contracts or business before the state gave the charity five and six figure gifts. The Sacramento Bee and Washington Post previously identified the companies and today we know just how much those corporations reaped in state agency payments. (23 and Me is the only donor that wasn’t on the state vendor list, however, they had an interest in 2021 state legislation regulating the use of consumer genetic data.)

    IRS 990 informational returns for The Representation Project show that Siebel-Newsom took $1.5 million in salary from 2013-2021 and another $1.6 million in payments to her private company, Girls Club Entertainment since 2012.

    Summary

    In all the examples identified above, no quid-pro-quo is alleged or implied; however, the patterns are troubling. In fact, the individual transactions are legal at arm’s length.

    But that’s precisely the problem. Politicians preside over, in essence, a legalized money-recycling scheme aimed at monetizing incumbent political power.

    Newsom didn’t answer our question as to whether soliciting state contractors for campaign cash was ethical. Meanwhile, California residents are left with skyrocketing taxes and an increasingly bleak future.

    We can blame Governor Newsom, but he is just a reflection of today’s broken culture of public service.  

    Methodology: We matched companies donating to Newsom For California 2010, 2018, 2022, as disclosed by the California State Board of Elections, to state payment transactions from fiscal year 2021– which we compiled through 442 California Public Record Act requests. To the extent that the information contains government errors, our report will reproduce those errors. No quid pro quo or illegal activity by any elected official, company or individual referenced in this piece is implied or intended. Gavin Newsom was elected governor in 2019.

    We have requested comment from the governor and The Representation Project, the first partner’s public charity.

    ADDITIONAL READING

    Tyler Durden
    Sat, 09/03/2022 – 17:30

  • Elite NYC Private School Director On Leave After Admitting To 'Sneaking' Political Agenda Into Classrooms
    Elite NYC Private School Director On Leave After Admitting To ‘Sneaking’ Political Agenda Into Classrooms

    Jennifer “Ginn” Norris, director of student activities at the Trinity School – who was placed on leave following the Project Veritas report – told the undercover news organization that she and other teachers had been turning the $60,000 per year Upper West Side school into a place “where conservatives would not feel comfortable.”

    In a video dated to June 12, Jennifer ‘Gina’ Norris, Director of Student Activities at Trinity School in New York City, speaks with an undercover journalist of Project Veritas. (Project Veritas/YouTube)

    An administrator from a Manhattan private school admitted on undercover video that she hates “horrible” white students who have been pushing back against the far-left ideology she abuses her position to promote.

    “There’s always groups of teachers who want to do these [activist] things but the administration just wouldn’t let us,” said Norris. “So, we’ve been just sneaking things in [through] the cracks.”

    Norris also said that with a new progressive administration in place, she no longer “felt like a double agent,” and could freely promote her political views.

    “I don’t hide how I feel, but I can’t pretend I’m [not] promoting an agenda even though I clearly am with all the stuff I’m doing,” she said.

    More via The Epoch Times:

    In her role, Norris has the opportunity to bring in guest speakers twice a week. She said that while she allowed students to vote on which speaker would come to campus, she made sure to not put any Republican or conservative voice “on the plate” for them to consider.

    “So, you guys wouldn’t let Republican perspectives on campus?” the undercover journalist asked.

    “I won’t,” Norris replied.

    “I’m in charge as far as [the administration] are concerned,” she added. “So, if they want to [bring Republican speakers], then somebody else has to do it. Because—not on my watch, I guess.”

    In another exchange, Norris told the journalist that students at her school are encouraged to attend left-wing demonstrations, particularly those that are anti-Trump, anti-gun, and pro-abortion.

    “They went to the women’s rights marches after Trump. They went to all the gun ones, the March For Our Lives,” Norris said, noting that students still have to serve detention for missing classes, but teachers will “talk about social justice” with them during those hours.

    “So it’s like the punishment of detention, but it’s not punishment at all,” she said.

    At one point in the conversation, Norris suggested she has problems with white male students who dare to disagree with them.

    “Unfortunately, it’s the white boys who feel very entitled to express their opposite opinions and just push back,” Norris said. “There’s a huge contingent of them that are just horrible.”

    When asked about what she thinks of “Republican white guys,” she replied that she thinks they’re “really awful people” who “need to go.”

    “They’re so protected by capitalism. It makes me sad.” she said. “I think they’re really awful people. That’s kind of what I’m afraid of with my white students that are rich.”

    This video is the latest episode of Project Veritas’ four-part series “The Secret Curriculum,” which exposes efforts to indoctrinate children with socialist ideology. It is unclear where or when the footage was taken, but the dates on the clip reads June 12 and 15.

    Eric Trump, the second son of President Donald Trump, shared the video on Twitter, saying he feels sad to see this as a former Trinity student.

    “I went to Trinity in the early 90’s,” he wrote. “The school was fantastic. It is so sad to see this nonsense… It is truly a disgrace to some of the amazing teachers I once had.”

    Trinity’s principal Stephen Kolman and Norris couldn’t be immediately reached for comment regarding the content of the video.

    Tyler Durden
    Sat, 09/03/2022 – 17:00

  • US Government Seized Over 11,000 Non-Classified Documents From Trump’s Home
    US Government Seized Over 11,000 Non-Classified Documents From Trump’s Home

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

    FBI agents seized over 11,000 documents and photographs without classified markings from the home of former President Donald Trump, according to an inventory released on Sept. 2.

    An aerial view of former U.S. President Donald Trump’s Mar-a-Lago home after FBI agents raided it, in Palm Beach, Fla., on Aug. 15, 2022. (Marco Bello/Reuters)

    Agents during the Aug. 8 raid at Mar-a-Lago seized 11,179 materials that were not marked classified, the inventory says.

    They also took 103 documents marked classified, including some marked top secret.

    The warrant, approved by U.S. Magistrate Judge Bruce Reinhart days earlier, enabled agents to seize any documents with classification markings, as well as containers in which the documents were located and any containers stored or found together with the documents.

    It also let agents seize information regarding the retrieval, storage, or transmission of national defense information or classified material; any government and/or presidential records created between Jan. 20, 2017, and Jan. 20, 2021; and any evidence “of the knowing alteration, destruction, or concealment of any government and/or Presidential Records, or of any documents with classification markings.”

    A property receipt, or inventory list, was given to a Trump lawyer as agents left, but the more detailed inventory list was submitted to a federal court on Friday on the orders of a judge.

    U.S. District Judge Aileen Cannon, a Trump appointee, is considering whether to appoint a special master to review the materials the government seized and separate out those that may be privileged.

    The more detailed receipt also shows that the government seized 1,673 magazines/newspapers/press articles and other printed media, some dating back to 2008; 48 empty folders with classified banners; 42 empty folders labeled “return to staff secretary/military aide”; 19 articles of clothing/gift items; and 33 books.

    The original inventory listed no gifts or clothing, no folders, and no books.

    It primarily listed boxes of items, miscellaneous documents, some classified, and binders of photographs.

    The government later acknowledged that it seized three passports from Trump that have since been returned.

    Spokesman Responds

    Taylor Budowich, a Trump spokesman, said the new list “only further proves that this unprecedented and unnecessary raid of President Trump’s home was not some surgical, confined search and retrieval that the Biden administration claims, it was a SMASH AND GRAB.”

    “These document disputes should be resolved under the Presidential Records Act, which requires cooperation and negotiation by NARA, not an armed FBI raid,” he added.

    The investigation started after a referral from the National Archives and Records Administration.

    The agency received boxes of documents from Mar-a-Lago in January and identified some with classified markings. Officials notified the Department of Justice, which later gained access to the materials and confirmed the markings.

    Read more here…

    Tyler Durden
    Sat, 09/03/2022 – 16:30

  • Insiders Are Dumping Stocks At The Fastest Pace In Months
    Insiders Are Dumping Stocks At The Fastest Pace In Months

    Having aggressively bought the f**king dip off the March 2020 lows, supported a tsunami of free money spewing forth from every government orifice, it appears that ‘insiders’ have little interest in catching the falling knife now that The Fed has turned its back.

    As Bloomberg reports, corporate insiders dumped their own shares aggressively in August, with some 2,150 executives hitting the sell button, the most since November 2021 on a net basis.

    That’s pushed the ratio of insider selling to buying to the highest since February, data compiled by the Washington Service show.

    “It’s yet another signpost, another signal that there is a high degree of uncertainty around the future,” Quincy Krosby, LPL Financial’s chief global strategist, said by phone.

    “The view is that, with regards to both selling and buying, corporate insiders know what they’re doing. It adds to this general sense of uncertainty that’s already out there.”

    The surge in insider-selling matches the slumping sentiment toward third-quarter operating margins, with expectations falling to 16.08% from 16.87% over the past eight weeks, data compiled by Bloomberg Intelligence show.

    “A tremendous amount of weakness was clearly anticipated ahead of summer’s earnings, but even more is expected, given the pace of negative revisions picked up as the breadth of weakness spread beyond growth in recent weeks to include value stocks,” Gina Martin Adams, chief US equity strategist at Bloomberg Intelligence, said in a note.

    And don’t forget, it’s that time of the month again…

    Finally, we note that it wasn’t just ‘insiders’, global equity funds had outflows of $9.4 billion in the week to Aug. 31, the fourth-largest redemptions this year, according to EPFR Global data cited by BofA. US equities had the biggest exodus in 10 weeks, while $4.2 billion left global bond funds.

    Don’t fight The Fed works both ways…

    Tyler Durden
    Sat, 09/03/2022 – 16:00

  • "Suicidal" Pilot Lands In Mississippi Field, Taken Into Custody
    “Suicidal” Pilot Lands In Mississippi Field, Taken Into Custody

    Update (1147 ET): A reporter via local news WTVA has recorded a video of the crashed plane in a field in Northeast Mississippi. 

    Axios reported that the plane went down, and the subject is in custody, according to the Benton County Sheriff’s Office. 

    * * * 

    Update (1120ET): NPR and PBS reporter Ian Saint said the plane flying over Northeast Mississippi is piloted by Cory Patterson.

    Northeast Mississippi Daily Journal has also confirmed that “multiple law enforcement, airport, and local authorities have identified the subject as Cory Patterson of Shannon.”

    An alleged Facebook post from Patterson said:

    “Sorry everyone. Never actually wanted to hurt anyone. I love my parents and sister this isn’t your fault. Goodbye.”

    Flight track data shows Patterson is still flying (as of 1112 ET) in the northern part of the state. 

    “All citizens should be on alert and aware of updates from the Tupelo Police Department,” Gov. Tate Reeves tweeted earlier. 

    * * *

    A plane has been circling a Northeast Mississippi town since early morning. The pilot is threatening to intentionally crash into a Wal-Mart store.

    According to local news WTVA, the Tupelo Police Department received reports about a pilot of an airplane (possibly King Air type) circling above Tupelo. The pilot contacted 911 and threatened to crash the plane into a Wal-Mart on West Main. 

    “TPD has worked with Wal-Mart West and Dodges on West Main to evacuate the stores and disperse people as much as practical. TPD also has been able to begin talking with the pilot directly,” WTVA said. 

    Flight data via FlightAware shows the plane’s current position (as of 0949 ET). 

    Video of the plane has surfaced on social media. 

    “The pilot of the hijacked private plane from Tupelo is making his way closer to MEM airspace & rain moving in. At some point he’s going to get in the way of commercial aircraft arriving/departing there. He’s been around 1,000-1,500 ft. Someone is going to have to make a call…,” one Twitter user said. 

    Mississippi Gov. Tate Reeves said law enforcement and emergency managers are “closely tracking this dangerous situation.”

    *Developing

    Tyler Durden
    Sat, 09/03/2022 – 15:47

  • The Overreach Of The Biden Administration Has Led To The Dropping Of The Executive Mask
    The Overreach Of The Biden Administration Has Led To The Dropping Of The Executive Mask

    Authored by Tho Bishop via the Mises Institute (emphasis ours),

    On Thursday night Joe Biden was propped up behind the presidential seal in front of historic Independence Hall and gave the most provocative and divisive speech in modern American history. With the site of the signing of the Declaration of Independence cloaked in an ominous blood red, Biden sputtered his way through an attack on “insurrectionists” he labeled as threatening American democracy, political norms, and the rule of law.

    The optics of the event were likely the idea of a proud Biden staffer, fresh off receiving a $10,000 subsidy to their student loan debt, leaning into the “Dark Brandon” aesthetic that has become popular among regime loyalists on Twitter. To Americans outside of this Very Online echo chamber, the imagery drew connotations of sinister authoritarian regimes ranging as Nazi Germany, the Empire of Star Wars, or the fascist regime of V for Vendetta.

    The substance of the speech supported these comparisons. It was the display of a weak regime projecting strength at a time of mass unpopularity and rising polling numbers of political opponents in pivotal midterm elections.

    None of this is a surprise.

    As I noted after the chaotic 2020 election, the federal government faced a threat it has not seen in over a hundred years. Concerns over the integrity of the 2020 election struck at the core of the institution’s democratic legitimacy. The result was a Biden inauguration fortified with thousands of national guard members that the Democrat Party didn’t trust with ammunition.

    The path the Biden administration took could have gone one of two ways. The regime could have fallen back on the power of moderation, restoring the isolated Washington uniparty by staffing the executive branch with prominent Republicans who always preferred the Clintons and Bidens over Trump—even if the smart ones refused to say so explicitly—while pursuing a standard policy agenda of foreign intervention, reckless spending, and fortifying the supremacy of the federal government over state control. These policies would have continued American decline but could have served to lull Americans to pre-Trump apathy by reminding them that federal elections have no real consequences for Washington.

    Instead, the Biden regime doubled down on the excesses of the Obama era, attacking hot-button issues such as gun rights, tying state funding to public school promotion of child mutilation and sterilization, and leveraging their control over large corporations to censor political opponents and mandate covid vaccinations of employees. Along the way, they secured funding to increase, arm, and expand the scope of federal agencies—an Imperial Guard for Washington elites to remind red states who is truly in charge.

    From the golf courses of Mar-a-Lago, the specter of Donald Trump continues to animate Capitol Hill. C-SPAN hearings over January 6 have been coordinated for prime-time viewing, while his supporters have been subjected to federal prosecution, solitary confinement, and financial ruin.
    These concerns may be justified. Outside of Washington, “MAGA Republicans” have found success, particularly in the high-profile senate and governor races.

    In Arizona, Blake Masters and Kari Lake conquered John McCain’s former state running on a platform against the 2020 election and the anarcho-tyranny of Biden-era policies while being viciously attacked by both the corporate press and establishment Republicans. In Ohio, Peter Theil-backed J.D. Vance leaned into opposition to American financing of the Ukrainian government while overcoming two more traditional Republican candidates. In Florida, Governor Ron DeSantis has secured the position as the only Republican with the popularity that rivals Trump by translating Trump-style rhetoric into aggressive state policy, with a particular focus on attacking the public healthy tyranny of the soon-to-debate Dr. Fauci.

    A common theme of this new class of Republicans has been their explicit calls to stand against the “regime,” railing against Washington’s “administrative state,” and their interest in the intellectual works of “dissident right-wing thinkers.” They have been supported by a maligned by a vocal group of MAGA House members, such as Marjorie Taylor Green, Matt Gaetz, Thomas Massie, and Lauren Boebert, who have seized on the overzealousness of the Biden administration to normalize calls to defund the FBI and other cherished Washington institutions.

    The primary success of a potential new class of MAGA Senators has created new pressures for Mitch McConnell. Long established as the kingpin of beltway Republican politics, his criticism of the “quality” of candidates has earned him strong public rebukes from Florida Senator Rick Scott—a political figure with both the ambition and financial resources to threaten McConnell.

    All of this is creating a unique moment in American history.

    The overreach of the Biden administration has led to the dropping of the executive mask. No longer is there any pretense of governing all Americans—the notion of liberal persuasion is dead. Brute force and the abolishment of governing norms—such as the facade of a politically independent Supreme Court, state control of elections, or the role of the filibuster in the Senate—are now accepted by mainstream Democrats as necessary to usher in a modern version of reconstruction on the parts of America that still fly Trump flags.

    Meanwhile, the most vocal anti-Trump Republicans have faced brutal defeats electorally but still have a home in the comfortable confines of Washington. While Liz Cheney’s blowout primary defeat means she will be giving up the pretense of representing Wyoming, she has been welcomed to the friendly confines of AEI. The View or CBS News are willing to welcome various former Trump administration figures so long as they engage in the public ritual of condemning their previous boss. The impact of these decisions, however, is declining interest in traditional conservative think tanks, respect for corporate media, and the legacy of formerly prominent Republican legislators and dynasties.

    The regime’s most powerful tool—a federal uniparty that fights on Sunday News Shows but works together and socializes in the real world—is fraying fast.

    Republican Congressional offices are being flooded with calls and emails attacking once noncontroversial issues such as foreign aid, the FBI, and the security of elections. While the wiliest of Washington creatures know how to pretend to sympathize with these concerns, the more mediocre ones flounder—with numerous Republican incumbents now forced to move their office from Capitol Hill to K Street.

    The real question will be what comes after 2022. While the sulfur and brimstone tones spewing from Joe Biden may spark news cycles, economic distress continues to dominate the concerns of voting Americans. At the same time, Hispanic Americans, many of which are alarmed about the cultural radicalism of the modern Democratic Party, are undermining the assumptions of the “demographics are destiny” framework that has dictated so much of the Left’s political strategy in the recent decades.

    Attempts to smear new-Republican Hispanics as the new “white nationalists” is surprisingly having little impact.

    While Joe Biden mocks “brave, right-wing Americans” that cling to the notion that their AR-15 can protect them from the F-15s he controls, the mentally declining commander-in-chief should pay more attention to his government’s failures in Afghanistan. The Afghan military surrounded billions of dollars in high-tech military supplies to Taliban forces not because they were out-armed but because the incompetent and kleptomaniac “liberal” regime America installed lacked the true support of the people and was not a cause many saw dying for.

    Likewise, the collapse of military enlistment in the American military reflects the sincere and growing disillusionment with Washington itself. While state propaganda may be trying to make the military appeal to America’s growing transgender population, they don’t seem up to the task of replacing young, white working-class men the modern class of Generals dismisses as privileged.

    As Murray Rothbard noted in Anatomy of the State, the state needs more than guns and bureaucrats to thrive. It needs the implicit consent of the people.

    Thanks to Joe Biden, and his friends in both political parties, instead tens of millions of Americans are growing increasingly comfortable considering themselves enemies of the state.

    Tyler Durden
    Sat, 09/03/2022 – 15:30

  • IAEA Chief Outlines Gravest Risk To Ukraine Nuclear Power Plant
    IAEA Chief Outlines Gravest Risk To Ukraine Nuclear Power Plant

    International Atomic Energy Agency Director-General Rafael Grossi says that a team of inspectors which arrived Thursday will stay present at the embattled Zaporizhzhia Nuclear Power Plant on an indefinite basis in hopes of ensuring its safe operation. He returned from the site and briefed reporters in Vienna, outlining the looming concerns.

    “The gravest risk to the embattled Zaporizhzhia Nuclear Power Plant is physical damage to equipment from shelling that could lead to a release of radiation,” he warned.

    Rafael Mariano Grossi and IAEA members inspecting Zaporizhzhia Nuclear Power Plant in Enerhodar, southeastern Ukraine, via EPA-EFE

    “It is obvious there is a lot of fighting in general in this part of Ukraine,” Grossi said, and observed that “The military activity and operations are increasing in that part of the country, and this worries me a lot.”

    “It’s obvious that the plant, and the physical integrity of the plant has been violated, several times. [Whether] by chance [or deliberately], we don’t have the elements to assess that. But this is a reality that we have to recognize, and this is something that cannot continue to happen,” he told the Friday press briefing, without assigning blame for which side shelled the facility.

    He further affirmed of the IAEA team he led to the site that “six of the agency’s experts remain at the plant” to maintain “permanent presence on site… with two of our experts who will be continuing the work.”

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

    While no unsafe radiation levels or any kind of leak has yet been detected, Grossi still painted a picture of the crisis at Europe’s largest nuclear power plant – which before the war supplied 30% of Ukraine’s electricity needs – as a potential disaster waiting to happen if extra measures aren’t taken to restore operations up to standard: 

    Overall, not one of what the nuclear monitoring agency calls the seven pillars of nuclear safety, which include physical integrity, reliable external power and availability of spare parts, remains intact, Grossi said.

    He said that most of the shelling of the plant occurred in August, which was when each warring side intensified accusations that the other was behind the attacks.

    Some 500 Russian troops have occupied the site since March, with mostly Ukrainian engineers still operating it. He praised the plant’s technicians for coping under wartime stresses, saying it is “admirable for the Ukrainian experts to continue to work in these conditions.”

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

    Interestingly, the assessment of his team appeared to directly contradict what Ukrainian officials have been alleging regarding Ukrainian engineers being tortured amid a Kremlin orchestrated ‘cover up’. The Associated Press wrote: 

    But on some points, the agency’s initial assessment was more optimistic than the picture painted by Ukrainian officials, who had said that engineers and other employees had been subjected to harsh interrogation and even torture, raising stress levels when they returned to work in reactor control rooms and in other critical jobs.

    Ukrainian officials have long argued that the plant’s engineers should be viewed as hostages who are being hindered from operating or speaking freely, but Grossi’s eyewitness account did not in any way back the claims.

    Tyler Durden
    Sat, 09/03/2022 – 15:00

  • Top Climate Adviser Gina McCarthy Leaving White House, John Podesta Joining
    Top Climate Adviser Gina McCarthy Leaving White House, John Podesta Joining

    Authored by Jack Phillips via The Epoch Times (emphasis ours)

    White House national climate adviser Gina McCarthy is leaving her position, the White House said Friday as it also confirmed reports that former Hillary Clinton campaign manager John Podesta is joining the Biden administration.

    “Gina is indeed leaving us,” White House press secretary Karine Jean-Pierre said at a briefing Friday in response to questions about McCarthy’s departure. “She, as you know, has been a leader in what we have seen as one of the largest investment in dealing” with the climate, Jean-Pierre said.

    Gina McCarthy as seen in a file photo. (Mark Wilson/Getty Images)

    It’s not clear why McCarthy is leaving the White House. She has not issued a public comment about leaving.

    At the same time, President Joe Biden said in a statement that Podesta, whose emails were leaked by WikiLeaks ahead of the 2016 election and contained controversial material, will be joining the administration to serve as a senior advisor on “clean energy innovation and implementation.”

    Podesta served as the White House chief of staff under President Bill Clinton and was also a senior Obama administration official before he became Clinton’s campaign manager. Podesta was most recently at the left-wing Center for American Progress think tank, which he founded.

    “We are fortunate that John Podesta will lead our continued innovation and implementation,” Biden said in a statement on Friday. “His deep roots in climate and clean energy policy and his experience at senior levels of government mean we can truly hit the ground running to take advantage of the massive clean energy opportunity in front of us.”

    John Podesta is seen looking on before the first vice presidential debate at Longwood University in Farmville, Va., on Oct. 4, 2016. (Paul J. Richards/AFP/Getty Images)

    Podesta was tapped to “oversee implementation of the Inflation Reduction Act’s expansive clean energy and climate provisions and will chair the President’s National Climate Task Force in support of this effort,” the White House said.

    Podesta will not replace McCarthy. Her former deputy, Ali Zaidi, was named to be the White House’s national climate advisor, said Biden in a statement.

    Read more here…

    Tyler Durden
    Sat, 09/03/2022 – 14:30

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Sep 03

Today’s News 3rd September 2022

  • Boost Election Integrity Now
    Boost Election Integrity Now

    Authored by Paula Stern & Robert Kueppers via RealClearWire,

    With the selection of candidates mostly complete, Labor Day marks the traditional start of the 2022 fall mid-term election season. With the nation facing historic economic, social, and geo-political challenges, the stakes are high for the control of Congress. Confidence in the integrity of the election is essential, given that the outcome may continue to mirror the razor-thin margins in Congress today.

    Polls are indicating that Americans are losing confidence in the integrity of our elections. Such a decline in voter confidence is dangerous to the fabric and effectiveness of our democracy. It is incumbent upon public and private sector leaders to act quickly to restore Americans’ confidence in the integrity of our elections. Ensuring a credible election is a shared responsibility.

    Here are 10 steps we should take to ensure that our elections are not only secure but also accessible and credible.

    1. Have a voter-verified paper trail. Require paper ballots to assist with audits and recounts and ensure that all voting machines produce a paper record of ballots cast.

    2. Start counting sooner. To help achieve a quick count as more citizens employ different ways to vote, states should both start counting early ballots before Election Day. This will increase confidence that the vote count is credible and secure. 

    3. Modernize and secure voting equipment. While many jurisdictions have modernized their voting equipment, too many state and local governments have underinvested in it over the past decade, raising fears that their systems can be compromised. At a minimum for this election, all components of election equipment capable of connection to the internet should be disabled and rendered unusable. By 2024, no election equipment should be capable of any connection to the internet at all.

    4. Make sure people are adequately trained to perform their role. Election administrators should prioritize recruiting and training poll workers to ensure elections run smoothly.

    5. Employ credible audits. Rigorous, nonpartisan audits can raise confidence in elections. Virginia’s audit of two districts in its 2021 House of Delegates elections, for instance, found that there was a 99.743 percent likelihood that the result in the district studied was correct — and only a .00256293556 percent chance that it was wrong.

    6. Make voting accessible. States should promote access to the polls by providing at least 10 days of early voting, including some evening and weekend hours. They should also ensure a sufficient number of polling places so that in-person voters do not have to wait in long lines that discourage turnout.

    7. Protect election administrators. Action on the state and local level, including the enforcement of federal laws against voter intimidation, will help ensure that those who administer elections, from precinct workers to state election officials, and voters are free from harassment or intimidation. The US Election Assistance Commission has developed a helpful resource for election official security, including guidelines on what constitutes harassment and how to report incidents. Reporting harassment will help support the Department of Justice’s task force, which will partner with and support U.S. Attorneys’ Offices and FBI field offices to investigate and prosecute these offenses where appropriate.

    8. Modernize the Electoral Count Act. Congress should act quickly to update the Electoral Count Act of 1887, which regulates how Congress counts the states’ electoral votes for president. There is a strong vehicle to do so: A bipartisan group of 16 Senators has introduced legislation which would raise the threshold for raising challenges to a state’s electors, and confirm that the vice president has a ceremonial role in counting electoral votes, among other provision.

    9. Beef up security funding for elections. Since 2017, the Department of Homeland Security has treated election systems as critical infrastructure, just as water and electrical systems are. In line with this, Congress should increase resources, including clear cyber hygiene guidance, for state and local governments to strengthen both physical- and cyber-security efforts for this election — and for the next cycle.

    10. Business must play a role. In early 2022, the annual Edelman Trust Barometer, an important study across 28 countries measuring popular trust in institutions such as business, government, and the media, concluded that business emerged as the most trusted institution. It should leverage that role in the interest of promoting secure and credible elections, including initiatives to give time off from work to vote or to serve as nonpartisan observers at polling places, inform workers of rules and changes in polling places and voting requirements in the communities where they operate, and provide sources for accurate information.

    These are strong steps to promote secure, credible, and accessible elections. But time is short. Public policy leaders, in concert with business leaders, must move quickly to adopt these steps, both for this cycle and the fast-approaching presidential election in 2024.

    *  *  *

    Paula Stern is former chairwoman of the U.S. International Trade Commission (ITC) and founder and president of The Stern Group. Robert Kueppers is Former Senior Partner, Global Regulatory & Public Policy, Deloitte LLP. They are Trustees of the Committee for Economic Development of The Conference Board (CED) and co-chair CED’s Sustaining Democratic Institutions Committee.

    Tyler Durden
    Fri, 09/02/2022 – 23:40

  • These Are The Most Popular Fast Food Brands In America
    These Are The Most Popular Fast Food Brands In America

    Ever since the McDonald brothers created the concept of fast food in 1940, the restaurant’s golden arches have continued to beckon customers to its quick, cheap, and tasty meals.

    McDonald’s is still the most popular fast food brand in America today – with $46 billion in systemwide sales last year.

    This graphic by Visual Capitalist’s Avery Koop uses data from a report on America’s top 50 fast food chains by Quick Service Restaurant (QSR) Magazine. The popular brands are sized by their 2021 systemwide sales and broken down into six broad categories: Burger, Chicken, Snack, Pizza, Sandwich, and Global.

    Note: a number of these figures are estimates. Unofficial figures are noted in the graphic with an asterisk.

    The Most Popular Fast Food Companies

    It’s indisputable that McDonald’s is America’s favorite fast food restaurant, if not the world’s. McDonald’s sales are almost double the second the place restaurant’s, Starbucks—totaling $46 billion compared to the coffee shop’s $24 billion.

    Here’s a closer look at the numbers:

    Most of the top 20 restaurants are extremely well known, like Chick-fil-A in third place and Taco Bell in fourth. Some of these chains, however, will be unrecognizable depending on which part of the U.S. you live in. While Bojangles is ubiquitous in the Southeast, for example, many on the West Coast may have never heard of it.

    Some of the lower ranking restaurants include Shake Shack (#45), White Castle (#50), and the Canadian-founded Tim Hortons (#47).

    Fast Food Industry Trends

    America’s fast food industry is expected to generate $331 billion in sales in 2022, and many restaurants are capitalizing on trends shaped in part by the pandemic.

    Fast food companies are already somewhat ideal for pandemic conditions with drive-thrus, fast service, and a model that doesn’t encourage sitting down to eat.

    Looking to the future, Starbucks, for example, has claimed 90% of its new stores will feature drive-thrus. Digital sales and transactions that limit contact, making fast food even more quick and convenient, are growing as well. Starbucks’ mobile order service has grown 400% over the last five years. And in 2021, the delivery side of their business grew 30% year-over-year, according to the QSR report.

    Additionally, the report featured 50 up-and-coming fast food companies to watch in the industry. Here’s a look:

    Some of these are well-established fast food joints that are simply growing their sales, like Cinnabon, while others are newer to the scene.

    America’s Favorite Fast Food

    Using the ranking’s food categories, we calculated the total sales in each category from the top 50 to figure out which foods are America’s favorites. The winner is evidently burgers, with $92.2 billion in collective sales. Here’s a look at the breakdown:

    Sales at Burger restaurants were more than double the runner-up, which was Snacks. After all, nothing is more American than a classic hamburger and fries.

    Tyler Durden
    Fri, 09/02/2022 – 23:20

  • The World Of Tomorrow: Seven Trends In Bitcoin Mining And Energy
    The World Of Tomorrow: Seven Trends In Bitcoin Mining And Energy

    Authored by Ruda Pellini via BitcoinMagazine.com,

    Bitcoin could enable humanity to take the next step in energy production and usage through the capabilities it unlocks…

    The world is no longer the same – it is constantly changing. And this transformation is happening increasingly faster. In reality, the “new normal” is a constant transformation and the only certainty is change.

    The Information Age arrived and with that several concepts had to be updated so as not to be destroyed by the new. Paradigm shifts are taking place all around us and anyone who doesn’t understand this will quickly fall behind.

    The changes that bitcoin has already brought and will continue to bring to the world are not just monetary. We are facing a new energy revolution as well. And anyone who doesn’t keep up to date with new trends will be disrupted.

    Thinking in this context, I have separated seven trends in the energy market to help you anticipate what is on the horizon and approaching quickly.

    1. RENEWABLE ENERGIES WILL BE WIDELY ADOPTED

    The transition to renewable energy has reached a point of no return. As time goes on, this sector will become increasingly efficient. Today, in appropriate places, wind and solar energy are already the cheapest and most efficient ways of generating energy.

    With popular pressure for a cleaner energy matrix and more investment in research, this trend will intensify.

    Another issue is that the perception that fossil fuels are stable sources of energy has suffered a setback with the invasion of Ukraine and its aftermath. While the generation of renewable energy can usually be done at or near consumption points, oil and natural gas depend on major global producers, a complex supply chain and are more influenced by geopolitics.

    The only fossil energy source that tends to remain competitive in the medium term as a form of energy generation is natural gas.

    Image source

    2. RENEWABLE ENERGY GENERATION OPERATIONS WILL BE MULTIMODAL

    A significant portion of energy production in Brazil is hydroelectric. In addition, in the country there are several reservoirs which are basically flat surfaces and, as Brazil is a tropical country, they have a high rate of sunlight.

    In the future, these reservoirs will be used as solar generation parks and will be integrated into the hydroelectric substation, which will allow the integration and transmission of this generated energy to the electrical grid. In windy places, wind turbines will also be installed, further increasing the use of the enterprise. This logic does not apply only to Brazil, but to any countries where wind and solar energy are viable in the same region.

    3. DISTRIBUTED GENERATION WILL BE WIDELY ADOPTED

    Until the beginning of the last decade, there was no distributed energy generation around. Since then, this form of generation has seen exponential adoption. This trend will continue for a long time, as penetration of this form of generation is still incipient.

    In the future, individual consumers will be able to install their own solar panels on the roof of their homes or join small cooperatives, such as condominiums or clubs, and build small generators for electricity.

    Image source

    In 2009, humanity invented a technology that allowed the monetization of stranded energy. The name of that technology? Bitcoin mining. Thanks to this process, it is now possible to convert energy into money, regardless of where that energy is located.

    A clear example of this stranded energy monetization process is, “the burning of natural gas associated with oil exploration,” AKA flaring. Currently, most of this surplus gas is flared because it is not economically viable to use it. With bitcoin mining, this scenario has changed and there is a great tendency for this gas to be used to fuel bitcoin mining operations.

    With that, a gas that was wasted became monetizable. An example of this logic is Exxon starting a pilot bitcoin mining project in 2021.

    This same logic can be applied to any other form of minimally accessible stranded energy, such as, for example, with biogas and from dumps and landfills.

    5. ELECTRIC GRIDS WILL BECOME MORE ROBUST AND ENERGY WILL BECOME CHEAPER FOR THE CONSUMER

    Currently, electrical grids are designed to produce energy to meet peak demand. However, there is no viable way to store this energy and it is idle at most times when demand is not at its peak.

    As a way of monetizing surplus energy, bitcoin mining allows for the construction of oversized networks. These networks will not need to be anchored to calculations that focus on avoiding waste and targeting the moment of peak demand, which always incurs a risk of miscalculation and blackouts.

    A consequence of this logic is that without the need to charge the final consumer for the production of surplus energy, the price of energy will decrease considerably.

    6. BITCOIN MINING AND ENERGY SECTORS WILL MERGE

    We currently think of bitcoin mining and energy sectors as two independent sectors, but in the future they will merge.

    The characteristics of bitcoin mining make this activity attractive for the energy sector, which is observable in its incipiency. The logic presented in the item above implies that power generators will adopt bitcoin mining as a way to monetize their idle energy.

    7. HUMANITY’S ENERGY GENERATION CAPACITY WILL INCREASE SIGNIFICANTLY, AND WITH IT THE DEGREE OF HUMAN PROGRESS

    The consequences of the existence of a technology that makes it possible to monetize idle and stranded energy are broad and profound.

    Currently, human beings fail to take advantage of a significant portion of the energy they produce because it is not feasible to transport and store this energy. Thanks to bitcoin mining, this logic will be reversed.

    Several energy sources in remote locations will become economically viable. Two clear examples of this are:

    • Deserts, places with huge potential for generating solar energy.

    The absence of a consumer market near these locations prevented these energy sources from being used by humanity. With the invention of a technology that allows the monetization of idle energy, this dynamic has changed.

    This also implies that the increase in demand for solar panels, wind turbines and other materials needed for energy generation will generate more research and innovation in the sector and, consequently, make this equipment cheaper.

    THE THIRD ENERGY REVOLUTION

    Finally, it is worth remembering that energy is the only universal currency. In other words, there is no poverty, but energy poverty. Likewise, having access to more energy will unlock a great revolution in humanity.

    Our species has already made two major evolutionary leaps related to unlocking different ways of using energy:

    1. When we mastered fire and learned to cook, we started to ingest more calories in less time and with that our brain developed.

    2. When we started to access energy stored and concentrated over millions of years by geological processes, the so-called fossil fuels, we became an industrial society and our population exploded.

    The monetization of idle and stranded energy capacity, whether solar in deserts, winds or geothermal potential on volcanic islands, will allow us to take the third evolutionary leap in terms of energy use.

    The world of tomorrow will be a world with an abundance of energy, and therefore, an abundance of resources.

    Tyler Durden
    Fri, 09/02/2022 – 23:00

  • New ATF Document Reveals Gun Owners Who Own 'Pistol Braces' Could Be Forced To Register
    New ATF Document Reveals Gun Owners Who Own ‘Pistol Braces’ Could Be Forced To Register

    Readers know the Biden administration has weaponized the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) to wage war on law-abiding gun owners and manufacturers.

    AmmoLand News reported the latest move by the ATF could force law-abiding gun owners who own pistol braces to register them with the federal government. 

    The plan (or request) for a registry of pistol braces was buried within a document about a budget justification from the ATF to the Office of Management and Budget (OMB). Here’s what the document says:

    “Due to the upcoming Amnesty Registration of Pistol Brace weapons, photos of the weapon being registered will be required to prove the weapon does utilize a pistol brace in its configuration and would qualify for an amnesty registration.”

    “Our ATF inside sources have told AmmoLand News that the ATF was planning for an amnesty period where gun owners would be able to register their braced pistols as short-barreled rifles (SBR) and that it is expected they will receive a free tax stamp,” AmmoLand’s John Crump said. 

    Ammoland believes there are roughly four million pistol braces in the US, while gun blog website Silencer Central has the figure between three and seven million. 

    The Biden administration has requested the ATF to redefine the definition of a firearm and change rules surrounding pistol braces. 

    Democrats have rushed to try and ban anything guns or gun components. Democratic Rhode Island congressman David Cicilline told members of a House Judiciary Committee this summer that pistol braces turn “weapons into automatic weapons” and said, “it becomes a bump stock.”  

    Republican congressman Thomas Massie responded to Cicilline’s ridiculous claims, indicating braces are neither a bump stock nor make the weapon fire faster. Instead, it’s to shoot more accurately for stabilization purposes. 

    Here’s the full exchange between the Democrat and Republican lawmaker. It just shows how uninformed Democrats are about guns. 

    “The final pistol stabilizing device rule has not been unveiled. Based on this budget request and information from our sources, it seems to include a registry,” Crump concluded, adding the new rule could be unveiled by December of this year, which would mean millions of law-abiding gun owners who own braces would have to file sometime next year.

    Remember, we’ve told readers the ATF has a secret database of “nearly a billion gun records.” The purpose of any registry on a long enough timeline is confiscation. 

    Tyler Durden
    Fri, 09/02/2022 – 22:40

  • Real Deterrence Of China Will Be Uncomfortable
    Real Deterrence Of China Will Be Uncomfortable

    Authored by Jennifer Bradley via RealClear Wire,

    The pace of China’s nuclear modernization has been described as breathtaking by Adm. Charles Richard, commander of U.S. Strategic Command. The increased size and sophistication of the capabilities being developed make them a strategic threat to the U.S. and its allies. Along with that threat comes the uncertainty around how large China plans to grow its force. 

    To deal with this threat, it is tempting to reach for the Cold War playbook and enhance deterrence. Arms control negotiations and agreements played a pivotal role in reducing risk, increasing transparency, and promoting stability between the United States and the Soviet Union. But China is not the Soviet Union, and arms control will not address this threat.

    For arms control to be effective, at least two parties must be willing to negotiate. Unfortunately, China is not. Beijing has steadfastly refused to even entertain the idea of joining any nuclear arms control negotiations. It remains opaque on its current nuclear capabilities, its intentions for its nuclear modernization program, and any changes in nuclear doctrine its leaders may be contemplating. It is easy to point to the disparity in the size of China’s nuclear arsenal compared to those of the United States and Russia, but to understand China’s resistance to nuclear arms control, it is imperative to examine its strategic culture.

    Understanding the context

    The late Colin S. Gray wrote, “Policy and strategy will be influenced by the cultural preferences bequeathed by a community’s interpretation of its history as well as by its geopolitical-geostrategic context.” Assessing strategic culture provides a method for understanding the behavior and decision-making of states, while also guarding against one’s own ethnocentric biases. Examining China’s strategic culture offers insight into its consistent and strong resistance to nuclear arms control negotiations that the United States continues to advocate for. 

    A preference for secrecy and deception is a key component of Chinese strategic culture that influences its national security policy development. The importance of deception is emphasized in both classical and contemporary Chinese military writings. Sun Tzu, one of the most well-known classical Chinese strategists, stated, “All warfare is based on deception.” But the core components of secrecy and deception as beneficial strategic concepts are peppered throughout modern Chinese strategy documents. They are referred to as methods for enhancing deterrence, or for gaining advantage should deterrence fail. Even Deng Xiaoping’s famous twenty-four-character strategy contained the essential directives to “hide our capacities and bide our time,” relying on secrecy and deception to achieve China’s strategic objectives.

    Arms control, in order to be successful, requires a verification regime to ensure that treaty signatories are meeting their obligations. This need for verification is in direct conflict with Chinese cultural preferences for secrecy and deception. Skeptics may counter that China has participated in many other arms control regimes in the past, including the Nuclear Non-proliferation Treaty and the Biological Weapons Convention – and it has signed the Comprehensive Test Ban Treaty, although it has not ratified it. Participating in these treaty organizations bolsters China’s image as a responsible international stakeholder, but secrecy and deception have also influenced Beijing’s involvement in these treaty regimes: China’s record on proliferation runs counter to its obligations under Article I of the NPT, the BWC does not have a formal verification regime that China has to adhere to, and though adherence to the CTBT is voluntary, a report published by the U.S. State Department in 2020 suggests that China has repeatedly blocked the flow of data from International Monitoring System stations used to monitor nuclear testing activity calling into question activities at China’s Lop Nur test sites. 

    In other words, even as China benefits from the prestige of membership in these arms control regimes, it also subverts its obligations. It is not subject to verification requirements and maintains the ability to hide illicit behavior.

    How to maintain real deterrence

    If arms control is not a viable solution to address the risk of China’s strategic breakout, then what path should the United States take? Due to the uncertainty and increased risk caused by China’s actions, the United States must hedge against this threat. A hedging strategy is a prudent course of action to reduce risk, strengthen deterrence and assure allies of U.S. commitment to security obligations. 

    An effective hedging strategy will ensure that the recapitalization of the U.S. nuclear force remains funded and on track. It will promote flexibility of U.S. nuclear capabilities to guarantee the ability to respond to any level of escalation by our adversaries. This flexibility requires continued commitment to the nuclear-armed Sea-Launched Cruise Missile (SLCM-N) in order to compete with capabilities that both China and Russia are developing. Finally, a hedging strategy will not reduce the role of nuclear weapons in national security unilaterally, especially as both China and Russia are increasing the prominence of nuclear weapons in their strategies. These measures are not akin to an arms race, but rather they ensure that the U.S. nuclear force is ready and reliable, and that our adversaries believe it poses a credible threat.  

    The nuclear threat posed by China is growing – how much so will remain unclear, because of its cultural preferences. This requires the United States take prudent measures to enhance deterrence of China, in ways tailored to this threat and this century, not the last. The uncertainty caused by the growing Chinese threat is uncomfortable – but deterrence has always been an uncomfortable proposition. It relies on convincing adversarial leaders with unique cultures, values, and worldviews that restraint is in their best interests. During the Cold War, leaders in the Soviet Union decided that arms control served their own national security, and the treaty regimes reduced tensions and enhanced deterrence. But until China’s leaders reach that same conclusion, the United States must become comfortable with being uncomfortable. A hedging strategy to ensure our deterrent remains robust and credible will ensure that China remains uncomfortable as well. 

    *  *  *

    Jennifer Bradley is a Senior Deterrence Analyst at U.S. Strategic Command. The views represented are those of the author and do not represent U.S. Strategic Command, the Department of Defense, or the U.S. Government.

    Tyler Durden
    Fri, 09/02/2022 – 22:20

  • Taiwanese Billionaire Puts Up $32 Million To Train Army Of 'Civilian Warriors' Against Chinese Invasion
    Taiwanese Billionaire Puts Up $32 Million To Train Army Of ‘Civilian Warriors’ Against Chinese Invasion

    The founder of a major microchip producer has reinstated his Taiwanese citizenship and pledged to spend $32 million of his own money to train “civilian warriors” to prepare for a Chinese invasion.

    United Microelectronics founder Robert Tsao, center, after announcing his plans for a civil defense force in Taiwan. Photograph: Ritchie B Tongo/EPA

    Wearing a bulletproof vest, billionaire Robert Tsao, founder of United Microelectronics Corp, announced at a Thursday press conference that the Chinese Communist Party’s threat to Taiwan was growing. The 75-year-old says he plans to train “three million people in three years,” and will work with the island’s civilian defense organization – the Kuma Academy.

    “Given the Chinese Communist Party’s record of atrocities against its own people and its brutal domination of those like the Uyghurs who are not even Chinese, the CCP’s threats have only ignited among the Taiwanese people a bitter hatred against this threatening enemy, and a shared determination to resist,” he said in a prepared statement.

    “I am back in Taiwan, and I will die in Taiwan. I will not watch the CCP turn Taiwan into another Hong Kong,” he said during his speech in Taipei.

    According to the Guardian, 60% of the funds would go towards the army of “warriors,” while 40% would be to train another 300,000 in how to shoot.

    “If we can successfully resist China’s ambitions, we not only will be able to safeguard our homeland but make a big contribution to the world situation and the development of civilization,” he said.

    Tsao was formerly an active supporter of unifying Taiwan with China, and had renounced his Taiwanese citizenship in protest against a government investigation of his company. However, he told Radio Free Asia that he had a change of heart after witnessing the crackdown on Hong Kong’s pro-democracy movement, particularly the Yuen Long MTR attack. On Thursday he also announced he had renounced his Singaporean citizenship and that his Taiwanese citizenship had been restored and he planned to “die in Taiwan and stand with its people”. -The Guardian

    Established in 2021, the Kuma academy is aimed at training Taiwan’s civilian population in guerilla warfare, self-defense, and first-aid skills.

    “This goal is ambitious and the challenge is daunting, but Taiwan has no time to hesitate,” the academy said in a statement, citing efforts by the British after the second world war, as well as the Ukrainian response to the ongoing Russian invasion.

    The academy – which was approached by Taso after launching a fundraiser – said that the will of Taiwan’s people to resist a CCP invasion would “determine the outcome of the war.”

    “War is not a matter for a few people, and defending Taiwan is for every Taiwanese. Everyone has the ability and responsibility to contribute their own strength in the war.”

    Tyler Durden
    Fri, 09/02/2022 – 22:00

  • Megadrought Threatening Millions Of Americans With Loss Of Water And Power
    Megadrought Threatening Millions Of Americans With Loss Of Water And Power

    Authored by Katie Spence via The Epoch Times (emphasis ours),

    The Colorado River Basin meanders through seven U.S. states and supplies water to Lake Powell in the Upper Basin and Lake Mead in the Lower Basin. In turn, these reservoirs deliver water and power to millions of Americans.

    Photos of the Colorado River showing drought at the Overton Arm between 2000 and 2022. (Compilation of NASA photos)

    They’re also going dry.

    Indeed, on Aug. 16, 2021, the Bureau of Reclamation issued the first Level One Shortage Condition in the Lower Basin when Lake Mead fell below 1075 feet.

    Then, in March 2022, the bureau reported that Lake Powell fell below the target elevation of 3,525 feet for the first time since the 1960s.

    Lightning strikes over Lake Mead near Hoover Dam that impounds Colorado River water at the Lake Mead National Recreation Area in Ariz., on July 28, 2014. (John Locher/AP Photo)

    Pointedly, these drops threaten hydropower generation and municipal water needs for 40 million Americans.

    And while Congress has taken steps to address the flagging water supply, a 20-year megadrought and unsustainable allotments are hampering its efforts.

    In 1999, Lake Powell averaged a water elevation of almost 3,681 feet, and Lake Mead was almost near capacity at 1,220 feet near the dam.

    After more than 20 years of drought, the West has officially entered a megadrought (meaning 20 or more years), and Lake Powell’s water level is down almost 150 feet. Lake Mead’s water level is down nearly 176 feet.

    Indeed, the period from 2000 to 2021 was the driest on record for many states in the West.

    The United States Department of Agriculture (USDA) designated 63 out of 64 Colorado counties as natural disaster areas due to drought and declared natural disaster areas in several Wyoming counties.

    A dead fish sits on cracked earth above the water level on Lake Mead at the Lake Mead National Recreation Area, on May 9, 2022. (John Locher/AP Photo)

    In Mancos Valley, an area considered a Colorado agricultural utopia with cooler weather and “plenty” of water, streams ran at half the average flow, reducing water for hundreds of farmers and ranchers.

    Moreover, headwaters for the Colorado River Basin start in Colorado and Wyoming, meaning the lack of water didn’t just affect the two states.

    “Water conditions on the river depend largely on snowmelt in the basin’s northern areas [of Colorado and Wyoming],” states a Congressional Research Service report (CRS).

    Still, it could probably pull through if the megadrought was the only problem facing the Colorado River Basin. Unfortunately, federal and state mismanagement compound the megadrought, driving the river to the brink of disaster.

    Unsustainable Drains

    In 1922, the Basin States of Colorado, Utah, New Mexico, Nevada, Arizona, and California established the Colorado River Compact to release water from the lakes based on basin storage conditions.

    Specifically, under the compact, each basin is allocated 7.5-million-acre feet (MAF) per year—one-acre foot equals about 326,000 gallons—and a certain percentage goes to the Basin States based on water levels in the dams.

    At its peak, Glen Canyon Dam on Lake Powell can store 26.2 MAF, and Hoover Dam on Lake Mead can store 26.1 MAF, according to CRS.

    Lake Powell and the Glen Canyon Dam. (Beverly Mann)

    In 1944, the United States entered a treaty with Mexico to provide an additional 1.5 MAF from the basin to Mexico.

    Markedly, at the onset of the compacts, federal and state governments assumed that river flows would average 16.4 MAF per year, states CRS. But that turned out to be a deeply flawed assumption.

    From 1906 to 2020, the actual river flows averaged 13.9 MAF, but consumption and losses averaged approximately 15 MAF. Demand outpaced supply.

    Drought and Hydroelectric Plants

    According to the Department of Energy, hydropower is primarily used for ramping energy flexibility and represents less than 6.7 percent of U.S. electricity generation capacity.

    In other words, if an area relies on solar and exceeds capacity, or the sun sets, hydropower can “ramp up” energy production quickly—hydropower provides approximately 40 percent of black start resources (restoring a power station to operation without relying on the external electric power transmission network after a total or partial shutdown).

    It’s also considered one of the “cleanest” and “cheapest” forms of energy.

    However, hydroelectricity generation depends on funneling large amounts of water from elevated heights through power plants typically found inside dams, according to the Water Resources Research Center, making significant river systems a vital resource.

    Read more here…

    Tyler Durden
    Fri, 09/02/2022 – 21:40

  • Friday Humor: White House Takes Credit For Creating 10 Billion Jobs
    Friday Humor: White House Takes Credit For Creating 10 Billion Jobs

    It appears Common Core math has crept its way into the highest echelons of the Biden administration.

    On Friday, White House spox Karine Jean-Pierre attempted to actually answer a question – except, while her boss can’t read a teleprompter – Jean-Pierre apparently can’t read a binder when she’s not deflecting.

    When asked what she thinks about a variety of terrible metrics since Biden took office, she panicked and attempted to rattle off a list of economic accomplishments, which did not go well.

    “Under President Biden, student test scores has gone backwards, inflation has gone the wrong direction, workers’ real wages have come down. We’re seeing spending on programs and promised that at some point in the future, the transition will be over. What, in the last 20 months, where’s the progress?” asked Fox Business correspondent Edward Lawrence.

    After rattling off some broad brush strokes, Lawrence reiterates: “But inflation still outpaces wages,” to which Pierre turned to her trusty binder of accomplishments, where she noted that the White House has created “nearly ten-thousand million jobs,” which she bragged was “the fastest job growth in history – so you’re asking me ‘where’s the success?’“

    Watch:

    Perhaps if you divide the number of jobs people have to hold down to make ends meet…

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    Clearly deflection is her strong suit.

     

    Tyler Durden
    Fri, 09/02/2022 – 21:20

  • Gates Left Open To Prevent Flooding Highlight Breaches, Weaknesses In Arizona's Wall With Mexico
    Gates Left Open To Prevent Flooding Highlight Breaches, Weaknesses In Arizona’s Wall With Mexico

    Authored by Allen Stein via The Epoch Times (emphasis ours),

    The Chevy pickup truck growled like a wary pitbull as it crept along the narrow dirt road parallel to Arizona’s southern border wall fence with Mexico.

    Sam, the owner of a private Arizona security firm, stopped the truck and put the gear in park.

    “We’re on the Roosevelt Easement right now,” he says bluntly. “The federal government owns this entire road.”

    Open gates give easy access to the United States for illegal aliens crossing from Mexico near Douglas, Ariz., on Aug. 24. (Allan Stein/The Epoch Times)

    Something, though, was glaringly out of place on Aug. 24.

    Three massive irrigation gates built into the steel border wall fence were open for anyone to walk through.

    Kyle, a security specialist in Arizona, stands in front of open floodgates along the Arizona border wall with Mexico on Aug. 24. (Allan Stein/The Epoch Times)

    On the Mexican side of the border wall, fresh water bottles lay on the ground, covered in dew. Someone had also left origami puppets with the words “Peace” and notes in Spanish and English in plastic zip-lock bags.

    “Look with compassion on the whole human family; take away the arrogance and hatred which infect our hearts; break down the walls that separate us,” the note read.

    Humanitarians leave water bottles, food for the illegals, and even children’s toys to pick up as they cross into the United States through the open gates, says Sam, the pseudonym he uses to protect his identity.

    “There’s another open gate “bigger than this one, down that way,” he says, pointing up the easement. “There are five or six gates like this”—all open.

    The Roosevelt Easement is a 60-foot-wife stretch of federal land spanning three U.S. border states, inlcuding Arizona. Here, the easement runs parellel to the border wall in Douglas, Ariz., on Aug. 24. (Allan Stein/The Epoch Times)

    “And this is the new wall Trump built. What sense does it make? How about closing the gates?”

    Sam believes the Roosevelt Easement is key to border security through enforcement from the federal level.

    The easement is a 60-foot-wide dirt road owned by the federal government along the U.S.-Mexico border, spanning nearly 2,000 miles across three of the four border states.

    In 1907, President Theodore Roosevelt established the federal easement with the intention of protecting border states against smugglers operating between the United States and Mexico.

    Border wall construction in Arizona stopped soon after President Joe Biden took office in 2021. Its projected construction cost was over $21 billion, requiring nearly four years to complete.

    A sign written in Spanish stands on the U.S. side of the border wall fence with Mexico near Bisbee, Ariz., on Aug. 24. (Allan Stein/The Epoch Times)

    Sam says the Roosevelt Easement is like a constitutional “no man’s land” where federal law enforcement could do the most good at preventing illegal immigration.

    In July 2020, the U.S. Bureau of Land Management announced the transfer of 65.74 acres of federal public lands in Arizona and New Mexico to the U.S. Army to aid the installation of power and utility infrastructure to support border wall security.

    On Aug. 24, much of that infrastructure appeared incomplete along the portion of easement between Bisbee and Douglas.

    Sam tells The Epoch Times that thousands of illegals pass easily through breaches in the wall each month with little to stop them.

    Signs written in Spanish greet the migrants with an emergency phone number to call. “No Trespassing” signs are written in English.

    “I tried to push one [gate] shut. It’s pretty hard to shut,” says Kyle, Sam’s security specialist, riding in the truck’s passenger seat. “They would be damned secure if they were [kept] shut.”

    “There are people here that are tired of the bull,” Sam adds. “People aid the cartels and the migrants because they’re migrants themselves.”

    Further up the road, a lone U.S. Border Patrol officer sat in a pickup truck, watching as we approached.

    “Why are the irrigation gates kept open?” an Epoch Times reporter asked.

    The officer responded that the gates stay open during monsoon season, allowing water and debris to wash through and prevent flooding.

    “But doesn’t that make it easy for migrants to cross into the United States?” the reporter asked.

    The officer nodded and said the location has been “somewhat active” with illegal crossings.

    A large gap in the border wall fence provides easy access for illegal migrants crossing into the United States from Mexico near Douglas, Ariz., on Aug. 24. (Allan Stein/The Epoch Times)

    As we moved further up the easement, we found more open gates and even strips of camouflage fabric caught in barbed wire, signs of illegal crossings.

    “Whoever was hauling backpacks got hung up on here,” Kyle says.

    Illegals purchase camouflage backpacks and other necessities at makeshift stores along the human smuggling routes run by the Mexican drug cartels. It’s kind of like a mini-retail chain, Kyle says.

    Sam says many illegals would stop coming if law enforcement had the manpower and resources to intercept them and send them home.

    Read more here…

    Tyler Durden
    Fri, 09/02/2022 – 21:00

  • The Race For The Moon Continues
    The Race For The Moon Continues

    Engine trouble led to the postponement of NASA’s Artemis 1 mission earlier in the week, but is now scheduled to launch tomorrow afternoon. The flyby is scheduled to be the start to a new program of U.S. government lunar missions almost exactly fifty years after the Apollo project, which landed the first humans on the moon, ended. Since then, no manned missions have visited Earth’s closest companion in space.

    As Statista’s Katharina Buchholz details below, Artemis 1 will be the first of three missions that are aiming to put a person back on the moon by 2025.

    Not only in the U.S., race for the moon is starting anew as several more countries and private companies have announced lunar missions.

    Infographic: The Race for the Moon Continues | Statista

    You will find more infographics at Statista

    After the successful landings of Chinese probes Chang’e 3 in 2013, Chang’e 4 in January 2019 and Long March 5 in 2020, who will be the next space agency or company succeeding in reaching the moon? Our graphic gives a rundown of the main lunar missions announced to-date. Given the uncertainties of space flight, the dates may be subject to change.

    After two failed mission by the Israeli private company SpaceIL in April 2019 and the Indian space agency ISRO in July of that year, the next soft landings on the moon are scheduled by U.S. companies Astrobotic Technology and Intuitive Machines, which are planning to bring landers and rovers to the moon towards the end of this or the beginning of next year as part of NASA’s Commercial Lunar Payload Services program that has been giving out contracts to companies to develop capabilities to fly to the moon’s South pole which is interesting for resources utilization. Japanese company iSpace is also planning to launch its Hakuto lander later this year, which will place the Rashid rover developed by the United Arab Emirates Space Agency on the moon in early 2023.

    Amidst global upheaval following Russia‘s invasion of Ukraine, the country’s first launch from its resurrected moon program Luna is believed to have been delayed to the coming year at least. The lander mission was originally scheduled to be followed up by a orbiter in 2024 and a manned mission to the moon’s orbit in 2029. The space agencies of Japan and India are also reaching for the moon in 2023 with one lander mission each. Turkey wants to reach the moon as well that year, albeit with an easier impactor mission. A soft landing is scheduled to follow by 2028.

    New launches from China and the European Space agency are expected in 2024 and 2025, respectively, and focus on resources utilization concepts, as does NASA’s Viper rover program that will be realized in cooperation with private companies starting in 2024. In addition, NASA and ESA are scheduled to begin work on a space station in lunar orbit the same year.

    South Korea already got a head start for its lunar program with the successful launch of a lunar orbiter in early August which is currently on the way to the moon. The country wants to achieve a soft landing on the moon by 2030.

    Tyler Durden
    Fri, 09/02/2022 – 20:40

  • The Pandemic Did This? New York Times Fails Fact Check
    The Pandemic Did This? New York Times Fails Fact Check

    Authored by Debbie Lerman via The Brownstone Institute,

    Yesterday, September 1, 2022, The New York Times had a front page story entitled: “The Pandemic Erased Two Decades of Progress in Math and Reading.”

    The first paragraph states that “National test results released on Thursday showed in stark terms the pandemic’s devastating effects on American schoolchildren, with the performance of 9-year-olds in math and reading dropping to the levels from two decades ago.”

    Further down, the article says: “Then came the pandemic, which shuttered schools across the country almost overnight” and “experts say it will take more than the typical school day to make up gaps created by the pandemic.”

    The definition of a pandemic, according to the Bulletin of the World Health Organization (ref: Last JM, editor. A dictionary of epidemiology, 4th edition. New York: Oxford University Press; 2001) is “an epidemic occurring worldwide, or over a very wide area, crossing international boundaries and usually affecting a large number of people.”

    According to the Association for Professionals in Infection Control and Epidemiology, “an epidemic occurs when an infectious disease spreads rapidly to many people.”

    Thus, a pandemic is a disease that spreads rapidly to many people all over the world.

    Based on this pretty much universally accepted definition, a pandemic can do exactly one thing: it can spread disease to many people around the world.

    What can a pandemic NOT do?

    A pandemic cannot impose mandates or lockdowns.

    A pandemic cannot block borders or force people to stop traveling.

    A pandemic cannot shutter schools – overnight or otherwise.

    A pandemic cannot impact math and reading.

    A pandemic cannot cause learning gaps.

    What can our response to a pandemic do?

    If we decide to shut down schools for months and years on end in response to a pandemic, then it is our response that has caused whatever educational deficits and devastation to children ensue. It is not the pandemic.

    In case there’s any doubt that the effects of a pandemic are separate and distinct from society’s response to the pandemic, we can take a look at Sweden, where schools were never shut down, and where there was no learning loss (ref) and much less devastation to schoolchildren than in countries that closed schools (ref) during the Covid pandemic. 

    Blaming the pandemic for anything other than disease and/or death is misinformation.

    The New York Times headline and article contain clear and uncontestable instances of misinformation.

    Here is the information from the article, stated in a factually correct way:

    US public health leaders and politicians mandated prolonged school shutdowns in response to the Covid pandemic, and these school shutdowns had devastating effects on schoolchildren, creating learning gaps and erasing decades of progress in math and reading.

    Tyler Durden
    Fri, 09/02/2022 – 20:20

  • Stop Freaking Out About Drinking Recycled Poo-Water, Expert Says
    Stop Freaking Out About Drinking Recycled Poo-Water, Expert Says

    The head of the UK’s Environment Agency says that people need to be ‘less squeamish’ about drinking “toilet-to-tap” water from treatment plants, as countries and states around the world move towards recycling sewage.

    According to a Sunday op-ed in The Times, Sir James Bevan writes that “drinking recycled sewage is the future.”

    “The recent rainfall hasn’t changed the underlying position in this country: many parts are likely to stay in drought for months, and if we have a dry winter then next year will be even more challenging,” Bevan writes. “We will need to be less squeamish about where our drinking water comes from. Part of the solution will be to reprocess the water that results from sewage treatment and turn it back into drinking water — perfectly safe and healthy, but not something many people fancy.”

    Bevan’s op-ed comes as US water supplies are under strain due to an ongoing, and worsening drought which has resulted in ten areas being given drought status by the Environment Agency.

    Because of this, he says that people simply need to “change the way they think about water,” and “treat it as a precious resource, not a free good.”

    “If we are going to get there, we are all going to have to think differently. Some of these measures will be unpopular, so future governments will need to show political will,” he said.

    Earlier this year, Singapore’s water agency launched a beer made with recycled sewage water in order to raise awareness over the country’s water security issues (and probably to mask the taste of poo).

    Last month we reported that Los Angeles County is considering a similar move to recycle wastewater to taps.

    “There’s been a public health legacy where sanitary engineering practices and regulators considered sewage a waste, it was something to be avoided, something to be feared,” said Brad Coffey of the Metropolitan Water District of Southern California. “Now that we have the technology … the public, the regulators, the scientific community has much greater confidence in our ability to safely reuse that water supply.”

    The plan hinges on the State Water Resources Control Bord, which legislators have tasked with developing a set of uniform regulations by Dec. 31 which would govern potable reuse.

    “This is going to be the future of L.A.’s water, the future of the state’s water supply,” said Gonzalez, who added that the Headworks project could come online within the next five years.

    LA’s plans are much bigger than that, however – as the city has set out to recycle 100% of its wastewater by 2035 per a pledge made by Mayor Eric Garcetti several years ago.

    In order to achieve this, LA’s Hyperion Water Reclamation Plant – which currently only treats wastewater so it’s clean enough to release into Santa Monica Bay – must be completely converted into an advanced water purification facility which produces water that’s clean enough to consume.

    What else are you going to use to wash the bugs down, after all?

    Tyler Durden
    Fri, 09/02/2022 – 20:00

  • Have We Entered The New Dark Ages?
    Have We Entered The New Dark Ages?

    Authored by MN Gordon via EconomicPrism.com,

    Elizabeth Warren must be a fool.  That, or she thinks the rest of us are fools.

    The Senator recently took to CNN to publicly fret over the Federal Reserve’s rate hikes.  She’s worried they will tip the economy into recession.

    What’s Warren afraid of?  Her fears have already come true.

    The U.S. economy already is in a recession.  GDP data alone shows the economy contracted in both the first and second quarter of 2022.

    The technical definition for a recession has long been understood to be two consecutive quarters of declining GDP.  So, by definition, the economy is in a recession.  Everyone knows this, save President Biden and Warren.

    Recessions may not be agreeable.  But they are necessary.  In fact, the present recession is precisely what’s needed to clean up the consumer price inflation mess that Warren and her colleagues made.  There are consequences for mass money printing.  And they must be reckoned one way or another.

    The fundamental fact is today’s consumer price inflation fiasco is a direct result of Washington’s spending policies.  The coronavirus hysteria provided the perfect excuse to spew printing press money into the economy.  Warren was one of the greatest advocates.

    The Fed, for its part, merely obliged the wishes of Congress.  It created credit from thin air and loaned it to the Treasury in the form of Treasury note purchases.

    The Treasury then obliged the wishes of Congress.  It used the money that was borrowed from the Fed to fund stimmy checks, PPP, and generous federal unemployment payments.  This was all to meet the legislative demands of Warren and the other knaves in Congress.

    Money Destruction

    There’s never a good time to spew printing press money into the economy.  But the years 2020-21 were particularly bad.  That’s because governments the world over locked down their economies for no good reason at all.

    The United States, Europe, and nearly every government across the globe took its cues from Communist China.  The coronavirus curve wasn’t flattened.  But the economy was.

    Then politicians like Warren took a bad situation and made it vastly worse by spewing printing press money everywhere.  Maybe they thought they were helping.  Maybe they believed the promise of Modern Monetary Theory (MMT) would make all their socialist dreams come true.

    Regardless, their actions were highly destructive.  And now we all must live in the discombobulated world they made.

    The critical point is that the creation of greater quantities of money by central planners does not magically increase the quantity of goods and services.  The addition of newly created money is not readily greeted with a corresponding increase in production.

    Similarly, newly created money does not magically increase people’s claims to goods and services.  It does not increase how much they can consume.  Rather, it dilutes each individual monetary unit, which then appears as rising prices.

    The genesis of consumer price inflation can be found in money supply inflation.  Money supply inflation is the direct act of central planners.  The inflation of the money supply comes first.  Consumer prices then follow, especially when the printing press money is injected into the economy via government giveaways.

    Broken Supply Chains

    The 2020-21 government mandated lockdowns succeeded in disrupting supply chains.  Many links in the chain were broken.  Some supply chains that were incrementally connected over the last 30 years were broken forever.

    There’s no going back to the way things were prior to March 2020.  Yet, in addition to the ramifications of government mandated lockdowns and mass money spewing, the world continues to change in important ways.

    Geopolitical shifts since the start of the Russian-Ukraine war are momentous.  Sanctions imposed on Russia have put Europe in a position where it can no longer consume cheap, abundant Russian natural gas.

    This is an example of a supply chain that’s broken for good.  It will never be repaired.  The implications of this new reality are just setting in as winter appears in the distance.

    Germany is particularly vulnerable to disruptions in Russian gas.  Before the war started, more than half of its gas came from Russian imports.  Now Germany is having to quickly develop contingencies.

    One option is to restart coal plants that had already been shut down as part of its plan to phase out coal by 2030.  But coal is also in a supply crunch.

    In Poland, for example, cars are lining up at the Lubelski Wegiel Bogdanka coal mine.  People are waiting day and night to stock up on heating fuel in advance of winter.  Demand for coal has forced Bogdanka and other mines to ration sales.

    What’s going on here?  How did everything get so screwed up?  Have we entered the new dark ages?

    Have We Entered the New Dark Ages?

    Unless there’s a miracle, this winter will be an absolute calamity for Europe.  French President Emmanuel Macron recently clarified the situation for his cabinet.

    “What we are currently living through is a kind of major tipping point or a great upheaval … we are living the end of what could have seemed an era of abundance … the end of the abundance of products of technologies that seemed always available … the end of the abundance of land and materials including water.”

    Spanish Defense Minister Margarita Robles also warned of what’s to come, saying, “We [Europeans] are going to have a winter of great suffering.”

    Both Macron and Robles fail to mention the source of the great upheaval and winter of suffering.  That it’s elitist policies from the U.S. and Europe that have put everyone in such a pinch.

    In reality, there is an abundance of resources and the talent and capability to efficiently deliver them to market.  But government lockdowns, climate change policies, and senseless sanctions are standing in the way.

    One example of the absurdity of it all was recently identified by ZeroHedge, who detailed how Europe is paying inflated prices for Russian liquified natural gas (LNG) that’s been laundered through China.  Somehow ‘dirty’ LNG from Russia magically becomes ‘clean’ when it’s brokered from China.

    Here in the U.S. these mega disruptions are less pronounced, at least for now.  Yet the U.S. is not exempt.  Not with the current cadre of elitists doing everything they can to inhibit productivity and then paper over it with printing press money via misnomers like the Inflation Reduction Act.

    As noted above, the U.S. is already in a recession.  The bear market rally has stalled out and reversed just as the calendar turns to September – the worst month of the year historically for U.S. stocks.  And September is followed by October, a month which has delivered several of the most epic stock market crashes on record.

    So as the market slides into the fall, and the economy contracts, high consumer prices will persist.  They must.  Elitist policies assure it.

    There is one way out, however.  But it won’t be very pleasant.  As the Fed yanks the cheap money rug out from under the economy the recession could turn into a decade long depression.

    And if that doesn’t do it, a new dark ages will.

    Tyler Durden
    Fri, 09/02/2022 – 19:40

  • "Worst Has Yet To Come": Civil Unrest Set To Surge Worldwide As Socioeconomic Pressure Builds, Report Warns
    “Worst Has Yet To Come”: Civil Unrest Set To Surge Worldwide As Socioeconomic Pressure Builds, Report Warns

    Soaring food, energy, and shelter inflation have led to what could be a new era of civil unrest worldwide. Pockets of unrest have been observed in Sri Lanka, Peru, Kenya, Ecuador, Iran, and Europe. New research forecasts a broader wave of discontent is just ahead. 

    While this topic of developing social unrest is hardly new, we discussed it in late 2020, “Why Albert Edwards Is Starting To Panic About Soaring Food Prices,” and Rabobank’s Michael Every noted in April 2021: “We Are Edging Closer To A Biblical Commodity Price Increase Scenario.” 

    Earlier this year, Rockefeller Foundation President Rajiv warned that a “massive, immediate food crisis” is nearing. The UN said this summer that the world is “marching towards starvation” with an increased likelihood of civil unrest and political violence. 

    Making sense of the impending global turmoil is Verisk Maplecroft, a UK-based risk consulting and intelligence firm. They have just published an updated version of the Civil Unrest Index (CUI), covering seven years of data, showing the last quarter saw the most countries ever since the index was created move higher in civil unrest risks (101 of the 198 countries tracked by the firm saw increased risks of civil unrest, while only 42 experienced reduced risks).

    “The impact is evident across the globe, with popular discontent over rising living costs emerging on the streets of developed and emerging markets alike, stretching from the EU, Sri Lanka, Peru to Kenya, Ecuador, and Iran, ” Verisk wrote in the report, adding conditions are worsening as the frequency of protests and labor strikes could accelerate into fall. 

    “Although there have been several high-profile and large-scale protests during the first half of 2022, the worst is undoubtedly yet to come,” the firm warned.

    Verisk noted Algeria has the highest likelihood of projected civil unrest over the next half year because of rising inflation. Other areas include Europe, mainly due to energy hyperinflation decimating household finances.

    “Bosnia and Herzegovina, Switzerland, Netherlands, Germany, and Ukraine are all among the states with the biggest projected increases in risk,” the report said. 

    “Only a significant reduction in global food and energy prices can arrest the negative global trend in civil unrest risk. Recession fears are mounting, and inflation is expected to be worse in 2023 than in 2022,” Verisk said.

    The question remains if central banks can arrest inflation with the most aggressive interest rate hikes in decades. If not, then Verisk expects: “the next six months are likely to be even more disruptive” than earlier this year. 

    Tyler Durden
    Fri, 09/02/2022 – 19:20

  • Crypto.com Mistakenly Transfers $7 Million To Australian Woman In Refund Blunder
    Crypto.com Mistakenly Transfers $7 Million To Australian Woman In Refund Blunder

    Authored by Katabella Roberts via The Epoch Times (emphasis ours),

    A Melbourne woman received quite the surprise when she discovered that nearly AU$10.5 million ($7.2 million) was accidentally deposited into her bank account by the digital currency app Crypto.com.

    Representations of virtual cryptocurrencies are placed on U.S. Dollar banknotes in this illustration taken on Nov. 28, 2021. (Dado Ruvic/Reuters)

    The Singapore-based company discovered during a December audit that it had mistakenly refunded AU$10.47 million to Thevamanogari Manivel in May 2021, when it was attempting to issue a refund of just AU$100 ($70).

    According to court documents (pdf), the incident happened after an account number was accidentally entered into the payment amount field by an employee instead of the AU$100 amount.

    However, the mistake was not realized by the company until months later by which time Manivel, with some help from her sister, Thilagavathy Gangadory, had already gone on quite a spending spree.

    She also failed to notify Crypto.com of the mistake.

    Crypto.com, which lost roughly $34 million worth of cryptocurrency in a hack earlier this year, has filed a lawsuit against Manivel and her sister seeking the return of the millions of dollars.

    But according to the lawsuit, Thevamanogari Manivel has already spent some of the money, transferring $10.1 million into a joint account, and another $430,000 to a joint account with her daughter.

    She also purchased a AU$1.35 million five-bedroom property in Craigieburn, located in suburban Melbourne.

    “It is established that the Craigieburn Property was acquired with funds traceable to the Wrongful Payment and would never have been in Gangadory’s hands if the wrongful payment had not been made,” lawyers for Crypto.com wrote in the lawsuit. “Thus, Gangadory was unjustly enriched by receiving the purchase price of the Craigieburn Property out of the Wrongful Payment, and the first plaintiff is entitled to recover an amount representing that price.”

    The court froze Manivel’s bank account in February this year. However, Victoria’s Supreme Court has now ordered that the million-dollar property be sold and that Manivel return the money to the company.

    Read more here…

    Tyler Durden
    Fri, 09/02/2022 – 19:00

  • Crushed Scores And Crushed Skulls: Children Pay Grim Lockdown Price
    Crushed Scores And Crushed Skulls: Children Pay Grim Lockdown Price

    The disturbing evidence against lockdowns piled even higher this week, with new studies on two continents showing that children not only suffered significant learning loss but sharply higher abuse at home too.  

    First, French researchers found abusive head trauma among infants in the Paris metro area doubled during the second year of the pandemic, reports MedPage Today. Worse yet, mortality rates among those abused infants soared nearly 10-fold, suggesting greater ferocity.   

    Interestingly, the stats held steady through the first year of the pandemic and its associated government lockdowns, only to erupt in 2021. The researchers hypothesize that the pattern reflects an “accumulation of psychosocial distress over time.”

    They attribute that distress to lockdown measures that “deteriorated the psychosocial situation of adults, increased the periods where parents or guardians were at home for a prolonged time with their children, and reduced the intensity of prevention and early detection programs.”

    Like other victims of maniacal Covidian coercion, Parisians were subjected to lengthy lockdowns, curfews and daycare closures, as public health officials gave no consideration to collateral effects of their policies. 

    “Economic loss and unemployment, mental disorders such as acute and post-traumatic stress disorders and depression or suicidal behaviors are known risk factors for [child abuse and neglect],” the Université Paris Cité researchers wrote. 

    Meanwhile, a new federal study found that both math and reading scores for 9-year-old Americans tumbled during the pandemic’s first two years.  

    “Reading scores saw their largest decrease in 30 years, while math scores had their first decrease in the history of the testing regimen behind the study,” reported the Associated Press. 

    “I was taken aback by the scope and the magnitude of the decline,” Peggy G. Carr, commissioner of the National Center for Education Statistics, told The New York Times. 

    Shutdown-happy public health officials and teachers unions tag-teamed to pummel black and brown kids hardest. White students’ math scores dropped 5 percentage points, but black scores tumbled 13 points and Hispanics shed 8 points. Asian and native American scores managed to hold steady. 

    The children damned by overreaching public health officials may never reach their pre-pandemic potential. “Student test scores, even starting in first, second and third grade, are really quite predictive of their success later in school, and their educational trajectories overall,” said Susanna Loeb, Brown University’s director of the Annenberg Institute. 

    Asked on Thursday about the steep toll that school shutdowns took on children, barrier-breaking White House press secretary Karine Jean-Pierre showed that black lesbians are fully capable of the mind-boggling dishonesty that’s required when serving as the Biden administration’s script-reading, identity-politics hood ornament.

    Pretending that Democrats, teachers unions and liberal media weren’t the leading proponents of school closures, Jean-Pierre implied those closures were a product of pandemic mismanagement on the part of  Donald Trump and the Republican Party: 

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

    Sadly, if our society can’t unite in acknowledging the intrinsic dangers of lockdowns, we’re at risk of being victimized by them again, with the ill effects falling heaviest on those with the smallest voices.  

    Tyler Durden
    Fri, 09/02/2022 – 18:40

  • Prosecutors Identify Police Supervisor Who Beat Woman On Jan. 6
    Prosecutors Identify Police Supervisor Who Beat Woman On Jan. 6

    Authored by Zachary Stieber and Joseph M. Hanneman via The Epoch Times (emphasis ours),

    The Washington D.C. police officer who beat a Minnesota woman with a metal baton at the U.S. Capitol on Jan. 6, 2021, is a 19-year veteran with a history of use-of-force complaints.

    This image from video shows Metropolitan Police Commander Jason Bagshaw in the Lower West Terrace tunnel as Victoria White is led into the U.S. Capitol in Washington on Jan. 6, 2021. (Real Story of Jan. 6/Epoch TV)

    Victoria C. White, of Minnesota, was struck nearly 40 times in a four-minute span in the Lower West Terrace tunnel leading into the U.S. Capitol, security video footage showed.

    The officer who delivered most of the blows was identified in new court filings as Metropolitan Police Department (MPD) commander Jason Bagshaw, 45.

    “The tunnel CCTV footage shows that over an almost two-minute span running from approximately 4:07:00 to 4:08:54 p.m., Lieutenant Bagshaw repeatedly struck, or tried to strike, the woman in red with his baton,” U.S. prosecutors said in one of the briefs (pdf).

    Bagshaw has since been promoted to commander.

    Prosecutors also acknowledged that Bagshaw “threw five left-handed jab punches in the direction of the woman in red’s head or upper body” and included an image showing Bagshaw with his left fist raised while standing near White, or the woman in red.

    MPD use-of-force policies advise officers to avoid striking the head.

    Bagshaw did not respond to a message. MPD did not respond to requests for comment. The agency said previously it wasn’t aware of the surveillance footage, released in December 2021 by attorney Joseph McBride, showing one of its officers pummeling White.

    Bagshaw, the video shows, struck White’s head eight times, then punched her with his left fist. He later made a fist and punched White in the face and head six times. Another officer—with both hands on his baton—jammed the butt of the weapon at White’s face and then rammed her with the baton 10 times, the video footage shows.

    Prosecutors attempted to defend the strikes.

    “While many observers might instinctively cringe at the sight of a male police officer using a baton to strike, or attempt to strike, the head, neck, and shoulder area of a smaller woman, there are many possible lawful justifications for Lieutenant Bagshaw’s use of force,” they said.

    “The woman in red’s location alone was criminal, making her subject to arrest, and it presented a threat to the officers and the U.S. Capitol. Here, there is no evidence in the trial record explaining how the woman penetrated the phalanx of officers, whether she was armed at the time, or if she had threatened or undertaken violent action against an officer. Depending on these circumstances, an officer may have been justified in using violent force against her. It is possible that Lieutenant Bagshaw struck her for no justifiable reason. But it is also possible he struck her to disarm her, or to subdue her after she attacked an officer,” they added.

    White’s case was featured in The Epoch Times documentary “The Real Story of Jan. 6.”

    “The first blow came to my head by a metal baton,” White said in the film. “It was really bad. I remember trying to keep myself up. I was scared I would be trampled.”

    Police use-of-force expert Stan Kephart said using a baton to strike the head is a potentially fatal mistake. Kephart is interviewed for the Epoch TV documentary, “The Real Story of Jan. 6” on June 2, 2022. (Tal Atzmon/The Epoch Times)

    In the film, use-of-force expert Stan Kephart said striking White in the head was a potentially fatal mistake.

    “The head is a sphere. What happens when you strike a spherical object with a blunted object, at least resistance and glances off the head. That’s a possibility. The second thing is you can hit them flush and kill them,” Kephart said. “If your intent was to kill them, you should have been using a firearm and not a baton.”

    Bagshaw’s History

    Bagshaw, who started working for the department in 2003 and has been promoted twice since Jan. 6, 2021, has been the subject of multiple complaints over the years.

    In one instance, a Washington resident accused him of working with other officers to try to cover up an illegal beating in 2013. Bagshaw falsely said in an application for a search warrant for the man’s home that a taxi driver told him the man looked like a man who had assailed the driver, according to court filings.

    Bagshaw testified in a deposition that another officer told him the driver did not know if the man was one of the men who assailed him. The case was settled out of court.

    In another case, which is still ongoing, Bagshaw and other MPD officers were accused of violating the constitutional rights of protesters who gathered in Lafayette Square near the White House in the wake of George Floyd’s death. A second case that is ongoing says Bagshaw instructed officers to beat a woman who was protesting the death of her son at the hands of the police.

    In a December 2020 incident documented on video shared on Instagram and other social media websites, Bagshaw picked up a man identified as a medic, carried him a short distance, and tossed him to the pavement.

    In mid-July 2022, Bagshaw shot an armed man to death in a crowded restaurant district on D.C.’s waterfront. Bagshaw, who was off-duty at the time, said he fired after witnessing Lazarus David Wilson, 23, of Dumfries, Virginia, pointing a firearm at patrons.

    One Step Toward Justice

    White told The Epoch Times she identified Bagshaw as her attacker weeks ago, based on security video and other sources.

    She said his identity being made public is just one step toward justice in her case.

    Publicity on the details, however, sparked her post-traumatic stress disorder from the Capitol incident and 10 years of domestic abuse by her ex-husband, she said.

    Read more here…

    Tyler Durden
    Fri, 09/02/2022 – 18:20

  • Which Is The Fastest Fast-Food Drive-Thru?
    Which Is The Fastest Fast-Food Drive-Thru?

    Taco Bell is the fast food chain that has the fastest drive-thrus in America. 

    As Statista’s Kathrina Buchholz details below, according to a study done by industry publication QSR, Taco Bell customers have to wait an average of 4 minutes and 28 seconds for their orders. The study included 1,007 visits to the ten biggest drive-thru restaurant chains across all U.S. regions and all times of the day.

    Infographic: America’s Fastest Drive-Thrus | Statista

    You will find more infographics at Statista

    KFC, Carl’s Jr./Hardee’s and Dunkin’ Donuts all stayed under 5 minutes per order when the study was carried out, placing them in ranks 2-4.

    McDonald’s just cracked the 5-minute mark and came fifth.

    The study also concluded that McDonald’s had by far the most locations with order-confirmation boards and that customers could expect the biggest drive-thru order accuracy at Chick-fil-A.

    The chicken chain had the slowest drive-thru in the survey by far, but was also the place where most vehicles lined up in the drive-thru on average (4). This is many more than the next busiest competitors, McDonald’s, at an average of 2.2 cars waiting.

    Tyler Durden
    Fri, 09/02/2022 – 18:00

  • Whistleblower Lawyer: FBI Agents Have Lost Confidence In Director Wray
    Whistleblower Lawyer: FBI Agents Have Lost Confidence In Director Wray

    Authored by Jack Phillips via The Epoch Times (emphasis ours),

    A lawyer representing several unnamed FBI whistleblowers said Wednesday that agents have lost confidence in the bureau’s leadership amid recent controversy.

    FBI Director Christopher Wray is sworn in during a hearing before Senate Judiciary Committee at Hart Senate Office Building on Capitol Hill in Washington on Aug. 4, 2022. (Alex Wong/Getty Images)

    The FBI and the Department of Justice (DOJ) have faced Republican criticism over the raid of former President Donald Trump’s Mar-a-Lago, while a number of whistleblowers have provided testimony to GOP lawmakers about alleged political bias at the bureau. Over the past weekend, high-ranking FBI agent Timothy Thibault departed the agency amid whistleblower complaints.

    “I’m hearing from [FBI personnel] that they feel like the director has lost control of the bureau,” Kurt Siuzdak, a lawyer and former agent who represents FBI whistleblowers, told the Washington Times on Wednesday. “They’re saying, ‘How does this guy survive? He’s leaving. He’s got to leave.’”

    Siuzdak told the paper that FBI agents have told him they’ve “lost confidence” in FBI Director Christopher Wray. “All Wray does is go in and say we need more training and we’re doing stuff about it, or we will not tolerate it.”

    In March, Siuzdak told the New York Post that he left the FBI after a 25-year career as an agent due to what he says is a lack of accountability among FBI managers and the bureau’s leadership. He blamed it on political biases held by top managers and leaders.

    Whistleblowers, Siuzdak told the paper this week, have alleged that Wray didn’t take action on a variety of matters, including sexual harassment claims and agents being forced to sign fake affidavits. Trump nominated Wray in 2017 after firing former Director James Comey.

    When contacted by The Epoch Times last week about recent whistleblower claims, the FBI issued a statement that the “men and women of the FBI do their jobs with rigor, objectivity, and a fierce commitment to our mission.”

    “All FBI employees are held to the highest standards of professional and ethical conduct. Allegations of misconduct are taken seriously and referred to the Inspection Division or the Department of Justice Office of the Inspector General. Through the disciplinary process, the FBI will continue to hold employees accountable for any substantiated misconduct,” the agency added.

    The FBI on Wednesday appeared to send the same statement to the Washington Times about Siuzdak’s interview. The Epoch Times has contacted the agency for additional comment.

    More Details

    Last week, Rep. Matt Gaetz (R-Fla.) said he’s received new whistleblower complaints from FBI employees, calling for a new investigation.

    “The guy told me that he loves the bureau, that he doesn’t want to see the bureau defunded or destroyed, but that he really feels a need to come forward so that there’s a focus on the things they ought to be doing, not trying to affect political outcomes,” the GOP lawmaker said.

    Read more here…

    Tyler Durden
    Fri, 09/02/2022 – 17:40

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Sep 02

Today’s News 2nd September 2022

  • Victor Davis Hanson: The Mysteries Of Long-COVID
    Victor Davis Hanson: The Mysteries Of Long-COVID

    Authored by Victor Davis Hanson,

    When the original strain of COVID-19 arrived in spring 2020, a pandemic soon swept the country.

    By far most survived COVID. But hundreds of thousands did not. American deaths now number well over 1 million.

    Amid the tragedy, there initially was some hope that the pernicious effects of the disease would all disappear upon recovery among the nearly 99% who survived the initial infection.

    Vaccinations by late 2020 were promised to end the pandemic for good. But they did not. New mutant strains, while more infectious, were said to be less lethal, thus supposedly resulting in spreading natural immunity while causing fewer deaths from infection.

    But that too was not quite so.

    Instead, sometimes the original symptoms, sometimes frightening new ones, not only lingered after the acute phase, but were of increased morbidity.

    Now two-and-a-half years after the onset of the pandemic, there may be more than 20 million Americans who are still suffering from what is currently known as “long COVID” – a less acute version but one ultimately as debilitating.

    Some pessimistic analyses suggest well over 4 million once-active Americans are now disabled from this often-ignored pandemic and out of the workforce.

    Perhaps 10-30% of those originally infected with COVID-19 have some lingering symptoms six months to a year after the initial infection. And they are quite physically sick, desperate to get well, and certainly not crazy.

    So far, no government Marshall plan exists to cure long COVID.

    While we know the nature of the virus well by now, no one fathoms what causes long COVID’s overwhelming fatigue, flu-like symptoms, neuralgic impairment, cardiac and pulmonary damage, and an array of eerie problems from extended loss of taste and smell to vertigo, neuropathy, and “brain fog.”

    “Post-viral fatigue” has long been known to doctors. Many who get the flu or other viruses like mononucleosis sometimes take weeks or even months to recover after the initial acute symptoms retire.

    But no one knows why long COVID often seems to last far longer and with more disability.

    Is its persistence due to one theory that SARS-CoV-2 is a uniquely insidious, engineered virus? Or do vaccines and antivirals only help to curb infection, while possibly encouraging more unpredictable mutations?

    Who gets long COVID, and why and how is, to paraphrase Winston Churchill, “a riddle, wrapped in a mystery, inside an enigma.”

    Those who nearly die from acute COVID-19 can descend into long COVID. But then again so can those with minimal or few initial acute symptoms.

    The obese with comorbidities are prone to long COVID, but triathletes and marathon runners are, too.

    The elderly, the mature, the middle-aged, adolescents and children can all get long COVID. Those with down-regulated and impaired immune systems fight long COVID. But then again so do those with up-regulated and prior robust immunity, as well as people with severe allergies.

    Since early 2020, no one has deciphered the cause, although numerous Nobel Prizes await anyone who unlocks its mysteries.

    Does a weakened but not vanquished SARS-CoV-2 virus hide out and linger, causing an unending immune response that sickens patients?

    Or does COVID-19 so weaken some long-haulers to the degree that old viruses, long in remission, suddenly flare up again, sickening the host with an unending case, of say, mononucleosis?

    Or is the problem autoimmunity?

    Is there something unique to the nature of COVID-19 that damages the vital on-and-off buttons of the immune system, causing the body to become stuck in overdrive, as it needlessly sends out its own poisons against itself?

    Without knowledge of what explains long COVID, it is hard for researchers to find a cure.

    After all, is the answer to slow down the immune system to dampen the immune storm, or to enhance it to root out lingering viruses?

    Do more vaccines help or worsen long COVID?

    Is the solution some magical new drug, or discovering off-label uses of old, reliable medicines?

    Can a good diet, moderate exercise and patience finally wear out long COVID? Or is its course too unpredictable or near permanent and chronic?

    Is long COVID a single phenomenon, or a cluster of maladies, each manifesting according to one’s own genetic makeup, particular history of past illness, and unique reaction to the initial infection?

    If we have few answers, we do have an idea about the costs.

    Long COVID may be one of many reasons why in a recession, labor paradoxically still remains scarce. Millions likely stay home in utter disbelief that they are still battling long COVID. Others isolate in deadly fear of getting either the acute or chronic form of the illness.

    The social costs to America of this hidden pandemic in lost wages and productivity, family and work disruption, and expensive medical care are unknown.

    But they are likely enormous, still growing – and mostly ignored.

    Tyler Durden
    Fri, 09/02/2022 – 00:00

  • New Video Of Titanic Wreckage Reveals "Dramatic Evidence Of Decay"
    New Video Of Titanic Wreckage Reveals “Dramatic Evidence Of Decay”

    OceanGate Expeditions released a new, high-resolution video of the RMS Titanic wreckage in 8K resolution, revealing an astonishing level of detail and colors of the vessel that sunk more than a century ago. 

    “The amazing detail in the 8k footage will help our team of scientists and maritime archaeologists characterize the decay of the Titanic more precisely as we capture new footage in 2023 and beyond,” Stockton Rush, Presiden of OceanGate Expeditions. 

    “Capturing this 8K footage will allow us to zoom in and still have 4K quality which is key for large screen and immersive video projects. Even more remarkable are the phenomenal colors in this footage,” said Rush. 

    “In comparing footage and images from 2021, we do see slight changes in certain areas of the wreck. Our science team will be reviewing the 8k, 4k, and other footage captured during the 2022 Titanic Expedition for any changes,” he said. 

    “We are seeing new details in this footage. For example, I had never seen the name of the anchor maker, Noah Hingley & Sons Ltd., on the portside anchor. I’ve been studying the wreck for decades and have completed multiple dives, and I can’t recall seeing any other image showing this level of detail,” Rush continued. 

    This first-of-its-kind footage provides “dramatic evidence of decay” observed on and around the Titanic. 

    In 1912, the Titanic was considered not only the largest passenger ship in the world, but it was the largest ship ever built. On its maiden voyage across the Atlantic Ocean towards New York City on April 14, the vessel struck an iceberg. 

    Watch the full video here: 

    After more than 110 years, sitting 12,000 feet below sea level, some scientists have suggested the wreckage could all but disappear by 2030 due to “hungry” bacteria in the ocean.

    Tyler Durden
    Thu, 09/01/2022 – 23:40

  • America's Secret Government By Proxy
    America’s Secret Government By Proxy

    Authored by Kelly Offield via The Mises Institute,

    Security state agencies must justify their existence.

    There are 1,271 counterterrorist, homeland security, and intelligence organizations; 1,931 private sector analogues; 10,000 locations of these organizations; and ~854,000 people with top-secret security clearances as of 2010. To make matters worse, the line between private and public is obscure in this industry.

    This massive effort requires massive tax collection. Since government endeavors do not compete and do not participate in reciprocal exchanges, then they have no profit-and-loss test to determine if their efforts are worth the money taken from citizens. Additionally, since only the free market can determine prices, government endeavors must continually disseminate propaganda to convince citizens that the endeavor is useful.

    Interestingly, officials in this industry have explicitly admitted that reports from government agencies are not trusted by the public, so the tactful solution is to hire someone to produce those reports that would have otherwise been produced by the government agency itself. Since security state agencies cannot produce evidence that their services are needed, they hire private businesses and nonprofits to disseminate their propaganda for them.

    Naturally, the need to justify the existence of government—propaganda—evolves into techniques to disseminate that propaganda in addition to censoring opposition to it. Therefore, a proxy government is established—a front for the actual government to do what it wants to do but otherwise cannot. This also sets the stage for information control:

    How to control Information:

    1. Stop ideas (censorship)

    2. Force other ideas (redirection)

    3. Justify this control (propaganda)

    The US government has incentivized a group of organizations to do just that. “Big tech censorship” and other control measures were not the result of free-market phenomena.

    The think tanks that refer to themselves as “counter-violent extremists” (CVEs) are America’s proxy government responsible for censoring, shadow banning, ad feed tampering, search result manipulation, and “racism/extremism” deception.

    Our Proxy Government

    The suppression of dissent is not new for American regimes, but in the modern era it is referred to as “content moderation.” The dissemination of propaganda is not new either, but modern techniques have adapted and are referred to as “redirection” or “CounterSpeech initiatives.”

    Both are defended by the intelligence agency conglomerate USAID (United States Agency for International Development) and the Department of Homeland Security (DHS):

    The School of Communication at American University will define and describe the growing threat of violent white supremacist extremist disinformation, evaluate attitudinal inoculation as a strategy for communication to combat the threat, and develop a suite of operational tools for use by practitioners and stakeholders. With commitment and support from Google Jigsaw, American University will develop evidence-based methods for undermining the persuasive appeal of disinformation-based messaging and facilitate on- and offline inoculation campaigns. (DHS)

    American University partnered with the pioneer of modern censorship software—Google’s Jigsaw—to tamper with ad feeds so that American University content was placed in front of targeted users. The intention was for the content to appear organic (a paid advertisement or legitimate search result). The state-funded American University cites the Center for Strategic and International Studies to support its claims, despite the fact that the center has a record of making claims without datasets or transparent methodologies. The justifications for much of it, the arbitrarily defined “white supremacy” has a statistically zero threat level.

    In further defense of redirection, USAID argues that “CVE programs are most effective when they are tailored and focused, often at a hyper-local level.” (Translation: propaganda works best when we can pinpoint individual users online via surveillance campaigns and CVE software.)

    The DHS uses the appeal to authority fallacy when using phrases like “credible voices” instead of presenting or citing real evidence. Of course, the authoritative figures are Facebook and Twitter representatives.

    Meanwhile, the Council on Foreign Affairs (CFA) states that the top terrorist threat “is domestic rather than foreign,” yet Far Right extremism in North America causes less deaths than lightning strikes. Despite the insignificance of North American Far Right extremism, the White House insists on these CVE lies:

    Biden directed his national security team to lead a 100-day comprehensive review of U.S. Government efforts to address domestic terrorism, which has evolved into the most urgent terrorism threat the United States faces today … the Biden Administration is releasing the first-ever National Strategy for Countering Domestic Terrorism to address this challenge to America’s national security (White House)

    Again, phrases like “expert assessment” are frequently used by the White House report rather than citations containing evidence. The White House also claims that the

    two most lethal elements of today’s domestic terrorism threat are (1) racially or ethnically motivated violent extremists who advocate for the superiority of the white race and (2) anti-government or anti-authority violent extremists, such as militia violent extremists. (White House)

    Jigsaw was only able to find thirty-five former white supremacists globally. Jigsaw has access to data on billions of users via Google and YouTube’s data advantages. These meager findings did not deter the administration’s appeals to emotional arguments with anecdotes of extremism. Merely four instances of domestic terrorist attacks are used across a twenty-six-year period (in a country of 340 million), and the Capitol Hill instance was one of the four.

    That is four instances across twenty-six years in a country of 340 million.

    The White House article argues that LGBTQI+ communities are targets of violence, yet any “crime data” I have found that supports this narrative is selective polling from left-leaning sources, like ConnectFutures, NPR, and Media Diversity Institute. Opinion polling is not crime data.

    Even the “rise” in Asian hate crime was a fabricated myth by a state-funded CVE out of California and staunch advocate of Marxism.

    If Government Grants You a Part of Its Tax Revenue to Perform Its Tasks, Are You a Government Official?

    The Department of Homeland Security granted $10 million to the private sector CVE community in 2017 in which $568,000 was granted to American University. Recall that AU content is built into Google’s search function, meaning it has become a feature of Google Search products. The intelligence and CVE communities label nonparticipating competitors (like Parlor or Brave) as extremist-infested for not having services; albeit manipulative services.

    In other words, this funding resulted in a feature on Google’s platform—a feature that Google did not have to fund itself. Google’s competitors, who are not afforded this privilege from the state, are then slandered by the state for not having it. Similar situations have occurred on Facebook, Twitter, and other platforms.

    As another example, the DHS granted $750,000 to the Life After Hate group who partnered with Moonshot and Facebook, to manipulate users into far leftism online. The collaboration resulted in a redirection service to Facebook’s search function and ad “service.”

    The DHS granted $121,000 to Prevention Through Education, a social policy–based group with a critical theory (Marxist) foundation.

    There was a total of $77 million in the overarching CVE grant program:

    The Department of Homeland Security (DHS) has designated “Domestic Violent Extremism” as a National Priority Area within the Department’s Homeland Security Grant Program, which means that over $77 million will be allocated to state, local, tribal, and territorial partners to prevent, protect against, and respond to domestic violent extremism…. The Department of Defense (DOD) is incorporating training for service members separating or retiring from the military on potential targeting of those with military training by violent extremist actors. (White House)

    The CVE community is the proxy government in charge of what ideas are acceptable, what ideas are not, and how to enforce those judgments with software and techniques. This community does what the security apparatus wishes to do but cannot do directly.

    Tyler Durden
    Thu, 09/01/2022 – 23:20

  • China's Top Developer Warns Property Crisis Has "Slid Rapidly Into Severe Depression"
    China’s Top Developer Warns Property Crisis Has “Slid Rapidly Into Severe Depression”

    China hit an ominous milestone this week as one of the largest property developers reported a 96% profit drop, blaming a “severe depression” in the real estate market where “only the fittest can survive,” reported WSJ. 

    Garden Holdings Co.’s first-half earnings crashed the most since its 2007 listing in Hong Kong as the housing market crisis worsened. It said preliminary net profit collapsed from $2 billion to just $88 million in the first six months. 

    Alarm is spreading in China as the once robust property market is at risk of collapse. The Guangdong-based company warned demand is slipping and property values are sliding: 

    “All these exert mounting pressure on all participants in the property market, which has slid rapidly into severe depression. The harsh business environment in which only the fittest can survive means even higher requirements for businesses’ competitive strength.”

    On Aug. 15, Fitch Ratings and Moody’s Investors Service slashed Country Garden’s outstanding debt rating from investment grade to junk. What’s different about this developer is that it focuses on low-income housing, where buyers have been more susceptible to financial troubles amid the economic slowdown. 

    Shares of Country Garden are down more than 66% this year, while most of its offshore bonds are trading south of 50 cents on the dollar. 

    China’s housing market has been a major driver of growth over the last quarter century and is one of the biggest asset classes in the world, with a notional value of between $55 trillion and $60 trillion. Its size outpaces the capitalization of the US stock market. 

    Warning signs emerged last year when the second biggest developer, Evergrande, couldn’t repay its offshore, dollar-denominated debt. It appears debt contagion has spread from Evergrande to not just Country Garden but dozens of other developers: 

    “More than 30 Chinese real-estate companies, including China Evergrande Group and Sunac China Holdings Ltd., have already defaulted on their international debt,” WSJ said. 

    The bleak outlook for property markets came as zero-Covid lockdowns and snarled supply chains had strangled economic activity across the world’s second-largest economy. 

     “The real estate market is undergoing a cruel and drastic reshuffling process,” Midea Real Estate Holding Ltd., another Chinese developer, said, adding it would “forge ahead in a tough way.” 

    China’s deflating property bubble has also sparked discontent among households. There have been reports this summer that some homeowners have stopped paying mortgage payments on at least 100 projects in more than 50 cities because many who bought new construction units at the highs have seen values plunge, setting up for what appears to be a debt jubilee as non-payment could spread to the broader financial system as countless mortgages default. 

    There’s reason to believe China’s real estate crisis is far from over, as noted by Country Garden Chief Financial Officer Wu Bijun:

    “The home market hasn’t entirely bottomed out, and the sector’s consolidation isn’t over. Property sales nationwide still haven’t stabilized.”

    A weakening economy could exacerbate things for property developers, and perhaps the reports of a national bailout fund to finance stalled real-estate projects is Beijing’s attempt to keep the music going. 

    So what happens if China can’t stop the economic hemorrhaging? 

    Taiwan’s Foreign Minister Joseph Wu warned back in 2019 that if a slowdown in China gets too “serious,” then “We need to prepare ourselves for the worst situation to come … military conflict.”

    Tyler Durden
    Thu, 09/01/2022 – 23:00

  • California Billboards Don't Tell The Whole Story
    California Billboards Don’t Tell The Whole Story

    Authored by John R. Lott Jr. via RealClear Politics,

    A lot of people are moving out of California. Over the last two years, California has lost about 300,000 people. Major companies, including Telsa, Oracle Corp, and HP have abandoned California for Texas. With high taxes, lots of regulations, high crime, poor schools, mishandling of the pandemic, and “woke” policies, it isn’t surprising that many people have been willing to give up the beautiful state and fantastic weather.

    Understandably, some are upset with that turn of events, but the billboards put up in Los Angeles and San Francisco are a cheap shot. They warn Californians about mass public shootings in Texas, specifically pointing to the recent Uvalde school shooting. The billboards warn, “The Texas Miracle died in Uvalde.” They replace Texas’ slogan, “Don’t Mess With Texas,” with “Don’t Move to Texas.” 

    The billboards have received extensive national and international news coverage. But California, despite all its gun control laws, has more mass public shootings than Texas.

    A mass public shooting is an attack where four or more people are murdered. It must occur in a public place and cannot involve some other crime such as a robbery or a gang fight over drug turf. Since 2000, when California enacted its major assault weapons ban, the state has experienced 10 such attacks. In Texas, over that time, there were six.  Since 2010, California has had eight attacks and Texas, five.

    Even when you adjust for California’s larger population, California has more mass public shootings per capita than Texas does. On a per capita basis, California has had 18% more since 2010.

    By the way, Texas’ violent crime rate has also been lower than California’s in five of the last six years. The Houston Chronicle speculates that the billboards may be paid for by “right-leaning Texans eager to keep liberal Californians away from their voting booths.”

    That’s ridiculous. More likely, liberal Californians are trying to stem the flow of California ex-pats, or are simply playing partisan politics. This summer, Gov. Gavin Newsom has already launched attacks on Texas gun control laws. On July 22, 2022, Newsom took out full-page ads in three Texas newspapers, attacking Texas Gov. Greg Abbott on guns and abortion. Newsom claimed that, unlike Texas, “California can ban deadly weapons for war and save lives.”

    Just nine days before Newsom’s ads, the Associated Press’ highly influential Stylebook opposed the use of the term “assault weapon.” It acknowledges that semi-automatic guns aren’t actually weapons of war.

    “The preferred term for a rifle that fires one bullet each time the trigger is pulled, and automatically reloads for a subsequent shot, is a semi-automatic rifle,” the AP accurately summarizes. “An automatic rifle continuously fires rounds if the trigger is depressed and until its ammunition is exhausted. Avoid assault rifle and assault weapon, which are highly politicized terms that generally refer to AR- or AK-style rifles designed for the civilian market, but convey little meaning about the actual functions of the weapon.”

    Eighty-four handguns and a similar number of rifles are semi-automatics for a reason. Semi-automatic weapons are needed to protect people and save lives. Single-shot rifles that require manual reloading after every round may not do people a lot of good. The first shot may miss, or there may be multiple attackers.

    At a May press conference addressing the Uvalde murders, Gov. Abbott said that stricter gun control laws, such as those in California, are “not a real solution” to ending mass shootings. Assault weapons bans do nothing to prohibit the vast majority of semi-automatic guns, so it is little wonder that banning “assault” rifles does nothing to stop crime.

    Under the 1994-2004 federal assault weapons ban, there was no drop in the number of attacks with “assault weapons,” and virtually no change in total mass shootings. The misinformation persists. First lady Jill Biden still called AR-15s “machine guns” at a Democratic National Committee fundraiser in Massachusetts after the AP’s statement.

    Texans aren’t running around with machine guns. Many Californians who want safety would be well advised to leave their state.

    John R. Lott Jr. is the president of the Crime Prevention Research Center and the author of “More Guns, Less Crime.”

    Tyler Durden
    Thu, 09/01/2022 – 22:40

  • August Payrolls Preview: "Sweet Spot Is 0-100K… Negative Print And Stocks Will Soar"
    August Payrolls Preview: “Sweet Spot Is 0-100K… Negative Print And Stocks Will Soar”

    While there is a wide range of forecasts for tomorrow’s payrolls print (see below), the median Street consensus expects the rate of payrolls growth to resume cooling in August, following a blowout month in July. The jobless rate is expected to hold steady, and there will be focus on the rate of participation after a decline last month. Average hourly earnings metrics will be a key focus to help gauge how surging consumer prices are translating into second-round effects and the wage-price spiral; some gauges suggest that the rate of pay rises is now exceeding the Fed’s preferred measures or inflation.

    As Newsquawk notes, the Fed is yet to show signs that it is relenting in its fight against inflation, and is expected to keep tightening policy to put a lid on prices, even if that means stunting economic growth, although a big jobs drop will promptly force Powell to reverse once the Karen Liz Warrens of Congress start calling him every 5 minutes. Markets currently expect a 75bps rate hike at the September 21st FOMC, but officials have been suggesting that the CPI data due on September 13th could provide a more influential steer.

    Here are the key median forecasts summarized:

    • +298K headline print (Goldman at +350k) vs +528k prior, even though the Household Survey has shown far weaker numbers and there is a non trivial chance we may get a 100k or lower print if the Establishment Survey catches down (as we explained here)
    • Unemployment rate of 3.5% (GIR 3.4%, prior 3.5%),
    • Average Hourly Earnings 0.4% vs 0.5% prior and 5.3% Y/Y.
    • Goldman writes, that August seasonal factors have evolved favorably in recent years, and the bank’s forecast assumes positive residual seasonality worth roughly +150k (mom sa).

    In terms of market reaction, as Goldman trader John Flood writes, “we are still in a bad is good and vice versa set up for US stocks as Fed has made it clear that they want to see some froth exit the labor market in tandem with cooling inflation: i) Strong print here will clearly make 75bps much more likely on 9/21; ii) Inline print of 300k(ish) will keep pressure on this tape…anything close to last month’s shocking print of 528k would lead to real risk unwind into the wknd (I think at least a 200bp sell off). iii) Sweet spot for stocks tomorrow is a 0 – 100k headline reading…should get a 100+bp rally for S&P in this scenario after this recent drawdown. If we happen to get a negative number an even sharper rally”, and the pivot will be right back on the Q1 calendar.

    What do others think? Here is a snapshot of tomorrow’s payrolls forecast by bank (higher to lower):

    • Pantheon 400k
    • BNPP 375k
    • Wells 375k
    • TD 370k
    • GS 350k
    • MS 350k
    • BofA 325k
    • Citi 305k
    • Credit Suisse 300k
    • DB 300k
    • HSBC 300k
    • JPM 300k
    • SocGen 300k
    • UBS 300k
    • Nomura 290k
    • StanChart 275k
    • Jefferies 270k
    • Evercore 250k
    • ING 250k
    • Mizuho 250k
    • Natwest 200k
    • Pictet 160k

    Some more observations on what to expect tomorrow, courtesy of Newsquawk:

    Headline to resume cooling: After a blowout jobs report in July, where almost all measures surprised to the upside, analysts are expecting the cooling in payroll growth to resume in August, with the consensus view looking for 300k nonfarm payrolls to be added; this would be lower than the prior 528k, the 3-month average of 437k, the 6-month average of 465k, and the 12-month average of 512k. This week, the White House said it was expecting the rate of payroll additions to “cool off a bit” into a “more stable and steady” growth rate as the economy “transitions”. Fed officials have also been talking about how some cooling of the labor market would be welcomed, as alluded to in its recent meeting minutes. The ADP’s new gauge of its National Employment also alludes to this theme, and reported that 132k private payrolls were added to the economy in August, against expectations for 288k (July’s reading was stated as 270k), although analysts have still expressed some scepticism around the data series.

    Unemployment Rate Seen Steady: The jobless rate is expected to remain at the post-pandemic low of 3.5% (which was also the level of unemployment seen in February 2020, before the impact of the pandemic began hitting the labour market). The decline in the participation rate in July may have contributed to the fall in unemployment (this was perhaps the only ‘blip’ in last months’ data), but other gauges of the labour market (the July JOLTs figures, for instance) continue to allude to extremely tight conditions. NOTE: the Fed’s June forecasts (which will be updated at the September 21st FOMC) projected that the jobless rate will tick up to 3.7% by the end of this year, rising to 3.9% in 2023, before again rising to 4.1% in 2024, above the Fed’s longer-run estimate of 4.0%.

    Policy Implications: Money markets are currently suggesting that there is a greater chance that the FOMC will raise interest rates by 75bps at the September 21st meeting rather than a smaller 50bps increment. The Fed has said that its policy on rate changes is data-dependent. This will be the final jobs report before the September confab, but there is still the US CPI report, due September 13th, that could influence officials’ view; indeed, Fed’s Mester, who votes on policy this year, said she’d be basing her decision on the inflation data, not the jobs report. That could mean that any market reaction to the data would be subject to revision based on the incoming CPI metrics. That said, the average hourly earnings measures will still provide some insight on how inflation dynamics are feeding through into second-round effects.

    Wage Inflation: The wages metrics will be looked at by traders to gauge how surging (and broadening) consumer prices are translating into second-round effects; the consensus looks for average hourly earnings of +0.4% M/M in August, easing from the +0.5% pace in July, but the annual rate is still expected to climb by one-tenth of a percentage point to 5.3% Y/Y, while average workweek hours are seen unchanged at 34.6hrs. The ADP’s revamped National Employment Report said that the median change in annual pay was running at a rate of +7.6% Y/Y for job-stayers, and +16.1% Y/Y for those who had switched jobs – those rates are higher than the current level of average hourly earnings in July, as well as both the rate of headline and core PCE prices, the Fed’s preferred gauges of inflation (which were respectively 6.3% Y/Y and 4.6% Y/Y in the latest data for July). Fed officials have been emphasizing that the fight against inflation is not complete, refusing to overread into some nascent signs that the surge in consumer prices is peaking; many believe that the central bank will be comfortable in firing another large rate rise, particularly if other growth dynamics continue to hold up in Q3.

    Arguing for a better-than-expected report (from Goldman):

    • Seasonal Factors: According to Goldman, the August seasonal factors have evolved favorably in recent years, with an August month-over-month hurdle for private payrolls of -315k in 2021 and -326k in 2020 compared to -54k in 2019 and -126k in 2017 (which unlike 2019 was also a 4-week August payroll). The BLS seasonal factors appear to be overfitting to the reopening-related job surges in June and July of both 2020 and 2021. Goldman’s forecast assumes positive residual seasonality worth roughly +150k (mom sa). This compares to a seasonality headwind of around 100k in the previous report.

    • Big Data. High-frequency data on the labor market were generally strong in August, with increases across all four measures  tracked.

    • Job availability. The Conference Board labor differential—the difference between the percent of respondents saying jobs are plentiful and those saying jobs are hard to get—remained elevated, edging down by 0.2pt to +36.6. JOLTS job openings surprised to the upside, increasing by 199k in July to 11.2mn to a very elevated level.

    Arguing for a worse-than-expected report:

    • August slowdown effect. Payrolls have exhibited a tendency toward weak August first prints, which may reflect a recurring seasonal bias in the first vintages of the data. August job growth has decelerated in 8 of the last 10 years relative to the first-print July reading, with an average slowdown of 167k (and by 40k during the pre-pandemic decade, 2010-2019). Softness in the first vintage also tends to manifest in many of the same industries—including manufacturing, professional services, retail, and information. However, consensus may already reflect this tendency with its 230k forecasted deceleration.
    • ADP. Private sector employment in the ADP report increased by 132k in August, below expectations for 325k. The ADP data adopted a new methodology in August, and while the updated series shows a strong correlation with BLS private payrolls over the full sample (+0.90 since 2010, mom sa), the relationship has broken down over the last year (correlation = -0.04), as shown in Exhibit 3. The ADP measure has also understated private payroll growth by 97k on average over the last year, including by 203k in July (+268k vs. +471k in the official measure).
    • Employer surveys. The employment components of business surveys generally decreased in August. Our services survey employment tracker decreased by 0.3pt to 53.2 and our manufacturing survey employment tracker decreased by 0.6pt to 54.6.
    • Job cuts. Announced layoffs reported by Challenger, Gray & Christmas rebounded 8.1% month-over-month in August, after decreasing 15.1% in July (SA by GS).

    Last but certainly not least, after touting for months the strong employment numbers as a way to deflect criticism of soaring inflation, the White House on Tuesday warned that the numbers released later this week by the Labor Department will likely show a job markets that is “cooling off.” White House press secretary Karine Jean-Pierre said the slower hiring pace is a sign that the economy is “in transition.”

    “It is going through a transition from the historic economic growth that we saw last year to a more stable and steady growth and that is kind of important to note,” she told reporters aboard Air Force One.

    “We are expecting job numbers to cool off a bit as we are going into transition. We are expecting job numbers to not be at the high growth rate,” she Pierre continued. But will they be low enough to turn negative and send futures limit up…

    Tyler Durden
    Thu, 09/01/2022 – 22:21

  • The "Experts" Still Aren't Giving Up On Vaccine Mandates
    The “Experts” Still Aren’t Giving Up On Vaccine Mandates

    Via The Mises Institute,

    [Dr. Gilbert Berdine of the Texas Tech University Health Sciences Center and Ryan McMaken discuss the policy makers’ justifications for vaccine mandates over the past two years. Will any of these policy makers admit to any mistakes?]

    Ryan McMaken: The Centers for Disease Control and Prevention (CDC) earlier this month greatly scaled back its recommendations for quarantine and social distancing. It also now makes the same recommendations “regardless of vaccination status.” In other words, the CDC now apparently does not regard vaccinated people as any less a public health risk than the unvaccinated. What does this tell us about where we are right now with the value of vaccination mandates as public policy at this point?

    Dr. Gilbert Berdine: The vaccine mandates were based on assumptions. It was assumed that the vaccine prevented infection and transmission of virus. The mandates were justified as protection of vaccinated people from the unvaccinated. The new CDC policy recognizes that this assumption was incorrect. The CDC concedes that natural immunity from prior exposure to the virus is at least as effective as vaccination in preventing subsequent infection. The CDC concedes that vaccinated people are at least as likely to spread disease as unvaccinated people. The new policy also recognizes that at this point in time the vast majority of people have been exposed to viral antigen either by natural exposure or vaccination. Given our current knowledge about covid-19, the CDC can no longer justify a vaccine mandate at present based on protecting the public from unvaccinated people.

    RM: Yet, the US government is still imposing vaccine mandates. The US military bureaucracy is still threatening to force out service members who refuse vaccination, and tennis player Novak Djokovik apparently can’t enter the country without proof of vaccination. What is the scientific basis for this?

    GB: There is no scientific basis for a vaccine mandate. Unvaccinated people pose no risk to vaccinated people. The CDC admits this to be the case. The only possible justification for a vaccine mandate is a paternalistic argument that people need to be protected from their own decisions. Free people should not be treated as pets. This leads into the next question as to whether there is scientific evidence that the vaccine saves lives.

    RM: In the past, you have noted that the public health benefit of the mandates has always been very limited, and an enormous number of vaccine doses has been necessary to prevent a small number of deaths. Is this still the case?

    GB: I have previously noted that a very high number of vaccinations were required to prevent a single death when the vaccines were first made available based on the original Pfizer trials. The efficacy of the vaccine in preventing hospitalization from covid, ICU care for covid, and deaths attributed to covid has declined over time, so the number to vaccinate to prevent a death are higher than when I reported on this issue. At the time the vaccines were introduced, the risks were unknown given the small number of people in the trials. We now have data on adverse events from the vaccine. The VAERS database was created to detect adverse events from new vaccines that were missed during initial trials. Yet, the overwhelming signal coming from the VAERS database has been ignored. The life insurance industry has made public that deaths in 2021 were far above expectations from actuarial data. The CDC reports large numbers of excess deaths in 2021 that have persisted during 2022. These excess deaths cannot be explained by covid infection. Respiratory deaths have been average ever since approximately July 2020. It is cardiovascular deaths that are unexpectedly and unexplainably high. These cardiovascular deaths include strokes, heart attacks, sudden deaths attributed to arrhythmias, and congestive heart failure including unexpected cases of myocarditis. There have been numerous claims that the vaccines are responsible based on regression of mortality rates vs. vaccination rates. The CDC has the data to either confirm or reject the vaccine as a cause of the excess deaths, but the CDC refuses to release the data to the public.

    RM: Now that the Pfizer and Moderna vaccines have been around for nearly two years, has the federal government shown any interest in evaluating the efficacy of these vaccines or the problem of side effects? Surely, we know much more now, but do you think the federal government give a fair hearing to negative information about the effects of the mandates?

    GB: The control group in the original vaccine trials were eliminated after 90 days. Everyone in the trial received the vaccine. There is no control group to monitor for long term adverse events. The excess deaths in 2021 that have persisted into 2022 are probably the biggest medical story at the current time, yet the CDC seems uninterested in finding an explanation. The CDC has the data that would either confirm or exclude the vaccine as the cause of these excess deaths, yet the CDC refuses to release this data. In my opinion, both the CDC and the Food and Drug Administration have failed to be scientific organizations that protect the public from medical harm. Both organizations have become political in nature. This was a criticism of public funding of scientific research made by John Galt in the novel, Atlas Shrugged, and the prediction has become reality.

    RM: Within the medical community, is it possible to criticize the mandates? One heard very little dissent on this in 2020. Is it possible to dissent more now?

    GB: It is very risky for anyone in the medical community to criticize any aspect of covid policy. This includes mask policy, alternative therapies, vaccine mandates, or quarantines. Licensing boards, including the American Board of Internal Medicine, have threatened physicians with the loss of licensure for spreading “disinformation” about covid-19. Of course, disinformation has nothing to do with correct or incorrect information, but rather means anything that contradicts a political narrative. The practice of medicine is gradually being transformed from a scientific inquiry seeking fact into a religious cult accepting dogma under the threat of excommunication.

    Tyler Durden
    Thu, 09/01/2022 – 22:00

  • Russian 'De-Dollarization' Escalates: Begins "Strategic" Plan To Buy Billions In "Friendly" Currencies
    Russian ‘De-Dollarization’ Escalates: Begins “Strategic” Plan To Buy Billions In “Friendly” Currencies

    Ever since March 2018, when Moscow dumped practically all of its US Treasury holdings, Russia has been at the forefront of a global process of ‘de-dollarization’. Practically speaking, reducing the nation’s dependence on the global hegemon’s control of payments and thus everything else.

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    China joined the fight more recently but has been increasing its gold reserves while reducing its US Treasury reserves quite consistently for over two years.

    Of course, all of that ‘normal’ process has been thrown into chaos since Putin invaded Ukraine with sanctions, bans, and virtue-signaling by Washington curb-stomping the freedoms of many so-called ‘friendly’ nations to Russia (and some un-friendly who simply prefer to feed/heat/cool their citizenry than fall in line).

    Since the invasion, the ‘Ruble is rubble’ narrative has been crushed after initial weakness in the Russian currency reversed to massive strength amid soaring energy prices (and energy-for-Rubles agreements)…

    All of which brings us to a stunning new report from Bloomberg that Russia is considering a plan to buy as much as $70 billion in yuan and other “friendly” currencies this year to slow the ruble’s surge.

    “In the new situation, accumulating liquid foreign exchange reserves for future crises is extremely difficult and not expedient,” a presentation on the proposal prepared for the meeting said.

    For years, the Kremlin contained spending and saved hundreds of billions in dollars, euros and other foreign currencies as a cushion to insulate the economy from the ups and downs of oil prices.

    “The frozen $300 billion were of no help to Russia; on the contrary, they became a vulnerability and a symbol of missed opportunities,” the presentation said, in a rare official admission of the true impact of sanctions.

    Bloomberg saw a copy of the document, which isn’t public, and the people familiar with the meeting confirmed its authenticity. The government and central bank didn’t immediately respond to requests for comment on the plan.

    According to people familiar with the deliberations who spoke on condition of anonymity to discuss matters that aren’t public, the plan won initial support at a special “strategic” planning meeting of top government and central bank officials including Governor Elvira Nabiullina on Aug. 30.

    With earnings from exports of oil and gas flooding in and driving the current account surplus to a record this year and pushing the ruble higher, the proposal calls for spending 4.4 trillion rubles ($70 billion) to buy the currencies of “friendly” countries, mostly yuan…which it has been gathering for a couple of years…

    Alexander Isakov, Bloomberg’s Russia economist noted that “the purchases will help Russia cap unprecedented real-exchange-rate strength, which is hurting exporters and the budget’s commodity revenues. For neutral countries, these purchases will bring some support for local currencies, help fix their current account issues and help fund commodity imports.”

    So, as CFR senior fellow Brad Setser notes, the Russian Central Bank could become the first big central bank to hold the bulk of its reserves in emerging market currencies.

    Currencies of ‘friendly’ currencies like offshore Yuan, Turkish Lira, and India’s Rupee all caught a bid on the report earlier in the day.

    As Ruchir Sharma recently noted, reflecting on the false security many are getting from seeing a strong dollar, the impact of US sanctions on Russia is demonstrating how much influence the US wields over a dollar-driven world, inspiring many countries to speed up their search for options. It’s possible that the next step is not towards a single reserve currency, but to currency blocs.

    Setser adds that “the real lesson of Russia isn’t about the dollar (or euro).  It is that excess reserve holdings of all G-7 currencies may not be as strategically valuable as thought.“

    As Banque de France noted in a July article, recent geopolitical tensions have put the hegemonic role of the dollar, and its potential demise, back into the spotlight. Looking at a new long run measure of global currency competition over two centuries, no global currency leader has been able to sustain such a large lead over its competitors for such a prolonged period.

    Remember, nothing lasts forever…

    Since the 15th century, the last five global empires have issued the world’s reserve currency – the one most often used by other countries – for 94 years on average. The dollar has held reserve status for more than 100 years, so its reign is already older than most.

    Tyler Durden
    Thu, 09/01/2022 – 21:40

  • Biden Goes All Out, Warns Of Grave Threat Posed By "MAGA Forces"
    Biden Goes All Out, Warns Of Grave Threat Posed By “MAGA Forces”

    Update (2127ET): President Biden gave an angry speech Thursday night in which he framed Republicans as election-denying ‘extremists’ who pose a threat to democracy and need to be fought tooth and nail.

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    Tucker sums it up perfectly:

    Meanwhile, who thought this was a good aesthetic for the ‘uniter in chief’? 

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    With midterms right around the corner, President Biden is now warning of the threat posed by “MAGA forces,” according to excerpts published earlier on Thursday.

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    Biden’s overall message, just days after he described Trump supporters as “ultra-MAGA Republicans” and “semi-fascists,” will be that democracy is at risk from Trumpism.

    “It’s not just Trump, it’s the entire philosophy that underpins the — I’m going to say something — it’s like semi-fascism,” Biden said during a speech last week in Rockville, MD. “Trump and the extreme MAGA Republicans have made their choice: to go backward, full of anger, violence, hate and division. But we’ve chosen a different path: forward, the future, unity, hope and optimism.”

    So, that’s the Democrats’ messaging going into midterms – while they finalize a deal with Iran and the IRGC (officially a terrorist organization) – that Republicans who aren’t Liz Cheney or Adam Kinzinger are a threat to democracy.

    Watch:

    Nevermind the ‘mostly peaceful’ riots staged every summer by Democrats and their Antifa foot-soldiers during every summer of Trump’s presidency.

    Tyler Durden
    Thu, 09/01/2022 – 21:27

  • Quantum Computing As Important As The Atomic Bomb: Expert
    Quantum Computing As Important As The Atomic Bomb: Expert

    Authored by Andrew Thornebrooke and Tiffany Meier via The Epoch Times (emphasis ours),

    Chinese tech giant Baidu is developing its own quantum computer to compete with the United States in the race toward next-generation information processing. The computer does not outperform rivals currently being developed in America but, according to one expert, signals dire competition over the future of data security.

    A 3D Illustration of a futuristic computer processor. (James Thew/Adobe Stock)

    Arthur Herman, a senior fellow at the conservative think tank Hudson Institute, said that Baidu’s recently announced quantum effort fell short of similar efforts being made by companies like Google and IBM.

    “This quantum computer that they’re touting has only 10 qubits, and that’s a pretty small number,” Herman said during an Aug. 29 interview on the “China in Focus” program on NTD, a sister media outlet of The Epoch Times.

    “Google’s Sycamore quantum computer has 60 Plus qubits. IBM’s is upwards of 70 qubits.”

    A quantum bit, or qubit, is a basic unit of quantum information used by quantum computers. Whereas traditional processors use regular bits, which can be turned on or off to create binary code, qubits can be turned on, off, or both on and off simultaneously in a phenomenon known as superposition.

    The existence of this third state will allow quantum processors, theoretically, to achieve much quicker processing speeds than their traditional counterparts.

    Governments and companies alike are thus rushing to develop quantum computing in order to be the first to achieve data dominance, as such quick processing speeds could allow for the mass decryption of current security measures. However, the real-world applications of the technology are still only very limited.

    Herman, who directs the Hudson Institute’s Quantum Alliance Initiative, said that that limited usefulness now belied the world-changing implications of quantum technology. Moreover, he said, the race toward revolutionary quantum capabilities could hit a breakthrough at any time.

    “There’s too many indications that with one or two major breakthroughs, at the conceptual level [or] at an engineering level, that suddenly the process will take [a] much shorter time than even the experts have wanted to predict,” Herman said.

    “It will be easy for such a device to decrypt all of the existing public encryption systems. In other words, such a device will be able to wipe out any kind of encryption that currently exists today in order to extract whatever kind of data, classified or otherwise, that it wants to get its access to.”

    That possible capability is what makes the technology so prized among the nations of the world, and why the United States and China are competing to deploy it before the other.

    “Right now, it’s nothing that we really have to worry about,” Herman said. “It’s an indication that the United States … [is] still very much ahead in the race towards developing a large-scale quantum computer.”

    “The fact that we have a lead doesn’t necessarily mean we’re going to win,” Herman added. “It’s like the hare and the tortoise. We’re like the hare, we’ve sprinted ahead … but the Chinese are moving ahead toward us, slowly but surely.”

    A seven-cubit quantum device is seen at the IBM Thomas J. Watson Research Center in Yorktown Heights, N.Y., on Feb. 27, 2018. (Seth Wenig/AP Photo)

    ‘As Important as the Manhattan Project’

    While Baidu’s recently announced quantum computer is only 10 qubits, the company claims to have also developed a 36 qubit chip. IBM, meanwhile, has said that it hopes to develop a 4,000-cubit quantum computer by 2025.

    For his part, Herman said that the 10,000 or more qubits needed for codebreaking efforts to really begin would likely not happen until sometime in the 2030s.

    “People are beginning to realize that what seemed to be a threat far off [on] the horizon is actually a lot closer than we had thought,” Herman said.

    “What you’re talking about is the ultimate weapon in cyber warfare that could come as a result of the race that we’re engaged in with China towards a quantum computer.”

    Herman said that the unstable timeline to develop next-generation quantum technologies was one problem. Another, he said, was developing adequate security protocols for when that technology arrives. Predicting what quantum cyberwarfare will look like is difficult, he said.

    Read more here…

    Tyler Durden
    Thu, 09/01/2022 – 21:20

  • US Base Tasked With Confronting China Ordered To Stop Using Gender Pronouns
    US Base Tasked With Confronting China Ordered To Stop Using Gender Pronouns

    The already increasingly woke US military is going even woker, moving closer to adopting “preferred pronouns” – a trend which has become dogma a fixture of progressive university campuses, according to an internal memo from US Pacific Air Forces (PACAF).

    The Washington Free Beacon this week published a screenshot of a PACAF memo circulated among commanders which advises a shift to more neutral language, especially when writing reports, directives, and in daily on-the-job speech. While this order applies to a specific Air Force major command, the instance strongly suggests this is the path all armed forces branches could soon take in the coming months or years.

    The partial copy of the internal memo, which was circulated in the form of an email this past May, says: “In accordance with the Diverse PACAF priority, ‘We must embrace, promote and unleash the potential of diversity and inclusion.’“

    The Beacon writes that it was sent senior leaders and commanders at the Andersen Air Force Base in Guam under the Pacific Air Forces, which it must be noted is among branches tasked with confronting China.

    Absurdly, the more ‘pronoun sensitive’ environment on the remote island base will help enhance the American fighting force’s “lethality” – the memo explains.

    Across the waters, in Beijing, Chinese officers must be laughing… The email further lays out the following: 

    Leaders at the base are instructed, “Do not use pronouns, age, race, etc.” when writing performance reviews or other materials, such as recommendations for awards. “Competition against near-peer adversaries requires a united focus from the command, the joint team, and our international partners. Welcoming and employing varied perspectives from a foundation of mutual respect will improve our interoperability, efficiency, creativity, and lethality.”

    Below – screenshot of the directive revealed by The Washington Free Beacon:

    The Department of Defense has already for years mandated that classes be given to all enlisted and officer personnel regarding LGBTQ++ sensitivity training – and more recently there’s been a move to provide greater accessibility to “gender-transition surgery” – all at the US taxpayer’s expense of course.

    Just how the gender neutral language directive pushed by US Pacific Air Forces leadership could possibly improve “lethality” is unclear and left unexplained in the content published by the Beacon.

    * * *

    Real military recruitment ads: China vs. Russia vs. USA

    Tyler Durden
    Thu, 09/01/2022 – 21:00

  • Congress Just Admitted That UFOs Are Not "Man-Made", Says "Threats" Increasing "Exponentially"
    Congress Just Admitted That UFOs Are Not “Man-Made”, Says “Threats” Increasing “Exponentially”

    Authored by Katie Hutton via TheMindUnleashed.com,

    The new spending plan for the United States’ intelligence agencies includes a directive to the Pentagon to concentrate its examination of unidentified flying objects (UFOs) on the types of objects that the military is unable to classify.

    After years of discoveries of weird lights in the sky, first-hand testimonies from Navy pilots regarding UFOs, and investigations by the government, Congress seems to have conceded something unexpected in print: it does not think that all UFOs are “man-made.”

    Two shocking assertions were just made by Congress, but they were buried deep inside a report that was an addition to the Intelligence Authorization Act for Fiscal Year 2023. This act is the budget that oversees the United States’ clandestine operations.

    Number one is that:

    “cross-domain transmedium threats to the United States national security are expanding exponentially.” 

    The second reason is that it wishes to differentiate between extraterrestrial craft that originated from humans and those that did not: 

    “Temporary nonattributed objects, or those that are positively identified as man-made after analysis, will be passed to appropriate offices and should not be considered under the definition as unidentified aerospace-undersea phenomena,” the document reads.

    According to VICE, the admission is particularly shocking for a number of reasons, the most important of which is that, as more details concerning the investigation of UFOs by the United States government have been made available to the public, a number of politicians have avoided claiming that the unidentified objects originated from another planet or another dimension.

    The acceptable speech surrounding UFO’s up until now is that sophisticated, man-made vehicles are the most plausible explanation for the existence of unidentified flying objects (UFOs). Politicians most times refuse to publicly entertain the idea.

    As VICE points out, when pressed explicitly about the possibility of aliens on The Late Show with James Corden, for example, Obama declined to affirm the existence of extraterrestrial life but did add that people had seen a lot of unusual things in the sky recently. On the other hand, it seems that the Congress wants to now make a clear distinction between things that are “man-made” and those that are.. you know.. not so “man made”.

    According to the description provided by the Pentagon, a “cross-domain transmedium” danger is one that may migrate from water to air to space in ways that we are unable to predict or control. In July, the Pentagon made the announcement that it was going to examine these dangers by establishing the All-domain Anomaly Resolution Office, or AARO.

    This may have something to do with a topic we covered last year titled “US Navy Detects Crafts That Travel ‘Hundreds Of MPH’ Underwater Ahead of Pentagon UFO Report,” which you can read at that link.

    Unidentified Aerial Phenomena, which is the term used by the government to refer to UFOs, would be renamed Unidentified Aerospace-Undersea Phenomena under this bill, and the office inside the Pentagon would also be renamed to reflect the new title.

    A video that had been leaked and then authenticated by the Pentagon seemed to show an unidentified flying object (UFO) gliding over and below the water without making a sound last year.

    Senator Marco Rubio, who serves as the vice head of the Senate Select Committee that oversees intelligence and was responsible for releasing the report, has said publicly that he hopes the UFOs are extraterrestrial beings rather than hostile military craft.

    Why Congress would seem to be acknowledging this in public at this late date is, of course, a significant question. After all, legislators have access to confidential information that the broader public does not.

    An opinion piece in The Hill on the budget that was written by Marik von Rennenkampff, who served as a Department of Defense official under the Obama administration, include a quote saying: 

    “It strains credulity to believe that lawmakers would include such extraordinary language in public legislation without compelling evidence.”

    According to the opinion piece, UFO researcher Douglas Johnson was the one who reportedly became aware of the remarks initially.

    “This implies that members of the Senate Intelligence Committee believe (on a unanimous, bipartisan basis) that some UFOs have non-human origins,” Mark von Rennenkampff continued. “After all, why would Congress establish and task a powerful new office with investigating non-‘man-made’ UFOs if such objects did not exist?”

    “Make no mistake: One branch of the American government implying that UFOs have non-human origins is an explosive development.”

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    Like this article? Get the latest from The Mind Unleashed in your inbox. Sign up right here.

    Tyler Durden
    Thu, 09/01/2022 – 20:40

  • Wall Street's Biggest Bear Expects Stocks To Do Something They've Never Done Before As They Tumble To New Lows
    Wall Street’s Biggest Bear Expects Stocks To Do Something They’ve Never Done Before As They Tumble To New Lows

    After several weeks of unease, as stocks rampaged higher despite his bearish prognostications, on Monday Morgan Stanley’s permabear strategist, Michael Wilson, returned to his prime, forecasting doom and gloom and predicting that the current market swoon was just the start of the next leg lower. 

    To be fair, it is hardly a surprise that one of Wall Street’s biggest bears would forecast that the June to August ramp was nothing but a bear market rally; the question is where (and how) does Wilson see the current slump ending.

    To answer that question, Wilson spoke to “Bloomberg Markets” on Wednesday warning investors to brace for more pain as “US stock indexes haven’t yet hit bottom for the year.”

    “The index usually is the last thing to fall,” Wilson, who correctly predicted this year’s equity selloff even as almost all of his peers expected the S&P to easily rise and hold above 5,000. “June probably was the low for the average stock, but the index, we think, still has to take out of those June lows.”

    That is very notable, because as we explained several weeks ago, when the S&P retraced more than 50% of the drop from the Jan record high to the Jun bear-market lows, there has never been a “bear market rally” that bounce back above the 50% fib and then went on to make lower lows (although as Michael Burry noted last month, he clearly disagreed that this is anything more than a bear market rally. He was right). Indeed, as the table below from CFRA’s Sam Stovall shows, the S&P has never set a lower low in any of the 13 post-World War II bear markets after recovering 50% of its peak-to-trough decline.

    In other words, by predicting fresh lows this year, Wilson expects the S&P to do something it has never done before.

    “We view 3,400 for the growth recession or soft landing” scenario, Wilson noted, which ironically is even more bullish than Goldman, whose chief equity strategist David Kostin recently predicted the S&P would drop as low as 3,150 in case of a recession. And while Goldman has yet to make a recession its base case for the US economy, it is only a matter of time before the vampire squid is “forced” into admitting that its 5,100 year end target as recently as February was really just one big joke and “because markets”, said target is really 2000 points lower.

    Going back to Wilson, the MS strategist echoes what he said earlier this week, namely that trends in operating margins were worse than forecast, while expecting this negative direction to continue.

    “P/E multiple is wrong not because the Fed is going to be hawkish, but because the equity market is being too optimistic about the earnings outlook,” Wilson, said adding that “multiples will start to come down as earnings get cut and then somewhere in the middle of that earnings cut process the market will bottom and we think that’s probably between September and December.”

    At the low in June, the S&P 500 was trading at 18 times earnings, a multiple that exceeded trough valuations seen in all previous 11 bear cycles since the 1950s. The current P/E for the index sits above 19.

    Meanwhile, as the Fed remains laser-focused on economic data, Wilson thinks the central bank is “always going to be late by design” since it relies on two of the most backward looking data points: labor market data and inflation.

    “By the time the labor market falls apart, it’s too late,” he said, since by then it will be evident that the US economy is in a recession. “The Fed is relevant but I think we priced most of the Fed pain after the first of the year,” he added.

    Finally, while Wilson is rather doom and gloomish on most stock – he, like Zerohedge – has a soft spot for energy, and is why Wilson, whose firm is neutral on the sector, suggested looking at the S&P 500 excluding that industry.

    “When energy is doing well it’s usually bad for everything else,” he said, adding the divergence will continue. “Energy is really the antithesis for everything else.”

    Are we going to see XOM 200 before it’s all said and done?

    Tyler Durden
    Thu, 09/01/2022 – 20:33

  • Germany Responds After Poland Demands $1.3 Trillion In WWII Reparations
    Germany Responds After Poland Demands $1.3 Trillion In WWII Reparations

    Germany has responded after Poland demanded $1.32 trillion in reparations over losses suffered during WWII.

    On Thursday, Poland’s Deputy Prime Minister Jaroslaw Kaczynski said that Warsaw would officially demand reparations from its largest trade partner and a fellow member of both the EU and NATO.

    Poland’s Deputy Prime Minister and Law and Justice (PiS) party leader Jaroslaw Kaczynski

    Poland’s new estimate tops the $850 billion estimate by a ruling party lawmaker from 2019. The ruling Law and Justice (PiS) party has repeated calls for compensation several times since it took power in 2015, but Poland hasn’t officially demanded reparations. –Reuters

    “The sum that was presented was adopted using the most limited, conservative method, it would be possible to increase it,” said Kaczynski, leader of Poland’s Law and Justice (PiS) party during a news conference. “Germany has never really accounted for its crimes against Poland,” he added.

    Kaczynski – who is Poland’s chief policy maker, and Prime Minister Mateusz Morawiecki, attended a ceremonial release of a long-awaited reparations report held at the Royal Castle in Warsaw, which was rebuilt from wartime ruins.

    The release of the three-volume report was the focus of national observances of the anniversary of the war that began Sep. 1, 1939, with Nazi Germany’s bombing and invasion of Poland that was followed by more than five years of brutal occupation.

    The head of the report team, lawmaker Arkadiusz Mularczyk, said it was impossible to place a financial value on the loss of some 5.2 million lives he blamed on the German occupation.

    He listed losses to the infrastructure, industry, farming, culture, deportations to Germany for forced labor and efforts to turn Polish children into Germans.

    A team of more than 30 economists, historians and other experts worked on the report since 2017. The issue has created bilateral tensions.

    The war was “one of the most terrible tragedies in our history,” President Andrzej Duda said during early morning observances at the Westerplatte peninsula near Gdansk, one of the first places to be attacked in the Nazi invasion. –ABC News

    Germany hit back in a statement from its foreign ministry, which said that the question of reparations was ‘concluded’ long ago with Poland renouncing further claims, and that the German position that compensation was paid to East Bloc nations in the years after the war, has not changed.

    Poland’s combative stance towards Germany has intensified after Russia’s invasion of Ukraine.

    In 1953, Poland’s then-communist rulers relinquished all claims to reparations amid pressure from the USSR, which wanted to free the soviet satellite of East Germany from any liabilities. According to Poland, the agreement is invalid because Poland was unable to negotiate fair compensation, according to Reuters.

    Donald Tusk, leader of Poland’s biggest opposition party Civic Platform, said on Thursday that Kaczynski’s announcement was “not about reparations”.

    “It’s about an internal political campaign to rebuild support for the ruling party,” he said.

    Germany’s top official for German-Polish cooperation, Dietmar Nietan, said in a statement that Sept. 1 “remains a day of guilt and shame for Germany that reminds us time and again not to forget the crimes carried out by Germany” that are the “darkest chapter in our history.”

    Tyler Durden
    Thu, 09/01/2022 – 20:20

  • Evacuations Ordered, Highway Closed, As Wildfire Rages North Of Los Angeles
    Evacuations Ordered, Highway Closed, As Wildfire Rages North Of Los Angeles

    A wildfire in northern Los Angeles County exploded in size overnight and led to a mandatory evacuation.

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    According to the Los Angeles Fire Department, the Route Fire near Interstate 5 at Castaic had burned 5,208 acres with 12% containment (as of Thursday morning). 

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    Officials said evacuations had been ordered for the Paradise Mobile Estates and all homes or businesses south of Templin Highway along Upper Ridge Route Road.

    Evacuations were ordered in these areas:

    • Paradise Ranch Mobile Estates
    • All homes and businesses south of Templin Highway along Upper Ridge Route Road
    • Structures north of Lake Hughes Road, east of the Golden Station (5) Freeway
    • West of Castaic Lagoon
    • North of Northlake Elementary School

    The blaze was sparked in a region of Southern California gripped by a dangerous heatwave. Power grid officials have warned residents across the state to turn up their thermostats and stop charging EVs due to the fragility of the grid. 

    A portion of Interstate 5, a major highway that runs from the Mexico border to the Canada-US border in Washington State, was closed on Wednesday because of the fire. 

    Social media reports show the highway is partially reopened Thursday morning but with lane closures, causing significant travel delays. 

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    The good news is some contaiment of the fire has been seen. Now for the bad: hot and dry conditions are expect to persist through Labor Day weekend. 

    Tyler Durden
    Thu, 09/01/2022 – 19:40

  • Super Typhoon Barrels Towards China, Major Shipping Lanes In Path
    Super Typhoon Barrels Towards China, Major Shipping Lanes In Path

    Super Typhoon Hinnamnor is barreling towards China’s coastal provinces, Japan, and South Korea as it traverses the South China Sea in the western Pacific Ocean. 

    The United States Naval Meteorology and Oceanography Command has labeled Hinnamnor a “super typhoon” — since it has surpassed winds of at least 150 mph. For US readers, the storm is equivalent to a Category 4/5 in the Atlantic basin. 

    As of Thursday, Hinnamnor was located 143 miles east of Japan’s Okinawa, as per the Hong Kong Observatory, with wind speeds above 159 mph, gusting to 195 mph, according to The Weather Channel. 

    According to Taiwan News, the rapid intensification of Hinnamnor is because it absorbed a tropical system, Tropical Depression TD14. Also, warm tropical waters and mild winds allowed the system to develop into a super typhoon. 

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    In response to the system’s path, China activated the lowest tier of its four-level emergency response system in eight provinces and municipalities, including Shanghai and Zhejiang. The system is expected to move into the East China Sea over the weekend. 

    Even though Hinnamnor could lose strength in the coming days, its forecasted path could be very disruptive to international supply chains — already under pressure as zero-Covid policies shutter a major manufacturing hub on Thursday. Ports, such as the ones in Shanghai, could be in the storm’s path by the late weekend or early Monday. The storm could impact parts of South Korea and Japan by late Monday or early Tuesday. These are are known for some of the largest containerized shipping ports in the world. 

    All eyes this weekend are on Hinnamnor’s path as it is expected to threaten countries such as Japan, China, and South Korea. 

    Tyler Durden
    Thu, 09/01/2022 – 19:00

  • Iran Delivers Ukraine War 'Peace Initiative' From Europe To Moscow
    Iran Delivers Ukraine War ‘Peace Initiative’ From Europe To Moscow

    Authored by Connor Freeman via The Libertarian Institute,

    Tehran presented Moscow with an unnamed European leader’s proposal for a “peace initiative” to end the war in Ukraine, Iran’s Foreign Minister Hossein Amirabdollahian confirmed on Wednesday, according to a report in Al Jazeera. 

    During a news conference in Moscow with his Russian counterpart Sergey Lavrov, Amirabdollahian announced he has provided the Russians with a European leader’s proposal that had been given to Iranian President Ebrahim Raisi. “There are ideas to help establish peace and stop the fighting in Ukraine, and I shared these ideas with Mr. Lavrov,” Amirabdollahian added.

    Russian President Vladimir Putin and Iran’s President Ebrahim Raisi, back to a camera, on the sideline of the summit of Caspian Sea littoral states in Ashgabat, Turkmenistan, June 29, 2022. Kremlin Pool Photo via AP

    While further details about the proposal are unknown, Iran’s top diplomat said that it deals with prisoners of war and southeastern Ukraine’s Zaporizhzhia Nuclear Power Plant (ZNPP). The Russian controlled plant, Europe’s largest, has been the site of constant shelling during recent weeks. Moscow blames Ukraine for the attacks and Russian President Vladimir Putin recently told his French counterpart Emmanuel Macron the shelling could cause a “large-scale catastrophe.” Putin and Macron agreed that the UN nuclear watchdog, the International Atomic Energy Agency (IAEA), should visit the plant as soon as possible. 

    While Ukraine accuses Russia of being behind the shelling, it makes little sense for Moscow to attack the plant and tempt nuclear disaster when the Russians have controlled the ZNPP and the surrounding areas since March. This week, the IAEA mission arrived in Zaporizhzhia and the inspections should begin soon. The Russian side is confident the mission will find evidence proving Ukraine is the responsible party.

    Though Amirabdollahian would not name the European leader behind the proposal, Iran’s semi-official INSA news site reported it was Macron. Mohammad Jamshidi, one of Raisi’s political deputies, tweeted Amirabdollahian had a “a peace initiative and an important message” from a “top western European leader.” 

    After the August 19 call between Putin and Macron regarding the ZNPP, their first in three months, the two agreed to “speak about this subject again in the next few days following discussions between the technical teams and before the deployment of the mission.” 

    The Al Jazeera report added that, since the war began, Tehran has repeatedly passed along messages between Moscow and Kiev. However, this is the first publicly known instance of the Iranians delivering a message from Europe. Tehran blames NATO’s aggressions for provoking the war with Russia and maintains that the conflict must end through dialogue.

    In June, a French presidency official told Reuters Paris would like to see the US return to the Joint Comprehensive Plan of Action (JCPOA), the Iran nuclear deal, saying “there is a knot that needs to be untied if applicable … to get Iranian oil back on the market.” 

    Signatories to the 2015 deal included the P5+1:  Washington, Moscow, Beijing, London, Paris, plus Berlin. In 2018, the Donald Trump administration illegally withdrew Washington from the deal and reimposed sanctions. A US return to the deal would  see sanctions lifted on Iran as well as enable Europe to again purchase Iranian oil. The continent is facing soaring energy prices as a result of the Washington-led sanctions against Russia. This is one of the main motivations behind EU foreign policy chief Josep Borrell’s campaign to save the deal. 

    Amirabdollahian and Lavrov further discussed expanding trade between the two countries as well as the ongoing, EU brokered, indirect Iran nuclear deal negotiations. Tehran is currently conducting a “careful review” of the US response to Borrell’s “final” proposal before giving its reply. For Moscow’s part, Lavrov said “Russia supports reviving the nuclear deal and lifting the sanctions imposed against Iran.” Additionally, the two top diplomats’ meeting also covered issues regarding Iraq, Yemen, Syria, and Afghanistan.

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    A recent article in Foreign Affairs written by Fiona Hill and Angela Stent, which cites “multiple former senior US officials,” confirms Lavrov’s earlier claims that Moscow and Kiev had tentatively agreed on workable peace deal during bilateral talks in March. Negotiations between the two sides were being held in Istanbul at the end of March. 

    According to Hill and Stent, the outlined terms were “Russia would withdraw to its position on February 23, when it controlled part of the Donbas region and all of Crimea, and in exchange, Ukraine would promise not to seek NATO membership and instead receive security guarantees from a number of countries.” 

    Talks have collapsed since then largely due to Western pressure on the Ukrainians epitomized by UK Prime Minister’s April 9 visit to Kiev. Speaking for the “collective West,” Johnson reportedly told Ukrainian President Volodymyr Zelensky that “even if Ukraine is ready to sign some agreements on guarantees with Putin,” Kiev’s NATO benefactors were not. Johnson is said to have told Zelensky now is the time to pressure Putin and Moscow. The British readout of a subsequent call Johnson held with Macron said that, while in Kiev, the UK leader had “urged against any negotiations with Russia.”

    Thus far, the sole diplomatic success to come out of the entire conflict has been the deal to export grain from Ukraine’s heavily mined ports. The agreement came out of negotiations between Kiev and Moscow which were brokered by the UN and Turkey. The US played no role in the talks and has abandoned diplomacy with Russia. 

    Secretary of State Antony Blinken cut off talks with Lavrov more than a week before the war even began and has spoken to him, only on the phone, for a grand total of 25 minutes since then. Their one conversation was related to a bilateral prisoner exchange, the war was not discussed apart from some vague threats Blinken issued. On April 5, the Washington Post reported that for “some in NATO, it’s better for the Ukrainians to keep fighting, and dying, than to achieve a peace that comes too early.”

    Tyler Durden
    Thu, 09/01/2022 – 18:40

  • US Life Expectancy Continues To Plunge Below China's
    US Life Expectancy Continues To Plunge Below China’s

    Life expectancy in the US has fallen for the second consecutive year as Covid-19 and overdoses increased mortality rates. An empire’s death may start with its people, and as the world shifts, China, an emerging power, has a life expectancy that is above the US and widening. 

    According to new data from the Centers for Disease Control and Prevention, Americans’ life expectancy fell .9 years to 76.1 years in 2021 – the lowest since 1996.

    The year prior, life expectancy dropped by 1.8 years.

    The combined figures were the largest two-year decline since the 1920s. 

    Not every demographic group saw the same changes, the researchers found. Asian-Americans have the highest life expectancy of any group – 83.5 years – and only saw a 0.1 year decline from 2020. Meanwhile, Black Americans lost 0.7 years between 2020 to 2021.

    But American Indian and Native Americans saw the largest loss of life expectancy of all – 1.9 years less than 2020’s life expectancy, and 6.6 years less than 2019’s. They also had the lowest life expectancy among the groups studied.

    While COVID is the leading cause (accounting for 50%) of shortened US life expectancy, the opioid crisis worsened last year and claimed the lives of 108,000.

    Although deaths from heart disease were the third biggest contributor to the decline in life expectancy, the number of people dying from this condition actually decreased.

    “With heart disease, we did see increases in mortality at younger ages — from ages 35 to 64 in particular,” Robert Anderson, the chief of the mortality statistics branch of the National Center for Health Statistics said.

    America appears to have a crisis of early deaths, but on the opposite side of the world, China’s life expectancy seems to be improving. 

    “It also means that the gap in longevity at birth between people in the US and China has now widened to a full year,” Quartz reported. Data from the CDC and OECD of life expectancies between both countries provides a visualization of the widening gap.

    Source: Quartz 

    Quartz noted that Chinese data on 2021 life expectancy has yet to be published, though it pointed out there was a .2-year improvement in 2020 versus the prior year. It said China averted a mortality crisis because of the zero-Covid strategy. However, if this is true, this comes at the expense of the economy, which is sliding into turmoil.

    What comes to mind is that no one should take Chinese data for face value and there has yet to be 2021 data released. As for the US, early mortality for the world’s largest superpower is an essential indicator of the population’s health status. Increasing early deaths will have socioeconomic consequences as the economy is structured mainly for consumerism. 

    Tyler Durden
    Thu, 09/01/2022 – 18:20

  • FEMA To Cover El Paso Costs Of Busing Illegal Immigrants To New York, Official Says
    FEMA To Cover El Paso Costs Of Busing Illegal Immigrants To New York, Official Says

    Authored by Caden Pearsen via The Epoch Times,

    The Biden administration will reimburse El Paso city, which is following the lead of other border cities in Texas and Arizona to transport illegal immigrants to New York on buses, according to a city official.

    El Paso officials this week sent 35 Venezuelans to New York City on chartered buses as they moved to address the growing number of illegal immigrants arriving via the U.S. southern border from South America, local media reported.

    The Federal Emergency Management Agency (FEMA) has said it will reimburse local governments and NGOs for the cost of aiding and transporting the illegal aliens, according to Mario D’Agostino, the deputy city manager of El Paso.

    “OEM has sponsored and provided transportation services for migrants out of El Paso, which is reimbursable through FEMA,” D’Agostino said in a statement obtained by El Paso Matters, referring to the city’s Office of Emergency Management.

    “OEM has sponsored charter buses to include a recent transport to New York City, this was the preferred destination for those without any means to travel.”

    FEMA did not immediately respond to a request for comment.

    D’Agostino said that the last time El Paso officials arranged a charter bus to transport illegal immigrants elsewhere was on June 21, when 50 individuals were sent to Dallas to be aided by a group of area faith leaders, El Paso Matters reported.

    The mayors of New York City and Washington, Eric Adams and Muriel Bowser, both Democrats, have criticized the busing program as politically motivated.

    However, Gov. Greg Abbott (R-Texas) has said that individuals apprehended along the U.S. southern border voluntarily chose to go to their cities.

    More than 8,900 illegal aliens have been bused out of Texas border cities to New York City and Washington, according to Abbott’s office. Both New York City and Washington are sanctuary cities.

    DC, New York ‘Ideal Destinations’ for Illegal Immigrants

    Around 4.9 million people have illegally entered the United States from Mexico since President Joe Biden took office in January 2021, according to a report released by the Federation for American Immigration Reform on Aug. 16.

    Abbott has previously said that Biden’s “open border policies” and “refusal to acknowledge the crisis” they are causing forced him to take “unprecedented action,” which includes sending illegal immigrants to New York City and Washington.

    “In addition to Washington, D.C., New York City is the ideal destination for these migrants, who can receive the abundance of city services and housing that Mayor Eric Adams has boasted about within the sanctuary city,” Abbott said earlier in August.

    The Pentagon has denied requests from both Adams and Bowser for federal support, including National Guard deployments, to help their cities cope with the influx of illegal immigrants.

    Abbott’s office has said that the busing mission, called “Operation Lone Star,” provides “much-needed relief to our overwhelmed border communities” in Texas.

    “Operation Lone Star continues to fill the dangerous gaps left by the Biden Administration’s refusal to secure the border,” Abbott’s office said in a statement.

    In addition to the constant stream of illegal immigrants, U.S. authorities along the border with Mexico have stopped the “smuggling of drugs, weapons, and people” into the United States, as well as “transnational criminal behavior between ports of entry,” according to the statement. This includes over 335.5 million “lethal fentanyl doses,” Abbott said on Twitter.

    Tyler Durden
    Thu, 09/01/2022 – 18:00

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Sep 01

Today’s News 1st September 2022

  • Conrad Black: Can This Be Happening In America?
    Conrad Black: Can This Be Happening In America?

    Op-ed by Conrad Black via The Epoch Times,

    We have familiar experience of the phenomenon of what are clearly intolerable circumstances being tolerated if they worsened only gradually. Everyone has looked back on a grueling experience and thought that it could not have been endured had the individual known how unpleasant it would become. No matter how familiar anyone may be with the horrors of the Nazi regime, it remains to us inconceivable that the culture of Beethoven and Goethe could have committed such crimes.

    The United States has now reached the point where the sequence of outrageous and unconstitutional measures that have occurred in the last six years would have been inconceivable six years ago.

    The seal of the Federal Bureau of Investigation is seen outside of its headquarters in Washington on Aug. 15, 2022. (Mandel Ngan/AFP via Getty Images)

    It’s unimaginable that anyone who has ever been nominated for president by a serious American political party could be an intelligence asset for a foreign power. We now know that there has never been one scintilla of evidence remotely hinting that Donald Trump was guilty of any such offense, or that he had any inappropriate relations or even a particular regard for the government of Russia. Yet for over two years it was endlessly bandied about that Trump had been “groomed” by Russian agents like the Manchurian Candidate to debase the presidency of the United States into boot-licking subordination to the national interest of Russia. The former directors of the National and Central Intelligence Agencies, James Clapper and John Brennan, solemnly told national audiences that Trump was a Russian intelligence agent and was guilty of treason in favor of the Russians.

    Both these senior officials on occasion allegedly lied to Congress but were never prosecuted. Former FBI Director James Comey, who improperly removed government property from his office, improperly leaked confidential information to the media, improperly presumed to decide that Hillary Clinton should not be prosecuted for destroying 33,000 emails that were under subpoena from Congress, signed a false affidavit in support of a FISA warrant to conduct illegal telephone intercepts on the Trump campaign, and supported the pretense that the infamous Steele dossier, which he knew to be a pastiche of lies and defamations, was authentic intelligence, indicating the guilt of Trump of unlawful collusion with the Russian government. The ranking Democrat on the House intelligence committee, Rep. Adam Schiff (D-Calif.), and other Democrats repeated ad nauseam that they had conclusive evidence of Trump’s guilt. They lied. The inspector general of the Justice Department recorded 17 separate instances of improper official behavior. There has been no prosecution of any of this.

    In all of pre-Trump U.S. history, there had been two impeachment trials of presidents: Andrew Johnson in 1868 and Bill Clinton in 1998. Neither of them should have occurred and both failed, but in the last four years Trump was impeached twice, once for a telephone conversation with the president of Ukraine in which he asked if the Biden family and particularly the current president’s son Hunter Biden had committed illegalities in Ukraine. He did not direct the verdict; he did not ask for any incrimination of the Bidens. This was a completely inadequate pretext for impeaching a president and yet he was impeached, and on one count 49 senators including a former Republican presidential candidate, Mitt Romney, did vote Trump guilty, though he was, of course, acquitted. And at the end of his term, he was impeached again for having allegedly fomented an insurrection even though the FBI director had already testified that there was no evidence that Trump or his campaign organization or his administration were connected in any way to the trespass and the vandalism that occurred at the U.S. Capitol on Jan. 6, 2021, and Trump requested and offered extra security, but this was declined by House Speaker Nancy Pelosi and Washington mayor Muriel Bowser.

    The various comprehensive accumulations of evidence about the behavior of Hunter Biden incite the strong inference that he has committed a number of illegalities and that the president repeatedly lied to the public about his own connections to his son’s activities. There is no evidence that U.S. official conduct was altered in respect of Ukraine, China, or other countries, in consideration for bribes paid to the Biden family. But there seems to be no doubt the current president and his family were engaged in improper activity that not only allegedly involves substantial lawbreaking by family members but also seems to have been suppressed rather than investigated by the FBI. The allegation that the FBI seems to have suggested to Facebook that the allegations against Hunter Biden were likely Russian disinformation and requested that they not publicize them would have been unthinkable six years ago. But it seems to have been assimilated by the American political community as a perfectly normal and acceptable occurrence.

    It seems clear that in the 2020 presidential election, where Trump could have prevailed in the Electoral College if 50,000 votes had flipped in Pennsylvania and any two of Arizona, Georgia, and Wisconsin, that millions of ballots potentially passed through hands that could not be identified. All of this occurred in swing states where rules were changed ostensibly to facilitate voting during the pandemic. But in the case of a number of states, contrary to the Constitution, these changes were determined not by the state legislatures but by executive branches or state judiciaries. In every one of the 19 lawsuits launched to attack these questionable changes to voting and vote counting rules, the judiciary, including in the case of the Texas attorney general’s action against the swing states and supported by 18 other state attorneys general, the U.S. Supreme Court declined to hear any of these cases on their merits; they were disallowed for technical reasons, some of those quite spurious.

    Now we have had, on the complaint of federal archivists, the intrusion and occupation for nine hours of the former president’s home on a warrant alleging just cause to believe that crimes have been committed involving the improper removal and retention of classified information. Trump had been collaborating with the archivists, possessed the power to act as he pleased with classified material when he was president, and this isn’t a classified material case anyway. He didn’t pack any of this himself as he left the White House, has not mislaid or misused any of this material, and 19 months have gone by since he left office. It’s a document-handling case. There’s no conceivable justification for such a sensational invasion in the absence of any plausible claim of significant wrongdoing—except that it’s a political tainting job against the former president, and the Presidential Records Act isn’t a criminal statute. This is just the Democrats transmuting a grumpy librarian’s complaint into the insinuation that the former president committed unimaginable crimes.

    A disastrous and shaming flight from Afghanistan is described by President Joe Biden as “a triumphant success.” Dr. Anthony Fauci retires with dignity after doing terrible damage to the country with his nonsense about shutting schools, “droplets,” the ups and downs of masking, the “abolition of hand-shakes”—almost all of it now thoroughly discredited.

    Six years ago, no one could have imagined that these outrages would have occurred, much less that they would be accepted by a bedraggled, degraded, demoralized America, its federal government in the hands of lawless and authoritarian myth-makers, applauded by the complicit national political media. Can this be America?

    Views expressed in this article are the opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.

    Tyler Durden
    Thu, 09/01/2022 – 00:00

  • These Are The Wealthiest Billionaires In Each US State In 2022
    These Are The Wealthiest Billionaires In Each US State In 2022

    The U.S. is home to over a quarter of the world’s billionaires, representing about 720 of the roughly 2,700 that exist globally.

    While the country has more billionaires than any other, the U.S. share of global billionaires has actually been shrinking in recent decades. In 2010, about 40% of the world’s billionaire population lived in America⁠—and today, that number is closer to 27%.

    But who is the richest billionaire in every American state in 2022? Visual Capitalist’s Aran Ali uses data from Forbes to find out.

    The Richest of the Rich

    The billionaires on this list have made their fortune in a wide range of industries, including tech, automobiles, asset management, and video games.

    Jeff Bezos and Elon Musk have had their relative fortunes fluctuate in tandem with Amazon and Tesla stock prices in recent years. The volatility in share prices has meant they’ve each carried the title of the world’s wealthiest person at varying points.

    Jeff Bezos previously had the top spot but now has a net worth of $162 billion. While he’s stepped down from the CEO role and has sold large amounts of Amazon stock, his ranking will likely still tie in closely to the company’s performance for the foreseeable future.

    Elon Musk is the richest billionaire in Texas, however, he only recently became a resident of the state. His move is part of a broader migration trend occurring in the U.S. today, where California is experiencing a population decline for the first time ever. Last year, 68% of counties in California saw population declines, and data from the U.S. Census Bureau suggests many of these Americans opted for states like Florida and Texas.

    Between 2019 to 2021, the South is the only region that saw positive net flows of over a million people, while the Northeast, Midwest, and West all saw declines.

    Warren Buffett, the “Oracle of Omaha,” is the richest billionaire in Nebraska by a wide margin, with a net worth of $105 billion. Despite the stock market experiencing one of its worst starts to the year historically, Buffett’s net worth has been surprisingly steady.

    This might be due to value assets rotating back into fashion in favor of growth and tech themes this year. Also, historically Buffett has been bullish in environments where fear and negative sentiment reflect through lower asset prices.

    Female Billionaires

    There are eight different women that hold the title of richest billionaire in their state.

    Tamara Gustavson is Public Storage’s largest shareholder, with an 11% stake in the company, valued at $60 billion on the New York Stock Exchange. In addition, she acts as the director of the company and is the daughter of founder B. Wayne Hughes, who recently passed away last year. Incredibly, Public Storage operates more than 170 million square feet of real estate.

    Abigail Johnson and Jacqueline Mars were featured on our infographic showing the richest women in the world last year. Johnson has served as CEO of top asset manager Fidelity, which her grandfather Edward Johnson founded. And Jacqueline Mars is part of the Mars family, which owns the world’s largest candy maker.

    Big Disparities

    The U.S. wealth landscape is one of extremes. On one end, there are ample opportunities to earn substantial wealth, but on the other, wealth inequality and income disparity are higher than many other peer countries.

    This productivity and hustle-oriented culture suggests that while there isn’t a billionaire in every state in 2022, it seems like it’s only a matter of time before the likes of Alabama, New Mexico, and North Dakota add a billionaire to their ranks.

    Tyler Durden
    Wed, 08/31/2022 – 23:40

  • Record Trade Deficit Hitting Korea Won Foreshadows More Weakness
    Record Trade Deficit Hitting Korea Won Foreshadows More Weakness

    By Ken McCallum, Bloomberg markets live reporter and commentator

    The Korean won’s drop after the nation’s trade deficit widened even more than expected to a record suggests that bearishness toward the currency will stay intact for now.

    Signs of Korea’s economic woes may help push the dollar-won convincingly above the psychological level of 1,350, which it’s been briefly breaching this week. Morgan Stanley analysts have said that a break above that level may pave the way for a move toward 1,370, while Korea Investment & Securities Co. sees a rise to 1,380 in the second half of the year, compared with around 1,348 today.

    There’s a vicious cycle feel to the won’s weakness: Korea’s reliance on energy imports means that a stronger dollar may increase costs and fan more inflation, further undermining the won. Korea has the largest fuel and food deficit as a share of gross domestic product in Asia, according to Natixis (also, Korea’s share of net exports as a contributor to economic growth is the highest in the world at a mind-blowing 70% of GDP, which in turn is the 10th largest in the world).

    And it’s not only the trade deficit that weighs on the won. Other negatives include a downturn in the semiconductor market, economic slowdown in a China–the biggest destination of Korean exports, and the Bank of Korea’s likely inability to match the Federal Reserve’s jumbo rate hikes due to concerns about the pain it will cause for households weighed down by massive debt.

    Tyler Durden
    Wed, 08/31/2022 – 23:20

  • NASA's Webb Telescope Captures Hypnotizing Swirls Of "Phantom Galaxy"
    NASA’s Webb Telescope Captures Hypnotizing Swirls Of “Phantom Galaxy”

    NASA’s $10 billion James Webb Space Telescope (JWST) has provided an even deeper look into the cosmos, revealing the clearest view of the Phantom Galaxy, more formally known as M74, located around 32 million light-years away from Earth. 

    “Webb’s sharp vision has revealed delicate filaments of gas and dust in the grandiose spiral arms of M74, which wind outwards from the center of the image. A lack of gas in the nuclear region also provides an unobscured view of the nuclear star cluster at the galaxy’s center,” NASA and the ESA wrote in a statement. 

    Combining data from the Hubble Space Telescope and ground-based observatories, both space agencies pieced together a crystal-clear view of the Phantom Galaxy. 

    The Phantom Galaxy has been a significant focus for astronomers studying the origin and structure of galactic spirals. The new spacecraft with infrared technology allows astronomers “to pinpoint star-forming regions in the galaxies, accurately measure the masses and ages of star clusters, and gain insights into the nature of the small grains of dust drifting in interstellar space,” NASA and ESA said. 

    “Now we have a broader (and even more beautiful!) understanding of the galaxy M74! 

    “These Hubble and NASAWebb views show the power of observing in different wavelengths. Hubble’s optical vision highlights older stars near the center and younger, bluer stars in the spiral arms,” NASA tweeted this week. 

    In July, NASA released the first images of JWST’s findings since the spacecraft was launched into deep space last December. Though still operational, JWST has already been struck by tiny meteoroids, causing significant uncorrectable damage to the craft’s infrared technology. 

    Tyler Durden
    Wed, 08/31/2022 – 23:00

  • Biden's IRS Auditor Army Will Disrupt Economic Recovery
    Biden’s IRS Auditor Army Will Disrupt Economic Recovery

    Authored by Julio Gonzalez via RealClear Politics,

    The Biden administration’s decision to recruit nearly 90,000 new IRS auditors could have a chilling effect on small businesses and economic growth, permanently impeding our nation’s ability to recover from its current economic malaise.

    As part of the misleadingly titled “Inflation Reduction Act,” President Biden and his allies secured roughly $80 billion in new IRS funding to hire 87,000 auditors. This is bad news for the American economy.

    One of the many ways that small businesses can succeed and help grow the economy is by taking advantage of tax credits and deductions which leave more money in the hands of owners to reinvest in their businesses and offer more competitive pay for their employees.

    But with the looming threat of a veritable army of auditors being mobilized by the Biden administration, it is highly likely that many small businesses will decline to seek the benefits of those credits and deductions, lest they face the costly headache of aggressive audits from the IRS. In fact, my firm, Engineered Tax Services, specializes in working with businesses to understand and utilize those credits and deductions, and some of my firm’s small business clients have told me this is the case.

    Business and financial experts are equally certain that Biden’s Auditor Army will target small businesses.

    “There is no doubt that boosting IRS audit capabilities through a vast increase in the hiring of 87,000 new staff focused on this effort will hit small businesses the hardest,” said Karen Kerrigan, president and CEO of the Small Business and Entrepreneurship Council, in an interview with The Center Square. “The tax data shows that it is small businesses of moderate means, not ‘the wealthy,’ that are targeted most frequently.”

    Basic math proves this will undoubtedly be the case with Biden’s new Auditor Army. Biden wants to unleash 87,000 additional IRS agents on the American people, but there are fewer than 800 billionaires and roughly 34,000 millionaires in the country. Even if each of them gets assigned a full-time, year-round personal auditor, that leaves 52,200 agents free to harass small business owners and everyday Americans.

    Undergoing an audit is an incredibly serious and costly endeavor, regardless of the reason for the audit or the outcome, and this cost is a burden both on the business and the community in which it operates, a clear impediment to economic growth and prosperity. Even when auditors find no wrongdoing, the experience can be financially devastating for small business owners.

    “Obviously, this will be a huge burden on many small business owners, who will be forced to endure lengthy audits and do not have the resources to hire expert lawyers or accountants,” Kerrigan explained.

    “Some will be forced to bring in this expensive support, which means fewer resources to invest in their business, their workers and their communities…. Dealing with crushing inflation and the economic downturn is unbearable enough for small business owners, without having this type of threat hanging over their heads,” he continued.

    The insult to the injury Biden’s Auditor Army will inflict on the American economy is that it comes at a time when many small businesses are already facing severe economic hardship, if not outright ruin.

    A July survey by t​​he small business network Alignable found that “45% of small businesses (SMBs) are halting their hiring, largely because they say they can’t afford to add staff.”

    A different survey conducted by the same network, also in July, revealed that “47% of small business owners … say their businesses are at risk of closing by fall 2022, unless economic conditions improve significantly.”

    That number is “up 12 percentage points from last summer, when only 35% were concerned about economic issues forcing them to shut down,” according to Alignable, and “SMBs in key industries face even bigger problems: 59% of retailers are at risk, along with 52% in construction, 51% in the automotive sector, and 50% of restaurant owners.”

    Our small businesses are in crisis, and the last thing they need is an army of militarized bureaucrats going door to door carrying out audits, further crippling those businesses and the economic growth they generate.

    Julio Gonzalez is the CEO and Founder of Engineered Tax Services, Inc.

    Tyler Durden
    Wed, 08/31/2022 – 22:40

  • "The Straw That breaks The Market's Back": The Fed Must Do $3.9 Trillion In QT To Control Inflation… Which It Can't Possibly Do
    “The Straw That breaks The Market’s Back”: The Fed Must Do $3.9 Trillion In QT To Control Inflation… Which It Can’t Possibly Do

    Starting with first principles, there is one thing that almost all traders can agree on and it is that, sooner or later, the Fed tightening cycle will spark another financial crisis and market crash, something which we reminded readers in early 2022:

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    But while there is little disagreement on what the Fed’s endgame is, the big question is how we get there and what exactly will lead to the overtightening that crashes the economy, sparks a policy panic and bring another Fed overreaction in the opposite direction.

    For much of the past 6 months, Wall Street was confident that it would be the Fed’s rate hikes which started in March from 0.0%, and have since crept up to 2.25-2.50%, and are expected to rise another 1.00%-1.25% before the Fed eases back on the breaks.

    Incidentally, one of the reasons so many Wall Street professionals expected the Fed to pivot dovishly sooner rather than later, is that few expected the Fed would so aggressively seek to trigger then next recession, and to keep hiking until something did break. In fact, back in April SocGen quant Solomon Tadesse – who made waves on Wall Street trading desks four years ago, when he went against the consensus view, and in 2018 pinpointed the peak in Fed Funds at a lowly 2½% which turned out to be spot on – calculated that the Fed Funds rate won’t be able to climb above 1.0% before the Fed overtightens into restrictive territory, i.e., will have to ease (the explanation for his thinking is here).

    Of course, 4 months later and 1.5% above the proposed 1.0% “redline”, Solomon’s math was clearly wrong. But was he wrong or did the SocGen quant merely underestimate the far greater weight that the Fed’s balance sheet, or QE (and thus QT) has on overall easing (and tightening) of financial conditions?

    That is the topic Tadesse and his SocGen quant peers discuss in their latest Practical Quant Investor note, titled “Might QT be the straw that breaks the market’s back“, in which they note that in recent weeks, financial markets and monetary policy  pronouncements seem too focused on the policy rate to deal with inflation containment. However, extending on what we said above, the SocGen quants note that “what has been unique in post-GFC monetary policy was the reliance on QE to induce the needed easing.” As they also note, in recent years it was not policy rate hikes – which were on an orderly course – that laid low financial conditions, leading to a surprise pivot in monetary policy in December of 2018, but rather the quietly accelerating QT. By the same token, Tadesse warns “it could be a ramp-up in QT, this time on a larger scale to erode a much larger balance sheet, that could surprise markets.” This is a prudent warning because three months after QT started at a pace of $47.5BN per month from June through August, starting Sept, the Fed will double the pace of Quantitative Tightening to $95Billion, draining twice as much liquidity from the market.

    Before we delve deeper into the SocGen quant’s analysis, let’s first back up, and briefly discuss what happened in the post-June market meltup which as Tadasse puts it, until last week’s hiccup, “was a byproduct global markets had recently been on a bullish ascent, buoyed by hopes of an easing in inflation and thus a Fed pivot. Yet, central bank policy pronouncements and policymakers have been quick to warn that this expectation is premature.” Therefore, investors – SocGen summarizes – “face a historic dilemma: a choice between the two age-old investing creeds of ‘Don’t Fight the Fed’ versus ‘Don’t fight the Tape’.”

    Global markets appear to be getting ahead of themselves. The rationale for market expectations of a quick reversal in monetary policy to easing relies on two premises: one, data interpretation, and the other historical trend projection. On data, the lower inflation print for the month of July can be interpreted as an indication of receding peak inflation. Aside from the paucity of a single data point, a close examination reveals that the weakening in the inflation print might be a symptom of some loosening of supply chain bottlenecks. While this would make the Fed’s job easier, it wouldn’t justify a near-term reversal of policy in the face of accelerated demand-driven inflation, part of it a catch-up in wages and service-related price adjustments. It can also be argued that the current stubbornly low unemployment rate could be viewed as fuel for inflation pressure, and thus calling for tightening, rather than providing respite from it. Even if inflation is assumed to have peaked, it would still take more tightening to break its hold. A long-accepted principle for containing inflation to raise rates by a larger margin than the prevailing inflation rate, and historically, it took a 20+ percent rate hike to break a peak of 15 percent inflation during the Volcker’s Fed of the early 80s.

    Tadesse next hypothesizes that one of the reasons why markets have been so eager to assume a dovish pivot by the Fed is due to the central bank’s “Fed Put” Pavlovian instinct. However, due to the ongoing unexpected surge in inflation, he notes that
    “policymaking has gone through a dramatic regime shift recently  from one of ‘promoting growth’ on concerns of deflationary pressures to one of ‘containment of inflation’ at any cost, reminiscent of the ‘inflation-containment’ policies of the Volcker era.”

    Helping to visualize this argument, the SocGen chart below shows the evolution of monetary policy over the last 60 years. As Tadesse notes, policy was driven by a need for ‘price stability’ during the inflationary periods of the 70s and early 80s when policy had a propensity to tighten rather than to ease. After the successful stamping out of inflation in the early 80s, monetary policy succumbed to fears of deflationary forces engendering chronic stagnation, which led to a propensity to ease monetary conditions rather than to tighten. But that regime seems to have changed for good now, with “unexpected” inflation raging and the Fed clearly pronouncing its monetary policy priority as containing inflation at any cost.

    Thus, as we discussed extensively in recent weeks and culminating in “Even Goldman Can’t Believe It: “Did Powell Mean To Be So Dovish?” if the markets’ stubborn assumption to the contrary were to prove correct it could only result in an unsustainable easing of financial conditions, creating a risk of even more Fed overtightening that could rattle markets sooner or later. In fact, instead of expecting a Fed Put, the SocGen analyst writes that “one could argue that a market correction that could clear the policy channel from speculative-driven easing in financial conditions to a desirable tightening, might serve the long-term public interest.” Indeed, Minneapolis Fed president Neel Kashkari made it quite clear he was personally delighted with the market dump last Friday following Powell’s terse remarks. If only it wasn’t Kashkari (and his Fed pals) that made the bubble that is now deflating slowly but surely possible.

    Moving on: after taking a brief tangent to look at the current drivers of inflation (supply-driven is slowing, while demand-driven inflation is accelerating, and cautioning that the stubbornly low unemployment rate could be viewed as fuelling inflationary pressure  than providing a respite from it), Tadesse echoes something we have said all along, namely that “monetary policy provides little help for supply-driven inflationary pressures of the type arising from supply-chain disruptions.”

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

    Indeed, it was these “disruptions” that explain Policymakers’ early dismissal of the rising inflation as transitory and something that would resolve itself in time. It is only recently that official acknowledgement has been given to persistent demand-driven price pressures. Policymakers have been clear since then that the policy stand is one of inflation-containment and has expressed this stance in deeds by allowing a meltdown of several weeks in global markets that would ordinarily have triggered a Fed Put in the past. In short, the SocGen strategist writes, “policymakers are outwardly resolved to curb inflation, even if it comes with a risk of recession” and a market crash… however, once we do get a recession and a few hundred thousand lost jobs crushing the approval rating of democrats, watch how quickly Powell will change his tune after being bombarded with daily phone calls from the Liz Karens Warrens of Congress.

    So what’s the Fed to do?

    Well, in an earlier research note (which we addressed here), Tadesse argued that if monetary policy had followed a pro-growth impulse, as has been the case over the last four decades, the current tightening phase could have peaked with only 0.75-1pp of rate hikes, combined with a QT program to the tune of about $1.8tn. However, after the monetary policy regime shift to ‘inflation containment’, SocGen’s analysis points to a much larger amount of rate tightening, accompanied by a meaningful slash in the Fed balance sheet. The tightening phase would take an aggressive stance, with overall monetary policy tightening going beyond 900bp and the policy rate peaking at 450bp. More importantly, Tadesse’s analysis also shows that it would take implicit rate tightening of about 450bp from a QT that would slash $3.9 trillion from Fed balance sheet! The consequences for risk assets would be calamitous.

    Here’s how the SocGen quant gets to these numbers: as a result of the unexpected surge in inflation, Tadesse writes that monetary policy making has gone through a regime shift, with Fed’s policy single-mindedly focused on inflation containment at any cost, resembling the monetary policy framework of the Volcker era in the 1970s and early 1980s, when the average MTE ratio was about 1.5x (left-hand chart below).

    The problem – as Tadesse calculates – is that such aggressive monetary tightening with a focus solely on inflation containment, even at the cost of inducing recession, would require overall monetary tightening of about 11.6%. And since rates have already been tightened by 2.5% (with only a de minimis tightening via QT for now), another 9.25% of monetary tightening might be expected via policy rate hikes and an aggressive QT program. The policy rate could go up by as much as 4.5%, with the remainder coming from QT (right-hand chart above).

    In practical terms, at a rate of 12bp per $100bn of QT (SocGen had previously calculated the price impact of QT), this amounts to a QT programme of about $3.9tn, roughly equivalent to the net growth in the Fed’s balance sheet during the pandemic (which would be logically symmetric).

    An important caveat in the analysis is the presumption that current inflation levels resemble those of the late 1970s through the 1980s. As recent inflation prints are the highest in 40 years, this might be a reasonable assumption, particularly in reference to the rates seen in the early 1980s. In addition, in interpreting the results, there is an implicit assumption that the current inflation prints are persistent and all demand driven. However, earlier analysis has shown that the current inflation dynamics are driven both by some transitory supply-related disruptions and demand-driven price pressures. Should the supply bottlenecks ease over time, the degree of monetary tightening needed to contain inflation through demand destruction could turn out to be lower.

    To visualize the tightening “blend” achievable through both rate hikes and QT, in the above-left chart Tadesse shows monetary policy frontiers (MPF) which are all the policy rate hike and QT combinations that could generate the ‘inflation-containing overall tightening’ of upwards of 9% and the ‘growth-conscious overall tightening’ discussed earlier, with the most likely outcomes of policy combinations identified with stars. Thus, an aggressive inflation-containing policy could mean additional policy rate hikes of up to 4.5% at peak and a further implicit rate tightening of 4.5% from QT (hence $3.9 trillion in total balance sheet reduction).

    In conclusion, in a time when both markets and policymakers appear too focused on the policy rate to really deal with inflation containment, and given the substantial role of Quantitative Easing policies in inducing the needed post-Covid monetary easing, the reversal policies of QT would have an equally important, albeit non-symmetric impact on tightening.

    SocGen’s analysis suggests that almost half of the required tightening could come from QT (about 450bp, accounting for $3.9 trillion in balance sheet shrinkage). Of course, from policy perspective, a lack of acknowledgement and clear communication of QT’s potential impacts may post the risk of overtightening. Furthermore, with markets expecting far less on the QT side, Tadesse now believes that “it could be the ramp-up in QT that could trigger the next fall in markets.” Appropriately enough, it comes just as the Fed’s rate of QT doubles from $47.5BN to $95BN per month.

    To summarize, “it was arguably not policy rate hikes back in 2018 that laid low financial conditions, leading to a surprise pivot in monetary policy in December. It was rather gently accelerating QT in the background. In the same token, it could be a ramp-up in QT, this time on a larger scale to erode a much larger balance sheet, that may surprise markets.”

    One final point: is there a snowball’s chance in hell that the Fed will do almost $4 trillion in QT? Of course not: as we explained on July 14, when we quoted from former NY Fed and current BofA iconic Fed analyst, Marc Cabana, the Fed will be forced to end QT prematurely (in no small part because BofA’s base case forecast is now for a US recession in 2023), and as such, “Fed QT that is stopped in Sept ’23 will result in $1tn less balance sheet reduction vs our prior estimates through end ’24. Over a similar period, early QT end would result in $780b less UST financing need + $350b of additional Fed UST demand.”

    Cabana, is of course, correct: there is no way that the Fed will be able to do years of QT at a pace of ~$100BN per month to hit SocGen’s bogey without pushing the US into a full-blown depression (especially since the recession has already officially started). But it will take a few months of -300,000 payroll prints for markets to pivot again, and realize that when Powell vowed the Fed would not even think about think about pivoting in 2023, he was wrong… again… as usual.

    The implication, however, is even more profound: if Tadesse is correct, and if indeed the Fed is unable to contain inflation unless it tightens by 9% in some combination of rates and QT, that means that the Fed will begin its next easing cycle with inflation well above the Fed’s target. Which incidentally, is how this game ends: with the Fed hiking its inflation target from 2% to 3% (or more).

    Impossible, you say? Not at all: Europe is already setting the stage for what is not only not impossibly but inevitable.

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    And yes, once the “inflation target” trial balloons start floating, readers better have all their net worth in the form of risky assets, gold, crypto and so on, because in the span of nano seconds, the entire asset market will reprice exponentially higher as the Fed finally admits it has to throw in the towel.

    Tyler Durden
    Wed, 08/31/2022 – 22:20

  • Ex-Trump Aide Says DOJ Left His Name Unredacted In Affidavit To "Silence" Him
    Ex-Trump Aide Says DOJ Left His Name Unredacted In Affidavit To “Silence” Him

    Authored by Jack Phillips via The Epoch Times (emphasis ours),

    Former Trump administration official Kash Patel said that the Justice Department did not redact his name in its Mar-a-Lago affidavit for political purposes and is trying to “silence” him.

    Former President Donald Trump speaks with Epoch TV’s Kash Patel at his Mar-a-Lago resort in Palm Beach, Fla., on Jan. 31, 2022. (The Epoch Times)

    Last week, a U.S. magistrate judge ordered the release of the Department of Justice (DOJ) affidavit that was used to obtain an FBI search warrant of former President Donald Trump’s Mar-a-Lago. Much of the document and names were redacted, but Patel’s was left unredacted.

    Reacting to the DOJ’s decision, Patel told Just The News that the agency “intentionally decided to politicize this affidavit for many reasons.”

    “But one, which I wasn’t even expecting them to do was put my name out there, it added absolutely no value and violated every procedure at the Department of Justice in relation to protecting parties and people’s names,” he said in a recent interview.

    It’s not clear why the DOJ chose not to keep Patel’s name covered up. The only other person identified by name is longtime Rep. Carolyn Maloney (D-N.Y.), the head of the House Oversight Committee who was told by the National Archives about materials that were obtained earlier this year from Mar-a-Lago. The Epoch Times has contacted the agency for comment.

    That was done “for a political effect, because they wanted to try to silence me and President Trump and everybody else, and get the mainstream media to threaten me, which it has done,” said Patel, a former National Security Council and Pentagon official.

    Earlier this month, DOJ officials argued against releasing the affidavit and claimed that doing so would protect the integrity of their investigation while saying it would also prevent witnesses from coming forward.

    But U.S. Magistrate Judge Bruce Reinhart, the same judge who signed off on the FBI search warrant, asked prosecutors to submit a redacted version. Reinhart also released the warrant and property receipt days before, which showed that FBI agents took allegedly classified materials from Trump’s Florida residence.

    Read more here…

    Tyler Durden
    Wed, 08/31/2022 – 22:00

  • These Are The Countries Most In Debt To China
    These Are The Countries Most In Debt To China

    According to World Bank data analyzed by Statista, countries heavily in debt to China are mostly located in Africa, but can also be found in Central Asia, Southeast Asia and the Pacific. As Statista’s Katharina Buchholz details below, as the new preferred lender to low-income countries, China now holds 37 percent of these nations’ debt. Just 24 percent of the countries’ bilateral debt comes from the rest of the world in 2022.

    Infographic: The Countries Most in Debt to China | Statista

    You will find more infographics at Statista

    The “New Silk Road” project, which finances the construction of port, rail and land infrastructure across the globe, has created much debt to China for participating countries. At the end of 2020, of the 97 countries for which data was available, Pakistan ($77.3 billion of external debt to China), Angola (36.3 billion), Ethiopia (7.9 billion), Kenya (7.4 billion) and Sri Lanka (6.8 billion) held the biggest debts to China. The countries with the biggest debt burdens in relative terms were Djibouti and Angola, followed by the Maldives and Laos, which has just opened a debt-laden railway line to China. The President of the World Bank, David Malpass, called the level of debt many countries once again hold “unsustainable” in January.

    The Paris Club used to hold the majority of low-income countries’ debt before it was restructured and largely forgiven after the turn of the millennium for qualifying, developing countries. Whether such a process will be available for Chinese debt is unclear. As of 2020, China had officially lent around $170 billion to low and middle-income countries, up from just around $40 billion in 2010.

    Chinese loans have higher interest rates than those from international institutions like the International Monetary Fund or The World Bank or bilateral loans from Paris Club countries, and also have shorter repayment windows. Their setup is closer to commercial loans concerning their conditions of repayment, confidentiality as well as their objectives of funding specific infrastructure projects instead of pursuing development goals in general.

    The Covid-19 pandemic has now complicated the already difficult repayment of Chinese loans even more. According to the Financial Times, the country had to renegotiate loans worth $52 billion in 2020 and 2021 – more than three times the amount that met this fate in the two previous years. One such case was Sri Lanka – also among China’s biggest debtors – which in May was the first Asian country in two decades to default on its debt.

    Tyler Durden
    Wed, 08/31/2022 – 21:40

  • FBI Official Accused Of Blocking Probe Into Hunter Biden Says He Retired, Wasn't Fired
    FBI Official Accused Of Blocking Probe Into Hunter Biden Says He Retired, Wasn’t Fired

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

    An FBI official who has been accused of blocking an investigation into President Joe Biden’s son stepped down this month, lawyers representing the official confirmed to The Epoch Times on Aug. 31.

    Timothy Thibault “voluntarily retired” and “was not fired, not forced to retire, and not asked to retire,” lawyers with Morrison & Foerster LLP said in an emailed statement.

    The J. Edgar Hoover FBI Building in Washington on July 21, 2022. (Chung I Ho/The Epoch Times)

    Thibault, an assistant special agent in charge at the FBI’s Washington Field Office, was “escorted” out of the office on Aug. 26, the Washington Times reported. Thibault was “walked out of the FBI,” CBS reported. Both outlets cited anonymous officials.

    Thibault turned in his security badge and “walked with two long-time special agent friends through the field office to finish processing his paperwork,” Thibault’s lawyers said. “He walked out of the building by himself. Claims to the contrary are false.”

    Thibault was eligible for retirement after working for over 30 years for the government and he informed his bosses about a month before his retirement about his intention to retire, his lawyers say.

    The FBI did not respond to a request for comment.

    Mark Lyttle, a U.S. prosecutor for nearly 17 years and a White House lawyer during the Trump administration, offered praise for Thibault in a statement released by the former official’s counsel. “Agent Thibault spent his career rooting out corruption with integrity and honesty. I am proud to have worked with him and to call him my friend and trusted colleague,” Lyttle, now in private practice, said.

    Thibault has come under fire in recent months after Sen. Chuck Grassley (R-Iowa), the top Republican on the Senate Judiciary Committee, raised concerns about his social media posts, including one that described former President Donald Trump as “a psychologically broken, embittered, and deeply unhappy man.”

    Whistleblowers from within the bureau later told Grassley that the FBI gained information in 2020 about “criminal financial and related activity” carried out by Hunter Biden, the son of then-presidential candidate Joe Biden.

    The FBI opened an assessment before the 2020 election but a team from the FBI headquarters used the assessment to “improperly discredit negative Hunter Biden information as disinformation” and caused the bureau’s investigation on Hunter Biden “to cease,” Grassley told FBI Director Christopher Wray and Attorney General Merrick Garland, citing the whistleblowers.

    When additional derogatory information about Hunter Biden came to light, Thibault “allegedly ordered the matter closed without providing a valid reason as required by FBI,” Grassley said. FBI officials, including Thibault, then allegedly tried to “improperly mark the matter in FBI systems so that it could not be opened in the future.”

    ‘False Allegations’

    Thibault’s lawyers, who have been retained on a pro bono basis, say Thibault believes he did not violate the Hatch Act with his social media posts.

    The alleged violations of the law are being investigated by the Office of Special Counsel, the lawyers revealed.

    “Mr. Thibault is cooperating with that investigation, urges the Office to complete its review, and expects to be fully exonerated,” they said.

    Regarding claims that Thibault took certain actions for partisan reasons, the lawyers said Thibault “welcomes any investigation of these false allegations, regardless of his retirement.”

    “He firmly believes that any investigation will conclude that his supervision, leadership and decision making were not impacted by political bias or partisanship of any kind. He is confident that all of his decisions were consistent with the FBI’s highest standards for ethics and integrity,” they said.

    Wray, a Trump appointee, said earlier in August that the FBI is investigating Hunter Biden with the U.S. Attorney for the District of Delaware. He said the investigation is being run out of the bureau’s Baltimore Field Office, which is in Maryland.

    Thibault did not supervise the investigation into Hunter Biden, the former official’s lawyers say, and Thibault “was not involved in any decisions related to any laptop that may be at issue in that investigation, and he did not seek to close the investigation.” Thibault was also not involved in the search warrant that agents executed at Trump’s Mar-a-Lago resort this month, according to the lawyers.

    Grassley, upon hearing reports that Thibault was no longer with the FBI, said in a statement that Thibault’s “blatant partisanship undermined the work and reputation of the FBI” and said that “the effort to revive the FBI’s credibility can’t stop with his exit.”

    Tyler Durden
    Wed, 08/31/2022 – 21:20

  • These Are The Ten Worst US Cities For Renters
    These Are The Ten Worst US Cities For Renters

    For cash-strapped renters crushed by the worst inflationary environment in four decades as real wages tumble, personal savings wiped out, and credit cards maxed out, we have found the top ten cities to avoid renting a one-bedroom apartment.

    The Zumper National Rent Index shows rising shelter costs for a one-bedroom apartment are not sustainable for the working poor. The median national one-bedroom rent for August was $1,486, up 11.8% over the same month last year, surpassing July’s record high. 

    Readers may recall we have focused on New York City’s hot rental market for apartments that continues to set “record number of records.” In the metro area, one-bedroom rents are up a staggering 40% year-over-year. A two-bedroom apartment is up 47%. Across all boroughs, Manhattan had the highest rent, climbing to another record high of $4,214, up 27% over last year. 

    So it is no surprise that NYC tops the list with the most expensive rent. San Francisco, San Jose, Boston, and San Diego rounded out the list of the five most costly rents in the nation. 

    Source: Bloomberg

    Here are the cheapest rents where average one-bedrooms are less than $1,000 per month. 

    Source: Bloomberg

    Renters should avoid locking in rent contracts in super expensive metro areas because the Federal Reserve’s aggressive tightening could spark turmoil in the economy later this year, if not next. This would undoubtedly mean rent prices would have to readjust. 

    Tyler Durden
    Wed, 08/31/2022 – 21:00

  • Gingrich: Media Won't Acknowledge Republican Wave Coming In November
    Gingrich: Media Won’t Acknowledge Republican Wave Coming In November

    Newt Gingrich thinks that the leftist media may be deliberately distorting what he says is evidence that a red wave is coming in November.

    In a Tuesday Fox News op-ed, the former Speaker of the House said that Republicans are particularly well positioned to regain control of the Senate in a ‘mass repudiation of President Joe Biden and the Democrats’ policies.

    The media, meanwhile, is “at best misunderstanding – and at worst deliberately distorting” the evidence, Gingrich says.

    For starters, it’s a midterm in a new president’s term. History tells us these elections almost always cut against the president’s party. Add to this that 74 percent of Americans think the country is headed in the wrong direction thanks to out-of-control spending, 40-year high inflation, rising prices, surging violence, an unpoliced border, and a host of lesser crises. 

    The Democrat-led Congress has a 79 percent disapproval rating, according to Statista. And Biden is hovering at 53 percent disapproval in an average of polls of likely voters, according to FiveThirtyEight (many polls are much worse for Biden).

    But set these broad indicators aside for a moment. -Newt Gingrich

    Gingrich notes that the “left-wing media” is pointing to New York’s 19th Congressional District special election as a bellwether for November – with Democrat Pat Ryan eeking out a 2% win over Republican Marc Molinaro – however to suggest that this portends Democratic momentum is “either ignorant or dishonest,” as the NY 19th District is ‘reliably blue’ – with the 2020 Democratic candidate winning by 11.6%.

    In short, Ryan’s win was actually a terrible showing for the Democrat, who should have won by far more.

    Gingrich continues: A 2-percentage-point win here should make Democrats nervous – not jubilant. The real lesson from the NY-19 race is for Republicans. President Trump earned 178,000 votes in the district in 2020. Although it was redrawn before this race, Molinaro got only 63,000 votes. Had Molinaro run a more aggressive campaign that focused on big national issues, I suspect he could have reached more of the potentially 115,000 Trump voters who weren’t motivated to turnout for the special election. This would have given him the win.

    The media is also obsessing over Senate Minority Leader Mitch McConnell’s recent comment that the Senate elections would be tough for Republicans. In all fairness to McConnell, his super PAC has since poured tens-of-millions of dollars into these races – and he clearly intends to win them. At the same time, pundits and reporters are ignoring the deeply positive, optimistic attitudes from the Republican National Committee, the National Republican Senate Committee, and a host of other Republican Senate-focused groups. The media is also ignoring the massive Republican voter enthusiasm. We have seen enormous Republican turnout and voter registrations across the country.

    Read the rest here…

    Tyler Durden
    Wed, 08/31/2022 – 20:20

  • White House Alarmed India Joins Russian War Games Simultaneous To Participating In US Exercises
    White House Alarmed India Joins Russian War Games Simultaneous To Participating In US Exercises

    Authored by by Kyle Anzalone via The Libertarian Institute,

    The Joe Biden administration is concerned about Indian involvement in Russia’s massive war games, White House Press Secretary Karine Jean-Pierre told reporters on Tuesday. Roughly 50,000 troops from several countries will participate in the “Vostok” military games held in far eastern Russia. 

    Responding to a question about Indian involvement in the Russian-hosted exercises, Jean-Pierre said, “So, the United States has concerns about any country exercising with Russia while Russia wages a unprovoked, brutal war against Ukraine.” She continued, “But, of course, every participating country will make its own decisions. And I’ll leave it at that.”

    Via TASS

    New Delhi is participating in the Vostok 2022 war games hosted by Moscow from September 1-7. According to the Russian Defense Ministry, 50,000 troops and 5,000 weapons units, including 140 aircraft and 60 warships partake in the drills. Soldiers from China, Laos, Mongolia, Nicaragua, Syria, and Tajikistan are also joining the exercises that will stretch into the Sea of Japan. 

    At the same time, India is involved in the Pitch Black 2022 war games. Hosted by Australia, the military exercises include 17 nations, over 100 aircraft and 2,500 soldiers. All four members of the anti-China The Quadrilateral Security Dialogue or ‘The Quad’ are engaging in the drills, alongside Washington.

    While Jean-Pierre expressed concern, the White House stopped short of saying it would take action against New Delhi. After Russia invaded Ukraine in February, President Joe Biden pledged to isolate the Russian economy.

    However, Washington’s economic war against Moscow has failed as Wall Street analysts are now predicting a more robust Russian economy. 

    The Kremlin has weathered its isolation from the US and many of its Western allies by selling more to Beijing, New Delhi and Ankara. This year, Turkey has doubled its Russian oil imports. To bypass American sanctions, Russian diamond traders have recently adopted the Indian Rupee. 

    Tyler Durden
    Wed, 08/31/2022 – 20:00

  • Royal Caribbean To Be First In Cruise Industry To Equip Ships With "Kickass" Starlink Internet
    Royal Caribbean To Be First In Cruise Industry To Equip Ships With “Kickass” Starlink Internet

    Royal Caribbean Group announced it would be the first in the cruise industry to equip its vessels with SpaceX’s Starlink — making it possible for those who work remotely to enjoy a cruise around the Caribbean with high-speed, low-latency internet. The standard internet on cruise ships is awful and would make anyone absolutely frustrated trying to conduct a video conferencing call.

    The “high-speed, low-latency connectivity” will allow “for a better onboard experience for guests and crew fleetwide,” Royal Caribbean said in a statement. 

    Installation on Celebrity Cruises and Silversea Cruises ships and all new vessels for each brand should be completed in 1Q23.

    “This technology will provide game-changing internet connectivity onboard our ships, enhancing the cruise experience for guests and crew alike. It will improve and enable more high-bandwidth activities like video streaming as well as activities like video calls,” said Jason Liberty, president and chief executive officer of Royal Caribbean.

    SpaceX Vice President of Starlink Sales Jonathan Hofeller said Starlink on cruise ships “will make their passengers’ getaways even more luxurious.”

    SpaceX’s founder, Elon Musk, tweeted: “Kickass Internet connection coming Royal Caribbean ships soon!” 

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    In June, Royal Caribbean asked the Federal Communications Commission (FCC) to clear the way for high-speed internet from space via Starlink’s 3,000 low-orbit satellites.

    Besides cruise ships, several airline carriers (read: here) have been discussing Starlink service, though rival satellite internet operators, including Dish Network and Viasat, have filed complaints with the FCC over interference concerns with Starlink’s sprawling mesh satellite network. 

    So will so-called ‘digital nomads’ now sail around the world on Royal Caribbean cruise ships early next year when the high-speed internet option becomes available? 

     

     

     

    Tyler Durden
    Wed, 08/31/2022 – 19:40

  • Michael Saylor & MicroStrategy Sued By D.C. AG For Tax Fraud
    Michael Saylor & MicroStrategy Sued By D.C. AG For Tax Fraud

    Authored by Shawn Amick via BitcoinMagazine.com,

    The D.C. AG alleges that Saylor and MicroStrategy conspired to commit tax evasion by fraudulently representing Saylor’s primary residence from 2005 to present.

    • Michael Saylor and MicroStrategy are being sued by D.C.

    • The complaint alleges the former CEO conspired with the company to commit tax evasion.

    • The lawsuit calls for more than $25 million in back-taxes and penalties.

    The largest corporate holder of bitcoin, MicroStrategy, and its Executive Chairman Michael Saylor are being sued by the District of Columbia (D.C.) for alleged tax fraud, per an announcement from the D.C. Attorney General.

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    The complaint alleges that Saylor knowingly avoided income taxes to D.C. while fraudulently claiming to be a resident of a lower tax jurisdiction while maintaining his residence in D.C.

    “If you enjoy all the benefits of living in our great city while refusing to pay your fair share in taxes, we will hold you accountable,” said DC Attorney General Karl Racine.

    Additionally, the complaint alleges that MicroStrategy conspired with Saylor by intentionally obfuscating his real address to local and federal tax authorities.

    “On information and belief, from 2005 to the present, Saylor has avoided more than $25 million in District taxes owed,” reads the complaint.

    Moreover, the complaint recalls events back to 1980’s when Saylor originally founded the company, to the relocation of the company’s headquarters to avoid tax burdens in the 90’s, to his supposed routine use of yachts anchored in the Potomac River over many years.

    “Defendant Saylor has been domiciled in the District, or a statutory resident of the District, or both, in each taxable year from 2005 through the present,” the lawsuit continues.

    The complaint claims that Saylor also made multiple “contemptuous” social media posts on Facebook, supporting the claim that he has lived in the area from 2005 to present.

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    More recently, it was announced that Saylor would be stepping down from the aforementioned role of CEO to take on the position of Executive Chairman. The move was meant to enable Saylor to focus on bitcoin initiatives in the ecosystem as well as continuing to drive MicroStrategy’s bitcoin acquisition strategy. 

    Tyler Durden
    Wed, 08/31/2022 – 19:20

  • "Worse Than Couple Years Ago:" Food Bank Demand Spikes As Inflation Wrecks Households
    “Worse Than Couple Years Ago:” Food Bank Demand Spikes As Inflation Wrecks Households

    The last time we showed readers the North Texas Food Bank (NTFB) was nearly two years ago, during the early days of the virus pandemic, when thousands of hungry and unemployed lined up in their vehicles to receive care packages. Now demand for food banks is surging, but for different reasons, as household finances are crushed by inflation and can barely afford essential items at supermarkets. 

    Trisha Cunningham, CEO of NTFB, told CBS News that demand for her food bank “is worse than a couple of years ago — we are serving now at higher levels than we even did at the peak of the pandemic.”

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    The overwhelming answer that CBS found of why people are lining up at the food bank is “that they can’t afford groceries.” 

    One person told CBS, “it’s just the basics: flour, sugar, egg, and milk” prices that have spiraled out of control, adding, “we don’t buy cookies and cakes because we don’t have that luxury anymore.” 

    CBS pointed out that 53 million Americans relied on food banks in 2021, compared to 40 million in 2019, which means a whopping 13 million new Americans can’t afford essential items at supermarkets. 

    None of this comes as a surprise as consumers, mainly on the lower tier, have drained savings and maxed out credit cards to survive the highest inflation in forty years. 

    A slew of retailers warned that lower-income consumers aren’t in great shape this summer despite the Biden administration touting that everything is wonderful ahead of the midterm elections in November. 

    The latest consumer sentiment is at record lows because lower-income consumers have fewer resources to buffer against inflation. 

    Food banks are back and could see even more demand as the Federal Reserve’s most aggressive monetary tightening in decades will cause the unemployment rate to climb.

    Tyler Durden
    Wed, 08/31/2022 – 19:00

  • NVDA Tumbles After Biden Blocks Chip Exports To China
    NVDA Tumbles After Biden Blocks Chip Exports To China

    It has not been a good week for Nvidia, and now it just got worse as shares are down over 5% in after-hours trading after the firm warned that new rules governing the export of A- chips to China may affect hundreds of millions of dollars in revenue.

    In a regulatory filing Wednesday, the giant chipmaker that the U.S. has installed new license requirements for its A100 and forthcoming H100 integrated circuits — Nvidia’s highest-performance products for servers — in sales to China and Russia.

    Nvidia’s filing specifically states that Nvidia’s forecast for the current quarter includes an expected $400 million in data-center sales to China that could be affected by the move; Nvidia does not currently sell products in Russia.

    “The new license requirement may impact the company’s ability to complete its development of H100 in a timely manner or support existing customers of A100 and may require the company to transition certain operations out of China,” the SEC filing reads.

    “The company is engaged with the [U.S. government] and is seeking exemptions for the company’s internal development and support activities.”

    Nvidia said that the federal government’s new license requirements are meant to “address the risk that the covered products may be used in, or diverted to, a ‘military end use’ or ‘military end user’ in China and Russia.”

    “We are working with our customers in China to satisfy their planned or future purchases with alternative products and may seek licenses where replacements aren’t sufficient,” an Nvidia spokesperson said in an emailed statement to MarketWatch.

    “The only current products that the new licensing requirement applies to are A100, H100 and systems such as DGX that include them.”

    The company reportedly only received the notification on Aug. 26 and was already facing a sales slump, triggered by lower demand for personal computers.

    Other US chipmakers (AMD and Intel) also saw shares decline in after-hours trading, though Nvidia appears to be the company most impacted by the decision.

    Tyler Durden
    Wed, 08/31/2022 – 18:42

  • Oil Tanker That Ran Aground In Suez Canal Has Refloated
    Oil Tanker That Ran Aground In Suez Canal Has Refloated

    Update: it appears that unlike March 2021, a new transportation crisis will be avoided, as the tanker that ran aground and briefly blocked Suez traffic, has successfully refloated:

    * * *

    Earlier:

    More than a year after the Ever Given containership got stuck for 6 days in the Suez Canal, snarling already broken post-Covid supply chains, moments ago we learned that navigation in the critical canal linking the Indian Ocean with the Mediterranean, and which handles about 5% of global daily crude oil and 8% of LNG flows, has again been halted after a Singapore-flagged oil tanker run aground in the Suez.

    According to preliminary reports, the ship that has run aground is the Affinity V oil tanker sailing under a Singapore flag.

    Egypt Daily News tweeted that the tugboats from the Suez Canal Authority are currently freeing the tanker:

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    It is unclear how bad the blockage is, and how quickly the ship can be freed but as of this moment navigation through the Suez has been stopped. Which is a problem for Europe, as in the absence of Russian pipeline gas flows, and with US LNG exports to Europe still suspended due to the Freeport terminal fire, the continent has become almost exclusively reliant on Beijing LNG (which as we reported yesterday is just Russian LNG repackaged and resold at a much higher price to gullible Europeans).

    Tyler Durden
    Wed, 08/31/2022 – 18:38

  • Russia To Hold 'Limited' Ukraine Annexation Vote, Including For Region Of Zaporizhzhia Nuclear Plant
    Russia To Hold ‘Limited’ Ukraine Annexation Vote, Including For Region Of Zaporizhzhia Nuclear Plant

    Russia is planning to hold “limited” referendums in September for territory it’s captured in Ukraine, according to regional media citing government sources. This is expected to start in the Donbas – where fighting is still raging after Russian forces have captured significant territory, particularly with the separatist Donetsk People’s Republic (DNR) and the Luhansk People’s Republic (LNR), according to a recent Moscow Times report: 

    Moscow is “impatient” and would like to “pull off” referendums in the Donetsk and Luhansk regions as fast as possible amid stalemate on the battlefield, said the Vyorstka news website citing unidentified government sources.

    Street scenes from the 2014 Crimea referendum, via PBS.

    A senior Russian lawmaker, Andrei Turchak, was cited as saying last week, “These territories are Russian regions.”

    While in the opening weeks and months of the now 6-month long invasion there was widespread speculation over whether Russia would seek to annex territory outside the Donbas, it now seems clear the Kremlin is talking about referendums beyond just the far east.

    Crucially, at a moment the world has watched with growing alarm the volatile situation at Zaporizhzhia Nuclear Power Station in southeastern Ukraine, Russian state media is now previewing a referendum in Zaporizhzhia Oblast during the coming weeks.

    According to TASS on Wednesday (machine translation): 

    The referendum on the status of the liberated territories of the Zaporizhia region will be held in September, the exact date is still unknown. Berdyansk Mayor Alexander Saulenko announced this to journalists on Wednesday.

    “The referendum will, of course, be held on our territory. We are preparing for this referendum, it is planned for September, but I can’t say the exact date yet.”

    The White House has meanwhile condemned any efforts at staging “sham” referendums, which it said the US will never recognize.

    According to the latest Biden administration response to the latest Russian media reports:

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    “Since they obviously are having trouble achieving geographic gains inside Ukraine, they are trying to gain that through false political means,” White House national security spokesman John Kirby said in a briefing last week.

    “The Russian officials themselves know that what they’re doing will lack legitimacy, and it will not reflect the will of the people,” he added.

    Tyler Durden
    Wed, 08/31/2022 – 18:20

  • Treasuries' Worsening Liquidity Points To Broader Market Turmoil
    Treasuries’ Worsening Liquidity Points To Broader Market Turmoil

    By Masaki Kondo, Bloomberg Markets Live commentator and reporter

    Deteriorating liquidity in Treasuries points to turbulence across various assets.

    A Bloomberg liquidity index that measures deviations of yields from their fair value climbed to the highest level since March 2020 this week.

    Such “noise” in the US bond market suggests a general lack of arbitrage capital and tightening of liquidity in the overall market, according to a research paper from the National Bureau of Economic Research.

    The apparent decline in arbitrage capital may be a result of persistently hawkish stance by the Fed and other major central banks amid historic inflation that’s at the same time fanning concern over a global recession.

    The shortage of risk takers could create a one-way move in asset prices, especially when they are falling. Looking at implied volatility, the equity market seems to be most under-pricing such liquidity risks.

    Tyler Durden
    Wed, 08/31/2022 – 18:00

Digest powered by RSS Digest

Aug 31

Today’s News 31st August 2022

  • Understanding The Tyrannical Mind And How It Operates
    Understanding The Tyrannical Mind And How It Operates

    Authored by Brandon Smith via Alt-Market.us

    All people seek to control their environment to a certain degree. They want a reliable level of management over their world, and to remove whatever doubts they might have about their survival in the future. If they can, people will take measures to remove any potential pain or struggle and establish a life of perpetual comfort. The easy road is the dream for most, and in order to get it human beings see power as a formidable tool.

    I’m exploring this common condition because I want to make it clear that almost ALL PEOPLE desire power to a degree. Sometimes this even means controlling the actions of others to prevent them from disrupting the oasis of comfort we construct around us. Sometimes there are destructive people that we feel we are forced to inhibit and cage in self defense. And still other times, we try to control those around us out of irrational fear.

    The tyrannical mindset is not exclusive to the Stalins, Maos and Hitlers of history, it is a deep rooted shadow that lurks in the majority of us at times. It is this condition that political tyrants try to exploit to their advantage, because no authoritarian government can ever be successful without the help of millions of little tyrants supporting them. They find a way to feed our desire for control and predictability while simultaneously enslaving us.

    The point is, tyrants need us. We all have a little dash of tyranny in our souls; we are linked, but we are different.

    This is not to say that order in itself is evil or that social structures are inherently oppressive. People need boundaries because not all people are good or sane; some are vicious, some are lazy, some are crazy, some are incompetent and some are dishonest and they drag the rest of us down. Anarchy is not the solution, but neither is totalitarianism. It’s all about who sets the boundaries and how.

    This is where we uncover a specific human element that is obsessively attracted to control, not because they are afraid, and not because they want comfort, but because they enjoy the feeling of power. They are addicted to it. I’m speaking specifically about narcissists, sociopaths and psychopaths; they are members of our species but they are lacking the key psychological traits that make us human, such as empathy, conscience, imagination, love and shame. In almost every case of government gone wrong it is because these types of people were able to slither into positions of authority and take advantage.

    Despite the exaggerated depictions in movies and TV, your average psychopath is not all that complex or interesting – The fact of their existence is interesting, but as people they tend to be boring. The idea of them is fascinating because they are a biological anomaly, an evolutionary mistake or maybe a spiritual deformity. Around 1% of any given population is prone to psychopathy and an even smaller percentage are high functioning psychopaths that are adept at hiding their monstrous natures.

    Most average psychopaths eventually end up in prison or involved in an endless succession of life failures. They can’t get it together and maintain relationships and build a normal life because they are too self obsessed and dangerous and eventually the people around them notice. These types of people are what I would call the “little tyrants.” They seem to rise to the surface of society when times are desperate; when people are distracted by crisis is when psychopaths feel it’s safe to show their true natures.

    For example, during the covid pandemic lockdowns and the government attempts to introduce draconian vax mandates the little tyrants were everywhere. They just appeared out of the ether and swirled around the authoritarian vortex like it was a feeding frenzy. They took pleasure in the opportunity to order others around about masks and vaccines and “social distancing,” even though none of these measures made ANY difference whatsoever to the spread of covid or the rather minor median Infection Fatality Rate of 0.23%.

    They were being tossed scraps from the table of power and they savored every minute of it. The real science wasn’t on their side, but they didn’t care; the media and the government were on their side and that’s all that mattered. They were happy to be used as weapons against other citizens that just wanted to be free.

    Beyond the symbiotic (or maybe parasitic) relationship between big tyrants and little tyrants, there are a set of standards that have to be met for tyranny to be successful:

    Destruction Of Choice

    At the core of tyranny is the removal of choice. Centralization is all about eliminating options for the public while telling them their lives will be streamlined, easier and safer. If people have options outside the establishment system or ideology then they might question the validity of the power structure. They might ask themselves “What if there is a better way than this?”

    And, since there is always a better way than fear and slavery, tyrants have to engage in a constant war with all alternative ideas and principles. The only way they can be sure that people won’t rebel someday is to erase the existence of choice. Not only that, but they have to convince the masses that to even suggest another choice is sacrilegious and dangerous. The system must become absolute in all things and in every area of daily life.

    Create A False Moral Paradox

    Freedom is slavery – Ignorance is strength. It’s the old Orwellian paradox that perverts the meaning of words and deeds to justify tyranny. An extension of this twisted way of thinking is the religion of the “greater good”; the idea that all evils are justified as long as the “greater good” is accomplished. But what is the greater good? It’s anything the tyrants say it is; usually anything that helps them to gain more power. One would think that a “good” that is “greater” would entail more freedom and less fear, not less freedom and more fear.

    As a part of the tactic of removal of choice, tyrants often create a fake moral conundrum in which people are told that their freedom is actually harmful to others, therefore their freedoms must be taken away “for the greater good.” Again, the covid medical tyranny experiment was built completely around this argument. What if your choice to not wear a mask, to not stay locked in your house and to not take a questionable vaccine harmed hundreds or thousands of others? Doesn’t that justify taking your choices away? These claims are complete fantasy, of course, but in the heat of a national panic people can be led to believe that the false paradox is real.

    Obsessive Compulsive Expansion

    As noted, tyrants are usually psychopathic personalities, and a part of this mindset is the compulsion to expand and devour. Like a growing amoeba, or that creature from the movie ‘The Blob.’ Their hunger for control is never sated, they will always want more.

    People will be told that they are only losing one freedom, or two freedoms, or that their freedoms will be restricted “for a short time.” This is always a lie. Once tyrants gain new power they will hold onto it obsessively as if it is oxygen and without it they might die. And, then they will seek more powers because what they have is never enough. A friend of mine once described it this way:

    Piled before the tyrant is a feast of kingly proportions, like a Thanksgiving Day feast flowing across his dinner table. You sit quietly without access to the table, but in your hands you do hold a little crust of bread. This is all you have and you cradle it carefully because it must be made to last. And even though the tyrant’s belly is full and he has more than he could possibly ever eat in a lifetime, all he can think about is YOUR little crust.

    All he wonders about day and night is why you have that crust when it should be his. He grinds his teeth frothing in desperation for your meager meal. Then one day he decides he will not stop until your bread crust is in his hands while you starve. This is now his mission in life – To take your crust and crumbs and leave you with nothing. Any other outcome would be unimaginable.

    He not only wants to steal your crust, but he wants to see your despair when he does it. He wants you to know he has your last meal, and he wants to see the pain in your face when he takes it away. Then, he wants you act like you love him for it.

    This is how the mind of a psychopath works. Why do their brains function this way? There are many theories but no one really knows for certain. The majority of evidence suggests that they are actually born the way they are; with no conscience and no counterbalance to the madness.

    The bread crust story is a metaphor, but it illustrates how psychopathic authoritarians view various freedoms – They are pieces of life that tyrants cannot tolerate you having in your possession. It drives them insane to know you have that little spark of light and joy in your hands and they scheme and plot and scream and wail and claw until they can get it away from you.

    Tyranny Cannot Be Defeated Unless It Is Understood

    There will be people out there that make the common ignorant argument that all of this is an exercise in futility because it doesn’t “address solutions.” There are many solutions to authoritarian systems, I have been writing about them for over 16 years now. We can talk all day about decentralization and localism and organization and revolution, but none of that matters unless we understand how our enemies think and the tactics they use. If we do not know them we cannot defeat them.

    They are not complex and they are not necessarily ingenious but they are relentless and their simple methods can sometimes be very effective. Underestimating their obsession with control would be disastrous. That said, the one thing they value more than power is their own lives, and (if we’re going to address solutions) until these people are made to understand that their lives could be the cost of their compulsions they will never stop. There is no reasoning with them. There is no diplomacy or compromise. There is no middle ground. They will continue to take until the losses they face outweigh the gains of treachery. Knowing their mindset brings us several steps closer to shutting them down.

    Tyler Durden
    Wed, 08/31/2022 – 00:05

  • US Army Grounds Entire Fleet Of Chinook Helicopters After Reports Of "Engine Fires"
    US Army Grounds Entire Fleet Of Chinook Helicopters After Reports Of “Engine Fires”

    WSJ reported one of the US Army’s top heavy-lift helicopters was grounded in the last 24 hours due to a risk of engine fires. 

    US officials said the Boeing CH-47 Chinook helicopter fleet (about 400 helicopters) had been grounded after numerous engine fires were reported. One of the officials said no injuries or deaths occurred during any of the incidents. They said the latest occurred a few days ago. 

    The US Army Materiel Command grounded the fleet of CH-47s “out of an abundance of caution.” Officials have narrowed down more than 70 helicopters that contained a part that could be the source of the fires. 

    An Army spokeswoman told WSJ the defected part is causing fuel leaks that sparked “a small number of engine fires among an isolated number” of the helicopters. She said maintenance crews are taking steps to resolve the issue. 

    “The grounding was targeted at certain Boeing Co.-made models with engines manufactured by Honeywell International Inc.,” WSJ said, citing one of the US officials.

    Neither officials nor spokeswoman gave a timetable when the Army’s workhorse for transporting troops and heavy items on the modern battlefield would be back in the air. 

    The grounding comes two weeks after the US Air Force returned its Lockheed Martin F-35 Lightning II to the air. The USAF’s 349 stealth jets were grounded due to a faulty component in the ejection seat that could endanger pilots during emergencies. 

    Also, the USAF grounded all 52 of its CV-22 Osprey tiltrotor aircraft two weeks ago due to mechanical issues. As for the Marines Corps, the service kept its fleet of Ospreys operational. 

    Earlier in the summer, three military aircraft in three separate incidents crashed in one week in Southern California. 

    Tyler Durden
    Tue, 08/30/2022 – 23:45

  • The American Kleptocracy: A Government Of Liars, Thieves, & Lawbreakers
    The American Kleptocracy: A Government Of Liars, Thieves, & Lawbreakers

    Authored by John & Nisha Whitehead via The Rutherford Institute,

    “The most dangerous man to any government is the man who is able to think things out for himself, without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane and intolerable.”

    – H. L. Mencken

    The American kleptocracy (a government ruled by thieves) continues to suck the American people down a rabbit hole into a parallel universe in which the Constitution is meaningless, the government is all-powerful, and the citizenry is powerless to defend itself against government agents who steal, spy, lie, plunder, kill, abuse and generally inflict mayhem and sow madness on everyone and everything in their sphere.

    Think about it.

    Almost every tyranny being perpetrated by the U.S. government against the citizenry—purportedly to keep us safe and the nation secure—has come about as a result of some threat manufactured in one way or another by our own government.

    Cyberwarfare. Terrorism. Bio-chemical attacks. The nuclear arms race. Surveillance. The drug wars. Domestic extremism. The COVID-19 pandemic.

    In almost every instance, the U.S. government (often spearheaded by the FBI) has in its typical Machiavellian fashion sown the seeds of terror domestically and internationally in order to expand its own totalitarian powers.

    Who is the biggest black market buyer and stockpiler of cyberweapons (weaponized malware that can be used to hack into computer systems, spy on citizens, and destabilize vast computer networks)? The U.S. government.

    Who is the largest weapons manufacturer and exporter in the world, such that they are literally arming the world? The U.S. government.

    Which country has a history of secretly testing out dangerous weapons and technologies on its own citizens? The U.S. government.

    Which country has conducted secret experiments on an unsuspecting populace—citizens and noncitizens alike—making healthy people sick by spraying them with chemicals, injecting them with infectious diseases and exposing them to airborne toxins? The U.S. government.

    What country has a pattern and practice of entrapment that involves targeting vulnerable individuals, feeding them with the propaganda, know-how and weapons intended to turn them into terrorists, and then arresting them as part of an elaborately orchestrated counterterrorism sting? The U.S. government.

    Are you getting the picture yet?

    The U.S. government isn’t protecting us from terrorism.

    The U.S. government is creating the terror. It is, in fact, the source of the terror.

    Consider that this very same government has taken every bit of technology sold to us as being in our best interests—GPS devices, surveillance, nonlethal weapons, etc.—and used it against us, to track, control and trap us.

    So why is the government doing this? Money, power and total domination.

    We’re not dealing with a government that exists to serve its people, protect their liberties and ensure their happiness. Rather, these are the diabolical machinations of a make-works program carried out on an epic scale whose only purpose is to keep the powers-that-be permanently (and profitably) employed.

    Case in point: the FBI.

    The government’s henchmen have become the embodiment of how power, once acquired, can be so easily corrupted and abused. Indeed, far from being tough on crime, FBI agents are also among the nation’s most notorious lawbreakers.

    Whether the FBI is planting undercover agents in churches, synagogues and mosques; issuing fake emergency letters to gain access to Americans’ phone records; using intimidation tactics to silence Americans who are critical of the government, or persuading impressionable individuals to plot acts of terror and then entrapping them, the overall impression of the nation’s secret police force is that of a well-dressed thug, flexing its muscles and doing the boss’ dirty work.

    It’s a diabolical plot with far-reaching consequences for every segment of the population, no matter what one’s political leanings.

    As Rozina Ali writes for The New York Times Magazine, “The government’s approach to counterterrorism erodes constitutional protections for everyone, by blurring the lines between speech and action and by broadening the scope of who is classified as a threat.”

    This is not an agency that appears to understand, let alone respect, the limits of the Constitution.

    For instance, the FBI has been secretly carrying out an entrapment scheme in which it used a front company, ANOM, to sell purportedly hack-proof phones to organized crime syndicates and then used those phones to spy on them as they planned illegal drug shipments, plotted robberies and put out contracts for killings using those boobytrapped phones.

    All told, the FBI intercepted 27 million messages over the course of 18 months.

    What this means is that the FBI was also illegally spying on individuals using those encrypted phones who may not have been involved in any criminal activity whatsoever.

    Even reading a newspaper article is now enough to get you flagged for surveillance by the FBI. The agency served a subpoena on USA Today / Gannett to provide the internet addresses and mobile phone information for everyone who read a news story online on a particular day and time about the deadly shooting of FBI agents.

    This is the danger of allowing the government to carry out widespread surveillance, sting and entrapment operations using dubious tactics that sidestep the rule of law: “we the people” become suspects and potential criminals, while government agents, empowered to fight crime using all means at their disposal, become indistinguishable from the corrupt forces they seek to vanquish.  

    To go after terrorists, they become terrorists. To go after drug smugglers, they become drug smugglers. To go after thieves, they become thieves.

    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 if we’ve gone straight to an idiocracy. 

    This certainly isn’t a constitutional republic, however.

    Some days, it feels like the government is running its own crime syndicate complete with mob rule and mafia-style justice.

    In addition to creating certain crimes in order to then “solve” them, the FBI—the government’s law enforcement agency—also gives certain informants permission to break the law, “including everything from buying and selling illegal drugs to bribing government officials and plotting robberies,” in exchange for their cooperation on other fronts.

    USA Today estimates that government agents have authorized criminals to engage in as many as 15 crimes a day (5600 crimes a year). Some of these informants are getting paid astronomical sums: one particularly unsavory fellow, later arrested for attempting to run over a police officer, was actually paid $85,000 for his help laying the trap for an entrapment scheme.

    In addition to procedural misconduct, trespassing, enabling criminal activity, and damaging private property, the FBI’s laundry list of crimes against the American people includes surveillance, disinformation, blackmail, entrapment, intimidation tactics, and harassment.

    For example, the Associated Press lodged a complaint with the Dept. of Justice after learning that FBI agents created a fake AP news story and emailed it, along with a clickable link, to a bomb threat suspect in order to implant tracking technology onto his computer and identify his location. Lambasting the agency, AP attorney Karen Kaiser railed, “The FBI may have intended this false story as a trap for only one person. However, the individual could easily have reposted this story to social networks, distributing to thousands of people, under our name, what was essentially a piece of government disinformation.”

    Then again, to those familiar with COINTELPRO, an FBI program created to “disrupt, misdirect, discredit, and neutralize” groups and individuals the government considers politically objectionable, it should come as no surprise that the agency has mastered the art of government disinformation.

    The FBI has been particularly criticized in the wake of the 9/11 terrorist attacks for targeting vulnerable individuals and not only luring them into fake terror plots but actually equipping them with the organization, money, weapons and motivation to carry out the plots—entrapment—and then jailing them for their so-called terrorist plotting. This is what the FBI characterizes as “forward leaning—preventative—prosecutions.”

    Another fallout from 9/11, National Security Letters, one of the many illicit powers authorized by the USA Patriot Act, allows the FBI to secretly demand that banks, phone companies, and other businesses provide them with customer information and not disclose the demands. An internal audit of the agency found that the FBI practice of issuing tens of thousands of NSLs every year for sensitive information such as phone and financial records, often in non-emergency cases, is riddled with widespread violations.

    The FBI’s surveillance capabilities, on a par with the National Security Agency, boast a nasty collection of spy tools ranging from Stingray devices that can track the location of cell phones to Triggerfish devices which allow agents to eavesdrop on phone calls. 

    In one case, the FBI actually managed to remotely reprogram a “suspect’s” wireless internet card so that it would send “real-time cell-site location data to Verizon, which forwarded the data to the FBI.”

    The FBI has also repeatedly sought to expand its invasive hacking powers to allow agents to hack into any computer, anywhere in the world.

    Indeed, for years now, the U.S. government has been creating what one intelligence insider referred to as a cyber-army capable of offensive attacks. As part of this cyberweapons programs, government agencies such as the NSA have been stockpiling all kinds of nasty malware, viruses and hacking tools that can “steal financial account passwords, turn an iPhone into a listening device, or, in the case of Stuxnet, sabotage a nuclear facility.”

    In fact, the NSA was responsible for the threat posed by the “WannaCry” or “Wanna Decryptor” malware worm which—as a result of hackers accessing the government’s arsenal—hijacked more than 57,000 computers and crippled health care, communications infrastructure, logistics, and government entities in more than 70 countries.

    Mind you, the government was repeatedly warned about the dangers of using criminal tactics to wage its own cyberwars. It was warned about the consequences of blowback should its cyberweapons get into the wrong hands.

    The government chose to ignore the warnings.

    That’s exactly how the 9/11 attacks unfolded.

    First, the government helped to create the menace that was al-Qaida and then, when bin Laden had left the nation reeling in shock (despite countless warnings that fell on tone-deaf ears), it demanded—and was given—immense new powers in the form of the USA Patriot Act in order to fight the very danger it had created.

    This has become the shadow government’s modus operandi regardless of which party controls the White House: the government creates a menace—knowing full well the ramifications such a danger might pose to the public—then without ever owning up to the part it played in unleashing that particular menace on an unsuspecting populace, it demands additional powers in order to protect “we the people” from the threat.

    Yet the powers-that-be don’t really want us to feel safe.

    They want us cowering and afraid and willing to relinquish every last one of our freedoms in exchange for their phantom promises of security.

    As a result, it’s the American people who pay the price for the government’s insatiable greed and quest for power.

    Suffice it to say that when and if a true history of the United States is ever written, it will not only track the rise of the American police state but it will also chart the decline of freedom in America: how a nation that once abided by the rule of law and held the government accountable for its actions has steadily devolved into a police state where justice is one-sided, a corporate elite runs the show, representative government is a mockery, police are extensions of the military, surveillance is rampant, privacy is extinct, and the law is little more than a tool for the government to browbeat the people into compliance.

    Somewhere over the course of the past 240-plus years, democracy has given way to kleptocracy, and representative government has been rejected in favor of rule by career politicians, corporations and thieves—individuals and entities with little regard for the rights of American citizens.

    This dissolution of that sacred covenant between the citizenry and the government—establishing “we the people” as the masters and the government as the servant—didn’t happen overnight. It didn’t happen because of one particular incident or one particular president. It is a process, one that began long ago and continues in the present day, aided and abetted by politicians who have mastered the polarizing art of how to “divide and conquer.”

    As I point out in my book Battlefield America: The War on the American People and in its fictional counterpart The Erik Blair Diaries, our freedoms have become casualties in an all-out war on the American people.

    Tyler Durden
    Tue, 08/30/2022 – 23:25

  • First Of Hundreds Of Iranian Drones Delivered To Russia For Ukraine War: Pentagon
    First Of Hundreds Of Iranian Drones Delivered To Russia For Ukraine War: Pentagon

    The Pentagon has confirmed that a previously widely reported deal for Russia to acquire Iranian drones has now gone through, given US officials say a first shipment of Iranian-made Mohajer-6 and Shahed-series have been delivered to Moscow.

    A Pentagon spokesperson has told Politico that an initial round of what is eventually expected to be “hundreds” of armed unmanned aerial vehicles has arrived in Russia. They are capable of conducting strikes and assisting ground forces with targeting, as well as electronic warfare – and are expected to be deployed in Ukraine amid depleting Russian munitions. 

    Iranian Mohajer-6, via Oryx media 

    “Russia deepening their alliance with Iran is something that the whole world — and especially those in the region — should watch and see as a profound threat,” the DOD official, Todd Breasseale, was quoted as saying. “We will vigorously enforce all U.S. sanctions on both the Russian and Iranian arms trade and we will stand with our allies and partners throughout the region against the Iranian threat.”

    “This demonstrates that as Russia endures costs on the battlefield in Ukraine, it is experiencing difficulties in sustaining its own weapons, as it looks to countries like Iran for capabilities to sustain its forces,” Breasseale explained. “It also makes the case for U.S. engagement in the region so we don’t leave a vacuum for China or Russia.”

    The Islamic Republic and Russia have been drifting into slow, deepening cooperation for years – but the Ukraine invasion appears to have hastened Moscow’s willingness to proceed with military deals with Tehran. 

    Starting over a month ago, US national security adviser Jake Sullivan cited US intelligence to warn that Iran is “preparing to provide Russia with several hundred UAVs, including weapons capable UAVs” for use in Ukraine. The story was initially met with some degree of skepticism, given its unprecedented nature and the fact that many military technology observers considered Russia’s own drone program to be advancing. 

    Politico underscores further that as part of the deal Russian personnel have already been in Iran to receive training on the new systems: 

    Russian operators have been undergoing training in Iran for weeks as part of the agreement for UAV transfers, according to a spokesperson for the National Security Council, who asked to remain anonymous to discuss a sensitive matter.

    Beyond the drone transfers, the U.S. has seen recent reports that Russia launched a satellite with “significant spying capabilities” on Iran’s behalf, the spokesperson said.

    The timing is interesting, given it could negatively impact a restored Iran nuclear deal, at a moment the world awaits final word from Tehran and Washington on whether the ‘final text’ presented by the EU is acceptable to both of them. So far, it’s not looking like a restored JCPOA will be announced anytime soon, and this drone deal without doubt complicates matters further.

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    As for the initial delivery, the AP has these details: “Russian cargo planes picked up the first batch of drones from an airfield in Iran earlier this month, leaving with two types of unmanned aerial vehicles (UAVs), the Washington Post reported Monday.”

    “According to intelligence gathered by US and other spy agencies, the delivery has been marred by serious technical failures in early tests and the Russians are displeased with the performance of the drone systems,” the unconfirmed report said.

    Tyler Durden
    Tue, 08/30/2022 – 23:05

  • China's $29 Billion Property Bailout Plan Falls Short
    China’s $29 Billion Property Bailout Plan Falls Short

    By Ye Xie, Bloomberg markets live analyst and reporter.

    China is reportedly setting up a national bailout fund to finance stalled real-estate projects. The move, if confirmed, will reduce some systemic risk in the sector. Unfortunately, it’s neither a cure-all designed to save troubled developers, nor a game changer to turn around the market.

    We have a date! Beijing set Oct. 16 as the start of the Communist Party’s twice-a-decade leadership congress, where President Xi Jinping is widely expected to retain his power for an unprecedented third term. Optimists might take the news as a positive, hoping that Beijing will improve its economic and Covid policies once the uncertainties about leadership are removed. The CSI 300 did rise in the three months following the two previous leadership changes at the party congresses — in 2002 and 2012.

    One area in desperate need of improvement is the housing market. Despite various supportive measures from Beijing, including lowering mortgage rates, the sector shows few signs of a meaningful recovery. New home sales in 30 cities fell about 22% from a year earlier in the month through Aug. 27, only slightly better than the 33% contraction in July, according to Nomura.

    The government is doing more. Caixin magazine reported Monday that Beijing has set up a 200 billion yuan ($29 billion) fund  — financed by two policy banks – to help stalled property projects. It’s in-line with earlier reports from other media outlets, including Bloomberg, but contains more details.

    • Local governments will borrow these special-purpose loans and complete the unfinished projects, according to Caixin. The loans will carry low interest rates of 2.8% in the first two years, but rates will jump to 6.4% if they cannot be repaid within three years. In other words, it’s not a blank check.
    • Crucially, regulators have made it clear that the fund will only be used to finish stalled projects. It will not be used to stimulate the housing market or rescue developers.
    • Leaving aside the question of whether it’s enough money, the plan won’t hand cash to the developers. It’s unlikely to completely break the vicious feedback loop between delayed projects, mortgage boycotts and slumping home sales.

    As long as home sales are depressed, more credit problems are likely. Goldman Sachs’s analyst Kenneth Ho expects the default ratio of high-yield dollar bonds by Chinese developers to rise this year to 45%, from the current 30%.

    Source: Goldman Sachs

    This may not topple China’s credit system as offshore bonds only account for 4% of the total debt of Chinese developers, according to Ho. By the same token, it shows why Beijing can afford to stand tough against developers.

    The reported rescue plan makes it clear that President Xi is only willing to save the little guys on Main Street, not greedy and reckless tycoons.

    Tyler Durden
    Tue, 08/30/2022 – 22:45

  • California Senate Passes Bill To Create "Fast Food Council" With Wage-Setting Power
    California Senate Passes Bill To Create “Fast Food Council” With Wage-Setting Power

    The California Senate on Monday voted to create a “Fast Food Council” that would have the authority to set minimum wages and issue safety, health and anti-discrimination regulations.  

    The 10-member council, which would include four worker representatives, four employer representatives and two state officials, would have the authority to increase California’s fast-food minimum wage to as much as $22 in 2023.

    California’s minimum wage is $15 today, and is scheduled to rise to $15.50 on Jan. 1. The board — 40% of which would be worker reps — would thus be empowered to institute a 42% minimum-wage hike. Thereafter, the cap would rise by the smaller of the consumer price index or 3.5%. 

    Supporters of the Fast Food Council bill demonstrate at the California Capitol (Rich Pedroncelli/AP) 

    Any California store that’s part of a chain with at least 100 outlets nationwide would be subject to the Fast Food Council’s edicts. There are over a half-million fast food workers in the state. 

    If enacted, it would be the first law of its kind in the United States. Putting workers’ representatives on a wage-setting government board could begin reshaping the way compensation is negotiated in America. 

    “The bill could herald an important step toward sectoral bargaining, in which workers and employers negotiate compensation and working conditions on an industrywide basis, as opposed to enterprise bargaining, in which workers negotiate with individual companies at individual locations,” writes Noam Scheiber at The New York Times.  

    The council’s wage power would have ripple effects throughout California’s economy, as employers in other low-skill industries would be forced to compete with compulsory rates paid by fast-food companies. 

    Of course, further minimum wage hikes will also encourage fast food outlets to replace workers with machines, and higher wages will mean higher fast food costs for Californians — including many of those at the lower end of the economic ladder.     

    A deep-fryer-operating robot from Miso Robotics 

    Leftists were exuberant. “We made history today,” Service Employees International Union President Mary Kay Henry told the Associated Press. “This legislation is a great leap huge step forward for workers in California and all across the country.” 

    It’s “one of the most significant pieces of employment legislation passed in a generation,” gushed similarly enthusiastic Columbia Law School professor Kate Andrias, who called it “a great leap huge step forward for some of the most vulnerable workers in the country, giving them a collective voice in their working conditions.”

    Each of the California Senate’s nine Republicans voted against the measure, known as the Fast Act, as did three Democrats. Speaking against the bill, Republican Senator Brian Dahle — who is also the nominee for governor — said, “There are no slaves that work for California businesses, period. You can quit any day you want and you can go get a job someplace else if you don’t like your employer.”

    The state assembly is expected to pass the bill by Wednesday, but governor and likely presidential candidate Gavin Newsom hasn’t made his position on the final bill known. Earlier, his administration expressed concern that the general concept would create “a fragmented regulatory and legal environment.”

    His administration opposed an earlier version that would have given the proposed Fast Food Council even more power. It would also have treated restaurant chains as joint employers of franchisee’s employees, leaving them vulnerable to liability for labor law violations.  

    The fast food industry worked hard to get those measures stripped from the bill. “This is the biggest lobbying fight that the franchise sector has ever been in,” Matthew Haller, president of the International Franchise Association, told The Wall Street Journal. 

    That’s not to say they’re at all happy with the final product. “We are pulling the fire alarm in all states to wake our members up about what’s going on in California,” Haller separately told The New York Times. 

    Tyler Durden
    Tue, 08/30/2022 – 22:25

  • Japanese Firm Signs New LNG Deal With Russia's Sakhalin-2
    Japanese Firm Signs New LNG Deal With Russia’s Sakhalin-2

    By Tsvetana Paraskova of Oilprice.com

    Tokyo Gas, the largest city gas supplier in Japan, has signed a long-term LNG agreement with the new Russian operator of the Sakhalin-2 project to keep supply volumes from the project, a spokesperson for the Japanese company told Reuters on Tuesday in a second such deal between a firm from Japan and the new operator. 

    Last week, the largest power generation firm in Japan, JERA, told Reuters it had signed a long-term LNG deal to maintain its supply from the Sakhalin-2 project.   

    Western majors hastened to announce they are abandoning joint projects in Russia after Vladimir Putin invaded Ukraine at the end of February. Some international companies have managed to exit their participation, such as Norway’s Equinor, which said at the end of May that “The exit from all Joint Ventures has been completed in accordance with Norwegian and EU sanctions legislation related to Russia.”

    A decree from Putin stipulated in early July that a newly set up state Russian company take over the rights and obligations of Sakhalin Energy Investment Co., the joint venture running the Sakhalin-2 oil and gas project. Shell and Japan’s Mitsui and Mitsubishi were minority shareholders in Sakhalin Energy Investment Co. Shell already said a few months ago it would leave the project and has since then been looking for buyers for its stake in Sakhalin-2. 

    Shell has already completed the sale of its retail and lubricants businesses in Russia to Lukoil, but hasn’t exited the Sakhalin-2 LNG project yet.

    In early August, the Russian government gave Sakhalin-2 minority foreign investors – Shell, and Japan’s Mitsui & Co and Mitsubishi – one month to claim their stakes in a new entity that will replace the existing project. Shell has confirmed it is looking at ways to exit the project. The Japanese companies are expected to keep their stakes, Japan’s Industry Minister Koichi Hagiuda has said, as carried by Reuters.  

    Tyler Durden
    Tue, 08/30/2022 – 22:05

  • A Third Of Pakistan Is Underwater As Monsoon Rains Create Crisis Of "Unimaginable Proportions"
    A Third Of Pakistan Is Underwater As Monsoon Rains Create Crisis Of “Unimaginable Proportions”

    Record monsoons in Pakistan have forced “a third of the country” underwater, according to Sherry Rehman, the country’s country’s climate change minister.

    Rehman said of her country, which is about 340,000 square miles: “It’s all one big ocean, there’s no dry land to pump the water out.”

    The country is the 33rd largest by area, bigger than countries like Turkey and France, according to RT. It is inhabited by nearly 242 million people and is the fifth most populated nation in the world, the report says. 

    Rehman said the occurrence was “very far from a normal monsoon” and called it “climate dystopia at our doorstep.” The crisis that has been created as a result of the flooding has been of “unimaginable proportions”, she continued. 

    She called the flooding a “climate-induced humanitarian disaster of epic proportions.”

    “We’ve had to deploy the navy for the first time to operate in Indo-Pakistan,” she said, due to the water. “Frankly, no one has seen this kind of downpour & flooding before, and no one country can cope alone with the multiple, cascading effects of extreme weather, climate events.”

    As of Monday, the death toll from the rains was over 1,000 people. More than 3,000 roads have been destroyed, RT reports. 130 bridges and 495,000 homes have also been damaged or affected by flash floods. 

    33 million people in the country were estimated to have been affected. 

    ABC reported that in the last 24 hours alone, 75 people had died and 59 had been injured. 

    “Padidan, in Pakistan’s Sindh Province, received an “unheard of” nearly 70 inches of rain in one day,” the report said. 

    Tyler Durden
    Tue, 08/30/2022 – 21:45

  • Lower Court Formally Lifts Injunction Against AB5 In California Trucking
    Lower Court Formally Lifts Injunction Against AB5 In California Trucking

    By John Kingston of FreightWaves

    The injunction that kept California’s independent contractor law, AB5, out of the state’s trucking sector is officially dead.

    In a hearing Monday, according to a statement released by trucking-focused law firm Scopelitis, Garvin, Light, Hanson & Feary, Federal District Court Judge Robert Benitez formally lifted the injunction that had been in effect since New Year’s Eve 2019. A filing by the court of its ruling was not available online at publication time. 

    The lifting of the injunction, which was expected, puts into effect an April 2021 U.S. 9th Circuit Court of Appeals ruling that overturned the original injunction handed down by Benitez. The appellate court ruling reversing the Benitez injunction nonetheless allowed the injunction to stay in place while the California Trucking Association, which filed the original lawsuit in the case, pursued its appeal to the U.S. Supreme Court. 

    When the high court chose not to review the case, California Trucking Association v. Bonta, that put it back into the hands of the appellate court. That court in turn handed down a mandate to the district court ordering the reversal of the injunction. The action Monday formalized that step.

    But the case is not over. The legal arguments put forth by the CTA — that AB5 as applied to trucking in California violates parts of the Federal Aviation Administration Authorization Act — was only argued through motions on the injunction, rather than a full court procedure. The CTA will now pursue the case from the beginning and has asked for a new injunction. None was forthcoming Monday.

    According to the Scopelitis memo, an earlier Benitez ruling that denied a CTA argument regarding AB5 and the Dormant Commerce Clause, which impacts interstate commerce, was vacated by Benitez, per the request of the CTA. The issue of whether the Owner Operator Independent Drivers Association (OOIDA) can intervene in the case remains to be decided.

    Next steps are the filing of briefs in the case, which can take place into December, according to an earlier court filing. 

    AB5 requires workers be judged against the provisions of the so-called ABC test to settle the question of whether they are independent contractors or employee. In particular for trucking, the so-called B prong is troublesome, as it says an independent contractor must be involved in “work that is outside the usual course of the hiring entity’s business.” A trucking company hiring an outside truck driver runs the risk of being ruled in violation of the B prong.

    The ruling did bring a quick media outreach from a public relations firm offering up commentary from the union side of the ledger.

    “Today, drivers across California can rest easy knowing that trucking companies that have gotten away with misclassifying workers can no longer exploit their workers or the people of California to further their bottom line,” the email from Teamsters PR agency Berlin Rosen said. “These companies are going to be held accountable, and drivers’ rights will be protected under the law.”

    Tyler Durden
    Tue, 08/30/2022 – 21:25

  • Baby Wipes Used To Smuggle $12 Million In Cocaine Across Border
    Baby Wipes Used To Smuggle $12 Million In Cocaine Across Border

    US Customs (CBP) announced on Monday that they had seized nearly $12 million worth of cocaine over the weekend, after smugglers used a tractor-trailer full of baby wipes to disguise their haul.

    In a Monday press release, the CBP announced that agents on Friday selected the big-rig for inspection at the Colombia-Solidarity Bridge just outside of Laredo, Texas.

    “The truck was referred for a canine and non-intrusive inspection system examination, resulting in the discovery of 1,935 packages containing 1,532.65 pounds of alleged cocaine within the shipment,” reads the press release, which notes that the total amount seized was worth around $11.8 million.

    “Officers assigned to CBP cargo facilities ensure effective border security by preventing and countering the flow of suspected narcotics entering the country,” said Port Director Alberto Flores in the release, adding “This seizure is a prime example of border security management and how it helps prevent dangerous narcotics from reaching our communities.”

    And in other smuggling news:

    Tyler Durden
    Tue, 08/30/2022 – 21:05

  • China-Backed Solomon Islands Suspends All US Naval Visits
    China-Backed Solomon Islands Suspends All US Naval Visits

    Authored by Daniel Teng via The Epoch Times,

    The Solomon Islands has informed U.S. authorities that all naval visits have been suspended until further notice following an earlier incident on Aug. 23 when a U.S. Coast Guard vessel, the Oliver Henry, was denied permission for a scheduled port call.

    The incident comes amid mounting concerns about Beijing’s influence in the region and Solomons Prime Minister Manasseh Sogavare’s moves to deepen ties with the Chinese regime while solidifying his hold on power.

    According to the U.S. Embassy in Canberra:

    “On Aug. 29, the United States received formal notification from the Government of the Solomon Islands regarding a moratorium on all naval visits, pending updates in protocol procedures.”

    “We will continue to closely monitor the situation,” a spokesperson told The Epoch Times.

    The freeze on naval visits comes after the Oliver Henry wrapped up its part in Operation Island Chief to monitor and prevent illegal fishing activity in the region—an ongoing issue with Chinese fishing fleets. Operation Island Chief was conducted in conjunction with members of the Pacific Islands Forum Fisheries Agency (FFA), including Australia, New Zealand, and Fiji.

    Oliver Henry was supposed to stop in Honiara, Solomon Islands, on Aug. 23 for refuelling and re-provisioning but received no response from Solomons authorities. Subsequently, the crew were diverted to Port Moresby, Papua New Guinea.

    “It is disappointing that the USCGC Oliver Henry was not provided diplomatic clearance in support of its operation with the FFA,” the U.S. Embassy said in response.

    Solomons PM Solidifying Power

    The Solomons opposition leader Matthew Wale was critical of the Sogavare government’s decision.

    “‘Friends to all, enemies to none’ is clearly a joke, the prime minister, Manasseh Sogavare, clearly treats the U.S. and its allies as hostile nations. All our friends must be treated equally,” he said in comments obtained by RNZ.

    The radio silence from Solomons authorities follows a series of incidents suggesting the government of Prime Minister Manasseh Sogavare is not only deepening ties with Beijing but also steadily eroding the country’s democratic institutions to strengthen his position.

    The Sogavare government signed off on a major deal with Chinese telecommunications firm Huawei on Aug. 18 to build 161 mobile towers in the country with a 448.9 million yuan (US$66.15 million) loan from the state-owned Export-Import Bank of China.

    On Aug. 8, the prime minister’s team submitted a Bill to Parliament to delay national elections, which some experts have suggested could be a way for the prime minister to avoid a potential election defeat.

    These actions come after Sogavare locked in a security pact with Beijing to allow the Chinese Communist Party to station weapons, troops, and naval ships in the country. This would give Beijing a military presence close to Australia, New Zealand, and the U.S. territory of Guam.

    …

    Read more here…

    Tyler Durden
    Tue, 08/30/2022 – 20:45

  • Mississippi Declares State Of Emergency As Broken-Pump Leaves Capital Without Drinking Water
    Mississippi Declares State Of Emergency As Broken-Pump Leaves Capital Without Drinking Water

    Mississippi Gov. Tate Reeves declared a state of emergency for Jackson, the state’s capital, as an ongoing water crisis threatens the “critical needs” of more than 180,000 city residents. Severe flooding knocked out pumps at the capital’s main water treatment center, sparking a massive shortage of clean water. 

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    Jackson Mayor Chokwe Antar Lumumba and Gov. Reeves activated the National Gaurd Monday evening to assist in distributing clean water to the city’s residents. 

    “The is a very different situation from a boil water notice — which is also a serious situation which the residents of Jackson have become tragically numb to,” the governor said in a prepared statement.

    The crux of the problem resides in Jackson’s failed water treatment facility with low water pressure and inadequate treatment to clean the water. Pumps at the water treatment facility were damaged in recent floods. 

    “Until it is fixed, it means we do not have reliable running water at scale. It means the city cannot produce enough water to reliably flush toilets, fight fire and meet other critical needs,” the governor continued. 

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    The mayor warned residents: 

    “Do not drink the water. In too many cases, it is raw water from the reservoir being pushed through the pipes,” Reeves told Jackson residents Monday. “Be smart, protect yourself, protect your family.”

    Gov. Reeves said emergency maintenance is underway at the water treatment facility as there is no timetable on when the water shortage will be resolved. 

    Tyler Durden
    Tue, 08/30/2022 – 20:25

  • China Threatens To Destroy Elon Musk's Starlink
    China Threatens To Destroy Elon Musk’s Starlink

    Authored by Judith Bergman via The Gatestone Institute,

    Chinese military researchers recently called for the destruction of Elon Musk’s Starlink satellites, an extraordinary threat for a state to make against a private foreign enterprise.

    In December 2021, China filed a complaint with the United Nations, claiming that two of Musk’s Starlink satellites had nearly collided with the Tianhe module of its Tiangong Space Station — in April and October of 2021– and that Chinese astronauts had been forced to maneuver the module of the station to avoid the collision. Starlink is part of Elon Musk’s SpaceX and the satellites are part of a plan to make internet coverage from the satellites available worldwide, with the goal of launching nearly 12,000 Starlink satellites into low Earth orbit.

    Space is becoming crowded and risks of collision — whether with satellites or space debris — are not new. Tellingly, China was among the first to help create much of that debris: In January 2007, China tested its first successful anti-satellite missile (ASAT), destroying one of its own inactive weather satellites and creating one of the world’s largest space debris incidents. That space debris is still floating around in space, causing collision risks every day.

    The United States rejected China’s claims that the Starlink satellites had endangered China’s space station. The US stated that if there had been a “significant probability of collision” with China’s space station, the U.S. would have given notice to China ahead of time. “Because the activities did not meet the threshold of established emergency collision criteria, emergency notifications were not warranted in either case.”

    China is now taking things a step further: Chinese military researchers are threatening that Musk’s Starlink satellites must be destroyed. The problem, however, does not appear so much to be the fear of collision, but rather that China believes that Starlink could be used for military purposes and thereby threaten what China calls its national security.

    Five senior scientists in China’s defense industry, led by Ren Yuanzhen, a researcher with the Beijing Institute of Tracking and Telecommunications — which is under the People Liberation Army’s (PLA’s) Strategic Support Force – recently wrote that “a combination of soft and hard kill methods should be adopted to make some Starlink satellites lose their functions and destroy the constellation’s operating system.”

    Soft kill methods target software and operating systems of the satellites, whereas hard kill methods physically destroy the satellites, such as using an ASAT weapon.

    According to the scientists, China should “vigorously develop countermeasures” against Starlink, as such capabilities are necessary for China “to maintain and obtain space advantages in the fierce space game.”

    Unsurprisingly, China has eagerly copied Elon Musk’s SpaceX to achieve its own space ambitions: China’s Long March 2C rocket, for instance, which China launched in the summer of 2019, had parts that were “virtually identical” to those that are used to steer the SpaceX Falcon 9 rocket.

    China is not the only state actor to show an interest in interfering with Musk’s Starlink satellites.

    Russia too has sought to jam Starlink’s internet service in Ukraine and failed. “Starlink has resisted Russian cyberwar jamming & hacking attempts so far, but they’re ramping up their efforts,” Musk tweeted in May.

    Starlink is a problem for Russia because Musk’s satellites have enabled Ukraine to stay connected to the internet – and the rest of the world – amid Russian President Vladimir Putin’s attempts to cut the country off.

    Musk began to send Starlink terminals to Ukraine in late February at the request of Ukrainian government officials, as a backup for when Russia would predictably try to cut off internet access. According to one US general, the use of Starlink in Ukraine ruined Putin’s attempts to isolate the country.

    “The strategic impact is, it totally destroyed Putin’s information campaign,” said Brig. Gen. Steve Butow, director of the space portfolio at the Defense Innovation Unit.

    “He never, to this day, has been able to silence Zelenskyy.”

    “We’ve got more than 11,000 Starlink stations and they help us in our everyday fight on all the fronts,” Mykhailo Fedorov, Ukraine’s vice prime minister, told Politico.

    “We’re ready, even if there is no light, no fixed internet, through generators using Starlink, to renew any connection in Ukraine.”

    China’s threats against Musk’s Starlink is more proof that the country is not ready to let anyone stand in the way of its “fierce space game”, as China put it. General David Thompson, the U.S. Space Force’s first vice chief of space operations, possibly trying to downplay the Chinese’s Communist Party’s threat to the West, described it as merely a “shadow war.”

    In this “space war“, China – and Russia to a slightly lesser degree — is conducting attacks against U.S. satellites with lasers, radio frequency jammers, and cyber-attacks every day. While the attacks are “reversible” for now, which means that the damage to the attacked satellites is not permanent, they demonstrate China’s malign intentions.

    “The threats are really growing and expanding every single day. And it’s really an evolution of activity that’s been happening for a long time,” Thompson said in November 2021.

    “We’re really at a point now where there’s a whole host of ways that our space systems can be threatened.”

    In addition to its “fierce space game”, China is forging ahead with a number of projects that will significantly accelerate the country’s space capabilities.

    China has reportedly sped up its program to launch a solar power plant in space. The purpose of the plant is to transmit electricity to earth by converting solar energy to microwaves or lasers and directing the energy to Earth, according to the South China Morning Post. The first launch of the project is scheduled for 2028 and will be the world’s first such project in space. It is probable that China got the idea from the US; NASA reportedly proposed a similar plan more than two decades ago but never went on to develop it.

    China recently launched its third crewed mission to the Tiangong Space Station’s Tianhe module, where three astronauts will work on completing the space station before returning to Earth in December. China only launched the first module of the Tiangong Space Station in April 2021, but expects to have the space station fully crewed and operational by the end of the year, when the space station will have an additional two science lab modules and a robotic cargo ship. The space station will also help China to deploy and operate its new space telescope, Xuntian, meant “to rival NASA’s aging Hubble Space Telescope, with a field of view 300 times larger and a similar resolution. It will make observations in ultraviolet and visible light, running investigations related to dark matter and dark energy, cosmology, galactic evolution, and the detection of nearby objects.” Xuntian is scheduled to launch in 2024.

    China’s explicit goal is to become the world’s leading space power by 2045. It is important to keep in mind that China’s space program – even what might look like harmless, civil aspects of space exploration – is heavily militarized. The organization in charge of China’s manned space program, for instance, is the China Manned Space Engineering Office, which is under China’s Central Military Commission Equipment Development Department. Similarly, the People’s Liberation Army runs China’s space launch sites, control centers and many of China’s satellites.

    Tyler Durden
    Tue, 08/30/2022 – 20:05

  • Used-Car Market Cools As Prices Plunge To One Year Low
    Used-Car Market Cools As Prices Plunge To One Year Low

    In April, while wholesale used-vehicle values were at record highs, we asked, “Are Used Car Prices About To Peak For Real This Time?” We pointed out one month later, “Used Car Prices Are Crashing At A Near Record Pace.”

    The latest Manheim Used Vehicle Value Index that tracks what dealers pay for used cars at auction is at a one-year low of 211.6. 

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    The index declined 3.6% from July in the first 15 days of August but is still up 8.8% from August 2021. The monthly slump was the most significant drop since April 2020.

    Cox Automotive analysts said sliding wholesale used-vehicle values should continue through August. SUVs and pickups saw the most declines in value at auctions while minivans fell less — likely a function of thin supply, according to analysts. They said compact cars saw auction prices stable, noting it was likely due to more demand because elevated fuel costs have pushed consumers to more efficient vehicles. 

    A metric called “days of inventory” – how long it would take dealers to sell out of cars at the current sales rate if they couldn’t acquire new stock – was eight days higher than a year ago as the nationwide supply of used vehicles (as of Aug. 15) was improving. 

    Cox analysts noted consumers’ views of buying conditions for vehicles declined in August due to elevated prices and soaring rising interest rates. They said the only prior time consumers felt this pessimistic about purchasing a car was when auto loan interest rates were sky high in the early 1980s. 

    Looking at Bankrate data, rising auto loans for used vehicles may have been enough to crimp demand as used car price growth on a yearly basis has cooled since rates began surging in the first quarter. 

    Perhaps with supply rising and affordability woes mounting, we may have correctly called the peak in used car prices between April-May timeframe. What comes next with a uber-hawkish Federal Reserve is possibly the implosion of the car bubble that could leave millions of Americans who bought the pandemic peak underwater. 

    Just wait until these youngsters with +$1,000 monthly payments panic sell their vehicles as the economy craters. 

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    It’s anyone’s guess where the used car floor price is as supply returns and Fed crushes demand with rising interest rates. 

    Tyler Durden
    Tue, 08/30/2022 – 19:45

  • Pennsylvania Abruptly Changes Voter Registration Form, Combines With Mail-In Ballot Application
    Pennsylvania Abruptly Changes Voter Registration Form, Combines With Mail-In Ballot Application

    Authored by Beth Brelje via The Epoch Times (emphasis ours),

    In the middle of the election cycle, the Pennsylvania Department of State has suddenly changed its voter registration application form to include a mail-in ballot application.

    A portion of the newly combined Pennsylvania voter registration application and mail-in ballot request form introduced just 11 weeks before the Nov. 8 midterm elections. (Pennsylvania Department of State)

    The applications used to be on separate forms, but this seemingly small clerical change is creating logistical headaches for county election directors and causing voter confusion.

    Registering to vote and seeking a mail-in ballot are two different actions requiring different responses in the county election offices.

    “We use the voter registration application for one thing, we use a mail-in ballot application for something different,” Christa Miller, Lancaster County’s election director, told The Epoch Times. “One has to be done before the other. Obviously, you have to be a voter in order to get a detailed ballot, so that has to be processed first. And then your mail-in ballot application can be processed. We also file them all completely different.”

    All voter registration applications are filed together, and mail-in ballot applications are filed separately. That is because, as per state law, county election offices must mail an application each year to everyone who asked to be on the permanent mail-in ballot list.

    “In February, we have to send them an application for that calendar year,” Miller said. Then the voter must send it back, confirming they want to participate in mail-in voting for the year. The office files the mail-in applications alphabetically.

    Procedure Changed in Middle of Election Cycle

    Between the May primary and the November general election, the county elections office fields a lot of calls from voters who want to verify they checked the mail-in ballot box or to check the address where the ballot will be sent.

    Instead of going though something like 400,000 voter registration forms, it’s easier to go through 30,000 specific mail-in ballot forms.

    The Department of State combined the documents and implemented the new form on Aug. 19, which was 13 weeks after the primary and just 11 weeks before the general election.

    Now the county is processing the first half of the form—getting a person registered to vote—and then making a copy of the form to process the mail-in ballot portion and file that copy separately.

    Voters have questions about the new form, too, Miller said. They are not sure if they are registering to vote or registering for mail-in voting, so it has taken some education.

    “As election officials, we asked [the state] to wait until December. This is going to take voter education and explaining how the new form works,” Miller said. “There’s a big election coming up in November. I think everybody in Pennsylvania knows that. And all we wanted to do was wait until December to let us keep our offices going the way that they’re going. Not having to teach our staff new ways of doing things, and voters new ways of doing things. You know, keep things the same at least through November.”

    Jonathan Marks, deputy secretary at the Pennsylvania Department of State, told The Philadelphia Inquirer the goal of the change is to simplify the process, so voters don’t have to fill out two forms.

    Read more here…

    Tyler Durden
    Tue, 08/30/2022 – 19:25

  • The Lab-Leak Theory And What We Know About The Cover-Up
    The Lab-Leak Theory And What We Know About The Cover-Up

    Authored by Thomas Fazi via UnHerd.com,

    For more than a year after the onset of the pandemic, talking about the possibility that the virus might have been lab-engineered was taboo. Then, as the evidence continued to mount, it suddenly became acceptable to talk about it in “respectable” circles. Today, however, we appear to have gone full-circle: a determined effort is once again underway to dismiss the lab-leak theory for good — even though no new evidence has emerged to disprove it.

    Considering the endless ways in which the pandemic and our response to it have changed the lives of every human being on the planet, it’s astonishing to consider how little is actually known about the origins of the virus. Two and half years on, we are still very much in the dark as to when, how and even where SARS-CoV-2 first made its appearance.

    This isn’t because our efforts to get to the bottom of the mystery have proved fruitless, but rather because those efforts have been systematically thwarted by the world’s two most powerful governments: America and China. This is the mother of all Covid conspiracy theories — but it’s also true.

    One of the main “conspiracy theorists” is none other than Jeffrey Sachs, director of the Center for Sustainable Development at Columbia University, president of the UN Sustainable Development Solutions Network and chair of the Lancet Covid-19 Commission. He is not your typical tinfoil-hat-wearing internet crank. Sachs recently co-authored a paper in the Proceedings of the National Academy of Sciences calling for an independent inquiry into the virus’s origins. He believes there is clear proof that the National Institutes of Health (NIH), the primary US public health agency, and many members of the scientific community have been impeding a serious investigation into the origins of Covid-19 in order to cover up evidence that US-funded research in Wuhan may have played a role in the creation of the SARS-CoV-2 virus.

    Many are convinced that the debate is settled, largely because almost immediately a public narrative surrounding the origin of the virus emerged. This held that the virus was zoonotic in nature, meaning that it had jumped from one or more animals (probably, it was argued, bats) to one or more humans, possibly through one or more unidentified animal intermediate hosts, and most likely at the Huanan Seafood Market  — even though there was no conclusive evidence of any of this.

    Early in the pandemic, an alternative theory emerged, suggesting that the Wuhan Institute of Virology (WIV) — known, of all things, for its research into SARS-related coronaviruses, and only eight miles from the Huanan Seafood Market — might have had something to do with an accidental outbreak. From a purely circumstantial standpoint, and considering the long history of safety breaches previously recorded at various facilities in China and throughout the world, one could have been justified for considering it, at the very least, a lead worth pursuing.

    As Sir Jeremy Farrar, director of the Wellcome Trust, Europe’s biggest philanthropic research funding body, notes in his bestselling book Spike: “It was odd for a spillover event, from animals to humans, to take off in people so immediately and spectacularly in a city with a biolab … which is home to an almost unrivalled collection of bat viruses” — especially with a new virus that “seemed almost designed to infect human cells”. If this were a coincidence, he adds, it would be a “huge” one.

    Yet from the beginning the very notion that the virus might have a laboratory-based origin was stifled. The hot denials came not only from the Chinese authorities and the Wuhan Institute of Virology itself, but also from the WHO and leading Western scientists, institutions and media organisations. For around a year and a half, the “lab-leak” hypothesis was ridiculed and dismissed as a fringe conspiracy theory and anyone who raised it deemed a crackpot — and even subject to censorship on Twitter and Facebook.

    The mood seemed to shift when, beginning in mid-2021, several high-profile Western scientists, intelligence officials and politicians — including President Joe Biden — started to acknowledge the plausibility of a laboratory accident. Almost overnight, the lab-leak scenario went from being a “crackpot theory” to a credible and legitimate hypothesis. On the same day Biden announced that his administration would be investigating the origins of Covid-19, “including whether it emerged from human contact with an infected animal or from a laboratory accident”, Facebook stated that it would “no longer remove the claim that Covid-19 is man-made or manufactured” from its apps.

    More than a year later, there is simply no conclusive evidence of whether the virus is zoonotic or artificial in nature — even though the public narrative continues to be heavily skewed towards the natural origin theory. What we do know, however, is that a massive cover-up was orchestrated from the earliest days of the pandemic by leading members of the scientific establishment and the Chinese authorities.

    This incredible story sheds light on several key aspects of the entire pandemic management, something that Toby Green and I go into in detail in our forthcoming book: the stifling of critical opinion, the lack of transparency by public institutions, the deeply unscientific manner in which the “scientific consensus” about many aspects of the pandemic came about, and how some of the leading actors of the pandemic tragedy — the WHO, Anthony Fauci, the NIH, leading scientific journals — were already engaging in the publication of papers which traduced the scientific method from the very first days of the pandemic.

    Here’s a brief recap of what we know about the cover-up — much of which we are aware of thanks to a series of Freedom of Information Act (FoIA) requests.

    Much of the work on SARS-like CoVs performed in Wuhan was part of an active and highly collaborative US-China scientific research programme funded by the US government — primarily through the National Institute of Allergy and Infectious Diseases (NIAID), directed by Anthony Fauci, which is part of the NIH — and coordinated by the US-based non-governmental organisation EcoHealth Alliance (EHA). The group’s research work went beyond the simple analysis of existing coronaviruses, and actually involved the engineering of “chimeric” bat coronaviruses, some of which proved to be potentially more infectious to humans — a highly risky technique known as gain-of-function.

    In 2018, EcoHealth and the WIV (in collaboration with other institutions) sent a grant proposal to the Defense Advanced Research Projects Agency (DARPA), which included a plan to insert furin cleavage sites into existing bat coronaviruses — spots in the surface protein of a virus that can boost its entry into human cells. The DARPA proposal was rejected — and yet the presence of a furin cleavage site is precisely what sets SARS-CoV-2 apart from all known SARS-like coronaviruses. Did the researchers carry out the research anyway, possibly using other sources of funding? Nobel Prize-winning virologist David Baltimore stated that he considered this to be “the smoking gun for the origin of the virus”.

    In light of all this, it’s hardly surprising that in the early days of the pandemic, at the highest levels of the US establishment, the question of whether the virus might have been engineered at the WIV, possibly through research part-funded by the US government, was taken very seriously. As a result of an FoIA request, we know that on February 1, 2020, Anthony Fauci convened a “totally confidential” conference call with at least a dozen high-level experts from around the world, many of whom privately admitted that there was a very high probability that the virus had been artificially engineered and had then “escaped” from the Wuhan lab.

    Yet not only did the NIH fail to disclose this to the public or to Congress, but the emails released under the FoIA suggest that it took an early and active role in promoting the “zoonotic hypothesis” and the rejection of the laboratory-associated hypothesis. Indeed, within days of the February 1 call, a group of virologists, including some who were on it and had endorsed the “artificial origin” theory, prepared the first draft of a hugely influential paper on The proximal origin of SARS-CoV-2 — subsequently published in Nature — that argued for the exact opposite.

    Moreover, the NIH has resisted the release of important evidence, such as the grant proposals and project reports of EHA, and has continued to redact materials released under FoIA, including a remarkable 290-page redaction in a recent release. Even more incredibly, at some point after March 2020 a number of early SARS-CoV-2 genomic sequences were deleted from the NIH’s own archive at the request of researchers in Wuhan.

    The strangeness doesn’t end here. In February 2020, an influential letter signed by 27 global experts was published in The Lancet, strongly condemning “conspiracy theories suggesting that Covid-19 does not have a natural origin”. The letter proved crucial, alongside the aforementioned Nature paper, in nipping in the bud the lab-leak hypothesis and giving the illusion of scientific consensus. In late 2020, however, emails released following a FoIA request showed that the Lancet statement had been orchestrated by one of the 27 co-authors — none other than Peter Daszak, president of EcoHealth Alliance. It was also revealed that all but one of the other 26 scientists were linked to the Wuhan lab, their colleagues or funders.

    Daszak was first appointed in late 2020 as chair of the task force created by the Lancet Covid-19 Commission with the aim of establishing none other than “the origins of Covid-19”; and shortly thereafter as the only US representative to a WHO fact-finding mission to China tasked with the same goal. Unsurprisingly, both task forces found that the virus was most likely zoonotic (i.e., natural) in origin, and that transmission through a laboratory incident was extremely unlikely.

    The WHO report, in particular, came under heavy criticism, leading to the establishment of a specific work group tasked with ascertaining the origins of SARS-CoV-2, the Scientific Advisory Group on the Origins of Novel Pathogens, which published its first preliminary report in June 2022. The results were inconclusive, largely because “key pieces of data” from China were missing, leading the WHO to recommend in its strongest terms yet that a deeper probe was required into whether a lab accident may be to blame. As we have seen, however, it’s not only the Chinese government that is covering up its tracks about its possible involvement in the engineering of SARS-CoV-2 — but the American one as well.

    A new campaign is now underway to put the lab-leak theory to rest once and for all. The recent publication of two new studies providing more evidence that SARS-CoV-2 emerged into humans via the live animal trade at the Huanan Seafood Market has led several outlets to emphatically claim that “the Covid lab leak theory is dead”, once again misleading citizens into thinking that the debate is now really settled.

    But the studies don’t provide any evidence that the virus didn’t escape from the Wuhan lab — they simply argue that it’s not a plausible scenario, also based on the fact that there’s no evidence that the virus was present at the WIV before the pandemic started. But of course absence of evidence is not evidence of absence. As Sachs notes, “this [claim] is only as good as the limited data on which it is based, and verification of this claim is dependent on gaining access to any other unpublished viral sequences that are deposited in relevant US and Chinese databases”.

    Ultimately, the virus may indeed be conclusively proven to be natural in origin. But in order to do that, as Sachs stresses, a real independent scientific investigation is needed. The public deserves to be shown incontrovertible proof that the Wuhan lab has nothing to do with all this — but that means that the US and Chinese governments have to open up their lab records instead of going out of their way to prevent a real investigation. Amid a time of heightened geopolitical tensions and crumbling faith in political leadership across the West, transparency is needed more than ever.

    If we can’t get this one right, how else can we be expected to place our faith in authorities ever again?

    *  *  *

    Like what you’re reading? Get the free UnHerd daily email. Sign up, for free…

    Tyler Durden
    Tue, 08/30/2022 – 18:45

  • Biden Preparing $1.1 Billion Arms Sale To Taiwan
    Biden Preparing $1.1 Billion Arms Sale To Taiwan

    A month after China’s unprecedented live fire exercises in direct response to Nancy Pelosi’s visit to Taipei, the Biden administration is set to ramp up its arms sales to Taiwan with numbers that suggest Ukraine levels of aid.

    “The Biden administration plans to formally ask Congress to approve an estimated $1.1 billion arms sale to Taiwan that includes 60 anti-ship missiles and 100 air-to-air missiles, according to three sources with direct knowledge of the package,” Politico is reporting.

    Via Naval News: Land-based Harpoon missile launched from a truck trailer.

    The soon to be proposed package is still said to be in its early stage, but both the White House and bipartisan leaders of the Senate Foreign Relations Committee and the House Foreign Affairs Committee are expected to sign off on it.

    The new urgency to send more advanced arms to Taiwan, which the US will no doubt emphasize are defensive in nature, is driven by fears that Beijing has only shortened its timeline for Taiwan reunification, also following the month of August which saw no less than four separate Congressional delegations visit.

    According to Politico, the over $1 billion arms package is to include “60 AGM-84L Harpoon Block II missiles for $355 million, 100 AIM-9X Block II Sidewinder tactical air-to-air missiles for $85.6 million, and $655.4 million for a surveillance radar contract extension, the people said. The Sidewinder missiles will arm Taipei’s U.S.-made F-16 fighter jets.”

    The Biden administration has already seen through three major packages of arms sales to Taiwan, continuing on a trend of increased arms deliveries that Trump set in motion.

    China is continuing to send warplanes to buzz the self-ruled island’s airspace, and is maintaining a persistent Taiwan Strait presence, also following Sunday the US Navy sending a pair of warships through the Strait for the first time since Pelosi’s trip. 

    “Troops of the (Eastern) Theater Command are on high alert and ready to foil any provocation at any time,” a spokesperson for the People Liberation Army’s Eastern Theater Command said in response guided-missile cruisers USS Antietam and USS Chancellorsville traversing the contested waters.

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    But the 7th Fleet asserted: “These ships (are transiting) through a corridor in the strait that is beyond the territorial sea of any coastal state. The ships’ transit through the Taiwan Strait demonstrates the United States’ commitment to a free and open Indo-Pacific. The United States military flies, sails, and operates anywhere international law allows,” according to an official statement.

    Tyler Durden
    Tue, 08/30/2022 – 18:25

  • Progressive Policies Turning Chicago's Magnificent Mile Into Murderous Mile
    Progressive Policies Turning Chicago’s Magnificent Mile Into Murderous Mile

    Authored by Thoimas DeVore via RealClearPolitics.com,

    One of Illinois’ major advantages is Chicago, which – until recently – was one of the most vibrant cities in the world. People from across the globe have made their way to Chicago to do business, tour our famous museums, theaters, and restaurants, take in sporting events, and to build their lives. Chicago is a beautiful city that used to be full of opportunity.

    Tragically, this vibrant, once-thriving community is being destroyed by the policies of leftist ideologues ruling the city and state: JB Pritzker, Lori Lightfoot, and Kim Foxx.

    Consider this: There were four times as many crimes reported in the few blocks around Water Tower Place, one of the more exclusive areas of the city, over the last year than were reported in the once-notorious Cabrini-Green.

    I recently visited the scene of one of Chicago’s many crimes in downtown Chicago. It was a chilling experience, and these statistics should shock us to our core. But they seem to have numbed many, as each Monday morning we just read the weekend’s body count in the Chicago Tribune right along with the sports scores.

    Violent Crime (Assault, Battery, Homicide, Criminal Sexual Assault) Data (04/10/2022 – 08/19/2022), City of Chicago

    The greatest shopping district in the Midwest – the Magnificent Mile – has seen some truly horrific crimes. Just days ago, a man was murdered in the late afternoon right outside high-end shops. His throat was slashed. And he died literally in the middle of Michigan Avenue.

    What happens to Chicago if Michigan Avenue becomes known as the Murderous Mile?

    The explosion in crime drives away businesses. Who wants to set up a store in a city where the mayor handcuffs police and a county that allows criminals to steal up to $1000 in merchandise before it is considered a felony? The rising crime also repels shoppers – that trip to Neiman Marcus is a lot less glamorous when there is no guarantee you won’t be a crime victim in the parking garage.

    As vacancies rise and streets empty, property values fall. According to Redfin, the average sale price of a home in Magnificent Mile was $365K last month, down 50.6% since last year. As home values in the heart of Chicago’s Magnificent Mile fell by 50%, homes in Miami are up 21% over the last 12 months.

    This is nothing short of a catastrophe. The ongoing destruction of Chicago is a direct consequence of the radical prosecutorial policies pursued by Kim Foxx. Far from doing anything about it, crime will actually go up after Jan. 1 as Pritzker’s anti-police, pro-criminal SAFE-T Act goes into effect and even more criminals held in Cook County jails are released onto the streets. Chicago politicians, just in the past five years, have made the people of Cook County and the surrounding counties of Will and DuPage (which have also seen rising crime, as it bleeds over the borders of Cook) less safe.

    Michigan Avenue can be Magnificent again, but only if the extreme pro-criminal, anti-police ideologues ruining Illinois are turned out of office. Illinoisans shouldn’t have to move to Miami to be safe and happy. All they need to do is stop voting for the people who are coming up with these insane policies.

    The attorney general is the chief legal officer of the state, but Kwame Raoul is also Kim Foxx’s silent partner in non-prosecution. Foxx has the obligation under the law to prosecute criminals on behalf of the people.

    But she and Raoul have been very cavalier about other people’s lives. Her refusal to do her duty is nothing short of criminal. When a public officer fails to perform a mandatory duty in Illinois, that’s official misconduct – and that’s a felony in Illinois.

    I can be a supportive partner to a prosecutor who fights crime on behalf of the people, but I will not stand by silently if Kim Foxx refuses to do her job putting criminals behind bars. No public official should be permitted to destroy a city and the opportunities and property values of the people who reside there. Fiddling as Chicago burns is not an option I find acceptable.

    Some called me a bulldog for my refusal to stand by as Gov. Pritzker exceeded his constitutional authority with his illegal mandates. Others called me a watchdog as I highlighted for the people the corruption that goes right into the governor’s office in the Thornley case.

    I don’t care what you call me. As a private practice attorney, I stood up for parents, first responders, and state workers against a governor and mayor who were abusing their power over them. I will do the same as attorney general. Illinoisans need a check on the powerful in this state now more than ever. I have been a fighter for you. My loyalty has always been and will always be to you – the people, not the powerful.

    Let’s take back Chicago in November. With your vote, we can make the Magnificent Mile truly magnificent again.

    *  *  *

    Thomas DeVore is an attorney in private practice and is the GOP candidate for Illinois attorney general.

    Tyler Durden
    Tue, 08/30/2022 – 18:05

  • Another US Food Processing Plant Catches Fire, Add This To Growing List
    Another US Food Processing Plant Catches Fire, Add This To Growing List

    Another food processing plant went up in flames last weekend. Add this poultry business in California to the growing list of US food plants that have been knocked offline in the past year due to “accidental fires.”

    Los Angeles-based KTLA reported QC Poultry processing plant in Montebello, California, located just east of East Los Angeles and southwest of San Gabriel Valley, caught fire around 1600 local time Sunday. Firefighters responded to the large industrial plant as heavy smoke billowed from the roof. 

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    “As members [firefighters] began to deploy, the fire was upgraded to a third alarm commercial fire. Firefighters initially took a defensive stance and held the fire from spreading to any other nearby structures,” Montebello Fire Department said. The fire was declared “knocked down” by 2000 local time. 

    KTLA said there was no damage to other building structures nearby. The fire’s cause is unknown… 

    While the fire seems insignificant, it’s part of a much larger issue of a spate of mysterious fires taking out America’s food supply chain one by one over the last year. 

    We tallied a list in June of a couple dozen or more food processing plants that have caught fire (find the list here). 

    Some on Twitter questioned if America’s food industry is being sabotaged… 

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    … nothing to see here (story count of “food plant fire” in all media outlets). 

    Remember who wants the world to “eat bugs“: 

    …

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    Tyler Durden
    Tue, 08/30/2022 – 17:45

Digest powered by RSS Digest

Aug 30

Today’s News 30th August 2022

  • Sweden's Leftist Leader Vows To Put A Stop To Ethnic Ghettos
    Sweden’s Leftist Leader Vows To Put A Stop To Ethnic Ghettos

    Authored by Paul Joseph Watson via Summit News,

    Sweden’s leftist Prime Minister has vowed to abolish ethnic ghettos, asserting that she doesn’t want to see the emergence of “Somali-towns” in the Scandinavian country.

    Social Democrats leader Magdalena Andersson made the comments during an interview with the daily newspaper Dagens Nyheter.

    “We don’t want Chinatowns in Sweden, we don’t want ‘Somali-towns’ or Little Italys,” she said in reference to migrant ghetto areas where one particular ethnic groups becomes concentrated.

    Skeptics have suggested that Andersson’s comments are merely a ploy to erode support for anti-mass migration party the Sweden Democrats, which is likely to become the second biggest in parliament after the September 11 elections.

    However, she made similar remarks following ethnic riots earlier this year that left more than 100 police officers injured.

    Acknowledging that integration had failed, Andersson stated, “Segregation has gone so far that we have parallel societies in Sweden. We live in the same country, but different realities.”

    “Integration was poor, and alongside, we have experienced intense immigration. Our society was too weak, while money for the police and social services too little,” she added.

    Andersson was part of the government that accepted around 180,000 migrants during the “refugee crisis,” a decision she later said she “regretted.”

    Having been one of the safest countries in Europe 20 years ago before mass uncontrolled immigration, Sweden is now the continent’s second most dangerous in terms of gun crime behind only Croatia.

    Last year, Germany’s Bild newspaper ran the headline: ‘Sweden is the most dangerous country in Europe.’

    Ukrainian refugees also expressed the desire to avoid being sent to Sweden, feeling that it was too unsafe.

    Ukrainian women in Sweden were also warned not to dress in a way that could “provoke” Muslim men.

    As we highlighted earlier this month, Swedish Migration Minister Anders Ygeman has suggested that Sweden should follow the example of Denmark in seeking to place a limit on the population of non-Nordic migrants living in troubled areas.

    The Danish government has enacted a policy which has seen parts of migrant ghettos demolished, with residents moved elsewhere in a bid to put a stop to ‘parallel societies’ that breed crime and social dislocation.

    *  *  *

    Brand new merch now available! Get it at https://www.pjwshop.com/

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    Tyler Durden
    Tue, 08/30/2022 – 02:00

  • Document Outlines Biden Admin's Plan To Give IDs To Illegal Immigrants
    Document Outlines Biden Admin’s Plan To Give IDs To Illegal Immigrants

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

    A newly obtained document outlines the Biden administration’s plan to give identification cards to illegal immigrants.

    A Border Patrol agent organizes a large group of illegal immigrants near Eagle Pass, Texas, on May 20, 2022. (Charlotte Cuthbertson/The Epoch Times)

    The document describes how a pilot program called the “Secure Docket Card” would give some illegal aliens a card with a photograph, counterfeit-resistant security features, and a quick response (QR) code.

    The card would replace “the current ad-hoc system” and could save Immigration and Customs Enforcement (ICE) time and resources by enabling officials to more quickly verify an illegal immigrant’s status and help immigrants make it to court hearings, according to the document.

    Biden administration officials already confirmed that such a pilot program was being prepared, but the document sheds more light on details on the program, including its scheduled start date and estimated cost.

    Key components of the program were slated to begin on Aug. 1, according to the document, including designing the identification card, developing an online portal with information for the immigrants such as court dates, and identifying personnel who will work on the program.

    Those components are slated to be completed by March 1, 2023. After that, the plan calls for temporary cards to start being produced in two ICE field offices and permanent cards to start being produced at an unidentified central location.

    The program is slated to run through Sept. 30, 2023.

    The following month, a feasibility study is scheduled to take place to evaluate whether the pilot can be expanded. Also planned: looking at whether illegal immigrant cardholders can access basic information on the online portal without assistance; whether the pilot was having an effect on the “Fugitive Rate,” or rate of illegal immigrants who skipped their court hearing; how much the program was increasing the workload for officials; and whether any forged cards were appearing.

    The estimated total costs were pegged at $2.5 million.

    “It is outrageous and absurd that the Biden administration intends to spend millions of dollars of taxpayer’s money designing and issuing identity cards for the hundreds of thousands of illegal aliens they are waving in at the border,” Jessica Vaughan, director of policy studies for the Center for Immigration Studies, a think tank that studies immigration, told The Epoch Times after reviewing the document.

    “Instead of issuing these documents, they should be sending them back to their home countries,” she added.

    No Update

    After obtaining the document through a Freedom of Information Act (FOIA) request, The Epoch Times asked ICE for updates on the pilot, including whether parts of it began in August as scheduled and whether the estimated costs remained the same.

    An ICE spokeswoman sent the exact same statement as she did in July, when the agency confirmed the pilot’s existence.

    The program “is still in its infancy,” a spokesperson for the agency said when pressed on whether it had started. “There is nothing further to add at this time.”

    “The ICE secure docket card concept is a pilot program that would modernize documentation provided to some noncitizens. While the specifics of the program are under development, it is important to note the secure card will not be an official form of federal identification. The secure card will indicate it is for use by DHS agencies and would be provided only after national security background checks have been performed,” ICE said in its previous statement.

    Read more here…

    Tyler Durden
    Mon, 08/29/2022 – 23:40

  • One Of China's Biggest Commodity Traders Faces Liquidity Crisis
    One Of China’s Biggest Commodity Traders Faces Liquidity Crisis

    Citing “temporary difficulties in logistics, transportation and product sales due to Covid flareups in China,” one of China’s most influential commodities traders is pushing for a government bailout as a deepening property market collapse and ongoing Zero-COVID policy shutdowns has pressured many commodity companies as credit conditions tighten.

    As Bloomberg reports, He Jinbi – founder and chairman of Maike Metals International – has asked the government and financial institutions for help after liquidity issues forced his company to delay some payments for imported copper. Additionally, He admitted that some suppliers have canceled deliveries due to concerns over the company’s ability to pay.

    The company “is suffering temporary difficulties in logistics, transportation and product sales due to Covid flareups in China,” company founder and Chairman He Jinbi said in an interview on Friday

    Bloomberg reports that, according to people familiar with the matter, BHP Group, the world’s biggest miner, is among suppliers that are diverting shipments away from Maike for now. Additionally, Chile’s Codelco, the biggest global copper producer, has reportedly paused sales to Maike.

    For now, Maike’s chairman claims the problems are only affecting 10,000 to 20,000 tons of refined copper, which accounts for a very small portion of the company’s supply, but one wonders why he would be urging government aid if this were a one-off, or a mere hiccup?

    The company – which historically has been one of the biggest traders of copper in China – holds a substantial amount of the metal in Shanghai’s bonded zone, which is the center of refined copper trading in China. Copper rpices have been rather more volatile in the last week or so, spiking as Maike’s news made headlines and tumbling after The Fed’s hawkishness…

    …but, as Bloomberg notes, this instance of financial stress comes after growing caution around commodities financing in the wake of high-profile losses – especially in the nickel market – and huge price volatility fueled by Russia’s invasion of Ukraine. In China, several alleged scandals this year involving missing aluminum and copper ores have further reduced liquidity to the industry.

    Watch this space…

    Tyler Durden
    Mon, 08/29/2022 – 23:20

  • Legal Challenges To Pentagon's Vaccine Mandate Just Getting Started, Military Insiders Say
    Legal Challenges To Pentagon’s Vaccine Mandate Just Getting Started, Military Insiders Say

    Authored by Michael Washburn via The Epoch Times (emphasis ours),

    The Department of Defense’s (DoD) requirement that all members of the Armed Forces receive COVID-19 vaccinations, even if they’ve already had the virus and developed immunity, has had a severely disruptive effect within military ranks, resulting in the denial of promotions and assignments to those who refused vaccination and in thousands of service members having to leave the military.

    Defense Secretary Lloyd Austin at a meeting at the NATO headquarters in Brussels, on June 16, 2022. (Valeria Mongelli/AFP via Getty Images)

    The vaccination order has given rise to a spate of lawsuits and is likely to spur more challenges as more people come to see that officials who grant exemptions on other grounds are unwilling to accommodate those who file religious accommodation requests (RARs), service members and military experts have told The Epoch Times.

    “I have talked to military members and no one likes this policy; no one thinks it’s a good idea. I agree with them that this policy is going to backfire in a big way. It’s going to force out people who are moral, ethical service members out of the military and will leave a readiness gap. But the other problem is this is a relatively untested vaccine and we’re all just now starting to see what the health effects are,” Susan Katz Keating, a journalist specializing in military affairs and the editor and publisher of Soldier of Fortune magazine, told The Epoch Times.

    The vaccine mandate has been enshrined in DoD policy as a consequence of President Joe Biden’s July 29, 2021, order to the department to add COVID-19 to its list of required vaccinations. Defense Secretary Lloyd Austin’s subsequent memorandum on Aug. 24, 2021, required each branch of the military to vaccinate all service members.

    The order quickly met with resistance from military personnel seeking exemption on various grounds, from concerns about the safety and unknown long-term side effects of vaccines that they felt had been rushed through the Food and Drug Administration (FDA) approval process, to religious objections on the part of those who take issue with the use of fetal cell lines in the development of the drugs.

    A Professional Soldier’s View

    Active-duty military personnel who spoke to The Epoch Times acknowledged broad disapproval of the DoD’s stance on vaccinations, and some of them signaled that, no matter how mixed the results so far, legal challenges to the policy are just getting started.

    Opposition runs high among military personnel, Rob Green, an active-duty Navy commander (O5) currently serving with Maritime Expeditionary Security Group Two, told The Epoch Times.

    “I don’t want to speak for 2.1 million of my friends, but I’ll say that there are many who did not want to get vaccinated. They’re being told that they have to, but common sense told these people that if a pandemic has a 99.99 percent survivability rate, and you’re in the healthiest possible age group in America, ‘Why am I going to take this risk?’” Green said.

    Green described Pfizer-BioNTech’s Comirnaty vaccine as an emergency-use product that never went through the twelve-year cycle of approval and review which a vaccine would ordinarily be subject to, but instead was rushed through the process in one year, with important testing left undone.

    He noted that Comirnaty-labeled vaccines—the drug that received full Food and Drug Administration (FDA) approval—became available for the DoD to order only as of May 20 this year. According to Green, this means that, going back as far as Aug. 24, 2021, the DoD had been illegally pushing the use of a drug that still had the status of an Emergency Use Authorized (EUA) product, and one that service members, therefore, had every legal right to refuse.

    “The order to vaccinate is not a lawful order. As a matter of fact, in federal court, the Department of Justice, on behalf of the Department of Defense, admitted on May 20 that basically they had no licensed product before then,” Green said.

    No statutory basis exists for denying any American the right to refuse to a EUA drug, Green believes. Under EUA law 21 USC § 306bbb, the government has far-reaching responsibilities when it comes to advising people of their rights concerning the administration of vaccines and other drugs, according to a whistleblower report circulated by Green and obtained by The Epoch Times.

    While the military can make use of a presidential waiver process under 10 USC §1107a, this waiver does not mean that service members are legally required to use a EUA product, only that the requirement to inform them of their right to refuse does not apply, the report states.

    The vaccines forced on service personnel before May 20, 2022, were not Comirnaty-labeled, and hence did not meet a fundamental legal obligation, Green argued.

    “Labeling is a legal requirement in order to have a licensed product. You can’t waive proper labeling. That amounts to fraudulent labeling, which actually has its own statute law. They knew what they did was illegal,” Green said.

    The Pentagon has issued a policy (pdf) saying the FDA-approved Comirnaty and EUA Pfizer-BioNTech vaccines are interchangeable, but the legality of this directive is contested by service members opposing the mandate.

    Green said he knows many service members who have been unfairly, and illegally, penalized for their refusal to take the vaccine, including one young man who he identified for purposes of this article as Owen. In Green’s telling, Owen enlisted under a delayed entry program. The DoD rolled out its vaccine mandate after Owen had signed up, but before he arrived at boot camp. When Owen put in an RAR, he was told that the process required him to confer with a chaplain, but, being in boot camp, he had no access to a chaplain. In the end, the military kicked Owen out after only 39 days of service.

    A New Challenge

    Military personnel are not lying dormant in the face of what they view as an illegal and selectively enforced mandate.

    Last week, 14 Marines residing in the states of Texas, Washington State, Louisiana, Minnesota, and North Carolina filed a class-action lawsuit in a federal court in Texas against Defense Secretary Austin. In their complaint, the plaintiffs, citing “sincerely held religious beliefs,” claim that military officials have been inconsistent in their treatment of service members seeking exemptions. While, in theory, it is possible to seek an exemption on medical, administrative, or religious grounds, the last category does not carry any weight with DoD officials, the plaintiffs allege. “Religious accommodation requests are universally denied unless the requester is already imminently leaving the Marines,” the complaint charges.

    Military officials’ refusal to grant exemptions on religious grounds is not only inconsistent with their willingness to exempt service members on other grounds but violates the Religious Freedom Restoration Act of 1993 and the Administrative Procedure Act, the plaintiffs claim.

    The complaint lists a number of negative consequences for the careers and lives of those service members who refuse vaccinations. The DoD threatened those who refused to comply with court martials, involuntary separation from the services, negative performance evaluations, the loss of leadership positions, removal from consideration for promotions, the inability to retire in good standing, non-deployable status, denial of benefits and special pay, and the loss of leave and travel privileges, among other penalties and punishments.

    Its legality aside, the DoD’s vaccination push has been largely successful—with the overwhelming majority of active-duty Marines now vaccinated—and recent developments in related cases do not look promising for the plaintiffs in the Texas class-action suit.

    In March, the Supreme Court handed down a ruling that the Navy had the authority to decide whether or not to deploy personnel who refused the vaccine mandate. That case, too, was originally filed in Texas before the Fifth Circuit Court of Appeals took it up.

    Readiness and Morale

    As of the end of April, the military had expelled 3,400 troops for refusing vaccine shots, and the numbers continue to rise.

    For the military to lose so many personnel so abruptly, and with more involuntary separations likely as the legal challenges play out, is reckless from a security standpoint, Elaine Donnelly, founder and president of the Center for Military Readiness, a Livonia, Michigan-based public policy institute, told The Epoch Times.

    “Of course the size of the All-Volunteer Force matters, and anyone claiming otherwise should be held accountable. Short-handed units put heavy work burdens on others, making deployments more difficult and weakening deterrence, morale, and overall readiness. The military services and academies keep pushing an inflexible, unreasonable ‘get vaccinated or get out’ policy, which has become a national security issue,” Donnelly said.

    In Donnelly’s view, the traditional criteria that guided military leaders’ decision-making—namely, what is in the best interests of American readiness and security—have been eclipsed by a tendency to assert their own absolute power in a context where service members are expected to obey commands without question.

    “Military vaccinations have little to do with the health of the force and everything to do with the power of military officials to implement policy. The military is uniquely vulnerable to power plays such as this because personnel are not truly free to dissent, and federal courts are reluctant to second-guess military judgments and decisions,” she said.

    Military Priorities

    Donnelly pointed out the irony that DoD officials should take such an inflexible, and coercive, stance toward those who dissent on religious grounds, given the overall orientation of the military today toward accommodating all who say they want to serve, without regard for such traditional standards and requirements as physical strength and endurance.

    Read more here…

    Tyler Durden
    Mon, 08/29/2022 – 23:00

  • Miami's Gun Buyback Program Preys On Residents To Hand Over Firearms To Support Fight Against Russia
    Miami’s Gun Buyback Program Preys On Residents To Hand Over Firearms To Support Fight Against Russia

    The City of Miami has become very creative in an attempt to disarm residents through a voluntary gun buyback program that will supposedly help “provide safety and defense equipment to Ukraine.” 

    Called “Guns 4 Ukraine,” the flyer on the Miami government website reads: 

    Your donations will be used to assist the Ukraine support efforts. Receive a gift card starting at $50 for an old, unused, or found weapons, no questions asked. Do your part to make our streets safer. Visa Gift Cards will be exchanged for the weapons in the following amounts: $50 Firearm, $100 Shotgun or Rifle, and $150 High-powered assault rifle (.223 Caliber, AR-15, AK-47). 

    City officials outlined how no “homemade firearms” will be accepted in exchange for gift cards. It appears they learned a valuable lesson from a Houston, Texas, gun buyback program earlier this month when a man 3D-printed 62 pistols and was able to collect thousands of dollars. 

    While the latest Reuters/Ipsos poll shows that most Americans support helping Ukraine fight against Russian aggression, Miami is preying on the sentiment of its residents to give up their guns for NATO’s proxy fight against Russia in one of the most corrupt countries in the world, located in Eastern Europe. 

    Miami’s gun buyback program sounds like a very cunning scheme to disarm residents under the guise of helping Ukraine. 

    Ukrainians don’t need guns from Miami residents when they have billions of dollars in weapons supplied by the US military-industrial complex, courtesy of the war hawks in the Biden administration. 

    Tyler Durden
    Mon, 08/29/2022 – 22:40

  • American Drivers Go Deeper Into Debt As Inflation Pushes Car Loans To Record Highs
    American Drivers Go Deeper Into Debt As Inflation Pushes Car Loans To Record Highs

    Authored by Naveen Athrappully via The Epoch Times (emphasis ours),

    As vehicle prices rise amid inflationary pressure, Americans buying new cars are taking on higher loans and pushing themselves deeper into debt, according to credit-monitoring company Experian.

    Used cars for sale are on display, on June 24, 2021, in Oklahoma City. (AP Photo/Sue Ogrocki)

    Both the average loan amount and monthly payments for new and used cars have risen over the recent quarters, the firm said in an Aug. 25 news release. In second quarter 2022, the average loan amount for a new vehicle rose 13.21 percent year over year, to $40,290. During this period, monthly payments rose from $582 to $667, an increase of 14.6 percent.

    For used vehicles, average loans jumped 18.66 percent, to $28,534, while the average monthly payment rose from $440 to $515.

    Experian also found that consumers were shifting back to used vehicles, accounting for 61.78 percent of all vehicle financing during second quarter 2022, which is up from 58.48 percent during the year-ago period.

    “Between the inventory shortage and rising vehicle costs, consumers are looking to make the most cost-effective decision, which is often a used vehicle,” said Melinda Zabritski, Experian’s senior director of automotive financial solutions.

    “The benefit of higher vehicle values is that consumers are able to get more for their trade-ins, which can help offset the increased cost of their next vehicle.”

    According to market research firm J.D. Power, the average transaction price for a new vehicle is expected to hit a record high of $46,259 in August, up 11.5 percent from a year back.

    The 12-month Consumer Price Index, a measure of inflation, registered an 8.5 percent increase in July, according to data from the U.S. Bureau of Labor Statistics. Prices of new vehicles rose by 10.4 percent. while used cars and trucks saw prices jump by 6.6 percent.

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

    Rising Auto Loans, Slowing Sales

    The jump in average car loan amounts and monthly payments are happening amid an increase in auto loans. According to an Aug. 2 report published by the Federal Reserve Bank of New York’s Center for Microeconomic Data, household auto loans in Q2 rose by $33 billion to $199 billion, continuing an upward trajectory that has been in place since 2011.

    Read more here…

    Tyler Durden
    Mon, 08/29/2022 – 22:20

  • Unvaxxed Coast Guard Cadets Given 24 Hours To Leave Campus
    Unvaxxed Coast Guard Cadets Given 24 Hours To Leave Campus

    Coast Guard Academy cadets who have refused the Covid-19 vaccine on religious grounds were ordered to vacate the campus within 24 hours of receiving notification that their cases had undergone final military adjudication, after their religious accommodation requests (RAR) for exemptions were denied in May.

    In June, the Coast Guard Academy gave notice that the unvaccinated cadets would be disenrolled, while the appeals were formally rejected on Aug. 15. They failed to notify the cadets for three days, after which they gave them just one day to vacate the campus, according to Just the News.

    After being ordered to leave within 24 hours of being notified that their disenrollment appeals were denied, the seven unvaccinated Coast Guard cadets had to pack up everything and figure out how to get themselves and all their belongings home before the deadline, one cadet told Just the News on Monday.

    The cadets are still enrolled in the academy and receive pay — which the cadet said is like “pennies,” anyway — as they’re on temporary duty at their home addresses. Thus, they are required to attend their military trainings online, despite being unable to attend classes that started on Aug. 22. -Just the News

    What’s more, because they’re still technically enrolled, they can’t leave the Coast Guard to seek other options for education or work. One cadet told JTN that it’s too late to transfer to another college at this point in the semester, and that only part of their credits would transfer over to another institution anyway. 

    Two of those told to leave are seniors, one is a junior and four are sophomores.

    According to the caadet, the academy claims they aren’t violating a protected stay order in a class action lawsuit against the vaccine mandate, Clements v. Austin, which allows the unvaccinated cadets to remain enrolled at the academy through Sept. 1, after which they can be disenrolled.

    Attorneys for the cadets have requested a temporary restraining order against the vaccine mandate for the duration of litigation. The lawsuit claims that because the COVID-19 vaccine was ordered under emergency use authorization (EUA) – vs. full FDA approval – that the military can’t force them to take it.

    “The steps taken by the Coast Guard Academy are clear religious discrimination against Christians and reflect a total disdain for the faith and constitutional rights of cadets,” Military attorney R. Davis Younts told Just the News on Tuesday. “The actions of the Coast Guard continue to have a devastating impact on morale and military readiness. Worse, these actions appear to be based on a lack of moral courage among the leaders of the Coast Guard. With the new CDC guidance, there is simply no medical or scientific justification for treating young men and women who have worked so hard to earn a commission like pariahs.”

    Read more here…

    Tyler Durden
    Mon, 08/29/2022 – 22:00

  • Bitcoin Aligns Incentives In The Perfect Way
    Bitcoin Aligns Incentives In The Perfect Way

    Authored by Conor Chepenik via BitcoinMagazine.com,

    When a nocoiner asks me about Bitcoin, it’s hard not to take a “Michael Saylor breath” and embark on a four-hour conversation about how there is no second best.

    My Bitcoin elevator pitch has become better over time, but it’s hard explaining why the world so desperately needs an honest monetary ledger in 30 seconds. Proof-of-work is required to have the glorious experience of going down the Bitcoin rabbit hole. In this piece I attempt to lay out why the incentives of the network are so well thought out at every level.

    Humanity has never before had such a fair game. A truly free market ledger that anyone can access, verify and update if they play by the rules. From individuals to small businesses, followed by grid operators and energy companies, and finally nation-states, everyone benefits in the long run by playing fairly with electricity rather than through coercion and violence. While I’m most hopeful that Bitcoin can help empower sovereign individuals, it appears we are entering the point where institutions start stacking sats.

    As the network continues to grow in size, Bitcoin will reach a point where every company and nation-state will adopt the technology in some form or fashion, just like they have with TCP/IP. The Bitcoin rabbit hole makes learning fun and teaches people about energy, finance, philosophy, physics, history, game theory, economics, computer science and a bunch of other subjects. At my local Bitcoin meetups in Massachusetts, I’ve heard many similar stories of people starting to study and learn about subjects they otherwise would never have bothered to study. In order to have a good understanding of Bitcoin you must commit hundreds, if not thousands of hours. At which point you are just getting started because “no one has found the bottom of the Bitcoin rabbit hole.” Once you start to grasp what Bitcoin means for humanity, it almost feels like a cheat code for life. An apolitical, censorship-resistant, truly scarce, decentralized ledger that is being adopted by the masses from the ground up. It’s a blessing that the anonymous person or group named Satoshi Nakamoto solved the Byzantine generals problem. 

    (Source)

    INDIVIDUALS

    Socialism doesn’t work because people are self-interested. I’d love to live in a utopia where everyone cooperates and helps their neighbor. I firmly believe that when you give via your own free will, it is one of the best feelings in the world. However, it does not feel very good to give when you are forced to do so in order to avoid violence. Throughout history, taking away the ability for people to keep the fruits of their labor has always ended poorly. Telling people they must produce for “the greater good” is a recipe for disaster. One example of this is what happened in China between 1959-1961. The country experienced what is now referred to as the Great Famine under Mao Zedong.

    “Taking away all means of private food production (in some places even cooking utensils), forcing peasants into mismanaged communes, and continuing food exports were the worst acts of commission. Preferential supply of food to cities and to the ruling elite was the deliberate act of selective provision.” 

    – Vaclav Smil

    This is just one example of what happens when the government takes away the ability for its citizens to work on what they themselves deem worthy. It ruins the incentive structure for productive people to work on meaningful tasks. The world is not a utopia no matter how badly socialists want it to be. It is one thing to demonize monopolistic practices because they hinder the free market from operating properly. It is a completely different thing to demonize profit. If people can’t make a profit they won’t spend their time and resources making something of value. That is unless they are forced to do so by the threat of violence. The more coercion is applied, the less value is created because someone working for profit is a lot more motivated than someone working because they are being forced to do so.

    One monopolistic practice hindering our modern world today is the monopoly central banks have on fiat currency. By centrally planning interest rates and having the ability to create fiat money without facing an opportunity cost for doing so, the free market becomes corrupted. This leads to distorted price signals and individuals being pushed out on the risk curve.

    “Every day that goes by and Bitcoin hasn’t collapsed due to legal or technical problems, that brings new information to the market. It increases the chance of Bitcoin’s eventual success and justifies a higher price.” — Hal Finney

    While bitcoin becomes less risky every day it exists, I tip my hat to the individuals who understood its importance before buying bitcoin was a mainstream thing. Before exchanges like Mt. Gox, people were not using fiat currency to buy bitcoin. They were using electricity and computers to mine it, which is what made Bitcoin so special. A new system that is completely outside the traditional one of relying on credit and growth. Many projects that came before Bitcoin failed in the long run, but various ideas from these projects were referenced in Nakamoto’s white paper. Logically, over time, more people will come to the Bitcoin network to protect their purchasing power as long as the network keeps adding blocks of transactions approximately every 10 minutes.

    The more people who see the impact that fiat currency debasement has on their purchasing power, the more likely they are to look for alternatives to protect said purchasing power. This is what initially attracted me to buy some bitcoin in early 2017. My friend told me about this new form of currency that had appreciated greatly since its inception. I watched the documentary “Banking On Bitcoin,” which I still highly recommend because it helped open my eyes to the fact that money is just a ledger. Unfortunately, I didn’t fully go down the rabbit hole at that time. I spent the first couple of years of my journey looking at my exchange balances as my bitcoin and altcoins multiplied 10 times, only to be depressed when my gains came crashing down after the bull market ended. Like most who are initially attracted to cryptocurrency for the speculation, I obsessed over the fiat price. Doing so caused me to miss the whole point of not having to rely on any counterparties to verify and hold bitcoin. While it sucked losing all the fiat gains I had made, it taught me some very valuable lessons.

    “The danger is if people are buying bitcoins in the expectation that the price will go up, and the resulting increased demand is what is driving the price up. That is the definition of a BUBBLE, and as we all know, bubbles burst.” 

    – Hal Finney

    As Finney so eloquently pointed out in those early days, when something goes parabolic superfast it will likely crash just as fast. Pain is the best teacher and this was my first hint at why having a low time-preference is so important. It also served as a lesson for myself to focus on Bitcoin, not crypto. I kept an interest in Bitcoin, but it wasn’t until 2020 that I really started digging into the rabbit hole. When I got a stimulus check in the mail for doing nothing, that set off an alarm inside my mind. While free money is always nice, it was obvious that there would be consequences to the United States government handing out cash to its citizens. I didn’t fully understand why at the time. It was annoying me that I couldn’t put my finger on what was wrong so I started down the Bitcoin rabbit hole which led me to Austrian economics and how money actually works. It was both frustrating and enlightening to learn about Bretton Woods, 1971 and why central banks are in a race to debase their currency.

    When I learned that most U.S. dollars are held on a server (in an SQL database) at the Federal Reserve, I was shocked. These people can press buttons on a keyboard and print trillions. By granting 12 unelected officials the privilege to centrally plan the cost of borrowing money we have hindered the free market’s ability to effectively tell market participants what the cost of capital is. Fiat is latin for “by decree”; thus, it makes a lot of sense why central bankers will fight tooth and nail to keep the ability to control money. The Fed claims to be an apolitical organization, but as debt levels increase to numbers typically seen during times of war, central bankers are pressured politically to debase their currency. The other option is to default on the debt and that is never politically viable. The silver lining is that more people are waking up because they get frustrated watching their purchasing power decline rapidly in inflationary environments. Being self-interested is not a bad thing. It is what motivates individuals to work hard so they can enjoy the fruits of their labor. Bitcoin optimizes for this, while the Keynesian economic models of ever-expanding credit steal the fruits of people’s labor. No one knows how it ends but over time it makes sense more people would end up saving their “fruits” in the harder money. 

    Figures with a Bitcoin flag, walking on the U.S. dollar

    SMALL BUSINESSES

    Visa and Mastercard have a combined market capitalization of about $775 billion dollars at the time of this writing. They charge around 3% of retailers’ revenue for their services which eats into the profits or get passed onto consumers of the companies accepting debit and credit cards. While cards make it much easier to transact, many businesses and consumers would be happy to avoid these fees if possible. There is an option of going cash-only for final settlement, but that means missing out on business from younger generations who don’t carry cash. By accepting bitcoin, these companies not only avoid the fees, but they also receive final settlement transactions just like cash. No more waiting 90 days to make sure a credit card doesn’t get charged back. Bitcoin will massively disrupt many financial rails we have today. Many in the Western world might not appreciate what a big deal this is because our financial rails are pretty well established. However, those in less developed countries know perfectly well what a pain it is to have hucksters butting in to take a cut. It won’t be instant, but bitcoin can help wean small businesses off middlemen who are no longer necessary. Bitcoin can also serve as an incredible marketing tool. I’d gladly spend some satoshis at any local small businesses that took bitcoin. Tahinis is a great example of a small business who leveraged bitcoin to get some brand awareness. I’ve never been to Canada, but if I ever go, I’d like to eat at Tahinis so I can use bitcoin to buy shawarma. Bitcoin forms a special bond between people to the point where you literally want to support their business because you know they have taken the orange pill.

    (Source)

    ENERGY COMPANIES AND GRID OPERATORS

    Energy companies and grid operators also have a massive incentive to adopt a bitcoin strategy. Rather than just having one buyer on the grid that demands more energy during the day than at night, the grid could have a second buyer who is willing to consume energy 24/7, 365 days/year. Bitcoin miners can monetize energy that would otherwise go to waste. There is the up-front cost of buying an ASIC and having the technical whereabouts to maintain and run said ASIC. This means more jobs for the talented individuals who understand how to do so. More talented workers creating value means more energy efficient grids. It amazes me how much fear, uncertainty and doubt gets spread about Bitcoin’s energy usage, when the reality is Bitcoin can stabilize grids and make the capital put up to build green energy infrastructure much less risky. 

    If you wanted to build a massive hydro plant in a rural area before there was Bitcoin, it would be very hard to raise the capital. Investors would not want to put up their money for a power plant that did not have buyers for the power being generated. With Bitcoin, the investors can rest assured there is always a buyer for that power. While I think there will be a point when miners just keep the bitcoin, they can also sell them for fiat at any point in time. Unlike traditional markets, bitcoin never stops trading. Since fiat depreciates over time, the most efficient miners will be able to hold and accumulate their bitcoin, while the less efficient miners will have to sell for money that is constantly being debased by the money printer. The best companies will thrive over the long run, while the inefficient operators will have to adapt or die. It is the free market doing its job. 

    The more I learn about how grids operate, the more apparent it becomes that bitcoin can help usher in an abundant energy future where energy prices aren’t going parabolic because of poor decisions made by central planners who are printing money at unheard-of rates. The whole green energy and environmental, social and governance (ESG) narrative is an antihuman farce meant to hide the disaster that the central banks have created. These greeniacs claim that CO2 is going to suffocate the world, but this chart in Alex Epstein’s “Fossil Future” shows why more fossil fuel use is needed.

    (Source)

    Energy is the base layer of society. Without reliable and reasonably priced energy, things will get ugly fast. Just look at what happened to Sri Lanka who had one of the highest ESG ratings in the world before their economy collapsed. Every example of hyperinflation stems from irresponsible monetary policy. Calling currency debasement “quantitative easing” doesn’t change the fact that it results in more money chasing the same number of goods. People joke that Bitcoiners are psychopaths who can’t stop talking about magic internet money, but the truth is we just want others to take the orange pill so we can stop suffering from the central planners. Bitcoin Maximalists have a reputation of being mean online for calling out bad actors, but almost every Bitcoiner I’ve met in person turns out to be one of the most genuine, kind and intelligent people I meet. In person, I’ve seen that Bitcoiners are willing to help onboard as many people as they can because we all strongly believe Bitcoin is the best way to achieve a pro-human future where we have an abundance of food, energy and choice.

    In my opinion, helping people understand that bitcoin is the life raft is one of the most noble things a person can do. History has shown that the free market will ultimately end up with one form of money winning out. Before bitcoin that was gold and then we ended up with fiat to keep up with the speed of commerce. Now that we have bitcoin, I believe fiat will continue to rapidly lose its purchasing power as more people and businesses realize that bitcoin can’t be debased by a single entity.

    NATION-STATES

    This one is a double-edged sword. I want as many individual people to adopt bitcoin before the nation-states start accumulating. I’m hopeful that the nation-states who do end up adopting bitcoin will be able to utilize its fiat price appreciation to create a more abundant society for the individuals that live there. At the time of writing, two countries have adopted bitcoin as legal tender. According to the World Population Review’s prosperity index, El Salvador ranks 98 and the Central African Republic ranks 165 out of 167 countries. Neither of these countries is in the top 50% of prosperous nation-states and they were the first to adopt bitcoin. I believe this trend will continue since the most prosperous countries have much more to lose by not being able to “decree” what happens with their country’s money. Before bitcoin, El Salvador was a dollarized economy. Now they allow both USD and BTC to operate as legal tender. The Central African Republic had the CFA franc as its currency. According to Wikipedia:

    “Critics point out that the currency is controlled by the French treasury, and in turn African countries channel more money to France than they receive in aid and have no sovereignty over their monetary policies.” 

    Top: Central African Republic flag. Bottom: El Salvador flag

    It is encouraging to see nation-states that are at the mercy of foreign central banks adopt bitcoin to get around these monopolies. I imagine at some point the richest nation-states will be forced to adopt bitcoin if their currency is hyperinflated because it will be the only viable way to trade with other countries. These wealthy nations will fight for as long as they can to keep control of their monopoly on fiat currency. It is the poorer nations who don’t have complete sovereignty over their money that will look to bitcoin to protect their purchasing power because they have the least to lose. 

    If you are a nation-state and you can’t create your own money to fund government spending, you are much more likely to invest in a truly scarce currency than another nation-state that can create more of its own currency out of thin air. While El Salvador might not be in the green in terms of where they bought bitcoin on the spot market, they have made up for it with the massive boost in tourism and interest in their country. Personally, I would love the opportunity to visit El Salvador and use bitcoin to buy stuff. El Salvador will likely continue to experience a massive influx of tourism as more Bitcoiners, like myself, start to plan trips there so they can use this new form of money. The cyber hornets don’t mess around and as more countries notice the impact bitcoin can have on their local economies, the logical conclusion is to adopt it as legal tender and attract tourists to bolster their economy.

    (Source)

    CONCLUSION

    It might get messy. Rich nations, the World Bank and The International Monetary Fund aren’t just going to toss up their hands and go, “Well, it was fun controlling fiat while it lasted.” Just look at the U.S. who passed the Inflation Reduction Act, which includes hiring and arming an additional 87,000 IRS agents. The United States is planning on printing money out of thin air so they can pay citizens to do this.

    (Archived source)

    It is quite ironic that the nation which was created because we demanded no taxation without representation is doubling down on its tax force.

    The people in power will fight tooth and nail to protect their interests and hinder bitcoin’s adoption. Top-down controls can only go so far. Individuals, companies and nation-states are all self-interested. No one likes a parasite when they are the one dealing with the consequences that are draining their resources, time and value. Over a long enough time horizon, it seems bitcoin will bleed these parasites dry as they lash out and try to impose top-down controls across the world. The truth can only be hidden so long; it always comes out in the end. Bitcoin can fix energy, monopolistic central banks, credit-based systems and massive surveillance states. It can help disincentivize violence because if someone stores their private keys in their head, no one can steal that bitcoin. They can kill the person who holds the keys, but if they were not able to torture those private keys out of the victim’s head, that just results in a donation to the rest of the network since that person’s bitcoin will never be moved.

    If enough people adopt bitcoin and use solid safety practices, powerful entities stand to gain more by cooperating with these sovereign individuals rather than killing them. I don’t want it to get messy and I truly believe the best way to avoid conflict is by getting more people to take the orange pill and showing them how to run a node. Individuals, companies and nation-states theoretically no longer need banks to transact.

    As a U.S citizen, I hate to see America in disarray. Ray Dalio makes some excellent and terrifying points about the state of our republic in his book “The Changing World Order.” The U.S is a declining empire at this point and China is on the rise. This chart from Dalio really helped me understand what it means to have world reserve currency status.

    Estimates of ‘power’ levels of empires relative to others.

    The Netherlands had reserve currency status and lost it to the British, who lost it to the United States. Now it looks like China is getting ready to gain world reserve currency status over the U.S. There is little hope of reversing the trend of USD no longer being a global reserve currency. While losing reserve status is never a fun experience, the U.S could benefit greatly from having bitcoin as a neutral world reserve currency rather than the Chinese yuan. Having a central bank digital currency (CBDC) as the reserve currency would serve as the ultimate tool for central planners to corrupt the free market and wreak havoc on value creation. As a country, China has a deep, rich history and a nation full of hardworking people. However, their massive surveillance state and CBDCs are not something that will ever fly in a free country. It is up to the masses to say “enough!” and opt out.

    Future generations deserve a better world than one where the government can turn off access to its citizens’ money with the flick of a switch. These past two years have been absolutely insane. We are seeing people get their bank accounts frozen because they donated to a peaceful protest put on by truckers in Canada. We are seeing an attack on farmers across the globe to meet antihuman ESG agendas that will destroy countries in the same way it did Sri Lanka. We are even seeing the greatest nation on the planet come after its own citizens by devaluing their currency at unprecedented levels, hiring more IRS agents and raising taxes during a recession. All of this is what is at stake if the masses don’t wake up and peacefully opt out from these corrupt regimes with bitcoin.

    All we have to do is use an old computer or a Raspberry Pi and run Bitcoin Core. Now, it is that easy to transact with anyone in a peer-to-peer manner and verify that only 21 million bitcoin will ever be created. It brings a warm, tingly feeling to my heart thinking about the freedom, prosperity and abundance bitcoin can bring to the world.

    “Abundance in money creates scarcity everywhere else, and scarcity in money creates abundance.” 

    – Jeff Booth

    Once the masses understand this, they will understand why the phrase “Fix the money; Fix the world,” is the embodiment of the Bitcoin ethos.

    Tyler Durden
    Mon, 08/29/2022 – 21:40

  • US Embassy Anti-Air Defenses Activated Over Baghdad As Death Toll Rises In Night Of Chaos
    US Embassy Anti-Air Defenses Activated Over Baghdad As Death Toll Rises In Night Of Chaos

    Update(2140ET): The American embassy in Baghdad has reportedly engaged inbound rocket attacks with its air defense system, the C-RAM which protects aerial threats against the Green Zone.

    Some reports suggest the streets have finally grown calmer in the early morning hours (local time), but this is after an evening and overnight death toll of at least 15, including unconfirmed reports of police casualties. AFP citing local medical sources also says some 350 protesters were injured. 

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    Currently the Kuwaiti embassy in Iraq is urging all of its citizens to leave the country, and its likely that more regional and gulf states will follow, especially if violence spreads to other provinces. 

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    Below: a brief collection of videos from some of the night’s chaotic scenes of clashes between pro-Sadr protesters, rival militant factions, and security forces…

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    * * *

    Update(1702ET): By all accounts the situation into the overnight hours (local time) Baghdad has continued to spiral, with one well-known regional Mideast correspondent describing a “full implosion” – despite security forces attempting to enforce a strict curfew meant to clear the streets. The Republican Palace, which is where Iraq’s gridlocked parliament meets (though which has now been suspended by acting prime minister Mustafa al-Kadhimi), was occupied by armed protesters earlier in the evening.

    CNN reports of the latest, “At least five people have been killed and more than 40 have been injured in violent clashes that erupted in Baghdad’s heavily fortified Green Zone on Monday, following an announcement by powerful Iraqi Shia cleric Muqtada al-Sadr that he was withdrawing from political life, medical sources told CNN.” Earlier, though unconfirmed reports, said at least eight had died amid clashes with police. These numbers were quickly updated and the death toll is expected to go higher into the night: At least 12 protestors killed (AFP), 2 security members killed (Arabiya). State trying to impose a curfew but situation is out of hand. Protestors aggravated by status quo, militias roaming Baghdad, Gov MIA… Long night for Iraq,” Joyce Karam summarizes.

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    “Several witnesses told CNN the security forces pushed protesters out of Iraq’s Republican Palace by firing tear gas and live bullets. Hundreds of protesters stormed the building inside the Green Zone following al-Sadr’s announcement, Iraqi security officials told CNN on Monday.”

    The White House previously denied widespread claims that an embassy “evacuation” was in progress – but at this point it seems more than likely that key personnel are being whisked to safety given the crumbling security situation in the supposedly ‘high-secure’ Green Zone.

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    In a twisted bit of tragic irony, all of this is of course happening the very week, almost to the day, of another anniversary and grim legacy of America’s two-decade long ‘war on terror’…

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    Pro-Sadr protesters were earlier seen taking over the swimming pool at the iconic Republican Palace built by Saddam and kept in tact after the 2003 US invasion.

    More video to emerge showing just how intense ongoing clashes among political factions and with police are:

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    * * * 

    Update(1337ET): The White House is addressing viral video which purported to show a military helicopter on top of the US Embassy in Baghdad following Iraqi protesters breaching the high-secure Green Zone.

    “Reports of an Embassy evacuation are false. Ensuring the safety of US government personnel, US citizens, and the security of our facilities remains our highest priority,” a White House official said in the hours after the security situation unraveled. The official called reports of violent confrontation with police “disturbing” after a curfew for the Iraqi capital went into effect.

    “Now is the time for dialogue, not escalated confrontation,” the official said. “We join the call by parties across the Iraqi political spectrum to remain calm, abstain from violence, and resolve their political differences through a peaceful process guided by the Iraqi constitution.”

    Though little is confirmed, there are reports of several killed as videos of gun fights continue to emerge. Currently there are reports that pro-Sadr militants are roaming around Tahrir Square and near the Green Zone at the moment, with key government buildings also having been breached.

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    * * *

    Days of pro-Muqtada Sadr protests and unrest have reportedly resulted in Baghdad’s high secure Green Zone being breached Monday, placing international diplomatic missions and foreign embassies under threat.

    AFP is reporting that an exchange of gunfire has been observed as dozens or possibly hundreds of supporters riot, with police using riot control measures like water cannons to repel an attack on the Green Zone. There are unconfirmed reports that the sprawling and iconic Iraqi Republican Palace has been forcibly breached with protesters inside.

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    The fresh unrest appears to be in response to Sadr being pressured to exit politics, with the influential Shia cleric tweeting earlier in the day, “Earlier I decided that I would not interfere in political affairs. And now I announce my final retirement (from politics) and the closure of all institutions (belonging to the Sadr movement).”

    The past months have witness periodic unrest as Shia factions struggle to form a government, which has also resulted in sporadic violence amid gridlock in parliament. Against this backdrop, for the last two years pro-Iran militia groups have launched occasional rocket attacks on US bases and even at times the heavily fortified American embassy. Sadr’s supporters believe there’s a conspiracy against him.

    Though as yet unconfirmed from the US side, there are widespread reports that the United States Embassy which is located inside the Green Zone is currently being evacuated.

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    Convoys of international vehicles have also been seen speeding from the areas of unrest, exiting the confines of the Green Zone.

    Below are some developments according to Iraqi war correspondent Ali Almikdam:

    • closure of the shrine of Imam Al Kadhim
    • Intense security deployment near Baghdad International Airport.
    • Sadr’s supporters storm the government palace & the Republican Palace.
    • Curfew in Baghdad.
    • US embassy is evacuating

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    Purported footage of protesters breaching the symbolic seat of government for the Iraqi state, which is at the heart of the walled Green Zone:

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    developing…

    Tyler Durden
    Mon, 08/29/2022 – 21:40

  • Student Loan Forgiveness May Result In A State Tax Bill In Over A Dozen States
    Student Loan Forgiveness May Result In A State Tax Bill In Over A Dozen States

    Those excited about the forthcoming student loan forgiveness are now finding out that they may wind up getting hit with a state tax bill on forgiven loans. 

    While the student loan forgiveness is set to be tax-free on federal returns, some experts have said that the cancellation may wind up triggering a state tax bill, as some states may count the cancelled debt as income. 

    The rules could affect borrowers in more than 12 states, according to a writeup by CNBC. They may also add a state liability of roughly $300 to $1,100, the report says. The states that may be included are Arkansas, Hawaii, Idaho, Kentucky, Massachusetts, Minnesota, Mississippi, New York, Pennsylvania, South Carolina, Virginia, West Virginia and Wisconsin, the report says.

    As a result of the American Rescue Plan of 2021, the forgiveness is Federally Tax Free through 2025. 

    Jared Walczak, vice president of state projects at the Tax Foundation, said: “Generally speaking, states use the federal tax code as a baseline for how they define taxability.” States use “conformity” to follow Federal legislation, he said. In rare cases states may decouple from Federal guidelines and make their own. 

    He said of handling the forgiveness: “States could come back very early in the next legislative session, update their conformity statute and make it effective immediately. This is not a niche issue that only affects a few people. It affects a very large number of people and hopefully, there will be clarity provided on it.”

    Many borrowers making under $125,000 per year individually or $250,000 per year married will qualify for up to $10,000 of forgiveness under the bill. Pell Grant recipients will receive up to $20,000 in forgiveness. 

     

    Tyler Durden
    Mon, 08/29/2022 – 21:20

  • Federal Court Strikes Down Biden Administration's Transgender Medical Mandate
    Federal Court Strikes Down Biden Administration’s Transgender Medical Mandate

    Authored by Caden Pearson via The Epoch Times (emphasis ours),

    A federal appeals court on Friday struck down a Biden administration statute that forced doctors to perform medical procedures, including gender-transition procedures, against their religious beliefs.

    Jean Ballard protests Fairfax County school board’s pro-transgender policy outside of the Luther Jackson Middle School in Falls Church, Va., on June 16, 2022. (Terri Wu/The Epoch Times)

    The U.S. Court of Appeals for the Fifth Circuit unanimously upheld a lower court’s ruling in Franciscan Alliance v. Becerra which protected around 19,000 health care professionals in Franciscan Alliance, a Catholic health care network, from performing medical procedures against their conscience.

    The lower court’s ruling had permanently prohibited the U.S. Department of Health and Human Service (HHS) “from requiring Franciscan Alliance to perform gender-transition surgeries or abortions in violation of its sincerely held religious beliefs.”

    Becket, the legal counsel representing Franciscan Alliance, said the court explained that permanent protection from the statute was appropriate for health care workers.

    “This ruling is a major victory for conscience rights and compassionate medical care in America,” said Joseph Davis, counsel at Becket, in a statement. “Doctors cannot do their jobs and comply with the Hippocratic Oath if the government requires them to perform harmful, irreversible procedures against their conscience and medical expertise.” 

    The court noted that the Biden administration argued for more chances to show why it needed religious health care providers to participate in gender-transition surgeries, but that the ACLU, a co-appellant, cited a previous case that worked against their argument, according to court documents (pdf).

    “For years, our clients have provided excellent medical care to all patients who need it,” Davis said. “Today’s ruling ensures that these doctors and hospitals may continue to do this critical work in accordance with their conscience and professional medical judgment.”  

    Mandate

    The mandate was first issued six years ago as part of the Affordable Care Act, commonly known as Obamacare. Becket noted that this applied to “virtually every doctor nationwide.”

    Section 1557 of Obamacare prohibits health care programs that receive federal funds from discriminating against patients on the basis of sex.

    In May 2016, HHS issued a rule interpreting Section 1557’s prohibition of “discrimination on the basis of sex.” It defined sex discrimination to include discrimination on the basis of “termination of pregnancy” and the disputed concept of “gender identity.”

    Franciscan Alliance claimed the 2016 rule violated the Administrative Procedure Act (APA) by defining “sex discrimination” inconsistently with Title IX, which protects people from discrimination based on sex in education programs or activities that receive federal financial assistance.

    This rule was swiftly challenged by nine states and a group of religious organizations and received protection from federal courts in North Dakota and in Texas.

    Read more here…

    Tyler Durden
    Mon, 08/29/2022 – 21:00

  • Iran Gives West Ultimatum On Nuclear Deal As It Starts Enriching Uranium At Natanz
    Iran Gives West Ultimatum On Nuclear Deal As It Starts Enriching Uranium At Natanz

    Iran has issued an ultimatum which further suggests that at a moment a restored nuclear deal is reportedly at the ‘finish line’ (or hanging by a thread, depending on the source) – it could be on the brink of unraveling in this final crucial stage. 

    “Iran’s president warned Monday that any roadmap to restore Tehran’s tattered nuclear deal with world powers must see international inspectors end their probe on man-made uranium particles found at undeclared sites in the country,” the AP reports.

    AFP via Getty Images

    This has been a key demand of the Iranian side particularly over the past months, but the US and its ally Israel in the background have claimed the withdraw of inspectors will only more easily allow the Islamic Republic to pursue a covert nuclear weapons program under cover of a restored JCPOA.

    The IAEA has long demanded answers after man-made uranium particles were found at undeclared sites inside Iran. President Ebrahim Raisi addressed this in his Monday speech:

    As a member of the Nuclear Nonproliferation Treaty, Iran is obligated to explain the radioactive traces and to provide assurances that they are not being used as part of a nuclear weapons program. Iran found itself criticized by the IAEA’s Board of Governors in June over its failure to answer questions about the sites to the inspectors’ satisfaction.

    Raisi mentioned the traces — referring to its as a “safeguards” issue using the IAEA’s language.

    “Without settlement of safeguard issues, speaking about an agreement has no meaning,” Raisi said.

    Thus his words point to an agreement on the “final text” being anything but a done deal.

    Complicating things further, Reuters in a Monday afternoon report, citing the IAEA, says:

    Iran has started enriching uranium with one of three cascades, or clusters, of advanced IR-6 centrifuges recently installed at its underground enrichment plant at Natanz, a report by the U.N. atomic watchdog to member states seen by Reuters said on Monday.

    Iran is using the cascade of up to 174 machines to enrich uranium to up to 5% purity, the confidential report said.

    Critics of the negotiations and a restored JCPAO will be sure to pounce on this, particularly at a moment that top Israeli officials are in Washington seeking to lobby the White House against a deal. 

    Meanwhile, Iranian state media is reporting that Tehran is still reviewing Washington’s response to the ‘final text’ after the EU delivered it last week, and is not expected to give formal reply until Friday, September 2.

    Tyler Durden
    Mon, 08/29/2022 – 20:40

  • The Fed Is Openly Cheering The Stock Market Plunge Following Jackson Hole
    The Fed Is Openly Cheering The Stock Market Plunge Following Jackson Hole

    Authored by Mike Shedlock via MishTalk.com,

    After actively promoting bubbles in housing and the stock market for years, the Fed is now rooting for a price crash…

    Neel Kashkari ‘Happy’ to See the Stock Market’s Reaction to Jackson Hole

    Bloomberg reports Neel Kashkari ‘Happy’ to See the Stock Market’s Reaction to Jackson Hole

    “I was actually happy to see how Chair Powell’s Jackson hole speech was received,” Kashkari said in an interview with Bloomberg’s Odd Lots podcast on Monday, reflecting on the steep drop after Powell spoke. “People now understand the seriousness of our commitment to getting inflation back down to 2%.”

    “I certainly was not excited to see the stock market rallying after our last Federal Open Market Committee meeting,” he said. “Because I know how committed we all are to getting inflation down. And I somehow think the markets were misunderstanding that.”

    “One of the biggest mistakes they made in the 1970s at the Fed is they thought that inflation was on its way down. The economy was weakening. And then they backed off and then inflation flared back up again before they had finally quashed it,” Kashkari said. “We can’t repeat that mistake.”

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    Actively Promoting Bubbles

    The Fed actively promoted a housing bubble to bail out banks following the DoCom crash. Of course, the DotCom bubble was openly embraced by Greenspan as a productivity miracle.

    Not understanding bubbles and crashes, the Fed promoted the “Everything Bubble” as it is now called in response to the housing crash and great recession. 

    Finally, the Fed actively promoted the biggest bubble of them all in response to the Covid pandemic by the most QE and monetary stimulus ever coupled with the biggest fiscal stimulus in history.

    Actively Popping Bubbles

    Now, the Fed has decided it does not like the inflation it created.

    The only way it knows how to fix inflation is via demand destruction. The way to do that is to kill the wealth impact from the bubbles it created. 

    So now the Fed is cheering the stock market decline. 

    Gaps Galore on the Stock Market, Where Is the Market Headed and When?

    Earlier today, I commented Gaps Galore on the Stock Market, Where Is the Market Headed and When?

    I think the S&P is headed to the 2400 level and the Nasdaq to the 6,000 level. 

    That’s roughly a 50% decline from the top on the S&P 500 and a 64% decline from the to on the Nasdaq.  

    Fed Pivot? Forget It!

    The Fed has eliminated any talk of a pivot. It might do so, but only if there is a credit event.

    We cannot rule that out, but this is not 2008. 

    Housing is in a bigger bubble from a price perspective, but this time there is not the underlying liar loan problem. Nor is there a huge wave of layoffs coming. 

    The job market is tight and unlike most other economic bears, I expect this recession will have a minimum unemployment rate rise.

    Employment Levels in Retirement Age Groups 

    With over 22 million people aged 60 or over and roughly half of them 65 or over, millions of boomers will be retiring in the next couple years.

    Employment lost due to retirement will not add to the unemployment rate. 

    Powell has plenty of room to hike at will especially given the massive number of openings in the Leisure and Hospitality sector. 

    Expect a Long Period of Weak Growth, Whether or Not It’s Labeled Recession

    On August 19, I commented Expect a Long Period of Weak Growth, Whether or Not It’s Labeled Recession

    On August 26, at Jackoson Hole, Fed Chair Jerome Powell Pledges to “Act With Resolve” to Beat Inflation

    Key comments: “Reducing inflation is likely to require a sustained period of below-trend growth.”

    Stocks are priced for perfection, not a long period of weak growth, and with the Fed openly cheering their demise.

    *  *  *

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    Tyler Durden
    Mon, 08/29/2022 – 20:20

  • "Get The F*** Out Of This Province!" Canadian Deputy PM Pounced On In Alberta
    “Get The F*** Out Of This Province!” Canadian Deputy PM Pounced On In Alberta

    Canadian deputy prime minister Chrystia Freeland received an icy welcome to Alberta on Friday, as a man accosted her in a city hall building, calling her a traitor and a “fucking bitch.” Video of the incident has been circulated on social media. 

    When the Canadian government confronted “freedom convoy” truckers paralyzing downtown Ottawa earlier this year in protest against vaccine mandates, Freeland — who is also finance minister — was the smiling face of the country’s alarmingly tyrannical response.  

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    After Prime Minister Justin Trudeau invoked Canada’s Emergencies Act for the first time in the country’s history, Freeland orchestrated the freezing of financial accounts of hundreds of protesters — without any due process. 

    On Friday, Freeland — who was born in Alberta — was about to board an elevator in a Grand Prairie city hall building when a man in blue jeans and a sleeveless t-shirt called her first name. Freeland turned and cheerfully replied, “Yes?”

    Then came a blistering verbal tirade that carried on until the elevator doors closed, with Freeland, surrounded by three other women, smiling and hugging the corner of the car: 

    “The fuck you doing in Alberta? You fucking traitorous fucking bitch. Get the fuck out of this province! You’re a fucking traitor, you fucking bitch!”  

    A woman who was accompanying the man and recording the action chimed in, “You don’t belong here.” 

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    After that, another man approached the outspoken man and told him to “get.” 

    “Don’t tell me to ‘get.’ I’ll walk off on my own power, ok, so back off, fucking back off,” he replied. “That fucking cunt shouldn’t be even allowed be allowed in Alberta. She’s destroying this country and your kids are gonna have no future. Ok? I hope you get it. Somebody’s gotta get it, because we’re the only ones fighting for this country right now!” 

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    According to CTV News, the man who accosted Freeland may be Grand Prairie resident Elliot McDavid, who “has been an active organizer of freedom convoy events in his area.”

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    “What happened yesterday was wrong,” Freeland tweeted on Saturday. “Nobody, anywhere, should have to put up with threats and intimidation.” 

    In a Sunday address, Trudeau condemned the verbal attack and, in true leftist style, predictably portrayed it as an act of intolerance: 

    “We are seeing increasingly people in public life and people in positions of responsibility, particularly women, racialized Canadians, people of minority or different community groups, being targeted almost because of the increasing strength of your voices.”  

    Tyler Durden
    Mon, 08/29/2022 – 20:00

  • US Hints At Preparing Military Option Against Iran To Israeli Officials
    US Hints At Preparing Military Option Against Iran To Israeli Officials

    Authored by Dave DeCamp via AntiWar.com,

    An Israeli official said that the US hinted it was preparing a military option against Iran during a meeting between Israeli Defense Minister Benny Gantz and US National Security Advisor Jake Sullivan on Friday, The Times of Israel reported.

    The Israeli official said that Gantz told Sullivan that Israel “needs” the US to have a credible military option against Iran. The meeting came as Washington and Tehran are engaged in negotiations to revive the nuclear deal.

    US Secretary of State Antony Blinken with Defense Minister Benny Gantz in a June 2021 meeting, via AP.

    The official said that Gantz received “good hints” that the US was preparing a military option. The official didn’t offer details but said the idea of the military option that Israel wants would be to get Iran to make more concessions in negotiations. If not, the US could potentially take military action against the Islamic Republic alongside Israel.

    Gantz expressed his opposition to the nuclear deal in the meeting with Sullivan, and the Israelis are stepping up pressure on the Biden administration to abandon the talks. As part of the pressure campaign, the head of Israel’s Mossad spy agency, David Barnea, is heading to Washington next week.

    Barnea is expected to brief members of the House and Senate intelligence committees on Israel’s opposition to reviving the nuclear deal, known as the JCPOA. He will also meet with CIA Director William Burns and other Biden administration officials.

    On Sunday, Israeli Prime Minister Yair Lapid slammed the EU’s recent proposal to revive the JCPOA, calling it a “bad deal.” Iran is currently reviewing the US response to the EU proposal, which came after Tehran gave a response of its own.

    Lapid said that the EU proposal is not something President Biden said he would pursue during his trip to Israel in July. “We told the Americans: ‘This is not what President Biden wanted.’ This is not what he talked about during his visit to the country,” he said.

    Tyler Durden
    Mon, 08/29/2022 – 19:40

  • Student Loan Forgiveness Proves All Those College Degrees Really Are Worthless
    Student Loan Forgiveness Proves All Those College Degrees Really Are Worthless

    What is a college degree actually worth?  We know what secondary schools charge for the “opportunity” to study with them, but this does not really tell us much about the value of the services they offer.

    On average, college tuition costs around $10,000 per year for a person studying in their home state, and $25,000 a year for those studying out-of-state.  Federal student loans can cover these costs, but this is the application of public tax dollars with the expectation of returns; it is not supposed to be free money.  And to be clear, NO ONE is entitled to a secondary education, let alone for free.  

    The average interest rate on a student loan is around 5% these days, and such loans include stipulations that they cannot be erased through bankruptcy.  The argument among people who support loan forgiveness is that the cost of a degree is too high and the loans are impossible to pay or escape.  On top of that, many of these graduates can’t even get a job once they leave college.  

    Surveys over the past couple years show that at least 45% of college graduates are unable to find a job once they enter the private sector.  Those that can find a job usually end up working outside the scope of their field of study.  Keep in mind this is happening during a period of very low official unemployment.   

    The result?  Four year or eight year degree holders end up working side-by-side with high school graduates in lower wage jobs.  This is extremely common and is fueling a rise in worker discontent.  Their fantasies of six-figure incomes and a life of prestige suddenly hit a wall called reality, and now these students are angry and in debt to the tune of $36,000 or more on average.

    But do they have a right to be angry?  No, not really.  

    The problem with this line of thinking is once again about real world value.  When these students chose their field of study, were they considering the value of the work they would eventually be able to do?  Were they considering the job that their degree would afford them, or were they only thinking about how easy it would be to take those particular classes?

    As Florida Governor Ron DeSantis recently noted:  “It’s very unfair to have a truck driver have to pay back a loan for somebody that got a PhD in gender studies. That’s not fair. That’s not right.”              

    This is an accurate assessment.  The loan could have been used for anything – Any field of study with limitless potential for job growth and success, but 45% of these kids chose idiotic majors with zero earning potential.  The money was wasted on nothing, and now, many of these graduates that made foolish decisions are being rewarded for it with loan forgiveness by the Biden Administration.

    What’s worse is that these same children now act as if they were “victimized” by receiving the loans in the first place.  No one made them take the loans, and no one made them pick a field of study that was lazy and worthless.  They can’t use the excuse that the jobs market is unfavorable, because according to Joe Biden this is the “best employment environment ever.”

    So what is the root disconnect?  What is the question that no one is asking?  Well, if the degrees were worth the cost of the loans then wouldn’t it be easy for graduates to pay them off as high level producers and money makers?  Why does the federal government need to step in at all?  Shouldn’t graduates be able to pay off their loans with the vast number of jobs available under Joe Biden?  Why would they need the help if the economy is flying?  

    There are multiple points to make here:

    1)  Someone has to pay for the debt that is created, it doesn’t disappear because Joe Biden says so.  It gets added directly to the national debt and the deficit and every taxpayer has to take on that cost, along with the increased drag on the economy.  Why should we pay for the mistakes of a bunch of low expectation college kids, or for educational services that add no value to the financial system?  

    2)  Is it legal for Joe Biden to essentially buy votes from college students by offering them free tuition as long as he stays in office?  Isn’t this what he is doing, or is this really Joe giving the kids a break from the goodness of his heart?  Because we all know if Joe can do this successfully once, he will do it again.      

    3)  Loan forgiveness only confirms what many of us already suspected; that at least half of all degrees are worthless and pointless.  If they were worth something, then there would be no need for forgiveness because the graduates would be able to pay off their loans without aid.

    4)  If we accept the fact that half of student loans are for worthless degrees, then we also have to then ask why they were given out in the first place?  Shouldn’t student loans for necessary fields such as STEM fields or business fields be prioritized and loans for meaningless fields like social sciences be turned down?  Why not only give loans in fields where there are insufficient applicants and a high demand for trainees?  Why not incentivize students to take on a field of study that is difficult and needed?  Wouldn’t this be smarter than adding hundreds of billions (potentially trillions) of dollars onto the national debt with the stroke of a pen?

    5)  Finally, maybe it is good to make people pay for their mistakes?  Maybe this builds character and forces them to work harder to rectify their lives.  If we subsidize their mistakes, then won’t they simply learn that they can continue doing whatever they please without consequences?  Doesn’t this incentivize stupidity?   

    Tyler Durden
    Mon, 08/29/2022 – 19:20

  • DeSantis Suspends Four Broward County School Board Members
    DeSantis Suspends Four Broward County School Board Members

    Authored by Jannis Falkenstern via The Epoch Times (emphasis ours),

    Gov. Ron DeSantis suspended four Broward County School Board members on Aug. 26, following a grand jury recommendation citing “incompetence, neglect of duty, and misuse of authority.”

    Florida Gov. Ron DeSantis talks to the media in Miami, in April 2022. (Courtesy, The Florida Governor’s Office)

    A Statewide Grand Jury released a 122-page report accusing the four of a range of “inexcusable actions… and unacceptable behavior” relating to the Marjory Stoneman Douglas High School shooting on Feb. 14, 2018, when 17 students and staff lost their lives.

    The governor said he took the report’s recommendations and decided to act on his constitutional authority as governor.

    “It is my duty to suspend people from office when there is clear evidence of incompetence, neglect of duty, misfeasance or malfeasance,” DeSantis said in a written statement. “We hope this suspension brings the Parkland community another step towards justice. This action is in the best interest of the residents and students of Broward County and all citizens of Florida.”

    In announcing the suspensions, DeSantis said, “These are inexcusable actions by school board members who have shown a pattern of emboldening unacceptable behavior, including fraud and mismanagement, across the district.”

    In 2019. the governor asked the Supreme Court to convene the grand jury to look into safety and security issues statewide in the aftermath of the Parkland tragedy.

    The grand jury’s report, which was completed in April 2021, but was not released until Aug. 19, 2022, details accounts of mismanagement within Broward schools after the shooting.

    Former Broward Superintendent Robert Runcie was indicted on perjury charges by the grand jury in April 2021. He stepped down in August 2021. Much of the report was highly critical of Runcie’s leadership, but the four now-suspended board members continued to support him.

    Read more here…

    Tyler Durden
    Mon, 08/29/2022 – 19:00

  • Airline Ticket Sales Unexpectedly Tumble
    Airline Ticket Sales Unexpectedly Tumble

    One of the big drivers of inflation during the late spring and early summer was – in addition to the relentless meltup in energy and commodities – the surge in airplane ticket prices amid seemingly endless demand, as millions of Americans were willing to pay anything after two years of quarantine, just to go travel anywhere and feel normal again.

    But now that prices have more than caught up with travel enthusiasm, demand is tumbling, and as BofA airline analyst Andrew Didora writes today, system net sales (i.e., total bookings) took a sizable step back this week to -23.6% vs 2019 for the week ending 8/21 (compared to last week’s down -9.3%) the biggest drop since February. System volumes and pricing decelerated to -23.5% vs 2019 (vs -11.5% last week) and -0.1% vs 2019 (vs +2.5% last week).

    As Didora explains, “we typically only see this type of weekly change around holidays, so the change is surprising. The only comp issue we have found is that in 2019 Hurricane Dorian was approaching the US at the end of August, which could have pulled forward some bookings.”

    Some more details on the recent plunge in bookings:

    • Domestic/int’l volumes decline with international pricing still > 2019
    • Overall international net sales (-21.1% vs 2019) remain ahead of domestic net sales (26.0%) relative to 2019.

    • However, international volumes declined to down -24.0% vs 2019 (vs -9.8% last week) and are now slightly behind domestic volumes for the first time since mid-May (excluding choppy comps), which were down -23.3% vs 2019 (vs -12.4% last week).

    • Both channels saw pricing step back with domestic and international pricing now down -3.5% vs 2019 (vs -1.9% last week) and +3.8% vs 2019 (vs +6.3% last week), respectively. 

    Finally, in a peculiar divergence, while leisure tickets slumped a notable 22%, it was corporate travel that really cratered, tumbling 37% Y/Y.

    Looking ahead, the BofA strategists caution that if this softness is not reversed in the next 1-2 weeks, “that would indicate more of an underlying demand problem and create risk to 3Q22 outlooks, which call for 100-200bps of sequential total revenue improvement.”

    Tyler Durden
    Mon, 08/29/2022 – 18:40

  • The Strangest Thing About "Semi-Fascist" Trump
    The Strangest Thing About “Semi-Fascist” Trump

    Authored by Victor Davis Hanson via AmGreatness.com,

    Of the last three presidents, Trump was either the most indifferent or the most obstructed when it came to using government agencies for his own partisan political advantages or to neuter his enemies.

    For the Left, Donald Trump is synonymous with “fascism” (or “semi-fascism,” as Joe Biden put it the other day). And for Liz Cheney and most of the NeverTrumpers, he remains an existential threat to democracy. 

    But to quantify those charges, what exactly has Trump done extralegally – as opposed to his bombast and braggadocio about what he might have wished to have done? 

    And what are the standards by which to judge this supposed menace?

    Did Trump illegally and with a mere signature nullify over $300 billion of contracted student loans—to firm up his college-student and college-graduate base nine weeks before the midterm elections?

    Did Donald Trump weaponize the feared IRS, the logical place to find fascistic tendencies of any president bent on using government to punish his enemies? Did he push through a plan to add 87,000 new IRS investigative agents at a time of national discord?

    For the last five years, Trump was rumored to be under investigation by the IRS. Currently, his accountant is facing felony sentencing for advising improper write-offs. 

    Certainly, from the contents of Hunter Biden’s laptop and the remarks of Hunter’s associates like Tony Bobulinksi, the Biden family raked in millions of foreign dollars. Evidence so far suggests Joe Biden was a recipient (as the “Big Guy”) of 10 percent of these quid pro quo payments. At times, Bobulinksi may have sent a strapped and broke Hunter thousands of dollars in cash gifts. Were any of these stealthy transactions taxed? Does the recently heavily Biden-endowed IRS care?

    If Trump wished to abuse his power over the IRS, he would have followed the Obama model of weaponizing it during a reelection year to go after his ideological enemies. 

    In Obama’s case, the tax agency slow-walked or denied nonprofit status for groups whose ideology was deemed not helpful to Obama’s campaign in 2012. There was a reason Lois Lerner invoked the Fifth Amendment, and it was not to protect Donald Trump.

    Politicized National Security

    Did Trump blatantly use the national security apparatus of the government to enhance his own reelection bid in 2020?

    That is, did he do anything analogous to Obama’s gambit with Vladimir Putin in 2011? 

    Was Trump ever caught on a hot mic promising a Russian president that he would try to ease Russian worries about Eastern European missile defense if only the Russians would give him space during his 2012 campaign for president against Mitt Romney?  

    What we forget about the 2011 Seoul, South Korea hot-mic Obama exchange with then-Russian President Dmitry Medvedev was that all the conditions outlined in their hushed 2011 recap were adhered to by both parties: Obama did dismantle plans for a joint U.S.-Eastern European long-range missile defense—a system that might be now of advantage to the U.S. and its allies. Putin did stay quiet during the Obama campaign cycle. Obama did get reelected. And Putin did invade Ukraine and Crimea only after Obama was elected (or, a cynic might put it, because Obama was reelected). 

    A current Trump “collusion” critic, mutatis mutandis, might have surmised that a colluding Barack Obama put the national security of the United States and its allies at risk in order to use his office to massage campaign advantages over Mitt Romney in 2012. And the ultimate result of such machinations was a loss of U.S. deterrence that in part explained Russian aggression in 2014.

    Weaponizing Justice

    Did Trump weaponize the FBI? That is, did the FBI go after journalists, former Obama officials, or Democratic Party activists who variously were attacking Don Jr. or Ivanka on the pretenses of retrieving one of their lost laptops or diaries? 

    Did Trump use Republican National Committee firewalls to transfer money to private lobbyists and law firms to find dirt on Hillary Clinton in 2016, and then turn it all over to the FBI to launch a Crossfire Hurricane investigation of Clinton, centered around a Trump-hired ex-spy who became a paid FBI informant? 

    Are there texts of Trump-era FBI agents talking about how to “stop” Hillary Clinton’s or Biden’s election bid?

    Did Trump’s FBI, in the predawn hours, burst into the homes of New York Times reporters—in James O’Keefe -style—and march them outside in their underwear, all for the possible “crime” of receiving a stolen draft of the Supreme Court early draft of the Dobbs decision? Which is the greater “crime”—trafficking in clearly stolen confidential Supreme Court papers or looking at the abandoned, lost, and lurid diary of a wayward presidential daughter?

    Did the Trump Justice Department start an investigation of the suspected illegal lobbying of Joe Biden and Hunter Biden, who used the former’s political connections to win large cash payments from foreign governments? Were there Trump officials in the permanent Justice Department who went after his various political opponents on the pretexts of the Logan Act?  Or did the Trump Administration help spread the allegations of any hired anti-Clinton ex-spies and salt them around the bureaucracies?

    Speaking of Trump and threats to the democratic order, did any Trump attorney general refuse a congressional subpoena, as former Attorney General Eric Holder did? Was anyone held in contempt of Congress, as Holder was? Did any simply refuse to honor subpoenas and withhold requested documents from Congress, as the Obama Administration did time and again?

    Did Trump order an FBI raid on the Obama home, on rumors that there were thousands of documents under dispute with the National Archives in his possession, especially given the Obama record of fiercely fighting any Freedom of Information Act lawsuits to release his documents? 

    Was a John Podesta put in leg irons by the FBI? Was Robbie Mook’s house stormed to learn of what he knew about Hillary Clinton’s missing emails? 

    Was Jake Sullivan’s phone grabbed by the FBI at an airport to determine his role in the Russian collusion hoax? 

    Or, with a look ahead to his own reelection, did Trump in 2018 order a raid on the Biden home, in search of “lost” Biden vice presidential documents, supposedly improperly removed after Biden’s tenure that might have shed light on the Biden family’s extracurricular foreign lobbying?

    Where Is Trump’s Deep State?

    Are there now any former Trump loyalists who, as “anonymous” officials in cabinet agencies or obstructionists on the National Security Council, are writing op-eds about their stealthy daily efforts to undermine Biden’s executive orders or his administration’s action?

    Is anyone listening to Biden’s phone calls with foreign leaders while working with Republicans on the House Intelligence Committee and while prepping a “whistleblower” to find grounds for impeachment based on some of the things Biden has allegedly said to foreign leaders? 

    Did Pfizer rush prematurely to announce a viable COVID-19 vaccination to aid Trump’s reelection—or in contrast, did it slow walk a viable vaccination’s rollout until after the election to massage the result?

    Are there now “50 former intelligence officials” who signed affidavits in support of Trump’s allegations about the authenticity of Hunter’s laptop? Are there dozens of retired four-stars now opportunely blasting Joe Biden’s historic humiliation of the United States in Kabul? Have any retired admirals mocked the Uniform Code of Military Justice to write New York Times op-eds suggesting a befuddled Biden leave office “the sooner, the better”?

    Are there former Trump officials writing in Foreign Policy that Biden is a disaster who could be removed by impeachment or the 25th Amendment—or more rapidly by a military coup? Are retired officers writing to General Mark Milley urging him to act should he feel in the next election that a likely Republican loss seems suspicious?

    Election Interference and Denial? 

    Between 2017 and 2020, did Trump’s team systematically seek to change the voting laws in key states to radically transform traditional balloting, in a mail-in or early voting revolution, in which only 30 percent of the electorate would vote on Election Day?

    If Trump improperly questioned the ballot result of the 2020 election, then he sinned in the long tradition of presidential ballot objectors, including former U.S. Senator Barbara Boxer (D-Calif.), January 6 committee chairman himself Bennie Thompson (D-Miss.), and Hillary Clinton, who claimed Trump was an illegitimately elected president and advised Biden not to concede if he lost the 2020 popular vote. A defeated Stacey Abrams toured the country claiming she was the “real” governor of Georgia, yet nobody smears her as an “election truther.”

    Was there any “dark money” effort analogous to the efforts of corporate and tech money along with DNC activists and Biden operators in what Time magazine’s Molly Ball described as a “conspiracy” to ensure the defeat of Trump’s opponent? 

    Did Trump’s team coordinate with right-wing billionaires to infuse hundreds of billions of dollars to modulate street protests, to absorb the work of state and local registrars in key precincts, and to censor unfavorable stories on social media? 

    Trump impotently railed and bayed to the wind about the “fake news” reporters at his rallies. By contrast, the Left, both private elites and public officials, kept quiet and injected half a billion dollars to alter the way people voted and effectively to censor the way people produced and consumed the news.

    Restoring Our Norms?

    How about Trump’s efforts to revolutionize the very system of government? Did he promote a court-packing scheme to ensure he might not just get a 5-4 majority, but perhaps an 11-4 conservative advantage in a new 15-justice Supreme Court? 

    Did he keep mum while right-wing demonstrators swarmed the homes of Justices Sonia Sotomayor and Elena Kagan? Did his attorney general ignore the obvious felonies involved in such threatening tactics? Did Trump work with his Republican Congress in 2017 to end the filibuster to ensure his legislation would not be stonewalled? Did he dream up ways of getting rid of the Electoral College so the “blue wall” might never return? 

    It’s alleged that Trump was insincere when he approved the request for thousands of federal troops to be available to local law enforcement on January 6, or that he did not really mean it when he instructed pro-Trump demonstrators on January 6 to “Peacefully and patriotically march to the Capitol.” 

    Perhaps even the hint of encouraging any type of protest was reckless in such partisan times. But just days after violent protestors attacked Secret Service agents manning barricades and had sought to storm onto the White House grounds, did Trump boast to the nation of the ongoing demonstrations, as did Kamala Harris, soon to be a vice presidential candidate?

    They’re not going to stop. And everyone beware, because they’re not going to stop. They’re not going to stop before Election Day in November, and they’re not going to stop after Election Day. And that should be—everyone should take note of that, on both levels, that they’re not going to let up, and they should not, and we should not.

    Was that a sober or insurrectionary thing to advise in a summer of rioting that saw 120 days of violence, $2 billion in damage, 35 dead, and hundreds of police officers injured?

    Did Trump as president meet with CIA and FBI directors who, in their weekly and daily briefings, apprised him of efforts to monitor, spy, and infiltrate the campaign of Joe Biden?

    Was there, after 2017, a Republican majority committee investigating the former Obama role in launching Operation Crossfire Hurricane, or Attorney General Loretta Lynch’s secret meeting with Bill Clinton while she was investigating Hillary Clinton? And if there were, would Obama loyalists in the House be excluded by the Republican speaker from participating in House investigations that also would allow no hostile or even neutral witnesses, no general counsel’s report, and no cross-examinations?

    The strange thing about Trump was that he did not use extraordinary powers to investigate anyone unlawfully. He boasted, he railed, he screamed, he whined, he became at times crude and obnoxious. But he did not use the FBI, the CIA, the Justice Department, or the IRS to go after the Obamas, the Clintons, or the Bidens. 

    Instead, he became the most investigated, probed, smeared, and autopsied president in modern history. Trump’s legislative agenda did not include revolutionary changes in the Electoral College or the filibuster, or radical changes to the Supreme Court.

    In fact, of the last three presidents, Trump was either the most inept or indifferent, or the most obstructed concerning any issue of using government agencies for his own partisan political advantages or to neuter his enemies. 

    In truth, the entire apparatus of permanent government—the Pentagon hierarchy, the Washington elites at the FBI and CIA, the permanently entrenched at the Justice Department, and the apparat at the IRS all despised Donald Trump. And they did not just hate him but acted on their antipathy by using their powers of government to destroy his campaign in 2016, to undermine his transition, to either obstruct or sabotage his initiatives while president, and to hound him as an ex-president. As ex-felon and FBI lawyer Kevin Clinesmith put it of his own illegal effort to destroy a president, “Viva le [sic] resistance.” Is that the sort of FBI we want—a cadre of self-described revolutionaries?

    Donald Trump was impeached for raising the question of Biden family corruption in Ukraine with the Ukrainian president and delaying offensive military aid that had never been approved by a Democratic president.

    Evidence since Trump’s impeachment suggests he was prescient in his warning to the Kyiv government to stay out of domestic American politics. Everything thing we know since that 2021 impeachment vote solidifies—not contradicts—Trump’s point that the Biden family was corrupt, and Hunter Biden was receiving large sums of money from Ukraine and China solely because Joe Biden had been vice president and was seen as a possible or even likely future president worthy of such corrupt investment. Or to put it another way, why would those with contacts with the Ukrainian government ever pay millions to an incompetent, drug-addicted miscreant like Hunter Biden, if not for pay-for-play influence?

    In that context, Joe Biden’s early boast that he got a Ukrainian attorney general fired, most likely for probing too deeply matters involving his family, gives credence to Trump’s instincts. So does the fact that both Obama and Biden for a time stopped shipments of offensive weapons to Ukraine, while Trump for a time only delayed them but eventually gave them what they wished.

    The result of this unprecedented effort to accuse Trump of using government fascistically while fascistically using government to destroy a president is all too clear in the destroyed careers who sought to undermine constitutional government. What John Brennan, James Clapper, Kevin Clinesmith, James Comey, Andrew McCabe, Bruce Ohr, Peter Strzok, Lisa Page, and a host of retired flag officers and intelligence operatives share is not just their venomous antipathy toward an elected president and their efforts rhetorically and often concretely to neuter him, but their subsequent disgrace even among those who once cheered them on.

    Tyler Durden
    Mon, 08/29/2022 – 18:20

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Aug 29

Today’s News 29th August 2022

  • Escobar: All The Way To Odessa
    Escobar: All The Way To Odessa

    Authored by Pepe Escobar,

    Dmitry Medvedev, relishing his unplugged self, has laid down the law on the Special Military Operation (SMO). Bluntly, he affirmed there is a “one and a half” scenario: either to go all the way, or a military coup d’Etat in Ukraine followed by admitting the inevitable. No tertium applies.

    That’s as stark as it gets: the leadership in Moscow is making it very clear, to internal and international audiences, the new deal consists in slow cooking the Kiev racket inside a massive cauldron while polishing its status of financial black hole for the collective West. Until we reach boiling point – which will be a revolution or a putsch.

    In parallel, The Lords of (Proxy) War will continue with their own strategy, which is to pillage an enfeebled, fearful, Europe, then dressing it up as a perfumed colony to be ruthlessly exploited ad nauseam by the imperial oligarchy.

    Europe is now a runaway TGV – minus the requisite Hollywood production values. Assuming it does not veer off track – a dicey proposition – it may eventually arrive at a railway station called Agenda 2030, The Great Narrative, or some other NATO/Davos denomination du jour.

    As it stands, what’s remarkable is how the “marginal” Russian economy hardly broke a sweat to “end the abundance” of the wealthiest region on the planet.

    Moscow does not even entertain the notion of negotiating with Brussels because there’s nothing to negotiate – considering puny Eurocrats will only be hurled away from their zombified state when the dire socio-economic consequences of “the end of abundance” will finally translate into peasants with pitchforks roaming the continent.

    It may be eons away, but inevitably the average Italian, German or Frenchman will connect the dots and realize it is their own “leaders” – national nullities and mostly unelected Eurocrats – who are paving their road to poverty.

    You will be poor. And you will like it. Because we are all supporting freedom for Ukrainian neo-nazis. That brings the concept of “multicultural Europe” to a whole new level.

    The runaway train, of course, may veer off track and plunge into an Alpine abyss. In this case something might be saved from the wreckage – and “reconstruction” might be on the cards. But reconstruct what?

    Europe could always reconstruct a new Reich (collapsed with a bang in 1945); a soft Reich (erected at the end of WWII); or break with its past failures, sing “I’m Free” – and connect with Eurasia. Don’t bet on it.

    Get back those Taurian lands

    The SMO may be about to radically change – something that will drive the already clueless denizens of US Think Tankland and their Euro vassals even more berserk.

    President Putin and Defense Minister Shoigu have been giving serious hints the only way for the pain dial is up – considering the mounting evidence of terrorism inside Russian territory; the vile assassination of Darya Dugina; non-stop shelling of civilians in border regions; attacks on Crimea; the use of chemical weapons; and the shelling of Zaporizhzhya power plant raising the risk of a nuclear catastrophe.

    This past Tuesday, one day before the SMO completing six months, Crimea’s permanent representative to the Kremlin, Georgy Muradov, all but spelled it out.

    He stressed the necessity to “reintegrate all the Taurian lands” – Crimea, the Northern Black Sea and the Azov Sea – into a single entity as soon as “in the next few months”. He defined this process as “objective and demanded by the population of these regions.”

    Muradov added, “given not only the strikes on Crimea, but also the continuous shelling of the Zaporizhzhya nuclear power plant, the dam of the Kakhovka reservoir, peaceful facilities on the territory of Russia, the DNR and LNR, there are all preconditions to qualify the actions of the Banderite regime as terrorist.”

    The conclusion is inevitable: “the political issue of changing the format of the special military operation” enters the agenda. After all, Washington and Brussels “have already prepared new anti-Crimean provocations of the NATO-Bandera alliance”.

    So when we examine what the “restoration of the Taurian lands” implies, we see not only the contours of Novorossiya but most of all that there won’t be any security for Crimea – and thus Russia – in the Black Sea without Odessa becoming Russian again. And that, on top of it, will solve the Transnistria dilemma.

    Add to it Kharkov – the capital and top industrial center of Greater Donbass. And of course Dnipropetrovsk. They are all SMO objectives, the whole combo to be later protected by buffer zones in Chernihiv and Sumy oblasts.

    Only then the “tasks” – as Shoigu calls them – of the SMO would be declared fulfilled. The timeline could be eight to ten months – after a lull under General Winter.

    As the turbo-charged SMO rolls on, it’s a given the Empire of Chaos, Lies and Plunder will continue to prop up and weaponize the Kiev racket till Kingdom Come – and that will apply especially after the Return of Odessa. What’s unclear is who and what gang will be left in Kiev posing as the ruling party and doing specials for Vogue while duly fulfilling the mass of imperial diktats.

    It’s also a given the CIA/MI6 combo will be refining non-stop the contours of a massive guerrilla war against Russia in multiple fronts – crammed with terror attacks and all sorts of provocations.

    Yet in the Bigger Picture it’s the inevitable Russian military victory in Donbass and then “all the Taurian lands” that will hit the collective West like a lethal asteroid. The geopolitical humiliation will be unbearable; not to mention the geoeconomic humiliation for vassalized Europe.

    As Eurasian integration will become an even stronger vector, Russian diplomacy will be solidifying the new normal. Never forget that Moscow had no trouble normalizing relations, for instance, with China, Iran, Qatar, Saudi Arabia, Pakistan and Israel. All these actors, in different ways, directly contributed to the fall of the USSR. Now – with one exception – they are all focused on The Dawn of the Eurasian Century.

    Tyler Durden
    Sun, 08/28/2022 – 23:30

  • TikTok Is "A Weaponized Military Application" In The Hands Of Our Kids: Casey Fleming
    TikTok Is “A Weaponized Military Application” In The Hands Of Our Kids: Casey Fleming

    In the following clip, China-In-Focus’ Tiffany Meier sat down with Casey Fleming, CEO of intelligence and security strategy firm BlackOps Partners.

    He sheds light on the recent reports that TikTok can monitor keystrokes, what kind of information TikTok is getting, and what the Chinese regime can do with that.

    Fleming said:

    “What people need to understand is that TikTok is a military application.

    It’s a weaponized espionage application to get every bit of information they possibly can off the phone, which they do – your whereabouts, how you go about your day, your access to other people, access to technology, intellectual property, and things that you can be blackmailed on, and so on.

    So people need to understand that TikTok is a weaponized military application in the hands of our middle schoolers, our kids, our high school kids, and our young adults.”

    He added the Chinese regime “can use that information really, number one, the most important thing is to steal intellectual property. Secondly, to blackmail. Thirdly, it’s a propaganda platform.”

    “You can see all these TikTok challenges, and most of them are very dangerous to our children – to steal cars, to do challenges … we’ve lost a lot of kids to these TikTok challenges that come up about once a month.

    You have to understand it’s a propaganda platform completely owned, operated, and controlled by the Chinese Communist Party. And it’s under the guise of this fun app that everybody loves to use, and it’s spread like wildfire, and it’s a lot of fun…

    So there’s a lot of fun content on it, but you have to understand it’s a military application, and it’s going to achieve military results under the guise and under this facade of being a fun app.”

    Watch the full interview below:

     

    Tyler Durden
    Sun, 08/28/2022 – 23:00

  • Before The October 'Surprise' Comes The August-September PSYOP Polls
    Before The October ‘Surprise’ Comes The August-September PSYOP Polls

    Authored by Rajan Laad via AmericanThinker.com,

    For every election cycle, a few months prior to voting day, pollsters release surveys that show Democrats leading with wide margins. The media gleefully amplify these polls.

    This isn’t a recent phenomenon.

    Back in 1980, Reagan was trailing Carter trailing by 8% even in some mid-October polls. Reagan ended up winning the 1980 general election in a landslide.

    In 2016, pollsters said with certitude that Hillary Clinton would be the next president. The New York Times proclaimed she has a 91 percent chance of winning. Trump won that election by a respectable margin in the electoral college.

    In 2020, Trump was supposed to lose to Biden by a landslide. In reality, Trump secured 10 million more votes than in 2016, despite the media onslaught for four years, Democrat electoral malpractice, and suppression of all anti Biden stories. Trump received 7 million more votes than any sitting president in American history.

    We are months before an election and various Democrat mouthpieces are doing the very same thing.

    Vanity Fair magazine is claiming that Maybe Democrats Aren’t Totally Screwed in the midterms. The Atlantic is claiming that the Democrats might avoid a midterm wipeout. The New York Times reports “growing evidence against a Republican wave.” The Washington Post opines that Democrats are showing momentum coming out of special elections. NPR is claiming that Biden’s recent wins could give Democrats a boost heading into November. Even ‘conservative’ Fox News is claiming that midterms looking ‘much better’ for Democrats because of Trump.

    The media is also pushing the narrative that Biden has had a resurgence. They are citing Biden’s ‘legislative accomplishments’ on tech manufacturing, guns, infrastructure, and climate change. They are lauding Biden for canceling $10,000 in student debt for borrowers making under $125,000 per year. They are even claiming his poll numbers are high. 

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

    Now for the facts.

    None of his ‘legislative accomplishments’ will have any positive impact on the ground. On the contrary, they are likely to worsen the suffering. 

    Pardoning student loans is discriminatory to people who have the burden of other kinds of loans such as home loans, vehicle loans, business loans, etc., plus high taxes. These people are unlikely to be pleased with Biden.

    The annual inflation may have dropped marginally but it still remains at a high 8.5 percent causing the prices of regular items to skyrocket, adding to the struggle of regular Americans. The media is claiming that the Inflation Reduction Act addresses inflation, however, experts say it would only reduce annual inflation by 0.1 percentage point over the next five years. 

    A recent ABC News/Ipsos poll shows only 37% of Americans approve of Joe Biden’s handling of the economy while 70% thought the economy under Biden had worsened.

    The Democrats are the party of open borders causing an influx of illegal immigrants some among whom are violent criminals, human traffickers, terrorists, and smugglers of illicit drugs. 

    Since Biden took office, over 4.9 million illegal migrants have crossed the southern border. This is the equivalent of the combined population of states such as Wyoming, Vermont, Alaska, both North and South Dakota, and Biden’s home state of Delaware.

    The Democrats have also shown totalitarian propensities.

    They called parents who opposed the teaching of critical race theory in school domestic terrorists.

    They used COVID-19 to impose lockdowns that destroyed lives not only economically but psychologically. The Democrats advocated vaccine mandates that rendered many jobless. Some who reluctantly took the vaccine to remain employed, are suffering from health issues.

    The Democrats attempted to set up the Orwellian ‘Disinformation Governance Board’ that sits in judgment of the utterances of regular citizens.

    The Democrats plan to hire 87,000 new IRS agents who will obviously harass the middle class quite likely in states that don’t vote Democrat. The same Democrats have no funds to hire new Border Patrol agents to protect the border.

    The January 6 Committee exists to persecute political opponents and their supporters. 

    Democrats have shown themselves to be out of touch, bragging about expensive electric cars that are hard to recharge.

    The situation abroad is catastrophic.

    Biden’s withdrawal has made Afghanistan unstable and al-Qaida is once again in control. The media focused on lauding Biden for the killing of Ayman al-Zawahiri, but what the ignored was the fact that he was living comfortably in Kabul.

    A Department of Defense whistleblower report noted that 324 of the individuals the Biden administration evacuated from Afghanistan and welcomed into the U.S. have appeared on the terror watchlist.

    There is a raging war in Ukraine. The Democrats have splurged $10.6 billion and pledged $40 billion more in aid to Ukraine. All transparency and accountability measures were blocked. Recently Biden announced $3 billion in new weapons and equipment to Ukraine, once again there is no proper tracking of these weapons, let alone the money — the weapons could be sold on the black market and end up in the wrong hands.

    There are also considerable tensions between China and Taiwan.

    There is nothing that the Democrats can point to and claim as their accomplishment.

    Yet they focus on the trivial and attempt to project themselves in favorably.

    A perfect example is the senate race in Pennsylvania which is a microcosm of the entire U.S.

    The race is between Republican Dr. Memet Oz and Democrat John Fetterman. 

    Fetterman pledged to ban fracking which supports thousands of jobs, especially in western Pennsylvania which is the fourth-largest energy producer in America. Fetterman plans to release one-third of the state’s prisoners which will place Pennsylvanians in deep peril. Fetterman suffered a stroke that kept him away from the campaign for three months and now has impaired cognitive abilities.

    But the media is focused on Dr. Oz unknowingly using the wrong word to describe a vegetable tray. The polls show Oz consistently trailing Fetterman by 11 percentage points. They are even carrying reports that Trump thinks Oz will lose, and obviously, the sources are unnamed.

    Back to Biden.

    There are a few polls that the media don’t like to talk about.

    Axios recently ran a poll early this month that showed a startling number of Democrats are been unwilling to support Biden’s re-election in 2024 since he is old and unpopular. The New York Times carried a piece urging Biden to step aside in favor of young talent in the Democrat party. The Washington Post ran a column that revealed that few candidates want Biden to campaign for them in their state or district.

    Now about those polls.

    The goal behind these new polls favoring the Democrats and accompanying the media blitzkrieg is to dispirit the Republican voters and prompt them to skip voting. This is a voter suppression tactic.

    The truth is the Democrats were and are behind every major suffering that regular Americans are facing from crime to inflation to dangers from abroad. The voters are unlikely to forget their past and their present.

    Former U.S. representative and Speaker of the House Newt Gingrich (R-GA),who knows a thing or two about politics, wrote “November realities are going to be a lot friendlier to Republicans than August news media fantasies.”

    All you have to do is vote.

    Tyler Durden
    Sun, 08/28/2022 – 22:30

  • US Adults Are 'Suffering' At Record Rates
    US Adults Are ‘Suffering’ At Record Rates

    Adults in the United States are suffering in their lives at a record level. That’s according to the latest in a survey series from Gallup.

    As Statista’s Martin Armstrong details below, the share of adults rating their lives poorly enough to be considered ‘suffering‘, according to Gallup’s methodology, hit a new high of 5.6 percent this July.

    The survey, which goes back as far as 2008, asks respondents to rate the current and expected future state of their lives on a scale of 0 to 10, with answers in the range of 0 to 4 classified as ‘suffering, 5 to 6 ‘struggling, and 7-10 ‘thriving.

    As reported, the latest result “exceeds the previous high of 4.8 percent measured in April and is statistically higher than all prior estimates in the Covid-19 era.”

    Infographic: U.S. Adults 'Suffering' at Record Rate | Statista

    You will find more infographics at Statista

    Gallup suggest that “economic conditions are likely a major contributing factor to these worsening scores”, adding: “Dovetailing with economic headwinds is a rising discontentment with U.S. moral values, which has reached a record high, with 50% of Americans reporting the state of moral values is “poor” and 37% “only fair,” a sentiment that could be negatively influencing life ratings generally.”

    Tyler Durden
    Sun, 08/28/2022 – 22:00

  • Bitcoin Is Freedom From The Fiat System's Walled-Garden
    Bitcoin Is Freedom From The Fiat System’s Walled-Garden

    Authored by Andrew Keir via BitcoinMagazine.com,

    The fiat system is a walled garden surrounded by armed guards. Bitcoin penetrates and dissolves these walls, and helps humanity flourish in the process.

    The concept of a walled garden is not a new one; they have been around for hundreds, if not thousands of years. A precious garden enclosed by high walls serves many purposes, including providing protection from animal or human intruders. These walled gardens also create microclimates, which allow for specific things to grow and flourish that may not otherwise be able to due to the temperate climate outside the walls.

    It’s no secret that walled gardens lay at the core of every major software company’s strategy, and they are built around it to generate and sustain a network effect.

    Any Apple user knows first hand the way you get trapped within the ecosystem, because of the way their products interact together, but also because of the friction that is introduced when using a non-Apple product. This gives Apple incredible power as we can see with their App Store, where they have total control over who can enter and who cannot. It also creates the need for new Apple-specific products in order for you to maintain a consistent user interface, which is central to the walled garden approach. The same is true for Google, Microsoft, Facebook and most other software company giants. Many people use social media platforms as if they were the internet itself. These platforms are masterful at keeping you inside their gardens, and do everything they can to extend the amount of time you spend within their walls. If it were up to them, you would never leave.

    Fundamentally, they do this by designing incentives. Presumably they try to add value, by making their products as good and as easy-to-use as possible, so you simply want to use them over others. It would seem that they also allow a certain amount of friction to exist by not using their products to disincentivize you from exploring other options and therefore exiting their ecosystem. Apple software interfaces is one of the best examples of this, where many people fear having to “learn” how to navigate a different company’s interface and migrate their images, contacts, messages, etc. The reality is that as humans, we’re (in most cases) lazy animals, and a dominant majority of people will follow the path of least resistance. Thus, due to the incentives, they stay inside Apple’s walls. Over time, the walls begin to look more like a cage.

    In the same way that these software giants create walled gardens and work to keep us inside them, so too do governments and central banks with political fiat monetary systems. Central banks issue money, and the government insists this money be accepted. The fiat system is a classic example of a walled garden. The difference is that outside the walls of the fiat garden of governments and their central banks there are armed soldiers.

    Software giants — while they do everything to incentivize you to stay inside their garden and prey on all your vulnerabilities to make it as unattractive to leave as possible — cannot stop you, and if you exercise your agency, you can leave and never return. Not so with the fiat walled garden. If you try to leave and venture off to explore outside the walls or even to explore a different fiat walled garden, they want to know where you have been, the reasons for leaving and every possible detail about your interactions while you were gone. To the fiat masters, it is their business. You are not simply free to explore.

    The fiat standard is a walled garden, and unlike software companies it is one you are kept within by decree. By force. Outside of this garden is the open, permissionless, abundant environment of bitcoin. The fiat masters are counting on the height of the walls, and men with guns on the other side being able to perturb you from scaling the walls and exploring the vast abundant land outside. What they weren’t counting on however, was the invisible force of bitcoin being able to penetrate and then dissolve these walls, and help humanity flourish both inside the garden and outside of it. This invisible force is everywhere and it is nowhere, and it is the key to an abundant future. With bitcoin there are no walls. No borders. The very notion of a walled garden ceases to be possible. Or conversely, it is the ultimate garden in which no walls exist.

    Tyler Durden
    Sun, 08/28/2022 – 21:30

  • "The Biggest News By Far Out Of Jackson Hole Was Coming Out Of The ECB NOT The Fed"
    “The Biggest News By Far Out Of Jackson Hole Was Coming Out Of The ECB NOT The Fed”

    One never forgets that smell of an Amtrak coach car at 5 am – rumbling into Manhattan. At the wise old age of 18, the bags were packed for a long journey with most of my worldly possessions in tow. Coming into New York for the first time with no parents – no siblings, was a very big day indeed. When the train stopped at Penn Station, I could hardly wait to get off. It was a feeling of heart-pounding excitement with every step. With dreams, goals, and opportunities everywhere, the only thing missing was the free lollipops and candy canes. The next thing I knew, this nice gentleman with a blue coat, gold cufflinks, and even a pressed handkerchief in his top right pocket approached me. “Let me help you with all that luggage, young man. If you ́re hungry, the best 24-7 diner in this part of town is right over there.”

    Famished, I glanced over toward the restaurant. Now turned around – in a full 360, I looked down and all my bags were gone with that man into a mob of humanity. Robbed right out of a scene from Trading Places, welcome to the big city.

    On Friday, nearly every human being on earth with capital to invest had their eyes on the Fed. It was a “look here”, “NOT over there” kind of day. Steve Jobs always said – “it’s the scar tissue from mistakes that keeps us focused on all the pieces across the chess board – NOT just one or two.”

    Surprise, the biggest news by far out of Jackson hole was coming out of the ECB NOT the Fed – who would have guessed? As the day moved on Friday, it was clear Don McLean ‘s “American Pie” was longer than Jay Powell’s torpedo of a speech – BUT more and more clients we respect in the live chat on the Bloomberg terminal – kept pointing to Europe as the driver of U.S. equity volatility.

    • CIO 1: “Larry – The point is missed. Fed fund futures didn’t move that much on Powell. The afternoon pain today pain caused by ECB that signaled 75bp hike possibility for September and enhanced QT (balance sheet reduction). The reason for the hawkish signals is the explosion of energy prices in Europe in August. It’s a real problem for them that Wall St and Fed largely ignore.“
    • LGM: “Heading into Powell – everyone long stocks was looking – praying for any kind of dovish shift (equity players) – the fact that Fed fund futures were unched after Powell’s 8 min song was very bearish; rate hike expectations have been ripping higher since Aug 11th! From roughly, 25bps of 1H 2023 cuts to now hikes are priced in), there was no reversal – NO profit taking on the news. This was bearish for equities. Plus – the ECB news came out at 5am, U.S. equities were higher all morning, then puked lower after Powell. look at the explosive volume past 1pm ET, especially in the 3-4pm hour, WOW. Agree 100% – energy prices – gas — are screwing the Fed, nearly guaranteeing 8% + CPI to Q2 2023 – the natural gas crisis is a massive sustainable inflation driver with countless follow-on side effects – inflation will be elevated 6% + for years. — Swiss National Bank President, Jordan latest warning – stubborn price gains are here to stay”
    • CIO 2: ”It was the ECB QT piece came out in the afternoon, and the ECB officials Holzmann and Knot confirming the morning leak from Reuters when they said Friday afternoon that 75bp should be considered at the Sept meeting that fueled the ECB angst in equities. It is clear now – on September 8th the ECB is going to hike and signal QT at the same time Italy is having elections a few weeks later – is just a very bad idea. I think people finally starting to pay attention to energy crisis in Europe and how the ECB needs to fight the resulting inflation with tools that do nothing to help the underlying problem (no more gas). This speaks to near term Euro strength vs. USD.”

    For most of the last 10 days, even with the much talked up “China economic slowdown” and a surge in recession certainty in Europe – global bond yields kept moving higher. In just a few weeks, Italian 10s marched from 296 to 370bps.

    Since Q4 2020, negative yielding bonds on the planet have plunged from $18T to almost $2T, and much of those are in Japan.

    Sovereign credit risk is on the rise in Europe – we have the ECB on September 8, the Fed on the 21st, and the all-important Italian elections on the 25th. The ECB has yet to pick its poison:

    1. a plunge in the Euro is fueling runaway inflation in the periphery – this risk could place a right-leaning coalition in control of Italy for the first time in decades. Putin would be all smiles – from Moscow to Vladivostok – with that outcome.
    2. aggressive rate hikes force more price discovery in Europe and put colossal pressure on a banking system – stuffed to the gills with sour loans. The tell – Jamie Dimon doesn’t suspend stock buybacks every day, he’s playing defense. Apple and Tesla are nearly 10% of the S&P (SPY) and 20% of the QQQs – have roughly $100B in sales coming out of the EU.

    On August 11th – we distributed our largest – take down risk – “high conviction” trade alert sell since February of 2020, eleven positions with new shorts on the Nasdaq. U.S. equities have been priced for an American economy on Mars or Venus, NOT Earth. Into this mess – we have a Fed that is expected to do $1T of QT over the next 12 months, NO way. Bullish gold.

    Bottom line: Near term inflation expectations are coming down with economic risks on the rise and a still hawkish Powell. The Fed is talking a tough game but risks a Lehman like event in Europe. Our highest conviction call looking out 6-9 months – is long the gold miners – GDX names GOLD, NEM, AEM.

    Tyler Durden
    Sun, 08/28/2022 – 21:17

  • Solomon Islands Denying Port Calls To US Military Vessels As China Influence Grows
    Solomon Islands Denying Port Calls To US Military Vessels As China Influence Grows

    At a moment the Solomon Islands continues pursuing deeper ties with China, and following a bilateral security cooperation agreement between the two countries signed in April which set off alarm bells in Washington, the island nation is taking the unprecedented decision to deny US military vessels the ability to dock. 

    The US Coast Guard said in an official statement on Friday that its vessel, the USCG Oliver Henry was denied a “routine logistics port call” by the Solomon Islands government. The US statement didn’t indicate the precise day that the port call request was rejected. 

    USCG Cutter Oliver Henry in prior exercise in the South Pacific, via US Navy/US Coast Guard

    Authorities “did not respond to the US government’s request for diplomatic clearance for the vessel to refuel and provision” in the capital city of Honiara, said the Coast Guard – which in prior years had been normative and easily granted. The vessel had reportedly been on patrol in South Pacific waters looking for illegal fishing at the request of a regional fisheries agency.

    Following the denial, which is somewhat unprecedented and now being widely interpreted as a sign of deepened security ties and cooperation with China, the State Department said it put the Solomon Islands on notice and in the future expects “all future clearances will be provided to US ships.” The Coast Guard cutter was further described as “part of a patrol headed south to assist partner nations in upholding and asserting their sovereignty while protecting US national interests.”

    Currently the US and Chinese navies are jockeying to assert competing visions of what constitutes territorial vs. international waters in the South China Sea and elsewhere in the South Pacific. This is especially a tense issue at the moment near Taiwan.

    Regarding the Taiwan issue, and a huge indicator of increasing Chinese influence over the Solomons, which has been going on for years, the tiny island-chain country had switched its diplomatic relations and formal recognition from Taipei and Beijing starting in 2019. US officials also close watched large-scale and at times violent anti-corruption protests break out in 2021 – which many observers said was sparked by Beijing’s growing reach in the country’s internal affairs.

    All of this was the lead-in to what Western officials and pundits dubbed a “secretive” April 1st security pact, summarized and described by the US government institution and think tank United States Institute of Peace as follows: 

    A leaked draft of a Solomon Islands-China security agreement has led to heightened concern over the island nation’s turn toward China. Washington dispatched a high-level delegation in late April to the island nation, days after China said the pact had been signed, saying it would “intensify engagement in the region.”

    The United States and its regional partners, particularly Australia and New Zealand, are worried about the potential of Chinese military bases on the islands, although the details of the agreement remain vague — which is itself a source of concern. As part of its Indo-Pacific Strategy, the Biden administration aims to advance a free and open Indo-Pacific, an objective that could be complicated by China’s prospective new arrangement with Solomon Islands.

    The prime minister of the Solomon Islands Manasseh Sogavare sought to reassure his population (and Western leaders) in mid-July remarks, saying there is no intent to ever allow a Chinese military base in his country, which could make “our people as targets for potential military strikes” – akin to what played out there between global powers in WWII.

    But he did say at the time that he remains open to Chinese security personnel acting under a peace-keeping mission to be deployed to the islands, in the scenario where the “security partner of choice” Australia couldn’t meet these commitments.

    Tyler Durden
    Sun, 08/28/2022 – 20:00

  • Postal Service Is Chasing Freight Brokers As The Agency Scrambles To Slash Costs
    Postal Service Is Chasing Freight Brokers As The Agency Scrambles To Slash Costs

    By Rachel Premack of FreightWaves

    The phrase “freight broker” is rather boring, I will admit it. As snoozy as those words may make you feel, these brokers are key to making sure stuff gets on trucks and across the country. 

    Since deregulation wrested trucking from the control of the federal government in 1980, freight brokerages have become a trucking necessity. Every imaginable company — ranging from General Mills to Amazon to Starbucks — relies on freight brokers to place loads on trucks every day. 

    One major transporter has tried to eschew freight brokers for years: the U.S. Postal Service. The Postal Service spent nearly $10 billion moving letters and boxes in fiscal year 2021. Most of that expense is on trucks, but there are also FedEx and UPS planes, trains and even ships. 

    It’s not known when exactly the Postal Service started to use freight brokers, but attorney David P. Hendel only began including brokers like C.H. Robinson on his essential top 150 Postal Service contractor list in 2013. 

    A FreightWaves analysis of the Postal Service’s top suppliers reveals that the agency’s reliance on brokers has boomed in the past nine years. The Postal Service counted three brokerage firms among its top 150 suppliers in fiscal year 2013, totaling $85 million. By fiscal year 2021, at least 11 firms that primarily provide brokerage services were on that list, representing a spend of more than $620 million.

    “The Postal Service is re-examining its network both long-haul and even local,” said Hendel, a partner at Culhane Meadows who specializes in government contracting work. “I think the Postal Service now views the carriage of mail as a commodity, rather than as a special service. It feels like it maybe should be taking advantage of the larger commercial marketplace.”

    By using brokers, outsiders believe the Postal Service can save cash. Public data indicates that the Postal Service has intensified its freight broker spend under Postmaster General Louis DeJoy, who assumed his role in June 2020. DeJoy was previously CEO of New Breed Logistics, a long-time USPS contractor, which was sold to XPO Logistics in 2014. 

    This cost-saving tactic won’t surprise those who have followed DeJoy’s tenure. Under his leadership, the Postal Service has doubled down on “modernizing” its transportation network. This partially means implementing tools that private-sector shippers have used for years, like a digital load board where freight bids are posted and a digital transportation management system. 

    A USPS spokesperson declined to answer answers to a list of questions about the Postal Service’s new brokerage strategy, but provided a statement.

    “The Postal Service continues to onboard new carriers to help us deliver as part of our Delivering for America 10-year plan for achieving financial sustainability and service excellence,” the spokesperson wrote in an emailed statement. “These carriers are both asset based and non-asset based providers. The Postal Service also has one of the largest private fleets in the industry that we rely on to move freight in certain regions. When our fleet cannot handle the volume, we tender to our partner carriers. Depending on the specific circumstances to move the load, we will use either a contracted carrier or move via a spot market transaction.”

    Outsiders have characterized DeJoy as a fella who wants to run the Postal Service like a corporation, not a government service. That’s a good thing if you’re, say, Nevada-based ITS Logistics, which saw its Postal Service contract nearly double from fiscal year 2020 to 2021. But it’s not so good if you’re one of the Postal Service’s hundreds of long-haul trucking partners — which are likely set to lose business as the Postal Service reimagines its trucking network. 

    “I think his impact is a sea change in terms of the way in which the Postal Service thinks about transportation,”  said Greg Reed, who is the executive director of the National Star Route Mail Contractors Association, which is the trade organization that represents Postal Service transportation contractors. ”It’s obviously driven from his background in logistics and in the brokerage world. It’s driven from his knowledge and experience that there is no sophisticated supply chain that doesn’t incorporate brokers into their model. That’s about effiency, capacity and pricing.”

    Wait, what the heck is a freight broker?

    For the logistics neophytes among us, let’s briefly talk about what a freight broker is. 

    The phrase freight broker usually refers to trucking. There are brokers, of course, to place freight on airplanes, rail and ships. Especially for international movements, they’re usually called “freight forwarders.” The trucking industry, through sheer force of will, has mostly claimed the phrase “freight broker” for itself, even though there are indeed many types of transportation brokers. 

    Brokers handle most varieties of trucking freight, whether it was picked up on the so-called “spot market” or was contracted out months in advance. But it wasn’t always like this. Before 1980, regular, scheduled runs were the norm, in part because the federal government dictated the rate of each trucking route. 

    Decades ago, brokers were an anomaly. The former head of the Transportation Intermediaries Association estimated that there were only 14 licensed brokers in 1980. That exploded to more than 10,000 in 2005, he said at the time. 

    Nearly two decades ago, the truck brokerage market was worth some $50 billion. Today, it’s worth around $186 billion, according to the TIA. 

    One reason that freight brokers have become so common is that there are way too many trucking companies for each retailer, manufacturer, farmer or whatever to form relationships with. So they turn to brokers to figure out who to work with. 

    There were some 17,000 trucking companies by the end of the 1970s, when brokers were still unusual. But today, hundreds of thousands of firms comprise trucking. Many have a whopping single truck. These small companies, also called “owner-operators,” mostly run on what’s called the spot market, where they pick up jobs as it’s convenient. They don’t have regular schedules or customers. 

    The other side is the contract market, where a trucking company pledges to execute, say, eight runs a week shuttling goods between Des Moines, Iowa, and Detroit for a year. 

    These contracts are kind of lies, though — and both sides know it when they sign it. The retailer, manufacturer, farmer or whatever might need far more or far fewer trucks running between Des Moines and Detroit on a given week. What really ends up happening is uncertain.

    The Postal Service’s old-timey transportation system

    Over the decades, it’s become the norm for trucking companies and their customers to ditch the stipulations of their contracts. The Postal Service hasn’t kept up with that trend. And, as a result, its transportation network is unusually redundant. Reed said the complication of separating letter mail versus boxes has left some Postal Service trucks shuttling down the highway empty or with a single box or two inside. 

    Not only does the Postal Service actually stick to its contracts, it works with a lot more contractors than other shippers. Rather than heavily relying on brokerage firms to allocate spot or contract freight, the Postal Service maintains decades-long contracts with trucking firms that mostly just haul freight for the mail agency. The agency allocates about 10% of its total transportation spend on in-house truck drivers, all of whom are unionized. 

    One example of that is 10 Roads Express, which says on its website that it grew from a one-truck operation in 1946 to a 3,500-truck operation today through hauling U.S. mail. In the fiscal year 2021, the Iowa trucker made $540 million off its Postal Service business. 

    Postmaster General Louis DeJoy is perhaps thinking about potential cost savings through working with transportation intermediaries. (Graeme Jennings/Pool via AP)

    Regular routes seemed to allow Postal Service carriers to eschew technologies that other carriers had to adopt upward of a decade ago. As of the past two years, the Postal Service has pushed features including a digital load board and an online transportation management system, Reed said. 

    Another major factor of DeJoy’s cost-saving tactics is moving freight that would normally end up on a cargo plane to a truck instead. DeJoy recently hired a former New Breed Logistics executive to help lead this transformation. 

    The Postal Service is trying to get better at not following its contracts, though. It has devised a new type of contract with a feature called “dynamic routing optimization.” With those contracts, the Postal Service assesses each week if it needs more or fewer trucks on a certain route. 

    The other side of the Postal Service’s move away from contract freight is, of course, working with brokers.

    The Postal Service could save a lot of money with freight brokers, but it’s a knock on its longtime carriers

    Implementing new contracts and other technologies could mean cost savings at the Postal Service, but it’s spooky for long-time carriers — especially because these new products aren’t always perfect. One trucking contractor told the Washington Post last year that the Postal Service’s new software has cost them $110 million and sparked hundreds of layoffs. 

    “The biggest burden in general is implementing that technology and those practices,” Reed said of long-time contractors.

    The Postal Service has already ditched thousands of carriers as it’s streamlined operations, according to longtime parcel expert Satish Jindel. In 2014, the Postal Service worked with about 4,000 highway contractors. Now that’s around 1,700. That’s not because the Postal Service is trying to reduce its reliance on trucking; the Postal Service is actually focused on moving more freight off pricey cargo planes and onto trucks.

    “They need larger carriers,” Jindel said. “They don’t have the ability to use small mom-and-pop carriers to rely on in the past.”

    That explains why the Postal Service has turned to brokers to work with smaller trucking companies. In 2021, the Postal Service counted XPO Logistics, C.H. Robinson and ITS Logistics among its largest truck broker providers. (XPO and C.H. Robinson declined to comment for this piece, while Eve and ITS did not respond to a request for comment.)

    What’s more, leaning on the spot market means you can bid truck space as needed, rather than needing a yearslong contract with carriers all over the country. That should seemingly push the Postal Service toward an efficient, modernized transportation network. 

    However, perhaps 2021, famously the year that spot market rates shot to the moon, was a very bad year to turbocharge the usage of freight brokers. According to one analysis of public data, the Postal Service paid more than $50 million in extra trip dollars in January 2022, more than tenfold the spend from 2021 or 2020. 

    “Anytime they can have a direct contract with a carrier, that is always a better service at a better price, because they are then buying that service through the spot market,” Jindel said. 

    But, Hendel said he believes it’s unlikely that the cost-conscious Postal Service would continue to pursue freight brokerage if it didn’t have the potential to slash costs. 

    Even amid the move to modernize the Postal Service, Hendel doubts the agency would ever want to ditch its old-fashioned contract carrier model — just as UPS or FedEx hasn’t opened itself entirely up to the spot market. The risk to the mail system would be too large.

    “I think that could be a dangerous thing because you don’t have the dedicated reliable providers you have today and you open yourself up to spot market issues,” Hendel said. “I don’t think the Postal Service will ever be well-served by relying exclusively on brokers — that would be a recipe for disaster.”

    Tyler Durden
    Sun, 08/28/2022 – 19:30

  • Sale Of Mickey Mantle Card Breaks All Records For Sports Memorabilia
    Sale Of Mickey Mantle Card Breaks All Records For Sports Memorabilia

    A mint condition Mickey Mantle baseball card sold for $12.6 million Sunday – making it the most expensive piece of sports memorabilia in history.

    The 1952 card is widely regarded as one of just a handful of near-perfect cards of the baseball legend. It was bought in 1991 for $50,000 by New Jersey waste management entrepreneur, Anthony Giordano, at a New York City show.

    “As soon as it hit 10 million I just turned in. I couldn’t keep my eyes open anymore,” said the 75-year-old Giordano on Sunday morning. “They stayed up and called me this morning bright and early to tell me that it reached where it reached.”

    The card eclipsed the previous record from May, when someone paid $9.3 million for the jersey worn by Diego Maradona when he scored the famous “Hand of God” goal in soccer’s 1986 World Cup, according to AP.

    Prior to that, someone paid $7.25 million for a 100-year-old Honus Wagner baseball card in a private sale, and another buyer bought Muhammad Ali’s heavyweight boxing belt from the 1974 “Rumble in the Jungle” for almost $6.2 million.

    As AP notes, “Prices have risen not just for the rarest items, but also for pieces that might have been collecting dust in garages and attics. Many of those items make it onto consumer auction sites like eBay, while others are put up for bidding by auction houses.”

    Because of its near-perfect condition and its legendary subject, the Mantle card was destined to be a top seller, said Chris Ivy, the director of sports auctions at Heritage Auctions, which ran the bidding.

    Some saw collectibles as a hedge against inflation over the past couple years, he said, while others rekindled childhood passions.

    Ivy said savvy investors saw inflation coming down the road — as it has. As a result, sports memorabilia became an alternative to traditional Wall Street investments or real estate — particularly among members of Generation X and older millennials. -AP

    “There’s only so much Netflix and ‘Tiger King’ people could watch (during the pandemic). So, you know, they were getting back into hobbies, and clearly sports collecting was a part of that,” said Ivy, adding that a ‘confluence of factors’ including interest from wealthy overseas collectors, have made sports collectibles particularly attractive.

    “We’ve kind of started seeing some growth and some rise in the prices that led to some media coverage. And I think it all it all just kind of built upon itself,” he added. “I would say the beginning of the pandemic really added gasoline to that fire.”

    Prior to the pandemic, the sports memorabilia market was estimated at just $5.4 billion – according to a 2018 comment by David Yoken, founder of Collectable.com

    Just three years later, that market is estimated to be at $26 billion according to research firm Market Decipher, which thinks it will grow to $227 billion within the next decade.

    Tyler Durden
    Sun, 08/28/2022 – 19:00

  • What Will The I-Bond Interest Rate Be In November 2022?
    What Will The I-Bond Interest Rate Be In November 2022?

    Authored by Mike Shedlock via MishTalk.com,

    Let’s go over how you can project I-bond rates based on semi-annual CPI estimates.

    Image from Diamond NestEgg (DNE) video with Mish alternate calculations

    I Bond Interest Rate November 2022 Prediction

    Assuming a base fixed rate of 0%, the formula for the next I-bond rate is ((September CPI-U Minus March CPI-U) Divided by March CPI-U) * 2.

    The CPI numbers are unadjusted. 

    DNE estimates a whopping 12.4% annualized yield. I arrive at 7.9%. 

    The difference is in CPI projections. DNE assumed 1.0% inflation for July, August, and September. 

    We already know July was 0.0% (technically slightly negative). 

    The Cleveland Fed projects 0.09% month-over-month inflation for August.  My assumption based on utilities and rent, with gasoline mostly flat is 0.40%. 

    For lack of a better number, I used 0.40% for September as well.

    Mish vs DNE CPI Projections

    July (subject to revision) is a known value. Tacking on 0.40 percent to July and then again for August yields a CPI-U of 298.851. 

    Plugging that into the lead chart formula gets an annualized yield of 7.9%. That’s far under DNE’s calculation but a very nice yield that everyone should take advantage of.

    I-Bond Details

    • The limit for purchasing I-bonds is per person, so a married couple can each put up to $10,000 in the investment annually, or up to $15,000 each if they both also elect to get tax refunds in paper I-bonds.

    • Also, you can purchase I bonds for each child and if you have a trust, the trust can buy them.

    • An investor must hold the bonds for 12 months, and if they sell the bonds before five years, they lose three months of interest.

    • You must hold the bonds for 5 years to collect all of the interest and the rates will change semi-annually.

    Treasury Direct has more details on Buying Series I Savings Bonds

    In a calendar year, you can acquire:

    • up to $10,000 in electronic I bonds in TreasuryDirect

    • up to $5,000 in paper I bonds using your federal income tax refund

    Is it worth the hassle given the above limits? 

    They make great gifts. But hassle is in the eyes of the beholder.

    *  *  *

    Like these reports? I hope so, and if you do, please Subscribe to MishTalk Email Alerts.

    Tyler Durden
    Sun, 08/28/2022 – 18:30

  • "Zero Hour Approaches": NASA To Launch Most Powerful Rocket To Moon
    “Zero Hour Approaches”: NASA To Launch Most Powerful Rocket To Moon

    NASA’s most massive rocket, the Space Launch System (SLS), is slated for a Monday morning launch from Kennedy Space Center in Florida that will propel an Orion capsule on a month-long journey around the moon. 

    SLS is set for the 0833 ET launch from Pad 39B at Kennedy Space Center, with a two-hour launch window. In the event of weather or technical issues, NASA will reschedule the launch for Sept. 2 and Sept. 5.

    SLS sitting on pad. Source: Maxar

    “As our zero hour approaches for the Artemis generation, we do have a heightened sense of anticipation, and there is definitely excitement among the team members,” Mike Sarafin, NASA’s Artemis 1 mission manager, told reporters on Saturday, quoted by Space.com. 

    “We’ve noticed that the overall mood and focus within the team is definitely positive,” Sarafin said. 

    “Buckle up, everybody. We are going to the moon,” Jacob Bleacher, chief exploration scientist for NASA’s Human Exploration and Operations Mission Directorate, said. 

    The SLS rocket is a monstrous 322 feet tall. It has 15% more thrust than the Saturn V rockets used in the Apollo program for human exploration of the moon more than half a century ago. 

    “This is a very risky mission … a lot things that could go wrong during the mission in places where we may come home early, or we may have to have to abort to come home,” said Jim Free, NASA’s associate director for exploration systems development.

    The first of the Artemis missions will fly the uncrewed spacecraft around the moon in a 42-day mission. Onboard will be an array of sensors to collect data on what astronauts will experience in future moon trips. 

    If all goes well, NASA will conduct Artemis 2 mission sometime in 2024, sending four astronauts on a flyby mission around the moon. Then by 2025, Artemis 3 mission would allow for the first crewed moon landing on the moon. 

    Tyler Durden
    Sun, 08/28/2022 – 18:00

  • Fauci's COVID Disaster: A Summary
    Fauci’s COVID Disaster: A Summary

    Authored by Ian Miller via Brownstone Institute,

    News that Dr. Anthony Fauci is finally leaving his post after what seemed like an endless reign at the helm of the National Institute of Allergy and Infectious Diseases should be a time for celebration.

    But it’s not.

    Fauci has caused such tremendous damage throughout the past few years that it’s almost impossible to comprehend.

    In nearly every area of life in the United States, as well as in many other parts of the world, Fauci’s influence has been a key contributor to massive amounts of human suffering.

    Fauci inexplicably had particular ire for children.

    Long after it was abundantly clear that closing schools had no significant health benefit, Fauci continued to support shutdowns and restrictions on normal life for millions of children at little to no risk from the virus.

    His capacity for outright political advocacy and activism has been breathtaking to behold and contributed to the extreme collapse of trust in public health “experts” and authorities.

    So it seems worth revisiting some of the greatest hits of Fauci’s reign of incompetence. 

    Unmasked is entirely reader supported. Paid subscriptions allow the work to continue in this format, and any readership is greatly appreciated.

    Masks

    Perhaps one of Fauci’s biggest and most dramatic failings has been on masks.

    Early on, he famously opined on 60 Minutes that he was confident that masks didn’t work, that they might only block “a droplet or two,” but didn’t provide the protection people thought they did.

    He then confirmed the same information to people privately asking for advice on whether they should wear masks when traveling.

    He later absurdly claimed that his initial comments were made out of a desire to protect supply for healthcare workers. Except, of course, healthcare workers would never wear the types of cloth masking that Fauci and his allies at the CDC were recommending.

    Not to mention that his claim is made even more ridiculous by the fact that he told people privately not to wear masks.

    Had he believed they worked but wanted to protect limited availabilities, he could have easily told those who asked to wear a mask without jeopardizing any large scale supply for hospital workers.

    Of course, that’s not what he did.

    His claim that masking would lower transmission and would demonstrate clearly beneficial results compared to areas that didn’t mask has been proven false repeatedly:

    Well after it had been confirmed, by copious amounts of data, that masks don’t work, Fauci continued to advocate for universal masking. 

    Even today, he’s remained completely steadfast that masks work, despite the conclusive evidence to the contrary.

    Recently, after his incessant mask-wearing was completely ineffective at preventing him from being infected with the virus, Fauci continued to recommend people wear masks while lying about their effectiveness, saying they were “recommending people when they are in indoor congregate settings to wear a mask.”

    “Those are simple, doable things that can help prevent us from having even more of a problem than we’re having right now.”

    Just like the mask mandates during winter 2021-2022 were able to prevent the spread of the virus, right?

    Lockdowns

    The incomprehensible amount of lying that Fauci has done over the past few years extends past masks to lockdowns and business closures and capacity restrictions.

    Fauci now claims that he never said to lock down the country. 

    Except, of course, that’s exactly what he said on the record in 2020:

    In September of 2020, Fauci claimed that states like Florida that reopened were “asking for trouble,” while praising New York for having one of the “best” responses.

    Almost immediately afterwards, hospitalizations in California and New York shot past Florida with businesses closed, capacity restricted, and universal masking.

    His bewildering lack of awareness is bad enough, but even as late as 2021, long after lockdowns and business closures were disproven, he continued to suggest that areas that reopened were engaging in extremely risky behavior by going against his dictates.

    The headline of a story out of Jacksonville in April 2021 read: “Fauci: Opening Florida for business as COVID-19 variants surge a ‘risky proposition.’”

    Just a few months prior to this remark, he had pointedly criticized Florida for reopening, only to see other states that followed his advice have significantly worse results. 

    You’d think that being proven wrong would create some humility, uncertainty, and willingness to admit mistakes.

    But that’s not what Dr. Fauci does. 

    Instead, he doubled down, and said that Florida reopening in April 2021, months after vaccines had been available, was “risky.”

    Except that California reported significantly higher rates of age-adjusted COVID mortality than Florida for all of the first and second quarters of 2021, with mask mandates and capacity limits for part of that time frame:

    He pulled the same thing nationally, claiming inaccurately that the country would risk a new surge due to “relaxed” restrictions and new variants:

    Remember too that Fauci claims to be the singular representative of “science.” If this is what “science” is, it clearly doesn’t deserve the respect it’s been given.

    Of course, even into this year, Fauci is defending his recommendations, all evidence to the contrary, while denying that lockdowns, which permanently harmed tens of millions of people, didn’t irreparably damage anyone:

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

    Children

    Perhaps Fauci’s most damaging recommendations were related to schools. 

    Jordan Schachtel compiled perhaps the best timeline of his advocacy to keep schools closed or excuse those who wanted to keep them closed. 

    In his capacity as a masking fanatic, Fauci’s also promoted school masking, saying children over 2 should be forced to mask in school if local officials decided it was necessary. 

    No matter how many times masking in schools is disproven, he’ll never admit these statements were baseless nonsense.

    Between school closures and forced masking, the damage he’s caused to children is quite literally incalculable.

    Vaccinations

    There’s also his incomparable track record of inaccuracies on what the vaccines would do.

    Among many other issues, his prediction that reaching certain levels of vaccination would eliminate the potential for future surges was, like everything else he’s done, almost immediately proven wrong.

    His failures in this area are endless.

    Obviously this is nowhere close to a comprehensive list of the incomprehensible stupidity that Fauci’s demonstrated over the past few years. A full list would require a book, or several books to chronicle.

    His incompetence, hubris, awe-inspiring ego and commitment to being wrong in every possible circumstance is quite literally incomparable.

    The tremendous amount of flip-flopping and backtracking to defend his prior ineptitude is continuously defended by Fauci as “The Science™” changing.

    Except the CDC guidelines he continuously defended and promoted were never based on changing science, as evidenced by the fact that they never ran high-quality randomized controlled trials to justify their decision-making.

    “Science” can’t change when one of the key tenets of it, evidence-based recommendations, was never updated.

    But that didn’t matter to Fauci. What mattered is endless media appearances, praise from the left, and maintaining a veneer of infallibility propped up by a fawning press.

    While it might be tempting to think that this retirement will signal a dramatic shift in thinking about COVID at a federal level, that seems far too optimistic.

    As with everything else COVID-related, the Biden Administration has committed to ensuring that whoever replaces outgoing officials will be even worse. Ashish Jha and Rochelle Walensky are shining examples.

    At the very least, there’s a glimmer of hope that Fauci will still be called before Congress and be held accountable for the damage he’s caused and for his blatant, world-altering agenda.

    *  *  *

    Originally posted at Ian Miller’s ‘Unmasked’ Substack,

    Ian Miller is the author of “Unmasked: The Global Failure of COVID Mask Mandates.” 

    Tyler Durden
    Sun, 08/28/2022 – 17:30

  • Belgian F1 Fans Stunned By Man Flying Over Track; Could This Be Mysterious 'Jetpack Man'?
    Belgian F1 Fans Stunned By Man Flying Over Track; Could This Be Mysterious ‘Jetpack Man’?

    Formula One fans were stunned ahead of Saturday’s qualifying session for the Belgian Grand Prix when a man on a flying device flew at a low altitude over the track at a high rate of speed. 

    ESPN F1 tweeted someone just flew over the circuit. The ten-second video shows the man on what appears to be a flyboard traveling very fast above the track, keeping up with a single-seater formula racing car. 

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

    UK newspaper Daily Express said the man operating the flyboard was French inventor Franky Zapata. He said:

    “I’ve done a lot of challenges from zero to 400 metres or with a u-turn. This is an area in which I feel comfortable with the flyboarder. 

    “It accelerates very fast and turns very well. On the other hand, over long distances, such as here, with a very huge top speed, I don’t go beyond 200m/h. So it can be complicated. It’s always a pleasure to fly here. I love flying on F1 circuits.The view is amazing. 

    “Of course I don’t have much time to admire the view. I have to stay focus on my turns. The flyboarder requires a lot of concentration. But the circuit is magnificent, the scenery is exceptional.”

    Other fans at the Belgian GP captured video of Zapata flying above the racetrack. 

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

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

    Zapata’s company develops and manufactures flyboards and jetpacks — some are capable of 125 mph and altitudes of nearly 10,000 feet.

    The question remains if Zapata’s technology is the same being used in Los Angeles after commercial airline pilots have observed what they believe is a man with a jetpack. It was only June when a pilot approaching Los Angeles International Airport spotted “an object that might have resembled a jetpack.” FAA is still mystified about the numerous sightings and has no explanation. 

    Tyler Durden
    Sun, 08/28/2022 – 17:00

  • Denver Public Schools Show Video Telling Kids To Avoid Police "As Perpetrators Of Violence"
    Denver Public Schools Show Video Telling Kids To Avoid Police “As Perpetrators Of Violence”

    Authored by Jonathan Turley,

    There is a controversy in the Denver Public School system as students were shown a video telling them not to call police if they see a violently racist or homophobic incident because police are perpetrators of such violence.

    What is particularly shocking, however, was the response of the school district to the showing of this insulting and dangerous film.

    The district said that nobody at Denver South High School actually watched the video before showing it to the students under their charge.

    The video titled “Don’t be a Bystander: 6 Tips for Responding to Racist Attacks,” tells students what to do if they see a racial attack. It states that “in our current political moment, White supremacists and White nationalists have been emboldened, and as a result, public attacks are on the rise.”  It then gives tips on what to do including do “not call the police” because it “escalates, rather than reduces” violence.  It explains “[b]ecause police have been trained to see people of color, gender-nonconforming folks, and Muslims as criminals, they often treat victims as perpetrators of violence. So, if the victim hasn’t asked you to call the police, do not — I repeat, do not — call the police.”

    It is a dangerous message for children not only in getting them to view police as threats but not to report racial incidents to the police to allow rapid intervention.

    What really stood out, however, was this line in the coverage:

    “A district spokesperson told Fox News Digital the video was chosen because of its title and theme, but no one viewed the video before it was shown to students.”

    This makes “the dog ate my homework” look perfectly credible. I am not sure which is worse: watching and assigning the video or assigning a video without watching it. Notably, to download the video from YouTube, the school official would have seen this description directly under the video:

    Barnard Center for Research on Women

    Created by BCRW and members of Project NIA, this video offers an abolitionist approach to bystander intervention that does not rely on the police.

    We have all been burned by videos in social media where you think you are sending a funny or relevant video but fail to watch the whole thing to spot foul or offensive content. However, posting a video for school children to see is a bit different from an errant tweet.

    It hardly conveys the seriousness of this anti-racism program that the teachers do not even watch the videos being assigned or posted.

    The school district offered little beyond a shrug and did not indicate any degree of discipline for the posting of this offensive video.

    There is also little response from the Barnard Center for Research on Women which posted the video to YouTube in 2017. It has posted this video for years.  The group’s website displays a series of posts on abolition and “Defund the Police” measures.

    Tyler Durden
    Sun, 08/28/2022 – 16:30

  • Rockefeller Foundation Wants Behavioral Scientists To Come Up With More Convincing COVID Vaxx Narratives
    Rockefeller Foundation Wants Behavioral Scientists To Come Up With More Convincing COVID Vaxx Narratives

    In yet another sign that the covid vaccination agenda of globalist institutions did not do quite as well as they had originally hoped, the Rockefeller Foundation has revealed that it (along with other non-profits) has been pumping millions of dollars into a behavioral science project meant to figure out why large groups of people around the world refuse to take the jab.

    The “Mercury Project” is a collective of behavioral scientists formed by the Social Science Research Council (SSRC), a non-profit group which receives considerable funding from globalist organizations and governments.  The stated goals of the project are rather non-specific, using ambiguous language and mission statements.  However, the root intentions appear to be focused on using behavioral psychology and mass psychology elements to understand the global resistance to the recent covid compliance efforts.

    Mercury groups will be deployed in multiple nations and regions and will study vaccine refusal and the medical “disinformation” that leads to it.  They are operating with the intent to tailor vaccination narratives to fit different ethnic and political backgrounds, looking for the key to the gates of each cultural kingdom and convincing them to take the jab.  

    The Rockefeller Foundation and the SSRC note:

    “Following the characterization of inaccurate health information by the U.S. Surgeon General as an “urgent threat,” and by the World Health Organization as an “infodemic,” the SSRC issued a call for proposals to counter the growing global threats posed by public health mis- and disinformation and low Covid-19 vaccination rates, and received nearly 200 submissions from around the world.

    …With Covid-19 prevalent and rapidly evolving everywhere, there is a pressing need to identify interventions with the potential to increase vaccination take-up.”

    The SSRC and the Mercury Project are not only receiving funding from foundations, but also government based institutions.  In June of 2022 the Mercury Project received another $20 million from the National Science Foundation, which claims to be an “independent” agency of the United States government.  Meaning, fabricating effective covid propaganda is becoming a money train for the small groups of behavioral researchers and psychologists that jump onboard.

    The purpose of the NSF partnership with the Mercury Project is outlined on the SSRC website:

    “This innovative partnership will support research teams seeking to evaluate online or offline interventions to increase Covid-19 vaccination demand and other positive health behaviors, including by targeting the producers and/or consumers of inaccurate health information and/or by increasing confidence in reliable health information.”

    The Mercury Project lists these bullet points as their focus:

    “Funded projects will provide evidence about what works–and doesn’t–in specific places and for specific groups to increase Covid-19 vaccination take-up, including what is feasible on the ground and has the potential to be cost-effective at scale. Each of the 12 teams will have access to findings from the other teams while exploring interventions including, but not limited to:

    Conducting literacy training for secondary school students in partnership with local authorities to help students identify Covid-19 vaccine misinformation.  

    Equipping trusted messengers with communication strategies to increase Covid-19 vaccination demand.

    Using social networks to share tailored, community-developed messaging to increase Covid-19 vaccination demand.”

    In other words, their focus is propaganda, propaganda and propaganda.  The very basis of the existence of the Mercury Project presupposes that individuals cannot be trusted to make up their own minds about the information they are exposed to, and that they must be molded to accept the mainstream narrative.  It also presupposes that mainstream or establishment information is always trustworthy and unbiased.     

    The widespread non-compliance against covid vaccination mandates despite extensive government pressure is perhaps one of the most underappreciated events of the past century.  It is likely the reason why political elites and the corporate media went from a non-stop fear campaign against the public to almost no mention of covid within a matter of weeks.  It was as if the populace was being put through two years of waterboarding and then one day the torture simply stopped without explanation.

    If vaccine passport laws had been implemented through western nations on the scale that governments and globalists were demanding, then the last vestiges of personal freedom would now be erased permanently.  All individual rights would become privileges granted by authorities and contingent on your submission to whatever covid booster shots or medical procedures happen to be in vogue at the time.  Think about it:  If they had gotten what they wanted, the west would look exactly like China does right now, or worse, with no economic participation without an up-to-date covid pass.    

    And, the threat still lingers.  Why the Mercury Project feels the need to compose vaccine propaganda for a virus with a mere 0.23% median Infection Fatality Rate is not explained.  And, if vaccination numbers from agencies like the CDC are accurate, then the population has already achieved herd immunity anyway (perhaps their numbers are not accurate?).  Why are globalist groups so obsessed with 100% vaccination for covid?  This is never explained.  

    They will say it’s all about saving lives, but if only 0.23% of people on average are at risk regardless of whether they are vaccinated or not, then public health is not really a believable explanation.  It would seem that the Mercury Project’s purpose is more about influencing people to vaccinate despite the science rather than in the name of science. 

    Tyler Durden
    Sun, 08/28/2022 – 16:00

  • Federal Judge Indicates Intent To Appoint Special Master For Mar-a-Lago Document Review
    Federal Judge Indicates Intent To Appoint Special Master For Mar-a-Lago Document Review

    Authored by Jonathan Turley via jonathanturley.org,

    Since the start of the controversy over the Mar-a-Lago raid, I have called for the release of a redacted affidavit and the appointment of a special master to sort through the seized material, including alleged attorney-client privileged material. Indeed, I felt that this was one of the four failures of Attorney General Merrick Garland in not taken proactive steps to assure that public that this was not a pretextual raid to collect sensitive material for other investigative purposes. Now, District Judge Aileen Cannon has indicated an intent to make such an appointment. It was a belated request from the Trump team but, as I wrote yesterday, it would still have considerable value in the case.

    Judge Cannon filed an order Saturday morning that “The Court hereby provides notice of its preliminary intent to appoint a special master in this case.”

    Such an appointment should have been done before the Justice Department reviewed the material. The Department sought a ridiculously broad search warrant and Magistrate Paul Reinhart simply signed off on the order without considering the wide array of privileged material that could be seized. It adopted language so broad that it was the legal version of Captain Jack Sparrow’s “Take what you can … Give nothing back.” It allowed the seizure of any box containing any document with any classification of any kind — and all boxes stored with that box. It also allowed the seizure of any writing from Trump’s presidency.

    However, a special master could still serve the same interests of transparency and legitimacy. The special master could divide these documents in classified material, unclassified but defense information, and unclassified material outside of the scope of the alleged crimes. The last category would then be returned.

    That accounting could also offer basic descriptive information on the material without revealing their precise content or titles. The special master could describe material as related to national defense or nuclear weapons (as was previously leaked government sources). The government has already leaked that there was nuclear weapons material being sought. Confirming such general details can be done without giving details on the specific information or even titles for the documents to protect national security. In national security cases, including cases where I have served as counsel, such indexes and summaries are common.

    Once again, as with the release of the redacted affidavit, Garland could have taken these steps to assure the public that the Department was not acting for political or improper purposes — or using excessive means to achieve those goals. He has refused every opportunity to do so while chastising those who question the integrity of his Department.

    The release of the redacted affidavit shows that what Garland and his Department told the public was untrue about the inability to release a redacted affidavit without endangering the case or national security. As discussed yesterday, the redacted affidavit confirmed various key points on the legal and factual background. After opposing the release of even a single line, the government released whole pages that were manifestly suitable for public disclosure.

    Once again, Garland waited to be forced to take this step rather than act on his own to address widespread concerns. His department has a documented history of officials misleading courts and filing false material in Trump-related investigations. This is yet another example of how Attorney General Garland has done little to earn the trust of almost half of the country. In this and other controversies, he has demanded respect but refused to take even modest measures to justify it.

    Tyler Durden
    Sun, 08/28/2022 – 15:30

  • Russian Diamonds Flow Back On Global Market As Western Sanctions Fail
    Russian Diamonds Flow Back On Global Market As Western Sanctions Fail

    The U.S. and its Western allies have unleashed a barrage of economic sanctions to punish Russia for its invasion of Ukraine. A critical element in that strategy is to limit Russian exports of commodities, such as crude oil to diamonds, to cause maximum economic pain in Moscow. Though the strategy has backfired as Russia’s oil revenues soar, the diamond trade is the latest export to be revived near pre-war levels. 

    Bloomberg reported that Russian mining giant Alrosa PJSC ramped up its diamond exports to near pre-Ukraine invasion levels. 

    Readers may recall the +$80 billion industry diamond industry was thrown into chaos earlier this year when the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) hit Alrosa with sanctions, reducing 30% of the world’s rough stones supplies. 

    Alrosa is one of the world’s largest diamond miners, responsible for 90% of Russia’s rough stone output. OFAC’s sanctions on the miner resulted in all of its clients and other counterparties immediately halting transactions in early April. 

    By late April, we noted that Russian rough stone supplies had stopped flowing to Surat, India, the mecca of diamond cutting and polishing. We pointed out that traders and manufacturers were searching for workarounds due to OFAC’s sanctions disrupting payments via Indian banks to Alrosa. 

    So fast forward to late August, and Alrosa is back, selling more than $250 million of diamonds a month, which is approximately $50 to $100 million below pre-war levels. It appears Indian banks have figured out ways to bypass OFAC’s sanctions and are “more comfortable with how to facilitate transactions in currencies other than U.S. dollars,” Bloomberg said. 

    “There is no indication that any sales have breached sanctions or laws. But there is still a widespread unease about the implications of dealing in Russian goods,” Bloomberg noted. 

    The return of one of the world’s top diamond producers is another sign that Western sanctions against Russia are failing. Six months after the invasion, Russia’s economy has yet to nosedive and implode, though sanctions entirely backfired on Europe amid energy hyperinflation and mounting recession risks. 

    The biggest takeaway is that Russia and the rest of the world are finding workarounds to the Western economic blockade, which shows the era of America’s unipolar world order is nearing its end.  

    Tyler Durden
    Sun, 08/28/2022 – 15:00

  • DeSantis' Campaigning Could Influence Midterms And Beyond
    DeSantis’ Campaigning Could Influence Midterms And Beyond

    Authored by Todd Carney via RealClear Florida,

    Florida governor Ron DeSantis made headlines for agreeing to campaign for Republican candidates, including some controversial ones whom the Republican establishment has abandoned – Pennsylvania gubernatorial nominee Doug Mastriano, Arizona senatorial nominee Blake Masters, and Arizona gubernatorial nominee Kari Lake. Perhaps DeSantis is campaigning for these candidates to build support for his likely 2024 presidential bid. Even if that’s the case, DeSantis’s campaign efforts could help the Republican Party in 2022 and beyond.

    Lake and Mastriano matter because Arizona and Pennsylvania will be swing states in 2024. Much of the 2020 voting disputes occurred in states with Democratic governors. Lake and Mastriano are the only people standing between Democratic control of the governorships of Arizona and Pennsylvania. If Masters wins his Senate race in Arizona, it would be hard to imagine Democrats holding onto control of the chamber. And the 2024 Senate map looks very promising for Republicans.

    Only in recent years have major parties run candidates with good chances of winning their races but whom many leaders in the party refuse to support. Donald Trump, on the other hand, has already endorsed Lake, Mastriano, and Masters, and helped them get their nominations. Trump still stands strong in the 2024 Republican presidential primary polls, at 51 percent support, giving him about a 28 percent lead over his nearest competitor, DeSantis.

    But Trump’s standing among Republicans and GOP-leaning independents is diminished. If a portion of the 49 percent of Republicans who do not want Trump for president also feel skeptical about candidates like Lake, they will need some more convincing to vote for these Trump-like candidates. This is where DeSantis’s endorsements matter.

    While DeSantis and Trump account for the choices of about 75 percent of the GOP electorate, Senator Ted Cruz, former Vice President Mike Pence, former United Nations Ambassador Nikki Haley, and a few others account for the other 25 percent. Some of these politicians represent radically different wings of the GOP than DeSantis or Trump – so the Trump-like candidates might need some of the other potential 2024 candidates to endorse them more than they need support from DeSantis or Trump.

    Many Republicans are feeling confident about 2024, given that President Joe Biden’s reelection chances (if he runs) don’t look particularly good. But win or lose, Biden has two years left in his term, so how Republicans perform in the 2022 midterms will determine how much of his agenda they can block. Moreover, the midterm results could set the stage for a Republican presidential candidacy and administration. In the last few cycles, politicians on both sides have forgotten that. Ron DeSantis has not, and this likely bodes well for his future ambitions.

    Todd Carney is a lawyer and frequent contributor to RealClearPolitics. He earned his juris doctorate from Harvard Law School. The views in this piece are his alone and do not reflect the views of his employer.

    Tyler Durden
    Sun, 08/28/2022 – 14:30

  • US Sends Two Warships Through Taiwan Strait In 1st Since Pelosi Visit
    US Sends Two Warships Through Taiwan Strait In 1st Since Pelosi Visit

    The US Navy has sent two warships through the Taiwan Strait on Sunday, in a significant first sail through since House Speaker Nancy Pelosi’s provocative visit to Taiwan early this month.

    The guided-missile cruisers USS Antietam and USS Chancellorsville traversed “through waters where high seas freedoms of navigation and overflight apply in accordance with international law,” according to the US 7th Fleet in Japan.

    USS Chancellorsville file image, via US Navy

    Calling the transit “ongoing,” the statement emphasized “no interference from foreign military forces so far” – which is a concern given the heavy PLA naval presence in waters off Taiwan this month, also given repeat Chinese breaches of the median line by air and sea.

    “These ships (are transiting) through a corridor in the strait that is beyond the territorial sea of any coastal state. The ships’ transit through the Taiwan Strait demonstrates the United States’ commitment to a free and open Indo-Pacific. The United States military flies, sails, and operates anywhere international law allows,” the 7th Fleet statement continued.

    The Pentagon previewed the sail through pf the strait, announcing over a week ago that the Navy is preparing to do such amid Chinese warnings, but didn’t specify a date.

    Eastern Theater Command slammed the “provocation” and said it is actively monitoring the US vessels. 

    “Troops of the (Eastern) Theater Command are on high alert and ready to foil any provocation at any time,” a spokesperson for the People Liberation Army’s Eastern Theater Command said.

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    The White House has accused Beijing of using the early August Pelosi visit to manufacture a crisis. Chinese state media had at the same time expressly stated the PLA drills were a “rehearsal” for forced reunification.

    For now, it looks like Congressional delegations to the self-ruled island, in some instances led by some of the most outspoken anti-China hawks, will continue unabated, given a Thursday-Friday trip by Senator Marsha Blackburn marked the fourth US delegation trip in under a month.

    Tyler Durden
    Sun, 08/28/2022 – 14:00

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