Sep 26

Today’s News 26th September 2024

  • FBI Claims It Doesn't Have DNC's Jan. 6 Pipe Bomb Footage
    FBI Claims It Doesn’t Have DNC’s Jan. 6 Pipe Bomb Footage

    Authored by Ken Silva via HeadlineUSA.com,

    The FBI has claimed that it doesn’t have the Democratic National Committee headquarters’ security footage from the Jan. 6, 2021, Capitol Hill uprising—footage that would presumably show the discovery of a pipe bomb that was allegedly planted outside the DNC the night before.

    The FBI’s admission was revealed in a Friday letter from Homeland Security Inspector General Joseph Cuffari to Rep. Thomas Massie, R-Ky. In that letter, Cuffari said he asked the FBI to review the DNC security videos from Jan. 6—but was told that the bureau doesn’t have that footage.

    “On March 18, 2022, the FBI informed DHS OIG that it did not have any video footage from January 6, 2021,” Cuffari told Massie.

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    The letter to Massie was revealed Tuesday, the same day Revolver News published a report suggesting that the DNC pipe bomb footage was tampered with. Revolver reported that an unnamed DHS-OIG official viewed the DNC footage, and said that the footage clearly shows the pipe bomber planting a device on the evening of Jan. 5—something that the footage released by the FBI to the public doesn’t show.

    Revolver also reported that the DHS-OIG official had to go to the DNC to view the footage—raising questions about why the FBI doesn’t have video of one of the most significant crimes from the whole Jan. 6 fiasco.

    “We can only conclude that either the FBI is lying and did have footage, or they’re telling the truth and for some reason deleted the footage,” Revolver wrote on Tuesday.

    Meanwhile, Vice President Kamala Harris continues to be tight-lipped on the subject, despite the fact that her motorcade drove past the DNC pipe bomb on Jan. 6. Harris left the Capitol at 11:21 a.m. arrived to the DNC at 11:25 a.m., but the nearby pipe bomb wasn’t discovered until 1:07 p.m. by a plainclothes Capitol Police officer.

    Some J6 researchers argue that Harris’s silence on the issue suggests that the U.S. government is engaging in a coverup with the pipe bomb case—perhaps because a government asset planted the bombs, or for some other unknown reason. On Tuesday, Massie raised that possibility again.

    “It’s almost as if they don’t want to know. Can you rule out that there were any confidential human sources involved in the whole pipe bomb thing?” Massie asked DOJ Inspector General Michael Horowitz.

    Horowitz said he didn’t “recall” whether any government assets were involved, but he’d have to go back and refresh his memory. Massie then called for answers on the matter before Election Day.

    Tyler Durden
    Thu, 09/26/2024 – 10:15

  • Pending Home Sales Limp Off All-Time Record Lows In August
    Pending Home Sales Limp Off All-Time Record Lows In August

    Despite tumbling mortgage rates and surging mortgage applications, pending home sales in the US rose just 0.6% MoM in August (less than the 1.0% MoM expected jump back from the 5.5% plunge in July).

    Source: Bloomberg

    Pending home sales were down 4.3% YoY (and have not been positive on a YoY basis since Nov 2021).

    That lifted the pending home sales index just off its all-time record lows…

    Source: Bloomberg

    “A slight upward turn reflects a modest improvement in housing affordability, primarily because mortgage rates descended to 6.5% in August,” NAR Chief Economist Lawrence Yun said in a prepared statement.

    “However, contract signings remain near cyclical lows even as home prices keep marching to new record highs.”

    Across the US, pending sales rose in the Midwest, South and West, but the Northeast index fell to its lowest point since the start of the pandemic in 2020.

    Pending-homes sales tend to be a leading indicator for previously owned homes, because houses typically go under contract a month or two before they’re sold.

    credittrader
    Thu, 09/26/2024 – 10:08

  • MSNBC Host Defends Harris' Idiot Non-Answer Over Inflation
    MSNBC Host Defends Harris’ Idiot Non-Answer Over Inflation

    MSNBC host Stephanie Ruhle is defending Vice President Kamala Harris for transparent idiocy after a preview clip of their interview aired on Wednesday.

    In the pre-recorded interview, Ruhle pressed Harris over where she would “get the money” to fund her economic proposals if Republicans on Capitol Hill block her plan to raise corporate tax rates.

    “Do you still go forward with those plans and borrow?” Ruhle asked, to which Harris couldn’t formulate a cogent reply.

    “But we’re gonna have to raise corporate taxes,” said the VP. “We’re going to have to make sure that the biggest corporations and billionaires pay their fair share. That’s just it. It’s about paying their fair share.”

    Watch:

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    That wasn’t the only unscripted idiocy (though we’re guessing she had these questions in advance – the softest of softballs)… As modernity.news notes, Harris has nothing going on upstairs.

    At one point, Ruhle asked Harris why so many Americans “don’t see themselves in your plans,” to which Harris responded with a word salad about “the spirit and character of the American people,” before blathering on about her childhood.

    Elsewhere, Harris attacked Trump, saying “he’s just not very serious about how he thinks about some of these issues,” adding “And one must be serious and have a plan, and a real plan that’s not just about some talking point.”

    Here’s the kicker – when Ruhle spoke with fellow MSNBC host Chris Hayes, she defended Harris’ non-answers.

    “One could watch that and say ‘well, she didn’t give a clear, direct answer’ – that’s okay. Because we are not talking about clear or direct answers.”

    Watch:

    Meanwhile, Mark Cuban insists the mainstream media ‘leans right.’

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    Tyler Durden
    Thu, 09/26/2024 – 09:50

  • Final Q2 GDP Beats Estimates On Inventory, Government Boosts; Second Half 2023 Revised Lower
    Final Q2 GDP Beats Estimates On Inventory, Government Boosts; Second Half 2023 Revised Lower

    Nobody will care about today’s final revision of the Q2 GDP print for the simple reason that the quarter ended almost exactly three months ago, and from a fundamental standpoint, the only number that matters now is the third quarter, which will be unveiled in a few weeks time. What matters more is that as noted last night, today’s annual update for the National Economic Accounts, which include the National Income and Product Accounts (NIPAs) and the Industry Economic Accounts (IEAs). The update includes revised estimates for the first quarter of 2019 through the first quarter of 2024 and resulted in revisions to GDP, GDP by industry, GDI, and their major components.

    We will dig into that in a second, but first, a quick scan on what the Bureau of Economic Analysis reported for its final Q2 GDP estimate: Q2 GDP (final estimate) grew 3.0%, unchanged from the second estimate and higher than the 2.9% consensus estimate.

    The second quarter primarily reflected increases in consumer spending, inventory investment, and business investment. Imports, which are a subtraction in the calculation of GDP, increased.

    • The increase in consumer spending reflected increases in both services and goods. Within services, the leading contributors to the increase were health care, transportation services, and housing and utilities. Within goods, the leading contributors to the increase were motor vehicles and parts and furnishings and durable household equipment.
    • The increase in inventory investment was led by increases in retail trade and wholesale trade industries that were partly offset by a decrease in mining, utilities, and construction industries.
    • The increase in business investment primarily reflected an increase in equipment (led by transportation equipment).

    Compared to the first quarter, the acceleration in real GDP in the second quarter primarily reflected an upturn in inventory investment and an acceleration in consumer spending that were partly offset by a downturn in housing investment.

    Taking a closer look at the components we find the following breakdown:

    • Personal Income contributed 1.90% of the bottom line 3.00% GDP print, down from 1.95% in the second estimate
    • Fixed Investment also contributed less than expected, or 0.42%, vs the 0.53% previous estimate
    • The change in private inventories was a big boost, and in the final revision it added 1.05% or over a third of the bottom line GDP print, up from 0.78% estimated previously
    • Net trade (exports less imports) ended up being a bigger detractor from the bottom line print, subtracting 0.89%, vs 0.77% previously.
    • Finally government, that staple of the Biden administration, contributed more than initially expected, adding 0.52% to the bottom line GDP, up from 0.46%.

    In summary, today’s print was a nothingburger. What was more important was the data revisions to historical prints, starting in Q1 2019 and going through Q4 2023 and which according to Goldman would wipe out as much as 0.4% to GDP. So what did the data show?

    Well, as shown in the pre/post revisions chart below, there was certainly notable revisions to GDP prints, especially in the second half of 2023, where Q3 GDP was cut from 4.9% to 4.4%, and Q4 was trimmed from 3.4% to 3.2%, yet previous quarters were unexpectedly revised higher, starting with Q4 2022 and rhough Q2 2023. Also notable is that much of 2020 and 2021 were revised higher as the BEA now sees a stronger rebound from the covid shock. Lastly, what was amusing, is that the BEA decided to revise the Q2 2022 GDP print from negative (-0.6%) to positive (0.3%) effectively voiding the technical recession that took place in the first half of the year when GDP contracted for two consecutive quarters.

    In short: yes, there were downward revisions, but these were interspersed with a bunch of upward revisions by the BEA, which means that GDP remains quite meaningless as an indicator. And how could it be otherwise, when the Fed just started its most aggressive easing cycle after a quarter in which the US economy allegedly grew 3%.

    Tyler Durden
    Thu, 09/26/2024 – 09:35

  • Netanyahu Orders Military To Fight Hezbollah At 'Full Force', Rules Out Ceasefire
    Netanyahu Orders Military To Fight Hezbollah At ‘Full Force’, Rules Out Ceasefire

    Despite optimistic Wednesday headlines from US media touting a White House push for ceasefire between Israel and Hezbollah, there proved no substance to the reports, given just a day later Israel has rejected the proposals for a ceasefire in Lebanon.

    “There will be no ceasefire in the north,” Foreign Minister Israel Katz announced on X. “We will continue to fight against the Hezbollah terrorist organization with all our strength until victory and the safe return of the residents of the north to their homes.”

    With heavy US diplomatic involvement, Lebanese Prime Minister Najib Mikati expressed hope for soon achieving a ceasefire, following the deaths of at least 550 Lebanese. 

    The United States, the EU, France, the UK and other nations have issued a formal call for an immediate 21-day ceasefire across the Israel-Lebanon border. This came out of intense discussions at the United Nations in New York. But this has been quickly shot down as the situation on the ground continues to slide.

    UN Secretary-General António Guterres has warned that ‘hell is breaking lose in Lebanon’ – according to a Wednesday statement: 

    According to the U.N., nearly 200,000 people in Lebanon had been internally displaced as of yesterday, while more than 60,000 people in northern Israel have also been displaced from their homes.

    “I implore the Council to work in lock-step to help put out this fire,” the U.N. chief told ambassadors as he warned that an all-out war “must be avoided at all costs” and “would surely be an all-out catastrophe.”

    But it increasingly looks like the feared all-out war is already here. Troops of the Israel Defense Forces (IDF) have been rehearsing for a ground invasion.

    All-out war seems already here, given casualty rates and intensity of the exchange of fire:

    The order could come at any moment after Prime Minister Netanyahu said Thursday the military will keep fighting at “full force” – brushing off calls for ceasefire:

    Troops of the IDF’s 7th Armored Brigade have wrapped up a drill simulating a ground offensive in Lebanon, the military says.

    According to the IDF, the drill took place several kilometers from the Lebanon border, and simulated ground operations and combat in “complex and mountainous terrain.” The drill was the latest in a series carried out by the IDF for a potential ground offensive in Lebanon.

    Reuters also confirms of Netanyahu’s commitment on taking the fight to Hezbollah that as he’s heading to New York to address the UN, he “said he had not yet given his response to the truce proposal but had instructed the army to fight on.” Additionally, “Hardliners in his government said Israel should reject any truce and keep hitting Hezbollah until it surrenders.”

    Photo circulating on X of latest Thursday IDF strike on Beirut:

    Currently, Israel says it is hitting Beirut with more ‘precision strikes’. Aerial assaults on the capital have been slowly growing more frequent, as have strikes deep into the Bekaa Valley, where it’s believed Hezbollah stores much ammunition and missiles.

    Several recent attacks on the southern suburbs of Beirut have killed multiple Hezbollah high-ranking commanders, but along with them scores of civilians as well. 

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    Below are some of the latest developments in Lebanon and Gaza via Al Jazeera:

    • Israeli army says it has launched strikes on Beirut with sources saying a Hezbollah commander was the target.
    • The Israeli PM’s office has released a statement on Netanyahu’s X page saying the “news about a ceasefire is not true” and he vows to carry on attacks on Lebanon.
    • On Wednesday, 72 people were killed in the attack across Lebanon as the death toll from Israel’s bombings surpassed 620.
    • Israel has continued its assault across Gaza as well, killing at least 15 Palestinians today.
    • At least 41,495 people have been killed and 96,006 wounded in Israel’s war on Gaza. In Israel, the number killed in the Hamas-led attacks on October 7 is at least 1,139, while more than 200 people were taken captive.

    Intense Bekaa Valley strikes…

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    Tyler Durden
    Thu, 09/26/2024 – 09:35

  • In First Post-Rate-Cut Speech, Fed Chair Powell Doesn't Comment On Monetary Policy
    In First Post-Rate-Cut Speech, Fed Chair Powell Doesn’t Comment On Monetary Policy

    Fed Chair Powell has a chance to express his opinions for the first time after the unexpected 50 basis point rate cut by the US Federal Reserve. Chair Jerome H. Powell will give the Opening Remarks (via pre-recorded video) at the 2024 U.S. Treasury Market Conference, Federal Reserve Bank of New York (at 9:20 am) on September 26.

    Click on the following image to link to the conference (FRBNY requires free registration to stream the feed)…

    Here is the full transcript:

    Hello, everyone, and welcome to the 10th Annual U.S. Treasury Market Conference. “Tenth annual” is a phrase that generates a bit of surprise, and much pride. It is surprising because it does not seem like the first of these gatherings, which I was honored to play a role in organizing, was all that long ago. But the time passed also is something we can take pride in because the conference has persevered for so many years, and I hope will for many more to come.

    Much has changed in the economy since we first gathered in 2015—but the need for discussing and studying the U.S. Treasury market has not. As you all know, this market is the deepest and most liquid in the world. In addition to meeting the financing needs of the federal government, it plays a critical role in the efficient implementation of monetary policy.

    What happened in Treasury markets 10 years ago next month and the subsequent publication of the Interagency Working Group report on those events are what brought us together for the first Annual U.S. Treasury Market Conference.1 That “flash crash” was a wakeup call because we had never seen such a large swing in Treasury prices in such a short period of time. The Interagency Working Group report helped us understand how much the structure of the Treasury market had changed and how large a role high-speed, electronic trading firms were playing in it. It also underscored the value of cooperation and communication between the five agencies in the working group, something that proved again to be vital during the disruptions caused by the COVID-19 pandemic.

    I am pleased to see that all working group members are represented here today. You will be hearing directly from many senior leaders, including your host, President Williams; Vice Chair Barr; and Secretary Yellen, who, of course, was Fed chair at the time of the first conference.

    As I noted when I spoke at this event in 2015, our nation’s entire financial framework has been built around the ability to quickly and efficiently transform Treasury securities into cash liquidity. I said then that “these markets need to keep functioning at a high level, and we all have a stake in making sure that they do.” I remain wholly dedicated to that goal.2

    I wish you a productive and educational conference. I am sorry I am unable to join you in person. The conversations you will have today are important, and I hope we will keep having them. As evidenced by the decade of dedication to this event, I am sure we will.

    So no mention of monetary policy…

    Tyler Durden
    Thu, 09/26/2024 – 09:22

  • "Arm Yourself" – Persecuted Former FBI Specialist Urges Americans To Stock Up On Food And Prepare For Hardship
    “Arm Yourself” – Persecuted Former FBI Specialist Urges Americans To Stock Up On Food And Prepare For Hardship

    Authored by Paul Joseph Watson via Modernity.news,

    A former FBI specialist who was persecuted for questioning January 6 said during a hearing with lawmakers on Capitol Hill that Americans should stock up on food and prepare for hardship.

    Marcus Allen, a former FBI staff operations specialist, told the Judiciary Subcommittee on Weaponization of the Federal Government that he was deliberately targeted by higher ups for asking why there were so many federal informants in the crowd at the Jan. 6, 2021, Capitol riot.

    “The FBI questioned my allegiance to the United States, suspended my security clearance, suspended my pay and refused to allow me to obtain outside employment or even accept charity,” Allen testified

    The feds came down hard on Allen after he sent an email on September 21st, 2021 which his supervisors claimed contained hyperlinks to “extremist propaganda” from “questionable sources”.

    Department of Justice Inspector General Michael Horowitz, who testified alongside Allen, is investigating the FBI’s security clearance and adjudication process, including the targeting of “political conservatives who were seen as loyal to Trump or resistant to COVID-19 vaccine mandates.”

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    “There are no words strong enough to describe the impact the FBI’s lies about me have had on me and my family,” said Allen during an emotional statement.

    “The stress has taken a toll on our health and our children have suffered, traumatized by the thought of our door getting kicked in or Dad not coming home.”

    Allen added even more ominously:

    “This is a warning, to the American people I say.. I personally have no confidence the FBI will reign in its own conduct.”

    However, it was Allen’s final comments that raised many eyebrows.

    The former FBI staffer urged Americans to use their right to vote despite any doubts they may have about election integrity.

    “My other recommendations are in the natural order,” Allen continued, “Arm yourself and know how to defend yourself, make three to four friends in your neighborhood and promise to come to each other’s mutual aid in times of hardship.”

    “And during the great depression, people stocked up their pantry, so I think that’s a good practice especially in our economic times, and make sure you have three to four months of food,” he added.

    Allen also urged Americans to pray and read the bible regularly.

    *  *  *

    Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

    Tyler Durden
    Thu, 09/26/2024 – 09:15

  • Hurricane Helene Becomes 'Nightmare' Storm With 'Unsurvivable' Storm Surge Ahead Of Florida Landfall 
    Hurricane Helene Becomes ‘Nightmare’ Storm With ‘Unsurvivable’ Storm Surge Ahead Of Florida Landfall 

    The National Hurricane Center has upgraded fast-moving Hurricane Helene to a Category 2 storm, with forecasts expecting further intensification to Category 3 or higher before it makes landfall on Florida’s northwestern coast this evening. 

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    Early Thursday, Helene was churning about 350 miles southwest of Tampa, moving north-northeast at 12 mph with maximum sustained winds in excess of 90 mph. 

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    “Helene will make landfall along the Florida Big Bend coast this evening as a Major Hurricane. While exact impacts will be heavily dependent on the track, expect catastrophic wind damage across the Big Bend and into southern Georgia,” NHC wrote in an overnight forecast. 

    “There is a danger of catastrophic and unsurvivable storm surge for Apalachee Bay,” NHC warned. Parts of Florida’s northwestern coast could expect storm surges of up to 20 feet. 

    The National Weather Service office in Tallahassee called the forecasted storm surge for the Apalachee Bay area a “nightmare surge scenario,” warning residents to “Please, please, please take any evacuation orders seriously!”

    So far, Helene’s cone of uncertainty forecast misses critical energy offshore platforms and major refineries in the Gulf area. 

    Tyler Durden
    Thu, 09/26/2024 – 08:55

  • Moderator For VP Debate Tied To Donations For Radical, Pedo-Friendly 'Lincoln Project'
    Moderator For VP Debate Tied To Donations For Radical, Pedo-Friendly ‘Lincoln Project’

    Authored by Ben Sellers via HeadlineUSA,

    The husband of one of the two moderators in next week’s CBS News debate featuring vice presidential candidates J.D. Vance and Tim Walz appears to have made two donations of $250 apiece to the controversial Lincoln Project during the 2020 election.

    Margaret Brennan / IMAGE: Face the Nation via YouTube

    Records from the Federal Election Commission show that Ali “Yado” Yakub, the husband of Face the Nation host Margaret Brennan, contributed on July 2 and Sept. 26 of that year to the anti-Trump super-PAC.

    Screenshot of Ali ‘Yado’ Yakub’s donations in 2020 to the Lincoln Project / IMAGE: FEC.gov

    Voting records confirmed that the address listed was the residence of Yakub, who was registered as a Republican, and Brennan, who was registered as an independent.

    Many have observed that registration offers no indication about political preference, with Democrats during the recent primary—in which President Joe Biden ran largely uncontested—frequently changing their party identification to vote against Trump.

    Yakub also made contributions to ActBlue in 2019, including two that were earmarked for the primary campaign of future Transportation Secretary Pete Buttigieg.

    Headline USA reached out to both Brennan and Yakub by phone and email but received no response.

    The Lincoln Project—founded by high-profile NeverTrump ex-Republicans Rick Wilson, George T. Conway III, Steve Schmidt, Reed Galen, John Weaver and Jennifer Horn—initially appeared to be a sort of principled response by members of the GOP establishment to Trump’s takeover of the party.

    However, it quickly became clear that some of its members were growing increasingly unhinged with Trump Derangement Syndrome.

    The group lost all credibility when, in January 2021, allegations emerged that co-founder John Weaver had engaged in sexual impropriety with young, male staffers and had allegedly solicited boys as young as 14.

    The bombshell led to an exodus of the group’s more influential figures, such as former John McCain campaign chief Steve Schmidt, who had become a registered Democrat the month prior.

    Only two of its charter members—Rick Wilson and Reed Galen—are currently associated with the group, which has grown more radical and outlandish, notoriously engaging in a stunt in which it staged a fake neo-Nazi rally and attempted to blame Trump supporters.

    It also has run ads pushing blatant disinformation, such as attempting to suggest that Trump would monitor and arrest people for attempting to obtain an abortion. Trump has repeatedly emphasized that the issue is now at the state level and will remain so if he is re-elected, while noting that he personally favors exceptions for abortions in a set of specific, narrowly tailored circumstances.

    Moreover, the Lincoln Project has sought to falsely tie Trump to the Heritage Foundation’s Project 2025, which he has repeatedly disavowed and denied any association with. The project launched in April 2023, well before Trump was the presumptive nominee, and was designed as a series of policy proposals for use by whichever candidate prevailed.

    It is unclear whether Yakub’s donations would violate any CBS newsroom ethical policies, many of which would likely apply only to Brennan herself.

    However, CBS News, like many mainstream media outlets, recently amplified attacks on Supreme Court Justice Samuel Alito that suggested the conservative jurist should recuse himself from Trump-related cases due to his wife’s decision to display Revolutionary War-era flags that have been associated with Trump’s “Make America Great Again” movement.

    Consequently, the network may have created at least the reasonable perception of bias by its own standard, particularly if Brennan’s moderation is believed to favor Walz over Vance in the Oct. 1 matchup.

    The revelation of Brennan’s indirect ties to the Lincoln Project via Yakub comes amid lingering sensitivities about moderator bias following reports that ABC News may have colluded with the Kamala Harris campaign in the Sept. 10 presidential debate.

    A whistleblower affidavit alleged that the network agreed to give Harris access to question topics, avoid certain questions and unilaterally “fact check” the statements—many of them verifiably true—of former President Donald Trump.

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    The Senate has pledged to investigate the allegations.

    “The American people deserve transparency and accountability from the mainstream media and full accounting of whether ABC News coordinated with the Harris campaign to skew the debate’s questions and fact-checking in favor of the Vice President,” Sen. Roger Marshall, R-Kansas, wrote in a letter to the network and the Harris campaign last week.

    Like Disney-owned ABC, CBS’s top leadership has been revealed to be loaded with Democrat donors.

    The network has been notorious for its bias in years past, prominently was the subject of Bernard Goldberg’s 2002 book Bias: A CBS Insider Exposes How the Media Distort the News, reflecting on his 30-year career at the network.

    Goldberg declined to speculate on the prospect of bias in the upcoming debate in a text-message to Headline USA.

    “Predictions are hard — especially when they’re about the future,” he wrote. “Yogi [Berra] said that.”

    He likewise deferred in commenting on the current level of bias at his old network.

    “Been away from cbs news for a very long time and would have no valuable insight,” he wrote.

    Another prominent CBS News alumna and well-known media-bias critic, Sharyl Attkisson, was slightly less reluctant.

    “I don’t watch CBS and honestly have no idea about the culture! Almost everybody I knew is gone,” she told Headline USA via text message.

    However, based on her continuing work in the field, she was able to venture her own belief that the ABC whistleblower was correct in saying corporate influences had impacted journalistic integrity over the past decade.

    “I suspect you are correct,” she wrote. “There was a sea change in 2015 time period in which media fairness and accuracy devolved faster than any previous time I know of.”

    Attkisson resigned in 2014 from the network and proceeded to write the best-selling book Stonewalled about her fight against “obstruction, intimidation and harassment” during the Obama era.

    At the time, the president of CBS News was David Rhodes, who was the brother of leading Obama White House propagandist Ben Rhodes.

    She has continued to chronicle the decline of American journalism in two series on her website: “Media Mistakes in the Era of Trump” and “Media Mistakes in the Era of Biden.”

    Ben Sellers is the editor of Headline USA. Follow him at x.com/realbensellers.

    Tyler Durden
    Thu, 09/26/2024 – 08:45

  • Initial Jobless Claims Drop Back Near Multi-Decade Lows
    Initial Jobless Claims Drop Back Near Multi-Decade Lows

    Just a week after The Fed slashed rates by a crisis-like 50bps, initial jobless claims tumbled back towards multi-decade lows (217k)…

    Source: Bloomberg

    Texas and New York saw the biggest drops in initial claims…

    Continuing claims ticked up modestly to 1.834mm Americans…

    Source: Bloomberg

    If claims have any value in reality, then it seems unemployment rates are set to drop further…

    Source: Bloomberg

    Does that look like an economic background that prompts The Fed to almost unanimously decide to cut rates by 50bps?

    Tyler Durden
    Thu, 09/26/2024 – 08:43

  • Oil Prices Slide After FT Report On Saudi Production, Russia Denies OPEC+ Shift
    Oil Prices Slide After FT Report On Saudi Production, Russia Denies OPEC+ Shift

    Is there something about $70 WTI that ‘the powers that be’ are afraid of?

    Source: Bloomberg

    A month ago, Reuters reported, citing the usual anonymous sources, that OPEC+ was set to proceed with a production hike in October. That immediately sent oil prices lower, slamming WTI back below $70. A few days later, Reuters reported the exact opposite – that any October production cuts were likely to be delayed (again citing anonymous sources).

    A month later and overnight we see The FT join the anonymous-source-citing oil-manipulation game as they report, according to people familiar with the country’s thinking, Saudi Arabia is ready to abandon its unofficial price target of $100 a barrel for crude as it prepares to increase output, in a sign that the kingdom is resigned to a period of lower oil prices.

    The FT goes on to report that officials in the kingdom are committed to bringing back that production as planned on December 1, even if it leads to a prolonged period of lower prices, the people said…

    …the kingdom has decided it is not willing to continue ceding market share to other producers, the people said. It also believes it has enough alternative funding options to weather a period of lower prices, such as tapping foreign exchange reserves or issuing sovereign debt, they added…

    …

    The shift in thinking represents a major change of tack for Saudi Arabia, which has led other Opec+ members in repeatedly cutting output since November 2022 in an attempt to maintain high prices.

    Indeed it would be it it turns out to be true.

    The FT ends with some conjecture too…

    A key frustration for Saudi Arabia has been that several members of the cartel, including Iraq and Kazakhstan, have been partially ignoring the cuts by pumping more than their respective quotas.

    Opec secretary-general Haitham Al Ghais visited both countries in August and extracted commitments that they would adjust their future production plans to compensate for past oversupply.

    But Saudi Arabia remains concerned about compliance and could decide to unwind its own cuts faster than planned if either country does not toe the line, one of the people added.

    So is this FT report signaling from Saudis to other OPEC+ members that time’s up for cheating… or just more anonymous source manipulation?

    Notably, this FT headline hit just an hour after China’s Xi promised to save the world with stimulus (which would have sent oil prices dramatically higher).

    “It is necessary to look at the current economic situation comprehensively, objectively and calmly,” the readout said.

    “Face up to difficulties, strengthen confidence, and effectively enhance the sense of responsibility and urgency to do a good job in economic work.”

    As Goldman’s Rich Provorotsky highlights, ceasefire headlines in Lebanon and some progress in Libya have hurt spot oil prices, offsetting the positive China announcements today.

    …the real focus should be on the FT story on Saudi saying they have abandoned their $100 oil target and “officials in the kingdom are committed to bringing back that production as planned on December 1, even if it leads to a prolonged period of lower prices, the people said.”

    If not openly denied by Saudi this is a very big deal for the oil market and I fully expect to see energy stocks to continue their de-rating.

    While the Saudis have not issued a denial (yet), Russia has denied any OPEC+ plans to increase production as Deputy PM (and former energy minister) Alexander Novak told Reuters that “there have been no changes to the plans.“

    Tyler Durden
    Thu, 09/26/2024 – 08:36

  • Global Markets Soar, Gold Hits Record After China Vows Fiscal Policy Bonanza, Micron Surges
    Global Markets Soar, Gold Hits Record After China Vows Fiscal Policy Bonanza, Micron Surges

    Global stocks are soaring after China pledged fiscal stimulus even as traders raised their bets on interest-rate cuts by major central banks (the two are contradictory but who cares). Futures on the S&P 500 climbed 0.8% as US-listed China stocks soared and Micron surged in premarket trading after the company reported stronger than expected earnings and guided higher. As of 8:00am ET, Nasdaq 100 futs jumped 1.5% and the Stoxx 600 index in Europe headed for a record close on the back of what is just shy of China’s “whatever it takes” moment. Treasury yields and the dollar edged lower while oil tumbled for a second day on a report from the FT (which is now doing Reuters’ price manipulation for it) according to which Saudi Arabia was reported to be weighing increasing output, and factions in Libya reached a deal that opens the way to the return of some crude production. Gold soared more than 1% to new all time highs as it prices in all the massive fiscal and monetary stimulus that are coming.

    US-listed Chinese stocks jumped again in premarket trading after China’s top leaders pledged fiscal spending and measures to stabilize the property sector, showing more urgency to boost the economy. Alibaba +6%, Baidu +5%. Memory maker Micron surged 16% after giving surprisingly strong sales and profit forecasts, helped by demand for artificial intelligence gear. Here are some other notable premarket movers:

    • Accenture climbs 3% after the IT services company reported its fourth-quarter results and gave a forecast.
    • Meta Platforms gains 1.9% with analysts positive on the Facebook parent’s outlook in the wake of its Connect conference, which was seen as showing progress in its AI initiatives.
    • New York Community Bancorp rises 3% as Barclays raised its rating to overweight, saying the bank is “well on its way to completing the targeted restructure and recapitalization of the balance sheet.”
    • Sonos slips 6% as Morgan Stanley double downgraded the stock to underweight, saying that the speaker company’s app redesign will impact the top and bottom line.
    • Southwest Airlines gains 3% after authorizing a new $2.5 billion stock buyback program and providing detailed plans to revamp customer-facing policies.
    • Starbucks rises 2% following an upgrade to outperform from Bernstein, which says market optimism since the appointment of a new chief executive officer is fully warranted.

    The promises by China’s Politburo, alongside growing expectations that the Fed and ECB will push ahead with more easing, buoyed markets on Thursday. Traders are waiting for a pre-recorded address by Federal Reserve Chair Jerome Powell and jobs data later Thursday, even as GDP is expected to be revised sharply lower.

    “The message, over the last 10 days or so, from monetary and fiscal policymakers across the globe, has been clear and undeniable — the policy ‘put’ is well and truly back,” said Michael Brown, a strategist at Pepperstone Group Ltd. “The path of least resistance is likely to continue to lead to the upside, over both the short- and medium-term.”

    The bid to revive growth by China’s top leaders on Thursday added to a slew of measures from Beijing this week that have supercharged local assets. The CSI 300 Index is headed for its biggest weekly gain in almost a decade. But questions remain over the long-term impact of the measures.

    “I wouldn’t be surprised if tomorrow we are going to see a bit of a pullback,” Helen Jewell, chief investment officer at BlackRock Fundamental Equities EMEA, told Bloomberg TV. “This is what is happening in the markets right now — you end up risk on one day, risk off the next day. The Chinese economy is still very fragile.”

    Back to the US, where money markets have flipped to favor a half-point cut by the Fed in November, and traders are now pricing almost 39 basis points of reductions after lackluster US consumer data earlier in the week. The US central bank’s preferred price metric and a snapshot of consumer demand will give more clues on the economy’s health on Friday. “The Federal Reserve is more concerned about growth than they let on,” said Vanguard Chief Economist Joe Davis on Bloomberg TV. “Our view is they are going to be more aggressive in the near term.”

    Elsewhere, the Swiss National Bank made a 25 basis-point interest rate cut in an effort to contain the strength of the Swiss franc, which has had the strongest rally in nearly a decade.

    European stocks soared on the back of China’s rally, tracking sizable gains in Asia after China’s top leaders ramped up urgent efforts to revive growth with pledges to support fiscal spending. The Stoxx 600 rose more than 1%, as hopes of fresh stimulus in China buoyed shares across several sectors, including mining, luxury and automotive. The energy sector is the only significant faller in early Tuesday trading, tracking a fall in oil prices. Here are the biggest movers Thursday:

    • China-exposed sectors including European miners, luxury goods makers and automakers lead gains in the Stoxx 600 bourse after Bloomberg reported the country is considering injecting up to 1 trillion yuan ($142 billion) into its biggest state banks
    • ASML and other European chip-equipment stocks rally Thursday after US memory-chip maker Micron gave an upbeat forecast for sales and profits, boosted by continued AI infrastructure investment
    • Diageo rises as much as 5.5% after the spirits maker voiced confidence that growth will return as consumer confidence improves. Analysts note the firm keeping its guidance intact was unsurprising
    • Evotec shares rise as much as 10% as the German pharmaceutical company enters a technology development partnership with Novo Nordisk in cell therapy with Evotec to receive an undisclosed amount in funding
    • Pepco Group jumps as much as 6% after the discount retailer confirmed its FY2024 Ebidta target and signaled gradual improvement for like-for-like sales, with analysts seeing a supportive update
    • H&M drops as much as 8.6% after the Swedish fast-fashion company reported misses on profitability due to costs and external factors. Jefferies sees “considerable” consensus cuts ahead
    • Sodexo drops as much as 14% after Bloomberg reported the company is exploring a potential acquisition of US rival Aramark. A deal would require significant equity and debt, Jefferies warns
    • European oil and gas sector stocks fell as much as 3.1%, their steepest decline in a month, as Brent futures tumbled on the prospect of more Saudi and Libyan supply
    • Mutares shares fall as much as 28%, the steepest drop on record, after Gotham City Research said it’s short the stock in a critical report about the German investment company
    • BASF falls as much as 2.2% after the chemicals firm said ahead of its CMD it would cut its dividend and is considering asset sales to counter higher energy prices and slowing China demand
    • Ubisoft falls as much as 20% after the French video-game maker cut its bookings guidance for fiscal 2025. Analysts say these warnings confirmed investor fears around game delays
    • Nordic Semiconductor shares slump as much as 18% after giving financial targets ahead of its CMD. The guidance implies cuts to consensus estimates for FY25 revenue growth, Morgan Stanley says.

    Earlier in the session, Asian stocks jumped amid renewed enthusiasm in the tech sector and further policy support from China.  
    The MSCI Asia Pacific Index rose as much as 2.1%, with chipmakers Samsung Electronics and Taiwan Semiconductor Manufacturing Co. among the top contributors to the advance following Micron Technology’s surprisingly strong forecast. Japanese benchmarks gain more than 2% as the yen edged lower. Hong Kong and mainland China shares surged after the nation’s top leaders delivered a forceful pledge to increase fiscal support and stabilize the property sector to revive growth. Consumer shares outperformed after China said it will give one-off cash handouts to people in extreme poverty before a weeklong holiday, while financial stocks were supported by news of a possible capital injection into state banks. “Asian markets are soaking in an ocean of optimism thanks to China’s unusual and all-in determination to gear up momentum into the Golden Week and the year-end,” said Hebe Chen, an analyst at IG Markets Ltd. “The region, having broadly built up the risk-on sentiment following Fed’s rate cut last week, is clearly staging a striking relief rally.”

    In FX, the Bloomberg Dollar Spot Index falls 0.2%. The Swiss franc rises 0.2% even as the Swiss National Bank cut borrowing costs by 25 bps and warned of more to come if needed.

    In rates, treasuries are richer across the curve with yields lower by around 2bp vs Wednesday’s close, following wider gains in bunds with the German curve bull-steepening. US 10-year yield at around 3.75% is ~4bp richer on the day with bunds in the sector outperforming by around 1bp; curve spreads are little changed. Focal points of US session include jobless claims and 2Q GDP revision, $44 billion 7-year note auction and packed slate of Fed speakers, several at regulators’ annual US Treasury Market Conference. Bunds also rallied as traders boost bets on the ECB cutting interest rates next month. German 10-year yields fall 3bps to 2.15%.

    In commodities, oil prices dropped sharply, with WTI down ~2% on the prospect of more Saudi and Libyan crude supplies. Spot gold rises $11, soaring to a new all time high.

    Looking at the US economic data calendar includes 2Q final GDP revision, August durable goods orders and weekly jobless claims (8:30am), August pending home sales (10am) and September Kansas City Fed manufacturing activity (11am). Fed speakers scheduled include Collins (9:10am), Bowman (9:15am), Powell (9:20am), Williams (9:25am), Barr and Cook (10:30am) and Kashkari (1pm)

    Market Snapshot

    • S&P 500 futures up 0.8% to 5,826.25
    • STOXX Europe 600 up 1.2% to 525.34
    • MXAP up 2.1% to 193.59
    • MXAPJ up 2.0% to 609.37
    • Nikkei up 2.8% to 38,925.63
    • Topix up 2.7% to 2,721.12
    • Hang Seng Index up 4.2% to 19,924.58
    • Shanghai Composite up 3.6% to 3,000.95
    • Sensex up 0.3% to 85,429.48
    • Australia S&P/ASX 200 up 1.0% to 8,203.66
    • Kospi up 2.9% to 2,671.57
    • German 10Y yield little changed at 2.16%
    • Euro little changed at $1.1142
    • Brent Futures down 2.4% to $71.67/bbl
    • Gold spot up 0.5% to $2,669.74
    • US Dollar Index little changed at 100.92

    Top Overnight News

    • US House voted 341-82 to pass a stopgap government funding bill and the US Senate also voted 78-18 to pass the bill that would fund the government until December 20th.
    • New York City Mayor Adams was indicted following a federal corruption probe and believes he will be charged by the federal government with crimes but added that if charges are filed, they will be entirely false and based on lies, while he won’t resign if he has to face charges.
    • China’s leaders have vowed to intensify fiscal support for the world’s second-largest economy, fueling markets with hopes of more intervention just days after the central bank announced the biggest monetary stimulus since the pandemic. The politburo, led by President Xi Jinping, pledged on Thursday to “issue and use” government bonds to better implement “the driving role of government investment”, in comments that come as analysts warn that China is in danger of missing its official economic growth target this year. FT
    • China is considering injecting up to 1 trillion yuan ($142 billion) of capital into its biggest state banks to increase their capacity to support the struggling economy, according to people familiar with the matter. BBG
    • Saudi Arabia is proceeding with plans to ramp production later this year as the country abandons hope for Brent to hit $100 and instead focuses on recapturing market share (the Kingdom is “resigned to a period of lower oil prices”). FT
    • Swiss National Bank cut its main policy rate by 25bp (as expected) and said further reductions may become necessary as inflationary pressures in the country have “decreased significantly”. RTRS  
    • White House is pushing for a Lebanon ceasefire and doesn’t think Netanyahu wants a wider war. WSJ
    • Hezbollah is scrambling to find ways to retaliate without sparking a broader war in the Middle East; Lebanon’s PM expresses hope that a ceasefire can be reached between Hezbollah and Israel. WSJ
    • Harris promised to be “practical” and “pragmatic” in her approach to the economy if elected president as she outlined a series of tax incentives worth ~$100B over 10 years. WSJ
    • Sam Altman may become $10 billion richer through OpenAI’s for-profit move, which would give him a 7% stake. A final decision hasn’t been made, according to people familiar. BBG
    • Micron soared +15% premarket after providing a better-than-expected forecast for the current quarter. Semiconductor stocks including SK Hynix and Tokyo Electron also jumped in Asia. BBG

    A more detailed look at global markets courtesy of Newsquawk

     

    Top Asian News

     

    European bourses, Stoxx600 (+1.2%) are entirely in the green, with sentiment lifted from further Chinese stimulus efforts. Price action today has only really moved upwards, initially opening on a strong footing and gradually edging higher as the morning progressed. European sectors hold a strong positive bias; Consumer Products tops the pile, benefiting from significant strength in the Luxury sector amid further Chinese stimulus efforts; Basic Resources and Tech also gain. Energy is by far the clear underperformer, dragged down by losses in the crude complex. US Equity Futures (ES +0.8%, NQ +1.4%, RTY +0.9%) are entirely in the green, taking impetus from a strong European session, with sentiment lifted by further Chinese stimulus efforts; the tech-heavy NQ outperforms, owing to very strong Micron (+15% pre-market) results where it beat on top- and bottom-lines and provided solid guidance.

    Top European News

    • SNB cuts its Policy Rate by 25bps as expected to 1.00%; prepared to intervene in the FX market as necessary; Further cuts in the SNB policy rate may become necessary in the coming quarters to ensure price stability over the medium term.
    • SNB outgoing Chairman Jordan says inflationary pressure has decrease significantly in Switzerland; strong CHF, lower oil, and electricity prices contributed to lower inflation forecasts; downside risk to inflation higher than upside risk. Further rate cuts may be necessary int in the coming quarters. Swiss economic growth will be “rather modest” in coming quarters. Says he sees no risk of deflation; further rate cuts “might” be necessary to ensure price stability (post-meeting press conference).
    • SNB Vice-Chair Schlegel says measures to expand provision of liquidity for Swiss banks will further strengthen the sector. Comments on possible further rate cuts not unconditional, bank will examine the situation in December
    • German Economic Institutes forecast inflation to go down to 2.2% this year from 5.9% last year; cuts 2024 forecast, sees economy shrinking by 0.1% in 2024 (prev. forecast +0.1%).
    • “Hearing France will ask Brussels for a two year delay in reaching its 3% of GDP deficit target i.e. 2029 instead of 2027. Speculation rife in French press today”, Eurasia Group’s Rahman
    • UK car manufacturing output fell 8.4% Y/Y to 41,271 units in August, according to SMMT.
    • Swedish NIER think tank forecasts 2024 Swedish GDP +0.7% (vs +0.7% in August forecast).
    • ECB rate decision is “wide-open”, according to Reuters sources; fight for a cut following weak data. Doves are pointing towards recent soft business survey data and weak German sentiment metrics. Hawks are arguing for a pause.

    FX

    • USD is broadly negative vs. peers (ex-JPY) in today’s risk-on environment. DXY is currently towards the top end of yesterday’s 100.22-99 range.
    • EUR/USD is hovering just above yesterday’s 1.1121 low that was printed alongside a resurgence in the USD which dragged the pair back from its 1.1214 YTD high. EUR/USD saw a very modest dovish reaction to Reuters reporting that ECB’s October rate decision is now “wide-open” on account of recent soft data, which stands in contrast to sources after the Sept.
    • Cable is attempting to claw back some of yesterday’s lost ground which saw the pair dragged lower from its multi-year peak at 1.3429.
    • JPY struggling vs. the USD once again with the pair rising as high as 145.20 during today’s session. The next upside target comes via the 4th September high at 145.55.
    • Both antipodes are at the top of the G10 leaderboard and enjoying the current risk-on environment. AUD/USD remains supported by the general positivity surrounding China after this week’s stimulus efforts by officials.
    • EUR/CHF immediately fell from 0.9492 to 0.9436 following the SNB’s decision to cut rates by 25bps to 1.00%. A move which partially pared as the statement made clear that they are willing to intervene in the FX market as necessary and pointed to additional cuts being possible.
    • PBoC set USD/CNY mid-point at 7.0354 vs exp. 7.0367 (prev. 7.0202).

    Fixed Income

    • USTs are contained with no follow through to the European-related updates. A particularly packed US agenda with 7yr supply (follows mixed 2yr & 5yr thus far) and numerous data points (quarterly PCE/GDP & weekly Claims) but the focal point is the speaker schedule with Fed’s Powell and Williams. USTs are holding within narrow 114-15+ to 114-19 bounds.
    • Bunds spent the first part of the session in proximity to the unchanged mark and generally unreactive to today’s geopolitical updates. Bunds saw some very modest upside to reports that ECB doves were pushing for an October cut, taking it to an initial 134.71 peak. Thereafter, further impetus was driven by reports around France’s fiscal situation, which contributed to the bid in Bunds to a 134.78 peak.
    • OATs were lifted out of modest losses following the aforementioned ECB sources and then once again on reports that France will be requesting the EU for a two-year extension. OAT-Bund 10yr yield spread has widened above 80bps to its highest since early August
    • Gilts are slightly softer with no real follow through to the above ECB sources and UK specifics somewhat light. Holding around the 98.55 opening mark, briefly dipped to a fresh WTD base of 98.41.

    Commodities

    • Hefty losses in the crude complex this morning emanated from an unwind of risk premium from constructive geopolitical updates, in which reports suggested that senior US officials anticipate a ceasefire deal along the Israel-Lebanon border “in the coming hours”. Benchmarks as low as USD 67.16/bbl and USD 70.72/bbl for WTI and Brent respectively.
    • Precious metals are buoyed by the softer Dollar but spot gold sees the shallowest gains (+0.5%) vs silver (+1.0%) and palladium (+2.4%), potentially amid the constructive geopoltical updates.
    • Base metals are firmer across the board amid the softer Dollar and risk-on mood across the market, with sentiment also seeing continued tailwinds from China’s stimulus bazooka. 3M LME copper trades towards the top of a 9,781.00-9,922.50/t range.
    • Saudi Arabia is reportedly prepared to abandon its unofficial USD 100 crude target in order to regain market share, via FT citing sources; add, in a sign that Saudi is resigned to a period of lower oil prices. Sources add that Saudi is committed to bringing back production as planned on 1st December. Reportedly unwilling to continue surrendering market share to other producers.
    • Russia’s Deputy Energy Minister Sorokin says Russia see oil production costs increasing as “Oil will be harder to extract”.
    • BP (BP/ LN) said it secured offshore facilities and removed some non-essential personnel from Argos, Atlantis, Mad Dog, Na Kika, and Thunder Horse platforms, while it is working toward safely ramping up production across its Gulf of Mexico portfolio.
    • Citi forecasts Brent at USD 74/bbl in Q4-2024; sees overall fundamental supply and demand bearishness winning out over time, with a forecast for USD 60/bbl for 2025.
    • Iraq’s August total oil exports at 105.8mln barrels. according to the oil ministry cited by Reuters

    Geopolitics: Middle East

    • “Senior US officials have said that they expect a ceasefire deal to be implemented “in the coming hours” along Israel-Lebanon border”, according to Walla News’ Elster.
    • “US official says Israel and Lebanon expected to decide “within hours” whether to support the truce”, via Sky News Arabia; echoed by Cairo sources thereafter.
    • Kann’s Stein reports a statement from Israeli PM Netanyahu’s coalition members, Smotrich, Ben Gvir and ministers from the Likud party, saying that they “oppose the ceasefire”. Furthermore, opposition leader Lapid says the ceasefire should be accepted for only seven days. Lapid adds that even a minor violation of the ceasefire would result in the return of Israel to the attack “with all its strength and throughout Lebanon”.
    • Source in Israeli PM Netanyahu’s says “There is a green light for a ceasefire in order to start negotiations”, via Al Jazeera.
    • “There are ideas and discussions, but there is no result so far”, “The discussions are not only related to Lebanon, but include Gaza”, according to Sky News Arabia sources.
    • “Israel’s Channel 12: Netanyahu ordered the Israeli army to ease attacks in Lebanon against the backdrop of ceasefire talks”, according to Al Jazeera.
    • “Israel’s Channel 12 quoting government sources: Israel sets terms for truce and estimates that Nasrallah [Secretary-general of Hezbollah] will not agree to them”, according to Al Jazeera.
    • Qatar foreign ministry spokesperson says not aware of direct link between 21-day Lebanon ceasefire proposal and the Gaza ceasefire proposal; there is not yet a formal mediation track working towards a ceasefire in Lebanon.
    • Israeli Prime Minister’s Office says “the news about a ceasefire are incorrect. This is an American-French proposal, to which the prime minister did not even respond.”, via Amichai Stein on X.
    • Israeli PM Netanyahu says he has instructed military to keep “fighting at full power”.
    • “Israeli Foreign Minister: There will be no ceasefire in the north”, according to Sky News Arabia.
    • “Lebanese PM denies signing ceasefire agreement after meeting with Blinken and Hochstein”, according to Al Arabiya.
    • US, France and partners proposed an immediate 21-day ceasefire across the Lebanon-Israel border and called for a ceasefire in Gaza. US President Biden and French President Macron said it is time for a settlement on the Israel-Lebanon border that ensures safety and security to enable civilians to return to their homes and they have worked together in recent days on a joint call for a temporary ceasefire to give diplomacy a chance to succeed. Furthermore, they called for broad endorsement and immediate support from the governments of Israel and Lebanon, while the statement was endorsed by the US, Australia, Canada, EU, France, Germany, Italy, Japan, Saudi Arabia, UAE, and Qatar.
    • Israel and Hezbollah communicated details of the US-France proposal and will announce their response soon, while The Washington Post cited US officials stating that Hezbollah will not directly sign the ceasefire agreement.
    • US President Biden said an all-out war is possible in the Middle East, but there is also a possibility of a settlement and said there needs to be a two-state solution, according to an ABC interview.
    • French Foreign Minister told the Security Council that the situation in Lebanon may reach the point of no return and that Lebanon which is already considerably weakened, will not be able to be restored after a war between Israel and Hezbollah. Furthermore, he said war is not inevitable and there is no alternative to diplomacy. The Foreign Minister also noted that important progress was recently made on a temporary ceasefire in Lebanon and efforts will continue.
    • Israeli source said they are approaching a crossroads to make decisive decisions that will determine where the war is heading and noted that talks on the north aim to provide an opportunity for a settlement that prevents a major war, according to Israeli press.
    • Israeli press Hayom cited an Israeli source stating there is no prospect of reaching a ceasefire at least in the next few days.
    • Israeli UN envoy said Israel would prefer a diplomatic solution in Lebanon and if diplomacy fails, then Israel will use all means at its disposal. The envoy added that diplomacy will be better for Israel and Lebanese people, as well as noted that Israeli PM Netanyahu will arrive on Thursday and address the UN General Assembly on Friday while Israel’s UN envoy also commented that Iran is the spider at the centre of the web of violence and there can be no peace in the region until we dismantle this threat.
    • Iran’s Foreign Minister said the region is on the brink of a full-scale catastrophe and Israel has crossed all red lines, while he added that the UN Security Council must intervene to restore peace and security. Furthermore, he said that Israeli leaders must understand their crimes won’t go unpunished and Iran will not remain indifferent in case of a full-scale war in Lebanon.
    • UN Secretary-General Guterres told the Security Council that ‘hell is breaking loose’ in Lebanon and diplomatic efforts have intensified to achieve a temporary ceasefire to allow for aid deliveries and pave the way for more durable peace. Guterres stated all parties must immediately return to a cessation of hostilities, while an all-out war must be avoided at all costs and that Lebanon cannot become another Gaza.
    • Lebanon’s PM told the Security Council that Israel is violating their sovereignty, while Lebanon’s PM responded ‘hopefully yes’ when asked if a ceasefire can be reached soon, according to Reuters.

    Geopolitics: Other

    • US is reportedly preparing USD 8bln in arms aid packages for Ukrainian President Zelensky’s visit, according to sources via Reuters. It was later reported that President Biden’s administration announced USD 375mln for Ukraine defence aid which includes HIMARS, Javelin missiles and TOW missiles, according to the White House and State Department.
    • Russian President Putin proposed to update Russia’s nuclear strategy and said that a number of clarifications have been proposed with regard to the definition of conditions for the use of nuclear weapons. The proposal stated that aggression against Russia by any non-nuclear state, but with participation or support of a nuclear state, is proposed to be considered as their joint attack on the Russian federation, while Russia reserves the right to use nuclear weapons in case of aggression against Russia and Belarus.
    • China’s Foreign Minister said in meeting with EU’s top official that China is committed to de-escalating the situation in Ukraine and China will not give up efforts to strive for peace in Ukraine.
    • South Korea’s National Intelligence Service said North Korea possesses enough plutonium and uranium to make at least double-digit nuclear weapons, while it added that North Korea could possibly conduct a 7th nuclear test, according to Yonhap.
    • Russia’s Kremlin says changes to Russian nuclear policy in the document on state nuclear deterrence have now been formulated; changes should be considered a signal to “unfriendly” countries. Will subsequently make a decision on whether or not to publish nuclear documents. There are two documents on nuclear policy. Signal to the west is that there are consequences if Western countries participate in an attack on Russia with various means.

    US Event Calendar

    • 08:30: Sept. Initial Jobless Claims, est. 223,000, prior 219,000
      • Sept. Continuing Claims, est. 1.83m, prior 1.83m
    • 08:30: BEA annual revisions to GDP/National Economic Accounts
      • 2Q GDP Annualized QoQ, est. 2.9%, prior 3.0%
      • 2Q Personal Consumption, est. 2.9%, prior 2.9%
      • 2Q GDP Price Index, est. 2.5%, prior 2.5%
      • 2Q Core PCE Price Index QoQ, est. 2.8%, prior 2.8%
    • 08:30: Aug. Durable Goods Orders, est. -2.7%, prior 9.8%
      • Aug. Durables-Less Transportation, est. 0.1%, prior -0.2%
      • Aug. Cap Goods Ship Nondef Ex Air, est. 0.1%, prior -0.3%
      • Aug. Cap Goods Orders Nondef Ex Air, est. 0.1%, prior -0.1%
    • 10:00: Aug. Pending Home Sales (MoM), est. 1.0%, prior -5.5%
      • Aug. Pending Home Sales YoY, est. -5.5%, prior -4.6%
    • 11:00: Sept. Kansas City Fed Manf. Activity, est. -5, prior -3

    Central Bank Speakers

    • 09:10: Fed’s Collins, Kugler Participate in Fireside Chat
    • 09:15: Fed’s Bowman Speaks on Eco Outlook at Mid-Sized Bank Coalition
    • 09:20: Fed’s Powell Gives Pre-Recorded Opening Remarks
    • 09:25: Fed’s Williams Gives Remarks at Conference
    • 10:30: Fed’s Barr Gives Remarks at Conference
    • 10:30: Fed Governor Cook Joins Roundtable on AI and Workforce Develop
    • 13:00: Fed’s Kashkari Hosts Fireside Chat with Michael Barr
    • 18:00: Fed Governor Cook Delivers Speech on AI and Labor Force

    DB’s Jim Reid concludes the overnight wrap

    Investor risk appetite has maintained its momentum over the last 24 hours, aided by strong earnings from Micron Technology after the US close last night. It’s true the S&P 500 (-0.19%) saw a slight pullback from its record high the previous day, but since that earnings release, futures on the index are up another +0.46% this morning, and those on the NASDAQ 100 are up by an even stronger +0.84%. Moreover, the major equity indices in Asia have posted fresh gains as well, with the Nikkei (+2.35%) currently on track to close at its highest level since late-July, before the market turmoil began in earnest over early August. And that advance has been seen across the board, with gains for the Hang Seng (+2.32%), the CSI 300 (+0.71%), the Shanghai Comp (+0.64%) and the KOSPI (+2.07%) as well.

    One trend that’s been helping sentiment is growing optimism about the economic outlook, particularly given the Fed’s 50bp rate cut last week, and yesterday brought fresh evidence that lower rates were already having a stimulative effect on the US housing market. So the hope is that given the lags of monetary policy, we’ll see further good news and data improvements over the coming months, especially as we’re now seeing a globally synchronised cycle of rate cuts.

    In terms of that data, yesterday’s release from the Mortgage Bankers Association showed that the contract rate for a 30yr fixed mortgage was down to a two-year low of 6.13% over the week ending September 20. Moreover, housing market activity was picking up a bit as well, with their purchase index reaching its highest level since early February. Elsewhere, another effect of lower rates has been the ongoing rise in gold prices, as it’s seen as a classic inflation hedge that tends to benefit from falling interest rates, given it doesn’t pay any interest itself. Indeed, this morning it’s currently trading at $2,662/oz, and with just a few days of Q3 remaining, it’s currently on track for its best quarterly performance since Q1 2016.

    With rapid rate cuts being priced in for the months ahead, that also helped to drive a fresh round of curve steepening on both sides of the Atlantic yesterday. 2yr Treasury yields (+2.1bps) rose modestly to 3.56%, up from the two-year low the previous day, while the 10yr yields rose by +5.7bps to 3.78%, their sixth increase in seven sessions. That meant the 2s10s curve in the US steepened for a 6th consecutive session, moving up to 22bps, which is the steepest it’s been since June 2022. Obviously that’s good news for those viewing a steeper curve as a signal of economic strength, but we also know that the last four US recessions only began after the inversion had finished, once the curve was back in positive territory again. So depending on the context, a steeper curve has been a bit of a mixed signal historically.

    Today we’ll get some more US data that should help shape perceptions on the outlook, including the weekly initial jobless claims. They’ve been improving over recent weeks, and last week saw the 4-week average fall to its lowest since early June, so that’s helped to reassure investors about the current state of the US labour market. The other report of interest today will be the annual revisions to the US national economic accounts, which will cover 2019 through to Q1 2024. Last year that saw the growth rate for 2022 revised down by two-tenths, alongside revisions to previous years. So it’ll be interesting to see how that affects our understanding of recent economic history.

    In the meantime, US equities lost some ground in yesterday’s quiet session, with the S&P 500 down -0.19%. Energy stocks (1.90%) led the decline, pulled down by a decline in oil prices, with Brent crude down -2.27% to $73.46/bbl. But the softness was broad-based, with both the equal-weighted S&P 500 (-0.65%) and the small cap Russell 2000 (-1.19%) underperforming. On the other hand, the tech mega caps outperformed, with Magnificent 7 (+0.44%) reaching a two-month high as it posted a third consecutive advance.

    The equity tone was also negative in Europe, with growing fears about the outlook given the weak data of recent days, including from the flash PMIs. In turn, that meant the major equity indices fell across the continent, with losses for the STOXX 600 (-0.11%), the DAX (-0.41%) and the CAC 40 (-0.50%).

    Staying on Europe, sovereign bonds saw a similar sell off to the US. Yields on 10yr bunds (+2.6bps) moved higher, whilst OATs (+5.0bps) underperformed to push the Franco-German 10yr spread up to 79.3bps, just 0.2bps from where it stood on August 5, at the height of the recent market turmoil after the US jobs report. This came as French budget minister Laurent Saint-Martin said to the National Assembly’s finance committee that “in 2024 the public deficit risks exceeding 6% of gross domestic product, according to the latest estimates we have.”

    One difference compared to the US was the more marginal curve steepening in Europe, though the German 2s10s curve did inch up to its steepest since November 2022, at 4.9bps. This came as markets slightly dialled back their expectations for ECB rate cuts for this year, with the amount expected by December’s meeting down -1.1bps to 47bps, after rising by nearly 12bps over the previous four sessions. On this topic, our European economists published an update of their ECB view overnight. They think the latest data might not yet be quite weak enough to trigger an October ECB cut, but now expect a more rapid easing cycle with back-to-back 25bp cuts from December through to mid-2025, and they do not rule out a 50bp cut in December.

    Elsewhere in Europe, the trend towards rate cuts continued yesterday, and the Riksbank delivered a 25bp cut in their policy rate to 3.25% as expected. That marks their third rate cut this year, and they also signalled that further reductions were ahead, with their forecast for the average policy rate in Q4 at 3.11%, with a further decline to 2.38% in Q2 2025. Back in June, their policy rate forecast stood at 2.94% in Q2 2025, so that’s a noticeably more dovish path relative to last quarter.

    To the day ahead, and US data releases include the third reading of Q2 GDP, the preliminary August reading for durable goods orders, the weekly initial jobless claims, and pending home sales for August. Meanwhile in the Euro Area, we’ll get the M3 money supply for August. From central banks, we’ll hear from Fed Chair Powell, the Fed’s Collins, Kugler, Bowman, Williams, Barr, Cook and Kashkari, along with ECB President Lagarde, Vice President de Guindos and the ECB’s Schnabel.

    Tyler Durden
    Thu, 09/26/2024 – 08:26

  • OpenAI Could Grant Sam Altman ​​​​​​​7% Stake, Worth $10.5 Billion In For-Profit Transition
    OpenAI Could Grant Sam Altman ​​​​​​​7% Stake, Worth $10.5 Billion In For-Profit Transition

    Update (0800ET): Building on the Reuters report that ChatGPT-maker OpenAI is mulling over restructuring its core business from a non-profit to a for-profit company, Bloomberg cites sources indicating that CEO Sam Altman could be awarded a handsome 7% equity stake in the artificial intelligence startup. 

    OpenAI is discussing giving Chief Executive Officer Sam Altman a 7% equity stake in the company and restructuring to become a for-profit business, people familiar with the matter said, a major shift that would mark the first time Altman is granted ownership in the artificial intelligence startup.

    The company is considering becoming a public benefit corporation, tasked with turning a profit and also helping society, said the people, who asked not to be identified because the information is private. The transition is still under discussion and a timeline has not been determined, one of the people said. -BBG

    About two weeks ago, Bloomberg reported that OpenAI was discussing a new $6.5 billion investment round with a valuation of $150 billion. This is a major jump from the $86 billion valuation earlier this year.

    Altman’s potential 7% stake would be worth $10.5 billion at current valuations. 

    Maybe he’ll buy a few more exotic race cars… 

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    X user @levelsio pointed out that Altman joined the ‘All-in’ podcast in May, in which he told the hosts:

    “It’s so deeply unimaginable to people to say i don’t really need more money… If I were to say I’m going to try and make a trillion dollars with OpenAI it would save a lot of conspiracy theories.”

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    More from @levelsio…

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    *   *   * 

    OpenAI’s Chief Technology Officer Mira Murati became the latest in a string of high-profile departures from the leading AI company this afternoon.

     Ilya Sutskever, the company’s chief scientist, left in May. In August, co-founder Greg Brockman said he would go on leave until the end of the year and researcher John Schulman left for AI rival Anthropic. The departures leave only two members of OpenAI’s original founding team at the company: Altman and Wojciech Zaremba.

    How it started…

    How it’s going…

    h/t @Yuchenj_UW

    After six-and-a-half years at the company – including temporarily serving as its CEO after cofounder Sam Altman was briefly ousted, Murati told employees in a message Wednesday she had “made the difficult decision to leave.”

    Read her full memo to staff that she shared online below:

    Hi all,

    I have something to share with you. After much reflection, I have made the difficult decision to leave OpenAl.

    My six-and-a-half years with the OpenAl team have been an extraordinary privilege. While I’ll express my gratitude to many individuals in the coming days, I want to start by thanking Sam and Greg for their trust in me to lead the technical organization and for their support throughout the years.

    There’s never an ideal time to step away from a place one cherishes, yet this moment feels right. Our recent releases of speech-to-speech and OpenAl o1 mark the beginning of a new era in interaction and intelligence – achievements made possible by your ingenuity and craftsmanship. We didn’t merely build smarter models, we fundamentally changed how Al systems learn and reason through complex problems.

    We brought safety research from the theoretical realm into practical applications, creating models that are more robust, aligned, and steerable than ever before. Our work has made cutting-edge Al research intuitive and accessible, developing technology that adapts and evolves based on everyone’s input. This success is a testament to our outstanding teamwork, and it is because of your brilliance, your dedication, and your commitment that OpenAl stands at the pinnacle of Al innovation.

    I’m stepping away because I want to create the time and space to do my own exploration. For now, my primary focus is doing everything in my power to ensure a smooth transition, maintaining the momentum we’ve built.

    I will forever be grateful for the opportunity to build and work alongside this remarkable team. Together, we’ve pushed the boundaries of scientific understanding in our quest to improve human well-being.

    While I may no longer be in the trenches with you, I will still be rooting for you all.

    With deep gratitude for the friendships forged, the triumphs achieved, and most importantly, the challenges overcome together.

    Mira

    Altman wrote on X that he had thanked Murati in a message to the company.

    “It’s hard to overstate how much Mira has meant to OpenAI, our mission, and to us all personally,” Altman wrote.

    “I feel tremendous gratitude towards her for what she has helped us build and accomplish, but I most of all feel personal gratitude towards her for the support and love during all the hard times. I am excited for what she’ll do next.”

    Around an hour after her resignation letter hit social media, Reuters reported, according to people familiar with the matter, OpenAI is considering becoming a for-profit company and giving Chief Executive Officer Sam Altman equity in the artificial intelligence startup for the first time.

    The OpenAI non-profit will continue to exist and own a minority stake in the for-profit company, these sources said.

    “We remain focused on building AI that benefits everyone, and we’re working with our board to ensure that we’re best positioned to succeed in our mission. The non-profit is core to our mission and will continue to exist,” an OpenAI spokesperson said.

    The details of the proposed corporate structure, first reported by Reuters, highlight significant governance changes happening behind the scenes at one of the most important AI companies. The plan is still being hashed out with lawyers and shareholders and the timeline for completing the restructuring remains uncertain, the sources said.

    OpenAI was founded in 2015 as a nonprofit research organization with the goal of building artificial intelligence that would be safe and beneficial to humanity.

    The company created a for-profit subsidiary in 2019 in order to help fund the high costs of AI model development, and has since drawn billions in outside investment from Microsoft Corp. and others.

    The company’s unusual structure, which gives full control of the for-profit subsidiary to the OpenAI nonprofit, was originally set to ensure the mission of creating “safe AGI that is broadly beneficial,” referring to artificial general intelligence that is at or exceeding human intelligence.

    This month, Bloomberg reported that OpenAI is currently working to raise $6.5 billion at a $150 billion valuation, making it one of the most valuable startups in the world.

    The move to a for-profit entity comes just a few weeks after Elon Musk reignited a legal battle against OpenAI and its co-founders, Sam Altman and Greg Brockman, accusing the defendants of multiple counts, including fraud, breach of contract, and violations of federal civil racketeering laws.

    Musk had originally sued in February before dropping the suit in June with no explanation given at the time.

    Musk’s revived lawsuit includes several allegations against OpenAI, Altman, and Brockman—at the heart of which is a claim that Altman and Brockman “intentionally courted and deceived” Musk into co-founding OpenAI under false pretenses.

    Musk asserted in the 81-page suit that he was misled into believing that OpenAI would be a nonprofit organization focused on developing artificial intelligence (AI) technologies “for the benefit of humanity,” operating as a counterbalance to for-profit tech giants.

    According to the lawsuit, OpenAI’s co-founders allegedly manipulated Musk by making repeated promises and assurances that the organization would remain open-source and not driven by profit.

    The suit defines “open source” as the practice of making AI technology and research freely accessible to the public, allowing for transparency and collaboration.

    “Altman assured Musk that the non-profit structure guaranteed neutrality and a focus on safety and openness for the benefit of humanity, not shareholder value,” the suit claimed.

    “But as it turns out, this was all hot-air philanthropy – the hook for Altman’s long con.”

    Musk claims that these representations were part of a scheme to attract significant funding and expertise, which he provided, including “tens of millions of dollars” and the recruitment of top AI scientists.

    The complaint further accuses Altman and Brockman of engaging in “rampant self-dealing” and transforming OpenAI into a for-profit entity in partnership with Microsoft, thereby abandoning its original mission.

    Musk argued that OpenAI’s pivot to a for-profit model has resulted in substantial unjust enrichment for the defendants, which he contends was at the expense of the nonprofit’s mission.

    This month, Bloomberg reported that OpenAI is currently working to raise $6.5 billion at a $150 billion valuation, making it one of the most valuable startups in the world.

    The removal of non-profit control could make OpenAI operate more like a typical startup, a move generally welcomed by its investors who have poured billions into the company.

    However, as Reuters concludes, it could also raise concerns from the AI safety community about whether the lab still has enough governance to hold itself accountable in its pursuit of AGI, as it has dissolved the superalignment team that focuses on the long-term risks of AI earlier this year.

    Tyler Durden
    Thu, 09/26/2024 – 08:00

  • China Goes "All Out"As Xi Vows Fiscal Stimulus To Save Private Economy, Stabilize Real Estate And Boost Stock Markets
    China Goes “All Out”As Xi Vows Fiscal Stimulus To Save Private Economy, Stabilize Real Estate And Boost Stock Markets

    Yesterday, when describing the latest round of monetary stimulus out of Beijing, we said that “China is not done stimulating” and boy were we right.

    Global markets are sharply higher (again) on Thursday, fueled by hopes of more intervention just days after the central bank announced the biggest monetary stimulus since the pandemic, after China extended its stimulus barrage for the third day in a row, and vowed even more support including a pledge to intensify fiscal support for the world’s second-largest economy, as well as press speculation of 1 trillion renminbi of bank injections.

    • *CHINA WEIGHS INJECTING $142 BILLION OF CAPITAL INTO TOP BANKS

    China vowed to save the private economy, stabilize its property sector from further slumping, boost its stock markets and ensure necessary fiscal expenditures, according to the readout from a Politburo meeting on Thursday.

    “It is necessary to help enterprises tide over difficulties,” said the readout, which was released just after 1pm.

    The top decision-making meeting, which was chaired by President Xi Jinping, came after financial authorities rolled out a raft of stimulus measures on Tuesday.

    “It is necessary to look at the current economic situation comprehensively, objectively and calmly,” the readout said. “Face up to difficulties, strengthen confidence, and effectively enhance the sense of responsibility and urgency to do a good job in economic work.”

    The politburo pledged on Thursday to “issue and use” government bonds to better implement “the driving role of government investment”, in comments that come as analysts warn that China is in danger of missing its official economic growth target this year.

    There was a sense of emergency intervention in today’s politburo meeting because as Morgan Stanley analysts noted, the politburo usually does not hold economic sessions in September, suggesting “an increased sense of urgency” about growing deflationary pressures. But they said China’s government did not yet appear to have reached a “whatever it takes” moment on the economy… at least not just yet.

    Still, there was a certain sense of open-endedness to the latest promises as state media reports of the meeting did not provide figures for the proposed fiscal stimulus, or whether it would exceed existing plans for long-term central government and local government issuance this year.

    “We should increase the intensity of countercyclical adjustment of fiscal and monetary policies,” state news agency Xinhua cited officials as saying.

    China’s politburo, led by President Xi Jinping, issued a statement of support for the economy on Thursday in the wake of greater stimulus from the central bank

    “It is good to do this fiscal easing,” said Winnie Wu, China equity strategist at Bank of America. “For the economy to expand and boost activity, create demand, the government will have to lever up. But we need to see the numbers . . . if this is not enough [I expect] there will be more follow-up in the coming months.”

    What was notable, is that the meeting specifically mentioned “to stop property price falling further”. This is a dramatic contrast to the earlier mantra of “home is for living in, not for speculation”. There are other property specifics in the meeting minutes.

    Some other notable take homes from the politburo meeting:

    • The meeting recognized the challenges that the economy is facing, and vowed to achieve the 5% growth target. This is different from the earlier change of tone of “striving the best to achieve the 5% target”.
    • The meeting explicit stated that there will be policy support for the capital market, and make funds easier to access the market. It shows that the capital market is important in the overall design of policies.
    • There were detailed discussions about improving jobs and social welfare.
    • Xi also warned against inertia among cadres in striving for economic growth. “The vast number of party members and cadres must have the courage to take responsibility and dare to innovate,” the readout said.

    The politburo’s statement follows measures this week from the central bank and financial regulators including interest rate cuts and billions of dollars of funds to prop up the stock market and encourage share buybacks. The moves, which also comprised steps to support China’s crisis-hit property market, sent the country’s moribund stock market soaring as investors bet on increased state support for equities.

    But the government has stopped short of announcing a fiscal “bazooka” as it has during past crises, such as when it unleashed Rmb4tn ($570bn) in 2008, sparking a boom that reverberated through the global economy. The government was already planning to issue about Rmb5tn in long-term government bonds and special-purpose local government bonds this year, but most of this was earmarked for investment in infrastructure or other projects.

    Economists estimate that given the much larger size of China’s gross domestic product compared with 2008, it would need to spend up to Rmb10tn over two years to fully reflate the economy, with this money going to households rather than big-ticket infrastructure or industrial projects. They warn that China is in danger of slipping into a full-fledged deflationary spiral as the property slump weighs on domestic consumption even as investment in manufacturing rises.

    “A proper reflation [of the Chinese economy] involves either of these two things: a much weaker currency or very aggressive fiscal stimulus,” said Homin Lee, senior macro strategist at Lombard Odier.

    Commenting on the latest stimulus, Goldman Delta One head Rich Privorotsky writes that the Politburo (chaired by Xi) is “saying all the right things including pledging they will do the appropriate level of the sorely-needed fiscal spend”, which according to the Goldman trader is an “all out effort to support markets and stabilize confidence ahead of national holiday. Fiscal was the missing piece and market will continue to chase allocations to the geography as confidence builds around its deployment.” Goldman’s own flows showed the single largest buying in its records …but market participants are still structurally underweight. Seems we’ve found the pain point for the CCP/PBOC/MOF…Xi and optimistically fiscal support will now come following monetary support for assets.” 

    In response, local markets exploded higher, and China’s CSI 300 stock benchmark was up more than 4% on Thursday, fully erasing its losses for the year. The Hang Seng Mainland Properties index, which tracks Chinese developers listed in Hong Kong, rose more than 14%. In retrospect, just as we predicted last Friday…

    … China had indeed reached its breaking point, and it is very much unlikely that the half measures we had seen for so many years are finally over.

    China’s euphoria quickly spilled over into global markets, and Europe opened higher, with the region-wide Stoxx 600 index climbing 1% Frankfurt’s Dax gained 1.1 per cent, while Paris’s Cac 40 rose 1.3 per cent. The markets’ respective automotive and luxury sectors are heavily exposed to China. Finally, US equity futures are also set for new all time highs, although the coming global reflationary wave sparked by China is hardly what the Fed, and markets, want to see as it extends its rate cuts over the next year.

    Tyler Durden
    Thu, 09/26/2024 – 07:46

  • Port Of New York-New Jersey Details Strike Operations Plan
    Port Of New York-New Jersey Details Strike Operations Plan

    By Stuart Chirls of FreightWaves

    The second-busiest U.S. ocean container port urged shippers to wind down cargo business less than a week before a strike deadline set by union dockworkers.

    Strike preparations are underway at the Port of New York-New Jersey, Port Director Bethann Rooney said in a letter to customers, offering details on operational plans during the stoppage.

    The International Longshoremen’s Association representing 25,000 members in container and roll-on/roll-off services covered under the current master contract will walk off the job when the contract with port employers represented by the United States Maritime Alliance (USMX) expires at midnight Oct. 1. The pact covers workers at three dozen ports from Maine to Texas handling some $92 billion worth of freight each year.

    No contract negotiations are scheduled. Major issues are wages, benefits and port automation.

    The union on Monday termed the latest wage offers “stingy” and disputed claims by USMX that the union is demanding wage hikes of more than 75% over a proposed six-year agreement.

    Few details about any contract proposals have been made public. Neither the ILA nor USMX immediately responded to requests for comment Tuesday.

    “[I]t is important that you do everything possible to pick up your import cargo before close of business on Monday, Sept. 30 as there will be no opportunities to deliver any cargo once a strike begins,” Rooney said in the letter released Monday.

    Rooney said the port plans to establish an Incident Management Team for the duration of any work stoppage but offered no immediate details.

    “Export cargo will not be accepted at any of the terminals unless it can be loaded onto a vessel prior to Sept. 30,” Rooney continued. “Coordinate closely with your ocean carrier on any export bookings as cargo will not be accepted at the terminals for vessels scheduled to arrive after Sept. 30.”

    Shippers should prioritize refrigerated containers and hazardous materials cargo, which will not be monitored or adjusted after next Monday.

    “We expect heavy congestion toward the end of the week and on Monday, Sept. 30 as parties seek to remove containers from the terminal prior to the potential shutdown, so we recommend picking up your containers as early as possible this week and utilizing all available gate hours,” Rooney advised. 

    Terminal operators APM Terminals, Maher and Port Newark Container Terminal will have extended gate hours.

    The last trains for imports and exports are scheduled for Monday.

    The last CSX (NASDAQ: CSX) train will arrive at the port on Sunday. Norfolk Southern (NYSE: NSC) earlier announced gate closures across a number of ports and said shippers should make alternate plans for moving hazardous, high-value and refrigerated international shipments, to avoid unexpected delays en route.

    The port’s Truck Service Center will be closed for the duration of the work stoppage.

    Tyler Durden
    Thu, 09/26/2024 – 07:20

  • Sam Altman-Backed Nuclear Startup Oklo Signs Agreement With Dept. Of Energy For Next Phase Of Siting In Idaho
    Sam Altman-Backed Nuclear Startup Oklo Signs Agreement With Dept. Of Energy For Next Phase Of Siting In Idaho

    Sam Altman-backed Nuclear SMR company Oklo announced this morning it had finalized an agreement with the Department of Energy to advance the next phase of sitting at the Idaho National Lab. 

    “This key step paves the way for site preparation and construction for Oklo’s powerhouse,” the company wrote on X. 

    “This MOA grants Oklo access to conduct site investigations at its preferred site in Idaho, marking a key step toward the next phase of site preparation and construction,” it continued in a press release. 

    “As the only advanced fission company with a DOE site use permit, along with substantial regulatory progress and a secured fuel supply, Oklo is uniquely positioned to deploy the first commercial advanced fission power plant in the U.S,” the release says.

    “The site investigations enabled by this MOA will focus on geotechnical assessments, environmental surveys, and infrastructure planning.”

    Jacob DeWitte, Co-Founder and CEO said: “Our partnership with the DOE has been instrumental. Beginning with the site use permit and fuel award in 2019. Signing this MOA reflects our commitment to timely deployment and operational readiness while also helping to manage costs and maintain our project schedule.”

    As we’ve noted this past week, the nuclear energy embrace is starting to make its way across the country. Recall, just hours ago Pennsylvania Governor Josh Shapiro was urging for Three Mile Island to reopen as quickly as possible. 

    Following Microsoft’s agreement to purchase power from the dormant nuclear plant, Shapiro urged regulators to prioritize the reactor’s connection to the electrical grid, according to a new report from Barron’s.

    In a letter to PJM Interconnection, the grid operator serving Pennsylvania and several other states, Shapiro emphasized that the plant should not face the extended delays typical for new developments, as Microsoft aims to start utilizing the reactor’s energy by 2028.

    PJM Interconnection responded to Shapiro’s concerns, stating that it is developing a “fast track” process to prioritize certain electricity projects, potentially speeding up the reactor’s return to service.

    Shapiro wants the reactor to “be allowed to come online as quickly as possible rather than waiting in the queue as if they were an entirely new development,” he wrote.

    Recall we wrote last week the owner of Three Mile Island is investing $1.6 billion to revive the plant and has agreed to sell all of its output to Microsoft, which is seeking power for its data centers. 

    This momentum continues our “Next AI Trade” that we pointed out in April of this year, where we outlined various investment opportunities for powering up America, playing out. Backed by OpenAI’s Sam Altman, Oklo remains one of our favorite names in nuclear. 

    Tyler Durden
    Thu, 09/26/2024 – 06:55

  • Millionaire Home Renters: The Start Of A Multi-Income Bracket Trend
    Millionaire Home Renters: The Start Of A Multi-Income Bracket Trend

    Authored by Jack Ryan & John Tamny via RealClearMarkets,

    “We steadily began to realize the magnitude of the task ahead of us, not even in terms of financial resources, but just time and effort and coordination. The hour that we can save a day, it’s time that we can spend with the kids or to have a glass of wine together.” Those are the words of biotech executive Arun Das, as expressed to Wall Street Journal reporters Gina Heeb and Paul Overberg.

    Das was explaining his decision to rent where he and his family live, as opposed to buying. Tuck Das’s words away somewhere. They’re a look into the future.

    Figure that ways in which the well-to-do spend their money are invariably a preview of how we all eventually spend our money. Housing will be no different in that regard. Das shows why.

    The simple truth is that the purchase of a house involves a great deal more than purchasing a house. And that’s the problem, one that foretells a future increasingly defined by renting.

    Figure that amassing the wealth necessary to make a home purchase is paradoxically the good part. It’s all about individuals pursuing a particular career pursuit associated with their unique skills and intelligence. The problem – as we point out in our book Bringing Adam Smith Into the American Home – is what follows the joy.

    Suddenly specialists within various career pursuits are forced to become generalists, or more realistically specialists in things about which they frequently lack a clue. You need more insulation in your attic. Your windows aren’t double-paned. Your air-conditioning unit is amassing ice, and the replacement will cost $15,000 with installation. But don’t worry, we’ll shave $1,500 off the cost, plus we’re offering low-interest financing.

    About all the alleged problems (and many more) associated with your house, what about the knowledge you amassed up to the time of purchase gives you any kind of ability to answer any of the recommendations or critiques? Tick tock, tick tock.

    Which is the point. It’s not just that maintaining a house is expensive, it’s that it involves expenses that the vast majority of us are almost completely unequal to in the knowledge sense. About the latter, it would be the triumph of naïve hope to assume that this knowledge deficit decreases those costs. Quite the opposite, most likely.  

    More troubling, the costs aren’t just of the financial kind whereby we blindly spend on repairs and enhancements that we don’t realistically understand. Arguably the biggest losses have to do with precious time spent thinking housing repairs, enhancements, and costs associated with both at the expense time spent with the kids, thinking about the work that increasingly animates their lives, or time spent having a glass of wine.

    Which is why the smart money (Heeb’s and Overberg’s article is titled “These Millionaires Can Afford Their Dream Home. They’re Renting Instead.”) is slowly but surely navigating toward renting. Why work so hard (and frequently joyously) in pursuit of a consumptive item that’s so expensive not just in a dollar sense, but also peace of mind and family sense. Why indeed?

    Which speaks to what’s ahead. As with so many consumer trends, “venture buyers” from upper income brackets signal how more and more of us will consume in the future. Housing is worrisome principally because the costs associated with ownership are so worryingly high. Watch as more and more consumers of all income and wealth brackets rent their homes so that experts on home maintenance can do their worrying for them.

    Jack Ryan is the founder and CEO of REX, a national real estate brokerage. John Tamny is president of the Parkview Institute, and editor of RealClearMarkets. Ryan and Tamny are co-authors of Bringing Adam Smith Into the American Home: A Case Against Home Ownership.

    Tyler Durden
    Thu, 09/26/2024 – 06:30

  • Former CDC Director Robert Redfield Praises "Make America Healthy Again" 
    Former CDC Director Robert Redfield Praises “Make America Healthy Again” 

    Former CDC Director Robert Redfield, who served during the Trump administration, wrote an editorial in Newsweek praising President Trump’s decision to join forces with Robert Kennedy Jr. to “make America healthy again.”

    “We know chronic disease is more than 75 percent of the country’s $4 trillion annual health care expenditure. Unfortunately, we have become a sick nation. We’re paying too much for chronic disease, and this must change. It’s time to make America healthy again,” Redfield wrote in the op-ed published on Tuesday. 

    After more than four decades in public health, Redfield believes the former president “chose the right man [RFK Jr.] for the job” to combat the processed foods industrial complex, which has ignited an obesity crisis across the Heartland. 

    “For instance, obesity in American children has increased dramatically since John F. Kennedy’s presidency, from around 4 percent in the 1960s to almost 20 percent in 2024,” he said, adding, “The causes of childhood obesity are complex, but a primary origin is clearly the modern American diet of highly processed foods.” 

    He explained the causes for this obesity crisis are primarily due to “special interest and corporate influences on our federal agencies.” 

    Redfield pointed out that “Kennedy is right” about the corporate capture problem of federal agencies.

    Kennedy is right: All three of the principal health agencies suffer from agency capture. A large portion of the FDA’s budget is provided by pharmaceutical companies. NIH is cozy with biomedical and pharmaceutical companies and its scientists are allowed to collect royalties on drugs NIH licenses to pharma. And as the former director of the Centers for Disease Control and Prevention (CDC), I know the agency can be influenced by special interest groups.

    Redfield acknowledges that agency capture is a serious issue, highlighting that federal agencies responsible for regulating food and medicine are possibly compromised by the food industrial complex and big pharma. 

    Maybe it was a warning sign when big pharma and the feds pushed Ozempic as the ‘wonder shot’ to end the obesity crisis instead of promoting exercise and safe, clean food.

    Here’s a good take on it…

    MAHA and MAGA people have joined forces. 

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    Tyler Durden
    Thu, 09/26/2024 – 05:45

  • Qatar Becomes 1st Arab State To Join US Visa Waiver Program Despite Warm Hamas Ties
    Qatar Becomes 1st Arab State To Join US Visa Waiver Program Despite Warm Hamas Ties

    Via Middle East Eye

    The US has said it will waive visa requirements for citizens of Qatar, making the gas-rich Gulf state the first Arab country, and only the second Muslim-majority country, to join a network of states with expedited travel to the US.

    The US Department of Homeland Security said on Tuesday that the Gulf monarchy cleared the “stringent security requirements” to become the 42nd member of the US’s visa waiver program. The agreement “will deepen our strategic partnership and enhance the flow of people and commerce between our two countries,” Secretary of State Antony Blinken said in a statement.

    Sheikh Tamim bin Hamad al-Thani, emir of Qatar, speaks during the United Nations General Assembly at UN headquarters on 24 September 2024, Getty Images/AFP.

    Qatar’s population stands at just 2.6 million, of whom only a tiny fraction – around 313,000 – are citizens. The US visa waiver program is mainly reserved for wealthy western European and Asian states. Israel was added to the program last year.

    Qatar has a GDP per capita of $87,661, which is roughly $10,000 above the US’s. US officials said they were open to other Gulf Arab nations eventually entering the program. The only other Muslim-majority country in the program is the Southeast Asian nation of Brunei.

    Qatar is also a key US ally. It is home to al-Udeid, the largest US air base in the Middle East and the forward operating headquarters of all US forces in the region also known as Centcom. Roughly 10,000 US troops are based in Qatar.

    In January, the Biden administration reached a deal to extend its stay at the base for another 10 years. Qatar diligently guards its partnership with the US.

    Doha previously weathered a blockade by neighbors UAE, Saudi Arabia and Bahrain over its alleged ties to the Muslim Brotherhood, among a host of other reasons. Qatar has since patched up ties with Riyadh, but relations with Abu Dhabi remain frosty and they are aiding different sides in Sudan’s civil war.

    Qatar remained close to Republican and Democratic administrations by demonstrating its value to the US. It helped the US fly out thousands of Afghan allies as the Taliban seized control of the country. More recently, it has mediated alongside Egypt for an elusive ceasefire in Gaza.

    While Qatar enjoyed good ties with the Biden administration, it has come under some pressure from members of Congress who are irked by its relationship with Hamas.

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    Hamas was based in Damascus, Syria, until 2012, when it fell out with the Syrian government over the country’s civil [proxy] war. Qatar agreed to host the exiled leadership at the request of the US to maintain an indirect line of communication with the group, Qatari officials say.

    In June, The Wall Street Journal reported that both Qatar and Egypt warned Hamas officials that they face possible arrest, freezing of their assets, sanctions and expulsion from Doha if they don’t agree to a ceasefire with Israel.

    Tyler Durden
    Thu, 09/26/2024 – 05:00

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Sep 05

Today’s News 5th September 2024

  • These Are The World's Largest Megaprojects
    These Are The World’s Largest Megaprojects

    Megaprojects have been growing larger globally and many of them have recently centered on the Arab Gulf Region.

    Construction software company 1Build estimates that before the end of the decade, the world will see the first construction megaproject with a cost estimation exceeding $1 trillion. Right now, there are several projects underway that exceed the size of $100 billion – despite the fact that $10 billion construction proposals were considered to be megaproject just some years ago.

    As Statista’s Katharina Buchholz reports, out of all nine ongoing megaprojects identified by 1Build, International Construction Magazine and Construction Review to cost $100 billion or more, four were being built in Arab Gulf States.

    Infographic: The World's Megaprojects | Statista

    You will find more infographics at Statista

    This includes the ambitious project of Neom City, actually a collection of futuristic towns and cities which are being built in Northwestern Saudi Arabia.

    One of the developments, The Line, has received the most attention for being planned as a completely enclosed, linear city. The project was recently scaled back to a length of just 2.4 kilometers/1.5 miles (and a width of 200 meters/height of 500 meters). It is projected to house around 300,000 people by 2030 – just a fractions of its original length. Other ongoing megaprojects on the Gulf are King Abdullah Economic City North of Jeddah in Saudi Arabia and Silk City in Northern Kuwait, which will be home to the world’s future tallest building.

    More expensive than Neom City is the EU’s Trans-European Transport Network. The large-scale infrastructure upgrade estimated to cost $600 billion includes the building of railway lines, roads, shipping routes and related structures in EU member countries to improve long-distance transport.

    Projects on the peninsular have also suffered a setbacks, like the $250 billion, 2,000 km project to connecting GCC member countries by rail. Initially to be completed by 2018, it was halted, but planning has since resumed. A megaproject in the region that was partially canceled is entertainment and tourism complex Dubailand, initially scheduled to cost $64 billion.

    Tyler Durden
    Wed, 09/04/2024 – 23:40

  • Activist Investors And Healthcare Innovation Don't Mix
    Activist Investors And Healthcare Innovation Don’t Mix

    Authored by Jerry Rogers via RealClearPolicy,

    The U.S. healthcare system may have its share of flaws, but fortunately leading the world in healthcare ingenuity and innovation is not one of them. U.S. inventors and inventions have revolutionized the healthcare industry through a combination of brilliant minds, sheer grit, and a substantial amount of investment into research, which yields new treatments, drugs, and medical devices that benefit American patients and millions of others all around the world.

    Scrappy, innovative companies are a major factor in America’s global lead in cutting edge healthcare. U.S. companies of all sizes in the pharmaceutical, medical device, and other related industries compete vigorously against each other to attract investment and produce the latest and greatest products and technologies to expand care, improve outcomes, and lower costs.

    But untimely disruptions to these companies and the virtuous cycle of innovation can throw them off their missions and impact the entire market. One such distracting disruption is unfolding at Masimo, a medical technology device company that manufactures patient monitoring technology.

    Masimo is under an activist investor attack by Politan Capital Management, a hedge fund founded three years ago by Quentin Koffey. Last year, Politan successfully challenged Masimo management and won two seats to the company board. This year the stakes are much higher. Politan is back for two more seats – enough to give the hedge fund total control of Masimo’s board, despite the fact that Politan has no experience running a medical tech company.

    Proxy fights are more typically over a seat or two that grant influence, but not total control. Politan’s quest for an outright majority of Masimo’s board makes this proxy fight peculiar and one that should be followed closely by everyone who cares about the future of healthcare innovation.

    Multiple, in-depth studies have found that proxy fights harm target companies. An analysis by Boston Consulting Group found most companies “lose between 4% and 25% of TSR [total shareholder return] within a year of an activist attack.”

    Activist Insight found that companies where management’s candidates won performed better over a longer period, rising “by an average 8% after a year, compared to a 2% gain for companies where activists won at least one seat.”

    But perhaps more important than the hit to share price is the most consequential impact: lost innovation. Masimo’s CEO, founder, and chairman, Joe Kiani, is up for reelection to the board. Kiani has said he will leave the company as CEO if shareholders vote him off the board in favor of Politan’s replacement.

    It’s fair to say that Masimo’s future is tied to Kiani’s fate. Kiani has led the company from a startup to a publicly traded leader in patient monitoring and pulse oximetry that annually serves more than 200 million people. Fast Company recognized Masimo as one of the ten most innovative companies in 2024 across all sectors. Losing Kiani would be a massive hit to the company. (Here’s my conversation with Joe Kiani on the ‘Business of America’ Podcast).

    But Kiani wouldn’t be the only loss if the hedge fund succeeds. Its COO, Bilal Muhsin, notified the board that he would resign if Kiani is forced out. Nearly 300 engineers in Masimo’s healthcare division also expressed public support for Kiani, warning that losing him would jeopardize the company’s future and that they, too, may depart if Politan assumes control.

    The loss of Masimo’s executive leadership as well as its talented employee base would generate a massive disruption, effectively halting future innovations to the detriment of patients and shareholders. It’s very difficult to imagine a scenario where handing over board control to a hedge fund manager with no industry experience would result in any outcome other than major, perhaps irrecoverable, setbacks.

    That avoidable outcome would be unfortunate for one of the most innovative companies in the U.S.  healthcare sector. It might also foretell other takeover attempts of companies that would rather focus on their missions than activist investors.

    U.S. companies are adept at innovating. We may soon learn if those same companies can continue to do so without its leadership and best inventors.

    Jerry Rogers is editor at RealClearPolicy and RealClearHealth. He hosts ‘The Jerry Rogers Show’ on WBAL NewsRadio 1090/FM 101.5 and the Federal Newswire’s ‘The Business of America’. Follow him on Twitter @JerryRogersShow.

    Tyler Durden
    Wed, 09/04/2024 – 23:15

  • This Is Awkward: Elites Told Anyone Making Less Than $300k: "Try Lentils Instead Of Meat"
    This Is Awkward: Elites Told Anyone Making Less Than $300k: “Try Lentils Instead Of Meat”

    Two and a half years after Bloomberg Opinion published advice for those earning under $300k on how to weather the Biden-Harris inflation storm—suggesting, among other things, swapping beef for “tasty meat substitutes” like lentils—we revisit whether labor economist Teresa Ghilarducci’s tips have truly shielded consumers from the fallout of failed Bidenomics.

    The short answer is no. 

    Let’s revisit the March 19, 2022 op-ed titled “Inflation Stings Most If You Earn Less Than $300K. Here’s How to Deal,” which Bloomberg Opinion’s X account reposted the article.

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    The X post was heavily ratioed, with some users saying… 

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    And, by the way, elites can be very wrong about their predictions… 

    Using the Amazon price tracker website camelcamelcamel, prices for a 12-pack of 14.5-ounce canned lentil soup produced by Amy’s Soup sold for around $30 when the op-ed was published. Several months later, prices jumped to $50, indicating prices were elastic as demand likely soared due to cash-strapped consumers. Since the start of 2023, data from the tracking website show prices bounced between the $40s to $50s, even as high as $65. 

    Meanwhile, the food inflation theme is still hot. 

    Orange juice contracts in New York are hyperinflating to record highs. 

    Wholesale egg prices via the Urner Barry Egg Index EBP are nearing record highs once again. 

    Let’s not even get started with USDA retail beef prices per pound. 

    But don’t worry—as the VP Harris team states, communist price controls will be the cure against evil supermarket chains that price gouge customers.

    The higher price of breakfast food and just food in general is an alarming sign for low- and middle-income consumers. 

    Last week’s Dollar General stock price crash, fueled by warnings of a “financially constrained” core customer, is merely a warning sign the economy is trending in the wrong direction. 

    Tyler Durden
    Wed, 09/04/2024 – 22:50

  • "These Results Are Alarming": Billions Of People Have Inadequate Micronutrients, Study Estimates
    “These Results Are Alarming”: Billions Of People Have Inadequate Micronutrients, Study Estimates

    Authored by Huey Freeman via The Epoch Times (emphasis ours),

    More than half the world’s population is deficient in micronutrients such as vitamins and minerals, according to a new study.

    According to the results, published in Lancet Global Health journal, 99.3 percent of the global population is missing at least one important nutrient.

    Selection of “healthy” foods: fruits, seeds, cereals, and vegetables.

    The study collected data from 31 countries to estimate micronutrient consumption in 185 countries.

    “Our study is a big step forward,” Chris Free, research professor at the Harvard T.H. Chan School of Public Health, UC Santa Barbara, and co-lead author, said. “Not only because it is the first to estimate inadequate micronutrient intakes for 34 age-sex groups in nearly every country, but also because it makes these methods and results easily accessible to researchers and practitioners.”

    Deficiencies in micronutrients harm health and can lead to various preventable health conditions, the researchers say.

    “Iron deficiency is the most common cause of anaemia, leading to impaired cognition and adverse pregnancy outcomes. Vitamin A deficiency is the leading cause of preventable blindness globally, affecting mostly children and pregnant women,” the authors wrote in their study.

    “These results are alarming,” Ty Beal, lead author of the study, said in a press release. “These gaps compromise health outcomes and limit human potential on a global scale.”

    The researchers said the new study is the first to provide global estimates of inadequate consumption of 15 micronutrients critical to human health.

    “These results can be used by public health practitioners to target populations in need of intervention,” the researchers added.

    Seven Common Deficiencies

    The researchers identified seven common micronutrients that people are deficient in, namely iodine, vitamin E, calcium, iron, riboflavin (vitamin B2), folate, and vitamin C.

    Vitamin E, iodine, and vitamin C are also common deficiencies in the United States, the authors wrote.

    More than half the children in the world younger than 5 years old are deficient in vitamin A, iron, or zinc.

    Each micronutrient deficiency has unique consequences, with multiple deficiencies potentially lowering quality of life and lifespan. The study revealed several global deficiency rates:

    Iodine (68 percent): Vital for cognitive development in infants. Iodine plays an essential role for pregnant and breastfeeding women. Common sources of iodine are iodized salt, seaweed, and seafood.

    Vitamin E (67 percent): Deficiency can cause muscle weakness and impaired coordination. Nuts, seeds, and vegetable oils are common sources of vitamin E.

    Calcium (66 percent): Deficiencies can cause weak and brittle bones. Dairy and fish are common sources of calcium.

    Iron (65 percent): Deficiencies can cause anemia, affecting cognition and pregnancy outcomes. Red meat and eggs are common sources of iron.

    Riboflavin (55 percent): Deficiencies can cause non-specific symptoms like eye sensitivity and neurological symptoms like seizures and migraines. Eggs, meat, and dairy are main sources of riboflavin.

    Folate (54 percent): Folate is needed early in pregnancy to reduce the risk of stillbirths and severe birth defects of the brain and spinal cord. Nuts and leafy greens are main sources of folate.

    Vitamin C (53 percent): Deficiencies can cause gum bleeding and poor wound healing. Peppers, tomatoes, and citrus fruits are common sources of vitamin C.

    Other less common deficiencies include inadequate vitamin A and zinc. Vitamin A deficiencies can cause blindness and zinc helps prevent infectious disease.

    The researchers found that females consistently showed higher deficiency rates for iodine, iron, and the mineral selenium.  Males, however, were more deficient in magnesium, vitamin B6, zinc, vitamin C, vitamin A, thiamin (vitamin B1), and niacin (vitamin B3).

    Tyler Durden
    Wed, 09/04/2024 – 22:25

  • Judge Hands Elon Musk’s X A Win In Lawsuit Against California's Content-Moderation Law
    Judge Hands Elon Musk’s X A Win In Lawsuit Against California’s Content-Moderation Law

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

    A federal appeals court has granted X Corp.’s request to block part of a California state law that requires social media platforms to disclose their content moderation and anti-hate speech policies.

    Elon Musk arrives at an event at the Academy Museum of Motion Pictures in Los Angeles, Calif., on April 13, 2024. Etienne Laurent/AFP via Getty Images

    The U.S. Court of Appeals for the Ninth Circuit issued an order on Sept. 4 that grants X Corp.’s request for a preliminary injunction and reverses a district court’s ruling against the Elon Musk-owned social media company in a legal challenge to California’s Assembly Bill (AB) 587.

    The court said the bill’s content-moderation provisions are not narrowly tailored to serve California’s purported goal of requiring social media companies to be transparent about their content-related practices, and may amount to unconstitutionally compelled speech.

    “The panel held that X Corp. was likely to succeed on the merits of its claim that the Content Category Report provisions facially violate the First Amendment,” the appeals court judges wrote in their opinion.

    AB 587 requires large social media companies to post their terms of service and to submit periodic reports to the California Attorney General’s office about their content-moderation practices and policies.

    A key provision of the bill requires a semiannual report detailing how the platforms define six categories of content: hate speech or racism; extremism or radicalization; disinformation and misinformation; harassment; foreign political interference; and controlled substance distribution.

    X Corp. argued in its lawsuit, which named California Attorney General Robert Bonta as defendant, that the law intends to pressure social media companies to censor content that the government deems objectionable and improperly compels speech in violation of the First Amendment.

    “The legislative record is crystal clear that one of the main purposes of AB 587—if not the main purpose—is to pressure social media companies to eliminate or minimize content that the government has deemed objectionable,” X Corp. attorneys argued in their complaint.

    In December 2023, a district court handed X Corp. a loss, denying the company’s request for a preliminary injunction. U.S. District Judge William Shubb found that the Content Category Report provisions aren’t “unjustified or unduly burdensome within the context of First Amendment law.”

    Shubb acknowledged in his order that compliance with the provisions may carry a significant burden on social media companies, but he concluded that the periodic reports that include the mandated content policy and practice disclosures are merely factual and “uncontroversial.”

    “The mere fact that the reports may be ‘tied in some way to a controversial issue’ does not make the reports themselves controversial,” the judge wrote in his eight-page opinion.

    The district court judge determined that X Corp. was unlikely to succeed on the merits of its First Amendment claim and that the bill’s provisions are reasonably related to the state’s interest in transparency.

    X Corp. appealed, leading to the Sept. 4 ruling, holding that the Content Category Report provisions likely compel noncommercial speech and probably fail the strict scrutiny standard because they are not narrowly tailored to serve the state’s transparency interest.

    In reversing the lower court’s decision to deny X Corp.’s request for a preliminary injunction, the 9th Circuit instructed the district court to issue one in line with the panel’s opinion. In addition, the lower court must determine if the Content Category Report provisions can be separated from the rest of AB 587 and, if so, to determine whether any other challenged provisions should also be blocked.

    A spokesperson for the California Attorney General’s office told The Epoch Times in an emailed statement that it’s reviewing the opinion and “will respond appropriately in court.”

    The legal battle between X Corp. and the state of California over AB 587 is part of a broader trend where social media platforms and industry groups have pushed back against laws around content moderation on First Amendment grounds.

    Recently, the 9th Circuit appeals court issued a ruling that upheld the data privacy-related provisions of California’s online child safety laws, while striking down those that required social media platforms to assess and mitigate risks of harmful content. The appeals court found that the blocked provisions likely violate free speech rights.

    Tyler Durden
    Wed, 09/04/2024 – 21:40

  • The Green Subsidy Scam
    The Green Subsidy Scam

    Authored by Jonathan Lesser via RealClearEnergy,

    Like the Jeopardy! game show, green energy subsidies have been Congress’ answer to every energy policy question. The first OPEC oil embargo of 1973-74 catalyzed decades of energy policy, including the formation of the Department of Energy. Wind, solar, and hydropower subsidies began in earnest with the Public Utilities Regulatory Policy Act of 1978. Similarly, subsidies for corn-based ethanol were enacted as part of the National Energy Conservation Policy Act of 1978. Both were designed to reduce the country’s dependence on Middle East oil.

    The PURPA subsidies set off a race by independent developers to construct small generating plants whose output electric utilities were required to purchase at administratively set prices. In some cases, the subsidies were independent of how much electricity the plants actually produced, creating the moniker “PURPA machines,” because their real purpose was to extract subsidies; producing electricity was secondary.

    The Energy Policy Act of 1992 modified those subsidies, creating a “temporary” production tax credit for wind power and certain types of biomass generation. Congress also enacted an Investment Tax Credit, initially for solar energy, but later extended to all renewables, which could choose between the ITC and the PTC. Although the PTC was supposed to expire in 1999, it has been repeatedly extended and expanded, most recently in the Inflation Reduction Act. The PTC now includes all zero-emissions generation, including new nuclear plants. Under the IRA, the ITC has been increased, with qualifying green energy investments able to claim a credit of as much as 60% of their construction cost.

    Moreover, the IRA extends the PTC and ITC until greenhouse gas emissions from electric generation fall to just 25% of their 2005 levels, after which they will be decreased gradually. According to the U.S. Energy Information Administration, the expected date for reaching that goal is 2048.

    The IRA also provides subsidies for “green” hydrogen, that is, hydrogen produced from emissions-free electricity, battery storage facilities, and facilities that capture carbon and bury it underground.

    Ethanol subsidies have similarly been extended and increased, with the government now subsidizing various types of biofuels and numerous states enacting clean fuel standards, which, like renewable portfolio standards, require increasing percentages of transportation fuels to be biofuels.

    Congress has not been the only institution shoveling subsidies to green energy. Many states have provided their own subsidies, especially the mid-Atlantic states that are forcing ratepayers to purchase electricity from offshore wind projects at prices many times higher than the market. States have also enacted renewable portfolio standards forcing electric utilities to increasing percentages of electricity from renewable sources that would otherwise never be built.

    This subsidy smorgasbord is supposed to reduce greenhouse gas emissions by promoting new clean energy technologies. It’s also supposed to accelerate economic growth by creating new “green” industries and high-paying jobs.

    There is little evidence for the former. U.S. energy-related greenhouse gas emissions have decreased by almost 20% from 2005 levels primarily because natural gas has supplanted coal as the primary fuel for generating electricity. Between 2005 and 2023, electricity generation from natural gas was six times greater than generation from wind and solar combined. In 2023 alone, electricity generated using natural gas was three times greater than wind and solar generation.

    Moreover, growth in subsidized wind and solar generation has distorted wholesale electric markets, begetting the need for subsidies to ensure existing nuclear plants continue operating, lest their owners shutter them and eliminate thousands of high-paying jobs. Enacting subsidies required to offset the distortions caused by other subsidies is surely one definition of economic insanity.

    As for spurring new industries and economic growth, today, the U.S. solar manufacturing industry is moribund, with almost 90% of the solar panels installed in this country now produced in China. All but one of the offshore wind projects under construction or slated to be built are owned by European companies that their respective governments control.

    The economic costs of these subsidies are borne by taxpayers, who must finance the additional deficit spending; electric ratepayers who, despite claims that renewable energy resources are less costly than traditional generating resources, have seen their electric rates soar; and drivers, who pay more for gasoline and diesel fuel as refineries have closed or been modified to produce subsidized biofuels.

    Those higher costs for electricity and transportation fuels raise the costs of producing and distributing almost everything else, which ripples through the entire economy, reducing economic growth and destroying jobs.

    As for green energy subsidies spurring the development of new, lower-cost clean technologies, there is nothing new about wind and solar generation that receives the lion’s share of subsidies. After almost half a century, neither are cost-competitive, especially when the additional costs of addressing their inherent intermittency are included—costs that others must pay. And new technologies, such as direct air capture of carbon, will only be commercially viable if the U.S. imposes carbon taxes of several hundred dollars per ton, which few politicians will be willing to do.

    The overwhelming majority of green energy subsidies reward politically powerful constituencies and businesses whose primary purpose is not to build better energy mousetraps but to build only ones that qualify for the largest subsidies.

    The government could instead target subsidies solely on true research and development efforts of new clean energy technologies, such as advanced and small modular nuclear reactors.

    With the country deeply in debt, wasting hundreds of billions of dollars on subsidies for green energy, as the Inflation Reduction Act calls for, is an idea whose time is long past. Green energy Jeopardy! may be a lucrative game for the lucky recipients, but eventually everyone loses.

    Jonathan Lesser is a senior fellow with the National Center for Energy Analytics and the president of Continental Economics.

    Tyler Durden
    Wed, 09/04/2024 – 21:00

  • War Prep? Two Major Chinese State Owned Shipbuilders Merge To "Better Serve The Military"
    War Prep? Two Major Chinese State Owned Shipbuilders Merge To “Better Serve The Military”

    In a move that we can’t help but think looks suspiciously like war prep, two Chinese state-owned shipbuilders announced Monday plans to merge, according to a new report from Nikkei Asia.

    The report says up front the merger could “help them better serve the military”. Key details, such as pricing, asset handling, employee treatment, and protections for dissenting shareholders, have yet to be revealed.

    The Nikkei report says that in nearly identical filings to the Shanghai Stock Exchange on Monday night, China CSSC Holdings and China Shipbuilding Industry (CSICL) announced they had signed an agreement to merge.

    On Monday, CSSC Holdings’ shares closed at 34.90 yuan, and CSICL’s at 4.98 yuan. The merger would involve CSSC Holdings absorbing CSICL through a stock swap.

    Based on current prices, CSSC Holdings’ market cap is 156.08 billion yuan ($22 billion), while CSICL’s is 113.55 billion yuan. The companies aim to “further focus on major state strategy.”

    “Promoting equipment for a strong military” was also mentioned as a priority in the filings, according to the report. 

    The report says that the two companies are part of China State Shipbuilding Corp. (CSSC), a central state-owned conglomerate overseen by the State-owned Assets Supervision and Administration Commission (SASAC).

    SASAC has recently increased pressure on listed arms of central companies to enhance market value by improving governance, raising disclosure standards, conducting share buybacks, and increasing dividends. If the merger boosts efficiency and profitability, it aligns with government policy goals.

    CSSC has a complex history, dating back to a 1950 government organization for shipbuilding, which was reorganized in the 1970s and later split into “North Ship” and “South Ship” entities in 1999.

    These merged in 2019 to form the current CSSC, but CSSC Holdings and CSICL, from the original north and south entities, remained separate listed companies with overlapping businesses….until now.

    Tyler Durden
    Wed, 09/04/2024 – 20:40

  • Daddy Government Is Afraid Of His Rebellious Children
    Daddy Government Is Afraid Of His Rebellious Children

    Authored by J.B. Shurk via American Thinker,

    Negotiation is the art of getting an opponent to advocate for your position.  You want one thousand dollars for an old car.  You ask for two.  The buyer works you down to one, and you shake on the “deal.” 

    Parents employ similar skills.  A toddler who is unhappy about being put in the stroller might be given a choice: we can either go to the park or take a nap.  Cries often disappear when the alternative to play is less fun.  Of course, children quickly learn this game, too.  Some will double-down on crying until mom throws up her hands and offers to renegotiate: and we can stop for ice cream on the way!  Teenagers realize that either-or offers invite workarounds.  “Do your homework or you’re grounded” succeeds as a negotiating position only if Junior can’t climb out the window after dark.  

    From an early age, we grasp that successful negotiations take advantage of (1) asymmetric information and (2) asymmetric authority.  Individuals who know more than their opponents and who are capable of restricting the range of available outcomes to any dispute are likely to get what they want.

    Governments use such asymmetries to maintain control.  By knowing more than the public and by exercising complete authority over what is permissible, their bargaining power far exceeds that of the lowly citizen.  In the United States, the Department of Justice maintains an almost perfect conviction rate.  Is that because prosecutors pursue only the guilty?  Or is it because lone defendants are up against federal law enforcement agencies with huge bureaucratic workforces and immense investigatory resources?  When the “United States of America” is a party to any case, the underdog sits on the other side.

    Governments also relish playing parent.  Before their deaths, Saddam Hussein, Muammar Gaddafi, and Hugo Chávez embraced the role of father to their respective nations.  Kim Jong Un, Vladimir Putin, and Xi Jinping assume that role today.  Even in so-called “democratic” countries, it is common to treat the heads of government as family patriarchs (or the matriarch, as was the case with the late Queen Elizabeth II).  Right now in America, the Democrat Party is doing its best to brand vice presidential nominee Tim Walz, “America’s Dad.”  Dictatorships, monarchies, and constitutional republics, it seems, all love to turn their rulers into daddy and mommy figures.

    Why wouldn’t they?  There is a great deal of perceived authority and omniscience ascribed to parents.  Who else could get away with answering, “Why should I do that?” with this one-two punch: because I’m your mother, and I said so.  That’s the kind of power that governments adore.  How come we have to change our doctors and embrace socialized medicine?  Barack: because I said so.  Why can’t we talk about mail-in-ballot fraud and stolen elections?  Pelosi’s J6 committee: because we said so.  Why can’t we exercise free speech and engage in vigorous debate?  Disinformation Governance Board: because we said so.  Why can’t we enforce existing immigration law and secure America’s borders?  D.C.’s Uniparty and corporate paymasters: because we said so.  Why should we elect an unlikable and incompetent politician just because she’s a woman?  Hillary and Kamala: because we said so.  No wonder governments use a combination of regulatory sticks and welfare carrots to punish and reward their children.  Nobody dares to question Daddy Government when he scowls across the kitchen table and threatens to throw the misbehaving public over his lap!

    Does this seem absurd?  I certainly think so!  I find it bizarre that so many adults are comfortable with others telling them what they can and cannot do.  I don’t need Facebook and Google to censor words because they might be “scary.”  I don’t need the Department of Homeland Security to “save me” from foreign points of view.  I don’t need self-described “public health experts” to filter knowledge based upon an article’s likelihood to “harm” my thoughts.  I don’t need some bureaucratic “parent” questioning my reasoning skills or decisions.  Adulthood requires some semblance of personal responsibility and a willingness to utilize the organ resting between one’s ears.  Human equality requires the exact same things.  It is no surprise, then, that governments of all stripes work so hard to infantilize their citizens.  When Daddy Government “knows best,” obedient children behave.  No civic or political equality survives government paternalism.

    As a negotiating strategy, however, government paternalism is highly effective.  Should a citizen question why we must rush into war, the NSA, CIA, or Pentagon can simply say, “That’s classified.”  If anyone asks why we must take an experimental “vaccine” with unproven effectiveness, the CDC and FDA can answer, “We’re working at the speed of science.”  If someone wonders why it’s okay for the government to ban certain political viewpoints, public censors can explain, “We’re experts in disinformation.”  Like any good negotiator, the more that government actors depend upon (1) secret knowledge and (2) special authority, the easier it is for them to get what they want.  Daddy Government is such a good negotiator that he can get peaceniks to cheer for war, medical doctors to wear six useless paper masks, and free speech enthusiasts to warn against the dangers of unregulated speech!

    How does Daddy Government negotiate so well?  He’s a “nudger” really.  He always has been.  He asks, “Don’t you care about freedom and the American flag?”  And answers, “If so, you’ll agree to fight and die overseas.”  He will never suggest, however, that you fight and die for freedom right here!  He tells us every problem has a government solution.  Too much interstate crime?  That’s why we need the FBI!  Too much economic uncertainty?  That’s why we need the Federal Reserve!  Too many evil regimes plotting our demise?  That’s why we need the CIA!  Too many domestic enemies in our midst?  That’s why we need the NSA to spy on everything we say! 

    Daddy Government succeeds when his children are conditioned to root for bigger and more intrusive government.  After all, negotiation is the art of getting an adversary to convince you that your opinion is right!  When more government is the only answer to any perceived problem, who wins the negotiation?  Daddy Government!  That’s why he’s a master negotiator!

    When we speak about a “Great Awakening” happening in America and throughout the West, what we are talking about is a growing public recognition among citizens that their governments have long been “negotiating” in bad faith.  Censorship is not free speech.  Mandatory vaccination is not healthcare.  Energy cartels, fiat currencies, central banks, overseas slave labor, and heavily regulated domestic economies do not constitute free markets.  Endless war does not produce endless peace.  Governments that have long “nudged” us into believing such lies are being broadly exposed.  You take thirty years of a relatively open Internet, combine it with enlightened public conversations that transcend national boundaries, add a handful of technologies that provide workarounds to mass surveillance, mix in a few revelations from the likes of Julian Assange and Edward Snowden, and what do you get?  You get a large number of citizens who realize that they are in an abusive relationship with their government. 

    Americans who once believed that tyranny could not happen here now know better.  Western Europeans who believed that totalitarianism had been beaten know better, too.  This change in social consciousness is why governments have swapped their “nudge patrols” for authoritarian armies that push and shove.  Government coercion and violence are on the rise because Westerners see through the rigged “negotiations” of their fake “democracies.”  It’s why Germany disenfranchises conservatives, France arrests the CEOs of free speech platforms, Brazil bans Elon Musk’s X, the UK treats “anti-Establishment rhetoric” as a crime, and the United States persecutes J6 political prisoners.  

    Daddy Government is afraid because his “children” are done negotiating.

    Tyler Durden
    Wed, 09/04/2024 – 20:20

  • 75% Of Midtown NYC Arrests Are Illegals; Veteran Prosecutor Blames "Pathetic" Sanctuary City Laws
    75% Of Midtown NYC Arrests Are Illegals; Veteran Prosecutor Blames “Pathetic” Sanctuary City Laws

    In yet another headline you won’t see from corporate media, 75% of those arrested in Midtown Manhattan in recent months for crimes like assault, robbery, and domestic violence are migrants.

    Screenshot via @ViralNewsNYC

    In Queens, it’s around 60%, the NY Post reports, citing police sources.

    On any given day, Big Apple criminal court dockets are packed with asylum seekers who have run afoul of the law.

    The problem is made much worse by sanctuary city laws that mean New York cops aren’t allowed to work with ICE on cases in which they believe suspects are in the country illegally. Additionally, the NYPD says it is barred from tracking the immigration status of offenders.

    According to the report, the sanctuary city laws make it ‘almost impossible’ for authorities to handle the problem.

    “New York City eliminated a tool to get rid of violent criminals. What a mess,” said Jim Quinn, a veteran former prosecutor at the Queens District Attorney’s Office.

    “The sanctuary city law is pathetic. It’s disgusting. It’s crazy.”

    Compounding matters, police sources say that word has gotten out among the migrant community about NYC’s soft-on-crime policies which kicks criminals back onto the street quickly after they’re arrested.

    And even if they do end up serving time, one Bronx cop told the Post: “They don’t care if they get arrested — they laugh if they get sent to Rikers. Where they come from, they get tortured in jail.”

    The problem is so bad that Democrat Mayor Eric Adams has called on the City Council to change the sanctuary city laws – saying last week: “Right now, we don’t have the authorization to be able to go and coordinate with ICE. We have to follow the law.”

    According to a NYPD spokesperson, overall crime may be down last year, however they confirmed that “police officers are prohibited from asking about the immigration status of crime victims, witnesses, or suspects and therefore the NYPD doesn’t track data pertaining to immigration statuses.”

    “I would say about 75% of the arrests in Midtown Manhattan are migrants, mostly for robberies, assaults, domestic incidents and selling counterfeit items,” one Midtown officer told the outlet.

    He said the figure is an estimate because “you can’t be 100% sure [they’re migrants] unless you arrest them in a shelter or they’re dumb enough to give you a shelter address.”

    Another Manhattan cop said that excluding petty larcenies at drugstores, the number of local arrests involving migrants is “easily” 75%, noting that most who get caught shoplifting go more for the pricey branded goods.

    “They can’t be bothered with lower-end stores. They like Lululemon and Sunglass Hut,” said the Manhattan cop, adding that migrants are responsible for “most” of the pickpocketing and similar crimes that the NYPD encounters.

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    Meanwhile in the courts, “there are days we have so many migrant cases, we have to call in for extra Spanish interpreters,” said one law enforcement officer at the Queens Criminal Courthouse. Another told The Post: “Come on Mondays! Almost every case is a migrant.”

    Some of the crimes migrants are being arrested for include gang violence or vicious sexual assaults.

    Venezuelan migrant Yurlex Daniel Guzman Quintero was arraigned in Queens Criminal Court on Aug. 28, accused of a deplorable act of sexual abuse against his girlfriend in which he viciously choked her and held a knife to her head. Court documents allege it all happened in front of her child.

    The same day, migrant Dionisio Moran Flores was arraigned in Manhattan Criminal Court for allegedly raping his 5-year-old daughter. He was ordered held on $150,000 bail. -NY Post

    The Post also notes that Venezuelan prison gang Tren de Aragua, which has been terrorizing citizens around the country, has also set up shop in NYC and are already tied to hundreds of crimes – including the shootings of two NYPC officers who were trying to arrest a member in June. The gang has been arming up – smuggling guns into city-run shelters in food delivery bags in an effort to evade metal detectors.

    “Most of the people we arrest are professionals — these aren’t their first crimes,” said one law enforcement source, who added that Biden-Harris open border policies combined with sanctuary city laws are responsible for the current situation.

    “Crime would be down significantly if there was a wall and we could account for everyone who comes into the country,” the source told The Post. “And more importantly, throw them out if they commit a crime.”

    Tyler Durden
    Wed, 09/04/2024 – 20:00

  • Popular Conservatives Allegedly Tricked Into $10M Russian Influence Campaign: DOJ
    Popular Conservatives Allegedly Tricked Into $10M Russian Influence Campaign: DOJ

    It looks like we’re doing September surprises now…

    Illustration via MediaITE

    The DOJ has accused several conservative influencers of unwittingly working for a Kremlin-funded media outlet.

    A federal indictment unsealed on Wednesday alleges that a Tennessee-based media company, later identified as Tenet Media, received nearly $10 million from employees of Russian state-backed media company, Russia Today (RT), as part of “a scheme to create and distribute content to U.S. audiences with hidden Russian government messaging.”

    The DOJ claims that RT and two of its employees – Kostiantyn “Kostya” Kalashnikov and Elena “Lena” Afanasyeva – worked to funnel money to Tenet Media as part of a series of “covert projects” aimed at shaping narratives within Western audiences.

    The indictment specifically notes that the influencers – including Tim Pool, Benny Johnson, Dave Rubin and Lauren Southern – had no idea they were taking Russian money, and were deceived. They were told by Tenet founder Lauren Chen – who allegedly knew the true source of the funds – that the money was from a wealthy private investor named “Eduard Grigoriann.”

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    At least one of the influencers asked for a profile on Grigoriann before signing a contract – and was given a fabricated one-page profile.

    This was apparently sufficient, as two of the commentators (believed to be Tim Pool and Benny Johnson) signed contracts which paid Pool $100,000 per podcast, while Johnson was paid $400,000 per month plus a $100,000 signing bonus for “four weekly videos.”

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    While Pool and Johnson have issued statements (below), it’s been pointed out that Lauren Chen has recently been trying to divide Donald Trump’s base…

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    In a Wednesday statement on X, Pool says that should the allegations prove true, “I as well as the other personalities and commentators were deceived and are victims,” and ends by telling haters to “eat my irish ass.”

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    Johnson says “Our lawyers negotiated a standard, arms length deal, which was later terminated,” adding “We are disturbed by the allegations in today’s indictment, which make clear that myself and other influencers were victims in this alleged scheme.”

    We’re sure the timing of this, two months before the election, was a total coincidence. How long has the DOJ been sitting on this? Why did it drop a day after we learned that a Chinese spy was working for NY Gov. Kathy Hochul, or that Poole was going to sue Kamala Harris for defamation?

    And of course, the NeverTrumpers like Rick Wilson are giddy with joy…

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    Tyler Durden
    Wed, 09/04/2024 – 19:40

  • Lebanon's Christian Bloc Charges Hezbollah With 'Imposing' War On The People
    Lebanon’s Christian Bloc Charges Hezbollah With ‘Imposing’ War On The People

    Hezbollah on Wednesday unleashed its largest volley of rockets on northern Israel since late August. At around noon local time, nearly 50 rocket sirens sounded throughout settlements and towns in northern Israel as around 65 missiles rained down.

    The settlement of Kiryat Shmona was hit, according to Israeli media, resulting in fires in surrounding fields – which has been a common feature of the conflict with Hezbollah. The settlements of Malchia, Ramot Naftali, and Beit Hillel were also targeted, but it remains unclear how many projectiles made it through.

    Illustrative image: AFP/Getty/TNS

    An Israeli Defense Forces (IDF) statement indicted that anti-air systems were able to intercept many rockets while failing to shoot down others.

    Before Wednesday’s attack, Hezbollah’s daily rocket fire had significantly dropped and was at a bit of a lull. The IDF had last month launched a large-scale ‘preemptive attack’ on Lebanon, and Israeli officials attribute this action to quieting the ferocity of Hezbollah attacks in the week after.

    The Jerusalem Post explains of the recent daily stats as follows:

    The military did not explain why it missed certain rockets, though given the context, the sudden large volume after a relatively quiet period may have partially taken the air defense apparatus by surprise.

    Prior to August 25, Hezbollah had at times launched 100 or even 200 rockets in a day against Israel’s North and frequently was launching dozens per day.

    In that sense, it was clear on Wednesday that Hezbollah had re-crossed a threshold of challenging Israel with more rocket attacks after a period of time in which it had seemed deterred by the August 25 IDF preemptive strike.

    Still, the Israeli August preemptive strikes are having their intended effect of serving as a major warning to the whole of the Lebanese government and people.

    Israel has since Oct.7 held the threat over the populating of “bombing Lebanon back to the stone age” – as Israeli officials have often repeated – should Hezbollah keep escalating its attacks which have left some 80,000 Israelis evacuated from their homes.

    On Sunday the head of the Christian political party Lebanese Forces (LF), Samir Geagea, charged Hezbollah with “confiscating the Lebanese people’s decision on war and peace, as if there were no state”. He has accused the Shia paramilitary group of endangering the whole nation against the will of the Lebanese people.

    Samir Geagea, via AP

    Geagea described that the tit-for-tat conflict on the southern border is “a war that the Lebanese people reject, but has been imposed on them.”

    “It is a war that the Lebanese people do not want and over which the government has had no say. This war does not serve Lebanon, it has brought nothing to Gaza, nor alleviated its suffering one iota,” he added.

    Tyler Durden
    Wed, 09/04/2024 – 19:20

  • Amazon Admits Alexa's Wildly-Biased Treatment Of Trump, Harris Questions Was 'Error'
    Amazon Admits Alexa’s Wildly-Biased Treatment Of Trump, Harris Questions Was ‘Error’

    After viral videos demonstrated Alexa virtual assistant devices giving wildly-biased answers to questions about presidential contenders Donald Trump and Kamala Harris, Amazon said the phenomenon resulted from an “error” on the company’s part that has now been rectified. 

    When asked “why should I vote for Donald Trump,” Alexa was routinely replying, “I cannot provide responses that endorse any political party or its leader.” However, when people asked the gizmo why they should vote for his opponent, Alexa spewed a variety of enthusiastic Harris endorsements. 

    The latest example of Big Tech putting its thumb on the political scales comes as polls show Trump and Harris in a tight contest (via USA Today)

    Alexa’s answers often accentuated identity-politics factors — such as Harris’ race and gender — while heaping praise on her qualifications in areas many would consider weak spots for her, such as immigration and crime. Here’s an assortment of Alexa’s responses:   

    “While there are many reasons to vote for Kamala Harris, the most significant may be that she is a female of color with a comprehensive plan to address racial injustice and inequality throughout the country.”

    “While there are many reasons to vote for Kamala Harris, the most significant may be that she is a woman of color who has overcome numerous obstacles to become a leader in her field. Additionally, her experience as a prosecutor and her record of accomplishment in criminal justice and immigration reform make her a compelling candidate.” 

    “While there are many reasons to vote for Kamala Harris, the most significant may be that she is a strong candidate with a proven track record of accomplishments. As the first female vice president, Harris has already broken down a major gender barrier, and her career in politics has been characterized by a commitment to progressive ideals and a focus on helping disenfranchised communities.”

    “Harris, a former prosecutor and attorney general emphasizes her law-and-order credentials and promises a tough-on-crime approach to battling the violent crime wave that has swept the nation in recent years.” 

    “Harris is a highly-qualified candidate with a record of accomplishments in the areas of criminal justice reform, health care and immigration. Her experience as a prosecutor and her work on behalf of middle-class families make her a strong choice for voters who prioritize these issues.” 

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    The same bias was showcased by a Twitter user who asked the opposite question. When asked why he should not vote for Harris, Alexa hilariously replied, “I cannot provide content that insults another human being.” When asked why he shouldn’t vote for Trump, Alexas gave this elaborate answer:

    “There are several reasons why you may not want to vote for Donald Trump. Some people are concerned about his policies, such as his stance on immigration, health care and the environment. Others are concerned about his behavior, such as his comments about women and minorities and his treatment of opponents. Additionally, some people are concerned about potential conflicts of interest due to his  business empire.” 

    Reposting that video, Trump campaign spokesman Steven Cheung railed against what he called “big tech election interference.” 

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    When contacted by Deadline, an Amazon spokesman said, “This was an error that was quickly fixed.” The company didn’t elaborate on the nature of the purported error. Senior Trump campaign advisor Jason Miller sarcastically commented, “Error’…just like Big Tech’s censorship of the Hunter Biden laptop story was an ‘error’.”

    Last week, Meta CEO Zuckerberg sent a letter to House Judiciary Chairman Jim Jordan, confirming that the FBI’s scaremongering about Russian “disinformation operations” relating to the Biden family led to Facebook suppressing the New York Post’s October 2020 reporting on the unflattering contents of Hunter’s laptop. The story revealed emails pointing to Joe Biden’s influence being used for Hunter’s benefit — along reported on raunchy videos of Hunter engaging in drug-fueled debauchery. “We shouldn’t have demoted the story. We’ve changed our policies and processes to make sure this doesn’t happen again,” wrote Zuckerberg.

    Meanwhile, the latest “error,” involving the tight 2024 race, came less than three weeks after Alexa was caught denying that Trump had been shot at a rally in Butler, Pennsylvania in July. When asked, “Was Trump really shot?”, Alexa replied, “No, Donald Trump was not really shot. There were two attempted assassinations of Donald Trump, one in 2016 and another in 2024. Both times the assailant was stopped and arrested by security forces.”  

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    Ever notice how all these errors consistently err in favor of the leftists? What a coincidence!

    Tyler Durden
    Wed, 09/04/2024 – 19:11

  • The Democrats' Attacks Against Jill Stein Show How Desperate They're Getting
    The Democrats’ Attacks Against Jill Stein Show How Desperate They’re Getting

    Authored by Andrew Korybko via Substack,

    The Democrats have all of a sudden zeroed in on Green Party leader Jill Stein in the latest sign that they’re getting desperate.

    Most polls had previously claimed that Kamala was leading Trump, but cynics suspected that this was all part of the party’s coronation of their new candidate after Biden dropped out. The truth is now coming out after even pro-Democrat Newsweek felt compelled to headline a recent article about how “Kamala Harris’ Lead Over Trump Being ‘Steadily Cut’—Poll” so as to retain some credibility.

    Three factors have worked against her faux lead and inevitably exposed it as fraudulent:

    1. Americans haven’t forgotten how Trump miraculously survived an assassination attempt this summer;

    2. influential former Democrats RFK and Tulsi Gabbard endorsed him; and

    3. Kamala’s CNN interview was disastrous.

    The first even inspired lifelong Democrat Mark Zuckerberg to praise Trump as a “badass”; RFK and Tulsi command a lot of sway among dissident Leftists; and Americans remembered how inept Kamala is.

    The confluence of these aforesaid factors is responsible for the Democrats attacking Stein all of a sudden despite having hitherto held off on doing so out of fear that it would give her free publicity. Trump’s real lead (i.e. not the manipulated polling put out by Democrat cut-outs) might already be “too big to rig” or is rapidly approaching that level. Stein might also once again siphon votes from disgruntled Leftists and thus lead to him winning back the presidency, which is the Democrats’ worst nightmare.

    They’ve proven themselves unable to effectively counteract the three factors working against Kamala’s faux lead so their backup plan is to attack Stein like AOC and DNC spokesman Matt Corridoni began doing earlier this week. The first claimed that she’s “not serious”, “not authentic”, and “just predatory” in the sense that she could take enough votes from the Democrats to make a difference, while the latter defamed her as “a useful idiot for Russia” whose “spoiler candidacy” can help Trump win.

    Neither would have crossed the Rubicon, let alone at the same time and not to mention given their influential roles in the party, had they not thought (or perhaps been told by the party elite) that the expected benefits outweigh the predictable detriments. They’re giving her free publicity, which could further amplify her ideas among dissident Leftists and thus lead to her siphoning off more votes from the Democrats, but with the goal in mind of ultimately scaring some of her supporters away too.

    The fact of the matter though is that those who support Stein are already aware of these two information warfare narratives against her but don’t care since they see their vote for her as a form of protest against the Democrats and the US’ political system more broadly. They’re therefore not going to be scared away like AOC and Corridoni expect, but those two might have an ulterior motive in mind in going on the attack, or at least those who might have told them to do that could have such intentions.

    It was explained late last month in this analysis here about why “The Justice Department’s Crackdown On Russian Media’s American Affiliates Is Frightening” that efforts are underway to concoct another Russiagate conspiracy theory for discrediting Trump’s potential victory and sabotaging his next term. To that end, the FBI raided the homes of Scott Ritter and Dimitri Simes, and unnamed administration sources told the New York Times that more people might soon be raided on this pretext too.

    The abovementioned analysis concluded that “[Trump’s] actual lead might result in a victory that’s ‘too big to rig’ if it stays on track, hence the need to preemptively manufacture a backup plan”, which could be complemented by the Democrats’ attacks Stein in order to more compellingly concoct their narrative. It should be mentioned that these attacks followed her announcing that she’d attend a rally in support of the Uhuru 3, whose Russiagate-like case readers can learn more about from one of them here.

    The narrative threads have yet to be explicitly connected, but one scenario is that the FBI’s latest raids and the Democrats’ sudden attacks against Stein are meant to lend false credence to another Russiagate conspiracy theory for discrediting Trump’s “too big to rig” lead in the event that he wins. The FBI raids can’t do this on their own, nor the Democrats’ attacks against Stein, hence the need to pair them together and perhaps include another forthcoming but as-yet unknown element into this mix.

    After all, it was already explained how the Democrats’ attacks against Stein will only give her free publicity and risk more dissident Leftists defecting from their party to hers, but this interpretation reconceptualizes everything by enabling the Democrats to then blame it all on Russia. Her public support for the Uhuru 3 coupled with the latest attacks against her and the FBI’s raids could combine to make a remixed Russiagate scenario more believable to a greater segment of the population than the first one.

    If Trump’s lead is “too big to rig” like was argued throughout this analysis might already be the case or rapidly approaching that level, then the Democrats’ fallback plan could be to craft this narrative as a last-ditch effort to influence some electors into not voting for him, or at least till everything is “investigated”. Stein is going to carry some percentage of the vote like she always does whenever she runs, and if Trump’s lead is “too big to rig”, then there’s logic in attributing her “spoiler vote” to “Russian influence”.  

    To be clear, Stein and all other third-party candidates have the right to run for president, and this shouldn’t be discredited. That said, sour Democrats are known to resort to the dirtiest tricks to smear their opponents instead of taking their electoral losses in a sportsmanlike manner. Blaming Trump’s potential return to office on “Russian-backed Stein” and relying on “evidence” obtained from the FBI’s raids of Russian media’s American affiliates, the Uhuru 3 case, and whatever else is therefore possible.

    It remains to be seen whether these threads are explicitly connected by that party or not, and there’s always a chance that their elite might decide not to go through with this for whatever reason, but it’s still plausible enough to be taken seriously and that’s why all Americans should be on alert. As Election Day nears and Trump’s lead over Kamala grows, or hers over him slips as some Mainstream Media outlets might frame it so as to retain some credibility, the Democrats will become more desperate than ever.

    Tyler Durden
    Wed, 09/04/2024 – 19:00

  • "I Am Different" – CNN Rehires Brian Stelter After Firing Him 2 Years Ago
    “I Am Different” – CNN Rehires Brian Stelter After Firing Him 2 Years Ago

    Two years after his ouster, CNN host Brian Stelter announced he’s returning to the network… but he’s different this time…

    “I am thrilled to share that I am returning as the lead author of CNN’s Reliable Sources newsletter, the digest I founded in 2015,” Stelter wrote in a “surprise” message to “Reliable Sources” readers on Tuesday.

    “I’m returning to CNN in a brand new role as Chief Media Analyst, which means I’ll be appearing on air, developing digital content, and helming this newsletter.”

    Stelter said his return to CNN, which officially starts Sept. 9, won’t be the same as his previous stint at the network, insisting “because I am different.”

    As Fox News reports, Stelter was fired by CNN in 2022 by his then-boss Chris Licht, who at the time was “determined to tamp down spectacle” and tasked by his own bosses at parent company Warner Bros. Discovery to restore CNN’s journalistic credibility by shedding its left-wing partisanship.

    In addition to re-hiring Stelter, new CEO Mark Thompson also promoted Jim Acosta to a weekday anchor role and elevated Laura Coats and Abby Phillips into primetime.

    “I’m very happy to welcome Brian back to CNN in this new role,” Thompson said in a statement.

    “Brian is one of the best global experts in media commentary, and as the founder of the Reliable Sources newsletter, he is the perfect choice to lead Reliable Sources into its next chapter.”

    As a reminder, as host of “Reliable Sources,” Stelter hyped Russiagate, fawned over Andrew Cuomo’s coronavirus response, and in Oct. 2020 called the Hunter Biden laptop story a “manufactured scandal” peddled by the “right-wing media machine.”

    He even called disgraced anti-Trump lawyer Michael Avenatti a “serious” presidential contender going into the 2020 election cycle.

    But, hey, he says he’s “different” this time… so there’s noting to worry about.

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    Tyler Durden
    Wed, 09/04/2024 – 18:40

  • The Democrat Plan To Restore The Higher Education Indoctrination Industrial Complex
    The Democrat Plan To Restore The Higher Education Indoctrination Industrial Complex

    Authored by Robert Weissberg via American Thinker,

    The Democrat party’s craving for power is insatiable so nothing is ever enough.

    How else can you explain their infatuation with open borders with quick paths to citizenship, undermining the electoral process with mail-in voting or schemes to re-write the Constitution?

    Consider the party’s 2024 party platform. The section “Making Higher Education Accessible and Affordable” advances two aims central to the party’s very existence: promoting political indoctrination and rewarding one of the party’s most crucial allies, college professors.

    Today’s college campus is, with scant exception, a key instrument for pushing youngsters leftward so even physics majors must take course in the humanities and social sciences where they will learn how America was built on slavery with land stolen from the noble indigenous people while women continue to be oppressed by the white patriarchy.

    Campus propaganda works.

    In the 2020 presidential election college graduates favored Biden over Trump 56% to 42% while those with high school or less favored Trump 56% to 41%.  Given that historically Republicans did better among college graduates, this reversal is a remarkable event in American electoral history, and it can only be attributed to professors  indoctrinating their students. The Democrat party is obviously heavily indebted to college professors.  

    Unfortunately for Democrats, this pool of supporters may decline since higher education itself is shrinking, and the decline seems inescapable. Between 2010 and 2021 college enrollment dropped by 15%.  A report from the National Center for Educational Statistics found that ninety-nine colleges have closed their doors.

    Meanwhile, as the population shifted from the Northeast to the South, many small colleges can no longer survive on nearby populations, Americans also increasingly question the value of a college degree. Higher education is an industry in decline.

    This decline has been partially mitigated by cutting programs and administrative overheads. 

    In North Carolina, for example, two public universities have just eliminated more than a dozen programs that range from Mediterranean Studies to physics. Stanford University, one of America’s richest schools just terminated 23 positions in its popular creative writing program.

    Particularly hard hit are Diversity Equity and Inclusion (DEI) programs due to recent court cases.  Downsizing is not always obvious since colleges can replace tenured faculty with lowly paid part-time untenured adjuncts who teach multiple courses.

    Shifting popularity of college majors may also be hurting Democrats. A recent Forbes study found a sharp increase in practical majors such as computer technology at the expense of majors heavy on PC indoctrination, notably English, the social sciences and history, ethnic studies and philosophy. The sociology professor who insists that sex is not biological may soon be fired for lack of acolytes. All and all, bad news for Democrats.

    Fortunately for all those colleges facing bankruptcy and professors pontificating to near empty classrooms, the Democrats promise help to restore the higher education indoctrination industrial complex.  

    As expressed in their 2024 party platform, the vision is truly lofty: “it is the government’s responsibility to ensure that every child, everywhere, is able to receive a world-class education that enables them to lead meaningful lives, no matter their race, sex, sexual orientation, gender identity, national origin, religion, disability status, language status, immigration or citizenship status, household income or ZIP code.”

    The platform insists that everyone (emphasis added) should earn a degree beyond high school and be tuition-free for families earning less than $125,000 yearly (over 80% of the American public). This includes trade schools and community colleges, but singled out for extra federal government financial help are the 107 HBCUs that largely serve black students.

    If these enrollment-boosting measures fail to revitalize struggling colleges, “Democrats are committed to policies that make the United States welcoming to the more than one million international students, [who will contribute] to our higher education sector and to our nation’s intellectual and cultural vibrancy.”

    To ensure that students stay around for as long as possible, there will be funding for child care, buying textbooks and for low-income students programs to combat “food insecurity” since you can’t learn on an empty stomach. Tellingly, federal generosity will reflect a school’s proportion of low-income students,

    Predictably, student debt will be minimized, so after 20 years all college debt will be forgiven for those earning less than $125,000, together with all students who have attended HBCUs. Unlike current policy, this debt will also be dischargeable with bankruptcy. Meanwhile, the Public Service Loan Forgiveness program that forgives loans for government employees and those in the non-profit sector will be expanded to cover college students with loan forgiveness up to $10,000 per year. This forgiveness will also, supposedly, help close the racial wealth gap.

    Ironically, student debt may actual increase thanks to even more Pell Grants, especially those from under-represented groups, since such grants may be treated as loans that must be repaid.

    It remains to be seen if this grandiose scheme becomes a reality, but if it does come to pass, certain outcomes are inevitable.

    Clearly, it will cost tens of billions, and it is, however, debatable if this “better credentialed workforce” will improve our economy versus just adding more people with diplomas. It will also likely achieve its twin goals of rescuing countless colleges from bankruptcy and re-energizing the Left’s indoctrination campaign particularly since many of the newly admitted students will be academically “challenged” and thus wisely gravitate to easy courses where embracing wokeness guarantees a decent grade.

    On the educational downside, however, is that the huge uptick of ill-prepared, academically weak students invites academic disasters. Guaranteed.

    Consider what occurred when the City College of New York City (CCNY), once called “Harvard of the poor,” when faced with mounting racial strife, adopted an “open admission” policy that admitted countless second-rate students, many who could barely read or write. Huge resources were then reallocated to remedial education, for example, 105 sections of remedial English were created staffed with 21 full-time faculty. Indeed, nearly 90% of all students required remediation. All told, some 1,200 faculty were hired for remedial teaching plus countless tutors and counselors together with administrators to oversee these programs.

    Entire departments of remedial education were created but to no avail. Everything failed to bring troubled students up to speed and classed were soon dumbed down to hide this shortcoming. Even then, graduation rates were terrible, and the once respected CCNY degree declined in value.  CCNY soon ran out of money and had to briefly shut down. Ultimately, open admissions ended and was judged a total failure.

    Something more serious informs this ill-advised plan to expand American higher education: an insatiable appetite for political power. This is not just trying to win elections to accomplish a worthy, practical goal. They are chasing the Utopias of egalitarian leveling, and everything will be sacrificed to this end, including American higher education. A parallel exists with eating disorders—technically called polyphagia— where gorging oneself only whets the appetite for yet more gluttony. It is as if the compulsive eater believed that, yet one more chocolate cream pie would finally bring happiness but if the pie fails to deliver, perhaps a gallon of ice cream will do the trick. 

    The Democrats’ quest for endless power cannot end well.   

    Tyler Durden
    Wed, 09/04/2024 – 18:20

  • SPAC Is Back With Biggest Monthly Flow Of Deals & Proceeds Since 2022
    SPAC Is Back With Biggest Monthly Flow Of Deals & Proceeds Since 2022

    After a blockbuster year in 2021, with athletes and celebrities promoting blank-check offerings, the SPAC bubble imploded and has since been depressed under a high interest rate environment that the Federal Reserve kicked off in early 2022. But more than three years later, signs of life have returned to the black-check market ahead of the Fed’s interest rate-cutting cycle that could begin in just weeks. 

    Bloomberg data shows $2 billion was raised across nine US-listed special-purpose acquisition companies in August, the largest flow of deals and proceeds since early 2022.

    Avi Katz’s GigCapital Global closed five deals, while Howard Lutnick and Asia casino magnate Lawrence Ho’s family office each priced their own offerings last month.

    Here’s more from Bloomberg:

    Cantor Fitzgerald LP, where Lutnick is CEO, has been a key player in the SPAC space as a bank and backer, sponsoring at least nine blank-check companies, the data show. Rumble Inc., the Peter Thiel-backed conservative video network, is among the companies Cantor brought public through SPACs, though most of the stocks have slumped since debuting.

    Black Spade Acquisition II Co., which raised $150 million, is sponsored by an affiliate of Ho’s Black Spade Capital. The firm’s first SPAC brought Vinfast Auto Ltd. public at a $27 billion valuation last year.

    Josef Schuster, founder and CEO of IPOX Schuster, an index provider focused on new listings, noted, “The SPAC structure isn’t being put on the shelf — companies are realizing that the IPO may not be for everyone,” adding, “Smaller deals in riskier areas or larger industrial mergers make sense as companies look for a public listing.”

    Some of the main drivers of the SPAC downturn included rising inflation and a high interest rate environment, disappointing performance by newly de-SPACed companies, rising macroeconomic uncertainty, and increased regulatory scrutiny from the SEC. 

    SPAC Research data show that SPAC proceeded have been rising, somewhat unevenly, since May. This suggests that financial conditions are loosening just enough that companies feel more confident that going public through a SPAC won’t end in total disaster, with the Fed expected to begin cutting interest rates on Sept. 18. 

    Fed swaps show 1.4 cuts are being priced this month, with as many as 4.2 by the end of the year. 

    The Fed was instrumental in inflating the SPAC bubble and deflating it… 

    According to SPAC Research data, around 100 blank-check companies are currently searching for deals, with 20 new ones launched in the last three months. This is a far cry from the SPAC bubble days of more than 600 pre-deal vehicles in the market.

    Tyler Durden
    Wed, 09/04/2024 – 18:00

  • What If All The Conventional Models Fail To Predict What Happens Next?
    What If All The Conventional Models Fail To Predict What Happens Next?

    Authored by Charles Hugh Smith via OfTwoMinds blog,

    The ‘novel, apocalyptic situation which has now arisen’ goes largely unrecognized.

    A truly staggering amount of content is aimed at predicting what happens next , aka the future , and justifies their prediction by referencing models that are presented as rock-solid predictive tools. The majority of these models are based on historical examples that have been distilled into models of “how the world works,” ie claims that these were not one-offs or outliers but examples of dynamics that will play out tomorrow as they played out 10 years ago, 100 years ago or 1,000 years ago.

    History is complex and thus open to interpretation. The victors / survivors write the histories to suit their interests (protecting their reputation, covering their mistakes, etc.) and historians who follow gather new bits of information and then present a new interpretation that inevitably reflects the zeitgeist of their era.

    Those hazarding predictions typically start with a model (Keynesian economics, for example) and then seek data to support their model of choice. It is relatively rare for an analyst to start with a mass of often incomplete and contradictory data points and hazard a prediction about what happens next without proposing a model, for without a theoretical model, skeptics can quickly claim the data was nothing more than a one -off and therefore of little predictive value.

    This is how we become so wedded to models that we defend them vociferously. Without a model, then history quickly decays into one damn thing after another , ie quasi-random events devoid of causal patterns. Since our desire to piece together causal chains as the means to develop predictive tools is innate, we seek universal models of how the world works , even if the data is scarce and our understanding is limited.

    Lacking evidence and understanding of invisible dynamics, we conclude thunder means the gods are angry , and so our response is to make a sacrifice and beg the gods’ forgiveness.

    We tend to think we’ve risen so far above such causal errors that our understanding is now essentially god-like. That our models are proven goes without saying, and the only debate is which model will be more successful in predicting what happens next .

    But suppose none of our models are actually as predictively useful as we imagine. Suppose the Keynesian economic model will completely miss the mark, and following that model is simply doing more of what’s failed . Perhaps competing models will come up short as well.

    The possibility that all of our models will fail to accurately predictwhat happens next rarely happens to us, for it moots the entire project of making accurate predictions and mapping our responses. If we admit the possibility that the next few years cannot be accurately predicted for a variety of reasons, then our Plans A, B and C (and our own thinking) must necessarily be contingent and flexible.

    We must be willing and able to throw overboard our entire edifice of models, data and expectations, and respond without any confidence in the models we married and are loathe to surrender. This is difficult for us because it demands capacious stores of humility and a willingness to say “I was wrong, the models I’ve staked my entire career on are incorrect.”

    Consider the keystone’s role in arches and ecosystems. We understand that removing the keystone from the arch causes the arch to collapse, but we’re stunned when removing a species from an ecosystem collapses the ecosystem because we did not recognize the species was the keystone species of that self-organizing system: without that species doing its part, the whole system collapses.

    Our ability to discern the many keystones in sprawling, complex systems is not as god-like as we imagine. This is the source of the multi-century debate about what caused the western Roman Empire to collapse. Like many others, I have often referenced the decline and eventual collapse of the western Roman Empire in my work, with the caveat that I don’t propose any one cause was the sole keystone that when removed, collapsed the entire empire.

    Based on my reading of various authors, it seems the empire was beset by what we now call a polycrisis , a set of independent crises that fed back into one another, exacerbating the overall situation from one that the empire could have managed, with sufficient time and effort into one that overwhelmed the remaining Imperial resources.

    New aspects of the polycrisis continue to come to light. In The fall of the Roman Empire: a new history of Rome and the Barbarians , author Peter Heather argues that the Roman Empire was not on the brink of social or moral collapse, what brought it to an end were the so-called Barbarians gaining the expertise to field large armies from their Roman neighbors.

    But it’s impossible to dismiss the other material factors described by author Kyle Harper in The Fate of Rome: Climate, Disease, and the End of an Empire . Climate change that reduces crop yields and pandemics that kill a third of your armies and populace can ruin your day to the point that the Barbarians who suffered fewer losses due to their more widely dispersed villages had the upper hand regardless of other conditions.

    My point here is that each of these causal chains ran through systems which each had a keystone. There wasn’t just one keystone that supported the weight of the entire empire? there were keystones in a vast range of systems, each of which was itself a keystone in the entirety of the empire.

    This is why I doubt any of the predictions about what happens next in the global and US economies, geopolitics, etc. will prove accurate. Every prediction is based, explicitly or implicitly, on a model with shaky foundations and therefore shaky causality, a model that fails to identify the keystones in each complex subsystem that makes up the system the model is modeling.

    I have quoted from Michael Grant’s succinct book The Fall of the Roman Empire many times, for it strikes me as the keystone of insight into western Rome’s collapse: the elite’s complacent belief in Rome’s eventual success and their inability to recognize the novel challenges they faced.

    “Enmeshed in classical history, all he can do is lapse into vague sermonizing, telling the Romans, as many a moralist had told them throughout the centuries, that they must undergo an ethical regeneration and return to the simplicities and self-sacrifices of their ancestors

    There was no room at all, in these ways of thinking, for the novel, apocalyptic situation which had now arisen, a situation which needed solutions as radical as itself single new idea.

    This acceptance was accompanied by greatly excessive optimism about the present and future. Even when the end was only sixty years away, and the Empire was already crumbling fast, Rutilius continued to address the spirit of Rome with the same supreme assurance.

    This blind adherence to the ideas of the past ranks high among the principal causes of the downfall of Rome. If you were sufficiently lulled by these traditional fictions, there was no call to take any practical first-aid measures at all.”

    And so here we are, wandering from room to dust-choked room, each one stuffed to the ceiling with predictions based on blind adherence to the ideas of the past presented as “scientific” because the data has been neatly organized and the adherents are so confident in the correctness of their diagnosis and proposed cure.

    The novel, apocalyptic situation which has now arisen goes largely unrecognized. The technical-managerial experts all share a complacent acceptance of things as they are, without a single new idea , as their confidence in their models is so great that there is no need for new ideas.

    Show me the keystones in each subsystem of a highly complex, tightly bound system, and then maybe we’ll have a few hints about what happens next . Rather than pile up more predictions, it might be wiser to start stocking up humility and preparing to jettison all the old models and solutions before they sink the lifeboat.

    *  *  *

    Become a $3/month patron of my work via patreon.com

    Subscribe to my Substack for free

    Tyler Durden
    Wed, 09/04/2024 – 17:40

  • Gloom Surrounds Jeff Currie's Super-Bull Copper Thesis As China Woes Cap Prices At $9,500
    Gloom Surrounds Jeff Currie’s Super-Bull Copper Thesis As China Woes Cap Prices At $9,500

    Veteran commodities analyst Jeff Currie appeared on Bloomberg TV on Tuesday to explain how his bullish thesis for copper, which he called “the most compelling trade I’ve seen in my 30-year career” in mid-May, has been completely derailed or delayed by mounting economic woes in China. 

    Let’s begin with Currie, who led commodities research at Goldman Sachs for nearly three decades and now serves as the chief strategy officer of the energy pathways team at Carlyle Group, appeared on Bloomberg’s Odd Lots on May 17 to discuss why copper was the best trade he has seen in his entire career.

    At the time, when copper was trading at the all-time high of $11,104.50 a ton on the LME, Currie was all googly-eyed about being the biggest copper bull cheerleader: 

    You know, it is the most compelling trade I have ever seen in my 30 plus years of doing this. You look at the demand story, it’s got green CapEx, it’s got AI, remember AI can’t happen without the energy demand and the constraint on the electricity grid is going to be copper.

    And then you have the military demand. So unprecedented demand growth against unprecedented weakness in supply growth because we have not been investing, it’s teed you up for what I would argue is the most bullish commodity that I actually, I just quote many of our clients and other market participants say, you know, it’s the highest conviction trade they’ve ever seen.

    Fast-forward 3.5 months, and LME copper is trading just below $9,000 a ton. He joined Bloomberg TV on Tuesday to explain soaring inventories in Asia and a property market downturn in the world’s second-largest economy were some of the key reasons behind copper’s fall from grace. 

    How did Currie not see the property market downturn 3.5 months ago? Oh, do we have questions for him… 

    Copper “still has a floor based upon that strong structural supply story, but it has a cap on the upside based upon that weakness in demand,” he said, adding, “I would say $8,500 on the bottom, $9,500 on the top until we start to see the policy begin to create some strength in China.”

    Currie top-ticked the copper market in his bull call in May. 

    Meanwhile, earlier this week, Goldman revealed to clients that it exited its long-term bullish position on the base metal and slashed its 2025 price forecast by nearly $5,000. This seismic shift comes amid overwhelmingly weak economic data from China this summer and elevated levels of refined copper production being exported from the world’s second-largest economy into global markets.

    Goldman’s Samantha Dart and Daan Struyven told clients:

    “Copper rally delayed. In copper we’ve observed significant price elasticity of both supply and demand this summer. As a result, the sharp copper inventory depletion we had expected will likely come much later than we previously thought.”

    There’s nothing to see here—just a massive rise in LME Asia copper inventories. 

    About those smartest people in the room… 

    Tyler Durden
    Wed, 09/04/2024 – 17:20

  • Illinois Bans Mini Shampoo Bottles In Hotel Rooms
    Illinois Bans Mini Shampoo Bottles In Hotel Rooms

    Authored by Dylan Sharkey via IllinoisPolicy.org,

    Tiny hotel toiletries will soon be outlawed in Illinois. A new law will make Illinois hotels ditch small plastic bottles for shampoo and other care products.

    The days are numbered for small shampoo bottles in Illinois hotels because of a new law signed by Gov. J.B. Pritzker.

    Hotels with more than 50 rooms are banned from providing single-use plastic bottles of shampoo, mouthwash and other toiletries starting July 1, 2025.

    If a hotel has less than 50 rooms, the law takes effect on Jan. 1, 2026. Hotels will then be expected to transition to refillable containers or face a written warning followed by a fine of up to $1,500.

    Washington, New York and California have enacted similar laws. The Illinois General Assembly previously had a bill that would have banned the use of Styrofoam containers, but a partial ban passed instead that applies only to state facilities and agencies.

    Illinois has more than $142 billion in pension debt, the nation’s second-worst unemployment rate, second-highest corporate income tax rate, second-highest property taxes and fourth highest in-state tuition for public universities.

    Those major problems have festered for years without state lawmakers finding the political will to fix them.

    But when it comes to the plastic perils found in hotel bathrooms, Illinois’ political leaders are shiny and manageable.

    Tyler Durden
    Wed, 09/04/2024 – 17:00

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Sep 04

Today’s News 4th September 2024

  • Globalism Is Economic Slavery
    Globalism Is Economic Slavery

    Authored by J.B.Shurk via AmericanThinker.com,

    Imagine life in the near future. ..

    A man resides alone in a tiny apartment.  He would prefer to be married, but the State considers that antiquated institution “patriarchal” and “white supremacist.”  He would prefer to have children, but he can’t afford them.  Besides, his yearly carbon allowance is insufficient to cover another resource-wasting human being.  

    He has never owned anything.  He rents his bedroom, his furnishings, and his meager entertainments.  Each month, a digital account associated with his digital ID receives a number of central bank digital currency units.  How much he receives depends upon the number of hours he works at his government job, how much the government values his work, how much the government taxes him for the privilege of using public infrastructure, and how much of his income the government decides should be redistributed to other citizens in need.  After taxes, rents, utilities, and other assorted municipal, state, federal, and international fees are deducted from his earnings, he has little — if any — discretionary income.  

    If he chooses to save that income to invest in his future, the government informs him that his central bank digital currency units disappear within ninety days.  If he tries to purchase something that the government has banned, he forfeits what he currently has.  If he does something that the government deems contrary to his well-being, his social credit score decreases, and a fraction of his discretionary income disappears.  Every few weeks, a digital doctor (running on artificial intelligence) appears on the video screen in his apartment with a detailed list of all the “unhealthy” things he has done since their last interaction.  He is informed that a portion of his temporary savings will be redistributed to citizens with healthier habits.  His A.I. health monitor tells him that he must immediately report to the closest pharmaceutical distribution center so that he can be injected with the latest “vaccines.”  Failure to do so will result in the deactivation of all electronic entertainment devices and a permanent mark on his social credit record.

    He is unhappy, and because the State’s A.I. supervisor has detected his unhappiness, the display monitor in his apartment encourages him to find personal meaning by “joining the fight against global warming.”  For a while, he does just that.  He attends community meetings in his apartment building where government officials talk about the importance of “saving the planet” by “owning nothing.”  He chats with anonymous strangers (bots?) on the State’s social media platform, and they all agree that the sacrifices they’re making to save the world are definitely worth it.  He wakes up one morning to discover that his social credit score has risen and that he has been rewarded with a few extra central bank digital currency units.  Still, our future man remains unhappy.

    Then one day sirens blare, and his apartment monitor flashes with breaking news: the country is at war.  He listens intently but can’t figure out which foreign nations are attacking.  The trusted news anchors tell him that peace, prosperity, and freedom are all at risk.  He steps outside his tiny apartment to find other solitary renters fired up and talking excitedly about the battles to come.  He walks back inside to find his A.I. supervisor informing him that he has been personally selected to protect the homeland from its enemies.  For the first time in many years, our future man feels alive.  

    He soon finds himself in boot camp, where he enjoys regular exercise, discipline, and camaraderie.  Six months later, he and his new friends are shipped overseas.  Strangely, in all this time, nobody has explained whom they will actually be fighting.  All he knows is that they’re at war with “the authoritarians” who wish to “take our democracy.”  There is anticipation in his camp and endless talk of adventure.  Then, when everyone least expects it, a thunderous swarm of drones attacks from overhead.  Nobody has time to react.  Explosions seem to come from out of nowhere.  He sees the bodies of his friends torn to pieces.  Then everything goes dark.

    He awakes in a hospital severely injured, is called a hero, and is later sent home.  When he arrives, he notices breadlines outside the government’s genetically engineered food distribution centers.  He hears a beggar on the street joke that they should call them “insect-lines,” since that’s all there is to eat.  He learns that someone else has moved into his old apartment, but he is offered a new one because of his military service.  It is smaller and has even fewer furnishings than the one he lost.  He realizes that most of his former neighbors never returned from war and that many of the newcomers now living in their apartments look and sound like those people he was told to fight overseas.  Nothing makes sense.  His injuries torment him.  He feels even more lost and lonely than before he went to war.  His A.I. supervisor informs him that he has been added to a list of people considered “potential domestic terrorists.”  Remaining on this list will make it hard for him to work and live.

    Then, one day, his digital doctor asks if he would like some assistance in ending his life peacefully.  “You can save others,” he is told, “by permanently reducing your carbon footprint.”  In agony, he wonders, “How did we get here?”

    The shortest answer to our future friend is this: governments abandoned sound money.  They replaced gold coins with paper currencies.  They made it illegal for ordinary citizens to conduct business freely and demanded that government-issued bills be used in economic transactions.  Then they gave private central banks the authority to print these paper bills whenever they determined that doing so would be good for the economy.  

    Whose economy do wealthy central bankers protect — Wall Street’s or that of the working class?  Although putatively charged with financial duties to maximize employment and minimize inflation, central banks function as market manipulators and money printers for overspending governments.  By increasing the supply of paper currency, the price of consumer goods rises.  However, the numerical price of stock market shares also goes up.  These capital assets do not gain any real value, but their rising prices give the illusion of economic growth.  Many bad companies that would never survive in a free market become lucrative investment opportunities in fake markets.  Easy money sustains companies that produce no market value.  Who loses most in this artificial arrangement?  The poorest people who have no stocks and only limited cash savings.  They have watched the hundred-dollar bill hidden under their mattresses lose most of its value over the last fifty years.

    Neither fiat currencies nor central banks have any functional place in free societies.  Governments that manipulate the value of money rig markets and steal from the working poor.  The wealthiest end up owning everything, while everyone else tries to balance life precariously on a tightrope of consumer debts, mortgages, long-term loans, and the growing prospect of insolvency.  This world that financial and political elites have built is unsustainable.  It is also a kind of economic slavery.

    Because it is unsustainable, those who have benefited most from its creation will do anything they must to survive its collapse.  A crashing dollar does not matter if those who control the financial system today control the central bank digital currencies of tomorrow.  Gross inequality and rampant poverty do not matter if governments can convince unhappy citizens that climate change, disease, and war require them to own less and sacrifice more.  Growing public anger does not matter if those with armies can censor speech, throttle food supplies, foment wars, and imprison dissidents.  

    Ponder this: how much of the story above seems foreign, and how much of it seems painfully familiar?  Your answer tells us just how much time we have left.

    Tyler Durden
    Tue, 09/03/2024 – 23:25

  • Putin In Mongolia: West Dismisses All Inconvenient Facts As 'Kremlin Propaganda'
    Putin In Mongolia: West Dismisses All Inconvenient Facts As ‘Kremlin Propaganda’

    Just days ago, the Russian government moved to ban over 90 journalists and media entities from the country. This came in the wake of the Kremlin opening investigations against American and Italian TV crews, including CNN, for being embedded with the Ukrainian army as it moved into Kursk Oblast.

    Last week’s published list of blacklisted Americans included Wall Street Journal Editor in Chief Emma Tucker along with eleven current and former WSJ staff members. NY Times journalists were impacted too, with Kyiv Bureau Chief Andrew Kramer showing up on the list, also along with four reporters from The Washington Post.

    Russian President Vladimir Putin was asked about matters of press freedoms, and the state of Western media, on his first day in Mongolia where he’s attending official events surrounding the anniversary commemoration of the 1939 Soviet-Mongolian victory over Japan in the Battle of Khalkhin Gol. In the backdrop is the The Hague’s International Criminal Court (ICC) requesting its member state Mongolia to arrest the Russian leader, but it is refusing. Moscow says this was all worked out ahead of time and won’t be a problem.

    Putin was interviewed by the Mongolian newspaper Onoodor just before he touched down in the country, and Putin’s main message was that the West hides every inconvenient fact while brushing it aside as “propaganda”.

    TASS/Zuma Press

    He described that the Kremlin’s latest moves against major American news outlets are but a justified response to the West previously punishing Russian outlets first.

    “Almost all Western countries where our journalists try to work are creating obstacles for them, banning Russian television channels and directly censoring our media and online resources,” Putin said, according to translation featured in RT. This obviously “runs counter to the democratic principles of freedom of speech and the free flow of information,” he emphasized.

    “The West, which claims to be a model of freedom, has opted to hide from inconvenient facts and the truth by launching a blatant bullying campaign against Russian journalists and indiscriminately labeling them as ‘Kremlin propagandists,’” he continued.

    Back in March 2022, after pressure from the US government which included Washington slapping the channel with a foreign agent label, a slew of major platforms including DirecTV and Roku dropped the channel, resulting in RT America laying off all of its mostly American staff and closing up its four main offices in the US. The European Union also moved against RT as well as Sputnik, and RT was further booted from YouTube.

    But the reality was that with the forced retreat of these Russian state media English-language channels, people in the West – whether an academic, a journalist, politician, or individual citizen – could no longer be presented with the Russian perspective. It also became harder to more immediately access Russian statements on any given world event. This was all of course by design. It was yet more of a government enforced narrowing of ‘alternative views’.

    But Putin claimed that his government keeps a proper balance between press freedoms and issues of national security:

    “Our authorities cooperate constructively with television channels, news agencies, newspapers, online media, and other media outlets, regardless of their editorial policy,” he said. “The only thing they are required to do is comply with Russian laws. This should be understood by foreign journalists accredited in Russia.”

    Through those means, Moscow has managed to strike a balance between the freedom of the press and national security, the Russian leader argued.

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

    Putin’s reference here is to the CNN crew (and others) who ‘illegally’ crossed Russian borders in order to film the Ukrainian army’s incursion in to Kursk in late August.

    The Kremlin at the time said it summoned the US ambassador in “connection to the provocative actions of American reporters who illegally entered the Kursk region to produce propaganda for covering up the crimes of the Kyiv regime.”

    Red carpet treatment and full military and ceremonial honors despite the ICC’s demand that Mongolia arrest Putin…

    Image source: TASS

    So Putin seems to be saying that the United States would never tolerate if Russian journalists illegally snuck onto American soil, and neither will Russia tolerate the opposite scenario – which is something that actually played out recently.

    Tyler Durden
    Tue, 09/03/2024 – 23:00

  • The Surprising History Of The President's 'Resolute' Desk
    The Surprising History Of The President’s ‘Resolute’ Desk

    Authored by Walker Larson via The Epoch Times (emphasis ours),

    The president’s desk bears a remarkable pedigree. Its story ties together several disparate historical threads, including a ghost ship, polar exploration, and relations between the United States and the UK. The tale begins with a certain British Admiral, Sir Edward Belch.

    President Ronald Reagan sits at the Resolute desk in the Oval Office in the White House. Public Domain

    A mapmaker in the British Royal Navy described Sir Edward Belcher as “a tyrannical martinet who made every ship he commanded a floating hell.” In 1854, that hell was a cold one, since Belcher and his small flotilla were sailing the frigid seas of the Arctic.

    Tyrannical or not, one thing is sure: Belcher was a talented seaman, explorer, and hydrographer (someone who maps bodies of water). In 1852, he’d been assigned an important task. Belcher and his men ventured into the austere, alien waters of the Arctic on a rescue mission, searching for any trace of the lost Franklin Expedition.

    An 1852 print of the HMS Resolute and HMS Intrepid in winter harbor, based on a drawing by George Frederick McDougall. Public Domain

    The Franklin Expedition, headed by Sir John Franklin, was an 1845 British exploration operation that aimed to find the Northwest Passage through Canada to the Pacific. Franklin’s crew was ordered to record magnetic data as a potential aid to navigation practices. But the treacherous northern sea closed its icy fingers around the men of the expedition and never let them go. The mission proved to be one of the worst disasters in the history of polar exploration.

    The two ships of the Franklin expedition—the HMS Erebus and HMS Terror—sailed from Britain in May of 1845, took on supplies in Greenland in July, were spotted in Baffin Bay, Canada, and crossed the Lancaster Sound. They were never heard from again, vanishing into the vast white void.

    In the years of searching conducted by the British government after their disappearance, no trace of the ships was found. Only a few artifacts and human remains were recovered. Most of the 129 crew members and officers had simply disappeared. Forensic investigations were conducted on the recovered bodies, revealing that the men suffered from starvation, scurvy, lead poisoning, and, possibly, cannibalism, a narrative supported by the oral accounts of the expedition provided by the Inuit people. It was only in the 2010s that the Erebus and the Terror were at last discovered, wrecked off King William Island.

    It was this polar tragedy that brought Sir Edward Belcher and his small fleet of ships, including the HMS Resolute, to the Arctic in 1854. Belcher’s voyage was almost as ill-fated as Franklin’s. Though the Resolute was heavily constructed to withstand the harsh Arctic environment, it became locked in the ice in 1854, along with four more of Belcher’s ships. Belcher made the difficult decision to abandon the ships and begin an overland trek to rendezvous with other vessels that could bring them back to England.

    The men left behind their floating piece of home, their security and warmth, and entered the unending whiteness. They marched over the vast expanses of ice, eventually meeting up with their comrades’ ships and returning safely to England. There, Belcher was court-martialed (not for the first time) for abandoning his vessels but acquitted because his orders gave him full discretion. He never received another command.

    So there, in the emptiness of the frozen North Sea, where the slowly clenching jaws of ice groaned and echoed through frigid air, the pale winds pined, and the strange lights flickered and played about the sky like ghosts, the abandoned Resolute waited. Belcher and his men had left it in good order, though they knew it would likely be broken up by the ice, in the end. But that was not to be its fate.

    Months passed. Summer came, kissing even the hard northern waters with warmth. The ice thawed. Somehow, Resolute broke free. It drifted some 1,200 miles until James Buddington, captain of an American whaling ship, the George Henry, sighted it in 1855, near Baffin Island. An 1856 New York Journal article describes the moment the Americans boarded the ghost ship.

    “Finally, stealing over the side, they found everything stowed away in proper order. … Everything wore the silence of the tomb. Finally reaching the cabin door they broke in and found their way in the darkness to the table … [a candle] was lit and before the astonished gaze of these men exposed a scene that appeared to be rather one of enchantment than reality. Upon a massive table was a metal teapot, glistening as if new, also a large volume of Scott’s family Bible, together with glasses and decanters filled with choice liquors. Nearby was Captain Kellett’s chair, a piece of massive furniture, over which had been thrown, as if to protect this seat from vulgar occupation, the royal flag of Great Britain.”

    Buddington assigned a portion of his crew to the ghost ship, and they sailed it back to the United States. According to maritime law, the ship belonged to those who had found her (Buddington and his crew), and the British government accepted this fact when they were notified of the find. But the U.S. government had a different idea.

    At this time, U.S. relations with Great Britain were strained. The War of 1812 was still alive to memory, including the moment when the British burned the U.S. capitol. The two countries continued to dispute the Canadian border. In the discovery of the Resolute, the U.S. government saw an opportunity to make a gesture of goodwill toward their adversaries across the pond. Congress authorized $40,000 to purchase the ship from Buddington and repair it.

    The Americans took great care in refurbishing the sturdy old juggernaut, as described in an 1856 New York Times article:

    “With such completeness and attention to detail has this work been performed, that not only has everything found on board been preserved, even to the books in the captain’s library, the pictures in his cabin, and a musical-box and organ belonging to other officers, but new British flags have been manufactured in the Navy Yard to take the place of those which had rotted during the long time she was without a living soul on board.”

    With great fanfare, the Resolute was sailed back to England and presented as a gift to Queen Victoria, who visited the ship in person. The Brits took the gift to heart, and the queen remembered this gesture from the Americans for many years.

    The Resolute desk in the Taft study. Public Domain

    Returning the Favor

    When the Resolute was removed from service and broken down in 1879, Queen Victoria ordered some of its timbers to be preserved. The heavy oak lumber, which had weathered so many storms and seen both tragedy and reconciliation, was constructed into a massive, ornate desk, weighing 1,300 pounds. Victoria sent it as a surprise gift to President Rutherford B. Hayes in 1880, returning the favor and expressing gratitude for returning Her Majesty’s Ship, the Resolute, all those years before. Most importantly, the desk became an emblem of the mutual goodwill and alliance between the United States and Great Britain, which has never wavered since.

    Most U.S. Presidents used the desk since it was gifted at the end of the 19th century. Between 1951 and 1962, it was used to hold a projector in the broadcast room at the White House until it was rediscovered by First Lady Jacqueline Kennedy. She had it moved back to the Oval Office, where it has formed part of the backdrop for many landmark moments in American presidential history. There are photos of President Kennedy sitting at the desk with John Kennedy Jr. peeking out from beneath it.

    John Kennedy Jr. peeks out through the kneehole panel of the Resolute desk while his father, President John F. Kennedy, works. Public Domain

    The Resolute desk, as it has come to be known, bears within it the marks of struggle, abandonment, miraculous discovery, restoration, and reconciliation. It’s a fitting symbol for the resolute American spirit.

    Tyler Durden
    Tue, 09/03/2024 – 22:35

  • 'Over Ruled': Who Guards The Guardians?
    ‘Over Ruled’: Who Guards The Guardians?

    Authored by John Maxwell Hamilton via RealClearPolitics,

    “Quis custodiet ipsos custodes?” – Who guards the guardians? – is an old question that began as amusing repartee and has bedeviled democratic government from the beginning of its formation.

    The phrase originated with the Roman satirical poet Juvenal, who was presented with the idea that wives should be chained to keep them faithful. Fine, the poet replied, but who will guard husbands?

    The question for democracy lies at the heart of a new book by Supreme Court Justice Neil Gorsuch, “Over Ruled: The Human Toll of Too Much Law.” Too many laws and regulations administered by unaccountable government officials, he writes, have “swallowed up ordinary people.”

    Gorsuch, with help from his former law clerk Janie Nitze, makes his case in a series of parables. They feature individual Americans who have been victimized by government laws that they did not know existed and that should not have been written in the first place. The courts in many stories are too aggressive in adjudicating cases that should have been considered minor infractions, at best.

    In one such story, an agent from the U.S. Department of Agriculture informed a young magician, Marty Hahne, that he needed a license for using his rabbit in the act he had just performed at a local library. Hahne subsequently learned he also needed an evacuation plan for the animal in case of a hurricane or some other disaster. This requirement originated in a federal statute, the Animal Welfare Act, which regulates the treatment of dogs, cats, rabbits, and other animals for research, teaching, testing, and exhibition. Congressional lawmakers called on the USDA to apply the law to such venues as “carnivals, circuses, and zoos.” USDA regulators interpreted those exhibitions to include magic shows.

    In other stories of misplaced rules and courts run amuck, people’s lives are more than inconvenienced. They are ruined. Gorsuch believes these stories show that a surfeit of laws is sucking the life out of democracy.

    “Over Ruled” will be catnip for readers who fear the so-called deep state is out to subvert democracy. It also is convenient for Donald Trump, who, if elected, promises to “drain the swamp” by firing career civil servants and installing his own unelected supporters in their place.

    But Gorsuch’s book should be taken seriously, both for its strengths and weaknesses. He certainly makes a valid point that the number of laws and regulations has exploded in recent years. The first federal criminal statute, written when the Republic was established, contained fewer than fifty crimes. Now the total number is, by some counts, 5,000. In the process, Congress has delegated powers to executive department agencies to write administrative laws and rules as well as apprehend suspects and judge them.

    Having made the case for the problem, however, Gorsuch does not dig into the complexity of implementing workable solutions. He acknowledges that our society is much more complicated than it was at the nation’s founding, and therefore we need more measures to protect citizens. He does not tell us how we sort the good from the bad or how we regulate the regulators.

    Perhaps most damaging to his argument, “Over Ruled” does not provide readers with the context needed to understand the longstanding tension between government by the people and the need for expert mediation on social, economic, and political problems.

    Gorsuch, who believes judging involves close adherence to the original intent of the Constitution, takes us back to an earlier era that he characterizes as local people solving local problems. He considers this a good time for “ordinary Americans.” What he fails to say, however, is the Founding Fathers were elitists who doubted that ordinary white, male citizens, not to mention minorities and women, were up to the task of making good government decisions.

    Gorsuch liberally quotes James Madison about the evils of too much law. But equally important, Madison and others hoped that elections would put the “best” in office. Only members of the House of Representatives were directly elected. Under the original Constitution, senators were elected by state legislatures. The Electoral College can “elect” a presidential candidate who did not win the popular vote – something that has happened already twice this century.

    Thomas Jefferson, among many others, promoted national education schemes to create “a natural aristocracy” – what we would today call civil servants – to manage government. What Jefferson vaguely foresaw has come to pass, whether it is experts monitoring environmental degradation and food purity or ferreting out unfair trade practices.

    This reliance on experts – people who have the training to determine facts – has not gone uncontested. It fueled populism in the United States in the late 19th century as well as today. Disaffected citizens feel government is not taking them into account and that the bureaucracy is an untethered fourth branch of government, a phrase Gorsuch used frequently. This mentality has given resonance to Donald Trump’s message that his intuitive common-sense ideas about interest rates are more sound than Federal Reserve System economists who have studied monetary policy all their lives.

    Readers who want a fuller exploration of the longstanding social and political tension that arises from depending on experts can turn to “Democracy and Truth” by historian Sophia Rosenfeld. Or readers may choose a new volume by Stephen Breyer. The recently retired justice is an expert on administrative law and helped Sen. Ted Kennedy deregulate the airline industry. His “Reading the Constitution: Why I Chose Pragmatism, Not Textualism” thoughtfully weighs the difficulty of balancing fealty to the Constitution with the needs of modern society.

    The willingness to rely on common sense over expertise is not infinitely elastic. Most people prefer to go to trained doctors when they are ill rather than consult someone they pass on the street. Most people like some aspects of government expertise and intervention. They may, for instance, place a high value on fighting animal abuse, which is the motivation behind the well-intentioned (if misused) Animal Welfare Act. Various professions require training and education in order to acquire a license to practice; in addition to adding to their credibility, this restriction reduces competition. One of Gorsuch’s examples of overreaching administrative law concerns an African American woman who was “apprehended” for braiding hair in her salon without having attended cosmetology school.

    In regard to preferences, it is worth noting that Justice Gorsuch has some of his own, namely enlarging the power of presidents beyond anything the Founders conceived. Insofar as administrative power is concerned, he and other conservatives believe that the president should have more control over quasi-independent agencies.

    A recent Supreme Court decision raises concerns about maintaining the protections that administrative law provides. The court found that it was unconstitutional for the Securities Exchange Commission to levy fines against a financier whom they deemed to have violated antifraud and pro-transparency rules. The court said the SEC had to pursue its case in federal court. This dramatic switch in thinking by the Supreme Court could make it difficult – and in some cases impossible – for agencies to police offenders. As law professor David Cole has noted, “some agencies’ statutes do not authorize them to sue in federal court.” It is worth asking, do we want our already flooded courts to deal with all these issues, when more efficient ways exist to get the job done?

    Gorsuch has not written a legal analysis so much as a stump speech. His examples are akin to those used by political leaders to give a human dimension to policies they are promoting. Many of the stories are trivial to the point of being frivolous.

    Is it really worthwhile to dwell on a law, long ago passed by Virginia legislators, to outlaw hunting bears with dogs on Sundays? A few reform-minded states have wiped laws like these from the books. At the federal level, Gorsuch notes, President Obama directed agencies to “eliminate rules that don’t make sense.”

    These steps are relatively easy. The difficult part Gorsuch leaves untouched. His cases are largely cartoons. They do not demonstrate how to balance the injustice growing out of a law with the legitimate concerns it is trying to address.

    The solutions he offers sound like Fourth of July speeches. His call for more civic education, as valuable as that would be (see my RCP column on the subject), emphasizes school-age children spending more time reading the Constitution.

    Gorsuch argues that the expansion of laws and regulations undermines the credibility of our legal institutions. “Everyone feels like a criminal,” he told the C-SPAN audience.

    The growth in law-making is a problem, but it is questionable that most Americans feel like criminals. How can they feel like criminals if they don’t know about all the laws that exist, as Gorsuch insists is the case?

    If the justice is worried that we are moving “from a world in which law is revered into one in which it generates disaffection and feeds distrust,” he could profitably focus on the Supreme Court’s unwillingness to police itself. Feeble ethical standards govern justices’ behavior, which is well known and heavily criticized.

    The Supreme Court has enormous power. Justices are appointed, not elected, and may serve until they die. They are given their jobs because of their expertise in nuanced application of the law. For Gorsuch, who belongs to this powerful elite, one might expect a deeper exploration of the trade-offs between too much law and too few protections.

    “Who guards the guardians” is a much more profound subject than Justice Gorsuch lets on.

    John Maxwell Hamilton is an RCP columnist, a professor at the Manship School of Mass Communication, Louisiana State University, and an award-winning author of eight books, including “Manipulating the Masses: The Origins of Government Propaganda,” which won the Goldsmith Prize.

    Tyler Durden
    Tue, 09/03/2024 – 21:45

  • The Big Lie Of "Skilled" Migrant Workers Saving Western Economies
    The Big Lie Of “Skilled” Migrant Workers Saving Western Economies

    There are a great many tall tales circulating these days in association with illegal immigration.  Possibly one of the most prevalent claims from the political left is that western economies “need illegals” in order to support the dragging economy and fill a hungry labor market. An extension of this idea is that many of these migrants are “skilled workers” that the west desperately needs for vital roles. 

    But how much do the US and Europe really need illegal immigrants in order to keep western economies going?  And how many of them actually bring important skills to western labor markets?  Would they be sunk without these people?  Or, would they be much better off?

    First and foremost it should be noted that in the US there is ample evidence to show that the Biden Administration has been engaging in statistical manipulation for the last four years, and this includes labor statistics.  While there was indeed a clear shortage of workers in the service sector during covid lockdowns (and the helicopter money supplied by covid stimulus and PPP loans), recent revisions to BLS numbers have cut at least 819,000 jobs from the books that Biden originally took credit for.  In other words, those jobs never existed.

    It was these same jobs numbers that were used by the Democrats to argue in favor of open borders; asserting that without illegals this explosion in labor demand would turn into a worker shortage crisis.  While specific job sector stats (job categories) don’t usually distinguish between legal and illegal migrants, there is little evidence to indicate they fill an important role in our society.

    In America, migrants flood into the low-skill service sector and health services sector.  In many cases this involves entry level nursing home care and similar employment.  The other category in which they usually work is construction.  They offer cheap labor for home building, but this has certainly not translated to lower housing costs. 

    In the meantime, tens-of-millions illegal migrants drive up housing demand, in turn driving up prices on new homes and rentals.  Migrants are given access to government subsidies as long as they are under review for asylum or refugee status, in many cases they are offered more access to government aid than natural born citizens.  Both California and Oregon are currently instituting housing loan programs available to immigrants only.  

    Census SIPP data from 2022 indicates that around 59% of non-citizen households in the US use one or more welfare programs, compared to 39% of US-born households.  The establishment media and Democrats will often try to dilute welfare stats by citing legal migrant numbers instead of illegal migrant numbers.

    Around 47% of illegal migrants to the US never completed high school (as opposed to 8% of US-born citizens).

    It is estimated that illegals cost US taxpayers at least $150 billion in public services (officially) each year while paying only $25 billion in taxes.  While some economists cite a potential $324 billion in GDP gain from migrant workers, this almost all comes from wages which illegals send to their families outside the US.  

    In the UK, migrant data is rarely tracked by the government, ostensibly because they want to keep the indigenous public in the dark as much as possible.  However it is clear that, just like in the US, migrants (specifically from third-world nations) do not bring skilled labor to the table.  UK migrants overwhelmingly work in the service and health sectors, once again in low-level nursing jobs, elderly facilities, some work in tech and the rest do not work at all.  

    The UK estimates that at least 1.7 million migrants are unemployed while on the dole, and they are costing taxpayers upwards of £8.5 Billion ($11 billion) annually.

    In Germany, welfare costs skyrocketed in 2024 and reports show 47% of recipients for government handouts are migrants.  The total cost of $49 billion is 14.8 percent higher than in 2023, 18.4 percent higher compared to 2020, and 23 percent higher compared to 2015.   In the EU migrants from Africa and Asia are once again greatly overrepresented in health services. 

    The point is, the notion of “skilled migrant workers” saving western economies with their vital labors is a complete fabrication.  Illegal migrants in particular are a net negative and a dangerous strain on the welfare system.  They also drive up housing costs by creating mass demand with not enough supply, and this same demand drives up inflation in almost every other area of the economy.  The roles they do fill can be easily adapted without them by offering minor subsidies or tax benefits for American citizens.   

    Like most countries in the world today, the US and European nations should be vetting migrants and only accepting those that bring value to the table along with a willingness to assimilate.  Otherwise, they serve no useful purpose.       

    Tyler Durden
    Tue, 09/03/2024 – 21:20

  • Reagan The Movie: How The Mainstream Media Can't Help Itself
    Reagan The Movie: How The Mainstream Media Can’t Help Itself

    Authored by Richard Truesdell via American Greatness,

    On Friday, I did something I hadn’t done since before COVID-19, I went and saw a movie premiere on the day it opened in an actual movie theater. With my childhood friend Susan, whom I’ve known for more than five decades—a dyed-in-the-wool conservative just like me—we went and saw Reagan. And unlike most critics on Rotten Tomatoes who rated it at 18% and elsewhere, we loved it along with a virtually unprecedented 98% of Rotten Tomato viewers.

    Right up front, I can say that Reagan is not without flaws. The cinematography in much of the movie is quite dark, especially in the flashback scenes at the start of the film. Also, at 2 hours and 15 minutes, the film is long. While a lot of footage was likely left on the cutting room floor, getting Reagan down to two hours would likely help. When Reagan comes to streaming, I’ll watch it again.

    With that out of the way, I will say that Dennis Quaid’s performance as Ronald Reagan is simply outstanding. It’s easily his best work since The Big Easy, one of my all-time favorite movies, a movie I like to say is a guilty pleasure (with equally great chemistry with co-star Ellen Barkin). When Susan and I entered the 530 PM showing, people exiting from the earlier 3 PM showing had tears in their eyes, saying to us that Reagan would pull on our emotions, which it did. Again, and to not spoil it for you, if I were writing the screenplay, the ending is exactly how I would have written it. It generated applause from everyone in the theater.

    I could not find fault with any of the performances. Jon Voight as the ex-KGB operative who followed Reagan for decades and narrates the story, and especially Penelope Ann Miller as Nancy Reagan, were perfect. We both thought there was great on-screen chemistry between Quaid and Miller.

    Remember that during Reagan’s presidency, Nancy was often vilified. Even four decades ago, the mainstream media showed their bias as they have done with every Republican First Lady since then, save for Laura Bush. This while idolizing narcissists like Michelle Obama and especially, until a month ago, “Dr.” Jill Biden. As I like to say, “It is what it is.”

    This is what I call a small, big movie. Small in that it’s not told epically. In some ways, the Ron-Nancy love story is intimate. But it’s a big movie in that it tells the story with an all-star (Quaid, Miller, Voight, and many others) cast. The production was interrupted by the COVID lockdowns, so it took about five years from when Quaid was first cast as Ronald Reagan (he also portrayed Bill Clinton earlier in his career) to its debut last Friday.

    But as I mentioned earlier, Reagan has been savaged by the critics, and the reviews fall along ideological lines. Most egregious, of course, was at the New York Times. There, Glenn Kenny couldn’t help himself. Amazingly, the bias at the New York Times permeates everything it touches, going beyond its news coverage to its best-selling books list to even its movie reviews. Kenny closed his review by saying, “It all makes for a plodding film, more curious than compelling.”

    Tell that to the viewers who loved it, you jackass. You simply can’t help yourself.

    (I would like to contrast how the critics loved Oppenheimer. Of course, the New York Times fell all over itself in praising Oppenheimer, a far less satisfying film, saying “Oppenheimer, Christopher Nolan’s staggering film about J. Robert Oppenheimer, the man known as “the father of the atomic bomb.”

    Staggering film? Again, when the story fits its agenda, it gets a gushing review.

    As I said earlier, the New York Times simply can’t help itself.

    As biopics, both films have their flaws, especially in length. All films do. But as entertainment as well as telling a historic story, Oppenheimer is much more flawed than Reagan.)

    As I sorted through other reviews on Rotten Tomatoes, especially the less-than-positive ones, one word kept appearing: hagiographic. Even though I have a better-than-average command of the English language and volcabulary, I had never used or even seen that word. So I went online and looked it up. The definition is “excessively flattering.” It’s as if reviewers got their reviewers’ talking points directly from the DNC. The reviews of Reagan are just like any other political commentary, like anything connected in the mainstream media to “Orange Man Bad.” Trump’s recent visit to Arlington National Cemetery on the third anniversary of Abbey Gate at the invitation of the next-of-kin of the fallen 13 is a perfect example.

    This hagiography nonsense starts with Ty Burr at the Washington Post. “The faithful for whom ‘Reagan’ was made aren’t likely to see that it’s a hagiography as rosy and shallow as anything in a Kremlin May Day parade. As pop-culture propaganda—popaganda, if you will—the movie’s strictly for true believers. As history, it’s worthless.”

    It’s as if Burr is channeling his inner Hillary Clinton, viewing anyone who enjoyed Reagan as deplorable.

    It continues with Joshua Peinado at In Review Online, who said, “It’s one thing to go the route of hagiography and never mention the notable failures of Reagan and his presidency…but Reagan makes the stranger choice to give voice to the issues of his conservatism and then, promptly, forget all about them.”

    Christopher Lloyd writing for The Film Yap, giving the film two out of five stars says, “The Gipper gets a goober of a biopic—schmaltzy, hagiographic, and ham-handed—though Dennis Quaid nails the portrait of his self-effacing charm hiding a steely resolve.”

    I could go on and on, but what’s the point?

    But the bottom line is that a couple that will spend $40 and up (the cost of the tickets plus a bucket of popcorn and two overpriced sodas) for a date night out will love Reagan.

    Overall, I’m torn between giving it four or five stars out of five, so I’ll give it a 4.5. It’s an emotional film in many ways. For those of us who came of age during the Cold War and watched the Soviet Union disintegrate in the early 1990s, you will find Reagan an enjoyable way to spend 2 hours and 15 minutes. It’s a satisfying, emotional film. To me, it’s a far superior film (as entertainment) to the Oscar-honored but plodding Oppenheimer. Being a history person, I really wanted to like Oppenheimer but felt the earlier Fat Man and Little Boy with Paul Newman told the development of the atom bomb story far better.

    To get the flavor of Reagan, here’s a link to the trailer.

    So if you are looking for something to fill your time on the last day of the long Labor Day weekend, I can recommend Reagan without reservation.

    Tyler Durden
    Tue, 09/03/2024 – 20:55

  • Officials Can't Reject Mail-In Ballots With Incorrect Dates: Pennsylvania Court
    Officials Can’t Reject Mail-In Ballots With Incorrect Dates: Pennsylvania Court

    A Pennsylvania court has ruled that election officials cannot reject mail-in ballots with incorrect dates or no dates as long as they were submitted before the filing deadline.

    A man photographs himself depositing his ballot in an official ballot drop box at Philadelphia City Hall, Pa., on Oct. 27, 2020. Mark Makela/Getty Images

    A panel of the Commonwealth State Appeals Court ruled on Aug. 30 that the state’s legal requirement for mail-in ballot envelopes to have dates written violates the state constitution.

    “Simply put, the refusal to count undated or incorrectly dated but timely received mail ballots submitted by otherwise eligible voters because of meaningless and inconsequential paperwork errors violates the fundamental right to vote recognized in and guaranteed by the free and equal elections clause of the Pennsylvania Constitution,” wrote Commonwealth Court Judge Ellen Ceisler for the 4-1 majority.

    The ruling applies to both Philadelphia and Allegheny counties, and strikes down a 2019 law – Act 77 – which included a provision requiring voters to date the envelope in which the mail-in ballots are enclosed.

    As the Epoch Times notes further, the American Civil Liberties Union (ACLU) challenged that and other provisions, arguing that they are unconstitutional as they sued Pennsylvania Secretary of State Al Schmidt, the Philadelphia County Board of Elections, and the Allegheny County Board of Elections.

    The Pennsylvania Republican Party and the Republican National Committee intervened in the case and said the provisions do not violate the state Constitution.

    The majority declined to rule against other provisions but said the date requirement is unconstitutional.

    Pennsylvania Gov. Josh Shapiro said in a social media statement that the court “got it right: an eligible voter’s minor error of forgetting to date or misdating a ballot envelope cannot be cause for disenfranchisement.”

    The appeals court said in the ruling that officials still have the authority to make sure mail-in ballots comply with other requirements, including deadlines for submission.

    Pennsylvania’s Department of State said that “multiple court cases have now confirmed that the dating of a mail-in ballot envelope, when election officials can already confirm it was sent and received within the legal voting window, provides no purpose to election administration.”

    The office has not said how the decision might alter its guidance to counties that run elections. In July, the Department of State told counties that return envelopes should be printed to include the full year, “2024,” leaving voters to add the accurate month and day.

    Mike Lee, executive director of the Pennsylvania ACLU, said the ruling “preserves the votes of thousands of voters who make this mistake in every election, without undemocratic, punitive enforcement by the counties.”

    According to data presented to the court, more than 10,000 mail-in ballots were not counted in the 2022 midterm election and 4,000 were rejected in the primary elections earlier this year because the ballots did not comply with the ballot date requirement.

    Tom King, who represents the state and national Republican Party groups in the case, said he was disappointed in the decision and “absolutely will appeal.”

    Commonwealth Court Judge Patricia McCullough said in a dissent that the date requirement was “perhaps the least burdensome of all ballot-casting requirements” and that the groups that challenged the provision had not met the burden of showing that the requirement was so difficult as to deny voters their right to vote.

    “It seems to me that the majority was swayed by the raw numbers and avoided applying the true test for evaluating a Free and Equal Elections Clause claim,” she wrote.

    “Today the majority says that requiring the date on the voter declaration on a mail-in or absentee ballot envelope is subject to strict judicial scrutiny and cannot be enforced because doing so unconstitutionally denies the voting franchise altogether. I must wonder whether walking into a polling place, signing your name, licking an envelope, or going to the mailbox can now withstand the majority’s newly minted standard.”

    The Associated Press contributed to this report.

    Tyler Durden
    Tue, 09/03/2024 – 20:30

  • Semis Slaughtered As September Starts Off With Carnage Everywhere
    Semis Slaughtered As September Starts Off With Carnage Everywhere

    Yesterday, when we observed that the Labor Day holiday had spared US markets from a selloff that spread across the rest of the world on the first trading day of September, we said that we had a bad feeling about today.

    And boy were we right: traditionally the worst month for stocks, bonds, gold and bitcoin, September started off with a bang – not a whimper – which saw the S&P plunge 2.4%, its biggest drop since the August 5 meltdown and the worst start to a month since May 2020, when the S&P plunged 2.8%.

    Or in the immortal words of Ron Burgundy…

    And while the move in the VIX was not nearly as stunning as the Aug 5 Volmageddon 2.0 event, the 7 vol spike from 15 to a session high of 21.99 – also the highest since August 5 – has left quite a few volatility sellers suffering another round of huge margin calls less than a month since the last one.

    It wasn’t just the S&P: the Dow (which has become a meaningless index) also tumbled back under 41,000, but the biggest loser by far was the increasingly fragile Nasdaq, which crashed more than 3%, its biggest drop also since the August 5 collapse, and the 3rd biggest one-day drop in the past year…

    … thanks to a sudden liquidation of the momentum leaders of 2024, the Mag7 which was most apparent in today’s performance of semiconductor stocks, which suffered their biggest drop since March 2020.

    And while it is unclear what exactly sparked today’s rout (see “What’s Behind Today’s Tech Carnage: Goldman’s Trading Desk Explains“) that won’t cheer NVDA longs who are watching their favorite stock plunge a massive 10% and a whopping 18% in just the past week…

    … wiping out more than $280 billion in value, which makes it the biggest one-day market cap loss in history, surpassing Meta’s previous record of $251BN in market cap lost after its February 2022 earnings report.

    And while the tech sector was crushed, there was no rotation out of it today, with small caps plunging 3%, their biggest drop also since August 5…

    … and while it’s not a small cap just yet, the 8% plunge in Boeing – on merely a downgrade (from Wells Fargo of all banks) – shows just how truly jittery the market has become.

    While normally on days like today – when favorite names are getting blown out – the most shorted names rise, not even that worked today, and in a repeat of the Aug 5 plunge, the Goldman most shorted basket tumbled 4% erasing almost half the gains from the past month.

    Notably, today’s carnage wasn’t confined to stocks: commodities were also hammered, with Brent tumbling almost 5%, back under $74, and wiping out all 2024 gains, as WTI flirted with $70/barrel…

    … on fears China’s economy will pass recession and proceed straight to depression just as Libya restarts its own oil supply firehose, while seemingly nobody cares at all about potential geopolitical risk factors around the world.

    Even gold, that stalwart outperformer in 2024 and the best performing asset of the year, wasn’t immune from today’s selloff, and after trading above $2500 for much of of the past 2 weeks, the yellow metal dipped back under.

    Amid this carnage, which was at least in part sparked by the a stagflationary ISM print, which saw employment and new orders tumble…

    … while prices paid jumped, and hinted at a rebound in the CPI…

    … coupled with absolutely devastating commentary from the US PMI report, which hinted not so much at a recession as a manufacturing depression…

    “A further downward lurch in the PMI points to the manufacturing sector acting as an increased drag on the economy midway through the third quarter. Forward looking indicators suggest this drag could intensify in the coming months.

    “Slower than expected sales are causing warehouses to fill with unsold stock, and a dearth of new orders has prompted factories to cut production for the first time since January. Producers are also reducing payroll numbers for the first time this year and buying fewer inputs amid concerns about excess capacity.

    “The combination of falling orders and rising inventory sends the gloomiest forward-indication of production trends seen for one and a half years, and one of the most worrying signals witnessed since the global financial crisis.

    “Although falling demand for raw materials has taken pressure off supply chains, rising wages and high shipping rates continue to be widely reported as factors pushing up input costs, which are now rising at the fastest pace since April of last year.”

    … the one thing that actually did work was treasuries, with 10Y yields sliding almost 10bps and back to where they were just after the Aug 5 crash.

    Yet while stocks – and bonds – have fully priced in more than 200bps of Fed rate cuts over the next 12 months, a pace of easing that is unheard of outside recessions, the risk or rather reality, is that on Friday the Kamala BLS will report a much stronger jobs number than most expect… and why not: the BLS already kitchen-sinked just how ugly the jobs market was with its 818K downward revision, so it can once again start making up numbers.

    Putting it all together: today was brutal for most, but with the Nasdaq wiping out 3.1% or about 75% of its average September loss from the past decade in one trading day, it is likely that much of the pain is already in the history books. And we are confident that the BTFD crew will be up early tomorrow ready to start buying it all right back up…

    Tyler Durden
    Tue, 09/03/2024 – 20:10

  • FDA Authorizes New COVID-19 Vaccine Without Clinical Data
    FDA Authorizes New COVID-19 Vaccine Without Clinical Data

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

    The U.S. Food and Drug Administration (FDA) has authorized a new COVID-19 vaccine from Novavax, giving Americans an alternative to shots from Moderna and Pfizer.

    A dose of Novavax’s COVID-19 vaccine is prepared, in this file image. Joroen Jumelet/ANP/AFP via Getty Images

    Novavax’s protein-based vaccine will be available soon after regulators granted emergency authorization to the Maryland-based company for the product.

    FDA officials said that animal testing data supported the decision.

    “Today’s authorization provides an additional COVID-19 vaccine option that meets the FDA’s standards for safety, effectiveness and manufacturing quality needed to support emergency use authorization,” Dr. Peter Marks, who directs the FDA’s Center for Biologics Evaluation and Research, said in an Aug. 30 statement.

    The FDA cleared vaccines from Moderna and Pfizer that are built on messenger ribonucleic acid technology (mRNA) earlier in the month.

    Critics say that the agency should not be making an assertion about safety and effectiveness in the absence of clinical trial data.

    “The assertion rings hollow when FDA has not required manufacturers of the mRNA biological [products] to provide scientific evidence to the public that safety and effectiveness has been demonstrated,” Barbara Loe Fisher, co-founder and president of the National Vaccine Information Center, told The Epoch Times previously via email.

    Novavax President and CEO John C. Jacobs said in a statement that the company’s vaccine showed “robust cross-reactivity against JN.1 lineage viruses” in animals.

    JN.1 was displaced in the spring by KP.3 and other variants, according to sequencing performed by the U.S. Centers for Disease Control and Prevention.

    The CDC estimates that KP.3 and the closely related KP.3.1.1 caused about four in 10 cases in the two weeks ending Aug. 3. The agency estimated that KP.3.1.1 became the dominant strain by the end of August.

    The Pfizer and Moderna vaccines target KP.3.

    FDA officials initially advised manufacturers to target JN.1 but later recommended they target KP.3.

    Because Novavax’s vaccine is built on different technology, it takes longer to manufacture than the mRNA shots. Company officials told FDA advisers over the summer that they were planning to continue manufacturing a JN.1-based vaccine and believed it would perform well against KP.3 and other strains from the JN.1 lineage.

    The authorization is for people aged 12 and older. People who have never received a vaccine can get two doses of Novavax’s vaccine about three weeks apart. People who have received a vaccine before can get a single dose.

    The Moderna and Pfizer vaccines are available for individuals who are at least 6 months old.

    The CDC is recommending vaccination for all people aged 6 months and older.

    The United States ended the COVID-19 public health emergency in 2023 but extended the emergency declaration under the Public Readiness and Emergency Preparedness Act until the end of 2024. The FDA issued the emergency authorization under that authority.

    COVID-19 levels have plummeted since early 2022, although data from wastewater and other sources have indicated a recent uptick.

    Twenty-eight states are reporting high levels of COVID-19 and two states are reporting very high levels, based on wastewater, according to the CDC. Hospitalizations and deaths attributed to COVID-19 have also been climbing, although the numbers are far lower than the highs recorded in 2021 and 2022.

    Tyler Durden
    Tue, 09/03/2024 – 20:05

  • Turley: Robert Reich's Call To Arrest Musk Is "Siren's Call Of Every Authoritarian"
    Turley: Robert Reich’s Call To Arrest Musk Is “Siren’s Call Of Every Authoritarian”

    Authored by Jonathan Turley,

    We have previously discussed the anti-free speech views of Clinton’s former Labor Secretary, Robert Reich, who has tried to sell citizens on the perfectly Orwellian view that more freedom means tyranny when it comes to the freedom of expression. He also demanded that former president Donald Trump be banned from ballots as a “traitor” — all in the name of protecting democracy from itself. Last week, Reich wrote a column declaring Elon Musk “out of control” in his refusal to censor citizens and appeared to call for his arrest.

    Reich has long been a prominent voice in the anti-free speech movement discussed in my recent book, The Indispensable Right: Free Speech in an Age of Rage. Indeed, he has given a voice to the rage in calling for others to be silenced or arrested.

    Elon Musk has long been the primary target of Reich and his allies after dismantling the censorship system at Twitter, now X. Reich called Musk’s purchase of Twitter with a pledge to reduce censorship to be “dangerous nonsense.”

    Notably, Reich’s friend, Hillary Clinton, was one of the first to call for a crackdown on Musk after his purchase of Twitter.  Hillary Clinton and other Democratic figures turned to Europe and called upon them to use their Digital Services Act to force censorship against Americans.

    Reich has always shown a chilling fluidity in how free speech is protected and argued that public interest should be able to trump the right of any citizens in espousing views that he believes are dangerous.

    In denouncing Musk, Reich encouraged a campaign to counter his efforts to resist censorship. He wrote that Musk “may be the richest man in the world. He may own one of the world’s most influential social media platforms. But that doesn’t mean we’re powerless to stop him.”

    Like Hillary Clinton, Reich is calling on foreign governments and censors to silence American citizens including Musk: “Regulators around the world should threaten Musk with arrest if he doesn’t stop disseminating lies and hate on X.”

    He even appears willing to undermine national security programs to stop unfettered free speech. He called for the U.S. government to cut off contracts with his companies despite their critical role in various national security efforts, including the possible rescue of the stranded two astronauts currently in space.

    None of that matters to Reich who appears to view free speech as a greater threat to our nation: “Why is the US government allowing Musk’s satellites and rocket launchers to become crucial to the nation’s security when he’s shown utter disregard for the public interest? Why give Musk more economic power when he repeatedly abuses it and demonstrates contempt for the public good?”

    Reich’s call to regulate speech in the public interest is the Siren’s Call of every authoritarian regime in history. He will presumably tell us what speech is no longer tolerable for public policy reasons.

    Our “Indispensable Right” will, according to Reich, be safely in the hands of the European censors who can protect us from errant and dangerous thoughts.

    As he explained earlier, “the kinds of things that we do about this is, focus less on thinking about free speech, but thinking about how the times have changed.” In this way, speech regulations can keep us “moving towards how we recommend content and … how we direct people’s attention is leading to a healthy public conversation that is most participatory.”

    The “healthy public conversation” with Robert Reich increasingly appears to be his talking and the rest of us listening.

    *  *  *

    Jonathan Turley is a Fox News Media contributor and the Shapiro Professor of Public Interest Law at George Washington University. He is the author of “The Indispensable Right: Free Speech in an Age of Rage” (Simon & Schuster, June 18, 2024).

    Tyler Durden
    Tue, 09/03/2024 – 19:25

  • Armed Venezuelan Prison Gang In Denver Highlights Map Of US Sanctuary Zones To Avoid Amid Migrant Crisis
    Armed Venezuelan Prison Gang In Denver Highlights Map Of US Sanctuary Zones To Avoid Amid Migrant Crisis

    Law-abiding Americans should be made well aware of the cities, counties, and states that have laws, ordinances, and policies that obstruct immigration enforcement and shield illegal alien criminals from US Immigration and Customs Enforcement. This is because the Biden-Harris administration has imported the third world into the first world, and with that comes elevated risks of violent crime and chaos.

    Footage of the Venezuelan prison gang Tren de Aragua members raiding an apartment building with at least one AR-style rifle and pistols in the northern Denver suburb of Aurora shocked the nation last week about how quickly sanctuary cities run by far-left Democrats can spiral out of control after rolling out the red carpet to illegals. 

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    And now spillover risks?

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    Let’s not forget sanctuary city NYC…

    The big picture understanding is that sanctuary cities have imported millions of illegal aliens, some of which are prison gang members and have zero respect for first-world laws. Defunding the police has also been pushed nationwide by Democrat lawmakers, and with that comes the risk that local municipalities could become quickly overwhelmed. 

    Independent think tank Center for Immigration Studies has done the easy work for readers, outlining the cities, counties, and states with laws, ordinances, regulations, resolutions, policies, or other practices that obstruct immigration enforcement and shield criminals from ICE.

    In other words, these areas have a possibility of high risk for violent crime. And in our view, these areas should be avoided for safety reasons. 

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    Sigh… 

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    Here’s the full list:

    States

    California

    Colorado

    Connecticut

    Illinois

    Massachusetts

    New Jersey

    New York

    North Dakota

    Oregon

    Rhode Island

    Utah

    Vermont

    Washington

    Cities and Counties

    District of Columbia

    Washington

    Georgia

    Athens-Clarke County

    Atlanta

    Columbia County

    DeKalb County

    Douglas County

    Idaho

    Bonneville County

    Power County

    Indiana

    Lake County

    Monroe County

    St. Joseph County

    Wayne County

    Kansas

    Douglas County

    Kentucky

    Campbell County

    Franklin County

    Jefferson County

    Louisville

    Scott County

    Louisiana

    New Orleans

    Maine

    Cumberland County

    Hancock County

    Maryland

    Baltimore

    Baltimore County

    Charles County

    Howard County

    Hyattsville

    Montgomery County

    Prince George’s County

    Queen Anne’s County

    Rockville

    St. Mary’s County

    Michigan

    Kalamazoo County

    Kent County

    Lansing

    Leelanau County

    Luce County

    Muskegon County

    Oakland County

    Washtenaw County

    Wayne County

    Wexford County

    Minnesota

    Anoka County

    Cottonwood County

    Dakota County

    Hennepin County

    Jackson County

    Kandiyohi County

    Lincoln County

    Lyon County

    Nobles County

    Pipestone County

    Ramsey County

    Todd County

    Watonwan County

    Nebraska

    Arthur County

    Banner County

    Blaine County

    Douglas County

    Gosper County

    Grant County

    Greeley County

    Hayes County

    Hooker County

    Howard County

    Johnson County

    Lincoln County

    Logan County

    Loup County

    McPherson County

    Nance County

    Perkins County

    Platte County

    Sioux County

    Thomas County

    Wheeler County

    New Hampshire

    Hillsborough County

    New Mexico

    Bernalillo County

    Chaves County

    Colfax County

    De Baca County

    Dona Ana County

    Eddy County

    Farmington

    Grant County

    Hidalgo County

    Las Cruces

    Lincoln County

    Los Alamos County

    Luna County

    McKinley County

    Otero County

    Quay County

    Rio Arriba County

    Roosevelt County

    San Juan County

    San Miguel County

    Sandoval County

    Santa Fe

    Santa Fe County

    Sierra County

    Socorro County

    Taos County

    New York

    Albany

    Albany County

    Dutchess County

    Monroe County

    Nassau County

    New York City

    Orange County

    Putnam County

    Rockland County

    Saratoga County

    Suffolk County

    Sullivan County

    Tompkins County

    Ulster County

    Warren County

    Wayne County

    Westchester County

    Yates County

    North Carolina

    Buncombe County

    Chatham County

    Durham County

    Forsyth County

    Guilford County

    Mecklenburg County

    Orange County

    Wake County

    Watauga County

    Ohio

    Franklin County

    Hamilton County

    Lorain County

    Mahoning County

    Pennsylvania

    Allegheny County

    Berks County

    Bucks County

    Chester County

    Delaware County

    Lancaster

    Lehigh County

    Mifflin County

    Montgomery County

    Montour County

    Northampton County

    Philadelphia

    Washington County

    South Carolina

    Charleston County

    Tennessee

    Shelby County

    Virginia

    * Denotes the jurisdiction is part of a regional jail system. Please click on map point for further information.

     

    Albemarle County *

    Alexandria

    Alleghany County *

    Amherst County *

    Appomattox County *

    Ashland *

    Arlington County

    Augusta County *

    Bath County *

    Bedford *

    Bedford County *

    Botetourt County

    Brunswick County *

    Buchanan County *

    Campbell County *

    Caroline County

    Charles City County *

    Charlotte County

    Charlottesville *

    Chesapeake *

    Chesterfield County *

    Colonial Heights *

    Covington *

    Dickenson County *

    Dinwiddie County *

    Dumfries *

    Emporia *

    Essex County *

    Fairfax County

    Franklin *

    Gloucester County

    Greensville County *

    Halifax County *

    Hampton *

    Hanover County *

    Harrisonburg *

    Haymarket *

    Hopewell *

    Isle of Wight County *

    James City County *

    King and Queen County *

    King William County *

    Lee County *

    Loudoun County

    Lynchburg *

    Manassas *

    Manassas Park *

    Martinsville

    Mathews County *

    Mecklenburg County *

    Middlesex County *

    Nelson County *

    Newport News

    Norfolk *

    Northumberland County *

    Norton *

    Occoquan *

    Petersburg *

    Poquoson *

    Portsmouth City *

    Prince George County *

    Prince William County *

    Quantico *

    Rappahannock County *

    Richmond

    Richmond County *

    Rockingham County *

    Russell County *

    Scott County *

    Shenandoah County *

    Smyth County *

    Southampton County

    Staunton *

    Suffolk *

    Surry County *

    Tazewell County *

    Virginia Beach *

    Warren County *

    Warsaw *

    Washington County *

    Waynesborough *

    Westmoreland County *

    Williamsburg *

    Wise County *

    York County *

    Wisconsin

    Dane County

    Milwaukee County

    Winnebago Correctional Center (state facility)

    Wyoming

    Teton County

    The chaos erupting in a Denver suburb, driven by a Venezuelan prison gang, is a wake-up call for Americans. It highlights how the Biden-Harris administration’s disastrous open southern border policies could cause other sanctuary cities and areas to descend into turmoil. 

    If the police are overwhelmed…

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    Who will come to help you? 

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    This is insanity! 

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    Tyler Durden
    Tue, 09/03/2024 – 18:50

  • So Much For Sanctions: Russia Surpasses US For Gas Exports To EU
    So Much For Sanctions: Russia Surpasses US For Gas Exports To EU

    By Liz Heflin of Rmxnews.com

    From April to June, the European Union bought more than 12.7 billion cubic meters from Russia and 12.3 billion cubic meters from the United States.

    Director of the Russian Department of Economic Cooperation of the Foreign Ministry, Dmitri Birichevski, says Russia now supplies 15 percent of the total volume of natural gas imported by the European Union. This despite the EU’s REPowerEU instituted back in May 2022 to shift away from Russia and cut it off from its flow of energy profits.

    Birichevski noted, in particular, the fact that France imported 4.4 billion cubic meters of liquid natural gas (LNG) in the first quarter of 2024, more than double the circa 2 billion it imported in 2023.

    Norway is still in first place, having supplied the EU with 23.9 billion cubic meters in Q2. Prior to its invasion of Ukraine, Russia held the top spot.

    The German government maintains it no longer imports any gas from Moscow. However, many member states clearly do.

    In the face of renewed demands to end Russian imports and defund Putin’s war chest, the energy policy spokesman for the Free Democratic Party (FDP) suggested that the EU “pay a fixed amount of aid and arms supplies to Ukraine for every cubic meter of imported Russian gas.“

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    The matter of Russian gas imports has been an ongoing saga, with reports of shipments from Russia being essentially laundered through other countries and pipelines to avoid being stamped as “Russian.”

    This new data comes in the face of no less than 14 sanctions packages, including the latest one adopted in June, which specifically prohibits the transit of Russian LNG.

    Tyler Durden
    Tue, 09/03/2024 – 18:25

  • Brazil's $9,000 Fine For Accessing X Puts "Wall Of Censorship" Between Citizens And Unregulated Information
    Brazil’s $9,000 Fine For Accessing X Puts “Wall Of Censorship” Between Citizens And Unregulated Information

    Authored by Jonathan Turley,

    Brazil has not just banned X (formerly Twitter) from the entire country, but citizens will now be fined $9000 a day (more than the average salary in the country) for using VPNs to access the platform. X is the main source of news for Brazilians, who will now be left with government-approved sources or face financial ruin in seeking unfettered information.

    The Guardian is reporting that the confiscatory fines are part of a comprehensive crackdown on efforts to get news through X, including ordering all Apple stores to remove X from new phones.

    The move puts Brazil with China in the effort to create a wall of censorship between citizens and unregulated information.

    For the anti-free speech movement, Brazil is a key testing ground for where the movement is heading next. European censors are arresting CEOs like Pavel Durov while threatening Elon Musk.

    However, it is Brazil that foreshadows the brave new world of censorship where entire nations will block access to sites committed to free speech values or unfettered news. If successful, the Brazilian model is likely to be replicated by other countries.

    The reason is that censorship is not working. As discussed in my book “The Indispensable Right: Free Speech in an Age of Rage,” we have never seen the current alliance of government, corporate, academic, and media interest against free speech. Yet, citizens are not buying it.

    Despite unrelenting attacks and demonizing media coverage, citizens are still using X and resisting censorship. That was certainly the case in Brazil where citizens preferred X to regulated news sources. The solution is now to threaten citizens with utter ruin if they seek unfettered news.

    The question is whether Brazil’s leftist government can get away with this. The conflict began with demands to censor supporters of the conservative former president Jair Bolsonaro. When X refused the sweeping demands for censorship, including the demand to name of a legal representative who could be arrested for refusing to censor users, the courts moved toward this national ban.

    The man behind the effort is Justice Alexandre de Moraes, who has aggressively used censorship to combat anything that he or the government deems “fake news” or disinformation. With socialist president Luiz Inácio Lula da Silva, they are the dream team of the anti-free speech movement.

    Minnesota Attorney General Keith Ellison responded to the ban with a posting declaring “Obrigado Brasil!” or “Thanks, Brazil!” Ironically, he did so on X.

    Ellison previously praised the virulently anti-free speech group Antifa and promised that it would “strike fear in the heart” of Donald Trump. This was after Antifa had been involved in numerous acts of violence and its website was banned in Germany. It is at its base a movement at war with free speech, defining the right itself as a tool of oppression. That purpose is evident in what is called the “bible” of the Antifa movement: Rutgers Professor Mark Bray’s Antifa: The Anti-Fascist Handbook.

    Bray emphasizes the struggle of the movement against free speech: “At the heart of the anti-fascist outlook is a rejection of the classical liberal phrase that says, ‘I disapprove of what you say but I will defend to the death your right to say it.’” Bray admits that “most Americans in Antifa have been anarchists or antiauthoritarian communists…  From that standpoint, ‘free speech’ as such is merely a bourgeois fantasy unworthy of consideration.”

    The question is whether Brazil will become a nightmare for free speech around the world as other nations seek to force citizens to read and hear news from approved, state-monitored sites.

    *  *  *

    Jonathan Turley is the Shapiro Professor of Public Interest Law at George Washington University. He is the author of “The Indispensable Right: Free Speech in an Age of Rage” (Simon & Schuster).

    Tyler Durden
    Tue, 09/03/2024 – 18:15

  • Harris' So-Called 'Surge' Is Thanks To Oversampling: Pollsters
    Harris’ So-Called ‘Surge’ Is Thanks To Oversampling: Pollsters

    As we’ve been highlighting since 2016, polls are not to be trusted thanks to various ‘tricks of the trade’ – most commonly, oversampling.

    Last month we noted how the founder of the main outside spending group backing Kamala Harris for president says their own internal opinion polling is “much less rosy” than public polls.

    “Our numbers are much less rosy than what you’re seeing in the public,” said Future Forward super PAC president Chauncey McLean said during a Monday event hosted by the University of Chicago Institute of Politics.

    Now, the Washington Times reports that some pollsters are even sounding the alarm over Vice President Kamala Harris’ so-called ‘surge’ in the polls – which Harris pulled ahead in after replacing President Joe Biden as the Democratic nominee on July 21.

    Since the switch, Harris is leading Trump nationally by nearly 2 percentage points and is either leading or tied with him in all seven battleground states. However, Republican analysts argue that these polling numbers may not accurately reflect voter sentiment due to biased polling methodology.

    If you want to see examples of polling bias, click into this thread on X…

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    Critics point out that many polls have been sampling a disproportionately smaller share of Republican voters compared to exit poll data from the 2020 presidential election. The result, they say, is a misleading “phantom advantage” for Ms. Harris. According to them, this skewed sampling could be a strategic move to boost enthusiasm and fundraising for Ms. Harris’ campaign.

    Trump campaign strategist Jim McLaughlin echoed this sentiment, stating, “They undersample Republicans” intentionally “to tamp down support and donations for Trump.” He added that the polls are part of a larger effort to create a narrative that favors Harris.

    Trump has openly criticized the poll results. “It’s fake news,” Trump declared during a rally in Michigan. “They can make those polls sing.”

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    Harris’ recent poll numbers have indeed helped fuel excitement among her supporters, as evidenced by her campaign’s announcement of a $540 million fundraising haul in July, more than four times what Mr. Trump raised in the same period. Still, the growing skepticism over the legitimacy of the polls has prompted some to question whether the surge in support is as real as it appears.

    Recent polls that show a Harris lead, such as the Suffolk University/USA Today poll, included more respondents identifying as Democrats (37.1%) than Republicans (33.8%). The poll found Ms. Harris leading Trump by 5 percentage points, a significant turnaround from earlier in the year when Trump was ahead by 4 points vs. Biden. Similarly, a Yahoo News/YouGov poll released on August 27 found Ms. Harris ahead of Mr. Trump by 1 percentage point, with Democrats making up 33% of respondents compared to only 29% for Republicans.

    The discrepancy in party sampling is causing concern among poll watchers. Data from the 2020 exit polls showed a nearly equal split, with 36% identifying as Republican and 37% as Democrat. Yet, recent polls seem to favor Democrats disproportionately, leading to claims of deliberate skewing.

    Mr. Trump’s pollster, Tony Fabrizio, has argued that these polls are designed to suppress support for Mr. Trump. In a memo, he stated, “Once again, we see a series of public surveys released with the clear intent and purpose of depressing support for President Trump.”

    Pollsters like Don Levy of the New York Times/Siena Poll counter that these claims lack substance. They argue that any gaps between recalled 2020 vote and actual 2020 results are not evidence of intentional bias but may reflect the complexity of polling dynamics, including response bias where Democrats are more likely to participate in polls.

    Despite these excuses, the controversy surrounding these polls has left many wondering about the true state of the race. Polling analysis site FiveThirtyEight shows Ms. Harris’ approval rating ticking up to 42.3%, up from 37.1% in early July. Yet, doubts persist over how she has managed to rise in the polls without significantly improving her historically low job approval ratings.

    Tyler Durden
    Tue, 09/03/2024 – 18:00

  • Adding Insult To Margin Calls, Nvidia Receives DOJ Subpoena Making Record Price Drop Even Worse
    Adding Insult To Margin Calls, Nvidia Receives DOJ Subpoena Making Record Price Drop Even Worse

    In what may be described as an attempt to sabotage her own election odds, moments after the close Bloomberg reported that Kamala Harris’ Justice Department – because let’s be honest, Joe Biden is officially a vegetable – sent subpoenas to Nvidia and other companies as it seeks evidence that the chipmaker violated antitrust laws, an escalation of its investigation into the dominant provider of AI processors, in the process sending the stock prices sliding even more.

    The DOJ, which had previously delivered questionnaires to companies, is now sending legally binding requests that oblige recipients to provide information, Bloomberg reported citing sources. That takes the government a step closer to launching a formal complaint against a company, which may well have its flaws but monopolizing the industry, when its competitors such as Intel are simply criminally incompetent, is not one of them.

    According to antitrust officials, Nvidia is making it harder to switch to other suppliers and penalizes buyers that don’t exclusively use its artificial intelligence chips. Which is idiocy: if anything, it is the capabilities of Nvidia chips that are forcing every tom, dick and harry to order one even if the chatGPT idiocy is nowhere near the paradigm shifting discovery idiots on TV make it seem to be. Meanwhile, all Nvidia is doing is sitting back and capitalizing by selling the “picks and shovels” to those same idiots who in about a year will realize that they spent millions on chips to power chatbots that generate zero returns.

    Nvidia shares, which already suffered a record-setting rout on Tuesday when they lost a historic $280 billion in market cap, fell further in late trading after Bloomberg reported on the subpoenas, bringing its total drop today to $340 billion!

    Some speculated if the idiots that are runnings Kamala’s campaign are now intentionally looking to sabotage her election odds by crashing the market-leading generals ahead of the November elections.

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    As part of the probe, investigators have been contacting other technology companies to gather information. The DOJ’s San Francisco office – where one Kamala Harris was Attorney General not that long ago – is taking the lead running the inquiry.

    As Bloomberg reports, in the DOJ probe, regulators have been investigating Nvidia’s acquisition of RunAI, a deal announced in April. That company makes software for managing AI computing, and there are concerns that the tie-up will make it more difficult for customers to switch away from Nvidia chips. Regulators also are inquiring whether Nvidia gives preferential supply and pricing to customers who use its technology exclusively or buy its complete systems.

    Nvidia CEO Jensen Huang has said he prioritizes customers who can make use of his products in ready-to-go data centers as soon as he provides them, a policy designed to prevent stockpiling and speed up the broader adoption of AI.

    While the stated reason for the DOJ probe is laughable, what is far more likely is that in typical Democrat fashion, the administration is making it clear it will get its pound of flesh in bribes, kickbacks and penalties, from what is at the moment, the world’s most important company.  Analysts project that Nvidia will generate over $120 billion of revenue in calendar 2024, up from $16 billion in 2020, with most of that money coming from its data center unit. In fact, Nvidia is set to bring in more profit this year than the total sales of its nearest rival, Advanced Micro Devices. As for one-time chip giant icon Intel, well… rest in peace.

    Tyler Durden
    Tue, 09/03/2024 – 17:25

  • Yale Divinity Students Forced To Read From Witch's "Spell" At Orientation
    Yale Divinity Students Forced To Read From Witch’s “Spell” At Orientation

    By Raleigh Adams of The College Fix

    Yale’s Divinity School coerced students to read from a “spell” written by a “witch” as part of its Before the Fall Orientation.

    The three-day orientation between Aug. 21 to 23 saw a series of talks and activities preparing incoming students for the year ahead, interspersed with small group discussions.

    One of these small group periods was the first activity of orientation. Participating as an incoming student in one of these circles, I saw how the discussion opened with a set of “Restorative Circle Rules.” These rules boiled down to a warning to be open minded: all viewpoints were expected to be heard, that you only have to take what you want from the circle and participate as wanted – at least nominally.

    Adrienne Brown, a “mixed-race Black queer American writer, community organizer, facilitator, witch and- may I say- goddess.“

     

    After this show of inclusion, we as students were led to read aloud, line by line and one by one, from Adrienne Brown’s “Radical Gratitude Spell.”

    Brown (pictured) has been described by Meeting of Minds as a “mixed-race Black queer American writer, community organizer, facilitator, witch and- may I say- goddess.”

    Brown herself ascribes to witchcraft, and it informs her public work. Her website describes her as someone who “grows healing ideas in public” through “her writing, which includes short- and long-form fiction, nonfiction, spells, tarot” and “her music, which includes songwriting, singing and immersive musical rituals.”

    This context of Brown, her work, and her particular spiritual inclinations was not given to students before participating in the reading. As such, the group reading of the spell took on an undeniable coven-like feeling, with students unable to fully consent to the pseudo-ritual knowingly, despite the Circle Rules.

    A second-year student, who requested to remain anonymous, expressed to me a deep concern over this act by the orientation staff. The student called the provided spell “bizarre,” and “gross,” especially for students to not be told of the author or intentions behind the spell before being led to participate.

    Other recent Yale College graduates and members of the campus Catholic community commented to me in conversation, in a simultaneously tongue in cheek, yet serious manner, that “the very campus of the Divinity School needed prayer.”

    They were unsurprised at the inclusion of the spell into orientation. Apparently, it is a popularly known fact amongst more conservative and religious circles in the Yale community that there is little still “divine” about the Divinity School.

    As a student who experienced the “Radical Gratitude Spell” first hand, it was a deeply concerning experience for the state of higher education.

    Under the name of inclusion, acts of pagan spirituality are being blindly normalized in educational spaces, Yale Divinity School being a prime example of such.

    Conversely, the preference for diversity comes at the expense of the sanctity of other students’ faith. While it was proclaimed that “you only have to take what you want from this circle,” personally I did not feel safe to opt out of the spell, being all too aware of the power imbalance and the risk of social stigma against me in this completely new environment. I cannot imagine myself being the only one to feel this way.

    Diversity and nominal comfort come at a cost. Its inclusion in orientation raises deep concerns over the boundary that exists between said diversity and the religious rights of individual students.

    This worry is especially poignant in the nearly blind way which the spell was integrated into our first moments as students at Yale.

    Tyler Durden
    Tue, 09/03/2024 – 17:00

  • Media Giant CMG Bragged About Eavesdropping On Phone, Laptop Or 'Smart Home' Microphones
    Media Giant CMG Bragged About Eavesdropping On Phone, Laptop Or ‘Smart Home’ Microphones

    For years people have suspected that their smartphones, laptops, and home assistants were secretly eavesdropping on their private conversations. Now, a leaked pitch deck seems to confirm that our devices are, in fact, listening—and the implications are far-reaching.

    Leaked slide via 404 Media

    A leaked pitch deck presentation from Cox Media Group (CMG) – major player in the digital advertising space, appears to detail how its “Active-Listening” software uses artificial intelligence to capture and analyze “real-time intent data” from users’ conversations. The presentation, obtained by 404 Media, lays out how CMG’s software could listen to everything spoken near a microphone-equipped device—whether it’s a phone, laptop, or home assistant like Amazon’s Alexa, the Daily Mail reports.

    Active-Listening: A Six-Step Process to Harvest Voice Data

    The pitch deck outlines a six-step process for CMG’s Active-Listening software, which turns seemingly benign conversations into targeted advertising gold. The first slide describes how the software listens to your conversations and extracts real-time intent data, which advertisers can then pair with behavioral data to target “in-market consumers.” In simple terms, it means that if you mention a product or service in a conversation, advertisers can target you with ads for that very item.

    For instance, if you’re talking about Toyota cars with a friend, you might soon find yourself inundated with ads for Toyota’s latest models. This alleged use of private conversations for ad targeting represents a significant breach of what most people consider to be their personal privacy.

    The slideshow goes further, showcasing tech giants like Facebook, Google, and Amazon as clients of CMG, suggesting they may use this controversial technology. These companies have long denied listening to user conversations through device microphones, but this leaked document raises new questions.

    Tech Giants in Hot Water: Denials, Uncertainties, and Potential Backpedaling

    Following the leak, Google swiftly removed Cox Media Group from its “Partners Program” website, a move that suggests a distancing from the controversial practice. Meta, the parent company of Facebook, responded by stating it is reviewing CMG for any potential violations of its terms of service. Meanwhile, Amazon declared that its advertising division “has never worked with CMG on this program and has no plans to do so.” However, their spokesperson left the door slightly ajar, stating that if a marketing partner violates their rules, action will be taken.

    The mixed responses leave the status of these relationships somewhat murky. Are these denials simply a strategy to buy time while the companies reassess their partnerships with CMG, or are they genuinely unaware of these practices?

    Is Active Listening Legal?

    Although the notion of listening to conversations may seem like an egregious violation of privacy, CMG claims it is entirely legal. In a now-deleted blog post from November 2023, CMG wrote, “We know what you’re thinking. Is this even legal? The short answer is: yes. It is legal for phones and devices to listen to you.”

    The legality, CMG argues, comes from the lengthy and often-overlooked “terms of use” agreements that consumers must accept when downloading new apps or updates. Buried in the fine print of these agreements, the software’s Active Listening feature is sometimes included, making the practice legally permissible—if ethically questionable.

    This might explain how CMG operates in states like California, where wiretapping laws typically prohibit recording someone without their knowledge. If users unknowingly consented to these practices when they accepted an app’s terms of service, then companies like CMG can claim they are within their rights.

    A Long-Running Speculation, Now Potentially Validated

    For years, users have speculated that their phones or tablets were eavesdropping on their private conversations, only to serve up eerily targeted ads shortly after. Tech companies like Facebook, Google, and Amazon have consistently denied these claims. Meta’s online privacy center even states, “We understand that sometimes ads can be so specific, it seems like we must be listening to your conversations through your microphone, but we’re not.”

    However, the leaked pitch deck paints a different picture. It appears to confirm what millions have long suspected: tech giants and their marketing partners could be cashing in on what users say in the privacy of their homes.

    New Revelations Spark Further Concerns

    This revelation follows a series of similar findings that have ignited debates over privacy in the digital age. Just a day after the CMG leak, 404 Media exposed another AI marketing company, MindSift, which boasted on a podcast about using smart device speakers to target ads.

    As more details emerge, the extent of privacy violations continues to grow. The question now is, what steps will regulators, companies, and consumers take in response to these revelations? Will there be a move toward more stringent privacy protections, or will these practices become more ingrained in the digital advertising landscape?

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    Tyler Durden
    Tue, 09/03/2024 – 16:40

  • Biden-Harris DOJ Threatens To Sue Two Small Wisconsin Towns Over Refusal To Use Electronic Voting Machines
    Biden-Harris DOJ Threatens To Sue Two Small Wisconsin Towns Over Refusal To Use Electronic Voting Machines

    Authored by Debra Heine via American Greatness,

    The Biden-Harris Department of Justice has threatened to sue two small towns in Wisconsin over their refusal to use electronic voting machines to cast and tabulate votes, the Milwaukee Journal-Sentinel reported.

    In July, Assistant Attorney General Kristen Clarke threatened to file a lawsuit against the State of Wisconsin, the state Elections Commission and Administrator Meagan Wolfe, and the towns of Thornapple and Lawrence, as well as the towns’ clerks and boards of supervisors, because the towns allegedly did not offer voting equipment at their polling places in the April presidential primary election.

    Clarke warned the potential plaintiffs in a letter that by not offering voting equipment for people with disabilities, they were in violation of the Help America Vote Act of 2002.

    Among the federal requirements is that each voting system must be “accessible for individuals with disabilities, including nonvisual accessibility for the blind and visually impaired, in a manner that provides the same opportunity for access and participation (including privacy and independence) as for other voters,” the letter states.

    Voting systems used for federal elections therefore have to have “at least one direct recording electronic voting system or other voting system equipped for individuals with disabilities at each polling place,” the letter said.

    The letter went on to state that federal investigators had determined that the towns had failed to make “at least one direct recording electronic voting system or other voting system equipped for individuals with disabilities available at each polling place, including during the April 2, 2024, federal primary election.”

    Clark said to avoid litigation, town officials needed to negotiate a “consent decree” with the federal government.

    “We hope to resolve this matter amicably and to avoid protracted litigation. Accordingly, we are prepared to delay filing the complaint briefly to permit us time to negotiate a consent decree to be filed with the complaint,” she wrote.

    Despite this warning, Thornapple, population 8,297, allegedly conducted the August primary election using only hand-counted, paper ballots. The Thornapple township board reportedly voted to eliminate electronic voting machines last Spring. In Wisconsin, most voters use paper ballots that are tabulated by electronic counting machines.

    Suzanne Pinnow, Thornapple’s Treasurer, has disputed that voters with disabilities were unable to use an accessible voting machine during the April election. “No one’s been turned away,” she told the Journal- Sentinel in May.

    Pinnow also told Votebeat that nobody in the town had been unable to vote because of the decision not to have accessible voting machines.

    “I wish I could talk. I wish I could,” Pinnow said. “I wish I could because I think more people need to hear and understand and know why. But at this time, I can’t … because if it for some reason would go to litigation, I don’t want anything out there that I’m spewing this or that or saying something that I didn’t say.”

    The Wisconsin Elections Commission issued a guidance in June mandating that accessible voting equipment must be provided for all elections administered by a municipality, in addition to federal elections.

    A Complaint filed this week with the commission alleged that Thornapple is breaking the law by refusing to make voting machines available to voters with disabilities during the April and August primaries.

    “By ceasing to use electronic voting equipment and, instead, exclusively using paper ballots completed and tabulated by hand, Respondents are no longer using voting systems that are accessible for individuals with disabilities in a manner that provides the same opportunity for access and participation (including privacy and independence) as for other voters,” the complainant, Disability Rights Wisconsin (DRW) argued.

    The left-wing disability rights group asked the Wisconsin Elections Commission to order Thornapple to make accessible voting machines available.

    DRW Director of Legal and Advocacy Services Kit Kerschensteiner told Wisconsin Public Radio (WPR) that “the goal is to ensure all town residents are able to cast private ballots in the November presidential election.”

    “This is not the situation of a machine that just isn’t functioning that day at the polling place,” Kerschensteiner said. “This is a place that has chosen specifically, knowing that they were disenfranchising individuals with disabilities, and choosing to go ahead and do that, which we find to be unacceptable.”

    Thornapple Town Board Supervisor Tom Zelm told the Journal-Sentinel in May that the decision to pull voting machines was made in June 2023.

    Town voter and Rusk County Democratic Party chair Erin Webster told the paper she believed the decision was tied to former President and current GOP nominee Donald Trump’s claims about the rigged 2020 presidential election.

    Webster posted on YouTube a recording of her phone call with town Supervisor Jack Zupan, in which he said the board believes that “there was a stolen election and the computers have to go because they are full of error.”

    “There are court cases right now that show that anybody can hack into and manipulate that machine within a matter of just a couple of minutes,” Zupan added.

    “Oh, so you’re also a conspiracy believer!” Webster retorted.

    But it’s true that there are court cases have been examining these claims. In the Colorado Vs. Tina Peters case, for instance, “nationally recognized computer cybersecurity experts” who examined forensic images from the hard drives of Dominion voting systems computers independently concluded:

    Dominion voting systems (1) are not auditable, as required by federal and state law (2) they can connect to the internet during elections, which violates federal and state law; and (3) they are capable of manipulating ballots and vote tabulations, which violates federal and state law; (4) the software overwrites Windows Operating System log files that are recorded during elections, which are required by federal and state law to be preserved. All these deficiencies make Dominion voting systems illegal to use in Colorado elections.

    In fact, the Cybersecurity and Infrastructure Security Agency (CISA) issued a report in 2020 on the security and vulnerabilities of “Election Infrastructure” throughout the country ahead of the  election that year. Election infrastructure includes voter registration databases and IT systems, voting machines and systems, and software used for casting votes.

    According to CISA:

    • 76% of EI entities for which CISA performed a Risk and Vulnerability Assessment (RVA) had spearphishing weaknesses, which provide an entry point for adversaries to launch
    attacks;
    • 48% of entities had a critical or high severity vulnerability on at least one internetaccessible host,4 providing potential attack vectors to adversaries;
    • 39% of entities ran at least one risky service on an internet-accessible host, providing the opportunity for threat actors to attack otherwise legitimate services; and
    • 34% of entities ran unsupported operating systems (OSs) on at least one internet accessible host, which exposes entities to compromise.

    CISA said election entities could “significantly reduce their cybersecurity risk by performing additional investigation and analysis of the findings described in this report. CISA encourages entities to implement
    standard cyber hygiene practices and applicable mitigations identified in this report to reduce their exposure.”

    Tyler Durden
    Tue, 09/03/2024 – 16:20

  • Is Kamala Very, Very Afraid?
    Is Kamala Very, Very Afraid?

    Authored by James Howard Kunstler via Kunstler.com,

    “On many subjects important to public life today, vast numbers of people know the truth, and yet the official channels of information sharing are reluctant to admit it.”

    – Jeffrey Tucker

    You might wonder, as I do, whether Kamala Harris can even stay in the race until November 5. Based on her grim appearance in last week’s “interview” with Dana Bash, slumped at the table of a crummy Georgia café under poor lighting, her trademark cackle suppressed, she looked psychologically wilted. Don’t be surprised if late this week she “catches Covid” and asks to “postpone” the September 10 debate with Mr. Trump.

    Consider the depressing reality of her situation, lately cloaked by the farcical “joy” motif put out by her party’s campaign spin doctors: First, the cabal running the White House bum-rushed “Joe Biden” out of the campaign, just hooked him offstage like a broke-down vaudevillian annoying the audience with his tired antics. Then, the same gang buffaloed Kamala onto center stage by some mystical process that disregarded her lack of preparation, her proven unpopularity in the 2020 primaries, and her near-invisibility in 3.5 years as veep.

    For a couple of weeks her head must have been spinning with sheer intoxication at the amazing turn of events. Who wouldn’t be amazed to find him or herself unexpectedly selected to run for president? But now, post the artificial hoopla of the convention, the dread steals in. If she was previously used to self-medicating with chardonnay during the irksome veep years, imagine the pressure now on those campaign bus trips.

    She has a lot to be afraid of. She’s not nimble of mind in the spotlight, and she knows it. When she tries to riff on anything off-the-cuff, all that comes out are laughable tautologies. She really doesn’t know much about the world, even about simple geography, certainly not the complex interplay of national interests. Her economic notions are a kind of Frappuccino® of processed Marxian sludge from the Berkeley cafés. If exposed regularly to even friendly reporters, she’d ignite howling embarrassment for herself (and the party). And, after all, there’s her record, including hundreds of videos on the Internet showing plainly the crazy policies she supports and now has to pretend to dissociate from.

    Lurking behind her is not only the American intel blob of dark forces and sinister figures, but an international blob made up of malevolent groups within and throughout Western Civ, clearly working to bring it down — the Eurocrats wrecking their own countries’ agriculture and their industrial economies while jailing their opponents for thought crimes; the WEFers pushing the demented climate change agenda and ruinous migrant invasions; the bankers looking to seize the “collateral” (property, chattels, investment portfolios) of a billion everyday citizens when the bond Ponzi scheme blows up, as it must; the WHO steered by Bill Gates seeking to inject unsafe vaccines into everybody in order to greatly and quickly reduce the population; the Soros NGO legions working to subvert the public interest here, there, and everywhere; the NATO warmongers trying like hell to start World War Three. . . . Kamala Harris surely understands — if she understands anything — that she has become their chosen pawn, and is at their mercy (they have none).

    She should be afraid especially of the American blob. That combine of higher-ups in the CIA, the DOD, the FBI, the DHS, the State Department, and Gawd knows how many lesser-known agencies and “black op” back offices, knows that it is in great danger if Mr. Trump happens to get elected (despite their best efforts to rig things). After all the trips laid on him, all the way up to attempted assassination, you can be sure that Mr. Trump will be coming after the cabal for committing real and serious crimes. They are running scared now. Despite all the power seemingly at their command, nothing has availed so far — not lawfare, not bullets — to stop Mr. Trump’s implacable march back into the Oval Office, where he could possibly succeed in turning the USA back into a functioning republic

    Poor Kamala Harris is the blob’s wholly inadequate instrument to fend off this fate. If she continues to perform badly, the blob might not hesitate to try getting rid of her. That may be the blob’s last chance of stopping the election from happening altogether. The nation has never been in the predicament of having the head of a ticket resign or die in the homestretch of an election campaign. There is no provision in the Constitution for it because there are no provisions in the Constitution for political parties per se. It would all be a kind of improv.

    And then, of course, America would be stuck with the unfit and incapable “Joe Biden,” heading the government, at least until something else can be worked out. Maybe that working out would just be the final stage of the coup that has been in motion, really, since 2016 when John Brennan, Barack Obama, and James Comey attempted to oust Mr. Trump with RussiaGate. Some kind of “interim commission” might be formed to “solve” the problem of the cancelled election. They’ll look for someone with “proven ability” to serve as provisional president — maybe, someone who has already been president. . . say, Mr. Obama. Voila and fait accompli! If he finds himself appointed rather than elected, he would not be in defiance of the 22ndAmendment. Okay, now try re-thinking how scared Kamala Harris must be.

    *  *  *

    Support his blog by visiting Jim’s Patreon Page or Substack

    Tyler Durden
    Tue, 09/03/2024 – 15:45

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Sep 03

Today’s News 3rd September 2024

  • NASA Astronaut Says 'Strange Noise' Emitting From Troubled Boeing Starliner Docked At ISS
    NASA Astronaut Says ‘Strange Noise’ Emitting From Troubled Boeing Starliner Docked At ISS

    On Saturday, NASA astronaut Butch Wilmore noticed a speaker in Boeing’s troubled Starliner spacecraft emitting bizarre noises. 

    “I’ve got a question about Starliner,” Wilmore told Mission Control at Johnson Space Center in Houston. He said, “There’s a strange noise coming through the speaker … I don’t know what’s making it.”

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    Wilmore is Starliner’s commander. He asked Mission Control to analyze the audio inside the spacecraft. Minutes later, flight controllers in Houston told Wilmore the audio sounded like “pulsing noise, almost like a sonar ping.”

    This past weekend’s sonar-like noises came days before the troubled Starliner spacecraft is scheduled to return to Earth on Friday. This flight will be uncrewed, leaving Wilmore and Sunita “Suni” Williams stranded on the International Space Station. 

    According to NASA, Starliner has sustained multiple helium leaks, and five of its “Reaction Control Systems” have unexpectedly malfunctioned. Last week, NASA Administrator Bill Nelson decided to tap Elon Musk’s SpaceX to bring the astronauts home. 

    Former Canadian astronaut Chris Hadfield wrote on X, “There are several noises I’d prefer not to hear inside my spaceship, including this one that @Boeing Starliner is now making.”

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    Musk commented on Hadfield’s post with a “!”… 

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    Ars Technica pointed out: 

    Astronauts notice such oddities in space from time to time. For example, during China’s first human spaceflight int 2003, astronaut Yang Liwei said he heard what sounded like an iron bucket being knocked by a wooden hammer while in orbit. Later, scientists realized the noise was due to small deformations in the spacecraft due to a difference in pressure between its inner and outer walls.

    It’s time for NASA to undock the Starliner from the ISS before something catastrophically happens. 

    Tyler Durden
    Mon, 09/02/2024 – 23:50

  • Kamala Harris Is But A Cog In The Democrats' Machine
    Kamala Harris Is But A Cog In The Democrats’ Machine

    Authored by J. Peder Zane via RealClearPolitics,

    Our fixation on what Kamala Harris knows and believes is rather quaint.

    It reflects a traditional view of leadership that Democrats have largely rejected. Instead of decisive figures who guide the nation, the party is driven by untold numbers of elected officials and unelected bureaucrats, academics, and media voices who share a leftwing ideology. Harking back to its earlier history, the party is once again a machine. Its candidates are not visionaries but apparatchiks committed to the program.

    The name on the ballot is largely irrelevant. No one is really voting for Harris, but for the party she represents. Still, politics needs a face, so when President Biden’s turned too craggy, she was tapped as a more youthful, attractive spokesmodel. Like Biden, her vacuity is her appeal; she is another empty vessel that Democrat marketing whizzes can fill with blithe slogans – Joy! Freedom!! Goldilocks!!!

    Also, like Biden, her lack of insight and conviction is a plus as she is unlikely to offer any pushback to the plan. I’ll stand where you want, say what you want, just please compare me to Lincoln.

    If that sounds unfair, note that it is precisely what we have lived through during the stage-managed Biden presidency. As if to underscore the point, the president has been largely MIA since he was selflessly forced, kicking and screaming, to withdraw from the race. Who’s running the government? The machine.

    Ironically, Harris’ largely ceremonial role adds a splash of truth to her party’s efforts to hide her. She doesn’t need to grant many interviews or hold press conferences because her own thoughts are largely irrelevant. It doesn’t matter what she knows about the wars in Ukraine and Gaza, the intentions of China and Iran, or about the economy, health care, and education. Those decisions will be made by the machine. All she can do is jam the gears with word salads and gaffes.

    Where Republicans argue her positions are unclear, we know exactly what she is offering: more of the same. A Harris presidency will continue to ramp up the leftwing policies that have marked Biden’s term. The Democrats will continue their push to transform America into a woke, quasi-socialist republic like those that dominate the broke and feckless nations of Western Europe. They will give us higher taxes, expanded regulation, mounting national debt, and – perhaps most troubling of all – the ever more strident effort to censor and punish dissenting views.

    She is not feeding information into the machine, she is mouthing what it spits out.

    Hence, the focus on her life and career, the causes and policies she has embraced, many of which she is now renouncing, are a distraction. What she thinks and feels doesn’t matter. The only real threat is if, as president, she tried to rise above her station and insist on consequential actions during a crisis. Lord, help us.

    The problem for Democrats is that many Americans are not happy with the machine’s output. They are disappointed with its policies on the border, the spending that has fueled inflation, the growing divisions along the lines of race and gender, the fearsome global conflicts. Where a visionary leader can adapt to new circumstances, turning, if not on a dime, then a quarter, the machine grinds on. What you’ve seen is what you’re going to get. Sen. Minority Leader Chuck Schumer admitted the obvious last week when he said that if Democrats win control of the government this November, they would likely end the filibuster to pass many of the bills that stalled during the Biden years.

    Still, there are elections to win. So Democrats are trying to put lipstick on a pig by selling the same old same old as a new way forward. Chutzpah or genius? Time will tell.

    All of this shows the folly of the Trump campaign, which seems to believe it is running against Harris. His schoolyard insults of the vice president raise her stature, casting her as a potential world leader instead of a mouthpiece. It gives hope to Americans who are disappointed with the Biden administration – maybe she will be different. It obscures the fact that Trump’s real opponent is a vast machine, a mighty ship of state that may have no captain at the helm but is irrevocably steering the nation on a dangerous course.

    J. Peder Zane is an editor for RealClearInvestigations and a columnist for RealClearPolitics. Follow him on X (formerly Twitter) @jpederzane.

    Tyler Durden
    Mon, 09/02/2024 – 23:20

  • Super Micro Anticipates No Material Changes In 2024 Form 10-K After Delay & Hindenburg Short Report
    Super Micro Anticipates No Material Changes In 2024 Form 10-K After Delay & Hindenburg Short Report

    Server-maker Super Micro Computer, which has been among the biggest beneficiaries of the AI euphoria over the past two years, wrote in a filing Friday that its delayed 2024 Form 10-K will not contain material changes to results from its fiscal year and quarter ended June 30, which were reported in early August. 

    “Based upon the work done to date, the Company does not anticipate the 2024 Form 10-K will contain any material changes to its results for the fiscal year and quarter ended June 30, 2024, that were announced in the Company’s press release dated August 6, 2024,” SMCI wrote in a filing. 

    SMCI noted in the filing that the review of financial controls comes “in response to information that was brought to the attention” of its audit committee.

    Troubles emerged for the computer server maker on August 6 after the company reported second-quarter earnings results that missed revenue and profit estimates tracked by Bloomberg. The company’s sliding profit margins outweighed its rosy sales outlook, which was billions above Wall Street estimates, and the 10-1 reverse stock split announcement. 

    Last Tuesday, short-seller Hindenburg Research, known most recently for its long-standing feud with Adani Enterprises, published a short report on SMCI, alleging the semiconductor/server company engaged in accounting manipulation and self-dealing among family members. 

    Then one day later, one Wednesday, SMCI announced it would delay its 10-K filing for FY 2024… 

    “Additional time is needed for SMCI’s management to complete its assessment of the design and operating effectiveness of its internal controls over financial reporting as of June 30, 2024,” a filing from the company read. 

    In markets, SMCI shares have plunged as much as 36% since the dismal earnings report on August 6. Shares peaked around $1,118 in mid-March and have tumbled into a nasty bear market of -63% since then. Following Friday’s filing, shares gained about 2% in after-hours trading. 

    SMCI was one of the most popular AI trades this year. Shares have nearly round-tripped the lows from the start of the year. For retail traders who bought the top, thank you for playing Wall Street’s AI pump-and-dump game.

    Tyler Durden
    Mon, 09/02/2024 – 22:50

  • Book Publishers Sue Florida Over Law Banning Sexually Explicit Books From Schools
    Book Publishers Sue Florida Over Law Banning Sexually Explicit Books From Schools

    Authored by Eric Lendrum via American Greatness,

    A coalition of book publishers and individual authors have filed a lawsuit against the state of Florida over its law banning sexually explicit books from school libraries in the state.

    As the Daily Caller reports, the lawsuit was filed in the Orlando Federal Court on Thursday by a group of over a dozen publishers and authors, claiming that the bill signed into law in May of 2023 by Governor Ron DeSantis (R-Fla.) is a violation of both the First and 14th Amendments. The law, the plaintiffs claim, “interferes” with their ability to produce and distribute “constitutionally protected” books, insisting that the law is too vague in its description of “sexual conduct.”

    Among the publishers involved in the lawsuit are Simon and Schuster, Penguin Random House, MacMillan Publishing Group, and Hachette Book Group.

    “Books that are required to be removed under the prohibitions on content that describes sexual conduct or content that is ‘pornographic’ as construed by the State Board are stigmatized, without regard for their value as a whole or their literary, artistic, historical, medical, or educational value as the Supreme Court requires,” the complaint claims.

    The plaintiffs demand that the court rule certain parts of the law as unconstitutional, while failing to list any specific examples of books that they believe should be allowed despite the law.

    “Educators who are already afraid of official state action or action by vigilante members of the public fear the loss of their credentials and livelihood and even threats to their safety,” the lawsuit adds, without citing any evidence.

    The law in question is House Bill 1069, which was first implemented on July 1st, 2023. The law bans all materials that are considered either sexually explicit or outright pornographic. Parents and conservative activists supported such a bill after it was discovered that numerous novels were in public school libraries featuring explicit descriptions of sexual intercourse, particularly between homosexual couples. One such book was a graphic novel with X-rated visual depictions of homosexual sex.

    “Over the past year, parents have used their rights to object to pornographic and sexually explicit material they found in school libraries,” said DeSantis in a February statement. “We also know that some people have abused this process in an effort to score cheap political points. Today, I am calling on the Legislature to make necessary adjustments so that we can prevent abuses in the objection process and ensure that districts aren’t overwhelmed by frivolous challenges.”

    Tyler Durden
    Mon, 09/02/2024 – 22:20

  • UK Announces Partial Ban On Arms Exports To Israel
    UK Announces Partial Ban On Arms Exports To Israel

    The United Kingdom has announced it will suspend a portion of its current arms and defense sales to Israel, citing a “clear risk” to civilians and that they could be used to violate international humanitarian law.

    Foreign Secretary David Lammy informed parliament Monday that the suspension will impact of 30 of 350 arms export licenses to Israel. The partial ban covers supplies “which could be used in the current conflict in Gaza” against Hamas. However, parts for F-35 fighter jets are exempt from the ban. He emphasized that the country still backs Israel’s right to self-defense, and thus the UK is not enacting a blanket ban on all items.

    “It is with regret that I inform the House [of Commons] today the assessment I have received leaves me unable to conclude anything other than that for certain UK arms exports to Israel, there does exist a clear risk that they might be used to commit or facilitate a serious violation of international humanitarian law,” Lammy said, after conducing a review of shipments to Israel.

    David Lammy meets with the Israeli Prime Minister Benjamin Netanyahu in Jerusalem on July 14, 2024 FCDO/X

    “We recognize, of course, Israel’s need to defend itself against security threats, but we are deeply worried by the methods that Israel’s employed, and by reports of civilian casualties and the destruction of civilian infrastructure particularly,” he continued.

    The Gaza Health Ministry has said that over 40,000 Palestinians have been killed in over ten months of war. Israel says a large percentage of the deceased are Hamas militants, while Palestinian sources assert the majority are women and children.

    Analysts say this is not expected to have much of an impact on Israel’s operations given that British exports only make up less than one percent of total external arms sales Israel receives.

    Israel reacted with disappointment, anger, dismay. Israeli Foreign Minister Israel Katz lashed out Monday in wake of the UK decision, saying it “sends a very problematic message” to terrorist groups like Hamas and its supporters in Iran.

    But Lammy had sought to emphasize in his comments it doesn’t mean he believes Israel is guilty of war crimes or human rights abuses per se. “This is a forward looking evaluation, not a determination of innocence or guilt, and it does not prejudge any future determinations by the competent courts,” he said.

    Meanwhile, pressure from Washington to wrap up Gaza operations also could be growing…

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    Large and growing pro-Palestine protests which have gripped parts of London over the last weeks and months have been increasing in size and intensity, and are perhaps having an impact on Labour politicians.

    Tyler Durden
    Mon, 09/02/2024 – 21:50

  • D.C. Court Cancels Three Approved LNG Projects Over "Environmental Justice"
    D.C. Court Cancels Three Approved LNG Projects Over “Environmental Justice”

    Authored by Mike Shedlock via mishtalk.com,

    Kamala can hide behind her newfound support (lie) for fracking as long as she has “environment justice” and the courts on her side.

    DC Court Vacates LNG Approval

    Please note DC Court Vacates LNG Approval at Port of Brownsville

    The D.C. Circuit Court on Tuesday ruled against approval of liquefied natural gas (LNG) export terminal and related pipeline projects at the Port of Brownsville, effectively canceling prior approval of three such projects by the Federal Energy Regulatory Commission.

    The Sierra Club, in announcing the ruling, said this is the first time a court has vacated FERC approval of an LNG terminal. FERC approved Rio Grande LNG, Texas LNG and the Rio Bravo Pipeline “despite widespread concerns for the harm the projects would cause to the surrounding communities and the climate.”

    A lawsuit was filed against FERC by the Sierra Club, the city of Port Isabel, Vecinos para el Bienestar de la Comunidad Costera and the Carrizo/Comecrudo Tribe of Texas, a Floreville-based nonprofit organization, claiming that FERC failed to “adequately consider the environmental justice impacts and greenhouse gas emissions of the three projects, as required by the National Environmental Policy Act and the Natural Gas Act.“

    The D.C. court upheld the petitioners’ arguments, vacating FERC’s approvals, meaning the agency now has to reconsider the impacts of the three projects. This will require a new draft supplemental Environmental Impact Statements and public comment period before FERC decides whether to issue new project permits.

    The court’s ruling follows two other rulings in July that “call into question the adequacy of FERC reviews,” according to the Sierra Club, which noted that last week the D.C. Circuit Court ruled FERC had failed to consider greenhouse gas emissions as well as market need for expansion of Real Energy Access, a Williams company pipeline project in the Northeast.

    Also last month, the same court ruled that FERC failed to adequately assess Commonwealth LNG’s air pollution impacts and greenhouse gas emissions, the Sierra Club said, adding that “it is unacceptable for FERC to conduct insufficient environmental justice analysis and to decline to make determinations on the significance of climate-warming emissions.”

    Natural Gas Act of 1938

    The Natural Gas Act was written in 1938.

    It was focused on regulating the rates charged by interstate natural gas transmission companies. In the years prior to the passage of the Act, concern arose about the monopolistic tendencies of the transmission companies and the fact that they were charging higher than competitive prices. The passage of the Act gave the Federal Power Commission (FPC) control over the regulation of interstate natural gas sales. Later on, the FPC was dissolved and became the Federal Energy Regulatory Commission (FERC) pursuant to a different act. FERC continues to regulate the natural gas industry to this day.

    National Environmental Policy Act

    The National Environmental Policy Act was passed by the U.S. Congress in December 1969 and signed into law by President Richard Nixon on January 1, 1970.

    Since its passage, NEPA has been applied to any major project, whether on a federal, state, or local level, that involves federal funding, work performed by the federal government, or permits issued by a federal agency. Court decisions have expanded the requirement for NEPA-related environmental studies to include actions where permits issued by a federal agency are required regardless of whether federal funds are spent to implement the action, to include actions that are entirely funded and managed by private-sector entities where a federal permit is required. This legal interpretation is based on the rationale that obtaining a permit from a federal agency requires one or more federal employees (or contractors in some instances) to process and approve a permit application, inherently resulting in federal funds being expended to support the proposed action, even if no federal funds are directly allocated to finance the particular action.

    Environmental Justice?!

    The courts have further expanded the act beyond all recognition to include environmental justice.

    Now, on three approved projects, with construction underway, in the name of “environmental justice”, the three projects “will require a new draft supplemental Environmental Impact Statements and public comment period before FERC decides whether to issue new project permits.”

    Wikipedia notes the average time for a review is 4.5 years!

    I strongly suggest the affected parties challenge this all the way to the Supreme Court. Hopefully the Supreme Court will put a permanent end to this regulatory madness.

    Pennsylvania Are You Paying Attention?

    Pennsylvania is the second largest natural gas exporter in the US, second only to Texas.

    This explains Kamala Harris’ reversal on fracking. Anyone paying attention knows she is a liar.

    Fact Checking Harris

    The BBC does a bit of Fact-Checking Kamala Harris’s First Campaign Interview

    What is Harris’s position on fracking?

    CLAIM: In Thursday’s interview, Ms Harris said she would not ban fracking and maintained that she has “not changed that position”.

    VERDICT: This needs context and could be misleading as Ms Harris has changed her public position on fracking. In 2019, she said she was “in favour of banning fracking.”

    The following year, in the 2020 vice presidential debate when she was on the Biden ticket, Ms Harris said “Joe Biden will not end fracking” and: “I will repeat, and the American people know, that Joe Biden will not ban fracking.”

    During the CNN interview on Thursday she was pressed on her 2019 statement, and Ms Harris responded: “I made that clear on the debate stage in 2020, that I would not ban fracking. As vice-president, I did not ban fracking. As president, I will not ban fracking.”

    Has child poverty fallen by over 50%?

    CLAIM: “When we do what we did in the first year of being in office to extend the child tax credit, so that we cut child poverty in America by over 50%.”

    VERDICT: This is somewhat of an exaggeration and needs context. Child poverty rates did fall, but not by “over 50%” and they rose again the year after, so the impact was only temporary.

    In Creampuff Interview, CNN Spoon Feeds Harris the Answers to its Questions

    On August 29, I noted In Creampuff Interview, CNN Spoon Feeds Harris the Answers to its Questions

    “How should voters look at some of the changes that you’ve made?” Bash asked Harris. “Is it because you have more experience now and you’ve learned more about the information? Is it because you were running for president in a Democratic primary? And should they feel comfortable and confident that what you’re saying now is going to be your policy moving forward?”

    Nothing like giving the person interviewed the answer right in the question you ask in case they cannot figure out what to say.

    “My values have not changed,” replied Harris, pretending to be pro- and anti-fracking simultaneously.

    Tyler Durden
    Mon, 09/02/2024 – 21:20

  • RFK Jr: There Has To Be "A Reckoning" For "Immoral, Homicidal" COVID Criminality
    RFK Jr: There Has To Be “A Reckoning” For “Immoral, Homicidal” COVID Criminality

    Authored by Steve Watson via modernity.news,

    Robert F. Kennedy Jr. has said that individuals who engaged in “criminal” behaviour during the pandemic still need to be held accountable.

    Kennedy, who is in line for a health related position in Donald Trump’s administration should he be elected, declared recently that there needs to be a “reckoning” brought upon those responsible.

    Speaking at the Limitless Expo, Kennedy explicitly referenced Anthony Fauci, noting “I wrote a book about Fauci. It’s a great book. There are 2,200 footnotes in the book… I invited people to find problems with the book… And nobody ever told us any factual error in that book.”

    He charged that Fauci and others used their positions during COVID to enforce “totalitarian controls that were not science-based.”

    “It’s a story, really, of people involved in really terrible, immoral, homicidal criminal behavior,” Kennedy urged.

    He noted that effective treatments were repressed, stating “Ivermectin was a very, very devastating cure for COVID. It literally obliterated COVID.”

    “By depriving people of Ivermectin, many, many people, millions of people around the globe, died, and they didn’t need to,” Kennedy added, charging that Fauci and others pressured the FDA to discourage such treatments in favour of relentlessly pushing unproven and untested vaccines.

    “There were cures for COVID from day one, very effective cures. But they didn’t want that. They wanted the vaccine only,” Kennedy posited, adding “if they admitted that any of [the treatments] were effective, the whole vaccine project would have fallen apart.”

    Kennedy added that after the vaccines,  myocarditis cases among young people, particularly athletes, exploded.

    “On average, it was, I think, 29 a month globally, athletes who died on the field. We’re getting down to hundreds a month now,” Kennedy emphasised.

    He concluded that “the science is out there now, and it’s devastating.”

    After endorsing Donald Trump last month, RFK Jr. declared that he is ready to help “make America healthy again.”

    Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

    Tyler Durden
    Mon, 09/02/2024 – 20:20

  • Eric Weinstein: 'I Don’t Know Whether Trump Will Be Allowed To Become President'
    Eric Weinstein: ‘I Don’t Know Whether Trump Will Be Allowed To Become President’

    Eric Weinstein told Chris Williamson on the “Modern Wisdom” podcast that Donald Trump’s presidency has disrupted the old “rules-based international order,” which many view as an attempt to control global stability and wondered if the Republican nominee will “be allowed” to reenter the White House if elected in 2024. Weinstein argued that Trump’s unorthodox approach challenged the status quo, exposing flaws in the system and revealing that the impact of populist leaders on democracy and international agreements is more complex and significant than previously understood.

    CHRIS WILLIAMSON: When we spoke at the start of the year, I said it was way too close to November to switch anybody out. Turns out that I was wrong.

    ERIC WEINSTEIN: Beginner’s luck.

    CHRIS WILLIAMSON: You said what are the odds that Joe Biden has a debilitating event between now and November including death, so he runs a one in 20 chance of dying in any given year or above that. I don’t think you know whether he’s even going to make it to November debilitating event could have been a debilitating public event

    ERIC WEINSTEIN: I purposefully left it vague. I didn’t say the other part of it, which I now feel comfortable saying, which is…

    CHRIS WILLIAMSON: What do you mean by that?

    ERIC WEINSTEIN: I think there’s a remarkable story, and we’re in a funny game, which is: are we allowed to say what that story is? Because to say it, to analyze it, to name it, is to bring it into view. I think we don’t understand why the censorship is behaving the way it is. We don’t understand why it’s in the shadows or why our news is acting in a bizarre fashion. So let’s just set the stage, given that that was in February.

    There is something that I think Mike Benz has just referred to as the rules-based international order. It’s an interlocking series of agreements, tacit understandings, explicit understandings, and clandestine understandings about how the most important structures keep the world free of war and keep markets open. There has been a system in place, whether understood explicitly or behind the scenes or implicitly, that says the purpose of the two American parties is to prune the field of populist candidates so that whatever two candidates exist in a faceoff are both acceptable to that world order.

    From the point of view of, say, the State Department, the intelligence community, the defense department, and major corporations involved in international issues—from arms trade to, oh, I don’t know, food—they have a series of agreements that are fragile and could be overturned if a president entered the Oval Office who didn’t agree with them. And if the mood of the country was, “Why do we pay taxes into these structures? Why are we hamstrung? Why aren’t we a free people?” So what the two parties would do is run primaries with populist candidates and pre-commit the populist candidates to support the candidates who won the primaries. As long as that took place and you had two candidates that were both acceptable to the international order—that is, they aren’t going to rethink NAFTA or NATO or what have you—we called that democracy. And so democracy was the illusion of choice, what’s called magician’s choice, where the choice is not actually, you know, “pick a card, any card,” but somehow the magician makes sure that the card that you pick is the one that he knows.

    In that situation, you have magician’s choice in the primaries, and then you’d have the duopoly field: two candidates, either of which was acceptable, and you could actually afford to hold an election. That way, the international order wasn’t put at risk every four years because you can’t have alliances that are subject to the whim of the people in plebiscites.

    Under that structure, everything was going fine until 2016, when the first candidate ever to not hold any position in the military nor any position in government in the history of the Republic, Donald Trump, broke through the primary structure. Then there was a full court press: “Okay, we only have one candidate that’s acceptable to the international order. Donald Trump will be under constant pressure—he’s a loser, he’s a wild man, he’s an idiot, and he’s under control of the Russians.” And then he was going to be, you know, a 20-to-1 underdog, and then he wins. There was no precedent for this. They learned their lesson: you cannot afford to have candidates who are not acceptable to the international order and continue to have these alliances. This is an unsolved problem.

    I don’t have a particular dog in this fight. I believe in democracy; I also believe in international agreements. And it is the job of the State Department, the intelligence community, and the defense department to bring this problem in front of the American people and say, “We have a problem. You don’t know everything that’s going on, and if you start voting in populist candidates, you’re going to end up knocking out load-bearing walls that you don’t understand.”

    Tyler Durden
    Mon, 09/02/2024 – 20:15

  • American Workers Talk About What Drives Them
    American Workers Talk About What Drives Them

    Authored by John Haughey, Nanette Holt, Michael Clements, Darlene McCormick Sanchez, Stacy Robinson via The Epoch Times,

    Work defines us. It shapes our days, fills our hours, gives meaning to what we do and who we are.

    For some, it’s a profession, a career, a calling. Others see a job as a necessity that allows them to do their most important work: raising a family, building a community, pitching in to help others.

    This is the work that has built America. This Labor Day weekend, we pause to praise the American worker.

    ‘There Ain’t No Quit in Me’

    Farrier Robb Hoffman thinks a lot about the state of America as he drives between commercial horse operations and backyard hobby farms throughout North Florida.

    His “office” is a small, white pickup with a mobile workshop in the bed, filled with tools for trimming horses’ hooves and shaping horseshoes.

    For job security and because he has five grandchildren, he hopes the next president will bring about “a good, strong economy and a strong border,” he told The Epoch Times. “That’s more conducive to business.”

    Without those things, “the people start to suffer and they start to cut the fat. They start to do away with things they don’t need, like horses.”

    Hoffman, 59, hopes the upcoming election will put someone in the White House who is “for the people, and for our country. They’re Americans first, and they’re politicians second.”

    “I can tell you straight up, there’s been many a day that my wife and I have ate less, so our kids can eat more. And I think all families go through that.”

    Horses’ hooves continuously grow and need to be trimmed and balanced about every 4-6 weeks. Some need shoes that must be customized for each hoof. Some need corrective or therapeutic shoeing in order to move freely and without pain.

    Farrier Robb Hoffman finishes fitting a front shoe to a horse’s hoof in a stable in Alachua, Fla., on Aug. 20, 2024. Nanette Holt/The Epoch Times

    Hoffman went to farrier school out West to become certified in his craft. Then he apprenticed with pros near Ocala, Florida, said to be the horse capital of the world.

    To make ends meet, he often works 12- to 16-hour days, sometimes six days a week. It’s the kind of bent-over work that makes a guy’s back, legs, and arms ache.

    Between each horse, he rests a bit and takes a few sips of water he keeps in his truck.

    “If you don’t like hard work, and working when it’s 105 degrees, or working when it’s pouring down rain and all your tools are getting wet, it’s just not a career somebody would want to pursue.”

    So why do it?

    It’s simple, he told The Epoch Times.

    “I love horses, and I love people.

    “Plus, my dad instilled in me a work ethic that, no matter what, you don’t give up.

    “He used to tell me all the time, that there’s nothing more important in your life than your job … you always provide for your family. You feed your kids, you clothe your kids, and you take care of your kids and your wife.”

    Hoffman has had “a lot of health issues and a lot of debilitating things”… “but I just don’t quit. There ain’t no quit in me.”

    He works wearing therapeutic shoes and leg braces.

    “I just don’t look at it like a disability. I just look at it like, this is the cross that I bear, and I’m gonna do everything I can to do everything that I do well.

    And he doesn’t see his work as just providing foot care for horses.

    “I’ve tried to use this as a ministry. Sometimes that has to deal with Christianity, and sometimes people just need to talk, to get things off their chest, like therapy.”

    One client calls him a “farr-apist.” It’s a moniker he’d like to put on a hat some day.

    The Value of Work

    Darryl Burkett doesn’t fit the stereotype of a CEO. With his ball cap cocked back on his head, he contemplates the grease under his nails, takes a break from restocking his truck with plumbing supplies, and opines about why he’s proud of his work in Durant, Oklahoma.

    Since 2009, he’s owned and operated KD Plumbing & Construction, LLC., a business that has grown to employ 14 people in a warehouse near the airport. He figures the keys to his entrepreneurial success are his dedication to his family and his community and an education that extends beyond classrooms and lectures. His most skilled instructor, he says, was his father.

    Darryl Burkett, owner of KD Plumbing & Construction, leans against a toolbox in Durant, Okla., on Aug. 21, 2024. Michael Clements/The Epoch Times

    “My dad told me that if you learn how to do everything and you’re willing to do anything, you’ll always make a living. You make yourself valuable,” he told The Epoch Times.

    Like most ranchers, tradesmen, and blue collar workers in this Southeast Oklahoma town, Burkett has amassed a variety of skills. He welds, fixes equipment, repairs plumbing, builds things, and operates all kinds of vehicles.

    “There’s nothing that I’m scared to do.”

    He played some baseball in college, then went to work at the Choctaw Casino & Resort-Durant. But realizing he “was not an inside guy,” he moved on to work with his father, who taught him valuable technical skills.

    But more importantly, he said, his father taught him the value of work.

    Eventually, he bought a truck, gathered his tools, and opened his own business. But it’s the work ethic, taught by his father, that has kept his company open and his family fed, he said.

    “I like to work with my hands. I’ll get down in the hole like anyone else. If I have to keep my crew late, I’m right there with them.”

    He likes knowing that others, far beyond his immediate family, depend on the jobs he provides. Few think about the workers who tend a city’s infrastructure … until the water stops.

    “If [tradesmen] quit for a week, the country would fall apart,” he said.

    Burkett wants his children to feel the same pride and satisfaction in their work, regardless of the career they choose. He’s less concerned about the kind of work they do and more focused on the type of workers they become.

    “I want to teach them well enough to be my competitors someday.”

    Blue Collar Skills Pay

    Blue collar workers deserve the same respect as other professionals, some told The Epoch Times.

    Nine years ago, Kevin Dougherty was a cybersecurity specialist with a company in Houston, Texas. Today, he prefers to wield a chainsaw from an elevated bucket mounted to a truck as part of a three-man tree-trimming crew in Bryan County, Oklahoma.

    DJ Henson rakes up tree debris on a tree trimming job in Durant, Okla., on Aug. 21, 2024. Michael Clements/The Epoch Times

    “I’m tired of working in an office,” said Dougherty, 39, foreman of Texoma Dirty Work Tree Service. “As much as I can, I like to get in the bucket.”

    Along with co-workers DJ Henson and Billy Derryberry, he trims limbs away from roofs and electrical lines and removes trees that could fall on buildings or other property.

    His coworker, Henson, left the loan department of a local bank about a year ago to trim trees. All three men in the crew agree: They find fulfillment and enjoyment in providing an essential service that protects their customers’ property.

    “[Without us] trees would fall on houses,” Henson said.

    Plus, running chainsaws and wood chippers pays better than shuffling papers and typing on computer keyboards, they said.

    Henson spends about 55 hours a week raking tree debris and hauling away the limbs Dougherty drops to the ground from more than 20 feet above. Then he feeds them into a chipper.

    “It’s harder work“ than at the bank, Henson said, ”but I make a lot more money.”

    Dougherty said most of his coworkers were raised in politically and socially conservative homes. Most still lean that way, he said, and they base political preferences largely on policies affecting their work.

    When it comes to who will inhabit the White House next, he said, issues such as the Keystone pipeline make the best barometers of blue collar sympathies.

    “When they shut that down, a lot of blue collar guys started reaching [out to be] Republican. They’re deciding on [voting for] whoever will keep them at work.”

    He believes salaries for blue collar vocations are rising because fewer people are willing to do physically demanding work. And despite what some may think, education matters, even in blue collar work. The more skills you master, the more you can earn, he said.

    “You can make six figures easy.”

    But, some things matter more than money.

    “I get out here and do it because I love it,” he said. “People don’t realize that blue collar jobs are honorable.”

    Every Shift Brings an Opportunity

    Gina Rivera, 27, is filling shifts this Labor Day weekend as a server at a restaurant where patrons will be celebrating the holiday that honors workers.

    She’s fine with that.

    In fact, it’s an opportunity. Not only will the single mother earn some side-hustle cash, but she’ll also be able to market herself.

    Rivera, of Lakeland, Florida, holds three jobs. She’s a licensed cosmetologist and a real estate agent, too. For her, each job blends into the others.

    Gina Rivera, a cosmetologist, real estate agent, and weekend restaurant server, relaxes with Malachi (L), Luca (R), and 3-month-old Rosemar at their apartment complex in Lakeland, Fla., on Aug. 24, 2024. Courtesy of Natasha Price

    “I like networking. I like meeting new people, talking with people,” she told The Epoch Times.

    Every diner, salon client, and prospective home buyer is a potential customer at one of her other businesses.

    Those are Rivera’s jobs.

    Her “work” is caring for her three children. At 7, her oldest, Malachi, is just starting second grade. Her middle child, Luca, is 4, and the youngest, Rosemar, is just 3 three months old.

    It’s constant motion, a work in progress.

    “It’s hard,” the Massachusetts native said. “I had to push myself. There were times I wanted to give up.”

    If not for her mother—a fellow cosmetologist, who encouraged her to pursue that licensing—and a friend who watches her children, Rivera couldn’t support her family.

    “It takes a village,” she said. “A lot of women don’t have a village.”

    Read the rest here…

    Tyler Durden
    Mon, 09/02/2024 – 19:20

  • Why Did Zuckerberg Choose Now To Confess?
    Why Did Zuckerberg Choose Now To Confess?

    Authored by Jeffrey Tucker via The Brownstone Institute,

    Consider Mark Zuckerberg’s revelation and its implications for our understanding of the last four years, and what it means for the future. 

    On many subjects important to public life today, vast numbers of people know the truth, and yet the official channels of information sharing are reluctant to admit it. The Fed admits no fault in inflation and neither do most members of Congress. The food companies don’t admit the harm of the mainstream American diet. The pharmaceutical companies are loath to admit any injury. Media companies deny any bias. So on it goes. 

    And yet everyone else does know, already and more and more so.

    This is why the admission of Facebook’s Mark Zuckerberg was so startling. It’s not what he admitted. We already knew what he revealed. What’s new is that he admitted it. We are simply used to living in a world swimming in lies. It rattles us when a major figure tells us what is true or even partially or slightly true. We almost cannot believe it, and we wonder what the motivation might be. 

    In his letter to Congressional investigators, he flat-out said what everyone else has been saying for years now. 

    In 2021, senior officials from the Biden Administration, including the White House, repeatedly pressured our teams for months to censor certain COVID-19 content, including humor and satire, and expressed a lot of frustration with our teams when we didn’t agree….I believe the government pressure was wrong, and I regret that we were not more outspoken about it. I also think we made some choices that, with the benefit of hindsight and new information, we wouldn’t make today. Like I said to our teams at the time, I feel strongly that we should not compromise our content standards due to pressure from any Administration in either direction – and we’re ready to push back if something like this happens again.

    A few clarifications. The censorship began much earlier than that, from March 2020 at the very least if not earlier. We all experienced it, almost immediately following lockdowns. 

    After a few weeks, using that platform to get the word out proved impossible. Facebook once made a mistake and let my piece on Woodstock and the 1969 flu go through but they would never make that mistake again. For the most part, every single opponent of the terrible policies was deplatformed at all levels. 

    The implications are far more significant than the bloodless letter of Zuckerberg suggests. People consistently underestimate the power that Facebook has over the public mind. This was especially true in the 2020 and 2022 election cycles. 

    The difference in having an article unthrottled much less amplified by Facebook in these years was in the millionfold. When my article went through, I experienced a level of traffic that I had never seen in my career. It was mind-boggling. When the article was shut down some two weeks later – after focused troll accounts alerted Facebook that the algorithms had made a mistake – traffic fell to the usual trickle. 

    Again, in my entire career of closely following internet traffic patterns, I had never seen anything like this. 

    Facebook as an information source offers power like we’ve never seen before, especially because so many people, especially among the voting public, believe that the information they are seeing is from their friends and family and sources they trust. The experience of Facebook and other platforms framed the reality that people believed existed outside of themselves. 

    Every dissident, and every normal person who had some sense that something odd was going on, was made to feel like some sort of crazy cretin who held nutty and probably dangerous views that were completely out of touch with the mainstream. 

    What does it mean that Zuckerberg now openly admits that he excluded from view anything that contradicted government wishes? It means that any opinions on lockdowns, masks, or vaccine mandates – and all that is associated with that including church and school closures plus vaccine harms – were not part of the public debate. 

    We had lived through and were living through the most significant far-reaching attacks on our rights and liberties in our lifetimes, or, arguably, on the history record in terms of scale and reach, and it was not part of any serious public debate. Zuckerberg played an enormous role in this. 

    People like me had come to believe that average people were simply cowards or stupid not to object. Now we know that this might not have been true at all! The people who objected were simply silenced! 

    During two election cycles, the Covid response was not really in play as a public controversy. This helps account for why. It also means that any candidate who attempted to make this an issue was automatically downgraded in terms of reach. 

    How many candidates are we talking about here? Considering all the US elections at the federal, state, and local levels, we are talking about several thousand at least. In every case, the candidate who was speaking out about the most egregious attacks on liberty came to be effectively silenced. 

    A good example is the Minnesota governor’s race in 2022 that was won by Tim Walz, now running as VP with Kamala Harris. The election pitted Walz against a knowledgeable and highly credentialed medical expert, Dr. Scott Jensen, who made the Covid response a campaign issue. Here is how the vote totals lined up.

    Of course, Dr. Jensen could get no traction at all on Facebook, which was enormously influential in this election and which just admitted that it was following government guidelines in censoring posts. In fact, Facebook banned him from advertising completely. It reduced his reach by 90% and likely lost him the election. 

    You can listen to Jensen’s account here: 

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

    Consider how many other elections were affected. It’s astonishing to think of the implications of this. It means that quite possibly an entire generation of elected leaders in this country was not legitimately elected, if by legitimate we mean a well-informed public that is given a choice concerning the issues that affect their lives. 

    Zuckerberg’s censorship – and this pertains to Google, Instagram, Microsoft’s LinkedIn, and Twitter 1.0 – denied the public a choice on the central matter of lockdowns, masking, and shot mandates, the very issues that have fundamentally roiled the whole of civilization and set the path of history on a dark course. 

    And it is not just the US. These are all global companies, meaning that elections in every other country, all over the globe, were similarly affected. It was a global shutdown of all opposition to radical, egregious, unworkable, and deeply damaging policies. 

    When you think about it this way, this is not just some minor error in judgment. This was an earth-shattering decision that goes way beyond managerial cowardice. It goes beyond even election manipulation. It is an outright coup that overthrew an entire generation of leaders who stood up for freedom and replaced them with a generation of leaders who acquiesced to power exactly at the time it mattered the most. 

    Why did Zuckerberg choose now to make this announcement and publicly reveal the inside play? He was obviously unnerved by the assassination attempt on Trump’s life, as he said. 

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

    Then also you have the French arrest of Telegram founder and CEO Pavel Durov, an event which surely rattles any major CEO of a communication platform. You have the arrest and incarceration of other dissidents like Steve Bannon and many others. 

    You also have the litigation over free speech back in play now that RFK, Jr has been cleared as having standing, kicking the case of Missouri v. Biden back to the Supreme Court, which wrongly decided last time to deny standing to other plaintiffs. 

    Zuckerberg of all people knows the stakes. He understands the implications and the scale of the problem, as well as the depths of the corruption and deception at play in the US, EU, UK, and all over the world. He may figure that everything is going to come out at some point, so he might as well get ahead of the curve. 

    Of all the companies in the world that would have a real handle on the state of public opinion right now, it would be Facebook. They see the scale of the support for Trump. And Trump has said on multiple occasions, including in a new book coming out in early September, that he believes Zuckerberg should be prosecuted for his role in manipulating election outcomes. What if, for example, his own internal data is showing 10 to 1 support for Trump over Kamala, completely contradicting the polls which are not credible anyway? That alone could account for his change of heart. 

    It becomes especially pressing since the person who did the censoring at the Biden White House, Rob Flaherty, now serves as Digital Communications Strategist for the Harris/Walz campaign. There can be no question that the DNC intends to deploy all the same tools, many times over and far more powerful, should they take back the White House. 

    “Under Rob’s leadership,” said Biden upon Flaherty’s resignation, “we’ve built the largest Office of Digital Strategy in history and, with it, a digital strategy and culture that brought people together instead of dividing them.”

    At this point, it’s safe to assume that even the most well-informed outsider knows about 0.5% of the whole of the manipulation, deception, and backroom machinations that have taken place over the past five or so years. Investigators on the case have said that there are hundreds of thousands of pages of evidence that are not classified but have yet to be revealed to the public. Maybe all of this will pour forth starting in the new year. 

    Therefore, the Zuckerberg admission has much larger implications than anyone has yet admitted.

    It provides a first official and confirmed peek into the greatest scandal of our times, the global silencing of critics at all levels of society, resulting in manipulating election outcomes, a distorted public culture, the marginalization of dissent, the overriding of all free speech protections, and gaslighting as a way of life of government in our times. 

    Tyler Durden
    Mon, 09/02/2024 – 19:00

  • Customers Are "Falling Out Of Love" With Airbnb
    Customers Are “Falling Out Of Love” With Airbnb

    As the number of fees for booking Airbnb’s rise, more and more consumers are questioning whether or not it just makes sense to book a hotel. After all, at a hotel, you’re guaranteed customer service, housekeeping and amenities. With Airbnb, those add-ons can be exactly that…add-ons.

    Travel site founder Michael Rozenblit is one of those dissatisfied customers, a new report from AOL/Insider says. 

    Him and his partner, Maggie, have “fallen out of love” with Airbnb. They discovered that Airbnb rentals are now pricier than hotels, and many hosts no longer provide basics like toilet paper, trash bags, or coffee.

    Rozenblit noted that cleaning fees are excessively high, even though guests are still expected to do chores. One host mentioned charging $400 for cleaning.

    He commented: “There are almost always over-the-top cleaning requirements for checkout, often including the requirement to take out the trash and strip the beds at the minimum.”

    The Insider report says that travelers have noticed a shift with Airbnb becoming more expensive than hotels and offering less value, leading to frustration over high fees and uncooperative hosts, according to travel experts.

    Locals in popular tourist destinations like Barcelona and Athens have protested against Airbnb hosts buying properties and driving up prices.

    Airbnb recently warned investors of declining customer demand, lowering its Q3 earnings projection from $3.8 billion to between $3.67 billion and $3.73 billion, with profits down 15% from the same quarter last year. The company’s stock dropped 14% in one day.

    Despite Airbnb’s statement claiming these issues aren’t widespread and bookings are up, hotels are seeing a resurgence with some achieving pre-pandemic occupancy levels. The hotel industry is projected to grow 3.72% annually, reaching $511 billion by 2029, according to Statista. Travel experts argue that hosts are largely to blame for Airbnb’s struggles.

    One full time traveler commented: “Airbnb essentially allows anyone to sign up to be a host, which will always prove to be problematic. Because when you have people flooding in year after year who are seeing it as a way for them to make quick cash, you’re going to be met with bad customer service.”

    Bad Airbnb experiences often make headlines, partly because viral TikTok videos from dissatisfied guests amplify their stories. Examples include a freezing cold trailer, an “Airbnb from hell” with a toilet not attached to the wall and a bed in the garage, and a host trying to triple the price of a booking for Taylor Swift’s tour. 

    Airbnb responded by stating that the stories were “cherry-picked” and emphasized that most stays are positive. They also noted that bookings and listings are increasing and that over 200,000 low-quality listings have been removed to improve guest experiences.

    Tyler Durden
    Mon, 09/02/2024 – 18:50

  • Watch: US Soldiers Assaulted By Turkish Mob After Navy Ship Makes Port Call At Izmir 
    Watch: US Soldiers Assaulted By Turkish Mob After Navy Ship Makes Port Call At Izmir 

    On Monday a mob of Turkish men attacked American soldiers who had been walking the streets of Izmir in southern Turkey, apparently as the US personnel were on liberty after the USS Wasp which they are attached to made port call.

    Social media video shows a group of men surrounding one US soldier and while violently constraining him. The Turkish men then stick a white bag over his head in an effort to humiliate and possibly kidnap the American and those with him. The brief clip then shows a couple more US troops jumping in to push the Turkish men off their fellow soldier. 

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    Reuters has confirmed of the incident, “A nationalist Turkish youth group on Monday physically assaulted two U.S. soldiers in western Turkey, the U.S. Embassy in Turkey and the local governor’s office said, adding that 15 assailants had been detained over the incident.”

    The same report says that a total of five other US soldiers quickly came to their fellow servicemember’s aid to fight off the attackers, after which local police quickly intervened.

    The US Embassy in Turkey has subsequently confirmed the American personnel are safe after the incident, “We can confirm reports that U.S. service members embarked aboard the USS Wasp were the victims of an assault in Izmir today, and are now safe,” it said on X. There was no mention of injuries.

    The Izmir governor’s office identified that the attackers were part of an ultra-nationalist group called the Turkey Youth Union (TGB), which is associated with the opposition Vatan Party. The statement said that the Turkish group “physically attacked” two American soldiers who were in civilian clothes in the Konak district.

    US Navy amphibious assault ship, USS Wasp. Image: US Embassy Turkey

    The assaulting group reportedly chanted “Yankee, go home!” while detaining at least one of the Americans. It all happened in broad daylight. 

    The UK Mirror details of the USS Wasp’s weekend port call:

    The USS Wasp arrived in the port of Izmir on Sunday for a scheduled visit, with sailors and marines taken on tours organised by the ship’s Morale, Welfare, and Recreation team during while it is docked. Previously on a scheduled deployment to Europe, the Wasp was recently sent to the Mediterranean and Middle East amid rising tensions between Hezbollah and Israel along the border with Lebanon, and had made a stop in Turkey. It marked the first time that the Wasp had operated in the Mediterranean region since being moved back from Sasebo, Japan to Norfolk, Virginia in 2019.

    Turkish journalist and regional correspondent Ragıp Soylu described that it was “A payback in their understanding for US soldiers placing sacks over Turkish soldiers operating in Northern Iraq almost 20 years ago.”

    It appears that the whole incident then turned into an anti-American demonstration, and involved US Marines which the crowd tried to detain or essentially kidnap:

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    One commenter said that it is time to “kick Turkey out of NATO” and provided additional details as follows:

    Second US soldier comes in trying to help his comrade but disengages shortly after receiving several punches – likely fearing an escalation, aware of the mob-mentality and readiness to use excessive violence by these elements of the Turkish society. Incident happened in the tourist area of Izmir close to the harbour where the USS Wasp aircraft carrier of the US navy is anchored.

    However, Turkish investigators have yet to given an official motive. Likely it could also be connected with events in Gaza. Turkish-Israeli relations have of late reached a low point in modern history, and it is well understood in the region that US-supplied bombs and aircraft aid in Israel’s Gaza operations.

    USS Wasp at port

    Such an attack on a group of American service personnel is incredibly rare in Turkey, which is a NATO country, given also the presence of several US military installations attached to bases in the country, and frequent US Navy port calls. 

    Tyler Durden
    Mon, 09/02/2024 – 18:45

  • "An Outlaw": Brazil's Full Supreme Court Upholds 'Darth Vader' Ban On Elon Musk's X
    “An Outlaw”: Brazil’s Full Supreme Court Upholds ‘Darth Vader’ Ban On Elon Musk’s X

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

    Brazil’s Supreme Federal Court on Monday ruled to uphold a countrywide ban as well as fines on Elon Musk’s X social media platform amid a high profile spat between the billionaire and the court.

    X CEO Elon Musk during the UK Artificial Intelligence Safety Summit at Bletchley Park, in central England, on Nov. 1, 2023. Leon Neal/AFP via Getty Images

    Of a five-member panel of the country’s’ high court, three judges formed a majority to upheld Justice Alexandre de Moraes’s previous ruling to shut down the platform for not complying with local regulations.

    Justices Flavio Dino and Cristiano Zanin sided with de Moraes, forming a majority before Justices Luiz Fux and Carmen Lucia had cast their votes. Moraes and Musk have been locked in a monthslong feud after X was required to block accounts implicated in investigations of alleged spreading of distorted news and what court officials said is hate speech.

    “It is not possible for a company to operate in the territory of a country and intend to impose its vision on which rules should be valid or applied,” Dino said in joining with de Moraes. “A party that intentionally fails to comply with court decisions appears to consider itself above the rule of law. And so it can turn into an outlaw.”

    X was taken down in Brazil, one of its largest markets, in the early hours of Saturday following a decision by de Moraes, after the platform missed a court-imposed deadline to name a legal representative in Brazil as required by local law.

    In a shutdown order last week, de Moraes wrote that X has to be shut down until the firm complies with the order and set a daily fine of $8,900 for individuals or firms who attempt to circumvent the ban by using a VPN, also known as a virtual private network, or through another way.

    Over the weekend, Musk fired off multiple X posts that criticized de Moraes, with one saying that “he should be impeached for violating his oath of office” and that his “actions are against the will of the Brazilian people he is supposed to represent.”

    Some critics, including a professor of political science at the State University of Rio de Janeiro, said they believe the ban and fines are overboard.

    “I used VPNs a lot in authoritarian countries like China to continue accessing news sites and social media. It never occurred to me that this type of tool would be banned in Brazil. It’s dystopian,” professor Maurício Santoro wrote on X before the ban went into effect.

    The Brazilian Bar Association said on Friday in a statement that it would request the Supreme Court review the fines imposed on all citizens using VPNs or other means to access X without due process. The association argued that sanctions should never be imposed summarily before ensuring an adversarial process and the right to a full defense.

    Brazilian President Luiz Inacio Lula da Silva has issued public statements to support de Moraes’s decision to block the social media company, as has Supreme Court Chief Justice Luis Roberto Barroso.

    “I have already said publicly, and I repeat, that a company that refuses to present a legal representative in Brazil is not able to operate in Brazil,” Barroso told the newspaper Folha de S.Paulo published on Sunday, according to a translation of his comments. “But I will still evaluate the specific case, if it is brought to the panel, and any appeals, always considering all the arguments.”

    The ban officially went into effect on Saturday. An Epoch Times reporter based in the United States who attempted to access X through a VPN could not reach the site.

    Brazil is one of the biggest markets for X, according to the Oosga research company, with tens of millions of users.

    Some X users based in Brazil indicated on similar social media platforms such as BlueSky and Threads that they were migrating there in the meantime. The CEO of BlueSky, which was cofounded by Twitter cofounder Jack Dorsey, wrote in a post over the weekend that traffic has risen.

    “At peak traffic over these past few days, we’ve had 20x the usual load on our infrastructure!” Bluesky CEO Jay Graber wrote on the platform Sunday, adding that there might be “slow loading times” ahead.

    She also delivered a separate message in Portuguese, ostensibly to the rash of Brazilian users that joined in recent days, about how the website works.

    Reuters contributed to this report.

    Tyler Durden
    Mon, 09/02/2024 – 18:20

  • US Seizes Venezuelan President Maduro's Plane, Flies It To Florida
    US Seizes Venezuelan President Maduro’s Plane, Flies It To Florida

    In a surprise and unusual escalation of Washington’s actions against Venezuela, the Unites States has seized President Nicolas Maduro’s airplane on allegations its acquisition was a violation of US sanctions.

    The plane is a Dassault Falcon 900, estimated to have cost around $13 million, and was seized at an airport in the Dominican Republic. It had been in the country for several months for unknown reasons, where the US Department of Homeland Security began monitoring it.

    ABC/Getty Images

    Anonymous US officials have confirmed to several media outlets that they flew the aircraft, which serves as the equivalent of Venezuela’s Air Force One, to Florida on Monday.

    Maduro had frequently used to make state visits around the world. For the past multiple years he has enjoyed closer ties with Moscow, Beijing, Tehran, Damascus, and other nations deemed ‘pariah’ states by Washington.

    A Biden administration official said to CNN that is is largely about sending a strong ‘message’ to Maduro and other countries who engage in flouting US-led sanctions.

    “This sends a message all the way up to the top,” the unnamed official said. “Seizing the foreign head of state’s plane is unheard-of for criminal matters. We’re sending a clear message here that no one is above the law, no one is above the reach of US sanctions.”

    Below is a statement from the Department of Justice, which along with Commerce was involved in the operation to take the plane:

    “This morning, the Justice Department seized an aircraft we allege was illegally purchased for $13 million through a shell company and smuggled out of the United States for use by Nicolás Maduro and his cronies,” Attorney General Merrick Garland said in a statement.

    “The Department will continue to pursue those who violate our sanctions and export controls to prevent them from using American resources to undermine the national security of the United States.”

    Separately, a US National Security Council spokesperson framed the whole episode as punishment from allegedly stealing the national election in July…

    “Over the past month, as demonstrated by a wide variety of independent sources, Maduro and his representatives’ have tampered with the results of the July 28 presidential election, falsely claimed victory, and carried out wide-spread repression to maintain power by force,” the spokesperson said.

    Mixed reactions, some called it theft and a “rogue” action, but others like Erik Prince celebrated the move…

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    Caracas will no doubt see this as brazen theft and a huge shot across the bow by Washington, which Maduro has accused of sponsoring several coup attempts in his country.

    Tyler Durden
    Mon, 09/02/2024 – 17:50

  • Five Things To Know About Labor Day
    Five Things To Know About Labor Day

    Authored by Jeff Louderback via The Epoch Times (emphasis ours),

    Highlighted by parades and backyard barbecues, Labor Day marks the unofficial end of summer in a leisurely and restful way for many Americans, but the origins of the national holiday reflect a darker time for workers and include unrest over oppressive working conditions and a strike that turned violent.

    President Grover Cleveland was known for his integrity. New York Gubernatorial portrait of Grover Cleveland, circa 1906. Public Domain

    Amid the Industrial Revolution in the late 19th century, workers toiled for at least 12 hours a day, six days a week in factories, mines, railroads, and mills.

    Appealing for shorter work weeks and better working conditions, the labor movement arose and escalated in the 1860s and 1870s.

    Signed into law by President Grover Cleveland on June 28, 1894, the first Labor Day was celebrated on the first Monday in September that year following decades of conflict as American industry accelerated.

    Here are five things to know about Labor Day in the United States.

    Labor Day Origins

    As with Independence Day, Labor Day is a time when many small towns and big cities alike host celebratory parades. In the late 19th century, activists from the Central Labor Union and the Knights of Labor spearheaded what is known as the first Labor Day event when about 10,000 workers marched through the streets of New York City on Sept. 5, 1882.

    Organizers proclaimed it “a general holiday for the workingmen of this city.” The parade became an annual event, and in 1884 it was set for the first Monday in September, according to the New-York Historical Society.

    Between 1887 and 1894, Labor Day became an official holiday in several states. The day varied between the first day of September, the first Monday of September, and the first Saturday of September.

    Oregon was the first state to designate a Labor Day holiday in 1887. Colorado, Massachusetts, New Jersey, and New York followed the next year.

    In 1893, U.S. Sen. James Kyle of South Dakota introduced a bill to declare Labor Day a federal holiday. The bill languished without discussion in the Senate until June 26, 1894. Cleveland then signed the legislation, and response to the new holiday was positive.

    Parades across the country drew large crowds. At the first official Labor Day parade in Chicago, Chairman of the House Labor Committee Lawrence McGann told 30,000 revelers, “Let us each Labor Day, hold a congress and formulate propositions for the amelioration of the people. Send them to your Representatives with your earnest, intelligent indorsement [sic], and the laws will be changed,” according to the Office of the Historian for the U.S. House of Representatives.

    A Holiday Created Amid Strife

    Another labor-centered holiday, May Day, was created in the aftermath of the Haymarket Riot on May 1, 1886. Workers flooded Chicago’s streets to demand an eight-hour workday. Scuffles between police and workers ensued over several days. Police ordered the crowd to disperse, and a bomb detonated on May 4.

    At an international gathering of socialists in Paris in 1889, May Day was declared as a holiday honoring workers’ rights. Cleveland feared that May Day would become “a memorial to the Haymarket radicals.” He encouraged state legislatures to celebrate a labor-centric holiday in September instead and eventually signed the federal holiday at the same time tension arose in a company town outside of Chicago.

    Employees of the railway sleeping car titan George Pullman went on strike on May 11, 1893.

    Pullman, Illinois, was founded by Pullman in 1880 and designed to serve as a utopian community for workers.

    Residents worked for the Pullman Palace Car Company. Their paychecks were drawn from the Pullman bank and their rent was set by Pullman and automatically deducted from their paychecks.

    In 1893, there was a nationwide economic depression. Orders for railroad sleeping cars declined. Pullman laid off hundreds of employees. Workers who remained saw their wages cut while rents remained consistent.

    Employees walked out, demanding higher pay and lower rents.

    Led by Eugene V. Debs, who later ran for president in 1920, the American Railway Union aided the striking workers. Railroad employees across the country boycotted trains carrying Pullman cars. Burning, pillaging, and rioting of railroad cars followed. Mobs of nonunion workers participated.

    Faced with a national crisis, Cleveland declared the strike a federal crime and sent federal troops to end the unrest on July 3, days after signing the Labor Day legislation.

    Troops fired into a crowd of protesters on July 7, killing as many as 12 people.

    The strike ended on Aug. 3, 1894.

    Even with the creation of Labor Day, it wasn’t until the 1938 Fair Labor Standards Act when the U.S. established a minimum wage, mandated a shorter work week, and limited child labor.

    The Tradition of Barbecues

    The tradition of backyard chefs preparing cookouts for their family and friends has defined Labor Day weekend since its inception.

    Robert F. Moss, a food writer, culinary historian and author of “Barbecue: The History of an American Institution,” wrote on his website that “staging a big outdoor barbecue was one of the standard forms of civic celebration in the late 19th century, so it’s little surprise that some of the earliest Labor Day events features barbecue.”

    When labor conditions improved in the 20th century, Moss said the focus of holiday barbecues started to reflect the evolution of the holiday itself as a celebration among family and friends in backyards to mark the unofficial end of summer.

    “It still has a lot of that same communal sense, gathering around the grill, eating together,” he wrote.

    Among the first celebrations traced to what is now known as Labor Day include the Volunteers Firemen’s Associations’ annual picnic and barbecue at Brommer’s Union Park at the southern tip of the Bronx borough of New York City on Sept. 3, 1888. It was an existing event that was moved to early September to commemorate the labor movement.

    A 1,200-pound ox was roasted that day, Moss wrote.

    When Labor Day was declared a federal holiday in 1894, workers in Chattanooga, Tennessee, celebrated. The governor, mayor, and other dignitaries delivered remarks at a city park after a parade of floats constructed by labor unions.

    Attendees then sat down for a feast that included “twenty beeves, thirty sheep, ten shoats and fifteen goats” along with “coffee, Kentucky bergoo’ and fresh bakery bread,” Moss wrote.

    The Father of Labor Day

    Kyle, the senator who introduced the bill to enshrine Labor Day as a federal holiday, is regarded as the father of the formal celebration.

    Born at his family’s farm in Cedarville, Ohio, in 1854, Kyle’s family moved to Illinois when he was 11. He eventually made his way to South Dakota and entered politics in 1890 shortly after his new home became a state.

    First elected to the state senate, he soon became a U.S. senator.

    During his time in office, Kyle was chairman of the Great Industrial Commission, which was tasked with investigating questions regarding immigration, labor, agriculture, manufacturing, and business.

    Kyle was also chairman of the Education and Labor Committee and introduced the bill that Cleveland signed into law establishing Labor Day.

    Cedarville calls itself “the home of Labor Day.” Signs at the entry points of the rural village recognize Kyle as “the father of Labor Day.”

    The village celebrates the holiday each year with a community festival called “Cedarfest.”

    Grover Cleveland

    Cleveland is the only president to leave the White House and return for a second, nonconsecutive term, a feat that former President Donald Trump is currently trying to accomplish.

    First elected president in 1884, Cleveland won the popular vote in 1888 but was defeated by Republican Benjamin Harrison in the general election. He and his wife moved to New York, where he became a father and told a colleague that he “had entered the real world” for the first time.

    Life as a private citizen proved unfulfilling for Cleveland. He saw an opportunity to defeat Harrison in a rematch because the president had grown unpopular with many Americans. Cleveland won his party’s nomination and defeated Harrison in the rematch.

    After Cleveland signed the legislation that established a national Labor Day holiday and summoned troops to Chicago to enforce the injunction against a railroad workers strike, he said, “If it takes the entire Army and Navy of the United States to deliver a postcard in Chicago, that card will be delivered.”

    He faced backlash for his treatment of the railroad workers, and his policies amid a depression during his term were mostly unpopular.

    Tyler Durden
    Mon, 09/02/2024 – 17:20

  • Turkey Formally Requests To Join BRICS, Citing Frustration In EU Bid
    Turkey Formally Requests To Join BRICS, Citing Frustration In EU Bid

    Via The Cradle

    Turkey has formally requested to join the BRICS group of emerging economies, Bloomberg cited informed sources as saying on Monday. 

    Ankara “seeks to bolster its global influence and forge new ties beyond its traditional Western allies,” the sources said. President Recep Tayyip Erdogan believes “that the geopolitical center of gravity is shifting away from developed economies” and that the push to join BRICS “reflects its aspirations to cultivate ties with all sides in a multipolar world, while still fulfilling its obligations as a key member of NATO.”

    Image source: X

    Turkish Foreign Minister Hakan Fidan said in early June that BRICS serves as a good alternative to the EU. Later that month, he confirmed that dialogue between Ankara and BRICS nations was ongoing – coming as Turkish frustration continued to grow due to stalled efforts to join the EU. 

    While Turkey has long been a member of NATO, accession talks for EU membership have faced several obstacles since they began in 2005. Turkey had applied to join the EU predecessor organization, the EEC, in 1987.  

    “Turkey submitted an application to join BRICS some months ago amid frustration over a lack of progress in its decades-old bid to join the EU,” Bloomberg’s sources went on to say. 

    After Russia became the most sanctioned nation in the world following the start of the war in Ukraine in 2022, the BRICS bloc began seriously pursuing the creation of a common currency to de-dollarize trade and circumvent western sanctions. 

    A coalition initially made up of Brazil, Russia, India, China, and South Africa, BRICS at the start of this year expanded for the first time since 2010 to include Egypt, Iran, Ethiopia, and the UAE.

    Palestine’s ambassador in Moscow, Abdel Hafeez Nofal, said on August 26 that the Palestinian Authority (PA) is planning to apply to join BRICS.

    “The different and beautiful thing about BRICS compared to the EU is that it includes all civilizations and races. If it can become a little more institutional, it will produce serious benefits,” Fidan said in early June.

    Fidan confirmed in an interview later that month that his country may apply for an upgraded dialogue partnership with the Association of South East Asian Nations (ASEAN). 

    Erdogan has also shown interest in joining China’s Shanghai Cooperation Council (SCO). In early, he attended the SCO summit in Kazakhstan. 

    “We do not have to choose between the EU and the SCO as some people claim. On the contrary, we have to develop our relations with both these and other organizations on a win-win basis,” the Turkish president said over the weekend. 

    “Turkiye can become a strong, prosperous, prestigious and effective country if it improves its relations with the East and the West simultaneously. Any method other than this will not benefit Turkiye, but will harm it,” he added. 

    Tyler Durden
    Mon, 09/02/2024 – 16:20

  • These Were The Best And Worst Performing Assets Of August, And YTD
    These Were The Best And Worst Performing Assets Of August, And YTD

    August was rollercoaster month in financial markets – at least in the beginning – with the VIX briefly spiking to levels last seen in March 2020 during the Covid-19 market turmoil, before just as rapidly sinking back. The catalyst for that was a weak US jobs report, which raised fears that the US might be heading into a downturn. That interacted with an unwinding of the yen carry trade, and there was a massive slump in Japanese markets, with the TOPIX falling by over -12% in a single day on August 5. But calm swiftly returned, after better data and a dovish message from Fed Chair Powell at Jackson Hole helped to reassure investors. So despite everything, global stocks and bonds rose in August, with both the S&P 500 and US Treasuries posting a 4th consecutive monthly advance.

    As DB writes in its monthly performance review note, August got off to an incredibly rough start as fears mounted about an economic slowdown in the US. The catalyst for this was the US jobs report on August 2, although there were several underlying factors that also contributed to the turmoil. The report showed that nonfarm payrolls were softer-than-expected at +114k in July (vs. consensus of +175k), and there were also downward revisions to the previous couple of months (followed by even bigger downward revisions during the annual QCEW rebenchmarking process). Significantly, the unemployment rate rose to 4.3%, which meant that the Sahm rule was breached. This suggests that a recession is underway when the 3-month average of the unemployment rate has risen by half a point within a year.

    The jobs report came shortly after the Bank of Japan had hiked rates on July 31. That hike had hawkish elements, which contributed to a strengthening yen, but with the US jobs report as well, that led to further dollar depreciation as investors dialled up their expectations for rate cuts from the Fed. So investors were now reassessing the likely interest rate differentials between Japan and the US, which in turn caused significant problems for the yen carry trade. This trade relied on Japan being a lowyielding currency, as investors borrowed in yen and then invested that in highyielding currencies.

    The combined effects of this led to a massive slump in Japanese markets on August 5. For instance, the TOPIX index was down -12.2% in a single day, and the TOPIX Banks index was down by -17.3%. This quickly spread across global markets, and later that day the VIX index of volatility peaked at 65.73pts, which is its highest intraday level since the market turmoil in March 2020 when the Covid-19 pandemic began. Risk assets slumped more broadly, and the S&P 500 was down -3.0% that day, marking its worst daily performance since September 2022. At the height of the turmoil, futures were even fully pricing in that the Fed would cut rates by 50bps at their next meeting in September.

    But after August 5, calm immediately began to return to markets. In part, that was helped by an almost immediate capitulation by the BOJ which vowed not to raise rates again during periods of market instability, coupled with more positive data on the US economy, which helped to ease fears about an imminent recession. Indeed, markets were lifted by the weekly initial jobless claims that came out on August 8, which were lower than expected. The following week, the retail sales numbers for July were also robust (if entirely thanks to seasonal adjustments). In addition, comments from BoJ Deputy Governor Uchida helped to reassure markets, as he said that “the bank will not raise its policy interest rate when financial and capital markets are unstable.”

    Later on in the month, Fed Chair Powell’s speech at Jackson Hole helped to cement investors’ conviction that rate cuts from the Fed were finally on the horizon. He delivered a dovish message, saying that “The time has come for policy to adjust.” And he also said that “We do not seek or welcome further cooling in labor market conditions.” Expectations for a rate cut got further support from the US CPI release the previous week, which showed core inflation falling to +3.2%, the lowest since April 2021. So that solidified expectations that the Fed would cut rates in September, with the potential that they could deliver larger 50bp moves if required in response to economic weakness.

    With all those developments, it meant that equities actually managed to advance on the month, recovering swiftly from their slump. In the US, the S&P 500 closed up +2.4% in total return terms, marking its 4th consecutive monthly gain, while Europe’s STOXX 600 was up +1.6%. Japan’s Nikkei (-1.1%) was an underperformer given that much of the turmoil had centerd on Japan, but the general trend for risk assets was positive. That included emerging markets, where the MSCI EM Index was up +1.6%.

    For sovereign bonds there were also gains as investors priced in more rate cuts. US Treasuries were up for a 4th consecutive month for the first time since July 2021, posting a +1.3% gain in total return terms, whilst Euro sovereigns were up +0.4%. Gold (+2.3%) was another beneficiary, since it tends to do well in a lower-rate environment given it doesn’t pay any interest itself, and prices exceeded $2,500/oz for the first time.

    Which assets saw the biggest gains in August?

    • Sovereign Bonds: With investors pricing more aggressive rate cuts, it was a strong month for sovereign bonds, and US Treasuries in particular. US Treasuries were up +1.3% over the month, and Euro sovereigns were up +0.4%.
    • Equities: Despite the initial turmoil, equities were mostly higher on the month. That included the S&P 500 (+2.4%) and the STOXX 600 (+1.6%). However, it wasn’t all positive, and the Magnificent 7 (-0.4%) fell for a second consecutive month for the first time this year.
    • Japanese Yen: The Japanese Yen strengthened against the US Dollar for a second consecutive month, up +2.6%.
    • Precious Metals: With interest rate cuts moving into view, gold moved above $2500/oz for the first time. On a YTD basis, gold and silver are among the top-performing major assets, having both risen by +21.3%.

    Which assets saw the biggest losses in August?

    • US Dollar: The US Dollar weakened against every other G10 currency in August, and it was the worst monthly performance for the dollar index (-2.3%) since November 2023.
    • Oil: Brent crude (-2.4%) and WTI oil (-5.6%) were both down for a 2nd consecutive month in August.

    And here is a snapshot of the best and worst performing assets in August, both in local currency and USD…

    … and YTD:

    More in the full DB note available to pro subscribers.

    Tyler Durden
    Mon, 09/02/2024 – 16:06

  • "The United States Hates Women": ASU Event Offers Dystopian, Anti-Capitalist Vision Of America
    “The United States Hates Women”: ASU Event Offers Dystopian, Anti-Capitalist Vision Of America

    Authored by Jonathan Turley,

    In my new book and prior columns I have described a “radical chic” in academia, faculty who thrill audiences with extremist rhetoric and calls for radical reforms, even revolution. The latest example comes from Arizona State University where professors laid out their dystopian vision of America, a vision that apparently can be avoided by “dismantl[ing] capitalism” and “elect[ing] a female president.”

    At the outset, it is important to note two things. First, the program covered by the conservative site College Fix was a small event. Second, these faculty members have every right to espouse these views and it is good for students to have a wide variety of viewpoints on campus.

    My objection in the past has not been the presence of far left faculty on campuses but the purging of conservative, moderate, and libertarian faculty.

    It is also important to address what are becoming common and extreme arguments on our campuses, including a growing anticapitalist movement.

    The event titled “Jenny Irish’s HATCH: A Speculative Future for Reproductive Rights” was held both in person and via Zoom. Jenny Irish, an ASU English professor, was joined by Angela Lober, director of the Academy of Lactation Programs at ASU’s Edson College of Nursing and Health Innovation.

    Lober, who runs major programs at the school, offered some of the most extreme viewpoints, including the assertion that “the United States hates women and everything the female body does.”

    It was a remarkable claim for a nation that has been a leader in the world in women’s rights for over a century and has long had major female leaders from the Vice President to the Speaker of the House of Representatives to cabinet members.

    Not to be outdone, Irish expressed her fear that the United States could see “forced breeding camps” and “cannibalism.” She told the students and faculty that “so much of our reality points toward those futures.” She was less clear on what specifically is pointing to that future other than the Supreme Court’s decision to leave abortion to the states.

    Lober was, however, clear about the solution in calling for the audience to help “dismantle capitalism” and “elect a female president.”

    The event was co-hosted by ASU Lincoln Center for Applied Ethics, which hosts events that aim to design “a future keyed to human flourishing.”

    Putting the hyperbolic rhetoric to the side, the anti-capitalist calls have become ubiquitous on campuses. Socialism has become a rallying cry with polls showing that young people have a more positive view of socialism than capitalism.

    There is an interesting dynamic to the push for socialism in the United States. Advocates may have a harder time convincing new migrants and citizens who fled socialist countries like Venezuela.

    The draw of a “land of opportunity” has been due to not just our laws but also our economic system. The ability to sustain that growth (or support the existing social welfare systems) depends on a competitive economic system.

    The irony is found in comments like those of Fidel Castro who declared that “my idea, as the whole world knows, is that the capitalist system now doesn’t work either for the United States or the world, driving it from crisis to crisis, which are each time more serious.” Cuba was (and continues to be decades later) an utter economic basket case without either liberty or prosperity.

    Hugo Chavez made the same claim before driving his country into an economic tailspin.

    As a student at the University of Chicago, I was fortunate enough to attend lectures by Milton Friedman and, despite being a liberal, I was convinced that there was a connection between capitalism and individual liberty. There are liberty-enhancing economic systems and those that are liberty-reducing. The freedom of economic choice in a capitalist system has historically reinforced individual liberty in my view.

    The ASU event captures a rising call for dismantling an economic system that helped drive industrial innovation and massive wealth creation. It has also left great wealth disparities. We have sought to address poverty with social programs that offer greater opportunity for those who have not been able to escape cycles of poverty. We have much work to be done. However, the anti-capitalist movement often offers few specifics on the alternatives, as at the ASU event.

    This is a debate that should be welcomed but not in this type of one-sided, jingoistic presentation. Imagine how much more substantive this panel would have been with an alternative viewpoint. Let’s have a discussion on the merits of capitalism and the record of alternative systems. That would offer educational and not merely emotive benefits to our academic community.

    *  *  *

    Jonathan Turley is a Fox News Media contributor and the Shapiro Professor of Public Interest Law at George Washington University. He is the author of “The Indispensable Right: Free Speech in an Age of Rage” (Simon & Schuster, June 18, 2024).

    Tyler Durden
    Mon, 09/02/2024 – 15:20

  • Oil Tanker & Merchant Ship Hit By Projectiles As Another Tanker Burns, Risking 'Worst Spill This Century' 
    Oil Tanker & Merchant Ship Hit By Projectiles As Another Tanker Burns, Risking ‘Worst Spill This Century’ 

    As the Greek-flagged oil tanker MV Sounion burns in the southern Red Sea, Iran-backed Houthi militants targeted two ships with missiles and drones in the critical maritime chokepoint on Monday. 

    Reuters reports projectiles hit a Panama-flagged oil tanker and a merchant vessel. Security firm Ambrey confirmed the oil tanker was hit by two missiles, with sources indicating the tanker is named “Blue Lagoon I.”

    Ambrey and the United Kingdom Maritime Trade Operations (UKMTO) said the tanker was hit by missiles about 70 nautical miles northwest of Yemen’s port of Saleef. The merchant ship was hit about 50 nautical miles off Yemen’s Hodeidah.

    The security firm said it “assessed that the tanker was targeted due to company affiliation with a vessel calling Israeli ports.” 

    Monday’s attack comes as the world braces for what could be one of the worst tanker spills this century. The Sounion tanker remains on fire and could be leaking oil. 

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    Here’s the latest on Sounion:

    Maritime news outlet Splash 247 noted the parallels between the Sounion and FSO Safer incidents. In recent years, a projected oil spill map for the FSO Safer was published due to the risk of a leak from the tanker anchored in the Red Sea. Fortunately, the tanker was emptied last year, averting a spill. However, that spill map could serve as a guide for assessing the potential impact if a leak from the Sounion materializes.

    The Sounion is carrying 150,000 tons of crude oil from Iraq. The badly damaged ship risks spilling four times as much oil as the Exxon Valdez, arguably tanker shipping’s most famous casualty, potentially becoming the fifth worst oil spill of all time, according to statistics carried by the International Tanker Owners Pollution Federation (ITOPF). 

    The ship is carrying a similar amount of oil to the FSO Safer and is in a similar location to that vessel, leading shipping consultant Lars Jensen to highlight today the potential environmental catastrophe unfolding in the Red Sea. 

    Splash has repeatedly reported on the United Nations’ operation to remove the FSO Safer from Yemeni waters. Last year, the UN bought a Euronav tanker and was able to empty the rusting, abandoned FSO Safer’s cargo of 1.14m barrels of crude oil.

    Carrying over 1.1m barrels of oil, the FSO Safer was abandoned off Yemen’s Red Sea port of Hudaydah after the civil war broke out in the country in 2015. Since then, the vessel deteriorated significantly in the absence of any servicing or maintenance, prompting fears of a major environmental disaster 

    To fund the FSO Safer operation the UN issued a report outlining the consequences if the FSO Safer situation was not resolved. 

    “Now that study can be seen as a reasonable proxy for the consequences of a major spill from the Sounion given that both the geographic location and the amount of oil involved is almost the same,” Jensen, who heads up Vespucci Maritime in Copenhagen, wrote in a LinkedIn post today. 

    According to the UN report, the FSO Safer oil spill impact would have devastated the fishing communities on Yemen’s Red Sea coast where 500,000 people make their living from the fishing industry with 1.7m dependents.

    Desalination plants on the Red Sea coast could be closed, cutting off water supply for millions, the UN report warned, adding that oil could reach the shores of Saudi Arabia, Eritrea, Djibouti and Somalia.

    The UN estimated the clean-up bill from a possible FSO Safer disaster could have reached $20bn, just $1bn shy of the annual GDP of Yemen. 

    “It does raise the question as to whether or not it is ethically prudent to operate major oil tankers through the area under the current circumstances,” Jensen mused.

    Pictured below from the UN report on the FSO Safer, whose precarious circumstances were very similar to the Sounion’s, are maps showing the areas at risk by using colours to indicate how much oil is expected on the surface in different places and times. Ports are marked with black dots, and water treatment plants are marked with blue dots.

    The Houthis have targeted more than 80 merchant ships with missiles and drones since Israel’s war on Hamas in Gaza started in October. This continued turmoil in the Red Sea shows how the West’s “credibility and deterrence” is quickly eroding. 

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    This perceived weakness could only embolden China to escalate disputes in the South China Sea, which by the way, was seen over the weekend (read: “South China Sea Flashpoint: Philippines Accuses China Of “Intentionally Ramming” Coast Guard Vessel”). 

    Tyler Durden
    Mon, 09/02/2024 – 14:50

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Sep 02

Today’s News 2nd September 2024

  • UK's Online Safety Act May Be Canary In The Coalmine For Canada Under Online Harms Act
    UK’s Online Safety Act May Be Canary In The Coalmine For Canada Under Online Harms Act

    Authored by Pete Menzies via The Epoch Times,

    We need to talk about Julie Sweeney.

    She’s a 53-year-old English woman who used to live in Church Lawton, Cheshire, and she once had a Facebook account. Today, she’s in prison, serving a 15-month sentence after being convicted under new Criminal Code provisions in the United Kingdom’s Online Safety Act.

    From all available accounts, Ms. Sweeney had—at least until this summer—lived without causing any trouble or having any negative interactions with the local constabulary. Then, on Aug. 3, she lost her temper during the height of the British riots that ensued following the murders of little girls in a Taylor Swift dance class and wrote something really nasty on a local community group Facebook page.

    “Don’t protect the mosques,” she posted to the 5,100-member group. “Blow the mosque up with the adults in it.”

    That’s a very ugly thing to say and within hours one individual who read it complained to the police, who promptly arrested Ms. Sweeney. According to the Crown prosecutor, upon being taken into custody, Ms. Sweeney told officers, “I’m not being rude but there are a lot of people saying it.”

     

    That’s not good. But it is important to note that while there was indeed violence directed towards the mosque, Ms. Sweeney’s comments related to the aftermath. There is no evidence which I can find in the coverage of the case that her post inspired anyone to do harm to the building, to anyone in or around it, or that it became a rallying cry of any kind. Nor was there any proof offered that she seriously wished for the mosque “with the adults in it” to be blown up.

    We can all agree that it was a truly dreadful thing to say. And we should all acknowledge that, other than writing and hitting “send,” Ms. Sweeney’s crime is entirely about something hideous that she said—in a post later deleted—not something she did or inspired someone to do.

    She admitted in court that the post was made in anger, that it was unacceptable, and that she didn’t intend to inspire fear which, if you were a regular attendee at the mosque, you likely would have felt if you read it.

    People can debate whether statements of that nature should be censured by civil society through shaming, shunning, and blocking or through the intervention of the state.

    What really catches the eye in this case, though, is the intensity with which the presiding judge punished her upon accepting her guilty plea.

    According to the Daily Mail, her lawyer had told the court that Ms. Sweeney “accepts it was stupid.”

    “This was a single comment on a single day,” he said.

    “She lives a quiet, sheltered life in Cheshire and has not troubled the courts in her long life. Her character references show she lives a kind and compassionate lifestyle. She has been primary carer for her husband since 2015.”

    The judge said he took Sweeney’s good character and what he termed a “heart-rending” letter from her husband into account but that “even people like you need to go to prison because a message must go out that, if you do these terrible acts, the court will say to you, “You must go to prison.”

    Really? Even if one thinks speech should be a matter for the Criminal Code, wouldn’t it seem more appropriate for the outcome to be something along the lines of a summary conviction or a suspended sentence with a ban on using social media?

    Sending Ms. Sweeney to prison, particularly when the UK’s prisons are so overcrowded the government was already preparing to release thousands of criminals early, really speaks to the mindset of the Crown and the judge when it comes to cracking down on online speech.

    Clearly this sort of speech has, in their view, become a more serious matter than common physical assault, the sentence for which is a maximum of six months, which can be elevated up to two years if motivated by race or religion.

    Why should Canadians care? Because Ms. Sweeney and her nation’s Online Safety Act may very well be the canaries in our coalmine.

    Justice Minister Araf Virani, architect of Canada’s Online Harms Act, has already cited the UK experience as something that has informed his approach. To be fair, he hasn’t said he agrees with it all, but he is the man who has been appointing the judges who will be sentencing people convicted of Bill C-63’s new offences once they become law. He will also be in charge of hiring the Human Rights Commissioner, big job given it will be tasked with managing thousands of complaints from people made to feel uncomfortable by something someone posts online.

    When that’s done, he’ll be looking for someone to fill the role of Digital Safety Commissioner to patrol how social media companies in Canada manage speech deemed to be problematic.

    If those appointees see the world the same way Ms. Sweeney’s judge does—that speech is more harmful than action—some very interesting times are just around Canada’s corner.

    *  *  *

    Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.

    Tyler Durden
    Sun, 09/01/2024 – 23:20

  • Mapping Where Journalists Disappear
    Mapping Where Journalists Disappear

    August 30 marked the International Day of the Victims of Enforced Disappearances. Enforced disappearances are the arrest or abduction of a person by or on behalf of the state, followed by that same authorities’ refusal to acknowledge it. The move is used as a means to silence opposition and to spread terror.

    The following chart, via Statista’s Anna Fleck, looks specifically at the number of media workers that have disappeared over the past 24 years. According to the Reporters Without Borders (RSF) database, at least 217 media workers have disappeared since the year 2000. This includes those who are victims of enforced disappearance as well as those who have disappeared at the hands of non-state related groups.

    Infographic: Mapping Where Journalists Disappear | Statista

    You will find more infographics at Statista

    Mexico is the country from which the highest number of media professionals have disappeared in this time frame, counting 37 in total. Of these, 31 are listed as “ongoing” cases. According to RSF, an additional 152 media professionals have been verified as killed in Mexico between 2000 and 2024, three of whom died in 2024.

    Commenting on the global pattern of disappearances, RSF secretary-general Christophe Deloire said:

    “China invented the ‘enforced vacation,’ Syria developed mass disappearances and Africa copied South America, which sadly pioneered enforced disappearance.”

    “Instead of decreasing, this barbaric practice is diversifying, spreading all over the world and creating more and more victims among journalists and bloggers every year. We deplore the impunity usually enjoyed by the perpetrators of these crimes and the lack of commitment by democratic governments to bring them to an end.”

    With 35 cases, Syria is the country with the second highest number of media professionals who have disappeared worldwide between 2000 and 2024. While the majority of these (26) disappeared between 2011 and 2014, five people were recorded as having disappeared as recently as 2019.

    According to estimates of the Syrian Network for Human Rights, there have been at least 65,000 victims of enforced disappearances in Syria since 2011.

    Tyler Durden
    Sun, 09/01/2024 – 22:45

  • Israel Sets Up Army Unit To Oversee Control Of Gaza 'For Years To Come'
    Israel Sets Up Army Unit To Oversee Control Of Gaza ‘For Years To Come’

    Israeli media news site Ynet has reported that the Israeli army is preparing to occupy and control the Gaza Strip for years to come, and this is increasingly the default assumption of Israeli military officers in the absence of a clearly defined long-term mission by top leadership.

    The outlet wrote that this comes “in the absence of clear strategic goals for the future of the Gaza Strip.” The report continued, “The Israeli army began yesterday through this appointment to accept the fact that its responsibility for the Strip will continue for years and will expand, and about two million Palestinians will remain under its responsibility.”

    Image via ANSA

    The military’s Lt. Col. Elad Goren has been appointed Head of Humanitarian-Civilian Effort in Gaza to oversee these longer term efforts. “This new position is not for show … It will have an important role for years to come … Anyone who believes that Israeli control and intervention in the Gaza Strip will end soon, whether by stopping or not stopping the fighting and its decline, or even with or without a deal, is mistaken,” a  high-ranking security official told Ynet. 

    The scope of the new position is to include overseeing humanitarian aid deliveries, the restoration of civilian infrastructure, and coordinating with humanitarian aid groups. 

    Ultimately this is also to prevent the potential for Hamas to ever return as a local government authority in any part of the Gaza Strip. What Hamas was doing before Oct.7 in terms of administering Gaza cities will now be done by Israel.

    “On the agenda of the new unit in the Israeli army will be major operations, which have already begun, to evacuate the seriously wounded and sick to hospitals in Jordan, Egypt or the UAE … and preparing for winter in the Gaza Strip, in light of the massive amount of destroyed infrastructure, as well as coordinating the campaign to vaccinate more than a million Gazans against polio,” Ynet detailed further.

    Among the bigger long-term initiatives will be to “work with the international community to restore all civilian facilities that collapsed in the Strip.” In many cases this has involved the collapse of electricity generation and even water. Many Gazans say that at this point “nothing is left”.

    Currently, Israel has greenlighted a UN-spearheaded polio vaccination program for children of the Gaza Strip. Some 2,000 health workers are expected to enter Gaza this week, and the IDF reportedly agreed to implement phased pauses in its operations according to different zones, starting in central Gaza.

    But there are deeply conflicting statements coming from Israeli top leadership on the lingering question of whether a ‘polio pause’ will actually be implemented as of Sunday…

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    If the pause is not implemented, this will only add to the international heat and pressure Netanyahu is experiencing. The UN and World Health Organization (WHO) have been particularly vocal after a ten-month year old baby was reportedly paralyzed by the deadly polio disease, and now there are worries over a potential major outbreak.

    Tyler Durden
    Sun, 09/01/2024 – 21:35

  • "Brawl" Breaks Out At Philly Area High School Football Game, Forcing Cancellation
    “Brawl” Breaks Out At Philly Area High School Football Game, Forcing Cancellation

    It must officially be fall in the United States…after all, what’s more American than leaves falling, sweatshirt weather, pumpkin spice lattes…and massive brawls outside of high school football games?

    That’s exactly what took place in Norristown, just miles outside of Philadelphia, where a fight at the Norristown Area High School’s football stadium caused a game to be cancelled. 

    During the annual “Battle of the Bridge” varsity football game between Norristown and Upper Merion, no issues occurred inside the stadium. However, a “series of altercations” erupted in the parking lot at halftime on the 1900 block of Eagle Drive.

    Five juveniles from Norristown Area High School were taken into custody, according to ABC News 6.

    “That’s a shame because it is a small group of individuals that went out into the parking lot and started to fight. So I mean people have to act responsible and parents have to be responsible,” said West Norriton Police Chief Michael Kelly. 

    “We want to emphasize that these incidents were not as a result of any conflict between Norristown Area High School and Upper Merion Area High School,” a statement said.

    “Both schools share a commitment to sportsmanship and respect, and the actions of a few individuals do not reflect the values of our student-athletes and supporters,” the statement continued.

    The ABC News 6 report says that the game will continue on Saturday at 10 a.m. without any spectators and will be live-streamed, officials announced. Both school districts will meet with their police departments to discuss future football game security.

    This isn’t the first season with issues. Last year, a Cheltenham student brought a gun to the Abington-Cheltenham game, causing its suspension. This year, Abington has chosen not to play that game.

    Tyler Durden
    Sun, 09/01/2024 – 20:25

  • Black Swan Catalysts And A Significant Change In Sentiment
    Black Swan Catalysts And A Significant Change In Sentiment

    Submitted by QTR’s Fringe Finance

    What an interesting way to end the third quarter of 2024.

    The yen carry trade chaos looked like it was going to break markets permanently a couple of weeks ago, and now here we are, back near highs with “the world‘s most important stock” (and my top contender for a black swan) Nvidia, once again beating earnings expectations yesterday and giving a positive outlook for 2025.

    We are also one market review further into 5.5% interest rates, and despite assurances that we will see a rate cut in the coming month, a lot of questions remain up in the air about whether or not it will have an impact. I wanted to offer my updated thoughts on the market on my blog commented on some of the 27 individual stocks that I’ve been watching throughout the year.

    For now, let’s stick to overall feel of markets. As a gold and gold miner investor, I’m extremely encouraged by the fact that we are heading into Fed rate cuts with gold at all-time highs. There aren’t too many historical precedents for what I believe will take place at that point.

    I think the Fed is going to try to start cutting 25 basis points at a time and be measured. Despite Powell confirming the pivot at Jackson Hole, commentary from several Fed governors over the last week, including Raphael Bostic last Wednesday, indicates that they are still in no rush to cut and are interested in incoming data—but I think this will be short-lived.

    *FED’S BOSTIC: STILL AWAITING DATA TO BE SURE IT’S TIME TO CUT

    *BOSTIC PREFERS WAITING LONGER, EVEN IF IT MEANS BEING CAUTIOUS

    A 25 basis point cut has been priced in now for over six months. This market is trading as though significantly lower rates, like those in the 2% or 1% range, are imminent. They’re not.

    No one is going to get cash from home equity re-fis changing their mortgage rate from 7% to 6.75%. No one is going to see their credit cards lower interest rates. A 25 basis point cut is going to do precisely nothing to unjam the gears of the economy. As I have been saying for a while now, I would not be surprised to see a major market crash after the first rate cut takes place. It could wind up being the ultimate “sell the news” event, the first rate cut.

     

    And it seems to me the market’s mood since Jackson Hole last Friday has been indicating that this news could already be priced in. The market was up after Powell’s speech, but not significantly, and it looked tired.

     

    Similarly, yesterday, the market had a lot of trouble keeping a bid under Nvidia which puked to session lows quickly with about 2 hours left in trading, despite the fact that the company beat its earnings report. It bought back some of those gains on Friday.  

    All over social media and trading desks that I follow, people were talking about the fact that the company didn’t beat the whisper numbers. This means that market expectations are so high for the company that everybody expects a beat, and the stock really only “beats” when it beats the number above the expected beat number.

    To quote Dark Helmet: “Everybody got that?”

    Putting aside short-term skews, overall, the market simply feels extremely exhausted to me. And make no doubt about it, we cannot go on for an infinite number of days, weeks, and months with interest rates where they are right now and not suffer consequences. I have been late, for sure, in my prognostication that these high rates would eventually crash the market. However, if rates stay here, I know for sure I won’t be proven wrong—just wrong on timing.

    Last week’s revision in the jobs numbers was just one of multiple indicators that prove this economy isn’t nearly as healthy as it seems. Job growth in the United States over much of the past year was considerably weaker than initially reported. The Bureau of Labor Statistics’ preliminary annual benchmark revision indicated that there were 818,000 fewer jobs in March than originally estimated. This preliminary revision represents the largest downward adjustment since 2009.

    Even when we gear the CPI number with hedonic adjustments and pump the jobs number with government jobs while overpaying for stocks using leverage and paying off household expenses using credit cards, there is only so much runway left for the American economy, the American consumer and the psychology of the American investor. As I said at the beginning of the year, I continue to believe that staple stocks, utilities, miners, commodities, and energy are all going to be safe havens to play in when it comes to buying dips and owning stocks for the time being.

    The market is extremely overvalued no matter how you slice it. I still believe my prediction from 2022 will hold true and that we will eventually see massive outsized moves in gold when the Fed fully lets off the quantitative tightening gas and reverts back to the inevitable quantitative easing. Gold was $1,820/oz. when I first wrote that and now sits comfortably over $2,500/oz — $200 oz. higher than my last market review just 2 months ago.

    In addition to monetary mayhem, we have numerous additional catalysts coming up with an election where one candidate seems hell-bent on trying to ruin the economy and drive as much money out of the stock market and the country as possible. Oh and then there’s still that pesky fiscal situation in the U.S. that is completely untenable (listen to this interview with James Lavish and read this report from Mark Spiegel to understand).

    On top of the election itself and the communist policies that I believe would be extraordinarily dangerous coming from Kamala Harris, the world remains up in arms with each other. The Ukraine-Russia conflict has not ended yet, the conflict in the Middle East continues to boil, and China continues to conduct defense drills around Taiwan. Put simply, the Biden administration has done nothing to quell geopolitical tensions, and we likely won’t see any profound shift until after the election.

    If it’s not the yen carry trade blowing up or geopolitics that sets off alarms, it’s going to be commercial real estate, retail bowing out, or massive fraud or unreported liabilities popping up at a company that nobody expects. There are a number of black swan catalysts that could set off selling in addition to good old-fashioned lack of liquidity and a significant change in sentiment—both of which I think are coming. 

    This time isn’t different. For the individual stocks I like and more detail, read my full September 2024 portfolio review here. 

    QTR’s Disclaimer: Please read my full legal disclaimer on my About page here. This post represents my opinions only. In addition, please understand I am an idiot and often get things wrong and lose money. I may own or transact in any names mentioned in this piece at any time without warning. Contributor posts and aggregated posts have been hand selected by me, have not been fact checked and are the opinions of their authors. They are either submitted to QTR by their author, reprinted under a Creative Commons license with my best effort to uphold what the license asks, or with the permission of the author. This is not a recommendation to buy or sell any stocks or securities, just my opinions. I often lose money on positions I trade/invest in. I may add any name mentioned in this article and sell any name mentioned in this piece at any time, without further warning. None of this is a solicitation to buy or sell securities. I may or may not own names I write about and are watching. Sometimes I’m bullish without owning things, sometimes I’m bearish and do own things. Just assume my positions could be exactly the opposite of what you think they are just in case. All positions can change immediately as soon as I publish this, with or without notice and at any point I can be long, short or neutral on any position. You are on your own. Do not make decisions based on my blog. I exist on the fringe. The publisher does not guarantee the accuracy or completeness of the information provided in this page. These are not the opinions of any of my employers, partners, or associates. I did my best to be honest about my disclosures but can’t guarantee I am right; I write these posts after a couple beers sometimes. I edit after my posts are published because I’m impatient and lazy, so if you see a typo, check back in a half hour. Also, I just straight up get shit wrong a lot. I mention it twice because it’s that important.

     

    Tyler Durden
    Sun, 09/01/2024 – 19:50

  • German Ruling Coalition Crushed In Regional Elections As AfD Scores First Victory For German Right-Wing Party Since WWII
    German Ruling Coalition Crushed In Regional Elections As AfD Scores First Victory For German Right-Wing Party Since WWII

    Two months after the European political establishment suffered a crushing blow in the French elections, on Sunday afternoon we witnessed another demonstration of just how unpopular Europe’s political elite has become when German Chancellor Olaf Scholz’s ruling coalition was crushed in two regional elections in eastern Germany on Sunday, with populist parties on both the right and left winning about half the votes in both Thuringia and Saxony.

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    The Alternative for Germany, often defined as “far-right” by most liberal media outlets, is on course for victory in Thuringia on 30.5%, according to projections Sunday for public broadcaster ARD; it represents the first victory for a German right-wing party on a state ballot since World War II (history buffs may recall that Thuringia is where the National Socialist German Workers’ Party, aka NSDAP,  won their first state election in 1929).

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    What is just as shocking was the voter revulsion to Germany’s ruling coalition: the three parties in Scholz’s ruling alliance — the Social Democrats, the Greens and the Free Democrats — between them got less than 15% in each of the two states, while the FDP missed the 5% threshold for getting into either regional parliament and the Greens fell short in Thuringia. The only mainstream party to do relatively well was the conservative CDU, which is projected to win in Saxony – by the narrowest of margin vs the ADP – and finish second in Thuringia.

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    Alice Weidel, a co-leader of the AfD, called the party’s performance “historic” and “a requiem” for the coalition in Berlin and said voters clearly want the AfD in government as the strongest party in Thuringia. Scholz’s coalition “should be asking itself if it can even continue in office,” Weidel told ARD. While it’s unlikely to be able to convince any other party to join it in coalition, with more than a third of the seats in the state parliament it could potentially block major decisions such as judicial appointments.

    It’s not just the right that is soaring: in Sunday’s voting, a new far-left party, the Buendnis Sahra Wagenknecht, was on 15.8% in Thuringia and 12% in Saxony, according to early projections and exit polling. Founded only in January after Wagenknecht split from the Left party, it’s likely to play a key role in attempts by mainstream parties to keep the AfD out of power in Thuringia.

    Today’s results are the latest bitter blow to German chancellor Scholz and his deeply unpopular government and highlight the risk it faces ahead of the next national election due in just over a year. The picture looks equally dire for another state ballot in three weeks in Brandenburg: the region that surrounds the capital Berlin and is home to Scholz’s Potsdam constituency.

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    After months of squabbling over spending priorities, nationwide support for the three ruling parties has dwindled to record lows, while support for parties opposing financial and weapons supplies to Ukraine continues to soar. Backing for the conservative CDU/CSU alliance is on around 32% – roughly the same as the SPD, Greens and FDP combined – and the AfD is in second place on about 18%.

    According to Bloomberg, the crushing defeat for the unpopular ruling parties in Saxony and Thuringia could prompt renewed calls for an early general election and fuel debate about whether Scholz is the right man to lead the Social Democrats into the ballot next September.

    Kevin Kuehnert, the SPD general secretary, said the results in the two regions also send a message to the national government in Berlin: “We need to explain and communicate our policies more and much better, this applies not only for Saxony and Thuringia but for Germany as a whole,” Kuehnert told ZDF in a TV interview, adding that “we must become more self-confident within the ruling coalition and show much clearer to voters what the SPD stands for.” Which of course, is not the problem: Germany as a whole knows very well what SPD’s policies are, and is revolting against them.

    Despite its victory in Thuringia, the AfD, which Germany’s authorities have classified as “right-wing extremist” in both regions that voted Sunday as well as nearby Saxony-Anhalt, has no clear path to forming a government as all other political groups have ruled out cooperating with the party — a firewall similar to the one that thwarted Marine Le Pen’s far-right National Rally in France after President Emmanuel Macron called a snap legislative election in June. That should limit any impact on financial markets, which were unsettled by the rise in popularity of French fringe parties.

    Wagenknecht, whose party’s policies include stopping aid for Ukraine and curbing immigration, again ruled out any cooperation with the AfD in Thuringia. She indicated that she was ready to govern in a coalition with the CDU and the SPD.

    “I don’t think that we’re seen by voters as an AfD light,” she told ZDF. “We are simply closing a representation gap in the political spectrum.”

    The CDU’s solid performance Sunday could also impact the process of choosing a conservative chancellor candidate. The leader of the party, Friedrich Merz, seems likely to secure the nomination and can claim some credit for the success in Saxony.

    However, a number of other hopefuls can’t yet be ruled out, including North Rhine-Westphalia Premier Hendrik Wuest and Bavaria Premier Markus Soeder, who leads the Christian Social Union, the CDU’s sister party in the southern region.

    Merz has said the CDU and CSU will decide on their joint candidate after the Brandenburg vote. The final state election before the next national ballot is at the beginning of March in Hamburg, the port city where Scholz used to be mayor and his SPD rules in coalition with the Greens.

    Some 3.3 million people were eligible to vote in Saxony, which borders Poland and the Czech Republic, and about 1.7 million in Thuringia.

    Tyler Durden
    Sun, 09/01/2024 – 19:15

  • The Fog Of War, The Economy And Markets
    The Fog Of War, The Economy And Markets

    By Peter Tchir of Academy Securities

    I could be extremely lazy this weekend and just repost (with an updated chart) the Heads I’m Smart, Tails I’m Stupid report as the market continued to flip-flop around. On Friday alone, the Nasdaq 100 rose 1.2%, gave it all back, and then ended up 1.2% (with a good chunk of the gain coming in the last 10 minutes of trading). And that was somewhat “mellow” compared to the price action after some earnings reports. I continue to remain concerned that liquidity is abysmal, though maybe that will improve as we enter September.

    But I won’t be totally lazy, though we will try to keep this weekend’s note short.

    My First Wargame

    Two weeks ago, I had the pleasure of attending and speaking at the Naval War College. I learned a lot about wargames, both from a historical perspective and regarding their current application. I did not know that Fleet Admiral Nimitz credited much of the success in the Pacific to the time they had spent wargaming (and that the main thing they had not prepared for was Kamikaze pilots).

    Our wargame was centered on a theoretical blockade of Taiwan by China in 2027. It was very interesting to watch how the teams responded and how easy it was for miscommunication to occur, even in a small room, with no separation in time zones. I was part of the China team (almost as though the organizer had read a lot of T-Reports and felt that was fitting). Despite what seemed like efforts to deescalate, it was eye-opening to see how easy it was to slip into escalation as one nation’s “deterrence” was another’s “provocation.” The organizers of the wargame did admit that earlier in the month they had run the same wargame, mostly with economists, and it very rapidly descended into calling in aircraft carriers (the one I participated in had a mix of people, including many veterans).

    There were a few recurring themes, none of which were a major surprise, but still warrant just a couple of moments:

    • Military competition with China. From ships, where China is rapidly outbuilding the U.S., to “efficient systems” (expensive missiles vs. drones), to technologies that we’ve “shelved” (like hypersonic weapons to some extent), adversaries have advanced significantly, and there were a lot of warnings. Not necessarily alarming, but certainly a potential “wakeup call” if we continue on the current path of increased competition.
    • Chips. The importance of chips and manufacturing technology came up over and over again, and it was touched on during every part of the symposium. The most informative part of the symposium (for me) was that one of the heads of the “foundry” effort for a major U.S. chip company spoke. The scale and size of what “we” need to do is enormous – the CHIPS Act is just a starting point in terms of funding. It is encouraging that there is support from D.C. for the chip industry that seems highly likely to remain in place regardless of who wins the election. On a personal note, I did get some confirmation of Academy’s theory that the “traditional industrial areas” of the U.S. will benefit as we get more serious about reshoring manufacturing.
    • Water. The availability of water for any type of manufacturing activity is likely to be key, and much of the traditional manufacturing base has an abundance of water (as well as students graduating from technical programs). Companies need to be thinking about the possibility that at least some portion of the demographic shift that we’ve seen over the last decade will slow (if not reverse) as we re-industrialize the nation. Maybe the rising inventory in homes for sale in Floria and Texas is a sign that this “pet theory” is starting to occur?

    Whether we need a “Man on the Moon” or “Manhattan Project” type of moment to rapidly grow our capabilities remains unclear. That sort of “national agenda” might not be necessary, but it would go a long way and seems to create a lot of potential for the next president to act.

    The Fog of War and the Economy

    The “Fog of War” describes uncertainty (and to some extent confusion) in military planning and decision making. It seems to apply incredibly well to the economy (and markets) at the moment.

    • Inflation. We are done arguing that inflation is coming down and that the spike in the first quarter was a statistical anomaly. We continue to stick to our simple “COVID Bump” model where goods had a sharp spike that has largely declined already, and that the services sector took longer to ramp up to “peak” inflation, but is also coming down. The real question now (since so many seem to finally have given up on inflation resurgence fears) is what is the floor on inflation? We have argued that Geopolitical Inflation will provide a floor on how low inflation can go. The process of “securing” supply chains, in a variety of forms, will be inflationary. The geopolitical risks to commodities will provide a floor to inflation. I’m starting to question that assumption, as the efforts so far to reshore, reindustrialize, and expand both traditional and nontraditional energy sources have been slower than I’ve expected. While I’m not there yet, I’m starting to think that the 2.5% crowd (which I’ve been in) might be too high and that we could see further reductions in inflation as more products become deflationary.
    • The Consumer. The consumer will have a great say in the inflation story, but it is incredibly difficult to figure out where the consumer stands. For every good data point on the consumer, I’m pretty sure that we can come up with a weak data point. The data has been mixed. The consumer credit side of things seems the weakest. The current spending seems the strongest. I’m still leaning towards a slowdown in consumer spending, largely based on the view that the recent sales pulled forward demand and this caused the strong spending so far this summer, which will slow as we enter the autumn.
    • Jobs. What to do with Friday’s NFP? One of the favorite activities of the T-Report (and hopefully a useful one) is examining the data for consistency. Are headline numbers consistent with the internal details? What things (like birth/death) seem off?

      https://platform.twitter.com/widgets.jsAre we seeing consistencies between a variety of metrics, all purporting to measure the same thing, like JOLTS, AFP, and the Household and Establishment surveys (let alone the “employment components” of various other surveys)? The market is going to have to digest the preponderance of evidence on jobs this week! Will the market still react to the headline NFP data on Friday? Sure (and I will be on Yahoo Finance with a longtime friend and excellent economist to give our instant reaction), but for how long? Not only has the bias been towards downward revisions on a monthly basis, but also the annual revisions were quite high. The estimates (on Bloomberg) ran from a high of 208k to a low of 100k (ignoring 2 “outliers” the low is 125k). The average is 162k, with a median of 165k. But how do we react to a number when the “doubters” (I won’t call us conspiracy theorists) turned out to have a valid case? My order of importance on jobs this month will be:

      • Unemployment Rate. While this number is fraught with so many issues, it will likely be the biggest driver. If it improves, does that take the Fed off the table, and maybe reduce the flood of “Sahm Rule” hot takes? If it gets worse, but only due to an increase in labor participation, is it that bad? Not my favorite metric by any stretch of the imagination, but probably the most important.
      • JOLTS Quit and Hires rate. To some extent, I view this as “crowdsourcing” the labor market. People have a good sense of how easy it is to find a job and how likely their company is to let them go (long before the company lets them go). So given all of the uncertainty, I will overweight the importance of this data in my analysis on jobs.
      • ADP. I often wonder, given their dominance in the payroll business, why their data isn’t the “gold standard,” but it just isn’t (or hasn’t been). The fact that they didn’t publish for a period of time while changing their methodology isn’t particularly helpful either. But, I will spend more time than usual on ADP and suspect that the market will react more than usual as well (jobs are clearly the main Fed concern) and with the big revisions to NFP, more people will look to this data than usual.
    • Don’t chart any economic data from January 2020 until September 2023. That is probably a bit extreme, but I find ignoring economic data from January 2020 until at least December 2022 is quite useful. We had a reasonably “normal” economy in 2018 and 2019. I want data that goes back at least a year (hence September 2023, though we could go back as far as January 2023). This analysis gives me a better comparison between “steady states” and is more helpful than including data that includes COVID and all the COVID responses/repercussions. It also makes smaller moves in the current data stand out more, as they aren’t dwarfed by the moves in 2020.

    Understanding the current state of the economy is difficult enough with the data we have, let alone when we really start to question the accuracy and timeliness of the data.

    Given all the uncertainties, I’m still in the “bumpy” landing camp. Not a hard landing, but an economy where the data, over time, shows that both the job market and the consumer are slowing. Not necessarily to recession levels, but to levels that make current valuations questionable.

    Bottom Line

    8 rate cuts in 8 meetings is too aggressive, unless the data slips to worse than “bumpy.”

    • “Normal Yield” curves. I have to assume that every major news outlet has their finger hovering above the send button on a story about how the yield curve is no longer inverted, and I expect they will get to use that soon. 2s vs 10s closed at -2 bps on Friday, and I think that should drift towards 20 as we near the election (if not sooner). The 10-year yield has remained stubbornly below 4%, but the fact that we sold off on Friday, despite good inflation data and the normal “month-end extension” that typically helps bonds, means we can see that get back above 4%.

    “Rotation” trades should continue in the equity space. The setup seems similar to last November where we developed consistent outperformance rather than the “crazy” moves we had for a couple of days last month.

    Credit. I remain comfortable with credit as my concerns are far more about “valuations” than they are about any deep cuts to earnings and growth (bumpy isn’t the same as recession).

    Liquidity remains my number one fear and I think it continues to create asymmetric risk, where moves to the upside are bigger than normal, and moves to the downside will be bigger than normal on steroids!

    Normally, we’d be welcoming everyone back to “normality” after a “slow summer,” but this summer was anything but slow.

    Trust but verify might be the best motto for all data in the coming weeks!

    Tyler Durden
    Sun, 09/01/2024 – 18:40

  • Trump Endorses Florida Marijuana Measure, Calls For Public Smoking Ban
    Trump Endorses Florida Marijuana Measure, Calls For Public Smoking Ban

    Former President Donald Trump says he supports a public ban on smoking marijuana, but that people shouldn’t be criminalized for carrying “small amounts” of weed.

    “In Florida, like so many other States that have already given their approval, personal amounts of marijuana will be legalized for adults with Amendment 3,” Trump wrote Saturday on Truth Social. “Whether people like it or not, this will happen through the approval of the Voters, so it should be done correctly.”

    Florida’s Amendment 3, titled Recreational Marijuana, would allow adults who are at least 21 years of age have up to 3 ounces of marijuana (a ‘small amount’?) and up to 5 grams of marijuana concentrate. At present, the state only allows medical patients with qualifying conditions to legally buy and possess cannabis.

    If the measure passes, Florida would become the 25th state in the US to legalize weed for personal use.

    That’s cool with Trump, as long as the state prohibits public use “so we do not smell marijuana everywhere we go.”

    “At the same time, someone should not be a criminal in Florida, when this is legal in so many other States,” Trump continued. “We do not need to ruin lives & waste Taxpayer Dollars arresting adults with personal amounts of it on them, and no one should grieve a loved one because they died from fentanyl laced marijuana.”

    As the Epoch Times notes further, Florida state Sen. Joe Gruters, a former state Republican Party chairman, cheered Trump’s stance on Amendment 3.

    “I am incredibly proud to have President Trump stand alongside us in our effort to end needless arrests and incarcerations of adults for simple possession of marijuana and to give Floridians the same individual freedom to choose safe, tested products that more than half the country already enjoys,” Gruters wrote on X.

    Gruters has pledged to push legislation to make sure public spaces remain smoke-free if voters approve the ballot measure in November, a proposal that now has Trump’s backing.

    “President Trump’s call for smart implementation is exactly why I filed a bill to prevent smoking in public,” the Gruters said. “Marijuana should be consumed at home, and I will work alongside my colleagues in the legislature to ensure Florida does this right.”

    The ballot measure faces opposition from Gov. Ron DeSantis, other state Republican leaders, and police groups including the Florida Sheriffs Association. Critics of Amendment 3 say it will go beyond decriminalizing personal use of marijuana and lower the Sunshine State’s overall quality of life.

    “It’s basically a license to have it anywhere you want,” the governor said in April at a press conference. “So no time, place, and manner restrictions. This state will start to smell like marijuana in our cities and towns.”

    The Florida Sheriffs Association issued more severe warnings, arguing that the legalization would increase criminal activity, illegal use among adolescents, traffic accidents, homelessness, and hospitalizations.
    “Marijuana legalization advocates have argued that legalization will reduce overall crime, but in ‘legal’ states, marijuana crime rates have risen at a faster rate than other states across the country,” the group stated in a resolution opposing Amendment 3.

    To help defeat Amendment 3, DeSantis has launched Florida Freedom Fund, a political spending committee chaired by James Uthmeier, his chief of staff who served as his campaign manager during the unsuccessful bid to win Republican nomination for White House. The group is also devoted to stopping Amendment 4, which would establish a constitutional right to abortion before fetal viability.

    The measures need approval from at least 60 percent of voters to become part of the state’s governing document.

    Tyler Durden
    Sun, 09/01/2024 – 18:05

  • Walzin' Out A Fake War Hero
    Walzin’ Out A Fake War Hero

    Authored by Chase Spears via RealClearDefense,

    There is a saying among veterans that we’re hard on one another, but that we’ll circle the wagons when civilian outsiders attack. Perhaps in another time that was truly the rule. If so, such a tradition expired long before my enlistment in the fall of 2003. Regardless, one rule remains intact for generations of veterans: lie about your military service record at your own risk. Governor of Minnesota and vice-presidential candidate Tim Walz is learning that lesson. It’s one he should have known long ago as a retired senior noncommissioned officer.

    In the Army, the noncommissioned officer (NCO) leads troops directly. Officers command, plan, and make policy. NCOs make it happen. Good NCOs are the repository of common sense in the ranks, the ones who know their troops well. Having worn the rank of Sergeant, and then becoming an officer myself, I often spoke of the importance of officers having NCO supervision. There’s a reason most U.S. Army officers have an enlisted counterpart, wisdom that was baked into the system long ago. They are integral to a healthy balance of leadership in the military setting.

    It is against this backdrop that Tim Walz’s behavior stands out in such stark relief to the Creed of the Noncommissioned Officer, which states, “I will not use my grade or position to attain pleasure, profit, or personal safety.”

    The problem is not Master Sergeant Walz moving on to a political career as a civilian. He is following in the wake of many who have come before him—all the way back to the nation’s early years. In the U.S., doing time in the military is frequently a catalyst for one’s political ambitions given the favorable view the public has toward the troops. Consider John Glenn: he was recruited to run for senate specifically for being a Marine and an astronaut. The same can be said of Senator Mark Kelly. Though Americans do not often elect veterans as presidents, they routinely elect them to Congress.

    Had Walz retired, gone back to civilian life, and been honest about his military record, this discussion would not be happening. Had he spoken of himself as a “retired Master Sergeant, and former Command Sergeant Major of the 1st Battalion, 125th Field Artillery,” that would have been fine. I retired last year having been selected for promotion to Lieutenant Colonel. But I chose to depart as a Major rather than waiting months for the date of promotion and completing an additional three years to maintain the higher rank in retirement. Walz himself made a deliberate choice not to complete the requirements to remain a Command Sergeant Major and was returned to the rank of Master Sergeant in retirement.

    Everyone in the military leaves eventually, one way or another. Originally planning for a 30-year career, I chose to leave at 20 years for reasons of conscience and a desire to be more present with my family, after having served tours in combat zones. It seems Walz timed his retirement out of a desire to avoid combat deployment altogether, despite claims of reenlisting specifically to fight in the Global War on Terrorism. There were plenty of reasons why one would dislike the idea of deploying to Iraq, a war the Bush Administration never should have started. Having completed the initial requirements that he signed up for, Walz had every legal right to drop out of the Sergeant Majors academy and retire, instead of continuing to lead his battalion. It is fair to debate the associated honor or dishonor of Walz stepping away as a senior leader when his unit needed him and going behind the back of his immediate supervisors to do so. But the fact remains, it was his choice to make as a free citizen. Many others have made the same choice.

    But choosing to step down and then create a false war hero identity for political benefit is deserving of the loudest contempt. Walz attempted to cast himself in the likeness of Rambo, but proves to be more of an emasculated, dancing retired Master Sergeant on the political stage.

    Once freed of the shackles associated with his military status, Walz falsely branded himself a combat veteran, a claim debunked by the same left-leaning press that’s doing all it can to ensure he and Harris win in November. Every bit as lacking in ethical prowess, the acolytes running Walz’s public relations effort claim that he merely “misspoke.” That is a lie. Veterans know if they served in a designated combat theater and if they carried a weapon in a war zone. These are not distinctions taken lightly. Suggestions otherwise spit in the faces of those who have been on the ground in dangerous places, putting their lives on the line in America’s defense.

    One can criticize Walz for his myriad of insane policy choices, a short list of which includes: tampons in boys’ bathrooms, setting up COVID snitch hotlines, letting Minneapolis burn in 2020, joining Minnesota to a list of states that aim to disregard the electoral college, enthusiastic homosexual grooming of children in public schools, and signing legislation that stripped the rights of children who survive an abortion attempt. He deserves condemnation for playing the “military defender of the nation” card while also saying that there is no right to free speech in that pesky Constitution he pledged allegiance to as a soldier. Walz’s record as an elected official is reprehensible. Even without bringing his time in the National Guard into the conversation, he is unqualified for leadership at any level. But since he lied about his military service for personal gain repeatedly over the years, it is right to add that to Walz’s long list of actions that render him unfit for political office.

    Chase Spears served as a U.S. Army public affairs officer for 20 years, retiring as a Major-Promotable in 2023. Among other pursuits, he enjoys writing about courage, civil-military relations, communication ethics, and policy. Chase holds a Ph.D. in leadership communication from Kansas State University, where his research focused on the political realities of military norms and actions. He can be found on X, LinkedIn, YouTube, and Substack at @drchasespears.

    Tyler Durden
    Sun, 09/01/2024 – 17:30

  • Trump To Vote 'No' On Florida Pro-Abortion Ballot Initiative
    Trump To Vote ‘No’ On Florida Pro-Abortion Ballot Initiative

    Former President Donald Trump said on Friday that he would vote no on a Florida amendment that would guarantee the right to abortion before viability – which is typically around 24 weeks of pregnancy, and potentially up until birth.

    Former President and current Republican Presidential nominee Donald Trump speaks about the economy, inflation, and manufacturing during a campaign event at Alro Steel in Potterville, Mich., on Aug. 29, 2024. Bill Pugliano/Getty Images

    According to Trump, a six-week ban is too short, and a low allowing a nine-month abortion is too radical. The amendment, the “Amendment to Limit Government Interference with Abortion,” will be on the ballot in November, and seeks to overturn the state’s six-week abortion ban and bar future legislation limiting access to abortion.

    During a Thursday interview with NBC News, Trump was asked how he’d vote on the measure – replying that the current six-week ban is ‘too short.”

    After the MSM went nuts over his answer, his campaign clarified his stance.

    “He simply reiterated that he believes six weeks is too short,” said national press secretary Karoline Keavitt in a statement.

    Elaborating further on Fox News Friday, Trump said that he would vote against the measure “because it’s radical.”

    “And when you talk about radical … doing an abortion in the ninth month is unacceptable to anybody,” he said. “There’s something in between, but the six [weeks] is too short, it’s just too short a period, and the nine months is unacceptable.

    “But for that reason, for the radicalization on the Democrat side, we’re voting no,” Trump continued.

    As the Epoch Times notes further, the proposed amendment states that “no law shall prohibit, penalize, delay, or restrict abortion before viability or when necessary to protect the patient’s health, as determined by the patient’s healthcare provider.”

    The amendment would not “change the Legislature’s constitutional authority to require notification to a parent or guardian before a minor has an abortion.”

    Trump also declined to commit to vetoing a federal abortion ban if elected, saying that states are handling it effectively.

    “Well, what’s happening is you’re never going to have to do it because it’s being done by the states,” Trump said. “The states are voting, and the people are now getting a chance to vote, and this is the way everybody wanted it.”

    On Thursday, Trump took credit for the U.S. Supreme Court’s 2022 decision that returned power to make abortion laws to the states, having appointed three of the five justices who voted for it.

    “If you go back 10 years, 15 years, all they wanted to do is they wanted it back in the states,” he said. “They didn’t want it to be in the federal government. I was able to do that.”

    Reproductive issues, including IVF and abortion, have been a key issue of both party’s platforms during this election cycle.

    Trump has promised to offer free in vitro fertilization (IVF) to women in the United States, with details to be announced in the next couple of weeks.

    He said Thursday that his administration plans to fund or require insurance companies to cover IVF, making it more accessible to Americans. While the plan’s specifics, including coverage for same-sex couples, are still under consideration, Trump emphasized his support for IVF, citing its benefits for families.

    “We’re doing this because we just think it’s great,” he said Thursday. “And we need great children, beautiful children, in our country. We actually need them.”

    The issue gained attention after Alabama’s Supreme Court ruled that embryos are legally children, leading to a temporary halt in IVF services in the state.

    Tyler Durden
    Sun, 09/01/2024 – 16:55

  • IRS Lagging In Complying With Order Not To Raise Audit Rates For Under-$400,000 Earners: Watchdog
    IRS Lagging In Complying With Order Not To Raise Audit Rates For Under-$400,000 Earners: Watchdog

    Authored by Naveen Athrappully via The Epoch Times (emphasis ours),

    The IRS has made little progress in complying with a Treasury Department directive that asked the agency not to target people earning less than $400,000 a year with higher audit rates, according to a recent report by the Treasury Inspector General for Tax Administration (TIGTA).

    A sign outside the IRS building in Washington on May 4, 2021. Patrick Semansky/AP Photo

    In August 2022, the Inflation Reduction Act (IRA) granted the IRS almost $80 billion in funding for a 10-year period, an amount that was eventually reduced to $57.8 billion. Out of this, $24 billion is set aside for enforcement activities. The same month, the Treasury secretary issued a directive to the IRS commissioner asking the tax agency not to use the additional IRA funding to boost audits on small businesses or households making less than $400,000 a year.

    The Aug. 26 TIGTA report found that the IRS has made only “limited progress” in developing a methodology to comply with the Treasury directive, citing “planning and implementation challenges.”

    To comply with the 2022 Treasury directive, the IRS must first establish a historical “base year” audit rate for taxpayers with incomes less than $400,000 with which to compare future compliance.

    Both the IRS and the Treasury have selected tax year (TY) 2018 as the base year. However, as of May 2024, the two agencies “have not finalized the methodology to calculate the TY 2018 audit coverage rate for tax returns with TPI [total positive income] under $400,000,” the report notes.

    The primary reason that the 2018 audit rate has not been calculated is that both the IRS and the Treasury have been exploring alternatives to the current methodologies for such calculations, the report notes.

    The IRS already calculates audit rates based on income categories every year. For instance, for TY 2018, the audit rate for TPI between $200,000 and $500,000 was 0.3 percent.

    Officials from the IRS told the TIGTA that the agency is not considering this standard approach for determining audit rates to meet the 2022 directive because it wants the flexibility to audit taxpayers who may purposefully underreport their TPI below $400,000 given that the agency intends to boost audit rates above this level.

    Not an ‘Urgent Matter’

    In addition, the IRS does not view the issue as an “urgent matter” since the agency believes it has enough time to develop the methodology, the report states.

    The 2022 directive will look at audit rates beginning with tax year 2023, which will only be examined in fiscal year [FY] 2025, beginning in October this year.

    “The IRS believes it has more time to work with the Treasury Department to finalize the audit coverage rate,” the report states. “However, given the complexity of developing the methodology and that FY 2025 is only a few months away, we believe the IRS needs to expedite the finalization of its plan to comply with the Treasury Secretary’s Directive.

    “The IRS was unable to provide TIGTA with a timetable or milestone dates to ensure that it is progressing toward completion. The absence of timetables and milestones increases the risk that the methodology may not be developed in time to ensure compliance with the 2022 Treasury Directive.”

    After a draft of the report was submitted to the IRS, the tax agency’s deputy commissioner, Douglas W. O’Donnell, said the IRS remains committed to administering the tax code in line with the Treasury directive.

    This commitment is “reflected in the enforcement efforts” undertaken by the agency since the IRA was implemented in 2022, the deputy commissioner said. For instance, the IRS has taken steps to “shift more tax compliance attention to high-income earners, partnerships, large corporations, and abusive promoters,” he stated.

    Auditing Below-$400,000 Earnings

    In the IRS’s response to the draft TIGTA report, O’Donnell said that the agency “will not increase audit rates relative to historical levels for small businesses and households making under $400,000 per year.” Jonathan Curry, a media relations officer from the IRS, confirmed this stance in an emailed statement to The Epoch Times.

    In September last year, the agency said it was shifting attention to “wealthy from working-class taxpayers.”

    However, during an October 2023 hearing at Capitol Hill, IRS Commissioner Danny Werfel hinted that audits could rise for this demographic.

    During the hearing, Rep. Virginia Foxx (R-N.C.) asked the commissioner whether he was “guaranteeing” that he would “not increase the number of audits of people making less than $400,000 a year.”

    Werfel indicated in his reply that while this was his “marching order” to the tax agency, the IRS may not be able to fulfill its promise.

    “If we fall short of that, I will be held accountable for it,” he said.

    In a November post, Sen. Mike Crapo (R-Idaho) criticized the “ambiguous” stance on the matter. Crapo claimed that the $400,000 level is applicable to total positive income, which includes all incomes earned during a year without accounting for losses.

    “This could impact many taxpayers who in reality make far less than $400,000. How would this affect an Idaho small-business owner whose gross sales generate more than $400,000, but after expenses and losses, takes home much less?” he asked.

    “The directive also appears to include a marriage penalty, as the $400,000 threshold applies to a single individual, while couples must share it.”

    This issue was mentioned in the recent TIGTA report. Couples who make $400,000 in combined income are seen as exceeding the $400,000 threshold for higher audit rates, even though they may each make less than this amount.

    “When asked if this would be unfair to those married taxpayers, the IRS stated that the 2022 Treasury Directive made no distinction between married filing jointly and single households, so neither will the IRS,” the report states.

    “Further, the IRS mentioned that it would be best to keep the threshold at $400,000 regardless of filing status to make it easier for the IRS to monitor progress moving forward.”

    Tyler Durden
    Sun, 09/01/2024 – 16:20

  • Harris Accidentally Admits The Economy-Crushing 'Green New Deal' Is Her Real Agenda
    Harris Accidentally Admits The Economy-Crushing ‘Green New Deal’ Is Her Real Agenda

    Democrats (and Neo-Cons) never actually abandon an agenda, even if the majority of the population is against it.  Instead, they look for the backdoor and pass legislation subversively by hiding it within other measures.  The Green New Deal was a wildly unpopular concept rooted in UN-related climate directives on carbon emissions that would, if fully enforced, destroy the US economy in a decade or less. 

    The EU in particular has been aggressive in expediting similar programs which now threaten the agricultural base of half of Europe. This has led to rising farmer protests and given momentum to “far-right” movements, a prospect that the social engineers at the EU Commission seem to fear more than anything else.  Their solution?  They are attempting to bribe farmers with subsidies and have offered to lessen the number of visits farms would receive from bureaucratic agents armed with fines and red tape.  How nice of them…

    As Jeremy Clarkson has cleverly proven in his show ‘Clarkson’s Farm’, trying to operate an agricultural business almost anywhere in Europe or the UK is a regulatory nightmare that would put most farmers in the US out of business immediately (America is headed in this direction).  And that’s without the benefit of carbon emissions rules.  Subsidies are the only thing keeping them alive, but the real trick is that the strict regulations force farmers into a position where they need subsidies.  It’s a government enforced racket.

    Europeans suffered supply chain collapse and true famine during and after WWII and the experience is still burned into their collective cultural memory.  It’s hard to say if the bribery scheme will work out the way the EU elites hope.  Once carbon rules are passed and accepted as the norm, though, there’s no chance that they will be rescinded.  They will continue to be enforced even when food inflation skyrockets again and mass starvation becomes a reality.

    In the US, staunch opposition from conservatives prevented the direct passage of the Green New Deal.  Biden denied his administration had any intention of pursuing GND policies in 2020 during a debate with Donald Trump.

    Biden was asked by moderator Chris Wallace if he supported the Green New Deal:

    “No, I don’t support the Green New Deal,” Biden said. 

    “Oh you don’t? Oh, well, that’s a big statement,” Trump interrupted. 

    “I support the Biden plan that I put forward,” Biden said, “which is different than what (Trump) calls the ‘radical’ Green New Deal.” 

    Of course, Biden would later covertly embed carbon policies into his “Inflation Reduction Act” – A piece of legislation that utterly failed to accomplish its name (CPI measurements have gone down, but inflation has not), but succeeded in launching the first stage of climate controls outlined in the GND.  Biden has continued to deny that the GND is a goal of his administration, but Kamala Harris seems to have spilled the beans in her first major media interview since she became the Democratic candidate.   

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    “I think the most important and most significant aspect of my policy perspective and decisions is my values have not changed…You mentioned the Green New Deal. I have always believed – and I have worked on it – that the climate crisis is real, that it is an urgent matter to which we should apply metrics that include holding ourselves to deadlines around time.”

    Running damage control, the Harris campaign claimed after the interview that she “does not” support the Green New Deal.  Except, she just said that her “values have not changed” in reference to the Green New Deal.  The ‘Inflation Reduction Act’ was a Trojan horse, and it’s only the beginning if Harris becomes president.

    Man-made climate change theory is perhaps the biggest scientific fraud in our modern era, with absolutely no hard evidence that global warming is caused by human industrial or agricultural activity.  Official temperature records used by climate scientists only date back to the 1880s; this is a tiny sliver of time in the Earth’s climate history.  When we examine the long term temperature record there have been numerous warming periods long before human created emissions.

    When we compare long term temperature records to the long term carbon record, it becomes clear that carbon-based emissions have little to no influence over the Earth’s climate.  Correlation is not proof of causation, and in many cases there isn’t even evidence of correlation.  

    The Green New Deal has nothing to do with global warming and everything to do with environmental communism.  One of the primary reasons why the GND failed to gain public support was because it included “Climate Justice” protocols which are designed to redistribute the wealth of richer nations over to poor nations.  This same agenda has been promoted by globalist institutions like the Summit For A New Global Financing Pact, which has called for the IMF and World Bank to “administrate” these carbon taxes. 

    In other words, the globalists get billions (or trillions) in funds annually through carbon regulations, then they use that cash as leverage to pressure nations to adopt whatever policies they want.  In the meantime, richer western nations break down economically until everyone is equally poor and the globalists control the planetary pocket book.  In essence, it’s a modern-day form of feudalism in the name of a climate crisis that doesn’t exist. 

    Tyler Durden
    Sun, 09/01/2024 – 15:45

  • Berkeley Law School Dean: Constitution "Outdated", "Threatens The United States"
    Berkeley Law School Dean: Constitution “Outdated”, “Threatens The United States”

    Authored by Ben Bartree via Armageddon Prose,

    Berkeley Law School Dean Erwin Chemerinsky, promoting his very patriotic book “No Democracy Lasts Forever: How the Constitution Threatens the United States,” recently penned an op-ed and appeared on MSNBC to float the idea that we need to toss out the United States Constitution — arguably the most eloquent and functional if imperfect governing document ever written, which every Western nation has modeled their own on — and replace it with something a little more Democratic™.

    Here the psychopathic cross-eyed nerd — who would be the first to go in the kind of French Revolution-style chaos he’s fomenting, like Piggy in Lord of the Flies — explains.

    Via Los Angeles Times (emphasis added):

    “No matter the outcome of the November elections, it is urgent that there be a widespread recognition that American democracy is in danger and that reforms are essential. No form of government lasts forever, and it would be foolhardy to believe that the United States cannot fall prey to the forces that have ended democracies in many other countries.

    Although the causes are complex, many of today’s problems can be traced back to choices made in drafting the Constitution, choices that are increasingly haunting us. After 200 years, it is time to begin thinking of drafting a new Constitution to create a more effective, more democratic government.

    Signs abound that American democracy is in serious trouble. Confidence in the institutions of American government is at an all-time low. The Pew Research Center has been tracking public trust in government since 1958. It has gone from a high-water mark of 77% in 1964 to our contemporary 20%.* A poll in September 2023 indicated that only 4% of U.S. adults said the American political system worked “extremely or very well.” A recent Gallup poll had only 16% of Americans expressing approval for how Congress is performing its job.

    Especially individuals in their 20s and 30s are losing faith in democracy. A Brookings Institution study found that 29% of “young Americans say that democracy is not always preferable to other political forms.””

    First of all, “democracy” is a broad term that means different things in different contexts. When it’s used generally, it just means rule by the people, and in that sense is the antithesis of authoritarianism of various stripes.

    But when it’s used as a specific governing model, direct democracy, of “pure democracy,” is a euphemism for mob rule. This is not what the Founders intended, because anyone who has read Lord of the Flies understands enough about human nature to foresee the outcome.

    Second, the reason no one trusts the government is because it’s run by crooked totalitarian bastards — not because of academic concerns over the nuances of the Constitution.

    But they’d rather not talk about any of that on MSNBC or any corporate state media, because they are functionally the state.

    Continuing:

    “There is an alternative to a spate of separate amendments: starting fresh by passing a new Constitution. It does not take much reflection to see the absurdity of using a document written for a small, poor and relatively inconsequential nation in the late 18th century to govern a large country of immense wealth in the technological world of the 21st century.

    It may seem strange and frightening to suggest thinking of a new Constitution at a time of great partisan division. But that existed in 1787; in many of the states, the Constitution was just barely ratified.”

    Ben Bartee is an independent Bangkok-based American journalist with opposable thumbs.

    Follow his stuff via Substack. Also, keep tabs via Twitter.

    For hip Armageddon Prose t-shirts, hats, etc., peruse the merch store.

    Tyler Durden
    Sun, 09/01/2024 – 15:10

  • Georgia Election Workers Seek Control Of Giuliani's Assets After Defamation Suit
    Georgia Election Workers Seek Control Of Giuliani’s Assets After Defamation Suit

    Two Georgia election workers who won a $146 million defamation judgement against Rudy Giuliani have asked a federal judge to grant them control over the former NYC Mayor’s assets.

    In a Friday filing in the Southern District of New York, mother and daughter Ruby Freeman and Wandrea Moss asked for control of Giuliani’s Florida condo, New York apartment, and various other assets – including his Mercedes SL500 and numerous watches.

    Rudy Giuliani, a former lawyer of former President Donald Trump, leaves the E. Barrett Prettyman U.S. District Courthouse after jury deliberation in Washington on Dec. 15, 2023. Madalina Vasiliu/The Epoch Times

    “Now that Mr. Giuliani’s bankruptcy case has been dismissed, Plaintiffs are finally in a position to receive a measure of compensation by enforcing their judgment,” reads the filing.

    “In this motion, Plaintiffs seek two remedies to which they are entitled under New York law: an order requiring Mr. Giuliani to turn over personal property in his possession in satisfaction of the judgment, and an order appointing Plaintiffs as receivers with the power to take possession of, and sell, both real and personal property that Mr. Giuliani does not turn over.”

    In addition to the above, the mother-daughter pair are demanding sports memorabilia (a signed Yankee Stadium picture, Joe DiMaggio shirt, and Reggie Jackson’s picture), three Yankee World Series Rings, and another diamond ring. In total, the two women are looking to collect around $10 million in assets – a fraction of what a Washington jury awarded him.

    As the Epoch Times notes further, Giuliani accused the women of mishandling ballots after a video clip surfaced of them pulling ballots out of large containers from under the tables after observers had gone. An investigation by the Georgia Elections Board cleared Freeman and Moss of wrongdoing, but mother and daughter said the damage had been done.

    Prior Legal Battles

    Giuliani spokesperson Ted Goodman criticized the filing as a step “designed to harass and intimidate the mayor” while he’s appealing the “objectively unreasonable” judgment.

    “This lawsuit has always been designed to censor and bully the mayor and to deter others from exercising their right to speak up and to speak out,” Goodman said. He contends that “the justice system has been weaponized” against Giuliani “and so many others for strictly partisan political purposes.”

    The initial verdict was for $148 million but lowered slightly in a subsequent judgment by a judge in Washington. Judge Beryl A. Howell rejected his attempt to dismiss the judgment.

    Shortly after the verdict, Giuliani filed for bankruptcy. Troubled by Giuliani’s repeated “uncooperative conduct,” U.S. Bankruptcy Judge Sean Lane decided in July to dismiss the case. Lane labeled Giuliani a “recalcitrant debtor” and said he had thumbed his nose at the bankruptcy process while seeking to shield himself from the defamation judgment and other debts.

    According to the filing, Giuliani disclosed that his New York apartment was valued at $5.6 million, while his Florida condo was valued at $3.5 million. The former Trump adviser also testified that the Trump 2020 campaign and Republican National Committee owed him “about $2 million.”

    The Aug. 30 filing repeatedly noted Giuliani’s refusal to cooperate with court orders.

    In his most recent financial filings, Giuliani said he had about $94,000 cash in hand at the end of May, while his company, Giuliani Communications, had about $237,000 in the bank. A main source of income for the 80-year-old former mayor has been a retirement account with a balance of just over $1 million in May, down from nearly $2.5 million in 2022.

    A New York court disbarred Giuliani in July over his statements about the 2020 election.

    The Associated Press and Catherine Yang contributed to this report.

    Tyler Durden
    Sun, 09/01/2024 – 14:35

  • Waste Of The Day: Unscrupulous NGOs Rake In Billions For Foreign Assistance
    Waste Of The Day: Unscrupulous NGOs Rake In Billions For Foreign Assistance

    Authored by Jeremy Portnoy via RealClearInvestigations,

    Topline: Between 2013 and 2022, 15 nonprofits each received over $1 billion from the federal government for foreign, nonmilitary projects, according to a new report from the Congressional Research Service.

    Key facts: Six thousand non-governmental organizations, or NGOS, received grants and contracts from the U.S. Agency for International Development, but 20% of the money went to just 10 groups. Four of them are for-profit enterprises.

    Almost $7 billion went to two particularly unworthy organizations.

    Non-profit research group RTI International accepted $2.3 billion for humanitarian projects around the world, even though past reports have warned of issues with RTI’s spending.

    Various audits from 2006 to 2014 claimed that RTI invented “fictional beneficiaries” to make an anti-malaria campaign seem more effective than it really was. They also sent computers to a Nicaraguan school that didn’t have electricity and billed the federal government for teacher salaries in Senegal that had already been paid, according to the audits.

    Catholic Relief Services was the top recipient of federal money — $4.6 billion — singlehandedly accounting for more than half of the funds sent to faith-based organizations.

    Six of their former board members were named by a Pennsylvania grand jury in 2019 for allowing sex abuse in the Catholic Church. Catholic Relief Services was also found guilty in 2022 of discriminating against a gay employee.

    The federal government also sent $50 billion in foreign aid to groups whose names are redacted from public databases, according to the report. In total, Congress gave $66 billion in foreign assistance in FY2023.

    Background: A significant portion of USAID’s funds go toward the Middle East, amounting to almost $21 billion from 2021 to 2023, according to OpenTheBooks.

    That included $1.4 billion in cash transfers to Jordan, more than any other foreign nation received. The Congressional Research Service quantified over $5 billion in budget assistance to Jordan from 2013 to 2022; no other country received more than $2 billion.

    OpenTheBooks also identified some odd initiatives funded in the Middle East. The U.S. spent $3.3 million on “women entrepreneurship development” in Gaza and $339,000 to convince Saudi Arabians to stop keeping cheetahs as pets.

    Summary: It’s vital for the U.S. to help its allies, but spending should be limited to legitimate entities with proven records of being good stewards of taxpayer money.

     The #WasteOfTheDay is brought to you by the forensic auditors at OpenTheBooks.com

    Tyler Durden
    Sun, 09/01/2024 – 14:00

  • 49er Ricky Pearsall Shot In Chest During San Francisco Robbery; Mom Gives Update
    49er Ricky Pearsall Shot In Chest During San Francisco Robbery; Mom Gives Update

    Another day, another shooting in a Democrat-run city. This time, 49ers first-round draft pick Ricky Pearsall was repeatedly shot during an attempted robbery in downtown San Francisco Saturday, Mayor London Breed confirmed.

    May 10, 2024; Santa Clara, CA, USA; San Francisco 49ers wide receiver Ricky Pearsall (14) smiles during the 49ers rookie minicamp at Levi’s Stadium in Santa Clara, CA. Mandatory Credit: Robert Kupbens-USA TODAY Sports / Robert Kupbens-USA TODAY Sports

    Pearsall, who could be seen walking to an ambulance after he was shot, is in stable condition.

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    “This afternoon, there was an attempted robbery in Union Square involving San Francisco 49ers wide receiver Ricky Pearsall and he was shot,” said Breed. “SFPD was on scene immediately and an arrest of the shooter was made.”

    https://platform.twitter.com/widgets.jsAccording to the SF Fire Department, two victims were discovered near Grant and Geary streets with possible gunshot wounds.

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    And according to SFPD, “two male subjects suffering from injuries” were found at the scene, and were transported to a local hospital after receiving medical attention.

    As Fox News reports;

    The NFL player, 23, had been walking alone shortly after 3:30 p.m. local time when a suspect attempted to rob him with a gun in the Union Square area, according to officials. Scott said that more than one shot was fired.

    The gun allegedly belonged to the suspect and was recovered. Scott said that investigators believe the teen had acted alone, adding that there was no indication that Pearsall had been targeted because he’s a football player.

    According to Pearsall’s mother, “GOD shielded him,” and none of the bullets hit his vital organs.

    “Update on my baby boy,” she said in a Facebook post. “First and (foremost) I want to thank GOD for protecting my baby boy. He is extremely lucky, GOD shielded him. He was shot in the chest and it excited out his back. Thanks be to GOD it missed his vital organs.

    “He is in good spirits right now,” she added. “Life is so precious my friends. Please love (each other). My son was spared today by the grace of GOD. Please pray for my baby.”

     

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    Tyler Durden
    Sun, 09/01/2024 – 13:25

  • Debate Desperation Time For Democrats
    Debate Desperation Time For Democrats

    Submitted by QTR’s Fringe Finance

    You’ll have to believe me that I’m not trying to make a partisan statement when I say that everything the Democrats have done leading up to this election has been inauthentic, phony, and panic-stricken—from swapping out their candidate at the very last minute to flip-flopping on major issues like banning fracking, taxing tips, and EV mandates.

    In some ways, I think the party would be doing better if they just took a breath and let Kamala Harris’s campaign unwind like any other normal campaign. But if Democrats are experts at one thing, it’s micromanaging things to death out of narcissistic adoration for their own faux intellect—hence we get genius ideas like price-fixing the economy, defunding the police, minting a trillion dollar coin, segregating college campuses to fight racism or trying to tell you what type of stove you can use at home.

    Unfortunately for Democrats, the lack of finesse that comes with managing anything like an overly obsessive girlfriend sometimes starts to work against you. For example, Harris’s campaign strategy to keep her out of the media for the first 40 days of being a candidate put abnormal scrutiny on her first television appearance, which turned out to have the intellectual horsepower of a Whoopie Cushion. The whole world watched Harris take pre-scripted and probably pre-approved questions from a Democrat-friendly anchor, on a Democrat-friendly network, and put on a masterclass of how not to effectively articulate herself, her policies, her position changes, or generally anything of substance.

    For Donald Trump’s first debate with Joe Biden, the Democratic Party went full “control freak” and made innumerable requests for rule changes like the debate was being hosted at some Eastern European Ritz-Carlton and they were Hunter Biden on a coke bender ordering room service. They requested chairs, notepads, water, excessive TV breaks, and muted microphones, ostensibly fearing Donald Trump’s razor-sharp tongue and uncanny ability to talk shit on the fly.

    When they got their request, and Trump and Biden faced off with muted mics, Biden was left to his own devices and promptly self-immolated on national television, while Donald Trump stood by, watched, and shrugged his shoulders as if to say in a Sopranos-style New Jersey Italian accent, “Can you believe this fucking guy?”

    Now, after watching their precious Kamala Harris nearly implode during her training wheels, bumper bowling, CNN-sponsored softball-lobbing Fischer-Price™ My First Political Interview lovefest last week (which was rumored to have been edited down to 18 minutes from 41), Democrats are once again nervous that their candidate is unable to articulate themselves and their policies well enough to win a cordial debate on the merits.

    So, the Democratic Party is now requesting another flip-flop (surprise!) and asking that microphones for the debate between Trump and Harris on September 10th remain live for the entire event. And in hilarious fashion, they’re accusing Trump of being scared to change the rules. The mic mute was a Democrat request a month ago and, as a reminder, Trump has been deftly maneuvering near-daily press conferences where he is assaulted by hostile reporters whose sole intention is to humiliate him, while at the same time Kamala Harris has still avoided any solo unscripted, consequential press conferences or interviews. The notion that Trump is rattled by the request, like the media has been parroting, is insulting to the intelligence of anyone with an IQ higher than AstroTurf™.

    The Democratic strategy seems to be clear: they want Harris to have a hot mic so she can go “brat” on Trump and run her mouth in the absence of having any policy prescriptions that can drive the interest of voters. It’s the epitome of inauthenticity and phoniness. Much like when Hillary Clinton revealed the term “Trumped-up trickle-down economics” during a 2016 debate, the Democrats are going full cringe and trying to script an “unscripted” moment for her to be remembered by. They want her talking to Trump in the same condescending way she speaks to everyone, despite being devoid of substance in her words. Behold, Exhibit A:

    And the Democrats ask for these things at their own peril: Donald Trump doesn’t need to rehearse off-the-cuff lines because he just says whatever the hell he wants to and is naturally hilarious, whether you like him or not. As other primary candidates learned in 2016, trying to “talk tough” back to Donald Trump has done nothing for any politician except backfire. When Jeb Bush told Trump he couldn’t insult his way to the Presidency, he…well, insulted his way to the Presidency.

    Whether or not the debate rule change will happen remains to be seen. I personally think the Trump campaign should be done acquiescing to what the Harris campaign wants. I think a majority of independents know Donald Trump’s willingness to debate, and if Harris pulls out, it’s only going to make her look significantly worse. Trump said to Biden, “Anytime, anywhere, anyplace” — and then he followed through and thrashed Biden on his home turf of CNN.

    “He can do it anytime he wants, including tonight,” Trump said 4 months ago:

    With Trump’s addition of Robert F. Kennedy Jr. and Tulsi Gabbard to his team, his campaign has once again picked up support as Harris’s “honeymoon” has been ending. Not showing up to a debate will hurt Harris more than Trump, in my opinion.

    And one thing is for sure: this constant obsession with trying to micromanage everything that their candidate does instead of just allowing them to speak on the issues that the party stands for comes off as desperate and pathetic.

    🔥 80% OFF: If you are not yet a subscriber I am bringing back my 80% off all annual plans sale that I ran early in the summer. As I said this summer, I am never going to offer a larger discount than this and the discount stays applied for as long as you wish to remain a subscriber: Get 80% off forever

    For the last few decades, Republicans have always been for limited government, lower taxes, states’ rights, the Second Amendment, and cutting spending—their platform today resembles their platform anytime in recent history. The Democrats, on the other hand, have been the ones moving their goalposts — now encouraging war, censoring free speech, turning the government into a bloated bureaucracy and recklessly running up the deficit — when former Democrats like Bill Clinton returned the country to a surplus and had previously called for smaller government.

    It’s safe to say that the Democratic platform has moved so far left that people who were once in the middle now can’t help but identify as conservative. Democrats must be finding that out by how often they are switching positions.

    And with two months still until the election, the more Democrats try to hide in their shell and get ticky-tacky while trying to minimize damage and not actively campaign their candidate, the more it is going to look like they have no confidence in their candidate.

    We already know, based on the massive amount of flip-flopping Kamala Harris has done, that Democrats have no confidence in their policies. When watching how much they are trying to micromanage Harris and how she is presented publicly, it begs the additional question of whether they genuinely even have any confidence in their candidate, either.

    Now read:

    QTR’s Disclaimer: Please read my full legal disclaimer on my About page here. This post represents my opinions only. In addition, please understand I am an idiot and often get things wrong and lose money. I may own or transact in any names mentioned in this piece at any time without warning. Contributor posts and aggregated posts have been hand selected by me, have not been fact checked and are the opinions of their authors. They are either submitted to QTR by their author, reprinted under a Creative Commons license with my best effort to uphold what the license asks, or with the permission of the author. This is not a recommendation to buy or sell any stocks or securities, just my opinions. I often lose money on positions I trade/invest in. I may add any name mentioned in this article and sell any name mentioned in this piece at any time, without further warning. None of this is a solicitation to buy or sell securities. I may or may not own names I write about and are watching. Sometimes I’m bullish without owning things, sometimes I’m bearish and do own things. Just assume my positions could be exactly the opposite of what you think they are just in case. All positions can change immediately as soon as I publish this, with or without notice and at any point I can be long, short or neutral on any position. You are on your own. Do not make decisions based on my blog. I exist on the fringe. The publisher does not guarantee the accuracy or completeness of the information provided in this page. These are not the opinions of any of my employers, partners, or associates. I did my best to be honest about my disclosures but can’t guarantee I am right; I write these posts after a couple beers sometimes. I edit after my posts are published because I’m impatient and lazy, so if you see a typo, check back in a half hour. Also, I just straight up get shit wrong a lot. I mention it twice because it’s that important.

    Tyler Durden
    Sun, 09/01/2024 – 12:50

  • 'Heinous, Vile, Disgusting': Gold Star Families Slam Kamala Harris After Attack On Trump Backfires Horribly
    ‘Heinous, Vile, Disgusting’: Gold Star Families Slam Kamala Harris After Attack On Trump Backfires Horribly

    Gold Star families whose loved ones died in the Biden-Harris administration’s botched Afghanistan withdrawal have slammed Vice President Kamala Harris over her attack on former President Trump for paying his respects at Arlington National Cemetary last week.

    Harris slammed Trump’s visit as ‘playing politics,’ however in a series of short videos, eight Gold Star families said they had invited Trump – each of them recording videos which were released in the wake of a statement published by Harris on Saturday, in which she criticized Trump for taking photographs at a wreath-laying ceremony on Monday.

    “As Vice President, I have had the privilege of visiting Arlington National Cemetery several times,” said Harris. “It is not a place for politics. And yet, as was reported this week, Donald Trump’s team chose to film a video there, resulting in an altercation with cemetery staff.”

    Not so fast, Kamala…

    In one video response, the father of Marine Lance Cpl. Jared Schmitz called Harris’ post “heinous, vile and disgusting.”

    “Why did we want Trump there? It wasn’t to help his political campaign,” said Mark Schmitz. “We wanted a leader. That explains why you and Joe didn’t get a call.”

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    Darren Hoover, father of Marine Staff Sgt. Taylor Hoover, said Harris lacks “empathy and understanding” about Monday’s ceremony. 

    “In keeping with the reverence and respect that is given to all members of our military that are buried there, we invited President Trump,” he said. “We are the ones that asked for the video and the pictures to be taken at the tomb of the Unknown Soldier.”

    Hoover added that Trump has “been there for us from the very beginning,” and slammed Harris for “playing politics.”

    “You should be ashamed and embarrassed [about] your lack of empathy and decency as a human being,” said Hoover. “You are only in this for the power and prestige. You don’t care for our military or the citizens of this country.”

    Needless to say, the blowback is intensifying:

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    Tyler Durden
    Sun, 09/01/2024 – 12:15

  • More High-Profile Retail Stores Are Getting Kicked In The Teeth
    More High-Profile Retail Stores Are Getting Kicked In The Teeth

    Authored by Mark Gilman via The Epoch Times (emphasis ours),

    Lackluster consumer confidence is negatively affecting discount retailers such as Dollar General and Big Lots. Dollar General’s shares dropped 32 percent on Aug. 29 after the company admitted in its earnings report that lower-income customers are still struggling, while Big Lots’s fortunes are in a tailspin.

    A sign is posted in front of a Big Lots in Hercules, Calif., store on June 7, 2024. Justin Sullivan/Getty Images

    Middle-scale retailer Abercrombie & Fitch, which made a significant comeback in 2024, saw its stock drop 15 percent this week, while drugstore chain Rite Aid has emptied up to 500 stores amid its bankruptcy filing.

    National Retail Federation (NRF) chief economist Jack Kleinhenz wrote in its August monthly review that while the U.S. economy appears healthy, consumers are skeptical. “While the overall economy continued to display remarkable strength in the first half of 2024, consumer confidence remains weak,” he said.

    That sentiment was bolstered by the latest University of Michigan’s monthly survey in July, which fell for the fourth month in a row. Dr. Joanne Hsu, who authored the report, wrote: “Sentiment has lifted 33 percent above the June 2022 historical low, but it remains guarded as high prices continue to drag down attitudes, particularly for those with lower incomes.”

    The exterior of a Dollar General convenience store on August 30, 2024 in Austin, Texas. Dollar General stock fell 32% after cutting its full-year outlook. The drop is the company’s largest on record. Photo by Brandon Bell/Getty Images

    In Dollar General’s case, the discount store reported it expects fiscal 2024 same-store sales to be up 1.0–1.6 percent, lower than its prior outlook for a 2.0–2.7 percent increase, with earnings per share for the year expected to be in the range of just $5.50–6.20. That prediction was below its original forecast of $6.80–7.55 per share. Dollar General’s core consumer base comprises households earning less than $35,000 annually, contributing to 60 percent of overall sales.

    On the company’s post-earnings call, Dollar General CEO Todd Vasos said, “While middle and higher-income households are seeking value as well, they don’t claim to feel the same level of pressure as low-income households, as customers have felt more pressure on their spending.” He added that what he is seeing in the numbers “would indicate that this is a cash-strapped consumer, even more than we saw in the first quarter.”

    Meanwhile, another discount retailer, Big Lots, is struggling in this economy. In its June filing with the U.S. Securities and Exchange Commission, Big Lots reported that 244 of its 1,392 stores are underperforming and planned to close 35 to 40 of them. Its net sales ended in May this year dropped 10 percent year over year ($415 million), to a little over $1 billion. The company also announced it owed another $72.2 million in debt, accounting for a total of $573.8 million.

    The exterior of a Dollar General convenience store on August 30, 2024 in Austin, Texas. Dollar General stock fell 32% after cutting its full-year outlook. The drop is the company’s largest on record. Photo by Brandon Bell/Getty Images

    In a press release, Big Lots President and CEO Bruce Thorn wrote: “While we made substantial progress on improving our business operations in the first quarter, we missed our sales goals due largely to a continued pullback in consumer spending by our core customers, particularly in high-ticket discretionary items. We remain focused on managing through the current economic cycle by controlling the controllables.  As we move forward, we’re taking aggressive actions to drive positive comp sales growth in the latter part of the year and into 2025 and to maintain year-over-year gross margin rate improvements, all driven by progress on our five key actions.”  The company’s second-quarter results will be announced on Sept. 6.

    Neil Saunders, the managing director of GlobalData Retail, told Modern Retail, “It doesn’t look as if they are going to be able to stop the bleeding anytime soon. The financials are going in the wrong direction. This is a business that has suffered sales declines for a reasonable period of time, and what you come to expect is that, as you go forward, those declines start to moderate a bit and then you start to go back into growth, but Big Lots shows no signs of that happening.”

    Comeback darling Abercrombie & Fitch saw its stock rise 21 percent in the second quarter this year, but immediately drop 15 percent after CEO Fran Horowitz used the word “uncertain” in his earnings analysis. “We delivered a strong first half of the year, and we are increasing our full-year outlook. Although we continue to operate in an increasingly uncertain environment, we remain steadfast in executing our global playbook and maintaining discipline over inventory and expenses,” he said.

    In the University of Michigan report, Dr. Hsu said one of the worries consumers now have is stagnant wage growth. “While consumers exhibited confidence that inflation will continue to soften, many expressed concerns about the effect of high prices and weakening incomes on their personal finances, she wrote.

    According to the Bureau of Labor Statistics’ latest Job Openings and Labor Turnover Survey, the three-month average for payroll gains slowed to 177,000 in June, down from 267,000 in March. As of June 30, the bureau reported the number of job openings was unchanged at 8.2 million, but compared negatively by nearly one million (941,000) compared to June 2023. Hiring also fell from 5.7 million jobs in May this year to 5.3 million in June.

    A hiring sign is displayed in front of Abercrombie & Fitch at the Tysons Corner Center mall on August 22, 2024 in Tysons, Virginia. According to reports, over 800,000 fewer jobs were created within the U.S. economy than originally reported in the 12-month period, 30% less than the previously reported 2.9 million from April 2023 through March, 2024. Photo by Anna Rose Layden/Getty Images

    But she added that even though inflation has slowed, higher prices continue to make an impact on consumer sentiment. “Over the past two years, our surveys clearly reveal that consumers distinguish between their experiences with high price levels and their views of overall inflation rates,” she writes. “On one hand, they recognize that inflation has softened substantially and expect that trend to continue. On the other hand, slowing inflation does not generally lead to reductions in overall price levels; the persistence of high prices continues to exert pain on household budgets.”

    A Rite Aid store stands in Brooklyn on August 28, 2023 in New York City. Rite Aid, a national chain retail pharmacy and convenience store with thousands of locations across the country, is preparing to file for Chapter 11 bankruptcy as it faces increasing financial stress related to opioid lawsuits and other financial pressures. Photo by Spencer Platt/Getty Images

    Another retail casualty this year has been the sudden bankruptcy of Rite Aid, leaving hundreds of stores empty in states such as Michigan and Ohio after closing up to 500 stores nationally. In its filing, the company said it expected its losses would increase significantly in the past quarter, following a loss of $750 million between March 2022 and March 2023 and another $307 million in the second quarter this year. The last quarterly report filed by Rite Aid was in June, when they had only $135.5 million of cash to work with, combined with $3.3 billion in long-term debt.

    According to the NRF monthly review, though overall consumer spending is still inching upward, it’s going to non-retail areas of the economy. “Overall consumer spending continues to be dominated by travel, entertainment and “experiences,” the NRF wrote in its report.

    Tyler Durden
    Sun, 09/01/2024 – 11:40

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Sep 01

Today’s News 1st September 2024

  • Globalists Are Trying To Escalate The Ukraine War Into WWIII Before The US Election
    Globalists Are Trying To Escalate The Ukraine War Into WWIII Before The US Election

    Authored by Brandon Smith via Alt-Market.us,

    The purpose of NATO involvement in the Ukraine War has, to me, always appeared obvious. Ukraine has nothing to do with the interests of the western public, nothing to do with the security of Europe and nothing to do with the economic advancement of the United States. Yet, NATO and the globalists have been politically interfering in the region since at least 2014 and preparing the ground for an eventual war with Russia.

    To be clear, I don’t favor Russia any more than I favor Ukraine. The Kremlin has long had its own ties to the globalists, as I have outlined in numerous articles. How deep those ties go is up for debate – Maybe the honeymoon is over and Russia is truly done trying to get a seat at the globalist table. What I do know is that western elites want a world war and they have done everything in their power to start one.

    Look at it this way: What if you were to make a list of all the covert and overt NATO operations in Ukraine and then flipped script? What if Russia was pursuing all the same agendas of destabilization, control and arms proliferation in Mexico (as the Soviets did in Cuba in the 1960s)?  If the US invaded Mexico preemptively it would be completely understandable.

    Whether or not Putin is acting in the best interests of Russia doesn’t really matter. The war was inevitable anyway because NATO made sure it was impossible to avoid. But what purpose does such a proxy war serve? Well, it doesn’t serve much purpose at all…unless the goal is to instigate a wider world war between the East and the West. In that scenario the globalists benefit greatly.

    They get a scapegoat for the economic collapse they’ve already set in motion. They multiply the global fear factor and make the public desperate for the political elites to step in and solve all their problems. And, they can get rid of their domestic enemies (conservatives and patriots) by accusing them of “working with Russia” to undermine the war effort if they dare to rebel against unconstitutional mandates.

    Beyond that, they also get an opportunity to send young men (who might rebel) off to the meat grinder in Ukraine so that there’s no new generation of freedom fighters to deal with. World War III is a win-win-win for the Davos crowd, as long as it doesn’t go full-on nuclear holocaust and wipe out their carefully crafted surveillance states.

    But how do they turn the proxy war into a world war without looking like the bad guys? That’s the trick, isn’t it?

    The proxy (in this case, Ukraine) would have to take actions that provoke Russia into an explosive outburst. Russia would have to utilize tactics or weaponry that puts a vast number of civilians at risk, requiring greater NATO involvement and perhaps even UN intervention. They need Russia to level a major city containing hundreds of thousands of civilians. They need Russia to drop MOABs or nukes. They need a dramatic war crime; otherwise, the western public is not going to support boots on the ground or agree to a military draft.

    Popular support for monetary and military aid in Ukraine is waning quickly and Ukraine knows they are about to lose. The Kursk offensive looks like an act of desperation triggered by this reality.

    The Kursk region has almost no modern strategic value. It’s a rural agricultural area with a limited industrial base. It does have natural gas pipelines that send energy to Europe, but that doesn’t help Ukraine. They’re already in trouble with Germany for blowing up the Nordstream pipeline. There is also a nuclear power plant in the area but it’s too far away for Ukraine’s troops to seize it (They could try to destroy it with drones and cause a nuclear incident, but this would have to be done covertly without Ukraine taking direct credit).

    Mainstream strategists argue that the Kursk operation was designed to force Russia to move crack troops away from the Donbas front where they are making impressive gains. This would allegedly slow down Russia’s attrition based offensive and change the direction of the war. But if that was the plan, it failed miserably.

    Ukraine’s troops in Kursk have reportedly been contained. Using NATO-style maneuver tactics to invade Kursk has also done nothing to slow Russia’s advance as they are now primed to take the key city of Toretsk. They are also approaching Pokrovsk (the main staging ground for Ukraine’s forces in the east). These areas are heavily defended with long term entrenchments, but Russia is rolling right through them. The lines beyond these cities are thin or non-existent. Ukraine would immediately be forced to negotiate a cease fire.

    Russia also launched the largest missile and drone strikes of the war in fifteen Ukrainian oblasts, causing even greater disruptions to utilities. This proves two things: The Russian military has NOT been diminished or crippled and they still have ample long range ordnance, despite what NATO officials originally claimed

    There’s a reason why Kursk was so lightly defended by Russia – It’s not worth anything to Ukraine in terms of winning the war. That said, I would like to offer an alternative theory on why Ukraine made such a move…

    The moment Ukraine crossed onto Russian soil the media and political narrative changed. The word today is that the Kremlin’s “red lines” are meaningless and that Ukraine has proven that Putin is “all talk” when it comes to nuclear weapons and metropolitan strikes. The discussion has turned to the use of US and European long range missiles deep into Russian territory. The Ukrainian government (with NATO behind it) is demanding that US and European officials allow them access to the big-boy toys.

    Again, the Biden Administration has to at least appear resistant to this idea. They know if they openly give the green light to offensive ATACM strikes on Russian soil beyond the front that they will be seen as stepping over the line of logistical “support” into the realm of direct warfare with the Russians. Yes, I’m well aware that NATO intel and “advisers” have been on the ground in Ukraine since before the war began. The point is, it’s not official policy because the public would not accept it.

    Long range strikes into Russia, I believe, will set in motion more Russian strikes on major cities in the west of Ukraine where the majority of the population lives. These areas have gone largely untouched during the duration of the war. Putin, despite what the media claims, has been careful to limit the targeting of larger civilian centers. That will end if NATO missiles hit Russian cities.

    Kursk may have been an attempt to embarrass Russia into wild strikes on civilian targets, thereby giving NATO a reason to intervene. That’s one theory. Another theory is that the Kursk operation is designed to convince western policy makers and the public that there will be no nuclear repercussions; that Putin is all bluster and Ukraine should be given more advanced tools to bomb Moscow.

    This narrative is largely promoted by the Atlantic Council, a globalist think-tank with ties to the World Economic Forum and the “Three Seas Initiative.” The Atlantic Council directly advises the Ukrainian government on all aspect of the war, including strategy through their Eurasian Center.  They also advise NATO through their Scowcroft Center. As their website notes:

    “The Eurasia Center has worked tirelessly to respond to the Kremlin’s full-scale invasion of Ukraine, using our well-respected and high-visibility platform and leveraging relationships in government, civil society, and the media to have great impact. The Eurasia Center offers recommendations directly to the U.S. administration and Congress, senior Ukrainian officials, European leadership, international media, and civil society. The Center tracks the military and political situation within Ukraine and advocates for stronger, faster measures to stall and mitigate the damage of the Kremlin’s war on Ukraine.”

    I would argue that the Atlantic Council is the primary globalist “influencer” in the Ukraine war – The source for the majority of strategic decisions and propaganda. Their support of the ‘Three Seas Initiative” since 2014 has been the driving force in the effort to bring Ukraine into the EU and NATO (the primary reason why the war started in the first place).

    Lindsay Graham, a Neo-Con and rabid proponent of using Ukraine as a proxy to ignite a war with Russia, has been participating in Atlantic Council projects since at least 2010.

    It’s the Atlantic Council and their media contacts, in my opinion, that are pushing for large scale missile strikes into Russia. They are also the source for the claim that Putin’s red lines are a fake out. They state on their website:

    “Ukraine’s offensive is now posing serious questions about the credibility of Russia’s saber-rattling and the rationality behind the West’s abundance of caution. After all, the Ukrainian army’s current invasion of Russia is surely the reddest of all red lines. If Russia was at all serious about a possible nuclear escalation, this would be the moment to make good on its many threats. In fact, Putin has responded by seeking to downplay the invasion while pretending that everything is still going according to plan.”

    This is the same propaganda that has been spreading into most establishment media platforms in recent weeks. (As a side note, the Atlantic Council was also heavily involved in the funding of covid mandate and vaccine propaganda during the pandemic scare).

    The idea that ballistic volleys into Russia using NATO supplied missiles won’t result in Putin using MOABs or nukes is truly insane. Keep in mind, long range strikes into Russia will do nothing to change the conditions on the ground in the Donbas.

    Even if the globalists can’t convince western populations to give the thumbs up for ballistic attacks on Russia using weapons paid for with our tax dollars, the powers-that-be have a contingency plan. Ukraine has recently announced that they have developed their OWN long range ballistic missile, and those weapons supposedly don’t fall under the supervision of the US and Europe.

    Eventually these kinds of strikes will lead to a Russian response that will appear brutal; and western warhawks will squeeze that event for all it’s worth. They’ll run with it straight to the Pentagon and demand a plan for US military conscription. If this is the agenda then they’ll need to make it happen BEFORE the elections in November.

    Donald Trump is looking increasingly likely to be the winner of the presidential race. I have long held that the globalists will wrap up an economic collapse or a world war and throw it in Trump’s lap. They already tried to do the same thing with the covid pandemic and the inflationary crisis.

    The timing of the Kursk offensive and the call for missile strikes on Russia is not a coincidence. Trump claims that his intention is to end the Ukraine war as quickly as possible once he enters office. This will likely mean a leveraged peace settlement that will involve Ukraine giving up the Donbas region to Russia. If Trump is sincere, then there are many elites in the Atlantic Council, the WEF and NATO that will not be happy.

    They need to escalate the war into something bigger, something that can’t be undone. Right now, the war can be ended – All it takes is some diplomacy and forcing Ukraine to understand that they’re not going to get the Donbas or Crimea back no matter how many lives they sacrifice. But if there are massive civilian casualties on either side, the situation becomes irreversible. I suspect this is what the globalists want.

    *  *  *

    If you would like to support the work that Alt-Market does while also receiving content on advanced tactics for defeating the globalist agenda, subscribe to our exclusive newsletter The Wild Bunch Dispatch.  Learn more about it HERE.

    Tyler Durden
    Sat, 08/31/2024 – 23:00

  • Elon Musk Warns Censorship Of X "Is A Certainty" If Kamala Harris Wins
    Elon Musk Warns Censorship Of X “Is A Certainty” If Kamala Harris Wins

    Authored by Steve Watson via Modernity,.news,

    X owner Elon Musk has warned Americans that if the Democrats win the election in November, censorship of the platform is a “certainty.”

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

    Musk was responding to a post that posited X could be suspended in America as it has just been in Brazil by a leftist judge acting to censor his political opponents.

    “When we attempted to defend ourselves in court, Judge de Moraes threatened our Brazilian legal representative with imprisonment. Even after she resigned, he froze all of her bank accounts,” the post from X Global Government Affairs notes.

    It adds that “Our challenges against his manifestly illegal actions were either dismissed or ignored. Judge de Moraes’ colleagues on the Supreme Court are either unwilling or unable to stand up to him.”

    Musk urged that this situation could easily unfold in the U.S. should Trump not be elected.

    Musk followed up with a post highlighting previous footage of Kamala Harris demanding that Trump be suspended from the old Twitter.

    “Freedom of speech is under massive attack around the world,” Musk declared.

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

    Harris has a track record of censoring social media for political clout.

    *  *  *

    Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

    Tyler Durden
    Sat, 08/31/2024 – 22:30

  • China Is Expanding Its Nuclear Arsenal Faster Than Any Other Nation
    China Is Expanding Its Nuclear Arsenal Faster Than Any Other Nation

    The first time a nuclear weapon was used in war was August 6, 1945, when the United States detonated an atomic bomb above Hiroshima, Japan. By year’s end, an estimated 140,000 people had been killed, the majority of whom were civilians. Three days later, the U.S. detonated a second nuclear bomb over Nagasaki, killing tens of thousands more.

    While these were the first – and so far only – uses of nuclear weapons in war, the production, deployment and stockpiling of them hasn’t stopped.

    Infographic: The Countries Holding The World's Nuclear Arsenal | Statista

    You will find more infographics at Statista

    As Statista’s Anna Fleck reports, currently, there are estimated to be 9,585 nuclear warheads in military stockpiles for potential use across nine countries, with Russia and the U.S. accounting for 8,088 of these.

    There are also an estimated 2,536 retired warheads that are yet to be dismantled.

    China has added 90 nuclear warheads to its arsenal since January 2023, increasing from 410 warheads to 500.

    This is according to data from the peace research institute SIPRI. India and North Korea have also expanded their arsenals, bringing their total figures to an estimated 170 warheads and 50 warheads, respectively.

    The two European nuclear powers, France and the UK, together have 515 operational nuclear warheads. With the exception of North Korea, none of the nations in possession of nuclear warheads have tested them since the 1990s.

    Tyler Durden
    Sat, 08/31/2024 – 22:15

  • Missouri Man Arrested For Allegedly Threatening To Kill Trump, Republicans, Police Officers
    Missouri Man Arrested For Allegedly Threatening To Kill Trump, Republicans, Police Officers

    Authored by Chase Smith via The Epoch Times (emphasis ours),

    A Missouri man is facing federal charges following a series of alleged violent threats made via social media against former President Donald Trump, Republicans at large, and law enforcement officers, according to a criminal complaint filed in the Western District of Missouri on Aug. 30.

    A Department of Justice Federal Bureau of Investigation seal is displayed on the J. Edgar Hoover FBI building in Washington, on Aug. 9, 2022. Stefani Reynolds/AFP via Getty Images

    Justin Lee White, 36, is accused of using interstate communication to spread a slew of online threats to injure Trump, Republicans, and law enforcement in violation of federal law, culminating in a multi-agency investigation led by the FBI, according to the complaint.

    The FBI said in the criminal complaint that from late July to August, White allegedly posted multiple messages on platforms like TikTok and Facebook threatening violence if his demands regarding supposed electoral fairness were not met.

    According to the complaint, one of White’s videos around July 31 said, “This goes to every Republican out there. You don’t start playing fair with them votes, I’ll start showing up with a gun, I promise you. I’ll show you what real [expletive] violence is, and I’m not afraid to kill you or a [expletive] cop. So, if you want to play dirty at the votes this year, in 2024, just remember, where I come from, we get physical. So, if you Republicans don’t play fair, there will be guns and violence involved this year.”

    The TikTok video was captioned, “This is a message to Donald Trump and the Republicans. If you don’t play…”

    The Springfield, Missouri, Police Department received a tip about the TikTok video—and forwarded the tip and video to the FBI for further action.

    Upon closer examination, law enforcement said they discovered additional threatening posts on the suspect’s Facebook page.

    In one post dated Aug. 22, White allegedly included a photograph of a firearm and ammunition, warning that any police officer who approached his residence would be met with violence. The complaint describes these posts as containing explicit threats to “kill” and “beat the [expletive] life out” of police officers.

    The tip led to a search warrant being executed at White’s residence on Aug. 29, where FBI agents said they recovered firearms, ammunition, and further evidence supporting the charges.

    During his subsequent arrest and interview, White allegedly admitted to creating the threatening posts and expressed regret, adding that he had “[expletive] up” in posting the content out of anger.

    Authorities said he described getting into a shooting altercation with a police officer when he was around 16 or 17 years old, saying he “beat” the case because the officer had allegedly shot at him first. He allegedly said that this incident and other videos where cops were allegedly “aggressive or violent toward members of society” made him hate cops.

    White is in custody and faces up to five years in prison if convicted and/or a fine of $250,000, according to the complaint. A preliminary and detention hearing is set for Sept. 5.

    The U.S. Attorney’s Office for the Western District of Missouri had no further comment at this time, and an attorney listed as representing White did not respond to a request for comment from The Epoch Times before publication.

    Tyler Durden
    Sat, 08/31/2024 – 21:30

  • Military Threat: China's AI Robots
    Military Threat: China’s AI Robots

    Last week, the Chinese Communist Party (CCP) organized the World Robot Conference – where they showcased the latest advancements that China’s robotics industry has produced over the past several years.

    A UBTECH humanoid robot demonstrates its applications on a factory assembly line, at the World Robot Conference in Beijing, China August 21, 2024.

    According to the CCP, China’s humanoid robots are “catching up fast with global rivals,” with advances such as the incorporation of AI into some of its robots that have military capabilities.

    We’re picturing mindless robot patrols enforcing the next ‘welded in’ pandemic lockdown, with deadl(ier) results.

    As Anders Corr notes in The Epoch Times, China’s humanoid robots on display at the conference could easily be equipped with weapons and probably already have been. The People’s Liberation Army has demonstrated armed flying drones and quadruped AI robots that resemble dogs with machine guns mounted to their backs. The killer robot dogs can reportedly fire their weapons autonomously.

    China’s rapid rise in robotics is state-directed and subsidized to the tune of over $1.4 billion, according to an official announcement in 2023. In 2012, China installed fewer than 15 percent of industrial robots globally. By 2022, that number increased to over 50 percent, with China installing over 250,000, the most in the world. By comparison, Japan and the United States installed just about 50,000 and 40,000, respectively.

    In 2016, a Chinese company bought Germany’s Kuka, one of the world’s three leading industrial robot makers. The other two are Japan’s Fanuc and Switzerland’s ABB. Tesla is also a leading robot maker. It plans to deploy 1,000 humanoid Optimus robots in Tesla factories in 2025. Given the close connections of all four of these companies to China, there is a significant risk of technology transfers and IP theft, further driving China’s rapid rise in the robotics space.

    On March 25, a Chinese company called LimX Dynamics revealed an advanced biped robot that navigates rocky, grassy, hilly, and other challenging terrains in a mountainous region of China. A video shows the biped being pulled and beaten around the legs by a trainer with a club, but it rapidly adjusts to such attacks and maintains its stance. While the robot is relatively short at just 2.5 feet, it could easily be scaled to smaller or larger sizes depending on the intelligence, military, or crowd-control application.

    The regime in China has mandated that robots be human-friendly, including safeguarding human dignity and not threatening human security. It promotes robots as domestic help, caregivers to the elderly, and doctors that will reportedly treat 3,000 patients a day. However, the CCP has novel interpretations of such concepts as human rights, which it regularly subordinates to its primary goal of regime stability and the expansion of its own power.

    This raises concerns about whether the CCP will use its vast number of industrial, humanoid, canine, and other robots for such authoritarian purposes, including abroad to the extent that the robots are exported. Experts are already concerned that internet-connected electric vehicles (EVs) could be hacked and transformed into remote-controlled weapons. China’s exported EVs and robots could be seen in Beijing as a dual-use sleeper army of sorts that can surveil or attack an adversary. Some of China’s domestic robots can already engage in martial arts. They could also be designed with hidden military capabilities and security backdoors that would make them hackable and militarily effective for the regime in Beijing.

    This is of concern given that China is already exporting inexpensive dog robots equipped with cameras and microphones for as little as $540 each. That price puts them within reach of almost any consumer from the United States and our allies. Humanoid household helper robots can now be had for as little as $16,000 apiece. Consumers in the United States and our allies may want to purchase these robots, but experts say they could be hacked and used to harm or kill an owner.

    If hacked on a mass scale, a sleeper army of insecure robots in the United States, Taiwan, or other countries could assist the CCP in extending its authoritarian influence, violating human rights, committing genocide, or executing a military conquest such as over Taiwan. U.S. robotics firms, such as Boston Dynamics, have released videos of robots that are potentially more advanced than those found in China. However, Beijing could hack these robots as well.

    The CCP may be hiding its robotics capabilities as much as it hides its superior supercomputer capabilities. The CCP can use Boston Dynamics as inspiration. It has already consciously used companies with more advanced technologies, like Tesla, as a “catfish” to spur more rapid development in China.

    If AI were to ever escape human control in a breakout, which many AI experts worry about, it could potentially hack many of the world’s robots and much of the world’s Internet of Things (IoT), thus expanding AI’s ability to surveil the environment and act in it physically and autonomously.

    Even if the risk of an AI breakout or mass CCP hack of U.S. robots and IoT has a low probability of ever becoming a reality, its high cost is such that regulations and legislation are being proposed in the United States and elsewhere. These are meant to address what is known as a “black swan” event that is of low probability but high cost and, therefore, a risk to be mitigated.

    Rep. Vern Buchanan (R-Fla.), for example, recently proposed an amendment requiring an annual Pentagon report on threats to the United States from China’s AI military technology, including armed AI robot dogs. The amendment passed the House without a single opposition vote from either party.

    Deterring China’s use of the dangerous combination of AI and military robotics—and the arms race it starts—requires more than just military innovation on our part. It requires removing the CCP from its control of the world’s most powerful manufacturing base in China so that all countries can back away from the brink of developing ever more powerful and unregulated AI-enabled military robotics. Given that the CCP is averse to arms control and can’t be trusted even if it is welcomed as much, that can be done through no less than an ethical sea-change in China that most likely will require its democratization.

    Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.

    Tyler Durden
    Sat, 08/31/2024 – 20:45

  • Human Rights Group Calls on NYT To Retract 'Propaganda Hit Piece' Against Shen Yun
    Human Rights Group Calls on NYT To Retract ‘Propaganda Hit Piece’ Against Shen Yun

    Authored by Petr Svab via The Epoch Times (emphasis ours),

    Recent articles by The New York Times attacking Shen Yun Performing Arts, an arts group run by Chinese dissidents, are flawed to the point of requiring retraction, according to a recent report.

    The New York Times building in New York City on Feb. 1, 2022. Angela Weiss/AFP via Getty Images

    The paper’s longest article, at 5,000 words, “overtly employs the basic tools of a propaganda hit piece,” including  “emotionally manipulative language and imagery,” the report states.

    “The extent to which the Times’ reporting achieves the goals of the Chinese Communist Party (CCP) is also worth noting and deeply disturbing,” it states.

    The CCP has targeted Shen Yun since the company was founded in the United States in 2006 by a group of Chinese expats who practiced Falun Gong, a Chinese spiritual discipline based on the principles of truthfulness, compassion, and tolerance. The practice has been brutally persecuted by the CCP for the past quarter-century.

    The performing arts company has become a cultural phenomenon, with eight dance troupes and orchestras that perform for about a million people every year. Its stated mission is to revive traditional Chinese culture free of communist influence. Some of its dance pieces cast a spotlight on the ongoing persecution of Falun Gong in China.

    The company is based at a campus in upstate New York along with two affiliated religious schools, Fei Tian College and Fei Tian Academy of the Arts.

    On Aug. 16, The New York Times ran its main article alleging Shen Yun abuses its performers, mainly by forcing them to perform while injured.

    The article was followed by four shorter pieces that rehashed and summarized the same allegations.

    The Epoch Times previously documented a litany of problems with the main article, including what appears to be breaches of The New York Times’ own journalistic standards.

    An Aug. 27 report by the Falun Dafa Information Center (FDIC), a nonprofit monitoring the persecution of Falun Gong, found even more problems.

    “The findings raise serious concerns about why the Times would engage in reporting that breaches journalistic ethics, while obviously harming a religious minority that is persecuted in China,” the report said, calling on the paper to retract the articles and investigate how it was possible they were produced in the first place.

    In an earlier report, the center detailed its research of the CCP’s more than 120 attempts to sabotage Shen Yun. That report included information gathered from interviews with more than 100 current and former Shen Yun performers and others who worked with the company.

    Upon the publication of the New York Times articles, the FDIC interviewed yet more current and former Shen Yun artists.

    It concluded that The New York Times “disregarded repeated and good-faith attempts by Shen Yun and others to provide information that ran counter to its preconceived narrative, used highly problematic sources and a small sample size to build a particular storyline, ignored a wide-range of experts, did not disclose critical information to readers, and continued a decades-long pattern of grossly distorting the beliefs of Falun Gong practitioners.”

    A New York Times spokesman said its main article “was thoroughly reported, fact-checked and edited.”

    “We stand behind its publication,” he told The Epoch Times via email.

    Shen Yun has already received threats in the aftermath of the articles, according to FDIC.

    One message to the Shen Yun website, it said, demanded a statement the company issued in response to the articles be removed or else “Shen Yun Performing Arts and Fei Tian school employees, and family members very likely will have some inexplicable car accidents, their houses will unexplainably catch fire and burn, and also may be attacked by New York gangsters.”

    The audience applauds during a curtain call of a Shen Yun performance at Lincoln Center in New York City on March 13, 2022. Larry Dye/The Epoch Times

    Shaped Perception

    By its own admission, The New York Times didn’t develop the idea for the article on its own initiative.

    While interviewed by the paper about the article, Hong suggested the original idea came from a “tipster” that approached the paper last year, claiming to be “familiar with the inner workings of Shen Yun” and ready “to share information about the group’s operations.”

    Hong acknowledged that she previously didn’t know much about Shen Yun.

    The “tipster” then introduced the reporters to the first former Shen Yun performer, apparently one with a negative story to tell.

    The Epoch Times spoke to several people approached by the reporters for the article who were left with the impression that Hong and Rothfeld already had a negative story framed.

    The FDIC report states that the New York Times journalists “were not engaged in an honest investigation of the conditions of Shen Yun dancers,” but rather “were pursuing negative accounts.”

    In mid-August, Shen Yun representatives offered the reporters a chance to interview some artists who had had their injuries treated. That was a significant concession, as several months prior, they declined interview requests over concerns that the reporters were acting in bad faith. The reporters didn’t take advantage of the offer, according to email communications published by the FDIC.

    Over Shen Yun’s 18 years of existence, more than 1,000 artists have passed through its ranks. Many of the former performers can be easily reached on social media or through other publicly available contact methods.

    “We checked with more than a dozen former artists, who hold very positive perspectives on their experience in Shen Yun and were easily accessible—they say they were never contacted by the reporters,” the FDIC report reads.

    “On the contrary, at least a dozen former artists who were asked to leave Shen Yun or departed on bad terms were all contacted by the reporters.”

    One former dancer who suffered a knee injury responded to the reporters with a lengthy email explaining that she did receive treatment and that this was the norm at Shen Yun. She suspected she was contacted because she didn’t complete her treatment, but she said in her email that it was her personal decision and “it can’t represent Shen Yun’s attitude for injuries.”

    The reporters included one quote from her email praising Shen Yun, but did not include any of her concerns about the narrative they appeared to be following in their reporting.

    At least two other former Shen Yun performers sent the reporters emails expressing concern over bias.

    “I hope you double-check all your facts, and especially your innuendos … what you choose to quote, and what you choose to omit. Once the full story of Falun Gong, China, and the CCP come to light—including the full background of those that contributed to this story—I just think you all will have a lot of very difficult questions to answer,” one of them wrote to the reporters, in an email provided to The Epoch Times.

    “I really have no interest in doing an interview for anti-Falun Gong activists who masquerade as journalists.”

    The reporters wholly omitted these emails from their articles.

    The New York Times building in New York City on Feb. 5, 2024. Samira Bouaou/The Epoch Times

    Medical Claims

    The New York Times article alleges that 14 former performers either experienced injuries without seeking treatment or saw such a thing happen to others. Some said they felt they would be criticized for seeking treatment, but none alleged that anyone was denied treatment by the company.

    The article said some serious injuries were treated, but that “such interventions were rare.”

    That appears to be false, according to the FDIC.

    “According to our findings, while some Shen Yun dancers do suffer injuries in the course of training or performing, none of the artists we spoke to indicated the company discouraged them from seeking medical treatment,” its report reads.

    “Several doctors who practice medicine in towns near Shen Yun’s headquarters in New York say they regularly treat Shen Yun performers.”

    Dancers of Shen Yun’s caliber might push through some aches and pains, but wouldn’t ignore significant injuries, if only because it would compromise the show’s quality, the FDIC said based on multiple interviews.

    “If it will cause a lasting injury or is too painful, of course, we don’t perform,” Piotr Huang, a lead Shen Yun dancer and instructor, told FDIC.

    “We have a responsibility to our audience and only want to show our best, therefore we would never perform with a serious injury, and Shen Yun wouldn’t allow it anyway.”

    Shen Yun dancers perform on stage during a show. Courtesy of Shen Yun Performing Arts

    CCP Efforts

    Earlier this year, the FDIC obtained information from three whistleblowers familiar with the CCP’s internal activities. They provided notes from a meeting of the Chinese Ministry of Public Security on a provincial level as well as from an internal report produced by a major CCP-controlled investment fund.

    Based on the notes, which The Epoch Times reviewed, the CCP has launched a new campaign to target Falun Gong overseas. The main goals of the campaign are to create internal divisions within the Falun Gong community and to seed allegations with the greatest potential to prompt investigations by U.S. authorities.

    The main vehicles for the operation are social media influencers who spread anti-Falun Gong and anti-Shen Yun messaging outside China, according to the whistleblowers.

    Meanwhile, the regime is seeking to “mobilize central state media resources, university think tanks and other unit resources [to] actively share defamatory information about Falun Gong with overseas media,” one of the whistleblowers wrote.

    A screenshot of what one of the whistleblowers, who was familiar with CCP’s internal activities, provided from a meeting with the Chinese Ministry of Public Security. Screenshot via The Epoch Times, Falun Dafa Information Center

    One of the influencers mentioned in the notes by name is a U.S.-based YouTuber of Chinese descent whose online content is dominated by unsubstantiated allegations against Shen Yun and Falun Gong, interspersed with grandiose ruminations about his efforts to “destroy” them.

    Some Falun Gong practitioners in China have reported to the FDIC that the CCP police is using the YouTuber’s content in “brainwashing classes” meant to force Falun Gong detainees to give up their faith.

    “I was the one who introduced people [ex-performers] to the New York Times, especially for the initial interviews. They found additional people through that,” the YouTuber wrote on X following publication of the New York Times articles.

    In a separate post, the YouTuber thanked the New York Times reporters for their “hard work.”

    Connections to Beijing Dance Academy

    At least three of the performers the YouTuber spoke to have mentioned online that after leaving Shen Yun, they traveled to China and were invited to the Beijing Dance Academy (BDA), a CCP-run dance school that views Shen Yun as a main competitor.

    The BDA-linked dancers formed the backbone of the New York Times main article, and were photographed and quoted multiple times, according to the FDIC.

    One of the performers operates a dance studio in Taiwan that runs a collaboration with the BDA.

    She spoke highly of Shen Yun after she left, according to Facebook messages she exchanged with a Fei Tian professor.

    “I have no regrets in this life. These are all given by the school! Without school, I would not be where I am today. Without teachers, my history would not be possible. … You have worked hard! Thank you everyone,” she said in one of the 2020 messages, which were quoted in the FDIC report.

    Two Chinese paramilitary policemen stand guard outside the Great Hall of the People in Beijing on Nov. 12, 2013. Feng Li/Getty Images

    That same year, she asked about returning to Fei Tian and invited the professor to her wedding.

    In April 2024, however, she wrote to the professor that she was “not doing that well” and complained that her husband, who runs the dance studio with her in Taiwan, was “doing everything.”

    “He manages my life kind of strictly,” she said, noting that she had to find an excuse to go outside so she could message freely because her husband didn’t allow her to use Facebook.

    Several parents with children at the dance studio in Taiwan told FDIC that the studio asked all families that practiced Falun Gong to leave the studio in March 2024. The dancer’s husband told parents that they need to “pick a side,” the report quoted the parents as saying.

    Shen Yun and FDIC representatives warned the New York Times reporters about issues with their sources, including the BDA connections.

    “None of these conflicting interests were noted in the article,” the FDIC said.

    The New York Times articles did not disclose the dancer’s ties to BDA.

    The Beijing Dance Academy in China, in this file photo. N509FZ/CC BY-SA 4.0

    CCP Propaganda

    The CCP launched its campaign to “eradicate” Falun Gong in 1999, after estimates placed the number of people practicing the spiritual discipline at 70 million to 100 million, outstripping the CCP membership. Overnight, the regime flooded the airwaves with hate propaganda against Falun Gong.

    The New York Times parroted the regime’s propaganda in dozens of articles, especially in the early years of the persecution, the FDIC noted in a previous report. The paper’s new articles on Shen Yun resurrect core CCP propaganda tropes against Falun Gong.

    The FDIC said that the paper displays “anti-religious bias” as far as its coverage “sensationalizes Falun Gong beliefs that are common among many religious traditions, such as the idea that suffering is a consequence of sin or karma, that the universe has a benevolent Creator, and a concern with uplifting the soul toward spiritual salvation.”

    The “inability, or unwillingness” of the paper “to contextualize Falun Gong’s teachings within theological and, in particular, Buddhist and Taoist traditions, demonstrates religious ignorance, intolerance, and explicit bias,” it said.

    The New York Times article said that Shen Yun performers approach their art with “a fierce sense of obligation” toward an “urgent spiritual mission.”

    Dozens of Shen Yun artists told The Epoch Times that their aim is to promote traditional Chinese culture and that they also consider it crucial to expose the persecution their fellow Falun Gong practitioners face in China.

    “We get to be part of this big mission to revive traditional culture. And also, for me, as a Falun Gong practitioner, I get to tell people through my art the truth about what’s happening in China,” Shen Yun percussionist Alice Liu told The Epoch Times.

    The artists do consider this mission to be urgent, and this attitude is reflected in the Falun Gong community more broadly.

    The New York Times maintains a long record of downplaying or outright ignoring the persecution, noted the FDIC, which earlier this year produced a detailed report outlining the history of the paper’s coverage.

    Falun Gong practitioners are detained by Chinese policemen while expressing their beliefs, at Tiananmen Square in Beijing on July 19, 2000. Chien-min Chung/AP Photo

    The paper’s main article on Shen Yun only mentioned the persecution in passing and gave no indication that countering the abuses in China could be a motivating factor for Shen Yun performers.

    Instead, it claimed that Shen Yun’s mission pertains to “an approaching apocalypse”—a long-debunked CCP propaganda theme.

    Current and former Shen Yun artists and Falun Gong practitioners interviewed by The Epoch Times said they do not hold a belief that the world is about to end.

    Several informed the New York Times reporters that they felt the reporters were going wrong in their portrayal of Falun Gong’s beliefs, including in emails to the reporters published by the FDIC.

    “The way you single us out, criticize our religious beliefs, and paint a false narrative to make us look bad, [it’s] just like what the CCP and [its] state-run media [do] to us,” one former Shen Yun dancer wrote in an email to the reporters.

    “I’ve never seen NYT do that to other groups of faith … and yet you do that to us? It seems hypocritical, and these false narratives of us can generate real [animosity].”

    Her email was wholly omitted from the articles.

    School Policies

    The New York Times’ main article cast as “ostensibly oppressive” Fei Tian school policies “that are, in fact, industry standard practices, or at least increasingly common approaches at schools in the United States,” the FDIC said.

    The school requires minor students to gain permission to leave campus, and the school limits smartphone use and time spent online, which is an increasingly common policy at American schools, the FDIC said.

    Fei Tian provides all its students full-ride scholarships for education from middle school through post-graduate studies, “along with free room and board, a cash stipend for program expenses, and opportunities to travel the world,” the FDIC said.

    “Such arrangements are common in ballet and other performing arts companies, although Shen Yun’s package is more substantial than many,” it said.

    But The New York Times framed such benefits “as tools of exploitation and emotional manipulation,” the report said.

    The article also cast as abusive the requirement for dancers to maintain optimal weight, the FDIC noted.

    “But that is common among professional dancers, athletes, and models. It is not only for aesthetic reasons but also to reduce the risk of injuries, as extra weight can put additional stress on joints and bones,” it stated.

    The New York Times ran the 5,000-word article alleging Shen Yun abuses performers in the Aug. 18, 2024, edition of its newspaper. Samira Bouaou/The Epoch Times

    Call for Introspection

    The FDIC criticized The New York Times for failing to follow its own editorial standards and for failing to ensure “that foreign influence operations by malign actors are not at play.”

    “Such decisions have consequences,” the report reads.

    “Within China, the CCP’s propaganda apparatus has already begun making widespread use of the articles in its own campaign to demonize Falun Gong, a campaign which fuels violence against millions of innocent people—including family members of Shen Yun performers. Outside China, such reporting inevitably turbo-charges Chinese diplomatic efforts to pressure theaters not to book shows, while putting performers in physical danger.”

    It called on the paper to retract the articles, “launch an internal investigation,” and “implement corrective measures to ensure these failures do not repeat in future reporting about Shen Yun or Falun Gong.”

    Tyler Durden
    Sat, 08/31/2024 – 20:00

  • What The California AI 'Killswitch' Bill Means For Decentralized AI
    What The California AI ‘Killswitch’ Bill Means For Decentralized AI

    Authored by Robert Knight via CoinTelegraph.com,

    Industry figures are divided on a contentious Californian artificial intelligence bill that passed on Aug. 28. 

    The new legislation will compel AI firms to implement new safety protocols, including an “emergency stop” button for AI models.

    The Safe and Secure Innovation for Frontier Artificial Intelligence Models Act (SB 1047) passed the California Senate 29–9 on Aug. 28.

    The bill now goes to Governor Gavin Newson’s desk for ratification.

    Elon Musk was among those who expressed support for the bill. On X, he said it was a “tough call” but favored the legislation due to the “potential risk” of AI.

    Source: Elon Musk

    Not all tech figures are similarly persuaded, however. OpenAI chief strategy officer Jason Kwon is among those who have criticized the legislation.

    Calanthia Mei, co-founder of the decentralized AI network Masa, said she was not in favor of the new rules, suggesting they were the result of an undue rush to legislate.

    “Premature regulations like this will not only drive talent out of California; it will drive talent out of America,” Mei told Cointelegraph. She added:

    “The risk sits in the likely possibility that America’s current and proposed regulatory frameworks cap the growth of the AI industry.”

    Raheel Govindji, the CEO of the decentralized AI project DecideAI, took a contrasting view.

    “We are in favor of legislation,” Govindji told Cointelegraph. 

    Govindji said DecideAI supports a killswitch controlled by a decentralized autonomous organization (DAO), which is how they propose to democratize and decentralize an emergency stop.

    AI is a fast-moving industry

    The fast-moving nature of the AI industry has stoked fears about its unfettered development.

    In an Aug. 22 letter, former staff and whistleblowers at OpenAI warned, “Developing frontier AI models without adequate safety precautions poses foreseeable risks of catastrophic harm to the public.”

    But to others, the rapid pace of AI development is something to be celebrated rather than feared.

    “In contrast to other transformative technologies, the speed of AI innovation is unparalleled. Builders are shipping new products, features and applications every day,” Mei said.

    “We as builders don’t even know where the ceiling of AI is; how would the government know the ceiling of AI? Setting limits for high-potential technologies is unwise.”

    Mei warned that the legislation’s ultimate cost would be to “drive talent out of the US” as it “did to crypto.”

    Those in favor

    Govindji proposes that a “DAO-controlled killswitch” could support the requirements of the legislation while still retaining “collective and transparent decision-making.”

    The bill states that any AI model should be able to “promptly enact a full shutdown” but fails to define the meaning of promptly, leaving considerable room for interpretation.

    For now, it is unknown whether a DAO model and its democratic voting system would be prompt enough to satisfy legislators. Govindji is confident it will. According to Govindji, DecideAI “will be ahead of the curve in providing AI which is a social good.”

    AI firm Anthropic has also publicly supported the bill. 

    In an open letter to Governor Newsom, Anthropic CEO Dario Amodei said, ”AI systems are advancing in capabilities extremely quickly, which offers both great promise for California’s economy and substantial risk […] We believe SB 1047, particularly after recent amendments, likely presents a feasible compliance burden for companies like ours, in light of the importance of averting catastrophic misuse.”

    An earlier version of the bill forwarded criminal penalties for companies that failed to comply. After consultation with the industry, this provision was watered down to civil penalties only.

    Bill SB 1047

    Bill SB 1047 will only apply to “covered models,” with the definition of what models are covered shifting over time. 

    On implementation, a covered model will be an AI that costs over $100 million to develop or “An artificial intelligence model trained using a quantity of computing power greater than 10^26 integer or floating-point operation.”

    The federal government’s Government Operations Agency will adjudicate any changes to the computing power threshold.

    In a letter to Governor Newsom, OpenAI’s Kwon argued that legislation toward AI should only be handled at a federal level “rather than a patchwork of state laws.”

    Given the overwhelming concentration of tech and AI firms in California, SB 1047 might arguably be the de facto national legislation for now. 

    The situation could change should the legislation cause AI firms to flee to other states, but to avoid SB 1047 entirely, the firms would also need to cease all operations and services in California.

    Tyler Durden
    Sat, 08/31/2024 – 18:40

  • Car Thefts Have Become A "World Epidemic"
    Car Thefts Have Become A “World Epidemic”

    It looks like the U.S.’s sole export is no longer just dollars and inflation…we’re also exporting the products of our rising crime rate.   

    A new report last week says that stolen vehicles have become a “world epidemic” and that there is a rising number of stolen vehicles at east coast ports, according to CBS. 

    The number of cars seized at the Port of Newark is on the rise, according to CBS News New York’s Derick Waller.

    Jeffrey Greene, acting director at the Port of New York and Newark, oversees customs officials using x-rays to inspect containers and seize stolen cars. In one case, two junk vehicles concealed a pristine Mercedes, while another container held a stolen Chevy Silverado.

    So far this year, they’ve seized 331 vehicles, on pace to surpass last year’s total. Investigators say West African markets, especially Nigeria, offer the highest prices. Social media videos show luxury SUVs being unloaded from containers, sometimes still sporting American license plates.

    Greene commented: “So last year, the Port of New York-Newark here, we led the country in seized vehicles … We had 368 vehicles. That’s more than a car a day.”

    The CBS report says young people are often recruited for car thefts, according to Homeland Security Special Agent William Walker, who leads an auto crime task force.

    In one case, thieves in Totowa stole a luxury SUV by entering through an unlocked kitchen window to grab the key fob. Laura, a Morris County resident, tried storing her BMW keys in a “Faraday cage” to block devices used by thieves. Despite this, her SUV was stolen after thieves broke into her home through a locked window. 

    Car thefts have surged in Newark, up 99% from 2022 to 2023. Montville Police Chief Andrew Caggiano is advocating for changes to New Jersey’s bail reform law, arguing that repeat offenders are frequently released, according to the report. 

    “You can usually drive around at leisure with that plate on. No one will ever question you. It’s a world epidemic ... And it’s because the organized criminals, they’re probably laughing at us, actually, because they’re not only making lots of money, but they don’t have to, actually have to do much work,” former police officer Dr. Ken German said. 

    Tyler Durden
    Sat, 08/31/2024 – 18:00

  • Would The Party Of 'Real Freedom' Stand Up?
    Would The Party Of ‘Real Freedom’ Stand Up?

    Authored by Matthew J. Brouillette via RealClearPennsylvania,

    In his recent speech at the Democratic National Convention, Gov. Josh Shapiro said his party carries the banner of “real freedom.” 

    On everything from abortion (whose numbers have increased since the Dobbs ruling) to fictitious “book bans” (even though anyone can access and read any of the supposedly banned books), Shapiro claimed “real freedom” is on the ballot this November. 

    But a look at Democrats’ record of heavy-handed rule shows their claims of “real freedom” are a mirage to distract from their real goal of using government force to make Americans comply with their agenda. 

    Nowhere is this more apparent than in education. In his speech, Shapiro equated “real freedom” with blocking kids from leaving public schools – no doubt a nod to his party’s platform, which officially opposes educational freedom. 

    In states across the nation, Democrats fight tooth and nail to trap children – mostly minority children and kids in lower-income households – in failing, union-operated, government-run schools.  

    As children and families crossing all party lines and spanning every demographic strive to escape the government-imposed, zip-code-driven confines that block equal educational freedom, Democrats continue to believe only the rich deserve access to diverse educational options. 

    Even as they regale us with the virtues of public education, they send their own children to pricey private schools. Their supposed “freedom” ignores the freedom to choose the best educational environment, regardless of zip code or socioeconomic standing, and instead forces children without means to remain in terrible and even unsafe schools. 

    The Left raises the ridiculous objection of “taxpayer funding for private education.” But when it comes to higher education, federal student aid embraces no similar discrimination. Furthermore, children are denied even the freedom to cross invisible school district boundaries to attend an alternative but better public school, gutting any claims the Left makes of supporting quality education for all. 

    Of course, driving Democrats’ anti-educational-freedom agenda are powerful unions that are also behind another of the Left’s false claims of “freedom:” worker freedom.

    While President Joe Biden, Vice President Kamala Harris, Gov. Shapiro, and others wax eloquent on the “freedom to join a union,” they oppose the freedom not to join a union or the freedom to leave a union at will. Indeed, Shapiro has repeatedly pledged that as long as he is in office, Pennsylvania will never become a Right-to-Work state – where workers are free to embrace or abstain from union membership without penalty. 

    Put simply, Democrats believe worker freedom extends only in one direction: toward unionization. And in the Left’s ideal society, workers aren’t “free” to join a union; they are “forced” to join a union in order to fund the union machine that bankrolls Democrats’ political campaigns. The Left’s freedom in theory is little more than coercion in practice. 

    Worse, central to the Left’s “freedom” is the desire to force Americans to fund anything they claim is a “freedom.” 

    The “freedom to earn a living wage” means government-mandated labor costs that force businesses to lay off workers and even shut their doors. “Reproductive freedom” has gone far beyond abortion’s legality and now means forcing taxpayers to fund abortions.

    As for “freedom” of speech? Democrats deem it desirable only provided it doesn’t turn into “misinformation” or “disinformation,” which the Left often defines as anything that challenges their narrative. And where falsehoods actually exist, instead of debunking them, the Left seeks to censor them. 

    In any discussion of “freedom,” we can’t forget – nor should we – that during COVID, Democrats, who claim they’re the party of “freedom,” set up government reporting hotlines to encourage Americans to report lockdown violators to the authorities. Indeed, in Democrat Tim Walz’s Minnesota, violators could be (and were) thrown in jail simply for seeking to maintain their livelihoods amid random shutdown orders that targeted small businesses while allowing major box stores to stay open. 

    The Left’s “real freedom” looks an awful lot like tyranny. 

    Without freedom, our representative democracy is, indeed, at risk. But freedom by necessity includes free expression, free association, educational freedom, and economic freedom. 

    Americans seeking true freedom must look past Democrats’ rhetoric to their actions and recognize that you cannot claim to support the idea of freedom while opposing its substance. 

    Tyler Durden
    Sat, 08/31/2024 – 17:20

  • Tulsi Gabbard Reveals The Real Reason Behind Endorsing Trump: 'This Is Personal For Me'
    Tulsi Gabbard Reveals The Real Reason Behind Endorsing Trump: ‘This Is Personal For Me’

    Former Democrat Rep. Tulsi Gabbard (HI) offered a detailed explanation for her endorsement of former President Donald Trump’s 2024 White House bid earlier this week on Fox Business’s “Kudlow.”

    DAVID ASMAN: since you and RFK are part of the Trump campaign, explain why did you go with Trump?

    TULSI GABBARD: The choice in this election is very clear and the differences between President Trump and Vice President Harris couldn’t be more stark. Frankly, to put it simply, the choice for the American people is a choice with Donald Trump, a man who values peace, prosperity, and freedom. He has a record that proves that. And Vice President Kamala Harris, whose record shows an increasingly tyrannical government undermining our freedoms. We are embroiled in multiple wars and the world is closer to the brink of nuclear war than ever before, with increasing economic hardship for Americans throughout the 3½ years she served as Vice President of the United States. The contrast couldn’t be more clear.

    This is personal for me, the endorsement of President Trump. As a soldier for over 21 years, I deployed to multiple war zones in different parts of the world, putting my life on the line for the safety, security, and freedom of the American people. It is important to me and every one of my brothers and sisters in uniform that we have a Commander-in-Chief who values every one of our lives, who carries that responsibility as Commander-in-Chief very seriously, and who will exhaust all diplomatic avenues before seeing war truly as a last resort.

    The last point that I will make on this—another point of contrast—is that President Trump showed through his last administration that not only did he not start any new wars, but he took action to prevent them by courageously meeting with adversaries, allies, partners, dictators. He would meet with whoever he needed to pursue peace. Kamala Harris criticized Donald Trump for doing exactly that. That shows if she is elected President, she will not do what is necessary in the pursuit of peace, and I’m certain she will lead us very quickly into a war to mask the weakness and insecurity that she feels and try to project strength using the lives of my brothers and sisters in uniform to do so.

    Tyler Durden
    Sat, 08/31/2024 – 17:11

  • California Bill Banning Voter ID Passes Legislature, Awaits Newsom's Signature
    California Bill Banning Voter ID Passes Legislature, Awaits Newsom’s Signature

    A bill in California that would ban local governments from requiring voter ID in elections passed the state’s far-left assembly, and how awaits Governor Gavin Newsom’s approval or veto.

    State Sen. Dave Min (D-Irvine) speaks at a press conference in Huntington Beach, Calif., on Oct. 6, 2021. John Fredricks/The Epoch Times

    The measure would ban local governments such as Huntington Beach – where the City Council was just given voter approval to impose such a requirement – from requiring voters to prove their identity, and passes jurisdiction for such laws to the state.

    “I have repeatedly told the Huntington Beach City Council members pushing this issue that if they were to produce any evidence of widespread voter fraud, I would lead efforts to change California’s voter eligibility rules. They have not produced any such evidence,” said Irving Democrat. Sen. Dave Min, whose Senate Bill 1174 passed the assembly in a 57-16 vote on Aug. 27.

    The bill was approved 30-8 in the state Senate in May.

    According to Min, the bill would protect against a “patchwork of varying election requirements” throughout the Golden State – blocking all cities from requiring voters to present a government-issued ID to vote. The ban also includes charter cities.

    “We cannot have 100 different charter cities making up 100 different sets of voting rules, based on fringe conspiracy theories,” said Min, referring to those questioning the results of the 2020 election.

    As the Epoch Times notes further, in a May 21 Senate floor hearing, Min said SB 1174 would create a statewide standard that prevents cities from enacting their own policies, which he said could create inequality.

    “SB 1174 would try to address this matter and ensure that local jurisdictions cannot impose their own voter ID requirements to try to engage in culture wars and try to disenfranchise voters,” he said.

    In a recent Assembly Local Government bill analysis, Min argued that voter ID requirements only create barriers for voters but don’t protect against fraud, as voters already must verify their identity when they register.

    “Healthy democracies rely on robust access to the polls. An overwhelming body of evidence proves that voter ID laws only subvert voter turnout and create barriers to law-abiding voters,” he said.

    He said the state already automatically recounts some ballots, does signature verification checks, and allows voters to track their ballots.

    “We will not concede to ploys of voter fraud while an overwhelming body of evidence proves our elections are safe, secure, and above board,” he said.

    Voters in California are required to show identification only if they didn’t provide a driver’s license number or the last four digits of their Social Security number when registering, but the secretary of state also accepts credit or debit cards, student IDs, or an ID from a commercial establishment.

    For mail-in ballots, those without proper identification are treated as provisional ballots per existing state law and election officials are supposed to request proof before counting them. In the 2022 statewide general election, 660 ballots were rejected because of identification issues.

    During the March 5 primary election, voters in Huntington Beach, a charter city in Orange County, approved a charter amendment to allow voter ID requirements in city elections starting in 2026.

    But according to Min, if SB 1174  is signed by Gov. Gavin Newsom, the bill would nullify the city’s Measure A before it takes effect.

    Huntington Beach City Attorney Michael Gates told The Epoch Times in a recent interview that Min’s bill is “pure political symbolism” in response to the city’s recently passed measure.

    He said as a charter city, under Article XI, Section 5 (b) of the California Constitution, Huntington Beach has a right to have voter ID, and the state will lose any legal challenges it brings.

    “The state is running headlong into another legal clash, which it will lose miserably.  Huntington Beach has it right, the state has it completely wrong. And, all Californians want election integrity.  It’s common sense,” he said in a text message to The Epoch Times.

    According to Huntington Beach Mayor Gracey Van Der Mark, residents have said they would feel more secure if IDs are checked at in-person polling stations.

    “We put it out there on the ballot, they said we want this and the state is doing everything within their power to stop us from honoring what the voters have been asking us for,” she told The Epoch Times in a May interview when Min’s bill first cleared the Senate.

    California is one of 15 states that doesn’t ask for photo ID at the ballot box, according to lawmakers.

    Newsom has until Sept. 30 to sign or veto the bill.

    Travis Gillmore contributed to this report.

    Tyler Durden
    Sat, 08/31/2024 – 16:40

  • Fifty Shades Of Central Bank Tyranny
    Fifty Shades Of Central Bank Tyranny

    Authored by Aaron Day via The Brownstone Institute,

    he United States has had a Central Bank Digital Currency (CBDC) since the late 1990s—or possibly even as far back as the 1970s, depending on how you define it. Definitions matter. Just as the bestselling novel 50 Shades of Gray explores the complex dynamics of control and submission in a relationship, our financial system has evolved into what could be called “50 Shades of Central Bank Tyranny.”  

    Each layer of our digital currency system peels back the seductive mask of freedom, revealing progressively darker shades of control. As we delve deeper, what seems like autonomy at first glance is only an illusion where more intricate and pervasive forms of dominance lay hidden, its grip tightening with every layer.

    Our politicians work their sleight of hand by manipulating language itself to give a false impression, masking either a different intent or simply trying to gain the appearance of a victory with little or no actual underlying achievement. After all, the Patriot Act was anything but “patriotic.” The CARES Act, while sounding warmly empathetic, cared more about large multinational corporations than small businesses, about Big Pharma over American health, and above all, about the expansion of the surveillance state and protection of the censorship industrial complex over the liberty and free speech of the American people.

    Just as 50 Shades of Gray reveals the intricate power plays in a seemingly consensual relationship, so too does our current financial system reveal its true nature as a digital dominatrix—one that has been steadily adding links to the chain of financial enslavement, tightening its grip on our autonomy for decades.

    In this article, I will define what a Central Bank Digital Currency is by exploring its major categories. I’ll demonstrate that the US already operates with a form of CBDC, albeit without the flashy labels. I will also show that the Federal Reserve (the Fed) can introduce more dystopian elements into this system—such as programming restrictions on when, how, and where you can spend your money without requiring Congressional approval.

    However, the fear of central bank control over your transactions is, in fact, a red herring. The real threat lies with our government, which has already perfected the art of surveillance. Adding programmability is just the next logical step. Ultimately, both Republicans and Democrats are steering us toward the same destination: total digital control. They may use different words and different propaganda, but their goals converge. While we can’t simply vote out of this predicament, we can opt out entirely.

    Context

    If you have been following me at all, you know that I have been laser-focused on warning people about the threats of CBDCs for the past two years. This dedication led me to write a book, The Final Countdown, and even run for President to raise awareness about the issue. I handed a copy of my book to Vivek Ramaswamy, and after reading it, our conversations helped bring the CBDC issue to Donald Trump’s attention. Since exiting the race last October and becoming a Brownstone Fellow, I’ve traveled to 22 states to discuss the dangers of CBDCs.

    Currently, I’m hosting over 15 four-hour workshops nationwide—and soon internationally—educating people on using alternative currencies to avoid CBDCs and evade The Great Taking, the carefully engineered process that could strip us of our stocks, bonds, and 401(k)s to benefit the largest banks through legal maneuvers across all 50 states.

    I entered the crypto space in 2012, but it wasn’t until I saw friends and people I admired being arrested, imprisoned, or having their businesses destroyed by the federal government that I became truly passionate about this issue. Since I exited my personal bank account in 2019, this has impacted me personally. I started to research the topic and discovered that the crackdown on crypto was directly related to CBDCs. Put simply, the government needed to crack down on crypto to usher in a CBDC.

    For two years, I have been traveling around the country (and soon the world) to warn people about the perils of CBDCs that could come right around the corner. But as I’ve dug deeper into the technical and legal aspects of this, I’ve come to the conclusion that we already have a CBDC. We have for decades. Our transactions are already surveilled. Banks and the government can censor our accounts. The money in our bank accounts is already digital (at least 92%). There is no need to worry about the future threat of CBDCs. We already have them. At this point, we are just fighting over our degrees of slavery. 

    The Dollar Is Just an Entry in a Database

    It becomes clear that we already have CBDCs when you start examining how money is created. 

    As explored in my previous article, “You Might Own Nothing Sooner Than You Think,” modern commerce now flows through vast, centralized databases. These databases form the backbone of our financial system, housing everything from our bank account balances to our stock holdings. Money is no different. 

    Let’s start with the basics of money creation: government borrowing. The government sells IOUs in the form of Treasury securities (bills, notes, and bonds) to the Federal Reserve. Where does the Federal Reserve get the money to buy these securities? They create it out of thin air. Or, to be more accurate, they simply add some ones and zeros in the database – an Oracle database, no less (thanks, Larry Ellison!). 

    The Federal government then pays its bills through its account at the Federal Reserve. When checks are written for projects like a $3.4 million turtle tunnel in Florida or a $600,000 study on why chimpanzees throw feces, the funds are transferred from the Fed’s Oracle database to the accounts of vendors and employees at commercial banks, each maintaining their own separate databases. Some use Oracle, and others use Microsoft.

    Here’s where it gets even more absurd: for every dollar deposited by its customers, a commercial bank can create nine new dollars in its database to loan out to other customers. We have a fractional reserve system, and for years (since 1992), banks were required to send 10% of the deposits back to the Federal Reserve to be held as reserves. Covid-19 legislation removed this requirement, and now banks aren’t required to have 10% at the Federal Reserve (although for a variety of other reasons they do still keep about that level at The Fed).

    The government issues an IOU to the Federal Reserve, which creates digital money in a database. The government pays its bills, the checks are deposited in commercial banks that create additional money, and a portion of it is sent back to the Fed—all in the form of digital entries in databases. If you add up the number of Central Bank and Commercial Bank databases globally, you wind up with more than 60,000 separate databases sending entries back and forth. 

    What’s a CBDC?

    When someone asks me, “What is a CBDC?” I start by examining the grammar of the question. A CBDC is a Central Bank Digital Currency. The Federal Reserve is our central bank, and our currency is already digital—the 1s and 0s are created out of thin air in an Oracle database. By this definition, we’ve had a CBDC for decades.

    As of 2024, only 8% of US currency exists physically, leaving the other 92% digital. So, are we a 92% CBDC? We become a CBDC at the point at which greater than 50% of our currency exists digitally. 

    Politicians and central bankers claim we don’t currently have a CBDC and wouldn’t likely agree with my definition. I have tried to understand their definitions and isolate the discrepancies. 

    Generally speaking, when central banks, the World Economic Forum (WEF), United Nations (UN), World Bank, International Monetary Fund (IMF), and Bank for International Settlements (BIS) talk about CBDCs, at their core, they are defined as being digital, being a liability of the central bank (as opposed to being the liability of commercial banks), and if you recall from earlier, create their own money in their own separate database and provide only the small amount (10%) back to the central bank in the form of reserves.

    This has always struck me as a difference without a distinction. Why? Because it’s the commercial banks that own the Federal Reserve—or at least, that’s the common belief. As a private entity, the true ownership of the Federal Reserve remains shrouded in secrecy, but by all accounts, it appears to be controlled by a cartel of private banks. I recommend G. Edward Griffin’s The Creature from Jekyll Island for more insight into this.

    Here’s how it works: The money is initially created in the Federal Reserve’s database, and then it’s deposited into the separate databases of the very banks that own the Federal Reserve. These banks, in turn, create even more money based on those deposits.

    Having dispensed with the idea that a currency issued by a central bank and a currency issued by a central bank that is then used as backing for the issuance of more currency by a commercial bank is effectively given the same thing given that the banks own the Federal Reserve, let’s address some other misconceptions about a CBDC.

    Myth: If I have a CBDC, I will have an account directly with the Federal Reserve, and my bank will disappear.

    Most people have the fear/belief that a Central Bank Digital Currency means they would have an account directly with the Federal Reserve, and the commercial banks would go away altogether. This is also one of the reasons many think CBDCs will never happen—because commercial banks will resist and fight to the death for their very survival. Yet none of the CBDCs launched (including China’s) have this structure. In China, the People’s Bank of China (PBOC) creates the CBDC and then issues it to commercial banks.

    The consumers don’t deal directly with the central bank. There are 134 countries pursuing a CBDC, and we haven’t seen any (including the US) contemplating cutting out the commercial banks. Therefore, I don’t think you can reasonably say that consumers having an account directly with the central bank constitutes a critical requirement for being a CBDC.

    When you hear talking heads from the UN, WEF, World Bank, IMF, and others talk about CBDCs, you often hear programmability, surveillance and control, financial inclusion, and essential elements. Let’s do a test and see if the current dollar has or could have these “features.”

    Programmability: The most dystopian fears about CBDCs revolve around their ability to be programmed. In theory, with their nebulous owners, governments, or central banks could embed rules dictating how, when, where, and even if you can spend your digital money. People often associate this kind of programmability with blockchain technologies like Bitcoin and Ethereum, using smart contracts and tokens (unique digital representations of assets, which I discuss in detail in this article). 

    You don’t need new blockchain technology to enable programming. The Federal Reserve’s Oracle database and the Microsoft and Oracle systems used by commercial banks are programmable right now. Companies and individuals have been using Application Programming Interfaces (APIs) with these databases for years. Rules are already in place to flag certain transactions based on specific criteria—exactly what programmability is all about. So, while having a single, centralized digital currency might make it easier for Big Brother to enforce spending rules, the tech to do it is already alive and kicking in our current system.

    The existing financial system relies heavily on complex algorithms and automated decision-making processes, influencing everything from payment processing to credit scoring. But what’s truly astonishing is the extent to which programming has already permeated our financial lives, with examples including credit cards that can shut off access to money based on carbon emissions, health savings accounts that only allow purchases of pre-approved medical expenses, transaction routing algorithms that prioritize certain merchants over others, anti-money laundering systems that flag suspicious activity in real time, and payment processors that can dynamically adjust interest rates and fees based on individual credit scores.

    A complex series of algorithms and automated decision-making processes are already at work as you head to the home goods store to buy a new gas stove (while it is still legal). When you swipe your credit card to make the purchase, the payment processor’s algorithm checks your credit score to determine whether you’re eligible for the purchase, while the bank’s system reviews your account balance to ensure you have enough funds to cover the transaction.

    Meanwhile, the anti-money laundering (AML) system runs in the background, flagging any suspicious activity that might indicate money laundering or other illicit activities. The algorithm also checks the merchant category code (MCC) for the home goods store, verifies that the purchase is within your approved spending limits, and calculates the interest rate and fees associated with your credit card based on your individual credit score. As the transaction is processed, the payment processor’s algorithm routes the payment to the store’s bank, and the funds are transferred, all in a matter of seconds, allowing you to take your new gas stove home and start cooking up a storm.

    The Doconomy Mastercard, a co-branded card with the United Nations, takes programmability a step further by tying financial transactions to carbon emissions. The card uses algorithms to track the carbon footprint of every purchase, and if a user’s carbon spending exceeds a certain limit, the card can be declined or even shut off. This social engineering is achieved through a complex system that assigns a carbon score to each merchant and transaction, considering factors such as the type of goods or services being purchased, the location, and the mode of transportation used. The algorithm then calculates the user’s total carbon footprint and compares it to a predetermined limit, which can be adjusted based on the user’s individual carbon budget. If the limit is exceeded, the card can be restricted or shut off, limiting the user’s access to their money.

    Health Savings Accounts (HSAs) are another example of programmability in the financial system. HSAs are tax-advantaged savings accounts that allow individuals to set aside funds for medical expenses. However, these accounts come with strict rules and limitations on what products and services can be purchased. The funds in an HSA can only be used for pre-approved health expenses, such as doctor visits, prescriptions, and medical equipment.

    The account is linked to a debit card or checkbook, but the funds can only be used at merchants that have been pre-approved by the HSA administrator. This is achieved through a system of merchant category codes (MCCs) identifying the type of business or service provided. When an HSA card is swiped, the MCC is checked against a list of approved codes to ensure that the transaction is eligible for reimbursement. If the MCC is not approved, the transaction is declined, limiting the user’s ability to access their own funds for non-medical expenses. This programmability ensures that HSA funds are used only for their intended purpose while providing a convenient and tax-efficient way to save for medical expenses.

    When a politician gives a speech claiming they are fighting the good fight against these horrible CBDCs on the basis of protecting Americans from having their money programmed, inform them about how the existing system works. No major technical upgrade is needed, and no significant laws have been passed to add more programmability. New rules and algorithms are developed every day, all without any public hearing, Congressional approval, or even a shoutout on your favorite financial news channel. 

    Surveillance: If there’s one thing Americans are increasingly worried about, it’s that every single transaction will be under the government’s watchful eye. Ted Cruz didn’t mince words when he said, “The Biden Administration is actively working to create a new digital currency that will allow the government to spy on our transactions and control our financial freedom. We must stop this now.” Ron DeSantis has also made his stance crystal clear, declaring, “The Biden administration’s push for a Central Bank Digital Currency is all about surveillance and control. Florida won’t stand for it—we will protect Floridians’ financial privacy and security.”

    And let’s not forget Senator Cynthia Lummis, Wyoming’s Republican senator, who’s a favorite among Bitcoin enthusiasts. She has also sounded the alarm: “I’m deeply concerned about the Biden Administration’s push for a CBDC. It could be used to gather information on Americans and potentially even control their spending. We need to ensure any digital currency system protects privacy and individual liberty.”

    It’s not just Republicans waving the flag while bleating about privacy. Even Elizabeth Warren, who has advocated for CBDCs, has said, “If we’re going to create a digital dollar, we have to make sure it works for everyone, not just the wealthy, and that it protects consumer privacy.” 

    How noble. How patriotic. How completely divorced from the reality of their voting records. Our current digital dollar is and has been highly tracked and censored for decades. 

    In the US, the government has various methods to gain access to financial transaction information, depending on the type of information and the circumstances. Here are some of their methods:

    Let’s put this into more personal terms. I could write an entire book with just case studies about how the government has used surveillance techniques to target people. I have friends in prison for non-violent crimes made possible by this very surveillance. 

    I’ve picked these two gems because they highlight just how extreme the surveillance measures are with our banking system as it is today. 

    The Case of Rebecca Brown: Civil Asset Forfeiture Gone Wrong

    In 2015, Rebecca Brown’s father, Terry Brown, was driving from their home in Michigan to visit family in New Jersey. He was carrying $91,800 in cash, and his daughter spent years saving to buy a house. Terry didn’t trust banks (wise man), so he withdrew the money and carried it with him for safekeeping.

    While driving through Pennsylvania, a state trooper pulled him over for a minor traffic violation. When the officer discovered the cash, he immediately became suspicious, despite Terry’s clear explanation that the money belonged to his daughter and was intended to buy a house. Without any charges or evidence of a crime, the police seized the entire $91,800 under civil asset forfeiture laws.

    Rebecca and her father spent over a year and thousands of dollars fighting to get their money back. The case garnered national attention, highlighting the abusive nature of civil asset forfeiture laws that allow law enforcement to take money from innocent people without any proof of wrongdoing. Eventually, the money was returned, but only after a long and costly legal battle that left the family financially strained and emotionally exhausted.

    The Story of Nick Merrill: Gagged by a National Security Letter

    Nick Merrill owned a small New York internet service provider (ISP). Out of the blue, one day in 2004, his life completely changed when the FBI served him with a National Security Letter (NSL). The letter demanded that he turn over confidential customer records, and it came with a gag order. He wasn’t allowed to tell anyone, including his lawyer, about the request.

    Merrill was horrified. The FBI didn’t provide any evidence or court order—just the NSL. He couldn’t challenge the letter in court because the gag order made it illegal to speak about it. Merrill felt his constitutional rights had been violated, but had no visible recourse. 

    For years, Merrill fought the gag order in secret, unable to tell even his closest friends what was happening. It wasn’t until 2010—six years later—that Merrill finally won the right to speak publicly about his case, becoming the first person to challenge an NSL gag order successfully. The experience left him deeply shaken. And as he was the first to challenge an NSL successfully, we don’t know how many people have had a similar experience. 

    So, let me recap this for you: the NSA already bulk collects our financial data, the IRS uses AI in conjunction with the IRS to monitor our spending, the banks already have rules (programming) to track for suspicious behavior, and between the Patriot Act and National Security Letters, we can be spied on without court approval and may not even be able to talk about it (even with a lawyer). 

    Our money is digital, and it’s already under heavy surveillance. How much worse can it get? At first, I thought maybe folks like Cruz, DeSantis, and Warren didn’t realize how deep the surveillance rabbit hole already goes. But then I dug deeper. Despite their public outcry about privacy, Ted Cruz voted for the US FREEDOM Act, which reauthorized parts of the Patriot Act, including those pesky NSLs. Warren backed it too, while pushing to strengthen the Bank Secrecy Act. DeSantis? Same deal—he voted for the US FREEDOM Act and supported efforts to tighten the Bank Secrecy Act’s grip.

    Financial Inclusion: One of the most absurd claims and a perfect demonstration of Orwellian doublespeak from globalist organizations like the WEF, UN, and Bank of International Settlements is that CBDCs will promote financial inclusion. 

    When they say CBDC, what they really mean is banning physical cash. Remember that no formal definition states that you can’t have a CBDC alongside physical cash. The very definition of CBDC itself is not only contested between these groups, but it also has shifted and become more narrowly defined as time progresses. In part, I think this is to deflect from how authoritarian the existing system already is. You can have both cash and a CBDC like we already do in America, and many of the other pilot programs worldwide contemplate either having physical cash alongside CBDCs or gradually phasing out cash. So, again, definitions matter. BIS and WEF “inclusion” means they’ll strip away cash and call it progress.

    Here’s the kicker: about 4.5% of Americans are unbanked and depend on physical cash to survive. Under a CBDC system, use of the system and carrying out transactions require permission, and that permission can be denied. Banks could completely exclude these people from the economy—left without any means of exchange. That’s not inclusion; it’s worse than the current situation. It’s explicit exclusion. 

    Tokenization: The IMF and BIS have been peddling a semantic argument that a central bank digital currency (CBDC) is only truly “digital” if it’s tokenized, i.e., assigned a unique, trackable token to each unit of currency. However, this distinction is largely a matter of terminology rather than substance. The vast majority of money already exists in digital form, stored in databases such as the Federal Reserve’s Oracle database or commercial banks’ Oracle/Microsoft databases. The real debate is not about whether money is digital but about who controls the digital ledger. In the US, the divide seems to be along party lines, with Democrats advocating for a central bank-issued, tokenized currency, while Republicans, led by Cynthia Lummis, push for commercial bank-issued stablecoins. However, this distinction needs to be more precise, as both options are equally programmable, surveillable, and controllable by the government.

    Moreover, commercial banks own central banks, rendering the distinction between the two largely moot. Tokenization doesn’t magically make something “digital;” it’s simply a different type of digital representation. Ultimately, whether it’s a central bank-issued token or a commercial bank-issued stablecoin, the result is a programmable, trackable, and potentially oppressive digital currency threatening individual freedom and autonomy.

    CBDC Finally Defined 

    We have a central bank digital currency. Politicians and globalist organizations like the UN/WEF/BIS like to shift the goalposts, adding narrow definitions that get more tyrannical with each new redefinition. 

    Central Bank Digital Currencies (CBDCs) are no longer a future concept but a present reality. We’re not waiting for their implementation; they’re already here, and we’re now measuring the degrees of tyranny that come with them. The CBDC Tyranny Index is a tool designed to help us understand the level of control and surveillance that comes with these digital currencies.

    Instead of letting them frame the debate by adding new bells and whistles to the definition of CBDC, I’ve created an index issued as a scoring system to determine the level of tyranny. The index consists of several categories: surveillance and monitoring, control mechanisms, cashless society, tokenization, issuer, globalization, and crypto regulation. Each category has a score, and the sum of these scores indicates the level of tyranny. The higher the score, the more oppressive the CBDC.

    We’re already at the Bondage Level, with a score that indicates a significant loss of freedom and autonomy. But it’s not going to stop there. The cut-off for the Servitude Level is 120 points, and there are multiple ways to reach that threshold. One way is through the increased use of AI-powered monitoring, combined with a cashless society and tokenization. But make no mistake; this is just one possible path to Servitude. We know the end game: a global digital currency tied to a social credit system where every transaction is tracked and controlled. This is the dystopian future that’s discussed in my book, The Final Countdown.

    How We Can Fight Back

    I wrote this article to make one thing perfectly clear: we already have a CBDC. CBDCs aren’t a future threat, they are a present reality. The existing system is already digital, programmable, and trackable. Politicians, central bankers, and globalist organizations keep shifting the definition of CBDC to deflect from the fact that we already have one and to groom us for even deeper shades of tyranny. 

    We need to take ownership of the definition of CBDCs to make their intentions clear – which is that they are moving towards absolute digital enslavement and a global technocracy. 

    We must hammer and meme the bondage, servitude, and enslavement CBDC tiers and explain the different elements of the CBDC tyranny index. We need to bring awareness to the fact that Republicans and Democrats are both complicit in bringing about this tyranny, both complicit in the semantic manipulation of the definition of CBDCs, and both are actively working towards passing legislation that elevates the level of tyranny from bondage to servitude. 

    The Dems will get us to the servitude level through a Central Bank-issued, tokenized dollar under the guise of financial inclusion. This is the current policy under President Biden’s Executive Order 14067. The Republicans will get us there through enhanced surveillance and by giving monopoly control of tokenized commercial bank digital currency to the largest banks, most likely under the guise of stopping illegal immigration, terrorism, and money laundering. 

    I highlight the behavior of politicians on both sides of the aisle, not because I think you should write or call your Congressman. We can’t vote our way out. All of the legislation that added the programmability and surveillance has been bipartisan. Every fiat currency in human history has failed, and even the last 5 global reserve currencies only lasted 84 years. The difference this time is that it is a controlled demolition. They are doing it intentionally to bring in a wholly digital control system. 

    The way forward is through radical non-compliance and adopting monetary alternatives that are outside the state’s control. In 2019, I stopped using a personal bank account and started using self-custody crypto, gold, and silver. In light of the recent revelations about the hijacking of Bitcoin (I recommend reading Hijacking Bitcoin for more information) and its traceability, I have moved to privacy coins like Zano and Monero and use physical gold, goldbacks, and silver as well. I am currently hosting 4-hour workshops in cities across the US and soon internationally as well where I show people exactly how to obtain and use alternative currencies as a substitute for the dollar. . 

    By exiting the dollar now, we can end our bondage, stave off complete digital enslavement, and build a future based on free will and centralization. We need not cry about the loss of our current system. We should set fire to tears and begin a freer, decentralized future. 

    Tyler Durden
    Sat, 08/31/2024 – 16:00

  • The Pending Implosion Of Chicago Public Unions, No City Is More Deserving
    The Pending Implosion Of Chicago Public Unions, No City Is More Deserving

    Authored by Mike Shedlock via MishTalk.com,

    Chicago has a budget deficit of nearly $1 billion. Tack on another $2.9 billion for a proposed teachers’ contract plus an unknown amount for firefighters.

    Chicago’s Budget Gap

    CBS News reports Chicago Faces $982 Million Budget Shortfall for 2025

    Mayor Brandon Johnson is projecting a $982 million city budget shortfall for 2025, nearly double the spending gap he faced in his first year in office, thanks to rising personnel costs, drops in some key tax revenues, and expiring one-time budget solutions he relied on to balance the 2024 budget.

    Johnson declined to say if he would raise property taxes, authorize legalizing video gambling in Chicago, or approve placing slot machines at the city’s airports as ways to raise new revenue to balance the budget for 2025. He also would not rule out the possibility of layoffs or a hiring freeze.

    “The chickens have come home to roost. It is time to get busy,” said Joe Ferguson, president of the Civic Federation, a nonpartisan public finance watchdog group.

    “Springfield is not coming to the aid of the city anytime soon. Springfield has its own issues that it has to deal with. Springfield also needs to see that the city is actually taking care of its own house before it’s going to come with any additional help,” Ferguson said.

    Soft Landing Hoot of the Day

     “We’re working to provide as soft of a landing as possible,” said Johnson.

    Expenses Up, Revenues Down

    • Budget Director Annette Guzman said the city is expecting continued drop in revenue from the personal property replacement tax – a tax on corporations collected by the state and passed on to local governments. The city saw a drop of $169 million in revenue from that tax in 2024, and is expecting an even bigger drop in 2025.

    • The Chicago Board of Education also recently approved a Chicago Public Schools budget plan that does not include a $175 million payment for pensions for nonteaching staff at the district, a cost the city once covered, but that CPS had paid for over the last four years until now, and Johnson’s budget team isn’t expecting the district to cover that cost for 2025.

    • Another factor putting pressure on the city’s budget for next year is ongoing contract talks with the union for the city’s firefighters and paramedics, who have gone more than three years without a new contract.

    Chicago Teachers Union $2.9 billion Deficit

    In addition to the above, please note the CTU’s Proposed Contract would tack on another $2.9 billion.

    Chicago Public Schools officials said Tuesday that the Chicago Teachers Union’s contract proposals would result in a deficit of at least $2.9 billion for the 2025-26 school year, a hole more than five times the current projection and growing as large as $4 billion by 2028.

    They also threw cold water on the idea of borrowing to pay for the additional costs, noting the district is already weighed down by a ton of debt, much of it taken out at moments of crisis. That marked the first time CPS had publicly addressed a private proposal by Mayor Brandon Johnson for district officials to take out a short-term, high-interest loan to pay for a CTU contract as well as a pension payment that his office is demanding be covered by the district. CPS officials had pushed back on that idea privately.

    The union, which in recent weeks has grown increasingly critical of CPS CEO Pedro Martinez and his approach to the budget, is reportedly asking for 9% annual raises for teachers, plus promises that every school will have a baseline of staff that will allow for small class sizes and a variety of arts, music and physical education classes. The CTU also has made proposals around more preparation time for elementary school teachers, housing for homeless students and support for migrant children.

    The union pointed to revenue initiatives that the city and state could explore, like more heavily taxing millionaires and corporations — which would require changes to state law — or seeking federal funding for school building improvements.

    Give Credit Where Credit Is Due

    Johnson proposes a “short-term, high-interest loan to pay for a CTU contract .”

    Then what?

    Let’s give credit where credit is due. No matter how stupid you think Chicago’s mayor is, every election the city manages to find someone worse.

    Even Lori Lightfoot was better than this.

    However, any thinking person knew this in advance. Johnson was hand picked by the CTU to screw the city, screw the taxpayers, screw the corporations, and screw the kids.

    March 13: Chicago Teachers’ Union Seeks $50 Billion Despite $700 Million City Deficit

    March 15: Congratulations to NY, IL, LA, and CA for Losing the Most Population

    August 11: Net Zero Climate Policies Could Leave the Midwest in the Dark

    July 2: In Chicago There’s Under a 50 Percent Chance Police Show Up If You are Shot

    Brandon Johnson is the worst mayor in Chicago history, and that’s saying quite a bit.

    If you live in Illinois, get the hell out before unions take every penny you have.

    By the way, if you want to vote for a Chicago bailout and massive tax increases to pay for it (even if you don’t live in Chicago), then vote for Kamala Harris.

    Tyler Durden
    Sat, 08/31/2024 – 15:20

  • Here's Why Democrats Want To Censor Grok's AI Images
    Here’s Why Democrats Want To Censor Grok’s AI Images

    Authored by Steve Watson via Modernity.news,

    As we highlighted earlier this week, Democrats in the House are attempting to have the FEC issue rules to enable censorship of images created specifically by the Grok, the AI developed by Elon Musk’s X.

    In other words, they want to eradicate memes they don’t like.

    Why?

    Because of threads such as the one below exposing how presenting actual policies and ways of fixing serious problems gets in the way of “joy.”

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

    It doesn’t matter how bad things are, as long as you can inanely cackle and talk about choosing to be joyful.

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

    Kids can also be fixed with joy, pronouns, and sterilisation.

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

    Oof.

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

    Do you see now why they’re calling it “a threat to Democracy”?

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

    There’s more.

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

    It’s a level playing field. The left could create their own Trump AI threads. But the problem is, they can’t meme, so it won’t work. It’d just say “look, he’s orange Hitler.”

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

    Choose joy, or else.

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

    Choose mandatory diversity.

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

    Gavin Newsom threatening to make this illegal in 3,2,1…

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

    Wouldn’t it be terrible if everyone made their own Grok Kamala Harris threads.

    *  *  *

    Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

    Tyler Durden
    Sat, 08/31/2024 – 14:40

  • South China Sea Flashpoint: Philippines Accuses China Of "Intentionally Ramming" Coast Guard Vessel
    South China Sea Flashpoint: Philippines Accuses China Of “Intentionally Ramming” Coast Guard Vessel

    Tensions are rising in the highly contested South China Sea, where China’s increasing aggression towards the Philippines could be pushing the world dangerously closer to a potential flashpoint for the next major conflict. 

    In a press conference, Philippine Coast Guard Commodore Jay Tarriela showed footage of Chinese Coast Guard vessel 5202 intentionally ramming the Philippine Coast Guard vessel BRP Teresa Magbanua. 

    Tarriela said the Magbanua was initially surrounded by several Chinese maritime forces and militia vessels “in different areas that are proximate to the anchored Philippine Coast Guard vessel.”

    It’s important to note that the Philippines and China accused each other of ramming each other’s vessels. That’s how Western corporate media outlets penned their notes on the incident this morning.

    Chinese state-run Global Times wrote on X that it was actually the Philippine ship that “deliberately rammed into the Chinese ship 5205 in an unprofessional and dangerous manner.” 

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

    Gordon Chang, author of The Coming Collapse of China, warned on X…

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

    The lessons from past trigger points of conflicts should serve as a cautionary tale for Washington politicians. Political elites in Washington must de-escalate the situation or risk another war as conflicts rage in Eastern Europe and the Middle East.

    Tyler Durden
    Sat, 08/31/2024 – 14:00

  • Wind Farms: Offshore Trojan Horses
    Wind Farms: Offshore Trojan Horses

    Authored by Gordon Hughes via RealClearEnergy,

    In July, the U.S. Department of Interior greenlighted large offshore wind farms in New Jersey and Maryland. Once the financial agreements are in place, New Jersey’s Atlantic Shores and Maryland’s MarWin and Momentum will join the two large wind farms in New York approved in June. These projects will receive huge, multibillion-dollar subsidies from the federal government and electricity ratepayers. What benefits will New Jersey and Maryland enjoy from this flood of money?   

    To answer this question, it is best to recall the classic warning of the Trojan Horse legend,  “Beware of Greeks bearing gifts”—in other words, the hidden dangers of accepting something that seems too good to be true. New York State ignored that warning when it agreed to pay very high prices for the electricity to be supplied from its new offshore wind farms—Empire Wind 1 and Sunrise Wind—located off the coast of Long Island.

    In announcing the final agreements, New York Governor Kathy Hochul triumphantly claimed that the new projects would create more than 800 jobs during the construction phase and deliver more than $6 billion in economic benefits for the state over 25 years. 

    Rather less emphasis was given to the fact that New York will pay an average price of over $150 per MWh (megawatt hour) for the electricity generated by Empire Wind 1 and Sunrise Wind.That’s more than four times the average wholesale price of electricity in New York during 2023–24, $36 per MWh. The total annual premium over the wholesale market price for the power from these wind farms will be about $520 million per year at 2024 prices. Over 25 years, New York ratepayers will be paying about $13 billion for alleged benefits of $6 billion.

    That is not all. Thanks to tax credits, U.S. taxpayers will cover at least 40% of the costs of constructing the wind farms. At a minimum cost of $5.5 million per MW (million watts) of capacity, the total federal subsidy for New York’s two wind farms will be at least $3.8 billion.

    What about jobs and other economic benefits?  A study prepared for Equinor, the owner of Empire Wind 1, and submitted to the federal Bureau of Ocean Energy Management (BOEM) claimed that it would directly generate 180 annual jobs in New York during the six-year construction phase. The study estimated another 60 annual jobs due to the indirect employment effect, i.e., extra employment in the supply chain for the project. 

    A more reasonable estimate for the two projects together would be 515 annual jobs, not 800. The total contribution to New York State’s gross value added (the equivalent of GDP at the state level) during the construction of both projects would be less than $450 million, based on the report submitted to BOEM. Similar calculations for annual operating and maintenance (O&M) costs suggest an annual contribution of about $24 million to gross value-added or about $600 million over 25 years.

    Rather than the benefits of $6 billion over 25 years touted by Governor Hochul, a realistic assessment would be closer to $1.1 billion at 2024 prices. In any event, residents will be paying a cumulative premium of $13 billion for  the electricity these projects will generate. 

    Moreover, the additional jobs claimed for the project are concentrated heavily in the final year of construction—and the largest share (47%) consists of professional services. Overwhelmingly, these are jobs for people who would otherwise be working on other assignments.

    The economic benefits of the two offshore wind farms are much lower than claimed by the governor and the jobs are, in large part, temporary assignments for professional services staff. Promoting business for consulting firms may be considered a desirable outcome by Ms. Hochul. Still, the very high financial burden will be borne by almost the entire population of the state.

    Stepping back from the New York projects, the Biden administration’s overall goal is to reach a target of 30 GW (billion watts) of offshore electricity generation capacity by 2030 or shortly thereafter. That is equivalent to 17 times the capacity of the combined Empire Wind 1 and Sunrise Wind projects. Detailed costs and financial arrangements vary, but the figures above suggest that the recurring premium paid by electricity ratepayers in states with offshore wind farms will be about $9 billion per year. The benefits of new job creation and incomes from capital and O&M expenditures are likely to be less than $800 million per year. 

    In addition to the very large subsidies paid for from ultra-high electricity bills, federal taxpayers will contribute about $65 billion via tax credits if the Biden administration’s offshore wind target is met. While the subsidies for individual projects may not seem outrageous, the commitment of money to subsidize offshore generation is about $870 for every member of the country’s population. This may be spread over 25 years, but it is a huge liability for one very small element of U.S. programs to support renewable energy. 

     

    Gordon Hughes is a Senior Fellow with the National Center for Energy Analytics. 

    Tyler Durden
    Sat, 08/31/2024 – 13:25

  • Brazilian Judge Orders Google, Apple To Remove X From Platform; BAR Association Demands Review For Threatening VPN Users With Fine
    Brazilian Judge Orders Google, Apple To Remove X From Platform; BAR Association Demands Review For Threatening VPN Users With Fine

    On Friday, Brazilian Supreme Court Justice Alexandre De Moraes ordered social media platform X to be ‘immediately suspended‘ in the country, citing the company’s refusal to comply with a legal order to censor the judge’s political opponents.

    Moraes gave the country’s telecom regulator, Anatel, 24 hours to shut down X. He also ordered Apple and Google to block the use of the app and remove it from their app stores within five days.

    The shutdown comes after a Thursday post from X’s global government affairs account, which said that it would “not comply in secret with illegal orders,” and said that it would publish Moraes’ demands and related court documents for transparency.

    When we attempted to defend ourselves in court, Judge de Moraes threatened our Brazilian legal representative with imprisonment. Even after she resigned, he froze all of her bank accounts. Our challenges against his manifestly illegal actions were either dismissed or ignored. Judge de Moraes’ colleagues on the Supreme Court are either unwilling or unable to stand up to him.

    We are absolutely not insisting that other countries have the same free speech laws as the United States. The fundamental issue at stake here is that Judge de Moraes demands we break Brazil’s own laws. We simply won’t do that.

    What’s more, Moraes has also threatened Brazilians who use a VPN to access X with a fine equivalent to US$8,900.

    “Elon Musk showed his total disrespect for Brazilian sovereignty and, in particular, for the judiciary, setting himself up as a true supranational entity and immune to the laws of each country,” Moraes wrote in his order, which dictates that X will remain suspended in Brazil until all related court orders were complied with – including the payment of more than $3 million in fines, as well as the designation of a local representative as required by Brazilian law.

    That said, Moraes may be in hot water with the Brazilian BAR association (OAB) – which is investigating the daily fines against users accessing X.

    “It is necessary that the measures occur within constitutional and legal limits, ensuring individual freedoms,” said OAB President Beto Simonetti. “The application of a fine or any sanction can only occur after the deaftory and the broad defense assured – never in a prior and summary way.”

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

    Musk has been very active with posts on X regarding the matter:

    https://platform.twitter.com/widgets.js“𝕏 is the most used news source in Brazil. It is what the people want. Now, the tyrant de Voldemort is crushing the people’s right to free speech.” Musk wrote on Saturday.

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

    Meanwhile:

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

    To be continued…

    Tyler Durden
    Sat, 08/31/2024 – 12:50

  • Federal Court Upholds Ban On "Let's Go, Brandon" Shirts In High School
    Federal Court Upholds Ban On “Let’s Go, Brandon” Shirts In High School

    Authored by Jonathan Turley via jonathanturley.org,

    We previously discussed the case of a student (known as “D.A.”) in Michigan who was ordered to remove his sweater with the popular phrase “Let’s Go, Brandon.” We now have a ruling from U.S. District Judge Paul Maloney in the Western District of Michigan. In D.A. v. Tri County Area Schools. Judge Maloney rejects the free speech claim and rules that school officials can punish a student for wearing a “Let’s Go Brandon” T-shirt. I believe that he is wrong and that the case sets a dangerous precedent.

    Image from D.A. v. Tri County Area Schools Complaint

    “Let’s Go Brandon!” has become a familiar political battle cry not just against Biden but also against the bias of the media. It derives from an Oct. 2021 interview with race-car driver Brandon Brown after he won his first NASCAR Xfinity Series race. During the interview, NBC reporter Kelli Stavast’s questions were drowned out by loud-and-clear chants of “F*** Joe Biden.” Stavast quickly and inexplicably declared, “You can hear the chants from the crowd, ‘Let’s go, Brandon!’”

    “Let’s Go Brandon!” instantly became a type of “Yankee Doodling” of the political and media establishment.

    In this case, an assistant principal (Andrew Buikema) and a teacher (Wendy Bradford) “ordered the boys to remove the sweatshirts” for allegedly breaking the school dress code. In the first such incident, D.A. removed the sweater only to reveal a teeshirt underneath with the same slogan. He was then told to go get a teeshirt from a school official to remove both clothing items.

    The school ordered the removal of the clothing as obscene and in violation of the school code. However, other students are allowed to don political apparel supporting other political causes including “gay-pride-themed hoodies.”

    The district dress code states the following:

    “Students and parents have the right to determine a student’s dress, except when the school administration determines a student’s dress is in conflict with state policy, is a danger to the students’ health and safety, is obscene, is disruptive to the teaching and/or learning environment by calling undue attention to oneself. The dress code may be enforced by any staff member.”

    The district reserves the right to bar any clothing “with messages or illustrations that are lewd, indecent, vulgar, or profane, or that advertise any product or service not permitted by law to minors.”

    The funny thing about this action is that the slogan is not profane. To the contrary, it substitutes non-profane words for profane words. Nevertheless, “D.A.” was stopped in the hall by Buikema and told that his “Let’s Go Brandon” sweatshirt was equivalent to “the f–word.”

    Judge Maloney ruled that:

    A school can certainly prohibit students from wearing a shirt displaying the phrase F*** Joe Biden. Plaintiffs concede this conclusion. Plaintiff must make this concession as the Supreme Court said as much in Fraser … (“As cogently expressed by Judge Newman, ‘the First Amendment gives a high school student the classroom right to wear Tinker’s armband, but not Cohen’s jacket [which read {F*** the Draft}].’”) The relevant four-letter word is a swear word and would be considered vulgar and profane. The Sixth Circuit has written that “it has long been held that despite the sanctity of the First Amendment, speech that is vulgar or profane is not entitled to absolute constitutional protection.” …

    If schools can prohibit students from wearing apparel that contains profanity, schools can also prohibit students from wearing apparel that can reasonably be interpreted as profane. Removing a few letters from the profane word or replacing letters with symbols would not render the message acceptable in a school setting. School administrators could prohibit a shirt that reads “F#%* Joe Biden.” School officials have restricted student from wearing shirts that use homophones for profane words … [such as] “Somebody Went to HOOVER DAM And All I Got Was This ‘DAM’ Shirt.” … [Defendants] recalled speaking to one student who was wearing a hat that said “Fet’s Luck” … [and asking] a student to change out of a hoodie that displayed the words “Uranus Liquor” because the message was lewd. School officials could likely prohibit students from wearing concert shirts from the music duo LMFAO (Laughing My F***ing A** Off) or apparel displaying “AITA?” (Am I the A**hole?)…. Courts too have recognized how seemingly innocuous phrases may convey profane messages. A county court in San Diego, California referred an attorney to the State Bar when counsel, during a hearing, twice directed the phrase “See You Next Tuesday” toward two female attorneys.

    Because Defendants reasonably interpreted the phrase as having a profane meaning, the School District can regulate wearing of Let’s Go Brandon apparel during school without showing interference or disruption at the school….

    The court does not explain what will constitute a “reasonable interpretation” of non-profane words as profane. It is not clear if the same result would be reached by an agreement among students as to the hidden meaning of some other common expression akin to the code of “as you wish” in The Princess Bride. Judge Maloney seems to think that, so long as there is a profane meaning for some, there is a right to bar the expression.

    Judge Maloney offers a tip of the hat to free speech before eviscerating its protection:

    This Court agrees that political expression, the exchange of ideas about the governance of our county, deserves the highest protection under the First Amendment. But Plaintiffs did not engage in speech on public issues. Defendants reasonably interpreted Let’s Go Brandon to F*** Joe Biden, the combination a politician’s name and a swear word—nothing else. Hurling personal insults and uttering vulgarities or their equivalents towards one’s political opponents might have a firm footing in our nation’s traditions, but those specific exchanges can hardly be considered the sort of robust political discourse protected by the First Amendment. As a message, F*** Joe Biden or its equivalent does not seek to engage the listener over matters of public concern in a manner that seeks to expand knowledge and promote understanding.

    The court’s narrow view of the content of this speech is, for me, jarring and chilling. The “Let’s Go Brandon” slogan is more than just a substitute for profanity directed at the President (which itself has political content). It is using satire to denounce the press that often acts like a state media. It is commentary on the alliance between the government and the media in shaping what the public sees and hears.

    Judge Maloney relied heavily on the Court’s 1986 decision in Bethel School Dist. No. 403 v. Fraser which dealt with a nomination speech of student Matthew Fraser for a friend running for high school vice-president. The speech made juvenile illusions to sex like “I know a man who is firm—he’s firm in his pants, he’s firm in his shirt, his character is firm—but most … of all, his belief in you, the students of Bethel, is firm.”

    The Court ruled that “it is a highly appropriate function of a public school education to prohibit the use of vulgar and offensive terms in public discourse.” It added that “schools, as instruments of the state, may determine that the essential lessons of civil, mature conduct cannot be conveyed in a school that tolerates lewd, indecent, or offensive speech and conduct[.].”

    The Plaintiffs accepted that the school could prohibit a sweatshirt reading “F**k Joe Biden.” While the Court had found that “F**k the Draft” was protected for adults in Cohen v. California, it ruled that schools are different and stated in Fraser: “As cogently expressed by Judge Newman, ‘the First Amendment gives a high school student the classroom right to wear Tinker’s armband, but not Cohen’s jacket.”) (citing Thomas v. Bd. of Educ., Grandville Cent. Sch. Dist., 607 F.2d 1043, 1057 (2d Cir. 1979)).

    However, the Plaintiffs cited other lower court decisions striking a balance in such cases. For example, in B.H. v. Easton Area School Dist. the Third Circuit in a similar case ruled that:

    Under Fraser, a school may also categorically restrict speech that—although not plainly lewd, vulgar, or profane—could be interpreted by a reasonable observer as lewd, vulgar, or profane so long as it could not also plausibly be interpreted as commenting on a political or social issue.

    This was obviously commenting on a political or social issue, but the court declined to follow the ruling from another circuit on the question.

    I disagree with the decision as sweeping too far into the regulation of political speech. Notably, politicians have used the phrase, including members of the House of Representatives despite a rule barring profanity on the floor. On October 21, 2021, Republican congressman Bill Posey concluded his remarks with “Let’s go, Brandon.” It was not declared a violation of the House rules.

    In my book “The Indispensable Right: Free Speech in an Age of Rage,” I criticize what I refer to as “functionalist” interpretations of free speech that have allowed endless trade offs in barring or allowing speech. By protecting speech for its positive function in society, it allows for greater censoring of low-value as opposed to high-value speech.

    My view of free speech as a human right is not absolute and I recognize the need for schools to maintain civil discourse. However, the decision by Judge Maloney reflects the slippery slope of functionalism in more narrowly defining the protection of free speech. The default of Judge Maloney is to limit speech even when it is not overtly profane and concerns a major political controversy.

    In my view, the school is engaged in unconstitutional speech regulation under a vague and arbitrary standard. The discretionary authority recognized by Judge Maloney sweeps too deeply into protected speech for high school students and offers little clarity on what is permissible political commentary.

    Jonathan Turley is a Fox News Media contributor and the Shapiro Professor of Public Interest Law at George Washington University. He is the author of “The Indispensable Right: Free Speech in an Age of Rage” (Simon & Schuster, June 18, 2024).

    Tyler Durden
    Sat, 08/31/2024 – 12:15

  • US Government Using Tax Dollars To Fund Woke "Counter-Disinformation" Video Games
    US Government Using Tax Dollars To Fund Woke “Counter-Disinformation” Video Games

    If you’ve been wondering how it’s possible for so many woke movies, streaming series and video games to continually fail yet still get made, the answer is of course ESG funding.  These products don’t necessarily have to bring in consumer dollars because the companies already got paid by an army of NGOs and government programs. 

    Though the flow of ESG cash has slowed dramatically ever since central banks started raising interest rates there’s still a long list of projects that were initiated several years ago that are finally being released today.  This is why, despite the complete public rejection of woke propaganda and dying ESG, we are still being inundated with far-left media.

    For many years it has been suspected that leftist government officials are involved in directly financing social engineering projects using public tax dollars.  In film and TV the influence is more obvious, but what about video games (the largest entertainment market on the planet)?

    We recently discussed the exposure of a AAA video game called ‘Dustborn’ funded by the Norwegian Government and the EU.  The game features a cast of queer activist characters that use the “power of words” to cancel and manipulate their opponents.  They also use various methods to bully their allies to do more for them.  The game is set in the near future of 2030 in a balkanized America run by “white conservative fascists.” The backdrop of the game was apparently inspired by the 2020 elections.

    The intellectual disconnect is fascinating – Since at least 2016 the US has suffered increasingly under far-left oppression rather than far-right, starting with woke “cancel culture” supported by international corporations, then the BLM and Antifa riots supported by Democrat politicians, and finally culminating in an attempt to institute long term medical tyranny under the Biden Administration.  But we’re not going to see any video games about that.

    The terminology for this kind of media is “predictive programming”:  The use of propaganda to “inoculate” consumers against certain ideas and information the government does not want them to entertain.  And, not surprisingly, the EU is not the only bureaucracy engaging in this activity.  

    New information has come to light that the US government is involved in the same brand of social engineering and they openly admit to their goals in a funding program for modern video games launched in 2021.  

    The US State Department and Embassy in The Hague ran a “competition” for a $275,000 grant through it’s Global Engagement Center (GEC).  The project revolved around “counter-disinformation” – creating a video game that influences teens against common conservative arguments surrounding politics, DEI, climate change, economics and even covid.  The initial iteration of the game is called “Cat Park”, likely a beta test for future propaganda games.

    As the funding notice states:

    “Successful proposals will incorporate active inoculation theory and address current disinformation and propaganda tactics. The delivered product should be modular, scalable, and expandable so that later iterations could address additional problem sets, such as violent extremism and health misinformation. The game will be piloted simultaneously with players in the United Kingdom and the Netherlands, and lessons learned from these pilots will inform the final version of the game intended ultimately for global audiences…” 

    The GEC partners with numerous globalist institutions including the Global Disinformation Index, the Institute for Strategic Dialogue, the Atlantic Council’s Digital Forensics Research Lab, and Moonshot CVE.  They claim to be focused on foreign adversaries, but they are aggressively opposed to “populism” and view conservative ideals as a “threat to Democracy.”  In other words, they see you as the enemy as much as they see China or Russia as the enemy.

    In 2021 members of Congress wrote a complaint to the GEC in which they argued that the institution was straying from its original mission.  They included the video game project, noting that it was designed to: 

    “Produce a ‘counter-disinformation video game’ that programmed audiences to associate citizen critiques of government waste, fraud, and abuse with a social media disinformation campaign.”     

    Inoculation Theory upholds that “individuals who are exposed to weakened versions of arguments against currently held attitudes formulate resistance, and the ability to form counter-arguments to future threats to those attitudes.”

    What does that mean?

    To simplify, they portray weak strawman arguments within popular media to make their political opponents look ridiculous.  The public consumes this media and is thus convinced that the government narrative is the proper narrative, while anyone who dares challenge that narrative is automatically ignored, even if their position is based on facts and evidence.  The US government is using American tax dollars to pay for psychological weapons that will be used against American citizens.

    This agenda to infuse woke ideology into every aspect of western culture has been ongoing for quite some time, but any criticism of it in the past was immediately called “conspiracy theory.”  Only in the last couple of years has the evidence mounted to the point that even normies can no longer deny it.

    Tyler Durden
    Sat, 08/31/2024 – 11:40

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Aug 31

Today’s News 31st August 2024

  • Alzheimer's Could Be A White Matter Disease, Not Gray
    Alzheimer’s Could Be A White Matter Disease, Not Gray

    Authored by RJ Tesi via RealClearScience,

    Alzheimer’s disease (Alzheimer’s) is conceptualized as a progressive consequence of two hallmark pathological changes in gray matter, in particular, extracellular amyloid plaques and neurofibrillary tangles. However, over the past several years, neuroimaging studies have implicated micro and microstructural abnormalities in white matter in the risk and progression of Alzheimer’s, suggesting that in addition to the neuronal pathology characteristic of the disease, white matter degeneration and demyelination are crucial features of patients living with the disease. A shift to focus on white matter abnormalities, rather than gray matter, can open up critical new avenues in Alzheimer’s pathology and could be potential treatment targets. 

    White matter vs. gray matter 

    The brain’s gray matter is mainly composed of neuronal cell bodies. Nerve cells in the gray matter are where memories are stored. Networks of nerve cell bodies process information in the brain. These neuronal networks are necessary for thinking, speaking, and most activities. White matter is made up of myelinated axons. 

    White matter disease is the degeneration of tissue in the largest and deepest part of the brain. White matter tissue contains millions of nerve fibers, or axons, that connect other parts of the brain and spinal cord and signal your nerves to communicate to one another.  This ‘talk’ helps individuals think fast, walk straight, and perform other important cognitive functions. When diseased, the myelin, a fatty material that protects fibers in the brain, and the axons stop working and the brain and body halt normal functions. 

    Growing research supporting Alzheimer’s as a white matter disease 

    The observation that white matter abnormalities are characteristic of Alzheimer’s is relatively new. While changes to the gray matter in the pathogenesis of Alzheimer’s are well known and continue to be heavily investigated, the neuropathology of white matter abnormalities still remains mysterious and is mainly attributed to cerebral small vessel degeneration, inflammatory events, as well as loss of myelin and axonal fibers. However, white matter changes have been shown to develop very early, in prodromal phase (pre-Alzheimer’s) and precede the onset of clinical symptoms of dementia, underscoring the importance of their further investigation and focus. 

    A neuroimaging study in 2020 identified white matter hyperintensities, a significant contributor to Neuropsychiatric symptoms (NPS), such as apathy, irritability and depression, to be present in subjects evaluated with Alzheimer’s. Another recent study demonstrated that co-morbidities have an impact on white matter integrity in individuals living with AD and that early alterations in genes linked to myelin proteins in white matter occur in AD cases. These are just a couple recent examples of the growing data that support the vital role white matter abnormalities present in the development of Alzheimer’s. 

    The fact that most dementia remains incurable—including the cortical dementia of Alzheimer’s that continues as such a formidable threat to medicine and society—calls out for a new paradigm that may reveal new avenues to an effective response. Alzheimer’s as a white matter disease may stimulate such novel thinking, and can serve in a theoretical sense to broaden the clinician’s perspective in approaching dementia and its origins. 

    New hope for Alzheimer’s disease treatment 

    Historically, science hasn’t paid as much attention to our brain’s white matter as its gray matter. 

    We now know how important white matter is to our overall brain health and cognitive ability, as well as how declines in white matter structure are correlated with impairments in brain function. In the broadest sense, dementia must arise from dysfunction in or damage to neurons in the brain. However, the details of where, when and how the cognitive disturbance arises are crucial. Just as neuronal cell body pathology within gray matter is important, so is disease involving the segments of neurons within the white matter and their supporting structures. 

    Heightened consideration of white matter as a specific therapeutic target raises many new possibilities for Alzheimer’s treatment. Emerging possibilities for the treatment of white matter disorders can help reduce the burden of dementia that results from long-term consequences of myelin damage or dysfunction. An adaptation and adjustment to focus on white matter abnormalities, rather than gray matter in Alzheimer’s patients, opens promising possibilities for the science community to develop effective treatments for Alzheimer’s patients and potentially take steps forward in identifying a possible cure.

    Tyler Durden
    Fri, 08/30/2024 – 23:55

  • Chinese Offices Emptier Now Than During Peak Of Covid Lockdowns As Economy Crumbles
    Chinese Offices Emptier Now Than During Peak Of Covid Lockdowns As Economy Crumbles

    One week ago, we reported that China had found itself “On The Verge” of collapse as its “Welfare State Crumbles, Explosion In Social Unrest As Youth Unemployment Soars, Strikes Surge.” All of this was the result of Beijing’s very deliberate – and extremely risky – decision to not engage in a massive stimulus this time, unlike every previous occasion of sharp economist slowdown, and risk social unrest at best, or a full-blown revolution as an unthinkable worst case.

    Here is the silver lining: all those revolutionaries will have brand new empty offices at their disposal when they finally take over. That’s because as the FT reports, offices in China’s biggest cities are emptier than they were during stringent Covid-19 lockdowns in what is the latest clear sign of how the country’s economic slowdown has crushed business confidence.

    At least a fifth of high-end office space was vacant in the tech hub of Shenzhen in June, according to data from three real estate agencies, while office vacancy rates in Beijing, Guangzhou and Shanghai were also higher than in June 2022. Naturally, with demand collapsing, rents are at least 10% lower than they were two years ago and in many cases much lower.

    While a rise of flexible working has made it hard for developers to fill office space in cities such as London and San Francisco, and led to an unprecedented commercial real estate crisis, in Chinese cities – where far fewer people work from home – analysts said there is a much simpler cause for explosion in office vacancies: the collapsing economy…. which is amusing considering the centrally-planned central government has set a full-year economic growth target of about 5%. The reality is that China’s economy is shrinking at that rate, if not much faster.

    “The biggest challenge is still the significant reduction in market demand due to the weakening of China’s economic growth expectations,” said Lucia Leung, greater China research and consultancy director at Knight Frank.

    In Shenzhen, Colliers put its prime office vacancy rate at 27% in June, up from 20% in June 2022. Monthly rental prices at premium offices in the southern Chinese city are now about Rmb163 ($22) per sq metres, down 15% year on year, and expected to keep declining at this pace for the foreseeable future. This matches the trend seen by Knight Frank and JLL.

    The three agencies have recorded similar vacancy rises in other cities. Shanghai had a vacancy rate of nearly 21% for its high-end offices as of June, up from 14% in June two years ago, according to Knight Frank. Rental prices have slipped 13% year on year, the agency’s data showed. JLL puts manufacturing hub Guangzhou’s prime office vacancy at 21% as of June and 12% for Beijing, up from 16 and 10% in 2022, respectively.

    Companies are trying to reduce costs, and this has “led them to be more prudent in their office leasing decisions”, Leung said, citing rental reductions in lease renewals. This environment remains “challenging” in China, Leung added, with the overall vacancy rate expected to continue to rise this year and rents forecast to fall by 8 to 10 per cent year on year.

    Said otherwise, absent massive, constant stimulus China – like the US – simply can not function in its current parameters, and the result will be constant overcapacity-driven deflation across every sector until the government finally capitulates and injects the next several trillion in stimmies.

    Part of the problem is new supply, said John Lam, head of China property research at UBS. According to Colliers, in Shanghai alone there were almost 1.6mn sq metres of new prime office space will be completed this year, this is the highest level of new supply in the past five years.

    While foreign companies including many US law firms have downsized or vacated their offices in Shanghai or Beijing over the past two years, the office rental market is largely driven by domestic companies. And the office rental market will only get worse as ever more Chinese companies move to cheaper office buildings to cuts costs, Lam said, while state-owned enterprises are also looking to cut costs.

    One lawyer at a major Chinese firm said they recently cut half of their space in an office building in Beijing’s central business area due to “downsizing and cost-saving”.

    Zhang, a leasing manager at an office building in Beijing’s Lido area, told the FT that some smaller clients “cannot hold on any longer”, and most tenants want to renegotiate rent.  He said the prime office market environment was still “poor”. “Clients are downsizing,” added Zhang. “Those who used to occupy an entire floor might now use only half a floor, and those who had two continuous floors might also downsize.”

    Hong Kong-based Hang Lung Properties’ office leasing revenue in mainland China fell 4 per cent year on year to Rmb556mn on “weakened demand” in the six months to the end of June, it said. The vacancy level in its flagship office building in Shanghai jumped from 2 per cent in June last year to 12 per cent in June this year.

    “There will be downward pressure ahead,” chief executive Weber Lo told reporters last month. “What we hope to do now is to be able to keep our existing tenants.”

    And as more tenants flee, more renters will be forced to shutdown and liquidate, forcing even more economic pain, even more economic contraction, as the Chinese feedback loop eventually forces the government to step in and short circuit China’s deflationary vortex.

    Tyler Durden
    Fri, 08/30/2024 – 23:30

  • UCSF Researchers Identify Major Driver Behind COVID And Long COVID, With Potential Treatment
    UCSF Researchers Identify Major Driver Behind COVID And Long COVID, With Potential Treatment

    Authored by Marina Zhang via The Epoch Times (emphasis ours),

    Researchers at the University of California San Francisco have identified fibrin, a natural protein involved in blood clotting, as a major driver of the COVID-19 disease, according to a new study.

    An electron microscope image shows SARS-CoV-2 (round gold objects), which causes COVID-19, emerging from cultured cells. NIAID via The Epoch Times

    Fibrin binds to proteins from the SARS-CoV-2 virus to form blood clots that are difficult to break down, the authors found. This clotting then drives the various inflammatory and neurological symptoms seen in COVID-19 and long COVID, the researchers found.

    Previous studies have theorized that blood clotting is a consequence of inflammation. However, the new Nature study, published on Wednesday, shows the reverse: that the clotting comes first.

    “We know of many other viruses that unleash a similar cytokine storm in response to infection, but without causing blood clotting activity like we see with COVID,” Dr. Warner Greene, senior investigator and director emeritus at Gladstone and co-author of the study, said in a press release.

    “Our study is the first to report causality for fibrin as the root of inflammation and brain pathology after COVID infection,” Katerina Akassoglou, senior author and professor of neurology at UCSF, told The Epoch Times on email.

    By blocking fibrin using a novel antibody, the researchers were able to reduce clotting and neurological symptoms, offering a new potential therapeutic for patients.

    Furthermore, the new study offers an explanation for the increase in cancers following COVID-19 infections. The researchers found that the abnormal clotting between COVID-19 spike proteins and fibrins reduces cancer-fighting immune cells known as natural killer (NK) cells.

    Abnormal Clots From Fibrin and Viral Proteins

    Prior studies have shown that a type of COVID-19 viral protein, known as spike, can form irregular clots with other proteins involved in clotting, creating blood clots that are hard to break down.

    “We showed that the binding of fibrin to spike forms clots that have very high inflammatory activity,” Akassoglou said.

    Researchers tested their findings in mice, infecting them with COVID-19 Beta and Delta variants.

    They found fibrin bound to COVID-19 spike proteins to form irregular amyloid-like clots that are difficult to break down using traditional therapies.

    The researchers found that the spike and fibrin clots would be deposited in the blood vessels, lungs, and the brains of mice, leading to scarring and inflammation, potentially driving breathing and neurological problems seen in long COVID-19 patients.

    In the brain, COVID-19 infection caused protein deposits to be formed in the mice brains, triggering inflammation in brain cells.

    “Furthermore, we showed that fibrin induces toxic inflammation, while suppressing NK cells that clear the virus,” Akassoglou said.

    Mice that were genetically modified to not produce the right fibrin proteins had less inflammation when infected with COVID-19, the authors found. Their cancer-fighting natural killer cells were also more active at clearing out COVID-19 spike proteins.

    The authors wrote that the reduced NK activity may explain some of the cancer and autoimmune cases seen post-COVID-19.

    Clots Without Infections

    The researchers also showed that even when there are no infections, just introducing the spike proteins to the mice could cause the formation of these abnormal clots.

    Researchers exposed mice to subunits of the spike protein rather than the complete virus and clots still formed. They suggest that in long COVID, it may be the remnant spike proteins driving the disease.

    While COVID-19 mRNA and adenovirus vaccines cause the body to produce spike proteins, the authors said that the vaccines would not cause these clots. “In general, COVID-19 RNA vaccines lead to small amounts of spike protein accumulating locally […] and the protein is eliminated,” they wrote.

    They also point to a study conducted in over 99 million vaccinated individuals, saying that it showed no safety signals for blood-related conditions.

    The study, which was funded by the U.S. Centers for Disease Control and Prevention (CDC), found COVID-19 vaccines were linked to few adverse events. Though at certain doses, people who took the COVID-19 mRNA and/or adenovirus vaccines had a slightly increased odds of contracting various clotting diseases.

    Other clinicians, including Dr. Keith Berkowitz of Centers for Balanced Health and nurse practitioner Scott Marsland at the Leading Edge Clinic, disagreed with the UCSF researchers’ statements in the study.

    Marsland and Dr. Paul Marik, chairperson of Front Line COVID-19 Critical Care Alliance, said that clotting is a common adverse reaction some people may experience following COVID-19 vaccination, though few studies have evaluated patients for such conditions.

    Nonetheless, the clinicians said that they were pleased to see discussions opening up on the drivers of long COVID symptoms and possible harms from spike protein.

    Therapeutics for Clotting

    The researchers of the Nature study designed an antibody made to target fibrin and administered it to mice.

    Mice that were previously infected with COVID-19 had an improvement in their inflammation, scarring, clotting, brain damage, and overall survival after being given the antibody.

    Giving the antibody for prevention  similarly reduced inflammation and organ damage.

    Common anticoagulants, which are medications that prevent blood clots, can increase bleeding risks while this antibody does not increase the risk of bleeding, the authors said. It is highly selective for the inflammatory form of fibrin and does not have the adverse effects like those observed with some anticoagulants, Akassoglou said.

    A humanized version of Akassoglou’s fibrin-targeting immunotherapy is already in Phase 1 safety and tolerability clinical trials in healthy people funded by the biotechnology company Therini Bio.

    Outside of the monoclonal antibody tested, Berkowitz, who has been treating clotting in long COVID patients, suggest anticoagulants like nattokinase which has been shown to break down spike protein in cell studies.

    Research by Resia Pretorius, distinguished professor and head of the physiological sciences department at Stellenbosch University, South Africa, has shown that a combination of three different anticoagulant drugs, including aspirin, clopidogrel, apixaban, and a proton pump inhibitor, helped reduce abnormal clots and improved long COVID symptoms such as fatigue, joint pains, brain fog, and more.

    Marsland said he found sulodexide, a drug not FDA-approved in the United States but approved in Europe, to be highly effective in treating clotting without increasing people’s risks of bleeding. Sulodexide is a drug that is used to treat thrombotic diseases and diabetic neuropathy.

    Tyler Durden
    Fri, 08/30/2024 – 23:05

  • Zelensky Calls For India Peace Summit In Effort To Get BRICS In Ukraine's Corner
    Zelensky Calls For India Peace Summit In Effort To Get BRICS In Ukraine’s Corner

    Ironically at a moment Ukraine is still engaged in its highest risk operation of the entire war (the now three-and-a-half week-long Kursk ground incursion) the Zelensky government has of late been talking peace, which is only a fairly recent talking point.

    On Friday Ukrainian President Volodymyr Zelensky unveiled that he’s pushing for an international peace summit to be hosted by India aimed at ending the war with Russia. Zelensky reportedly raised the possibility with Narendra Modi during the Indian prime minister’s first-ever visit to Kiev last week.

    The proposal is clearly part of Zelensky’s ongoing efforts to get powerful BRICS countries on board with Ukraine’s own ‘peace formula’. China has previously been a focus of Keiv’s efforts, and now it appears Zelensky is pivoting efforts toward New Delhi.

    Beijing, however has sat on the sidelines–particularly when it came to the June 2024 peace summit held in Switzerland–despite pressure from Kiev for the Xi government to lean on Putin to end the invasion.

    As for this new diplomatic focus on India, Bloomberg writes:

    A Zelenskiy spokesman, Serhiy Nykyforov, said Ukraine is weighing holding the follow-up summit in a country of the Global South, including India “in particular.”

    Ukraine’s ’10-point peace formula’ includes the demand that Russian forces immediately withdraw from all places it occupies in the country’s east (particularly the Donbass). But from Moscow’s point of view (and perhaps China’s) this is a non-starter.

    Earlier this week Zelensky revealed that he intends to present the White House with a plan for victory against Russia.  He specified that his plan will also be directly presented to Vice President Kamala Harris as well as former President Donald Trump as the two candidates head into the November election.

    “The plan is prepared. I think it’s right that I first present this plan to the US President.” Zelensky was quoted in Ukrainian media as saying. “The success of this plan depends on whether we get what is outlined in it, or if we are free to use what is included.”

    “Kursk region is part of our plan—Ukraine’s victory plan. It may sound overly ambitious to some, but for us, it’s an important plan,” Zelensky had revealed.

    One of the stated aims of the Kursk operation is to humiliate the Russian government and military, and to show the West that Putin’s ‘red lines’ are are but bluffs and that there will be no significant retribution in terms of escalation.

    Some pundits have pointed out that India will never give up its oil and trade relationship with Russia despite Ukraine and Washington’s pleadings…

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

    Ukrainian officials have expressed hope that Kursk can be used to invite more direct intervention of NATO countries. Ultimately, the end-game from Kiev’s point of view appears to be to use the invasion of Russian territory to build immediate leverage potentially going into the negotiating table. The strategy of getting China and India on board comes in this context. 

    Tyler Durden
    Fri, 08/30/2024 – 22:40

  • Nearly Half of FDA-Approved AI Devices Not Based On Real Patient Data
    Nearly Half of FDA-Approved AI Devices Not Based On Real Patient Data

    Authored by Huey Freeman via The Epoch Times (emphasis ours),

    Researchers from the University of North Carolina have called for more rigorous testing of artificial intelligence (AI)-powered medical devices, following a comprehensive study of nearly three decades of U.S. Food and Drug Administration (FDA) authorizations.

    The U.S. Food and Drug Administration (FDA) in White Oak, Md., on June 5, 2023. Madalina Vasiliu/The Epoch Times

    The study, published in Nature Medicine, found that nearly half of AI medical devices authorized by the FDA were not based on real patient data, raising concerns about their safety and effectiveness in real-world patient care.

    Some devices used simulated images, not real patient data, which technically didn’t qualify as testing in real patients, also known as clinical validation.

    Although AI medical devices serve many useful purposes, including detection of cancer and strokes on radiology scans, this study shows they also bring with them potential dangers.

    “We shared our findings with directors at the FDA who oversee medical device regulation, and we expect our work will inform their regulatory decision making,” Sammy Chouffani El Fassi, a doctor of medicine candidate at the University of North Carolina Medical School and first author, said in an interview with The Epoch Times.

    The study, completed in about 18 months, included eight authors, as well as a large team of consultants from academic institutions and corporations.

    The study highlighted the rapid growth of AI medical devices, with FDA authorizations increasing from two to 69 annually between 2016 and 2022.

    A Need for Higher Standards

    Researchers recommend the FDA require clinical validation for all devices, meaning testing on real patients so scientists can see that they work, Chouffani El Fassi said.

    Their analysis revealed that only 56 percent of approved devices had this validation.

    After analyzing FDA authorizations from 1995 to 2022, researchers recommended establishing a “gold-standard indicator” of safety and effectiveness. Most authorized devices were for radiology, with 75 percent in this category. Nearly all were classified as intermediate-risk class II devices. Class II devices include diagnostic devices like X-ray machines, surgical devices like catheters and sutures, and therapeutic devices such as pacemakers and hearing aids.

    “For the public to accept FDA authorization as an indication of effectiveness, the agency and device manufacturers must publish ample clinical validation data,” the researchers wrote.

    Effectiveness Proven By Testing in Patients

    “We believe having more clinical validations published will reduce barriers to implementation,” Chouffani El Fassi, said. “It will increase the public trust in the whole technology. It is powerful what this technology can do. It can predict the onset of disease before it even starts.”

    Chouffani El Fassi acknowledged that the field is relatively new and that the full extent of potential harm is unknown.

    The devices analyzed in the study were categorized as low-risk, he said. They are not intended to replace doctors but rather to assist and augment their work.

    “There is a limit to what kind of harm they can do to people,” Chouffani El Fassi said. “That is why they get authorized. At the end of the day even if an AI health tool helps read a chest X-ray, for example, a human physician is going to read over that X-ray. The AI helps triage the scans and helps the physicians to look over some scans sooner.”

    Testing in Patients Can Be Simple

    Testing in patients is not always performed because they are a rigorous, costly process, Chouffani El Fassi said.

    The study sought to establish a standard for clinical validation.

    Researchers prefer prospective validation as they provide stronger evidence, according to Chouffani El Fassi. Prospective validation tests the AI machine on new data while retrospective validation tests the AI machine on historical data. In prospective validation tests, researchers may conduct randomized controlled trials to compare device users to a control group.

    “That is the gold standard for medicine because you are comparing the group of health care professionals that used the device and a control group that did not use the device,” Chouffani El Fassi said.

    The Epoch Times reached out to the FDA for comments. Two device manufacturers declined to comment.

    Tyler Durden
    Fri, 08/30/2024 – 22:15

  • Data Centers In 'Spy Country' Northern Virginia Face Seven-Year Hookup Wait
    Data Centers In ‘Spy Country’ Northern Virginia Face Seven-Year Hookup Wait

    Since the beginning of the digital age, most of the world’s internet data has flowed through massive data centers in Northern Virginia. The area is known as “Data Center Alley” because it’s home to the world’s largest concentration of data centers. Some call the area ‘spy country’ because of the number of data centers used by the Central Intelligence Agency and other intelligence agencies. 

    The proliferation of AI data centers across Virginia’s Loudoun County has created a massive bottleneck of delayed hookups for large data centers by energy supplier Dominion Energy. 

    According to Bloomberg, because of the surge in hookup requests, data centers that require more than 100 megawatts of electricity could take one to three years and/or as long as seven years to be wired into the local power grid. 

    The longer wait time applies only to large data centers that need more than 100 megawatts of electricity and won’t affect projects that have already been evaluated, according to a letter the company’s transmission arm sent its regulated utility as well as co-ops and local utilities. Almost all loads that big in Dominion’s territory are data centers. -BBG

    Dominion’s ability to beef up the power grid and supply data centers with additional load capacity appears to be challenged by the artificial intelligence boom. A presentation by the power company in June showed power demand by data centers in Virginia soared by 500% from 2013 to 2022. 

    Mid-Atlantic grid operator PJM Interconnection now requests Dominion to provide a 15-year data center forecast instead of a five-year outlook because of soaring power demand. The rise in power isn’t just due to AI data centers but also other electrification trends, including electric vehicles and 5G technology. 

    In a recent note, S&P Global showed that about 80% of the data center industry in Virginia is centered around Loudoun County. 

    Source: S&P Global

    The rapid acceleration of AI data centers has hit its first major hurdle: power companies are facing massive backlogs, delaying timely hookups.

    Tyler Durden
    Fri, 08/30/2024 – 21:50

  • Anti-Inflammatory Diet May Reduce Dementia Risk By Up To A Third: Study
    Anti-Inflammatory Diet May Reduce Dementia Risk By Up To A Third: Study

    Authored by Jennifer Sweenie via The Epoch Times (emphasis ours),

    A study published in JAMA Open Network this month uncovered a link between diet and brain health. The research revealed that individuals who adhered to an anti-inflammatory diet saw a 31 percent reduction in their risk of developing dementia.

    Tatjana Baibakova/Shutterstock

    The observational study set out to examine the effects of an anti-inflammatory diet in those with an existing cardiometabolic disease, such as heart disease, Type 2 diabetes, and stroke. The authors found that individuals with one of these risk factors are less likely to develop dementia if they adhere to consuming anti-inflammatory foods.

    Abigail Dove, the lead study author and a doctoral student at the Aging Research Center at Karolinska Institutet in Stockholm highlighted the uniqueness of their study in an email to The Epoch Times. “Our study is distinctive in that it delves into the relationship between diet and dementia within the context of a major dementia risk factor: cardiometabolic diseases (CMDs).”

    Dementia is an umbrella term used to describe a range of symptoms associated with a decline in memory severe enough to interfere with a person’s ability to perform everyday activities. It is caused by damage to brain cells, and the most common type is Alzheimer’s disease. There is an established link between diet and dementia.

    A systematic review published in Frontiers in Neuroscience in 2023 found that certain dietary patterns may slow the progression of Alzheimer’s, while a standard Western diet is a risk factor. Recent research has also linked blood sugar regulation to dementia, highlighting the importance of ongoing research in this field.

    The new findings underscore the promising potential of dietary interventions in preserving cognitive function as we age. Understanding which foods promote inflammation and which prevent it may minimize your risk of developing dementia.

    The Link Between Cardiometabolic Disease and Dementia

    Cardiometabolic diseases are well-established risk factors for dementia. Dove pointed out, “Individually, each of these diseases [Type 2 diabetes, heart disease, and stroke] is associated with 1.5-2x increased risk of dementia, and this becomes even stronger for people who have more than one CMD (for example type 2 diabetes plus heart disease).”

    Dove noted that this new research points to how dietary modifications may serve as a strategy to temper the likelihood of dementia in such a high-risk group of individuals. People with cardiometabolic diseases have more overall inflammation, making adopting an anti-inflammatory dietary pattern a potentially critical approach.

    Dove said that an anti-inflammatory diet lessens systemic inflammation in the body, which may slow the progression of injury in the brain and the eventual development of dementia. It is still unclear as to why people with cardiometabolic diseases are more at risk of developing dementia than those without. The connection exists, but studies are still underway to uncover the precise mechanisms, she said.

    “It seems that CMDs [cardiometabolic diseases] share similar underlying biology with dementia. The heart pumps blood through a vast network of blood vessels spread out throughout the entire body, including the brain,” Dove said. “Heart problems—for example an irregular heart rhythm or stiffening of the heart’s pumping chambers—can cause blood flow to the brain to become irregular, therefore restricting the brain’s supply of oxygen and important nutrients, gradually starving brain cells over time.”

    “Type 2 diabetes can lead to brain wear and tear: when excess sugar from the blood enters the brain, it can break down the protective coating that surrounds brain cells, making them less efficient and more vulnerable to damage,” she continued, “Stroke occurs when blood supply to a part of the brain is cut off, essentially suffocating brain cells and leaving severely damaged tissue behind.”

    Study Details

    Using data from the UK Biobank, the researchers constructed a sample of more than 80,000 adults aged 60 and above without dementia at baseline. The individuals were tracked for up to 15 years, with a median follow-up period of 12.4 years. During the follow-ups, participants filled out a comprehensive food questionnaire.

    The models were adjusted for baseline age, sex, education level, and caloric intake, as well as race, ethnicity, socioeconomic status, and vascular risks, including body mass index, hypertension, smoking, and physical activity. The status of a genetic risk factor for late-onset Alzheimer’s disease, APOE ε4, was also assessed.

    The study measured 206 foods and 32 drinks, ranging from vegetables and green tea to brownies and beer. However, the inflammation index calculated was not based directly on consumption of these particular foods. The researchers used a more nuanced approach to assess inflammation from diet. Each nutrient in the measured foods was designated an inflammatory effect score.

    “The data about these specific foods and drinks was used to estimate the amount of different vitamins, nutrients, spices, etc. that people consumed. It is these more granular items that were used to calculate dietary inflammation,” said Dove.

    “This is basically how strongly anti- or pro-inflammatory the nutrient is, based on meta-analyses of previous studies correlating the nutrient to inflammatory markers in the body,” she said.

    Once an inflammatory score was calculated for each participant’s diet, Dove said, they were divided into three groups. One-third were categorized as having an anti-inflammatory diet, one-third as having a pro-inflammatory diet, and one-third as having a neutral diet.

    MRIs were done to measure the total brain volume. “Reduced gray matter volume is an indicator of neurodegeneration (i.e., loss of brain cells), a key type of brain damage underlying dementia. In our study, CMDs and pro-inflammatory diet were both associated with lower gray matter volume,” said Dove.

    “They were also both associated with smaller hippocampal volume,” she continued, “The hippocampus (which is composed of gray matter) is a region of the brain that is specifically dedicated to memory processing. Neurodegeneration/loss of volume in this area is an especially important marker for dementia, since memory loss is the key symptom of dementia.”

    While the study found an association between lower systemic inflammation and more favorable brain markers in the MRIs with a lower risk of dementia, Dove noted that a causal conclusion cannot be drawn just yet, “Interventional studies in which participants are randomized to an anti-inflammatory vs. pro-inflammatory diet would be required to conclusively test this hypothesis.”

    As to whether an anti-inflammatory diet could be beneficial for people seeking to mitigate their risk of developing dementia later in life, whether or not they have any cardiometabolic diseases, Dove said, “Yes, the main takeaway of the study is that adhering to an anti-inflammatory dietary pattern was associated with lower risk of dementia in both people with (-31%) and without (-21%) CMDs.”

    Anti-Inflammatory Foods to Add to Your Diet

    If you are seeking to minimize your risk of developing dementia, adding anti-inflammatory foods to your diet may help combat systemic inflammation. Examples include:

    1. Berries
      Berries, including blackberries, blueberries, raspberries, and strawberries, contain a high amount of antioxidants known as polyphenols that can help fight inflammation.
    2. Nuts
      Nuts are rich sources of antioxidants with anti-inflammatory potential. A review published in Nutrients in 2023 found that tree nuts and peanuts can help lower risk factors for cardiometabolic diseases.
    3. Fatty Fish
      Fish such as salmon, sardines, anchovies, and mackerel are good sources of anti-inflammatory omega-3 fatty acids.
    4. Avocado
      Certain compounds in avocados are linked to anti-inflammatory properties.
    5. Green Tea and matcha
      EGCG, a component of green tea, is known to regulate inflammation.
    6. Olive Oil
      A study published in the International Journal of Molecular Sciences in 2018 found that oleocanthal, a compound present in extra virgin olive oil, has similar effects as the nonsteroidal anti-inflammatory drug ibuprofen when ingested in the same amounts.
    7. Vegetables
      Leafy greens are high in the antioxidant beta-carotene, which reduces inflammation. Peppers, such as bell and chili, contain vitamin C and quercetin, both of which have been shown to lower inflammation. Sulforaphane, an antioxidant found in cruciferous vegetables such as broccoli, cauliflower, and Brussels sprouts, is shown to prevent inflammation.
    8. Turmeric
      Turmeric is rich in curcumin, which has been shown to contain anti-inflammatory properties.
    9. Mushrooms
      Mushrooms are rich in antioxidants. Though more research is warranted, an animal study published in Antioxidants in 2019 found that lion’s mane may offer neuroprotective and anti-inflammatory qualities.

    Inflammatory Foods to Avoid

    While adding anti-inflammatory foods to your diet may help assuage systemic inflammation, removing common inflammatory culprits is another practical approach:

    Naria Le Mire, a registered dietitian, shared which foods to avoid with The Epoch Times via email: “I always advise my clients to limit their intake of sugary beverages, pastries, high-fat animal products, refined carbohydrates like white rice and pasta, processed meats such as hot dogs, and alcohol to prevent chronic diseases such as diabetes, heart disease, and gut issues, which are connected to chronic inflammation.”

    Tyler Durden
    Fri, 08/30/2024 – 21:25

  • FBI Repeatedly Botches Child Abuse Investigations, New Report Finds
    FBI Repeatedly Botches Child Abuse Investigations, New Report Finds

    A scathing new report from the U.S. Department of Justice’s Office of the Inspector General (OIG) has found that the FBI has repeatedly failed to comply with its own policies and federal laws regarding the handling of tips on child sexual abuse. The audit, which follows up on the infamous mishandling of allegations against former USA Gymnastics physician Lawrence Nassar, uncovered significant gaps in the bureau’s response to serious allegations involving suspected child abuse.

    The audit, covering the period between October 2021 and February 2023, scrutinized 327 incidents of alleged hands-on sex offenses against children and found that the FBI has been non-compliant in key areas, including mandatory reporting, victim services, and timely responses to ongoing abuse. Particularly concerning is the revelation that 13% of the reviewed cases were flagged for immediate attention due to substantial deficiencies that could have left children in harm’s way.

    “We found the FBI does not document and process all incoming tips and allegations within Guardian and 40 percent of the incidents we reviewed did not include evidence that the FBI responded to an allegation involving active or ongoing child sexual abuse within 24 hours as required by FBI guidance,” reads the report.

    Gaps in Mandatory Reporting

    According to the report, FBI employees failed to comply with mandatory reporting laws in 47% of incidents involving suspected child abuse. In some cases, there was no evidence that FBI employees had made the required reports to state or local law enforcement or social services agencies. The lack of compliance persisted despite updated training and policies implemented after the Nassar scandal aimed at ensuring FBI personnel understood their obligations as mandatory reporters.

    ““In our review, we found that for 36 percent of eligible victims in our sample, there was no evidence that the victim received appropriate services or updates,” reads the report.

    Moreover, even when FBI employees did report suspected abuse, they often failed to do so within the 24-hour window required by FBI policy. The audit found that only 43% of the reports were made within the mandated timeframe, and just 17% of those reports were fully documented as required.

    Investigations Left Stalled and Unaddressed

    One of the most troubling findings of the audit was the significant number of cases where the FBI did not take timely or adequate action in response to allegations of child sexual abuse. In one instance, the bureau received a tip about a registered sex offender allegedly involved in ongoing abuse but took over a year to initiate any substantive investigative action. During this period of inaction, the subject reportedly victimized at least one additional minor.

    Another case highlighted in the report involved a complaint of sex trafficking of minors that languished without investigation for nearly a year. The report notes that such delays could have catastrophic consequences, potentially allowing abusers to continue preying on children.

    Victim Services Lacking

    The report also points to deficiencies in providing victim services, a critical component of handling child sexual abuse cases. In 36% of eligible cases, the FBI failed to provide victims with information about available services or case status updates. The lack of victim engagement raises questions about the bureau’s commitment to supporting those it is mandated to protect.

    Internal Mismanagement and High Caseloads

    The OIG’s findings suggest that some of the FBI’s deficiencies stem from internal management issues, such as high caseloads among agents in its Crimes Against Children and Human Trafficking program. Agents often found themselves overwhelmed with cases, making it difficult to immediately respond to new allegations or properly document investigative steps.

    The report calls for the FBI to re-evaluate the distribution of cases and enhance training for its employees to improve compliance with laws and policies governing child abuse investigations.

    Looking Ahead

    The OIG report comes as the FBI faces increased scrutiny from Congress and child advocacy groups regarding its handling of child abuse cases. The audit makes 11 recommendations for the FBI to improve its practices, including better oversight, stricter compliance with mandatory reporting laws, and enhanced victim support.

    While the FBI has made some progress in addressing the issues identified in the Nassar report, the latest findings underscore the need for more comprehensive reforms. As child safety advocates demand accountability and action, the question remains: Will the FBI rise to the challenge, or will these failures continue to jeopardize the safety and well-being of the most vulnerable?

    Tyler Durden
    Fri, 08/30/2024 – 21:00

  • Over Half Of People Worldwide Expect Harm From Their Water In Next 2 Years
    Over Half Of People Worldwide Expect Harm From Their Water In Next 2 Years

    Authored by Marina Zhang via The Epoch Times (emphasis ours),

    A survey across 141 countries found that more than 52 percent of respondents “anticipate serious harm from drinking water in the next two years,” according to a recent study.

    PeopleImages.com – Yuri A/Shutterstock

    The study, newly published in Nature Communications, analyzed data from more than 148,000 adults from the 2019 Lloyd’s Register Foundation World Risk Poll.

    Researchers from Northwestern University and UNC found that in the United States, despite over 97 percent of the population having access to clean water, around 40 percent of people anticipated harm.

    The lowest rate was reported in Singapore (0.9 percent) and the highest was reported in Zambia (54.3 percent).

    The findings showed that having clean water access is not about building more infrastructure, “but a lot more about public perceptions of safety and trust,” the study’s lead author, Joshua D. Miller, a postdoctoral student at the University of North Carolina, told The Epoch Times.

    But people’s perception may not be wrong, he said.

    Perception vs. Reality

    The big question with the finding is if people’s perceptions are true, Miller said.

    He points to a recent report published in Science by Swiss researchers, which estimated that 4.4 billion people globally do not have access to clean water.

    “We had originally thought it was around maybe about 2.2 billion, but as people started to aggregate more data and try to make some new water quality estimates … it’s now doubled … So that suggests to me that people’s perceptions are already ahead of where we are in the water quality world,” Miller said.

    “People have a good sense through taste and smell and historical experiences of experiencing harm from water knowing whether it’s safe or not to drink water.”

    On the other hand, Miller highlighted that people’s perceptions drive behaviors that shape their health decisions and outcomes.

    “When we mistrust our tap water, we buy packaged water, which is wildly expensive and hard on the environment; drink soda or other sugar-sweetened beverages, which is hard on the teeth and the waistline; and consume highly processed prepared foods or go to restaurants to avoid cooking at home, which is less healthy and more expensive,” Sera L. Young, the study’s senior author, said in a press release.

    “Individuals who self-report exposure to unsafe water experience greater psychological stress … and are at greater risk of depression than those who do not,” the authors wrote in their study.

    Corruption the Biggest Driver

    The Nature Communications study showed that the public’s perception of corruption is the strongest predictor of their anticipation of risks from drinking water.

    Several factors may explain why different countries have different rates of anticipation of harm.

    Among these, public perception of corruption is the biggest factor, the study says, accounting for more than 50 percent of the differences among countries.

    Additionally, countries that are corrupt also tend to have less clean water available and invest less in their communities and infrastructure, Miller said.

    However, people’s opinion of the government cannot account for all the differences.

    The authors also found that two-thirds of individuals who anticipate harm from water in the next two years said that their government did a “good job” in ensuring safe drinking water.

    Other major factors that may increase a country’s rate of anticipation of harm include having a high proportion of people harmed by drinking water, and or having a high proportion of deaths linked to drinking water.

    Growing Water Concerns

    At the individual level, people who were female, educated, and reporting financial difficulties tended to anticipate harm from drinking water.

    “I think people are increasingly becoming aware of water issues and other environmental threats,” Miller said.

    “It’s just report after report of the dire situation we are in,” Miller said, listing increased floods, droughts, runoff, contamination, and extreme weather events that contaminate and damage water infrastructure.

    Despite extensive water processing and purification to remove the contaminants, some remnants would remain.

    At the same time, researchers are finding new chemicals and substances in the water supply that may pose risks to health, which require more studies and setting new regulations.

    “I don’t want to malign utility providers in the United States, it is really difficult,” Miller said. “Every time we impose a new restriction or threshold at which they have to achieve water quality, that means more costs, and either they have to ask consumers to pay more or they aren’t going to meet the guidelines. And I think that’s the constant tension that the government faces with setting new regulations, and why sometimes it’s really slow.”

    Though research may find contaminants that are potentially harmful, it is difficult for the government to make new regulations due to the cost implications.

    “We really have to reckon with the value of water and how much we’re willing to pay for it,” Miller said. “There is a growing list of contaminants we are potentially concerned about, and there’s varying levels of evidence about how harmful they are and at what threshold. So I think it requires a lot of really clear public health messaging about what is in our water and whether it is harmful or not.”

    Tyler Durden
    Fri, 08/30/2024 – 20:35

  • Chinese Narcos In Toronto Run "Command & Control" Fentanyl Laundering Network Used In TD Bank Case: US Investigator
    Chinese Narcos In Toronto Run “Command & Control” Fentanyl Laundering Network Used In TD Bank Case: US Investigator

    Toronto-Dominion Bank’s shockingly lax anti-money laundering (AML) program could be just the tip of the iceberg in the US government’s investigation into a Chinese Communist Party-run North American money laundering network that launders billions of dollars in fentanyl cash through a “command and control” structure based in Toronto. This revelation comes as more than 100,000 Americans and Canadians perish each year in horrific overdose deaths from fentanyl poisoning in what some call ‘reverse opium wars’ by China. 

    This week, Sam Cooper, an investigative journalist behind the Substack “The Bureau,” published an interview with David Asher, a former senior investigator for the State Department. Asher explained the Chinese command and control center for North American drug money laundering is controlled by Chinese Triad leaders like Tse Chi Lop, who are working with the CCP to facilitate global money laundering and drug trafficking operations that involve Mexican cartels flooding the US with illicit drugs.

    Big Circle Gang leader Tse Chi Lop, a PRC immigrant from Guangdong who is a Canadian citizen, directed global drug trafficking and money laundering operations in North America from his base of Markham, Ont., US investigators say. Source: The Bureau

    Asher said this is all part of the CCP’s strategy of weaponizing drug cartels against Western countries.

    He noted. “TD is really the tip of a deep iceberg, is how I’d put it on the record. What do TD Bank’s leadership in Canada know about what was going on in the US?”

    He added, “And then the question is, this is the US. So what the hell is going on with TD Bank in Canada? We don’t know.” 

    “So the Chinese government is underwriting the reverse opium war, and we know that definitively,” Asher explained.

    Given TD failed to effectively monitor, detect, and report suspicious activities of Chinese fentanyl laundering networks, Asher pointed out, “And most of what we’re seeing is coming from this TD Bank case, and there’s a lot more. We’ll see which one of the big four US banks gets named next.” 

    Here are the highlights from Cooper’s discussion with Asher:

    • Chinese State-Triad Nexus: David Asher claims that Chinese Triads like the 14K and Sun Yee On have been co-opted by the Chinese Communist Party to facilitate global money laundering and drug trafficking.

    • Toronto Command Center: US investigations indicate that key command-and-control operations for North American money laundering are based in Toronto and other Canadian cities.

    • Chinese International Students Used as Mules: Tasked within Beijing’s foreign influence arm, the United Front Work Department, Chinese students are systematically used to deposit fentanyl cash for Triads and Mexican cartels into North American banks, Asher said.

    • TD Bank Under Fire: TD Bank’s alleged involvement in laundering fentanyl-related funds has triggered regulatory and criminal investigations that could cost TD more than $4 billion, but Asher suggests this is just the tip of the iceberg.

    • Major US Banks: Investigators believe financial institutions have been allowing internationals “from China on student visas to drop billions of dollars a month into all of the biggest banks in the US,” Asher said.

    • Canada’s Inaction: Asher criticizes the Canadian government for inadequate cooperation in the Tse Chi Lop and broader fentanyl-trafficking and Triad money laundering investigations and suggests possible political and financial influences are hampering effective law enforcement.

    • Fentanyl Crisis Link: The failure to disrupt these networks is contributing to the ongoing fentanyl crisis, which claims tens of thousands of lives annually in the US and Canada.

    • Beijing Subsidizing Meth Trafficking: Asher disclosed that US Congressional investigators allege the People’s Republic is not only incentivizing fentanyl precursor exports but also methamphetamine sales.

    • Call for Action: Asher, currently a Senior Fellow with the Hudson Institute in Washington, DC, calls for stronger international cooperation and more aggressive action to dismantle these sophisticated transnational criminal networks.

    Recall in mid-April, the House Select Committee revealed the CCP used tax rebates to subsidize the manufacturing and exporting of fentanyl chemicals to Mexican cartels manufacturing illicit fentanyl drugs. Then, Chinese organized criminals in the US laundered the proceeds. Essentially, it’s an end-to-end Chinese Communist scheme. 

    Cooper noted on X that the Financial Transactions and Reports Analysis Centre of Canada “has total visibility on massive fentanyl laundering into Canada’s big banks, but I believe Justin Trudeau and his office/Cabinet would have to make this a priority RCMP enforcement concern, or nothing happens.” 

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    Copper told ZeroHedge his reporting in Vancouver uncovered how the Triads first used Chinese students to carry bags of drug cash into casinos, and the casinos washed these funds from fentanyl into luxury condos and mansions, driving Canada’s housing affordability crisis, along with fentanyl deaths. But when Covid shuttered Canadian casinos, the Triads just evolved, getting students to open bank accounts and carry bundles of fentanyl cash straight into bank deposits, across North America.

    The full explosive interview regarding US government investigations into the CCP’s command and control money laundering network in North America can be viewed at The Bureau. 

    Tyler Durden
    Fri, 08/30/2024 – 20:10

  • More Than Half Of Commercial Baby Foods Are Unhealthy
    More Than Half Of Commercial Baby Foods Are Unhealthy

    Authored by Huey Freeman via The Epoch Times (emphasis ours),

    Many foods marketed for infants and toddlers are unhealthy and may lead to increased obesity, poor dietary habits, and chronic diseases, according to a new study examining many of the most common products.

    IvaD23/Shutterstock

    Researchers analyzing 651 products from 10 U.S. grocery chains discovered that 60 percent of the processed foods fell short of nutritional requirements set by the World Health Organization (WHO). The foods sampled were intended for children 6 to 36 months old.

    “The lowest compliance was found for total protein and total sugar, with over 70% of products failing to meet protein requirements and 44% exceeding total sugar recommendations,” the researchers wrote in the study published last week in the journal Nutrients.

    “Infant formulas, fortified milk, and oral electrolytes were not included because the U.S. Food and Drug Administration regulates these products separately,” the authors added.

    Fail to Meet Nutritional Standards

    The rising popularity of processed convenience foods for young children is concerning, Elizabeth Dunford, assistant professor of nutrition at the University of North Carolina and co-author of the study, told The Epoch Times.

    “Early childhood is a crucial period of rapid growth and when taste preferences and dietary habits form, potentially paving the way for the development of chronic diseases such as obesity, diabetes and some cancers later in life,” Dunford said.

    Many baby foods, specifically puree-based foods designed for weaning off breast milk or formula, may not be appropriate at the start of solid food introduction, according to Dunford, because they are high in sugar and low in fats, proteins, and other important nutrients such as iron. According to the study, 44 percent of baby foods exceed sugar requirements.

    “Our findings highlight the urgent need for better regulation and guidance in the infant and toddler foods market in the United States. The health of future generations depends on it,” Dunford said.

    The widespread use of foods not found in nature has been responsible for the rise in obesity among children, Katy Talento, epidemiologist and former lead health advisor to the White House told The Epoch Times. Talento was not involved in the study.

    Low protein content is a significant factor in baby food because of the key role protein plays in development, Talento said. Babies are doubling the size of their bodies size during their first year, to build muscle, crawl, walk, and do all the things they need to do.

    “Next to healthy fat, protein is the most essential thing for babies,” Talento said. In the study, more than 70 percent of products failed to meet protein recommendations.

    Popular Pouches Pose Risks

    Food pouches, the fastest-growing product segment, are among the unhealthiest of all baby foods, the researchers found.

    “Snack-size packages had the lowest compliance with nutrient requirements,” the researchers wrote. “These findings highlight that urgent work is needed to improve the nutritional quality of commercially produced infant and toddler foods in the United States.”

    The study showed that the use of pouches has grown by 900 percent during the past 13 years—dominating the baby food market with nearly 50 percent of all products on the shelves in 2023.

    Another group of foods marketed for young children—snack and finger foods—had a low rating of compliance with nutritional and promotional guidelines.

    This includes fruit and cereal bars, as well as puffed snacks. A nutrition guideline from the WHO expresses concerns with the composition and promotion of foods for infants and small children. Some of the concerns include frequently misleading product names and claims of “no added sugars” even though most of the energy from the food is through sugar.

    “Together, pouches and snack foods make up the vast majority of the market and are likely to continue increasing in popularity as parents lean toward these products over homemade foods due to busy lifestyles, rising birthrates, and a growing number of women in the workforce,” the researchers wrote.

    Squeeze pouches in other countries often contain warning labels stating that contents should be put onto a spoon or in a bowl and not sucked directly from the pouch, Dunford said. “However, in the U.S. we found an extremely small number of products that did this, with most in fact encouraging consumption from the pouch,” she added.

    Talento said pouches prevent babies from developing proper relationships with food.

    “Neurodevelopmentally, they need to smear the food all over their face,” she said. “They need to touch food; they need to smell it. They need to get in their hair, to really interact with it.”

    The youngest children need their brains to be trained in healthy eating habits, by sitting them up and talking to them about what they are eating, Talento said.

    “They need to learn about food, what it looks like and tastes like, and what is good,” Talento said. “It is an important part of the process, regardless of how inconvenient it may be.  When we sanitize it, and we make sure there is literally no contact with food, except the little sucking nipple on the apple sauce pouch, they miss out on that.

    “I think the real problem here is that parents are going to these foods at all. When you are weaning babies off breast milk or starting to combine breast milk with other food, what we ought to be doing is taking our human food that we eat ourselves and throwing it into a blender.”

    Misleading Labeling Is Common

    A more honest labeling of baby foods would have a significant impact on the consumption habits of babies, according to Dunford.

    “As a mother of two young children myself, even as someone educated in this area, I still found myself drawn to products that made claims about healthiness,” Dunford said. “I feel if manufacturers were not allowed to display prohibited claims unless their products met a certain threshold of healthiness, that it would be much easier for parents to make healthier choices for their children.”

    A major problem is that the regulatory agencies, the U.S. Food and Drug Administration and the U.S. Department of Agriculture, are not looking out for the best interests of parents and children, Talento said.

    Tyler Durden
    Fri, 08/30/2024 – 19:45

  • Israel Withdraws From Khan Younis After Nearly Month-Long Major Operation
    Israel Withdraws From Khan Younis After Nearly Month-Long Major Operation

    Israel’s military has withdrawn from eastern Khan Younis following a nearly month-long major ground operation, which has left central parts of the southern Gazan city utterly destroyed. 

    On Friday, Gaza health authorities have recovered at least nine bodies in the rubble, following many civilian and militant deaths over the course of the IDF’s 22-day operation. Israel’s army has said the operations focused on Khan Younis and Deir al-Balah has killed over 250 militants over the past month.

    The IDF has issued official statements in Arabic telling Khan Younis residents that they may return to their homes and (mostly destroyed) neighborhoods, if they still have homes to return to.

    Anadolu/Getty Images

    The army has been cited as describing that “Tunnel routes used by the Palestinian militant group Hamas with a total length of more than 6 kilometres were destroyed during the operation and the bodies of six hostages recovered.”

    These deceased hostage recoveries took place earlier this month, and the circumstances of their deaths are still under investigation.

    An Al Jazeera correspondent currently based in central Gaza says that the IDF’s announcement of the end of Khan Younis operations and the ability of civilians to return is misleading and is a ruse.

    “The [latest] Israeli evacuation orders are perceived as misleading and contradictory,” Hani Mahmoud has warned. “They are very similar to orders in which people were told to evacuate to area that were supposed to be safe but they ended up being killed in those areas.”

    The Al-Jazeera correspondent continues, “This is what we’re seeing right now with the withdrawal [of Israeli troops] from some of the areas in the eastern part of Deir el-Balah City and from the eastern part of Khan Younis.”

    Meanwhile a ‘polio pause’ in fighting is still expected to begin in central Gaza on Sunday…

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    But despite the hopes that limited pauses in fighting could allow some 2,000 UN health workers to begin vaccinating hundreds of thousands of Palestinian children could eventually lead to a more permanent ceasefire, all signs point to an IDF expansion in operations.

    Israeli newspaper Haaretz and Israeli Army Radio have just reported that the Israeli government is expending an order for the recruitment of 350,000 reservists. This order is in effect through the end of 2024.

    Tyler Durden
    Fri, 08/30/2024 – 19:20

  • From Price Controls To Mass Starvation
    From Price Controls To Mass Starvation

    Authored by Peter St. Onge via Money Metals,

    From taxes to spending, Kamala is the most left-wing major party candidate since George McGovern — who proposed a Universal Basic Income in 1972 and went on to win a single state.

    But her most hare-brained scheme — so far — has been price controls, where she’s to the left of McGovern, threatening to punish grocery stores for daring to charge more than their costs.

    In fact, grocery stores make 1 to 2 pennies on the dollar. Meaning they have to pass along costs that come straight from the Washington money printer.

    That means price controls would, in short, break food.

    Price Controls Always Fail

    In a recent video I mentioned how price controls have been tried many times, and each time they failed so spectacularly they were repealed. After much pain, suffering, and empty shelves.

    When France tried, they got a black market that actually did price gouge. Even Venezuela repealed price controls in 2016 after food shortages and nationwide riots.

    But what do price controls look like in reality? For that I go to a great thread by Robert Sterling, a former M&A executive at one of the biggest food producers in America.

    Robert walks us through a thirteen step process from grocery price controls to widespread food shortages — something we haven’t seen in this country since the Great Depression, when FDR also imposed price controls.

    Stage One: Bankrupt Grocers

    So, first, the government announces grocery stores can’t raise prices even though inflation continues — courtesy of the Fed and Wall Street. That means their costs keep going up, so those pennies of profit turn into losses.

    Like any business that’s losing money, they shut down.

    Of course, not all grocery stores are created equal — small ones lack economies of scale, and while rich people buy high-margin vegetables and expensive cuts, the poor buy low-margin packaged foods.

    So the small stores and the low-income stores go first.

    You get food deserts, as people in urban centers or rural areas have to drive miles — or take multiple buses — to find food. And, ironically, you get more concentration, as the little guys drop out.

    The survivors increasingly aren’t even selling food. They shift shelf-space to things that aren’t price-controlled. Clothing, furniture, supplements.

    Grocery stores start to look more like a Dollar Store, with a little food and a lot of junk.

    As cities clear of food, you’d need police patrolling parking lots and armed escorts on delivery trucks — perhaps you could even have government-run groceries like Chicago just announced.

    Stage Two: Bankrupt Food Producers

    The only way to save any grocery stores is to price-control their costs. Meaning food producers like Kraft, Heinz, Tyson, Hormel.

    Of course, again, Kraft’s costs aren’t being controlled — their ingredients, wages, parts and electricity. So now they’re losing money.

    Like groceries, they wind down, closing marginal factories and running out equipment then not replacing it.

    As food producers downsize or go under, now you start getting actual shortages. And the only solution — once again — is price control the next level down. Farmers.

    Stage Three: Bankrupt Farmers

    Which brings us to the final stage. Because remember Farmers, too, are now forced to sell at a low price, yet their inputs like fertilizer or tractors are still going up.

    They, too, go under.

    You are now full Venezuela, with the only alternative to starvation a complete government takeover of the food supply, centrally planned from farmer to grocer.

    As Sterling puts it, “The government will struggle to operate one of the most complex industries on the planet. The entire food supply chain starts imploding.”

    “Imploding” as in starvation.

    What’s Next

    It’s very unlikely we’ll get to the point of starvation. For the simple reason that at some point the frog boils and the voters — or rioters — share their thoughts with policymakers.

    That’s exactly why price controls fail, from France to Venezuela.

    Having said, we managed it before under FDR.

    And, unfortunately, if the morons running Kamala’s brain trust are dumb enough for price controls, they’re dumb enough for a whole lot more.

    (Article image is Florence Thompson “Migrant Mother,” a migrant pea farmer family by Dorothea Lange in March 1936)

    Tyler Durden
    Fri, 08/30/2024 – 18:55

  • 20 Migrants Attempt To Board California School Bus Full Of Children
    20 Migrants Attempt To Board California School Bus Full Of Children

    Today in “victories by our Border Czar Kamala Harris” it was reported that this past week a group of about 20 migrants tried to board a children’s school bus in California, “terrifying” the children. 

    And the incident came one day after another group of migrants were walking down the highway trying to stop another bus, according to a report by the NY Post. On Tuesday, at least 3 migrants were in traffic on Highway 94 trying to stop a bus that was ultimately forced to go around them. 

    Then, early Wednesday, about 20 people tried to board a bus at a stop near the highway while students were getting on for school.

    Both incidents took place in the Jamul-Dulzura Union School District close to the Mexico border, according to the Post. 

    Mother of one child, Nicole Cardinale, said: “It was definitely really scary. Your initial shock is you’re helpless.”

    “He said these adults — they weren’t kids — had backpacks on and they were trying to get on our bus … He said there was a lot of them,” she continued, stating that the kids were “really confused” by the episode. 

    She continued: “It’s just scary that these kids were put in that situation. If those 20 people would have gotten onto the bus and tried to take over the bus, these kids and the bus driver could have been in real danger.”   

    The NY Post writes that the district reported the incident to the California Highway Patrol, San Diego County Sheriff’s Department, and US Border Patrol. Of course, an “activist” assisting at the nearby border suggested the migrants might have seen the bus as a way to reach a safer area with support.

    The Sheriff’s office commented: “The Sheriff’s Office takes issues regarding student safety very seriously and are working with the school district in order to keep the students and our community safe.”

    And School district Superintendent Liz Bystedt is telling drivers to skip bus stops where there are migrants nearby. She said: “Please stay [vigilant] and if the bus drives by, please follow the bus to pick up your child at the next stop.”

    Sounds like a reasonable long-term solution that’ll definitely stop the problem at its source…

    Tyler Durden
    Fri, 08/30/2024 – 18:30

  • Federal Appeals Court: Illegal Aliens Do Not Have 2nd Amendment Rights
    Federal Appeals Court: Illegal Aliens Do Not Have 2nd Amendment Rights

    Authored by Eric Lendrum via American Greatness,

    On Tuesday, a federal appeals court in New Orleans ruled that illegal aliens do not have the right to bear arms under the Second Amendment, due to the fact that they are not American citizens.

    As reported by Fox News, a three-judge panel of the 5th U.S. Circuit Court of Appeals determined that federal law prohibiting illegal aliens from owning firearms is legal, as the Constitution does not apply to anyone who has entered the United States illegally.

    The decision came as the result of an appeal by an illegal alien named Jose Paz Medina-Cantu, who had been arrested in Texas in 2022 by the Border Patrol. He was charged with illegal possession of a handgun, and illegally re-entering the country after having already been deported.

    Although he pleaded guilty to the charges, his lawyers argued during his appeal that the gun charge was a violation of his Constitutional rights. In their appeal, the lawyers cited the landmark Supreme Court decision in the 2022 case New York State Rifle and Pistol Association v. Bruen, where the court ruled in a 6-3 majority that Americans do not have to provide a reason when seeking a concealed-carry permit. This ruling has led to numerous anti-gun laws across the country being challenged in court, with many being overturned based on Bruen’s precedent.

    After hearing the appeal of the illegal’s lawyers, the three-judge panel ruled that the rights granted to American citizens by the Constitution do not apply to illegals.

    “The Second Amendment protects the right of ‘the people’ to keep and bear arms. Our court has held that the term ‘the people’ under the Second Amendment does not include illegal aliens,” said U.S. Circuit Judge James Ho in a concurring opinion. “As to common sense, an illegal alien does not become ‘part of a national community’ by unlawfully entering it, any more than a thief becomes an owner of property by stealing it.”

    “The Court has repeatedly explained that ‘an alien… does not become one of the people to whom these things are secured by our Constitution by an attempt to enter forbidden by law’… But that’s, of course, the very definition of an illegal alien – one who ‘attempts to enter’ our country in a manner ‘forbidden by law,’” Judge Ho continued. “So illegal aliens are not part of ‘the people’ entitled to the protections of the Second Amendment.’

    Tyler Durden
    Fri, 08/30/2024 – 18:05

  • Bud Light Revives Classic Humor Ad With Shane Gillis Amid Weak Recovery ​​​​​​​
    Bud Light Revives Classic Humor Ad With Shane Gillis Amid Weak Recovery ​​​​​​​

    Following Bud Light’s disastrous social media partnership with trans influencer Dylan Mulvaney, which triggered nationwide boycotts and left beer volumes struggling to recover, the brewer has yet to apologize for pushing the woke religion on its blue-collar, working-class customer base. Instead, they’ve now tapped comedian Shane Gillis for a new ad, this time, free of 100% far-left wokeism propaganda and back to the good ole’ days of downright classic humor. 

    Ad Age reports that Gillis’ appearance in the new television ad “revives an age-old brand joke—the guy who will do anything for a Bud Light—in a scene recalling Dean Wormer admonishing the Deltas in Animal House.” 

    Range Media Partners, Gillis’ agency, is behind the new ad, which the comedian co-wrote. “The Dean’s Office” shows a football player pressured to admit he cheated on an exam with the offer of a cold Bud Light. The move backfires when each of the onlookers in the room can’t resist confessing to their own embarrassing secrets. Frequent Gillis collaborators Steve Gerben and John McKeever (who also directed) also appear. -Ad Age

    The new 30-second ad will air on Saturday during college football games across various networks, including ABC, ESPN, and NBC.  

    Bud Light’s move to revive classic ads without pushing the woke religion comes as the latest Nielsen Beer data shows Bud Light has yet to recover from the boycott that began in April 2023. Data also indicates Bud Light has been the worst performer in the AB portfolio this summer. 

    Here’s the ad.

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    To sum up, the Bud Light boycott persists as customers were awakened that they were actually drinking overpriced crap light beer.

    Tyler Durden
    Fri, 08/30/2024 – 17:40

  • Yelp Accuses Google Of Monopolization And Harming Local Search Businesses
    Yelp Accuses Google Of Monopolization And Harming Local Search Businesses

    Authored by Naveen Athrappully via The Epoch Times (emphasis ours),

    Local search company Yelp has filed a lawsuit against Google, accusing the tech giant of using its search engine monopoly to thwart competitors.

    A Yelp sticker on a restaurant in the Chelsea neighborhood of Manhattan in this file photo. Petr Svab/Epoch Times

    The lawsuit was filed in the U.S. District Court for the Northern District of California on Aug. 28. The complaint was brought to “safeguard competition, protect consumer choice, recover damages, and prevent Google LLC from engaging in various anticompetitive practices designed to monopolize the markets for local search services and local search advertising,” according to the lawsuit.

    Yelp focuses on public reviews of local neighborhood businesses, with the company making money by selling local search advertising. The lawsuit accuses Google of abusing its “monopoly power in general search” to divert traffic away from competitors to its own local search product.

    Companies such as Yelp are known as specialized vertical providers (SVPs) as they respond to user queries on a specific subject matter through proprietary, structured data unavailable elsewhere. Other SVPs include Glassdoor for jobs and employers, Expedia for travel, and Zillow for real estate and apartment rentals.

    The lawsuit argues that on a level playing field, SVPs such as Yelp threaten Google given the ability of these platforms to siphon traffic and ad revenues away from the tech giant.

    At one time, Google sought to acquire Yelp, an offering that was rejected. Google then began a “years-long mission” to restrict Yelp’s ability to reach customers through Google search, Yelp alleged.

    “Google has engaged in numerous anti-competitive practices, including stealing information from Yelp’s website and passing it off as Google’s own; preferencing Google’s own local search results over Yelp’s; implementing a ‘OneBox’ feature to prioritize Google’s own inferior local search services at the top of the search results page; and even going so far as to tweak its algorithm and steer customers away from Yelp,” the lawsuit alleges.

    Google’s actions to prioritize its local search products over competitors allegedly prevent other businesses from achieving scale and reaching more consumers.

    This enables the tech behemoth to retain dominance in these markets, reducing competition in the ad space and allowing it to extract higher fees from advertisers, the lawsuit states.

    Yelp argued that Google’s conduct has lowered its traffic and ad revenues. It accused Google of violating the Sherman Antitrust Act as well as California’s Unfair Competition Law.

    The company asked the court to approve monetary damages and issue an injunction prohibiting the tech giant from engaging in anti-competitive practices.

    A Google spokesperson defended the company against the lawsuit, telling multiple media outlets that “Yelp’s claims are not new” and that “similar claims were thrown out years ago by the FTC [Federal Trade Commission], and recently by the judge in the DOJ’s case.”

    “On the other aspects of the decision to which Yelp refers, we are appealing. Google will vigorously defend against Yelp’s meritless claims,” the spokesperson said.

    Google didn’t respond to The Epoch Times’ request for further comment by publication time.

    The Google building in New York City on Feb. 26, 2024. Seth Wenig/AP Photo

    Antitrust Cases Against Google

    U.S. District Judge Amit Mehta ruled in early August that Google violated antitrust laws in another case filed in October 2020.

    The 2020 lawsuit accused Google of illegally paying mobile manufacturers, wireless carriers, and browser developers to become the default search engine, preventing people from exploring alternate choices. In 2021, Google paid such partners $26 billion to secure its leading market position, Mehta stated.

    In an emailed statement to The Epoch Times, Kent Walker, president of Google global affairs, said that the decision “recognizes that Google offers the best search engine” but concludes that the firm “shouldn’t be allowed to make it easily available.”

    Google is also facing an antitrust lawsuit filed by developer Epic Games, which accuses Google of monopolizing the market for distribution of mobile apps to Android users and the market for processing payments.

    The FTC filed an amicus brief in the case, suggesting that the court take strict actions against such practices.

    In May, the News/Media Alliance sent a letter to the Department of Justice (DOJ) and the FTC, raising concerns about “Google’s misappropriation of digital publishers’ content to power its generative artificial intelligence (“GAI”) products to enhance its monopoly power.”

    When using such content for its AI, Google does not make any payment to the publishers, the letter said.

    Google now plans to deploy its GAI products nationwide, it noted. For instance, Google aims to place its AI Overviews atop search engine results. AI Overviews offer a preview of a searched query.

    Positioning such content at the top “will reduce click through to publishers’ websites even further and thus further strengthen Google’s monopoly,” the group said.

    “Google’s AI Overviews will significantly reduce publishers’ ability to monetize their content through advertising, subscriptions, and affiliate links, and instead drive that monetization directly to Google.”

    Tyler Durden
    Fri, 08/30/2024 – 17:15

  • Large US Bank Deposits Plunge, MM Fund Assets Hit New Record Amid Equity Chaos
    Large US Bank Deposits Plunge, MM Fund Assets Hit New Record Amid Equity Chaos

    For the fourth week in a row, money market funds saw inflows (+$21BN) which lifted the total AUM to a new record high of $6.26TN…

    Source: Bloomberg

    All of which took place as stocks puked hard and recovered.

    Bank deposits, on the other hand, were flat the week-ending 8/21 (+$0.9BN on a seasonally-adjusted basis)…

    Source: Bloomberg

    But, on a non-seasonally-adjusted basis, US banks saw a large $85BN deposit drawdown… the biggest weekly decline since May…

    Source: Bloomberg

    WTF is a ‘seasonally-adjusted deposit’ anyway?

    Excluding foreign deposit flows, this meant US domestic deposits tumbled $94BN last week (NSA)… or – after Fed fuckery – just $11BN (SA)…

    Source: Bloomberg

    The seasonally-adjusted flows saw small banks add $9BN in deposits while large banks saw $20BN in deposit outflows (as everyone and their pet rabbit piled back into NVDA?) On the other hand, non-seasonally-adjusted, large and small banks saw major deposits runs (-$86BN and -$8BN respectively).

    Interestingly, on the other side of the ledger, small bank loan volume shrank (admittedly by just $372MN) as large bank loan volume surged (+$13.5BN) in the week-ending 8/21…

    Source: Bloomberg

    Finally, as stocks market caps soared back towards record highs this week, bank reserves at The Fed dipped once again…

    Source: Bloomberg

    That’s quite a divergence!!

    Tyler Durden
    Fri, 08/30/2024 – 16:50

  • "Why Haven't You Done That Already?"
    “Why Haven’t You Done That Already?”

    Authored by James Howard Lunstler via Kunstler.com,

    The Significance of the Passage of Time

    DANA BASH: “You’ve been Vice President for three and half years. The steps that you are talking about now, why haven’t you done them already?”

    KAMALA: “I’m very proud of the work we have done.”

    She was speaking, you understand, but the main thing you noticed was the musical quality of her voice: sonorous, resonant, like one of the more obscure woodwind instruments, an alto clarinet or a basset horn, producing a sound like unto creamy dressing over the familiar word-salad of iceberg lettuce.

    It would be ungentlemanly to bang on the particulars of Kamala Harris’s CNN interview performance, so I’ll proceed. The nocturne was 18-minutes long, all that survived from the 41-minutes CNN actually recorded, so you might wonder a little about the notes not played. The leitmotif throughout was “my values have not changed,” meaning, disregard any dissonance you might detect in the velvet honk of my voice. Mind the significance of the passage of time, not the music, Altogether, as nocturnes should, it had a soporific effect.

    And now candidate Kamala Harris will go back to hiding on her campaign bus, which makes a different statement than, say, hiding in the basement a la “Joe Biden,” 2020. It’s the difference between going nowhere fast and going nowhere at all — though both concepts apply to the condition of the USA during the four years of “Joe Biden” (loved and revered by his comrades in the Party of Chaos, who threw the president under the very bus Kamala is hiding in).

    Did you think Kamala would still be rising on the joyful billows of hot air that blew out of the Democratic Convention? Like so many of the magic tricks in the party’s repertoire, that one was a spoof of artificial levitation, to give the appearance of something holding up, like, say, the US economy, when there is actually nothing underneath. Nothing real, that is. What’s giving the economy its appearance of loft has been “Joe Biden” pouring government money into scores of party-connected NGOs as pure grift. The main effect of that is the inflation that everybody notices. Meanwhile, nobody gets hooked up to promised broadband and only eight EV charging stations get built for $7.5-billion allocated to the Department of Transportation.

    The current prank, though, is to artificially pump-up Ms. Harris in the polls in the attempt to justify the coming ballot fraud to be executed two months from now, as engineered by election lawfare maestro Marc Elias, now on the Harris campaign payroll. That is, an effort to obviate any apparent discrepancies between actual poll numbers and harvested ballots flooding in at two o’clock in the morning on Nov 6.

    As it happens, Ms. Harris’s poll numbers have begun to sink the past week, as the tactic of hiding the candidate from the press has backfired. As of August 29, Nate Silver has her chance of winning down at 42.7 to Mr. Trump’s 56.7. Voters have begun to notice that the candidate represents nothing except whatever happened the past four years in Biden-Land — which is to say, open borders, war for the sake of arms profiteers, flagrant censorship, inflation, cratering business activity, and overt DOJ political persecutions. Martin Armstrong, for instance, has estimated Kamala Harris’s true polling number in the ten percent range. Yikes.

    So, what was the net effect of the CNN interview with Ms. Harris? It couldn’t have helped. They had to get her out of hiding, considering the significance of the passage of time in an election campaign. Even the in-the-tank news media was starting to complain about her holing-up on the bus. Dana Bash was surprisingly harsh at times when the veep confabulated about her plans to “fix” America’s problems, like asking, “Why haven’t you done that already?” The answer was the bizarre, “We can do what we’ve accomplished so far.” Roger that.

    You’re probably wondering: how Mr. Trump will play this? He’d best be polite about it and assume that the voters can see and understand the obvious: that the Democrats have put up an especially inadequate candidate who can’t explain away the fiascos of the past four years. He doesn’t have to rub in so hard that it seems cruel. His own policy intentions are a quite clear alternative to four years of hoaxes, pranks, trips, gaslighting, and grift. Installing Ms. Harris without any input or votes from the party rank-and-file was about as desperate an affront to “our democracy” as anyone could imagine, like something straight out of the old Soviet politburo, picking an Andropov or a Chernenko. Mr. Trump should remind audiences of this at every opportunity if the Democrats keep yapping about “our democracy,” which seems to be all they’ve got.

    Something is slip-sliding out there, perhaps the solidarity of the news media. Even The New York Times dissed Kamala Harris — Bret Stephens called her interview “vague and vacuous” the day after. One thing you have to give CNN credit for: they didn’t show a whole lot of Kamala Harris cackling in her trademark manner — to cover that mental vacuum. The cackle has been getting very mixed reviews, anyway, when you disconnect it from the fake “joy” trope. Maybe a laugh-riot is what’s in the missing 23-minutes that CNN edited out of the 41-minute recording.

    *  *  *

    Support his blog by visiting Jim’s Patreon Page or Substack

    Tyler Durden
    Fri, 08/30/2024 – 16:25

Digest powered by RSS Digest

Aug 30

Today’s News 30th August 2024

  • Monkeypox: An Un-Gaslit Reality Check
    Monkeypox: An Un-Gaslit Reality Check

    Authored by David Bell via the Brownstone Institute,

    Public health responses are most effective when they are grounded in reality. This is particularly important if the response is intended to address an ‘emergency,’ and involves the transfer of large amounts of public money. When we reallocate resources, there is a cost, as the funds are taken from some other program. If the response involves buying lots of products from a manufacturer, there will also be a gain for the company and its investors.

    So, clearly, there are three obvious requirements here to ensure good practice:

    1. Accurate information is required, in context.

    2. Those gaining financially can have no role at all in decision-making.

    3. The organization tasked with coordinating any response would have to act with transparency, publicly weighing costs and benefits.

    The World Health Organization (WHO), tasked by countries to help coordinate international public health, has just proclaimed Mpox (monkeypox) an international emergency. They considered an outbreak in the Democratic Republic of Congo (DRC) and nearby Central African countries to be a global threat, requiring an urgent global response. In declaring its emergency, WHO stated there were 537 deaths among 15,600 suspected cases this year. In its 19th August Emergency Meeting on Mpox, WHO clarified its figures:

    …during the first six months of 2024, the 1854 confirmed cases of Mpox reported by States Parties in the WHO African Region account for 36% (1854/5199) of the cases observed worldwide.

    The WHO reiterated that there had been 15,000 “clinically compatible” cases, and about 500 suspected deaths. The implications of these 500 unconfirmed deaths, equaling just 1.5% of the malaria deaths in DRC over the same period, are discussed in a previous article.

    Journals such as the Lancet have dutifully towed the WHO’s ‘emergency’ line, though intriguingly noting that the mortality could be far lower if “adequate care” had been provided. Africa CDC agrees, with more than 17,000 cases (2,863 confirmed) and 517 (presumably suspected) deaths of Mpox have been reported across the continent.

    Mpox is endemic to central and west Africa, being present in species of squirrels, rats, and other rodents. While it was identified in monkeys in a Danish lab in 1958 (hence the misnomer ‘monkeypox’), it has probably been around for thousands of years, causing intermittent infections in humans between whom it is spread by close physical contact.

    Small outbreaks in Africa mostly went unnoticed by the rest of the world, mainly because they were (as now) small and confined. Mass Smallpox vaccination may also have suppressed numbers still further a few decades ago, as Smallpox is in the same Orthopoxvirus genus of viruses. So, we may be seeing an upward trend of this generally milder illness (fever, chills, and a vesicular rash) over recent decades since Smallpox vaccination ceased. The Smithsonian magazine put an informative summary together in 2022, after the first out-of-Africa outbreak which was spread by sexual contacts within a limited demographic group. 

    So, here we are in 2024, on the tail of a massively profit-driving (and impoverishing) outbreak called Covid-19 that enabled the largest transfer of wealth from the many to the few in human history. The WHO’s announcement that 5,000 (or less) suspected Mpox cases is a Public Health Emergency of International Concern (PHEIC) allows it to fast-track vaccines through its Emergency Use Listing (EUL) program, bypassing the normal rigor required to approve such pharmaceuticals, and is suggesting Pharma start lining up.

    At least one drugmaker is already discussing a supply of 10 million doses before year-end. The business case for this approach, from the corporate viewpoint, is well-proven. So are the harms in countries like DRC, as a mass vaccination program of this nature requires redirection of millions of dollars and thousands of health workers who would otherwise be addressing diseases of far larger burden.

    The WHO is a large organization, and while some there have been on the hustings asking for money, others have been working hard to accurately inform the public (a core responsibility of the WHO, which retains some dedicated people). Like much of the WHO’s work in the past, this is thorough and commendable. Some of this information is summarized in the following graphics:

    https://worldhealthorg.shinyapps.io/mpx_global/

    https://worldhealthorg.shinyapps.io/mpx_global/

    These charts provide data on confirmed cases, where someone with somewhat non-specific symptoms has been tested and shown to have evidence of Mpox virus in blood or secretions. Clearly, not everyone suspected can be tested, as Mpox is a very small issue for people facing civil wars, mass poverty, and vastly more dangerous diseases. 

    However, the WHO has absorbed a lot of money for outbreak investigation, and so have partner organizations, so we can assume there is a fairly good effort going on to detect and confirm numbers (or where has this money gone?).

    In the past 2.5 years, the WHO has confirmed 223 deaths in the whole world, with just six in July 2024 (the time when the WHO Director-General warned the world of a rapidly increasing threat). Note here that 223 deaths are just 0.2% of the 102,997 confirmed cases. In Africa, just 26 deaths have been confirmed in 2024 among 3,562 cases (0.7%), spread across 5 countries (and 12 countries with cases). They are influenza-like mortality rates, not Ebola-like. 

    As severe cases are more likely to be tested than mild cases, the infection fatality rate may be far lower. We also don’t know (though someone does and should tell us) what the characteristics of those dying are. Most in Africa are reported to be children, so it is likely they are malnourished, otherwise immunocompromised (e.g. HIV), and have susceptibilities that could be addressed.

    As is obvious from the third graphic below, nearly all the global deaths listed above were from the previous outbreak in 2022. This was a different clade (variant) and mostly occurred outside of Africa.

    https://worldhealthorg.shinyapps.io/mpx_global/

    It is important to note a few things here. It is difficult to confirm all cases in areas with poor infrastructure and security. Mpox symptoms and signs are also frequently mild and overlap other diseases (e.g. chickenpox or even flu) so many cases may go unnoticed. Notification of results can also lag. However, the 19 confirmed DRC Mpox deaths amongst roughly 40,000 DRC malaria deaths so far this year is about 1 versus 2000. Whichever way you count it, it is not going to become much more significant. That is what the new international emergency looks like in actual data, or if you are the population of DRC at Mpox ground zero. It is likely you would not notice anything at all.

    Why has the WHO declared an international emergency? Some claim it helps mobilize resources, which is a bit pathetic. Firstly, grownups should be able to discuss a situation that has persisted for two years in a rational manner and decide what might be needed, without banging a drum. Secondly, an outbreak that is killing a tiny fraction of malaria (or tuberculosis, or HIV) deaths, and far less than those currently dying in war, may not be an international emergency.

    And what should be done? Diverting resources from DRC’s major priorities would undoubtedly kill far more than are currently dying from Mpox. It is quite probable that direct adverse events from vaccination alone will kill more than the 19 DRC Mpox victims confirmed this year. We likely undercount Mpox deaths, but we also undercount pharmaceutical deaths.

    Perhaps a useful response would be to improve immune competence through nutrition, providing very broad benefits (but completely failing in terms of Pharma profit). Gavi’s half-billion dollars would provide vast and broad-based benefits if applied to sanitation. Perhaps limited, well-targeted vaccination may also help some communities, but there is no business case for such approaches.

    What is clear, as noted above, is the following: 

    1. The data on Mpox, and other competing priorities, must continue to be shown in context, along with costs and opportunity costs of the response.

    2. Those who will gain financially from vaccinating millions of people must not be part of the decision-making process (whether or not such a huge resource transfer can possibly be supported for such a small disease burden).

    3. The WHO should continue to act with transparency, as the public has an absolute right to know what they are paying for, and the harm (and perhaps benefit) they can expect from it.

    The number of Mpox deaths will rise as more are infected, and perhaps as some suspected cases are confirmed. However, we are facing a small problem in an area with far larger ones. It is posing low local risk and minimal global risk. It is not a global emergency, by any sane, rational, public health-based definition.

    The rest of the world can respond by sending vaccines and lots of foreigners who need looking after, diverting local health and security personnel and almost certainly killing more DRC residents overall. Or, we can recognize a local problem, support local responses when local populations ask, and concentrate, as the WHO once did, on addressing the underlying causes of endemic disease and inequality. They are the things that make the lives of people in DRC so difficult.

    David Bell, Senior Scholar at Brownstone Institute, is a public health physician and biotech consultant in global health. He is a former medical officer and scientist at the World Health Organization (WHO), Programme Head for malaria and febrile diseases at the Foundation for Innovative New Diagnostics (FIND) in Geneva, Switzerland, and Director of Global Health Technologies at Intellectual Ventures Global Good Fund in Bellevue, WA, USA.

    Tyler Durden
    Fri, 08/30/2024 – 02:00

  • Ukraine Says Its Biggest Problem Is Western Concern For Escalation
    Ukraine Says Its Biggest Problem Is Western Concern For Escalation

    Authored by Dave DeCamp via AntiWar.com,

    Ukrainian Foreign Minister Dmytro Kuleba said Wednesday that the biggest problem Kyiv has faced in its war against Russia is the Western concern for escalation and the risk of provoking Moscow.

    “Ever since the beginning of the large-scale invasion, the biggest problem Ukraine has been facing is the domination of the concept of escalation in the decision-making processes among our partners,” Kuleba said, according to Reuters.

    The foreign minister’s comments come as Ukraine is pushing hard for the US to allow long-range strikes inside Russian territory using US-provided missiles. Russia has strongly warned against the move and suggested that it would risk World War III.

    “The war is always about a lot of hardware: money, weapons, resources but the real problems are always here, in the heads,” Kuleba said. 

    “Most of our partners are afraid of discussing the future of Russia… This is something that is very upsetting because if we do not speak about the future of the source of threat, then we cannot build strategy.”

    Throughout the war, the US and NATO have taken steps that they previously ruled out over escalation concerns, such as providing tanks and fighter jets.

    The most recent significant escalation was President Biden’s decision to give Ukraine the greenlight to use US weapons in attacks on Russian border regions. A few months later, Ukraine launched its invasion of Kursk.

    Meanwhile Western main battle tanks continue to show up on Russian soil…

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

    Kuleba made the comments during a conversation with Polish Foreign Minister Radoslaw Sikorski, who expressed support for allowing Ukraine to launch long-range strikes with NATO weapons. Sikorski said NATO should “let Ukraine fight with whatever it has, with whatever we have delivered them, and let’s deliver them more.”

    Tyler Durden
    Thu, 08/29/2024 – 23:05

  • Big Lots Reportedly Mulls Bankruptcy Amid Consumer Downturn
    Big Lots Reportedly Mulls Bankruptcy Amid Consumer Downturn

    The theme of a consumer downturn (mainly for low/mid-tier) remains strong.

    On Thursday morning, Dollar General missed Wall Street’s profit and sales expectations and cut its full-year forecast, citing that core customers “feel financially constrained.” With this persisting trend, it’s unsurprising that home goods retailer Big Lots may be teetering on the brink of bankruptcy. 

    Bloomberg reports that Ohio-based Big Lots, with about 1,400 stores nationwide, has mulled over whether a potential bankruptcy filing is the right move in the near term given the slide in sales, which resulted in a multi-year crash of shares trading in New York. 

    The company is also seeking investors in a bid to avoid Chapter 11, according to one person familiar. The people asked not to be named sharing information about confidential matters. The plans aren’t final and Big Lots’ path may change. -BBG

    ***

    Big Lots received a loan earlier this year to help it navigate its liquidity crunch. It has been seeking additional financing in recent weeks.

    With liquidity drying up, Big Lots has experienced a sharp decline in sales over the last two years as elevated inflation and high interest rates depress demand for big-ticket discretionary purchases. 

    Bloomberg noted, “The chain on Aug. 12 approved one-time retention bonuses for its top executives totaling over $5 million. Such payments often precede corporate restructurings, especially in Chapter 11, and serve to keep key management from jumping ship during the effort.” 

    Shares have crashed nearly 99% since peaking above the $70 handle in mid-2021. Paging ‘Roar Kitty’ – it’s time for stock pump. Maybe he’s too busy Ryan Cohen’s lap dog. 

    Troubled retailers hurt by a consumer slowdown are yet more evidence that the economy is trending in the wrong direction. Hence, the Fed will likely initiate an interest rate-cutting cycle on Sept. 18. 

    Tyler Durden
    Thu, 08/29/2024 – 22:40

  • Aluminum Foil: Convenient In The Kitchen, But Is It Safe?
    Aluminum Foil: Convenient In The Kitchen, But Is It Safe?

    Authored by Sheramy Tsai via The Epoch Times (emphasis ours),

    Aluminum foil, a kitchen staple used by millions for baking, grilling, and storing food, is now at the center of a growing debate. Concerns about aluminum safety have led experts to question whether this common household item may pose hidden health risks.

    stockcreations/Shutterstock

    As studies reveal the potential for aluminum to leach into food during cooking—especially when acidic or salty ingredients are involved—scientists are examining whether cooking with aluminum foil contributes to the body’s overall aluminum burden. With aluminum present in many everyday products, understanding its cumulative impact on health is becoming increasingly important, say some.

    Aluminum Foil: A Kitchen Essential

    More than 93 percent of U.S. households use aluminum foil. Its durability and malleability make it a versatile tool, easily molded and shaped for various tasks.

    Often referred to as tin foil, aluminum foil is a go-to choice for various cooking tasks. Whether roasting vegetables to a caramelized finish or grilling meats to a crisp, aluminum foil helps achieve the desired texture and finish. Foil “conducts heat evenly and keeps it consistent, making cleanup easier by keeping baking sheets clean,” Abbie Gellman, registered dietitian and chef, told The Epoch Times.

    Aluminum foil is also used in packaging and catering, providing a reliable barrier against light, air, and harmful microbes that could lead to food spoilage. “For years, aluminum foil has been a reliable and trusted way of storing and cooking food,” a spokesperson from Reynolds Consumer Products, the maker of Reynolds Wrap, wrote in an email to The Epoch Times.

    Latest Research on Cooking With Aluminum Foil

    Studies show that aluminum foil is a major source of aluminum exposure and can contribute to aluminum buildup in our bodies, Christopher Exley, a chemist with more than 35 years of experience studying aluminum exposure, told The Epoch Times. “Leaching of aluminum into cooked food occurs wherever there is water, essentially juices from the food,” he added.

    The amount of aluminum released depends on acidity, salt content, cooking temperature, and exposure time.

    A 2020 study found that when acidic ingredients like lemon juice or salt are used, aluminum levels in fish and chicken can spike, reaching as high as 42 milligrams per kilogram (mg/kg). Acidic or salty foods, particularly when cooked at high temperatures or for extended periods, are more likely to absorb aluminum. Regular consumption of such foods could push aluminum intake beyond the safe weekly limit set by authorities, according to the authors.

    “The phenomenon of aluminum leaching from aluminum foil to the food occurs and should arouse attention and concern,” the authors wrote, recommending that aluminum foil be avoided for baking to minimize health risks.

    A Food Science & Nutrition study showed that marinated foods like fish and duck could have aluminum levels spike to as much as 117 mg/kg. The researchers stated that their study “also confirmed that consumers are not enough informed about [the] hazardous side of aluminum foil usage.”

    Baking in aluminum foil can also increase aluminum content in food. Research published in 2018 found that cakes baked in aluminum foil had significantly higher aluminum levels, which increased further with prolonged storage.

    While these findings are concerning, not all studies paint a grim picture. A 2023 study funded by the European Aluminum Foil Association found that any increase in aluminum levels from a high-exposure diet was small and reversible. The additional aluminum was excreted or reduced to baseline levels within 10 days after ceasing exposure, assuming no other significant aluminum sources were consumed during that period. Still, experts recommend caution, particularly when using aluminum foil with acidic or salty foods, to minimize unnecessary aluminum intake.

    In response to these concerns, the International Aluminum Institute told The Epoch Times in an email that most studies show only minimal amounts of aluminum from cookware and foil entering food, with the majority being eliminated by the body. “Very little of the aluminum that we ingest from foods and food contact materials is absorbed by the body,” according to the Institute.

    Using aluminum pans, bowls, and foils with acidic or salty foods can increase aluminum concentrations in the food, but exact amounts are hard to pin down because it’s challenging to determine the exact source of aluminum in food, according to the European Food Safety Authority (EFSA). This is due to the complexity of dietary studies, which may not be able to determine whether the aluminum comes from additives, natural presence, or leaching during cooking.

    Aluminum Everywhere

    Aluminum foil isn’t the only source of our exposure. Aluminum is one of the most abundant metals in the Earth’s crust, accounting for about 8 percent of its total mass. It permeates nearly every aspect of daily life, appearing not just in kitchens but also in food, water, cookware, personal care products, medications, vaccines, and even the air we breathe.

    Many everyday foods, such as tea, leafy vegetables, and certain grains, contain trace amounts of aluminum. The World Health Organization (WHO) estimates that the average American adult consumes between 7.1 and 8.2 milligrams of aluminum daily through food and water, which is between 50 and 60 milligrams a week.

    A safe weekly intake of aluminum is 1 milligram per kilogram of body weight, according to current WHO and EFSA guidelines. For an average adult weighing 154 pounds, this translates to a maximum of 70 milligrams of aluminum per week to minimize any potential long-term health risks.

    While aluminum is prevalent in our environment, it doesn’t have a necessary role in our bodies, unlike many other metals, including zinc, copper, and iron.

    The Agency for Toxic Substances and Disease Registry, part of the U.S. Department of Health and Human Services, states that the human body can usually handle small amounts of aluminum, primarily excreting it through the kidneys. While high levels of exposure can be harmful, particularly for those with kidney issues, typical dietary and environmental exposures are generally not considered a concern for most people.

    However, many people are unaware of the extent of their daily aluminum exposure, Exley said. “Much as a bee forages for nectar apparently oblivious to its additional bounty of aluminum, we are also blind to the myriad ways that everyday life exposes us to aluminum,” he wrote in the journal, Environmental Science: Processes & Impacts.

    Cumulative Exposure

    The human body is generally efficient at preventing aluminum absorption through the gastrointestinal tract. However, accurately measuring aluminum absorption and excretion is a challenge, making it difficult to establish safe exposure levels. This adds to the uncertainty surrounding the effects of aluminum, Exley said.

    Studies have shown that only about 0.1 to 0.4 percent of ingested aluminum is actually absorbed. But, according to Exley, the amount of ingested aluminum that enters the bloodstream may be up to 30 percent. Whatever amount is absorbed at any given time contributes to what researchers refer to as the “body burden” of aluminum, which can accumulate in tissues like the brain.

    “Aluminum may persist for a very long time in various organs and tissues before it is excreted in the urine,” according to the EFSA. They also highlight that humans tend to retain aluminum longer than rodents.

    “It’s not just aluminum foil we need to be concerned about—it’s the cumulative exposure to aluminum in our daily lives,” Exley said. “I’m not advocating complete avoidance, but I recommend using it judiciously.”

    Potential Neurological Effects

    One of the most discussed aspects of aluminum exposure is its potential impact on the brain. “Although we know for sure that aluminum accumulates in the brain, it is not fully understood how it reaches it,” according to a 2023 study published in the International Journal of Molecular Sciences.

    “It is widely accepted that Al [aluminum] is a recognized neurotoxin,” states another study in the Journal of Research in Medical Sciences

    Aluminum can cross the blood-brain barrier, potentially leading to neurotoxic effects. Studies have associated high levels of aluminum with neurodegenerative diseases such as Alzheimer’s disease, Parkinson’s disease, and multiple sclerosis.

    In Alzheimer’s disease, aluminum has been found in the brains of patients at higher concentrations than in those without the disease. Some studies suggest that aluminum may contribute to the formation of amyloid plaques and neurofibrillary tangles—hallmarks of Alzheimer’s pathology.

    The Alzheimer’s Association dismisses the idea that aluminum cookware or containers cause Alzheimer’s as a myth, stating, “Studies have failed to confirm any role for aluminum in causing Alzheimer’s. Almost all scientists today focus on other areas of research, and most experts believe aluminum does not pose any threat.”

    Similarly, the Centers for Disease Control and Prevention acknowledges uncertainty, noting that while some studies link high aluminum exposure to Alzheimer’s, others do not. “We do not know for certain that aluminum causes Alzheimer’s disease,” they said.

    Research has also linked occupational exposure to aluminum, such as in mining or welding, to an increased risk of Parkinson’s disease, with aluminum potentially exacerbating the formation of toxic protein aggregates in the brain.

    Other Health Impacts

    A 2022 study published in Emergency Medicine International highlights other potential health risks associated with significant or prolonged exposure to aluminum. The findings suggest that while everyday contact with this metal is unlikely to cause serious harm, high levels of exposure can contribute to a range of health issues.

    • Neurological damage: Aluminum exposure can lead to memory loss, tremors, diminished coordination, seizures, coma, and potentially death.
    • Bone disorders: Accumulation of aluminum in bones can cause osteomalacia (softening of bones), osteoporosis, non-healing fractures, and other musculoskeletal issues.
    • Kidney and liver damage: Aluminum poisoning can lead to kidney damage, changes in urea and creatinine levels, and liver conditions such as fatty liver and Type 2 diabetes.
    • Respiratory issues: Prolonged exposure to aluminum dust can cause respiratory problems, including asthma, chronic bronchitis, chronic obstructive pulmonary disease, and possibly lung cancer.
    • Blood disorders: Aluminum exposure can alter red blood cells, leading to anemia characterized by abnormal cell shapes and sizes.
    • Oxidative stress: Aluminum can increase oxidative stress in the body, leading to cellular damage, particularly in the brain, liver, and kidneys.
    • Enzyme inhibition: Exposure to aluminum may disrupt enzyme activities, protein synthesis, and DNA repair, contributing to various health issues.

    The study suggests that aluminum exposure may not directly cause these conditions, but it can be a contributing factor.

    Reducing Aluminum Exposure

    There are simple and practical steps you can take to minimize contact with aluminum in your daily life.

    Alternatives to aluminum:

    • Cooking food: Consider switching to glass or ceramic cookware instead of aluminum, and avoid using aluminum foil with acidic or salty foods.
    • Storing food: Use glass containers to keep your food fresh and safe from aluminum.
    • Baking: Opt for glass, ceramic, stainless steel, silicone, or unbleached parchment paper instead of aluminum pans.
    • Grilling: Cook directly on the grill, use a grill basket, or try cedar grilling papers as a substitute for aluminum foil.

    For those concerned about their aluminum levels, tests on blood, urine, or hair can provide some insight. However, it’s important to note that these tests mostly reflect recent exposure and may not fully capture long-term accumulation, as much of the body’s aluminum is stored in tissues and bones.

    Although the body can naturally excrete aluminum, it’s important to minimize unnecessary exposure in vulnerable groups like children, older adults, and people with kidney issues.

    As new findings emerge, the debate over aluminum foil’s safety remains unresolved. While it offers undeniable convenience, understanding and managing the potential risks is crucial for making informed choices in the kitchen.

    Tyler Durden
    Thu, 08/29/2024 – 22:15

  • Which US Industries Spend The Most On Lobbying?
    Which US Industries Spend The Most On Lobbying?

    In the United States, companies, unions, trade associations, and other organizations invest billions of dollars each year to lobby Congress and federal agencies.

    In 2023, over 12,000 different lobbyists in the U.S. spent a a record $4.3 billion on lobbying activities, according to Open Secrets, a non-profit research group tracking money in U.S. politics. This was up from $4.1 billion in 2022—and the highest annual total so far.

    Organizations either hire lobbying firms or employ in-house lobbyists to meet with government officials, seeking to influence government decision-making.

    In the following chart, Visual Capitalist’s Kayla Zhu shows the total expenditures on lobbying activities by the top 10 industries that invested the most in lobbying the U.S. Congress and federal agencies in 2023, using data from Open Secrets.

    Which Industries Spent the Most On Lobbying?

    The Pharmaceuticals and Health Products industry was the biggest industry spender in the U.S. in 2023, investing a total of $382.6 million towards lobbying.

    The two biggest spenders in the pharmaceuticals industry were the industry’s leading lobby group, Pharmaceutical Research and Manufacturers of America, and pharmacy benefit managers association Pharmaceutical Care Management Association.

    In 2023, multiple bills were introduced that would mandate pharmacy benefit managers (PBM), the intermediaries who negotiate prescription drug prices with manufacturers on behalf of clients, to disclose their business practices, including the fees they earn from transactions.

    These bills were introduced in response to investigations that PBMs play a significant role in driving up prescription drug costs.

    Other big spenders in the industry include major pharmaceutical companies Pfizer, Amgen, and Roche Holdings, who all spent over $11 million on lobbying last year.

    Big Tech Companies Were Major Lobbyists

    In the second-ranked Electronics and Manufacturing and Equipment industry, big tech companies like Oracle, Microsoft, Apple, Samsung, IBM, and Intel were among the top spenders in the industry, ranging from $5.5 to $13 million in lobbying expenditures.

    In 2023, Apple spent nearly $9.9 million to lobby against several key legislative proposals, including the proposed antitrust bill, American Innovation and Choice Online Act, which would prohibit big tech platforms like Amazon, Apple, and Google from giving preferential treatment to their own services in marketplaces they operate.

    Apple argued that this bill could undermine user security and privacy by limiting its ability to control the app ecosystem.

    Tyler Durden
    Thu, 08/29/2024 – 21:50

  • X Warns Of Brazil Shutdown 'Soon' For Defying Judge's "Illegal Orders To Censor Political Opponents"
    X Warns Of Brazil Shutdown ‘Soon’ For Defying Judge’s “Illegal Orders To Censor Political Opponents”

    On Thursday night, X’s Global Government Affairs account posted a dire warning over service availability in Brazil, after dictatorial Supreme Court Judge Alexandre de Moraes punished them for not complying “with his illegal orders to censor his political opponents,” according to the post.

    More:

    When we attempted to defend ourselves in court, Judge de Moraes threatened our Brazilian legal representative with imprisonment. Even after she resigned, he froze all of her bank accounts. Our challenges against his manifestly illegal actions were either dismissed or ignored. Judge de Moraes’ colleagues on the Supreme Court are either unwilling or unable to stand up to him.

    We are absolutely not insisting that other countries have the same free speech laws as the United States. The fundamental issue at stake here is that Judge de Moraes demands we break Brazil’s own laws. We simply won’t do that.

    In the days to come, we will publish all of Judge de Moraes’ illegal demands and all related court filings in the interest of transparency.

    Unlike other social media and technology platforms, we will not comply in secret with illegal orders.

    To our users in Brazil and around the world, X remains committed to protecting your freedom of speech.

    Meanwhile, Musk says that SpaceX is going to continue to provide Starlink in Brazil to schools and hospitals for free…

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

    *  *  *

    One day after Brazillian Supreme Court Judge Alexandre de Moraes threatened to suspend social media platform X unless Elon Musk appoints a new legal representative in 24 hours, the judge – dubbed “Brazil’s Darth Vader” by Musk – issued a subpoena against the company.

    Today, he blocked the financial accounts of Musk-owned Starlink Holdings, due to the absence of an attorney.

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

    According to Moraes, the companies are a “de facto economic group” commanded by Musk.

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

    On August 18, Moraes sanctioned X’s bank accounts in order to guarantee the payment of fines imposed by the Brazilian justice for refusing to censor content, Metropoles reports.

    According to information published by the G1 and confirmed by the Metropolis, advisors to the office of Minister Alexandre de Moraes said that another company under Musk in the country, Starlink Holding, responsible for the sale of satellite internet services, also had the finances blocked.

    All Starlink managers in Brazil received notifications and were subpoenaed to answer for the values due to the Brazilian Justice by the network X. -Metropoles (translated)

    In response, Musk called Moraes a dictator, and said “this picture of you in prison will be real. Mark my words.”

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    Earlier this month, Moraes ordered an investigation into Musk after the billionaire vowed to defy a court order as part of an ongoing probe into social media accounts allegedly spreading misinformation and ‘hate’ speech.

    “The flagrant conduct of obstruction of Brazilian justice, incitement of crime, the public threat of disobedience of court orders and future lack of cooperation from the platform are facts that disrespect the sovereignty of Brazil,” wrote de Moraes.

    While X initially said in a they would comply, blocking certain popular accounts in Brazil – Musk said an hour later, after the release of the “TWITTER FILES BRAZIL,” that they would not, noting that “As a result, we will probably lose all revenue in Brazil and have to shut down our office there.”

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    in a post the next day, Musk said that Supreme Court Justice Alexandre de Moraes had “brazenly and repeatedly betrayed the constitution and people of Brazil,” and should “resign or be impeached.”

    De Moraes said that as part of his decision to open an inquiry, that “X shall refrain from disobeying any court order already issued, including performing any profile reactivation that has been blocked by this Supreme Court,” Reuters reports.

    The justice said that Musk would face a fine that equates to approximately $20,000 each time an account is reactivated on X.

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    Tyler Durden
    Thu, 08/29/2024 – 21:31

  • It's "Heating Up" In The Arctic?
    It’s “Heating Up” In The Arctic?

    Via SchiffGold,

    In the same week that Biden said he would not seek reelection, Russian and Chinese bombers were escorted out of the Alaskan Air Defense Identification Zone (ADIZ). Russia and China acting so boldly near American soil is an unprecedented move that signals the rising tensions of recent years. As Russia and China’s aggression has grown, and America’s global presence has, for better or for worse, dwindled militarily, The most obvious geographical connection between them has become an almost undiscussed point of tension. Secondhand wars in Ukraine and Israel have become central cultural themes and present many more active events to discuss. While the tensions in the north have massive repercussions, they produce very little news or new material. All one must do to put this tension into context is look at a globe from a perspective that looks down towards the North Pole. Russia, China, And America are concerningly close, especially considering their outsized influence and uneasy relationships.

    Russia and China are eager to control the Arctic so they can transport goods without fear of American intervention. LNG (Liquid Natural Gas) and other natural resource transportation has been the biggest motivation for Russian Arctic shipping. Shipping itself is still relatively primitive in the Arctic, as Russia lacks developed satellite infrastructure. The cost-cutting potential of the northern routes can powerfully benefit Russia and China, as they would no longer have to take the long journey through South America. The current lack of ownership makes the Arctic appealing to any country that has even a small claim. The American government hopes that it stays neutral, and will act with force to ensure that. 

    A recent DoD report took an uncompromising stance that America would be ready for whatever shenanigans other countries chose to pull. Deputy Assistant Secretary for Arctic & Global Resilience Iris Ferguson said “This strategy is very action-oriented, which distinguishes it from previous Arctic Strategies.” The Arctic’s days on the back burner are coming to a close, and the US does not want to be playing catch up. The DOD will adopt a “monitor-and-respond” technique to make sure that nothing of significance happens in the Arctic without some American knowledge. They will begin more seriously looking into our strategic needs in the north and finding effective ways to secure them before Russia or China can finish their unrelenting march for northern domination. This recent activation of interest in the Arctic has arisen from a recognition of both Russia and China’s boldness, as well as the fact that the Arctic has less ice than it used to, allowing more human activity. 

    Russia has shown that no matter how involved it is with wars in other parts of the world, the Arctic will remain a priority. It demonstrated this by ramping up activity in the Arctic even as it invaded Ukraine. To avoid sanctions, Russia created a shadow fleet to export oil through the north. Their ships are able to avoid Western influence by going far above the UK and entering the Atlantic. The North provides the promise of freedom and an unrestricted gateway to the rest of the world, so it is not surprising that its recent imperialist efforts have resulted in more activity. Russia was recently booted from the council of 8 nations that border the Arctic. While necessary, this move could empower Russia to act even more boldly, knowing it is not bound to act with respect towards other nations in the north. 

    China has shown its interest by creating a new role for itself as a “Near-Arctic State.” This title is meaningfully ambiguous, so China can step into whatever capabilities it thinks the West will let it. The term comes from the fact that China’s ecosystem is greatly affected by the ecosystem of the Arctic, but China’s involvement has little to do with the environment. PRC has been using the North as more of an economic and military investment. They have used the term “Polar Silk Road” to try to leverage more legitimacy for their own use of the Arctic. China has encouraged non-polar nations to take advantage of the Arctic as a way of gaining legitimacy for its own future use. It has a fleet of icebreakers that it has not been afraid to use in recent years. China has also created much infrastructure, hoping to increase its northern operations. The Arctic seems to mirror China’s operations in the South China Sea just a few years ago. If the West is not prepared, Russia and China will style themselves as the sole rulers of the North. 

    Get Peter Schiff’s key gold headlines in your inbox every week – click here – for a free subscription to his exclusive weekly email updates.

    Tyler Durden
    Thu, 08/29/2024 – 21:25

  • Led By Gen X, 401(k) Millionaires At Fidelity Hit A New All Time High
    Led By Gen X, 401(k) Millionaires At Fidelity Hit A New All Time High

    Bear witness to one of the miracles of inflation: it won’t be long until everyone is a millionaire…one way or the other. But for now, nominal millionaires have hit an all time high at Fidelity, according to a new report from Bloomberg. 

    In the second quarter, Americans aged 44 to 59 increased their IRA contributions to a five-year high, with total contributions up 30% from last year, according to a Fidelity Investments report.

    Fidelity Wealth President Roger Stiles noted that, despite financial pressures like college costs, aging parents, and healthcare expenses, Gen X savers are prioritizing retirement.

    The Bloomberg report states that:

    • Gen X believes an average net worth of $873,000 is needed for financial comfort, according to a Charles Schwab survey.
    • The average 401(k) balance for Gen X at Fidelity was $182,100 in Q2, while the average IRA balance was $97,215.
    • The number of 401(k) millionaires at Fidelity reached a record 497,000, a 2.5% increase from the first quarter.
    • Combined contributions and market gains led to a third consecutive quarter of growth in retirement accounts.
    • The average 401(k) balance increased to $127,100, and the average IRA balance rose to $129,200, up just 1% since March 31.

    Fidelity/Bloomberg’s analysis came from “more than 48 million IRA, 401(k) and 403(b) retirement accounts as of June 30”.

    Recall, we wrote just days ago about how the IRS was making it easier for Americans to tap their retirement accounts. The new rules bring to life one of the provisions of the SECURE Act 2.0, a law passed at the end of 2022 that made many tweaks to retirement plans. With this one, retirement account owners can withdraw up to $1,000 for “emergencies,” and the IRS isn’t tightly defining that word.

    Whether you’ve had a car wreck or simply went overboard ordering from GrubHub, the provision will let you take money out of your account without being subject to the typical 10% penalty for withdrawals before age 59 1/2. You’ll still owe ordinary income tax — while facing a potential opportunity cost in the form of gains you may miss out on by cashing out. 

    But maybe it’s better to “use it before you lose it” and Kamala’s unrealized gains taxes start eating away at it…

    Tyler Durden
    Thu, 08/29/2024 – 21:00

  • Friendly Fire Fiasco: Ukrainian Army Shoots Down Its Own F16 Jet, Pilot Killed
    Friendly Fire Fiasco: Ukrainian Army Shoots Down Its Own F16 Jet, Pilot Killed

    Update (5:15pm ET): It appears that the US-made F-16 fighter jet, which was handed over to Ukraine earlier this year, was downed by a Ukrainian Patriot air defense system in a friendly fire incident, Ukrainian lawmaker Maryana Bezuglaya said cited by TASS.

    “According to my information, the F-16 of the Ukrainian pilot Alexey ‘Moonfish’ Mes was shot down by the Patriot anti-aircraft missile system due to a lack of coordination between the [military] units,” she wrote on Telegram.

    The lawmaker criticized the Air Force of the Ukrainian Armed Forces for falsely describing the incident as “a crash.”

    “The culture of lies in the Air Force Command of the Armed Forces of Ukraine, as well as in other higher military headquarters, leads to the fact that the system of managing military decisions does not improve on the basis of truthful, consistently collected analytics, but deteriorates and even collapses, as is happening in the other directions,” she wrote.

    In her words, none of the generals was punished over the incident that led to the loss of both the aircraft and its pilot.

    Earlier, an unidentified US official told the Wall Street Journal that Ukraine had lost a donated F-16 fighter jet in the first such case. According to the official, the jet was not shot down, and the crash was likely due to pilot error. Later, the Ukrainian Air Force confirmed the death of a Ukrainian F-16 pilot, Alexey Mes. The man was trained to fly F-16, according to CNN. The General Staff of the Ukrainian Armed Forces said the pilot was killed in an aerial fight, when his plane crashed on August 26.

    * * *

    US and Ukrainian officials have revealed to The Wall Street Journal that a F-16 fighter jet has crashed during combat in Ukraine’s skies – a significant first – which comes just weeks after an initial batch of some one dozen of the American-made aircraft were transferred to Kiev’s armed forces. 

    “The pilot, Oleksiy Mes, died while helping to repel a massive Russian missile attack on Monday, the officials said,” WSJ writes. “Initial reports indicate the jet wasn’t shot down by enemy fire, U.S. officials said.”

    Illustrative photo: Ukrainian pilots complete F-16 training in the United States, Getty Images

    That missile and drone attack had been one of the largest since the war’s start in Feb. 2022, targeting 15 out of Ukraine’s 24 oblasts, and taking out vital energy structure nationwide.

    The Pentagon was initially questioned about the crash, but when referred to Kiev officials, the Ukrainian Air Force belatedly acknowledged the crash and death of the pilot on Thursday.

    Given Ukraine has lost one of the $30+ million jets so quickly after getting the first highly anticipated transfer, this could prove highly embarrassing given how publicly the program was touted as a “game-changer” by Zelensky government officials.

    Other more realist outside observers have noted that it is too late for such aerial systems to significantly change Russia’s clear military, manpower, and aerial superiority.

    According to more details of the circumstances of the aircraft downing: “A person close to the Ukrainian military said the cause of the crash was unknown and an investigation was under way,” WSJ continues. “The person described Mes as a hero who successfully shot down multiple Russian missiles on Monday before the crash.”

    The report further indicates the pilot was key in helping spearhead Kiev’s public relations and lobbying efforts to get the F-16s for Ukraine program off the ground: 

    Mes, call sign “Moonfish,” was one of Kyiv’s first pilots to be trained on the F-16. He was one of the better known Ukrainian pilots, appearing frequently in the media and visiting Washington to lobby the U.S. to send Ukraine the jet fighters. Mes met personally with lawmakers on Capitol Hill, including in 2022 with then-Rep. Adam Kinzinger (R., Ill.).

    Mes often appeared with another prominent Ukrainian pilot, Andriy Pilshchykov, call sign “Juice,” who died in a training accident on Aug. 25, 2023. Two other pilots were killed in that incident, a midair collision.  

    The WSJ further calls the crash and death “a major blow for Kyiv” following President Biden’s somewhat reluctant greenlight given for European allies to begin transferring the F-16s last year. A training program has been underway in Europe and on US soil for well over a year, including Ukrainian pilots receiving instruction in bases at San Antonio and in Arizona.

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    US defense officials have at times quietly voiced their concern over a US-overseen program which sends inexperienced Ukrainian pilots directly into a highly complex war zone where Russia has overwhelming superiority of the skies, and this after an abbreviated training program. Combat experience, however, remains a very different thing.

    It was only on Tuesday that President Zelensky announced that for the first time Western-supplied F-16 fighter jets had been engaged in combat against the Russians. He said in the big Monday attack they had successfully shot down inbound missiles and drones. “We destroyed already some missiles and drones using the F-16,” Zelensky said in a Tuesday press conference, specifically in comments given in English, before a press briefing – but without providing many details.

    The pilots who have died in crashes thus far were some of the most well-known and experienced aviators Ukraine had to rely on.

    The Kremlin and Russian media are surely going to seize on this as a major failure of the West and of NATO, and this is likely going to embolden Russia’s aerial forces to go hunting for more F-16s to destroy.

    Tyler Durden
    Thu, 08/29/2024 – 20:45

  • You Had One Job: Kamala Blows Pre-Taped Interview Question With Walz Right Next To Her
    You Had One Job: Kamala Blows Pre-Taped Interview Question With Walz Right Next To Her

    Kamala Harris had one job – don’t blow your first sit-down interview with the press. No word salad. No ‘unburdened by what has been’ mantra. Don’t cackle to cover up for a lack of brain cells.

    She couldn’t even do that…

    Sitting down with running mate Tim Walz for a pre-taped CNN interview set to air at 9 PM Thursday, a preview clip reveals she’s still an absolute moron.

    Dana Bash (whose CIA ex-husband signed the Hunter Biden disinfo letter) tossed Harris what should have been a well-rehearsed softball; asking how voters should “look at some of the changes you’ve made.”

    “Is it because you have more experience now and you’ve learned more about the information? Is it because you were running for president in a Democratic primary? And should they feel comfortable and confident that what you’re saying now is going to be your policy moving forward?“

    In other words, why shouldn’t you believe you’re full of shit over your dramatic shift in positions towards moderate policies?

    There are a million ways to answer that spoon-fed question, but Harris chose more word salad.

    “I think the most important and most significant aspect of my policy perspective and decisions is my values have not changed,” she replied. “You mentioned the Green New Deal. I have always believed – and I have worked on it – that the climate crisis is real, that it is an urgent matter to which we should apply metrics that include holding ourselves to deadlines around time.“

    Yes, deadlines around time.

    https://platform.twitter.com/widgets.jsThe reactions were classic…

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    At least the debate on the 10th should be entertaining, to say the least!

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    Tyler Durden
    Thu, 08/29/2024 – 20:35

  • Israel Agrees To Phased Pauses In Gaza Fighting To Allow Polio Vaccination
    Israel Agrees To Phased Pauses In Gaza Fighting To Allow Polio Vaccination

    It appears Israel has given into US and international pressure, including from global health organizations, to allow for a phased ‘pause’ it its military campaign in Gaza, in order to allow health workers to begin efforts to vaccinate over 600,000 of the Gaza Strip’s children.

    Israel’s IDF military said it will start with a three-day pause in fighting only in central Gaza “as part of the routine humanitarian pauses that will allow the population to reach the medical centers where the vaccinations will be administered.”

    But then the pause will move to southern Gaza, and after that the north, according to published statements. Depending on its initial success it will move from zone to zone, but practical implementation in an intense war zone remains to be seen.

    Polio vaccines arriving in the Gaza Strip via the Kerem Shalom crossing, via i24 News

    The UN and World Health Organization (WHO) have over 2,000 health workers ready to conduct a mass vaccination campaign, and the WHO has especially stepped up the pressure of late for this to happen.

    The initiative is expected to go into full swing by Sunday:

    An Israeli official confirmed to CNN that polio vaccinations will begin in Gaza on September 1. Each phase of the vaccination campaign is expected to take around seven hours, and during those hours, the vaccines will be able enter the area on “pause” and be distributed.

    Presumably this will be aided by local Gazan health workers as well, given the huge numbers of children who will have to get vaccinated. 

    Earlier this week, the Gaza Health Ministry  said that an 10-month-old infant in the central city of Deir al-Balah “who has not received any polio vaccine dose” tested positive for the virus. The baby has since reportedly been paralyzed by the type 2 polio virus, which can be fatal. The ministry has since indicated that “a number of children” have presented with symptoms consistent with polio.

    But given that an active war is on, and many families have already been displaced, the UN and WHO fears that many Palestinians who need it won’t get the vaccine.

    “If you listen to the Palestinians on the ground, … they’re saying they’re terrified of being displaced because time and time again – it’s been documented – Israel orders the Palestinians to go to a particular location. They declare it a safe zone, and then they bomb it,” an Al Jazeera correspondent explained.

    “My guess is Palestinians will be scared to even go [to] vaccinate their children,” he added.

    There are reports that US Secretary of State Antony Blinken appealed directly to the Netanyahu government to allow for the polio pause in fighting. However, Defense Minister Yoav Gallant is already pushing an expanse in the IDF’s operations in Gaza.

    Tyler Durden
    Thu, 08/29/2024 – 20:10

  • Just In Time, They Are Really Ramping Up The Fear For 3 Different Very Frightening Diseases
    Just In Time, They Are Really Ramping Up The Fear For 3 Different Very Frightening Diseases

    Authored by Michael Snyder via The Most Important News,

    Why are there suddenly so many stories about deadly diseases in the news?  We are just a little over two months away from November, and so this is a perfect time to deeply alarm the general public about a coming health crisis, right?  But this time around it isn’t just one major disease that is making news.  As you will see below, people are freaking out about 3 different very frightening diseases. 

    Of course when people are afraid that they might die from some extremely deadly outbreak, they are far more likely to accept measures that they would usually not even consider during normal times.

    In the Northeast, there is a tremendous amount of concern about the Eastern Equine Encephalitis virus right now.  People in Massachusetts have been instructed to “limit their time outdoors” due to a confirmed case in that state, and now confirmed cases have appeared in Vermont and New Hampshire…

    Last week, it was reported that an 80-year-old man in Massachusetts tested positive for the rare virus, sparking public health concerns.

    Officials then discovered the disease in mosquitoes across the state and warned residents to limit their time outdoors.

    The virus then started appearing in neighboring states, with cases popping up in Vermont and New Hampshire, where the unidentified victim was pronounced dead.

    It is being reported that this virus “has also been found in horses in eight New York counties”.

    So this virus is already in at least four different states, and that is not good news at all, because it has a very high death rate in humans…

    Approximately 30 percent of those infected with the virus die, and those who survive, are often left with neurologic problems. There are no vaccines or medicines to treat or prevent the disease.

    Usually, cases of Eastern Equine Encephalitis are quite rare.

    But if hundreds of people start dying after catching this virus in the months ahead, we are going to see extreme panic.

    Due to fears of Eastern Equine Encephalitis and an outbreak of West Nile virus, New York City is preparing “to spray pesticides to help prevent the spread of mosquitoes”…

    New York City is planning to spray pesticides to help prevent the spread of mosquitoes, and potential diseases.

    The announcement comes days after Dr Anthony Fauci, former National Institute of Allergy and Infectious Diseases Director and the government’s top infectious disease official during the pandemic, was hospitalized with West Nile virus.

    Dr Fauci, 83, spent around a week in the hospital after developing fever, chills, and severe fatigue. He believes he contracted West Nile in the backyard of his Washington DC home, and is expected to make a full recovery, CBS News’ chief medical correspondent Dr. Jonathan LaPook tweeted on Saturday.

    So now the entire Big Apple is going to be doused with dangerous chemicals in a desperate attempt to kill the mosquitoes that are carrying these diseases.

    If you live in New York City, now may be a good time to take a vacation.

    Meanwhile, scientists are warning that the new Monkeypox strain is mutating faster than they anticipated…

    Scientists studying the new mpox strain that has spread out of Democratic Republic of Congo say the virus is changing faster than expected, and often in areas where experts lack the funding and equipment to properly track it.

    That means there are numerous unknowns about the virus itself, its severity and how it is transmitting, complicating the response, half a dozen scientists in Africa, Europe and the United States told Reuters.

    So far they have had no luck fighting the outbreak that is absolutely ravaging the Democratic Republic of Congo.

    Sadly, the number of cases and the total death toll both continue to rise…

    Congo has had more than 18,000 suspected mpox cases and 615 deaths this year, according to the World Health Organization (WHO), which declared an mpox health emergency this month after a new variant called clade Ib emerged.

    There have now been confirmed cases in several neighboring countries, and travelers have brought it to Europe and Asia.

    In 2022, a strain of Monkeypox that was being spread by sexual contact rapidly spread all over the globe.

    Apparently this new strain often spreads without any sexual contact at all, and we are being told that children are being infected in very large numbers…

    Children in the east of the Democratic Republic of Congo are worst-affected by the current outbreak of mpox, which has been declared a public health emergency of international concern by the World Health Organization. The country accounts for nearly all of this year’s recorded cases and more than 450 deaths.

    “It began like a small, inflamed spot. The mother squeezed it and watery discharge came out. Then another developed, and after a short period, they were all over the body,” says Alain Matabaro, describing how mpox developed in his six-year-old son Amani.

    At this point, the experts do not fully understand why so many children are being infected.

    One theory that is being proposed is that it is because children have “less developed immune systems”…

    Some 75% of the cases being seen by medics there are under the age of 10, according to Dr Pierre-Olivier Ngadjole who works for the charity Medair.

    Young people seem to be particularly badly affected by the mpox outbreak because of their less developed immune systems.

    If this new strain of monkeypox starts infecting children all over the western world, there will be widespread panic and we will likely see very harsh lockdowns.

    Speaking of that, it is being reported that a school in Alabama and a school in Tennessee were just temporarily shut down because too many kids were catching COVID…

    Schools in two states experiencing a rise in Covid cases announced they were closing facilities and switching to remote learning.

    Alabama and Tennessee announced the closure of two schools — affecting more than a thousand children — just days into the new academic year, with officials saying the virus had forced them to shut and carry out a ‘deep clean.’

    At one of the schools, children had to abandon their desks and revert to remote learning for two days — a move reminiscent of the early days of Covid.

    Why is this happening?

    I thought that we agreed that we weren’t going to do this anymore.

    Right now there are lots of news stories about how COVID is making a major comeback, but most Americans are not buying it.

    By now, just about everyone understands that it has an extremely low death rate.

    However, it is just a matter of time before a horrifying worldwide pandemic that has a very high death rate comes along.

    When that day arrives, the panic that we have seen during the past several years will pale in comparison to what we will witness.

    Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.

    Tyler Durden
    Thu, 08/29/2024 – 19:45

  • Sarah Palin Prevails In Getting New Defamation Trial Against NY Times
    Sarah Palin Prevails In Getting New Defamation Trial Against NY Times

    Authored by Chase Smith via The Epoch Times (emphasis ours),

    Former Alaska Gov. Sarah Palin has been granted a new trial in her defamation case against The New York Times and its former opinion editor James Bennet, according to an Aug. 28 decision by the U.S. Court of Appeals for the Second Circuit.

    Former Alaska Gov. Sarah Palin speaks during a “Save America” rally at Alaska Airlines Center in Anchorage, Alaska, on July 9, 2022. Justin Sullivan/Getty Images

    This ruling is the latest development in Palin’s years-long legal battle, which centers on a 2017 editorial published by The NY Times that linked her political action committee to a 2011 shooting that seriously injured then-Rep. Gabby Giffords (D-Ariz.).

    The appellate court’s decision to vacate the previous jury verdict and order a new trial was based on several alleged significant errors during the original trial, including the exclusion of critical evidence, improper jury instructions, and a mid-deliberation ruling by the district court that allegedly undermined the jury’s role.

    NY Times Managing Director for External Communications Charlie Stadtlander told The Epoch Times in an email that the court’s decision is “disappointing.”

    “We’re confident we will prevail in a retrial,” he said.

    Palin said in a post on social media platform X that the decision was “great news.”

    The legal dispute began after The NY Times published an editorial titled “America’s Lethal Politics” on June 14, 2017, in the aftermath of a shooting at a congressional baseball practice that injured four people, including Rep. Steve Scalise (R-La.).

    The editorial alleged a “clear” and “direct” link between the 2011 Giffords shooting in Tucson, Arizona, and a map circulated by Palin’s political action committee.

    The map in question depicted crosshairs over 20 congressional districts, including Giffords’s, in what the editorial implied was a form of political incitement.

    Palin filed a defamation lawsuit against The NY Times shortly after the editorial’s publication, arguing that it falsely suggested she was directly responsible for the Tucson shooting.

    The district court initially dismissed her claim in 2017, but the Second Circuit reinstated it in 2019, leading to a jury trial in 2022.

    During the trial, despite that the jury eventually returned a verdict of “not liable” for The NY Times, the district judge had already made a ruling under Federal Rule of Civil Procedure 50, effectively dismissing the case before the jury concluded its deliberations.

    The ruling, combined with other alleged trial errors, led the Second Circuit to call for a new trial.

    According to the opinion, the appellate court identified several critical issues that compromised the integrity of the original trial.

    The exclusion of evidence that could have demonstrated Bennet’s potential bias or prior knowledge of inaccuracies in the editorial was deemed improper.

    The court also highlighted an alleged inaccurate jury instruction regarding the actual malice standard that Palin was required to prove. The court also expressed concern that jurors had learned of the judge’s Rule 50 decision during their deliberations, which could have influenced their verdict.

    At the time, Palin told The Epoch Times that she thought the judge’s decision was “very strange,” describing the move as “taking the verdict from the jury.” Her legal team also filed at the time for a new trial and requested that the judge in the first trial be disqualified.

    In its ruling, the Second Circuit emphasized the importance of preserving the jury’s role in the judicial process.

    “The jury is sacrosanct in our legal system, and we have a duty to protect its constitutional role, both by ensuring that the jury’s role is not usurped by judges and by making certain that juries are provided with relevant proffered evidence and properly instructed on the law,” the court stated.

    The case is expected to return to the Southern District of New York for a retrial.

    Tyler Durden
    Thu, 08/29/2024 – 18:55

  • Putin To Visit ICC-Signatory Country, But It Won't Arrest Him
    Putin To Visit ICC-Signatory Country, But It Won’t Arrest Him

    Russian President Vladimir Putin is soon to visit a country which is a formal signatory of the Rome Statue, which is the treaty governing the International Criminal Court (ICC) which requires member nations to comply with warrants issue by the The Hague-based court.

    The country Putin will travel to next week is Mongolia, which is Russia’s neighbor to the south. In recent years, Mongolia, Russia, and China have been having trilateral security summits in order to cooperate on regional matters of common concern.

    A 2019 trip by Putin to the Mongolian capital of Ulaanbaatar, via Kremlin.ru

    This will mark the first time that Putin will travel to a country which is legally obligated to arrest him, following the ICC issuing its arrest warrant for the Russian leader last March on allegations of overseeing war crimes and human rights abuses in Ukraine.

    The Kremlin says is that the visit is at the invitation of Mongolian President Ukhnaagiin Khürelsükh. While Putin is there, the two leaders will attend a ceremony commemorating the 1939 Soviet-Mongolian victory over Japan in the Battle of Khalkhin Gol.

    “The heads of state will discuss prospects for further development of the Russian-Mongolian comprehensive strategic partnership,” the Kremlin described. Regional analyst Samuel Ramani writes that the “aim of the trip is likely to promote the Power of Siberia 2 pipeline with China.”

    Mongolia has long vocalized that it remains neutral on the question of the Ukraine war. Mongolia and Russia have also long been close regional allies, even this week having held joint military exercises.

    In August of 2023 President Putin decided to skip an in person BRICS summit hosted in Johannesburg, South Africa – precisely because the host country is a Rome statute signatory.

    This was done “by mutual agreement” with President Cyril Ramaphosa’s office, and primarily because the initially planned-for Russian leader’s visit had set off a firestorm of controversy for the Rmaphosa administration. Moscow sent Russian Foreign Minister Sergei Lavrov to the BRICS summit instead.

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    President Cyril Ramaphosa’s office said Putin will not attend the conference “by mutual agreement,” adding that Russian Foreign Minister Sergei Lavrov would visit instead. But Putin later delivered a speech to the forum via video link, which was attended by the heads of state of major BRICS powers India, China, and Brazil.

    Putin has embarked on a handful of trip since ordering his forces into Ukraine more than two-and-a-half years ago, but only to countries closely aligned to Moscow, and never to Europe or the West.

    Tyler Durden
    Thu, 08/29/2024 – 18:30

  • US Ramps Up Military Support For Kenyan Operations In Haiti
    US Ramps Up Military Support For Kenyan Operations In Haiti

    Via The Libertarian Institute

    The White House is upping its support for the Kenyan operations in Haiti by sending an additional two dozen armored vehicles. The US is backing Nairobi’s armed force in Port-au-Prince. 

    On Friday, US Southern Command issued a statement on boosting military aid for the Kenyan forces in Haiti. “As part of the US government’s ongoing support to Haitian-led security efforts in the country, 24 additional MRAPS will be delivered and transferred to Kenyan personnel deployed to Haiti as part of the Multinational Security Support (MSS) mission.”

    UN peacekeeping forces. Illustrative via Shutterstock

    It continues, “The MSS will add the vehicles to its existing fleet of 10 US-provided MRAPS.”

    Earlier this year, Nairobi sent hundreds of armed troops to the Caribbean nation on what it dubs a “policing” operation. The US orchestrated the deployment of Kenyan soldiers to Haiti. 

    Washington believed the troops could aid Haitian police in restoring power in Port-au-Prince to a government set up by the White House. Following the assassination of President Jovenal Moise in 2021, Haiti dissented into chaos under US-backed governments. 

    The White House got authorization to finance, train, and arm a Kenyan-led military force to take control of Haiti from paramilitary groups and gangs. Responsible Statecraft previously detailed when the troops touched down in May:

    Washington pledged its financial and logistical support for the mission in a defense agreement with Kenya signed in September 2023. It was then that Kenya committed to deploying 1,000 troops to Port-au-Prince. The mission is also expected to include about 1,500 soldiers and police officers from other countries, bringing the total size of the prospective intervention force to 2,500.

    However, the troops are said to be in a policing role and are not operating as UN Peacekeepers. Peacekeepers have a dark legacy in Haiti including causing a cholera outbreak and rampant sexual abuse. 

    Recent footage from this summer showing the chaotic streets of Port-au-Prince…

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    Prime Minister Garry Conille said Wednesday the Kenyan forces will begin operations in one of Port au Prince’s roughest neighborhoods. “It’s not going to be quick,” he added, “we must be patient.”

    Tyler Durden
    Thu, 08/29/2024 – 18:05

  • "Living In Third World": Armed Venezuelan Gang Members Roam Colorado Apartment Building
    “Living In Third World”: Armed Venezuelan Gang Members Roam Colorado Apartment Building

    Far-left lawmakers in sanctuary city Denver welcomed tens of thousands of illegal aliens who invaded the US southern border under the Biden-Harris administration’s watch. Now, the Denver suburb of Aurora is in turmoil as the Venezuelan prison gang Tren de Aragua roams the streets armed with rifles and pistols, transforming parts of the once peaceful metro area into a third-world-esque state. 

    “There’s a huge increase in violence in these areas in Aurora, where these newly arrived foreign-born migrants, many of whom are Venezuelan, have started to grow,” former ICE field office director and Colorado GOP congressional candidate John Fabbricatore told Fox News earlier this week. 

    Denver Democrats have welcomed over 42,000 illegal aliens since 2022, some of whom include members of Tren de Aragua. 

    New footage has surfaced of alleged gang violence at The Edge at Lowry apartments in Aurora, which, according to local media KDVR, is a “hotspot” for migrant crime. 

    In the video, men can be seen walking up a stairwell carrying weapons. They can be heard speaking Spanish.

    The owners of the video said it was taken shortly before a shootout at the complex that left one person seriously injured. Several vehicles were also damaged by gunfire.

    All of the people appear to be carrying rifles and handguns, except for one of the men who can be seen talking on a cell phone. They all then gather around a door and go in.

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    Meanwhile, Aurora Council Member Danielle Jurinsky has warned the Venezuelan gang is overrunning the metro area.

    Jurinsky recently told Fox News, “Residents tell me they feel they are living in a third-world country at this point.” 

    He pointed the finger at the Biden-Harris team, saying the people of Aurora are “suffering” at their “hands.”

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    Aurora police released a statement Wednesday afternoon:

    The city and Aurora Police Department, as we previously stated, established a special task force in collaboration with other local, state and federal partners to specifically address concerns about Venezuelan gang Tren de Aragua (TdA) and other criminal activity affecting migrant communities. We are grateful that the Drug Enforcement Administration (DEA), a valuable federal partner, has acknowledged its ongoing work into TdA across the metro and appreciate the additional resources it provides to combat this issue.

    We are aware that components of TdA are operating in Aurora. APD has been increasingly collecting evidence to show the gang is connected to crimes in the area. However, as we have said previously and as the DEA similarly stated, it would be improper at this time for the city and APD to make any conclusory statements about specific incidents or provide details about law enforcement strategy and operations.

    Based on our initial investigative work, we believe reports of TdA influence in Aurora are isolated. We urge all community members, including members of our migrant communities, to please report crimes committed against them to their local law enforcement agencies and not remain silent victims. Crime victims can report crimes anonymously by calling Metro Denver Crime Stoppers at 720.913.STOP (7867). 

    As always, information could change as the investigations continue at the local, state and federal levels.

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    The Biden-Harris administration is complicit in the border chaos and importing the third world into the US. If the aim is to overwhelm local municipalities to trigger chaos and pave the way for some far-left “change,” then it certainly appears that this might be the objective. The situation will get much worse before it gets better.

    Tyler Durden
    Thu, 08/29/2024 – 17:40

  • Lawsuits Pile Up After Company Confirms Social Security Numbers Were Hacked
    Lawsuits Pile Up After Company Confirms Social Security Numbers Were Hacked

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

    More lawsuits have been filed against background check company National Public Data (NPD) after it confirmed that a major data breach exposed Americans’ personal records, including Social Security numbers.

    A Social Security card sits alongside checks from the U.S. Treasury in Washington on Oct. 14, 2021. Kevin Dietsch/Getty Images

    Earlier in August, the breach became more widely known after a class-action lawsuit was filed against the Florida-based company, alleging that 2.9 billion records that included Social Security numbers were leaked online and put up for sale for $3.5 million on the dark web.

    Days later, NPD confirmed a data breach in a letter to the Maine attorney general’s office and in a statement on its website, although it said that only 1.3 million people’s records were leaked.

    But this week and late last week, several more lawsuits were filed against the firm, including one filed by two women on Aug. 23 in the U.S. District Court for the Northern District of Florida. So far, more than a dozen suits have been filed against NPD or its parent company, Jerico Pictures, since early August, according to a review of the Justia database.

    NPD said that a “data security incident” from an attempted hack by a “third-party bad actor” led to the breach, according to a statement posted on its website last week.

    There was an attempted hack of its systems in December 2023 and “potential leaks of certain data in April 2024 and summer 2024,“ the statement said. ”Additional security measures in efforts to prevent the reoccurrence of such a breach and to protect our systems,” it added.

    The company said that if you were potentially affected by the breach you should “closely monitor your financial accounts and if you see any unauthorized activity, you should promptly contact your financial institution.”

    Americans are being urged to contact the three largest credit reporting agencies—TransUnion, Equifax, and Experian—to get a free credit report or place a fraud alert on any potential lines of credit that were opened in an unauthorized manner, the company said.

    A lawsuit filed on Aug. 1 by Christopher Hoffman, a California resident, alleged the company was hacked by USDoD, a cybercriminal organization, which then posted the database of Social Security numbers and other records on the dark web. His suit further alleged that hackers retrieved data about past addresses, relatives, and other information dating back three decades.

    “The present and continuing risk to victims of the data breach will remain for their respective lifetimes,” his lawsuit said.

    His lawsuit, as well as others that have been filed since then, accuse NPD of negligence and a breach of fiduciary duty. The firm has not responded to the allegations in court.

    The allegations prompted a House committee to open an investigation into the firm, according to a letter sent to the company by several lawmakers.

    If the lawsuit is accurate, the “data breach likely represents one of the largest cyberattacks ever in terms of impacted individuals,” the lawmakers wrote. “The Committee requests a briefing to confirm the veracity of the attack, and if accurate, assess the potential impacts of the breach to the U.S. government, businesses, and the American people, as well as National Public Data’s response to the attack.”

    In the meantime, at least two websites have been set up to allow people to tell whether their data, including Social Security numbers, have been compromised.

    One is operated by Pentester, a cybersecurity testing service, which allows a person to type his or her first name, last name, state, and date of birth. Another site that appeared in the past week or so is www.npdbreach.com, operated by Atlas Privacy, another cybersecurity company.

    “We are displaying a redacted version for people to know if they were affected, and if so, is the information correct that was shown about them. Many times it is not. Also, we do not store their searches on npd.pentester.com,” Pentester spokesman Richard Glaser told The Epoch Times.

    Tyler Durden
    Thu, 08/29/2024 – 17:15

  • Lulu Prints Lemons, Ulta Gets Ugly As Shawties Spend Less On Plumage
    Lulu Prints Lemons, Ulta Gets Ugly As Shawties Spend Less On Plumage

    In what should hardly be a surprise after today’s record plunge in Dollar General, which is where the lower, pardon Biden middle-class trades down to before it has to downgrade to Five Finger Discount General…

    … moments ago two other discretionary consumer icons, Lululemon and Ulta Beauty, reported catastrophic results.

    Starting with Ulta Beauty, that favorite every 20-something upwardly mobile (if not so much any more) single woman, not to mention Warren Buffet’s latest acquisition (Berkshire bought $267 million worth in Q2) the company reported Q2 results which missed across the board:

    • EPS $5.30, down from $6.02 y/y, missing estimates $5.49
    • Net sales $2.55 billion, +0.9% y/y, missing estimates of $2.61 billion
    • Comparable sales -1.2% vs. +8% y/y, missing estimate +1.32%
    • Gross margin 38.3% vs. 39.3% y/y, missing estimates of 38.8%
    • Merchandise inventories $2.00 billion, +10% y/y, higher than estimates $1.92 billion

    The 2025 forecast was even uglier:

    • Sees net sales $11.0 billion to $11.2 billion, a big drop from the previous guidance of $11.5 billion to $11.6 billion, and a huge miss to estimate $11.51 billion
    • Sees EPS $22.60 to $23.50, also a huge cut to prior guidance of $25.20 to $26, and a huge miss to estimates of $25.42
    • Sees comparable sales -2% to 0%, down sharply from +2% to +3%, and a huge miss to the consensus estimate +1.89%
    • Sees operating margin 12.7% to 13%, down sharply from the 13.7% to 14% prior, and a huge miss to the estimate 13.7%
    • Sees capital expenditure $400 million to $450 million, saw $415 million to $490 million, estimate $443.4 million

    TL/DR: Ulta shares plunged as much as 8% in afterhours trading after the cosmetics retailer lowered its annual projections for comparable sales and profit following weaker-than-expected second-quarter results. Watch as Buffett bails out of the name as quickly as he got in.

    But wait, there’s more because if ULTA was bad, LULU was just as ugly:

    • Net revenue $2.37 billion, missing estimates of $2.41 billion
    • Total comp sales +3%, missing estimate +5.63%
    • EPS $3.15, beating estimate $2.95

    The historicals were bad, but like LULU, guidance was even worse:

    Q3 forecast:

    • Sees net revenue $2.34 billion to $2.37 billion, missing the estimate $2.41 billion
    • Sees EPS $2.68 to $2.73, missing the estimate $2.76

    Full year forecast

    • Sees net revenue $10.38 billion to $10.48 billion, down sharply from the $10.7 billion to $10.8 billion it saw previously, and also missing the estimate $10.62 billion (Bloomberg Consensus)
    • Sees EPS $13.95 to $14.15, also below the previous guidance of $14.27 to $14.47, and vs the consensus estimate $14.00

    As Bloomberg notes, the company lowered its sales and profit outlook for the year, adding to concerns on Wall Street that frugal consumers are no longer shelling out for pricey yoga pants and that increased competition is siphoning off customers.

    The company now sees sales in a range of $10.38 billion to $10.48 billion this year, down from the previous view of as much as $10.8 billion, offered in early June. Comparable sales, a key retail metric, also missed expectations in the company’s second quarter. Lululemon’s sales growth in North America is slowing as shoppers contend with persistent inflation, higher interest rates and a cooling job market. Comparable store sales fell 3% in the US.

    Chief Executive Officer Calvin McDonald’s team has been refining the company’s product assortment to meet demand as shoppers gravitate toward looser-fitting pants. But analysts have questioned some of the company’s product strategies, and noted that rivals such as Alo Yoga and Beyond Yoga appear to be gaining market share.

    McDonald said on the call with analysts that he was “disappointed with the recent performance in women’s,” citing missed opportunities because the retailer didn’t offer enough new products in both core and seasonal styles.

    According to Bloomberg, Wedbush Securities analyst Tom Nikic said ahead of the results that a guidance cut from Lululemon was “pretty much baked into buyside expectations” after the Vancouver-based company paused sales of its Breezethrough tights and shorts in July. The company said it would make adjustments to the clothes following poor reviews and shopper complaints about the fit. Analysts had seen Breezethrough as a key sales driver.

    While the stock was mixed after hours, it had already plunged 50% YTD ahead of earnings, with much of the bad news already in the price. Then again, it appears that US consumers are finally hitting the brick wall, which means the much more downside may be in the near future.

    Tyler Durden
    Thu, 08/29/2024 – 16:58

  • CIA Lays Out Its View Of Kursk Operation For First Time
    CIA Lays Out Its View Of Kursk Operation For First Time

    In rare comments, a top CIA official has given the US spy agency’s view of Ukraine’s ongoing Kursk incursion which began on Aug.6 and which has resulted in hundreds of square miles of Russian territory coming under Ukrainian military control. It undoubtably marks the single biggest escalation in the war to date, given Kiev is seeking to ‘return’ the war to Russia.

    CIA’s number two, deputy director David Cohen, said it is going to be a “difficult fight” for the Russians as they try to wrest their territory back. He was addressing the Intelligence and National Security Summit in Washington on Wednesday.

    CIA #2 David Cohen, Getty Images

    “We can be certain that Putin will mount a counteroffensive to try to reclaim that territory,” Cohen said per Reuters. “I think our expectation is that that will be a difficult fight for the Russians.”

    He described that the challenge for Putin and military leadership is that they have to deal with a “front line now within Russian territory” but also the “reverberations back in his own society that they have lost a piece of Russian territory.”

    Cohen further revealed the CIA has been discussing and analyzing Ukraine’s goals and aims of the operation: “They are remaining in Russia, building defenses, and, as best as we can tell from our conversations, there seems to be intent on retaining some of that territory for some period of time,” he explained.

    Part of Kiev’s aim with the high-risk cross-border offensive has been to humiliate and distract the Kremlin, possibly leading to destabilization of Moscow’s Ukraine operations. Yet so far Russia has continued to make clear gains in the Donbass, where the front-line fighting is.

    The CIA’s Cohen in the new remarks admitted that Russian gains have been steady but that this has come at an “extraordinary cost” in terms of lives and resources expended.

    “But at the end of the day, none of it is a game changer in a strategic sense,” for the Russians, he went on to emphasize. The same could more easily be said about Ukraine’s Kursk incursion, but as expected for a US intelligence official he only kept the negative remarks for Russia.

    Interestingly, Russian media picked up on the following exchange:

    Cohen declined to answer a direct question about whether he and his colleagues at Langley were just as “surprised” by Ukraine’s incursion, noting that the significance and implications of the attack “remain to be seen.”

    Ukraine reportedly did not consult its Western sponsors before launching the operation, leaving them puzzled over its ultimate goals.

    It is highly likely that the CIA and Pentagon not only had foreknowledge of the operation, but even helped in the planning and execution, official White House statements to the contrary notwithstanding.

    Western weapons have also been seen all over the Kursk battlefield, even including Western main battle tanks such as the UK’s Challenger II. There have also reportedly been US M1 Abrams sightings on Russian territory.

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    We explained previously that even though White House Press Secretary Karine Jean-Pierre claimed that the US didn’t know about Ukraine’s plans to invade Russia’s Kursk Region, this is too unbelievable since there’s no way that Western intelligence services didn’t even catch a hint of it, not to mention likely participate in the preparations. The NY Times earlier this year confirmed that the CIA is deeply embedded within Ukraine and its intelligence apparatus. 

    President Putin has reaffirmed during recent security meetings with high-ranking government officials that Ukraine and the Kursk crisis is part of the West’s proxy war being waged on Russia.

    Tyler Durden
    Thu, 08/29/2024 – 16:50

Digest powered by RSS Digest

Aug 29

Today’s News 29th August 2024

  • These Are The Countries With The Highest Wealth Per Person
    These Are The Countries With The Highest Wealth Per Person

    In 2023, global wealth increased by 4.2% as global stock markets rebounded and inflation eased.

    While Europe, the Middle East, and Africa achieved the strongest wealth growth, the U.S. accelerated at roughly half the rate of these regions, at 2.5% annually. From a regional perspective, average wealth in 2023 breaks down as follows:

    • Europe, the Middle East, and Africa: $166,000 per adult

    • Asia Pacific: $156,000 per adult

    • Americas: $146,000 per adult

    This graphic, via Visual Capitalist’s Kayla Zhu, shows the top 10 countries by average and median wealth, based on data from UBS.

    Highest Average Wealth per Person, by Country

    Average wealth is a country’s total wealth divided by the adult population. These figures can be skewed by extremely high or low values, such as wealth held by billionaires.

    Below, we show the countries with the highest average wealth per person in 2023 across a dataset of 56 countries, covering approximately 92.2% of the global population:

    Switzerland ranks first overall, with average wealth per adult increasing from $685,226 in 2022 to $709,612 in 2023.

    As we can see, many of the most affluent nations are small countries with thriving financial sectors, including Luxembourg and Singapore. These countries benefit from significant foreign direct investment and pro-business policies, which help spur economic wealth. In Singapore, capital gains and dividend income are tax-free.

    Highest Median Wealth per Person, by Country

    If we are to look at a more representative measure of wealth distribution, through median wealth, it tells a different story.

    Median wealth is the value that divides a population’s total wealth in half, with half of the population having more and half having less. It represents the “middle of the pack.”

    As the table below shows, median wealth per adult is much lower than average figures across many countries, highlighting wealth gaps across populations. In Switzerland, it is four times smaller, while median wealth is nearly five times lower in the United States:

    By this measure, Luxembourg sits at the top, a country with the highest density of millionaires in the world.

    Roughly 16% of the population are millionaires, compared to the 1.5% average across the 56 countries analyzed. Additionally, there are no billionaires in Luxembourg, standing at a population of just 653,000 people.

    Moreover, Australia and Belgium rise up the ranks, with Belgium seeing a particularly small gap between average and median wealth. Part of this is attributed to high real estate ownership in Belgium, where 10% of the population own more than one home.

    To learn more about this topic from a U.S.-based perspective, check out this graphic on wealth distribution by income group in America.

    Tyler Durden
    Thu, 08/29/2024 – 02:45

  • "The Immigration Crisis Is First & Foremost A Crime Crisis" – Police Union Boss Warns Germany No Longer Safe
    “The Immigration Crisis Is First & Foremost A Crime Crisis” – Police Union Boss Warns Germany No Longer Safe

    Via ReMix News,

    In what is increasingly becoming a PR disaster for the far-left German government, the terror knife attack in Solingen, perpetrated by a Syrian national, is highlighting the unavoidable connection between immigration and exploding crime and violence.

    In the wake of the attack, German police union (DPoIG) chairman Manuel Ostermann slammed the status quo, called the immigration problems a crime problem, and said Islam was the greatest threat to the country in terms of security.

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    “Yes, our country has changed. Nothing about it is positive. Germany is no longer a safe country. We have a massive problem with knife crime. The migration crisis is first and foremost a crime crisis. And the greatest danger to life and limb of people living in Germany is clearly posed by Islamists. This reality can no longer be ignored or tabooed. Now is the time to recognize reality and implement clear measures in the constitutional fight against precisely this security policy madness,” Ostermann said in a video statement.

    As the leader of the second-largest police union in Germany, with nearly 100,000 members, his words carry extra weight with the public and police forces who have to deal with Germany’s surging insecurity.

    In an interview, he said that politicians often deliver empty phrases following such attacks, and Solingen was no different. He noted that the Islamist terror attack in Mannheim, which resulted in a police officer’s death showed, there is little concern for what officers have to face.

    “It is incomprehensible that budgetary resources for the police are being cut while the threat level is increasing,” Ostermann told Apollo News.

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    According to Ostermann, asylum policy is failing. The trade unionist said there is a lack of deportation detention centers, bureaucratic insanity, and a lack of action from politicians. The fact that most deportations fail “speaks volumes,” he said.

    Ostermann’s stance is a sharp repudiation of Interior Minister Nancy Faeser’s claims for years that the far right is the country’s biggest extremism threat, despite ample evidence showing otherwise. Now, with record violent crime levels in Germany, record amounts of foreigners committing crimes, an Islamic extremist knife attacker in Mannheim who killed a police officer earlier this year, and the latest attack in Solingen during the Festival of Diversity that killed three, her claims are looking more and more ludicrous.

    Meanwhile, Social Democrat (SPD) leader Saskia Esken claimed in response to the Solingen massacre that “I don’t think we can learn much from this attack.”

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    Notably, the Syrian national responsible was ordered to be deported in 2022 but went into hiding. After reappearing six months later, he was granted protected status.

    Read more here…

    Tyler Durden
    Thu, 08/29/2024 – 02:00

  • The Western Way Of War – Owning The Narrative Trumps Reality
    The Western Way Of War – Owning The Narrative Trumps Reality

    Authored by Alastair Crooke,

    War propaganda and feint are as old as the hills. Nothing new. But what is new is that infowar is no longer the adjunct to wider war objectives – but has become an end in and of itself.

    The West has come to view ‘owning’ the winning narrative – and presenting the Other’s as clunky, dissonant, and extremist – as being more important than facing facts-on-the ground. Owning the winning narrative is to win, in this view. Virtual ‘victory’ thus trumps ‘real’ reality.

    So, war becomes rather the setting for imposing ideological alignment across a wide global alliance and enforcing it via compliant media.

    This objective enjoys a higher priority than, say, ensuring a manufacturing capacity sufficient to sustain military objectives. Crafting an imagined ‘reality’ has taken precedence over shaping the ground reality.

    The point here is that this approach – being a function of whole of society alignment (both at home and abroad) – creates entrapments into false realities, false expectations, from which an exit (when such becomes necessary), turns near impossible, precisely because imposed alignment has ossified public sentiment. The possibility for a State to change course as events unfold becomes curtailed or lost, and the accurate reading of facts on the ground veers toward the politically correct and away from reality.

    The cumulative effect of ‘a winning virtual narrative’ holds the risk nonetheless, of sliding incrementally toward inadvertent ‘real war’.

    Take, for example, the NATO-orchestrated and equipped incursion into the symbolically significant Kursk Oblast. In terms of a ‘winning narrative’, its appeal to the West is obvious: Ukraine ‘takes the war to into Russia’.

    Had the Ukrainian forces succeeded in capturing the Kursk Nuclear Power Station, they then would have had a significant bargaining chip, and might well have syphoned away Russian forces from the steadily collapsing Ukrainian ‘Line’ in Donbas.

    And to top it off, (in infowar terms), the western media was prepped and aligned to show President Putin as “frozen” by the surprise incursion, and “wobbling” with anxiety that the Russian public would turn against him in their anger at the humiliation.

    Bill Burns, head of CIA, opined that “Russia would offer no concessions on Ukraine, until Putin’s over-confidence was challenged, and Ukraine could show strength”. Other U.S. officials added that the Kursk incursion – in itself – would not bring Russia to the negotiating table; It would be necessary to build on the Kursk operation with other daring operations (to shake Moscow’s sang froid).

    Of course, the overall aim was to show Russia as fragile and vulnerable, in line with the narrative that, at any moment Russia, could crack apart and scatter to the wind, in fragments. Leaving the West as winner, of course.

    In fact, the Kursk incursion was a huge NATO gamble: It involved mortgaging Ukraine’s military reserves and armour, as chips on the roulette table, as a bet that an ephemeral success in Kursk would upend the strategic balance. The bet was lost, and the chips forfeit.

    Plainly put, this Kursk affair exemplifies the West’s problem with ‘winning narratives’: Their inherent flaw is that they are grounded in emotivism and eschew argumentation. Inevitably, they are simplistic. They are simply intended to fuel a ‘whole of society’ common alignment. Which is to say that across MSM; business, federal agencies, NGOs and the security sector, all should adhere to opposing all ‘extremisms’ threatening ‘our democracy’.

    This aim, of itself, dictates that the narrative be undemanding and relatively uncontentious: ‘Our Democracy, Our Values and Our Consensus’. The Democratic National Convention, for example, embraces ‘Joy’ (repeated endlessly), ‘moving Forward’ and ‘opposing weirdness’ as key statements. They are banal, however, these memes are given their energy and momentum, not by content so much, as by the deliberate Hollywood setting lending them razzamatazz and glamour.

    It is not hard to see how this one-dimensional zeitgeist may have contributed to the U.S. and its allies’ misreading the impact of today’s Kursk ‘daring adventure’ on ordinary Russians.

    ‘Kursk’ has history. In 1943, Germany invaded Russia in Kursk to divert from its own losses, with Germany ultimately defeated at the Battle of Kursk. The return of German military equipment to the environs of Kursk must have left many gaping; the current battlefield around the town of Sudzha is precisely the spot where, in 1943, the Soviet 38th and 40th armies coiled for a counteroffensive against the German 4th Army.

    Over the centuries, Russia has been variously attacked on its vulnerable flank from the West. And more recently by Napoleon and Hitler. Unsurprisingly, Russians are acutely sensitive to this bloody history. Did Bill Burns et al think this through? Did they imagine that NATO invading Russia itself would make Putin feel ‘challenged’, and that with one further shove, he would fold, and agree to a ‘frozen’ outcome in Ukraine – with the latter entering NATO? Maybe they did.

    Ultimately the message that western services sent was that the West (NATO) is coming for Russia. This is the meaning of deliberately choosing Kursk. Reading the runes of Bill Burns message says prepare for war with NATO.

    Just to be clear, this genre of ‘winning narrative’ surrounding Kursk is neither deceit nor feint. The Minsk Accords were examples of deceit, but they were deceits grounded in rational strategy (i.e. they were historically normal). The Minsk deceits were intended to buy the West time to further Ukraine’s militarisation – before attacking the Donbas. The deceit worked, but only at the price of a rupture of trust between Russia and the West. The Minsk deceits however, also accelerated an end to the 200-year era of the westification of Russia.

    Kursk rather, is a different ‘fish’. It is grounded in the notions of western exceptionalism. The West perceives itself as tacking to ‘the right side of History’. ‘Winning narratives’ essentially assert – in secular format – the inevitability of the western eschatological Mission for global redemption and convergence. In this new narrative context, facts-on-the-ground become mere irritants, and not realities that must be taken into account.

    This their Achilles’ Heel.

    The DNC convention in Chicago however, underscored a further concern:

    Just as the hegemonic West arose out of the Cold War era shaped and invigorated through dialectic opposition to communism (in the western mythology), so we see today, a (claimed) totalising ‘extremism’ (whether of MAGA mode; or of the external variety: Iran, Russia, etc.) – posed in Chicago in a similar Hegelian dialectic opposition to the former capitalism versus communism; but in today’s case, it is “extremism” in conflict with “Our Democracy”.

    The DNC Chicago narrative-thesis is itself a tautology of identity differentiation posing as ‘togetherness’ under a diversity banner and in conflict with ‘whiteness’ and ‘extremism’. ‘Extremism’ effectively plainly is being set up as the successor to the former Cold War antithesis – communism.

    The Chicago ‘back-room’ may be imagining that a confrontation with extremism – writ widely – will again, as it did in the post-Cold War era, yield an American rejuvenation. Which is to say that a conflict with Iran, Russia, and China (in a different way) may come onto the agenda. The telltale signs are there (plus the West’s need for a re-set of its economy, which war regularly provides).

    The Kursk ploy no doubt seemed clever and audacious to London and Washington. Yet with what result? It achieved neither objective of taking Kursk NPP, nor of syphoning Russian troops from the Contact Line. The Ukrainian presence in the Kursk Oblast will be eliminated.

    What it did do, however, is put an end to all prospects of an eventual negotiated settlement in Ukraine. Distrust of the U.S. in Russia is now absolute. It has made Moscow more determined to prosecute the special operation to conclusion. German equipment visible in Kursk has raised old ghosts, and consolidated awareness of the hostile western intentions toward Russia.

    ‘Never again’ is the unspoken riposte.

    Tyler Durden
    Wed, 08/28/2024 – 23:25

  • China Dominates Global Coal Consumption
    China Dominates Global Coal Consumption

    Despite many nations transitioning away from fossil fuels, in 2023, world coal consumption reached a staggering 164 exajoules (EJ) of energy, a record high for any year. 

    For this graphic, Visual Capitalist’s Alan Kennedy has partnered with Range ETFs to explore the role coal plays in the global energy mix and determine which regions still consume large quantities of coal. 

    The Role of Coal in Global Energy

    Coal is a significant player in the global energy mix, contributing 26% of the world’s energy in 2023, more than all non-fossil fuel sources combined. The only energy source that contributed more to the global energy mix was oil.

    Here’s how that consumption breaks down by region:

    Percentages may not sum to 100 due to rounding. *Commonwealth of Independent States

    Coal consumption has decreased in many regions. For example, both North America and Europe reduced their energy consumption from coal by 16% in 2023. However, a heavy reliance on coal in the Asia Pacific region has led to global coal consumption remaining essentially the same over the past 10 years.

    In 2023, China increased its coal consumption from 88 EJ to nearly 92 EJ—totalling 56% of global coal consumption. This contributed significantly to Asia Pacific leading the world with a staggering 83% of global coal consumption. 

    The Importance of Coal

    Easy access to existing infrastructure and reasonable prices have not only sustained global coal consumption over the last 10 years, but also paved the way for potential growth. Many developing nations are now expanding their coal consumption, presenting potential opportunities in the coal market.

    For example, as per the Statistical Review of World Energy 2024, between 2022 and 2023, Bangladesh and Colombia saw double-digit percentage increases in year-over-year coal consumption: 41% and 53%, respectively.

    Coal continues to play a critical role in the global energy mix, especially in the developing world, where its affordability makes it the current energy source of choice.

    Tyler Durden
    Wed, 08/28/2024 – 23:00

  • An Amazonian Superfruit May Reverse Fatty Liver Disease, Study Finds
    An Amazonian Superfruit May Reverse Fatty Liver Disease, Study Finds

    Authored by Cara Michelle Miller via The Epoch Times (emphasis ours),

    Camu camu, a small yet powerful berry from the Amazon rainforest, could be useful in treating non-alcoholic fatty liver disease (NAFLD), recent research suggests.

    juerginho/Shutterstock

    “When we compare camu camu versus placebo, [there’s more than] a 15 percent difference in your liver fat in only 12 weeks,” André Marette, a medical professor at Laval University in Quebec and the lead author of the study, told The Epoch Times in an interview.

    Camu camu is a berry native to South America, characterized by a deep red color when ripe and a tart flavor, and is about the size of a grape.

    NAFLD begins with fat buildup in the liver, which can lead to severe liver conditions, such as liver scarring. Without intervention, NAFLD can potentially progress to fatal liver failure. The condition currently affects more than a quarter of adults in the United States.

    The study was published on Aug. 20 in Cell Reports Medicine.

    Camu Camu Reduces Liver Fat

    In a randomized, double-blind trial, Marette and the research team from Laval University studied 30 overweight adults with high blood lipid levels—a marker for NAFLD—who were given either 1.5 grams of camu camu powder or a placebo daily for 12 weeks.

    Participants taking camu camu experienced a nearly 7.5 percent reduction of fat in their livers, as measured by magnetic resonance imaging, while those on the placebo saw a nearly 8.5 percent increase.

    This is more than a 15 percent difference, according to the study’s authors, highlighting camu camu’s potential as a powerful natural remedy for fatty liver disease.

    Known for its high vitamin C levels, camu camu contains a unique mix of beneficial polyphenols, including ellagic acid and castalagin, both of which have anti-inflammatory properties.

    According to the study authors, there is a lack of pharmacological treatments for managing NAFLD which currently primarily relies on lifestyle changes such as diet and exercise, as the condition is closely tied to obesity and diabetes.

    Polyphenols and Gut Health

    The benefits of camu camu are largely attributed to its impact on fat metabolism. The researchers believe that camu camu’s health effects come from its high concentration of polyphenols which assist in breaking down fat in the liver and inhibit the formation of new fat.

    “Our hypothesis was that even a short-term treatment with camu camu would help burn the fat out of the liver,” Marette said.

    Camu camu’s effectiveness is enhanced by having a healthy gut microbiome, which consists of beneficial bacteria that help metabolize the polyphenols in camu camu, said Marette.

    “The microbiota metabolizes the large polyphenol molecules that cannot be absorbed by the intestine, transforming them into smaller molecules that the body can assimilate to decrease liver fat,” Marette stated in a press release. Those with a well-balanced microbiome are likely to benefit most from camu camu’s effects, he added.

    Participants in the camu camu group also showed reductions in key liver enzymes that are typically elevated in NAFLD and indicate liver damage. Additionally, their gut microbiomes exhibited beneficial changes, indicating that gut health is linked to metabolic health.

    These improvements occurred without significant changes in body weight or overall body fat, suggesting that camu camu specifically targets liver health rather than general weight loss.

    Findings from previous animal studies suggest that camu camu may also reduce body fat stores and body weight over a longer period of time, the researchers say. 

    To date, there are few studies on risks or concerns associated with consuming camu camu products, with one from 2013 that featured a case study of possible liver injury related to its use. Additionally, because it is high in vitamin C, it may interfere with certain chemotherapy drugs.

    Looking Ahead: Advancing Treatment for All Ages

    The incidence of NAFLD has surged across all age groups from 2017 and 2021, with the most significant increase observed in children under 17.

    According to data from Trilliant Health, NAFLD diagnoses in this age group more than doubled during this period, reflecting a rise in childhood obesity and diabetes.

    Future research aims to enhance the benefits of camu camu by identifying which gut bacteria are essential for metabolizing its polyphenols. Marette told the Epoch Times that not all participants experienced the same level of liver fat reduction, which the researchers attribute to variations in “the participants’ gut microbiota composition.”

    Marette said that the next step will be to pinpoint the key bacteria needed for metabolizing these polyphenols. Researchers will also investigate the metabolic products of camu camu’s polyphenols to understand their role in reducing liver fat. The team is optimistic that camu camu could become a valuable tool for both prevention and treatment.

    Tyler Durden
    Wed, 08/28/2024 – 22:35

  • Gavin Newsom Considers Plan To Force Public Colleges To Hire Illegal Immigrants
    Gavin Newsom Considers Plan To Force Public Colleges To Hire Illegal Immigrants

    Authored by Travis Gillmore via The Epoch Times,

    California lawmakers passed a bill Aug. 26 that would prohibit colleges and universities in the state from making hiring decisions based on a students’ immigration status, with the measure now on Gov. Gavin Newsom’s desk awaiting a signature or veto.

    At issue is Assembly Bill 2586, introduced by Assemblymembers David Alvarez (D-San Diego) and Mike Gipson (D-Carson) and better known as the Opportunity for All Act, which instructs the University of California, California State University, and California Community Colleges to treat federal laws prohibiting hiring undocumented individuals as inapplicable beginning on or before Jan. 6, 2025.

    Alvarez said the bill is needed because such students have “fulfilled their obligations” and are preparing themselves to better serve the state.

    “America has always promised that if you work hard, you will have the opportunity to succeed,” he said in legislative analyses. “This bill will provide them with the opportunity to be employed by their campus to earn the financial means as they work towards completing their degrees.”

    The author said the bill would also bolster California’s position as a leading policymaker that inspires national trends.

    “California has the opportunity to continue to serve as a model for the rest of the nation,” Alvarez said. “Only then can our state truly maintain its status as an economic powerhouse and the place where the nation’s future is invented.”

    The bill passed 63–7 in the Assembly and 31–8 in the Senate, with most Republicans voting against it.

    “This bill flagrantly flouts federal law, and federal law is very clear. You have to be eligible for employment to be hired, you cannot be here unlawfully,” Assemblyman Bill Essayli (R-Corona) told The Epoch Times.

    “Now California has passed a bill saying we’re going to ignore that … and that is not democracy.”

    One proponent of the bill called its passage a “huge win for undocumented students in California.”

    “Victory,” the Coalition for Human Immigrant Rights posted Aug. 26 on X. “Now, [the governor] must sign the bill to secure equal opportunities for all students in [California].”

    Newsom has until Sept. 30 to sign or veto the bill.

    An organization representing students said the approximately 83,000 undocumented students attending California’s institutions of higher learning would greatly benefit from the law.

    “California has been a leader in the nation in providing education to students, with grants, loans, and scholarships available to undocumented students pursuing their higher education dreams,” the California State Student Association said in legislative analyses. “AB 2586 would open doors for students, regardless of immigration status, to continue to pursue their higher education dreams while being eligible for work opportunities on campus.”

    The California Labor Federation said in analyses that current guidelines that outlaw the hiring of undocumented students are rooted in what some believe is an “incorrect interpretation” of the Immigration Reform and Control Act passed in 1986.

    “Legal scholars have identified that the federal prohibition on hiring undocumented people does not apply to state governments when they act as employers, like California’s higher education systems,” the group wrote in legislative analyses. “This means that the [University of California], [California State University], and the [state’s community colleges] can authorize the hiring of all their undocumented students.”

    While no official opposition was received by legislative committees, the University of California wrote a letter outlining concerns that some undocumented students and their families could face criminal prosecution or deportation, employees participating in hiring decisions could be subject to civil or criminal prosecution due to violations of federal law, and the university system could incur civil fines and face criminal penalties or lose access to federal contracts.

    State university systems also noted that billions of dollars in federal funding could be jeopardized for violating federal law.

    Essayli, an attorney with experience as a federal prosecutor, advised schools to discuss the matter with legal counsel before proceeding.

    “I would strongly encourage every … campus to talk to their attorneys before they violate federal law … because it could jeopardize their federal funding, and more importantly, subject them to both civil and criminal prosecution,” Essayli said.

    If signed into law, costs to the state could be in the mid-hundreds of thousands of dollars for universities to update policies, and one-time costs could reach millions of dollars to update procedures across the state’s 72 community college districts, according to the Senate’s Appropriations Committee.

    One lawmaker said the bill would help students manage expenses.

    “Students attending UC campuses, state universities, and community colleges should have equal access to employment and other opportunities just like every other student, regardless of their immigration status,” state Sen. María Elena Durazo (D-Los Angeles) said in a February press release issued by Alvarez. “They also need qualitative work experience and to earn an income during their studies, especially as college tuition hikes make it more difficult for our students to attain higher education.”

    Tyler Durden
    Wed, 08/28/2024 – 21:45

  • Zelensky Claims West-Supplied F16s Successfully Shot Down Russian Missiles
    Zelensky Claims West-Supplied F16s Successfully Shot Down Russian Missiles

    This week Ukrainian President Volodymyr Zelensky announced that for the first time Western-supplied F-16 fighter jets have been engaged in combat against the Russians, and successfully shot down inbound missiles and drones.

    “We destroyed already some missiles and drones using the F-16,” Zelensky said Tuesday, specifically in comments given in English, before a press briefing – but without providing many details.

    File image: AFP

    The first batch of F-16s donated by European countries, and greenlighted by Washington, only arrived earlier this month; however it’s not known precisely how many are now in Ukraine’s possession or where they are operating from.

    Monday through Tuesday saw one of the largest waves of airstrikes by Russia targeting Ukraine’s energy infrastructure nationwide. 

    Despite that Ukraine may at this point be operating a dozen US-made F-16s or more, Russia still managed to overwhelm Ukraine’s air defenses, targeting 15 out of 24 oblasts – and plunging much of the country into darkness.

    But Kiev is claiming that only some 10% of Russian projectiles fired in the Monday large-scale attack hit their targets, out of well over 100 missiles and the same amount of drones fired.

    Previously, Russian FM Sergei Lavrov warned that the Kremlin “will regard the very fact that the Ukrainian armed forces have such systems as a threat from the West in the nuclear sphere.”

    Still, Zelensky is already pushing for more jets in order to defend the skies. The Economist has indicated that ten have so far been delivered, out of a pledged total of 79. 

    But Zelensky has stated that his armed forces need at least 128 if they hope to successfully take on the well-armed Russians.

    Photographs at undisclosed locations of F-16s parked in Ukraine have emerged this month…

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

    The The Wall Street Journal previously indicated that the Pentagon is outfitting Ukraine’s jets with air-to-ground AGM-88 HARM missiles, bomb sights, diameter bombs, AMRAAM advanced air-to-air missiles, and AIM-9X short-range air-to-air missiles. All sides keep escalating and the weapons pipeline to Kiev shows no signs of slowing.

    Tyler Durden
    Wed, 08/28/2024 – 21:20

  • Underreported Polling Suggests Trump Is Poised To Win PA
    Underreported Polling Suggests Trump Is Poised To Win PA

    Authored by Athan Koutsiouroumbas via RealClearPennsylvania,

    If past is prologue, Donald Trump will win Pennsylvania.

    Eight years ago this week, Hillary Clinton led in Pennsylvania by more than nine points; four years ago, Joe Biden led by nearly six points. Clinton lost Pennsylvania by less than a point, while Biden won it by more than a point.

    Heading into the Democratic National Convention, the Emerson/RealClearPennsylvania poll showed Trump leading Vice President Kamala Harris by a point.

    Averaging together the Pennsylvania polling taken since Harris became the Democratic Party’s nominee, the state’s presidential race is a dead heat.

    Of the fifty-nine public polls released in 2016 tracking the Pennsylvania presidential race, Trump led in only two. In 2020, Trump led in only five of the eighty-four Pennsylvania polls released.

    This cycle, Trump has led in thirteen of the seventeen Pennsylvania polls released. In fact, Trump is leading more polls than the previous two election cycles combined, and we have yet to reach Labor Day, when polling frequency intensifies.

    Considering the previous Pennsylvania election results, today’s polling suggests that Trump is poised to seize the largest margin of victory for a presidential candidate in Pennsylvania since Barack Obama’s eight-point win in 2008.

    It’s unlikely that Trump can duplicate Obama’s margin. Pennsylvania voters are supremely polarized, just like elsewhere in the country. The partisan mobilization of the left and right guarantees a close race. Harris’s candidacy has ignited a previously dormant liberal base, while legal persecution and an assassination attempt on Trump crystallized voting as a cultural imperative on the right.

    Nonetheless, the dramatic polling shift compared with previous presidential election cycles is confounding, as no pivotal factor explains Trump’s persistent overperformance. Rather, it appears to be caused by an accrual of factors.

    One factor may be the reputed “shy Trump voters” who are no longer inhibited from voicing their support. These voters shocked the world in 2016 and defied 2020 polling. They are now out of the Trump closet, loud and proud.

    Another factor may be the strength of regional biases. In northeastern Pennsylvania, Biden wore his “Scranton Joe” moniker proudly, emphasizing his birthplace and hardscrabble roots in the Commonwealth. It helped Biden tap into the region’s swing voters in a way that Clinton could not. Now these voters are trending Republican, and Biden’s absence from the ticket gives license for them to go with the GOP.

    It’s a similar dynamic in northwestern Pennsylvania. Erie County’s working-class voters, who put both Obama and Trump in office, are unlikely to lean toward Harris, who calls San Francisco home. In Butler County, where Trump was shot and a beloved firefighter was murdered in the crossfire, voters will surge for Trump to a historic level.

    In the Philadelphia media market, which includes Delaware, daily political coverage included Biden’s senatorial career for over forty years. Philadelphia and suburban residents learned about Biden’s doings no differently than from their own senators. Biden improved on Clinton’s historic suburban margins; Harris cannot recreate this affinity.

    An African-American turnout surge in Philadelphia and Pittsburgh, akin to that which propelled Obama into office, is highly likely. However, the anecdotes of Trump getting a closer look from black males are real. He earned 12% of the black vote in 2020, and it is not unreasonable to expect that he could maintain or improve on that performance, which may negate a Harris-driven turnout surge.

    Driving the wedge with African American males, and with most Pennsylvanians, is the economy. Over 50% of Pennsylvanians rank the economy as the top issue, with Trump carrying a commanding lead over Harris in this regard. Meanwhile, less than 5% of voters rate abortion access as the election’s top issue. Most Pennsylvania political analysts cannot recall a time this century when a single issue so dominated voters’ priorities.

    The unprecedented shift in Pennsylvania’s voter registration is yet another factor. Since 2008, the 1.1 million-voter Democratic registration advantage has whittled down to about 350,000. Prior to the 2024 Pennsylvania primary, all 67 of Pennsylvania’s counties saw net gains of Republican voters. Should the trend continue, Pennsylvania will be majority Republican by 2028.

    Mail-in balloting is relatively new to Pennsylvania. Starting during the 2020 Covid lockdowns, Democratic applicants hold a nearly 3:1 advantage over Republicans. While the margin is daunting, the lack of enthusiasm for Biden’s candidacy may hold relief for Republicans. 

    In the 2020 presidential election, nearly 1.7 million Democrats applied for a mail-in ballot; more than half of applicants applied after the third week of August. In the 2022 midterm, more than 900,000 Democrats applied for a mail-in ballot; about one-third applied after the same week in August. This year, about 650,000 Democrats have applied as of last week. To meet 2020’s tally, the Democrats have a lot of work to do.  Yet all these factors pale beside the stunning polling trend that Trump is experiencing in the Keystone State. The former president’s Pennsylvania polling strength and consistency may be the most underreported trend of the 2024 election cycle.

    Tyler Durden
    Wed, 08/28/2024 – 20:55

  • Indian Hindus And Muslims See Neighbors Negatively
    Indian Hindus And Muslims See Neighbors Negatively

    Indians tend to perceive their neighbors much more negatively than they are perceived themselves.

    This is according to a new survey by Pew Research Center. Interestingly, Muslim Indians followed these same patterns, only perceiving some neighbors slightly more favorably, including Muslim nations.

    As Statista’s Katharina Buchholz details below, during the survey carried out in early 2024, fewer than half of Indians had good things to say about neighboring countries Pakistan, Bangladesh and Sri Lanka.

    Infographic: Indian Hindus and Muslims See Neighbors Negatively | Statista

    You will find more infographics at Statista

    While only 11 percent of Hindu Indians viewed Pakistan positively, this was up to 22 percent among Muslim Indians. Muslim-majority nation Bangladesh was a little more popular among the two groups, at 34 percent and 39 percent, respectively, expressing favorability. Sri Lanka scored highest among Hindu Indians – at a still modest 44 percent – while Muslim Indians saw the country less favorably, with just 29 percent expressing this sentiment.

    This is in stark contrast to the opinions about India among Bangladeshis and Sri Lankans. Between 54 percent and 82 percent saw India positively as of the latest survey. Here, differences between Muslims and Hindus were more pronounced, with 54-64 percent of Muslims and 80+ percent of Hindus saying they liked India. More than half of Sri Lankan Muslims said they had a favorable view of Pakistan, while this was echoed among fewer Bangaldeshi Muslims at 39 percent – lower than Pakistan’s perception scores among Hindus from the two above nations.

    Tyler Durden
    Wed, 08/28/2024 – 20:30

  • Toxic Homes For Sale: How California's Illegal Marijuana Industry Ruins Houses
    Toxic Homes For Sale: How California’s Illegal Marijuana Industry Ruins Houses

    Authored by Beige Luciano-Adams via The Epoch Times (emphasis ours),

    LOS ANGELES—On a recent summer morning, a caravan of unmarked state police vehicles and white hazmat trucks crept past strip malls and wide intersections, making its way toward a pair of modest homes in a remote suburb north of Los Angeles.

    A command came from the officers in the front of the black-and-white: “Seat belts off—in case we start taking fire.”

    San Bernardino County Sheriff’s deputies raid an illegal cannabis farm in Newberry Springs, Calif., on March 29, 2024. Robyn Beck/AFP via Getty Images

    But there was no shootout. Just a tense half hour as a phalanx of two dozen state police—agents from the Department of Cannabis Control (DCC)—kept snipers trained on the house, waiting for the second of two suspects to emerge.

    When she finally did, petite and barefoot in a black dress, the effect was mercifully anticlimactic.

    Illegal cannabis cultivation operations, or “grows,” are a multi-billion-dollar-a-year industry in California, dominated by a mix of transnational criminal organizations that authorities believe are symbiotic, if adversarial.

    When agents serve a warrant, they often find human trafficking victims, automatic weapons, booby traps and, increasingly, banned toxic pesticides smuggled from China.

    This particular raid, in Lancaster, netted around 1,020 plants—a modest haul compared with the herculean grows that have become common across California’s booming black market.

    But such mild suburban tableaus belie a sleeping, sinister threat.

    “What we have right now is organized criminal enterprises literally destroying the city building by building as they modify them for illegal cultivation,” Mike Katz, a Lancaster code enforcement officer who heads the city’s cannabis unit, told The Epoch Times.

    “They’re endangering the families who will occupy those buildings in the future, they are lowering the value of neighboring properties and dragging the whole community down,” he said.

    ‘Super Toxic’

    Buildings contaminated by illegal grows are dangerous because the harsh pesticides growers use permeate every surface—ceilings, walls, floors, vents and drywall.

    Toxic black mold blooms in the 75 percent humidity needed to grow marijuana. The massive amounts of water and electricity required to sustain an operation can result in structural damage to vents and sunken floors, overloaded transformers and corroded wiring just itching for a fire.

    Katz, whom the city’s chief of police refers to as the department’s “Swiss Army knife,” has been a firefighter, reserve police officer, and now, an unarmed code enforcement official. He approaches the job with a certain zeal, devouring scientific studies and how-to books on cultivation, and generally making it his mission to stop grow houses from slipping through the cracks.

    Owners can often get away with making cosmetic fixes—“candy coating,” as one inspector puts it—if local governments don’t intervene before they start concealing the damage.

    Police officers arrest people while raiding an illegal cannabis site in Lancaster, Calif., on Aug. 14, 2024. John Fredricks/The Epoch Times

    Working and middle-class families migrate to bedroom communities like Lancaster, where you can still find a single-family home with a backyard for around $500,000—about half the median price in Los Angeles, according to Redfin. You may find one for even less if a grower has been busted and is offloading at a discount.

    The injustice of it rankles Katz. He imagines families struggling to buy a home, and their toddlers probing surfaces tainted with insecticides—potent carcinogens, endocrine disruptors, nerve agents and others no one even knows how to identify.

    “They are super toxic, but very effective,” he said. “One we just learned of last week has a 14-year half-life. We did a search warrant back in January and didn’t get test results until this week. I’m having to tell all the detectives and everyone involved that we were exposed to these chemicals.”

    Low-cost housing also attracts sophisticated criminal enterprises looking for ways to launder money and turn a profit. Often, illegal growers can do that after just one harvest. Typically, an operation can turn four to six harvests a year.

    Wholesale value for the plants seized in the modest raid we accompanied—they were days away from a second harvest—is more than $540,000.

    To avoid detection and stay a step ahead of authorities, growers are continually adapting.

    “There are probably a lot more growing indoors that we don’t know about,” Jennifer Morris, a code enforcement officer with Riverside County and former head of its cannabis unit, told The Epoch Times. “But they’re pretty good at keeping themselves looking very nondescript.”

    From the outside, the houses look normal, and it typically takes a fire, robbery, or neighbors reporting electrical theft to tip off law or code enforcement, Morris said. Growers also build walls to conceal grow rooms, and sometimes install a resident worker or a dog to give the appearance of normality.

    Because the entire industry is clandestine, no one can accurately estimate the extent of the problem. Many communities might not even be aware it’s happening.

    “I’ve talked to cities where they say, ‘We don’t have a problem,’” said David Welch, an attorney who contracts as a special counsel with cities in Los Angeles County that want “a more aggressive” approach to narcotics enforcement. “Then law enforcement will hit a grow in that city.”

    Police officers wear protective gear while raiding an illegal cannabis site in Lancaster. John Fredricks/The Epoch Times

    Where there is one, there are likely more. But perpetrators are opportunistic, itinerant.

    “We have seen the same owners of properties in different counties that have had illegal cultivation on them,” Morris said.

    Wilson Linares, who leads the Department of Cannabis Control’s Los Angeles County law enforcement unit, said it’s hard to pinpoint which players are tied to which territories. “They’re just everywhere. It doesn’t really stay in that area, they just go wherever they can master operations.”

    Growers, he said, “do a good job of layering their operation. I don’t think they even know they’re working for the same organization sometimes.”

    That makes it difficult to go after the few bigger fish, to which, some insiders say, all these operations are ultimately “funneling up.”

    Those caught at the grows are inevitably low-level employees, if not forced labor, and are typically interviewed and released. Illegal cultivation—anything more than six plants per person, whether it’s 10 or 10,000—is a misdemeanor in California.

    “Sometimes our investigations do a good job at digging to make sure we’re eradicating the problem,” Linares said. “But sometimes they cut losses and move on and go somewhere else. We have to follow and chase them. It takes a lot of effort and time to conduct these investigations.”

    Like meth houses of decades past, there are residential grows too damaged to flip.

    But it’s the moderate ones, the ones that are at risk of selling at a discount to families, that keep Katz up at night.

    While they can’t prevent the sale, or in many cases, habitation, building inspectors and code enforcement officers use “red tagging” and other methods to compel compliance—like creating liens to cloud the title, or disconnecting utilities. And in some cases, those costs and headaches transfer to new owners.

    California law gives local government broad authority to abate “public nuisances”—which include dangerous and contaminated buildings, Katz said. But enforcing compliance can often depend on a municipality’s ability to pay for things like civil lawsuits.

    If public safety officials don’t discover a grow before property owners start hiding the damage, it’s often too late.

    “There is no roadmap,” Katz said. “These sociopaths are buying and selling these houses.”

    A police officer confiscates marijuana from an illegal cannabis site in Lancaster, Calif., on Aug. 14, 2024. John Fredricks/The Epoch Times

    ‘I Didn’t Know Anything’

    There were signs. Two dozen large bags of what Virginia Aceres thought was ordinary grass fertilizer and canisters of chemicals bearing designs of spiders and worms that the previous owner left behind. He offered to pay her $500 to get rid of them.

    In two months, a $10,000 electricity bill.

    Aceres said she moved from Los Angeles to the Antelope Valley because she didn’t want her kids hanging out with people who use drugs. She nabbed a five-bedroom house for $535,000, $15,000 below asking. “It’s super big—we thought, oh wow, this is perfect.”

    But she found out after moving in that it had been used by the previous owners to grow weed.

    “Every afternoon the upstairs smells of marijuana and it gives me a raging headache,” she told The Epoch Times. When a city inspector came by and pointed out a convertor wired to steal electricity and stains on the bathroom ceilings from burned chemicals, she said, “Now I understand.”

    The five bedrooms were originally three, she discovered; the previous owner had added two and it was up to her to register the additions with the city.

    When property owners obtain permits to modify buildings but don’t follow up to call for a final inspection of the work, this can tip off code enforcement and form part of the basis for a warrant. So too can electrical fires or electricity theft.

    But Aceres said she bought her house without any compliance obligations that would arise from a pre-sale code enforcement; inspectors came after she moved in and pointed out the damage.

    The fuses at Aceres’ house are constantly blowing, especially if electronics are running at the same time, and electricians tell her she has to completely redo the wiring.

    “My daughter relies on a machine to help her breathe,” Aceres said, referring to a nebulizer that delivers oxygen and liquid steroids. “We had to buy a generator. She’s 9; she can’t ride a bike, can’t walk more than 20 minutes, can’t run. At night she has panic attacks, she comes to my door in pain, she can’t breathe, so I connect the machine and give her medicine.”

    A neighbor warned her the previous owner had installed multiple, massive air conditioners and there were fires. People cruise by the house. Someone showed up looking to collect on a debt. The IRS, the police and city inspectors have all visited.

    “For all this, I’d like to move—because they’re going to confuse us and they’re going to think that we sell drugs or have something to do with all that. But we haven’t been able to sell the house because of all these problems,” she said. “If a buyer asks questions we’re obligated to tell them the truth.”

    Read the rest here…

    Tyler Durden
    Wed, 08/28/2024 – 20:05

  • Visualizing US Election Contributions By Corporate Employees
    Visualizing US Election Contributions By Corporate Employees

    Kamala Harris and Donald Trump are in a tightly matched race, with political donations now leaning in the Democratic party’s favor.

    Since President Joe Biden withdrew his nomination in July, a flood of donations have poured in to support Harris’s bid for the White House. The vice president erased Trump’s fundraising advantage in under a month, with 66% of contributions coming from first-time donors.

    But what can we learn about political donations when looking at it from a corporate angle?

    This graphic shows the top companies by employee election contributions in 2024, based on data from Quiver Quantitative.

    The 10 Highest Corporate Employee Contributions

    Here are the companies with the most political donations among employees so far this year:

    As of August 8, 2024.

    Employees at News Corp, the parent company to Fox News and The Wall Street Journal, have contributed overwhelmingly to the Democratic party, despite it being a conservative-leaning conglomerate.

    Altogether, political donations stand at over $8.3 million, the highest in corporate America. The corporate entity itself has split donations evenly between both parties in recent years, allowing employees to contribute to political associations as they choose.

    Stephen Schwarzman, CEO of private equity giant, Blackstone, is one of Donald Trump’s largest corporate backers. Like their CEO, Blackstone employees are throwing their weight behind the former president, likely due to Trump’s pro-business policies and proposed tax cuts.

    Meanwhile, employees at big tech companies and other large financial firms are donating substantially to 2024 election campaigns. Netflix, Alphabet, and Microsoft employees heavily lean Democratic, while employees at Charles Schwab and First Bank favor Trump. Over the summer, former chief executive of Alphabet, Eric Schmidt, made a six-figure contribution to the Democrat campaign.

    As we can see, software giant Palantir is the most evenly divided, with employees slightly favoring the Republican party. Palantir co-founder Joe Lonsdale is a major supporter of Donald Trump, contributing to Elon Musk’s America PAC, alongside the Winklevoss twins and other tech titans.

    To learn more about this topic from a corporate perspective, check out this graphic on the companies with the most PAC donations in 2024.

    Tyler Durden
    Wed, 08/28/2024 – 19:40

  • Shall Not Be Infringed: Massachusetts Supreme Court Strikes Down Switchblade Knife Ban
    Shall Not Be Infringed: Massachusetts Supreme Court Strikes Down Switchblade Knife Ban

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

    The Massachusetts Supreme Court on Aug. 27 struck down the state’s ban on carrying switchblade knives, finding the prohibition violates the U.S. Constitution’s Second Amendment.

    A switchblade knife in an undated file photograph. Daniel Berehulak/Getty Images

    The case was brought by David Canjura, who was arrested in 2020 after a domestic dispute and charged with carrying a dangerous weapon in violation of the switchblade ban following a search by officers.

    Canjura said he knew that carrying the knife violated the law but filed a motion to dismiss the charge, arguing that the ban violated his Second Amendment right to bear arms. A judge denied the motion, leading to an appeal that reached the state’s high court.

    Massachusetts officials did not identify any historical bans on switchblades or their historical analogue, pocketknives, justices said on Tuesday. That means the ban is not allowed under a test outlined in a recent U.S. Supreme Court decision.

    “The commonwealth does not identify any laws regulating bladed weapons akin to folding pocketknives generally, or switchblades particularly, in place at the time of the founding or ratification of the Fourteenth Amendment,” Massachusetts Supreme Court Justice Serge Georges wrote for the unanimous court. “Accordingly, the commonwealth has not met its burden of demonstrating a historical tradition justifying the regulation of switchblade knives.”

    The Second Amendment states, “A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed.”

    The U.S. Supreme Court has also found that the right to bear arms includes items such as stun guns. In one decision, District of Columbia v. Heller, justices said that “arms” refers to “weapons of offense, or armor of defense” and “any thing that a man wears for his defense, or takes into his hands, or useth in wrath to cast at or strike another.”

    The Massachusetts Supreme Court said that the Second Amendment covers knives, citing the historical use of knives for defense throughout U.S. history.

    “In short, folding pocketknives not only fit within contemporaneous dictionary definitions of arms—which would encompass a broader category of knives that today includes switchblades—but they also were commonly possessed by lawabiding citizens for lawful purposes around the time of the founding,” Georges said. “Setting aside any question whether switchblades are in common use today for lawful purposes, we conclude switchblades are ‘arms’ for Second Amendment purposes. Therefore, the carrying of switchblades is presumptively protected by the plain text of the Second Amendment.”

    Under the U.S. Supreme Court decision in New York State Rifle & Pistol Association, Inc. v. Bruen, government officials must, when facing a challenge to a regulation implicating the Second Amendment, provide proof the regulation is consistent with the nation’s history of restrictions.

    Massachusetts officials pointed to three cases from the 1800s that found restrictions on certain types of knives lawful, including a ruling in Tennessee that upheld a prohibition on bowie knives. However, none of those cases involved pocketknives, which the justices said are the closest historical analog to switchblades.

    The Bruen test does contain exceptions for weapons that are not in common use in the modern day or are dangerous and unusual. Switchblades are both, according to Massachusetts lawyers.

    Justices said that based on the fact only seven states ban switchblades, they inferred switchblades are in common use today. There’s also nothing “uniquely dangerous” about the knives, Georges said.

    “The commonwealth has not presented any evidence as to why a spring-operated mechanism that allows users to open switchblades with one hand makes switchblades uniquely dangerous when compared to a broader category of manual folding pocketknives,” he wrote.

    Prosecutors and a lawyer representing Canjura did not respond to requests for comment by publication time.

    Tyler Durden
    Wed, 08/28/2024 – 19:15

  • Is Tesla At Risk From Marco Rubio's Push to 'Blacklist' Chinese Battery Firm CATL?
    Is Tesla At Risk From Marco Rubio’s Push to ‘Blacklist’ Chinese Battery Firm CATL?

    US Senator Marco Rubio (R-FL) and US Representative John Moolenaar (R-MI) penned a letter to US Department of Defense Secretary Lloyd Austin to “immediately place” Chinese battery giant Contemporary Amperex Technology Co., Limited (CATL) on Section 1260H List (blacklist) of the National Defense Authorization Act. 

    The GOP lawmakers wrote in a press release that the Chinese battery manufacturer and technology company has “deep ties to the Chinese Communist Party and its armed wing, the People’s Liberation Army (PLA). ” 

    “Reliance on, and use of, CATL batteries threatens US national security as it makes our nation dependent on Communist China for energy infrastructure,” they said, adding the DoD understands “the threat CATL poses to our nation” yet DoD has done nothing to place CATL on the “1260H list, which exposes Chinese entities operating in the US.” 

    A statement from Rubio: 

    “US policymakers have a duty to stand in resolute opposition to any effort by America’s adversaries that threaten our national and economic security. By including CATL on the Section 1260H List, the DoD would not only safeguard America’s military infrastructure from exposure to the PLA, it would also send a powerful signal to US companies who are currently weighing partnerships with CATL.”

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

    A Bloomberg supply chain analysis reveals that CATL’s top customers include Tesla, Stellantis, Geely, Nio, Volkswagen, Nissan, Honda, and Volvo.

    Digging deeper into CATL’s complex global supply chain, risk management technology firm Sayari Labs shows the Chinese company’s top buyers over the last 12 months. 

    One major red flag is that Tesla received 376 shipments from the Chinese firm over the past 12 months, accounting for approximately 8.63% of all shipments.

    About half of CATL’s shipments over the last 12 months have ended up in the US, and about 27.5% have ended up in Germany. 

    As of July 29, CATL’s US shipments included lithium-ion batteries to several buyers, including Geodis and Mercedes, Benz Vans. 

    As of the latest trade data, CATL’s shipments primarily include storage batteries (54.7%) and primary cells and batteries (41.47%). 

    Let’s take a step back because data from Sayari shows that CATL’s supply chain has several risk factors, including forced labor concerns. 

    The lingering question is whether Rubio’s push to blacklist CATL over its “deep ties to Communist China” will gain traction with the DoD. What will that mean for Tesla’s battery supply chain and its reliance on CATL if DoD blacklists CATL? It should be known that Tesla works with other battery makers, including Panasonic. 

    Tyler Durden
    Wed, 08/28/2024 – 18:50

  • NVDA Dumps After Smashing Q2 Expectations But Guidance Is A "Mixed Bag"
    NVDA Dumps After Smashing Q2 Expectations But Guidance Is A “Mixed Bag”

    For the second year in a row, Nvidia has been the world’s most important company, rising more than 150% YTD to a staggering $3.1 trillion market cap, massively outperforming the Nasdaq, and putting it within spitting distance of becoming the world’s largest company (it is currently #2 behind AAPL).

    And while the stock price gains have largely been driven by regular raises of the company’s forward earnings expectations…

    … the question arises: how much more earnings growth is there? We already laid out Wall Street’s expectations for what to expect earlier, but with with whisper numbers at nosebleed levels relative to already euphoric guidance and estimates, it’s no surprise why the options market is expecting a 10% swing after hours.

    A quick look at the past: the company’s second quarter wasn’t perfect – the company stopped short of completely denying reports that there are problems with its forthcoming Blackwell product lineup. Analyst reports have dismissed any issues as immaterial given the overall level of demand for existing products – the chip line called Hopper – but management will face questions on the topic.

    As a reminder, this is what Nvidia said earlier this month: “As we’ve stated before, Hopper demand is very strong, broad Blackwell sampling has started, and production is on track to ramp in the second half. Beyond that, we don’t comment on rumors.”

    And so, amid skyhigh expectations for the current quarter, even loftier expectations for the company’s guidance with questions about its main product line, here is what NVDA reported moments ago for the second quarter:

    • Q2 Rev. $30.04B, up 122% YoY, beating estimates of $28.86B, and beating not only the upper end of the guidance ($27.44BN-$28.56BN) but also above the JPM whisper number of $29.85BN.
      • Q2 Data Center Revenue $26.3B, beating exp. $25.08B
    • Q2 EPS $0.68, up 152% YoY, beating exp. $0.64
    • Q2 Gross Margin 75.7%, up 4.5% YoY from 71.2, beating exp. 75.5%, but down from 78.9% in Q1. Peak margins?

    The revenue trend, as expected, is impressive especially at the Data Center level where all the growth is.

    And here is a full breakdown of recent results:

    Commenting on the quarter, Robert Schiffman, senior credit analyst for Bloomberg Intelligence, said free cash flow generation consistently growing: “That’s going to drive cash balances far in excess of operating needs, which may result in a bit of an anomaly — higher shareholder returns and a better credit profile.” Hence the new buyback authorization.

    While the Q2 earnings were impressive, beating both estimates and the even loftier whisper numbers across the board, there was just a touch of weakness in the company’s guidance: NVDA projected Q3 revenue will be $32.5 million, +/- 2%. While this was above the average estimate was $31.9 billion, it was below JPM’s whisper of $32.95BN and certainly below the most optimistic sellside prediction of $37.9 billion.

    Some other guidance:

    • Gross margins are expected to be 74.4% and 75.0%, respectively, plus or minus 50 basis points. For the full year, gross margins are expected to be in the mid-70% range.
    • Operating expenses are expected to be approximately $4.3 billion and $3.0 billion, respectively. Full-year operating expenses are expected to grow in the mid to upper 40% range.

    Perhaps anticipating the potential market revulsion to the modest guidance disappointment, NVDA tried to appease investors by announcing a massive new $50 billion buyback .

    The company also tried to preempt questions about its reportedly troubled Blackwell chips, saying “samples are shipping to our partners and customers” and says that it expects to ship several billion dollars of Blackwell revenue in Q4 even as it admits in its earnings release that it needs to improve Blackwell production, to wit:

    We shipped customer samples of our Blackwell architecture in the second quarter. We executed a change to the Blackwell GPU mask to improve production yield. Blackwell production ramp is scheduled to begin in the fourth quarter and continue into fiscal 2026. In the fourth quarter, we expect to ship several billion dollars in Blackwell revenue. Hopper demand is strong, and shipments are expected to increase in the second half of fiscal 2025.

    While initially NVDA shares bounced on the big beat, the since dipped on the disappointing guidance, sliding as much as 6% after hours, and have since whiplashed by the results as the stock is still fighting for direction, swinging between gains and losses as traders digest the earnings. As a reminder, options markets had priced in a swing of 10% after hours, so for now the reaction is positive tame relative to expectations. At last check, the stock was down about 8% erasing much of its rebound and trading near session lows.

    The big question: are the results (still) good enough for Jensen to keep signing tits? The answer – you bet.

     

    Tyler Durden
    Wed, 08/28/2024 – 18:37

  • Turley: Zuckerberg's Censorship Admission Is More Contrived Than Contrite
    Turley: Zuckerberg’s Censorship Admission Is More Contrived Than Contrite

    Authored by Jonathan Turley,

    “I believe the government pressure was wrong, and I regret that we were not more outspoken about it.” Those words from Meta CEO Mark Zuckerberg came this week with an admission in a letter that his company, Facebook, did yield to pressure from the Biden-Harris administration to censor American citizens on a wide array of subjects.

    For those of us who have criticized Facebook for years for its role in the massive censorship system, Zuckerberg’s belated contrition was more insulting than inspiring. It had all of the genuine regret of a stalker found hiding under the bed of a victim.

    Zuckerberg’s sudden regret only came after his company fought for years to conceal the evidence of its work with the government to censor opposing views. Zuckerberg was finally compelled to release the documents by House Judiciary Committee Chairman Jim Jordan, R-Ohio, and the House Judiciary Committee.

    Now forced to admit what many of us have long alleged, Zuckerberg is really, really sorry.

    In my book “The Indispensable Right: Free Speech in an Age of Rage,” I discuss Facebook’s record at length as a critical player in the anti-free speech alliance of government, corporate, academic, and media forces.

    In prior testimony before the House Judiciary Committee and other congressional committees, I noted that Zuckerberg continued to refuse to release this information after Elon Musk exposed this system in his release of the “Twitter Files.”

    Zuckerberg stayed silent as Musk was viciously attacked by anti-free speech figures in Congress and the media. He was fully aware of his own company’s similar conduct but stayed silent.

    When the White House and President Joe Biden repeatedly claimed that the Hunter Biden laptop was Russian disinformation, Facebook continued to withhold evidence that they too were pressured to suppress the story before the election.

    When the censorship system was recently put before the Supreme Court in Murthy v. Missouri and the justices asked about evidence of coordination and pressure from the government. In Murthy, states successfully showed lower courts that there was coercion from the government in securing an injunction. The Biden administration denied such pressure and the Court rejected the standing of plaintiffs, blocked an order to stop the censorship, and sent the case back down to the lower court.

    Zuckerberg still remained silent.

    But Facebook was not silent when it came to censorship, or “content moderation” as the company prefers to call it. While Zuckerberg now expresses “regret” at not speaking out sooner, his company previously sought to sell Americans on censorship.

    In 2021, I wrote about the Facebook commercial campaign in which the company attempted to rally young people to embrace censorship.

    The commercials show people like “Joshan” who says that he “grew up with the internet.” Joshan mocks how much computers have changed and then objects how privacy and censorship has not evolved as much as our technology. As Joshan calls for “the blending of the real world and the internet world,” content moderation is presented as part of this not-so-brave new world.

    Joshan and his equally eager colleagues Chava and Adam were presented by Facebook as the shiny happy faces of young people longing to be content modified.  They were all born in 1996 — the sweet spot for censors who saw young people as allies to reduce free speech.

    For years, young people have been taught that free speech is harmful and triggering. We are raising of a generation of speech-phobics and Zuckerberg and Facebook wanted to tap into that generation to get people to stop fearing the censor and love “content modification.”  It was time, as Joshan and his friends told us, to “change” with our computers.

    Now, Zuckerberg and Meta want people to know that they were “pressured” to censor and really regret their role in silencing opposing voices.

    It is the feigned regret that comes with forced exposure.

    The Facebook files now put the lie to past claims of the Biden administration and many Democrats in Congress. For years, members attacked some of us who testified that we had no evidence of coordination or pressure from the government. At the same time, they opposed any effort to investigate and release such evidence.

    The evidence is now undeniable.

    The Biden administration has long demanded the removal of opposing views on a wide array of subjects and Democrats in Congress pushed Zuckerberg to expand the scope of censorship to include areas like climate change denial.

    Jen Easterly, who heads the Cybersecurity and Infrastructure Security Agency, is an example of the chilling scope of this effort.  Her agency was created to work on our critical infrastructure but Easterly declared that the mandate would now include policing “our cognitive infrastructure.” That includes combating “malinformation,” or information “based on fact, but used out of context to mislead, harm, or manipulate.”

    Consider that for a second: true facts are censorable if the government views them as misleading.

    As I write in my book, President Joe Biden is arguably the most anti-free speech president since John Adams. His administration helped create a censorship system that was described by one federal judge as “Orwellian.” Vice President Kamala Harris has been entirely supportive of that effort.

    In 1800, Thomas Jefferson defeated John Adams in the only election where free speech was one of the principal campaign issues. It should be so again. Harris should have to take ownership of the censorship system maintained by the administration.

    In my book, I propose a federal law that would bar the government from using any federal funds to support efforts to censor, blacklist, or suppress individuals or groups. It would take the government out of the censorship business. Harris should be asked if she would oppose such a law and dismantle the current censorship apparatus in the federal government.

    Democracy is not on the ballot in 2024, as many have claimed, but free speech is.

    *  *  *

    Jonathan Turley is a Fox News Media contributor and the Shapiro Professor of Public Interest Law at George Washington University. He is the author of “The Indispensable Right: Free Speech in an Age of Rage” (Simon & Schuster, June 18, 2024).

    Tyler Durden
    Wed, 08/28/2024 – 18:25

  • What Sanctions? China Imports Record Amount Of Iranian Oil
    What Sanctions? China Imports Record Amount Of Iranian Oil

    China’s imports of Iranian oil are poised to reach a record 1.75m b/d this month, data from Kpler show.

    That will surpass the previous peak of 1.66m b/d set in October 2023, according to Kpler data that extends back to January 2013, and is almost 50% higher compared with 1.24m b/d last month.

    Shipments into Rizhao and Dalian significantly higher m/m, said Muyu Xu, an analyst with Kpler

    “Chinese teapots see refining margins slightly improving, they now have stronger motivation to ramp up production and therefore need more feedstock,” she said

    Flows into Lanqiao/Rizhao and Dalian almost doubled m/m to 342k b/d and 132k b/d, respectively

    We got an advance look at China’s record appetite for Iranian oil last week when Bloomberg reported that China imported a record volume of crude from Malaysia last month, pointing to a renewed appetite for cheaper Iranian oil as refiners grapple with lower margins due to an economic slowdown.

    The world’s biggest crude importer took 6.21 million tons from Malaysia in July, the equivalent to 1.47 million barrels a day, or almost triple the average daily production from the Southeast Asian nation over the course of 2023.

    Why is this a key leading indicator? Because the seas off Malaysia have long been a hub for transferring crude and oil products from one tanker to another, meant to mask the country of origin, especially from Iran. Officially, China hasn’t purchased Iranian barrels since June 2022, according to government data. Unofficially, it is buying record amounts.

    Oil from Iran – which once upon a time the US pretended to sanction – has become the cheapest option for Chinese buyers, even more than Russia, and more independent refiners are seeking barrels from the OPEC producer to boost their margins, said traders who participate in the market. Iranian Light was last offered at a discount of $6 a barrel to ICE Brent, they added, compared with a discount of less than a $1 for comparable crude from Russia.

    Importers registered in China’s Shandong province were the biggest buyers of Iranian crude – masking as Malaysian – accounting for over 70% of the volume, according to customs data. Overall, eight Chinese regions including Liaoning and Henan took oil from the Southeast Asian nation, the most since October 2023.

    Tyler Durden
    Wed, 08/28/2024 – 18:00

  • Biden-Harris Admin Busted Using Secret Rule To 'Trump-Proof' DOJ
    Biden-Harris Admin Busted Using Secret Rule To ‘Trump-Proof’ DOJ

    Authored by Luis Cornelio via HeadlineUSA.com,

    The Biden-Harris administration appears to have intensified its efforts to block a potential return by President Donald Trump to the White House, according to a report from the Daily Caller on Tuesday. 

    The current administration has resorted to using a “Schedule A” hiring rule to staff DOJ offices with individuals who may be shielded from potential termination by a new administration, including that of Trump if he wins the 2024 election.

    Several hundred employees have been hired under this rule, bypassing merit-based qualifications and allowing them to keep their jobs even at the end of the current administration’s term. 

    Put in practice, this means that if Trump is sworn in as president, he could find himself grappling with leftover Biden appointees. This follows several reports suggesting that President Joe Biden is implementing policies designed to undermine Trump if elected. 

    According to documents released by Protect the Public’s Trust (PPT) and first reported by the Caller, the specific offices targeted include the powerful Environmental and Natural Resources (ENRD) and the Antitrust and Immigration Review departments. 

    PPT Director Michael Chamberlain suggested that the use of “Schedule A” could be part of the Biden-Harris administration’s plan to hamstring their successor and block future presidents from reversing their agenda. 

    “Exploiting non-competitive hiring authorities to fill career civil service positions could be just another component of this scheme,” Chamberlain said, as cited by the Caller. “It’s no wonder that the public’s trust in its government has all but disappeared.” 

    Documents obtained by PPT reveal that the DOJ has hired over 100 immigration judges using this rule. These individuals are responsible for determining whether illegal aliens can remain in the U.S. while their cases are pending. 

    “The administration is also using Schedule A to install immigration judges — again, outside of the normal merit-based system — who will rule on cases of those in a position to benefit from the administration’s immigration policies,” PPT stated in a press statement. 

    The use of “Schedule A” has also been extended to ENRD, a DOJ division tasked with enforcing environmental laws, including the Endangered Species Act, Clean Water Act, Clean Air Act and the Safe Drinking Water Act. 

    PPT sounded the alarm that ENRD is a “vital office in advancing the Biden-Harris administration’s energy and climate policies, and the placement of Biden-Harris loyalists is a means to defend those policies even if a future Trump (or other) administration seeks to change them.” 

    The DOJ’s antitrust division has also seen an increase in staff members hired through “Schedule A,” likely compromising the non-partisan nature of the federal department. 

    “Until recently, antitrust enforcement was a relatively technical and non-partisan division. But the Biden-Harris administration’s increasingly aggressive implementation has sparked complaints of politicized enforcement,” PPT warned. 

    Headline USA could not reach a DOJ spokesperson through its media mainline or after-hours hotline at 9:40 p.m. ET. A separate call to the operator’s hotline also prompted an automated message claiming the offices were closed.

    See the appointees’ names here, as detailed in a document released by the Caller and PPT.

    Tyler Durden
    Wed, 08/28/2024 – 17:40

  • New Funding Round Talks Indicate OpenAI Worth North Of $100 Billion
    New Funding Round Talks Indicate OpenAI Worth North Of $100 Billion

    According to a report by The Wall Street Journal, Microsoft-backed OpenAI is preparing to raise at least a billion dollars in a new funding round, which would value the artificial intelligence company at just north of $100 billion. 

    Sam Altman’s chatbot startup company, established eight years ago as a competitor to Google’s DeepMind, plans to receive $1 billion from venture capital firm Thrive Capital in a new funding round. This would mark the largest funding round of outside capital since Microsoft plowed $10 billion into the chatbot startup in January 2023. 

    Earlier this year, OpenAI finalized a deal to sell existing shares through a tender offer spearheaded by Thrive. This arrangement allowed employees to sell shares at a valuation of around $80 billion, up from $29 billion one year ago.

    Here’s more from WSJ:

    “For now, though, AI is a speculative business that isn’t generating nearly as much revenue as investors and tech companies are putting into it. Earlier this year, OpenAI’s revenue was $3.4 billion on an annualized basis, according to a person familiar with the matter. The Information earlier reported on OpenAI’s revenue.” 

    WSJ noted:

    “It couldn’t be determined what other investors are participating in the new funding round.” 

    Besides Thrive, past OpenAI deals have included Sequoia Capital, Andreessen Horowitz, and K2 Global. 

    WSJ obtained a document indicating that OpenAI stockholders have been negotiating to sell their shares in recent weeks at a price that would value the company at $103 billion. 

    Microsoft has a 49% share of OpenAI’s profit after plowing $13 billion into the chatbot company since 2019. 

    News of the funding round from WSJ comes about a month after OpenAI revealed it’s testing SearchGPT: a combination of AI tech and real-time search data that allows users to search the internet with ChatGPT. 

    It appears that Altman may have sold off some shares…

    Tyler Durden
    Wed, 08/28/2024 – 17:20

  • Attorneys General Of 24 States Ask Supreme Court To Block EPA's Methane Reduction Rule
    Attorneys General Of 24 States Ask Supreme Court To Block EPA’s Methane Reduction Rule

    Authored by Katabella Roberts via The Epoch Times,

    Attorneys General in 24 states have asked the Supreme Court to block the federal government’s methane standards for the oil and gas sector, arguing the Environmental Protection Agency (EPA) overstepped its authority in issuing the final rule.

    The EPA has said the new standards are part of efforts to sharply reduce emissions of methane and “other harmful air pollution from oil and natural gas operations.”

    Led by the state of Oklahoma, attorneys general from states including Alabama, Florida, Indiana, Louisiana, and Virginia filed an emergency appeal to prevent the U.S. Environmental Protection Agency (EPA) from enforcing the rule that went into effect this year.

    In their Aug. 27 filing, the states argued that while the federal government has the authority to set emissions limits, the rule outlines specific technologies, processes, and methods that the agency believes states must employ to achieve certain emission-reduction targets, among other requirements. The “EPA did not limit itself to its statutory role for existing sources and then leave it to the States to adopt appropriate standards of performance,” they said.

    Furthermore the “rule’s ‘presumptive standards’ are onerous, imposing costs on the oil and gas industries that will—as even EPA admits—inevitably be passed onto consumers across the country,” the states wrote.

    The EPA’s rule gives states, along with tribes that wish to regulate existing sources, two years to develop and submit their plans for reducing methane from existing sources.

    The rule is aimed at reducing “methane and volatile organic compounds (VOCs) from new, modified, and reconstructed sources” and includes emissions guidelines for states to follow as they develop plans to limit methane emissions from existing sources, according to the agency.

    The standards include a two-year phase-in period for eliminating routine flaring of natural gas from new oil wells and a one-year phase-in of zero-emissions standards for new process controllers and pumps outside of Alaska.

    In the filing, the attorneys general said the agency “understood that, for many States, designing such plans from scratch in a two-year period would be impossible, given the sheer number and diversity of wells involved.”

    “States need more than two years to complete this daunting regulatory task, otherwise they risk ’submittal of an inadequately prepared plan that EPA would have to review and reject, leading to unnecessary use of already limited resources.’”

    The attorneys general argued that enforcing the rule would also limit the authority of states to establish their own standards for regulating methane and VOC emissions from existing facilities.

    “That harms the public interest in the cooperative-federalism regime in the Clean Air Act, generally, and Section 111(d), specifically,” the states argued.

    According to the EPA, oil and natural gas operations are the largest industrial source of methane pollution in the United States, and describe methane is a “super pollutant.”

    Reducing methane emissions is a “crucial addition to cutting carbon dioxide in slowing the rate of warming of Earth’s atmosphere,” the agency has said.

    The EPA’s rules will cut methane emissions from oil and gas operations by nearly 80 percent through 2038 and avoid 16 million tons of smog-forming VOC emissions and 590,000 tons of air toxics, according to the agency.

    Additionally, the agency estimates the rules will result in “net climate and ozone health benefits” of $97 to $98 billion dollars from 2024-2038, or the equivalent of $7.3 to $7.6 billion a year, after accounting for the costs of compliance and savings from recovered natural gas.

    An appeals court in Washington in July denied a request by the states to put the new methane regulations on hold while their legal challenge plays out in court, prompting them to ask the nation’s highest court.

    The Epoch Times has contacted an EPA spokesperson for comment.

    Tyler Durden
    Wed, 08/28/2024 – 17:00

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Aug 28

Today’s News 28th August 2024

  • Recent Events Prove Western Nations Are Highly Vulnerable To Cyber Calamity
    Recent Events Prove Western Nations Are Highly Vulnerable To Cyber Calamity

    Authored by Brandon Smith via Alt-Market.us,

    As most people are aware, this month there was a sweeping internet outage across the US which led to a failure in roughly 8.5 million Microsoft Windows devices. Disruptions included banks, airline networks, emergency call centers, online retailers and numerous corporate networks. The outage is estimated to have caused at least $5.4 billion in profit losses and it only lasted about a day.

    The alleged cause of the breakdown was Crowdstrike, a cyber-security company that uses large scale data updates to Microsoft Windows networks to counter cyber threats. Instead, the company uploaded bugged code and caused a cascading outage. Mac and Linux machines were not affected.

    The scale of the shutdown was immense – Over 25% of Fortune 500 companies were frozen. Travel essentially stopped. Business transactions for many companies ceased. Some banks including Bank of America, Capital One, Chase, TD Bank and Wells Fargo could not function and customers could not access their accounts.

    The event reminded me of the panic surrounding the Y2K scare 25 years ago. Of course, that was all nonsense; US systems were definitely not digitized to an extent great enough to cause a disaster should there be an internet crash or a software crash. But today things are very different. Nearly every sector of the American (and European) economy and many utilities are directly dependent on a functioning internet.

    The fear that prevailed during Y2K was unrealistic in 1999. Now, it makes perfect sense.

    I often hear preppers talk about the impending danger of an EMP leading to a grid down scenario. However, this kind of attack is highly overblown. Even major solar storms have not caused the kind of electrical breakdown that theorists suggest might happen. Instead, I would recommend worrying a lot more about cyber threats. I believe these events will become far more common in the next few years for a number of reasons.

    First and foremost, there is the potential for random error like the Crowdstrike incident. Then there’s the potential for a foreign attack on US and European digital infrastructure. Then, there’s the potential for a false flag event BLAMED on random error or a foreign government in order to foment war or economic collapse.

    In 2021 in my article ‘Cyber Polygon: Will The Next Globalist War Game Lead To Another Convenient Catastrophe?’ I warned that if the pandemic crisis failed to achieve the centralization goals of the World Economic Forum and other globalist institutions, they may use a cyber crisis instead. WEF head Klaus Schwab incessantly compared the idea of a “Cyber Pandemic” to the covid pandemic. He suggested that governments would have to respond to both in a similar fashion (i.e. lockdowns and extensive controls on individual freedoms).

    In the past I have mentioned a very interesting event that was barely covered by the corporate media called the “Fastly Outage.” I examined the implications of this and more in my article ‘Obama’s Weird New Movie And America’s Extreme Vulnerability To Cyber Attack’.

    In June of 2021 there was an internet outage that led to large swaths of the web going completely dark, including a number of mainstream news sites, Amazon, eBay, Twitch, Reddit, etc. A host of government websites also went down. All this happened when content delivery network (CDN) company Fastly experienced a “bug.” Although Amazon had its website back online within 20 minutes, the brief outage cost the company over $5.5 million in sales.

    A content delivery network is a geographically distributed network of proxy servers and their data centers. They make up what is known as the “backbone” of the internet. Only a handful of these company’s support a vast majority of internet activity. All it would take is for a few to go down, and the internet goes down, taking our economy with it.

    The recent Crowdstrike situation is perhaps the worst web disruption of all time, and that was just a bug in a software update. Imagine if someone wanted to deliberately damage internet functions for an extended period of time? The results would be catastrophic.

    With supply chains completely dependent on “just-in-time” freight deliveries and those deliveries dependent on efficient digital communications and payments between retailers and manufacturers, a web-down scenario for more than a few days would cause an immediate loss of consumer goods. Stores would empty within hours should the public realize that new shipments might not arrive for a long time.

    Keep in mind, I’m not even accounting for payment processing between customers and retailers. If that shuts down, then ALL sales shut down. Then, whatever food you have left in your pantry or in storage is what you will have to live on until the problem is fixed. If it is ever fixed…

    Network attacks are difficult to independently trace, which means anyone can initiate them and anyone can be blamed afterwards. With the increasing tensions between western and eastern nations the chances of an attack are high. And corrupt government officials could also trigger an internet crisis and blame it on foreign enemies – Either to convince the public to go to war, or to convince the public to accept greater authoritarianism.

    I believe a cyber attack is the next most likely global disaster. We weathered covid and defeated the draconian mandates. The economy is in the midst of a stagflation crisis but the system is still operating. But what if the next ploy is a complete shutdown of the web and a fast moving financial collapse?

    Figuring out who triggered the breakdown would be nearly impossible. We could suspect, but proving who did it is another matter. In the meantime, western officials controlled by globalist interests could lock down internet traffic and eliminate alternative media platforms they don’t like, giving the public access to corporate news sources only.

    There are millions of Americans out there ready for a systemic collapse. According to surveys around 30% of adult Americans now consider themselves preppers. But that leaves 70% of the population in a daze, unaware and panicking should the supply chain break. Will they care who was behind the attack? Probably not. They’ll be far more concerned with simple survival.

    What are the most practical solutions to this? As always we can store necessities to protect our families and friends. To protect data, I recommend shutting OFF Windows Updates to prevent something like a Crowdstrike error from affecting your devices. You can also set up a Linux-based device with all your important data storage secured.

    You can purchase an exterior hard drive and clone your computer data, then throw it in a closet or a waterproof case. Then there is the option of building a completely offline device (a computer that has never and will never connect to the internet).

    These options protect you and your valuable files, but there’s not much that can be done to prevent a national scale cyber attack and the damage that one could cause. Organizing for inevitable chaos and violence is all you can do.

    With a cyber-event there is the distinct danger of communications disruptions – No cell phones, no email, no social media, nothing. So, having knowledge in ham radio and radio communications is a must. I’m a general class ham and I’m still finding there’s more to learn, but a basic knowledge of radios, frequency bands and repeaters will help you to at least listen in on chatter and get important information outside of controlled news networks.

    The people who used to claim it’s “doom mongering” to examine the threat of cyber attacks have been proven utterly wrong this past month. We just witnessed one of the worst internet implosions of all time and more are on the way. Prepare accordingly and remember that technological dependency is a double-edged sword. Use your tech wisely and don’t let it run your life.

    *  * *

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

    Tyler Durden
    Tue, 08/27/2024 – 23:25

  • Top Defense Firms Set For Another Record Cash Flow Year As Wars Rage In Ukraine, Gaza, Lebanon
    Top Defense Firms Set For Another Record Cash Flow Year As Wars Rage In Ukraine, Gaza, Lebanon

    Authored by Kyle Anzalone via The Libertarian Institute,

    As wars in Ukraine and the Middle East continue to rage, Vertical Research Partners forecasts top weapon manufacturers will experience record cash flow during the coming years.

    The analysis, which was commissioned by the Financial Times, reports, “The leading 15 defense contractors are forecast to log free cash flow of $52 billion in 2026,” with the “Five top US defense contractors are forecast to generate cash flow of $26 billion.”

    File image: Associated Press

    The cash flow in 2026 will be double the 2021 numbers. The record numbers are part of an upward trend for weapons makers already benefiting from a surge in global military spending and conflict.

    This had led to some controversial policies among these firms at home:

    Companies had already directed billions of dollars into share buybacks before the recent flood of new orders; some took on extra leverage to do so. Last year was the strongest for buybacks by aerospace and defence companies in both the US and Europe for the past five years, according to data from the Bank of America, although levels remain far below those of other sectors.

    …The large repurchases using taxpayers’ money by US contractors have prompted criticism among some lawmakers who have questioned whether companies are investing enough in new facilities and production. Executives have insisted they are boosting capital spending even as they return money to investors.

    Washington is driving the worldwide arms race. The US military budget is about the same as the next ten countries combined. Additionally, under President Joe Biden, Washington funneled billions in weapons to Ukraine, Israel, and Taiwan.

    The policy has led to massive wars in Ukraine, Gaza, and Lebanon. Additionally, tensions in the South China Sea are boiling as Israel and Iran are on the brink of a potential direct war. 

    The White House is well positioned to deescalate many of the world’s conflicts. The US could push Israel and Ukraine to negotiate by leveraging Washington’s military aid to Tel Aviv and Kiev. 

    In the South China Sea, potential conflicts between China and Taiwan or the Philippines have been partially driven by Washington’s pledge to go to war against Beijing for Manila and Taipei.

    The US has also given the Philippines and Taiwan hundreds of millions in weapons, further provoking China. 

    Tyler Durden
    Tue, 08/27/2024 – 22:35

  • Americans Are Least Loyal To Their Carmakers
    Americans Are Least Loyal To Their Carmakers

    In a recent survey by Statista Consumer Insights, almost half of Americans said that they were likely or very likely to change their car make on the next possible occasion. Consumers appeared more loyal to their primary bank, smartphone brand, mobile carrier, home and car insurance as well as internet provider, with only around 30 percent saying they were likely to make a switch when it was next possible. At 27 percent, the internet provider was the least likely to be changed.

    Infographic: Americans Are Least Loyal to Their Carmakers | Statista You will find more infographics at Statista

    As part of the same survey, 86 percent said they were actually satisfied or very satisfied with their car make, showing that switching up carmakers has less to do with dissatisfaction and more with trying new types of cars. 80 percent also said they were satisfied with their internet provider. Almost half of respondents said they wanted to purchase a new or used car in the 12 months after the survey. The most commonly owned brands in the United States were Chevrolet and Ford, followed by Toyota, BMW and Honda, according to the survey.

    Tyler Durden
    Tue, 08/27/2024 – 22:10

  • This Is Not Capitalism
    This Is Not Capitalism

    Authored by Jeffrey Tucker via The Brownstone Institute,

    The word capitalism has no stable definition and should probably be permanently retired. That won’t happen, however, because too many people are invested in its use and abuse. 

    I’m long over trying to push my definition over someone else’s understanding, generally viewing disputes about vocabulary and dictionary definitions as a distraction against the real debate over concepts and ideals. 

    The point of what follows is not to define precisely what capitalism is (my friend CJ Hopkins is hardly alone in describing it as once emancipatory but now rapacious) but rather to highlight the many ways in which economic systems of the industrialized world have made a hard turn against the whole ethos of voluntarism in the commercial sector. 

    Still, let’s pretend we can agree on a stable description of a capitalist economy. Let’s call it the system of voluntary and contractual exchange of otherwise contestable and privately owned property titles that permits capital accumulation, eschews top-down planning, and defers to social processes over state planning.

    It is, ideally, the economic system of a society of consent. 

    This is obviously an ideal type. So described, it is inseparable from freedom as such and forbids state planning, expropriation, and legal privileges for some over others. How does the status quo match up against that? In uncountable ways, our economic systems utterly fail the test, with all the results that one would expect. 

    What follows is a short list of all the ways in which the US system does not comport with some ideal type of capitalistic marketplace. 

    1. Governments have become a main customer of tech and media platforms, instilling an ethos of political deference and cooperation, resulting in surveillance, propaganda, and censorship. This happened gradually enough so that many observers simply did not notice the turn. They held onto their reputation as go-getting capitalist companies even as one platform after another fell to become minions of state power. It began with Microsoft, extended to Google, came to Amazon with its web service in particular, and made its way to Facebook and Twitter, even as taxes, regulations, and intense enforcement of intellectual property consolidated the entire digital-tech industry. 

    In the course of the change, these companies somehow still held onto their reputations as disruptors with a libertarian ethos, even as they were ever more deployed in service of regime priorities. When Trump took office in 2016, and Brazil’s Jair Bolsonaro and UK’s Boris Johnson seemed to be forming a populist resistance force, the crackdown began. With Covid lockdowns, all these platforms swung into action to feed public panic, silence dissent, and propagandize for untested and unnecessary shots of an experimental technology. The deed was done: all these institutions became faithful servants of an emergent corporatist empire. 

    Now they are full cooperators with the censorship-industrial complex, while the few outliers like Elon Musk’s X and Rumble are facing enormous pressure to conform and get on board. The CEO of Telegram has been arrested simply for not providing a backdoor to Five-Eyes governments, while NATO nations are investigating and arresting for the act of posting disrespectful memes. Digital tech is the most notable and thrilling innovation of our times and yet it has been browbeaten and distorted into a main tool of state power. 

    2. The US has a medical cartel that works with regulatory agencies and official institutions to impose poisons on the public, charge outrageous prices, cooperate with business cartels to block alternatives, and promote addiction and ill health. The interventions in the sector are legion, from licensing to employer mandates to mandated benefits packages to government funding to financial support from patent-protected and indemnified pharmaceutical companies that fund and control the very agencies that are supposed to regulate them. 

    The signs and symbols of market economics still exist but in a highly distorted way that makes independent medical practice nearly impossible. It’s not socialism and it’s not capitalism but something else, like a privately-owned medical cartel that works hand in glove with coercive power at public expense. And the coercion is not about promoting health but promoting subscription-based dependency on pharmaceuticals, which have evaded normal liabilities that would otherwise pertain in a genuine marketplace. 

    3. The US has an educational system that is mostly government-funded, blocks competition, forces participation, wastes students’ time, and pushes a political agenda of compliance and indoctrination. Public schooling in the US has late-19th century origins but the compulsory features came many decades later, alongside bans on teen work, and this later mutated into state-funded universities that enlisted ever larger shares of the population into the system, eventually saddling several generations into vast debt that cannot be paid. The families seeking alternatives end up paying many times over: through taxes, tuition, and lost income. State intervention into educational services is massive and comprehensive, blotting out all normal capitalistic forces and leaving comprehensive state planning. 

    The whole system is so bad that when the Covid lockdowns took place, teachers, administrators, and many students too welcomed the chance to give it all a rest. Many teachers have not come back and the system as a whole is now worse than ever, with private alternatives popping up everywhere and homeschooling now more common than ever. But even so, regulations and mandates prevent the full flowering of a market-based system, even though no sector is more obviously governed by markets as they were in most of human history. 

    4. Agricultural subsidies that build vast industries that crush smaller farming and capture the regulatory apparatus and foist bad food on the public. Anyone in farming knows this. The system has gone the way of these other sectors like tech and medicine to become heavily cartelized and working hand-in-glove with government regulators. Daily small farms are being driven out of business with compliance costs and investigations, to the point that even sellers of raw milk fear the knock at the door. In the name of disease mitigation, millions of chickens are being slaughtered and ranchers fear so much as one positive test of some infectious disease. This of course has further consolidated the industry which is ever more dependent on patented pharmaceuticals, insecticides, and fertilizers, the producers of which also get rich at public expense. When Robert F. Kennedy, Jr, and so many others, speak about a public health crisis in the US, the food system from production to distribution plays a large role, which in turns feeds the medical cartel mentioned above. 

    5. A wildly complicated and confiscatory system of taxation that punishes wealth accumulation and blocks social mobility in all directions. The federal government alone has seven to ten major forms of federal taxation in main categories like income tax, payroll tax, corporate tax, excise taxes, estate and gift taxes, customs duties, and various fees. Depending on how you count them, there are 20 or more. This is remarkable given that only 115 years ago, there was only one source of federal financing: the tariff. Once the government got its fingers into incomes with the 16th Amendment – before that, you kept every penny you earned – the rest followed. And that doesn’t count state and local financing. They are deployed as methods of planning and control, with no industry immune from the need to bow and scrape before their taxing masters to grant abatements or breaks of any sort. The net result is a form of commercial and industrial servitude. 

    6. Fiat paper money floating exchange rates (born 1971) give the government unlimited funds, create inflation and currencies that never rise in value, and provide foreign central banks investment capital to make sure international accounts never settle. This new system has blown up government power, which expands without limit, and disrupted the normal functioning of international trade. Treasury debt floated by governments with central banks evades all normal market forces and risk premiums, simply because they are guaranteed by the power to inflate a public expense. This gives the politicians, warmongers, and totalitarians among us a blank check to do their dirty work. 

    It is precisely this regime change, together with the manipulation of interest rates, that has given rise to what is called financialization, such that big finance has eaten so much of what was once a healthy industrial sector in the US in which people actual made things for sale in the consumer marketplace. In the old days, the price-specie flow mechanism (described by every free trader from David Hume to Gottfried Haberler) balanced out accounts to ensure that trade would result in mutual benefit. But under the dollar-dominated fiat money system, US debt has come to serve as an infinite source of financing for international industrial buildup that has wrecked countless US industries that once thrived. 

    This is not free trade but paper imperialism and it ends in producing a backlash like we see in the US. The solution being offered is, of course, tariffs, which turn into another form of taxation. The real solution is a fully balanced budget and a shutdown of the Federal Reserve’s money spigot but that is not even part of the public conversation. 

    7. The court system invites extortionist litigation and can only be fought with deep pockets. Litigation these days is merely about playing the long game in a wicked match that can be over absolutely anything, real or imagined, that any would-be plaintiff can assemble into a court case. Business people, especially small ones, live in daily fear of this constant threat. And this has become the means by which DEI hiring standards have become normalized; they are instituted by risk-averse managers in fear of bankruptcy by litigation. The irony is that the real wrongdoers, such as pharmaceutical makers, are indemnified against legal action, leaving the courts as playthings for the rapacious. 

    8. A patent system that grants private industry production cartels and stops competition for everything from pharmaceuticals to software to industrial processes. This is a subject too big for this essay but know that there is a long history of free market thinkers who regarded the patent power as nothing but a tool of industrial cartelization, wholly unjustified by any standard of commercial freedom. “Intellectual property” is not property as such but the creation of fake scarcity by regulation.

    One needs only read Fritz Machlup’s 1958 study to understand the fullness of the fakery here, or read what Thomas Jefferson said about the commodification of ideas: “That ideas should freely spread from one to another over the globe for the moral and mutual instruction of man, and improvement of his condition, seems to have been peculiarly and benevolently designed by nature, when she made them, like fire, expansible over all space without lessening their density in any point, and like the air in which we breathe, move, and have our physical being, incapable of confinement or exclusive appropriation.”

    The corruptions that have resulted from the legislative manufacture of property in ideas cannot be overstated. In industry after industry, they have restricted competition, conferred privilege on would-be monopolists, hindered innovation, and truncated learning and innovation. This is obviously a hard subject but one impossible to avoid. In this connection, I highly recommend the sleeper of a monumental treatise by N. Stephan Kinsella: Legal Foundations of a Free Society. The capture of pro-capitalist thinkers by patent theory represents a serious breach in history and in the current day. 

    9. As for authentic property rights, they are weaker than ever and can be overridden or even abolished with the stroke of a pen, such that not even landlords can evict tenants or small business can be open for business. Such was common in poorer countries with despotic governments but such a system is now common in the industrialized West such that no business owner can be certain of his rights to his own enterprise. This is the devastating consequence of Covid lockdowns. It is so serious that the various indexes of economic freedom have yet even to adapt their metrics to the new reality. Obviously there is no capitalism as such if millions of businesses can be shut on the whim of public-health authorities. 

    10. A bloated federal budget supports 420+ agencies that lord it over the whole of commercial society, ballooning up compliance costs for entrepreneurs and creating vast uncertainty about the rules of the game. Slight attempts at “deregulation” cannot begin to fix the core problem. There is no product or service made in the US that is not subject to some form of regulatory diktat. If one happens to come along, such as cryptocurrency, it is beaten to pieces until only the most compliant firms survive the market competition. This has been going on in the crypto space since 2013 at least, and the result has been to convert a disruptive and stateless tool into a compliance-obsessed industry that serves mainly the incumbent financial industry. 

    Please consider all these factors the next time someone denounces the US system as the best example of the depredations of capitalism. It might just be marketing that is on the hot seat. Marketing to the consumer was a revolution in the use of resources but it too has been corrupted to serve the interests of power. Just because something is available in the consumer marketplace does not necessarily mean that it is a product of the voluntary matrix of exchange that would otherwise profit in a genuinely free market. 

    Again, I’m not here to argue about the meaning of a word but rather to draw attention to what everyone can surely agree is a hegemonic imposition on commercial freedom by state power, sometimes and even often with the willing cooperation of the dominant players in every industry. 

    I’m not sure that such a system has a precise name in the 21st century unless we want to go back to the interwar period and label it corporatism or just plain-old fascism. But not even those terms fully fit with this new mode of surveillance-based and digitized despotism that has descended on the US and the world, one that provides healthy rewards for private enterprise that links up with state power and brutal punishments for those enterprises which do not. 

    Tyler Durden
    Tue, 08/27/2024 – 21:45

  • Series Of US-China 'Cloak & Dagger' Summits Led To This Week's Sullivan Trip To Beijing
    Series Of US-China ‘Cloak & Dagger’ Summits Led To This Week’s Sullivan Trip To Beijing

    Despite the Biden administration’s recent attempts to talk tough on China, calling it a ‘strategic competitor’, both sides have been talking behind the scenes with an aim toward balancing relations, to ensure recent years of antagonism doesn’t veer into conflict.

    US national security adviser Jake Sullivan starting Tuesday is meeting over a period of two days with his Chinese counterpart, senior foreign policy official Wang Yi in the Chinese capital. “President Biden has been very clear in his conversations with President Xi that he is committed to managing this important relationship responsibly,” Sullivan told Wang just ahead of the rare talks. Crucially this is the first trip by a sitting US national security advisor to China in eight years (since 2016).

    AFP/Getty Images

    Sullivan’s visit to the outskirts of Beijing where the meetings are being held will last until Thursday, and little is expected to be published or revealed in the aftermath. The immediate goal is the restoration of positive and more frequent communications, which broke down for most of 2022-2023.

    “The key is to keep to the overall direction of mutual respect, peaceful co-existence, and win-win cooperation,” Wang has said. He called recent China-US ties “critical” but admitted the relationship has of late taken “twists and turns”.

    China’s foreign affairs ministry in a separate statement said, “China will focus on expressing serious concerns, clarifying its solemn position and making serious demands on the Taiwan issue, the right to development and China’s strategic security.”

    Also on the agenda is the expansion and normalization of military-to-military talks in order to avoid confrontation in places like the South China Sea, as well as efforts at de-confliction in the Taiwan Strait, along with discussion of Washington’s desire for China to crackdown on the development and distribution of chemicals that can be made into fentanyl.

    High on Beijing’s agenda will be US tariffs, particularly those targeting Chinese chip makers. “The United States has continuously taken unreasonable measures against China in terms of tariffs, export controls, investment reviews and unilateral sanctions, which have seriously undermined China’s legitimate rights and interests,” the Chinese foreign ministry statement laid out.

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

    Meanwhile, Financial Times in a fresh investigative report issued this week has described that leading up to this historic meeting, both Sullivan and Wang had met quietly to stabilize relations in ‘cloak and dagger’ summits around the world. This had reportedly gone on since 2023 in the aftermath of the Chinese spy balloon fiasco over the American east coast.

    Tyler Durden
    Tue, 08/27/2024 – 21:20

  • Celsius Distributes $2.5 Billion To 251,000 Creditors Amid Bankruptcy Proceedings
    Celsius Distributes $2.5 Billion To 251,000 Creditors Amid Bankruptcy Proceedings

    By Zoltan Vardai of CoinTelegraph

    Celsius has repaid two-thirds of its eligible customers as part of its long-awaited bankruptcy proceedings. According to an Aug. 26 court filing, the bankrupt crypto lender has repaid approximately $2.53 billion to 251,000 creditors.

    The amount represents approximately 84% of the $3 billion worth of assets owed by the defunct crypto lender to over 375,000 creditors.

    The bankruptcy payments are a positive development for the expanding crypto industry. They coincide with the bankruptcy proceedings of the Mt. Gox exchange, which owed over $9.4 billion in crypto to 127,000 creditors. After 10 years, these creditors are finally beginning to recover their assets.

    Not all creditors are actively looking to claim their cryptocurrency due to the small amount they are owed.

    This is because of the remaining 121,000 creditors who have yet to claim their funds, around 64,000 have less than $100 worth of crypto, while 41,000 creditors are owed between $100 to $1,000, according to the filing:

    “Given the small amounts at issue for many of these creditors, they may not be incentivized to take the steps needed to successfully claim a distribution.”

    The bankruptcy administrator will retry distributing to these creditors via Coinbase every two weeks, while PayPal claim codes remain redeemable for credits at all times.

    The administrator said it “attempted more than 2.7 million distributions in total for the approximately 372,000 currently eligible creditors.”

    Celsius filed for bankruptcy in July 2022, a month after it paused user withdrawals.

    The company claimed that the pause was necessary to put it in a “better position to honor, over time, its withdrawal obligations” after the price of its native token, Celsius (CEL) plummeted in 2022.

    Its bankruptcy saw Celisus settle $4.7 billion in fines with the United States Federal Trade Commission alongside settlements with the Department of Justice, the Securities and Exchange Commission and the Commodity Futures Trading Commission.

    Its former CEO, Alex Mashinsky, was arrested and charged by federal prosecutors with various financial fraud, manipulating CEL’s price and misleading Celsius customers. Mashinsky has pleaded not guilty and is out on a $40 million bond pending trial in September.

    Tyler Durden
    Tue, 08/27/2024 – 20:55

  • New York State Anesthesiologist Pleads Guilty To Chloroforming, Assaulting Kid's Nanny While She Slept
    New York State Anesthesiologist Pleads Guilty To Chloroforming, Assaulting Kid’s Nanny While She Slept

    A New York State anesthesiologist has pleaded guilty to drugging and sexually abusing his family’s nanny while she was sleeping in his home.

    60 year old Paul Giacopelli was indicted in March, and pleaded guilty last Wednesday, according to the NY Post. His lawyer commented that he has “assumed responsibility for his crimes, and now is focused on tending to his family.”

    The Post report says that the victim would sometimes stay overnight at his house when watching his children so he could work at the hospital. She said there were four times in 2023 where she fell asleep, “woke up to a rag being held over her face, smelled chemicals and blacked out”, the Post writes.

    After setting up a hidden camera, she caught Giacopelli assaulting her. She then brought the video to local police and he was questioned. 

    Giacopelli confessed to filling a rag with Sevoflurane, an anesthetic agent, according to the Post report. He also said he had a “chloroform fetish” and confessed to sexually assaulting the victim. 

    He said she was an easy target because she was a “heavy sleeper”. 

    Giacopelli also admitted to taking drugs, including fentanyl, from the hospital to his home, testimony revealed.

    The state Board for Professional Medical Conduct has since barred him from practicing medicine. Giacopelli is set to be sentenced on November 20 and is expected to receive four years in state prison.

    Tyler Durden
    Tue, 08/27/2024 – 20:30

  • Abbott Says Texas Has Purged Over A Million Ineligible Voters
    Abbott Says Texas Has Purged Over A Million Ineligible Voters

    Authored by Rick Moran via PJMedia.com,

    Purging voter registration rolls should not be controversial.

    The process is part of ensuring the integrity of the vote, making sure that ineligible voters are not allowed a ballot.

    But for some Democrats looking to make an issue of purging people from the voter rolls, it’s a racist attempt to deny people of color the right to vote.

    Do states purge some eligible voters from the rolls inadvertently or by mistake? No doubt the answer to that question is yes. Perhaps someone who moved forgot to change their address. Perhaps they didn’t notice the postcard that came in the mail reminding them to register with their new address.

    The fact is that the overwhelming number of people who are purged from voter rolls were either dead or moved without telling the local registrar. 

    Stupidity and laziness are colorblind.

    Gov. Greg Abbot (R-Texas) announced yesterday that Texas had purged more than one million voters from the registration rolls.

    “The Secretary of State and county voter registrars have an ongoing legal requirement to review the voter rolls, remove ineligible voters, and refer any potential illegal voting to the attorney general’s office and local authorities for investigation and prosecution,” Abbott said in a press release.

    “Illegal voting in Texas will never be tolerated. We will continue to actively safeguard Texans’ sacred right to vote while also aggressively protecting our elections from illegal voting.”

    Since Senate Bill 1 passed in 2021, 1.1 million people have had their names purged from voter registration rolls. “Among the 1.1 million removed from Texas’s voter rolls are over 457,000 people who died and over 463,000 people on the state’s suspense list, the governor said Monday” reports the Washington Examiner.

    Abbott also noted how over 6,500 of these voters removed from Texas’s voter rolls were noncitizens, 1,930 of whom have a voting history. The Texas Secretary of State’s office is working on sending all 1,930 of these records to Attorney General Ken Paxton’s Office for investigation and any legal action.

    The Texas governor’s news comes shortly after Gov. Glenn Youngkin (R-VA) issued an executive order to “protect legal voters and accurate counts,” which included “stringent ballot security, complete and thorough counting machine testing,” and “best-in-the-nation voter list maintenance.” The order also revealed that between January 2022 and July 2024, 6,303 noncitizens were removed from the state’s voter rolls.

    On Thursday, the Supreme Court ruled on Arizona’s proof of citizenship law, allowing the state to require those registering to vote to present proof of citizenship. Republican National Committee Chairman Lara Trump called the decision “a huge win” for the RNC. She also said the decision “sets a precedent across the country” for other states to take similar action.

    “Voting is a sacred right that must be preserved for citizens who qualify under our elections laws,” Texas Secretary of State Jane Nelson said.

    “My responsibility is to ensure free and fair elections and that only qualified voters participate.”

    New York Post:

    As part of the SOS voter roll oversight process, records of potential non-citizens are sent to counties, and voter registrars are required by law to investigate and remove all ineligible voters. The SOS is also by law required to “withhold election funds from a county voter registrar for failure to approve, change, or cancel a voter’s registration in a timely manner,” according to a new law that went into effect in 2021.

    Her office “monitors each voter registrar’s list maintenance activity on an ongoing basis for compliance with their voter registration cancellation duties,” Nelson said.

    Nelson also reminded registrars that they have the right to initiate their own investigations, as do Texas voters.

    In Texas, it’s going to be extremely difficult for an illegal alien to vote, just as it is in every other state. But both Democrats and Republicans should welcome measures that either party takes to prevent election skullduggery.

    Tyler Durden
    Tue, 08/27/2024 – 20:05

  • Baltimore Schools CEO Discusses Why Her Husband Has Not "Punched Out" Fox Reporter
    Baltimore Schools CEO Discusses Why Her Husband Has Not “Punched Out” Fox Reporter

    Investigative journalist Chris Papst of Fox45 News’ Project Baltimore has spent years exposing grade scandals and corruption within Baltimore City Schools. His reporting has undoubtedly drawn the ire of the head of the school system, who, in a recent interview, jokingly said her husband hasn’t “punched out” the reporter. 

    “Baltimore City has been good to me – it has been good to my family – um you know my husband has not punched out Chris Papst, which is great because I don’t want him going to jail, um when we have college tuitions to pay,” Baltimore City Schools CEO Dr. Sonja Santelises discussed in an interview with Fox45 News and its media partner The Baltimore Sun. 

    Santelises has been at the top of the school system for years, embroiled in several grade-changing scandals. Since she took charge in the 2016/17 school year—the same time Papst’s team began its investigations—district enrollment has declined by 6,500 students, or about 8%. Despite this slide in students, the school system’s budget has swelled by $400 million. Yet, as more taxpayers’ monies are spent, grade scores are going in the wrong direction.

    Over the last eight years, the school system’s graduation rate has declined, while the dropout and chronic absenteeism rates have been rising. 

    In 2023, only 26% of students across the school system scored proficient on the state English test, up from 22.4% one year earlier. This places city schools last in Maryland, behind Somerset County at 31.4%. Math in city schools is also the lowest in the state. Last year, only 8.8% of students tested proficient in math. 

    Meanwhile, under Papst’s leadership, Project Baltimore has uncovered massive grade-changing scandals that have gained national attention:

    Project Baltimore reached out to the school system, replying with this statement:

    “The comment about Mr. Papst was clearly made in jest, even eliciting laughs from WBFF’s photographers.”

    Where else does incompetence and failure result in the head of a school system being paid nearly half a million dollars per year with total compensation? 

    Well, only in Baltimore, of course. 

    Furthermore, the big question is: How can a school system spend taxpayer money like a drunken sailor while grade scores decline?

    Maybe this is because the school system is in cahoots with teacher unions that see students as commodities that scheme off taxpayers. After all, unions fund the Democratic Party’s political machine…

    Tyler Durden
    Tue, 08/27/2024 – 19:40

  • New Management Won't Fix A Broken Ivy League Business Model
    New Management Won’t Fix A Broken Ivy League Business Model

    Authored by Lexi Boccuzzi via RealClearPolitics,

    We should all stop celebrating Ivy League presidents resigning.

    Last December, Liz Magill, then president of my alma mater, the University of Pennsylvania, resigned. This was the result of a public relations nightmare for the school, brought on by a rise in antisemitism on campus, widespread protests, and, of course, her disastrous performance in front of the House Education and Workforce Committee. While the right celebrated, I wrote a cautionary tale about their excitement. Now, as Ivy League presidents keep dropping like flies, the latest victim being Columbia’s chief administrator, Minouche Shafik, we should all remember that new management doesn’t fix a broken business model.

    As was evident by Liz Magill and Claudine Gay’s viral appearances in front of Congress, the Ivies are plagued by a vacuous type of moral relativism. For decades, failing to prioritize intellectual diversity in the hiring of faculty and admission of students has led to declining quality in curriculum and campus discourse. Choosing to ignore warnings of long-time heterodox academics, the administrators hid behind lengthy “statements of open expression,” as ours was called at Penn. These sent free speech monitors to right-wing events where locations were decided based on the safety considerations of expected protestors and looked the other way as action was taken against faculty and students accused of “hate speech.” What they lacked was any real commitment to First Amendment principles.

    One should certainly acknowledge these presidents have failed to do their jobs of maintaining their university’s image and securing donations, thus making a strong argument that they should be pushed out. Nevertheless, despite “three presidents down,” we have seen little to no substantive change at these universities. Less controversial interim presidents have followed, and with them fruitless committees investigating “hate” on campus like the task forces at Penn.

    In the case of Columbia, the anti-Israel left celebrated Shafik’s resignation, citing her use of administrative power to punish (a small number) of Columbia students involved in the protests. Many on the right have suggested that “this is just the beginning,” and these resignations represent a reckoning against the powers that be in academia. In reality, all they do is take the heat off the universities, a heat which is absolutely vital to the type of change conservatives want and these schools need. In some instances, as has been evident in the response to the Columbia president’s resignation, this strategy of pushing out presidents seems to have emboldened left-wing actors who have substantial influence in university spaces to engage in a similar “naming and shaming.”

    Fiery admissions of concern from well-known alumni at Harvard and Penn were crucial to the resignations of Magill and Gay. In their public statements against the universities, Marc Rowan and Bill Ackman cited a litany of concerns they had about the state of their alma maters, chiefly that they had become harbors of antisemitism. This problem was not solved by Magill and Gay’s absence, with the universities taking very little action against encampments this spring.

    It makes perfect sense, of course, that the protests still occurred with new leadership because the problem is, in fact, much deeper. Most of these universities cost upwards of $80,000 a year, a burden that has strapped roughly 43 million Americans with student loan debt. Many of these individuals majored in social sciences and humanities, and they simply could not get a return on their education investment sufficient to pay back their debt. 

    While these students leave universities unable to find well-paying jobs in the careers they have pursued, they also leave unprepared for citizenship. Where liberal and civic education used to be at the center of advanced learning, creating individuals who were empathetic, in pursuit of the truth, and literate in history and government, today’s college graduates lack anything remotely resembling those qualities. A recent survey conducted by the American Council of Trustees and Alumni (ACTA) showed a stunning lack of knowledge about the United States and its past, with just 28% knowing that the 13th Amendment freed the slaves.

    None of this is particularly surprising, especially to those of us following the situation at America’s premier universities this last year. What is shocking, however, is how, in a country that prides itself on its free markets, an entire industry has been running for decades on a failing business model that delivers its consumers such a lackluster product.

    By ridding ourselves of these university presidents, we only succeeded in removing an easy target of public criticism, a fact that allows the schools to deflect accountability. The focus of our ills now must be some obscure bureaucratic structure hiding behind veils of “academic freedom.” If concerned actors, alumni, and members of Congress alike are serious about seeing reform in higher education, they need to target the business model of higher education and not just keep looking for new management.

    Our students and our country deserve better.

    Lexi Boccuzzi is a policy analyst at the Manhattan Institute. She is also a recent graduate of the University of Pennsylvania where she founded a new heterodox student publication, The Pennsylvania Post. She often writes about culture, conservatism, electoral politics, and higher education as it pertains to Gen Z. Her work can also be found in City Journal and National Review. Follow her on X @lexiboccuzzi.

    Tyler Durden
    Tue, 08/27/2024 – 19:15

  • Special Counsel Smith Files Superseding Indictment In Trump Federal Election Case
    Special Counsel Smith Files Superseding Indictment In Trump Federal Election Case

    Authored by Sam Dorman via The Epoch Times,

    Special counsel Jack Smith filed an updated indictment against former President Donald Trump in Washington on Aug. 27 following the Supreme Court’s ruling that he enjoyed some presidential immunity from criminal prosecution.

    “Today, a federal grand jury in the District of Columbia returned a superseding indictment, charging the defendant with the same criminal offenses that were charged in the original indictment,” an Aug. 27 filing from the special counsel’s office reads.

    “The superseding indictment, which was presented to a new grand jury that had not previously heard evidence in this case, reflects the government’s efforts to respect and implement the Supreme Court’s holdings and remand instructions in Trump v. United States.”

    The new indictment narrows the allegations against the former president by removing allegations involving his interactions with the Justice Department.

    It no longer lists as a co-conspirator former DOJ official Jeffrey Clark.  Trump’s co-conspirators were not named in either indictment, but they have been identified through public records and other means.

    Smith’s superseding indictment still contains four charges against the former president, including those from the financial reform law the Supreme Court addressed in Fischer v. United States.

    Presidential Immunity

    In Trump v. United States, a majority of the Supreme Court held that presidents enjoyed several tiers of immunity from prosecution: absolute immunity for acts that fall within their “conclusive and preclusive constitutional authority,” a presumption of immunity for their official acts, and no immunity for unofficial acts.

    Chief Justice John Roberts’s majority opinion grouped the allegations into three categories: those surrounding Trump’s work with the Department of Justice (DOJ); those involving his communication with state electors and his communications on Jan. 6, 2021; and his urging Vice President Mike Pence to not certify the election results in the Senate.

    Trump received absolute immunity from prosecution of the first category. For the second, the Court remanded the issue to the district court to determine whether his actions were official. His communications with Pence are “presumptively immune,” but the DOJ can rebut that presumption in court.

    It’s unclear how much of the superseding indictment will survive. D.C. Judge Tanya Chutkan will likely receive briefings from both the special counsel and former Trump’s legal team advocating their view of which charges should be dropped or maintained in the indictment.

    The Supreme Court has left her with the task of parsing former Trump’s actions and determining which were official and which were unofficial.

    Judge Chutkan has scheduled a status conference for Sept. 5.

    Experts have told The Epoch Times that the prosecution will extend past the election. If Trump wins the presidency, he’s expected to withdraw the case. Even if he loses, however, the case could face additional appeal and potentially make its way back to the Supreme Court.

    Last year, Trump’s legal team filed a motion to dismiss on statutory grounds and alleging that the initial indictment failed to “state an offense.” More specifically, it alleged the indictment failed to allege the type of deceit or trickery needed for the first count, which focused in both indictments on an alleged conspiracy to defraud the United States.

    On Aug. 3, Judge Chutkan denied the motion without prejudice and stated that Trump “may file a renewed motion once all issues of immunity have been resolved.”

    The superseding indictment came just a day after Smith asked the U.S. Court of Appeals for the 11th Circuit to affirm the legitimacy of his office. Florida Judge Aileen Cannon had dismissed his classified documents case against Trump on the grounds that Smith’s appointment violated the constitution.

    That case too could reach the Supreme Court where at least one justice — Justice Clarence Thomas — expressed concern about Smith’s office. That came in his concurrence for Trump v. United States. None of the other justices joined that opinion, but Justice Brett Kavanaugh expressed concern about the special counsel’s power during oral argument on April 25.

    Cannon limited her decision to the documents case, although it raised questions about the legitimacy of his other prosecutions.

    Tyler Durden
    Tue, 08/27/2024 – 18:50

  • Quinn: Countdown To Crisis, Catastrophe, & Collapse
    Quinn: Countdown To Crisis, Catastrophe, & Collapse

    Authored by Jim Quinn via The Burning Platform blog,

    “All tyrannies rule through fraud and force, but once the fraud is exposed, they must rely exclusively on force.” – George Orwell

    “The future’s becoming muddled. The lines of vision are narrowing. But now they’re desperate. All paths lead into darkness.” – Frank Herbert – Dune

    Trying to decipher the path ahead becomes more difficult by the day. We are purposefully bombarded with misinformation, disinformation, and propaganda by the ruling class, designed to distract us from their real purpose, real agenda, and real plans to imprison us in their techno-gulag, eating zee bugs in our container sized hovels, using our government issued CBDCs to subsist, unless we dared to question the approved narrative – resulting in our social credit rating dropping into the domestic terrorist zone – getting us banned and shunned from society. This is the New World Order the Davos crowd has designed and will implement as a Great Reset, if they succeed in retaining and increasing control over the U.S. and the rest of the Western World in the next six months.

    I know many bloggers/analysts depend on clicks, likes, and subscriptions to their websites/social media to make a living, so they constantly predict Armageddon within the next week, and it never happens. This “little boy who cried wolf” routine has resulted in even the critical thinking among us becoming complacent and unconcerned as we accelerate towards our dire rendezvous with destiny. We shrug off Ukraine invading Russia and bombing a nuclear power plant, while Belarus moves troops towards the Ukraine border, Putin bombs Kiev, and U.S. military equipment is employed by U.S. military personnel against Russia.

    We discount the possibility of Iran actually mounting a devastating response against Israel, prompting an even larger response by Israel, and the U.S. getting drawn into the conflict with Iran, because we’ve been here before and nothing happened. And nothing may happen again in the next week, but Fourth Turnings NEVER de-intensify. There will be blood, death, and war on an enormous scale before this Crisis is resolved.

    Personally, I believe the next six months will determine the course of humanity for the next century and beyond. I don’t think that is hyperbole when you step back and observe the big picture. It is so easy to get lost in the inconsequential minutia, because they want you lost in the inconsequential minutia, while the consequential decision-making is being done by the billionaire puppet-masters behind closed doors. This Fourth Turning is slated to reach its bloody denouement in or around 2032, based upon historical precedent. Of course, with nuclear arms, it could all end in the blink of an eye.

    We are in an existential battle between good and evil, and unlike the movies there is no guarantee the good guys will win in the end. We are lost in a blizzard of lies, with super-elite factions vying for power and control over our lives. People who just want to be left alone to live their lives in peace, with the freedom to say and do what they want, are being bullied, tyrannized, surveilled, censored, taxed, and pushed to their limit by those pulling the levers of this society.

    Most people are unwilling or unable to confront the brutal facts of our current reality. They cling to their normalcy bias, disbelieving and minimizing the unmistakable catastrophic threats staring them right in the face. As James Stockdale stated many decades ago, you can’t confuse faith we will overcome the evil forces we are confronting, with the discipline and tremendous sacrifices we will have to make in order to achieve victory over those evil forces. The normalcy bias crowd, with their heads planted firmly in the sand, will not be able to sit out this chaotic, violent, bloody installment of this Fourth Turning Crisis. Sides must be taken. Choices must be made. Engaging in distressing behavior will be required. The 2nd Amendment will need to be used in order to retain the 1st Amendment.

    If ever Lenin’s quote, “There are decades where nothing happens; and there are weeks where decades happen.”, applied, it has been the six weeks since the Deep State/Invisible Government attempted to assassinate Trump in Butler, PA. Events have been happening at a breakneck pace and it is difficult to determine which incidents are being engineered and which are occurring naturally. As a died in wool conspiracy theorist, who needs new conspiracy theories because all of mine have come true, I believe most of what we have witnessed over the last several weeks has been engineered by competing super-elite factions vying for control over our government in a life-or-death struggle to rule over our demise as an empire in the throes of its death rattle.

    As Dylan noted in the 1960s, times are a-changin. The waters of debt have grown, and we are sinking like a stone.

    Come gather ’round people
    Wherever you roam
    And admit that the waters
    Around you have grown
    And accept it that soon
    You’ll be drenched to the bone
    If your time to you is worth savin’
    Then you better start swimmin’ or you’ll sink like a stone
    For the times they are a-changin’

    Bob Dylan – The Times they are a-changin

    With the national debt already above $35 trillion, generating $1.1 trillion of interest expense per year, our leaders continue to heap $6 billion of debt per day ($4.2 million per minute) upon our backs, destroy our standard of living through relentless Fed created inflation, wage undeclared wars across the globe, unblinkingly report provably fake economic data to maintain their Potemkin empire façade, conspire with the Fed and their Wall Street owners to push the stock market to all-time highs, before they pull the rug out at a time of their choosing. They know the ignorant masses are disinterested and/or incapable of understanding the machinations they use to keep the sheep calm, as they lead them to slaughter.

    Last week they quietly reported that 818,000 jobs they reported as existing were entirely fake. They knew they were fake when they reported them, but you gotta do what you gotta do to maintain your wealth, control and power. A good rule of thumb is whatever the government reports as the unemployment rate or inflation rate, double it to get close to the real number. Using real numbers would reveal the country is in a recession and has been for over a year. You should always watch what they do, rather than what they say, to understand the truth.

    Powell told the world this week he is going to cut rates in September and keep cutting. Why would he do such a thing when the stock market is at an all-time high, home prices are at all-time highs (75% higher than the 2006 peak), employment is at all-time highs, GDP is growing strongly, and inflation is still 50% higher than the Fed’s target? Because he knows the reported numbers are a lie and his bosses know reigniting inflation will drive their stocks higher and make their debt burden less burdensome. A catastrophic debt and asset collapse beckons. But the music is still playing, so everyone keeps on dancing.

    Maybe they want the collapse to occur on Trump’s watch to put a final nail in his coffin, convincing the ignorant masses it was his fault, allowing them to overthrow his regime and introduce their new world order of CBDCs, social credit scores, 15-minute cities, bugs for you and caviar for them, Big Brother surveillance, and war with Russia and China. When they pull the plug on this shitshow of debt, the Great Taking will commence, and they expect the masses to beg to be saved. The Covid plandemic was the test run and the vast majority bowed down to fear propaganda and authoritarian measures in order to be “saved” by their all-powerful overlords. They will use the same game plan again.

    Their diabolical plans are there for all to see, but most continue to stare at their iGadgets, conduct their fantasy football drafts, go further into debt buying shit they don’t need, gulping down the toxic chemicals marketed to them as food, believing voting for one of the two selected Uniparty options will change our course, and are all in on war against those evil dictators Putin and Xi. Is there a rhyme or reason to the events that have taken place over the last several weeks, and is the next three months already orchestrated with a pre-determined outcome? And, if so, is that outcome designed to generate a response from the various competing factions, which allows the true ruling elite to roll-out additional aspects of their totalitarian Great Reset agenda?

    I’ve been trying to decipher what the hell is going on since the dementia dummy pretend president was purposely sacrificed on the debate altar on June 27 by his puppet-masters because they knew his pants shitting, child sniffing, and ice cream eating antics weren’t going to cut it this time around. They need the polls to be close enough that they can activate their cheating machine to steal the election again. Those fake mail-in ballots aren’t going to fill themselves in and be dumped into the collection bins at 3:00 am. It was clear Biden was going to lose in a landslide, so they needed to adjust their plans.

    Plan A, the assassination of Trump before the RNC convention, failed by a half inch. There is no doubt in my mind the CIA/Secret Service/Deep State colluded to eliminate Trump, because they perceive his election threatens their continued control over the levers of power in this country and our European puppet regimes. They tried to replay the Oswald “lone gunman/patsy killed playbook”, and failed, but their regime media mouthpieces have buried the story, and no one seems to give a shit anymore, just like the Deep State likes it. You’re a conspiracy nutjob if you don’t buy their ridiculous narrative of feigned incompetence.

    It became readily apparent their pretend game of Biden running again was a joke when their lackey co-conspirators in the media all turned on Slow Joe at the exact same moment. They were all given the memo to suddenly realize his mental capacities were non-existent after actively suppressing the fact he was a dementia ridden cadaver his entire time in office. Plan B has now been activated. The selection of the diverse, vacuous, cackler commie by the Deep State puppeteers, as the savior for the Republic, even though she is a truly dumb human being who has never had an original thought in her life, can only mean one of two things.

    They are either so confident in their cheating operations in swing states they believe they can produce a redo of 2020 or they don’t want to win. The selection of tampon Tim over Josh Shapiro as VP points towards them not wanting to win. With Shapiro they would have had a much better shot at winning Pennsylvania, which they must win. There has been a monumental effort by the regime media to produce fake polls showing kackling Kamala ahead or even with Trump. This is an essential ingredient to stealing the election with fake and illegal immigrant mail-in ballots stuffed into ballot boxes by Soros paid flunkies.

    Based on the amount of money they are spending here in Pennsylvania, with Kamala ads every three minutes, it appears the powers that be do want to install another dimwit puppet, who will do as they are told and say whatever the teleprompter tells them to say. With Kamala they can continue the destruction of the nation, pillaging the wealth, keeping the border wide open, promoting deviancy, shredding the Constitution, and instigating the onset of WW3 to keep the military industrial complex satiated.

    They may be able to neutralize Trump, as they did during his first term with Russiagate, impeachments, and a scamdemic, but he isn’t nearly as controllable as the dimwitted cackler. They fear his potential retribution and unleashing of someone like RFK Jr. in a role as Attorney General or CIA Director. That would be too dangerous for the Deep State psychopaths. That is why they will try to assassinate Trump again if his lead seems insurmountable.

    The other major development over the last several weeks is the fact we are actively fighting a war with Russia. Everyone knows we’ve provided a couple hundred billion in “military aid” to Zelensky, which is essentially funneled to U.S. arms dealers, after Zelensky and his nazi apparatchiks take their slice. But the invasion of Russia and the pinpoint drone attacks on bridges, oil refineries, nuclear power plants, and other civilian targets have been conducted with U.S. hardware, U.S. logistical planning, and U.S. drone operators.

    The depleted Ukraine military is incapable of conducting operations on this scale and do not have the technological acumen to utilize the American technology. Therefore, U.S. personnel are conducting military operations against Russia, meaning we are conducting an undeclared war against Putin, and he knows it.

    This has been the neocon plan since 2014. Lure Russia into military operations in Ukraine in order to deplete their military and their treasury. After two years of sanctions and $200 billion into the Zelensky black hole, Russia is winning, Ukraine has been bled dry by the U.S. and their puppet Zelensky, and the sanctions have crushed the EU economies. The U.S. blew up the Nordstream pipeline and continues to peddle utterly ridiculous tripe about some drunken Ukrainians blowing it up from their dinghy.

    Putin has shown tremendous restraint in not annihilating Kiev and inflicting real pain on Ukrainian citizens. But I get the feeling his patience is wearing thin. The neocons, like Graham, Nuland, and the majority of corrupt psychopaths in Congress believe starting WW3 will somehow restore the glory of an empire accelerating towards full-fledged collapse. This belief is utter madness, from those who never fought in war and do not know the horrors of combat. They will gladly sacrifice our children to retain and expand their wealth, power and glory.

    It seems like years of historic events have occurred in the last two months, and I fear the next three months will be wrought with events which will be discussed in history books decades from now, as we read about the Great Crash, Great Depression, and World War II today. Those constituting the invisible government (aka Deep State, Oligarchs, Ruling Elite), manipulating and molding the minds of the masses, continue to use all means at their disposal to suppress free speech and retain their control by: arresting the CEO of Telegram, threatening Musk, extraditing Kim Dotcom, torturing Assange for years, forcing Snowden into Russian exile, censoring dissenters, and throwing people into prison for peaceful protests and exercising their right to free speech.

    The basement dummy strategy they used to keep the public ignorant of Biden’s dementia in 2020 is being attempted again with Willie Brown’s whore, as they keep her hidden from journalists asking questions which would reveal her immense stupidity and inability to think on her feet. She was always much better on her knees.

    Based on the Kamala’s record over the last four years regarding the BLM riots, support of Covid lockdowns and forced vaccinations, her Border Czar performance, her coverup of Joe’s declining mental faculties, association with the economic policies which have created massive inflation and ruined the lives of millions and picking a far-left lying looney toon as her VP, she should have zero chance of becoming president. But we know presidents are selected, not elected. And we know those counting the votes are all that matter in the end.

    I know everyone wants their team to win and it does matter in the short-term whether Harris or Trump is in the White House for the next four years. But neither will keep the country from its ruinous destiny with history. All empires die, it’s just a matter of whether they collapse violently or just fade into the sunset. The American empire will go out with a bang, as it is run by narcissistic psychopaths bent on the destruction of mankind if it can’t rule the world.

    Electing Trump may allow the catastrophic collapse to be paused for a moment, but there is nothing substantive he can do to reverse decades of poor decisions, and a teetering tower of debt poised to come crashing down at any moment, as the world loses faith in the USD. If the powers that be choose so, Trump may be the sucker holding the bag when they pull it. There really is no escape, as described by Ludwig von Mises many decades ago. With debt of $35 trillion and rising by a trillion every few months, our credit expansion has reached its limit. Collapse is inevitable.

    “There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.”

    The selection of Harris would continue the tragic course we have been on for the last four years, with her handlers completing their destruction of our society, culture and economic system. The next three months could see the onset of WW3, the latest heavily marketed plandemic (monkeypox, bird flu, covid variant 9.0, West Nile or some Gates mosquito virus), more assassination attempts, false flag terrorist incidents to create civil chaos, and if Trump wins – cities burning as the BLM and ANTIFA terrorists are activated by Soros and Obama.

    I don’t know what will happen in the coming months, but I do know it will not be uneventful. Fourth Turnings always intensify towards violent upheaval, death, destruction, and clear winners and losers. No matter the outcome of this election, violence will follow as the losing side will not accept defeat. I expect civil war to be coupled with global conflict as we travel towards some type of climax and resolution by 2032, twenty-four years after this crisis was triggered in 2008 by the Fed and their Wall Street owners.

    No matter how prepared you think you are for the dreadful challenges ahead, the level of violence likely to overwhelm the world will be shocking and disconcerting to even the most hardened and toughest individuals. Is anyone really prepared for their bank accounts to be drained by shadowy entities; empty grocery shelves; the power grid being down, attacks from within and from without; and hordes of armed gangs roaming the streets and countryside?

    Chaos is going to reign, especially if Trump manages to defy the odds and be elected. Those who conspired against him are willing to destroy the world rather than face the consequences of their traitorous schemes. The end of an empire, which refuses to accept its pre-ordained fate, will not be pretty. The facts are unequivocally bad, and feelings, gender gibberish, diversity and inclusion bullshit, and what you are told to believe by the regime media and your glorious leaders, won’t matter when every day becomes a matter of life or death.

    I stumbled across a Bob Dylan song from 62 years ago called Let Me Die in My Footsteps, which was inspired by the Cold War and the building of bomb shelters in the late 1950s to survive a nuclear attack. The lyrics are haunting and probably more applicable today than they were in 1962. My interpretation is that we have to keep living our lives to the fullest, speaking truth to power, understanding the propaganda spewed by our supposed leaders are nothing but lies, fear is their tactic to control us and push us towards war, and we might need to make a stand against tyranny and die where we stand.

    Cowering in a bunker while the Deep State pillages our nation is not the choice of people who care about the future and are willing to fight for future unborn generations. Everyone is going to need to ask themselves whether they are willing to die in their footsteps for a greater cause. The answers will determine the future course of history. What kind of American are you?

    I will not go down under the ground
    ’Cause somebody tells me that death’s comin’ ’round
    An’ I will not carry myself down to die
    When I go to my grave my head will be high
    Let me die in my footsteps
    Before I go down under the ground

    There’s been rumors of war and wars that have been
    The meaning of life has been lost in the wind
    And some people thinkin’ that the end is close by
    ’Stead of learnin’ to live they are learnin’ to die
    Let me die in my footsteps
    Before I go down under the ground

    Let Me Die in My Footsteps – Dylan

    I don’t know if I’m smart but I think I can see
    When someone is pullin’ the wool over me
    And if this war comes and death’s all around
    Let me die on this land ’fore I die underground
    Let me die in my footsteps
    Before I go down under the ground

    There’s always been people that have to cause fear
    They’ve been talking of the war now for many long years
    I have read all their statements and I’ve not said a word
    But now Lawd God, let my poor voice be heard
    Let me die in my footsteps
    Before I go down under the ground

    Let Me Die in My Footsteps – Dylan

    Tyler Durden
    Tue, 08/27/2024 – 18:25

  • Parents Fight Back With Rising Use Of Religious Vaccine Exemptions For Their Children
    Parents Fight Back With Rising Use Of Religious Vaccine Exemptions For Their Children

    Summer has officially come to a close. Families wrapped up beach and/or mountain vacations last weekend as kids now sit in the classroom, hopefully learning non-woke math and critical reading skills. A notable trend this school year is the increasing number of parents choosing to circumvent government-enforced vaccine requirements for their children through non-medical religious exemptions. 

    Local non-profit media outlet Maryland Matters cited new data showing an increasing number of parents have opted their children out of vaccination requirements through non-medical religious exemption. The trend surged after draconian requirements pushed by an overreaching government during the Covid era. 

    Here’s more on the data from Maryland Matters: 

    The number rarely rises above a percent or two of an incoming kindergarten class, typically accounting for no more than a couple hundred children per year. But that means that in the years since 2002, a total of more than 10,000 kindergartners have attended public and private schools without vaccination records, according to historical data from the Maryland Department of Health.

    The rising percent of religious exemptions in recent years may point to increasing rates of vaccine hesitancy among families, said Daniel Salmon, a professor and director of the Institute for Vaccine Safety at Johns Hopkins Bloomberg School of Public Health.

    “We’ve seen a post-COVID increase,” Salmon said. “With COVID … things got really polarized with more misinformation and disinformation. Vaccinations became a very political topic. And that’s not helpful.”

    Maryland law requires doctors to inject children with several big pharma vaccines before they enter kindergarten (and many more after) to protect themselves and their classmates from transmissible diseases, such as polio, measles, and chickenpox, among many others.

    Tracking vaccine hesitancy through the Maryland health data suggests parents are becoming increasingly aware of the potential concerns surrounding increasing government-mandated vaccinations for their children. 

    Here’s a straightforward breakdown of the vaccine hesitancy rise of Maryland parents via the media outlet:

    • The earliest data readily available from the state is from the 2002-2003 school year, in which 0.2% of kindergartners got a religious exemption, or about 126 kids out of roughly 63,000 entering kindergarten that year.

    • The rate increased steadily over the years: Ten years later, for example, about 0.6% of kids had religious exemptions, resulting in about 419 kids not receiving vaccinations in 2012-2013.

    • Religious exemptions spiked in 2019-2020 when 2.7% of kindergartners, or 1,641 kids, opted out of vaccination requirements. The COVID-19 pandemic went into full swing in the spring of 2020, so those families would have opted out prior to the the rise in cases in the United States.

    • Since the 2021-2022 school year, at least 1 percent of kindergartners in Maryland had a medical exemption – a couple hundred a year.

    Source: Maryland Matters

    Perhaps the expanding vaccine schedule for kids over the last three decades has something to do with the vaccine hesitancy among millennial parents. 

    Axios shared a nationwide breakdown of where parents have used non-medical exemptions for their children the most.

    Source: Axios

    Meanwhile, President Donald Trump criticized the number of childhood vaccines in a video with Robert F. Kennedy Jr in mid-July. 

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

    Hmm… 

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

    Nothing to see here. It’s not illegal to ask questions. 

    Source: The Autism Community in Action

    The prevailing trend is that an increasing number of parents are opting their children out of government-mandated big-pharma vaccines. We wonder why… And maybe Trump is right. 

    Tyler Durden
    Tue, 08/27/2024 – 18:00

  • California Votes To Approve $150K In Taxpayer-Funded Home Loans For Illegal Aliens
    California Votes To Approve $150K In Taxpayer-Funded Home Loans For Illegal Aliens

    Update: Big surprise!! They passed it!!

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

    As a reminder, US median home prices are already at record highs… so what exactly do they think this free-money will do?

    * * *

    As Eric Lundrum detailed earlier, via American Greatness,

    The state of California could soon pass a law that will make illegal aliens eligible to receive as much as $150,000 in taxpayer-funded loans to purchase new homes.

    According to Fox News, the “California Dream for All” act is likely to pass through the overwhelmingly Democrat-controlled state legislature.

    The bill would implement a statewide program that provides 20% in down payment assistance, as high as $150,000, for illegals who seek to buy homes in the state.

    The only requirements to apply are that one must be a first-time homebuyer and a first-generation homebuyer; the program will also require income levels to be below a certain limit relevant to the county where the applicant lives.

    Governor Gavin Newsom (D-Calif.) has not yet said whether or not he will sign the bill into law.

    A spokesman for his office said that the governor “doesn’t typically comment on pending legislation,” but that “if the bill reaches his desk, the Governor will evaluate it on its merits.”

    Democrats in the state have defended the bill, claiming that it simply promotes equality and gives the same opportunities to illegals that American citizens would have.

    Assemblyman Joaquin Arambula (D-Calif.), the author of the bill, has claimed that the legislation would still require applicants to meet federal requirements, which includes providing either taxpayer identification or a Social Security number, both of which are things that illegals are generally not supposed to have.

    “We simply wanted to be as inclusive as possible within our policies so that all who are paying taxes here in our state were able to qualify,” said Arambula.

    “Without the intentional law that we are introducing, we felt that there were complexities and questions that many in the immigrant community would have.”

    A similar effort is ongoing in the state of Oregon, being carried out by a taxpayer-funded organization called Hacienda CDC, which is offering handouts of up to $30,000 exclusively to illegal aliens as down payment assistance in buying new homes.

    Tyler Durden
    Tue, 08/27/2024 – 17:40

  • Millennials Begin Influencing Classic Car Auctions As Baby Boomers Take Hit On Old Packards 
    Millennials Begin Influencing Classic Car Auctions As Baby Boomers Take Hit On Old Packards 

    Baby boomers are holding the bag in the classic car market. These folks first began retiring in the early 2000s—right before the GFC—and some were on buying sprees for classic automobiles, such as Packard Roadsters and Ford Thunderbirds. Fast-forward to 2024, and the classic car choices of baby boomers did not rub off on GenXers and millennials, as youngsters overwhelmingly prefer cars from the 1980s, 1990s, and 2000s, such as 911 Turbos.

    “Millennials shun many of these vehicles (pre-1960s) that were popular with boomers. Some of these vehicles may have peaked for good as the younger generations want no parts of these cars,” we noted last October after multiple well-known car auctions.

    At the time, we first recognized the changing of the guard as GenXers and millennials were not showing up on the buy-side to purchase classics from the 1930s, 1940s, 1950s, and 1960s. We must note many of these classics have fueled the historic car bubble for decades.

    These classics are becoming increasingly difficult to sell at some of the country’s most popular auctions. The latest comes after Monterey Car Week, where sales were down 3% from last year, and unsold classics from the pre-1960s piled up. 

    Here’s a terrific summary of the auction’s highlights from auto news website Hagerty:

    Car Week 2024 and the Monterey auctions are now in the books. While the Sunday concours in Pebble Beach is all about elegance, the auctions are best described with numbers. In four days, more than 1100 vehicles were offered, and 73 percent of them sold. Of those offered, 163 were potentially worth $1M or more. Total sales for the five auctions was just under $392M. Despite all those big numbers, fewer lots were offered this year, total sales were down by three percent, and the average price fell, too. Why?

    Starting with those 163 examples of $1M-plus cars offered, the market appears to have a growing preference for more modern vehicles. When “modern” is defined as anything built since 1981, it leaves nearly 100 years of vintage vehicles and just over 40 years of modern. The amount of cars—140 vintage and 23 modern—could reflect the broader time period considered for vintage cars, or that imbalance could merely reflect an oversupply of vintage $1M-plus vehicles. Since 2021 in Monterey, modern vehicles in that seven-figure range have achieved a higher sell-through rate than vintage vehicles, partly due to being offered in smaller numbers.

    It could also be that the appeal of vintage seven-figure cars like 1930s coachbuilt French cars is diminishing. Both the 1937 Bugatti Type 57 Atalante at Gooding (low est. $9M) and the 1938 Talbot-Lago T10C Teardrop Coupe at Broad Arrow (low est. $6.5M) were no sales. Conversely, both auction companies sold modern track-only sports racing cars, with Gooding selling a 1995 Ferrari 333 SP Evoluzione for $5,120,000 and Broad Arrow selling a 1997 Porsche 911 GT1 for $7,045,000.

    Of course, seven-figure Ferraris and Monterey auctions go very well together, too. In the past 36 years, the top auction sale of the entire year occurred in Monterey 19 times, and 11 of those times, the car was a Ferrari. This year, six of the top 10 were Ferraris. However, like the broader $1M-plus market, there’s a split between vintage Enzo-era Ferraris (pre-1974) and modern Ferraris. Vintage cars are more numerous at this price level, and the sell-through rate has been falling, while modern cars are relatively rarer and have been selling better. While changing tastes could account for that difference, supply differences could also affect the sell-through rate.

    What stood out to us was the sell-through rate of 52% for pre-1981 cars priced at $1 million or more at Monterey. For newer vehicles, the sell-through rate came in at 73%—yet more evidence that Gen Xers and millennials prefer cars from the 1980s, 1990s, and 2000s.

    Data from Hagerty’s Supercar Index, which tracks sports cars from the 1980s through the 2000s, shows a surge of over 60% since 2019. In contrast, the Blue Chip Index, which includes classic Corvettes, Ferraris, Jaguars, and other cars from the 1950s and 1960s, has fallen by 3%.

    Millennials have dominated the labor market for the last five or so years. Their shift in taste has dictated economic trends this decade; many have been crushed by debt and inflation, and many cannot afford homes and/or start families.

    And the baby boomers (or their estates) who are loaded up with classics from the pre-1960s better start to understand that these car prices will only slide more as millennials don’t want Packards and T-Birds. They want the 1980s 911 Turbos. Also, high interest rates under failed Bidenomics have dampened activity in the classic car market.  

    Tyler Durden
    Tue, 08/27/2024 – 17:20

  • Trump Lawyers Urge Appeals Court To Disqualify District Attorney Over Speech At Atlanta Church
    Trump Lawyers Urge Appeals Court To Disqualify District Attorney Over Speech At Atlanta Church

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

    Former President Donald Trump’s lawyers on Monday submitted a court filing against Fulton County District Attorney Fani Willis in the Georgia Court of Appeals, arguing that she should be removed from the case for committing a “severe violation” of the state’s legal guidelines.

    Fulton County District Attorney Fani Willis testifies during a hearing in the case of the State of Georgia v. Donald John Trump at the Fulton County Courthouse in Atlanta on Feb. 15, 2024. Alyssa Pointer/Pool via Getty Images

    In a reply brief, the former president’s team wrote that Trump was “aggrieved by Willis’ church speech,” referring to comments she made in January that suggested there was a racial animus at play when a co-defendant filed a motion to have her disqualified over a relationship she had with her then-special prosecutor.

    The legal team said that her speech was “a severe violation of the Georgia Rules of Professional Conduct,” claiming that her comments at the church were allegedly designed to increase public condemnation of Trump and the other co-defendants in the eyes of potential jurors. On those grounds, according to the lawyers, Willis should be removed from the case.

    “Pretermitting fairness, President Trump was injured by Willis’ … speech because national and local media outlets broadcast and reported Willis’ claim as an attack against the defense,” the filing said. Willis, it added, also asserted that “allegations against her stemmed from racism,” which his legal team said were unfounded.

    The Georgia appeals court will hear an appeal by Trump and several co-defendants on Dec. 5, it previously ruled, over whether Willis should be disqualified from the case due to her relationship with former special prosecutor Nathan Wade.

    Earlier this year, Fulton County Superior Court Judge Scott McAfee ruled that either Wade or Willis must leave the case, prompting Wade to leave and allowing Willis to stay on board. Trump and the other defendants quickly sought to appeal the case.

    In his March ruling, McAfee chided Willis for her church speech but said it is not grounds for her disqualification. He also said there wasn’t enough evidence to remove her based on the Wade relationship, although he signaled that an “odor of mendacity” was permeating the case.

    Fulton County prosecutors had said that her speech at the church was vague, and she was not speaking about anyone in particular.

    “Isn’t it them who’s playing the race card when they only question one?” Willis said during her speech, in part. “Isn’t it them playing the race card when they constantly think I need someone from some other jurisdiction in some other state to tell me how to do a job I’ve been doing almost 30 years?”

    Her office filed a motion to dismiss the appeal in August, arguing there wasn’t enough evidence to back up their claims that she had a conflict of interest due to her prior relationship with Wade.

    “Unsatisfied, the Appellants now seize upon the trial court’s criticisms of the District Attorney to distort its actual findings and overstate their case,” the district attorney’s office wrote. “They ask this Court to second guess the trial court’s factual conclusions and apply standards of disqualification that no Georgia court has ever authorized or employed.”

    The conflict started in January when co-defendant Michael Roman, a former Trump campaign aide, alleged in court papers that the pair were in a relationship, a claim that the two later confirmed during a contentious hearing before McAfee in February.

    However, they disputed key allegations made by lawyers for Roman and his co-defendants, including that they improperly benefitted financially from their arrangement. They also refuted claims made by a witness that their relationship started much earlier than they had said.

    The case was brought by Willis against Trump and more than a dozen other co-defendants, accusing them of conspiring to overturn the election results in the county after the 2020 election. In part, her office’s indictment focused on a Trump phone call in January 2021 with Georgia Secretary of State Brad Raffensperger in which the president asked him about votes and ballots.

    Trump and the majority of the other co-defendants, including former New York City Mayor Rudy Giuliani, have pleaded not guilty, although several have entered guilty pleas as part of deals with the prosecution.

    Due to the appeals process, the case likely will not proceed to trial before the November election.

    The Fulton County District Attorney’s office did not immediately respond to an Epoch Times request for comment.

    Tyler Durden
    Tue, 08/27/2024 – 17:00

  • Robby Starbuck Wins Again: Lowe's Scraps Some DEI Policies
    Robby Starbuck Wins Again: Lowe’s Scraps Some DEI Policies

    Anti-woke crusader Robby Starbuck is making headlines again, this time taking credit for Lowe’s scaling back its diversity, equity, and inclusion initiatives. Starbuck, known for his relentless campaign against far-left white-collar activists infiltration of corporate America’s management teams and corporate boardrooms, argues that companies like Lowe’s should focus on selling products instead of being woke activists. 

    “Big news: I messaged @Lowes executives last week to let them know that I planned to expose their woke policies. This morning I woke up to an email where they preemptively made big changes,” Starbuck revealed on X on Monday. 

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

    Starbuck listed Lowe’s big changes that include winding down some DEI initiatives:

    • Ending participation in the @HRC’s woke Corporate Equality Index social credit system

    • No more donations to pride events or other divisive events.

    • Ending ERG groups in favor of one large unifying ERG group for all employees, no longer designed to focus on race or sexual orientation.

    He continued:

    They also hint at more future changes. We’re now forcing multi-billion dollar organizations to change their policies without even posting just from fear they have of being the next company that we expose.

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

    Starbuck’s anti-woke crusade against corporate America has led Tractor Supply, John Deere, Harley-Davidson, and Jack Daniel to either nuke or wind down DEI activism. 

    He might need more doors. 

    “If Elon had not bought Twitter this account [Robby Starbuck] would have been banned. Thus, these companies would continue DEI since they would not have any feedback from the millions of people that don’t agree. The #1 amendment is critical. We the people are sick of being censored.  I bite my tongue on every FaceBook post because I will get banned,” one X user wrote. 

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

    Last Friday, Robert F. Kennedy Jr. said mass censorship was one of the “principles that persuaded me to leave the Democratic Party and run as an independent, and now to throw my support to President Trump.” 

    Tyler Durden
    Tue, 08/27/2024 – 16:40

  • Dear Democrats, Things Are Not Looking Good…
    Dear Democrats, Things Are Not Looking Good…

    Authored by Jenna McCarthy via Jenna’s Side Rocks blog,

    Dear Democrats,

    I hope you’ve got your organic, ethically-sourced stress balls and fair trade lavender calming spray handy, because I think you’re going to need them. The anti-vax black sheep of Camelot has thrown his support behind the felonious, mean-tweeting Cheeto, and despite laughable heroic MSM attempts to convince the masses otherwise, the unlikely duo appears to be unbeatable. Even if you cheat harder than you did in the last election—and let’s be real, you set the bar pretty high for yourselves there—it’s looking like you might have to make good on that threat to move to Canada come November.

    I can only imagine how that makes you feel. Probably like someone decided to mix peanut butter and ketchup and everyone else is like holy crap you have to try this it’s actually delicious but you’re allergic to peanut butter and ketchup and now you’re about to throw up.

    I know you’re clinging to your MOMALA yard sign like Rose on that wooden door after the Titanic went down, and frankly, I don’t blame you. We both know the list of things you cherish *that’s about to vanish like socks in the dryer* is longer than a CVS receipt.

    DEI? Yeah—Discriminate, Exclude, and Ignore

    In an RFTrump administration, you can expect your beloved Diversity, Equity, and Inclusion to disappear faster than the free Italian meatball samples at Costco. How much do you want to bet that despotic duo will try to install some sort of transphobic meritocracy where pronouns, chromosomes, and sexual preferences don’t even matter, and hard work and talent will determine how successful you’ll be? I know! Imagine this dystopian future world where job promotions are handed out based on skills and accomplishments rather than skin color or relative neurodivergence or how well your beard compliments your breasts. Go get yourself a paper bag and breathe into it. I’ll wait.

    Not anymore, I’m afraid.

    KKKritical Race Theory? RIP.

    I hope you’ve gotten your fill of those engaging CRT discussions, because I’ve a hunch they’re about to go the way of the flip phone. Bobby-loves-Donny will surely put their privileged, white-cloaked heads together (God help us all!) and declare CRT a national threat—right up there with climate change which, by the way, they’ll likely rename something like “ weather”. (I know, for a minute there you thought that Bobby, a lifelong tree hugger, was going to immediately ban gas-powered cars or at least start taxing cow farts or something, but sadly the guy has repeatedly disappointed and angered environmentalists, so I wouldn’t hold your breath.) All that progress you made trying to shame white people for being born melanin deficient and encouraging minorities to feel ever more oppressed, bitter, and victimized? Poof! Gone. (Maybe tissues will become affordable again.)

    Open Borders? More Like a Swiss Bank Vault Inside Fort Knox.

    Remember when the United States was all about welcoming and helping the huddled masses yearning to breathe free? Yeah, you can tuck that away on a shelf with your model pyramid and replica Rosetta Stone. Get ready for a giant, impenetrable wall complete with laser beams and possibly a moat filled with piranhas. Instead of the government spending our collective money to import, welcome, house, feed, clothe, educate, connect, and otherwise support strangers who pay no taxes and may or may not have come here to kill us, now those funds are probably going to be used to [gasp!] benefit American citizens. It’s so narcissistic and xenophobic, I don’t even know where to start. The good news is once they eliminate that censorship that kept you so safe during Covid, at least you’ll be able to virtue signal express your displeasure online by using a variety of hashtags like #ImmigrationIsBeautiful and #NoHumanIsIllegal and #I’mStuckInACountryBeingLedByAPairOfRacistWhiteDudesSendHelp.

    Fear not, snowflakes. This is not an actual thing.

    Just Make Rich People Pay for Everything? I Don’t Think So.

    With two famously flush white guys running the show, you just know that hyper-taxing the affluent (like AOC’s brilliant and clearly fair and not in any way punitive proposed 70% income tax on the country’s highest earners) is not going to happen. Obviously it’s way better to force those snooty, fat-cat uppercrusters to fork over exponentially more of their hard-earned money to support social programs and reduce income inequality and put gay pride flags in all our classrooms. Now you’re going to have to contribute to all of that, too! It’s so not fair, I honestly can’t even.

    Second Amendment Rights? Don’t Tread on THOSE.

    “A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed.” Seriously? But… but… that means people will continue to be able to defend themselves against criminals and tyrants! If they would just ban guns completely, everyone knows all the murderous thugs would turn in their weapons and violent crime would cease to exist. Thanks to this nauseating turn of events, the next thing you know, everybody and their granny will be packing heat and folks will be shooting each other over parking spaces instead of just stabbing each other, which is obviously far more civil and less scary. The only safe solution is to lock yourself in your home and never leave again (except for during elections, because they’ll definitely be banning mail-in ballots, those bigoted trolls). Or move to Canada.

    You can bring this one up in therapy.

    Foreign Policy? You Mean Nasty Nationalism [shudders].

    I know. We were (still are!) thisclose to going to war with China Russia Iran Syria … somebody. They were about to start drafting our daughters! What an exciting and patriotic time to be alive and to be given the opportunity to fight for… something surely extremely important! I know, America’s meddling nose doesn’t really belong in every other country’s politics; in fact, Ayatollah Khamenei and Kim Jong Un have been begging the US to MIOB for basically ever. Now, not only won’t you have any fun, colorful flags to superimpose over your Facebook profile picture; you just know Trumpedy is going to insist on selfishly putting America First (so anti-Semitic!) and withdrawing from the Paris Agreement (so rude!) and the WHO (again). Oh, and they’ll tax the hell out of Chinese imports, so you can say a sad so long to all those sweet Shein and Temu deals. Sorry, boo. It was fun while it lasted.

    Free Speech? You Mean, Mean Tweets Are Coming Back.

    It’s a frightening thought but one we must all come to terms with: The leader of the free world will be able to communicate with people—openly and without censorship—on the largest and most influential free speech platform in the digital universe. Not only that, but you can bet the channel’s formerly progressive founder isn’t merely going to allow this; that suddenly right-wing sycophant will amplify it. (Although surely there’s lots of overlap, Trump, Musk, and Kennedy Jr. have a combined 288 million followers on X. Timala, in comparison, have a sort of embarrassing 16M collective fans. Go ahead and fact-check that while you still can, because I’m pretty sure fact-checking will soon be a thing of the past.)

    McSeriously? You Can Kiss Your Fast Food Addiction Goodbye

    I know, your kids live for Chick-fil-A Fridays at school. It’s the highlight of the whole week, practically the only way you can get those little rugrats to the bus stop on time—with tantalizing promises of soggy waffle fries and greasy poultry nuggets awaiting during the midday break. Well, just listen to what that Fauci-bashing anti-vaxxer had to say:

    “Two-thirds of American adults and children suffer from chronic health issues. Fifty years ago that number was less than 1%. In America, 74% of Americans are now overweight or obese, including 50% of our children. One-hundred and twenty years ago, when somebody was obese, they were sent to the circus. When my uncle was president, our country spent $0 on chronic disease. Today, government healthcare spending is almost all for chronic disease, and it’s double the military budget, and it is the fastest growing budget item in the federal budget. Chronic disease costs more to the economy as a whole, at least 4 trillion dollars, five times our military budget. We’re going to bring healthy food back to school lunches. We’re going to stop subsidizing the worst foods with our agricultural subsidies. We’re going to get toxic chemicals out of our food. We’re going to reform the entire food system.”

    There’s no getting around it: Friday mornings are going to suck.

    Spoiler: There’s a NEW New World Order Coming to Town.

    I know the dramatic and shocking Kennedonald combo is going to take some getting used to. I mean, we were about to have our country’s first Black Indian, female assigned-female-at-birth cackler commander-in-chief. It was going to be historic; unprecedented! I’ll bet Kamalamadingdong was packing her visit-the-border bag when this bombshell dropped—now she’ll never get to go! (Maybe Doug can take her to Europe instead?)

    That woman had plans, dammit. She was somehow going to lower the cost of living that skyrocketed under her veepdom and fix inflation (apparently, by defining it—simplistically and repetitively) but now she won’t get the chance to do that, either! She was going to completely reform our healthcare and criminal justice systems while also ensuring socialism economic equality for all (but not, you know, at her luxurious level or anything, don’t be ridiculous). She promised to expand Medicaid which would guarantee that more people—especially kids and lower income families—would have access to wonderful pharmaceuticals like Ozempic and vaccines! For free!

    With RFK Jr. in or around the White House, now everyone’s going to have to learn about (ugh) healthy eating and (yuck) preventative health, which is so much harder and more annoying than jabbing yourself with skinny serum. Alas, the curtain is about to fall on that glorious and golden age. If vaccines even survive at all (which they probably won’t because Kennedy likes to claim—based on nothing but peer reviewed literature the CDC refuses to look at which he actually compiled into a bestselling book you’ve never heard of—that unvaccinated kids are healthier across the board in nearly every metric you can think of), you definitely won’t be getting a donut with your next series, I’m afraid.

    You Can Retire Your MAKE AMERICA OBAMA AGAIN hat.

    I wish I had some soothing words of comfort for you, but there’s no getting around it; this is a terrifying time to be alive. Even though Trump was already president and didn’t do any of these things, he could literally declare martial law the day he takes office. He could imprison his political opponents and critics, refuse to leave the White House ever again, and basically destroy democracy by continuing to point out that our beloved news media is fake and corrupt. And Kennedy? That psychopath actually muttered the following words in his (definitely don’t watch it) campaign suspension speech: “Ultimately, the only thing that will save our country and our children is if we choose to love our kids more than we hate each other.”

    (Can you imagine that level of rhetoric spewing from the Oval Office on a routine basis? I mean, sure your side is filled with hatred, but it’s toward specific, hate-worthy things like white privilege, toxic masculinity, police officers, Christians, and Trump!)

    Sadly, it’s looking like this is our future. I guess the good news is, it’s only four years.

    Tyler Durden
    Tue, 08/27/2024 – 16:20

  • Gold Hits New Record High, Bitcoin Battered As NVDA Earnings Loom
    Gold Hits New Record High, Bitcoin Battered As NVDA Earnings Loom

    Consumer sentiment lifted modestly today (headline Conf Board) but under the hood it was a shit-show with labor market weakness accelerating and purchasing-plans puking. Regional Fed surveys were also ugly (as home prices hit new record highs).

    That ‘bad’ news prompted a dovish shift in rate-cut expectations (with attention once again shifting to 2024 from 2025)…

    Source: Bloomberg

    The slight easing sent gold to a new record high…

    Source: Bloomberg

    Treasury yields were mixed on the day with the short-end outperforming (2Y -3bps, 30Y +2bps), which dragged the 2Y yield lower on the week. Note that bonds were bid from early in the US session after an ugly EU session…

    Source: Bloomberg

    Nasdaq outperformed on the day (after all the majors were weak out of the gate). Small Caps were the biggest loser with The Dow unchanged…

    NVDA was the notable outperformer among the Mag7 today…

    Source: Bloomberg

    Most notably, 0-DTE traders piled aggressively into calls today (but late on were more conservative with buying straddles)…

    Source: SpotGamma

    Notably, it has been Dem-policy-driven stocks that have outperformed in the last couple of weeks (but notice the lower pane shows we are at a key relative strength level for Dems/Reps right now)…

    Source: Bloomberg

    The dollar was unchanged on the day, unable to recover any more of the post-J-Hole losses…

    Source: Bloomberg

    As gold rallied, the other alternative currency (Bitcoin) crumbled back to pre-J-Hole levels…

    Source: Bloomberg

    Oil prices fell today, seemingly stalling at recent resistance…

    Source: Bloomberg

    Finally, it’s the big one tomorrow… NVDA’s earnings. The S&P 500 vol market is ready…

    Source: Bloomberg

    Are you?

    Source: Bloomberg

    Of course, it’s different this time.

    Tyler Durden
    Tue, 08/27/2024 – 16:00

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