Today’s News 18th May 2023

  • Sweden Must Prepare To Leave The EU, Says Influential Sweden Democrats Party Leader
    Sweden Must Prepare To Leave The EU, Says Influential Sweden Democrats Party Leader

    Authored by Thomas Brooke via Remix News,

    Jimmie Åkesson of the Sweden Democrats claims that only by making the necessary preparations for Swexit can the government maximize its bargaining power in Brussels…

    Sweden must fully prepare to leave the European Union in order to maximize its negotiating position with the bloc, stated Jimmie Åkesson, leader of the anti-immigration Sweden Democrats party.

    In an article published by Svenska Dagbladet on Monday, Åkesson and his co-author, Swedish MEP Charlie Weimers, expressed their desire for Sweden to “maximize its influence” in the European Union, outlining three measures the Swedish government must take.

    First, the government should seek to make constitutional changes in order to introduce a “referendum lock,” which would enshrine into law the requirement of a public vote before any further powers can be transferred from Stockholm to Brussels.

    It is a mechanism previously adopted by both Britain and Denmark, and the Sweden Democrats leader believes it will provide a necessary safeguard against any attempted power-grab by Brussels.

    “Only the knowledge that every decision on the transfer of power must be submitted to the citizens would slow down the worst abuses from Brussels,” the pair wrote.

    Second, the Swedish government should make the necessary preparations to leave the European Union to ensure it is ready should the decision ever be taken to do so and to legitimize any threat to withdraw in future negotiations with the bloc.

    “In order for preparedness to be credible, it is necessary that we remove the writings in the constitution that state that Sweden is a member of the EU.

    “In addition, we should train a cadre of civil servants with the expertise to negotiate trade agreements and other things that we have delegated to the EU and study how Brexit could have been implemented better. The better we are prepared to leave, the more we will gain in future negotiations,” Åkesson and Weimers added.

    The Sweden Democrats leader also wants an investigation to be launched into how the negative aspects of Sweden’s EU membership can be mitigated.

    The right-wing party is currently an informal partner of the Swedish government. While it wasn’t offered the opportunity to help form Prime Minister Ulf Kristersson’s administration, it is a signatory to the four-party coalition Tidö Agreement in which the coalition parties agreed to adopt a more restrictive immigration policy in return for Sweden Democrats’ support.

    Åkesson’s party has long been in favor of Sweden’s withdrawal from the European Union, but accepts this is not a majority view among the Swedish electorate at present. The party officially dropped its support for Swexit in 2018 in a bid to garner more electoral support and subsequently achieved 20.5 percent of the vote in last year’s general election.

    Tyler Durden
    Thu, 05/18/2023 – 02:00

  • Business As Usual: Shutdown Or Not, The Police State Will Continue To Flourish
    Business As Usual: Shutdown Or Not, The Police State Will Continue To Flourish

    Authored by John & Nisha Whitehead via The Rutherford Institute,

    There is no more dangerous menace to civilization than a government of incompetent, corrupt, or vile men.

    – Ludwig von Mises

    Once again, the police state is up to its old tricks, stoking tensions over whether or not the government is forced to shut down, even partially, due to a default on the national debt.

    Yet while these political games dominate news headlines, send the stock market into a nosedive, and put federal employees at risk of having to work without pay, nothing about these high-handed theatrics will diminish the immediate and very real dangers of the American Police State with its roadside strip searches, government surveillance, biometric databases, citizens being treated like terrorists, imprisonments for criticizing the government, national ID cards, SWAT team raids, censorship, forcible blood draws and DNA extractions, private prisons, weaponized drones, red light cameras, tasers, active shooter drills, police misconduct and government corruption.

    Default or not, war will continue. Drone killings will continue. Surveillance will continue. Censorship and persecution of anyone who criticizes the government will continue. The government’s efforts to label dissidents as extremists and terrorists will continue.

    Police shootings will continue. Highway robbery meted out by government officials will continue. Corrupt government will continue. Profit-driven prisons will continue. And the militarization of the police will continue.

    Indeed, take a look at the programs and policies that will not be affected by a government default on its debt leading to a possible shutdown, and you’ll get a clearer sense of the government’s priorities, which have little to do with serving taxpayers and everything to do with amassing money, power and control.

    Surveillance will continue unabated. On any given day, whether you’re walking through a store, driving your car, checking email, or talking to friends and family on the phone, you can be sure that some government agency, whether the NSA or some other entity, is listening in and tracking your behavior. Police have been outfitted with a litany of surveillance gear, from license plate readers and cell phone tracking devices to biometric data recorders. Technology now makes it possible for the police to scan passersby in order to detect the contents of their pockets, purses, briefcases, etc. Full-body scanners, which perform virtual strip-searches of Americans traveling by plane, have gone mobile, with roving police vans that peer into vehicles and buildings alike—including homes. Coupled with the nation’s growing network of real-time surveillance cameras and facial recognition software, soon there really will be nowhere to run and nowhere to hide.

    Global spying will continue unabated. The NSA’s massive surveillance network, what the Washington Post refers to as a $500 billion “espionage empire,” will continue to span the globe and target every single person on the planet who uses a phone or a computer. The NSA’s Echelon program intercepts and analyzes virtually every phone call, fax and email message sent anywhere in the world. In addition to carrying out domestic surveillance on peaceful political groups such as Amnesty International, Greenpeace and several religious groups, Echelon has also been a keystone to the government’s attempts at political and corporate espionage.

    Egregious searches will continue unabated. Under the pretext of protecting the nation’s infrastructure (roads, mass transit systems, water and power supplies, telecommunications systems and so on) against criminal or terrorist attacks, Transportation Security Administration (TSA) task forces (comprised of federal air marshals, surface transportation security inspectors, transportation security officers, behavior detection officers and explosive detection canine teams) will continue to do random security sweeps of nexuses of transportation, including ports, railway and bus stations, airports, ferries and subways. Sweep tactics include the use of x-ray technology, pat-downs and drug-sniffing dogs, among other things.

    The undermining of the Constitution will continue unabated. America’s so-called war on terror, which it has relentlessly pursued since 9/11, has chipped away at our freedoms, unraveled our Constitution and transformed our nation into a battlefield, thanks in large part to such subversive legislation as the USA Patriot Act and National Defense Authorization Act. These laws—which completely circumvent the rule of law and the constitutional rights of American citizens, re-orienting our legal landscape in such a way as to ensure that martial law, rather than the rule of law, our U.S. Constitution, becomes the map by which we navigate life in the United States—will continue to be enforced.

    Militarized policing will continue unabated. Thanks to federal grant programs allowing the Pentagon to transfer surplus military supplies and weapons to local law enforcement agencies without charge, police forces will continue to be transformed from peace officers into heavily armed extensions of the military, complete with jackboots, helmets, shields, batons, pepper-spray, stun guns, assault rifles, body armor, miniature tanks and weaponized drones. Having been given the green light to probe, poke, pinch, taser, search, seize, strip and generally manhandle anyone they see fit in almost any circumstance, all with the general blessing of the courts, America’s law enforcement officials, no longer mere servants of the people entrusted with keeping the peace, will continue to keep the masses corralled, under control, and treated like suspects and enemies rather than citizens.

    SWAT team raids will continue unabated. With more than 80,000 SWAT team raids carried out every year on unsuspecting Americans for relatively routine police matters and federal agencies laying claim to their own law enforcement divisions, the incidence of botched raids and related casualties will continue to rise. Nationwide, SWAT teams will continue to be employed to address an astonishingly trivial array of criminal activity or mere community nuisances including angry dogs, domestic disputes, improper paperwork filed by an orchid farmer, and misdemeanor marijuana possession.

    Overcriminalization will continue unabated. The government bureaucracy will continue to churn out laws, statutes, codes and regulations that reinforce its powers and value systems and those of the police state and its corporate allies, rendering the rest of us petty criminals. The average American now unknowingly commits three felonies a day, thanks to this overabundance of vague laws that render otherwise innocent activity illegal. Consequently, small farmers who dare to make unpasteurized goat cheese and share it with members of their community will continue to have their farms raided.

    The shadow government— a.k.a. the Deep State, a.k.a. the police state, a.k.a. the military industrial complex, a.k.a. the surveillance state complex—will continue unabated. This corporatized, militarized, entrenched bureaucracy that is fully operational and staffed by unelected officials will continue to call the shots in Washington DC, no matter who sits in the White House or controls Congress. By “government,” I’m not referring to the highly partisan, two-party bureaucracy of the Republicans and Democrats. Rather, I’m referring to “government” with a capital “G,” the entrenched Deep State that is unaffected by elections, unaltered by populist movements, and has set itself beyond the reach of the law.

    These issues are not going away.

    As I make clear in my book Battlefield America: The War on the American People and in its fictional counterpart The Erik Blair Diaries, they are the backbone of an increasingly aggressive authoritarian government, formed by an unholy alliance between the mega-corporations with little concern for the Constitution and elected officials and bureaucrats incapable or unwilling to represent the best interests of their constituents.

    Whether or not the government runs out of borrowed money, it will remain business as usual in terms of the police state’s unceasing pursuit of greater powers and control.

    Tyler Durden
    Wed, 05/17/2023 – 23:40

  • Visualizing The Rise Of America's Debt Ceiling
    Visualizing The Rise Of America’s Debt Ceiling

    Every few years the debt ceiling standoff puts the credit of the U.S. at risk.

    In January, the $31.4 trillion debt limit – the amount of debt the U.S. government can hold – was reached. That means U.S. cash reserves could be exhausted by June 1 according to Treasury Secretary Janet Yellen. Should Republicans and Democrats fail to act, the U.S. could default on its debt, causing harmful effects across the financial system.

    The graphic below, via Visual Capitalist’s Dorothy Neufeld and Nick Routley, shows the sharp rise in the debt ceiling in recent years, pulling data from various sources including the World Bank, U.S. Department of Treasury, and Congressional Research Service.

    Familiar Territory

    Raising the debt ceiling is nothing new. Since 1960, it’s been raised 78 times.

    In the 2023 version of the debate, Republican House Majority Leader Kevin McCarthy is asking for cuts in government spending. However, President Joe Biden argues that the debt ceiling should be increased without any strings attached. Adding to this, the sharp uptick in interest rates have been a clear reminder that rising debt levels can be precarious.

    Consider that historically, interest payments on the U.S. debt have been equal to about half the cost of defense. More recently, however, the cost of servicing the debt has risen, and is now almost on par with the defense budget as a whole.

    Key Moments In Recent History

    Over history, raising the debt ceiling has often been a typical process for Congress.

    Unlike today, agreements to raise the debt ceiling were often negotiated faster. Increased political polarization over recent years has contributed to standoffs with damaging consequences.

    For instance, in 2011, an agreement was made just days before the deadline. As a result, S&P downgraded the U.S. credit rating from AAA to AA+ for the first time ever. This delay cost an estimated $1.3 billion in extra costs to the government that year.

    Before then, the government shut down twice between 1995 and 1996 as President Bill Clinton and Republican House Speaker Newt Gingrich went head-to-head. Over a million government workers were furloughed for a week in late November 1995 before the debt limit was raised.

    What Happens Now?

    Today, Republicans and Democrats have less than two weeks to reach an agreement.

    If Congress doesn’t make a deal the result would be that the government can’t pay its bills by taking on new debt. Payment for federal workers would be suspended, certain pension payments would get stalled, and interest payments on Treasuries would be delayed. The U.S. would default under these conditions.

    Three Potential Consequences

    Here are some of the potential knock-on effects if the debt ceiling isn’t raised by June 1, 2023:

    1. Higher Interest Rates

    Typically investors require higher interest payments as the risk of their debt holdings increase.

    If the U.S. fails to pay interest payments on its debt and gets a credit downgrade, these interest payments would likely rise higher. This would impact the U.S. government’s interest payments and the cost of borrowing for businesses and households.

    High interest rates can slow economic growth since it disincentivizes spending and taking on new debt. We can see in the chart below that a gloomier economic picture has already been anticipated, showing its highest probability since 1983.

    Historically, recessions have increased U.S. deficit spending as tax receipts fall and there is less income to help fund government activities. Additional fiscal stimulus spending can also exacerbate any budget imbalance.

    Finally, higher interest rates could spell more trouble for the banking sector, which is already on edge after the collapse of Silicon Valley Bank and Signature Bank.

    A rise in interest rates would push down the value of outstanding bonds, which banks hold as capital reserves. This makes it even more challenging to cover deposits, which could further increase uncertainty in the banking industry.

    2. Eroding International Credibility

    As the world’s reserve currency, any default on U.S. Treasuries would rattle global markets.

    If its role as an ultra safe asset is undermined, a chain reaction of negative consequences could spread throughout the global financial system. Often Treasuries are held as collateral. If these debt payments fail to get paid to investors, prices would plummet, demand could crater, and global investors may shift investment elsewhere.

    Investors are factoring in the risk of the U.S. not paying its bondholders.

    As we can see this in the chart below, U.S. one-year credit default swap (CDS) spreads are much higher than other nations. These CDS instruments, quoted in spreads, offer insurance in the event that the U.S. defaults. The wider the spread, the greater the expected risk that the bondholder won’t be paid.

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    Additionally, a default could add fuel to the perception of global de-dollarization. Since 2001, the USD has slipped from 73% to 58% of global reserves.

    Since Russia’s invasion of Ukraine led to steep financial sanctions, China and India are increasingly using their currencies for trade settlement. President of Russia Vladimir Putin says that two-thirds of trade is settled in yuan or roubles. Recently, China has also entered non-dollar agreements with Brazil and Kazakhstan.

    3. Financial Sector Turmoil

    Back at home, a debt default would hurt investor confidence in the U.S. economy. Coupled with already higher interest rates impacting costs, financial markets could see added strain. Lower investor demand could depress stock prices.

    Is the Debt Ceiling Concept Flawed?

    Today, U.S. government debt stands at 129% of GDP.

    The annualized cost of servicing this debt has jumped an estimated 90% compared to 2011, driven by increasing debt and higher interest rates.

    Some economists argue that the debt ceiling helps keep the government more fiscally responsible. Others suggest that it’s structured poorly, and that if the government approves a level of spending in its budget, that debt ceiling increases should come more automatically.

    In fact, it’s worth noting that the U.S. is one of the few countries worldwide with a debt ceiling.

    Tyler Durden
    Wed, 05/17/2023 – 23:20

  • The Putrid Underbelly Of Woke Capitalism
    The Putrid Underbelly Of Woke Capitalism

    Authored by Michael Rectenwald via The Mises Institute,

    Corporate intrigue reached a fevered pitch on May 6, 2023, in Omaha, Nebraska, when a shareholder was arrested during the annual shareholder meeting of Berkshire Hathaway. The shareholder challenged the affiliation of Warren Buffett with the Bill and Melinda Gates Foundation and Bill Gates’s association with Jeffrey Epstein, who was convicted in Florida for procuring a child for prostitution and soliciting a prostitute, and who reportedly committed suicide in a New York jail while facing charges for sex trafficking and conspiracy to engage in sex trafficking.

    Peter Flaherty, the chairman of the National Legal and Policy Center (NLPC), stood to offer proposal number eight, which called for the roles of Berkshire CEO and chair to be separated and held by two persons. Flaherty argued that the separation of roles was necessary so that Berkshire “would be less identified with Mr. Buffett’s personal political activities.” Speaking of Buffett, Flaherty stated:

    He’s donated tens of billions to the Bill and Melinda Gates Foundation. As Bill Gates explained when the couple was still together, “although the foundation bears our names, basically half our resources have come from Warren Buffett.”

    If “woke” culture is a disease, then philanthropy is the virus.

    The Gates Foundation bankrolls the teaching of Critical Race Theory around the country, including that math is inherently racist.

    The Gates Foundation offers a Gender Identity Toolbox which asserts that gender is the result of “socially and culturally constructed ideas.”

    This is a lie. Gender is not a cultural construct. It is a genetic and biological fact. (emphasis mine)

    Flaherty was interrupted by a Berkshire representative and pleaded to the chair (Buffett) to be allowed to continue. Buffett agreed that Flaherty could continue but warned him of the three-minute time limit for shareholder proposals. Flaherty then proceeded to throw down the gauntlet, until his microphone was shut off:

    We know how much Bill Gates cares about children. He met and traveled with Jeffrey Epstein many times after Epstein was convicted of sex crimes.

    The Gates Foundation had a huge influence over the COVID response fiasco.

    Bill Gates defended China’s COVID policies and still discounts the possibility that the virus originated from a lab, even though U.S. intelligence agencies disagree. The Gates Foundation may be the largest single donor to the “dark money” machine known as Arabella Associates. . . .

    It funds causes like defunding the police that are making American cities unlivable.

    Money goes, too, to groups conducting—

    At this point, Buffett declared from the stage: “You crossed the boundary.”

    Two security guards grabbed Flaherty by either arm and escorted him from the room. Flaherty was arrested and charged with trespassing.

    The arrest of the Berkshire shareholder, apparently for merely mentioning Jeffrey Epstein in connection with Bill Gates and Warren Buffett, coincided with a series of Wall Street Journal articles exploring Epstein’s calendar and a trove of Epstein emails and other documents. The Wall Street Journal revealed numerous Epstein meetings with high-profile contacts, long after Epstein served time for soliciting a child prostitute and was registered as a sex offender. Represented in Epstein’s calendar and emails are such notables as William Burns, director of the Central Intelligence Agency since 2021; Bill Gates, Microsoft founder and philanthropist; Jess Staley, former Barclay’s CEO; Reid Hoffman, cofounder of LinkedIn; Larry Summers, professor and former Harvard University president; Woody Allen, filmmaker; and Noam Chomsky, leftist MIT linguistics professor, among others. These and other meetings may reveal that many businesspersons and woke philanthropists were ensnared by a child sex trafficker.

    The scene at the Berkshire annual meeting also followed on the heels of the lawsuit filed against JPMorgan Chase by the US Virgin Islands. Attorneys for the US Virgin Islands claim that the bank materially aided Epstein in his child sex trafficking scheme and is seeking damages for their clients. Four billionaires have been subpoenaed in the case so far, including Google cofounder Sergey Brin; Hyatt Hotels CEO Thomas Pritzker; real estate tycoon and owner of U.S. News and World Report Mortimer Zuckerman; and venture capitalist and Hollywood agent Michael Ovitz. Curiously, the US Virgin Islands has also attempted, without success, to serve a subpoena to Google’s other cofounder, Larry Page, whose whereabouts remain unknown and who obviously does not want to be found.

    It should be remembered here that Google has represented the leading edge of woke capitalism, with its leftist ranking algorithms and its employment of “machine learning fairness” that corrects for so-called algorithmic unfairness by misrepresenting reality with affirmative action results. Clearly, Google’s founders did not rely on algorithms to identify and eliminate pedophiles from their list of business contacts.

    While the US Virgin Islands asserts that JP Morgan Chase facilitated and possibly bankrolled Epstein’s pedophilia ring, US Republican lawmakers have claimed that the US’s largest bank has a penchant for cancelling the accounts of conservative and religious groups. The bank maintained its financial relationship with Epstein until 2013, long after he was convicted of sex crimes, yet recently cancelled the accounts of such groups as the National Committee for Religious Freedom. The bank’s touted “diversity and inclusion” policy has apparently included pedophiles but excluded avowedly Christian groups.

    Much more has and could be said about why high-profile businesspersons, philanthropists, academics, and even intelligence officers had relationships with Jeffrey Epstein. For example, some have claimed that Epstein and his partner Ghislaine Maxwell were Israeli spies who ran a honey-trap operation to steer US policies in Israel’s favor and against US interests.

    As the Wall Street Journal asked:

    Epstein was a former schoolteacher. How did he become a billionaire? What was the source of his wealth? Was he paid for providing women or girls to his friends? Was he a blackmailer? Were women or girls an enticement to invest in his projects?

    Finally, there’s the ridiculous, implausible matter of Epstein’s death in federal custody on Aug. 10, 2019, which 3½ years later remains under investigation by the Justice Department inspector general, only feeding conspiracy theories.

    But the main question for our purposes is: How is that nearly all major corporate heads and influential members of society have simultaneously gone woke? Could it be that whoever controlled Jeffrey Epstein sets the agenda through the use of blackmail, directing these corporate heads and other leaders to convert to wokeness, while steering their philanthropy to designated ends, including the funding of critical race theory and the LGBTQIA+ agenda?

    In other words, is our capitalist class controlled by whoever oversaw Epstein’s thirty-year entrapment operation?

    In addition to revealing the moral rot that has permeated the US establishment, the Epstein connections also show that those who claim the woke moral high ground, and impose woke policies on the rest of us, are perhaps the most corrupted people on the face of the earth.

    Tyler Durden
    Wed, 05/17/2023 – 23:00

  • First-Ever Digital Scan Of Titanic Reveals Never Before-Seen Views
    First-Ever Digital Scan Of Titanic Reveals Never Before-Seen Views

    For the first time, a full-sized digital scan of the Titanic has been made public, which could reveal new secrets about the ship that lies 12,500 feet down in the Atlantic. 

    Titanic’s front section 

    BBC News said the scan was conducted about a year ago by Magellan Ltd, a deep-sea mapping company, and Atlantic Productions, who are making a documentary about the Titanic. 

    Titanic’s stern 

    The vessel is split into two sections, the bow and the stern, separated by 2,600 feet and surrounded by a large debris field. 

    Titanic’s bow 

    Magellan and Atlantic Productions spent over 200 hours surveying the wreckage with submersibles, capturing over 700,000 images — this allowed them to create a never before seen, high-definition, 3D reconstruction of the vessel. 

    Titanic’s propeller 

    Magellan’s Gerhard Seiffert, who heads the expedition, said the underwater scanning project was the largest and most complex he had ever undertaken.

    “The depth of it, almost 4,000m, represents a challenge, and you have currents at the site, too – and we’re not allowed to touch anything so as not to damage the wreck,” he explained.

    “And the other challenge is that you have to map every square centimetre – even uninteresting parts, like on the debris field you have to map mud, but you need this to fill in between all these interesting objects.”

    Parks Stephenson, a Titanic analyst, was “blown away” by the new scans. 

    “It allows you to see the wreck as you can never see it from a submersible, and you can see the wreck in its entirety, you can see it in context and perspective. And what it’s showing you now is the true state of the wreck,” he said. 

    Stephenson said the new scans might reveal new secrets behind the maritime disaster 111 years ago. 

    Tyler Durden
    Wed, 05/17/2023 – 22:40

  • Deutsche Bank Settles Epstein Lawsuit For Up To $75 Million
    Deutsche Bank Settles Epstein Lawsuit For Up To $75 Million

    Deutsche Bank has agreed to pay up to $75 million to settle a lawsuit brought by an Jeffrey Epstein victim who claimed that the bank had benefited from human trafficking by retaining Epstein as a client, the Financial Times reports.

    The lawsuit is one of three ongoing cases involving lenders to Epstein – the two others being a combined case against JPMorgan Chase, which is being sued by a different alleged victim and the US Virgin Islands, where Epstein owned property.

    The Deutsche Bank lawsuit was filed as a proposed class action in November, based on a New York law which temporarily allowed abuse claims to be brought beyond the statute of limitations.

    Jane Doe, the accuser, claimed the German bank “chose profit over following the law,” and knowingly engaged in business that would “earn millions of dollars from facilitating Epstein’s sex trafficking.”

    Judge Jed Rakoff stated in his order denying in part Deutsche’s attempt to dismiss the case, said Epstein “solicited Deutsche Bank’s advice about how to structure his withdrawals so as to evade notice . . . and he was shielded by Deutsche Bank’s failure to file suspicious activity reports.”

    Rakoff added that it was “plausible” that the bank had directly benefited from human trafficking in his order to allow the case to proceed to trial.

    According to the Times, dozens of victims may ultimately share the damages award, which will be distributed by an administrator that will assess individual claims. Each accuser could receive as much as $5 million according to the plaintiff’s lawyer.

    “We are proud to have achieved such a great result for victims who deserved justice from all who played a real role in their abuse,” said Brad Edwards, a lawyer for Doe.

    In 2020, Deutsche Bank paid New York State Department of Financial Services $150 million over its ties to Epstein and related internal compliance failures. Last year the bank also agreed to pay $26 million to shareholders who accused the bank of misleading them over their vetting process for clients.

    Deutsche attempted to have the Doe case dismissed, arguing that $7.4 million she received from the late Epstein’s estate in April 2022 covered their liability as well – and that Doe’s “deficient” complaint did “not come close” to adequately allege that the bank was part of Epstein’s sex-trafficking ring.

    Epstein became a client of Deutsche Bank in 2013, years after he pleaded guilty to soliciting a minor for prostitution – and soon after JPMorgan dropped him as a client amid concerns over his lifestyle – including that he was paying victims in cash. Former JPMorgan banker Paul Morris who moved to Deutsche, Paul Morris, advised the bank that Epstein could bring lucrative clients with him.

    Deutsche eventually severed ties with Epstein in 2018.

    Tyler Durden
    Wed, 05/17/2023 – 22:03

  • Leaked Pentagon Report Forensically Dismantles Fauci-Led Natural Origin Study
    Leaked Pentagon Report Forensically Dismantles Fauci-Led Natural Origin Study

    Authored by Hans Mahncke via The Epoch Times (emphasis ours),

    Researchers at the Department of Defense wrote a devastating takedown of the Proximal Origin study, which was used by Dr. Anthony Fauci as proof that the COVID-19 virus had come from nature. 

    The takedown, dated May 26, 2020, was written in the form of a working paper called “Critical analysis of Andersen et al. The proximal origin of SARS-CoV-2.” It was authored by Commander Jean-Paul Chretien, a Navy doctor working at the Defense Advanced Research Projects Agency, and Dr. Robert Cutlip, a research scientist at the Defense Intelligence Agency. The paper came to light on May 15, when it was leaked to the public via virus origins search group DRASTIC (Decentralized Radical Autonomous Search Team Investigating COVID-19). 

    The working paper forensically dismantles the natural origin case made in Proximal Origin and concludes, “The arguments that Andersen et al. use to support a natural-origin scenario for SARS-CoV-2 are based not on scientific analysis, but on unwarranted assumptions.”

    The existence of this internal Pentagon paper is crucial, as it proves that government officials were well aware in the early months of the pandemic that there was no evidence in support of a natural origin of the COVID-19 virus. Additionally, given the crushing discrediting of Proximal Origin, Pentagon officials would also have been aware of Fauci’s efforts to seed a false narrative about the origin of COVID-19. 

    Proximal Origin was initially conceived by Fauci during a secret teleconference held on Feb. 1, 2020. The ostensible purpose of the teleconference was to deflect attention from a possible lab origin of COVID-19 and to shift the focus to a natural origin theory. Fauci directed a number of scientists, led by Kristian Andersen of Scripps Research and Robert Garry of Tulane Medical School, to pen a study that could be used to discredit the lab leak theory. Despite being directly involved in the inception of the paper, as well as in shaping its arguments, Fauci’s role was concealed from the public. Fauci later bestowed Andersen and Garry with lavish taxpayer-funded grants.

    The defects in Proximal Origin were immediately noticed by reviewers at science journal Nature. This fact only became known late last year from emails obtained via the Freedom of Information Act by independent journalist Jimmy Tobias. However, with the help of Jeremy Farrar, who now is the chief scientist of the World Health Organization and who had helped Fauci shape the natural origin narrative, Proximal Origin was accepted for publication in Nature Medicine on March 17, 2020. It boldly concluded that no “laboratory-based scenario is plausible.”

    On April 17, 2020, President Donald Trump confirmed that the COVID-19 pandemic likely started in a Wuhan laboratory in China. On the same day, while attending a White House press conference, Fauci categorically dismissed the possibility of a lab origin of COVID-19, citing Proximal Origin as corroboration. Fauci feigned independence, telling reporters that he could not recall the names of the authors. What was not known at the time was that Fauci not only knew the authors well, but had personally led the effort to have Proximal Origin written.

    Proximal Origin became the media’s go-to natural origin authority, repeating Fauci’s claim that the paper provided dispositive proof that COVID-19 had come out of nature. It also became the most-read article on COVID-19 and one of the most cited academic papers of all time.  

    Yet, while the public was being told by Fauci and the media that Proximal Origin had settled the origin debate, Pentagon researchers came to a very different conclusion. 

    National Institute of Allergy and Infectious Diseases Director Anthony Fauci waits for the beginning of a hearing before the Subcommittee on Labor, Health and Human Services, and Education, and Related Agencies of Senate Appropriations Committee at Dirksen Senate Office Building on Capitol Hill in Washington on May 17, 2022. (Alex Wong/Getty Images)

    Chretien and Cutlip found that COVID-19’s features, which Proximal Origin ascribed to natural evolution, were actually “consistent with another scenario: that SARS-CoV-2 was developed in a laboratory, by methods that leading coronavirus researchers commonly use to investigate how the viruses infect cells and cause disease, assess the potential for animal coronaviruses to jump to humans, and develop drugs and vaccines.”

    Read more here…

    Tyler Durden
    Wed, 05/17/2023 – 21:40

  • DOJ Alleges Former Apple Engineer Stole Self-Driving Code For Chinese Company
    DOJ Alleges Former Apple Engineer Stole Self-Driving Code For Chinese Company

    Today’s daily dose of “China stealing intellectual property” news comes to us courtesy of the Department of Justice, who has charged that a former Apple software engineer tried to steal the Cupertino-based company’s autonomous driving technology for a Chinese self-driving company.

    The Department of Justice announced Tuesday that Weibao Wang, who worked at Apple from 2016 to 2018 on the company’s Annotation Team, is being charged with six counts of theft of Apple’s “entire autonomy source code,” tracking systems, behavior planning for autonomous systems, and descriptions of the hardware used, according to CNBC

    Wang reportedly had “broad access” to databases that the DOJ said could only be accessed by 2,700 of Apple’s 135,000 employees. 

    The indictment details that four months before quitting Apple, Wang had accepted a new job at a U.S. based subsidiary of a Chinese company that was developing autonomous driving technology. Wang started to port over “large amounts” of Apple’s technology and source code, it says.

    At the time, only 5% of Apple employees even knew about the project and even fewer (2%) had access to one or more of the databases that Wang used to ascertain the information he allegedly stole. 

    The report says that when authorities searched Wang’s home in 2018, they found “large quantities of stolen, confidential, and proprietary data”. After the search warrant was executed, Wang fled the country, boarding a flight to Guangzhou, China from San Francisco International Airport, CNBC reported.

    U.S. Attorney for the Northern District of California Ismail Ramsey has said he faces 10 years in prison for each count, should he ever be extradited and convicted. We won’t hold our breath for that. 

    Tyler Durden
    Wed, 05/17/2023 – 21:20

  • Marjorie Taylor Greene Introduces Articles Of Impeachment Against FBI Director Chris Wray
    Marjorie Taylor Greene Introduces Articles Of Impeachment Against FBI Director Chris Wray

    Authored by Joseph Lord via The Epoch Times (emphasis ours),

    Rep. Marjorie Taylor Greene (R-Ga.) has introduced articles of impeachment against Federal Bureau of Investigation Director Christopher Wray.

    “Director Wray has failed to uphold his oath and has instead overseen a denigration of the principles of our democratic republic by utilizing the Federal Bureau of Investigation as a Federal police force to punish or intimidate anyone who questions or opposes the current regime,” Greene wrote in the articles of impeachment.

    FBI Director Christopher Wray talks at the World Economic Forum in Davos, Switzerland, on Jan. 19, 2023. (AP Photo/Markus Schreiber)

    The presidential appointee and his agency have come under fire recently as reports surface alleging widespread violations of Americans’ constitutionally-protected civil liberties, targeting of political enemies, and other allegations of partisan or illegal behavior.

    In a statement announcing her filing of the articles, Greene wrote: “Under [Wray’s] watch, the FBI has intimidated, harassed, & entrapped Americans who have been deemed enemies of the Biden regime. Wray has turned the FBI into Joe Biden and [Attorney General] Merrick Garland’s personal police force.”

    She accused Wray of using “Soviet-style tactics” to target normal Americans who disagreed with President Joe Biden’s policies.

    U.S. Rep. Marjorie Taylor Greene (R-Ga.) waits to speak during a news conference outside the U.S. Capitol in Washington on Feb. 1, 2023. (Drew Angerer/Getty Images)

    In the articles of impeachment, Greene wrote: “Rather than adhering to an oath he took to defend and secure our country and uphold the Constitution when he was sworn in as Director of the Federal Bureau of Investigation on August 2, 2017, Director Wray has willingly refused to ensure that the laws passed by Congress and signed by the President are faithfully executed.

    Allegations of Misconduct

    For instance, she cited whistleblower allegations claiming that the FBI had created a “threat tag” to target pro-life individuals and organizations in the aftermath of the Supreme Court’s decision in Dobbs v. Jackson Women’s Health Organization, which overturned the federal right to abortion.

    In September 2022, the FBI raided the home of Matthew Houck, a pro-life Catholic, for having obstructed access to an abortion provider.

    Other whistleblower claims backed by leaked documents reveal that the FBI has also targeted so-called “radical-traditionalist Catholics,” dubbing them “RTCs.” The leaked documents accused traditional and Latin Mass Catholic communities of being a harbor for “white supremacism” and indicated that the FBI intended to place informants in these churches.

    In 2021, a required public audit found the FBI had abused the Foreign Intelligence Surveillance Act (FISA) to carry out more than 3.3 million illegal queries of American citizens.

    In another case, the FBI has allegedly aided and abetted criminal behavior. As many as 12 FBI agents allegedly participated in a 2021 plot to kidnap Michigan Gov. Gretchen Whitmer, masterminding and encouraging men to carry out the plan.

    The FBI came under even more scrutiny in the wake of the agency mounting a raid on the home of President Donald Trump, an unprecedented move. The raid allegedly was due to Trump’s possession of classified documents.

    A police car sits outside former President Donald Trump’s residence at Mar-A-Lago, in Palm Beach, Fla., on Aug. 8, 2022, as the FBI searches his home for classified documents. (Giorgio Viera/AFP via Getty Images)

    Subsequent findings have revealed that Biden has also allegedly mishandled classified documents, but no similar actions have been taken against him, Greene noted.

    “Not only has Director Wray persecuted political opponents in an unprecedented and partisan way, but he has also overseen his agency take actions to shield and protect the current President and his family. A senior FBI official left the agency under a cloud of accusations that he shielded a laptop belonging to the President’s son, Robert Hunter Biden, from a criminal probe,” Greene said, citing allegations that the FBI sought to cover up the story about Hunter Biden’s laptop.

    Tyler Durden
    Wed, 05/17/2023 – 21:00

  • House Republican Submits Resolution To Expel 'Liar' Adam Schiff From Congress
    House Republican Submits Resolution To Expel ‘Liar’ Adam Schiff From Congress

    After Rep. Adam Schiff relentlessly peddled the Russiagate hoax and claimed without proof that there was “more than circumstantial evidence” that Donald Trump colluded with Russia in 2016, Rep. Anna Paulina Luna (R-FL) has introduced a House resolution to expel Schiff from Congress after the Durham report concluded that there was no collusion.

    Knowingly using your position on House Intel to push a lie that ripped apart our country, cost taxpayers millions of dollars, and authorized spying on a US President and then proceeding to double down on the lie within days of the Durham report coming out makes you unfit for office,” wrote Luna in a late Wednesday tweet, adding “Ethics should investigate.”

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    Following the Durham report, House Speaker Kevin McCarthy raised the question of whether Schiff “should even be in Congress.”

    Schiff notably doubled down on his claims Tuesday, tweeting that the Durham investigation was “flawed from the start.”

    “This is an investigation that started in a flawed manner, it was conducted in a flawed manner, and its conclusion is a flawed conclusion,” he told MSNBC host Lawrence O’Donnell on Tuesday, adding that Durham’s conclusions add “very little” to the Horowitz report, and do not prove a “deep state conspiracy.”

    He added that Durham’s investigation was a “wasted effort,” and “four years of undermining the department [of justice] and a political prosecution.”

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    The former the top Democrat on the House Intelligence Committee was booted by McCarthy and replaced by Rep. James Himes (D-CT). He has since announced a bid to replace incumbent Sen. Dianne Feinstein (D-CA).

    In 2017, Schiff told Meet the Press regarding Trump-Russia evidence; “I don’t want to go into specifics, but I will say that there is evidence that is not circumstantial. But as I’ve said all along, there’s plenty of evidence of collusion.”

    Wall Street Journal editorial board member William McGurn says that the Durham probe was a “damning account of the corruption of the FBI and its accomplices.”

    Anchor Trace Gallagher noted the editorial board also claimed the FBI knew the discredited “dossier” compiled by ex-MI6 spy Christopher Steele “came from Clinton and was phony to begin with.”

    McGurn said it is no surprise Democrats like Schiff, as well as those interviewed on Capitol Hill by Fox News Digital on Tuesday, are dismissing the Durham report.

    “The Russia collusion story was the gaslighting of America. It was outrageous, the falsehoods, and it involved the highest levels of law enforcement and intelligence on that part,” McGurn said.

    He said that Barr seemingly ignored his own personal differences with Trump to clearly state Tuesday that the former president has been vindicated and that the Russia probe was untoward. –Fox News

    “Only Adam Schiff there in those clips talked about the collusion. I mean, Durham said the FBI opened the investigation without any evidence. He also found bias in the FBI, and he found double standards [in] how they treated the Hillary Clinton campaign,” said McGurn, adding “And the problem is so many people in Washington were implicated in this hoax that they don’t want the same thing. Their strategy now is to pretend it didn’t happen and not discuss it.”

    Tyler Durden
    Wed, 05/17/2023 – 20:40

  • US & Syria Have Been Holding Secret Talks In Oman
    US & Syria Have Been Holding Secret Talks In Oman

    Via The Cradle,

    A senior diplomatic official in the Arab League has revealed exclusively to The Cradle that secret, direct negotiations are currently taking place between the US and Syrian governments.

    The diplomat, who revealed the information under the condition of anonymity, said that “the talks took place in the Omani capital Muscat, ‘the city of secret negotiations’ between Washington and several nations in West Asia.” He also pointed out that the “meetings included security figures from both countries and representatives of foreign Ministries.”

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    During the talks, Syrian officials mainly pressed for the complete withdrawal of US occupation troops from the country. According to field sources that spoke with The Cradle, around 2,000 American military personnel are present at any given time in Syrian territory across 22 US bases – a figure higher than the Pentagon’s official count of 900 troops.

    During the Muscat talks, the source stressed that “the American envoy repeatedly confirmed that he has information that Austin Tice is alive and in a Syrian army detention center. However, the Syrian delegation insisted that it had no information about Tice, with Damascus expressing its readiness to make all possible efforts to reveal his fate.”

    The freelance journalist and former US Marine Corps officer was kidnapped in 2012 by armed groups in a suburb of Damascus.

    Earlier this month, US Secretary of State Antony Blinken revealed that Washington has been “engaged with Syria, engaged with third countries” to find Tice.

    According to The Cradle’s sources, the White House is convinced that  Damascus knows of Tice’s whereabouts. However, the Syrian delegation in Muscat did not confirm any information on this matter.

    According to sources, Washington and Damascus began secret communications during the administration of former US president Donald Trump. However, these fell by the wayside once Trump stated his intention to “kill” Syrian President Bashar al-Assad in September 2020.

    The diplomat added that “secret talks took place in previous years between Damascus and Washington, but most of them were through mediators, such as the former director general of the Lebanese General Security, Abbas Ibrahim. Direct meetings also took place between the two countries, one of which was in the Syrian capital, Damascus.” However, the number of direct meetings remained limited.

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    Before the communication breakdown, US officials reportedly expressed their intention to eventually withdraw military forces from Syria in offers that were never realized.

    According to The Cradle‘s source, the one topic that US officials did not address during the secret talks was the fate of US-backed Kurdish militias, such as the Syrian Democratic Forces (SDF).  He affirmed that “The Syrian-American talks did not mention the Kurdish militias supported by the American occupation forces in northeastern Syria.” He added, “the discussion did not address any political or military issues, with the exception of Syria’s demand for the withdrawal of the occupying forces from Syrian territory.”

    The bombshell revelation of these US-Syrian backdoor dealings comes just days after the White House blasted Arab nations for restoring ties with Syria. US authorities were particularly incensed after the Arab League welcomed Damascus back into the organization last week.

    “We do not believe Syria merits readmission into the Arab League at this time,” a US State Department spokesperson said on May 7, highlighting that the White House informed its Arab allies that “we will not normalize with the Assad regime and that our sanctions remain in full effect.”

    “The decision to readmit Syria to the Arab League represents a rejection of US interests in the region and shows that [Arab] countries are forging policies independent of western concerns,” the Wall Street Journal (WSJ) said after the Arab League voted to reinstate Syria.

    The Arab rush to welcome Damascus back into the fold happened despite public objections from the United States… [US] efforts at easing Mr. Assad out and replacing him with an inclusive, democratic government have gone nowhere, leaving American officials on the sidelines,” the New York Times (NYT) lamented.

    Over the past year, the US has seen itself increasingly marginalized in West Asia due to decades of military interventions and economic coercion. Former allies like Saudi Arabia and the UAE have led the charge, forging close trade and security ties with Russia, China, and Iran.

    China, in particular, has filled the vacuum left by the US by brokering a historic detente between Tehran and Riyadh, which paved the way for ongoing peace talks in Yemen and ending Syria’s regional isolation. Russia has also been flexing its diplomatic muscles to resolve the Syrian crisis by hosting several high-level meetings involving Syrian and Turkish officials that seek to end Ankara’s occupation of northern Syria.

    Tyler Durden
    Wed, 05/17/2023 – 20:20

  • Morgan Stanley Shows Why US-China Decouple Is "Neither Possible Nor Desirable" In One Stunning Chart
    Morgan Stanley Shows Why US-China Decouple Is “Neither Possible Nor Desirable” In One Stunning Chart

    The US and China have been locked in a five-year trade war. Lawmakers in Washington have been touting the economic “decoupling” of the world’s two biggest economies, but that has not yet happened. 

    It’s unclear if a full decoupling is even achievable. Western countries urge corporations to rejigger supply chains from China to other “friendlier” countries like India, Indonesia, Thailand, and Mexico

    However, there’s one problem: even if firms relocate their manufacturing base to other countries, components are still sourced from China. The reality of achieving full decoupling appears more challenging and complex than once thought (and costlier). 

    Morgan Stanley’s global director of research Katy Huberty told clients earlier this week that a complete “re-wiring” of the EV battery supply chain out of China would require a $7 trillion investment by the West through 2040.  

    In a separate Morgan Stanley report earlier this month, a team of strategists revealed:

    The reality is that a complete decoupling of the US economy from China is neither possible nor desirable. It will take many years to shift the supply chain, and the US will remain dependent on China in many areas. However, investing in the technology sector now requires a change in thinking to navigate the economic implications of multi-polarization. Investors need to consider the broad investment themes associated with geopolitical risks rather than just taking a bottom-up view. 

    With that understanding, the analysts provided a breathtaking view of how the world’s technology companies are interlinked. A full decoupling of China and the US is only possible if a war over Taiwan occurs. If that happens, global supply chains will crash overnight, essentially a reset. 

    More recently, Jay Shambaugh, Treasury Undersecretary for International Affairs, told Bloomberg Television the US isn’t seeking to decouple its economy from China or limit the country’s growth:

    “We occasionally have issues with different economic policies in China and we will always defend US economic interests as well — but we will not in any way be trying to separate these two economies entirely.

    Even though relations between US and China have deteriorated sharply in recent years, a full decoupling is impossible at the moment, and if the West were to friendshore and reshore supply chains, it would take decades and trillions of dollars. 

    So the whole decoupling narrative in the near term is unrealistic, given the chart we shared above. The only thing the West can do is reduce reliance on China and hope Beijing doesn’t invade Taiwan anytime soon. 

    Tyler Durden
    Wed, 05/17/2023 – 20:00

  • FBI Audit Reveals 8,000 Unjustified Searches Of Americans' Communications
    FBI Audit Reveals 8,000 Unjustified Searches Of Americans’ Communications

    Authored by Lawrence Wilson via The Epoch Times,

    The FBI conducted thousands of queries on digital data collected on U.S. citizens in 2021 and 2022 despite having no warrant and no justification under the FBI’s own rules, according to an internal report released on May 10.

    The audit, conducted by the FBI Office of Internal Auditing (OIA), was intended to examine the agency’s compliance with rules for querying data the government routinely collects on U.S. citizens under Section 702 of the Foreign Intelligence Surveillance Act of 1978 (FISA).

    FISA allows the government to collect electronic data, including phone calls, text messages, and emails of foreigners overseas, even if the communications involve a U.S. citizen. U.S. agencies can then search that data in connection with national security investigations.

    Under rules approved by the FISA court, any search of that data involving a U.S. citizen must meet three criteria.

    It must be for the purpose of retrieving foreign intelligence information or evidence of a crime, reasonably designed to avoid unnecessarily retrieving information not related to the purpose, and justified by a specific factual basis indicating that it’s likely to retrieve foreign intelligence information or evidence of a crime.

    FBI Director Christopher Wray testifies at a hearing in front of the Senate Intelligence Committee in Washington on Jan. 29, 2019. (Charlotte Cuthbertson/The Epoch Times)

    According to the report, searches of FISA data failed to meet those criteria 4 percent of the time between July 1, 2021, and March 31, 2022. The most common failure was listing insufficient justification for the search.

    According to a separate FBI report, the agency conducted more than 204,000 queries of FISA data on U.S. citizens in 2022. Given a 4 percent noncompliance rate, that would indicate that the digital communications of Americans were obtained by the FBI more than 8,000 times with no warrant and without proper justification under rules approved by the FISA Court.

    The audit was conducted after FBI Director Christopher Wray implemented procedural changes for FISA queries in 2021 and 2022. The agency had come under fire after the FISA Court found “widespread violations” of the rules. Those violations included searches for the communications of government officials, journalists, political commentators, and a member of Congress.

    FISA was created in response to similar unwarranted surveillance of U.S. citizens by the Nixon administration.

    The audit shows a marked improvement over an audit of the period from April 1, 2020, to March 31, 2021, which revealed a noncompliance rate of 18 percent.

    In 2021, the FBI conducted roughly 3.4 million FISA queries involving U.S. citizens. With an 18 percent noncompliance rate, that indicates that the electronic communications of U.S. citizens were obtained by the FBI in violation of some rule about 612,000 times in that year alone.

    Although the number of FISA queries decreased greatly and the FBI’s compliance rate improved, the change wasn’t enough to satisfy some privacy advocates.

    “Even if the compliance rate were 100 percent, the government should not be able to access Americans’ communications without a warrant,” Elizabeth Goitein, co-director of the Liberty and National Security Program at the Brennan Center for Justice, wrote on Twitter.

    “But with a baseline of 8,000 violations per year, there can be no question that a warrant is needed to protect Americans’ fundamental rights.”

    Based on the audit results, the OIA recommended further changes in the procedures for querying FISA data. Those include improving the FISA query compliance monitoring program, ensuring that all users complete required training before gaining access to raw FISA data, and making system changes to notify users when they make mistakes when inputting data.

    The FBI didn’t respond by press time to a request by The Epoch Times for comment.

    Tyler Durden
    Wed, 05/17/2023 – 19:40

  • Jeffrey Epstein Moved $270,000 For Noam Chomsky, Paid Leon Botstein $150K
    Jeffrey Epstein Moved $270,000 For Noam Chomsky, Paid Leon Botstein $150K

    Dead pedophile Jeffrey Epstein transferred $270,000 between accounts for Noam Chomsky and paid $150,000 to Bard College’s Leon Botstein – after he pleaded guilty in 2008 to soliciting and procuring a minor for prostitution – the two academics have confirmed to the Wall Street Journal, which calls the transactions “another glimpse into how the late disgraced financier provided favors for those who associated with him.”

    Botstein and Chomsky met multiple times with Epstein after he was a registered sex offender, The Wall Street Journal recently reported. Chomsky, a political activist and professor, told the Journal that they met occasionally to discuss political and academic topics. Botstein, the longtime leader of Bard College in New York, said he met with Epstein in an attempt to raise funds for the school.

    They were among the many academics, politicians and businesspeople who met with Epstein in the years after he pleaded guilty in 2008 to soliciting and procuring a minor for prostitution. He was charged in 2019 with sex trafficking and died in jail while awaiting trial later that year. -WSJ

    According to Botstein, Epstein sent him checks in 2016 totaling approximately $150,000, which he says he donated to Bard as part of an overall donation exceeding $1 million. He said that Epstein designated him a consultant of an entity and send the money as if they were fees for doing consulting work – which he claims he never did. A spokesman said the funds were compensation for a one-year term for Epstein’s foundation, Gratitude America.

    “I have no idea why he concocted this scheme,” claims Botstein. “He didn’t want to write a check to Bard. He took pity on me, and he said, ‘I’m gonna give you money and you do whatever you want with it.’”

    Botstein previously lied when he told the Journal that Epstein gave Bard $75,000 in unsolicited donations in 2011, and that he had met with the disgraced financier over a dozen times but had been unsuccessful in raising more funds. He later said he didn’t remember the 2016 payments until the Journal asked him, as they didn’t appear as donations from Epstein in school records.

    “The important thing to recognize is that I did not personally benefit,” he said. “Each fiscal year I give more in philanthropic gifts to Bard and the [American Symphony Orchestra] than anything that has come my way—conducting fees, writing fees, consultancies, speaking etc.—in order to protect myself and the college of the suspicion that I am enriching myself by exploiting my position.”

    Chomsky, meanwhile, confirmed that he received a March 2018 transfer of roughly $270,000 from an account linked to Epstein, which he said was “restricted to rearrangement of my own funds, and did not involve one penny from Epstein.”

    Chomsky explained that he asked Epstein for help with a “technical matter” that he said involved the disbursement of common funds related to his first marriage. 

    “My late wife died 15 years ago after a long illness. We paid no attention to financial issues,” he told the Journal in an email which cc’d his current wife. “We asked Epstein for advice. The simplest way seemed to be to transfer funds from one account in my name to another, by way of his office.”

    According to Chomsky, he didn’t hire Epstein. “It was a simple, quick, transfer of funds,” he said.

    Tyler Durden
    Wed, 05/17/2023 – 19:20

  • Guantanamo Prisoner's Graphic Details Of CIA Torture Featured In New Report
    Guantanamo Prisoner’s Graphic Details Of CIA Torture Featured In New Report

    Authored by Brett Wilkins via Common Dreams, 

    A report published this week featuring previously unreleased drawings by Abu Zubaydah—a 52-year-old Saudi who has been imprisoned by the United States for more than 20 years at CIA “black sites” and Guantánamo Bay—offers new insight into torture suffered by a man caught up in a case of mistaken identity.

    The report—entitled American Torturers: FBI and CIA Abuses at Dark Sites and Guantánamo—is based on sketches and descriptions by Zubaydah and other War on Terror torture victims and was led by Seton Hall University law professor Mark Denbeaux and University of California, San Francisco psychiatry professor Jess Ghannam, with the help of Seton Hall law students.

    “Despite the efforts of the federal government, particularly the Central Intelligence Agency, to conceal evidence of the actual operation of the ‘enhanced interrogation techniques (EITs) deployed on detainees in dark sites and at Guantánamo, a steady drumbeat of disclosures has provided an unparalleled view into this disgraceful episode in the nation’s history,” the report states.

    The report notes that Zubaydah’s drawings “viscerally convey the brutal reality the CIA sought to hide with its calculated destruction of video recordings of torture conducted by its agents,” and “dovetail with the recent accounts of Dr. James Mitchell, a chief architect of the torture regime, who both wrote a book on EITs and testified in hearings on Guantánamo.”

    “These sources, together with the report of the Senate Select Committee on Intelligence, provide the most complete—and compelling—account to date of America’s torture program” in the years after the September 11, 2001 attacks on the United States, the publication states.

    Born in Saudi Arabia, Zubaydah moved to the West Bank in Israeli-occupied Palestine as a teenager. He was captured by CIA, FBI, and Pakistani intelligence agents in Pakistan in late March 2002. Shot in the thigh, testicle, and stomach during the raid that led to his capture, Zubaydah—who was mistaken for a high-ranking al-Qaeda member—was transferred to CIA “black sites” in Pakistan, Thailand, Afghanistan, Poland, Northern Africa, and Diego Garcia. In September 2006, he was sent to Guantánamo Bay, Cuba, where he remains imprisoned.

    Zubaydah was the first so-called “high-value” detainee to be tortured by U.S. agents, who treated him as a human guinea pig.

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    “Everybody agrees, they tortured the wrong guy; they went ahead anyway so they could get permission to torture other people,” Denbeaux told The Guardian, which on Thursday posted the report along with an articleby Ed Pilkington on Zubaydah’s experience.

    Then-Vice President Dick Cheney, National Security Adviser Condoleezza Rice, and CIA Director George Tenet gave the green light for U.S. agents to torture Zubaydah—even after learning that the prisoner was cooperative.

    During one discussion on the matter, then-Attorney General John Ashcroft reportedly remarked: “Why are we talking about this in the White House? History will not judge this kindly.”

    Zubaydah was subjected to the interrupted drowning technique known as “waterboarding” 83 times; rape under the pretext of “rectal feeding”; shackling in excruciating “stress positions”; sleep, sensory, and food deprivation; confinement in small boxes; exposure to extreme temperatures and loud music; death threats; beatings and being slammed into walls; sexual and religious humiliation; and other abuses.

    Most of the torture techniques approved by the George W. Bush administration—which included waterboarding, deprivation, stress positions, the use of loud music and dogs, slamming into walls, solitary confinement, and exposure to extreme temperatures—are illegal under both domestic and international law.

    In addition to these approved EITs, U.S. military and intelligence personnel subjected terrorism detainees—many of them innocent men, women, and children—to additional abuses, including homiciderape, imprisonment of relatives as bargaining chips, exposure to sometimes lethally extreme temperatures, and brutal beatings.

    “Sexual assault was never approved, nudity was never approved, humiliation by having women present was never approved, and nor was subjecting someone to prolonged torture to the point of exhaustion or worse,” Denbeaux told The Guardian.

    According to a 2005 report by the National Library of Medicine—a federal agency—based on reviews of military documents, 26 War on Terror detainees died as a result of “criminal homicide,” although the paper did not say how many prisoners died on the battlefield or while in U.S. custody.

    “Prisoners died of torture at Asadadad, Bagram, and Gardez in Afghanistan and at Abu Ghraib, Camp Whitehorse, Basra, Mosul, Tikrit, Bucca, and an unidentified facility in Iraq,” the report stated. “These cases do not include deaths due to medical neglect, mortar attacks on prisons, or the shootings of rioting prisoners.”

    Zubaydah has never been charged with any crime or tried. He is what’s known as a “forever prisoner,” as the U.S. has no plans to release him.

    Last month, the United Nations Working Group on Arbitrary Detention called for Zubaydah’s immediate release while asserting that his continued imprisonment violates the “fundamental rules of international law” and “may constitute crimes against humanity.”

    From the reportZubaydah: “I was hearing the sound of the power drill moving very powerfully and violently, and no other sound could cover it up … They were opening the door of my cell (which I stay locked behind 24 hours a day) only when the interrogators/torturers entered. They opened the “cell” door of the person that they will torture with the power drill, so I could hear the drill and the shouting, begging and crying in horror of the brother who is receiving the torture. When they turned off the power drill after several hours, I could hear the tortured brother still shouting, begging and crying, then I hear the person who is doing the torture shouting and threatening that he will drill the tool into the head and/or foot, and/or rear end, and/or stomach of the brother who is exposed to torture”…

    Thirty men remain imprisoned at Guantánamo. Only one has been convicted of a crime. Ten have cases pending before what former military prosecutors have called “rigged” military tribunals, while 16 have been approved or recommended for release.

    The administration of President Joe Biden—who has expressed intent to close Guantánamo—has overseen the transfer of a handful of Gitmo prisoners to third countries. Denbeaux said that “Abu Zubaydah is the poster child for America’s torture program.”

    “He was the first person to be tortured, having been approved by the Department of Justice based on facts that the CIA knew to be false,” Denbeaux noted. “His drawings are the ultimate repudiation of the failure and abuses of torture.”

    Tyler Durden
    Wed, 05/17/2023 – 19:00

  • Soros-Backed US Attorney Resigns After Lying Under Oath To Conceal Crimes, Leaking Info
    Soros-Backed US Attorney Resigns After Lying Under Oath To Conceal Crimes, Leaking Info

    US Attorney Rachel Rollins will resign from her post following a review by the DOJ into several improprieties, the Associated Press reports.

    According to a report from the Office of Special Counsel (OSC), Soros-backed Rollins – the US Attorney for Massachusetts, violated the Hatch Act twice in 2022 – abusing her office. The first violation was committed in July 2022 when she attended a “political party fundraiser in her official capacity” which featured Jill Biden – and for which Rollins lied and claimed she had secured proper “approval” to meet the first lady. Other sources, however, indicated that the permission she obtained was “limited.”

    The second violation took place between August and September when she “repeatedly attempted to sabotage the campaign of a political candidate by leaking non-public U.S. Department of Justice (DOJ) information to the media to plant a story that the candidate she opposed was facing a DOJ investigation.”

    The second violation was described by the OSC as “one of the most egregious Hatch Act violations that OSC has ever investigated.”

    The Hatch Act prohibits government employees from abusing their official authority to affect the outcome of an election.

    https://platform.twitter.com/widgets.jsAccording to the report, “political activity” is described as “activity directed toward the success or failure of a political party, partisan political group, or candidate for partisan political office and includes attending a political event.”

    Per the report, Rollins was found to have “interfer[ed] with or affect[ed]” the outcome of the election for district attorney (DA) of Suffolk County, Massachusetts in 2022” when she leaked information regarding her office’s recusal from a possible DOJ investigation into a candidate she was opposing, DA Kevin Hayden.

    Rollins heavily supported Hayden’s opponent, Ricardo Arroyo, according to the report, which added that throughout the campaign, Arroyo suggested to Rollins that her office should announce an investigation into Hayden.

    “It “[w]ould be the best thing I can have happen at this moment,” Arroyo wrote to Rollins.

    “Understood. Keep fighting and campaigning. I’m working on something,” Rollins wrote back.

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    As the Free Beacon notes,

    Rollins’s resignation is a setback for Soros, who has seen a string of electoral victories in recent years after funding the campaigns for progressive prosecutors around the country. Massachusetts Democratic senators Ed Markey and Elizabeth Warren were Rollins’s largest supporters during her Senate confirmation fight. In a Wednesday statement, the two said that “Rachael Rollins has for years dedicated herself to the people of Massachusetts and equal justice under the law.”

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    What will Rollins do next? Will Magneto back her in her next endeavor? Stay tuned.

    Tyler Durden
    Wed, 05/17/2023 – 18:40

  • The Hate Industry
    The Hate Industry

    Authored by Edward Ring via American Greatness,

    “The most dangerous terrorist threat to our homeland is white supremacy.”

    – President Joe Biden, speaking at Howard University, May 13, 2023

    In the aftermath of September 11, 2001, when establishment politicians started to make common use of the term “homeland,” they told us the most dangerous threat to Americans was foreign terrorists. But today, we are instructed to fear the enemy within. A new iconic date, January 6, 2021, is inscribed on our collective consciousness. From coast to coast, Americans are being herded into two camps. There are the “white supremacists,” those bad people who purportedly hate good people. And then there is everyone else, good people who are encouraged to hate the bad people.

    The common thread, to state the obvious, is hate.

    As Joe Biden’s would-be successor, doing his part to nurture and support the hate industry, California Governor Gavin Newsom on May 4 announced “the Launch of CA vs Hate, a New Statewide Hotline to Report Hate Acts in California.” Proclaiming that “hate will not be tolerated,” the governor said that Californians will have “another tool to ensure that not only justice is served, but that individuals have access to additional resources to help deal with the lingering wounds that remain after such a horrendous crime occurs.”

    This is agenda-driven hype. The agenda, perfectly expressed by author Michael Shellenberger in a Substack post last week, is to “manufacture a fake ‘hate’ crisis as [a] pretext for mass spying, blacklists, and censorship.” The hype, also exposed by Shellenberger in his recent article, is underscored by the fact that over the past 10 years, hate crime convictions, as opposed to “criminal complaints of hate crimes,” have not increased at all. In a state with 40 million people, hate crime convictions were a minuscule 109 in 2021, and a negligible increase from 107 in 2012.

    The hate industry is a vast agglomeration of lucrative hustles, now institutionalized and expanded into multiple and overlapping sectors. There is the diversity, equity and inclusion (DEI) sector; the equity, social, and governance (ESG) sector; the activist sector comprising countless groups, including Black Lives Matter and Antifa; the corporate, academic, and government sectors; the media sector; the politicians; and the pundits. All of these sectors have spawned scores of thousands of well-paying jobs.

    If these institutions weren’t able to point to rising levels of hatred in America, then their specialty, the business of hate, would no longer be a growth industry. Where there is no hate, they must manufacture it. Where hatred has diminished, they must discover new forms of hate, often so subtle that we foolishly fail to recognize it without their assistance.

    Peddling Hate Is a Dangerous Game

    It’s a dangerous and divisive game. For hate to exist, you have to have a hater and a victim of hate. And who might they be? A list of Newsom’s “Community Specific Resources for People Targeted for Hate” might provide a clue. Virtually every imaginable group is listed as “people targeted for hate,” including “Communities living at the intersection of multiple identities (Coming Soon).” Isn’t that great? Resources for those who live “at the intersection of multiple identities” is “coming soon.” They’re awfully busy at the State of California’s Civil Rights Department. These, we are told, are the victims.

    Not listed, of course, are heterosexual, “cisgender” white males who speak English, and lack learning disabilities, physical disabilities, mental health disabilities, or are elders, or students, and don’t belong to the “Muslim, Sikh, Hindu, and Jewish communities.” Got that? If someone is a member of this rapidly disappearing fraction of California’s population, there are no “community resources.” These, then, are the haters.

    The problem for Newsom—and Biden, and every other hate-hyping demagogue in America—is that data doesn’t validate the hate narrative. To keep the industry supplied with the fuel of hatred, Newsom must differentiate between hate crimes, because hardly any of these occur, and “hate incidents,” which, like harvested ballots, appear in numbers proportional to the amount of money invested to procure them. Here is how Newsom’s Department of Civil Rights describes a hate incident: “A hostile expression or action that may be motivated by bias against another person’s actual or perceived identity(ies).”

    If this seems vague, that’s on purpose. When trolling for hate incidents, cast as wide a net as possible. A “hostile expression,” that “may” be motivated by bias. That’s awfully broad and awfully subjective. And to ensure California’s epidemic of hate is fully documented, a “CA vs. Hate Portal” has been set up through the “Submit Hate Incident or Hate Crime Report” button, which is available 24 hours a day, seven days a week on your desktop or mobile device.

    If you click through this online interface to the main screen, you will learn that the “Types of Crime or Incident” that qualify include “cyberbullying/internet harassment (text, email, or social media),” “verbal harassment,” “hate literature/flyers,” “hate mail,” and several other categories offering an almost unlimited latitude of qualifying criteria.

    Exaggerating Hate, Marketing Hate

    Anyone who thinks the number of reported “hate incidents” can’t be goosed upwards by marketing a site like this should reflect on just how trivial some of the alleged transgressions have been that attracted wide publicity and outrage.

    California’s local television networks in the Sacramento area were agog a few years ago with a report that flyers stating “It’s OK to be White” were posted around the campus of the University of California at Davis. News reporters interviewed college officials who were shocked and terrified and anxious to assert their commitment to keeping UC Davis “safe” from these “triggering” flyers. The presumption was that this rather innocuous assertion was “hate literature.” Exactly why this was considered hate literature was not explained.

    During the 2020 election season, the need for evidence of alarming “white supremacist” activity was so desperate that national television networks, for several days, ran a story about a white man who yelled anti-Asian slurs at some Asian diners in a restaurant in Carmel Valley, California. The point here isn’t to excuse the man’s comments. For all we know, maybe he deserved the dogpile that followed. But it wouldn’t have mattered. The hate machine needed to find a hater, so there was never any attempt to contextualize the incident. What made this man angry? How much had he been drinking? Were the diners he insulted being disruptive, noisy, or rude? Was there no provocation whatsoever?

    But the answers are beside the point. This incident, while unpleasant and regrettable, did not merit national news coverage. It had no geopolitical significance. It was national “news” because it was the only example available that week, in a nation of 330 million people, during a time when it was important for the hate industry to foment a national terror of “white supremacy.”

    Recognize any of that today? It’s bigger than ever, with the hate machine still focused on white racist hate crimes. And if a perpetrator isn’t white, such as the Latino man who just murdered five people in Texas, the hate machine makes sure to play down that fact, but is sure to mention he is a “suspected Nazi sympathizer.” What about another Latino, also in Texas, who recently ran his SUV into a crowd outside an immigrant center, killing eight? The media takeaway—he yelled “anti-immigrant insults” when he was detained. White supremacy, courtesy of Latinos.

    If the story doesn’t fit the narrative, and you can’t find a story that does, then warp the story. Make it fit. Hugely disproportionate rates of black-on-black crime? What’s that? Blacks beating a white girl half to death? Crickets. A white person, with the assistance of black person, subdues a deranged black career criminal before he hurts somebody and, in the struggle, he unintentionally chokes him to death? The dead black criminal is a saint, the brave white hero is a “vigilante,” and the brave black hero is ignored because he doesn’t fit the narrative.

    All of this warped coverage generates lucrative hate. White liberals and blacks are encouraged to hate white racists. White conservatives hate the lying media and resent the double standard. And as hate grows, money is made, and authoritarian bureaucracies expand.

    This point cannot be emphasized enough: The “anti-hate” hate industry creates the tribalism it claims to fight, and the only beneficiary of all the hate it creates is the hate industry itself.

    All Hate Matters, Hating Haters Is Still Hate

    As is usual with so much in 21st-century America, the irony here is so thick you’d break a chainsaw trying to cut through.

    Gavin Newsom, a man who checks almost every box in the “hater” category, is part of a hate machine that is fueled by ginning up hatred for the haters. There is irony everywhere. Walk into any classroom in California, and more often than not, you will encounter at least one poster stating “Everyone is welcome here,” against the backdrop of a gay/trans pride flag. You may rest assured that whoever puts up a sign like this is most definitely not going to welcome “everyone.” Whoever does not share their views is a “hater,” who deserves to be hated.

    There are plenty of reasons for the growth of America’s hate industry. There have always been political incentives to marginalize opposition candidates and movements, but the modern hate industry was born when the internet democratized communication. All of a sudden, instead of three or four major broadcasting networks and newspapers competing for a huge national news audience, there were thousands of new online sources of information. The knockout blow came when social media and search giants came on the scene, within a few years co-opting over 50 percent of national advertising dollars by offering precision placements of advertising content. How did the national news media respond? By peddling hate.

    In a recent interview, Elon Musk offered an insightful explanation of why hate sells better than love. As humans evolved, he said, we developed a much stronger response to fear than to attraction, because if we didn’t immediately and forcefully react, for example, to a charging lion, we would die, whereas if we took our time ambling over to a sweet berry bush, we would merely defer a bit of pleasure.

    The fact that it takes less investment to retain viewers if you appeal to their negative emotions has become the business strategy of media companies struggling to compete in a market that has become infinitely fragmented and ruthlessly competitive. Hate sells.

    Even if peddling hate weren’t the survival strategy of America’s beleaguered media companies, the modern era would still be spawning more than the usual amount of hate. Social media has granted every individual on earth access to billions of potential critics, every one of them with the ability to lob insults from a distance and anonymously. Humans aren’t wired to cope with an audience for their opinions that includes an infinite number of people who can insult them perpetually, without the desire to engage in reason, and without the slightest fear of consequences.

    The Hate Industry’s Hidden Agenda

    It’s obvious the “anti-hate” hate industry is a self-perpetuating, self-aggrandizing fraud. But behind all the hatred that is nurtured by a hate industry that grows when hate grows, and hence is doing everything it can to divide Americans, there is a deeper agenda. Whether in preparation for martial law to be imposed if there is a major war, or the reduction of our standard of living in order to achieve “sustainability,” or to pacify a population that might otherwise rebel against mass immigration with all the economic and social disruption it will entail, or to divide, diminish, incite, and then crush the populist rebellion against all three of these profiteering, globalist gambits, America is slowly being turned into a technology-driven police state. If we can be convinced that we must be terrified of the haters who are rampant among us, we will accept everything being done to stop them.

    America’s hate industry employs a diabolical strategy, whereby everything they do to supposedly eliminate hate actually creates more hate. In the name of fighting hate, the hate industry demands tolerance when it is not actually promoting every abnormal, deviant, debauched, destructive, indolent, criminal, or bizarre behavior. It normalizes the strange and then accuses anyone of questioning the health or the efficacy of mainstreaming the marginal of being haters. It continuously ups the ante, creating as much disruption as possible, while monetizing the controversy in the form of bigger DEI departments, more “environmental, social, governance” criteria, more bureaucrats, more thought police, and bigger audiences for their salacious, indignant cable and online shows.

    If there aren’t enough adverse reactions against the hate industry’s campaign to deconstruct American culture and traditions, they make them up. Increase the scale and scope of this deconstruction while at the same time lowering the level of reaction necessary to trigger accusations of hate. Eventually, declare a state of emergency. Game over.

    Several years ago, a refugee from the Soviet Union said something to me that I didn’t immediately understand. “The only perfectly safe place,” he said, “is a prison.” As America drifts further towards the state of perfect safety, free of unsanctioned hate, yet saturated with hate masquerading as tolerance, it becomes obvious what he meant. So bravo, Joe Biden. And bravo, Gavin Newsom. You two are doing your part.

    Tyler Durden
    Wed, 05/17/2023 – 18:20

  • Wendy's Plans New Underground Delivery System for Mobile Orders
    Wendy’s Plans New Underground Delivery System for Mobile Orders

    Fast food chain Wendy’s is testing new technology to automate its stores. This is more bad news for human workers as automation and artificial intelligence invade the fast food industry. 

    Wendy’s announced a new partnership with Pipedream, a hyper logistics company, to pilot-test the first underground autonomous robot system that will allow food from the kitchen to be sent to designated parking spots via an underground network of pipes. 

    “The partnership marks another bold step for Wendy’s in driving industry innovation as it strives to serve digital-forward customers with greater ease, speed, and accuracy,” Wendy’s wrote in a press release. 

    “We know that serving orders quickly and accurately leads to increased customer satisfaction.

    “Pipedream’s Instant Pickup system has the potential to unlock greater mobile order speed of service and accuracy, enabling us to consistently deliver hot and fresh Wendy’s products to our fans,” said Deepak Ajmani, US Chief Operations Officer of Wendy’s. 

    Wendy’s stated the move is to “provide digital customers with a fast and convenient pick-up option.” While this is true, it’s a continued push by the company to slim down its workforce by automating low-skilled jobs.

    Want more evidence of this?

    Last week, the fast food chain with nearly 6,000 US stores said it was developing an artificial intelligence chatbot powered by Google’s natural-language software to automate drive-thru ordering. 

    Besides Wendy’s, we have outlined the move by other fast-food restaurants, like McDonald’s, to automate stores and replace humans: 

    There’s even been a push by McDonald’s to automate a restaurant entirely: 

    Recall a recent Goldman report (available to pro subscribers in the usual place) that stated, “Two-thirds of current jobs are exposed to some degree of AI automation, and that generative AI could substitute up to one-fourth of current work. Extrapolating our estimates globally suggests that generative AI could expose the equivalent of 300 million full-time jobs to automation” as up to “two thirds of occupations could be partially automated by AI.”

    In other words, the robots are coming, and jobs will be lost. 

     

     

     

     

    Tyler Durden
    Wed, 05/17/2023 – 18:00

  • Supreme Court Sides With Inmate Who Wants To Be Executed With Nitrogen Gas
    Supreme Court Sides With Inmate Who Wants To Be Executed With Nitrogen Gas

    Authored by Matthew Vadum via The Epoch Times (emphasis ours),

    The Supreme Court sided on May 15 with a condemned man in Alabama who wants to be executed by nitrogen gas instead of lethal injection, refusing to set aside a stay of execution by lethal injection previously granted by the U.S. Court of Appeals for the 11th Circuit.

    Attorney General of Alabama Steve Marshall speaks to members of the press after the oral argument of the Merrill v. Milligan case at the U.S. Supreme Court in Washington, D.C., on Oct. 4, 2022. (Alex Wong/Getty Images)

    Justices Clarence Thomas and Samuel Alito dissented from the Supreme Court’s new unsigned order in Hamm v. Smith, court file 22-580. The court did not explain why it declined to grant the petition filed by the state.

    Alabama was prepared to execute Kenneth Eugene Smith, 57, on Nov. 17, 2022, by lethal injection. But state officials struggled to gain adequate access to his veins before the death warrant expired.

    Alabama has had problems with its lethal injection procedures. Last year, the state put executions on hold while it reviewed various difficulties it experienced in multiple cases when it tried to carry out lethal injections.

    In November 2022, Republican Gov. Kay Ivey said the pause was needed “to make sure that we can successfully deliver that justice and that closure” for victims’ families. In February of this year, Ivey said the review was complete and called for executions to resume.

    At the time, Department of Corrections Commissioner John Hamm said his agency added medical personnel and conducted trainings. “In addition, the Department has ordered and obtained new equipment that is now available for future executions,” he said, according to CNN.

    Under new rules, courts will allow the governor to establish a time frame for the execution that state officials say “will make it harder for inmates to ‘run out the clock’ with last-minute appeals and requests for stays of execution.”

    “As you know, this caused unnecessary deadline pressure for department personnel as courts issued orders late into the night in response to death-row inmates’ last minute legal challenges,” Hamm said.

    Smith and an accomplice were convicted in the 1988 murder of Elizabeth Sennett. The two individuals were hired by the victim’s husband who had taken out a sizable insurance policy on his wife.

    Kenneth Eugene Smith in an undated photo. (Alabama Department of Corrections via AP)

    Smith claimed the attempted execution by lethal drugs was botched and went to court, arguing that he should be put to death by nitrogen hypoxia. That new method of execution has been approved by the Alabama legislature but protocols for carrying it out have not yet been finalized.

    The 11th Circuit sided with Smith in the method-of-execution appeal, concluding he had “plausibly alleged that nitrogen hypoxia was a feasible, readily implemented alternative method of execution.”

    Read more here…

    Tyler Durden
    Wed, 05/17/2023 – 17:40

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Today’s News 17th May 2023

  • Lee Smith: The Durham Coverup
    Lee Smith: The Durham Coverup

    Authored by Lee Smith via leesmith.locals.com,

    Reading through the newly released Durham Report, there’s a lot to absorb and I plan to be filling several reviews in the coming days. But it struck me that the section of the report detailing an aspect of John Brennan’s role in the Clinton campaign and Obama administration’s operation targeting Donald Trump and his aides was most urgent. LS.

    John Brennan: Former CIA chief claims he briefed Obama and Biden about Clinton plans to smear Trump as Russian agent.

    The only genuine piece of Russian intelligence that US spy services ever received about Donald Trump’s ties to Russia was intelligence that Russia knew Hillary Clinton backed a 2016 campaign plan to smear Trump as a Russian agent.

    According to John Durham’s 300-page report, the information reached the CIA in late July 2016. Brennan told Durham that on August 3 he briefed President Barack Obama at the White House on what the special counsel refers to as the Clinton Plan intelligence. Others in attendance at the meeting were Vice President Joe Biden, Attorney General Loretta Lynch, and FBI Director James Comey.

    Imagine Comey’s reaction when he first heard of the Clinton Plan intelligence, only days after the July 31 start date for the FBI’s investigation into Trump’s alleged ties to Russia, code-named Crossfire Hurricane: So, if it’s just a dirty trick staged by the Clinton campaign, I should shut down the Trump-Russia probe, right?   

    Right. There is little chance Brennan said anything about the Clinton Plan intelligence in that August 3 meeting. Reading the Durham report, it’s not even clear when Brennan first found out about it or the September 2016 CIA memo referring the Clinton Plan intelligence to the FBI’s counterintelligence division.

    Brennan’s handwritten notes memorializing his allegedly briefing Obama on the Clinton Plan and the CIA’s referral letter were both declassified by Trump’s Director of National Intelligence John Ratcliffe in October 2020. Durham’s report sheds light on how the information and subsequent CIA memo were received, who knew about them, and perhaps more significantly who didn’t.

    According to the report, virtually none of the officials interviewed by Durham knew about the Clinton Plan intelligence or the referral memo. Former FBI general counsel James Baker “stated that he had neither seen nor heard of the Clinton Plan intelligence or the resulting Referral Memo prior to his interview” with Durham.

    Same with Supervisory Special Agent-1, reportedly FBI agent Joe Pientka. According to the report, when Durham showed Pientka the information, he became “visibly upset and emotional, left the interview room with his counsel, and subsequently returned to state emphatically that he had never been apprised of the Clinton Plan intelligence and had never seen the aforementioned Referral Memo. Supervisory Special Agent-1 expressed a sense of betrayal that no one had informed him of the intelligence.”

    The reason so few FBI officials knew of the Clinton Plan information is because it was buried. Otherwise, it would have implicated senior Obama officials — from the president and vice president and his security chiefs — and the Crossfire Hurricane team in an illegal surveillance and propaganda operation targeting a presidential campaign.

    But how did the Russians know it started with Hillary Clinton? Did they have spies buried deep inside the Democratic National Committee? Maybe Christopher Steele, British ex-spy and author of the Clinton-funded memos tying Trump to Russia, had been compromised by one of the Russian oligarchs he worked for?

    No, you wouldn’t have needed an intelligence service to find out the Clinton campaign was using Moscow as an instrument to smear the GOP candidate. By the end of July, much of the anti-Trump campaign was public.

    As I explained in my 2019 book The Plot Against the President, the media piece of Russiagate started in Winter 2016 when pro-Clinton reporters first started calling Trump and his aides Russian agents. With Franklin Foer’s July 4 Slatearticle, “Putin’s Puppet,” the press component of the Russia-collusion narrative was in full swing.

    In a July 21 Washington Post column, Anne Applebaum cited Foer’s piece and asserted that “Russia is clearly participating in the Trump campaign.” In an Atlantic article published the same day, Jeffrey Goldberg wrote that Trump has chosen “to unmask himself as a de facto agent of Russian president Vladimir Putin.”

    Before the end of July, scores of articles in the Weekly Standard, the New Yorker, New York Magazine, the New York Timesand elsewhere made the same case: Donald Trump, according to Times columnist Paul Krugman, was the “Siberian candidate.”

    Russiagate reporters typically referenced each other’s articles to create an unmistakable echo chamber effect. Media analysts at the Russian foreign ministry or in any Russian embassy couldn’t have missed the frequency with which the US press kept inserting their government into a vague account of the Republican candidate’s uncertain loyalties. Thus, it would not have been hard to figure out who was the beneficiary of this extraordinary amount of newsprint devoted to promoting a storyline labeling Trump a Russian agent.

    The Durham report does not disclose how US intelligence agencies found out the Russians were discussing the Clinton Plan. Perhaps it came through the signals intelligence that British agencies and other foreign services reportedly shared with Washington.

    On August 22, an FBI cyber-analyst passed the Clinton Plan intelligence on to two members of the Crossfire Hurricane team, including fixer Brian Auten. A 2019 Justice Department report faulted Auten for failing to verify the Clinton-funded Steele dossier tying Trump to Russia. In other words, he cleared the central piece of evidence, now thoroughly discredited, that the FBI used to obtain the warrant to spy on the Trump campaign.

    On September 2, a US official briefed Auten and other FBI personnel about the Clinton Plan intelligence. Auten related to Durham that he told the official he wanted to see the CIA’s official referral letter. Completed September 7, the memo was addressed to Comey and FBI counterintelligence official and Crossfire Hurricane point-man Peter Strzok.

    According to Durham: “None of the FBI personnel who agreed to be interviewed could specifically recall receiving this Referral Memo, nor did anyone recall the FBI doing anything in response to the Referral Memo. Auten said that he couldn’t remember if he shared the memo with other members of the Crossfire Hurricane team.

    If Brennan was briefed on it at the time, it seems he didn’t share it with anyone — he almost certainly had not spoken of it during the August 3 meeting with Obama and other administration officials. There’s no evidence that Brennan briefed congressional oversight committees on what US agencies had picked up from the Russians on the Clinton Plan. Nor did he say anything about it when he testified before the House Intelligence Committee in May 2017.

    Most significantly, it’s not part of the intelligence that was used to produce the January 2017 intelligence community assessment on Russian interference in the 2016 election that Obama directed Brennan to finish before Trump came to office. Indeed, the Clinton Plan intelligence would serve as a powerful rebuttal to the ICA’s central conclusion that Putin sought to help Trump win the 2016 election.

    Evidence of Brennan’s hiding the Clinton Plan intelligence and CIA referral letter would strongly suggest that he was a crucial part of the effort to target Trump as a Russian agent.

    Perhaps it was rumor of Pientka’s rage after Durham showed him the Clinton Plan intelligence and the referral memo in a July 22, 2020 interview that Brennan moved to protect himself. It was nearly a month later, August 21, when he sat for an eight-hour long interview with Durham. Brennan said that he couldn’t remember when he first received the Clinton Plan intelligence but there was evidence that he didn’t hide it — handwritten notes proving that he told Obama, Biden, Lynch and Comey all about it.

    Durham states in his report that he declined to pursue a criminal case related to the Clinton Plan intelligence because it “would face what in all likelihood would be insurmountable classification issues given the highly sensitive nature of the information itself.”

    And thus, the section on the Clinton Plan intelligence concludes: the government’s treatment of the information “may have amounted to a significant intelligence failure and a troubling instance in which confirmation bias and a tunnel-vision pursuit of investigative ends may have caused government personnel to fail to appreciate the extent to which uncorroborated reporting funded by an opposing political campaign was intended to influence rather than inform the FBI. It did not, all things considered, however, amount to a provable criminal offense.”

    Tyler Durden
    Tue, 05/16/2023 – 23:45

  • Musk's David Faber Interview: "I'll Say What I Want And If The Consequence Is Losing Money, So Be It"
    Musk’s David Faber Interview: “I’ll Say What I Want And If The Consequence Is Losing Money, So Be It”

    Tesla CEO and Twitter owner Elon Musk sat down for an hour-long candid, sprawling interview with CNBC’s David Faber on Tuesday following Tesla’s 2023 annual shareholder meeting in Austin, Texas. Among many other things, Musk reflected on:

    Accusations from the left over his tweets which have been criticized as lending credence to conspiracies about George Soros and a recent mass shooting event in Allen, Texas, insisting “I’ll say what I want, and if the consequence of that is losing money, so be it.

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    Clearly this displeased Musk’s critics, who can’t comprehend how someone who is hopes to receive major ad dollars (and thus be beholden to the largest US corporations via advertising channel) can speak his mind. In fact, according to Bethany McLean, “Elon Musk sounds like a spoiled child when he talks about free speech,” adding that  “If you run a business that depends on advertisers you might have to think about it a little bit differently and Musk seems utterly unwilling to make that distinction.” Translation: if you run a business that depends on advertisers, you can’t say anything your advertisers disagree with. Which of course is another way of being subject to the censorship of the establishment, and why traditional media is always silent when certain interests – be it of generous advertisers like Pfizer, or the Deep State, or the Bidens, or the Clintons, etc – are in question.

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

    Musk defended what Faber said was the spreading of “conspiracy theories” by countering that pointing out that so many of these “conspiracy theories have turned out to be true“, and pointed to the Hunter Biden laptop suppression story, which was an example of “election interference.”

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    Naturally, the question of Musk calling George Soros Magnito came up. An incongruous Faber asks where that tweet came from, to which Musk replies “that is my opinion.” Faber then pressed: “why share it” if it could lead to less revenue/sales, and do your tweets “hurt the company”; Musk responds with a quote from the Princess Bride: “offer me money; offer me power. I don’t care.” The sad fact is that all of Musk’s peers in the media world, who aren’t independently wealthy and who do care about money (and power) will gladly be PR agents for their advertising sponsors, pretending to be independent media outlets.

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    How he has managed a takeover of Twitter so far and what lies ahead. Among other things, he said Twitter’s Community Notes feature has cost Twitter $40 million in business when two big clients reduced spending after their ads received community notes accusing them of false advertising. He also claimed that when the acquisition closed, Twitter had negative $3 billion in annual cash flow and $1 billion in the bank. “The analogy I was using was like being teleported into a plane that’s in a nosedive headed to the ground with the engines on fire and the controls don’t work….”

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    Musk said he voted for Biden but hinted he wasn’t happy with his choice, saying “I wish we could have just a normal human being as president.”

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    Asked if he believes the 2020 election was stolen, Musk said no, but countered that there certainly has been election fraud.

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    Musk even slammed the obvious CIA front Bellingcat. Discussing the recent Texas shooting, Musk said the shooter was “incorrectly described to be a white supremacist. The company that found this is Belingcat. Do you know what Belingcat is? A company that does Psyops.”

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

    Going back to twitter, and the historic layoffs there, Musk said that “Desperate times call for desperate measures,” referring to the more than 6,000 job cuts. Remarkably, despite widespread calls that the end of Twitter is nigh as there is no way the company can survive with 80% of its workers fired, so far Twitter is leaner and faster than before, a testament to the epic employee bloat in Silicon Valley over the past decade.

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    His involvement in the early days of ChatGPT-developer OpenAI, saying that it exists only because he wanted a non-commercial alternative to Google’s growing dominance in AI. He expressed disappointment that the company has abandoned its non-profit roots. And he said he is no longer friends with Google co-founder Larry Page. “The final straw was Larry calling me a ‘species-ist’ for being pro-human consciousness instead of machine consciousness.”.

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    His personal views and habits when it comes to work and productivity. He said he takes only two or three days off per year, works seven days a week and gets six hours of sleep a night. He also said he believes it’s morally wrong for people in the “laptop class” to advocate for working from home when service workers, such as people who work in factories, still have to show up in person.

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

    Tesla’s ability to weather rocky economic cycles. Musk said that the next 12 months will be difficult for Tesla from a macroeconomic perspective because of increased interest rates pinching consumer budgets. But he also said Tesla could take advantage of Tesla’s “real-time information on demand” for its cars to adjust pricing effectively.

    Faber asked what would happen to the global economy if China makes a move to control Taiwan. “The Chinese economy and the rest of the global economy are like conjoined twins. It would be like trying to separate conjoined twins. That’s the severity of the situation. And it’s actually worse for a lot of other companies than it is for Tesla. I mean, I’m not sure where you’re going to get an iPhone, for example.”

    Last but not least, there was a discussion of the Fed, which Musk believes is going to be too slow to lower interest rates when the economy slows, and that will hurt consumer demand. “You can think of raising the Fed rate as somewhat of a brake pedal on the economy, frankly,” Musk said. “It makes a lot of things more expensive. So if the car payment or your home mortgage is absorbing more of your monthly budget then you have less money to buy other things.”

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    Tyler Durden
    Tue, 05/16/2023 – 23:25

  • Head Of Ukraine's Supreme Court Arrested For "Large-Scale Corruption" 
    Head Of Ukraine’s Supreme Court Arrested For “Large-Scale Corruption” 

    Yet another large-scale corruption scandal has come out of Ukraine as the country’s National Anti-Corruption Bureau (NABU) and the Specialized Anti-Corruption Prosecutor’s Office (SAPO) have announced significant action taken against the highest court in the land. 

    “NABU and SAP have exposed large-scale corruption in the Supreme Court, in particular a scheme to obtain undue advantages by the leadership and judges of the Supreme Court,” the anti-corruption bodies announced on their official social media channels Tuesday. It’s a huge embarrassment given this is the highest legal body in the land, and the nation’s top judge, responsible for interpreting and upholding the law.

    Vsevolod Knyazev, file image

    The watchdog bodies stated they have “documented the head of the Supreme Court receiving a $2.7 million bribe.” An anti-corruption official revealed in a national press briefing that the head of the Supreme Court, Vsevolod Knyazev, has been arrested on suspicion of accepting bribes. The $2.7 million was seized in a raid on the top judges home.

    “At this time, the head of the Supreme Court has been detained and measures are being taken to check other individuals for involvement in criminal activity,” a statement said further.

    Knyazev, who was the equivalent of the US Supreme Court’s Chief Justice, has was elected to the position in October 2021. He has since been removed by a special session of other judges with a ‘no confidence’ vote.

    Further, reports in Ukrainian media suggest that additional judges might be raided and arrested amid the ongoing corruption probe. According to more details which have emerged in Ukrainian media sources, the case could be the tip of the iceberg:

    NABU Director Semen Kryvonos revealed that his bureau has documented a series of contacts between the owner of Finances and Credit Group, Kostiantyn Zhevaho, and one of the owners of an attorney group used to conceal criminal activities. These contacts involved an agreement regarding unlawful benefits in favor of high-ranking court officials for “rendering the necessary decision” in favor of the entrepreneur.

    Businessman Zhevaho denies his involvement in the multimillion-dollar bribe, as stated in a press release issued by his spokesperson to Forbes.

    “This is the most high-profile case during the tenure of NABU and SAP and the biggest exposure of a top-ranking official in the judicial branch of power,” said Kryvonos.

    He said the suspects in the case also attempted to influence the appointment of members of the Higher Qualification Commission of Judges (VKKS), the body responsible for career-related matters within the judicial branch of power.

    The past months have seen Ukraine, which consistently ranks among the most corrupt countries in the world, take public steps to root out its notorious corruption problem.

    Handout image via Ukrainian government

    This as tens of billions in US taxpayer aid continues to flow through Kiev’s coffers amid the Russian invasion – also as Blackrock, the world’s largest manager of assets, has reached a tentative agreement with President Zelensky to coordinate major reconstruction investment in the war-ravaged country.

    The emerging supreme court of Ukraine scandal isn’t the first major corruption revelation since the war began, and its unlikely to be the last.

    * * *

    Earlier in the year, a major scandal was revealed in the top ranks of Ukraine’s military…

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    Tyler Durden
    Tue, 05/16/2023 – 23:05

  • Will Abortion Kill The GOP?
    Will Abortion Kill The GOP?

    Authored by J.Peder Zane via RealClearPolitics.com,

    Republicans seem determined to die on the hill called abortion in 2024 – and they may take the country down with them.

    Abortion is a litmus test for millions of swing voters: nothing else matters if a candidate does not agree with them on it.

    This is not good news for the GOP: The results of the 2022 midterm elections – and current polling – show that there are significantly more pro-choice independent voters than pro-life independents.

    As a result, immigration, the state of the nation’s economy and the identity of the GOP 2024 presidential nominee may not matter all that much, as President Biden and his publicists in the press ride the abortion issue to victory.

    Democrats will then falsely claim their victory is a mandate for radical policies that are dividing and undermining our country, including unsustainable spending, suffocating regulation, open borders, lax law enforcement, and an unquenchable commitment to DEI, ESG, and all the other letters of the woke revolution.

    The intricacies of our electoral system are such that Republicans may well hold the House and win the Senate. But four more years of a Democratic presidency in control of the vast federal bureaucracy will unleash innumerable left-wing genies from their bottles, transforming the country in ways that may be impossible to reverse.

    Is there any reason for hope? I fear not.

    Ronna McDaniel, the chair of the Republican National Committee, is advising candidates to defend their pro-life values and attack their opponents. “Put them on the defensive and articulate where you stand, and that’s going to be the critical message we have to get out before 2024,” she said last month.

    But this stance is a loser in a national election. Since the Dobbs decision overturned the constitutional right to abortion under Roe v. Wade, 13 deep red states have passed laws essentially banning abortion. Republicans can argue that this is democracy in action – a majority of voters in those states oppose abortion. If they change their minds, they can vote in new leaders to write new laws. Their actions have zero impact on pro-choice blue states such as California, New York, and Illinois.

    But Democrats and their media allies will argue, with some justification, that Republicans are gunning for every womb. McDaniel’s suggestion that more voters will be turned off by Democrat support for later-term abortions than her party’s support of bans is wishful thinking. If you want to win the electoral votes of Pennsylvania, Wisconsin, Michigan, and Georgia, which card would you rather play?

    In the short term, this is the weak hand of cards Republicans have dealt themselves.

    In the longer term there may be some hope – if the GOP stops acting like Democrats, who insist on shoving their controversial policies down people’s throats. Republicans, instead, can give themselves some room on the issue, and perhaps reintroduce some comity into the body politic, by acknowledging that many Americans do not share their objections to abortion and vowing to work harder to change their minds.

    To this end, Republicans can also make a stand for small government, states’ rights, and civil discourse by pledging that no Republican-controlled Congress or Republican president will pass a federal ban on the procedure.

    I know this position is unacceptable to those who consider abortion murder. I understand, and respect, that this is non-negotiable for them.   

    Being right is a good start, but it is not an effective strategy. Republicans and their willing pro-life allies must not squander the great opportunity Dobbs has given them to make their case.

    At heart, most Americans know that abortion is the taking of an innocent life. Yes, it’s a medical procedure; it’s also a tragedy. That is why there is little support for the Democrat position of abortion on demand with no conditions at all. Yet, a majority of Americans recoil at the idea of making women carry unwanted children to term.

    Instead of passing new laws, pro-life forces should focus on making the compassionate case for why this view is not wrong or evil, but mistaken. Championing other traditional values, they can remind Americans that sex is not just a tremendous source of intimacy and pleasure, but a deeply consequential act that binds and obligates us to our partners and our progeny.

    That may seem obvious, but it is a fact that has been lost in recent decades as our culture has cast sex as an act of personal gratification leading, among other things, to calamitous increases in unwanted pregnancies, out-of-wedlock births, and single-parent homes.

    A thoughtful discussion of abortion would also allow Republicans to espouse another fading value: personal responsibility. In an era of cheap and effective birth control, we should not be creating millions of lives only to destroy them. Instead of dismissing those who become pregnant as irresponsible, we should work to educate and empower them through the message: With simple precautions, you can spare yourself, and an innocent life, from this horror.   

    It is essential that Republicans start making these arguments immediately. Although their stance on abortion is a political liability, the issue offers them a powerful opportunity to make the case against the left-wing values that are ruining our nation. Extending their compassion for unborn children to adults wrestling with complex problems is an important step toward healing America’s fractured soul.

    If we are ever going to reverse the harm Democrats are doing to our culture, we have to start listening to, and loving, and one another.

    Tyler Durden
    Tue, 05/16/2023 – 22:45

  • Why Biden Can't Use The 14th Amendment To Raise The Debt Ceiling
    Why Biden Can’t Use The 14th Amendment To Raise The Debt Ceiling

    Authored by Rob Natelson via The Epoch Times,

    Some Senate Democrats are urging President Joe Biden to “use” the 14th Amendment to raise the debt limit by executive decree. For example, Elizabeth Warren (D-Mass.) stated:

    “The 14th Amendment is not anyone’s first choice. The first choice is that the Republicans raise the debt ceiling because the United States government never, ever, ever, ever defaults on its legal obligations. But if Kevin McCarthy is going to push the United States over a cliff, then it becomes the president’s responsibility to find an alternative path.”

    As a former law professor and a senator for more than 10 years, Warren almost certainly knows that keeping the current debt ceiling doesn’t cause default. It merely forces the government to run a balanced budget—something the government should be doing anyway.

    And all Warren needs to do is read the 14th Amendment to learn that it gives the president no power to “use” it to create more debt.

    Not Raising the Debt Limit Just Means Balancing the Budget

    The debt limit is a law restricting how much the federal government may borrow. The current law says $34.4 trillion. If Congress refuses to change the law, it will remain at $34.4 trillion. Borrowing more than that is illegal. So the government will have to pay its debt obligations out of current revenue.

    Could the federal government do that? Sure.

    Current revenue is about eight times current interest payments. (In other words, debt service is about 13 percent of revenue.) Obviously, there’s enough money coming in to pay existing debt while retaining most government services. Of course, the feds would have to trim other parts of the budget. I’m sure readers have many suggestions on that score.

    These facts are no secret. Moreover, they’re buttressed by experience: We have reached earlier debt limits on many occasions, but there has been no default. Mostly what happens is a few federal facilities close. (When that happened last time, the feds closed Rocky Mountain National Park. No problem: The Colorado state government took over the job.)

    Still, every time we approach a new debt limit, unscrupulous politicians and their media propagandists claim we’re at risk of default. This is so patently false that we can only conclude that what concerns them isn’t default but something else.

    What is that “something else”? That people might learn they really don’t need all that exorbitant federal spending. That they might decide they like the budget being balanced.

    The 14th Amendment

    The 14th Amendment was ratified in 1868, soon after the Civil War. It’s the longest amendment ever adopted, because it addressed a multiplicity of issues. One reason for the amendment was to ensure that future Congresses, even if dominated by members from former Confederate states, would honor the Union Civil War debt.

    The amendment has five sections. Sections 4 and 5 are relevant to our discussion. Here’s the pertinent language:

    “Section 4. The validity of the public debt of the United States, authorized by law … shall not be questioned …

    “Section 5. The Congress shall have power to enforce, by appropriate legislation, the provisions of this article.”

    Notice what this language says:

    • The validity of U.S. public debt shall not be questioned. This means that the federal government may not use any pretext for refusing to pay off debt instruments, such as savings bonds and Treasury bills.

    • The amendment grants Congress the power to pass laws to ensure our debt obligations are met.

    Now notice what this language doesn’t say:

    • It doesn’t say the government must borrow more to pay off existing debt; Congress may meet its obligations from existing revenue.

    • It doesn’t say Congress must change legal limits on borrowing.

    • Although it grants power to Congress, it grants none to the president—other than to enforce the laws enacted by Congress. This is because the Constitution requires that the president “take Care that the Laws be faithfully executed” (Article II, Section 3). One of those laws the president must enforce is the national debt limit.

    This Isn’t a Mere Technicality

    The principle that a government’s financial powers are lodged in a representative legislature rather than the executive is central to our political system. Many people died for that ideal.

    When, in the 17th century, King Charles I exercised financial powers without the approval of Parliament, it led directly to the English Civil War. The king lost that war and his head (literally).

    Then, in the 18th century, King George III and a Parliament not representing Americans tried to tax Americans. This led directly to the American Revolution. Again, the king lost. He did keep his head, but he lost all his power within the United States and most of it within Britain.

    Biden would be wise to consult these precedents.

    The fact that people such as Warren should even mention the possibility of the president’s violating the law and unilaterally taking on more public debt tells us what we need to know about them.

    The Makings of Calamity

    One of the talking points among those who want to raise the debt limit is that failure to do so would be a “calamity.” Or so claims Treasury Secretary Janet Yellen. From experience, we know this isn’t true.

    But here’s a real recipe for calamity: Imagine that to pay current debt without cutting spending, Biden tries to sell debt instruments on his own authority. (Call them “Biden Bonds.”) When the Supreme Court strikes down this autocratic edict (as it has struck down several of Biden’s other autocratic edicts), what then would be the effect on United States credit?

    And since people in the bond market are risking their own money as Warren and Yellen are not, how many of them would be willing to purchase Biden Bonds? And if they refused to do so, what would that do to U.S. credit?

    How Can We Avoid This in the Future?

    For more than 50 years, a super-majority of the American people have favored a constitutional amendment forcing the federal government, except in rare cases, to run a balanced budget. That would stop the feds from piling up more and more debt.

    In 2017, I wrote (admittedly, a first draft) of such an amendment. It isn’t overly technical. It merely says this: Before Congress may raise the debt limit—in other words, before it runs a budget deficit—Congress must get the approval of a majority of the legislatures of states containing a majority of the U.S. population (pdf).

    There are two principal reasons we don’t have a balanced budget amendment: Congress refuses to propose one for the states to ratify, and apologists for the national oligarchy have been misleading Americans about the procedure for proposing an amendment through a convention of states.

    Eventually, Americans will get fed up with the delay and force their state lawmakers to call a convention. Let’s hope it will not be too late.

    Tyler Durden
    Tue, 05/16/2023 – 22:05

  • Morgan Stanley Says $7 Trillion Needed To "Re-Wire" EV Battery Supply Chain In Multipolar World
    Morgan Stanley Says $7 Trillion Needed To “Re-Wire” EV Battery Supply Chain In Multipolar World

    The automotive industry is undergoing a major transformation from petrol and diesel cars to electric vehicles with significant implications for the Western auto supply chains. 

    Morgan Stanley’s global director of research Katy Huberty told clients in a note Tuesday that her global Autos research desk forecasts a complete “re-wiring” of the EV battery supply chain “through the lends of a multipolar world” will require $7 trillion in investment by 2040.

    Our global Autos team led a broadly collaborative analysis that revisited the investment implications of the EV battery supply chain, which they first explored in November 2021 (The New Oil: Investment Implications of the Global Battery Economy). 

    A key enhancement in their new work: They viewed the battery supply chain through the lens of a Multipolar World. They conclude that if the West wants to drive EV adoption to meet decarbonization goals, while also mitigating national security concerns, a radically new battery supply chain will need to be created, with developments in battery chemistry having the potential to widen the menu of technologies available to meet climate goals. 

    They estimate that total investment of $7 trillion would be needed in the EV battery supply chain by 2040, a figure that assumes an array of targeted regulations and policies to facilitate an onshore, decarbonized battery supply chain. They think it may require more than a decade to achieve industrialization and standardization, gated by a host of geopolitical, environmental, and economic considerations.

    Onshoring the EV battery supply chain from Asia to the West will require a massive effort by governments and corporations. They will need to invest trillions of dollars to take market share from China, which already controls 90% of the global EV battery supply chain. 

    “We cannot rely on market forces alone to drive us to an electrified, onshore future. Policy around adoption must be coordinated with policy around supply chain and sourcing, and the more acute need is on supply rather than demand, in our opinion,” Morgan Stanley analysts said in a Sunday report note titled “Re-Wiring the EV Battery Supply Chain: Global Investment Implications.”

    Though the US Inflation Reduction Act has been incentivizing onshoring of critical EV supply chains, the Western world faces a significant task in rejiggering the battery supply chain to be less reliant on China. This is all in an effort to achieve clean energy targets for the transportation sector by the mid-2030s. 

    The green future sounds great, but for it to be realized, nuclear power generation capacity needs to be dramatically increased. If not, the West’s power grids will be even more unreliable and resemble ones from third-world countries. 

    Tyler Durden
    Tue, 05/16/2023 – 21:45

  • Russia Says It Took Out US-Supplied Patriot Missile In Hypersonic Strike On Kiev
    Russia Says It Took Out US-Supplied Patriot Missile In Hypersonic Strike On Kiev

    Russia’s military may have taken out a US-supplied Patriot anti-air battery in Ukraine, which if true would be a very significant first since the advanced Raytheon-made defense weapon was deployed there.

    This came as Ukrainian officials have cited an exceptionally dense attack on Kyiv overnight, which included cruise missiles and drones, and even allegedly Kinzhal hypersonic missiles. Ukraine was hit by at least 18 missiles and nine drones were sent, with media reports saying some six ballistic missiles (including Kinzhal) were launched. But the Ukrainians are claiming that most or all of them were intercepted.

    Overnight major attack on Ukrainian capital, via Reuters.

    Serhiy Popko, the head of the Kyiv city military administration, described the barrage as “exceptional in its density, with the maximum number of missiles in the shortest time possible,” but that “the vast majority of enemy targets in Kyiv’s airspace were detected and destroyed.” Ukraine is now saying it successfully intercepted multiple hypersonic missiles. A previous claim to have intercepted a hypersonic from days ago was met with widespread skepticism among independent pundits. 

    The Russian Defense Ministry (MoD) has previously dismissed the Ukrainian claims of hypersonic intercepts as “wishful thinking.”

    But the Russian side is celebrating a big victory of its own on Tuesday, saying it landed a precision strike a Patriot air defense system in the Ukrainian capital. The US-supplied systems only arrived last month, and just recently entered operation.

    The MoD said in its latest press briefing that its attacks destroyed “Ukrainian troops positions and places of storage of munitions, weapons and military hardware delivered from Western nations.”

    Russia’s RT followed by stating the following

    A precision strike by a Russian hypersonic Kinzhal missile has destroyed a Patriot air defense system in Kiev, the Defense Ministry in Moscow reported on Tuesday. The Ukrainian government previously claimed that Kinzhal missiles had been intercepted by the US-made weapons platform.

    The Russian military did not provide further details about the strike, which was the first time Moscow claimed to have hit the long-range system supplied to Ukraine by its Western backers.

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    Currently there’s speculation over whether a widely circulating video confirms the destruction of a Patriot battery amid the conflicting Russian and Ukrainian claims.

    Geopolitical analysis blog Moon of Alabama says the reports of a destroyed Patriot system are accurate:

    This is factual:

    Patriot Missiles Won’t Save Ukraine – National Interest – May 9, 2023

    Patriot systems are limited to pinpoint defense of major assets and are designed to operate in tandem with air defenses engaging targets at higher and lower altitudes. Without these additions, Patriot will have too many threats to engage and the result will either be porous coverage that doesn’t protect its defended assets, or coverage that quickly subsides when Patriot runs out of interceptors.

    Moreover, Patriot systems are themselves vulnerable. Operating a Patriot radar system gives away its location, making it an open target for Russian attacks. This means that Patriot is not a one-stop-shop for defending Ukraine’s military assets or its people.

    Those facts were proven last night

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    Commenting on the video of the purported Russian direct hit on the Patriot battery, Kim Dotcom wrote on Twitter, “30 US Patriot PAC-3 MSE launch at a cost of $5 million per missile. That’s $150 million gone within 2 mins. At the end the Patriot launch platforms were destroyed by Russian missiles. Why would any military still want to buy Patriot after this failure?” 

    For these reasons, the Pentagon is unlikely to confirm the event even if true, given it consistently and almost exclusively backs the narrative advanced by Ukraine’s defense ministry. For example, last Thursday US defense officials announced confirmation of Ukraine’s claims that its military intercepted an inbound Russian hypersonic missile utilizing the Patriot system. That was the first time of the war that the Ukrainian side claimed to have accomplished the feat. The Kremlin has rejected this narrative, saying its hypersonic missiles have yet to be defeated.

    Meanwhile, the Ukrainians are still claiming they shot down six entire Kinzhal hypersonic missiles in a single night, which seems dubious given the projectiles travel at multiple times to the speed of sound and have been touted since their development as “impossible” to defend against.

    Tyler Durden
    Tue, 05/16/2023 – 21:45

  • Ron Paul Wrecks 'Red Flag' Gun Laws
    Ron Paul Wrecks ‘Red Flag’ Gun Laws

    Authored by Ron Paul via The Ron Paul Institute,

    Gun control advocates continue to claim that only restrictions on gun ownership will keep people safe from mass shooters and other criminals. However, good people with guns can stop bad people with guns. And bad people will still have guns despite gun control laws. Further weakening the argument that restricting private firearms ownership will reduce violent crimes is the fact that states with “constitutional carry” — where individuals are free to exercise their Second Amendment rights without seeking permission from the government — have lower homicide rates than states with more restrictive gun laws.

    One policy that is popular among gun control supporters and some who normally support the Second Amendment but want to “do something” about gun violence is red flag laws. These laws allow law enforcement to confiscate an individual’s guns based on a report that the individual poses a threat to public safety. Red flag laws allow governments to restrict the exercise of a constitutionally protected right without due process.

    Another weakness in the argument that more restrictive gun laws will reduce violence is that many of the cities and states with the highest incidence of violent crime have restrictive gun laws. Gun control supporters try to explain this by blaming individuals who bring guns from states with more permissive gun laws into states with more restrictive gun laws. The guns can, though, at the same time be coming from states with less violent crime into states with more violent crime. But, if guns were the problem, then violent crime would be higher in states with permissive gun laws than in states with more legal restrictions related to firearms.

    The gun control debate ignores the root causes of rising violence, which is a symptom of the decline of traditional morality that respected every individual’s inalienable right to life, liberty, and property. This traditional morality has been replaced with a nihilistic philosophy that denies moral law and natural rights. Instead, it justifies doing whatever one feels is necessary to achieve one’s goals.

    This disregard for a higher moral law finds expression in a foreign policy that then-Secretary of State Madeleine Albright famously supported while defending US sanctions that starved Iraqi children. The US is viewed as the world’s “indispensable nation,” and whatever it does is automatically considered right, regardless of the human suffering caused by the US government’s overseas interventions.

    We also see this expression of disregard for a higher moral law in support for abortion that is based on the idea that preborn do not have the right to life. Whether the baby lives or dies is called a matter of “choice.”

    Should we be surprised a society produces mass shooters and other psychopaths when government, schools, media, entertainment, and even some churches promote nihilism that devalues human life?

    While government can undermine morality, it cannot promote virtue. Any attempt to use government power to “make people good” will inevitably result in tyranny. It will also lead to a less virtuous population. Instead, those seeking to replace the nihilism with a philosophy that recognizes that all humans are born with inalienable rights should work to restore limited constitutional government that does not attempt to provide for the people’s material or spiritual needs.

    Tyler Durden
    Tue, 05/16/2023 – 21:25

  • Which States Have The Death Penalty?
    Which States Have The Death Penalty?

    According to the Death Penalty Information Center, capital punishment is on the books in 27 states but several don’t actually carry it out.

    In eight states, governors or courts have officially halted executions, while in Ohio, executions were recently cancelled due to the lack of lethal drugs. While governor-imposed moratoriums or reviews are in place in Arizona, Oregon, California and Pennsylvania, judges have halted executions in Nevada, Montana, Tennessee and South Carolina, mostly in response to controversy around new drugs used in executions by injection. In the case of South Carolina, the state even reauthorized the use of the electric chair and the firing squad in response to growing scrutiny by pharmaceutical companies and the public around how execution drugs are sourced and used. The change has now being challenged in court while executions are on hold.

    Infographic: Which States Have the Death Penalty? | Statista

    You will find more infographics at Statista

    Notably, as Statista’s Katharina Buchholz reports, since 2011, the EU has severely restricted exports of the key component of U.S. drug cocktails for executions. In 2016, Pfizer was the last FDA-approved pharmaceutical company to stop selling its drugs for use in the death penalty. As a result, states started to use alternative drugs and sources. Botched executions – for example in Alabama, Ohio, Oklahoma and Arizona using the drug midazolam – received scrutiny and led to court cases.

    Execution halts were recently lifted in Kentucky, which passed a new law excluding the severely mentally ill from the death penalty; in Alabama after a review of protocols, and in Indiana, where a court case concluded that the state has to release data on its use of lethal drugs. While this technically allows Indiana executions to resume, it makes sourcing new drugs for executions almost impossible for the state. Many other states face the same problem in carrying out the death penalty by injection.

    Out of the remaining 18 states, another eight have not carried out an execution in at least ten years, either because of a lack of death row inmates, a lack of suitable drugs or a combination of the two. Florida, Missouri, Oklahoma and Texas have all executed prisoners in 2023, while the last executions in Alabama and Mississippi took place in 2022.

    Colorado in 2020 was the latest state that abolished capital punishment, following New Hampshire, which axed its law in 2019. The number of executions in the United States has fallen recently from a high of 98 in 1999 to just 18 in 2022. States carry out most executions in the country. Federal executions remain exceptionally rare despite several that were carried out in the twilight of the Trump presidency.

    Tyler Durden
    Tue, 05/16/2023 – 21:05

  • Report Reveals ATF Misappropriated $20 Million To Pay Bureaucrat Salaries
    Report Reveals ATF Misappropriated $20 Million To Pay Bureaucrat Salaries

    Submitted by Gun Owners of America,

    A recent report from the U.S. Office of Special Counsel revealed that the ATF unlawfully paid agents more than $20 million in wrongful benefits using taxpayer funds.

    According to that report, ATF intentionally misclassified jobs as law enforcement positions and paid those employees benefits to which they were not entitled. 

    The sum of the findings totaled about 20 million dollars over five years to 108 ATF employees. That’s around 37 thousand dollars a year in salary and retirement benefits per employee.

    As detailed by the OSC’s report, these actions were ATF leadership’s standard operating procedure for many years

    A quote from the report surmised that the actual cost could be much higher given that the unlawful job classifications had been common practice at ATF far longer than the five-year timeframe reviewed by investigators. 

    It’s interesting that this report was released about a week after the House Judiciary Committee hearing that ATF Director Steve Dettelbach testified at. 

    Still, Congress cannot turn a blind eye to ATF’s corruption and this rogue agency must be held accountable.

    Additionally, the OSC stated in their press release that they have notified President Biden and Congress of their findings. Yet, the Biden Administration has done nothing to withdraw its proposed budget for fiscal year 2024. Instead, The Biden Administration would rather reward ATF for its financial crimes with a 13.6% increase over the 2023 budget—raising the operating budget to nearly $2 billion

    Meanwhile, law-abiding gun owners applying for their tax stamps continue to suffer extremely long paperwork delays on registration forms which should not even exist in the first place.

    When it comes to ATF finances, OPM’s report states that:

    “ATF leadership had acted outside of the merit system principles and demonstrated disregard for the rule of law and regulations.” 

    The American people deserve transparency from these unelected agency bureaucrats at ATF. 

    Another telling quote as to the extent of the issue can be found on page 4 of the report. It reads: 

    “The whistleblowers expressed their views that the report did not adequately capture the extent of ATF’s illegal practice of the full impact of the harm.” 

    This revelation only serves to highlight the double standards that exist between the treatment of gun dealers and the ATF itself. The fact is that the very agency that puts gun dealers out of business for a single infraction is itself bilking the taxpayers for millions of dollars illegally. 

    We can only hope that more brave whistleblowers continue to bring these issues to the public’s attention, and, hopefully, the attention of Congress as well. 

    *   *   * 

    We’ll hold the line for you in Washington. We are No Compromise. Join the Fight Now.

    Tyler Durden
    Tue, 05/16/2023 – 20:45

  • Von Greyerz & Macleod: Insights On The Rotten State Of The Banking System
    Von Greyerz & Macleod: Insights On The Rotten State Of The Banking System

    In this discussion between Egon von Greyerz and Alasdair Macleod, on the state of the current banking system and the importance of gold, the speakers express concerns about the system’s eventual collapse due to the excessive creation of “funny money.”

    They suggest that gold is the only currency to have survived throughout history and is thus essential for long-term wealth preservation.

    Egon and Alasdair also discuss the role of gold in the currency crisis and predict an eventual panic into gold.

    Moreover, they stress that the value of gold should not be measured in worthless, fiat money and that higher gold prices are necessary to meet future demand.

    Finally, they caution against wishing for the gold price to go up, as it would decrease the quality of life.

    Watch the full interview below:

    Timestamps:

    • 0:00 Introductions

    • 0:42 This weeks news – Banking collapse

    • 2:32 Derivatives

    • 3:07 What’s keeping the gold price high?

    • 12:10 Property rights

    • 13:30 What role does gold play

    • 19:57 Gold price

    • 22:44 Influx of wealth preservation

    Tyler Durden
    Tue, 05/16/2023 – 20:25

  • GOP Presidential Candidates React To Durham Report: 'Shut Down The FBI'
    GOP Presidential Candidates React To Durham Report: ‘Shut Down The FBI’

    Authored by Savannah Hulsey Pointer and Ivan Pentchoukov via The Epoch Times (emphasis ours),

    Two Republican presidential candidates have responded to news that special counsel John Durham’s report further discredits the FBI’s investigation of the Trump campaign ahead of the 2016 presidential election, saying they’re glad the facts have come out and that there’s a case to argue for shutting down the FBI.

    Republican presidential candidate Vivek Ramaswamy speaks at the Iowa Faith & Freedom Coalition in Clive, Iowa, on April 22, 2023. (Madalina Vasiliu/The Epoch Times)

    According to Durham, who has spent nearly three years probing the origins of the FBI’s investigation into the Trump campaign, the bureau hurried to initiate the initial investigation based on unvetted intelligence from the Australian government and the FBI did not interview the individuals connected to the intelligence used to launch a comprehensive investigation.

    Ramaswamy responded to the report telling The Epoch Times, “Enough is enough. Root out the corruption & shut down the FBI.”

    “This is achievable,” the Republican presidential candidate went on. “At the local level, we have police & prosecutors. At the federal level, we have U.S. marshals & the DOJ. An intermediary bureaucracy is rife with risk for politicized corruption & it’s been happening since J. Edgar Hoover in the 60s.”

    Fellow businessman and Republican candidate Perry Johnson told The Epoch Times that even though this exonerated his political opponent, he’s glad the truth has come out on this issue.

    “Although I am running for President as a Republican alternative to Donald Trump, I am thrilled that our former president has been rightfully exonerated by report findings,” Johnson said. “We must unite against corruption and celebrate when truth prevails.”

    The Michigander also noted that, “Democrats have never shied away from weaponizing the law for their own benefit. The Trump-Russia probe was nothing more than partisan political targeting and abuse of our legal system by the FBI.”

    Republican presidential candidate Perry Johnson speaks at the Iowa Faith and Freedom Coalition in Clive, Iowa, on April 22, 2023. (Madalina Vasiliu/The Epoch Times)

    Florida Gov. Ron DeSantis, who has made preparations for a presidential run in 2024 but has yet to formally announce his candidacy, expressed a similar sentiment on Twitter.

    He wrote, “The Durham Report confirmed what we already knew: weaponized federal agencies manufactured a false conspiracy theory about Trump-Russia collusion. It reminds us of the need to clean house at these agencies, as they’ve never been held accountable for this egregious abuse of power.”

    Durham’s Findings

    The much-anticipated report (pdf), a copy of which The Epoch Times obtained ahead of its public release, also delves into other controversial aspects of “Crossfire Hurricane”—the FBI codename for its investigation of the Trump campaign.

    “[T]he objective facts show that the FBI’s handling of important aspects of the Crossfire Hurricane matter were seriously deficient,” the report states.

    The special counsel further impugned the bureau’s error-ridden applications to surveil Trump campaign associate Carter Page. FBI agents applied to renew the secret-court warrants on Page despite admitting, both at the time and subsequently, that they had no probable cause to do so.

    Durham concludes that the FBI failed to uphold its “important mission of strict fidelity to the law.”

    The bureau also failed to examine its own databases, check with other intelligence agencies, interview essential witnesses, and did not use “any of the standard analytical tools typically employed by the FBI in evaluation raw intelligence,” the report states.

    Had the FBI followed its own rules, the bureau’s agents would have discovered that neither the bureau or the CIA had any evidence to show that candidate Donald Trump or anyone in his campaign had been in contact with any Russian intelligence officials at any time during the campaign, according to the report.

    FBI Response

    The FBI released a public statement after the report was released, saying, “The conduct in 2016 and 2017 that Special Counsel Durham examined was the reason that current FBI leadership already implemented dozens of corrective actions, which have now been in place for some time.

    Had those reforms been in place in 2016, the missteps identified in the report could have been prevented. This report reinforces the importance of ensuring the FBI continues to do its work with the rigor, objectivity, and professionalism the American people deserve and rightly expect.”

    The FBI responded to The Epoch Times’s request for comment on the subject by including a copy of the letter (pdf) they sent to Durham in response to the report, which included their agreement that it “is important to examine past conduct to identify shortcomings.” The letter further outlined steps that the agency has taken to secure the integrity of its national security investigations and other processes.

    “In addition to the external oversight conducted by the Department of Justice, FBI considerably strengthened and expanded its internal oversight and auditing program … We also share your concern with any proposals that would ‘curtail the scope or reach of FISA or theFBI’s investigative activities …  in a time of aggressive and hostile terorist groups and foreign powers.’”

    Janice Hisle contributed to this report.

    Tyler Durden
    Tue, 05/16/2023 – 20:05

  • CIA Releases Video Urging Russians To Spy On Their Own Country
    CIA Releases Video Urging Russians To Spy On Their Own Country

    In an unusual attempt at public outreach ‘spy-style’, the world’s most powerful intelligence organization is openly encouraging Russians to spy on their own country

    The CIA released a nearly 2-minute video Monday on its official YouTube, Twitter, and Telegram channels. The Russian-language, professionally produced video urges individual Russians to provide intelligence on their country in the midst of the Ukraine war. Watch:

    The video has a ‘patriotic’ orientation, assuring Russians they can do something to improve their country and its situation by handing over intelligence to the CIA

    “The CIA wants to know the truth about Russia, and we are looking for reliable people who can tell us that truth,” the agency said in the video, according to a translation. “Your information may be more valuable than you know.”

    The text on the screen of the clip further tells Russians to “Contact us. Perhaps the people around you don’t want to hear the truth. We want to.”

    Some of the narration includes the following messaging, according to a description:

    In the video – published on the CIA’s official YouTube channel and the Telegram messaging app, popular in Russia – a male voice reflects on the meaning of heroism and endurance as lone individuals are seen weighing their decisions: a man trudging through snow, a woman staring through a window.

    We are easily swayed by lies. But we do know what our reality is. The reality we live in. And the reality we talk about in whispers,” the voice says.

    At the end, a man and a woman are shown in separate scenes with their fingers hovering over mobile phone screens with a link saying “Contact CIA”.

    This is my Russia. This will always be my Russia. I will endure. My family will endure. We will live with dignity because of my actions,” the narrator concludes.

    The video at the end informs viewers how to submit information with a Tor browser utilizing the dark web and suggests tools for encrypted communications. 

    Kremlin spokesman Dmitry Peskov in a daily briefing was asked about the CIA’s asset recruitment efforts. He responded, “I am convinced that our special services are monitoring this space in the necessary way.”

    He added: “We all know perfectly well that the CIA and other Western intelligence services are not reducing their activity on the territory of our country.” 

    Tyler Durden
    Tue, 05/16/2023 – 19:45

  • "It's One Man": Imran Khan Blames Pakistan Army Chief For Arrest & Deadly Protests
    “It’s One Man”: Imran Khan Blames Pakistan Army Chief For Arrest & Deadly Protests

    Via The Cradle,

    Following the spectacular arrest of former Prime Minister Imran Khan over an alleged corruption case on May 9, Pakistan veered into anarchy and mayhem for a couple of days as enraged supporters went on a rampage, torching scores of government structures, including military posts, an air force base, and the home of the commander of the Lahore Corps.

    On Friday, following his release on bail by order of the Islamabad High Court (IHC), Khan spoke to a foreign media outlet, attributing his arrest not to the internal security agencies but to a single individual – the army chief. The much-revered Pakistani army, he claimed, had unjustly tarnished his reputation for the events that transpired in the country.

    AFP via Getty Images

    Ever since Pakistan’s parliament ousted the former prime minister through a no-confidence vote last year, Khan has been leveling serious accusations against the army’s top generals, so his latest statement is just the most recent of many. Khan’s removal from power in parliament paved the way for the formation of a government under his successor, Shehbaz Sharif – led by the eleven-party alliance known as the Pakistan Democratic Movement (PDM) – who assumed office in early April 2022 amid widespread national polarization over the ‘soft coup.’

    Imran Khan’s ‘illegal’ arrest

    Two days after Khan’s controversial arrest, in an unexpected turn of events, the Supreme Court of Pakistan pronounced the arrest of Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan “illegal” and ordered his immediate release. As a result of the court order, Khan’s supporters took to the streets again in jubilation and torched half a dozen police vehicles in different parts of the country.

    Pakistan’s apex court then ordered the PTI chief to stay put in the Police Guest House in Islamabad under court protection until his appearance before the IHC for his bail application re-hearing. Ultimately, the IHC granted Khan a two-week bail along with blanket protection against every case registered against him by the government.

    Zahid Khan, spokesperson for the Awami National Party (ANP), a member of the unity government led by Prime Minister Shehbaz Sharif, claims the judiciary is solely concerned with the rights of only Imran Khan because the family members of the majority of the judges are supporters of Khan’s party.

    “The judges sitting on the Supreme Court benches belonged to one province, Punjab, and they are paranoid about restoring the PTI government in Punjab to appease Imran Khan. They are least concerned with the principled stand of other smaller provinces or the national interest.”

    Zahid laments that the Chief Justice of the Supreme Court greeted Khan in the courtroom during the 11 May proceedings and said, “Glad to meet you,” despite Imran being accused of massive corruption and the illegal sale of state gifts, including an expensive Graff wristwatch, gifted to Imran by Saudi Crown Prince Mohammed Bin Salman. The chief justice, he says, did not ask a single question concerning the violent protests that Khan’s party had staged the day before.

    While Khan faces over a hundred legal cases, most of them are based on frivolous charges that will not withstand legal scrutiny. Instead, the National Accountability Bureau (NAB), Pakistan’s federal anti-corruption watchdog, has focused on two main graft cases in which they claim to have irrefutable evidence to prosecute the former prime minister.

    Khan has been trying to avoid proceeding in these cases on the pretext of health issues and security concerns. These include the high-profile Toshakhana (state gifts depository) and the Al-Qadir Trust cases.

    NAB claims that Khan and his wife, Bushra Bibi, persistently refused to assist in the investigation of the Al-Qadir Trust case. The pair is accused of conspiring with real estate mogul Malik Riaz to defraud the Pakistani government out of 50 billion rupees ($17.6 million). This is the same case in which the bureau sought the arrest of Khan, and with the assistance of the Rangers paramilitary force, dramatically stormed the Islamabad courthouse on May 9 to apprehend him.

    A ‘dark chapter’ in Pakistan’s history

    On May 11, the army was summoned to assist the police in maintaining law and order in several major cities, which helped to restore some semblance of normalcy. Although there were no untoward incidents that day, Khan’s PTI party’s top leaders have been detained under the Maintenance of Public Order (MPO) Ordinance for 30 days.

    While unofficial estimates suggest a higher number, government sources claim that over half a dozen protestors were killed during the two-day period of turmoil, with hundreds of others, including security personnel, injured during the melee. In response to the vandalism and looting carried out by Khan’s partisans, over 1,400 “miscreants” have been detained over the last two days.

    At least 27 public and private vehicles, as well as 17 government buildings, including the Radio Pakistan building, a plane based at the Mianwali Airbase, the Pakistan Election Commission office, the military General Headquarters in Rawalpindi, and other security agency buildings, were set on fire by small groups of demonstrators brandishing clubs and petrol bombs.

    “May 9 will be remembered as a dark chapter,” said a Pakistani military public relations press statement issued the following day. The gang, which the army described as “wearing a political cloak,” allegedly accomplished what adversaries were unable to do in 75 years, all “in the lust for power.”

    According to information gathered by The Cradle, authorities are actively engaged in identifying the individuals responsible for setting the military installation on fire during the protest campaign. They have already arrested some culprits through the use of geofencing technology and available video clips. The National Database and Registration Authority (NADRA) is also working with security agencies to apprehend those who caused a financial loss (according to some unofficial estimates) of approximately 2 billion rupees ($7 million) to Pakistan’s exchequer.

    Who’s to blame for the unrest?

    Some analysts have questioned the armed forces’ claims of “restraint” when security agencies were apparently unable to control a small mob of a few hundred protesters who freely ransacked sensitive military sites without facing any resistance. While PTI stalwarts denounced the violent actions of the protestors, they insisted that the troublemakers were outsiders who did not belong to their party.

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    Asad Umer, the PTI secretary general, told The Cradle before his arrest that those involved in the incident were not PTI supporters. He speculated that the government might have deliberately inserted their own loyalists into the protests to discredit the PTI:

    “The PTI has never indulged in any illegal activities or used violence in protest demonstrations. We reserve our right to peaceful protest as guaranteed by the Pakistani constitution. During the protest campaign, the PTI leadership has specifically instructed its workers to maintain peace and refrain from causing damage to either private or public property.”

    Asad claimed that although PTI activists were understandably enraged at the party chief’s “illegal” detention, they weren’t responsible for setting fire to any public or private property.

    According to Ayesha Siddiqa, a Senior Fellow at the Department of War Studies at King’s College London and author of several books, the army chose not to intervene directly in order to avoid putting itself at risk. Instead, they allowed the police and Rangers to handle the situation.

    She informs The Cradle that “The Corps Commander’s Lahore mansion was abandoned a week ago, leading some of my contacts to speculate that the authorities may have been ignoring the vandalism on purpose,” and adds that this raises the possibility that the incident was staged by the military group backing the current army chief, General Syed Asim Munir.

    Siddiqa drew a parallel with the Egyptian military’s strategy, where they offered up President Hosni Mubarak as a scapegoat to deceive the protesting masses.

    The Egyptian military, she maintained, took back control, put on trial the democratically elected prime minister Mohammed Morsi, and sentenced him to death. “PTI backers are ecstatic after driving back the army, but their happiness will not last long,” she warns.

    Why Khan failed to deliver

    Khan, a cricketer-turned-politician, assumed power in a controversial 2018 election that Pakistan’s major political parties claimed was manipulated by the army – in collusion with the judiciary – primarily because the army’s top brass had developed serious differences with the disgraced, three-time Prime Minister Nawaz Sharif.

    Days before that momentous general election, Sharif was sentenced to 10 years in prison in one of three corruption cases lodged against him and his family by the federal anti-corruption agency. Previously, Sharif was removed from his position as prime minister by Pakistan’s Supreme Court after a corruption investigation over his ownership of four luxury apartments in London’s exclusive Mayfair neighborhood.

    Former army chief General Qamar Javed Bajwa and former chief of the military spy agency, Lieutenant General Faiz Hameed, played a major role in instituting the graft cases against the Sharif family and in winning parliamentary support for Khan to form a government – despite his attainment of a simple majority in the hotly-debated 2018 elections.

    Post-election, Khan’s administration faced challenges in effectively governing the country, resulting in a struggling economy, mounting debts, increased unemployment, and soaring inflation throughout his four-year tenure. These challenges have shed light on the intricate dynamics between the military, political parties, and external influences that impact Pakistan’s governance at every turn. As the country looks toward the future, the key to its success lies in securing leaders with both the vision and capacity to confront and contain these influential constituents and guide Pakistan toward stability and prosperity.

    One crucial pathway to success will be to comfortably embrace Eurasian interconnectivity – as other Asian states are rapidly doing – which Khan recognized as a strategic priority for Islamabad. However, other Pakistani forces – potentially with US backing – may have perceived this vision as a threat, which is why Khan had to go and why he continues to be under attack.

    Tyler Durden
    Tue, 05/16/2023 – 19:25

  • US X-Date Is Now June 5 As Treasury Burns $52BN Cash In One Day, Only $87BN Left
    US X-Date Is Now June 5 As Treasury Burns $52BN Cash In One Day, Only $87BN Left

    Yesterday, in her crusade to scaremonger Republicans into submission and yielding to Biden on the debt ceiling negotiations, Janet Yellen repeated that the Treasury X-Date will be in early June, potentially as soon as the first of the month. The former Fed chair then cranked up the doom to 11, and six years after predicting “no new financial crisis in our lifetimes”, Yellen said that a US default could see “a number of financial markets break – with worldwide panic triggering margin calls, runs and fire sales.” Basically all the worst parts of the bible. And incidentally, Yellen isn’t wrong: a US default would indeed be the end, but of course that will never happen as US tax receipts are more than enough to pay debt interest and maturities; the worst that will happen is that the bloated US deep state and some 25 million government workers will be out of a job, which is long overdue anyway.

    Yellen is probably also correct about the timing of the X-Date. As Bloomberg rates strategist Ira Jersey writes, he concurs with Yellen’s assessment “that the debt ceiling X-date could be as early as June 1” although his calculations suggest the date is a few days later (June 5-8), as shown in the chart below.

    And while this leaves Treasury bill maturing June 6 and 8 in the cross hairs of the debt-ceiling angst, the market is not taking any chances, and as the next chart shows, there is now a massive divergence between the yield on bills maturing May 30 and those maturing June 1, indicating that the market is now confidence that June 1 is indeed the X-date.

    Unfortunately, the bill market may end up being optimistic: today’s update showed that Treasury cash collapsed by a whopping $52 billion, from $140BN to just $87BN, bringing the TGA it back to where it was before tax receipt season.

    A monthly money market update from Barclays’ rates strategist Joseph Abate is in line with BBG’s conclusion. According to Abate, the Treasury may run out of cash and extraordinary measure capacity under the statutory borrowing limit between June 4 and 12. As the Barclays strategist shows below, Treasury resources including remaining borrowing capacity (which as of May 12 was about $230 billion), may fall below $30BN as soon as June 4, and could drop as low as $10BN on June 12.

    “The Treasury was able to restock some of its extraordinary measures (from the G-fund) in May, and it will get another $140bn in extraordinary measure capacity after June 30,” Abate wrote in the monthly report. But, he added “it will likely not have enough resources to make it beyond June 15 corporate tax date”

    Two other banks also agree: according to Deutsche Bank strategists the base case for the X-date is early June with late July becoming the hopeful scenario, while an analysis by JPMorgan’s Jay Barry concludes that the Treasury will exhaust all available resources by June 7, slightly earlier than their previous estimate of June 9. However, they see a “significant” amount of risk of an early-June X-date given large Social Security and Medicare payments that are due the first two days of the month.

    In short, the market is now acting as if June 1 is the X-date, with some uncertainty over the day to day cash needs which could push out the X-date a few days, or even a week, but not beyond that.

    And while the math is rather straightforward, the chance of a political mistake is far higher than during previous standoffs due to the game of chicken being waged by both sides, a game that has been largely ignored by the market, which in turn is , the government failing to make a payment to someone.

    Finally, while the Treasury Department makes no secret it will be loath to prioritize any payments, and it claims there are no plans to do so, Bloomberg calculates that if push came to shove, if the government were to immediately cut total spending by 25% starting June 1, it would have a surplus until the March 2024 tax refunds. Which, as we said before…

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    …. means there is no crisis: there is just a question of whether or not 25 million bureaucrats and deep state operatives need to be paid billions every day.

    Appendix: for those asking how it is possible that the US Treasury burned through $52.5 billion in cash in one day, here is the answer.

    There is much more in the Barclays presentation which is a must read for those closely following the nuances in the debt ceiling drama, and which is available to pro subs.

    Tyler Durden
    Tue, 05/16/2023 – 19:04

  • IEA Lift Global Oil Growth Forecast On Record Chinese Demand
    IEA Lift Global Oil Growth Forecast On Record Chinese Demand

    By Tsvetana Paraskova of OilPrice.com

    The world’s oil demand is set to rise by 2.2 million barrels per day (bpd) this year to a record 102 million bpd, the International Energy Agency (IEA) said on Tuesday, revising up its forecast by 200,000 bpd as China’s demand hit a record.

    The Chinese recovery continues to exceed expectations, the agency said in its Oil Market Report today, noting that China set an all-time record for its oil consumption in March 2023 at 16 million bpd.  

    In last month’s report, the IEA also expected the world to see record demand for oil this year but pegged the growth at 2 million bpd in 2023 compared to last year.

    Demand in the developed economies in the OECD, which was weak in the first quarter of this year, is expected to return to growth this quarter, and demand growth in OECD is set to average 350,000 bpd this year. But this small increase “pales in comparison” with an expected growth of 1.9 million bpd in non-OECD oil demand, the IEA said.

    The current pessimistic mood on the market, due to macroeconomic concerns, clashes with expectations of a tight market later this year, when demand is set to outstrip supply by almost 2 million bpd, the agency added.

    Global observed oil inventories declined in March, also setting the stage for a tighter market later in 2023. Per IEA estimates, those inventories fell by 7.9 million barrels in March as a surge in oil on water and a slight increase in non-OECD stocks failed to offset a massive decline of 56 million barrels in the OECD.

    “Led by a sharp draw in products, OECD industry stocks fell to a six-month low of 2 753 mb to 89 mb below their five-year average,” the IEA said.

    Supply issues have compounded in recent weeks, with the halt of oil exports from Kurdistan, outages in Nigeria, and wildfires shutting in part of Canadian output. These would add to the new OPEC+ oil production cuts, which began this month and will continue until December.  

    Tyler Durden
    Tue, 05/16/2023 – 18:45

  • Wagner Chief Says American Killed Fighting In Bakhmut
    Wagner Chief Says American Killed Fighting In Bakhmut

    The controversial founder and head of Russia’s Wagner mercenary firm, Yevgeny Prigozhin, has on Tuesday announced the death of an American citizen who allegedly was killed fighting in the embattled city of Bakhmut, in Donetsk oblast. 

    He made the claim in a video posted on the Wagner Telegram group. The video is introduced with another narrator saying, “we are advancing to the advanced positions of the PMC Wagner in the western regions of Artyomovsk [Bakhmut]”.

    Image source: The Christian Science Monitor

    The video continues with an apparent mortar attack, and with men shouting: “Into the shelter. Mortar attacks from the western side.” Prigozhin is then seen inspecting a body, looking at what are purported to be US identification documents.

    So we will hand him over to the United States of America, we’ll put him in a coffin, cover him with the American flag with respect because he did not die in his bed as a grandpa but he died at war and most likely a worthy [death], right?” Prigozhin says in the video.

    The video presents the man as having died while returning fire against Russian forces. “He was shooting back; he died in the battle, so we will hand over his documents tomorrow morning and pack everything, right?” Prigozhin poses.

    The State Department hours after the Wagner claims hit global headlines weighed in by saying it is “aware” of the reports and is looking into the matter:

    “We are aware of the reports of the death of a U.S. citizen in Bakhmut and are seeking additional information,” said a US State Dept. spokesperson. “Our ability to verify reports of deaths of U.S. citizens in Ukraine is extremely limited.”

    So far at least 12 Americans have been verified killed while fighting in Ukraine. In January the death of Daniel Swift was widely reported, given he was a former US Navy SEAL. And more recently, “Earlier this month, a former Marine was killed in Bakhmut after he was hit with a mortar round on a route used to resupply Ukrainian troops and evacuate civilians,” The Hill has noted.

    There are unconfirmed reports that the man was former US Army…

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    While the US has never actively encouraged US citizens to go to Ukraine to join the country’s foreign legion and other volunteer forces, it did nothing to block or prevent what was an early, robust social media campaign to attract American volunteers to join the fight. Early in the conflict, UK leadership actually seemed to actively encourage it. 

    But volunteers going to Ukraine have greatly slowed compared to the opening months of the war, and at a moment of initial waves of enthusiasm in support of Ukraine coming generally from Western populations. 

    Tyler Durden
    Tue, 05/16/2023 – 18:25

  • Escobar: US Empire Of Debt Headed For Collapse
    Escobar: US Empire Of Debt Headed For Collapse

    Authored by Pepe Escobar,

    Prof. Michael Hudson’s new book, The Collapse of Antiquity: Greece and Rome as Civilization’s Oligarchic Turning Point” is a seminal event in this Year of Living Dangerously when, to paraphrase Gramsci, the old geopolitical and geoeconomic order is dying and the new one is being born at breakneck speed.

    Prof. Hudson’s main thesis is absolutely devastating: he sets out to prove that economic/financial practices in Ancient Greece and Rome – the pillars of Western Civilization – set the stage for what is happening today right in front of our eyes: an empire reduced to a rentier economy, collapsing from within.

    And that brings us to the common denominator in every single Western financial system: it’s all about debt, inevitably growing by compound interest.

    Ay, there’s the rub: before Greece and Rome, we had nearly 3,000 years of civilizations across West Asia doing exactly the opposite.

    These kingdoms all knew about the importance of canceling debts. Otherwise their subjects would fall into bondage; lose their land to a bunch of foreclosing creditors; and these would usually try to overthrow the ruling power.

    Aristotle succinctly framed it: “Under democracy, creditors begin to make loans and the debtors can’t pay and the creditors get more and more money, and they end up turning a democracy into an oligarchy, and then the oligarchy makes itself hereditary, and you have an aristocracy.”

    Prof. Hudson sharply explains what happens when creditors take over and “reduce all the rest of the economy to bondage”: it’s what’s called today “austerity” or “debt deflation”.

    So “what’s happening in the banking crisis today is that debts grow faster than the economy can pay. And so when the interest rates finally began to be raised by the Federal Reserve, this caused a crisis for the banks.”

    Prof. Hudson also proposes an expanded formulation: “The emergence of financial and landholding oligarchies made debt peonage and bondage permanent, supported by a pro-creditor legal and social philosophy that distinguishes Western civilization from what went before. Today it would be called neoliberalism.”

    Then he sets out to explain, in excruciating detail, how this state of affairs was solidified in Antiquity in the course of over 5 centuries. One can hear the contemporary echoes of “violent suppression of popular revolts” and “targeted assassination of leaders” seeking to cancel debts and “redistribute land to smallholders who have lost it to large landowners”.

    The verdict is merciless: “What impoverished the population of the Roman Empire” bequeathed a “creditor-based body of legal principles to the modern world”.

    Predatory oligarchies and “Oriental Despotism”

    Prof Hudson develops a devastating critique of the “social darwinist philosophy of economic determinism”: a “self-congratulatory perspective” has led to “today’s institutions of individualism and security of credit and property contracts (favoring creditor claims over debtors, and landlord rights over those of tenants) being traced back to classical antiquity as “positive evolutionary developments, moving civilization away from ‘Oriental Despotism’”.

    All that is a myth. Reality was a completely different story, with Rome’s extremely predatory oligarchies waging “five centuries of war to deprive populations of liberty, blocking popular opposition to harsh pro-creditor laws and the monopolization of the land into latifundia estates”.

    So Rome in fact behaved very much like a “failed state”, with “generals, governors, tax collectors, moneylenders and carpet beggars” squeezing out silver and gold “in the form of military loot, tribute and usury from Asia Minor, Greece and Egypt.” And yet this Roman wasteland approach has been lavishly depicted in the modern West as bringing a French-style mission civilisatrice to the barbarians – while carrying the proverbial white man’s burden.

    Prof. Hudson shows how Greek and Roman economies actually “ended in austerity and collapsed after having privatized credit and land in the hands of rentier oligarchies”. Does that ring a – contemporary – bell?

    Arguably the central nexus of his argument is here:

    “Rome’s law of contracts established the fundamental principle of Western legal philosophy giving creditor claims priority over the property of debtors – euphemized today as ‘security of property rights’. Public expenditure on social welfare was minimized – what today’s political ideology calls leaving matters to ‘the market’. It was a market that kept citizens of Rome and its Empire dependent for basic needs on wealthy patrons and moneylenders – and for bread and circuses, on the public dole and on games paid for by political candidates, who often themselves borrowed from wealthy oligarchs to finance their campaigns.”

    Any similarity with the current system led by the Hegemon is not mere coincidence. Hudson: “These pro-rentier ideas, policies and principles are those that today’s Westernized world is following. That is what makes Roman history so relevant to today’s economies suffering similar economic and political strains.”

    Prof. Hudson reminds us that Rome’s own historians – Livy, Sallust, Appian, Plutarch, Dionysius of Halicarnassus, among others – “emphasized the subjugation of citizens to debt bondage”. Even the Delphic Oracle in Greece, as well as poets and philosophers, warned against creditor greed. Socrates and the Stoics warned that “wealth addiction and its money-love was the major threat to social harmony and hence to society.”

    And that brings us to how this criticism was completely expunged from Western historiography. “Very few classicists”, Hudson notes, follow Rome’s own historians describing how these debt struggles and land grabs were “mainly responsible for the Republic’s Decline and Fall.”

    Hudson also reminds us that the barbarians were always at the gate of the Empire: Rome, in fact, was “weakened from within”, by “century after century of oligarchic excess.”

    So this is the lesson we should all draw from Greece and Rome: creditor oligarchies “seek to monopolize income and land in predatory ways and bring prosperity and growth to a halt.” Plutarch was already into it: “The greed of creditors brings neither enjoyment nor profit to them, and ruins those whom they wrong. They do not till the fields which they take from their debtors, nor do they live in their houses after evicting them.”

    Beware of pleonexia

    It would be impossible to fully examine so many precious as jade offerings constantly enriching the main narrative. Here are just a few nuggets (And there will be more: Prof. Hudson told me, “I’m working on the sequel now, picking up with the Crusades.”)

    Prof. Hudson reminds us how money matters, debt and interest came to the Aegean and Mediterranean from West Asia, by traders from Syria and the Levant, around 8th century B.C. But “with no tradition of debt cancellation and land redistribution to restrain personal wealth seeking, Greek and Italian chieftains, warlords and what some classicists have called mafiosi [ by the way, Northern European scholars, not Italians) imposed absentee land ownership over dependent labor.”

    This economic polarization kept constantly worsening. Solon did cancel debts in Athens in the late 6th century – but there was no land redistribution. Athens’ monetary reserves came mainly from silver mines – which built the navy that defeated the Persians at Salamis. Pericles may have boosted democracy, but the eventful defeat facing Sparta in the Peloponnesian War (431-404 B.C.) opened the gates to a heavy debt-addicted oligarchy.

    All of us who studied Plato and Aristotle in college may remember how they framed the whole problem in the context of pleonexia (“wealth addiction”) – which inevitably leads to predatory and “socially injurious” practices. In Plato’s Republic, Socrates proposes that only non-wealthy managers should be appointed to govern society – so they would not be hostages of hubris and greed.

    The problem with Rome is that no written narratives survived. The standard stories were written only after the Republic had collapsed. The Second Punic War against Carthage (218-201 B.C.) is particularly intriguing, considering its contemporary Pentagon overtones: Prof. Hudson reminds us how military contractors engaged in large-scale fraud and fiercely blocked the Senate from prosecuting them.

    Prof. Hudson shows how that “also became an occasion for endowing the wealthiest families with public land when the Rome state treated their ostensibly patriotic donations of jewelry and money to aid the war effort as retroactive public debts subject to repayment”.

    After Rome defeated Carthage, the glitzy set wanted their money back. But the only asset left to the state was land in Campania, south of Rome. The wealthy families lobbied the Senate and gobbled up the whole lot.

    With Caesar, that was the last chance for the working classes to get a fair deal. In the first half of the 1st century B.C. he did sponsor a bankruptcy law, writing down debts. But there was no widespread debt cancellation. Caesar being so moderate did not prevent the Senate oligarchs from whacking him, “fearing that he might use his popularity to ‘seek kingship’” and go for way more popular reforms.

    After Octavian’s triumph and his designation by the Senate as Princeps and Augustus in 27 B.C., the Senate became just a ceremonial elite. Prof Hudson summarizes it in one sentence: “The Western Empire fell apart when there was no more land for the taking and no more monetary bullion to loot.” Once again, one should feel free to draw parallels with the current plight of the Hegemon.

    Time to “uplift all labor”

    In one of our immensely engaging email exchanges, Prof. Hudson remarked how he “immediately had a thought” on a parallel to 1848. I wrote in the Russian business paper Vedomosti: “After all, that turned out to be a limited bourgeois revolution. It was against the rentier landlord class and bankers – but was as yet a far cry from being pro-labor. The great revolutionary act of industrial capitalism was indeed to free economies from the feudal legacy of absentee landlordship and predatory banking — but it too fell back as the rentier classes made a comeback under finance capitalism.”

    And that brings us to what he considers “the great test for today’s split”: “Whether it is merely for countries to free themselves from US/NATO control of their natural resources and infrastructure — which can be done by taxing natural-resource rent (thereby taxing away the capital flight by foreign investors who have privatized their natural resources). The great test will be whether countries in the new Global Majority will seek to uplift all labor, as China’s socialism is aiming to do.”

    It’s no wonder “socialism with Chinese characteristics” spooks the Hegemon creditor oligarchy to the point they are even risking a Hot War. What’s certain is that the road to Sovereignty, across the Global South, will have to be revolutionary: “Independence from U.S. control is the Westphalian reforms of 1648 — the doctrine of non-interference in the affairs of other states. A rent tax is a key element of independence — the 1848 tax reforms. How soon will the modern 1917 take place?”

    Let Plato and Aristotle weigh in: as soon as humanly possible.

    Tyler Durden
    Tue, 05/16/2023 – 18:05

  • Murdered Cash-App Founder Was Attending Underground Sex, Drug Parties With Sister Of Alleged Killer
    Murdered Cash-App Founder Was Attending Underground Sex, Drug Parties With Sister Of Alleged Killer

    Murdered Cash App founder Bob Lee – who was found staggering around a San Francisco neighborhood at 2:30 a.m. April 4th after being stabbed – allegedly frequented underground sex and drug parties with the sister of his accused killer.

    While initial reports suggested that Lee was a random victim, his friends say it was the result of his wild lifestyle among the upper echelon of Bay Area elites in which cocaine and swinging are common, the Wall Street Journal reports.

    In certain wealthy tech circles it is known as “The Lifestyle,” an underground party scene featuring recreational drug use and casual sex.

    A successful tech executive named Bob Lee liked to hang out with that crowd, according to people who also participated. So, too, did Khazar Momeni, the wife of a prominent plastic surgeon, these people said.

    On the afternoon of April 3, a Monday, the partying took a dark turn. According to San Francisco prosecutors, Ms. Momeni’s older brother confronted Mr. Lee about her. Was she taking drugs or doing anything inappropriate, he wanted to know. Hours later the brother, Nima Momeni, stabbed Mr. Lee with a kitchen knife and left him to bleed out in the street, prosecutors alleged. Mr. Momeni, who was arrested on suspicion of murder, is being held without bail. He plans to plead not guilty, his attorney said. -WSJ

    According to an autopsy report from the San Francisco Office of the Chief Medical Examiner, Lee had cocaine and ketamine in his system when he died. According to court documents, Khazar texted Lee around the time of his murder to check oh him.

    Results of Bob Lee’s toxicology report from the office of the chief medical examiner in San Francisco. Photo: Photo illustration: WSJ; Photos: San Francisco Chief Medical Examiner, istock (2)

    “Just wanted to make sure you’re doing ok Cause I know Nima came wayyyyyy down hard on you,” she wrote. “And thank you for being such a class manhandling it with class. Love you Selfish pricks.”

    Nima Momeni, the accused killer, wasn’t seen as part of the elite crowd, but he did use drugs according to the report. According to investigators, Lee and Ms. Momeni were casually sleeping together. Three years prior, Lee had been sleeping with a different woman that his accused killer had been dating, friends say. 

    Nima Momeni, the man charged in the fatal stabbing of Bob Lee, makes his way into the courtroom. Photo: Gabrielle Lurie/Pool San Francisco Chronicle/Associated Press

    “There are many rumors circulating around this case, many of them untrue,” said Ms. Momeni’s attorneys. “Ms. Momeni loves and supports her brother. What happened here is a tragedy, and Ms. Momeni is deeply saddened at the suffering of the Lee family as they deal with their terrible loss.”

    Khazar Momeni and her husband, Dr. Dino Elyassnia, attend a court appearance by her brother Nima Momeni in San Francisco on April 14. Photo: Justin Katigbak

    According to Dana Wagner, a friend of Lee’s and former general counsel of Square, said that Lee was hung out with many different crowds, and that he “saw the best in everyone.”

    “He was also hanging out with people who weren’t great people, and that was part of what happened in the end,” she said, who says he didn’t know the Momenis, adding “There are a lot of swingers, cheaters and liars in that crowd.”

    On top of the casual drug use, Lee allegedly slept with multiple women at the parties, including Kazar.

    Friends say Lee was passionate about the tech industry and extremely generous – buying his friends meals, Ubers, trips to Mexico, and even bought a girlfriend a Tesla.

    Mr. Lee with Gift Kerati in Mexico and with Dana Wagner at a stadium in California. Gift Kerati; Dana Wagner

    To some, “The Lifestyle” is narrowly focused to describe people who might engage in various sexual activities with different partners. In San Francisco, it is used more loosely to describe an underground party scene that has evolved since the city’s early days as an incubator of the countercultural movement. 

    It started with the hippies, who were not sober people, trying to expand their brains and the tech people came in and gentrified it like they did everything else,” said Mr. Reed of General Galactic. -WSJ

    According to Lee’s friend, Dana Wagner, “Bob was the dumbest smart person I knew.”

    Tyler Durden
    Tue, 05/16/2023 – 17:45

Digest powered by RSS Digest

Today’s News 16th May 2023

  • NATO Members Split On How To Upgrade Ukraine's Status At Upcoming Summit
    NATO Members Split On How To Upgrade Ukraine’s Status At Upcoming Summit

    Authored by Kyle Anzalone via The Libertarian Institute, 

    Members of the North Atlantic Treaty Organization (NATO) are privately debating what Kiev’s status should be within the alliance. All countries agree on upgrading Ukraine’s standing in the bloc, but some members are hesitant to give Kiev a concerted path to joining the alliance, the Washington Post reports

    The leaders of the North Atlantic alliance are scheduled to gather in Lithuania for the Vilnius Summit in July. During the gathering, the members are expected to agree to strengthen the ties between the bloc and Ukraine

    Last month, NATO chief Jens Stoltenberg said the country’s membership status will be on the table at the upcoming gathering. “The Vilnius Summit will be important for many reasons… President Zelensky will raise the issue of membership, of security guarantees, and this will be high on the agenda of the meeting,” he added, “Ukraine’s future is in NATO. All Allies agree on that.”

    According to the Post, the alliance is divided by east and west. Eastern European members, and Kiev, seek to give Ukraine a path to membership that includes concrete steps as well as a timeline to becoming a full member. Some Western European states, including the US, do not agree and prefer to focus on the war against Russia. 

    US officials speaking with the Post said they view “Membership and potential security guarantees as matters that should be addressed as part of an eventual settlement to the war.” Countries opposed to Kiev joining the alliance worry it will put NATO in a direct war with Russia. 

    Washington is supportive of a “bureaucratic upgrade to a NATO-Ukraine body or a decision to further expand NATO’s technical support to Ukraine’s defense sector,” the Post reports. However, the White House appears unwilling to publicly voice its opposition to Ukraine becoming a member

    Late last month, press secretary Karine Jean-Pierre said the decision to admit new members is “up to NATO” and countries aspiring to join, adding that the administration’s current focus is on supplying Kiev with weapons to “push back against Russian aggression.”

    The Post spoke with an Eastern European official who said there is “something of a ping-pong between Germany, France and the US,” with each government accusing the others of preventing Kiev from receiving a concrete path to membership within the bloc. While the disagreements remain unresolved, all parties agree it is important to present cohesion in public. 

    Russian President Vladimir Putin has denounced plans for Kiev to become a member of the North Atlantic alliance. When explaining his reasons for invading Ukraine, Putin said NATO expansion and Kiev’s pending ascension into the alliance were the primary reasons.

    Tyler Durden
    Tue, 05/16/2023 – 02:00

  • WHO Pushes "Early Childhood Masturbation" For Toddlers, Encourages Questions About Gender Identity For Kids Aged 4
    WHO Pushes “Early Childhood Masturbation” For Toddlers, Encourages Questions About Gender Identity For Kids Aged 4

    Authored by Steve Watson via Summit News,

    Backlash has ensued following the renewed focus on the World Health Organisation’s “sexuality education” guidance for schools to provide to children as young as four years old.

    As reported by the Daily Mail, the guidance states that children under four should be encouraged to “ask questions about sexuality” and “explore gender identities.”

    The 68-page report titled Standards For Sexuality Education in Europe, also calls for supplying information to toddlers about “enjoyment and pleasure when touching one’s own body, early childhood masturbation.”

    The policy paper also states that kids between four and six years should “talk about sexual matters” and “consolidate their gender identity.”

    The document also asserts that sexuality is present from birth, claiming “From birth, babies learn the value and pleasure of bodily contact, warmth and intimacy. Soon after that, they learn what is ‘clean’ and what is ‘dirty’,” adding “In other words, they are engaging in sexuality education.”

    The WHO told reporters that “Our guidelines reflect established psychological facts based on decades of research.”

    Covering the issue, GB News reporter Mark Dolan called the development “sick” and urged that the WHO can “go to hell.”

    Conservative shadow minister for education in Wales, Laura Anne Jones, has called for the global health body to “rescind the advice immediately,” further labelling it “disturbing.”

    Jones urged “We must stop this pushing of harmful gender ideology into sex education in Wales and the UK, with immediate effect.”

    Advocacy Group Safe Schools Alliance also demanded an “urgent enquiry” be conducted into potential links between the guidance and education policies in the UK.

    “We find it extremely concerning that the UN and WHO are promoting an approach that is experimental, unscientific, and appears to be aligned to the work of unethical individuals and organisations, including those promoting the acceptance of paedophilia,” the organisation recently asserted.

    “We call upon them to revise their standards to align with a safeguarding-first approach that protects children while allowing them to develop a healthy and age-appropriate understanding of sex,” a statement further noted.

    The development comes on the heels of two UN bodies publishing a report that outlines an agenda to decriminalise all ‘consensual’ sexual activity, even between adults and minors.

    UN, Globalists Seek To Decriminalise Sex With Minors

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

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

    Also, we urgently need your financial support here.

    Tyler Durden
    Mon, 05/15/2023 – 23:50

  • ChatGPT Is The Most Tried AI Tool And Users Stick To It
    ChatGPT Is The Most Tried AI Tool And Users Stick To It

    Ever since the release of ChatGPT in November 2022, AI tools have been all the rage. However, as Statista’s Felix Richter reports, while there have been AI-powered tools before OpenAI released ChatGPT to the public, none of them gained as much public attention and hype.

    Word of ChatGPT’s capabilities spread like wildfire online and within days, more than a million people had registered to use it.

    Infographic: ChatGPT Is the Most Tried AI Tool and Users Stick to It | Statista

    You will find more infographics at Statista

    ChatGPT was the first generative AI tool to reach mass adoption, giving millions of people around the world a taste of what large language models are capable of. Ever since then, other tools, for example AI-based image generation tools such as Midjourney or DALL-E, have also gotten more attention, but so far none has come as close to mainstream adoption as ChatGPT has.

    According to a survey conducted by Statista Consumer Insights, 20 percent of U.S. respondents had tried ChatGPT by the time the survey was fielded in March and April 2023, putting it far ahead of other AI tools such as Jasper Chat, GetGenie or Simplified, most of which have been designed to assist users in text generation and copywriting. Among the tools that most people have tried, ChatGPT also left its users most impressed, with 89 percent of prior users saying they would use it again. In that respect, Midjourney, a powerful text-to-image generator achieved the worst score, with just 65 percent of prior users saying they’d return to the tool.

    Tyler Durden
    Mon, 05/15/2023 – 23:30

  • IRS Abruptly Removes Investigative Team From Hunter Biden Probe: Whistleblower's Attorneys Claim
    IRS Abruptly Removes Investigative Team From Hunter Biden Probe: Whistleblower’s Attorneys Claim

    Authored by Steve Straub via The Federalist Papers,

    In an alarming move that has raised eyebrows and suspicions about the integrity of federal agencies, the Internal Revenue Service (IRS) abruptly removed the entire team working on the high-profile tax fraud investigation of Hunter Biden, first son of President Joe Biden.

    This drastic action allegedly came on the orders of the Justice Department, adding to the widespread concern among conservatives about potential corruption and the abuse of power within the federal government.

    The abrupt reassignment of the investigative team has been perceived by many as retaliation against the supervisory special agent whistleblower, who alleged a coverup of the controversial probe.

    The agent, who has been overseeing the investigation since early 2020, was informed of this sudden personnel change, according to a letter from his attorneys, Mark Lytle and Tristan Leavitt, to Congress.

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

    In the letter, Lytle and Leavitt suggested that the removal of the investigators not only constituted retaliation but could also be construed as an obstruction of a congressional inquiry.

    The attorneys pointed out that their client had a legal right to make disclosures to Congress under 5 U.S.C. § 2302 and that any attempt to prevent a federal employee from furnishing information to Congress is a direct violation of long-standing appropriations restrictions.

    They further emphasized that the removal of the experienced investigative team was the very issue the whistleblower initially sought to expose.

    Hunter Biden, who was seen giving journalists a thumbs-up during his daughter Maisy’s graduation ceremony from the University of Pennsylvania, is the alleged subject of the coverup claims.

    Communications retrieved from his abandoned laptop revealed that he had paid up to “half” of his income to his father, President Joe Biden.

    This controversy arose simultaneously with the release of the long-awaited report by special counsel John Durham detailing bias in the FBI’s investigation of former President Donald Trump’s alleged links to Russia.

    The timing of these events has further incensed conservatives, fueling claims of a biased news cycle.

    The IRS whistleblower first surfaced last month when Lytle informed congressional leaders that his client wished to expose the “preferential treatment” in the Hunter Biden case and the alleged false testimony to Congress by Attorney General Merrick Garland.

    Garland had repeatedly reassured lawmakers that Delaware US Attorney David Weiss could unilaterally make charging decisions in the investigation.

    This information comes amid reports of “growing frustration” within the FBI over Weiss’s failure to bring charges against Hunter Biden, despite the bureau concluding most of its work last year.

    Weiss, a Trump administration holdover endorsed by Delaware’s two Democratic senators, had been at the helm of the investigation, which reportedly began in 2018.

    This incident is not the only whistleblower complaint to surface recently. Another whistleblower informed Senator Chuck Grassley (R-Iowa) that the FBI has a file from 2020 alleging that Joe Biden accepted bribes as vice president.

    These allegations led House Oversight Committee chairman James Comer (R-Ky.) to issue a legally binding subpoena for the document.

    However, the FBI, in a move that further intensifies the scrutiny on federal agencies, refused to comply and submit the document to Congress last week.

    The meeting between Hunter Biden’s attorneys and Justice Department leaders a week after the IRS whistleblower stepped forward has sparked speculation that a charging decision may soon be reached in the tax fraud investigation.

    Nonetheless, critics argue that such a decision has been long overdue, and the delay only adds to the growing frustration within the FBI and the mounting skepticism among conservatives.

    These recent events have raised serious questions about the impartiality of federal agencies and their alleged use as political tools.

    The sudden removal of the IRS investigative team from the Hunter Biden probe, particularly in the wake of the whistleblower’s allegations of a coverup, signifies a troubling trend.

    It serves as a stark reminder of the need for transparency, accountability, and the rule of law within these agencies to ensure they act in the best interest of the American people, rather than as political instruments.

    The weaponization of federal agencies is a matter of grave concern for conservatives, who view these incidents as blatant attempts to shield the Biden administration and hamper the proper functioning of democratic institutions.

    As this story unfolds, it further underscores the pressing need for an unbiased investigation into these allegations to restore public faith in the integrity and independence of federal agencies.

    Tyler Durden
    Mon, 05/15/2023 – 23:10

  • NASA's New AI System Gives 30-Minute Warning Before CMEs Strike Earth
    NASA’s New AI System Gives 30-Minute Warning Before CMEs Strike Earth

    NASA has built an artificial intelligence system that analyzes satellite data to provide advance warning, like a tornado siren for life-threatening tornados, pinpointing exactly where solar storms will wreak havoc on Earth. 

    The AI system analyzes spacecraft measurements of electrically charged plasma from the Sun, also known as coronal mass ejection, and will be able to determine exactly where the space weather will strike Earth within 30 minutes before impact. Such an early warning system could help power grid operators and others managing critical systems, such as ground and space-based communication devices, take preventive action before a storm arrives. 

    Although these geomagnetic storms vary in intensity from mild to severe, their impact could become disruptive in a world heavily reliant on advanced microchips. Take, for instance, these space weather events:

    For example, a destructive solar storm in 1989 caused electrical blackouts across Quebec for 12 hours, plunging millions of Canadians into the dark and closing schools and businesses. The most intense solar storm on record, the Carrington Event in 1859, sparked fires at telegraph stations and prevented messages from being sent. If the Carrington Event happened today, it would have even more severe impacts, such as widespread electrical disruptions, persistent blackouts, and interruptions to global communications. Such technological chaos could cripple economies and endanger the safety and livelihoods of people worldwide. -NASA

    We have warned over the years that the risk of a devastating CME strike on Earth is increasing as we next “solar maximum” – a peak in the Sun’s 11-year activity cycle approaches. 

    In late March, Earth was blasted with the strongest geomagnetic storm in six years. It generated auroras across North America, but there were no reports of communication blackouts. 

    Recall the federal government began to prepare the nation for a space weather disaster in 2016 with the executive order signed by the Obama Administration titled Coordinating Efforts to Prepare the Nation for Space Weather Events.”  

    Tyler Durden
    Mon, 05/15/2023 – 22:50

  • "That Cretin Never Advised Me On Anything Whatsoever": Musk Responds To Epstein Subpoena
    “That Cretin Never Advised Me On Anything Whatsoever”: Musk Responds To Epstein Subpoena

    Update (2230ET): Musk has replied news that he’s been subpoenaed in the US Virgin Islands lawsuit against JPMorgan over their relationship with Epstein.

    “This is idiotic on so many levels,” said Musk, adding “That cretin never advised me on anything whatsoever.

    “The notion that I would need or listen to financial advice from a dumb crook is absurd.”

    Lastly, Musk claims that JPMorgan “let Tesla down ten years ago, despite having Tesla’s global commercial banking business, which I then withdrew. I have never forgiven them.”

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

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    Elon Musk was issued a subpoena by the US Virgin Islands as part of its lawsuit against JPMorgan Chase over the bank’s alleged facilitation of Jeffrey Epstein’s sex trafficking ring, a court filing revealed Monday.

    According to the filing, the Virgin Islands has attempted to serve Musk since late April, because Epstein may have referred or attempted to refer” Musk as a client to JPMorgan.

    The USVI hired an investigative firm to try to locate an address from Musk, and also contacted one of the CEO’s lawyers, who in the past has waived the requirement of him being personally served with legal documents in past federal cases, according to the filing in U.S. District Court in Manhattan. -CNBC

    The Government contacted Mr. Musk’s counsel via email to ask if he would be authorized to accept service on Mr. Musk’s behalf in this matter but did not receive a response confirming or denying his authority,” reads the filing.

    JPMorgan is accused of servicing approximately 55 Epstein accounts between 1998 and 2013, years after his 2006 arrest for soliciting minors in Florida.

    Meanwhile, the US Virgin Islands has also been unable to subpoena Google co-founder Larry Page in connection with its investigation into Jeffrey Epstein, according to federal court filings.

    In a motion filed last week by the USVI Attorney General, process servers have attempted to reach Page at four different addresses – none of which were ‘valid.’

    “The Government made good-faith attempts to obtain an address for Larry Page, including hiring an investigative firm to search public records databases for possible addresses,” reads a filing. “Our process server attempted service at the addresses identified by our investigative firm, but discovered the addresses were not valid for Mr. Page.”

    As such, prosecutors are asking the court to allow Page to be summoned via Alphabet, Google’s parent company, as Page still serves on its board.

    Page’s whereabouts are largely unknown, though he was said in December to have spent the bulk of the COVID pandemic on one of his growing number of private islands – some of which are within the US Virgin Islands.

    Page purchased Hans Lollik and its smaller neighboring island, Little Hans Lollik, in 2014 for $23 million. -Daily Mail

    “Larry Page – the co-founder and co-owner of Alphabet Inc. (Google LLC’s parent company) – is a high-net-worth individual who Epstein may have referred or attempted to refer to JPMorgan,” reads a filing in the case.

    As Ben Bartee notes in PJ Media;

    It seems there are two potential explanations for Mr. Page’s disappearing act: either he himself doesn’t want to testify because of personal fears of what crimes it might implicate him in, or someone or something else doesn’t want Mr. Page discussing what he knows about Jeffrey Epstein’s activities.

    I recently made a half-serious petition for Elon Musk to slap a Twitter “red check” on all known Jeffrey Epstein associates. When this ordeal is said and done, there might be a new Silicon Valley tech overlord to add to the list.

    The subpoena efforts are part of the ongoing Virgin Islands prosecution of JPMorgan CEO Jamie Dimon, implicating the highest level of multinational banking as potential accomplices in the years-long trafficking ring.

    Via CNBC:

    CEO Jamie Dimon in an interview Thursday said he was “so sad” the bank had any business relationship with Jeffrey Epstein — but denied the firm is legally liable for the dead predator’s sex trafficking.

    Dimon also said, in the televised interview with Bloomberg, that if JPMorgan had known everything that has become public in recent years about its former customer Epstein “we would have done things differently.”

    What sad propaganda.

    If anyone believes that a multinational banker like Jamie Dimon is psychologically capable of regret over facilitating immoral/illegal activities on behalf of his clientele, I have oceanfront property in Montana to sell you.

    Tyler Durden
    Mon, 05/15/2023 – 22:31

  • Time For Republicans To Confront January 6 Lead Prosecutor
    Time For Republicans To Confront January 6 Lead Prosecutor

    Authored by Julie Kelly via American Greatness,

    During the 2020 presidential election cycle, Matthew M. Graves donated $2,000 to the Biden-Harris campaign. The modest contribution was a no-brainer for Graves. Not only was he a domestic policy advisor for the campaign, he worked at the time for the same white-shoe law firm as Douglas Emhoff, Kamala Harris’ husband.

    Graves’ kowtowing paid off. In November 2021, Graves took the helm of one of the most politically-charged U.S. attorneys office’s in the country: the District of Columbia. 

    Since then, Graves has escalated the pace and nature of the ongoing investigation into the events of January 6. His fixation on a four-hour disturbance that occurred more than 28 months ago has nothing to do with law and order and everything to do with using the full weight of the federal government to punish Americans who protested Biden’s election that afternoon.

    At the same time, Graves, who is in the unique position of prosecuting both local and federal crimes in the nation’s capital, has allowed D.C. to descend into violent chaos.

    Gun crimes and carjackings are skyrocketing: homicides are up nine percent over last year. Graves is under fire from community groups, police, and government leaders.

    The House Oversight Committee will hear from Graves on Tuesday morning. Finally. Chairman James Comer (R-Ky.) threatened to issue a subpoena after the Justice Department first refused to make Graves available for questions. D.C. Mayor Muriel Bowser, departing D.C. Metropolitan Police Chief Robert Contee, and city administrator Kevin Donahue also are expected to testify.

    But rather than press D.C. officials responsible for the lawlessness rampant in their city—important as that is—Republicans should instead use their time to confront Graves about his selective prosecution of January 6 defendants and force him to account for his actions publicly. The Biden regime’s double standard of justice runs directly through Graves’ office.

    Here is a partial list of questions for committee members to consider:

    1) Mr. Graves, the Washington Post recently reported that you have one of the highest, if not the highest, declination rates in the country. According to one site that tracks crime data in D.C., you have refused to prosecute two-thirds of all criminal cases brought to you by police—double what it was in 2015. You blame a lack of resources for refusing to prosecute repeat, violent offenders who threaten the security of the nation’s capital.

    How many January 6 cases brought to you by the FBI over the past 28 months have you declined to prosecute?

    2) Not only are you proceeding at full steam with January 6 cases, you told the Washington Post last year you planned to double the current caseload—currently more than 1,000 cases—to at least 2,000. What percentage of your office’s time is spent on January 6 cases versus the prosecution of local criminal cases?

    3) In court documents, your office repeatedly refers to January 6 as a domestic terror attack. In some cases, you are asking for domestic terror enhancements at sentencing.

    Terror attacks always involve the killing of innocent individuals. Mr. Graves, how many January 6 defendants are charged with murder? To continue that inquiry, how many are charged with using a firearm or bringing a firearm inside the building?

    Explosives also are a common feature of terror attacks. Do you have an update on the pipe bombs found at the headquarters of both the RNC and DNC on January 6, which prompted the evacuation of adjacent House buildings and diverted law enforcement away from the Capitol?

    4) In fact, Mr. Graves, most of the charges against Capitol protesters are misdemeanors, correct? According to your latest Capitol “attack” update, 80 percent of the plea deals you’ve extracted from January 6 defendants are for misdemeanor offenses.

    The most common charge is “parading or picketing” in the Capitol, a petty offense almost always handled in the D.C. Superior Court that results in a ticket and minimal fine. But your office is asking for prison time from between 14 days and six months for plea deals or convictions for parading. Could you explain why you are departing from precedent?

    5) Mayor Bowser said last week that she would propose legislation to reform the city’s pretrial detention policies for repeat offenders arrested for new crimes. In response, you said recent dialogue related to pretrial detention—meaning denied bail—“has been over how can we have more people released because they have not been convicted.”

    But that isn’t the standard your office applies for those charged in the January 6 investigation, is it? You’ve demanded pretrial detention for dozens of Capitol protesters, the overwhelming majority of whom have no criminal record and some accused of committing no violent crime on January 6. A handful were in custody for nearly two years awaiting trials your office continued to delay.

    How many January 6 defendants are currently behind bars under pretrial detention orders sought by your office?

    6) On that note, you seek excessive prison sentences for January 6 defendants. For example, Thomas Caldwell is a decorated and disabled Navy veteran with no criminal history.

    Mr. Caldwell was not charged with any violent crime on January 6. In fact, he never entered the Capitol Building. Nevertheless, you added a seditious conspiracy charge to his case shortly after taking office.

    After a jury trial, Caldwell was convicted of one obstruction count and one count of tampering with evidence. Yet you’re asking the judge to sentence Mr. Caldwell, who’s nearly 70 years old, to 14 years in prison, a sentence usually reserved for violent criminals who harm other people.

    Could you explain why you believe Thomas Caldwell deserves to die in jail?

    7) In May and June 2020, rioters vandalized federal property and assaulted federal officers in Lafayette Square, a federal park across the street from the White House. According to the inspector general’s report, U.S. Park Police “reported that some protesters threw projectiles, such as bricks, rocks, caustic liquids, frozen water bottles, glass bottles, lit flares, rental scooters, and fireworks, at law enforcement officials. Overall, 49 Park Police officers were injured. The Secret Service also reported injuries to their personnel.”

    The violence was so bad it prompted the lockdown of the White House.

    Mr. Graves, are you still investigating damage to federal property and assaults on federal officers related to the riot at Lafayette Square? When was the last time your office charged a 2020 rioter for similar if not worse conduct than that of January 6 protesters?

    8) In the statement furnished to the Senate prior to your confirmation, you disclosed pro bono work for a group called the National Women’s Law Center, a left-wing nonprofit based in D.C. The head of that group is Fatima Goss Graves. She is your wife, correct?

    In addition to promoting issues aligned with the Democratic Party, your wife is part of the current crusade against Supreme Court Justice Clarence Thomas. Last month, she participated in a press conference on Capitol Hill to demand Justice Thomas’ resignation.

    Right before the 2020 election, her group donated $5,000 to the Women’s March to protest the confirmation of Amy Coney Barrett and the reelection of Donald Trump.

    After the election, she said this of the 55 percent of white women who voted for Trump: “White women who support Trump are not blindly voting against their own self-interest. These Trump supporters, aided by a toxic mix of racism and disinformation, seem to be consciously supporting what they believe to be their own group interest, putting them on the same team as the White men society has been largely built to benefit.”

    Do you view your wife’s activism on behalf of the Democratic Party and disparaging comments about Trump supporters as a conflict of interest as you continue to use your office to charge and prosecute Trump supporters?

    Four months after taking control of the House, Republicans are overdue in holding Biden officials publicly accountable for the most political and vengeful use of the Justice Department in history. Tuesday’s hearing is a ripe opportunity to turn the tables on Graves. Let’s hope they do. 

    Tyler Durden
    Mon, 05/15/2023 – 22:30

  • China Data Dump Total Disaster; Youth Unemployment Hits Record High
    China Data Dump Total Disaster; Youth Unemployment Hits Record High

    In the run-up to tonight’s extravaganza of centrally-managed “economic” data, China’s macro data has been serially disappointing for six weeks as the re-opening narrative fails to deliver…

    Source: Bloomberg

    Even with the almost infallible credit impulse on the rise again, recent aggregate financing data has been dramatically weaker than expected…

    Source: Bloomberg

    And before we break down the data, one huge caveat, the official headline figures that China’s National Bureau of Statistics released tonight compares with last year – when much of country was in total lockdown due to COVID, bringing the economy to a standstill everywhere.

    Therefore, what’s more telling is that the pace of overall growth on a month-on-month basis – that’s the key gauge of the recovery’s health right now.

    EVERYTHING MISSED!

    • *CHINA JAN.-APRIL FIXED INVESTMENT FALLS 0.64% M/M;RISES 4.7% Y/Y; EST. 5.7%

    • *CHINA JAN.-APRIL PROPERTY DEV. INVESTMENT FELL 6.2% Y/Y, EST. -5.7%

    • *CHINA APRIL RETAIL SALES ROSE ONLY 18.4% Y/Y; EST. 21.9%

    • *CHINA JAN.-APRIL INDUSTRIAL OUTPUT FALLS 0.47% M/M; RISES 3.6% Y/Y; EST. 4.9%

    There was a modest silver lining with the Surveyed Jobless rate dropped to 5.2% (exp 5.3%), BUT, Youth unemployment soared to a record high 20.4%…

    Source: Bloomberg

    The numbers are significantly worse than expected (and in most cases worse than the worst economist forecasts).

    As Bloomberg reports, Raymond Yeung, chief economist for Greater China at Australia & New Zealand Banking Group Ltd noted it “is a weak print.”

    “The headline data fail to impress despite base effect from Shanghai lockdown last year. Youth jobless rate passed 20%. The reopening dividend is losing steam.”

    China’s NBS said “China faces insufficient domestic demand.”

    Finally, after all that, bear in mind that China has not raised its rates (like the rest of the world) in over nine months and continues to flood the system with cash every month (also unlike almost every other nation on earth).

    Simply put, China has a seemingly bottomless liquidity hole somewhere in the middle and no matter how much credit they inject, it all gets soaked up offering no stimulation to the economy.

    Goldman’s economists expect more easing to come…

    “In light of the sharp deceleration of April credit growth, this statement suggests PBOC might want to manage the pace of credit growth deceleration…which potentially opens the door to another RRR cut, in our view. We expect a 25bp broad RRR cut in June when liquidity demand picks up at quarter-end to boost market sentiment and facilitate overall credit growth.”

    And tonight’s data disaster may have sealed that.

    Tyler Durden
    Mon, 05/15/2023 – 22:15

  • Watch: Border Patrol Apprehends Afghan Terror Suspect Entering US With Migrant Group
    Watch: Border Patrol Apprehends Afghan Terror Suspect Entering US With Migrant Group

    The siege of the US southern border post-Title 42 has begun, with apprehended migrants already hitting historic single day records. 

    Illegal immigration is not just a political or social issue, it is also a security issue, and it would seem that America’s border security is fading fast.

    It is so weak, in fact, that a confirmed Afghan terrorist suspect has decided to give the border a try. 

    While the following suspect was captured, the real question is how many terror suspects are they not catching as the border remains wide open on the whims of Joe Biden?

    Tyler Durden
    Mon, 05/15/2023 – 22:00

  • Russia Strikes Ukrainian Arms Depot, Prompting Speculation Of Possible Fallout
    Russia Strikes Ukrainian Arms Depot, Prompting Speculation Of Possible Fallout

    Authored by Adam Morrow via The Epoch Times,

    Moscow says its forces have destroyed a large munitions depot in Ukraine’s western city of Khmelnytskyi.

    “One AFU [Armed Forces of Ukraine] ammunition depot has been destroyed close to Khmelnytskyi,” the Russian Defense Ministry stated in its daily briefing for May 14. Khmelnytskyi, the target of Russian strikes in February, is located roughly 170 miles southwest of Kyiv.

    Ukraine’s Energy Ministry confirmed that a “massive” Russian barrage damaged an energy facility in the city in the early hours of May 13.

    According to the ministry, the local power supply wasn’t affected by the strikes.

    The city’s local military administration similarly reported that multiple drones had targeted “critical infrastructure.”

    Khmelnytskyi’s mayor, Oleksandr Symchyshyn, said schools, residential buildings, and industrial facilities were damaged in what he described as a “terrorist attack.”

    Speaking on the Telegram messaging app, Symchyshyn claimed that the Russian strikes had left a number of civilian residents injured.

    On the same day, a Russian missile barrage destroyed a storage facility in the Ukrainian city of Ternopil, located just west of Khmelnytskyi.

    Fallout Concerns

    Following the strike in Khmelnytskyi, video footage began circulating on Russian social media accounts that purportedly shows CCTV footage of the blast. The footage shows a facility—the nature of which is unclear—being rocked by a massive explosion, sending an enormous fireball into the sky.

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

    The Epoch Times couldn’t verify the authenticity of the footage or whether it portrayed the recent Russian strike in Khmelnytskyi.

    Nevertheless, the scope of the blast—and its fiery aftermath—has reportedly prompted speculation online that the targeted facility housed Western-supplied munitions containing depleted uranium.

    In March, the UK announced plans to provide Kyiv with depleted uranium shells for its Challenger 2 combat tanks, 14 of which have already been sent to Ukraine.

    Due to their extremely high density, depleted uranium shells are able to penetrate heavy armor. But they can also pose health risks to humans, animals, and ecosystems in and around impact areas.

    Following London’s announcement, Russia’s Foreign Ministry warned that the potential effects of munitions containing depleted uranium would be “impossible to control.”

    Russian President Vladimir Putin has vowed to “respond accordingly” if such munitions are employed on the battlefield.

    According to Intel Slava Z, a pro-Moscow news aggregator, rumors have spread on Ukrainian social media that the recent explosion in Khmelnytskyi had led to the dispersal of depleted uranium particles.

    In a Telegram post, it claimed that there were “already reports” that radiation levels had surged in the vicinity of the city.

    The Epoch Times was unable to verify the assertions.

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

    Allies Pledge More Arms to Kyiv

    The strike in Khmelnytskyi coincided with a trip by Ukrainian President Volodymyr Zelenskyy to Berlin, where he met with German Chancellor Olaf Scholz.

    It was Zelenskyy’s first visit to the German capital since Russia launched its invasion of Ukraine—Moscow calls it a “special military operation”—early last year.

    Shortly before the Ukrainian leader’s arrival, Germany unveiled a fresh $3 billion aid package for Kyiv—its single largest contribution to date.

    On May 15, Zelenskyy visited London, where UK Prime Minister Rishi Sunak pledged to provide Ukraine with additional long-range missiles and attack drones. Last week, the UK announced that it had delivered Storm Shadow cruise missiles, which boast a range of more than 150 miles.

    Speaking to Sunak, Zelenskyy said his country’s ongoing conflict with Russia was a matter of “security” for Ukraine and “all of Europe.”

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

    Soon afterward, Kremlin spokesman Dmitry Peskov accused the UK of “pumping weapons” into Ukraine.

    “This won’t drastically change the course of the special military operation,” he said. “But it will definitely lead to further destruction.”

    According to Sunak’s office, the UK prime minister plans to urge Kyiv’s other allies to step up support for Ukraine’s war effort at an upcoming meeting of G-7 leaders.

    Reuters contributed to this report.

    Tyler Durden
    Mon, 05/15/2023 – 21:40

  • Michael Burry Didn't Sell, Instead He Loaded Up On Regional Banks: Here Are All The "Big Short's" Latest Stock Holdings
    Michael Burry Didn’t Sell, Instead He Loaded Up On Regional Banks: Here Are All The “Big Short’s” Latest Stock Holdings

    On Jan 31, just one day before a dovish Powell presser sent stocks surging higher in what to this date remains the biggest short squeeze in a decade, boosted by a historic 0DTE buying frenzy, the “Big Short” Michael Burry tweeted one word: “sell.”

    Then, when stocks spiked higher, Burry promptly deleted not just the tweet but his entire account, only to reactivate it one week later for yet another sarcastic tweet, suggesting that this time was no different than the dot com crisis (the tweet has also since been deleted).

    In retrospect, it may have been a little bit different after all because with just hours left to the end of the first quarter, Burry again flipped, and informed his audience – with one of his patented self-destructing tweets – that he was “wrong to say sell“…

    …. which incidentally is something we predicted just two weeks prior when days after the SVB failure when the Fed panicked and injected $400 billion in reserves into the system, we warned that the “chase begins” just as stocks were about to ramp higher, not lower as so many expected would be the obvious, logical outcome to the biggest financial crisis since Lehman.

    In any case, fast forward to today some 45 days after the end of the quarter – better known as 13F filing time – when we found out just why Burry was “wrong to say sell”: according to his latest SEC filing, his Scion Capital was busy buying stocks in Q1. In fact, at $106 million in notional value of his disclosed positions, this was Burry’s biggest buying spree in years.

    Looking at Scion’s latest 13F reveals that once again Burry liquidated the rest of his legacy 2022 holdings, dumping his entire stake in companies like Black Knight, Wolverine World Wide, MGM Resorts and Qurate; he also trimmed his formerly largest holding, private prison operator GEO group, and reallocated the proceeds in three ways

    • Adding to his Chinese exposure, making JD.com and Alibaba his top stocks (a move which appears to have been driven by the Q4 momentum and which has since fizzled, leading to substantial losses in Chinese names).
    • Launching a handful of new positions in energy names such as Coterra, NOV and Devon
    • Most notably, a third – or seven of the fund’s total 21 positions – were financial names, and with the exception of Wells, they were mostly distressed, regional, small banks and/or credit card companies, such as CapitalOne, Western Alliance, Pacwest, First Republic, and Huntington Bancshares.

    Unfortunately for Burry, one of those banks is already a doughnut which means that unless he promptly sold out of his FRC stake, Burry is down some $2 million on this particular bank. As for the others, they may yet bounce but so far they have not. Meanwhile, as we showed yesterday, as long as QT continues, so will the deposit drain which is mostly hitting small and regional banks, and will inevitably lead to many more failures…

    … unless the Fed suddenly decides it has unleashed enough bank sector destruction and reverses, cutting rates and restarting QE. Point being Burry appears to have enough of being called the “big short” and in this particular twist of the liquidity cycle is positioning himself to be the next “big long.”

    Here is a summary of Scion’s holdings as of March 31.

    Source: SEC

    Tyler Durden
    Mon, 05/15/2023 – 21:25

  • Retail Sales Preview: Another Weak Print Due To Slumping Tax Refunds
    Retail Sales Preview: Another Weak Print Due To Slumping Tax Refunds

    Over the weekend, we reported that the bottom finally appears to be falling from under the US consumer, where the high-end income household – which until recently had been propping up the broader deceleration in lower-income Americans – appears to have hit an income brick wall, leading to the first decline in wages in three years for those earning over $125,000…

    … which in turn led to the first spending decline since February 2021: according to Bank of America’s latest debit and credit card data, total card spending per household was down 1.2% year-over-year (y/y) in April…

    … and is only partially explained by the y/y drop in gas prices.

    Does that mean that tomorrow’s retail sales report will be another disaster? Not just yet: according to BofA’s economists, tomorrow the census bureau’s retail sales report – the most important report of the week – will show a modest increase of 0.2% m/m in retail sales ex-autos and core control retail sales figures for April, both coming in just below expectations.

    What is more concerning, is that what until recently was the strongest spending category, leisure services, appears to have peaked. According to BofA, on a m/m SA basis, online retail (card not present) and department stores saw the strongest growth, while airlines, furniture and lodging were the weakest categories.

    We will get a better sense over the summer of whether the reopening tailwind to leisure services has run its course. Meanwhile, durable goods spending continues its relatively steady decline after peaking more than two years ago.

    Spending weakness is usually the result of a decline in incomes, and this time is no different. According to BofA, weakness in tax refunds was likely a headwind to spending once again in April. The Internal Revenue Service reports that it issued $70.5 billion of Federal individual income tax refunds in April, compared to $85.3bn in April 2022. This shortfall of around $15bn amounts to 0.9% of monthly disposable income, and comes on the back of an even larger $25bn shortfall in March.

    The next chart shows that the average number of refunds issued was close to 2022 levels at the end of April. However, the average refund size has been 8% smaller than it was last year. This suggests to BofA that total refunds are unlikely to catch up to 2022 levels as more returns are processed.

    The silver lining is that BofA’s headline retail sales forecast of 0.7% is driven by the sharp pickup in auto sales in April: this should support total  consumer spending growth on the month. However, the BAC card data suggest that other spending categories look soft. As discussed above, services demand appears to be slowing. And if the bank’s retail sales forecast is correct, growth in real (i.e., inflation-adjusted) retail sales ex-autos would be close to zero in April. Therefore, BofA continues to expect positive but weak GDP growth in 2Q 2023 and a mild recession thereafter.

    Meanwhile, as the bank’s economists search for the key downward inflection point, it is monitoring the spending patterns of lower-income households, who would be most impacted by an economic shock. So far, lower-income HHs continue to outperform higher income HHs in terms of y/y spending growth…

    … and they are still allocating a larger share of total card spending to discretionary items than they did in 2019.

    Finally, BofA is also watching for signs of the impact of regional bank stress, but so far it finds that San Francisco and New York, the headquarters of the three failed domestic banks, outpaced the other major metros in terms of retail ex-auto spending in both March and April.

    Much more in the full report available to pro subs in the usual place.

    Tyler Durden
    Mon, 05/15/2023 – 21:21

  • J6 Attorney Says Feds Using Military Counterterrorism Tactics Against Americans
    J6 Attorney Says Feds Using Military Counterterrorism Tactics Against Americans

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

    An attorney has called on House Republicans to investigate and defund the Department of Justice’s (DOJ) efforts to prosecute defendants being treated as domestic terrorists for their presence at the Jan. 6, 2021, rally at the U.S. Capitol.

    This could go on for two or three more years unless House Speaker Kevin McCarthy takes the floor and declares that the DOJ is abusing legislation,” Carol Stewart, who represents several J6 defendants, told The Epoch Times.

    Pro-Trump protesters gather in front of the U.S. Capitol Building in Washington on Jan. 6, 2021. (Brent Stirton/Getty Images)

    Stewart said McCarthy can make a resolution and start an investigation into the abuse of U.S. criminal codes 1752, 231, and 1512, which relate to restricted buildings or grounds; civil disorders; and tampering with a witness, victim, or an informant, respectively. She said these laws are being misinterpreted to frame American citizens who protested at the Capitol building as culprits in a plot to overthrow the 2020 election through a violent insurrection.

    The problem, Stewart argues, is that the story the DOJ, the FBI, and the mainstream media are telling “is a lie.”

    One of her clients, 56-year-old Eric Christie, is charged with violating statute 1752, a misdemeanor that criminalizes the act of entering or remaining in “any restricted building or grounds without lawful authority to do so.”

    In addition, he’s alleged under subsection (b) of the law to have been brandishing “a dangerous weapon or firearm” on restricted grounds.

    On Christie’s tool belt was a hammer that Stewart said was never removed, as it was part of a construction worker costume.

    He did not breach or push aside any barriers, assault police, participate in any violence, witness violence, encourage violence, enter the building, or do anything besides use protected First Amendment speech in a peaceful manner in a location that he believed was approved for speech,” Stewart wrote in her facts of the case.

    Unaware of Restricted Area

    Christie, an advocate for the Make America Great Again movement from California, believed he could “lawfully go forward” into an area he didn’t know was restricted, Stewart argued, because someone had removed a barricade of bike racks without his knowledge.

    Though he never entered the Capitol, Christie was arrested at his apartment on Dec. 22, 2022—almost two years later—surrounded by a SWAT team of 20 to 30 people in a histrionic show of force, Stewart said.

    According to Stewart, there was no knock, and Christie was never told he was under arrest, only that the officers wanted to search his apartment. When he asked for a search warrant, officials had to retrieve it, as they had not brought it with them.

    His water and electricity had been turned off. A drone was sent into his home and determined that he had guns with the intent to use them.

    Having arrived at 9 a.m., it took the officers until 10:45 a.m. to get the warrant. Instead of bringing it to him directly, they sent in a robot, which took 30 to 40 minutes of everyone watching it make its way downstairs.

    The FBI had already rammed in the front door and broken the glass, thrown in flash-bangs and tear gas, and brought in a crisis negotiator, Stewart said, which led Christie to believe that they were there to abduct or kill him.

    Other people I’ve interviewed have examined this situation and agreed with Christie’s assessment,” Stewart said. “You don’t do all of that unless you’re going in. It’s not done, because you’re inviting danger if you do that.”

    The fiasco was framed as a three-hour standoff, Stewart said.

    “His delay in exiting his home had nothing to do with any falsely claimed ‘barricade,’” Stewart wrote in the court report. “It was due to shock, anxiety, the belief that the FBI wanted to murder him or take him to Guantanamo as a terrorist, and the failure of the FBI to have a search warrant on-site to present to him.”

    Supporters of President Donald Trump flock to the National Mall by the hundreds of thousands for a rally in Washington on Jan. 6, 2021. (Samuel Corum/Getty Images)

    Created Circumstances

    At any point, however, the FBI could have gone to Christie’s attorney and asked to have Christie self-surrender.

    Instead, Stewart said, the FBI engaged in tactics designed to elicit a reaction, not obtain facts.

    A week before on Dec. 16, Christie had been pulled over by a state highway patrolman.

    Understand the bizarre nature of this,” Stewart said. “The FBI has the California Highway Patrol (CHP) pull him over just to create the circumstances for a person with anxiety.”

    In the time between Jan. 6 and his arrest at his apartment, every nook and cranny of Christie’s life was investigated using avenues opened by the Patriot Act, which would not only include a forensic investigation into his online profile but also into his medical history, Stewart said.

    It’s the kind of information that can be weaponized in a psychological operation, Stewart said.

    Later, in court, Stewart said the FBI admitted to using the state law enforcement pretextually.

    Under California law, an officer has the right to ask someone to get out of their car. However, with Christie, there was no traffic violation. The officer yelled at Christie, telling him that if he didn’t get out of the car, he would break his window.

    In a panic, Christie fled, Stewart said, aware of what was happening with other J6 defendants.

    It was agreed that he wouldn’t be pursued, Stewart said, so he went about his life until the day of his arrest.

    The CHP alleged that the officer pulled Christie over because the officer saw Christie rolling through a stop sign, which Stewart said is not true.

    “The dash cam footage shows that this is false,” Stewart said. “They didn’t even have him in sight. They left out the threat to break his window. They said he fled arrest. For what? The CHP filed a false report and not once said they were operating in coordination with the FBI. So, there’s some dirty dealing going on at that level between the guys in that unit and the local FBI agents.”

    Then there is the probability that the FBI had been entering Christie’s condominium for several months, as there was a mock-up made of his apartment, Stewart said.

    “This is the kind of stuff they’re doing,” Stewart said. “I’ve worked with special forces a lot. They don’t build mock-ups for a normal arrest. For all the people we went and grabbed in Afghanistan, they didn’t build mock-ups.

    ‘I Know What a Setup Looks Like’

    Stewart’s seen these strategies before during her time working in counterterrorism and counterinsurgency while serving 25 years of active duty with the U.S. Army, retiring as a colonel.

    Stewart’s counterterrorism work dates to 1993. She served as an intelligence battalion commander in Bosnia from 1998 to 1999 and continued to work in military intelligence in Kosovo from 2001 to 2002 and at U.S. Central Command (CENTCOM) from 2002 to 2005.

    Stewart spent six and a half years working as a senior intelligence officer with the Department of Defense at CENTCOM with strategic assessments related to terrorism, insurgency, and regional issues; targeting; and special projects that included terrorism, counterintelligence, and insider threats.

    Considering her work in military intelligence, Stewart said the tactical operations used on Christie and other J6 defendants are strikingly familiar.

    “This is how the military in Iraq organized for urban warfare to go in and clear houses,” she said. “This isn’t much different. I know what a setup looks like.”

    Before the engagement even takes place, the FBI creates a “baseball card” on the suspects, which is a dossier developed for targeting terrorists.

    “This is for kill or capture missions, so I want that to set in for a minute,” Stewart said. “The whole concept of a baseball card for overseas terrorism was based on creating a targeting package to go on kill or capture missions. This has now been transported back into the United States to go after American citizens.”

    Read more here…

    Tyler Durden
    Mon, 05/15/2023 – 21:00

  • Secretive China Court Hands Elderly US Citizen Life In Prison On Spying Charges
    Secretive China Court Hands Elderly US Citizen Life In Prison On Spying Charges

    Last week when National Security Adviser Jake Sullivan met with China’s top diplomat Wang Yi in Vienna, following a prior canceled meeting due to the spy balloon shootdown drama of early February which set off a firestorm of angry accusations between Beijing and Washington, the US side reportedly voiced concerns over American citizens held in Chinese prisons.

    On Monday a Chinese court “answered” Washington’s complaints over detained Americans, sentencing a 78-year-old US citizen to life in prison for alleged spying

    Spy-related cases take place in secrecy, with special courts. Via Reuters

    Little is known of the American, John Shing-Wan Leung, who holds permanent residency in Hong Kong. China’s counterintelligence agency arrested him on April 15, 2021 in the southeastern city of Suzhou.

    His plight was made worse in terms of the prospect of US consular contact or representation given the detention had happened at a moment China was under strict Covid-19 lockdown, with borders closed.

    Leung had a lengthy pre-trial detention, which is not uncommon for cases involving charges of espionage. But the details of what precisely the Chinese state is alleging have not emerged. CNN reviews based on scant government and court statements–

    The court also confiscated personal property worth 500,000 yuan ($71,797), the statement added.

    Chinese authorities and state media have not previously disclosed any information on Leung’s detention or the court process that led to his conviction. Cases involving state security are usually strictly handled behind closed doors, where the judicial system has a conviction rate of around 99%, according to legal observers.

    And the US Embassy in Beijing had nothing to say other than it was “aware” of reports of the life sentence. “The Department of State has no greater priority than the safety and security of US citizens overseas. Due to privacy considerations, we have no further comment,” a statement said.

    John Shing-Wan Leung, Via Hong Kong’s The Standard

    As NBC notes, the worsened US-China relations of late have led to a climate of fear for foreign and Western firms operating in China

    Chinese national security agencies have also raided the offices of foreign business consulting firms in Beijing and other cities as part of an ongoing crackdown on foreign businesses that provide sensitive economic data.

    Foreign companies operating in China have come under increasing pressure as Xi Jinping’s government tightens control over the economy. That stands in stark contrast to efforts to lure back foreign investors after draconian Covid-19 pandemic restrictions were lifted at the beginning of the year.

    A number of foreigners, including from Japan and Canada, have recently been detained by Chinese authorities related to suspicion of spying. Chinese law also looks to only get more draconian, given last month already sweeping counter-espionage laws were expanded further. Likely more Westerners will eventually fall under this crackdown dragnet as the pressure ratchets. 

    Tyler Durden
    Mon, 05/15/2023 – 20:40

  • America’s Powerful Intellectual Class Finds 'Joy In Making Us Obey And Be Compliant,' Warns Scholar
    America’s Powerful Intellectual Class Finds ‘Joy In Making Us Obey And Be Compliant,’ Warns Scholar

    Authored by Jan Jekielek and Naveen Athrappully via The Epoch Times (emphasis ours),

    America’s intellectual class has been given so much power by the public that their misuse of such power is threatening the fundamental freedom of speech in the country, says scholar and author Tom Harrington.

    It’s absolutely remarkable how easily we’ve gone from free speech to asking, ‘How can I make my way around the censorship that’s here?’” Harrington said in a recent interview with Jan Jekielek on “American Thought Leaders” that premiered on May 11.

    “Sometimes, there’s this idea that reality just is. That’s partially true but in the cultural realm, there’s always someone developing it and distributing it who has more access to power.

    “Those people generally are well-educated people who we hold up as exemplars of knowledge. They have a lot of power and they are deferred to quite readily.”

    Harrington warned that people are delivering a lot of their power into the hands of “experts” who tend to have a “flipness” with which they have used such power.

    “Worse than flipness, there seems to be almost a perversion and a joy in making us obey and be compliant for compliance’s sake. This is very troubling in a society.

    “You need the intellectual class or the credentialed class to have the reality of their status back up the title of their status. It seems to me these two things have separated in these last few years, and that’s really troubling to me.”

    Harrington pointed out that censorship and cancellation are “two cudgels” used against the public.

    “We’re beginning to see that a lot of this hooting down is not as spontaneous as many of us would like to believe. With the recent ‘Twitter Files,’ and the case that the attorney generals of Missouri and Louisiana are trying now, we’re finding out that this was anything but spontaneous. There were a number of government actors working in concert with private actors to achieve a censorship that, frankly, for those of us of a certain age, is unimaginable.”

    On March 17, investigative journalist Matt Taibbi released a version of the so-called “Twitter Files” exposing the alleged collusion between Twitter and Stanford University’s Virality Project (VP) to censor what they deemed to be misinformation about COVID-19 vaccines. VP is also found to have colluded with the U.S. government.

    “Though the Virality Project reviewed content on a mass scale for Twitter, Google/YouTube, Facebook/Instagram, Medium, TikTok, and Pinterest, it knowingly targeted true material and legitimate political opinion, while often being factually wrong itself,” Taibbi stated on Twitter.

    The initiative “accelerated the evolution of digital censorship, moving it from judging truth/untruth to a new, scarier model, openly focused on political narrative at the expense of fact.”

    Reliance on Experts

    Harrington, who is a Hispanic studies emeritus professor, pointed out that true experts do not impose their reality on anyone. Experts must be able to keep their ego impulses in check and ensure that they are using their power to help the people. “It seems that that line has been crossed,” he said.

    There’s a lot of ego gratification that is interfering with what should be a real sober taking of responsibility for a gift of power,” he said about the nature of today’s experts.“Power is a gift in a democratic society. It’s not something you own, and it’s not something there to make people obey you. It’s a gift you have that hopefully you can use in constructive ways that preserve the dignity of those who don’t have as much power as you do.”

    Tyler Durden
    Mon, 05/15/2023 – 20:20

  • Average Age Of American Cars Hits Record High
    Average Age Of American Cars Hits Record High

    For the sixth consecutive year, the average age of vehicles in the US has risen, indicating that Americans are holding onto their cars for longer than ever before. 

    According to data collected by S&P Global Mobility, the average age of passenger vehicles on the road has reached a record high of 12.5 years. This trend, which began in 2017, has accelerated in a post-Covid world as new car prices soared due to shortages, and more recently, borrowing costs have skyrocketed, causing an affordability crisis. However, this trend might also suggest automobile manufacturers are producing higher-quality vehicles that break down less often. 

    “This is the sixth straight year of increase in the average vehicle age of the US fleet. It also reflects the highest yearly increase since the 2008-2009 recession, which caused an acceleration in average age beyond its traditional rate due to the sharp decline in new-vehicle sales demand,” S&P Global Mobility pointed out. 

    Todd Campau, associate director of aftermarket solutions for S&P Global Mobility, noted a confluence of factors from the pandemic supply chain snarls to soaring interest rates in 2022 “would provide further upward pressure on the average vehicle age.” 

    S&P Global Mobility forecasts new vehicle sales will be 14.5 million units in 2023, which is expected to slow the average age growth rate in the coming year. 

    “While pressure will remain on average age in 2023, we expect the curve to begin to flatten this year as we look toward returning to historical norms for new vehicle sales in 2024,” Campau said. 

    A plethora of used cars on roadways will benefit the vehicle service industry. An aging fleet means vehicles will require more repairs. Campau said:

    “Traditionally, the ‘sweet spot’ for aftermarket repair was considered 6-11 years of age, but with average age at 12.5 years, the sweet spot for aftermarket repair is growing.

    “There are almost 122 million vehicles in operation over 12 years old.”

    As the Bloomberg chart shows below, only the auto parts business continues to register steadily higher top-line revenue. 

    Wall Street has priced in the auto parts boom as shares of AutoZone Inc have gone parabolic. 

    The auto parts industry is benefiting from America’s aging fleet of vehicles. 

    Tyler Durden
    Mon, 05/15/2023 – 20:00

  • Fired Teachers Who Refused COVID Vaccine To Get Full Reinstatement And Back Pay
    Fired Teachers Who Refused COVID Vaccine To Get Full Reinstatement And Back Pay

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

    Three Rhode Island teachers who were fired for refusing the COVID-19 vaccine have been offered their jobs back with full back pay after reaching a settlement with the school district.

    A COVID-19 vaccination hub at Central Falls High School in Central Falls, Rhode Island, on Feb. 13, 2021. (Joseph Prezioso/AFP via Getty Images)

    Teachers Stephanie Hines, Brittany DiOrio, and Kerri Thurber were terminated from their positions in Barrington Public Schools after they had requested a religious exemption after the school mandated employees get the vaccine.

    Last week, their attorney, Greg Piccirilli, and the school district said they had reached a settlement, allowing the teachers to return to their jobs. They are also each entitled to $33,333 in damages along with their back pay. DiOrio will get $150,000, Thurber will get $128,000, and Hines will receive $65,000 under the agreement.

    “The three teachers have the opportunity to return to teaching positions within the Barrington School District should they choose to do so, at the steps they would have been at had they worked continuously,” the Barrington Public Schools district said in a statement on May 11.

    In a statement to the Boston Globe, Piccirilli said that his clients are “extremely gratified that they’ve been vindicated in their position,” adding that he will get $50,000 in attorneys fees as part of the settlement. “A lot of people were dismissive and skeptical of their claims at the time,” he told the Boston Globe. “They went through a lot of personal trauma dealing with this. Their faith has gotten them through this.”

    Meanwhile, Barrington Public Schools told the Providence Journal that it reached the settlement because the litigation would likely put a drag on the school’s resources and funding. It attempted to distance itself from its own vaccine mandate by claiming that it was dealing with the spread of COVID-19, although there is a growing body of evidence that shows the vaccines do not prevent the spread of the virus.

    Our district was navigating an unprecedented health pandemic and leaned on the important recommendations by the CDC and the Rhode Island Department of Health to ensure the safety of our students and school community,” the Barrington School Committee said Thursday, according to the outlet. “Our then-policy helped combat the pressing public health crisis of the time, while keeping schools open, and [was] one that nearly all faculty and staff adhered to.”

    It added that “we determined this ongoing, expensive litigation” would likely continue for a lengthy period of time, and a resolution should be reached because the “administration’s time, and our district’s financial resources, should be spent on the daily work and mission of Barrington Public Schools … our School Committee looks forward to continuing to support this important work.”

    Details

    The three were first placed on unpaid leave in late 2021 before they were fired in January 2022, according to statements made by the district and the teachers. During a hearing in Barrington in October 2021, DiOrio said that she “did nothing wrong.”

    I have done nothing wrong. This is destroying my future ability to earn a living,” she said of the mandate. “What makes me more of a threat now? Is this how a highly-rated school department treats its people?”

    At the time,  Sara Rapport, a lawyer representing the School Committee, said that the teachers were violating the school policy for not complying, adding that committees have the plenary authority over school interests. She said that the teachers’ decision not to get vaccinated pose a greater risk to students.

    “Teachers have a right not to be vaccinated,” she said in late 2021. “But every decision has consequences. Religious beliefs do not override the health and safety of the community.”

    Read more here…

    Tyler Durden
    Mon, 05/15/2023 – 19:40

  • Netflix Race-Swapped Cleopatra Show Receives Lowest Rating In Rotten Tomatoes History
    Netflix Race-Swapped Cleopatra Show Receives Lowest Rating In Rotten Tomatoes History

    Has the race-swapping fad within Hollywood finally hit a brick wall?  Are they going to try to depict historic figures as they really looked once again, or will they double down?  What is the real purpose behind this trend that many people are now referring to as “black washing?” 

    The political left often views history as inconvenient to their narrative, which is that different societies and ethnic groups should be homogenized into a single global entity, ostensibly with the same progressive ideology as they have.  However, until the past century this has not been the case.  Humanity remains discerning always, and seeks to group into tribes whenever possible.  

    Leftists believe that they can rewrite several thousand years of recorded history through Hollywood magic and con the next generation into thinking “diversity and inclusion” have always been a thing.  In fact, it is nearly impossible to get a streaming show or movie produced these days without filmmakers being forced to follow a list of ESG requirements and a perfect pie chart of on-screen representation, even when the places depicted were historically of only one race.  And, dare we say that it was Netflix that initially pioneered this woke entertainment trend.

    Now it appears that their failure has come full circle with a series about Cleopatra VII executive produced by Jada Pinkett Smith (wife of the slap-happy Will Smith).  The show, which is part of a project to showcase black girl-bosses through history, is billed as a serious docudrama but the depictions of Cleopatra as black are completely inaccurate. The public response has not been positive.

    Netflix’s Queen Cleopatra hit 1% on the Rotten Tomatoes rating website, a historic low for streaming television.

        

    Attempts to paint the Egyptians as Sub-Saharan African in recent years tie into a conspiracy theory among leftist activists who believe that Egypt was actually an ancient black empire that historians have sought to maliciously “white wash.”  In reality, genetic testing shows that ancient Egyptians were most closely related to the peoples of the Near East, particularly from the Levant. This is the Eastern Mediterranean which today includes the countries of Turkey, Iraq, Israel, Jordan, Syria, and Lebanon.  

    Cleopatra was Greek/Macedonian, not sub-Saharan African, and there is no serious debate over this in the historic community.  Multiple images of Cleopatra from the 1st Century AD have been found, including frescos which depict Cleopatra as white.

           

    Why not make a television series about actual black ruled kingdoms in Africa, such as the kingdom of Kush (neighbors to the Egyptians in today’s Northern Sudan), or the Mali Empire?  Probably because these groups have a limited impact on the annals of world history and that’s not enough for woke Hollywood.  They want Wakanda.  They want Egypt to be their Wakanda, but it simply isn’t so.  

    Why does it matter if a black actress plays Cleopatra?  Because facts matter.  While Hollywood has many times taken liberties with history in past films and shows, the goal should be to improve that pattern and strive for accuracy instead of going backwards.  And, ultimately it matters because these kinds of woke productions are propaganda driven.  These are not changes to history made with the intention to spice things up for audiences; no, these are changes specifically designed to lie to the public and condition them to believe things that are not true.

    Black actors are not the problem.  Leftist propaganda is the problem.      

    Tyler Durden
    Mon, 05/15/2023 – 19:20

  • Babson's Warning
    Babson’s Warning

    Authored by Jeff Thomas via InternationalMan.com,

    “[A] crash is coming, and it may be terrific… The vicious circle will get in full swing and the result will be a serious business depression. There may be a stampede for selling which will exceed anything that the Stock Exchange has ever witnessed. Wise are those investors who now get out of debt.”

    The above words could easily have been stated by me or another of the (very) few others who currently predict the coming of crashes in the markets.

    But they were not.

    The statements above were made by investor Roger Babson at a speech at the Annual Business Conference in Massachusetts on 5th September, 1929.

    Mr. Babson’s prediction was not a sudden one. In fact, he had been making the same prediction for the previous two years, although he, in September of 1929, felt the crash was much closer.

    News of his speech reached Wall Street by mid-afternoon, causing the market to retreat about 3%. The sudden decline was named the “Babson Break.”

    The reaction from business insiders was immediate. Rather than respond by saying, “Thanks for the warning—we’ll proceed cautiously,” Wall Street vilified him. The Chicago Tribune published numerous rebuffs from a host of economists and Wall Street leaders. Even Mr. Babson’s patriotism was taken into question for making so rash a projection. Noted economist Professor Irving Fisher stated emphatically, “There may be a recession in stock prices, but not anything in the nature of a crash.” He and many others repeatedly soothed investors, advising them that a resumption in the boom was imminent. Financier Bernard Baruch famously cabled Winston Churchill, “Financial storm definitely passed.” Even President Herbert Hoover assured Americans that the market was sound.

    But, 55 days after Mr. Babson’s speech, on 29th October, 1929, the market suddenly went into a free-fall, dropping 12% in its first day.

    Today, most people have the general impression that on Black Friday, the market crashed and almost immediately, there were breadlines. Not so. In the Great Depression, as in any depression, the market collapsed in stages. The market did not reach its bottom of 89% losses until July of 1932.

    Along the way, thousands of banks and lending institutions went belly-up. Thirteen million jobs disappeared.

    And of course, the political leaders of the day did their bit. They implemented knee-jerk “solutions” that actually worsened the situation. Restrictive tariffs, gold confiscation, and a more dominant government were employed, just as they will be this time around.

    So, as the market tumbled, we would imagine that Babson came to be praised by Wall Street for his insight, but in fact, the opposite occurred. Having accused him of being utterly incorrect in September, they later accused him of having caused the depression.

    So, was Babson’s prediction a lucky guess? Did he simply observe the bull market and arbitrarily predict the opposite of the trend of the day to see what would happen? Not at all.

    Such predictions are not guesswork, nor are they attributable to a vision seen in some crystal ball. Such crashes are entirely predictable. When any major bull market becomes overbought; when too many investors begin buying on margin because they can’t come up with the purchase price for stocks; when they then become even more obsessive and borrow money to buy on margin, the market has become a house of cards, waiting for the slightest breeze to come along.

    So what do we take away from this? First, we can be certain that as the present-day house of cards begins to shake, there will be no warnings from Wall Street. In fact, quite the opposite. Their bread gets buttered by buyers. They will be adamant (and even, in many cases, truly believe) that the sky is the limit and investors should buy, buy, buy, as there are fortunes to be made by doing so. And investors, watching the rise, will fall all over each other, just as in 1929, buying with both hands.

    This time around, the crash and its byproducts will be more extreme than in 1929, as the bubble itself is more extreme.

    And Wall Street can count on television and a media that has a vested interest in keeping the charade going as long as possible. It will also be more extreme, as the governments of much of the world are now broke and can only worsen their respective economies through the customary “solutions” that governments always employ—tariffs, confiscations, greater government control, etc.

    Finally, the aftermath will be more extreme, as—unlike in 1929, when most people actually believed in the government—this time around, there will be dramatic unrest.

    Just as in 1929, those who are declaring that “the Emperor has no clothes” are few in number, and their viewpoint is most certainly not put forth in the conventional media. For this reason, it’s understandable that the great majority of people invariably ignore the Babsons of the world as Chicken Littles and blithely charge toward the cliff like lemmings.

    Those who do think independently and become convinced that history is repeating itself are focusing their attention on finding a way out of being a casualty in the train wreck that’s coming. This is difficult to do, as invariably, the closer the event becomes, the more difficult it is to swim against the tide. For this reason, even many who conclude that the end is near often fail to act to save themselves and their families.

    Internationalisation is both time-consuming and costly. Additionally, it’s lonely, as it’s considered foolish and unnecessary by more than 99% of the population.

    The great temptation is to decide, “Maybe it won’t be so bad. Maybe I can live with it.” And in fact, for most people, this will be the prevailing view—that although their personal situation will be diminished in many ways, the crashes will be tolerable.

    The question is whether we wish to make the pre-emptive effort to create a life that is far better than tolerable, and possibly even improved, whist the opportunity for doing so still exists.

    *  *  *

    It’s clear there are some ominous social, political, cultural, and economic trends playing out right now. Many of which seem to point to an unfortunate decline of the West. That’s precisely why legendary speculator Doug Casey and his team just released this free report, which shows you exactly what’s happening and what you can do about it. Click here to download it now.

    Tyler Durden
    Mon, 05/15/2023 – 19:00

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Today’s News 15th May 2023

  • Germany Unveils €2.7BN Ukraine Arms Package As Zelensky Tours Europe
    Germany Unveils €2.7BN Ukraine Arms Package As Zelensky Tours Europe

    Over the weekend Germany unveiled a a new weapons package worth 2.7 billion euros ($2.95 billion) for Ukraine, at a moment President Volodymyr Zelensky is meeting with Western leaders in Europe.

    “An important visit for approaching victory of Ukraine!” Zelensky tweeted after arriving in EU and NATO member Italy on Saturday. He met with Prime Minister Giorgia Meloni for 70 minutes, thanking her for “for helping to save lives”, after which he met with Pope Francis in the Vatican, reportedly lobbying the pontiff to back Kiev’s own peace plan.

    Via EFE

    Zelensky then traveled to Germany on Sunday, the day after Berlin confirmed the massive new defense aid package.

    Naturally, the Ukrainian leader is already pressing for more – as The New York Times writes of the trip to meeting with Scholz: “Speaking to journalists side by side at the chancellery on Sunday morning, Mr. Zelensky and Chancellor Olaf Scholz traded remarks of gratitude and praise. But their responses to some questions — namely on fighter jets — reflected that Kyiv is still struggling to gain traction with Berlin and other Western allies on some of its key demands.”

    Apparently German could only roll out the red carpet for Zelensky in a guilt-free way only after pledging the billions in new arms:

    Mr. Zelensky was escorted to Berlin by German fighter jets for his first trip to Germany since Russia’s full-scale invasion of Ukraine began more than a year ago. He met first with President Frank-Walter Steinmeier at Berlin’s Bellevue Palace and was then received with military honors by Mr. Scholz at the chancellery.

    The grand reception came a day after Germany had announced its largest package of military aid yet for Kyiv and as the two nations seek to turn the page on months of rocky relations.

    Zelensky wrote on Twitter in conjunction with his Berlin visit Sunday: “German air defense systems, artillery, tanks and infantry fighting vehicles are saving Ukrainian lives and bringing us closer to victory,” and stressed: “Germany is a reliable ally!”

    All of this is a huge about-face for Germany, which has been hesitant since the start of the conflict to jump headlong into a proxy war situation which may eventually escalate into a direct Russia-NATO clash. But Berlin grew bolder with the supply of Leopard II battle tanks. Zelensky attempted to address German concerns Sunday:

    Ukraine has no plans to hit targets in Russia, President Volodymyr Zelensky has said in Germany, where Kyiv secured a big new defence aid package.

    “We are not attacking Russian territory,” he said after talks in Berlin with Chancellor Olaf Scholz.

    “We are preparing a counterattack to de-occupy the illegitimately conquered territories,” Mr Zelensky added.

    But the past couple months of increasing drone attacks from Ukraine, particularly on Russian oil facilities, show differently.

    Pentagon leaks examined by The Washington Post also reveal that Zelensky has secretly greenlighted attacks inside Russian territory:

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

    On Saturday there were multiple Russian aircraft downed in the same border region near Ukraine, with many observers saying this may have been a cross-border shoot-down situation which would mark a huge advance in Ukraine’s capabilities. 

    Tyler Durden
    Mon, 05/15/2023 – 02:45

  • Play It Again Uncle Sam… Debunked Syrian Chemical Weapons Card In Ukraine
    Play It Again Uncle Sam… Debunked Syrian Chemical Weapons Card In Ukraine

    Authored by Finian Cuningham,

    Western media are now accusing Russian forces of preparing to use chemical weapons (CW) of mass destruction in Ukraine, thereby making the case for greater NATO military intervention.

    The CW card is a complete dud. That Western media are playing it shows they are also complete duds, and that their role is as sinister as mass drug-dealing.

    Deliberate provocation by Western powers is the watchword. Britain this week supplying long-range missiles, as well as depleted uranium artillery shells, and drone attacks on the Kremlin are part of a sequence to solicit never-ending escalation. Accusing Russia of planning to use chemical weapons of mass destruction, as with earlier claims of Russia willing to use nuclear weapons, is all part of the orchestrated provocation.

    The degradation of Western media standards has become so bad that they can get away with retailing such nonsense to consumers of this “information”.

    First of all, Russia does not have any chemical weapons. As a signatory to the international treaty known as the Chemical Weapons Convention (1997), the Russian Federation verifiably destroyed all of its arsenals as per its signatory obligations. The complete decommissioning of these weapons by Russia in 2017 was verified by the Organization for the Prohibition on Chemical Weapons (OPCW).

    The United States is the only major power that has not fully implemented the CW convention by retaining stockpiles of these weapons.

    Not only is speculation about Russian forces possibly using CW in Ukraine baseless, but the Western media are also deploying the shoddy lie used earlier against Syria. Incredibly, for anyone cognizant of the facts, such calumny is still peddled to blame the wrong people when the real perpetrator in Syria was Western-backed militants and their CIA and MI6-sponsored media accomplices, the so-called White Helmets.

    Western media continue to claim that the Syrian government forces of Bashar al Assad used CW against civilians during the decade-old civil war in the Arab country. Russia supported the Syrian army to defeat NATO-backed radical extremists.

    Now the Western media are moralizing that the United States and other Western powers took no punitive action against Syria over CW which, it is contended, is acting as a precedent for Russia to use these weapons in the Ukraine conflict.

    Euronews quotes Hamish de Bretton-Gordon, a former British military intelligence officer, as saying:

    “The international community needs to reaffirm that any use of chemical or biological weapons would not be acceptable in any shape or form… I’m sure NATO and the West would act if they [Russia] used chemical weapons in Ukraine. But having said that they stood by when Assad used such weapons in Syria and that might embolden Putin.”

    This is an outrageous lie being propagated by the Western media. It has been documented by independent investigations that the CW attacks in Syria were actually carried out by NATO-backed mercenaries in false-flag operations to provoke Western military intervention. One of those false flags in the city of Douma in April 2018 succeeded in its nefarious aims. Following the incident – dutifully amplified at the time by Western media for gaslighting the Western public – U.S. President Donald Trump bombed Syria “in revenge” along with British and French allies.

    However, it turned out later that Syria, Russia and Iran were vindicated in their initial claims that the CW incidents in Syria were false-flag stunts. Indeed, it was shown that personnel in the UN watchdog, the OPCW, engaged in a cover-up to implicate the Assad government when the real perpetrator was the jihadists backed by the West, as reported by Aaron Maté and other independent journalists.

    The accusatory claims against the Syrian government did not stand up to scrutiny. Following its joining of the CWC treaty, less than a year later Syria destroyed all of its CW stockpiles in 2014, as verified by UN inspectors.

    How could Syrian government forces then use CW in later alleged incidents? Besides, there was no tactical advantage from a military point of view in using such munitions even if there were stealth stockpiles remaining.

    Likewise, Russia does not possess CW and besides has no tactical need for them. In the current Ukraine conflict, Russia has the upper hand militarily in securing the Donbass territory bordering Ukraine, and its forces have all but taken control of the strategically important city of Bakhmut (Artyomovsk) after months of intense battle. Russian drones have been effective in targeting Ukrainian troops taking cover in civilian homes and buildings.

    The real analogy is that the NATO-backed Kiev regime forces are on the back foot in a similar way to how NATO-backed mercenaries in Syria were facing a rout. Just like the Syrian jihadists tried to do, the incentive is for the Kiev regime to deploy CW in a desperate bid to trigger a direct U.S. and NATO military intervention.

    After all, the much-ballyhooed counter-offensive by Ukrainian forces has failed to materialize despite months of Western media hyping up. The Kiev puppet president Vladimir Zelensky has this week again played down a counter-offensive being launched unless more Western weapons are delivered.

    Certainly, the Ukrainian Neo-Nazis in the Azov and Aidar battalions are deranged enough to deploy CW like the cut-throat counterparts that NATO previously deployed in Syria. The Ukrainian Nazi worshippers have been firing U.S. and British-supplied shells at the civilian nuclear plant at Zaporozhye for months in the same insane gamble to deliberately create a catastrophe.

    The chemical-weapon scenario in Ukraine is a deplorable propaganda ruse aided and abetted by Western media who reference the nonsense by pumping out the debunked lie about Syria.

    Such media have indulged the worst Russophobia, demonizing Russian President Vladimir Putin and Russians generally as “mad savages”. Lamentably, the Western public has been conditioned to expect the worst in Ukraine, including the deployment of nuclear and chemical weapons by Russia, despite Moscow’s categorical denials.

    The shameful irony is that those who are capable of the worst conduct and the most desperate, despicable measures are the Western regimes and their NeoNazi surrogates in Ukraine. The imperial powers want to escalate the war in Ukraine against Russia. War is the refuge for their historically failing global dominance.

    Western media are the new opium of the people, purposed to daze and confuse, unconscionably, too, at a time of immense danger when the wrong, disastrously consequential decisions are permitted.

    People need to kick the habit, go cold turkey and disabuse themselves of the Western media’s lying web. Before the world is thrown over the abyss.

    Tyler Durden
    Mon, 05/15/2023 – 02:00

  • Elites' Lies Meant To Deliver Us From Reality
    Elites’ Lies Meant To Deliver Us From Reality

    Authored by Roger Kimball via American Greatness,

    “Because he can.” 

    That’s the answer one has to give to those who ask how Alvin Bragg, a local district attorney in office by the slimmest of margins – and then only because of a huge subsidy from the anti-American billionaire George Soros – can get away with antics like indicting Donald Trump, a former (and, possibly, future) president of the United States, and, now, with charging former Marine Daniel Penny with manslaughter because he (along with at least two others) intervened to stop Jordan Neely from attacking fellow passengers on a New York subway. 

    Because he can.

    As a friend remarked when digesting the spectacle of Penny being led away in handcuffs, totalitarian movements often start slowly, almost timidly, but as they gain power, they become more brazen. After a certain point, they do outrageous things just to intimidate the public and demonstrate their power.  

    We now know that the FBI, the CIA, and other elements of America’s security apparatus intervened directly in the decision making of Twitter and other social media companies to influence the course of the 2020 election. One part of that intervention had to do with organizing 51 senior former intelligence figures to sign a letter declaring that Hunter Biden’s laptop was “Russian disinformation.”

    That was a lie. They knew it was a lie. It didn’t matter. They did it because they knew they could get away with it.

    The United States is on the verge of being inundated with thousands upon thousands of illegal aliens. Many are from South or Central America. Hundreds are from China, even though they are crossing that notional line we used to be able to call, without irony, our southern border. Why did the Biden Administration decide to enact a real-life Camp of the Saints invasion of the United States?

    Because it could. There was no immediate price to pay. 

    In her classic study, The Origins of Totalitarianism, Hannah Arendt makes several observations that bear on our current situation. “There is no doubt,” she observes, 

    that the elite was pleased whenever the underworld frightened respectable society into accepting it on an equal footing. The members of the elite did not object at all to paying a price, the destruction of civilization, for the fun of seeing how those who had been excluded unjustly in the past forced their way into it. They were not particularly outraged at the monstrous forgeries in historiography of which all totalitarian regimes are guilty and which announce themselves clearly enough and totalitarian propaganda.

    It’s not only the compact between the elite and the underclass that is relevant to our experience in the United States today. There is also the incontinent deployment of the word “democracy,” not as a term describing a specific form of political organization but rather as a cognitively empty but talismanic vocable around which political animus can be nurtured and set to work. The latest variation is Our DemocracyTM, dragged out whenever the process of political demonization needs a boost.

    “It has been frequently pointed out,” Arendt notes, “that totalitarian movements use and abuse democratic freedoms in order to abolish them.” 

    The reaction to the January 6, 2021 jamboree at the Capitol—an event egged on and at least in part organized by (alleged) state actors like Ray Epps—is a case in point. As he showed last week in his exchange with CNN’s Kaitlan Collins, Donald Trump began trying to diffuse the potential for violence at that protest the day before, on January 5, and he continued through the day on January 6. No matter. The script called for him to be the villain of the piece, so the villain he is publicly accounted to be. 

    So many things in our social and political life today seem surreal.

    The prospect that “misgendering” someone might be against the law—i.e., a tort that did not even exist yesterday is now illegal; the whole phenomenon of so-called “transgenderism,” a revolt against reality if there ever was one; the bizarre obsession with race, involving the demonization of whites and the fabrication of an imaginary sin called “white supremacy,” on the one hand, and the groveling obeisance of phantasmagoric “reparations” to blacks, on the other. You can’t tune into the internet these days without being confronted with scenes of blacks rampaging through fast-food restaurants, school corridors, or shops like Target and Walmart. They smash and steal and smash and what happens to them? Nothing. All this and more is part of what Arendt called totalitarianism’s “experiment against reality.” 

    “Before they seize power and establish a world according to their doctrines,” she pointed out,

    “totalitarian movements conjure up a lying world of consistency which is more adequate to the needs of the human mind than reality itself; in which, through sheer imagination, uprooted masses can feel at home and are spared the never-ending shocks which real life and real experiences deal to human beings and their expectations.”

    “The shocks which real life and real experiences deal to human beings.” That is what our masters are pretending to insulate us from with their fantastic lies about human nature, economic reality, and empirical truth.

    The only silver lining in this minatory storm cloud is the fact that such movements, though unconscionably cruel, arbitrary, and destructive, are also astonishingly fragile.

    The last word goes to Arendt.

    “Nothing is more characteristic of the totalitarian movements in general, and of the quality of fame of their leaders in particular than the startling swiftness with which they are forgotten and the startling ease with which they can be replaced.”

    Tyler Durden
    Mon, 05/15/2023 – 00:00

  • Is The Next Commodity Super-Cycle Right Around The Corner?
    Is The Next Commodity Super-Cycle Right Around The Corner?

    In recent years, commodity prices have reached a 50-year low relative to overall equity markets (S&P 500).

    Historically, lows in the ratio of commodities to equities have corresponded with the beginning of new commodity supercycles.

    As Visual Capitalist’s Bruno Venditti shows in the infographic below, using data from Incrementum AG and Crescat Capital LLC, the relationship between commodities and U.S. equities has varied greatly over the last five decades.

    What is a Commodity Supercycle?

    commodity supercycle occurs when prices of commodities rise above their long-term averages for long periods of time, even decades. Once the supply has adequately grown to meet demand, the cycle enters a downswing.

    The last commodity supercycle started in 1996 and peaked in 2011, driven by raw material demand from rapid industrialization taking place in Brazil, India, Russia, and China.

    Source: Bank of CanadaIHS

    While no two supercycles look the same, they all have three indicators in common: a surge in supply, a surge in demand, and a surge in price.

    In general, commodity prices and equity valuations tend to have a low to negative correlation, making it rare to see the two moving in tandem in the same direction for any long period of time.

    Commodity Prices and Equity Valuations

    In line with the above notion, commodity prices and equity valuations have often been at odds with one another in past market cycles.

    During the 1970s and early 1980s, for example, rising oil prices led to a significant decline in stock prices as higher energy costs hurt corporate profits. In contrast, during the first half of the 2000s, low oil prices were accompanied by a strong equity bull market that ended with the 2008 stock market crash.

    The relationship, however, is not always straightforward and can be affected by various other factors, such as global economic growth, supply and demand, inflation, and other market events.

    With the most recent commodity supercycle peaking in 2011, could the next big one be right around the corner?

    Tyler Durden
    Sun, 05/14/2023 – 23:00

  • Most People Believe That Life In America Is "Worse" Than It Was 50 Years Ago
    Most People Believe That Life In America Is “Worse” Than It Was 50 Years Ago

    Authored by Michael Snyder via The Economic Collapse blog,

    If you could go back and live in 1973, would you do it? 

    To me, that is not an easy question to answer. 

    I think that for many of us it would be a real challenge to adjust to a world without the Internet and so many of the other technologies that we enjoy today.  But I also think that if we were suddenly transported back to that time we would be absolutely shocked by how freely people lived.  In 2023, there are literally millions of different laws, rules, regulations and ordinances that constrain how we behave down to the smallest detail.  A lot of us still think that we are “free”, but that hasn’t actually been true for a very long time.  In addition, the values of our society are completely different from what they were in 1973.  Over the past 50 years our culture has been completely turned upside down, and we can see the nightmarish consequences of this cultural revolution all around us.

    Of course there was no time in U.S. history when life was perfect.  But when Pew Research recently asked people if life in America “is better, worse, or about the same as it was 50 years ago”, an overwhelming majority of respondents said that life is worse today…

    The survey showed Americans with a negative view on how life is for people now. They were asked, “In general, would you say life in America today is better, worse, or about the same as it was 50 years ago for people like you?”

    Over half, 58 percent, said they believe life is “worse” for people like them than it was 50 years ago. That reflects a 15-point increase from the 43 percent who said the same in July 2021.

    Only 23 percent said they believe life is “better,” and 19 percent said it is “about the same.”

    Needless to say, if many of us had to pick the best years in American history, 1973 would not be among the top few choices.

    The economy was really struggling and the fashions were absolutely horrible.

    But if you watch this 1973 street footage from New York City, you can see that life was pretty good and people seemed to be pretty happy…

    Would I want to trade my current life for a life in 1973?

    No.

    But if I could trade the people and values of 1973 for the people and values of 2023, I would do that in a heartbeat.

    Our society is falling apart all around us, and that is because the character of this nation has been fundamentally transformed.

    Crime rates are spiking in our major cities, mass killings are happening at a record pace, our streets are filled with drug addicts, and the biggest crooks of all are walking the halls of power.

    In addition, we live at a time when millions of Americans are afraid to leave their homes because our society is literally teeming with predators.  For example, the next time a hotel manager tells you that he wants to check in on you, it may not be because he is concerned about your air conditioning unit

    A manager at the Hilton Hotel in downtown Nashville has been charged with aggravated burglary and assault after he reportedly entered a guest’s room and sucked on his toes.

    According to Metro police, 52-year-old David Neal was the night manager at downtown Nashville’s Hilton Hotel, located in the 100 block of 4th Avenue South.

    Police said Neal allegedly made a key card and used it to enter the guest’s room on March 30 at around 5 a.m. The guest told police he woke up and found Neal sucking on his toes. He immediately confronted Neal and recognized him as the person who had come into his room the day before with another employee to address an issue the guest was having with his TV, according to investigators.

    There are millions of others just like him all over the country.

    And some of them even get invited to the White House.

    Of course it is debatable whether we even have a “country” at this point because we essentially have no southern border.

    Thousands upon thousands of migrants illegally enter the U.S. every single day, and this isn’t just causing enormous issues in the border states.

    In the state of Indiana, approximately 22 percent of all students in the public schools “receive lessons in both English and Spanish”

    But it’s not just a problem in the border states. Take Indiana, for example, where Indianapolis police have just declared the capital city a sanctuary for the invasion. WISH reported last year: “Across Indiana, there are nearly 78,000 students called ‘English Learners’ who receive lessons in both English and Spanish. The number of English learners in Indiana schools has increased by almost 27,000 from six years ago.” FAIR estimates that 22% of Indianapolis students are LEPs!

    And now that Title 42 is expiring, the surge of migration that we have been witnessing is likely to become an avalanche

    Tens of thousands of migrants are reportedly surging at the U.S.-Mexico border ahead of Title 42’s expiration.

    In the Texas border city of El Paso, about 2,200 migrants are currently camped or living on the streets a few blocks from major ports of entry that connect El Paso with the Mexican city of Juárez. The city is prepared to open up shelters next week if needed at two vacant school buildings and a civic center.

    So the pace of societal change is only going to accelerate even more in the years ahead.

    I just wish that things would go back to the way they once were.

    We live at a time where almost everything is corrupt.  For example, if I order a chicken sandwich at a restaurant, I want them to give me a piece of meat that comes from a dead chicken.

    But instead, our “chicken-based products” often contain fillers such as “seaweed” and “wood pulp”

    Fried chicken is a favorite for millions of Americans – but many of the options offered by America’s biggest fast food chains contain other unexpected ingredients.

    These restaurants will often fill their food with additives, preservative and even other proteins in order to keep costs to a minimum and give their offerings a longer shelf life. Others may use buzzwords such as ‘premium’ or ‘all-white meat’ to describe their poultry-based offerings.

    But more surprising ingredients – such as beef, seaweed and even wood pulp – can be found in the recipe for some chicken-based products at major restaurants.

    Yuck!

    And don’t even get me started on the “meat glue” that is used to hold many of our meat products together.

    The reason so many people eat “organic” today is because they want to eat like people did 50 or 60 years ago.

    In fact, many of the “movements” that we are witnessing right now are simply attempts to recapture what life in America was once like.

    We have lost so much, and we are losing even more with each passing day.

    But there are still many of us that remember how great America was in the old days, and we simply are not willing to stand by and just accept the new version of “America” that is now being forced upon us.

    *  *  *

    Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.

    Tyler Durden
    Sun, 05/14/2023 – 22:30

  • Haiti's Escalating Gang Violence
    Haiti’s Escalating Gang Violence

    Violence in Haiti claimed the lives of at least 846 people in the first three months of 2023, according to a report released by the UN Human Rights Office.

    As Statista’s Anna Fleck reports, outbreaks have increased in frequency and intensity in the metropolitan area of Port-au-Prince, with armed gangs having expanded into areas previously deemed safe, such as Kenscoff and Pétion Ville.

    Infographic: Haiti’s Escalating Gang Violence | Statista

    You will find more infographics at Statista

    In the same quarter, an estimated 13,490 people are believed to have fled their homes due to the violence and socio-economic situation. Several schools and healthcare facilities have had to shut in Port-au-Prince, while the escalations have led to a restriction of movement, impeding access to basic services, including food and water.

    The country has been facing a particularly intensive period of political and social crisis since the assassination of President Jovenel Moïse in July 2021. Following his death, the ensuing power vacuum has been filled by rival gangs, while Moïse’s successor, Prime Minister Ariel Henry, has faced challenges over his legitimacy within the country.

    Tom Phillips of The Guardian draws attention to the complexity of the situation, highlighting how the country’s overlapping crises are rooted also in a history of international interventions, including the U.S. occupation from 1915-1934, as well as the impacts of “reparations” to France, and the devastating earthquake of 2010 that killed up to 300,000 people.

    Both Prime Minister Henry and the UN High Commissioner Volker Türk have called on the international community to deploy a time-bound “specialized support force” to assist the country’s authorities. However, some Haitians reject the proposal of international intervention based on past experiences of foreign forces in the country.

    Tyler Durden
    Sun, 05/14/2023 – 22:00

  • US-China Tensions Thawing As Washington Fears Allies Will View Policies As Too Aggressive
    US-China Tensions Thawing As Washington Fears Allies Will View Policies As Too Aggressive

    Authored by Connor Freeman via AntiWar.com,

    Renewed meetings between senior American and Chinese officials may suggest the fragile relations between the world’s two largest economies could begin to thaw with increased communication and diplomacy, the Washington Post reported on Friday.

    National Security Adviser Jake Sullivan met with China’s top diplomat Wang Yi in Vienna last week. Wang, the director of China’s Central Foreign Affairs Commission, spoke with Sullivan for eight hours over the course of two days. The meeting was pulled together quickly, US and Chinese officials told the Post, and marked the highest level dialogue between the two sides since President Joe Biden met with his Chinese counterpart Xi Jinping in Bali last November. The leader-level meeting helped ease tensions after former House Speaker Nancy Pelosi’s provocative visit to Taipei last August, paving the way for further diplomacy, eyeing a visit to Beijing by Secretary of State Antony Blinken.

    Talks took place over two days last week in Vienna. Image: Xinhua

    Though Washington’s top diplomat would have met with Wang, and likely President Xi, earlier this year, the long planned visit was canceled by Blinken on the eve of his departure last February amid concerns over a Chinese meteorological balloon traversing the continental US as a result of unexpected weather . The balloon was shot down by an American F-22 off of South Carolina’s coast.

    Later that month, Blinken stoked tensions further and confronted Wang on the sidelines of the Munich Security Conference. Blinken claimed, without evidence, that China “sent a surveillance balloon over our territory, violating our sovereignty.” In response, during the following months, Beijing effectively froze the US out of high level, bilateral talks.

    A senior US official speaking to the Post described the meeting this week between Sullivan and Wang as “candid” and “constructive.” Sullivan was said to have “raised the cases of detained American citizens in China and counternarcotics operations as well as regional security issues,” namely Taiwan.

    Under Biden, the US has been expanding a massive buildup in the Indo-Pacific targeting Beijing and concurrently increasing military as well as diplomatic ties with Taipei. In recent weeks and months, President Tsai Ing-wen was hosted by House Speaker Kevin McCarthy for talks in California, making McCarthy the highest level US official to host a Taiwanese leader on US soil since Washington severed diplomatic ties with Taipei, and recognized Beijing, almost 50 years ago.

    In the 2023 NDAA bill, signed by Biden, Washington committed billions of dollars in military aid to Taiwan, and deployed an unprecedented 200 troops to the island, training the breakaway province’s forces for war with the mainland. China views Washington’s Taiwan policy as consistently violating the One-China principle , which Xi told Biden is the “first red line that must not be crossed.”

    Lack of communication between both sides combined with Washington’s confrontational posture and significantlyexpanded military presence in the South China Sea, for instance, raises the chances that an accident, miscalculation, or standoff will be impossible to solve diplomatically and potentially lead to a major conflict.

    Sullivan also reportedly discussed the war in Ukraine with Wang and “shared concerns” about Beijing possibly arming Moscow – echoing a months-old propaganda claim originally made by Blinken, without evidence, during his meeting with Wang in February. China denies Washington’s accusation, which is based on “scant intelligence,” according to an official from a G7 country speaking to Reuters.

    According to the Post, after the Vienna meeting, both sides “expressed a willingness to de-escalate tensions and said they intend to maintain a strategic communication channel.” These latest talks closely followed a tense exchange between Nicholas Burns, the US ambassador to China, and Chinese Foreign Minister Qin Gang.

    A Chinese Foreign Ministry readout, said Qin made clear that the US must “respect China’s bottom line and red line, and stop undermining China’s sovereignty, security, and development interests. In particular, we must correctly handle the Taiwan issue, stop hollowing out the one-China principle, and stop supporting and condoning ‘Taiwan independence’ separatist forces.”

    Burns also recently met with Chinese Commerce Minister Wang Wentao for what the US envoy described as an “open and detailed discussion on the bilateral trade relationship.” Treasury Secretary Janet Yellen, Commerce Secretary Gina Raimondo, and special climate envoy John Kerry all plan to soon make trips to Beijing. Last week, Kerry said he was invited to visit Beijing in the “near term.”

    The Post report also said the tentatively improving conditions may boost the likelihood that Blinken could visit Beijing later this year. One Chinese official, speaking on the condition of anonymity, said there were “barriers” to overcome before any visit could take place. Beijing “has always been willing. … It’s now the responsibility of the US side to ensure their actions match their words.”

    The same official emphasized there are areas where the two sides could make “meaningful progress,” such as climate change, but added that Taiwan and trade policy continues to “cloud discussions.” In addition to increasing sanctions and decoupling withparts of China, the White House seeks to significantly limit US investments in the country as well as cripple China’s semiconductor industry.

    It remains to be seen what, if any, meaningful concessions Washington is willing to make with respect to its provocative China policies. On Thursday, Bloomberg reported the US is demanding “a flurry of meetings and phone calls” with Chinese counterparts from the lowest to the highest levels for public relations reasons. Sources say the administration is concerned that their allies in Europe and Asia think the US is growing too hostile and unwilling to ease tensions with Beijing. Their hope is that if Xi refuses to engage, then Washington can paint China as recalcitrant.

    Connor Freeman is the assistant editor and a writer at theLibertarian Institute, primarily covering foreign policy. He is a co-host on the Conflicts of Interest podcast. His writing has been featured in media outlets such as Antiwar.com, Counterpunch, and the Ron Paul Institute for Peace and Prosperity. He has also appeared on Liberty Weekly, Around the Empire, and Parallax Views. You can follow him on Twitter@FreemansMind96 .

    Tyler Durden
    Sun, 05/14/2023 – 21:30

  • Runoff In Turkey Looks Certain As Erdogan & Kilicdaroglu Fall Short
    Runoff In Turkey Looks Certain As Erdogan & Kilicdaroglu Fall Short

    Update(2010ET)Kemal Kilicdaroglu has pulled off a bit of an upset, in a potential political earthquake which could rock Turkey, given now there’s a real shot at unseating President Erdogan as the incumbent has stayed below the 50% mark, with 97% of the vote counted by 3am local time. That means a likely May 28 second round between the two candidates. Live tracker is here as votes continue coming in. The latest per an Al Monitor correspondent: 

    • Erdogan does NOT claim victory 
    • Runoff seems likely 
    • Counting ongoing, waiting absentee 
    • Official results wait to Monday 
    • Opposition questioning integrity of ballot counting

    As for the vote for parliament, Erdogan’s ruling Justice and Development Party (AKP) and allied Nationalist Movement Party (MHP) are set to retain their majority. Erdogan sounded upbeat in late night speech…

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    “Throughout our political life, without exception, we have always respected the decision of the national will. We respect it in this election as well, and we will respect it in the next elections,” Erdogan said. But he added: “We believe we will win in first round” – while also saying he’s ready to go to a second round if that’s the outcome.

    Kilicdaroglu meanwhile charged Erdogan with “blocking the will of Turkey” – which is perhaps a preview of the political fighting and chaos to come of the next two weeks

    Kemal Kilicdaroglu has said that the Erdogan camp keeps objecting to the results from certain ballot boxes to block the system.

    “There are ballot boxes that have been objected to six times, 11 times,” he said, adding: “You are blocking the will of Turkey.”

    Kilicdaroglu said: “You cannot prevent what will happen through objections. We will not allow a fait accompli.”

    The real surprise tonight – and disruptor for both sides – was a third candidate, Sinan Ogan of the ultra-nationalist Ancestor Alliance. He took around five percent of the vote and and prevented an outright win (surpassing 50% of the vote is required for victory) for either of the two leading candidates.

    Will Ogan endorse Erdogan or Kilicdaroglu in the runoff? This will likely determine the outcome in two weeks.

    * * *

    Update(1630ET)Erdogan has slipped below the 50% mark with about 90% of the votes counted.

    If no one crosses the 50-percent mark, the top two candidates will enter a second round run-off, which would be set for May 28.

    And here’s Anka news agency at 94.45 percent of ballot boxes opened:

    • Erdogan: 49.02 percent
    • Kilicdaroglu: 45.2 percent
    • Ogan: 5.3 percent

    Anadolu says 89.2 percent of ballot boxes have been counted:

    • Erdogan: 49.94 percent
    • Kilicdaroglu: 44.3 percent
    • Ogan: 5.3 percent

    There’s been controversy over just how Erdogan’s early surge was being reported, per Middle East Eye:

    Anadolu Agency has released a statement saying it is publishing results data based on signed and stamped ballot box records and it doesn’t make any preference. The state news agency releases the results as they come out, it insists.

    Earlier, Istanbul Mayor Ekram Imamoglu, an opposition vice presidential candidate, accused Anadolu of misrepresenting the results by indicating a very large early lead for Erdogan (which has now shrunk).

    The agency says its 2,500 employees, along with a polling companies, have been working hard to get the data. It says it will take legal action against the parties “inaccurately” blaming the agency for the election results.

    * * *

    Update(1435ET)TRT World is reporting over 70% of votes counted, Erdogan still holds a firm lead according to multiple outlets and their data:

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    Update(1355ET): This is still a very early picture, given also the opposition is complaining that state media is utilizing selective electoral data in its early reporting, with many analysts predicting the gap will close as counting continues

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    However, Kilicdaroglu’s CHP is providing very different figures of the results trickling in…

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    Per Middle East Eye:

    A well-placed source within the Turkish government told MEE’s Ragip Soylu that the ruling Justice and Development Party’s (AKP) projection, based on current data, suggests there is a 50 percent chance that Erdogan will win the first round with 50.2 or 50.4 percent.

    There is also a 50 percent chance that there will be a runoff.

    * * *

    (Update 11:53ET): Polls are closed and vote counting is underway across Turkey as President Erdogan’s political future hangs in the balance after two decades in power. Al Jazeera has compiled the following notes of what to expect in the hours and days ahead

    • Polls closed at 5pm (14:00 GMT) and counting is under way.
    • Preliminary results are expected later on Sunday, but the official results may take up to three days to be confirmed. There are no exit polls.
    • A candidate needs more than 50 percent of votes in the first round to win outright. If no one crosses the 50-percent mark, the top two candidates will go head to head in a run-off two weeks later, with this year’s vote set for May 28.
    • Pre-election polls gave a slight lead to Kilicdaroglu, 74, the joint candidate of a six-party opposition alliance who leads the centre-left, pro-secular Republican People’s Party, or CHP.
    • Some have expressed concerns over whether Erdogan would cede power, if he lost. Erdogan, however, said in an interview with more than a dozen Turkish broadcasters on Friday that he came to power through democracy and would act in line with the democratic process.

    So far no major security incidents or irregularities have been reported by either side.

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    Interactive coverage is here as results come in. With about 10% of the votes counted, here’s where things stand at this early stage…

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    Analysts believe Erdogan’s numbers will likely to drop as more ballots are counted.

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    Emerging numbers out of Istanbul: 

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    * * *

    Polls are nearing closure in Turkey on Sunday late afternoon (local) in what is shaping up to be the biggest challenge to President Recep Tayyip Erdogan’s two-decade grip over the country, by his main rival Kemal Kilicdaroglu of the Kemalist and secular Republican People’s Party (CHP).

    Over 64 million people are eligible to vote in this election, which also will decide the next parliament for a five-year term. By all accounts voter turnout has been high even into the final two hours before polling stations close at 5pm local time (14:00 GMT). No results are expected to trickle in for many hours, as Turkish law prevents releasing any results until 9pm (18:00 GMT, or 2pm Eastern US).

    Middle East Eye observes that “Schools, where voters have been casting their ballots, were noticeably more crowded by midday in Turkey than in previous elections, MEE correspondent Yusuf Selman Inanc reported.”

    “Experts predict that this election will see one of the highest voter turnouts in Turkey’s history,” the report continues. In this first round if no candidate secures over 50%, the vote heads to a run-off two weeks later. Any potential runoff would he held on May 28. The CHP’s Kilicdaroglu is representing six different parties as a unity candidate who are desperate to see Erdogan booted from power.

    Among the issues driving public anger, which could result in an upset ousting the incumbent, includes worsening economic conditions and especially the devastating Feb. 6 earthquake and its aftermath – and the subsequent scandals which have since been exposed related to Erdogan’s AK Party officials overseeing years of shoddy construction of buildings across central and southern Turkey and cutting corners. It’s widely perceived that this greatly exacerbated the death and destruction, in a natural disaster which took over 50,000 lives across southern Turkey.

    Yesterday, as a final campaign message, Erdogan lashed at Washington while hoping to whip up anti-US fervor and passion among his conservative Islamist supporters.

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    Speaking Saturday in Istanbul’s Umraniye district, Erdogan referenced comments made by President Joe Biden in 2020 when he was on the campaign trail which said the US should encourage Erdogan’s opponents to defeat him at the polls.

    “Biden gave the order to topple Erdogan, I know this. All my people know this,” said Erdogan “If that is the case, then the ballots tomorrow will give a response to Biden too.”

    Polls on the eve of Sunday’s vote revealed a tight race: “Polls show Erdogan trailing the main opposition candidate Kemal Kilicdaroglu a day ahead of one of the most consequential elections in Turkey’s modern history.” According to regional analyst Hakan Akbas, managing director of consulting firm Strategic Advisory Services:

    “There is so much at stake for President Erdogan and his AKP (Justice and Development Party) for the first time, as his 20-year rule over Türkiye may come to an end given the unified opposition has managed to maintain a strong alliance and stay on a hope-building positive campaign.”

    Akbas told CNBC: “The next president of Türkiye will face the challenge of restoring economic stability and state institutions such as the central bank, treasury, and wealth fund and rebuild investor confidence.” He described further, “The country suffers from historically low FX reserves, widening current account deficit, artificially overvalued local currency, undisciplined fiscal balance and persistent, high inflation.

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    Turkey has been notorious for blocking US-based social media, particularly at sensitive moments impacting the country and domestic politics. That’s certainly the case when it comes to national elections like this. 

    This gave way to some weekend controversy centered on Elon Musk regarding Turkish censorship of Twitter and the company’s reaction…

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    * * *

    Below is a note from BofA Global Research: Who is exposed to Turkiye?

    Companies exposed to Türkiye In the light of the upcoming Turkish general elections, in our Screen of the Week we focus on those companies with exposure to the country (Exhibit 1). Our Turkish economist highlights that, regardless of the election outcome, she expects a weaker TRY and tightening economic conditions to address imbalances in the economy (see: Türkiye Viewpoint: Elections in May: is Türkiye heading towards orthodoxy? 30 March 2023). The Turkish exposure of European companies is limited, only 0.14% directly reported revenue exposure in 2021 and they show 284 links from Türkiye in the supply chain, of which 40% are suppliers.

    8th consecutive weekly outflow from Europe

    Europe-focused equity funds recorded the eighth consecutive weekly outflow of $2.34bn last week, with a net -17.8% of funds seeing net inflows. Active funds saw outflows of $1.36bn and passive funds of $0.98bn. Europe-focused funds have seen $8.3bn of outflows YTD: $21.7bn of outflows from active funds and $13.4bn of inflows into passive funds. Growth stocks ($0.2bn) and Spain ($0.03bn) recorded the largest inflows last week, while Switzerland ($0.8bn), Financials ($0.4bn) and Size stocks ($0.3bn) posted the largest outflows. No sector recorded inflows last week.

    BofA ERR: Europe improves after upgrades in Healthcare

    The Global BofA four-week EPS Revision Ratio (ERR) increased to 0.93, led by improvements in Europe and North America. The European BofA four-week ERR rose the most across regions over the week to 1.18, the highest level in the past 4 weeks. This uplift was driven mainly by Healthcare, Italy and Low Risk, whose ratios improved the most last week, while Utilities, Switzerland and Rising Momentum ratios dropped the most.

    * * *

    Below is a snapshot summary of the two main candidates we previously featured in this analysis

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    Erdogan: The Islamic Populist

    Recep Erdogan, 69, has led Turkey since 2003, first as Prime Minister, then as a ceremonial President, and then as a powerful President. Erdogan grew up in a working class family in the rough Kasimpasa neighborhood in the European part of Istanbul, though he spent some of his childhood in his family’s ancestral hometown of Rize, on the east coast of the Black Sea. Erdogan’s father was a Coast Guard officer. As a young man he played semi-professional football; he remains an avid fan of Istanbul’s Fenerbahce football club and is regularly seen wearing a football scarf with his fashionable suits. In 1994 Erdogan became the Mayor of Istanbul running with the pro-Islamic Welfare party. In 1999, Erdogan was sentenced to four months in prison for reading a poem in 1997 that was said to violate Turkiye’s secularism laws. A man of many talents, Erdogan released an album of lyric poetry before going to prison; it became a best-seller in Turkey. As part of his sentence, Erdogan was banned from running for Parliament, but it was annulled after the AKP, which he founded despite not being allowed to run for office, won the 2002 elections. After the rules were changed to allow him to run for office, Erdogan ran in a special election in 2003 and became Prime Minister days after winning.

    When Erdogan first took power, he was seen as someone that the West could “work with.” In an article for Politico Christian Oliver writes,

    It’s now easy to forget that Turkish President Recep Tayyip Erdoğan was once hailed as the paragon of a ‘Muslim democrat,’ who could serve as a model to the entire Islamic world…Finally, there was a master-juggler, who could balance Islamism, parliamentary democracy, progressive welfare, NATO membership and EU-oriented reforms.

    I certainly had forgotten that, if I ever knew it in the first place. I did remember that it was Turkey’s priority to join the European Union, something which faded over the years until the process was suspended over Turkey’s record on human rights, media freedoms, and other such matters. After taking power Erdogan quickly got a reputation in the West for being difficult to work with when he would not allow US troops to be stationed in Turkish or Iraqi Kurdistan during the Iraq War. Over the years Erdogan consolidated power, first through a 2010 referendum which made the President directly elected instead of selected by Parliament. Erdogan became the first directly elected President of Turkiye in 2014. Then there was the 2017 referendum making the Presidency a position with many legal powers. In 2016 there was a coup attempt, allegedly by supporters of US-based exiled cleric Fethullah Gulen. Many have been highly skeptical of the Erdogan regime’s story about the coup, with some suggesting it was entirely staged. What is undeniable is that Erdogan used the coup attempt to remove an enormous number of political opponents; the 2017 referendum took place under a state of emergency.

    Over the past several years, especially since the Russian invasion of Ukraine, Erdogan has been taking Turkey on an increasingly independent course. Tensions had already been high due to the war in Syria, where Turkiye had been fighting a sort of proxy war against its own NATO allies. Currently, the West opposes reconciliation with Syria, something both Turkish candidates want to pursue. The continued presence of Syrian refugees has become deeply unpopular in Turkey, and both candidates are looking to send them home. However, Assad has been hesitant to work with Erdogan, both because Turkey continues to occupy much of northern Syria and further Assad has expressed concern about giving Erdogan a “win” in the lead-up to the elections.

    Last May, I wrote about the many moves which Erdogan had been making, all of which indicated a newly empowered Turkey. However, in the last year Turkey has worked to improve relations not only with Syria but also with Greeceparticularly following the earthquake. Further, Turkey accepted Finland’s NATO membership, though continues to hold out on Sweden; Kilicdaroglu intends to immediately approve Sweden’s membership if elected. Erdogan has also continued to employ diplomacy regarding the Russia-Ukraine War, though maintaining the Turkey-brokered grain deal has proven tenuous. All of these things have infuriated the United States and Europe and their scribbling class, who continue to view NATO as a sort of “Gentleman’s Club of liberal democracies” and ignore Turkey’s incredible geopolitical importance and enormous military. The clumsy foreign policy of the Western liberal internationalists plays into Erdogan’s hands, who has claimed his opponents are, “in hock to terrorists, the imperialist West, murky international high-finance and LGBTQ+ organizations.” One is left wondering if a publication such as The Economist publishing that they “warmly endorse” Kilicdaroglu does more to help Erdogan than it does Kilicdaroglu; besides the terrorist part, it appears to be factually accurate that the latter three prefer the opposition.

    For all he has done to consolidate power and restore the nation’s pride, Erdogan remains at serious risk due to economic issues. Though many support his modernizing the military, you cannot eat fighter jets. The President using a religious justification to ignore “mainstream” economic advice during an ongoing inflation crisis must be maddening to educated, secular Turks. However, what matters more to the public than economic ideas are what we call “bread and butter” issues in the United States [though perhaps “onion and potato” issues is more appropriate for this election.] It is very bad for an incumbent when the price of staple vegetables becomes a major campaign issue. One Erdogan supporter went so far as to write a song saying, “We will eat dry bread and onions but we will not abandon Erdogan.” That is perhaps true of his devotees, but many will abandon a political leader if he must eat his bread without oil. For his part, Erdogan has vacillated between denying the problem and downplaying it’s significance, saying “you wouldn’t sacrifice your leader for onion and potato.” In Erdogan’s defense, exports have gone up a substantial amount, which is a goal of his economic policies, and average wages and the legal minimum wage have gone up a healthy amount. Unfortunately, none of this is enough to balance out the severe inflation. Still, there is a plausible argument to be made that this is just a sort of economic growing pains. However, being as it is considered that the earthquake response was badly mismanaged, it is difficult to sell the narrative that Erdogan has things under control.

    Kilicdaroglu: the Secular Liberal

    The opposition candidate Kemal Kilicdaroglu, 74, is everything that Erdogan is not: conventional, polite, professional, and secular. He has a sort of humble professorial demeanor in contrast to Erdogan’s bombastic flair. He has been described as “soft-spoken” and “low key.” One international diplomat with experience in Turkey, speaking to Time on the condition of anonymity, called Kilicdaroglu the “anti-Erdogan,” and further said, “There are points… when a grayer personality is exactly what people want.” This certainly can be true of politics, especially if the public has grown tired of a large personality like Erdogan who has held power for many years. Kemal Kilicdaroglu is appropriately named: he is a staunch Kemalist, who wants to return Turkey to the secular parliamentary democracy envisioned by its founder Ataturk. He is pledging to be a less powerful President than Erdogan- somewhat unusual for a politician- and has said he will only serve one term and then retire to spend time with his grandchildren. An accountant by trade, he intends to follow the economic advice of experts, and certainly would not set financial policies based on his religious views. He is on message, talking about inflation and returning to a more pluralistic political system. Further, Kilicdaroglu wants to have much more NATO-friendly policies, but Western analysts are warning that he won’t make the West’s “dreams come true.” The reality is that though he will be more measured in his speech and behavior, Kilicdaroglu will most likely continue to pursue a largely independent foreign policy which includes resisting the Western sanctions regime against Russia, immediate normalization with Syria, and working to deport Syrian refugees from the country. It is not clear how possible it is to implement Kilicdaroglu’s Syria policies.

    Few articles mention Kilicdaroglu’s personal background and upbringing, in large part because he is almost intentionally uninteresting and does not talk about his personal life. His wife once said he is so soft spoken “You can’t even have a decent argument with him.” [I personally find that untrustworthy, as some of the most sociopathic people can always maintain pleasant demeanor.] According to a profile in Time magazine [the only of several I consulted for this article to contain the story of his childhood] Kilicdaroglu was “born into a family of 9” [so the 8th child?] in a the remote mountain village of Ballica in eastern Anatolia. His family raised goats and he walked to school without shoes. Later, his father got low-level civil service postings which caused them to move to different towns. He was a studious child who played an instrument called the saz and dreamed of becoming a teacher. In college, he got involved in left wing protests and graduated to become a tax inspector. He married a cousin from his hometown, an ancient tradition in that region. While raising his family he worked his way up to the director of the national social security institution [he was, after all, one of the nation’s top rated bureaucrats.] Kilicdaroglu is from a family which follows a minority sect of Islam known as Alevi, which is considered to be a non-mainstream branch of Shia Islam with similarities to Syria’s Alawites. Alevis have been historically oppressed in the Anatolia; it was considered to be breaking a major taboo for him to publicly discuss this religious background.

    Kilicdaroglu entered politics in 2002 at age 53, in what has been referred to as a “retirement hobby.” He began to rise up the ranks of the CHP by using his tax inspection skills to expose corruption in the AKP. In 2010 he became the leader of the party after the head of the party had a sex tape scandal– this was probably an example of the party wanting a “grayer personality.” Though Kilicdaroglu has been unsuccessful at increasing CHP’s parliamentary seats, he has raised his personal profile through a series of non-violent protests, such as a “March for Justice” from Ankara to Istanbul in 2017. Kilicdaroglu models himself after Gandhi, and is sometimes called “Turkiye’s Gandhi.” Further, he has been successful in making in-roads into the nation’s large Kurdish community, who one politician said used to consider the CHP “non-votable,” due to Ataturk’s Turkish nationalism.

    Kilicdaroglu finds himself in a difficult position. He is backed by a disparate coalition while trying to increase parliamentary power. Further, though Kilicdaroglu has been polling ahead in the first round polls, the AKP alliance is ahead in parliamentary polling. The opposition wants to revert back to the old system of governance, or at least make wide-ranging reforms empowering the parliament, but there is no real way to do that without an strong parliamentary majority. Even if the coalition can hold together in the legislature, there is no expectation they will have a large majority. As an anonymous opposition official told journalist Ragip Soylu, the opposition may end up in an ironic position where the only way they can rule and try to reduce the unitary Presidential power is by Presidential decree.

    Kilicdaroglu may not be the most dynamic man, but he can win if enough of the public wants less “exciting” government than they have had from Erdogan. Further, while this sort of constitutional reform may not seem like a campaign issue that will connect with the public, Erdogan’s consolidation of power is unprecedented in modern Turkey and the public has noticed. Since Erdogan has taken so much power it makes it easy to blame all of the country’s problems on him. İlke Toygür of the Universidad Carlos III de Madrid said, “Parliament has a very strong symbolic value in Turkey…One of the biggest complaints now is that people lost their links to decision-making candidates.” In this election, it is in some ways true that “democracy is on the ballot.”

    Tyler Durden
    Sun, 05/14/2023 – 21:11

  • "It's Just Not Safe": Decades-Old Baltimore Business Closes Shop Because Of Crime, Blames Democrats
    “It’s Just Not Safe”: Decades-Old Baltimore Business Closes Shop Because Of Crime, Blames Democrats

    In cities stretching from Washington, D.C., to Baltimore, New York City, Chicago, and numerous cities along the West Coast, progressive leadership has failed to enforce law and order. These crime-ridden metropolises are experiencing an exodus of businesses of all sizes due to a tidal wave of thefts. 

    The latest incident comes as a mom-and-pop business, operating in Baltimore City for more than four decades, has been forced to shutter operations because of numerous armed robberies. 

    Jody Rosoff, the owner of Doc’s Smoke Shop in Baltimore’s Highlandtown neighborhood, told local media Fox 45 that she has been robbed at gunpoint for the second time in six months and just recently had to shoot an intruder. 

    “This is our second armed robbery in six months,” Rosoff said. 

    She said her business has been operating in the city for decades and now has to close up shop because “it’s not safe for anybody on this street that’s a small business owner.” 

    “We have been here in the city for 44 years. For 44 years, we’ve paid property taxes, retail sales taxes, and we have employed people. It’s just not safe. It’s not safe for my employees or for me. It’s not safe for anybody on this street that’s a small business owner. We can’t afford armed security. The business just isn’t there.”

    It turns out the robber was a convicted felon with a lengthy record spanning more than two decades. She pointed to the city’s progressive leadership for “soft on crime policies” that keep dangerous people on the street. 

    “Shame on the mayor, shame on the judges, and the prosecutors and our former state’s attorney for letting this happen to Baltimore City,” Rosoff said.

    Meanwhile, in the city’s downtown district, shootings, carjackings, muggings, and out-of-control packs of teenagers are wreaking havoc

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    Why Democrat leadership has let the city deteriorate so badly is beyond comprehension… There is no accountability with leadership’s failed policies. However, businesses are leaving (read: “Entire Downtown Is Effectively Dead:” Baltimore City Descends Further Into Turmoil).  

    Beyond Baltimore, businesses across NYC, Chicago, Portland, and San Francisco, to name a few, are leaving as crime surges. While Democrats don’t want to be accountable for their failed policies, a symptom of such failure is the exodus of companies (as well as people). 

    The exodus of liberal cities is an ongoing theme post-virus pandemic and will continue until law and order is re-established. Just look at the chaos earlier last week in San Francisco

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    Democrats have transformed parts of this country into a clown world by abandoning law and order. 

    Tyler Durden
    Sun, 05/14/2023 – 21:00

  • Judge Orders FDA To Speed Up Release Of COVID-19 Vaccine Trial Data From 23.5 Years To Just 2
    Judge Orders FDA To Speed Up Release Of COVID-19 Vaccine Trial Data From 23.5 Years To Just 2

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

    A federal judge in Texas this week ordered the Food and Drug Administration (FDA) to make public data it relied on to license COVID-19 vaccines—Moderna’s for adults and Pfizer’s for children—at an accelerated rate, requiring all documents to be made public by mid-2025 rather than, as the FDA wanted, over the course of around 23.5 years.

    Pfizer, left, and Moderna bivalent COVID-19 vaccines are readied for use at a clinic in Richmond, Va., in a Nov. 17, 2022, file image. (Steve Helber/AP Photo)

    In a decision hailed as a win for transparency by the lawyer representing the plaintiffs (the parents of a child injured by a COVID-19 vaccine) in a lawsuit (pdf) against the FDA, the Texas judge ordered the FDA to produce the data about ten times faster than the agency wanted.

    Democracy dies behind closed doors,” is how U.S. District Judge Mark Pittman opened his order (pdf), issued on May 9, which requires the FDA to produce the data on Moderna’s and Pfizer’s COVID-19 vaccines at an average rate of at least 180,000 pages per month.

    The FDA had argued it would be “impractical” to release the estimated 4.8 million pages at more than between 1,000 and 16,000 pages per month, which would have taken at least 23.5 years.

    Aaron Siri of Siri & Glimstad, who represents the plaintiffs in the legal action against the FDA, called the decision “another blow for transparency and accountability” that builds on an earlier court order targeting Pfizer’s COVID-19 vaccine data for those aged 16 and older.

    The January 2022 order (pdf), also issued by Pittman, forced the FDA to produce all its data on Pfizer’s COVID-19 vaccine for those aged 16 and older at a rate of 55,000 pages per month, or much faster than the 75 years the agency had sought.

    “That production should be completed in a few more months,” Siri said in a statement, referring to the earlier Pfizer data for those aged 16 and up.

    The latest order requires the FDA to produce all of its data on Pfizer’s COVID-19 vaccine for 12- to 15-year-olds (and Moderna’s product for adults) by June 31, 2025.

    The FDA did not immediately return a request for comment by The Epoch Times.

    ‘Stale Information Is of Little Value’

    While the judge noted in his order that the court recognizes the FDA’s limited resources dedicated to freedom of information requests (FOIA), he argued that “the number of resources an agency dedicates to such requests does not dictate the bounds of an individual’s FOIA rights.”

    “Instead, the Court must ensure that the fullest possible disclosure of the information sought is timely provided—as ‘stale information is of little value,’” Pittman wrote.

    In order to ensure the FDA can meet the accelerated deadline—so around ten times faster than the agency wanted—the judge ordered the parties to the lawsuit to confer and submit a joint production schedule for the data by May 23, 2023.

    In the earlier case adjudicated by Pittman, the FDA had argued it only had the bandwidth to review and release around 500 pages per month of an estimated total 450,000 pages of material about the Pfizer COVID-19 vaccine for those aged 16 and older.

    Read more here…

    Tyler Durden
    Sun, 05/14/2023 – 20:30

  • Toronto 'Anti-Capitalist' Pay-When-You-Can Cafe Shuts Down After Just One Year
    Toronto ‘Anti-Capitalist’ Pay-When-You-Can Cafe Shuts Down After Just One Year

    A Toronto cafe for anti-capitalists, “The Anarchist,” is permanently shuttering after just 12 months in business after following a “pay-when-you-can” business model.

    The Anarchist describes itself as an “anti-capitalist, anti-colonial cafe, shop and radical community space on stolen land.”

    “Unfortunately, the lack of generational wealth/seed capital from ethically bankrupt sources left me unable to weather the quiet winter season, or to grow in the ways needed to be sustainable longer-term,” the owner, Gabriel Sims-Fewer wrote last week.

    The Anarchist, which opened for business in March of 2022, went viral last year, with internet users mocking the leftist cafe for charging high prices for its “speciality” coffee as well as selling “radical” art, books, clothing, jewellery, tote bags, and stickers. –Breitbart

    “Fuck the rich. Fuck the police. Fuck the state. Fuck the colonial death camp we call “Canada”,” Gabriel wrote.

    Sticker for sale on The Anarchist’s website

    It’s been an amazing experience, connecting with so many great community members, sparking desperately needed debate, raising the blood pressure of Conservatives (that includes you, “anarcho-capitalists” and “Libertarians”), fulfilling the dream of most service workers by not having to tolerate the presence of professional class-traitors (pigs and military), and experimenting with living and working in ways that don’t enthusiastically embrace the pure misanthropy of Capitalism,” he continued.

    How could this have possibly happened?

    Tyler Durden
    Sun, 05/14/2023 – 20:00

  • NYC Converts Hotels To Shelters To Accommodate Expected Influx Of Illegal Immigrants
    NYC Converts Hotels To Shelters To Accommodate Expected Influx Of Illegal Immigrants

    Authored Efthymis Oraiopoulos via The Epoch Times,

    The historic Roosevelt Hotel in midtown Manhattan—shuttered three years ago—is being reopened to accommodate an anticipated influx of illegal immigrants just as other New York City hotels are being converted to emergency shelters.

    Mayor Eric Adams announced Saturday that the city will use the Roosevelt to eventually provide as many as 1,000 rooms for migrants who are expected to arrive in the coming weeks because of the expiration of pandemic-era rules, known collectively as Title 42, that had allowed federal officials to turn away asylum seekers from the U.S. border with Mexico.

    Across the city, hotels like the Roosevelt are being transformed into emergency shelters, many of them within walking distance from Times Square, the World Trade Center memorial site, and the Empire State Building.

    Adams says the city is running out of room for illegal immigrants and has sought help from the state and federal governments.

    He said New York in recent weeks has been seeing 500 illegal immigrant arrivals per day. More than 61,000 have sought services from the city in the past 12 months.

    On Thursday he said that once the rules change, “we could potentially get thousands of people a day in our city.”

    Title 42 is a law enacted in 1944 allowing the federal government to curb immigration to protect public health. The Trump administration imposed these restrictions at the height of the COVID-19 pandemic three years ago.

    The restrictions of Title 42 ended on May 11 and more than 10,000 illegal migrants per day are expected to cross the southern border.

    Migrants are seen after crossing the Rio Bravo river with the intention of turning themselves in to U.S. Border Patrol agents, as seen from Ciudad Juarez, Mexico, on May 9, 2023. (Jose Luis Gonzalez/Reuters)

    New York City officials are expecting to receive busloads of migrants from Texas and other border states. The officials have explored housing the newcomers in airplane hangars, a race track, gymnasiums, or even tents in Central Park. Others could wind up on the streets, advocates feared, despite the city’s court-ordered commitment to provide all residents with access to a place to stay.

    Adams, a Democrat, temporarily suspended on Wednesday portions of New York’s law guaranteeing shelter to all residents. Adams signed an executive order so that the city has no obligation to meet a strict deadline for providing that shelter.

    A few hours later, he sent roughly two dozen illegal immigrants on a bus to a hotel in the upstate town of Newburgh, overriding fierce backlash from local leaders.

    Many illegal immigrants residing in New York have arrived from Texas, after Texas Gov. Gregg Abbott started sending them there on buses, last year.

    Several other Democrat-leaning cities, including Chicago and Denver, have also grappled with a growing number of illegal immigrants and how to provide them with food, medicine, and shelter without significant federal funding.

    According to a New York Times report, even the owner of the iconic Flatiron Building in Manhattan was asked to turn the skyscraper into a shelter, but he declined.

    At a news conference Thursday, Manuel Castro, the commissioner for immigrant affairs, said the city “no longer can physically accommodate people that request emergency shelter.”

    The city has also faced pushback in its early efforts to escort illegal immigrants out of the city. In Rockland County, local officials successfully secured a temporary restraining order banning the city from sending illegal immigrants to a hotel.

    After two dozen illegal immigrants arrived in a Newburgh hotel on Thursday, Orange County Executive Steven Neuhaus, a Republican, blamed Adams for a “disorganized disaster,” vowing to secure his own restraining order.

    Security stands at the doors of The Crossroads Hotel where two busloads of illegal immigrants arrived hours earlier in Newburgh, N.Y., on May 11, 2023. (John Minchillo/AP Photo)

    Speaking to reporters Thursday, New York Gov. Kathy Hochul, a Democrat, said the city faced an “untenable situation.” But she said she also understood the stress faced by county executives and their decision not to support the buses.

    “Our view is to continue working with the counties, but really focusing on continuing to support Mayor Adams because he’s receiving the brunt of most of this,” she said.

    Adams has also accused the White House of “turning its back on New York City,” asking that work permits be given to illegal immigrants to solve the problem.

    Adams said in April that the migrant influx into New York could cost the city more than $4 billion, at a time when the city is already facing a major budget shortfall.

    New Regulation on Illegal Immigrants

    The United States rolled out a regulation on May 10 that presumes most migrants are ineligible for asylum if they passed through other nations without seeking protection elsewhere first, or if they failed to use legal pathways for U.S. entry.

    The rule, which was set to come into effect on Thursday and to expire in two years, will apply to the vast majority of non-Mexican migrants seeking asylum since they typically pass through multiple countries en route to the United States.

    Brandon Judd, president of the National Border Patrol Council, a union representing 18,000 Border Patrol agents and support personnel, told The Epoch Times as many as 13,000 illegal migrants a day are expected to cross with the collapse of Title 42 at 11:59 p.m. on May 11.

    “I would say that we’re looking at a minimum of 13,000,” Judd said on May 10. “We’ve arrested more than 10,000 people per day, for the last three days, and that number just continues to go up.”

    Those estimates could reach 16,000 per day if nothing is done to halt the incursion.

    Homeland Security Secretary Alejandro Mayorkas said migrants who cross the border illegally without being properly processed will be ineligible for asylum.

    But, Judd said, the Biden administration is misleading the public.

    “That’s a half-truth at best,” he said.

    While people caught illegally crossing the border will be told they can’t claim asylum under the new rule, they will still have the right to appeal, and because the border patrol can’t hold them until their appeal hearings, they will be released into the United States.

    “They’re telling the American people what the intention of the rule is, but they’re not telling them the practical application of the rule,” he said.

    Migrants wait in line to enter the United States from Tijuana, Mexico, on May 11, 2023. (John Fredricks/The Epoch Times)

    Detention facilities are already three times over capacity, leaving the border patrol no choice but to release illegal immigrants.

    “We’re doing mass releases,” he said. “Now, it’s just mass releases to the street because we can’t hold this many people.”

    More than two years of lax border policies have led to this massive influx of illegal migrants and strained the system, turning agents who once patrolled the southern border into desk clerks who process asylum claims, he said.

    “It pulls resources from patrolling the border,” he said. “That’s what arrests mean to us.”

    At 10,000 arrests a day, about 70 percent of border patrol agents are doing administrative duties, he said, adding the Biden administration prefers to use the word apprehensions “to make it sound nicer.”

    Tyler Durden
    Sun, 05/14/2023 – 19:30

  • "The Worst Is Now Behind Us": Q1 Earnings Season Much Better Than Feared
    “The Worst Is Now Behind Us”: Q1 Earnings Season Much Better Than Feared

    For much of 2023, some of the biggest Wall Street bears were betting – quite vocally in certain prominent cases- that Q1 earnings season would finally be the nail in the coffin of the bear market rally. However, with consensus expectations tumbling into the earnings print (as they always do), the bogey to beat ended up being quite easy and as a result, Q1 2023 earnings season has proven to be much better than feared.

    With 90% of S&P companies reporting results, here is where we stand:

    • S&P 500 profits fell by 3% year/year, stronger than consensus estimates of a 7% decline at the start of reporting season.  In Europe, earnings actually rose by 3% y/y which is a positive surprise factor of 10% vs IBES estimates.

    • At a sector level, delivery has been mixed. In the US, Energy, Industrials and Discretionary are recording double-digit EPS growth, while 7 of the remaining sectors are coming in flat or down on a yoy basis. Financials EPS grew by +5% year/year. In Europe, Discretionary, Staples, Financials and Tech have fared better, while Energy, Materials and Communication Services are down double-digit.

     

    • Excluding Energy, S&P 500 year/year EPS growth troughed in 4Q 2022… and Goldman – unlike Morgan Stanley – believes that the worst of the 2023 negative earnings revision cycle is now behind us, to wit: “The earnings backdrop is showing green shoots of improvement. Excluding Energy, S&P 500 year/year EPS growth improved sequentially from -6% in 4Q 2022 to -5% in 1Q 2023.”

    • Revenues grew by 4% in both the US and Europe, above expectations for growth of 3% and 1%, respectively. The proportion of companies beating estimates has picked up in both the US and Europe.

    • Net margins contracted by 99bps, the 3rd consecutive quarter of year/year margin decline, but by less than the 146bps expected. Margins in every sector surprised to the upside, led by Materials and Info Tech.
      • Still, if there was one recurring theme across earnings season it is this: as JPM notes, profit margins are showing increasing signs of a rollover, with Q1 EPS growth minus sales growth the weakest in a while (even if not as bad as initially expected).

    • The aggregate S&P 500 EPS surprise of 5% was in line with the historical median after being below average for most of 2022. The stock price reaction to beats has been rather subdued, though, where stocks that are beating estimates are, on average, outperforming by less than typical. On the other side, those that are missing estimates are being penalized by more than their historical median.

    Tyler Durden
    Sun, 05/14/2023 – 19:00

  • Turley: America's Blackout On Biden Corruption Is Truly 'Pulitzer-Level Stuff'
    Turley: America’s Blackout On Biden Corruption Is Truly ‘Pulitzer-Level Stuff’

    Authored by Jonathan Turley, op-ed via The Hill,

    This week, Rep. Byron Donalds (R-Fla.) tried to do the impossible. After he and his colleagues presented a labyrinth of LLC shell companies and accounts used to funnel as much as $10 million to Biden family members, Donalds tried to induce the press to show some interest in the massive corruption scandal.

    “For those in the press, this easy pickings & Pulitzer-level stuff right here,” he pleaded.

    The response was virtually immediate.

    Despite showing nine Biden family members allegedly receiving funds from corrupt figures in Romania, China and other countries, The New Republic quickly ran a story headlined “Republicans Finally Admit They Have No Incriminating Evidence on Joe Biden.”

    For many of us, it was otherworldly. A decade ago, when then-Vice President Joe Biden was denouncing corruption in Romania and Ukraine and promising action by the United States, massive payments were flowing to his son Hunter Biden and a variety of family members, including Biden grandchildren.

    Last year, I wrote a column about how the media were preparing a difficult “scandal implosion” to protect the Bidens and themselves from the backlash from disclosures of this influence peddling operation.

    The brilliance of the Biden team was that it invested the media in this scandal at the outset by burying the laptop story as “Russian disinformation” before the election.

    That was, of course, false, but it took two years for most major media outlets to admit that the laptop was authentic.

    But the media then ignored what was on that “authentic laptop.” Hundreds of emails detailed potentially criminal conduct and raw influence peddling in foreign countries.

    When media outlets such as the New York Post confirmed the emails, the media then insisted that there was no corroboration of the influence peddling payments and no clear proof of criminal conduct. It entirely ignored the obvious corruption itself.

    Now that the House has released corroboration in actual money transfers linking many in the Biden family, the media is insisting that this is no scandal because there is not directly proof of payments to Joe Biden.

    Putting aside that this is only the fourth month of an investigation, the media’s demand of a direct payment to President Biden is laughably absurd. The payments were going to his family, but he was the object of the influence peddling. 

    The House has shown millions of dollars going to at least nine Bidens like dividends from a family business. As a long-time critic of influence peddling among both Republicans and Democrats, I have never seen the equal of the Bidens.

    The whole purpose of influence peddling is to use family members as shields for corrupt officials. Instead of making a direct payment to a politician, which could be seen as a bribe, you can give millions to his or her spouse or children.

    Moreover, these emails include references to Joe Biden getting a 10 percent cut of one Chinese deal. It also shows Biden associates warning not to use Joe Biden’s name but to employ code names like “the Big Guy.” At the same time, the president and the first lady are referenced as benefiting from offices and receiving payments from Hunter.

    Indeed, Hunter complains that his father is taking half of everything that he is raking in.

    None of that matters.

    The New York Times ran a piece headlined, “House Republican Report Finds No Evidence of Wrongdoing by President Biden.” That is putting aside evidence against all the family members around Joe Biden. It also ignored that other evidence clearly shows Biden lied about this family not receiving Chinese funds or that he never had any knowledge of his son’s business dealings. 

    The fact is that the Times may indeed be trying for another Pulitzer Prize. The newspaper previously won a Pulitzer for the now debunked Russian collusion story. It was later revealed that this story was based on a dossier funded by the Clinton campaign and placed in the media by Clinton officials. Pulitzer Prize-winning journalist Bob Woodward warned the co-winner The Washington Post that the story was unreliable but was ignored. The Pulitzer Committee refused to withdraw the award.

    What Donalds fails to appreciate is that this is sometimes how Pulitzers are made. Roughly 100 years ago, New York Times reporter Walter Duranty won the Pulitzer for his coverage of the Soviet Union despite serving as an apologist for Joe Stalin. Duranty refused to report on actual conditions from mass killing to starvation in the “worker’s paradise.”

    Thus, when the Soviets were starving to death as many as 10 million Ukrainians, the Times ran a Duranty story with the headline “Russians Hungry but Not Starving.” He not only spinned Stalin labor camps that killed millions but also attacked reporters who sought to uncover the truth.

    Years later, Ukraine and various groups demanded that Duranty’s prize be rescinded, but the Committee insisted that there was no “clear and convincing evidence of deliberate deception.”

    What is most impressive about this week is that all but a few outlets seem to be angling for the next Duranty Pulitzer. 

    In discussing modern Russian propaganda, researchers at the Rand Corporation described it as having “two distinctive features: high numbers of channels and messages and a shameless willingness to disseminate partial truths or outright fictions.”

    Sound familiar?

    Today we are seeing a much more dangerous phenomenon.

    The coverage this week has all the markings of a state media. The consistent spin. The almost universal lack of details. The absurd distinctions. 

    It is the blindside of our First Amendment, which addresses the classic use of state authority to coerce and control media. It does not address a circumstance in which most of the media will maintain an official line out of by consent rather than coercion.

    The media simply fails to see the story. Of course, it can always look to the president for enlightenment.

    Just before his son received a massive transfer of money from one of the most corrupt figures in Romania, Biden explained to that country why corruption must remain everyone’s focus.

    “Corruption is a cancer, a cancer that eats away at a citizen’s faith in democracy,” he said.

    Corruption is just another form of tyranny.”

    It is just a shame that no one wants to cover it.

    Tyler Durden
    Sun, 05/14/2023 – 18:30

  • Watch: Did CNN Accidentally Admit The Truth About Illegal Migrants And Title 42?
    Watch: Did CNN Accidentally Admit The Truth About Illegal Migrants And Title 42?

    The political left has been actively pushing for the end of Title 42 as the only existing legal avenue for direct expulsion of illegal immigrants back to their country of origin.  Without the protections in place, border agents will now be forced to release the majority of migrants into the US under asylum. 

    At the same time, the media and the Biden Administration have also been pressing the narrative that there has been “no significant increase” in illegal crossings with the expiration of the policy.  The message is that Title 42 is not as important as the public thinks it is in stopping illegal caravans.  However, the migrants sneaking into the US today might disagree.  

    CNN may have accidentally let slip the reality of impending invasion post-Title 42 when an illegal migrant they interviewed indicated that was the exact reason why he crossed the US border in the first place.  The news crew quickly moves past the segment with little more than a brief acknowledgment of the very thing border states have been warning about for many months. 

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    Tyler Durden
    Sun, 05/14/2023 – 18:00

  • NYC May Start Charging Fines That Vary With Offender's Income
    NYC May Start Charging Fines That Vary With Offender’s Income

    New York City council is considering a plan to impose fines for parking and other violations that are adjusted based on the income of the offender. Depending on one’s point of view, it’s either a step toward more proportionate justice or a deeper embrace of Marxism. 

    The proposal for a pilot program to test the concept comes from South Brooklyn Councilman Justin Brannan, whose colorful background includes being a hardcore punk guitarist for the bands Indecision and Most Precious Blood, and working in alternative-energy venture capital at Bear Stearns.  

    New York City Councilman Justin Brannan (Matt Miller via New York Post)

    Brannan didn’t invent the varying-fine concept. It’s been tried in a few US jurisdictions and several European countries. Typically, those programs are used when punishing felony or misdemeanor violations, but Brannan’s scheme would apply to mere civil offenses. 

    If the program moves forward, it would apply to at least 10 local laws, and Brannan would like the higher rates to apply only to those with incomes over $500,000, whom he characterizes as comprising the dreaded top “1 percent.” 

    “Fine amounts are arbitrary as it is so why should a public school teacher and a billionaire pay the same fine?” asked Brannan in an interview with Reason. For instance, a $115 ticket for a working family of four could be a real hardship whereas a $115 ticket for an individual making $500K is a joke and does absolutely nothing to change their behavior.”

    This type of income-dependent financial punishment is called a “day fine.” Here’s how it was explained by the Vera Institute of Justice‘s Judith Green in a 1990 paper

    “First, the court sentences the offender to a certain number of day-fine units (e.g., 15, 60, 120 units) according to the gravity of the offense, but without regard to his or her means. Then the value of each unit is set at a share of the offender’s daily income (hence the name ‘day fine’), and the total fine amount is determined by simple multiplication.”

    Studies have shown that day-fine programs typically lead to more people actually paying their fines, in part because penalties that were once out of reach for low-income and middle-class residents become more manageable,” reports the New York Times

    That’s an attractive dynamic for a cash-strapped, migrant-smothered city like New York, which currently has $2 billion in civil fines that have gone unpaid since 2017. At the same time, it sounds like it would be a bureaucratic nightmare to administer. 

    If the purpose of a fine is to inflict pain and change behavior, one might — perhaps grudgingly — see some logic in the day-fine approach. Then again, many of those fines are just victimless-crime, government piracy dressed up in the name of “public safety.” 

    Worst of all, the day-fine scheme is all too reminiscent of the overarching Marxist slogan, “From each according to his ability, to each according to his needs.”  

    Tyler Durden
    Sun, 05/14/2023 – 17:00

  • Daniel Penny Raises $1.6 Million Via GiveSendGo After Being Charged In Death Of Jordan Neely
    Daniel Penny Raises $1.6 Million Via GiveSendGo After Being Charged In Death Of Jordan Neely

    Authored by Jack Phillips via The Epoch Times,

    A crowdfunding campaign supporting the legal defense fund for former Marine Daniel Penny, who was charged in the death of a homeless man on the New York City subway, has surged to more than $1.5 million in a few days.

    His lawyers, Thomas Kenniff and Steven Kaiser, launched the campaign on the crowdfunding site GiveSendGo last week, saying that Penny was only “protecting individuals” on a subway train from what they described as an assailant, who later died. Penny, 24, was arraigned Friday on one count of second-degree manslaughter for allegedly fatally choking 30-year-old Jordan Neely.

    According to prosecutors, they said that Neely—who has a lengthy criminal history and was described as homeless—was “making threats and scaring passengers.” In New York state, a conviction for second-degree manslaughter can result in a prison sentence of up to 15 years.

    “Funds are being raised to pay Mr. Penny’s legal fees incurred from any criminal charges filed and any future civil lawsuits that may arise, as well as expenses related to his defense,” said the crowdfunding page for Penny.

    “All contributions are greatly appreciated. Any proceeds collected which exceed those necessary to cover Mr. Penny’s legal defense will be donated to a mental health advocacy program in New York City.”

    In response to the fundraising, “The outpouring of generosity and support for Daniel Penny is beyond anything we could have imagined,” Kenniff told Fox News. “Daniel is incredibly grateful for the support of so many New Yorkers.”

    The fundraiser was boosted by Florida Gov. Ron DeSantis, a Republican who is reportedly looking to run for president, on Twitter.

    In the incident, a witness, who wished to remain anonymous, told the New York Post that Neely appeared to be having a mental episode and started ranting wildly while on the northbound F subway train on May 1.

    “He said, ‘I don’t care. I’ll take a bullet, I’ll go to jail’ because he would kill people on the train,” a 66-year-old woman said, referring to what Neely said.

    “He said, ‘I would kill a [expletive]. I don’t care. I’ll take a bullet. I’ll go to jail.’”

    Penny did not initially engage Neely, she said. He only got involved when the situation got out of hand, she added.

    The woman told the paper that after the incident, she went back to “thank” Penny. “I hope he has a great lawyer, and I’m praying for him,” the woman said last week. “And I pray that he gets treated fairly, I really do. Because after all of this ensued, I went back and made sure that I said ‘Thank you’ to him.”

    She added: “This gentleman, Mr. Penny, did not stand up. … did not engage with the gentleman. He said not a word. It was all Mr. Neely that was … threatening the passengers. If he did not get what he wants.”

    “Gonna go to jail for life’? What? What penalties involve going to jail for life?” she asked. “Could you tell me? Yeah, it’s not kicking somebody in the shin, or punching somebody in the face.”

    Similar comments were left on the GiveSendGo fundraiser, with a number of donors saying that Penny didn’t do anything wrong and was defending himself.

    Late last week, Penny surrendered to police to face the manslaughter charge. Manhattan District Attorney Alvin Bragg confirmed days before Penny will be arrested on a charge of second-degree manslaughter in the case.

    “We cannot provide any additional information until he has been arraigned in Manhattan Criminal Court, which we expect to take place tomorrow,” Bragg stated Thursday.

    Last week, the law firm alleged in a statement that their 24-year-old client was acting in self-defense when he held Neely in a chokehold on the F train on May 1, which allegedly caused him to die of compression of the neck, according to the medical examiner.

    The attorneys also alleged that their client did not mean to kill Neely, a 30-year-old man whose friends say suffered from worsening mental health. They added Neely had been behaving aggressively toward other passengers on the subway and Penny stepped in to do what he thought was right and seemed reasonable.

    Witnesses reported that Neely was complaining loudly, allegedly shouting, “I want food,” “I’m not taking no for an answer,” “I’m ready to go back to jail,” and “I’ll hurt anyone on this train.” They also reported that he had harassed passengers for years.

    Neely has a lengthy criminal record that includes dozens of prior arrests and also had a warrant out for his arrest related to a felony assault at the time of his death.

    Meanwhile, video footage has emerged online showing Penny and another man who helped to restrain him rendering aid by placing Neely into a “recovery position” after he fell unconscious. The video also shows Neely was still alive after Penny released him from the chokehold.

    Tyler Durden
    Sun, 05/14/2023 – 16:30

  • Never Forget: A Retrospective On The Media Lies Surrounding COVID
    Never Forget: A Retrospective On The Media Lies Surrounding COVID

    Lest we get too comfortable once again and forget that only a couple years ago the western world was on the verge of perpetual medical tyranny, it is important to look back at the massive media disinformation campaign concerning the effectiveness (or lack of effectiveness) of the pandemic mandates and the mRNA vaccines.  Only two years ago, the public was bombarded by possibly the most aggressive global propaganda attack in modern history.  And, this campaign was a conjoined effort between national governments, global institutions and corporations.    

    Keep in mind, all the hysteria was generated over a virus with a median official Infection Fatality Rate of only 0.23%.  That’s right, all the fear mongering featured in the video below was in reaction to a “pandemic” that 99.8% of the population would easily survive, and this death rate was known only months after the spread started.  Also keep in mind that essentially every single claim made by the media concerning covid featured below ended up being false.  In many cases, the media knew that scientific evidence ran contrary to their narrative, but they promoted that narrative anyway.

    Enjoy this flashback of corporate media covid fear mongering, and never forget…

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

    Tyler Durden
    Sun, 05/14/2023 – 16:00

  • Macleod: The Dynamics Driving The Dollar Down
    Macleod: The Dynamics Driving The Dollar Down

    Authored by Alasdair Macleod via GoldMoney.com,

    This article examines the currency imbalances between US dollars and the other currencies and concludes that should foreign holders decide to reduce their dollar exposure, the consequences for its value would be dramatic.

    The dollar’s problems should be laid at the door of the wishful thinkers who think the state knows better than free markets. It is that which has led to currency imbalances. Central banks attempting to manage economic outcomes by manipulating interest rates and “stimulating” economic activity have acted in defiance of Say’s law, which defines the relationship between production and consumption, and the true role of a medium of exchange. 

    By dismissing this fundamental truth, the US authorities have made a rod for their own backs.

    Their determination to replace gold as the highest form of money with the fiat dollar has led to extraordinary levels of dollar accumulation about to be unleashed onto unsuspecting markets.

    A break below 100.50 on the dollar’s trade weighted index will probably be the signal. It currently stands at 101.50.

    Say’s law says it simplest

    John Maynard Keynes did the world a disservice with his offhand dismissal of Say’s law. Consequently, economists have lost the true relationship between production and consumption. And we have lost our understanding of the true role of currencies as a medium of exchange. Nearly all our economic errors have flowed from this dismissal. 

    In order to understand the seriousness of it with respect to the dollar today, the denial of Say’s law is no less than a denial of the division of labour. Yet, plainly, the division of labour is the basis of all human economic activity. Without having something to sell, we cannot buy the things we need which we are unable to provide for ourselves efficiently or easily. Where we differ from other animals is that we develop our personal skills to maximise the value of our specialised production so that we can increase our wider consumption for the greatest relief of our needs and desires. Our individual skills are the key that provides our wealth. And it is the role of currency as a medium of exchange which allows us to turn our production into our consumption.

    Several things follow from this truism. One is that if we reduce our total production, we reduce our total consumption, because the former leads to the latter. No, say the Keynesians, who put it the other way round. They say that if we reduce our consumption there will be a general glut of goods on the market and then prices will fall, leading to unemployment. The error is to not understand that first we must produce in order to consume, so that there cannot be a general glut, only changes in the level of productive output which are broadly matched by changes in overall consumption.

    Surely, this can be easily understood even by non-experts. But this deliberate error — for that is what it can only have been — has led to a misunderstanding of the role of the medium of exchange. It provides the means to exchange goods of unequal value: for example, a cobbler makes shoes and boots, whose unit value will be greater than the individual food items he requires daily to feed his family. It also provides producers with the credit required to finance production, paying costs incurred before a final product is sold and creditors repaid.

    This is the essence of trade. And so long as transacting individuals only produce to consume, the expansion and contraction of the sum total of money and credit purely in connection with that trade cannot alter their value in terms of goods and services generally. Not so, say Keynes’s macroeconomists, now joined in chorus by the monetarists. They claim that expansion of money and credit alters the general price relation. Both believe in manipulating credit to this end.

    Again, a child should be able to understand the flaw in this argument. The general price relation is only altered when additional currency is introduced by central banks for purposes other than the credit required for the settlement of trade in free markets.

    This is in defiance of the sole function of a medium of exchange, which is to act as the agent for turning our production into consumption. But it does mean that if excess currency accumulates in the form of credit additional to its use as a trade settlement medium, its purchasing power is undermined because it does not originate from the need to turn production into consumption. It is important to understand that it is this excess that changes the price relation, not changes in the level of credit per se. And this is the case with respect to international trade, where currency balances have accumulated.

    When a foreigner holds unspent dollars, that person or entity can be said to be “owed” US domestic goods and services. This logically follows from the unbending precepts of Say’s law. But the majority of foreign owned dollars have actually been exchanged for product of a sort. On US Treasury TIC figures, approximately $24.5 trillion are invested in long-term US Treasuries, corporate bonds, and equities. These constitute incorporeal wealth and are therefore classed in the owners’ minds as assets, just as if they were corporeal wealth, such as property, farmland, livestock, and factories, which are similarly valued in dollars. All these assets represent consumption of the fruits of production.

    It is the unspent dollars held in the correspondent banking system, together with short term Treasury and commercial bills instantly realisable, totalling some $7.2 trillion which represents the unspent balance of foreign production. It arises because foreigners have accepted dollars in payment for their goods and have yet to spend them on US goods and assets.

    What are their alternatives? They can of course hang on to their dollars, spend them on US production (presumably by increasing their ownership of financial and non-financial assets valued in US dollars), sell them to acquire non-American production and assets, or exchange them for the ownership of their own or other currencies of account.

    The altered character of the US economy

    It will not have escaped the reader’s attention that over decades the US economy has reduced its production of corporeal goods relative to the incorporeal. This means that foreigners cannot buy much in the way of semi-manufactured and manufactured goods with their dollars, but overwhelmingly incorporeal assets in the form of securities and services. Accordingly, the US economy is said by some to have been hollowed out.

    Putting services to one side, this means that by acquiring US securities, which have accumulated to a figure larger than US GDP, foreigners are committing to receive continuing dollar income streams. It is an important distinction from spending dollars on physical goods, which are not so immediately exposed to currency risk. 

    But it has been the long-term decline in interest rates driving bull markets which contributed to the accumulation of incorporeal, or credit-based assets by foreigners. And just as surely that the long-term decline in interest rates encouraged the accumulation of purely financial incorporeal assets, at some point the new trend of increasing interest rates will surely lead to an avalanche of foreign liquidation, not just of the assets themselves, but of the underlying dollars.

    But there is a substantial overhang of dollars in foreign hands already, which according to the US Treasury is just over $7.2 trillion, representing about 40% of US bank deposits. Assuming for the moment that there is no official intervention, in aggregate those dollars can only be sold for foreign currencies and gold in possession of American citizens and businesses. But according to the US Treasury’s TIC figures, American ownership of foreign currency balances is only $632bn, and we can safely disregard ownership of the gold available to satisfy dollars sales by foreigners. Therefore, the ownership of dollars in foreign hands outnumbers the available foreign exchange by over eleven times.

    Domestic owners of dollars widely believe that foreigners must hold onto dollars, because they are used to settle purchases of commodities, settle international trade, and to pay interest on dollar debt owed by foreigners. This is certainly true. But what happens if foreign holders of US financial assets begin to fear further rises in dollar interest rates? Pressure will mount for them to reduce their holdings in longer-term assets, realisable in dollars which adds to that eleven to one currency imbalance.

    Partially offsetting the $24.5 trillion foreign ownership of long-term US financial assets is US ownership of foreign financial assets amounting to $14.5 trillion — an unfavourable balance though not so much as is the case with short-term deposits. But additionally, interest rate increases in the US have happened in advance of the other major currencies and if that relationship continues fixed-interest financial asset values in dollars will generally decline ahead of those in other currencies. Assuming this timing relationship holds, there is a risk that the resumption of a global bear market will undermine dollar assets first relative to the euro, yen, yuan, and pound — irrespective of their individual characteristics. 

    The problem for the dollar is heightened by a further factor. When foreigners liquidate dollar investments, they end up owning additional dollars to those already reflected in correspondent bank balances. These are likely to be sold down immediately for the diminishingly small pool of US owned foreign currencies and for gold. The situation is different for US residents holding foreign investments, the vast majority of which are held in American depository receipt (ADR) form. Consequently, an American investor does not have a foreign exchange transaction when selling these assets. Therefore, selling of foreign investments cannot be offset against foreign selling of US investments with respect to the consequences for exchange rates.

    The one-sidedness of this situation is likely to become rapidly apparent when the dollar’s technical position is seen to deteriorate from current levels. The chart below shows the current position for the dollar’s trade weighted index.

    The technical position suggests that this breakdown is set to occur soon, and that a breach of 100.50 (currently at 101.50) is likely to be the precursor for a significant further decline in the trade-weighted index.

    If that happens, it is likely to be sudden.

    Intervention by the Fed and US Treasury

    The lack of US domestic ownership of foreign currencies makes it almost certain that a run on the dollar will be met by official intervention. The Fed is able to draw on swap lines with the other central banks to supply foreign currencies, buying dollars in their place. These arrangements were not designed for currency management purposes, but for providing liquidity in cases such as the Credit Suisse bailout. Accordingly, the swap agreements between the six major central banks (Fed, ECB, BoJ, SNB, BoE, and Bank of Canada) are far too small to stabilise the dollar given the likely scale of a run on it.

    Current swap facilities compared with the scale of the problem are the equivalent of a mouse to an elephant. Increasing them can only take the comparison from a mouse to a rat relative to an elephant. Therefore, the only way a run on the dollar can be addressed is for the Fed to raise interest rates sufficiently to protect it. This is unlikely to be an initial response, but introduced after it is feared that a falling exchange rate adds to producer price and CPI inflation, and that a reluctance by the Fed to increase interest rates would risk undermining confidence in the dollar even further.

    However, if the Fed increases dollar interest rates, it will weaken interest rate dependent asset values causing further securities liquidation by foreign holders. But that is the only solution for stabilising the dollar, even raising them high enough to discourage selling of the dollars raised from selling investments. Put simply, the Fed will then have to choose between protecting securities markets from further value deterioration and protecting the currency.

    Not only would protecting the currency go against the grain of everything the Fed has tried to achieve by maintaining confidence in US financial markets, but it also has a duty to fund the government’s deficit. Sharply higher interest rates are bound to cause an economic slump, reducing taxes, and adding to welfare costs. Funding requirements for the US Treasury will increase significantly at a time when foreign ownership of US Treasuries are being liquidated. Funding costs will also increase. Furthermore, the liquidation of foreign owned assets currently estimated at $24.5 trillion would be accelerated by any attempt to protect the dollar by raising interest rates. Additionally, the strains faced by the commercial banking network would almost certainly lead to a full-on banking crisis.

    For the Fed, it truly becomes a Morton’s fork dilemma. 

    The Asian response

    The extent to which foreign governments, typically members of the Shanghai Cooperation Organisation and the non-Asian BRICS+ membership anticipate these developments can only be guessed at. But at the St Petersburg International Economic Forum last June, President Putin explained the negatives for dollar ownership to the attendees from eighty-one foreign official delegations. Since then, declarations of intent and applications to join both SCO and BRICS+ have been made by many nations. But so far, there is little evidence of actual dollar selling by them.

    That they appear to be sitting on the fence between the western alliance and the Asian axis is a significant change from recent times when they would not have dared to question America’s monetary and military standing in the world. The explanation can only be that this crowd’s vested interests have shifted. Not only is an alliance with China and Russia holding out the prospect of a more positive future, but its members are increasingly scared of going down with a dollar-based financial system which has outlived its usefulness. It is easy to imagine why trade prospects with the Asian hegemons are relatively attractive, but to escape from one currency system to another requires a degree of confidence in the latter.

    The signals emanating from Russia and China are positive, but as yet not substantiated. Russia’s Sergey Glazyev, officially appointed to design a new trade settlement currency for the Eurasian Economic Union, was the moving light behind the beefing up of the Moscow Gold Exchange to replace the LBMA facilities withdrawn from Russian miners and refiners in the wake of last year’s sanctions against Russia. He subsequently described in some detail the benefits of a gold-based rouble relative to the dangers of a fiat dollar based monetary system in an article for Vedomosti, a Moscow based financial newspaper on 27 December last. The shift of emphasis from the proposed EAEU trade currency to adopting gold backing for the rouble was notable.

    In China, the signals are still opaque. Saudi Arabia has led an increasing number of nations willing to take payment in yuan for energy exports. Observers have pointed out that if the Saudis use the exchanges in Hong Kong and Shanghai, they can exchange yuan for gold. If the Saudis and others use this facility, then it amounts to swapping payments in petrodollars for payments in gold.

    The oil for gold trade is still speculation. But it appears that the major Chinese banks are now offering their citizens the facilities to run gold accounts funded by yuan. Could this deliberate act by state-controlled banks amount to preparations for the remonetisation of gold? Could this be the way forward — the way a yuan gold standard will operate?

    There are advantages for both the rouble and the yuan in such a move. For the rouble, a credible link with gold would permit interest rates over time to decline from current levels of 7%—10% to about 3% for obvious economic benefits. The pressure on the yuan is considerably less, with bond yields of most maturities already at between 2%—3%. China could easily adopt a gold standard. Furthermore, her incredibly high savings rate allows Chinese banks to expand credit without driving up consumer prices. It could be argued that China has no current need to secure the yuan to the value of gold, but to ensure rock solid international confidence in it as a currency the move makes enormous sense. Furthermore, both countries have significant quantities of bullion not declared as official reserves.

    Clearly, both Russia and China are moving very carefully. They appear to be putting in place a Plan B in case there is a collapse in the western alliance’s financial system, comprising their fiat currencies, commercial banks, and even central banks. 

    They have no illusions about the risks they face from America’s weaponization of the dollar, and the fact that it leans on its five-eyes security partners to do her will. But it is the western position on gold which is also important. Against all international law, the Bank of England refused to return Venezuela’s gold on its government’s request, plainly on instructions from the Americans. The New York Fed refused to return some of Germany’s gold when requested — eventually conceding to the request.

    We do know from research conducted long ago that the western alliance’s gold reserves are badly compromised through leases and swaps, leading to at least double ownership of much of it. With Russia and China now moving towards the reintroduction of gold backing for their currencies, there is an impending disaster for the western alliance’s decades of monetary deceit. Clearly, for the Asian hegemons to suddenly announce a return to a formal gold exchange standard for their currencies would irrevocably undermine the vanishing credibility in the dollar and its western stablemates. It would amount to a declaration of financial war of ultimate destruction.

    Besides the risk that a financial war would lead to military conflict, it is not in the Asian axis’s strategic interests to be seen to be the guilty party. China still exports large quantities of goods to America and Europe. While her interests are moving more towards trading and investing in Asia, it is nonsensical to deliberately destroy her existing export markets. But the one thing over which China has no control is the actions of America. Both Russia and China have adopted a strategy of passively allowing the Americans to make all the strategic errors, which they have been doing in abundance. Iraq, Syria, Afghanistan, Georgia, Ukraine, then sanctions against Russia — the best the American can claim is occasionally something pyrrhic. 

    The time for Russia and China to declare their new currency arrangements are when such a move would be obviously a protective response to a deepening crisis for the dollar and its companion currencies. Only then would accusations that returning to gold exchange standards as an aggressive act against the west be demonstrably false. But it would be the final curtain on the error of western governments and their central banks buying into Keynes’s cool-aid, ditching gold standards as a barbarous relic, winding down their gold reserves in some cases to zero, and grasping the opportunity to intervene in all things economic in defiance of Say’s law.

    Tyler Durden
    Sun, 05/14/2023 – 15:30

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Today’s News 14th May 2023

  • Food Inflation Still Soaring In Latin America
    Food Inflation Still Soaring In Latin America

    Venezuela had the highest inflation rate for food of Latin America, according to data from the Food and Agriculture Organization of the United Nations (FAO).

    Statista’s Anna Fleck reports that, as of September 2022 (the latest available data), the country saw an increase of 110.4 percent from the same month of 2021. Argentina had the second highest food inflation rate, at 86.6 percent.

    Infographic: Food Inflation in Latin America | Statista

    You will find more infographics at Statista

    The three countries with the lowest food inflation rates for the same period are Bolivia (2.2 percent), Panama (5 percent) and Ecuador (7.1 percent). According to the FAO, average annual food inflation in the region was 43.9 percent in September 2022, while globally it did not exceed 23 percent.

    In addition to socio-economic factors on a national basis, the region is also still experiencing the wake of global events. The United Nations Development Programme explains:

    “More than a year into the conflict between Ukraine and Russia and more than three years into the COVID-19 pandemic, the broad repercussions of these overlapping crises continue to affect societies in Latin America and the Caribbean.”

    Food inflation does not affect all citizens in the same way: according to the organization, the most vulnerable populations, including lower-income households, are affected “disproportionately due to their greater budget allocation towards spending on food.”

    Tyler Durden
    Sat, 05/13/2023 – 23:00

  • Election Group With Ties To Soros, Zuckerberg Meets In Washington For Conference Closed To Public
    Election Group With Ties To Soros, Zuckerberg Meets In Washington For Conference Closed To Public

    Authored by Joseph Lord via The Epoch Times (emphasis ours),

    An elections group with ties to Democrat mega-donor George Soros and Meta CEO Mark Zuckerberg gathered in Washington this week for a meeting that was closed to the public.

    The U.S. Capitol and the Washington, D.C., skyline in a file photo on May 16, 2005. (Paul J. Richards/AFP via Getty Images)

    The Epoch Times was denied entry to the event, called a “Summit on American Democracy” and hosted by the Center for Election Integrity & Research (CEIR). Organizers said that the event was invite-only. Only preapproved press and other guests were permitted to attend the summit.

    Though the event was live-streamed, the closed nature of the event deprived independent media of access to the laundry list of high-ranking officials attending the summit, including a litany of Secretaries of State, who oversee elections, and other election officials. Among those attending the conference were Georgia Secretary of State Brad Raffensperger and Bill Gates, county supervisor for Maricopa County, Arizona.

    The group describes itself as “committed to a fiercely nonpartisan approach.” But partisan allegations against its founder, funding by Zuckerberg, and indirect ties to the left-wing Soros challenge that description.

    During the livestream of the event, the group’s founder, David Becker, set the tone for the conference in his opening remarks, repeating contested claims about the security of the 2020 election, and dismissing concerns about election fraud as unfounded.

    “The 2020 election was, simply put, the most secure, transparent, and verifiable election in American history and it’s not close,” Becker claimed.

    At least one journalist who challenged this narrative was allegedly removed from the conference.

    Laura Loomer, an outspoken ally of President Donald Trump and proponent of theories about widespread election fraud in 2020, reported that she was thrown out of the conference for confronting election officials from Arizona and Georgia. The organizers later called the police on Loomer.

    Becker founded CEIR in 2016. He has also been instrumental in several other electoral organizations and efforts across his career.

    Partisan Accusations

    During the summit, Becker sought to present himself as nonpartisan and unbiased.

    He claimed that he was one of the few election officials who was willing to acclaim Trump’s 2016 victory as legitimate, even as others considered claims that voter fraud and election tampering had deprived Hillary Clinton of a victory.

    However, Becker founded CEIR in response to concerns about “foreign interference” in elections, an oft-repeated claim that Trump won in 2016 due to widespread Russian interference. But later multimillion-dollar federal investigations into Trump’s victory turned up no evidence of these claims.

    And the founder’s track record is splotched with claims of political biases against conservatives.

    In 2005, Becker—who has worked in elections for decades—was the subject of a formal ethics complaint while working in the Civil Rights division of the Department of Justice (DOJ).

    During the Republican administration of President George W. Bush, Becker offered his expertise in election law to the city of Boston to defeat a lawsuit from the DOJ regarding election law violations.

    In the investigation into this matter, it was discovered that Becker had made a series of “nasty, disparaging remarks about Republicans,” Hans von Spakovsky said. Von Spakovsky, who now is employed by the Heritage Foundation, was a DOJ legal counsel at the time.

    In his role with the DOJ, [Becker] was supposed to be nonpartisan,” von Spakovsky said.

    Very unethical and unprofessional,” he added. “I would never hire or trust him.”

    Brad Schlozman, who directed the Civil Rights division at the time, was even more critical, suggesting that Becker deserved to be disbarred.

    “It was the most unethical thing I’ve ever seen,” Schlozman said. “Classic case of someone who should have been disbarred.”

    He added that Becker was “a hard-core leftist” and someone who “couldn’t stand conservatives.”

    As recently as last year, Becker portrayed Trump as a liar and a danger to democratic norms in comments to The Washington Post.

    “We have a significant percentage of the American electorate right now who have been lied to about the integrity of our elections, who believe that elections … are rigged unless their candidate wins,” Becker said. “Yet it’s nowhere close to 50 percent of America overall. But if Trump were to win a narrow victory again, I could see [election denial] ideas … infecting a larger percentage of the electorate. And if a large segment of a democracy’s electorate loses confidence in elections, that democracy probably is unsustainable.”

    CEIR did not respond to an Epoch Times request for comment about these allegations.

    However, in past comments to another media outlet, Becker addressed some of the allegations, but left others unanswered: “This complaint was made over 15 years ago, if memory serves, and was dismissed. There was no action taken against me by the Department of Justice as a result of this complaint. As you know, anyone can make a complaint for any reason, with or without basis.

    I served faithfully at the DOJ for seven years, from 1998 to 2005, during which time I received a Special Commendation of Merit from the Attorney General in 2002, during the Bush administration,” he added.

    Almost $70 Million from Zuckerberg

    In August 2020, Becker’s organization received a staggering $69.5 million from Meta CEO Mark Zuckerberg.

    Under the appearance of COVID-19 safety precautions, this funding was used to furnish key swing states with more mail-in drop boxes.

    Zuckerberg’s donation to CEIR came as part of a series of purportedly nonpartisan donations by the Facebook creator.

    Read more here…

    Tyler Durden
    Sat, 05/13/2023 – 22:30

  • Alarming Surge In Gun Shop Robberies As Democrats Fail To Enforce Law And Order 
    Alarming Surge In Gun Shop Robberies As Democrats Fail To Enforce Law And Order 

    Progressive district attorneys’ failure to enforce law and order has resulted in a surge of smash-and-grab thefts across American cities run by Democrats. The rise in thefts, particularly at retail stores, has become a significant problem for the retail industry, amounting to $100 billion in shrinkage in 2022. Even more concerning is that organized criminal gangs now target gun stores instead of clothing, jewelry, and pharmacy stores.

    Diving into Bloomberg data, the story count for “gun shop robbery” in all US news media stories soared to a record high in the fourth quarter of 2022, with data going back to 2013. The surge even surpassed levels during the early virus pandemic. 

    As of late, a series of gun store robberies in the Mid-Atlantic area have alarmed gun shop owners, local police, state police, and federal agencies. These shops are located in the Washington-Baltimore metro area, where Democrats have been in control for decades. 

    On April 30, two gun stores, one just outside the Capital Beltway in Fairfax County, Virginia, and another one in Rockville, Maryland, about an hour north, were targeted by what some in the firearm industry have described as criminal organized gangs. 

    One of the owners of Engage Armament in Rockville told FOX 5 that he believes the suspects that targeted his shop and Dominion Defense in Fairfax were part of the same gang. 

    Luckily, the thieves weren’t successful at breaking into the Engage Armament facility, but down in Fairfax, they stole 53 long rifles and handguns. 

    “Our biggest concern is that these guns don’t get into the wrong hands.

    “We try to do everything the right way – to do everything we can to keep them out of the wrong hands. Still, people have their rights, you know, to exercise their Second Amendment rights, but we do want to keep the guns out of the wrong hands,” said Engage Armament Co-owner Carlos Rabanales.

    One of the two suspects appearing in Dominion Defense’s security video was wearing a Nike mask. 

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    On Tuesday, the ATF working with Montgomery County police, announced a $15,000 reward for the arrest of suspects of a different Rockville gun shop burglary, Atlantic Guns.

    Last November, the ATF revealed at least five attempted and successful gun shop burglaries in Montgomery and Anne Arundel Counties of Maryland. These are areas where a majority of residents vote Democrat. 

    When accountability for bad behavior is removed from society, it emboldens criminals. And now these criminals are robbing gun stores and arming themselves with guns while the Biden administration is adamant about disarming law-abiding citizens. 

    Some say… We’re living in a clown world. 

    Tyler Durden
    Sat, 05/13/2023 – 22:00

  • The Disinformation Governance Board Is Out; The "Foreign Malign Influence Center" Is In…
    The Disinformation Governance Board Is Out; The “Foreign Malign Influence Center” Is In…

    Authored by Didi Rankovic via ReclamTheNet.org,

    A rose by any other name…

    The US Department of Homeland Security (DHS) Disinformation Governance Board met an ignoble demise last year, when it was disbanded within months, amid public criticism and staff-related scandal.

    Despite being derisively referred to as “the Ministry of Truth” – i.e., a US government’s alleged attempt to create an Orwellian-like institution – it was a fairly safe bet that the strong backlash notwithstanding, the initiative would rear its head again at some point. Soon.

    Meet the Foreign Malign Influence Center (FMIC), located at the Office of the Director of US National Intelligence (ODNI). Some sentiment suggest that this might be a Disinformation Governance Board 2 – what with a similar declarative focus on foreign threat, which is then easy to transition, as a smokescreen, to turning the authorities’ sights onto “domestic dissenters.”

    And that would mean more censorship, in effect flying under the radar, critics fear.

    A deceptive tactic, they continue, which could easily use foreign threats simply as an excuse to influence politics at home.

    Speaking of interference – the FMIC could also “duplicate” other US efforts, such as that of a State Department’s unit that has taken it upon itself to suppress what’s seen as “populism” in other countries.

    Now, this is what the FMIC has to say for – and about itself – the threat from abroad is constant and “dynamic” – no doubt – but therefore, “informing efforts to counter it requires constant attention, a whole-of-government approach, support from the private sector, and engagement from the public.”

    However, the “soothing” mention of foreign threats is not the only thing the FMIC will be dealing with – there’s also “protection of US public opinion.” And this, opponents may suspect, might be a euphemism for “policing domestic narratives.”

    The existence of the Center seems to have been presented to the public in a rather low-key fashion. It was last Thursday that it came up during an address by ODNI chief Avril Haines, a full 45 minutes into the speech, during a hearing organized by the Senate Armed Services Committee.

    Matt Taibbi, who pored over Twitter’s internal documents to become one of those behind the explosive Twitter Files, doesn’t look at this kind of initiative very kindly.

    In fact, he seems to pretty much consider it a ruse whose real goal is to “slowly adjust aim to domestic targets.”

    But first – what Taibbi calls “the basic rhetorical trick of the censorship age” must “raise a fuss about a foreign threat, using it as a battering ram to get everyone from Congress to the tech companies to submit to increased regulation and surveillance.”

    Tyler Durden
    Sat, 05/13/2023 – 21:30

  • Wagner Chief Clarifies That Only His Forces Making Gains In Bakhmut
    Wagner Chief Clarifies That Only His Forces Making Gains In Bakhmut

    Update(2130ET): Wagner chief Yevgeny Prigozhin clarified late Saturday in an audio statement that despite regular Russian forces having “retreated” from parts of Bakhmut’s north (in his words), his own Wagner fighters are still advancing. So it seems his power struggle with the military chain of command and defense ministry continues, as he persists in his controversial narrative that it’s only his company that’s spearheading gains and engaged in heavy fighting (akin to the battle for Soledar). 

    Prigozhin stressed that Wagner advanced today, and that Ukraine controls only 1 square km in Bahmut and remains in control of just 29 or so tall buildings. 

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    Meanwhile TASS has cited the head of an elite Russian unit to say that intensified Ukrainian engagement has only happened along some parts of the frontlines

    Commander of the Akhmat commando unit and Deputy Commander of the 2nd Army Corps Apty Alaudinov said on Saturday that Ukrainian troops increased their activity only in some sectors of the line of engagement.

    Earlier, Yan Gagin, an advisor to Acting DPR Head Denis Pushilin, reported that Ukrainian units had become more active along the entire line of combat engagement.

    “The Ukrainian units became active not along the entire line of combat engagement, only in certain parts and still the situation has not significantly changed,” Alaudinov told TASS.

    “The situation is completely under control in our sector,” he added.

    The day prior, the defense ministry acknowledged some degree of a pullback in limited sectors in the north of the city. Prigozhin had described the regular forces as “fleeing” – a characterization which was denied by the Kremlin. 

    * * *

    Shortly after a Russian military helicopter crash was reported early Saturday in a region near the Ukrainian border, a second crash of an aircraft has been reported, at a moment of continuing general bad news for Moscow related to the Ukraine war. Possibly a third aircraft downing has also been reported – all within a matter of hours.

    An Su-34 fighter jet crashed in Bryansk Region, Russia near the Ukrainian border, minutes after reports that an unidentified helicopter also went down in the area, TASS news agency reported on Saturday, citing sources,” state media is reporting.

    Details on casualties weren’t initially revealed, but images and video circulating on social media show what appears to be a crash site, including the jet’s tail and engine on fire. 

    The jet crash reportedly happened near the village of Istrovka north of the Ukrainian border, and unofficial military channels online are saying the pilot and navigator were killed. 

    Just hours before news of the jet crash emerged, a Russian Mi-8 helicopter separately caught fire and crashed. It may have been shot down. Newsweek is meanwhile suggesting that a total of two helicopters crashed within the same time frame, reporting that— 

    A Su-34 combat jet and a Mi-8 helicopter came down on Saturday, according to Russia’s state-owned Tass news agency.

    Russian online news channel Mash posted on Telegram that another Mi-8 helicopter and a Su-35 warplane crashed in the same area on Saturday.

    There’s also growing speculation that given multiple aircraft came down in the same region, it may have been from a Ukrainian attack on the aircraft, but this is unconfirmed

    This was also reported by Russian media outlet Readovka, who said: “Two helicopters and fighter-bombers were shot down by the Armed Forces of Ukraine. Our pilots were ambushed and we are talking about a carefully planned operation.” Newsweek has been unable to independently verify reports of the additional crashes.

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    A Reuters national security correspondent is counting four total downed aircraft on Saturday, citing Russian state sources:

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    The day prior, on Friday, a Mi-28 military helicopter had crashed during a training flight in Crimea, after which the defense ministry confirmed that two pilots were killed. 

    TASS cited defense officials who described, “At 3:42 p.m. (Moscow time) on May 12, 2023, a Mi-28 helicopter crashed during its scheduled training flight in the Dzhankoi district of the Republic of Crimea. The helicopter performed its flight without an ammunition load. There is no destruction on the ground. Both pilots died.”

    The military statement said the crash in Crimea was due to a “technical failure” of the attack helicopter but said a further investigation is ongoing. 

    Overall this has been a bad past week and even month so far for Russia and its war efforts.

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    There’s not only been a spate of these deadly aerial incidents in the past 24 hours, but Russian territory is coming under increased drone attack from Ukraine, and oil facilities in particular have been targeted and significantly damaged. In addition the defense ministry acknowledged that Russian military positions have pulled back in some areas of northern Bakhmut, following prior months of steady gains.

    Yevgeny Prigozhin, head of the Wagner forces, has called it a “rout” – as the open feud between himself and the top military command has also been a likely cause of ‘low morale’ and is somewhat embarrassing on an international stage.

    At this point it remains unconfirmed and uncertain whether these Saturday jet and helicopter crashes were the result of cross-border shootdowns. If so it would mark a huge escalation and leap in Ukraine’s capabilities, including the possibility of Western advanced offensive weapons being used:

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    Reuters summarized of the battlefield developments by Friday:

    Moscow acknowledged on Friday that its forces had fallen back north of Ukraine’s battlefield city of Bakhmut after a new Ukrainian offensive, in a retreat that the head of Russia’s Wagner private army called a rout.

    The setback for Russia, which follows similar reports of Ukrainian advances south of the city, suggests a coordinated push by Kyiv to encircle Russian forces in Bakhmut, Moscow’s main objective for months during the war’s bloodiest fighting.

    “In three days of counter-offensive activity, the Ukrainian Armed Forces in the Bakhmut sector have liberated 17.3 sq. km (6.6 sq. miles) of territory,” Serhiy Cherevatyi, spokesman for the “east” group of Ukrainian forces, said on the Telegram messaging app.

    Both sides are now reporting the biggest Ukrainian gains in six months, although Ukraine has given few details and played down suggestions a huge, long-planned counteroffensive has officially begun.

    Additionally days ago Moscow’s big Victory Day parade was widely reported as “muted” and lacking in tanks and other military hardware that is typically on display.

    Ukrainian officials have mocked all of this as showing weakness, also while Kiev’s spring counteroffensive may be imminent, or is perhaps already begun. All the while, Ukraine’s cross-border attacks are only growing bolder, and it doesn’t seem the Kremlin can do anything about it.

    Yet, despite what appear to be significant Russian military setbacks, Ukraine frontlines in many places are still getting pounded. For example, the below video is purportedly of a recent Russian strike in Western Ukraine, possibly on Friday or Saturday (with footage just emerging):

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    And here:

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    As for the much-touted spring counteroffensive by Ukraine forces, it’s as yet unclear whether this is in full swing or not. While there have been moves on the ground, Zelensky has so far denied that it’s begun, saying his forces must “wait”. 

    Tyler Durden
    Sat, 05/13/2023 – 21:29

  • American Fast-Food Chains Use Seaweed, Soy, And Even Wood To Beef Up Menu Items, Study Reveals 
    American Fast-Food Chains Use Seaweed, Soy, And Even Wood To Beef Up Menu Items, Study Reveals 

    An exclusive investigation by Daily Mail might make you reconsider your next order of fried chicken at American fast-food chains. The investigation reveals these restaurants infuse their chicken with additives, preservatives, and other proteins to keep costs low. Some of these menu items are described as “premium” or “all-white-meat,” but far from it, instead include ingredients such as seaweed and even wood pulp.

    The report said there are more than 120 ingredients hidden within chicken burgers or nuggets at fast food restaurants. Those ingredients are listed below on a restaurant-by-restaurant basis:

    McDonald’s 

    The enduringly popular McDonald’s Chicken McNuggets have been the center of controversy in the past – after a now-debunked video emerged in 2010 of ‘pink slime’ supposedly going into the nuggets at a factory. 

    The brand worked hard to dispel this myth, but the treats are still not made from 100 percent chicken meat. 

    The nuggets do contain white boneless chicken, but they are also full of several types of flour, flavorings, spices, acid, yeast extract, dextrose and lemon juice solids.

    Wendy’s 

    In the patty of the Wendy’s classic chicken sandwich, only 56 percent of the meat is chicken breast.

     The other 44 percent is a mixture of water, wheat flour, starch, acids, spices and flavor powders. It also includes fully refined soybean oil, raising agent and more unusual ingredients such a dehydrated chicken powder and smoke flavoring. 

    The patty, bun and mayonnaise include over five allergens, so it’s worth checking the recipe before you tuck in if you have any allergies.

    Carl’s Jr. 

    Carl’s Jr nuggets are set apart from the other offerings on the market with their distinctive star shape. 

    They also include some more unusual ingredients – namely ‘chicken type flavor’ – according to The Daily Meal. 

    The outlet reports that the nuggets include beef flavor, which has three different types of protein in it (from hydrolyzed soy, wheat, and corn protein) and beef fat. 

    As for the spicy chicken sandwich, it reportedly contains ‘isolated oat product’ in its patty, and microcrystalline cellulose in its bun – which is a refined wood pulp.

    Subway 

    The chain has faced criticism in the past, with claims that some of its chicken products were made from non-chicken material. Subway responded to the claims, saying its ‘Oven Roasted Chicken and chicken strips are made from 100 percent all white meat chicken.’ 

    However its products certainly aren’t made from chicken alone. Its oven-roasted chicken also contains flavorings, potato starch and carrageenan. 

    This is a chemical compound which is safe to eat, but is made from parts of various red seaweeds. It is used to thicken foods, and does not have any nutritional value.

    Jack in the Box 

    Jack in the Box has various poultry-based offerings on its menu, including chicken tenders and nuggets.

     These products often contain wheat and milk, so those with allergens should check the ingredient list. 

    The meat in the popcorn chicken also contains ‘isolated oat product’ among its other ingredients of chicken breast strips with rib meat, water and potato starch.

    Whataburger 

    According to The Daily Meal, a significant proportion of the chain’s Southern-style chicken strips are not pure chicken meat, with up to 12 percent of each tender containing ingredients like water, sodium phosphate, and isolated soy protein.

     Isolated soy protein, which is derived from soy beans, is a common ingredient in processed foods as a way to bulk them out. 

    This last ingredient is a common fixture in processed foods, the outlet reports. A protein derived from soybeans, isolated soy protein is a cost-effective way to bulk out foods. 

    But those with potentially dangerous soy allergies should stay away from anything containing soy protein.

    Burger King 

    According to The Daily Meal, Burger King chicken nuggets also contain a whole host of flavorings alongside chicken breast and rib meat. 

    These include autolyzed yeast extract, a substance derived from yeast, and other flavor enhancers including disodium guanylate, a form of salt that is sometimes used in tandem with MSG, and which is also found under the name E627. 

    They are also unsuitable for anyone who can’t eat eggs, milk, wheat, gluten or celery.

    Domino’s 

    Although known for its pizza rather than the traditional chicken tender or nugget, there are also extra ingredients in the fast food giant’s poultry offerings. 

    Its grilled chicken contains tens of ingredients including modified corn starch, modified food starch and lipolyzed butter oil. 

    Modified starch is typically used as a thickening agent, stabilizer or emulsifier, and to make foods last longer.

    Dairy Queen

     Dairy Queen’s chicken strips contain a substantial percentage of ingredients other than pure meat. The uncooked tenderloin chicken fritters contain up to 18 percent of a solution of water, hydrolyzed soy protein, salt, and sodium phosphates. 

    Sodium phosphate is used to improve the chicken’s texture, and help keep it fresher for longer. 

    A Dairy Queen representative said: ‘Our chicken strips are 100% seasoned, white meat chicken. Each chicken strip is a single tenderloin that is marinated and breaded for maximum flavor. While we provide our ingredient lists to the public on DairyQueen.com, we refrain from providing the exact recipe or ingredient percentage for competitive reasons.’

    Arby’s 

    According to The Daily Meal, the Buttermilk Chicken Fillet contains a surprising ingredient to help enhance its flavor – protein concentrate. 

    Commonly consumed by athletes and bodybuilders, whey protein is frequently added to other foods to give them a textural and tasty boost and help them last longer on the shelf, it reports.

    White Castle 

    The shape of the chicken offering at this chain may be a clue that it is not 100 percent meat. 

    These rings contain an extensive list of ingredients, including preservative carrageenan – which is derived from seaweed – and powdered cooked chicken.

    This explanation may clarify things.

    And a recent study from Imperial’s School of Public Health found higher consumption of ultra-processed foods (like the ones above) might be linked to an increased risk of developing and dying from cancer. 

    One might wonder why BlackRock, the world’s largest asset manager overseeing trillions of dollars, hasn’t shaken up the fast food industry that appears to be serving consumers unhealthy food, which, according to Imperial, could potentially contribute to cancer. Isn’t the ‘S’ in ESG (Environmental, Social, and Governance) supposed to promote the health and safety of society and enhance the quality of life? Maybe Larry Fink is preoccupied with more important concerns, like climate change and gender identity. 

    Tyler Durden
    Sat, 05/13/2023 – 21:00

  • The 2024 Presidential Election Could Make Or Break Bitcoin In The US
    The 2024 Presidential Election Could Make Or Break Bitcoin In The US

    Authored by Robert Hall via BitcoinMagazine.com,

    2024 is shaping up to be a pivotal year for Bitcoin and the U.S. That’s why it’s time for a generational change in leadership…

    The race for the 2024 U.S. presidential election is starting to kick into gear, featuring some of the same cast of characters from the last few elections. On the Democratic side, you have Joe Biden, Robert F. Kennedy and Marianne Williamson suggesting they will run. Then, Former President Donald TrumpNikki HaleyRon DeSantis and Vivek Ramaswamy are on the other side of the aisle.

    If you have been following the race so far, you might know that Trump seems to be walking away with the nomination before the process even starts next year. If he ends up being the nominee, we will likely get a re-run of 2020, where we have two men over 70 years old who both think that they know what is right for the country. Who else is tired of having baby boomers running the show? I am, to be honest.

    BOOMER PRESIDENTS DON’T UNDERSTAND BITCOIN

    Baby boomers, you’ve had their time in the sun. It’s time to leave the stage and let the younger generations of leaders have a chance to lead the country. We need leaders who understand the emerging challenges facing America as we speak.

    We need leaders who thoroughly understand economic policy and the value of innovation in the financial space. For instance, the baby boomers at the top of the ticket don’t have the depth or the capacity to understand the once-in-a-lifetime opportunity that Bitcoin presents to America and the American people.

    Biden and Trump have been openly hostile towards Bitcoin because they believe in the supremacy of the fiat dollar system. The time is now to elect someone with a bold vision for the future, who understands that the way that the entitlement systems are set up and the dollar’s role in the world isn’t sustainable over the long term.

    If America stays on its current path, it will only lead to chaos, lawlessness, and a lower standard of living for everyone. Is this the future that you want for your children and grandchildren? 2024 is our chance to start a new journey toward freedom, the rule of law and the opportunity to make something of yourself, regardless of your station in life.

    WHY WE NEED A BITCOINER AS PRESIDENT

    It has been reported recently that the mayor of Miami, Francis Suarez, is close to a decision on whether to run for president next year. For those who don’t know him, he is one of the most pro-Bitcoin politicians in the country. He has actively courted Bitcoiners to come to Miami and help make it the Bitcoin capital of the world. So far, he has largely succeeded in doing that.

    But in addition to making the U.S. an epicenter for Bitcoin innovation, having a Bitcoiner like Suarez as president will, critically, stop the emergence of a central bank digital currency (CBDC) in America dead in its tracks. If Biden or Trump is elected, it is almost certain that some form of CBDC will be activated in America. With the deployment of a CBDC, you can kiss your financial freedom goodbye. You can kiss your privacy goodbye.

    You will no longer have autonomy over what you can eat or how far you can travel. You will have a social credit score, as has been implemented in China. Is this the type of life that you want? We have to strive for a better life.

    Just recently, the rails for a CBDC were introduced to the public. FedNow, as it is called, will be operational by July 2023. It is said that it will be used to speed up payments between customers and businesses, which may be accurate at the moment. However, as with any system, it will likely evolve into something vastly different than what it was intended to be.

    Can we really trust a government that has given us the Patriot Act, PRISM and now the proposed RESTRICT Act to resist total control over what you spend your money on?

    The RESTRICT Act, for instance, put forth by none other than Bitcoin-hating Senator Elizabeth Warren, has the potential to harm Bitcoiners in the United States with its overly-broad language about digital communication tools being a threat to national security. While the overt target may be TikTok, nothing is stopping regulators from using this law against Bitcoin in the future.

    Looking past this smokescreen, you can see that they are building their case to the public: Hilary Clintoninternational regulators and the U.S. Treasury have all warned about the dangers of cryptocurrency.

    Now, put this in the context of $31 trillion in U.S. national debt, unsustainable entitlement spending, a world slowly moving away from the dollar, high gas prices and uncontrollable inflation. Then it becomes clear that they will close off the exits to Bitcoin before most people learn about how to use them. They want to herd the masses into a CBDC for a “great reset” of the monetary system. This is coming if we don’t start electing people who understand that Bitcoin is our last chance to escape a sinking ship.

    Mayor Saurez gets it, and if any other politicians in America understand Bitcoin, it is time that we support them and get more Bitcoiners in office. The dollar is the Titanic, and Bitcoin is the lifeboat. Will enough people get on to be saved? Time will tell and the upcoming presidential election could be a final chance.

    Tyler Durden
    Sat, 05/13/2023 – 20:30

  • Johnstone: This Civilization Is Mentally Ill
    Johnstone: This Civilization Is Mentally Ill

    Authored by Caitlin Johnstone via Substack,

    It’s time for another US presidential race where populist factions on both sides spend a few months angrily decrying the establishment before voting for candidates in the general election who will fully serve that same establishment.

    I think this is just the norm now. Public discontent with the US political status quo is now so great that there’s going to be a new “Hey kids, you can vote your way into revolutionary change!” feature built into every presidential election. 2012 was the end of a political era.

    The biggest misconception about politics is that political differences have any meaningful existence at all. Everyone’s herded into two mainstream factions who both serve the interests of the powerful, while those few who can’t be herded are marginalized into political impotence.

    And I am of course mainly talking about the English-speaking world here. The global south has real political diversity of real consequence, and has real differences from the status quo politics of the US-centralized empire. But within that empire, political differences are effectively illusory.

    I feel like maybe we didn’t make a big enough deal about that revelation the other day that the US government now has so many institutions dedicated to “perception management” and regulating “disinformation” that it created a new agency within the ODNI to oversee all of them. 

    I mean everyone made a lot of noise about the DHS’s “disinformation governance board” last year, and rightly so, but as a whole this seems way more egregious in terms of government interference in human communication.

    The problem with opposition to dissent-crushing measures is that it mostly only comes from those at whom such measures are directed. Mainstream journalists know they won’t be imprisoned like Assange, because they won’t do work like Assange did. Mainstream liberals know they won’t be censored online, so they’re happy to cheer for online censorship.

    Measures designed to control the narrative and suppress dissent are directed at the fringes, not the mainstream, because that’s where dissent of real consequence always first emerges. It won’t be those with mainstream political leanings seeing their speech increasingly marginalized and hidden away by algorithms and AI, it will be those who oppose the political status quo. In the future it won’t be those with a mainstream worldview being oppressed by things like tech surveillance, police robots and CBDCs, it will be those well outside the Overton window of permissible debate. The average person will be unaffected by such measures, because in our current mind-controlled dystopia the average person is compliant and innocuous.

    This is why attempts to get a large movement of opposition to these totalitarian measures typically fail to gather significant public traction: because only people on the fringes have reason to fear them. By controlling the mainstream consensus, our rulers eliminate any meaningful opposition to their tyranny toward the real dissidents whose politics generally lie well outside that consensus. And since it’s only widespread mainstream opposition that would ever give them reason to fear public backlash, they can keep ratcheting up these dissent-crushing measures.

    I don’t really have any solution to this problem; I’ve been staring at it for years and don’t see any easy answers. I’m just putting it out there in the hive mind so that awareness of the problem can grow and we can start collectively looking for solutions.

    This civilization is so mentally ill that you’ll get treated like a gibbering lunatic for expressing the most sane and rational opinions anyone can possibly express.

    Something as basic as “The world’s most powerful government should stop ramping up nuclear brinkmanship on multiple fronts” will get you treated like a kook, when really it’s so obvious and common sense it shouldn’t even need to be said.

    That’s how crazy mass-scale brainwashing has made everyone.

    I will never support any form of capitalism, because no form of capitalism — real or hypothetical — will ever have an answer to the problems of ecocide and the need to care for the needful.

    Every capitalism-based solution that has ever been proposed for these problems is self-evidently ridiculous; the notion that privatizing the natural world can preserve oceans and rainforests is infantile nonsense that’s refuted by all of human history, as is the notion that the needful can be cared for solely by voluntary charity. No intellectually honest person believes this is true. No ancap who’s thought hard enough about ecocide and caring for the needful sincerely believes that capitalism can address these problems. At their most honest, they’ll say that ecocide and starvation are necessary sacrifices that must be made for the freedoms and conveniences they want to have for themselves.

    I appreciate a right-libertarian who straight up admits that they’re fine with environmental destruction and the weakest members of society dying off rather than pretending the “free market” can address these issues, because at least they’re being honest about where they stand.

    And of course the current western status quo model of capitalism with a little state welfare and a few superficial environmental restrictions isn’t working either, because here we are. Every possible capitalist school of thought has failed to find a solution to these problems. You can yell “but communism bad” at me all you want, but that doesn’t address the fact that people are struggling to survive and our biosphere is hurtling toward collapse, and that literally nothing anywhere in capitalist thought has anything resembling a viable answer for this.

    We won’t ultimately have a solution to ecocide and exploitation until mass-scale human behavior ceases to be driven by the pursuit of profit altogether, because ecocide and exploitation are profitable. We’re going to have to find another organizing principle if we’re to survive on this planet.

    Never let yourself lose sight of the reality that as bad as things are, the fact that there are things at all is vastly more significant than any of our puny human problems.

    It’s not something you can talk about all the time because people will think you’re being callous about human suffering and all the problems that we do have, but the truth of the matter is that even if things were ten times worse than they are now, it would still be vastly less significant than the fact that we get to live in a world and perceive it and think about it and share ideas about it instead of nothing existing at all.

    Yes, pay attention to our problems and do what you can to fix them, but never, ever let yourself lose sight of the fact that we are living in the middle of a continuous miracle of unfathomable beauty, and that we ourselves are inseparably unified with that vast miracle. If you only fixate on thoughts about our problems you will become bitter and ineffective in the fight against injustice, and more importantly, you will have wasted your time here failing to appreciate the wondrousness of a human life on this amazing planet.

    *  *  *

    Caitlin’s Newsletter is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscribe.

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

    Bitcoin donations:1Ac7PCQXoQoLA9Sh8fhAgiU3PHA2EX5Zm2

    Tyler Durden
    Sat, 05/13/2023 – 19:30

  • After-School Satan Clubs Are Hot, Hot, Hot!
    After-School Satan Clubs Are Hot, Hot, Hot!

    Following a major legal victory in the free speech department, after school Satan Clubs are picking up steam.

    Launched in 2020 and promptly opposed by most parents, the clubs, associated with the Satanic Temple, are being pitched as an alternative to Christian after-school groups for those who identify as agnostics, atheists and religious minorities, such as pagans.

    Last Monday, the Satanic Temple and the ACLU scored a legal victory after the U.S. District Court for the Eastern District of Pennsylvania ruled against the Northampton County school district, which banned the club from meeting on its grounds.

    “In a victory for free speech and religious freedom, a federal court has ruled that the Saucon Valley School District must allow the After School Satan Club to meet in district facilities,” the ACLU said in a statement.

    Totally not Satanic?

    The PR campaign behind the Satanic Temple is a sight to behold. Founded in 2014, the organization claims to “encourage benevolence and empathy, reject tyrannical authority,” and says that members should use “practical common sense” and stand up for justice.

    Kid-friendly!

    Congregations tell those interested that if they’re trying to “sell my soul, get rich, join the Illuminati, etc.,” that they should look elsewhere.

    “We’re definitely not interested in having children identify as satanists,” said satanist Rose Bastet, who has been involved in the Satanic Temple for four years, and is one of the After School Satan Club volunteers at B.M. Williams Primary in Chesapeake, VA. Bastet spearheaded the effort to get the club into the school in October 2020 – a process which took a long time because the school was “giving us the runaround,” she said, adding that “they were in the background looking for any way that they could prevent us from meeting.”

    Ya think?

    The Baphomet statue is seen at the Satanic Temple in Salem, Mass., on Oct. 8, 2019. Photo by Joseph Prezioso/AFP via Getty Images

    Just nature stuff!

    According to Bastet, Satan Club is just teaching kids about nature and whatnot.

    “One of our meetings a couple of months ago, we learned about Virginia native bats,” she said, adding “This last meeting, we had one of the parents in the club volunteer to bring in a bunch of bones and fossils that she and her husband have found in Virginia.”

    Neat!

    That said, the ‘curriculum’ could change this fall as the club seeks to integrate the seven tenets of the Satanic Temple, which include “compassion and empathy toward all creatures in accordance with reason,” and that “beliefs should conform to one’s best scientific understanding of the world. One should take care never to distort scientific facts to fit one’s beliefs.”

    “We just came out with a book that is like the children’s version — or I should say a very sweet way to interpret — the tenets in a very understanding way that children could understand. So we might start actually using this book to talk to the kids about our seven tenets,” said Everett, adding “We have a lot of big plans for next school year.

    We bet they do…

    Tyler Durden
    Sat, 05/13/2023 – 19:00

  • California Reparations Committee Calls for Ending Cash Bail
    California Reparations Committee Calls for Ending Cash Bail

    Authored by Elizabeth Dowell via The Epoch Times,

    California’s reparations committee is calling for state officials to end cash bail and the prosecution of low-level crimes after approving a reparations payment plan to make amends for slavery and anti-black racism earlier this week.

    The nine-member committee, which was created by state legislation signed by Gov. Gavin Newsom in 2020, approved its final recommendations to the California Legislature, which will decide whether to enact the measures and send them to the governor’s desk to be signed into law.

    A final report is due to the Legislature by July 1, where recommendations include several proposals related to criminal justice, including the elimination of cash bail.

    “The cash bail system is at the core of many of the class and race-based inequities in the criminal legal system,” the committee wrote in its proposal.

    “The task force accordingly recommends that the legislature take all steps necessary to definitively end cash bail.”

    California Gov. Gavin Newsom signs into law a bill that establishes a task force to come up with recommendations on how to give reparations in Sacramento, Calif., on Sept. 30, 2020. (Office of the Governor via AP)

    Government officials and prosecutors have argued that it’s unfair to low-income people who can’t afford it to pay cash for bail and have fought to end this requirement.

    “Pretrial detention can last months and even years, during which incarcerated individuals suffer countless harms, including deteriorating mental and physical health, risk of sexual violence and lasting trauma,” the committee wrote.

    “These harms exert significant pressure on defendants to accept plea bargains in order to be released from custody rather than fighting the charges at trial.”

    Newsom called the recommendations “a milestone in our bipartisan effort to advance justice and promote healing.”

    “Dealing with the legacy of slavery is about much more than cash payments,” Newsom said in his statement.

    “We are waiting for the process to be completed.”

    The recommendations approved by the committee outline restitution that, if approved by state lawmakers, could cost billions of dollars to address historical disparities in health care, housing, and policing.

    “Many of the recommendations put forward by the Task Force are critical action items we’ve already been hard at work addressing: breaking down barriers to vote, bolstering resources to address hate, enacting sweeping law enforcement and justice reforms to build trust and safety, strengthening economic mobility—all while investing billions in rooting out disparities and improve equity in housing, education, healthcare, and beyond. This work must continue,” Newsom said.

    Assemblymember Reggie Jones-Sawyer, a Los Angeles-area Democrat on the committee, said in an interview that it’s too early to know whether payments could get passed in the Legislature, as the committee’s report deadline looms.

    “We have absolutely no idea right now what will or will not be approved,” he said.

    Republican Lauren Boebert criticized the reparations payments calling it “a joke.”

    “The fact that supposedly serious people in San Francisco are considering a plan that would give $5,000,000 in reparations to every black resident in their city in a state that never had slavery is a joke,” Boebert wrote on Twitter.

    California’s black population includes more than 2.5 million people.

    The committee outlines what it describes as “over-policing” of black Americans before calling for California to stop prosecuting low-level crimes.

    “Given the devastating impacts of this kind of over-policing, the task force recommends that the legislature prohibit law enforcement from criminally enforcing public disorder infractions and other low-level crimes,” the committee wrote.

    “Instead, a public health and safety institution, without criminal arrest or prosecution powers, would enforce prohibitions such as sleeping on the sidewalk, fare evasion, spitting on the train, and similar transit-related or other public disorder violations that criminalize poverty,” the committee added.

    Assemblymember Lori Wilson, who chairs the state Legislative Black Caucus, said that the caucus would champion policy proposals included in the task force’s report.

    “We look forward to working collaboratively with our Legislative colleagues and Gov. Newsom’s administration as we continue to fight for equity in our communities,” Wilson said in a statement.

    Tyler Durden
    Sat, 05/13/2023 – 18:30

  • Oregon GOP Walkout Targets Bills On Abortions For Children, Gun Control
    Oregon GOP Walkout Targets Bills On Abortions For Children, Gun Control

    By not showing up for duty, Oregon’s Republican state senators are thwarting Democrats’ attempts to pass bills on gun control, abortion and so-called “gender-affirming care.” Oregon Senate rules require that two-thirds of members be present for before votes on legislation can be held. Senators joining the no-show campaign are playing with fire, as they could find themselves disqualified from serving additional terms. 

    Outwardly, Republicans claim their boycott is aimed at forcing Democrats to comply with a long-obscure 1979 law requiring bill summaries to be written at an 8th- or 9th-grade reading level. However, that position is widely understood to be a creative pretext for blocking bills that Republicans consider extreme. Credit a GOP senate staffer who dug up the 44-year-old law that’s seemingly been ignored ever since enacted. 

    Plenty of empty desks in the Oregon Senate on May 11, as only two Republicans showed up (Dirk VanderHart/OPB)

    Hundreds of bills are now stuck, but the blockage is primarily motivated by Republican opposition to two particular Democrat proposals. The first of them is House Bill 2002, which would:

    • Let minors of any age get an abortion without parental notice, much less permission
    • Order private insurers and Medicaid to pay for more services under an umbrella of “gender-affirming care” 
    • Require student health centers to dispense abortion and emergency contraception drugs 
    • Deploy mobile “health clinics” to carry out abortions and gender transitions in rural areas

    Republicans are incensed by the package. “Oregonians do not want more of their taxpayer dollars going to something they fundamentally disagree with,” said Rep. Christine Goodwin told Oregon Public Broadcasting. “Ask them how they feel about a mobile abortion truck parked in their neighborhoods.”

    Of course, it’s not just taxpayer dollars at stake: The mandates for private insurers would mean higher premiums for all Oregonians covered by private policies, compelling them to indirectly fund gender swaps for fellow citizens. 

    Gun control advocates protest the GOP’s Oregon Senate walkout (AP via New York Post)

    Republicans are also trying to derail House Bill 2005, a gun control bill that would: 

    • Increase the minimum age for buying certain semiautomatic firearms from 18 to 21
    • Criminalize possession of untraceable firearms, which gun control advocates label “ghost guns”
    • Require background checks for private firearm sales

    Democrats and Republican leaders have been holding closed-door meetings, but the Democratic Senate leader says his side won’t budge on the abortion and gender-switch bill.

    The longer the boycott lasts, the closer various Republicans put themselves in jeopardy of disqualification from additional terms in office. Last year, by a resounding 68% to 32% tally, the state’s voters approved a constitutional amendment that imposes that penalty on legislators who rack up 10 unexcused absences. The measure was motivated by repeated walkouts.  

    When Democrats in Texas and Wisconsin carried out similar walkouts to block legislatures from achieving a quorum, they were celebrated as heroes. However, Republicans are being condemned for using the same tactic in Oregon. 

    It is abundantly clear that there is a concerted effort to undermine the will of the people and bring the legislature to a halt in violation of the constitution of the state of Oregon,” said Democratic Senate President Rob Wagner.  

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    Tyler Durden
    Sat, 05/13/2023 – 18:00

  • Pentagon To Expand Air Defenses In Guam, Eyeing China & N.Korea Threats
    Pentagon To Expand Air Defenses In Guam, Eyeing China & N.Korea Threats

    Authored by Kyle Anzalone via The Libertarian Institute,

    A Defense Department official told Congress that the Pentagon is acting on plans to build a multi-layered air defense system in Guam, where Washington keeps several military bases. The Missile Defense Agency (MDA) is requesting $1.5 billion to begin stationing new radars and interceptors on the island next year.

    Missile Defense Agency director Vice Adm. Jon Hill told a Senate panel on Tuesday that the Pentagon is currently conducting environmental impact studies at multiple sites where it hopes to deploy new systems. Local officials in Guam now have less than 30 days to review the reports and offer a response.

    Hill stressed that the US must defend all of its territories as if they were the American homeland, including Guam, adding that the Pentagon would install a “360-degree layered defense capability” on the island to secure it against “simultaneous cruise, ballistic, maneuvering and hypersonic” missile attacks.

    The Missile Defense Agency plans to deploy AEGIS, SM-3, SM-6 and THAAD interceptors at various points on Guam. The Pentagon previously awarded Lockheed Martin a $527 million contract to develop an upgraded AEGIS system for the island, while the MDA is hoping to receive another $1.5 billion to spend on Guam’s air defenses during FY 2024.

    The Defense Department is additionally working on new radar systems to deploy to Guam. “We are in the early stages of developing the Homeland Defense Radar-Guam (now designated as the AN/TPY-6 radar) and the Aegis Guam System to provide persistent long-range midcourse discrimination, precision tracking, missile engagements, and hit assessment to protect Guam,” Hill said in his written testimony.

    The vice admiral told the Senate panel that the systems were needed to contend with alleged threats posed by China and North Korea.

    The Joe Biden administration has adopted confrontational policies toward Beijing and Pyongyang, issuing a steady stream of threats and ultimatums to both countries. China and North Korea say the US military buildup in the region is driving a major spike in tensions, citing a flurry of live-fire drills and other operations in the Asia-Pacific in recent years.

    The AEGIS system in particular could further fuel the cycle of escalation, as it is capable of being converted to fire offensive missiles, including those carrying nuclear warheads, in addition to defensive interceptors

    Tyler Durden
    Sat, 05/13/2023 – 17:30

  • San Francisco Democrat Pushes To Restrict Gun Use By Security Guards 
    San Francisco Democrat Pushes To Restrict Gun Use By Security Guards 

    San Francisco Supervisor Dean Preston introduced new draft legislation earlier this week that would prevent security officers in the crime-ridden progressive metro area from using their firearms to protect property. 

    “We must amend local law to prohibit guards from drawing weapons just to protect property,” Preston tweeted on Tuesday. 

    The Democratic Socialist’s proposal follows an incident last month when a Walgreens security guard shot and killed suspected burglar Banko Brown. 

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    Preston’s ridiculous push to limit the ability of security guards to use firearms while on the job attracted criticism from the world’s second-richest person, Elon Musk: 

    “It’s bad enough already. If security guards can’t protect stores, offices, homes or themselves from violent criminals, who would remain in San Francisco?”

    Another tech entrepreneur Joe Lonsdale said, “SF leaders are basically openly inciting robbery. A security guard damn well can defend you and your property with a gun, in a free country.” 

    Lonsdale said he’s concerned about his “friends and colleagues” in this increasingly “lawless” city, adding, “I hope they succeed at voting out people like Preston.” 

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    And lawlessness is right. Just look at the chaos in Oakland the other night as the progressive district attorney fails to enforce law and order. 

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    Meanwhile, retailers like Whole Foods, Nordstrom, T-Mobile, Office Depot, and many others are closing up shops as thefts are surging out of control. 

    Similar occurrences have recently been observed in cities like Baltimore and Chicago, where groups of young people wreak havoc on city streets. This is a failure of progressive leadership nationwide to enforce law and order. The American people are infuriated by the failure of progressives, as there is no accountability for implementing failed policies. 

    Tyler Durden
    Sat, 05/13/2023 – 17:00

  • Recession Odds Rise To Highest In 40 Years: Fed
    Recession Odds Rise To Highest In 40 Years: Fed

    Authored by Tom Ozimek via The Epoch Times,

    The odds that the United States will fall into a recession at some point over the next 12 months have risen to a 40-year high, according to a probability model from the New York Federal Reserve.

    The probability that the country will enter a recession within the next year has risen to 68.2 percent, according to the New York Fed, which is the highest level since 1982.

    The Fed’s recession risk indicator is now greater than it was in November 2007, not long before the subprime crisis, when it stood at 40 percent.

    The recession model is based on the spread between the three-month and 10-year yields on U.S. Treasurys.

    For months, the U.S. economy had been projected to show slowing real GDP growth and labor market softening.

    Amid the banking sector turmoil sparked by the collapse of Silicon Valley Bank, economists at the Federal Reserve have projected a shallow recession.

    “Given their assessment of the potential economic effects of the recent banking-sector developments, the staff’s projection at the time of the March meeting included a mild recession starting later this year, with a recovery over the subsequent two years,” stated the minutes from a March meeting of the Federal Open Market Committee (FOMC).

    There has been a growing chorus of experts who believe that the odds of a recession are high.

    Former Treasury Secretary Larry Summers said he thinks the chances are “probably about 70 percent.”

    “The chance that a recession will have begun this year in the U.S. over the next 12 months is probably about 70 percent,” Summers said in a recent interview with Foreign Policy.

    “As I put together the lags associated with monetary policy, the credit crunch risks, the need for continuing action around inflation, the risk of geopolitical or other shocks affecting commodities, 70 percent would be the range that I would be in.”

    Economists at Capital Economics published their latest quarterly U.S. economic outlook report, warning that the “acute bank stress” will result in “further tightening” of credit conditions, leaving them “even more convinced that the economy will fall into recession this year.”

    ING economists are also “more convinced than ever” with their prediction of a recession, citing in a research note the financial turmoil and the Fed’s monetary policy tightening.

    A recent poll showed that most Americans believe that the country is headed for a recession—or has already fallen into an economic downturn.

    Pessimism about the economy hit a record high amid rampant price inflation, rising interest rates, and growing recession concerns, according to the latest CNBC All-America Economic Survey.

    The survey showed that 69 percent of U.S. adults have negative views about the current economic landscape, which is the highest figure since the survey began 17 years ago.

    The elevated recession risk comes amid a debt ceiling standoff in Washington.

    Debt Ceiling Deadlock

    The Treasury Department has warned that the United States could default as soon as June 1 if no deal is reached.

    The White House has put out an analysis that said even a “short” default could eliminate half a million jobs and that a “protracted” one could cost 8.3 million jobs.

    When the United States reached the $31.4 trillion debt cap in January, the Treasury Department started resorting to “extraordinary measures” to keep making payments on outstanding federal debt obligations and keep the government from defaulting.

    At some point, however, the scope to continue with those accounting maneuvers will run out and the government will face the prospect of being unable to meet its financial obligations—a moment known as the X-date.

    When the X-date is reached and there’s no agreement in Congress to lift the cap, the Treasury Department will be unable to issue any more bills, bonds, or notes and can only make payments on the government’s debt obligations from incoming tax revenues.

    After a three-month hiatus, negotiations on raising the debt cap resumed on May 9 between President Joe Biden and House Speaker Kevin McCarthy (R-Calif.), but they ended with no breakthrough.

    Biden has insisted on a clean bill to raise the borrowing limit, while McCarthy and House Republicans have put forward a proposal that would pair lifting the cap by $1.5 trillion with $4.5 trillion in spending cuts over a decade. The president has rejected the GOP proposal and vowed to veto it if it reaches his desk.

    Tyler Durden
    Sat, 05/13/2023 – 16:30

  • Egypt Rejects US Requests To Block Russian Military Flights
    Egypt Rejects US Requests To Block Russian Military Flights

    Washington is trying to pressure Egypt into closing its airspace for all Russian military flights, but the regional US ally isn’t having it, which also awkwardly comes following a recent Pentagon leak showing Cairo planned to supply Moscow with rockets.

    “Egypt has ignored U.S. requests to close its airspace to Russian military flights, American and Egyptian officials said, testing the limits of Washington’s ability to choke off Moscow’s supplies ahead of an expected Ukrainian counteroffensive,” The Wall Street Journal reports Friday.

    “The U.S. and Ukraine persuaded countries including Turkey, Jordan and Iraq to cut access for at least some Russian military planes last year after the invasion of Ukraine, forcing Moscow’s aircraft to fly 2,000 extra miles and up to five hours further to reach strategic bases in Syria,” the report continues.

    Washington’s concern is that Russia has likely been using Egyptian airspace to transport weapons from its arms depots elsewhere in the Middle East – for example in Syria where since 2015 it’s had a significant military build-up, particularly focused along the coast. 

    Flight records cited in the WSJ report showed that at least seven such military flights which utilized this Syria route, before heading to Russia’s Black Sea region. 

    Egypt over the past multiple decades has been just behind Israel as a top recipient of US foreign aid, to the tune of about $1.3 billion annually. In recent years Congress has made moves to withhold some of this if it doesn’t better servce US interests. Washington has long propped up Egypt’s military largely in order to keep the peace with Israel. 

    For example a State Department fact sheet has reviewed that “Since 1978, the United States has provided Egypt with over $50 billion in military and $30 billion in economic assistance.”

    Last month the Washington Post reported on a leaked slide which was part of the “Discord leaks” of Pentagon documents. The slide said that Sisi recently ordered production of up to 40,000 rockets to be covertly shipped to Russia.

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    The top secret document, dated to Feb. 17 of this year, included a summary of conversations between the Egyptian president Abdel Fattah El-Sisi and his senior military officials. “In the document, Sisi instructs the officials to keep the production and shipment of the rockets secret ‘to avoid problems with the West,'” the Washington Post wrote. Artillery rounds and gunpowder were also mentioned.

    Countries like Egypt (viewed as close American allies) caught shipping weapons into Russia would not only prove highly embarrassing for the Biden administration, but could possibly trigger US sanctions, or at least the freezing of defense aid to the country.

    Tyler Durden
    Sat, 05/13/2023 – 16:00

  • Our Two Deep States: One Public, One Private
    Our Two Deep States: One Public, One Private

    Authored by Charles Hugh Smith via OfTwoMinds blog,

    One Deep State is bad enough, but a renegade, predatory private-sector Deep State is intolerable.

    In 2007, well before the term Deep State entered the common lexicon, I sketched the interconnected public-private pieces of the Deep State, which I termed the elite maintaining and extending global dominance. This diagram doesn’t make all the connections or list all the consequential nodes of influence of course, but you get the idea: elected officials, i.e. “democracy,” play a modest role in the entire structure, which displays remarkable continuity regardless of which politicians and parties are currently in power.

    That’s the whole idea, of course: continuity that can’t be disrupted by an election.

    What’s changed is the emergence of a private-sector Deep State–a.k.a. Big Tech–that has established unprecedented power outside the control of elected officials even as it continues to play ball with the traditional public-sector dominated Deep State of the alphabet federal agencies and informal public-private sector ties.

    This private-sector Deep State is free to pursue its own agenda of information-gathering and selling, surveillance, influence and profit-maximizing monopolies while seeming to serve the traditional Deep State as information-collecting and censorship services.

    What makes Big Tech a private-sector Deep State is that nobody outside the corporations knows precisely what’s in their databases and algorithms or the extent of their capabilities. Sure, they share information with the traditional Deep State players, and censor whomever it’s “suggested” they censor / shadow-ban, but that transfer isn’t 100% of what Big Tech has in hand. All that transfer is just enough to appear to be playing ball so Big Tech can “suggest” OK, we’ve done our part, now leave us alone.

    The problem with both Deep States is there is no recourse within the system for those censored / shadow-banned, those being tracked, those whose data is being siphoned off and sold to whomever offers a hefty sum of cash, and so on. The basic idea of the US Constitution is that every citizen has some recourse via the judicial or political systems should the state (government) or private entities overstep the boundaries established by the Constitution.

    Citizens have no recourse against the predations of Big Tech or the traditional Deep State. Um, hello there, Big Tech, could you please share precisely how and when I’ve been shadow-banned, who else has copies of the data you’ve collected about me and how much you “earned” selling my data to third parties? What’s actually in your AI tools? Does any public agency have any real oversight power over all the looting, pillaging and predation you’re pursuing?

    So sorry (heh), you agreed to our terms of service which grant us all the rights and our algorithms and databases are protected proprietary corporate property. So blow chow, pal, you have no recourse. We’re a corporation, we have rights; you’re only a citizen, you have none. You currently have permission to post photos of puppies and kittens, so just enjoy the photos of puppies and kittens and be happy you haven’t yet been digitally erased entirely.

    Um, hello there, Alphabet-Soup Agency, could I please have all the files you’ve assembled on me? Yes, there is a protocol for requesting information (the Freedom of Information Act FOIA), but there are exemptions and delays, so don’t hold your breath.

    Meanwhile, the nation careens into an era of Polycrisis, defined as a cluster of related global risks with compounding effects, such that the overall impact exceeds the sum of each part. This is of course a classic description of emergent systems, which display characteristics that differ from those generated by each individual component.

    I’ve sketched out a few of these dynamics in the chart below of overlapping crises.

    At the same time, the global status quo, regardless of political flavor, is sliding down the backside of the S-Curve (see graph below). Everything that was considered a dependable solution is now the problem. There are no solutions within the existing status quo, and so everyone has no choice but to do more of what’s failed spectacularly.

    There are no perfect, sacrifice-free fixes to the demise of the debt-funded, waste is growth / Landfill Global Economy, but a good start would be bringing the private-sector Deep State of Big Tech to heel, stripping it of its opacity and powers, relegating everything Big Tech does or attempts to a tightly regulated utility with transparent public oversight.

    One Deep State is bad enough, but a renegade, predatory private-sector Deep State is intolerable. It goes almost without saying that I’ve been shadow-banned for the past 7 years (revealed by the bogus PropOrNot hit list), if not longer, but the mechanisms of this censorship are opaque, not just to me but to the elected branches of government and the shadow-realm of the traditional Deep State.

    *  *  *

    My new book is now available at a 10% discount ($8.95 ebook, $18 print): Self-Reliance in the 21st Century.

    Read the first chapter for free (PDF)

    Become a $1/month patron of my work via patreon.com.

    Tyler Durden
    Sat, 05/13/2023 – 15:30

  • Non-Binary Character In New Transformer Cartoon Goes Viral As People Call For "Another Brand Boycott"
    Non-Binary Character In New Transformer Cartoon Goes Viral As People Call For “Another Brand Boycott”

    Out of the ‘woke’ indoctrination ovens from studios in Hollywood is a children’s computer-animated television show called “Transformers: EarthSpark” that first aired on Paramount+ in November 2022 and has embraced the woke movement. 

    Paramount+ might be digging its grave after the show for young kids appears to have recently promoted gender ideology. 

    I know I’m safe when I’m with my friends or other non-binary people,” a character named Sam said to Transformer Nightshade. Sam also said her pronouns are “she/they.”

    The 1-minute clip tweeted by Libs of TikTok has been viewed 8 million times within 24 hours. Commenting on the clip is Mostly Peaceful Memes, who said, “Really putting the trans in transformers ammiright?”

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    The cringe-woke cartoon isn’t the first. Disney has been pumping woke cartoons for a while, enraging parents. The proliferation of woke cartoons should be a wake-up call for parents and the need to vet kids shows as Hollywood and the left wages a culture war on the youngest generation. Twitter users were appalled by the woke cartoon. 

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    Paramount+ might be walking a fine line as some Americans have been on a roll, boycotting products from corporate America, such as woke Bud Light. 

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    Tyler Durden
    Sat, 05/13/2023 – 15:00

  • Non-Profit Hospitals Made Huge Profits During Pandemic While Receiving $23 Billion In Federal COVID-19 Aid: Report
    Non-Profit Hospitals Made Huge Profits During Pandemic While Receiving $23 Billion In Federal COVID-19 Aid: Report

    Authored by Mark Tapscott via The Epoch Times (emphasis ours),

    Federal officials gave more than $23 billion COVID-19 aid to the nation’s top 20 nonprofit hospitals even as a 62 percent increase in their collective net assets led parallel surges in the institutions’ total profits and revenues during the 2018-2021 time period spanning the Coronavirus pandemic, according to a new report.

    The Mayo Clinic in Rochester, Minn., on Sept. 29, 2020. (Kerem Yucel/AFP via Getty Images)

    Only two of the 20 institutions have repaid the government for the COVID-19 aid they received.  

    The 20 largest nonprofit hospitals in the country continued making massive profits while their cumulative net assets soared to $324.3 billion in 2021, up from $200.6 billion in 2018. The year 2021 is the latest year available for cross-comparison purposes.

    “Those hospital systems received congressional COVID bailouts of $23 billion and only two providers partially paid their COVID bailout back,” said the report compiled by Open The Books, an Illinois-based research nonprofit that compiles and posts spending by all levels of government in America. The two institutions that have partially repaid the government were not identified.

    The biggest jump among the top 20 was 92 percent by the Mayo Clinic, based in Rochester, Minnesota, whose assets went from $9.2 billion in 2018 to $17.7 billion in 2021. The Mayo Clinic received $350,000 in federal COVID-19 aid, the lowest amount received among the top 20 institutions.

    The Cleveland Clinic Health System, based in Independence, Ohio, saw its assets go up 60 percent, from $9.8 billion to $15.7 billion, while receiving $118 million in federal COVID-19 aid. Intermountain Healthcare, based in Salt Lake City,  Utah, the 12th largest of the top 20, enjoyed a 63 percent growth in net assets from $7.1 billion to $11.6 billion. Intermountain received $518 million in aid.

    The Cleveland Clinic in Cleveland, Ohio. (Courtesy of Cleveland Clinic)

    Seeing a 43 percent jump in net assets between 2018 and 2021 was the Northwestern Medicine system, moving from $8.3 billion to $11.9 billion, and receiving $419 million in COVID-19 aid from federal officials. The Indiana University Health System went from $7 billion in 2018 to $10.3 billion in 2021, a 47 percent increase. The Indiana facility received $726 million in COVID-19 assistance from the government.

    And as the revenues poured in for the 20 hospitals, compensation for their top executives soared, often beyond $10 million annually, according to the report.

    For example, the chief executive officer (CEO) of Ascension Healthcare, which is based in St. Louis and is the nation’s second-largest such system, received $13 million in 2021 and a total in excess of $22 million for the period covered by the study.

    The recipient among the top 20 of the most COVID-19 aid was San Francisco-based CommonSpirit Health with $3.6 billion, followed by Providence St. Joseph Center with $3 billion, Ascension Healthcare with $2.7 billion, Livonia, Michigan-based Livonia Health with $2.3 billion and Sutter Health, based in Sacramento, California, with $1.7 billion.

    But the overall health of Americans headed downward between 2018 and 2021.

    American life expectancy during this period sharply declined by a staggering 2.5 years from 2019 through 2022. While ‘comparable country averages’ rebounded from a COVID-related drop in 2021, the United States continued declining in life expectancy,” the report found.

    “Yet, the cost of health care is still astronomically high, as the average family paid $22,463 in health insurance premiums in 2022. That does not include out-of-pocket costs like co-pays and deductibles, which can be thousands more. This has led to medical debt for about 100 million Americans,” the report continued.

    Read more here…

    Tyler Durden
    Sat, 05/13/2023 – 14:30

  • Watch: Texas Governor Buses More Illegal Migrants To Kamala Harris' House
    Watch: Texas Governor Buses More Illegal Migrants To Kamala Harris’ House

    For decades, Democrats have ignored or applauded the mass movements of illegal immigrants across the US southern border as a grand signal of cosmopolitan virtue.  However, as soon as border states began to fight back against open border policies and started sending those same migrants to leftist cities, suddenly their tone changed and their enthusiasm disappeared. 

    The moment blue sanctuary cities were forced to deal with the direct repercussions of an invasion of low skill, welfare seeking illegal migrants, leftists became enraged. Instead of blaming their own failed ideals, they started blaming the conservative governors that are bussing the illegals to their doorstep.  Unphased by the indignant whining of Democrats, the governors of Florida and Texas have continued their effort to make a point – If leftist controlled cities can’t even handle a few thousand migrants, why should border towns be expected to handle millions?  

    With the continuance of Title 42 now in question, the ability of border patrol agents to ship migrants directly back to Mexico is about to disappear.  And, if red states aren’t allowed by the Biden Administration to send them back, they might as well send them to Biden. 

    Texas Governor Greg Abbot has sent another group of buses carrying illegals to already overwhelmed Washington DC, straight to the residence of Vice President Kamala Harris: 

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

    As the saying goes, the beatings will continue until morale improves.  Perhaps Democrat constituents will finally start questioning the immigration policies of their leadership? 

    Tyler Durden
    Sat, 05/13/2023 – 14:00

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Today’s News 13th May 2023

  • Could The US "Lose" Australia?
    Could The US “Lose” Australia?

    By Russell Clark of the Capital Flows and Asset Markets substack

    Australia as a colony, and then after independence, operated as part of the British armed forces, sending substantial number of troops to World War I and II to fight in Europe. However during World War II, the collapse of Singapore saw Japanese forces attack the mainland Australia. Only the US was able to offer military support, and from this moment on, Australia military was reconfigured to ally with the US rather than British Armed Forces. The military bond between the US and Australia is so close, that Australia reintroduced conscription during the Vietnam war. Even today songs like “Khe Sanh” and “I was only 19” that describe the trials and tribulations of Australian soldiers in Vietnam are well known.

    After the Vietnam war, for years Australian defense policy was centered on a “large country to the north” aka Indonesia. Military fears were driven by the invasion and annexation of West Papua by Indonesia in 1969 that saw a number of Australian journalists perish. Papua New Guinea was ruled by Australia until 1975, meaning that Australia was already protecting a land border against Indonesia. As an Australian military map shows, only Indonesia is close enough to possibly invade the populated East Coast. A military policy focused on stopping a potential Indonesian threat was both logical and sensible.

    The isolation of Australia with the collapse of the Soviet Union, and the rise of democracy in Indonesia has led Australia to have defense policy of “strategic warning time”, which in essence meant that Australia had 10 years to respond to any real military threat. The most recent review argues that this period is over, and Australia needs to commit to a much more rigorous defense strategy. In particular it is looking to work much more closely with other nations in the Indo-Pacific region to counteract the influence of China. The landmark agreement of AUKUS where Australia will acquire nuclear submarines from the UK. The problem is that Australia now seems to be investing heavily to protect itself from its largest trade partner (memorable parodied here).

    Given the distances involved, and China’s dependence on Australian raw materials, the likelihood of China invading Australia seems very low. Australia already spends around 2% of GDP on military, which is enough to make it the dominant power in Oceania.

    Militarily Australia looks like its spends more than enough to resist any possible invasion, and to project power near its borders. So what exactly is the aim of Australia’s more robust defence posture, and the AUKUS treaty. The most controversial feature of the AUKUS treaty was Australia cancelling the contract to buy Collins class submarines from France, and buying nuclear powered submarines from the UK. There is much debate over whether these submarines are actually better, for Australia, but it is very clear that the nuclear submarines can travel much further than conventional submarines.

    The conclusion I make from all of this is that Australia has decided to participate in the potential defense of Taiwan. The reunification of Taiwan to the mainland has been government policy since the foundation of the People’s Republic of China. If that is the unstated aim of this policy, then the question has to be whether this is correct strategy. If the aim is to bolster Taiwanese defences, then it would make more sense to bolster spending in areas near a potential conflict. Why not have Australia send more military equipment to Taiwan? Or why not give Japan nuclear submarines? The AUKUS plan has Australia building 8 submarines coming into service in 2030s and 2040s. Given the current mismatch between Chinese and Taiwanese navies, what is the point?

    Plainly Australia’s military plans are sending a political signal, but at the cost of $10bn a year for 30 years. Other problems included the lack of nuclear industry in Australia means developing the know how to deal with nuclear material from scratch, as well as making mainland Australia a legitimate target if China did invade Taiwan. While the Vietnam war is still remembered in song, the failures of British military strategy in World War I are remembered even more keenly in Australia (ANZAC day is a more important that either Australia Day or Federation day – and commemorates the loss of Australian and New Zealand soldiers lives in a badly planned military campaign in Turkey). Some historians saw the debacle in Turkey in World War I was the true beginning of Australian independence from Britain. Confused strategy regarding Taiwan could have the same effect. Former Prime Minister Paul Keating has already spoken out against this new military strategy, and he makes a valid point.

    As the parody video linked above makes clear, Australian military strategy would benefit from clearer objectives, and perhaps refraining from throwing money at projects until it can clearly state those objectives.

    Tyler Durden
    Fri, 05/12/2023 – 23:40

  • YouTuber Admits Crashing Plane Into California Mountain For Views To Lock "Sponsorship Deal"
    YouTuber Admits Crashing Plane Into California Mountain For Views To Lock “Sponsorship Deal”

    Society needs to have a national discussion regarding the lengths social media influencers go to produce outrageous and dangerous content in pursuit of more views and sponsorship deals. 

    The story of Olympic snowboarder turned YouTube influencer Trevor Jacob is a prime example of the ridiculousness on social media. He admitted to federal prosecutors that he deliberately crashed his small plane into a mountain in Southern California to boost views for a sponsorship deal.

    Jacob pleaded guilty to one count of destruction and concealment with the intent to obstruct an investigation, the US Attorney’s office for Central California wrote in a press release. He faces a maximum penalty of 20 years behind bars. 

    According to his plea agreement, Jacob is an experienced pilot and skydiver who had secured a sponsorship from a company that sold various products, including a wallet. Pursuant to the sponsorship deal, Jacob agreed to promote the company’s wallet in a YouTube video that he would post. – federal prosecutors

    Jacob admitted in his plea agreement that he intended to make money through the video. 

    Recall the video was posted on YouTube in late 2021 titled “I Crashed My Airplane,” which shows Jacob parachuting out of the plane as the engine appeared to have stalled. 

    We noticed the video about a week after it went live and pointed out a large number of folks who believed the social media influencer staged the air emergency

    As of Friday afternoon, the video has more than 3 million views. The ratio on the video of likes versus dislikes is horrendous: 33k likes/207k dislikes. 

    Months after Jacob posted the video, the Federal Aviation Administration sent him a letter on April 11, 2022, indicating he violated the agency’s regulations and operated his small plane in a “careless or reckless manner so as to endanger the life or property of another.” His pilot license was revoked shortly after. 

    Now he faces jail, all because he wanted more views. 

    Tyler Durden
    Fri, 05/12/2023 – 23:20

  • Why Was EcoHealth Alliance's Grant Reinstated Despite Group's Apparent Failure To Comply With NIH Conditions?
    Why Was EcoHealth Alliance’s Grant Reinstated Despite Group’s Apparent Failure To Comply With NIH Conditions?

    Authored by Hans Mahncke via The Epoch Times (emphasis ours),

    The National Institutes of Health (NIH) has reinstated a grant that had been terminated by President Donald Trump in April 2020. However, a document first obtained by the House Oversight Committee reveals that the NIH’s conditions for reinstatement have not been met.

    Peter Daszak, right, the president of the EcoHealth Alliance, is seen in Wuhan, China, on Feb. 3, 2021. (Hector Retamal/AFP via Getty Images)

    The grant, titled “Understanding the Risk of Bat Coronavirus Emergence,” was originally awarded in 2014 by Dr. Anthony Fauci’s National Institute of Allergy and Infectious Diseases (NIAID). Under the terms of the grant, EcoHealth Alliance, a government-funded nonprofit that purportedly engages in research to prevent pandemics, was awarded $3.8 million over five years to assess the spillover potential of bat viruses “using reverse genetics, pseudovirus and receptor binding assays, and virus infection experiments in cell culture and humanized mice.” Put in simple terms, NIAID was paying EcoHealth to genetically engineer and manipulate bat viruses in labs.

    In May 2016, the grant was suspended after Erik Stemmy, a NIAID program officer, noticed that federal government funds may have been used for prohibited gain-of-function experiments at the Wuhan Institute of Virology (WIV) in China. At the time, the Obama administration had put in place a moratorium on gain-of-function experiments. However, for reasons that remain unclear, the suspension was lifted in July 2016. At the time, EcoHealth’s president, Peter Daszak, thanked NIAID in an email for lifting the gain-of-function funding pause.

    As part of the conditions of the grant, EcoHealth had to file regular activity reports. However, starting in 2018, EcoHealth stopped submitting these reports. EcoHealth would later blame technical difficulties for their failure to submit. The missing reports comprised the critical 2018–2019 timeframe right before the outbreak of COVID-19 in Wuhan.

    Despite EcoHealth’s delinquency in filing the status reports, NIAID did not stop funding the project. It was only after a Freedom of Information Act request for the reports was filed in 2021 that EcoHealth was prompted by NIAID to provide the reports. The reports, which were finally submitted by EcoHealth at least two years too late, in 2021, revealed that the NIAID grant had been used by EcoHealth and the WIV in part to create laboratory-engineered bat viruses. Had this fact been reported in a timely manner, the experiments would likely have been shut down by NIAID.

    When the connections between the WIV and NIAID’s grant became known in April 2020, Trump terminated the grant. Trump’s decision caused an outcry among the media and his critics. However, the NIH, which is NIAID’s parent body, appears to have been well aware that Trump’s actions were merited.

    On July 8, 2020, Michael Lauer, the NIH’s deputy director for extramural research who was in charge of “ensuring scientific integrity, public accountability, and effective stewardship of the NIH extramural research portfolio,” wrote a letter to EcoHealth, listing seven demands that needed to be fulfilled as a condition for reinstatement of the grant.

    NIH Issued 7 Demands

    First, EcoHealth needed to provide a sample of the COVID-19 virus which it used to determine the virus’ genetic sequence. The ostensible purpose of this demand was to compare this original sample with other samples in order to assess when it first emerged.

    Second, EcoHealth was required to “explain the apparent disappearance of Huang Yanling, a scientist / technician who worked in the WIV lab but whose lab web presence has been deleted.” Huang Yanling has long been thought to be patient zero. Her profile was scrubbed from the WIV’s website shortly after the outbreak of the pandemic in 2019 and she has not been seen since.

    NIAID director Dr. Anthony Fauci listens to President Joe Biden (out of frame) speak during a visit to the National Institutes of Health (NIH) in Bethesda, Md., on Feb. 11, 2021. (Saul Loeb/AFP via Getty Images)

    Third, EcoHealth was asked to share the “WIV’s responses to the 2018 U.S. Department of State cables regarding safety concerns.” These cables had warned of a “serious shortage of appropriately trained technicians and investigators needed to safely operate” the WIV’s high-level containment laboratories. They also warned that the National Health and Family Planning Commission, a state agency of the Chinese Communist Party (CCP), had denied a request to conduct coronavirus experiments at biosafety level 4. The actual experiments were carried out in low biosafety level 2 facilities.

    Fourth, EcoHealth was required to “disclose and explain out-of-ordinary restrictions on laboratory facilities, as suggested, for example, by diminished cell-phone traffic in October 2019, and the evidence that there may have been roadblocks surrounding the facility from October 14-19, 2019.”

    Read more here…

    Tyler Durden
    Fri, 05/12/2023 – 23:00

  • Judge Finds Federal Age-21 Rule For Handgun Purchases Unconstitutional
    Judge Finds Federal Age-21 Rule For Handgun Purchases Unconstitutional

    A 54-year-old federal prohibition on the sale of guns to Americans between 18 and 20 years old has been ruled unconstitutional by a federal judge in Richmond, Virginia. The Justice Department is expected to appeal and ask for the ruling to be put on hold as the case is further adjudicated. 

    The case has three plaintiffs, all between 18 and 20 years old. One, John “Corey” Fraser, was refused when he attempted to buy a Glock 19x from a Federal Firearm Licensed Dealer (FFL). The other two want to buy a handgun but haven’t tried, in light of Fraser’s experience.

    The challenged provision of the Gun Control Act of 1968 didn’t prohibit possession by 18- to 20-year-olds, it only made it illegal for FFL’s to sell handguns to them. Rifles and shotguns have no such federal restriction. 

    The ruling is the latest in a string of defeats for gun-control measures. The trend is driven by the application of a new constitutionality test prescribed in the Supreme Court’s 2022 Bruen decision.

    This week’s ruling is particularly significant because it’s one of the first that uses Bruen to kill a federal law, as opposed to a state one. In February, a federal court applying the Bruen test shot down a 30-year-old law banning gun ownership by people subject to domestic-violence restraining orders

    Using the Bruen test, a gun-control law can only be upheld if the government demonstrates that it’s “consistent with the nation’s historical tradition of firearm regulation.” Further, when examining the record, judges are compelled to give the most weight to historical sources from the era of the Second Amendment’s 1791 ratification. 

    In Thursday’s ruling, Judge Robert E. Payne of the US District Court for the Eastern District of Virginia concluded the government’s defense of the age-21 law failed the Bruen test: 

    “The government has not presented any evidence of age-based restrictions on the purchase or sale of firearms from the colonial era, Founding or Early Republic,” wrote Payne in a 71-page decision

    While the Supreme Court’s 2008 Heller decision found that the right to ‘keep arms’ isn’t exclusively tied to militia service, Payne scrutinized the history of militia laws — and particularly, age stipulations in those laws — as part of his review of the historical tradition of gun regulation relative to the challenged law.

    Those laws blew holes in the government’s case. “At the time surrounding ratification of the Second Amendment, 16 or 18 was the age of majority for militia service throughout the nation,” wrote Payne, who was nominated by President George H.W. Bush.  

    Elsewhere, he noted that, “if the Court were to exclude 18-to-20-year-olds from the Second Amendment’s protection, it would impose limitations on the Second Amendment that do not exist with other constitutional guarantees.” 

    Gun control advocates railed against the decision. “Research shows us that 18- to 20-year-olds commit gun homicides at triple the rate of adults 21 years and older,” said Janet Carter, senior director of issues and appeals at Everytown Law. She added that the age-21 handgun-purchase law “is not just an essential tool for preventing gun violence, it is also entirely constitutional.” 

    This decision is very important, but it doesn’t yet settle the issue nationally, as judges have been ruling in both directions where age restrictions are concerned:

    The patchwork of decisions could make the issue ripe for Supreme Court consideration. In the meantime, amid all that judicial inconsistency, state legislatures have been actively installing or considering new age-21 restrictions. For example: 

    Tyler Durden
    Fri, 05/12/2023 – 22:40

  • Migrants Reveal Plans To Sneak Into US Since Title 42 Has Expired
    Migrants Reveal Plans To Sneak Into US Since Title 42 Has Expired

    Authored by Joe Gomez via The Epoch Times (emphasis ours),

    The COVID-19 pandemic-era immigration policy Title 42 came to an end just before midnight on May 11 and thousands of illegal immigrants are anticipated to surge to the U.S. border when that happens, according to migrants and Mexican charity workers who spoke with The Epoch Times.

    We all want to reach the United States as quickly as we can,” Anna Maria Estrada told The Epoch Times in Mexico City. Estrada traveled from Guatemala into Mexico illegally with a group of dozens of other migrants.

    In an aerial view, immigrants line up to be processed to make asylum claims at a makeshift migrant camp on May 11, 2023 in El Paso, Texas. (John Moore/Getty Images)

    They’ve been given visas by the Mexican government called Forma Migratoria Multiple, which translates as Multiple Immigration Forms, so they can travel freely through the country.

    Estrada said that she and others are trying to get to the United States while there is still “time” to possibly take advantage of the chaos in the change of immigration regulations.

    This idea has been spread widely by transnational criminal organizations to induce migrants to pay to smuggle them into the United States.

    “DHS expects that encounters at the Southwest Border will increase as smugglers spread disinformation, which will place a strain on our immigration system, our communities, and our dedicated workforce,” the Department of Homeland Security said in a statement in early May.

    Estrada says her group and others are willing to risk everything to get to the United States even if it means taking the dangerous train called “la bestia,” which translates as “the beast” or the “train of death.” The train travels from Guatemala to the outskirts of Mexico City and then up to various parts of the U.S.–Mexico border. Hundreds die every day by falling off the train onto the rails below, with the hope of making it to the border.

    We are going to the train to see if we can make it if there is still time,” Estrada said.

    Illegal immigrants board vans after waiting along the border wall to surrender to U.S. Customs and Border Protection (CBP) Border Patrol agents for immigration and asylum claim processing upon crossing the Rio Grande river into the United States on the U.S.-Mexico border in El Paso, Texas, on May 11, 2023. (Patrick T. Fallon/AFP via Getty Images)

    Mexico City has provided shelter and aid to migrants traveling through, as have local churches like the Basilica of Guadalupe.

    “Mainly the migrants are devoted to the Virgin of Guadalupe so they will come here to pray for them and their families,” Arturo Duran, who works at the church, told The Epoch Times. “They have always gathered here as their safe place.”

    Duran said the migrants are mostly peaceful as they head to the border, wanting only to seek a better life, but some have other intentions.

    Some brothers are very angry about what happened in the Juarez prison [a migration center that burned to the ground, killing at least 40 people in March] and are seeking revenge.”

    Estrada’s group is part of thousands of other migrants trying to cross into the United States illegally.

    10,000 illegal immigrants have been captured daily on Monday and Tuesday of this week, according to Reuters.

    End of Title 42

    Title 42 allowed border authorities to quickly expel certain immigrants who illegally crossed into the United States seeking asylum, but it did not prevent them from doing so again.

    Now that it has ended, a stricter rule entitled Title 8 will be enforced, which would ban illegal immigrants who are captured crossing the border for up to five years.

    The new rule would encourage illegal immigrants who are traveling to the United States from Central America to first seek asylum in other countries.

    “We’ve gotten overwhelming cooperation from Mexico. We also are in the process of setting up offices in Colombia and other places where someone seeking asylum can go first,” President Joe Biden said at a White House press conference on May 9. “But it remains to be seen. It’s going to be chaotic for a while.”

    Read more here…

    Tyler Durden
    Fri, 05/12/2023 – 22:20

  • Pentagon Officials Acknowledge Uncertainty In Defending Against Hypersonic Missiles
    Pentagon Officials Acknowledge Uncertainty In Defending Against Hypersonic Missiles

    Authored by John Haughey via The Epoch Times (emphasis ours),

    The United States Department of Defense (DOD) is seeking nearly $30 billion in its $680 billion Fiscal Year 2024 (FY24) budget request for missile defeat and defense programs across all branches of the military.

    Artist’s concept of the DARPA and Lockheed Martin Hypersonic Air-Breathing Weapon Concept (HAWC). (Courtesy of Defense Advanced Research Projects Agency)

    Right now, the DOD is in a race to develop its own hypersonic missiles and engineer effective defenses against the high-velocity, maneuverable missiles being developed by Russia and, particularly, by the Peoples Republic of China (PRC).

    During questioning by Senate Armed Services Committee’s Strategic Forces Subcommittee Chair Sen. Angus King (I-Maine) in a May 9 budget hearing, four flag officers said some existing systems have “capabilities” against hypersonic weapons but did not know for sure until they are tested against the evolving missile systems.

    King was not happy. “It seems to me that we are spending a lot more money to developing hypersonic missiles than we are developing capabilities to defend against them,” he said.

    King asked Missile Defense Agency Director Vice Adm. Jon A. Hill if an aircraft carrier could be defended against a hypersonic missile attack.

    “We have the capability to stop it in two places, in the boost-glide phase” and when the missile re-enters the atmosphere, Hill said, noting the Navy’s SM-6 missiles are “cruise missile killers” designed to track and kill fast-moving, maneuverable targets that can fly high and skim the surface. “It would be defeated by a destroyer defending a carrier.”

    Noting Ukrainians claim they shot down a Russian hypersonic weapon last week with a Patriot anti-air missile provided by the U.S., Hill said the Patriot systems, Terminal High Altitude Area Defense missiles (THAAD), and Aegis ballistic defense system all have “capability” demonstrated in tests against hypersonics.

    THAAD operates on the edge of the atmosphere,” he said. “We haven’t tested it against hypersonic, but I’m willing to bet there are capacities that we can leverage there.

    Assistant Secretary of Defense for Space Policy John F. Plumb said the budget request “makes substantial investments in regional ballistic, cruise, and hypersonic missile defense capabilities,” including $1.2 billion for PAC-3 Patriot missile “interceptors,” $1 billion for Aegis and THAAD interceptors, and $259 million for regional hypersonic and ballistic missile defense space sensors and the development of a G

    An operational version of the Active Denial System, a directed energy weapon that is the equivalent of science fiction’s heat ray, is being developed by the U.S. Air Force. (Unlisted USAF personnel/Public domain/ Wikimedia Commons )

    21st Century Missiles vs. 1980s Technology

    King said these ant-missile systems are based on technologies from the 1980-90s and asked why DOD is not experimenting with using direct energy weapons to knock down missiles.

    At $4 to $10 million each, using missiles in a “bullet on bullet approach is an expensive proposition” in defending against other missiles.

    Developing a “directed energy” weapon for missile defense has been “a target for a period of time,” Hill said with prototypes being tested in the fleet. “It is scaling its way there. That work is being done today.”

    Read more here…

    Tyler Durden
    Fri, 05/12/2023 – 21:40

  • Thai Rice Crop In Crosshairs Of El Nino As Farmers Are Warned About Water Shortages
    Thai Rice Crop In Crosshairs Of El Nino As Farmers Are Warned About Water Shortages

    A disruptive El Nino pattern might impact rice production in Thailand, the world’s second-biggest exporter of the grain that feeds half the world’s population. 

    Bangkok Post reported farmers are being asked by the Office of the National Water Resources “to grow only one rice crop this coming season as rainfall will be below average because of the El Nino weather pattern.” 

    Surasee Kittimonthon, the ONWR secretary-general, said the rainy season, which usually begins in late May, will be delayed with periods of intermittent rain in June. 

    Kittimonthon said ONWR had devised a plan for increased water preservation within the country’s reservoir system. 

    “We can provide water to farmers for the first rice crop, starting in the rainy season.

    “But for the second or third crops, we would like farmers’ cooperation to grow other plants that need less water to help limit the water shortage,” he said.

    Rice production requires substantial amounts of water and relies heavily on irrigation systems and sufficient rainfall. It’s an early warning sign of how El Nino is set to wreak havoc on the global food system this year. 

    We told readers last month the weather-altering phenomenon had a high probability of forming. We said, “If El Niño does form, it could result in heavy rainfall and heatwaves in specific regions across the globe, potentially causing disruptions in the agricultural industry.” 

    And days ago, we informed readers about record-breaking heatwaves in Asia and Europe in a note titled “Is El Nino Supercharging Heatwave Across Asia?” 

    Separately, earlier this month, Fitch Solutions published a report that forecasts this year’s global rice production will log its biggest shortfall in two decades. 

    “At the global level, the most evident impact of the global rice deficit has been, and still is, decade-high rice prices,” Fitch Solutions’ commodities analyst Charles Hart told CNBC. 

    Sliding rice production causes grain prices to increase for 3.5 billion people, particularly in the Asia-Pacific region — this region of the world accounts for 90% of the world’s rice consumption. 

    “Given that rice is the staple food commodity across multiple markets in Asia, prices are a major determinant of food price inflation and food security, particularly for the poorest households,” Hart said.

    He said this year’s global shortfall would be around 8.7 million tons, the largest global rice deficit since 2003/2004 of 18.6 million. 

    As a result of tightening global supplies, rough rice futures trading on the CBoT have soared above $18 per cwt, the highest level since September 2008. Cwt is a unit of measurement for certain commodities such as rice.

    Recall in the late summer of 2022. We told readers:

    … and just recently. 

    El Nino appears set to decrease precipitation levels, potentially causing disruptions in the global food industry. Persistently high food inflation could increase the likelihood of societal unrest in developing economies. 

    Tyler Durden
    Fri, 05/12/2023 – 21:20

  • Biden EPA Announces Toughest-Ever Rules For Power Plant Emissions
    Biden EPA Announces Toughest-Ever Rules For Power Plant Emissions

    Authored by Nathan Worcester via The Epoch Times (emphasis ours),

    After weeks of buildup, the Environmental Protection Agency (EPA) unveiled its strictest-ever rules for power produced using natural gas, coal, and oil that could spur the use of carbon capture technologies.

    Drag line and coal haul truck at North Antelope Rochelle Mine, Wyoming. (Peabody Energy/Wikimedia, CC BY)

    The standards released on May 11 would impact new and old power infrastructure, including new natural gas turbines and the country’s existing coal fleet. Though the United States still has hundreds of coal plants, the number of such installations has fallen sharply during the past decade.

    We will see some coal retirements,” EPA Administrator Michael Regan told reporters on May 10.

    Environmental Protection Agency (EPA) Administrator Michael Regan testifies to Congress in Washington on June 9, 2021. (Kevin Dietsch/Getty Images)

    He added that individual states and companies would have significant discretion in terms of implementation.

    U.S. Climate Envoy John Kerry in 2021 said America simply “won’t have coal” on its grid by 2030.

    The EPA thinks its proposals will induce American power plants to boost their use of certain technologies, including the co-firing of fossil fuels with what it calls low-greenhouse gas (GHG) hydrogen and, in particular, the capture, sequestration, and storage of carbon.

    More Details from EPA

    Regan told reporters that the standards are about “clean air to breathe,” claiming they would yield “substantial health benefits” as well as “regulatory certainty” for the energy sector.

    The agency projects that the standards will help America avoid thousands of premature deaths, tens of thousands of lost workdays, and over 300,000 asthma attacks just in the year 2030.

    Regan and others with the EPA repeatedly stressed that they do not believe their vision runs afoul of West Virginia v. EPA.

    That landmark Supreme Court decision, decided 6 to 3, concerned a carbon emissions plan for existing power plants put forth by the EPA under former President Barack Obama.

    The U.S. Supreme Court in Washington on April 19, 2023. (Anna Moneymaker/Getty Images)

    The court found that Congress hadn’t given the agency the authority to issue such emissions caps, referencing the plan’s “generation shifting approach” from coal to natural gas and other sources.

    “The proposed limits and guidelines follow EPA’s traditional approach under the Clean Air Act to control pollution from stationary sources by relying on control technologies that are cost-effective and can be applied directly to power plants to reduce CO2,” an EPA spokesperson told The Epoch Times in a May 10 email.

    In its 681-page notice, the agency argued that co-firing hydrogen as a substitute for natural gas can qualify as a “system of emission reduction” under the Clean Air Act. It specified that hydrogen would have to be low-GHG, “the availability of which is expected to increase significantly and the cost of which is expected to decline significantly in the near future.”

    “The EPA recognizes that even though the combustion of hydrogen is zero-GHG emitting, its production entails a range of GHG emissions, from low to high, depending on the method,” the proposal reads.

    The agency claims that technologies to capture 90 percent of carbon dioxide have become “adequately demonstrated” and “cost reasonable” while realizing “substantial emissions reductions.”

    2035 Target for Carbon-Free Electricity Still Viable: Officials

    The EPA said their proposal offers “ample lead time and substantial compliance flexibilities.” That might appear to conflict with President Joe Biden’s aim of achieving “a carbon pollution-free electricity sector by 2035,” as expressed in a 2021 executive order.

    EPA officials and staff told reporters on May 10 that the ambition was still within reach.

    Read more here…

    Tyler Durden
    Fri, 05/12/2023 – 21:00

  • The Supreme Court Might Curb The 'Deep State' By Overruling The Chevron Case
    The Supreme Court Might Curb The ‘Deep State’ By Overruling The Chevron Case

    Authored by Rob Natelson via The Epoch Times (emphasis ours),

    The Supreme Court will not be announcing its decisions in most of this year’s big cases until June or early July. But the court recently agreed to consider a case that could trim the power of the “deep state.”

    The “deep state” is a web of federal administrative agencies, career politicians, lobbyists, and compliant mass media. It acts as a shadow government that largely sets the nation’s political agenda.

    The deep state has been around for decades, but is more powerful than ever because the federal government is larger and more intrusive than ever. Most Americans witnessed deep state power for the first time during the Trump administration, when it publicly resisted the authority of an elected president.

    One prop of the deep state’s power is the 1984 Supreme Court’s ruling in Chevron v. Natural Resources Defense Council (pdf). That ruling is called the “Chevron doctrine.” On May 1, the justices granted certiorari in (that is, agreed to review) a new case in which they may overrule the Chevron case and its “Chevron doctrine.”

    The U.S. Supreme Court in Washington on April 19, 2023. (Anna Moneymaker/Getty Images)

    The ‘Deep’ Background

    The Constitution created a democratic federal republic. It instituted an elected Congress to make laws, an elected president to enforce laws, and an appointed judiciary to resolve disputes under those laws.

    In addition to empowering the new government, the Constitution also limited it. The Constitution included some specific exceptions to federal authority, such as the first eight amendments in the Bill of Rights. It also reserved most governmental functions to the states, a reservation encapsulated in the Ninth and Tenth Amendments.

    People who wield power are seldom happy with limits on their power. Federal officials and those who cater to them always pushed back against the Constitution’s limits. Those limits began to fall in earnest during the late 1930s and early 1940s. Instead of resisting the assault, liberal majorities on the Supreme Court “reinterpreted” the Constitution to accommodate the assaulters. I described the court’s decisions during that era in my Epoch Times series, “How the Supreme Court Re-Wrote the Constitution.”

    This process of constitutional distortion slowed after 1944, but it didn’t end. It continued for the entire six decades that liberal justices comprised a majority—that is, until late in the 20th century.

    In Epoch Times essays published in 2021 and 2022, I described the major themes of the liberal jurisprudence that prevailed throughout most of the 20th century. That jurisprudence is now embedded in the court’s case precedent.

    Liberal justices enormously increased the authority of Congress. For example, they transformed Congress’s power to regulate Commerce (Article I, Section 8, Clause 3) into authority to oversee the entire national economy. They changed Congress’s power to tax (Article I, Section 8, Clause 1) into a license to spend for almost any purpose. These and other changes rendered the federal government supreme in American life.

    Not only did liberal justices permit Congress to exercise almost unlimited power, they also permitted Congress to delegate it to unelected administrative agencies. Congress may (and frequently does) pass a statute creating an agency and telling it to regulate some broad swathe of activities, and—voilá!—Americans are saddled with a new set of bureaucratic masters.

    It’s true that the court has stated restrictions on Congress’s ability to delegate, but those statements are mostly empty words. The justices readily approve vague and undefined delegations such as “this agency may regulate the airwaves in the public interest.”

    Liberal Supreme Court majorities also stacked the rules heavily against any citizen challenging federal power. Outside of a few areas (such as freedom of speech) a citizen claiming a federal law is unconstitutional must prove that there’s no possible constitutional reason for the law. (This was why Obamacare’s insurance mandate was upheld on the silly (pdf) theory that it was a “tax.”)

    How Chevron Fits In

    Just as the court imposed an almost impossible burden of proof on citizens challenging a law’s constitutionality, the Chevron doctrine imposes a similar burden on citizens challenging the power of federal agencies. The doctrine says that an agency almost always has the final word on whether federal law gives it the powers it claims. Courts must defer to these self-interested agency decisions unless they are “unreasonable.” In constitutional law, it’s exceedingly difficult to prove that a government decision is “unreasonable.”

    The Un-Conservative Supreme Court

    As I have explained in several Epoch Times essays, contrary to the mainstream media narrative, the current Supreme Court doesn’t have a 6–3 conservative majority. Rather, the bench is highly fragmented: It contains three liberal activists, one nearly pure originalist, one justice who usually defers to government decisions (liberal or conservative), and four others in between.

    As a result, the current court has left almost all the liberal case precedents in place. (The principal exception, Roe v. Wade, was an unusually weak decision but even so it was overruled by only a bare 5–4 majority.) When the media characterize a ruling as “conservative,” it’s often because the court has applied a liberal precedent that liberals no longer find convenient.

    Thus, the current composition of the court suggests that, just as it has preserved other liberal precedents, it may well preserve Chevron.

    Criticisms of the Chevron Doctrine

    On the other hand, there’s some evidence the justices may overrule Chevron. Several justices have been critical of the Chevron doctrine. They and other commentators point out that:

    • The doctrine makes an agency a judge in its own cause, thereby violating the Constitution’s guarantee of due process of law;

    • it encourages agencies to expand their power;

    • administrative agencies are part of the executive branch, so allowing them to make legislative or judicial decisions violates separation of powers; and

    • the Chevron decision was not well considered, and over time the Supreme Court has had to carve out exceptions.

    Another reason for believing that Chevron’s days are numbered is that the court didn’t refer to it when adjudicating recent cases on the limits of agency authority.

    The Present Case

    The case the court agreed to hear is Loper Bright Enterprises v. Raimondo (pdf). Loper Bright Enterprises is the plaintiff. It operates fishing vessels in the Atlantic Ocean.

    The defendant, Gina Raimondo, is the Secretary of Commerce. Part of her department is the National Marine Fisheries Service (NMFS), which Congress created to regulate fishermen.

    Federal law allows NMFS to require fishing boats to carry official observers to ensure compliance with federal regulations. That much is undisputed. But the NMFS also claims federal law allows it to force fishermen to bear the cost of paying the observers. Loper Bright disputes that.

    The appeals court held that under the Chevron doctrine, the fishermen lose because the agency’s interpretation isn’t completely “out-to-lunch.” But if the Supreme Court overrules Chevron, the fishermen will have a chance to persuade a judge that the NMFS exceeded its power.

    The case probably will be argued in the fall and decided before June 30, 2024.

    Tyler Durden
    Fri, 05/12/2023 – 20:20

  • South Africa Lashes Out At US 'Megaphone Diplomacy, Bullying' After Arms For Russia Allegations
    South Africa Lashes Out At US ‘Megaphone Diplomacy, Bullying’ After Arms For Russia Allegations

    The South African government has rejected US allegations that it approved of an arms sale to Russia, with President Cyril Ramaphosa having ordered an official inquiry. The presidency’s office said Friday there was “no evidence” currently of such an arms sale, also with the foreign ministry saying there was “no record of an approved arms sale by the state to Russia related to the period/incident in question.”

    Further, one of Ramaphosa’s cabinet ministers, Khumbudzo Ntshavheni, has blasted Washington’s “megaphone diplomacy” and vowed that South Africa will not be “bullied by the US”.

    Lady R vessel, file image

    “It is the US which has sanctions against Russia… they must not drag us into their issues with Russia,” Ntshavheni, told a public broadcaster. South Africa’s foreign ministry on Friday summoned the US Ambassador in order to lodge complaints and demand answers.

    The Kremlin for its part confirmed Friday that President Vladmir Putin had spoken to his South African counterpart by phone. The two pledged “mutually beneficial ties” after the massive Thursday allegation sent shockwaves across South Africa. 

    It was only on Thursday that the US ambassador to Pretoria accused South Africa of transferring arms to Russia in a covert naval operation, which further spotlighted President Ramaphosa and his country’s ties to the Kremlin and its position on the Ukraine war. Ambassador Reuben Brigety had told local media on Thursday the US believed that weapons and ammunition was loaded onto the Lady R, a sanctioned Russian vessel that docked in the Simon’s Town naval dockyard near Cape Town in December.

    “Among the things we noted was the docking of the cargo ship… which we are confident uploaded weapons and ammunition onto that vessel in Simon’s Town as it made its way back to Russia,” he said, in comments reported by South Africa’s News24. “The arming of the Russians is extremely serious, and we do not consider this issue to be resolved,” he added.

    Meanwhile, an unexpected foreign ministry statement was issued later in the day following the US ambassador being summoned. The claim is that the US has “apologized”

    South Africa’s foreign ministry said in a statement on Friday the U.S. ambassador to South Africa, Reuben Brigety, had “admitted that he crossed a line” and “apologized unreservedly” after he said a Russian ship had picked up weapons in South Africa last year, causing a diplomatic uproar. 

    But so far there’s been no official confirmation of this exchange from the US side. Interestingly, the whole episode may in the end push South Africa further into the Kremlin’s corner, given rising public anger over what may be seen as Washington interference in South African affairs, and as part of attempts to humiliate the Ramaphosa government.

    Tyler Durden
    Fri, 05/12/2023 – 20:00

  • US Bill Seeks To Combat Syria Normalization As King Salman Extends Assad Invitation
    US Bill Seeks To Combat Syria Normalization As King Salman Extends Assad Invitation

    Authored by Dave DeCamp via AntiWar.com,

    A bipartisan group of lawmakers in the House have introduced a bill aimed to combat Syria’s normalization with regional countries that would expand sanctions and prohibit the US from establishing diplomatic ties with the government of Bashar al-Assad.

    The bill was introduced by Reps. Joe Wilson (R-SC), Michael McCaul (R-TX), Steve Cohen (D-TN), and several other members of the House. The legislation comes as a response to Syria being readmitted to the Arab League, which has enraged US officials who want to keep Syria isolated.

    Saudi Gazettre Saudi Ambassador to Jordan Nayef Al-Sudairi delivered the invitation to Syrian President Bashar Al-Assad during a meeting in Damascus.

    “The United States must use all of our leverage to stop normalization with Assad. I am proud to join my colleagues in mandating further sanctions against any form of investment in territory under the control of the Assad regime, as we remain committed to ensuring the Syrian people receive justice,” McCaul, chairman of the House Foreign Affairs Committee, said in a statement on the bill.

    The bill seeks to expand the Caesar Act, which the US used to impose crippling economic sanctions on Syria in 2020 that are designed to prevent the country’s reconstruction. The sanctions have had a devastating impact on Syria’s civilian population, and the House recently voted overwhelmingly to keep enforcing them following an earthquake that killed thousands of Syrians.

    According to a summary of the bill, the legislation would “expand the Caesar Act by plugging loopholes in the original bill which made it hard to enforce.”

    The bill would “clarify the applicability of current sanctions to Syrian regime airlines, and to energy transactions – sending a clear sign to countries normalizing with Assad which are considering allowing Syrian regime airlines to land in their airports.”

    The legislation would require “an annual strategy for five years to counter normalization with the Assad regime by countries which have taken steps to normalize with the Assad regime.” It would prohibit any US federal agencies from “recognizing or normalizing with any government in Syria led by Bashar al-Assad.”

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

    Despite Washington’s hardline position on normalization, regional countries are still following through with their plans. On Tuesday, Syria and Saudi Arabia said they were resuming diplomatic ties for the first time in over 10 years. The following day, Saudi King Salman invited Assad to attend an Arab League summit in Jeddah later this month.

    Tyler Durden
    Fri, 05/12/2023 – 19:40

  • California's Deficit Deepens To $32 Billion (14-Year-High)… And That's Before Reparations
    California’s Deficit Deepens To $32 Billion (14-Year-High)… And That’s Before Reparations

    California is now facing a $32 billion budget deficit, as the state faces a much deeper hole than previously projected, Bloomberg reports.

    “We are walking into a budget where we need to maintain our prudence,” said Governor Gavin Newsom (D) on Friday, warning that a recession could worsen the financial situation in the years to come.

    “That is an uncertainty that we must take very soberly and seriously as it relates to macro economic headwinds,” he added.

    The expected shortfall is $9.5 billion worse than a $22.5 billion January estimate, according to figures released today, and will be the biggest deficit since 2010…

    Newsom proposed a $224.1 billion general-fund budget for the fiscal year starting on the 1st of July, according to the report.

    Revenue has been hurt by the sinking fortunes of California’s wealthiest residents, who shoulder a disproportionate share of the tax burden. Roughly half of the state’s personal income taxes coming from the top 1% of earners.

    Thousands of workers have been laid off from California-based tech giants including Alphabet Inc., Meta Platforms Inc. and Twitter. The collapse of Silicon Valley Bank, which mainly catered to the tech and venture capital sectors, along with two other California-based regional lenders earlier this year adds to the economic turbulence. -Bloomberg

    That said, the deficit is comparatively small vs. the cash crunch faced by the state during the last session, but this time Newsom will need to persuade Democrat lawmakers to make deep cuts – something which doesn’t come naturally to tax-and-spend liberals.

    Meanwhile, deadlines to file and pay taxes were extended by six months to October 16 in most counties in the state due to the severe winter storms earlier this year.

    State legislators – who must now negotiate over potential cuts to the budget – have until June 15 to pass one or they forfeit their pay for each day they are late.

    Earlier this year Newsom touted ‘transformative investments’ in housing, education, childcare, health care and climate programs as part of his preliminary spending plan.

    This was not an easy budget, but I hope you see we will try to do our best to hold the line and take care of the most vulnerable and most needy, but still maintain prudence,” said Newsom.

    Is it any wonder, Newsom is quickly (and carefully) sidestepping the $800 billion in reparations costs that he has implicitly promised California’s black residents, preferriung instead to remind citizens that “its about more than just cash payments.”

    We suspect, there may well be a few (million) disillusioned voters who feel like they were promised cash for being black.

    As one minister declared at the hearing last week, “Tell Governor Newsom we’re coming. He knows me.”

    Did the virtue-signaling golden-boy just hit a reality wall?

    Tyler Durden
    Fri, 05/12/2023 – 19:20

  • The Voter Registration Machine Flipping The States Blue
    The Voter Registration Machine Flipping The States Blue

    Authored by Hayden Ludwig via American Greatness,

    New documents reveal the Center for Election Innovation and Research’s true purpose: Juicing Democrat registration in the states, thanks to data provided by ERIC.

    In modern elections, the candidate who can turn out the bigger base is usually the winner. Put differently, the campaign with better voter data holds the trump card.

    For more than a decade now, Democrats unquestionably have owned that trump card and used it to carve deep inroads into once solidly red states such as Arizona, North Carolina, and Georgia, while Republicans have looked on in bafflement. It’s no secret why the Left is winning elections despite shrinking in the polls: They register new voters in droves, and conservatives do not.

    More than 160 million people cast a ballot in the 2020 election. Yet there may be as many as 60 million more eligible-but-unregistered individuals (EBUs) out there—people who could lawfully vote but may not until they register in their state. They’re typically hard to reach and politically disinterested. Yet the party that can tap into this electoral goldmine—that is, identify and reach these potential voters—would be unbeatable.

    For years, that party has been the Democrats. It may soon be the Republicans. Here’s why.

    Permanent Democratic Power

    In 2010, the Supreme Court ushered in a torrent of new political spending through its Citizens United v. FEC decision. “Progressives” who were convinced that big business would back Republicans to the hilt saw doom written on the wall. To counter this Republican tide, groups such as the Brennan Center proposed adding “millions of new voters onto the rolls through a modernized registration system—starting in 2010.”

    In short, they needed to balloon the Democratic Party’s ranks to survive a GOP onslaught—an onslaught that never came.

    “Voter registration modernization” proved a euphemism for inserting operatives into state election machinery. But EBU data is protected behind layers of federal privacy laws and across multiple state agencies (e.g. motor vehicle departments) and thus not available to political groups. It was Pew Charitable Trusts, a powerful left-of-center funder, that discovered the back door.

    Between 2010 and 2012, Pew incubated the Electronic Registration Information Center (ERIC), a 501(c)(3) nonprofit that billed itself as the solution to an entirely different problem presented to the states: Maintaining their voter rolls, which are notoriously inaccurate and constantly in flux. For a fee, ERIC would graciously warehouse states’ voter roll data and identify potential double voters using sophisticated data-matching software.

    That’s the sales pitch, anyway. In truth, ERIC makes the removal of ineligible voters entirely optional and tedious, while mandating member states spend hundreds of thousands in taxpayer dollars to register new voters. Far from streamlining voter rolls, ERIC expands them, which is why non-ERIC states have cleaner rolls than their ERIC counterparts.

    More furtively, ERIC would also gain access to invaluable data on tens of millions of EBUs—a database that no other group in the world has access to. But how to use it?

    Project Get-Out-The-Vote

    We know from public records requests that ERIC soon established a data-sharing agreement with a heretofore obscure nonprofit, the Center for Election Innovation and Research (CEIR). Amazingly, the corporate leftist media continues to claim this inconvenient fact is “without evidence.”

    ERIC and CEIR share a founder: David Becker, a partisan elections lawyer who previously worked for the far-left People for the American Way and the Justice Department’s voting rights arm. Becker is well known as a “hardcore leftist” who can’t “stand conservatives.” Yet Pew presented him as the nonpartisan face of its ERIC project.

    Becker spent four years persuading nearly two-thirds of the states to join ERIC before departing to found CEIR in 2016. Yet until recently, Becker remained a nonvoting member of ERIC’s board, courtesy of a carve-out in ERIC’s bylaws made specifically for him to ensure continued oversight of the ostensibly “neutral” and state-led organization.

    If ERIC is the face presentable to election officials, CEIR is Becker’s policy shop. The group was founded with seed capital from the Hewlett Foundation and eBay founder Pierre Omidyar, who routed the cash through Arabella Advisors’ massive “dark money” network.

    More funding may have come from Pew, which continued to fund CEIR’s “sister” group, ERIC, for years. We know that CEIR’s other co-founder, Amy Cohen, led Pew’s Google-funded Voting Information Project, part of the “voter registration modernization” push. Yet strangely, Cohen never appears in CEIR’s disclosures as a paid employee, perhaps because her salary was paid by Pew.

    CEIR supports vote-by-mail expansion and ever-earlier voting. It also pushes the lie that conservatives and Trump supporters are a threat to election workers while barring center-right reporters from its press conferences. Becker himself dismisses critics as “fueled by disinformation” because we “want our democracy to fail.”

    CEIR received $70 million from Mark Zuckerberg in 2020, funds that drove Democratic turnout in Maryland and helped subsidize ERIC’s voter registration mandate in other states. Pennsylvania received $13 million, Michigan $12 million, New York $5 million, Georgia $5.6 million, and Arizona $4.8 million. How each grant was spent remains largely unknown, despite watchdog groups’ best efforts.

    But CEIR’s founding documents reveal the truth about its origins. It was created to encourage ERIC membership and “work closely with ERIC” to register millions of new voters using exclusive EBU data in order to “turn non-voters into active participants” in future elections.

    Imagine having a picture-perfect map of everyone—both registered and unregistered—living within your state’s borders. A campaign knows that an individual’s age, race, county of residence, and marital status are enough to strongly indicate how that person will vote. How difficult would it be to only target your own party’s likely voters?

    Armed with this near-perfect picture of every person living in ERIC’s 32 member states—more than 200 million Americans—there is nothing stopping CEIR from doing it exactly that: registering only its preferred voters.

    If that sounds far-fetched, consider that in 2020 alone, the left-wing groups funneled $434 million through a vast array of tax-exempt nonprofits, such as Stacey Abrams’ Fair Fight in Georgia, that do nothing but register new Democrats. Virtually all of that money came from the Tides, Ford, Open Society, Wyss, and Buffett Foundations, among other donors supposedly engaged in charity.

    These organizations would be near-worthless without EBU data, which is only available through ERIC. So where do they acquire it? The smart money would pin it on Becker’s CEIR.

    CEIR operates virtually in the dark with little scrutiny from the “progressive” press, who are less interested in covering CEIR’s misdeeds than covering for them. Contrast that with the work of investigative reporters like Todd Shepherd of the right-leaning outlet Broad + Liberty. He recently reported that Pennsylvania transferred partial data profiles of hundreds of thousands of EBUs to CEIR in 2020. That information would have proved invaluable to partisan groups active in Pennsylvania that year. Yet CEIR refuses to say what it did with the trove of voter data.

    But CEIR’s founding documents give us every reason to believe this is precisely what it’s doing. It’s up to Becker and Co. to convince the public that it isn’t misusing this priceless data, despite having the means, motive, and opportunity to do so.

    A Right-Wing Wrecking Ball

    So what can conservatives do to level the playing field?

    A good axiom in warfare applies here: Turn your enemy’s strength into his greatest weakness. 

    Japan famously turned many Pacific islands into impenetrable fortresses in World War II and dared U.S. forces to attack them. Instead, we sailed around them to take weaker targets and let the garrisons starve. After Rome’s devastating defeat at the hands of Hannibal’s mighty army in the Second Punic War, Rome divided its legions into smaller forces to cover more ground. Like wolves wearing out a bear, they could be everywhere while the Carthaginians could not. Hannibal lost. 

    Likewise, we won’t defeat this powerful cabal in a single battle, but by nibbling it to death. The House should demand to know why the IRS refuses to strip these groups of their tax exemption for trespassing the law on biased voter registration campaigns. Conservative legislatures ought to hold hearings on out-of-state nonprofits running partisan registration drives in their jurisdiction. The states can tighten rules about who gets to register voters the same way they restrict ballot harvesting—either restricting it to family members or banning it altogether. Where there’s room for abuse, the Left will abuse the law.

    Watchdogs and citizens can and should file complaints with the IRS and FEC against these groups. Conservatives are used to being attacked for their political views; very few leftists have ever faced the same kind of scrutiny. They can also demand 501(c)(3) and (c)(4) groups’ annual Form 990 disclosures, which reveal how much they took in and spent. (Here is a template and some guidelines.)

    To date, nine states—Ohio, Florida, Missouri, West Virginia, Louisiana, Texas, Iowa, Alabama, and Alaska—have left or are about to leave ERIC. Their leaders know that they don’t need ERIC to maintain good voter rolls because they already have the tools necessary for the job.

    That leaves Arizona, Georgia, Kentucky, Pennsylvania, South Carolina, Utah, Virginia, and Wisconsin for election integrity advocates to address.

    The good news? In almost all cases, the decision to leave ERIC is entirely within the purview of the governor and secretary of state. Red states with a blue governor can look to the others on this list for legislation to leave ERIC without the governor’s consent.

    Every one of these states to depart is one less state transmitting EBU data to the Left’s registration machine.

    Tyler Durden
    Fri, 05/12/2023 – 19:00

  • Shaq Argues He Was Never Properly Served, Asks Judge To Throw Out FTX-Related Lawsuit Against Him
    Shaq Argues He Was Never Properly Served, Asks Judge To Throw Out FTX-Related Lawsuit Against Him

    On today’s edition of “You Got Served: Shaq Style”, we present the curious case of NBA great Shaquille O’Neal and investors suing him, alleging that he “duped” them into the FTX collapse. 

    The legendary basketball player is arguing that lawyers who tried to serve him with the lawsuit instead “tossed” the document in front of his car while he was driving out of the gates of his home, according to Bloomberg

    Plaintiffs lawyers have now said that there have been “dozens of attempts” to try and serve him with the suit, including tracking him down at residences that he has in both Georgia and Texas, the report says. 

    Those attorneys were told that Shaq lives in the Bahamas a month ago, so they instead tried to serve Shaq digitally, sending him a link via his social media and arguing “that should be good enough given his status as an active user of Instagram and Twitter”. The lawyers argued that he was “clearly aware of the suit”, Bloomberg wrote. 

    Then on April 17, The Moskowitz Law Firm declared success, posting publicly on Twitter that they had served O’Neal: “UPDATE: Plaintiffs in the billion $ FTX class action case just served SHAQ outside his house. His home video cameras recorded our service and we made it very clear that he is not to destroy or erase any of these security tapes, because they must be preserved for our lawsuit.”

    But Shaq’s lawyers saw things otherwise, asking the judge to dismiss the suit against O’Neal because lawyers missed their deadline to serve him. 

    “Mr. O’Neal has not evaded service by failing to be at the residences where plaintiffs belatedly attempted service or by driving past strangers who approached his car,” his lawyers wrote. 

    Moskowitz responded: “The video will show Mr. O’Neal finally being served, after many months of hiding, as he attempts to possibly injure the process server. We expected better from an officer of the law. Mr. O’Neal and his lawyers need to stop running and finally deal with these serious allegations.”

    Tyler Durden
    Fri, 05/12/2023 – 18:40

  • DeSantis Allies: Nominating Trump Hands Biden Control Of Congress
    DeSantis Allies: Nominating Trump Hands Biden Control Of Congress

    Authored by Philip Wegmann via RealClear Wire,

    Allies of Florida Gov. Ron DeSantis want Republicans watching Donald Trump from home tonight to remember that the former president is a loser. Ahead of his return to CNN, they warn that nominating Trump a third time won’t just cost the GOP the White House. It could hand Congress to Democrats.

    That is the argument from Never Back Down, the pro-DeSantis super PAC launched by former senior administration official Ken Cuccinelli and chaired by former Trump ally Adam Laxalt. In a polling memo shared exclusively with RealClearPolitics ahead of the Trump CNN townhall, they point to the last three election cycles to make the case that Trump is a net drag on the ticket.

    The topline from WPA pollster Chris Wilson: “The data suggest that if Trump were to become the 2024 nominee, he will likely cost the GOP control of the House and multiple winnable seats in the Senate.

    It is a somber warning to the right ahead of a what promises to be an entertaining, no-holds barred brawl on the cable network the former president publicly says he hates the most. Trump knows how to make good television, Cuccinelli told RCP, predicting that there would be “plenty of entertainment value” when his former boss sits down with CNN in prime time, “but it comes with losses across the board. And he talks about coattails, he has negative coattails.”

    Controversy has always been a feature of the Trump show. For the right, the entertainment value is unmistakable when he “owns the libs,” castigating Democrats and liberal journalists alike. But Cuccinelli likens that to an unhealthy binge, warning that while “it is fun to have the buzz, the hangover isn’t so great.” Viral moments in prime time, he warned, won’t comfort conservatives after an election that hands Democrats unified control of government: “The potential for more harm here is enormous.”

    Jason Miller, a spokesman for the Trump campaign, dismissed that argument and suggested that the governor, who hasn’t yet declared a presidential bid, was too scared to make his own case in prime time. “Is this what candidates who are too chicken to do nationally broadcast town halls do with their time?” Miller asked before pointing RCP to a recent Washington Post-ABC News survey that showed Trump leading Biden, 44% to 38%, compared to DeSantis leading Biden, 42% to 27%.

    Primary voters will hear plenty about electability once the race begins in earnest, and many are likely already familiar with warnings about the down ballot detriment of Trump. In the memo, Wilson points to analysis of the 2018 and 2022 midterms that shows how the former president’s endorsement had “a meaningful negative effect” in both of those contests by mobilizing “Democratic donors and voters” and reducing “general support for Republican congressional candidates.”

    But the pollster and pro-DeSantis super PAC go farther. Never Back Down identifies 18 incumbent House Republicans in the memo who would likely lose, according to their analysis, if they run for reelection alongside Trump in 2024.

    Wilson points to April studies by Public Opinions Strategies that showed a Trump nomination reducing the standing of a generic Republican congressional nominee by 10 points in Arizona and 8 points in Georgia. If that trend holds, applying those numbers to the Cook Political Report’s Partisan Voting Index yields significant GOP losses that are enough to set Biden up with healthy majorities in the House and Senate going into a second term.

    The list of Republican incumbents “likely to lose if Trump is on the ballot” includes Michigan Rep. John James, who narrowly won a congressional district that has been solidly Republican for at least two decades, and Montana Rep. Ryan Zinke, who served as the former president’s interior secretary.

    With Trump at the head of the Republican party again, Wilson reports that control of the Senate could be out of reach, with GOP candidates having to overcome an estimated 10-point swing for Democrats in battleground states like Nevada, Pennsylvania, and Wisconsin.

    Some conservatives have blamed Trump for focusing on himself and his grievances at the expense of Republicans. He was still litigating the last general election, for instance, rather than rallying the base to support former Sens. David Perdue and Kelly Loeffler in the Georgia runoff. Had Democrat Sens. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona not balked at changing the filibuster rules in the Senate, Cuccinelli said Biden would’ve had a free hand to implement even more of his agenda.

    But for those Democrats, Trump’s damage would have been permanent and far-reaching to a degree that it hasn’t even reached yet,” he said, arguing that Trump made possible Biden’s legislative success. “This was all self-inflicted by one person.”

    Deny Trump the nomination for a third time, Cuccinelli insisted, make DeSantis the face of the Republican party instead, and the GOP has a banner year.

    No one else running, or looking at running, for president has a performance like DeSantis in supporting his team. No one can demonstrate that, or even make a case that they can perform that well,” Cuccinelli said of the governor’s reelection and Florida Republicans’ dominance in Florida. “He went from narrow legislative control to blow-out control.”

    “If he even came close to replicating that at the national level,” he concluded, “it is a blow-out year in 2024 for Republicans at every level of government.”

    Tyler Durden
    Fri, 05/12/2023 – 18:20

  • Terra Luna Founder Do Kwon Released After Montenegro Court Accepts $436k Bail
    Terra Luna Founder Do Kwon Released After Montenegro Court Accepts $436k Bail

    Terraform Labs co-founder Do Kwon is set to be freed from jail pending trial after a court agreed to a €400,000 ($436,000) bail, according to a report in Montenegro news site Pobjeda. 

    “…and like that, he’s gone”…

    As CoinTelegraph’s Savannah Fortis reports, Montenegro has granted approval to the bail terms proposed by lawyers for Terra founder Do Kwon, who was charged with the criminal offense of document forgery under Montenegrin law.

    According to the official document released by local authorities on May 12, the court has accepted the proposed bail offer for Kwon and Han Chang-Joon – Terraform Labs’ chief financial officer – of 400,000 euros ($436,000) each.

    This is in addition to being put under house arrest instead of being taken into custody.

    According to the documents, if the house arrest is compromised, the bail will be entered into a “special section” of the court’s working budget.

    Additionally, the notice said it would be necessary to verify the authenticity of travel documents and identity cards, which were “allegedly” issued by the competent authorities of Belgium.

    This update comes only one day after Kwon’s lawyers filed their request for such conditions to the Montenegrin authorities.

    If the party is “unsatisfied” with the court decision, they have three days to repeal it.

    Kwon and Chang-Joon were arrested by Montenegrin authorities in March 2023 at Podgorica airport for allegedly using false documents. The two had their passports confiscated in South Korea, their country of origin, in October 2022.

    Interpol has wanted the Terraform Labs co-founder for his part in the Terra ecosystem’s $40 billion collapse in May 2022 that rocked the crypto industry.

    The current criminal trial in Montenegro is anticipated to start on June 16.

    Reports from May 10 revealed that South Korean authorities had frozen $176 million of Kwon’s personal assets as part of the ongoing criminal proceedings.

    In the U.S., the Securities and Exchange Commission has also brought civil charges against Kwon, accusing the executive of failing to “provide the public with full, fair and truthful disclosure as required for a host of crypto asset securities.”

    Tyler Durden
    Fri, 05/12/2023 – 18:00

  • Why The Economic War Against Russia Has Failed
    Why The Economic War Against Russia Has Failed

    Via The Spectator,

    There was much mirth in the West this week when Vladimir Putin’s Victory Day parade through Red Square included just one tank, itself a relic from a museum. The inference was that Russia has lost so much military kit in Ukraine that it is a shadow of the military superpower the Soviet Union used to be.

    Russia has certainly borne heavy losses (although any country conducting a foreign war would presumably have its military hardware on active duty rather than on ceremonial parade). But we should avoid being smug. The truth is that the war is not going well for the West either – at least in one respect.

    When Putin sent tanks into Ukraine on 24 February last year, western countries rapidly adopted a two-pronged strategy.

    One prong was that they would not engage in direct military conflict, but would support Ukraine with weapons and other military equipment. Some countries were quicker than others, but this part of the strategy has been a remarkable success. Ukraine has managed to resist Russian forces, and to push them back from many areas, even if the outcome is still far from certain.

    The other prong, though, has turned out to be blunt: the plan to wage economic war with Moscow, unleashing financial shock and awe on a scale never seen before. Russia was to be cut off almost entirely, with sanctions and boycotts on all imports and exports save for humanitarian ones such as medicines. Putin’s Russia, went the theory, would be impoverished into surrender.

    Few people in the West are aware of how badly this aspect of the war is going. Europe has itself paid a high price to effect a partial boycott of Russian oil and gas. UK fossil fuel imports from Russia totalled £4.5 billion in 2021; in the year to January 2023 that was – officially – down to £1.3 billion. In 2020 the EU sourced 39 per cent of its gas and 23 per cent of its oil from Russia; in the third quarter of last year this was down to 15 per cent and 14 per cent respectively.

    But these figures do not explain the scale of the failure to damage the Russian economy. It soon became clear that while the West was keen on an economic war, the rest of the world was not. As its oil and gas exports to Europe fell, Russia quickly upped its exports to China and India – both of which preferred to buy oil at a discount than to make a stand against the invasion of Ukraine. Worse, some of the Russian oil exported to India appears to have been siphoned back to Europe, with a rise in the number of ships taking refined oil from India through the Suez Canal.

    There seems to be some siphoning in the other direction, too. An investigation by the German newspaper Bild has uncovered a disturbing growth in exports to countries bordering Russia. The importing of German motor vehicles to Kazakhstan, for example, rose by 507 per cent between 2021 and 2022 and to Armenia by 761 per cent. Exports of chemical products to Armenia increased by 110 per cent and to Kazakhstan by 129 per cent. Sales of electrical and computer equipment to Armenia are up 343 per cent. What happens to these goods once they reach these former Soviet republics is not easy to establish, but one likely explanation is that they end up in Russia as diverted trade flows. And even if such commodities are not formally being re-exported, many Russian citizens retain visa-free access to those countries and are able to take goods across the border.

    The West has had a policy of trying to target wealthy Russians in particular with economic sanctions. But ironically they are the people who can most easily access western goods through diverted trade. It is they who have dual passports; they who can afford to travel abroad in order to shop for their luxury goods. Short of a wholesale global boycott against Russia, it is very hard to prevent western-made goods reaching the hands of wealthy Russians.

    The West embarked on its sanctions war with an exaggerated sense of its own influence around the world. As we have discovered, non-western countries lack the will to impose sanctions on either Russia or on Russian oligarchs. The results of the miscalculation are there for all to see. In April last year, the IMF forecast that the Russian economy would contract by 8.5 per cent in 2022 and by a further 2.3 per cent this year. As it turned out, GDP fell by just 2.1 per cent last year, and this year the IMF is forecasting a small rise of 0.7 per cent. And that is all in spite of the war in Ukraine going much more badly than many imagined it would in February of last year. The Russian economy has not been destroyed; it has merely been reconfigured, reorientated to look eastwards and southwards rather than westwards.

    It was not necessarily wrong to declare economic war on Russia. The country has suffered harm from western sanctions, even if nothing like on the scale that we imagined we could inflict. But if the West is thinking that in future it can fight wars purely by economic means, without bombs or bullets, it is badly mistaken.

    Western military equipment has allowed Ukraine to mount a David vs Goliath battle which it may yet win – and certainly to avoid annexation by Putin. As for economic sanctions, however, we will have to think again.

    Tyler Durden
    Fri, 05/12/2023 – 17:40

  • Anderson Cooper: 'You Have Every Right Never To Watch CNN Again' After Trump Town Hall
    Anderson Cooper: ‘You Have Every Right Never To Watch CNN Again’ After Trump Town Hall

    The chaos going on at CNN after Wednesday night’s town hall featuring former President Trump is the gift that keeps on giving.

    It was a total debacle and I’ve never been more ashamed to work at CNN,” one prominent on-air talent told The Hill on Thursday. “I don’t think anybody came out looking good. This is entirely a corporate and management failure. They should have anticipated how out of control Trump would be … to think he was going to act more presidential in that kind of setting is just naivety on a galactic scale.”

    According to CNN media reporter Oliver Darcy, CEO Chris Licht was “facing a fury of criticism — both internally and externally over the event.”

    And CNN aired it all. On and on it went. It felt like 2016 all over again. It was Trump’s unhinged social media feed brought to life on stage,” Darcy ranted. “And Collins was put in an uncomfortable position, given the town hall was conducted in front of a Republican audience that applauded Trump, giving a sense of unintended endorsement to his shameful antics.”

    Plenty of attention was being paid Thursday to the audience at the town hall, which was highly supportive of Trump.  

    “It felt like we got some of these people from a MAGA rally,” the on-air talent said.  

    CNN on Thursday clarified it had curated the audience through community, student politics and government, faith groups, as well as agriculture and education organizations. The school and campaign also invited guests, the network said.  

    Trump, a day before the event, said CNN had made his campaign “an offer [he] couldn’t refuse,” so he agreed to participate in the town hall. -The Hill

    Following the event, hosts Anderson Cooper and Jake Tapper were absolutely beside themselves – with Tapper seemingly on the verge of tears.

    And on Thursday, Cooper apologized to the network’s audience, telling viewers they have “every right to be outraged.” 

    “You have every right to be outraged today and angry and never watch this network again,” said Cooper. “But do you think staying in your silo and only listening to people you agree with is going to make that person go away? If we all only listen to those we agree with, it may actually do the opposite. If lies are allowed to go unchecked as imperfect as our ability to check them is on a stage in real time, those lies continue, and those lies spread. If you’re angry or upset, I understand, but you have the power to do something about it. You can actually get involved. You can make a difference, whatever side of the aisle you’re on. After last night, none of us can say I didn’t know what’s out there. I didn’t know what’s coming. We asked Republican Senators for their thoughts about last night. Some preferred not to say anything. Others did.”

    On MSNBC, host Joe Scarborough called the town hall “disgraceful on every level.”

    I wouldn’t say it’s dangerous for democracy because we passed that a long time ago, but it showed the corrosive effects of Trumpism over eight years. And I’ve got to say the most shocking part was an audience that cheered on a president who tried to overturn American democracy. An audience that mocked and ridiculed a woman who a jury of Donald Trump’s peers found had been sexually assaulted. Those Americans there last night turned that into a punchline. Laughed and dismissed cops getting the s*** kicked out of them on January 6th, getting beaten up over and over again. Calling a cop a thug who was actually trying to stop people on the House floor from being killed. I could just go on and on.” -Joe Scarborough

    Watch:

    Amazing how threatened they are by free speech, eh?

    Tyler Durden
    Fri, 05/12/2023 – 17:20

  • It's Official: Top NBCUni Ad Exec And World Economic Forum Taskforce Chair Is Twitter's New CEO
    It’s Official: Top NBCUni Ad Exec And World Economic Forum Taskforce Chair Is Twitter’s New CEO

    Update: It’s official – moments ago NBC confirmed that its head of advertising is leaving the company…

    NBCUniversal today announced that Linda Yaccarino is leaving the company, effective immediately. Mark Marshall, currently President, Advertising Sales and Client Partnerships, will become interim Chairman of NBCUniversal’s Advertising and Partnerships group, reporting to Mark Lazarus, Chairman, NBCUniversal Television and Streaming.

    Mike Cavanagh, President of Comcast Corporation said, “We are grateful for Linda Yaccarino’s leadership of NBCUniversal’s Advertising Sales business, and for the innovative team and platform she has built. Linda has made countless contributions to the company during her twelve year tenure, and we wish her the best.”

    Linda Yaccarino said, “It has been an absolute honor to be part of Comcast NBCUniversal and lead the most incredible team. We’ve transformed our company and the entire industry—and I am so proud of what we’ve accomplished together, and grateful to my colleagues and mentors, especially Brian Roberts, Mike Cavanagh and the entire NBCU leadership team.”

    Mark Lazarus was named Chairman, NBCUniversal Telvision and Streaming in May

    Musk has finally tweeted to confirm her position, noting that Yaccarino will focus primarily on business operations, while he will focus on product design & new technology

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    Paul Joseph Watson breaks down the two sides’ view on this hire…

    * * *

    Are Twitter’s days of encouraging free speech and independent thought numbered… or is Musk, just days after unveiling that Tucker is joining, playing 4D chess?

    Just hours after Elon Musk announced he had picked a new female Twitter CEO candidate, the WSJ revealed the identity of the person in talks to become the next CEO of the world’s most important social network: it is Linda Yaccarino, who is currently NBCUniversal’s influential head of advertising.

    Yaccarino, who is chairman of global advertising and partnerships at NBCU, has been with NBCU for more than a decade, where she has been an industry advocate for finding better ways to measure the effectiveness of advertising. As head of NBCU’s advertising sales, she was key in the launch of the company’s ad-supported Peacock streaming service.

    Elon Musk, Twitter’s owner, said in a tweet Thursday that he had hired a new CEO, but didn’t say who it was. “She will be starting in ~6 weeks!” Mr. Musk said in the tweet.

    In some ways, Musk’s pick of Yaccarino is not a surprise: as Chair of the Advertising Council’s Board of Directors and arguably NBCU’s top advertising exec, she is meant to fill a critical void at the new Twitter: that of advertising. After all, despite having massive traffic, Musk’s social network – which as a reminder cost him $44 billion – has been hemorhaging ad revenue as woke brands have abandoned the website.

    Of the top 100 advertisers on Twitter before Mr. Musk bought the company, 37 spent nothing on Twitter advertising during the first quarter of this year, according to market-intelligence firm Sensor Tower, while an additional 24 brands reduced their average monthly Twitter ad spending by 80% or more.

    As such, it will be Yaccarino’s job to convince advertisers to return: Yaccarino, who oversees roughly $13 billion in annual ad revenue, is well-known for her tight relationship with marketers and ad agencies. Yaccarino has a reputation for hard-nosed negotiating tactics, and media buyers have described her as the “velvet hammer.”

    Musk’s announcement of the new CEO came days before one of the biggest events of the year for NBCU, the company’s annual pitch event for advertisers, known as the upfront, which is scheduled for Monday in New York. And according to the WSJ, an NBCU spokesman said Ms. Yaccarino is in back-to-back rehearsals for NBCU’s upfront.

    On the other hand, the hiring of Yaccarino to head the social network which in recent months has become the bane of liberals and progressives through its encouragement of free speech and independent thought, both of which are despised and suppressed by the left, could be a problem.

    For one, according to her LInkedIn profile, Yaccarino is the “Chairman of the WEF’s Taskforce on Future of Work and sits on the WEF’s Media, Entertainment and Culture Industry Governors Steering Committee. She is also highly engaged with the Value in Media initiative.” Most recently, she delivered the following speech in Jan 2020: ‘World Economic Forum: Creating the Workplace of the Future by Focusing on People.”

    Source: LinkedIn

    Additionally, in 2014 Yaccarino joined the Ad Council Board of Directors and became a member of the Executive Committee in 2015. She first served as Vice Chair before her appointment to Board Chair from 2021-2022.

    And then there’s this: in 2021-2022, as Ad Council Chair, “Yaccarino partnered with the business community, the White House, and government agencies to create a COVID-19 vaccination campaign, featuring Pope Francis and reaching over 200 million Americans.”

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

    And finally:

    As an industry advocate, Yaccarino has called for a return to values-based, trusted partnerships, spotlighting the most important issues facing her colleagues and peers. As 2021-2022 Ad Council Chair, Yaccarino partnered with the business community, the White House, and government agencies to create a COVID-19 vaccination campaign, featuring Pope Francis and reaching over 200 million Americans. At NBCU, she uses the power of media to advance equity and helps to launch DEI-focused initiatives, including BOLD, a program for employing veterans; #ShesMy, a campaign to uplift women and girls; Scene in Color, a collaboration with Target to elevate emerging BIPOC film creatives; and a partnership with Telemundo to release a Latina-centric storytelling guide. 

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

    Things get a little more complicated however, when one considers that in May 2018 Trump Named Yaccarino (alongside Bill Belichick and a bunch of other folks) to a two-year term on the President’s Council on Sports, Fitness and Nutrition. It wasn’t immediately clear how long she lasted in this particular role.

    Bottom line: despite that last rather odd detour, which can be attributed to Trump’s habitual lack of due diligence, Yaccarino appears to be the perfect establishment hire, one who will help Twitter recover most of its lost ad revenue… the trade-off may very well be that in the process twitter may just become the same company it was before its acqusition by Trump.

    In response to the news of her hiring, the outcry has been – as one would imagine – extremely polarized.

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    Finally, the boss himself:

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

    In conclusion, while it is certainly possible that Musk is playing 4D chess here, a prevailing sentiment among the replies is that “Twitter was fun for a few months. See you guys in the gulag.” One can only hope that it is wrong.

    Tyler Durden
    Fri, 05/12/2023 – 17:05

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Today’s News 12th May 2023

  • UK Universities Face Investigations Over Grade Inflation: Watchdog
    UK Universities Face Investigations Over Grade Inflation: Watchdog

    Authored by Alexander Zhang via The Epoch Times,

    Universities and colleges could face investigations over grade inflation, the head of England’s higher education watchdog has warned.

    Lord Wharton, chairman of the Office for Students (OfS), said on Tuesday that the regulator is considering taking action over the “significant” grade inflation, which he said could devalue the degrees.

    A report, released by the OfS in May last year, suggests that the proportion of first-class degrees handed out in England has more than doubled in the last decade—from 15.7 percent in 2010–2011 to 37.9 percent in 2020–2021.

    Highlighting the figures, Lord Wharton told the Industry and Regulators Committee in the House of Lords: “This is a significant amount of grade inflation and more and more people are getting firsts.

    “There may be very good reasons for that. We may have cohorts of much brighter students but there is also a risk that if everyone gets a first, no one gets a first. It could be seen to devalue the award in itself.

    “Students quite like getting firsts, so in the short term individual students who are studying now might quite like their chances being enhanced. But it may well not be in their interest in the long term if it undermines the value of the thing they have earned and worked so hard for.”

    The Conservative peer acknowledged that the OfS has “not taken sufficient action over a very long period of time,” but said the regulator is now looking at what actions can be taken to address the issue, including investigations.

    Universities could be required to retain an “appropriate selection” of graded work from students as evidence for investigators to consider, he added.

    The COVID Effect

    There has been a rise in degree grade inflation during the COVID-19 pandemic following the introduction of measures to mitigate the impact of lockdown disruptions on students’ studies.

    Universities in 2019–2020—the first year of the pandemic—adopted “no detriment” or safety net assessment policies, which tended to ensure students would not receive a final grade that was lower than the university’s most recent assessment of their work.

    While “blanket ‘no detriment’” policies were not in place in 2020–2021, other assessment changes such as open-book exams remained.

    Graduates queue on campus at the University of Bolton as they wait to receive their degree certificates in Bolton, northwest England, on July 9, 2021. (Oli Scarff/AFP via Getty Images)

    In July 2022, Universities UK (UUK) and GuildHE—which represent 197 UK universities—pledged to return the proportion of top degrees to pre-pandemic levels.

    The two leading industry bodies said they recognised that grade inflation, which could not be explained by improvements in teaching and learning or more effort from students, risked undermining employers’ confidence in the degree grading process.

    Universities said they will use 2019 as a benchmark for the proportion of upper second and first-class degrees awarded.

    The UUK and GuildHE said in a joint statement: “In recent years, universities have been proactive and taken collective action to strengthen internal processes that impact on degree classification. The result was a levelling off by 2018–19 in the percentage of students achieving upper degree awards.”

    “However, we cannot lose sight of the need to maintain the value of a degree and so must redouble our efforts to identify and address unexplained increases in firsts and 2.1s,” they added.

    “As a sector, we commit to reviewing our classification levels against the pre-pandemic progress that had seen trends stabilising.”

    Michelle Donelan, then higher and further education minister, welcomed the promise, saying, “Hardworking students deserve to know that earning a first or upper second really counts and that it carries weight with employers—who in turn should be able to trust in the high value and rigorous assessment of university courses.”

    Regulator Calls for ‘Credible’ Grades

    In September 2022, the OfS said it had launched an investigation into grade inflation after a “sharp increase” in the awarding of first and upper-second-class degrees at several universities.

    It said the rates of students with top degrees at three universities and colleges, which were not named, raised “potential concerns that require further scrutiny.”

    The regulator requires institutions to award qualifications that are “credible” compared with previous years, and based on “the knowledge and skills of students.”

    Grade inflation, the practice of rewarding the same level of student achievement with increasingly higher degree classifications, is explicitly banned.

    If the universities or colleges are found to have broken OfS rules, they could be fined up to £500,000 or 2 percent of their income.

    In January, the Higher Education Statistics Agency (HESA) recorded a fall in the number of first-class degrees awarded for the first time since records began in 1993.

    Nearly a third (32 percent) of undergraduate degrees were awarded a first-class honours classification in 2021–2022, a fall from 36 percent the year before, the agency said.

    However, 46 percent of students were awarded upper second-class degrees in 2021–2022, the same proportion as in 2020–2021.

    Tyler Durden
    Fri, 05/12/2023 – 02:00

  • Escobar: Bold Gambits On The West Asian Chessboard
    Escobar: Bold Gambits On The West Asian Chessboard

    Authored by Pepe Escobar via The Cradle,

    In the Great Power competition, everything is connected: Uncertain negotiations between Russia and NATO over Ukraine may be impacted by Turkiye’s post-election pivot and Syria’s return to the Arab League…

    West Asia is a region that is currently experiencing a great deal of geopolitical activity. Recent diplomatic efforts, initiated by Russia and overseen by China, secured a long-elusive Iranian and Saudi Arabian rapprochement, while Syria’s return to the Arab League has been welcomed with great fanfare. The diplomatic flurry signals a shift away from the Imperial “Divide and Rule” tactics that have been used for decades to create national, tribal, and sectarian rifts throughout this strategic region.

    The proxy war in Syria, backed by the Empire and its terror outfits – including the occupation of resource-rich territories and mass theft of Syrian oil – continues to rage on despite Damascus having gained the upper hand. That advantage, weakened in recent years by a barrage of western economic killer sanctions, is now growing exponentially: the Syrian state was further bolstered by Iranian President Ebrahim Raisi’s recent official visit – pledging to expand bilateral ties – on the eve of Syria’s return to the Arab League.

    “Assad must go” – a meme straight out of collective western hubris – in the end, did not go. Imperial threats notwithstanding, those Arab states that had sought to isolate the Syrian president came back to praise him all over again, led by Moscow and Tehran.

    Syria is extensively discussed in informed circles in Moscow. There’s a sort of consensus that Russia, now concentrated in the “all or nothing” proxy war against NATO, will not currently be able to impose a Syrian peace solution, but that doesn’t preclude the Saudis, Iranians, and Turks fronting a Russian-led deal.

    Had it not been for the aggressive behavior of Straussian neo-cons in the Washington Beltway, a comprehensive multi-territorial peace could have been achieved, including everything from Syria’s sovereignty, to a demilitarized zone in the Russian western borderlands, stability in the Caucasus, and a degree of respect for international law.

    However, such a deal is unlikely to materialize, and instead, the situation in West Asia is likely to worsen. This is due in part to the fact that the North Atlantic has already shifted its focus to the South China Sea.

    An impossible ‘peace’

    The collective west appears to lack a decisive leader, with the Hegemon currently being “led” by a senile president who is remote-controlled by a pack of polished-faced warmongers. The situation has devolved to the point where the much-hyped “Ukrainian counter-offensive” may actually be the prelude to a NATO humiliation that will make Afghanistan look like Disneyland in the Hindu Kush.

    Arguably there may be some similarities between Russia-NATO now and Turkiye-Russia before March 2020: both sides are betting on some crucial military breakthrough on the battlefield before sitting at the negotiating table. The US is desperate for it: even the 20th century ‘Oracle’ Henry Kissinger is now saying that with China involved, there will be negotiations before the end of 2023.

    Despite the urgency of the situation, Moscow does not appear to be in a hurry. Its key military strategy, as seen in Bakhmut/Artemyovsk, is to use a combination of the snail technique and the mincing machine. The ultimate goal is to demilitarize NATO as a whole rather than just Ukraine, and so far, it appears to be working brilliantly.

    Russia is in it for the long haul, anticipating that one day the collective west will have an “Eureka!” moment and realize it is time to abandon the race.

    Now let’s assume, by some divine intervention, that negotiations would start in a few months, with China involved. Moscow – and Beijing – both know they simply cannot trust anything the Hegemon says or signs.

    Moreover, the crucial US tactical victory has already been conclusive: Russia sanctioned, demonized and separated from Europe, and the EU cemented as a de-industrialized, inconsequential lowly vassal.

    Presupposing there is a negotiated peace, it will arguably resemble a Syria 2.0, with a massive “Idlib” equivalent right on Russia’s door, which is something entirely unacceptable to Moscow.

    In practice, we will have Banderista terror outfits – the Slav version of ISIS – free to roam across the Russian Federation in car bombing and kamikaze drone sprees. The Hegemon will be able to switch the proxy war on and off at will, just as it continues to do in Syria, Iraq, and Afghanistan with its terror cells.

    The Security Council in Moscow knows very well, based on the Minsk farce acknowledged even by former German Chancellor Angela Merkel, that this will be Minsk on steroids: the Kiev regime, or rather the post-Zelensky regime will continue to be weaponized to death with brand new NATO gimmicks.

    But then the other option – where there is nothing to negotiate – is equally ominous: a Forever War.

    Indivisibility of Security

    The real deal to be negotiated is not “pawn in their game” Ukraine: it’s the indivisibility of security. Exactly what Moscow was sensibly trying to convince Washington via those letters sent in December 2021.

    In practice, what Moscow is currently doing is realpolitik: pounding NATO on the battlefield until they are weakened enough to accept a Strategic Military Operation (SMO). The SMO would necessarily include a demilitarized zone between NATO and Russia, a neutral Ukraine, and no nuclear weapons stationed in Poland, the Baltics, or Finland.

    However, given that the Hegemon is a declining superpower and “non-agreement capable,” it is uncertain whether any of this would hold, especially considering the Hegemon’s obsession with infinite NATO expansion. “Non-agreement capable” (недоговороспособны), incidentally, is a term Russian diplomats coined to describe their American counterparts’ inability to stick to any deal they sign – from Minsk to the Iran nuclear agreement.

    This incandescent mix gets even more complex with the introduction of the Turkish vector.

    Turkish Foreign Minister Cavusoglu has already made it plain that if President Recep Tayyip Erdogan retains power in the 14 May presidential elections, Ankara will neither impose sanctions on Russia nor violate the Montreux Convention, which forbids the passage of warships to and from the Black Sea in wartime.

    Risks of Ankara’s geopolitical shift

    Erdogan’s chief security and foreign policy adviser, Ibrahim Kalyn, has aptly pointed out that there is no war between Russia and Ukraine; rather, it’s a war between Russia and the west with Ukraine serving as the proxy.

    This is why the collective west is heavily invested in an “Erdogan must go” campaign, which is lavishly funded to propel an oddly-matched coalition into the presidential seat. In case the Turkish opposition wins – and their payment to the Hegemon begins – sanctions and violations of Montreux may be on the cards again.

    Yet Washington may be in for a surprise. Turkish opposition leader Kemal Kilicdaroglu has implied there will be a more or less continued balanced posturing of Ankara’s foreign policy tilt, while some observers believe that even if Erdogan is ousted, there will be limits to Turkiye’s pivot back to the west.

    Erdogan, profiting from the state apparatus and his immense network of patronage, is going no-holds-barred to secure re-election. Only then might he shift from hedging his bets continuously toward making a move to become a real player in Eurasian integration.

    Ankara under Erdogan, as it stands, is not pro-Russian; essentially, it tries to profit from both sides. The Turks sell Bayraktar drones to Kiev, have clinched military deals, and at the same time, under the “Turkic States” mantle, invest in separatist tendencies in Crimea and in Kherson.

    At the same time, Erdogan badly needs Russian military and energy cooperation. There are no illusions in Moscow about “the Sultan,” or about where Turkiye is leading. If Ankara’s geopolitical turn is hostile, it’s the Turks that will end up losing prime seats in the Eurasian high-speed train – from BRICS+ to the Shanghai Cooperation Organization (SCO) and all spaces in between.

    Tyler Durden
    Thu, 05/11/2023 – 23:40

  • NY Mayor Adams Booted From Biden Surrogate Squad After Immigration Criticism
    NY Mayor Adams Booted From Biden Surrogate Squad After Immigration Criticism

    After dishing out pointed criticism of the White House’s handling of the immigration crisis, New York City Mayor Eric Adams has been given the heave-ho from Team Biden 2024, as he’s been dropped from the campaign’s list of official media and event surrogates.  

    Overwhelmed by the number of migrants pouring into the city, Adams recently said New York City “is being destroyed by the migrant crisis.”

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

    He also singled out Biden as having “failed” the city. In a subsequent scolding crafted to achieve bipartisan balance, Adams said, “It is the irresponsibility of the Republican Party in Washington for refusing to do real immigration reform, and it’s the irresponsibility of the White House for not addressing this problem.

    In March, Adams appeared on a list of more than 20 Democrats tapped to serve on a Biden campaign national advisory board. When the campaign posted an updated list on Wednesday, the roster had grown to 50 — but Adams had vanished.  

    “The message is: Don’t criticize an incumbent Democratic president and don’t criticize the first black female vice president,” Democratic political consultant Hank Sheinkopf told the New York Post. “Any criticism from a Democrat heading into re-election is seen as a betrayal.”

    On Wednesday, the Biden campaign posted a YouTube video featuring many of its updated roster of surrogates. As we draft this article, it’s only managed to rack up 13 likes. That rock-bottom enthusiasm is consistent with the latest ABC/Washington Post poll showing only 36% of Democrats want Biden nominated again.  

    The Biden campaign isn’t commenting on the Adams disappearance. However, a Democratic aide to another member of the surrogate team told Politico that Adams’ departure was “almost certainly” due to his immigration criticism: “[He] made somewhere between in-artful to stupid comments that were kind of out of bounds.” 

    “As the mayor has previously stated, he stands ready to help the president with reelection however he can,” said an Adams spokesman.  

    Adams and Biden during chummier times (Adam Schultz/White House)

    As his bridges to Biden smolder, Adams isn’t winning friends in the New York suburbs either. Leaders of Rockland and Orange counties are fuming after the Adams administration tried an under-the-radar, Friday news-drop of a scheme to store the city’s excess migrants in hotels in the two Hudson Valley suburban counties. Both jurisdictions have declared states of emergency as they maneuver to block New York City from exporting its problems. 

    Speaking bluntly in an interview with Politico, Republican Orange County Executive Steven Neuhaus, said, “I think we’re going to have a standoff in the next 24 to 48 hours because I just got word that the city said, ‘screw Rockland and Orange, we’re sending these people up’.”  

    Tyler Durden
    Thu, 05/11/2023 – 23:20

  • The Extinction Event Hitting Corporate Media…
    The Extinction Event Hitting Corporate Media…

    Authored by Mark Jeftovic via BombThrower.com,

    MSM went “all-in” on a discredited COVID narrative.

    Since the pandemic I’ve been saying that confidence in the mainstream, corporate press has been irreparably damaged. After four years of non-stop Trump Derangement Syndrome so intense that even some liberals were wondering if the press had gone overboard on editorializing – Covid hit, and a lot of normies now see the MSM for what it really is: agitprop and brainwashing.

    Cancel culture and censorship reached such absurd levels that we started to see an exodus of high profile reporters (Matt Taibbi, Glenn Greenwald, et al) exiting corporate news outlets and setting up on their own, after they committed the sin of colouring outside the lines of establishment precepts.

    The MSM went all-in in Covid, but every core tenet of the Covid narrative has since fallen apart:

    • This thing came out of a lab

    • Ecohealth and Fauci are up to their asses in it

    • The lockdowns did more damage than anything else, and

    • Everybody was forced to take a vaccine that not only doesn’t work but also seems to be the common denominator in an excess fatality rate that exceeds the pandemic itself.

    Not good.

    With the tempo being set by numerous media collapses, especially by overtly “woke” ones: Buzzfeed’s bankruptcy, Vice circling the drain – and television viewership plummeting, the stage was set for a few key moments that will be remembered as defining the extinction level event rolling through corporate media:

    #1) The Rise of Dark Carlson

    After Fox News fired Tucker Carlson, the number 1 pundit on television with the highest viewership today, he didn’t go to a rival network (Newsmax offered him $25 million), he decided to take his own show out on Twitter.

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    Apparently, on his own, not part of any deal with Elon Musk, Carlson is just letting it all hang out. In one of his first installments, he called into question the 9/11 narrative (Why did Building 7 just fall into its own footprint for no reason?). It prompted one observer to coin the term “Dark Carlson” for what is transpiring via this channel.

    #2) The Schism of RFK Jr. coverage

    RFK Jr, having thrown his hat into the ring to challenge Joe Biden for the Democratic nomination, immediately drew fire from the MSM, having unilaterally decided that anything RFK says is automatically “misinformation” (see the closing remarks on “rhetorical circularity”, below).

    RFK Jr, for his part, created an account on Nostr.  

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    Nostr is a fast growing decentralized social media network, contrast with Twitter – which is governed by the vagaries and whims of whomever owns it – Nostr is decentralized at the server level to relays (which anybody can run) at the the account level to individual users. This protocol is spreading like wildfire and it’s beyond censorship.

    The juxtoposition between a sclerotic,  industrial era, mediocre network clutching their pearls over RFK’s “misinformation” and RFK showing up on Nostr tells us a lot.

    While this is not seen as much of a big deal yet, this is a signal worth paying attention to.

    #3) CNN’s disastrous town-hall with Trump

    I didn’t watch it, and when you look at the reporting on it, both left and right traditional outlets are declaring victory – but the reality is that CNN pulled the plug on it 20 minutes earlier than scheduled (ten key moments here).

    Love him or hate him, Trump draws attention and viewers unlike any other personality – and the fact that CNN drew the curtain early signals one thing: it was a disaster for the network and probably didn’t hurt Trump. After deftly manipulating a hostile media and leveraging social media cunning to win the presidency in 2016, it doesn’t look like the MSM has learned much.

    When the media falls, so does the system it supports

    When the Soviet Empire fell in 1989 – 1990, anybody predicting it even months earlier would have been ridiculed. When it happened it took everybody by surprise (even the CIA) and unfolded at astonishing speed (Victor Sebestyen’s Revolution 1989: The Fall of the Soviet Empire covers it brilliantly).

    Things move even quicker today – where we are in the early innings of what will possibly be the final financial crisis of the fiat money system.

    In another great book about Late Stage Communism,  “Everything Was Forever, Until It Was No More“, Alexey Yurchak chronicles the hyper-normality that saturated the zeitgeist during “the last Soviet Generation”. The “Dead Irony” chapter outlines the ingenious forms of unauthorized humour.

    A contemporary parallel is when you come across a Twitter account that exhibits such over-the-top support for All The Latest Things™ that you can’t tell if its satire or not. That is a type of performative dissidence called “Stiob” (unless it’s real).

    (It’s parody)

    Yurchak’s examination of “the hegemony over meta-discourse” and it’s disintegration ring eerily familiar to those keeping score today. One example is what he called “rhetorical circularity”: in our case it means that anything the MSM refuses to cover is “misinformation”, because there are no MSM citations to support it.

    As I frequently comment, we’re in Late Stage Globalism. While many view Covid as the gateway to a “Great Reset” technocracy – it looks to me like it was instead, the a-c-c-e-l-e-r-a-t-i-o-n event of the millennia.

    I’m not an accelerationist and the elites are certainly still pushing hard for that WEF-style authoritarianism.

    But I’m just an observer and I’m here to tell you, that is what’s happening. Given the nature of technological compounding (“Future Shock”, as Alvin Toffler called way back in 1970), accelerationism is somewhat baked in and we just have to watch the implosion of corporate media (not to mention the self-destruction of Woke capitalism) to know it is happening.

    *  *  *

    My next ebook is The CBDC Survival Guide and I’m sending it free to Bombthrower subscribers when it’s done (early June). In the meantime, subscribe now and get The Crypto Capitalist Manifesto while you wait. Follow me on Nostr, or Twitter

    Tyler Durden
    Thu, 05/11/2023 – 23:00

  • "Penetrated The Roof": Meteorite Crashes Into New Jersey Bedroom
    “Penetrated The Roof”: Meteorite Crashes Into New Jersey Bedroom

    The operations manager for the American Meteor Society, Mike Hankey, believes a metallic object that crashed through the roof of a Hopewell Township, New Jersey, home on Monday is a meteorite.

    “This is most certainly a meteorite, and there are likely more meteorite fragments now scattered around the town,” Hankey said in a statement on the Hopewell Township’s Facebook page. 

    Hopewell Township announced in a press release that the metallic object is 4 inches by 6 inches. 

    “It penetrated the roof, the ceiling, and then impacted the hardwood floor before coming to a rest,” the town said. 

    Hankey, the meteorite expert, said: 

    “We still do not have a firm estimate for the time of the fall. If we can exactly identify the time of the fall we can more effectively find evidence of it on weather radars and also video camera systems recording the sky. Any residents with door bell cameras should check for events between 12-3 PM on May 8th. There could have been a flash in the sky and/or a boom sound recorded.”

    Local law enforcement believes the object was part of a “current Meteor shower called the Eta Aquariids,” the town said, adding an investigation is ongoing. 

    This isn’t the first occurrence of a possible meteorite causing damage to a residential structure within the US. About six months ago in November, a California man said, “I heard a big bang,” and then watched his home erupt in flames. He alleges a meteorite destroyed his home. 

    And, in case you were wondering, the Insurance Information Institute noted on its website, “Falling objects—including satellites, asteroids, meteors and space debris—are covered under standard homeowners and business insurance policies.” 

    Tyler Durden
    Thu, 05/11/2023 – 22:40

  • Manhattan DA Bragg Strikes Again: Charges Marine Over Subway Chokehold Death
    Manhattan DA Bragg Strikes Again: Charges Marine Over Subway Chokehold Death

    Daniel Penny, a 24-year-old former Marine, will be charged for the death of 30-year-old homeless man Jordan Neely.

    We can confirm that Daniel Penny will be arrested on a charge of manslaughter in the second degree. We cannot provide any additional information until he has been arraigned in Manhattan Criminal Court, which we expect to take place tomorrow,” a spokesperson for Manhattan DA Alvin Bragg told Politico.

    As a brief reminder, in case you only watch NBC or CNN or have been hiding under a rock; on May 1, at the Broadway-Lafayette station, witnesses reported that Jordan Neely was acting aggressively toward other passengers on a train.

    Neely allegedly screamed “in an aggressive manner” and told passengers he does not care if he goes to jail, before allegedly taking off his jacket and throwing it on the ground.

    Multiple witnesses came forward to state that Neely had made repeated attempts to push people onto subway tracks.

    Penny allegedly held Neely in a 15-minute chokehold on May 1 to protect himself and other passengers from Neely (along with two other individuals who attempted to restrain the deranged passenger).

    Neely is a career criminal with over 40 prior arrests for various offenses, including drug-related charges, disorderly conduct, and fare evasion.

    At the time of his death, Neely had an outstanding warrant for assaulting a 67-year-old woman.

    The Marine was then taken into custody, questioned by detectives and releasedaccording to ABC News.

    NBC4 New York reports that Penny’s attorneys have said previously there was no way he “could have foreseen” that his bid to subdue an alleged perceived threat would turn deadly.

    “Mr. Neely had a documented history of violent and erratic behavior, the apparent result of ongoing and untreated mental illness,” said the statement from law firm of Raiser and Kenniff.

    “When Mr. Neely began aggressively threatening Daniel Penny and the other passengers, Daniel, with the help of others, acted to protect themselves, until help arrived. Daniel never intended to harm Mr. Neely and could not have foreseen his untimely death.

    Neely’s family says that amounts to a confession.

    After word of the impending charge came out, Penny’s attorneys released a statement saying their client “stepped in to protect himself and his fellow New Yorkers” even though “his well-being was not assured.”

    “He risked his own life and safety, for the good of his fellow passengers. The unfortunate result was the unintended and unforeseen death of Mr. Neely,” the statement from Steven Raiser read.

    “We are confident that once all the facts and circumstances surrounding this tragic incident are brought to bear, Mr. Penny will be fully absolved of any wrongdoing.”

    Finally, we ask – Who could have seen that coming?

    Well, pretty much everyone after violent protests started erupting across New York City.

    The politicization of the justice system (or rather the inevitable denouement to the mob’s rule) is being increasingly exposed to the daylight at so many levels… and yet nothing changes.

    As Matt Margolis poignantly notes, under Bragg’s leadership, the Manhattan District Attorney’s office routinely downgrades felonies to misdemeanors. Yet sometimes, his decisions to pursue charges have seemingly been influenced by social or political factors. Earlier this year, Bragg also sought murder charges against Moussa Diarra, a parking garage attendant in Manhattan who had shot a thief in an act of self-defense. However, in response to public outrage, Bragg later decided not to pursue charges against Diarra.

     It is expected that Penny will turn himself in on Friday to face criminal charges.

    Tyler Durden
    Thu, 05/11/2023 – 22:22

  • Chicago Residents Throw Fit Over New Migrants As Dem Cities Clash With Biden Admin Over Finances
    Chicago Residents Throw Fit Over New Migrants As Dem Cities Clash With Biden Admin Over Finances

    Much like New York and DC, Chicago residents our in an uproar over the arrival of thousands of migrants arrive in their city after being bused north from Texas, a surge which is expected to accelerate as a pandemic-era measure, Title 42, is set to expire at 11:59 p.m. on Thursday.

    Photo via @endwokeness

    According to city officials, there has been a 10-fold increase in migrant arrivals – putting a strain on Chicago’s financial resources, and leading concerned residents of the Democratic stronghold to voice their opposition at during a Thursday evening meeting with city leaders in South Shore.

    All of a sudden we have deep pockets for people who don’t pay taxes,” said one attendee. “I understand helping people, but you start with your own home.”

    “I think it would be fair for every homeless immigrant that you bring in, that you scoop up a homeless here,” said another attendee, ABC7 Chicago reports.

    A plan is also in place to move some of them into Park District fieldhouses, like one at Brands Park in the 3200-block of North Elston Avenue.

    The problem is that the families that use fieldhouse services, like for daycare and summer programs, were not informed.

    And what’s the first stop for new arrivals? Police stations and school buildings.

    “The staff here was given virtually no notice. They were told at like 1 o’clock to clear your stuff, we are sending migrants to your facility,” said one pissed off parent, Michael Busking.

    Chicago Mayor Lori Lightfoot has taken the emergency measures to respond to a “surge of new arrivals since last month.”

    Trouble all around

    As Bloomberg notes, while El Paso, Texas has declared a state of emergency to open temporary shelters as hundreds of migrants sleep on the sidewalks, New York Mayor Eric Adams has slammed the Biden administration amid the arrival of migrants to the Big Apple – “putting pressure on his city’s already-strained budget.”

    The New York mayor has urged the administration to better coordinate response efforts and speed up federal financial assistance and work permissions for migrants. He’s said the city is receiving around 500 migrants per day from border states, and his office expects those numbers could double with the end of Title 42. 

    Adams was not included on a list of Biden campaign surrogates released Wednesday, even though the Washington Post reported in March he would be included. The omission was reported earlier by Politico. -Bloomberg

    According to the report, the tensions with fellow Democrats come at a difficult time for President Biden, as he embarks on his reelection campaign.

    “The Biden administration had two years to prepare for this and did not do so. And our state is going to bear the brunt,” said Dem-turned-independent Arizona Senator Kyrsten Sinema.

    Late Wednesday, the Biden administration attempted to turn the tide with a set of new rules that would quickly reject asylum claims for most people crossing the border who hadn’t previously applied for asylum in another country first. What’s more, nearly 1,500 military personnel are being sent to the Southwest border to help local authorities deal with an expected influx of migrants.

    The Department of Homeland Security, meanwhile, says it will award $290 million to communities taking in migrants, on top of $135 million already allotted, Bloomberg reports.

    On Wednesday afternoon, DHS Secretary Alejandro Mayorkas said that the administration has been hamstrung by “outdated” and “broken” immigration laws (and totally not the open-door invitation virtually extended to migrants since Biden took office).

    “I cannot overstate how much of a challenge it is going to be and how we all have to deal with it as one administration and one country. Fundamentally, we need Congress to act,” Mayorkas said on Thursday, effectively blaming Congress.

    [A] fresh wave of migrants at the southern border could also renew pressure on small towns in the region. Arizona Governor Katie Hobbs this week announced her own “preparedness plan” to help shelter and transport migrants. -Bloomberg

    “Without much more robust action from the federal government, the current situation will only get worse,” said Hobbs. “As of today, we have not received an adequate response.”

    Tyler Durden
    Thu, 05/11/2023 – 22:00

  • Top NBCUniversal Ad Exec And World Economic Forum Taskforce Chair In Talks To Become Twitter CEO: WSJ
    Top NBCUniversal Ad Exec And World Economic Forum Taskforce Chair In Talks To Become Twitter CEO: WSJ

    Are Twitter’s days of encouraging free speech and independent thought numbered… or is Musk, just days after unveiling that Tucker is joining, playing 4D chess?

    Just hours after Elon Musk announced he had picked a new female Twitter CEO candidate, the WSJ revealed the identity of the person in talks to become the next CEO of the world’s most important social network: it is Linda Yaccarino, who is currently NBCUniversal’s influential head of advertising.

    Yaccarino, who is chairman of global advertising and partnerships at NBCU, has been with NBCU for more than a decade, where she has been an industry advocate for finding better ways to measure the effectiveness of advertising. As head of NBCU’s advertising sales, she was key in the launch of the company’s ad-supported Peacock streaming service.

    Elon Musk, Twitter’s owner, said in a tweet Thursday that he had hired a new CEO, but didn’t say who it was. “She will be starting in ~6 weeks!” Mr. Musk said in the tweet.

    In some ways, Musk’s pick of Yaccarino is not a surprise: as Chair of the Advertising Council’s Board of Directors and arguably NBCU’s top advertising exec, she is meant to fill a critical void at the new Twitter: that of advertising. After all, despite having massive traffic, Musk’s social network – which as a reminder cost him $44 billion – has been hemorhaging ad revenue as woke brands have abandoned the website.

    Of the top 100 advertisers on Twitter before Mr. Musk bought the company, 37 spent nothing on Twitter advertising during the first quarter of this year, according to market-intelligence firm Sensor Tower, while an additional 24 brands reduced their average monthly Twitter ad spending by 80% or more.

    As such, it will be Yaccarino’s job to convince advertisers to return: Yaccarino, who oversees roughly $13 billion in annual ad revenue, is well-known for her tight relationship with marketers and ad agencies. Yaccarino has a reputation for hard-nosed negotiating tactics, and media buyers have described her as the “velvet hammer.”

    Musk’s announcement of the new CEO came days before one of the biggest events of the year for NBCU, the company’s annual pitch event for advertisers, known as the upfront, which is scheduled for Monday in New York. And according to the WSJ, an NBCU spokesman said Ms. Yaccarino is in back-to-back rehearsals for NBCU’s upfront.

    On the other hand, the hiring of Yaccarino to head the social network which in recent months has become the bane of liberals and progressives through its encouragement of free speech and independent thought, both of which are despised and suppressed by the left, could be a problem.

    For one, according to her LInkedIn profile, Yaccarino is the “Chairman of the WEF’s Taskforce on Future of Work and sits on the WEF’s Media, Entertainment and Culture Industry Governors Steering Committee. She is also highly engaged with the Value in Media initiative.” Most recently, she delivered the following speech in Jan 2020: ‘World Economic Forum: Creating the Workplace of the Future by Focusing on People.”

    Source: LinkedIn

    Additionally, in 2014 Yaccarino joined the Ad Council Board of Directors and became a member of the Executive Committee in 2015. She first served as Vice Chair before her appointment to Board Chair from 2021-2022.

    And then there’s this: in 2021-2022, as Ad Council Chair, “Yaccarino partnered with the business community, the White House, and government agencies to create a COVID-19 vaccination campaign, featuring Pope Francis and reaching over 200 million Americans.”

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

    And finally:

    As an industry advocate, Yaccarino has called for a return to values-based, trusted partnerships, spotlighting the most important issues facing her colleagues and peers. As 2021-2022 Ad Council Chair, Yaccarino partnered with the business community, the White House, and government agencies to create a COVID-19 vaccination campaign, featuring Pope Francis and reaching over 200 million Americans. At NBCU, she uses the power of media to advance equity and helps to launch DEI-focused initiatives, including BOLD, a program for employing veterans; #ShesMy, a campaign to uplift women and girls; Scene in Color, a collaboration with Target to elevate emerging BIPOC film creatives; and a partnership with Telemundo to release a Latina-centric storytelling guide. 

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

    Things get a little more complicated however, when one considers that in May 2018 Trump Named Yaccarino (alongside Bill Belichick and a bunch of other folks) to a two-year term on the President’s Council on Sports, Fitness and Nutrition. It wasn’t immediately clear how long she lasted in this particular role.

    Bottom line: despite that last rather odd detour, which can be attributed to Trump’s habitual lack of due diligence, Yaccarino appears to be the perfect establishment hire, one who will help Twitter recover most of its lost ad revenue… the trade-off may very well be that in the process twitter may just become the same company it was before its acqusition by Trump.

    In response to the news of her hiring, the outcry has been – as one would imagine – extremely polarized.

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    Finally, the boss himself:

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    In conclusion, while it is certainly possible that Musk is playing 4D chess here, a prevailing sentiment among the replies is that “Twitter was fun for a few months. See you guys in the gulag.” One can only hope that it is wrong.

    Tyler Durden
    Thu, 05/11/2023 – 21:40

  • Pakistan May Lose Support From IMF – Risks Debt Default As Civil Unrest Continues
    Pakistan May Lose Support From IMF – Risks Debt Default As Civil Unrest Continues

    Almost exactly a year ago we covered Pakistan’s efforts to secure economic aid through the IMF in order to defuse its growing inflationary crisis.  In May 2022, Pakistan’s core inflation rate was around 13% – Today, their core inflation rate is at 19.5%.  The situation keeps getting uglier.

    Pakistan has sought relief from foreign debt obligations and an IMF bailout deal. Initial arrangements for a three year deal with the IMF began in 2019, but Pakistan said that deal, originally for $6 billion USD, was ‘outdated due to the pandemic’ and new global financial pressures. The nation is in ‘dire need’ of at least $36 billion in order to stay afloat.  However, it appears that any chance of an agreement with the IMF is about to falter.

    A spokesperson for the International Monetary Fund in an interview with Bloomberg states that they are in talks with Pakistan on a multi-billion loan program, which is going to conclude in June.  But, the spokesperson also said that the IMF “wants an assurance on a coordinated mechanism for debt recovery from Pakistan” as well as an assurance on implementation of the economic policy.  The IMF has reportedly rejected a recent Pakistan government claim that it has met all the conditions to reach an agreement with the global financial body to release funds.

    Without IMF support Pakistan risks default in the near term, according to Moodys Investor Service.

    “We consider that Pakistan will meet its external payments for the remainder of this fiscal year ending in June,” says Grace Lim, a sovereign analyst with Moodys in Singapore.  “However, Pakistan’s financing options beyond June are highly uncertain.  Without an IMF program, Pakistan could default given its very weak reserves.” 

    The reason for the IMF pullback is obvious – Mass civil unrest has exploded in response to the arrest of former prime minister Imran Khan on corruption charges.  Pakistan’s Supreme Court has ruled that Khan’s dramatic arrest this week was illegal and has ordered his immediate release. His lawyers had argued that his detention from court premises in Islamabad on Tuesday was unlawful.

    Mr. Khan stood surrounded by his lawyers in front of the three Supreme Court judges as they told him that because of the way he had been arrested on Tuesday – inside a court complex, conducting biometric tests – the arrest was invalid.  This does not necessarily end the instability within Pakistan, though.  Charges are still being brought against Khan and the likelihood of continued riots is high.  

    What does this mean?

    Pakistan is a nuclear armed nation with over 165 warheads from short to medium range.  The country also has ongoing border disputes with India and strong military ties to China.  A destabilization of the region could lead to a much larger geopolitical crisis as well as send shockwaves through the global economy.  An IMF refusal at this time could trigger chaos that reverberates through the east and the west.     

    Tyler Durden
    Thu, 05/11/2023 – 21:20

  • After 20 Years As A Prosecutor In Illinois, I Quit
    After 20 Years As A Prosecutor In Illinois, I Quit

    The following is an email written by Cook County prosecutor Jason Poje, circulated to colleagues last week. Via RealClear Wire,

    To my colleagues:

    After 20 years, I always kind of figured an email like this would start with “It is with a heavy heart that I leave…” The truth is, I can’t get out of here fast enough.

    Let me start with the positive. There is not a single day that has gone by that I have not felt truly honored to work with such an incredible group of people who spent every waking hour on behalf of victims. This opportunity has been a gift for which I have no words to explain the extent of my gratitude.

    My partners, our Victim/Witness advocates, our Investigators, our support staff, the police officers and detectives, time after time I see each of you putting everything you have into helping people we encounter on the worst days of their lives. So often I see our personal lives, and indeed at times our own well-being, set aside just to do a little bit more on that last case for that last victim. It’s been nothing short of inspiring not as a lawyer, but as a person.

    And yet, I’m leaving. Why could that be? The simple fact is that this State and County have set themselves on a course to disaster. And the worst part is that the agency for whom I work has backed literally every policy change that had the predictable, and predicted, outcome of more crime and more people getting hurt.

    Bond reform designed to make sure no one stays in jail while their cases are pending with no safety net to handle more criminals on the streets, shorter parole periods, lower sentences for repeat offenders, the malicious and unnecessary prosecution of law enforcement officers, overuse of diversion programs, intentionally not pursuing prosecutions for crimes lawfully on the books after being passed by our legislature and signed by a governor, all of these so-called reforms have had a direct negative impact, with consequences that will last for a generation.

    Many years ago my family found a nice quiet corner of the suburbs. Now my son, who is only 5, hears gunfire while playing at our neighborhood park, and a drug dealer is open-air selling behind my house (the second one in two years). If it were just me to consider, I’d stick it out. I’ve been through stupid State’s Attorney policies before. But this Office’s complete failure to even think for a moment before rushing into one popular political agenda after another has put my family directly in harm’s way.

    The current people in charge of this state, including the [State’s Attorney’s Office] suffer from a fundamental misunderstanding…we live in a society with adversarial court and criminal justice processes. Defense attorneys, legal aid clinics, Public Defenders, defendant advocate groups…they fight like hell to protect the rights of criminal defendants. And they should. Their work is as noble as ours. But we have an obligation to fight like hell on behalf of the People. It should go without saying that this must be done ethically and evenhandedly. When both sides vigorously defend their positions, a balance is reached between protecting rights while preserving some sort of order and safety. Once we start doing too much of the defense’s job, once we pull our punches, once we decide that it’s worth risking citizens’ lives to have a little social experiment, that balance is lost. The unavoidable consequences are what we are witnessing in real time, an increase in crime of all kinds, businesses and families pulling up stakes, and the bodies piling up; the whole time with a State’s Attorney who insists that there is nothing to see here, and if there is it must be someone else’s fault. And then they wonder why they cannot retain experienced prosecutors or even hire new ones…it’s because any true prosecutor recognizes the importance of this balance, and that they will not be permitted to be a prosecutor under this administration.

    I will not raise my son here. I am fortunate enough to have the means to escape, so my entire family is leaving the State of Illinois. I grew up here, my family and friends are here, and yet my own employer has turned it into a place from which I am no longer proud to be, and in which my son is not safe.

    To everyone in the trenches in the State’s Attorney’s Office and in law enforcement, my one regret is that I cannot be at your side anymore as you continue to fight the good fight. I do not envy the task you have before you, but you have my utmost respect for carrying on. I hope one day you are successful at returning some kind of common sense and security to our communities.

    Thank you all so much for this opportunity to serve. I will treasure every moment of this chapter in my life. Be safe, be well, fight hard.

    Jason F. Poje
    Assistant State’s Attorney

    Tyler Durden
    Thu, 05/11/2023 – 21:00

  • On The Verge Of Deflation: China CPI, PPI Surprise To The Downside, Confirm Two-Speed Recovery
    On The Verge Of Deflation: China CPI, PPI Surprise To The Downside, Confirm Two-Speed Recovery

    Two days ago we looked at how China’s diverging export (faster) and import (slower) growth rates signaled a two-speed recovery, with strong consumption (especially services), also evident in the Labor Day holiday data, but not-so-robust industrial activity, which still faces headwinds from external demand and a slow recovery in property investment.

    Overnight we got another confirmation, this time in the form of China’s latest CPI and PPI when April inflation surprised the market to the downside.

    China’s CPI eased notably from 0.7% in March to 0.1% in April, the lowest print since March 2021 and one tick away from deflation.

    According to SocGen, the decline was mainly driven by food inflation (-0.4%) and energy inflation (-0.2%), while core CPI remained unchanged at 0.7%. The decline in food inflation was due to pork prices amid abundant supply, and vegetable prices thanks to the warm weather. Fuel inflation dropped from -6.4% to -10.4% due to weak international prices and base effects.

    In contrast, services CPI picked up from 0.8% to 1.0%, supported by prices of air fares, hotels and tour packages, as the sector is the main beneficiary of reopening. Rental inflation also recovered from -0.5% to 0.3% with the mom rate stabilizing at 0%. However, core goods CPI declined. While clothing inflation rebounded slightly from 0.8% to 0.9%, that of transportation facilities dropped from -3.3% to -4.0% due to ongoing discounting, and that of household appliances eased from -0.2% to -1.2%, reflecting more tepid demand relative to services.

    Moving to factory gate prices, PPI slipped further into deflation, from -2.5% to -3.6% due to base effects and weaker momentum, with a 0.5% mom decline. The main culprit was upstream prices, as the key commodities saw a broad-based decline in prices, reflecting weak demand for commodities (also evident in the latest imports data). That raises concerns over the strength of industrial activity, which likely lost momentum due to softer global demand, still subdued property investments and still high inventories. PPI of consumer goods also remained tepid, with a mom decline seen in durable goods.

    In short, it is clear that the service sector is normalizing quickly since the beginning of the year, but at this stage the broadening of the reopening recovery remains to be seen with risks from slowing exports, a sluggish property recovery, still weak confidence. The service-driven nature of this recovery also means there are less inflation spillovers to the rest of the world this year

    While it is true that inflation momentum has been modest, today’s numbers also overstate the weakness as they were mainly driven by food and upstream prices and base effects. The data points to more room for the PBoC to keep policy accommodative, especially coupled with today’s surprising plunge in new credit creation, but given its lagging nature, there is still a high bar for more headline easing.

    Tyler Durden
    Thu, 05/11/2023 – 20:40

  • US Failure To Recognize Natural Immunity Negatively Affected Pandemic Response: NIH Scientist
    US Failure To Recognize Natural Immunity Negatively Affected Pandemic Response: NIH Scientist

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

    The failure to recognize how post-infection immunity is similar or superior to that bestowed by vaccination led to prolonged school closures and other problems, a National Institutes of Health (NIH) scientist told Congress on May 11.

    Undated colorized scanning electron micrograph of a cell (blue) heavily infected with COVID-19 particles (red), isolated from a patient sample at the NIAID Integrated Research Facility in Fort Detrick, Md., on Oct. 31, 2020. (NIAID)

    U.S. health agencies “chose to disregard natural immunity,” leading to “lost jobs, staffing shortages, children kept out of school, and wasted vaccines,” said Margery Smelkinson, a research scientist at the NIH’s National Institute of Allergy and Infectious Diseases (NIAID).

    Smelkinson was one of three experts testifying to the U.S. House of Representatives Select Subcommittee on the Coronavirus Pandemic in Washington on Capitol Hill, in a hearing on immunity during the pandemic.

    Smelkinson, who said she was testifying in her personal capacity, is employed by the same agency headed for decades by Dr. Anthony Fauci, who repeatedly downplayed natural immunity along with other top public health officials.

    Fauci and Dr. Rochelle Walensky, director of the U.S. Centers for Disease Control and Prevention (CDC), were among the officials to meet secretly in 2021 to decide whether post-infection immunity should count as one or more vaccine doses in the recommended COVID-19 vaccination schedule, according to documents obtained by The Epoch Times. The meeting resulted in no changes to the recommendations, which advise virtually all Americans to get a vaccine even if they’ve recovered from COVID-19.

    The government’s position on natural immunity meant that COVID-19 vaccine mandates across the country featured no exceptions for the naturally immune, in contrast to some other countries.

    The CDC has said that there is post-infection protection but that it varies by person, that it’s unclear how long it lasts, and that recovered people should still get vaccinated.

    But evidence from before the vaccines were even available signaled natural immunity was robust, and later studies provided evidence that natural immunity was similar to or even better than vaccination, Smelkinson noted.

    One study in July 2020, for instance, found a strong immune response in people who had recovered from COVID-19. Another in October 2020 provided similar findings. And a paper in November 2020 found that mild infections also triggered strong responses.

    As early as April 2021, research suggested protection on par with that from vaccines. A CDC study found natural immunity was better than vaccination against the Delta variant, and a more recent CDC paper provided the same conclusions for the Omicron strain. An analysis of dozens of studies found that post-infection protection was similar to or better than vaccination, depending on the strain.

    Smelkinson said the government’s position resulted in staffing shortages, including in the health care sector, and “caused needless loss of life as vaccines were given to essential workers with natural immunity instead of being prioritized for the elderly.”

    “Additionally, the daily quarantine of thousands of students could have been significantly reduced if districts had, at least, made exceptions for students with natural immunity. At least,” she said. “Disregarding the wealth of evidence of natural immunity led to missed opportunities to implement policies that could have been more effective and efficient in controlling the pandemic and limiting collateral damage.”

    Rep. Brad Wenstrup (R-Ohio), chairman of the panel, said that the government should not have mandated vaccination for the naturally immune.

    Other Experts

    Dr. Marty Makary, a professor at Johns Hopkins University School of Medicine, told the panel that the stance against natural immunity adopted by Fauci and others didn’t make sense, pointing in part to Fauci saying previously that people who recovered from influenza didn’t need vaccination “because the most potent vaccination is getting infected yourself.”

    Read more here…

    Tyler Durden
    Thu, 05/11/2023 – 20:20

  • "We Have Reached Our Limit": NYC Suspends Shelter Rules Ahead Of Title 42 Expiration
    “We Have Reached Our Limit”: NYC Suspends Shelter Rules Ahead Of Title 42 Expiration

    The Biden administration is expected to repeal Title 42, a policy from the Trump era that makes it easier to reject migrants at the US-Mexico border. This change, expected to take effect at midnight on Thursday, could potentially lead to a massive influx of undocumented immigrants flooding the US. Far away from the chaotic southern border is New York City, which is experiencing its own migrant crisis

    On Wednesday, NYC Mayor Eric Adams signed an executive order that eases shelter requirements for homeless families. The order suspends city laws that regulate how, when, and where homeless families can be sheltered. It comes just one day before Title 42 ends. 

    “With over 130 emergency sites and eight humanitarian relief centers already opened, we have reached our limit, and this last week we had to resort to temporarily housing recent arrivals in gyms.

    “We will make every effort to get asylum seekers into shelter as quickly as possible as we have done since day one,” Fabien Levy, a spokesman for the Democratic mayor, said in a statement. 

    Levy said the effort is to ensure asylum seekers find “shelter as quickly as possible” as Democrat-run metro areas across the country prepare for a surge in migrants in the coming days and weeks upon Title 42 expiration. 

    Bloomberg said NYC is spending $8 million per day to house 40,000 asylum seekers. The spokesperson said more than 500 migrants per day have been entering the city in the last week. 

    Source: Bloomberg 

    NYC’s migrant crisis has been so severe that the mayor plans to ship several hundred adult male migrants to hotels in Orange Lake and Orangeburg, in upstate Rockland County. In recent months, migrants from Texas and other border states have been bussed in, making Adams and fellow Democrats furious. 

    Let’s not forget Biden administration officials largely ignored the border and began dismantling border security and immigration enforcement in the first two years of office. It was only until recently, after a flood of migrants could no longer be ignored, overrunning Democrat cities, as well as the imminent expiration of Title 42, and what could be an invasion of up to 150,000 migrants in the coming days, have Biden officials sent reinforcements to border states.

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

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

    A little too late, we might say, and wonder if the Biden administration is intentionally sparking a border crisis. 

    Ah yes… 

    . . . 

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    Tyler Durden
    Thu, 05/11/2023 – 20:00

  • Senator Ron Johnson: 'We Have Evidence Hunter Biden Paid Sex-Trafficked Prostitutes And The Media Isn't Even Looking Into It'
    Senator Ron Johnson: ‘We Have Evidence Hunter Biden Paid Sex-Trafficked Prostitutes And The Media Isn’t Even Looking Into It’

    Authored by Steve Watson via Summit News,

    During a Tuesday interview, Senator Ron Johnson asserted that Congressional Republicans have unequivocal proof that Hunter Biden paid tens of thousands of dollars to an international sex trafficking ring for prostitutes with money given to him by his father.

    “Senator Grassley and I, in our September 2020 report, laid out as much evidence as anybody would need to lay out that the Biden family is corrupt,” Johnson told Fox News, adding that it was well known “that President Biden would be highly compromised, but the corrupt media ignored it and censored it.”

    Johnson continued, “One thing we don’t talk enough about. I know President Biden is so proud of his son. We have the evidence that Hunter Biden paid for — paid tens of thousands of dollars for prostitutes that were sex trafficked through an international sex trafficking ring. Yes, ick.”

    “And President Biden during a four or five month period offered to pay for $100,000 of Hunter Biden’s bills when he was spending tens of thousands of dollars on these women who are sex trafficked,” the Senator further asserted.

    “Now, that is at a minimum morally reprehensible and wrong. And the president is defending that and the media isn’t even looking into it?” an exasperated Johnson urged.

    “It is grotesque but the media doesn’t concentrate on it. We had that in our report. We had the financial transactions proving it. James Comer does the same thing. But it is so icky and reprehensible that people don’t want to talk about it,” Johnson emphasised.

    “It is galling to hear the president talk about how proud he is of Hunter. He enables this. He enables it by propping up his son both in term of those types of words as well as financially. It is really pretty sick,” the Senator concluded.

    Watch:

    In a further interview on Fox Business, Johnson predicted the media will continue to ignore the overwhelming evidence of shady criminal dealings with foreign nationals.

    In an interview with The Washington Examiner, Johnson said that he fears the Department of Justice will allow Hunter Biden to engage in a plea agreement and have his case records sealed.

    “The Justice Department will do whatever it can get away with doing in terms of covering up for Hunter Biden or minimizing any charges,” the Wisconsin senator said, adding “I’ve been concerned about this, almost predicting it, for quite some time.”

    “Part of that plea agreement would be a seal of all records so that the American public will never know the full extent of what Hunter Biden and possibly Joe Biden did,” Johnson added.

    On Wednesday, during a press conference by House GOP lawmakers, Judiciary Chairman Jim Jordan announced that GOP lawmakers have reviewed 170 suspicious activity reports linked to the Biden Family’s dealings.

    Republicans revealed that they believe the Biden family attempted to conceal more than $10 Million in foreign payments, and that “Biden family members and business associates created a web of over 20 companies—most were limited liability companies formed during Joe Biden’s vice presidency.”

    Biden Family Tried To Hide Over $10 Million In Foreign Payments: House GOP

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    Tyler Durden
    Thu, 05/11/2023 – 19:40

  • FBI Stonewalls On Smoking Gun Document Alleging Biden Family 'Criminal Scheme'
    FBI Stonewalls On Smoking Gun Document Alleging Biden Family ‘Criminal Scheme’

    The FBI is stonewalling Congressional investigators over an informant file (form FD-1023) which allegedly contains evidence that President Biden took bribes while he was Vice President, the NY Post reports.

    After House Oversight Committee Chairman James Comer (R-KY) hit the FBI with a subpoena last week demanding the document by noon Wednesday, the bureau responded with a six-page letter full of objections.

    “Information from confidential human sources is unverified and, by definition, incomplete,” wrote FBI acting assistant director for congressional affairs Christopher Dunham.

    As is clear from the name itself, confidentiality is definitional to the FBI’s Confidential Human Source program,” wrote Dunham, adding “Confidential human sources often provide information to the FBI at great risk to themselves and their loved ones. The information they provide also can create significant risks to others who may be referenced in their reporting.”

    The FBI official concluded: “We … hope this helps you understand that keeping this kind of source information free from the perception or reality of improper influence — and preventing the redirection of this information for non-law enforcement or non-intelligence uses — is necessary for the FBI’s effective execution of our law enforcement and national security responsibilities.”

    Comer slammed the FBI’s stonewalling, but he did not immediately announce further steps to acquire the document. Congress has the power to apply financial pressure to agencies and can also use litigation to enforce its orders or attempt to shame officials through contempt votes. -NY Post

    It’s clear from the FBI’s response that the unclassified record the Oversight Committee subpoenaed exists, but they are refusing to provide it to the Committee,” said Comer, adding “We’ve asked the FBI to not only provide this record, but to also inform us what it did to investigate these allegations.”

    “The FBI has failed to do both. The FBI’s position is ‘trust, but you aren’t allowed to verify.’ That is unacceptable. We plan to follow up with the FBI and expect compliance with the subpoena.”

    Grinding Grassley’s gears…

    Sen. Chuck Grassley (R-IA) who passed the whistleblower to Comer, was livid at the FBI’s refusal to hand over the document.

    “They didn’t give us the unclassified document. They sent us a five or six-page letter that I haven’t studied thoroughly yet,” he told the post. “They didn’t dispute that it exists — that the document exists or that it is unclassified … why they haven’t given it, I don’t know.”

    “We have received legally protected and highly credible unclassified whistleblower disclosures,” Grassley wrote last week in a letter to Attorney General Merrick Garland and FBI Director Christopher Wray. “Based on those disclosures … “it has come to our attention that the Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) possess an unclassified FD-1023 form that describes an alleged criminal scheme involving then-Vice President Biden and a foreign national relating to the exchange of money for policy decisions.”

    On Wednesday, House Republicans laid out evidence of a vast network of Biden family corruption, including;

    • The Biden family received, and tried to hide, over $10 million in payments from foreign nationals
    • A previously undisclosed $1 million in Romanian-linked payments
    • Ties to Romanian ‘influence peddling’
    • A ‘web’ of 20 LLCs created while Joe Biden was Vice President with a ‘complicated corporate structure’
    • ‘At least 15’ of the LLCs were formed after Biden became VP in 2009 – several of which were owned or co-owned by Hunter
    • These LLCs accepted payments ranging from $5,000 to $3 million
    • The committee wants to know what legitimate business the Biden family was in

    Read the FBI’s response below:

    Tyler Durden
    Thu, 05/11/2023 – 19:20

  • Two Youths Commit Suicide In Taxpayer-Funded Cross-Sex Hormone Study
    Two Youths Commit Suicide In Taxpayer-Funded Cross-Sex Hormone Study

    Authored by Darlene McCormick Sanchez via The Epoch Times (emphasis ours),

    Lawmakers are demanding answers after the suicide deaths of two young people involved in a transgender hormone study funded by the National Institutes of Health (NIH).

    Chloe Cole, an 18-year-old woman who regrets surgically removing her breasts, holds testosterone medication used for transgender patients in Northern California on Aug. 26, 2022. (John Fredricks/The Epoch Times)

    Additionally, 11 participants reported suicidal thoughts during the study, according to a January article by researchers published in the New England Journal of Medicine (NEJM).

    In a letter to Dr. Lawrence Tabak, acting director at NIH, 15 Republican lawmakers question why the study wasn’t halted after participants died or reported adverse effects.

    It is alarming that vulnerable young people died by suicide while participating in a taxpayer-funded study that will almost certainly inflict devastating physical harm on those who participated,” the lawmakers’ letter stated.

    Acting Director of the National Institutes of Health Dr.Lawrence Tabak testifies on Capitol Hill in Washington, D.C., on May 17, 2022. (SHAWN THEW/POOL/AFP via Getty Images)

    “Rather than shutting the study down after such serious adverse events, the researchers published their paper, concluding that the study was a success because cross-sex hormones had altered subjects’ physical appearance and improved psychosocial functioning,” lawmakers added.

    The study “Psychosocial Functioning in Transgender Youth after 2 Years of Hormones” attempted to analyze the psychosocial state of participants.

    Researchers evaluated the impact of cross-sex hormones on “transgender and nonbinary youth” between the ages of 12 and 20, according to the study.

    NIH awarded $477,444 in a five-year grant to the Boston Children’s Hospital, the University of California at San Francisco, and the Lurie Children’s Hospital of Chicago for the study, according to a report in The Daily Signal. Dr. Diane Chen at the Lurie Children’s Hospital led the study.

    Lawmakers have blasted the study for subjecting children to “radical gender ideology.” Of 315 study subjects, 240 were minors.

    After the study was published, the medical watchdog group “Do No Harm,” called the research “fatally flawed and borderline unscientific” because it muddled instead of clarified questions about the medical transition of children.

    Twenty-four participants in the study received cross-sex hormones after puberty suppression—when they’re “in early puberty”—and are “likely sterile as a result,” according to the lawmakers.

    Lawmakers said that other risks to participants include an increased chance of cardiovascular disease and blood clotting. They also questioned the value of a study that didn’t include a “control group.”

    The letter stated the taxpayer-funded research was already being used to further the “fallacy” that chemically transitioning children was safe and effective despite “glaring shortfalls.”

    Police face pro-transgender protesters outside of Boston Children’s Hospital in Boston, Mass., on Sept. 18, 2022. (JOSEPH PREZIOSO/AFP via Getty Images)

    The study didn’t dwell on the suicides. Instead, it reported “positive” effects of cross-sex hormones, such as “life satisfaction” and decreases in depression and anxiety—at least for the duration of the study.

    Republicans charged that some involved in the study were known transgender activists focused on gender modification for children.

    In a video later removed from Boston Children’s Hospital’s YouTube channel, the hospital claimed “that children can know their gender identity ‘from the womb,’” lawmakers said.

    According to the letter, Johanna Olson, a co-author of the NEJM article, received a federal grant for a study in which she altered protocol to allow children as young as 8 years old to receive cross-sex hormones.

    The lawmakers noted in their objection that research shows gender dysphoria in minors often resolves by itself as struggling teenagers progress through puberty, “completely undermining the idea that children should have their bodies permanently altered to match their changing identities.”

    They added that the NIH plans to give more than $10.6 million to “experiment on children and adolescents through 2026.”

    Rep. Josh Brecheen (R-Okla.) and Sen. Ted Budd (R-N.C.) led the letter demanding responses to questions by June 9.

    Questions included the age of the suicide victims, the clinic that administered the hormones, and what steps may have been taken to halt and review the study when the deaths occurred.

    Lawmakers also want to know if any steps were taken to provide ongoing monitoring of other children participating in the study to ensure that they are not at risk for suicide.

    They also asked if participants had been evaluated for sterility or impaired fertility as a result of receiving cross-sex hormones and the results.

    In a press release, Brecheen said lawmakers are committed to holding those responsible for the loss of life accountable.

    “It is sickening that the federal government is preying on young people and using our taxpayer dollars to advance its radical gender ideology,” Brecheen said.

    Josh Brecheen elected as Oklahoma Congressman. (Courtesy of Brecheen for Congress)

    Budd called the NIH-funded study “highly questionable experiments.”

    “Taxpayer dollars should not be used to fund studies that encourage gender transition interventions on young people,” Budd said.

    Others signing the letter included Sens. Marco Rubio (R-Fla.), Rand Paul (R-Ky.), James Lankford (R-Okla.), Mike Lee (R-Utah), and Reps. Mary Miller (R-Ill.), Lauren Boebert (R-Colo.), Andy Biggs (R-Ariz.), Eli Crane (R-Ariz.), Jeff Duncan (R-S.C.), Randy Weber (R-Texas), Chip Roy (R-Texas), Ronny Jackson(R-Texas), and Michael Cloud (R-Texas).

    Tyler Durden
    Thu, 05/11/2023 – 19:00

  • Russian Media Says Ukraine's Counteroffensive Has Begun Amid Conflicting Reports
    Russian Media Says Ukraine’s Counteroffensive Has Begun Amid Conflicting Reports

    Russian media as well as some Western reports are saying the Ukrainian counteroffensive has begun. This comes the day after Yevgeny Prigozhin, the head of Russia’s Wagner Group, blasted regular Russian forces for retreating from parts of the Bakhmut front. 

    Prigozhin also claimed that Russia’s 72nd Separate Motor-rifle Brigade has given up its positions along the town’s southwest edge, also while pleading for more ammunition to go to Wagner fighters. Importantly, in a late Thursday report Russian state media is citing a prominent war correspondent to say the much-touted spring offensive has arrived, even though Ukrainian leaders on the same day said it is still stalled and they are “waiting” – also for more weapons from the West.

    Image: BBC

    Russia’s RT cites the war journalist as follows: “Ukrainian forces have breached Russian defenses northwest of the city of Artyomovsk in Donbass, Russian war correspondent Evgeny Poddubny reported on Thursday evening. He believes it’s the beginning of Kiev’s much-touted spring offensive.”

    “The attackers appear to have launched a series of simultaneous strikes north and south of Artyomovsk, also known as Bakhmut, several other Russian war reporters added,” the report continues. “The city has been the scene of intense fighting between Russian and Ukrainian troops for months.”

    And more from the state media report

    In addition, Kiev’s troops have reportedly used tanks to strike the city of Soledar. Located northeast of Artyomovosk, it was captured by Russian troops after heavy fighting in January.

    Meanwhile, in Zaporozhye Region, Kiev’s troops have reportedly attacked Russian positions near the city of Guliay-Pole. They are seeking to break through the Russian forces’ first defensive line, Poddubny explained.

    However, the defense ministry was quick to contradict some of these claims, also downplaying the severity of fighting in these locales:

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

    The Kremlin had previously expressed hoped it would have Bakhmut operations complete by Victory Day (May 9), but this proved illusive even after Russian forces captured some 90-95% of the largely destroyed city. 

    Conflicting reports persist, and it does appear some heavy frontline fighting has erupted from the Ukrainian side…

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    On Wednesday Russian presidential spokesman Dmitry Peskov struck a rare pessimistic tone in connection with the situation in Donetsk region. “The special military operation continues. It is a very, very difficult operation and of course certain goals have been achieved in a year,” he said.

    Pro-Ukraine accounts are claiming Russian troops are in a “panic”

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    President Zelensky had also earlier in the day previewed a “surprise”

    “We are expecting appropriate armoured equipment. It comes in parts, and with that amount, you can move forward… But we will lose a lot of people. I believe that this is impossible. We need to wait. We need some more time” he said.

    I am not ready to communicate with you, to say when we will be advancing, because I think you understand me. Because to some extent, this prepares the enemy. And therefore, I would like it to be an unpleasant surprise, not the other way around.

    Meanwhile a CNBC headline has also highlighted these emerging reports of the counteroffensive being underway.

    Are we about to witness Russian forces get beat back at a moment frontline forces could be exhausted from months of heavy battles and costly advances? Or will the counteroffensive falter before it even gets off the ground? 

    Tyler Durden
    Thu, 05/11/2023 – 18:40

  • Biden's Ex-Disinfo Queen Slaps Fox With Defamation Suit
    Biden’s Ex-Disinfo Queen Slaps Fox With Defamation Suit

    Nina Jankowicz, the Biden administration’s short-lived disinfo czar, is suing Fox News for defamation, claiming that the network promoted lies about her that generated ‘serious threats to her safety’ and harmed her job prospects, according to the NY Times.

    To review:

    According to the lawsuit, Fox mentioned Jankowicz 300 times in eight months, where she claims she was demeaned and defamed in highly personal language by hosts Tucker Carlson, Maria Bartiromo and Sean Hannity – who said her job was to “to silence anyone who criticizes the Biden administration,” and possibly “get men with guns to tell you to shut up.”

    She also came under fire for her batshit fake British accent while singing Orwellian censorship songs.

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    More via the Times:

    The suit was filed on behalf of Nina Jankowicz, the former executive director of a short-lived Department of Homeland Security division assigned with coordinating efforts to monitor and address disinformation threats to national security. Right-wing pundits and politicians falsely portrayed her group as part of an Orwellian bid to control the speech and thought of ordinary Americans. -NY Times

    Falsely portrayed? Guess we’ll find out.

    Even after achieving their stated goal of driving me out of government and ending the board, they kept using me as a punching bag,” Jankowicz said in a Wednesday interview. “It shouldn’t be something we just accept — that the most powerful cable network in the world can attack individuals willy-nilly and not face any consequences after they ruin their lives.”

    Hilariously, the Times also describes her as a “prominent specialist in Russian disinformation” despite her promoting the discredited Steele dossier and the Hunter Biden laptop Russiagate theory.

    The lawsuit was filed in the same Delaware state court where Dominion Voting Systems lodged a $1.6 billion defamation suit against the network, which was settled last month for $787.5 million.

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    Tyler Durden
    Thu, 05/11/2023 – 18:00

  • Musk Launches Twitter's New Encrypted Messaging, But With Big Caveat: "Don't Trust It Yet"
    Musk Launches Twitter’s New Encrypted Messaging, But With Big Caveat: “Don’t Trust It Yet”

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

    Elon Musk on Thursday announced the official launch of Twitter’s new encrypted direct messaging (DM) function, urging users to give it a try, but warning that the encryption feature in the early version should not be trusted.

    Early version of encrypted direct messages just launched,” Musk stated in a Thursday tweet. “Try it, but don’t trust it yet.”

    Direct messages sent on Twitter will be encrypted end-to-end, meaning that private messages can only be read by the sender and recipient.

    Musk stated in an earlier post on Wednesday that the sophistication of the encryption feature will grow “rapidly” following the launch of the preliminary version. “The acid test is that I could not see your DMs even if there was a gun to my head,” he said.

    With the rollout now official, Twitter joins other platforms like Signal and WhatsApp in providing users with an encrypted messaging service, though not all Twitter users will have access to it—at least for now.

    Twitter stated in a post on its support site that the encryption feature is only available to people who pay for Twitter Blue or are affiliated with a verified Twitter account. Only messages containing text and links are encrypted, while media and other attachments are not yet supported.

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

    Reactions to encrypted messages are also encrypted, but metadata—which includes the recipient as well as the creation time—are not. While links themselves are encrypted, the linked content isn’t.

    Eligible users who want to send encrypted messages on Twitter will see a toggle after clicking on the message icon, allowing them to activate “encrypted” mode. They can then select another eligible recipient, and clicking “send” will dispatch an encrypted message.

    Alternatively, eligible Twitter users can send encrypted messages though the conversation settings page of an unencrypted conversation in their inbox. After tapping the information icon, they can select the “start an encrypted message” option. Encrypted conversations will be differentiated from unencrypted ones through a lock icon badge.

    As Elon Musk said, when it comes to direct messages, the standard should be, if someone puts a gun to our heads, we still can’t access your messages. We’re not quite there yet, but we’re working on it,” Twitter said on the support page, reinforcing Musk’s warning not to trust the encryption feature to protect sensitive information—yet.

    “Twitter seeks to be the most trusted platform on the internet, and encrypted direct messages are an important part of that,” the support page states.

    Musk revealed last year that he has plans to roll out a “Twitter 2.0 The Everything App,” which he said would combine encrypted direct messages, long-form tweets, and payments.

    In March, Musk merged Twitter with a shell firm called X Corp., which he owns.

    WhatsApp ‘Cannot Be Trusted’

    In a Twitter post on Tuesday, Musk took aim at WhatsApp, telling Twitter users that the service “cannot be trusted.”

    Musk was responding to a post from Twitter engineer Foad Dabiri, who claimed that his WhatsApp application was constantly switching on the microphone, even while he was sleeping.

    Dabiri shared a screenshot of his device’s microphone usage, which showed that it had been switched on nine times between 4:20 a.m. and 6:53 a.m. while he was asleep, at one point appearing to record him for nearly 30 minutes.

    Replying to Dabiri’s post, Gannon Breslin, CEO of The Drop NFT Media Inc., wrote, “It’s incredible how many people don’t realize that WhatsApp is owned by Meta/Facebook.”

    Facebook purchased WhatsApp in 2014 for $16 billion.

    Musk replied: “Yeah. Or that WhatsApp founders left Meta/Facebook in disgust, started #deletefacebook campaign and made major contributions to building Signal. What they learned about Facebook and changes to WhatsApp obviously disturbed them greatly.”

    WhatsApp swiftly dismissed Dabiri’s claim, stating that users of the messaging service “have full control over their mic settings.”

    Over the last 24 hours, we’ve been in touch with a Twitter engineer who posted an issue with his Pixel phone and WhatsApp,” WhatsApp said on its official Twitter account.

    “We believe this is a bug on Android that mis-attributes information in their Privacy Dashboard and have asked Google to investigate and remediate.”

    “Users have full control over their mic settings. Once granted permission, WhatsApp only accesses the mic when a user is making a call or recording a voice note or video—and even then, these communications are protected by end-to-end encryption so WhatsApp cannot hear them,” it added.

    Katabella Roberts contributed to this report. 

    Tyler Durden
    Thu, 05/11/2023 – 17:40

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Today’s News 10th May 2023

  • NATO Air Units On High Alert After Near Miss Between Russian & Polish Aircraft
    NATO Air Units On High Alert After Near Miss Between Russian & Polish Aircraft

    Authored by Dave DeCamp via AntiWar.com,

    NATO has put its air units on high alert following a near miss between Russian and Polish aircraft, Reuters reported Monday.

    A NATO official said that on Friday, a Polish jet patrolling over the Black Sea near Romania for the EU’s border agency, known as Frontex, had a dangerous encounter with a Russian aircraft.

    Illustrative file image: Romanian Air Force

    “NATO air policing detachments were put on higher readiness in response to the dangerous behavior of a Russian military plane in the vicinity of a Polish Frontex aircraft over the Black Sea near Romania,” the NATO official said.

    The Romanian Defense Ministry accused the Russian aircraft of acting recklessly. “This incident is a further proof of the provocative approach of the Russian Federation in the Black Sea,” the ministry said in a statement on the incident.

    Since Russia invaded Ukraine last year, there have been several dangerous encounters between NATO and Russian aircraft, including the incident in March that resulted in the downing of a US MQ-9 Reaper drone near Crimea.

    According to The New York Times, a leaked Pentagon document revealed a near miss on September 29 that almost resulted in a Russian jet shooting down a manned British surveillance plane.

    US officials said the Russian pilot fired a missile after misinterpreting what a radar operator said, but the missile malfunctioned.

    Tyler Durden
    Wed, 05/10/2023 – 02:00

  • The Discord Leaks: Harmful, Embarrassing, Or Manipulation?
    The Discord Leaks: Harmful, Embarrassing, Or Manipulation?

    Authored by Carol Choksy & Jamsheed Choksy via RealClearWorld.com,

    Once again, classified materials linked to U.S. intelligence and defense agencies have reached the public domain via the internet. But do these documents really undermine Washington and its allies by revealing information not already known to geopolitical rivals? Is there much in the leaked items that is actually, or deserved to be, top secret? Or have the revelations, embarrassing as they might be to America and its partners, been shaped and reshaped to influence rivals and the global public by demonstrating the limitations of opposing powers? 

    What Came Through the Discord App 

    The so-called top secret documents have been exposed since February 2022. They were spread by a nondescript National Guardsman, Jack Teixeira, on Discord servers and chat groups to a Minecraft chat server, to the 4chan bulletin board and Russian Telegram channels, and eventually to Twitter users. Apparently, only in April did the Pentagon catch on to the online revelations. 

    The information leaked included intelligence analysis products about issues both related and unrelated to the war in Ukraine. Directly relevant data detailed estimates about Israel supplying equipment to Ukraine, the UAE and Egypt possibly supplying rockets to Russia, discussions by South Korean officials about supplying munitions to Ukraine, NATO plans to equip and train Ukrainian troops, personnel losses on both sides, and Russian plans to reward the destruction of NATO tanks. Other information covers topics such as a cyberattack on Canadian oil infrastructure, the Mossad’s attitude about judiciary protests in Israel, China’s hypersonic advances and its Indo-Pacific maneuvers, emerging powers seeking to stay removed from superpower rivalries, and shifting geopolitical alliances. 

    A Damaging Leak? 

    The greatest concern about this leak would be that Russia or other adversaries could figure out who collected information or how information was collected — sources and methods, in other words. Knowing sources means an adversary can remove them. Knowing methods means an opportunity to end access, or to work around it and nullify its usefulness. Should either or both these occur, U.S. ability to support Ukrainian battlefield maneuvers with effective intelligence, and to peer into the inner workings of rival nations, could fall short. 

    However, the leaked documents contain no great new revelations. The data sets were largely known and available through open sources. Likewise, many of the leaked analytical conclusions had already circulated beyond government circles without the need for top-secret, covertly collected data. 

    U.S. President Joe Biden nodded to the consequences’ lack of severity by telling the press, “I’m concerned that it happened, but there’s nothing contemporaneous that I’m aware of that is of great consequence right now.” Unauthorized disclosure, rather than revealed knowledge of data, sources, and methods, is the focus of the U.S. government’s response. The Discord leak is a violation of law and duty by the leaker and therefore an area of concern for information security, but it is not a national security calamity. 

    An Embarrassing Disclosure? 

    The Pentagon Papers by Daniel Ellsberg in 1971, the Wikileaks trove by Chelsea Manning in 2010, the NSA tranche by Edward Snowden in 2013, and the Intercept report by Reality Winner in 2017, top the list of previous failures to contain top secret materials. The Discord documents leak is yet another awkward moment for the U.S. military and intelligence communities because it highlights poor information security practices. This disclosure suggests that data management has not improved significantly since previous incidents that have been damaging to national security and to foreign relations.  

    Content about Canada, Israel, Pakistan, India, and South Korea may be discomforting, but is not particularly consequential. The United States can conduct an apology tour of our allies and friends by our Secretaries of Defense and State. Directors of our major intelligence agencies likely will be performing their own apology tours to the other members of the Five Eyes (Britain, Canada, Australia, and New Zealand) in addition to other friendly countries named in the documents. They will carry assurances that measures have been taken to reduce the chances of such a leak happening again. 

    An Influence Operation? 

    Upon parsing the data carefully, it becomes apparent that the primary knowledge gleaned from this leak is obvious — that countries spy on each other, even among allies and partners. Moreover, as already noted, much of the so-called classified information was already available in the public domain. As such, the possibility this leaked data was reworked to unsettle global competitors, especially Russia and China, cannot be disregarded. The data show how thoroughly those governments and their military and intelligence sectors have been infiltrated by the US. Leaders and subordinates within those authoritarian regimes will now be looking at each other with greater distrust. 

    The Discord documents indicate that, however challenging the situation may be for Ukraine, not only is Russia losing more personnel and materiel, but its forces are also completely infiltrated by human intelligence agents, signals intelligence, and geospatial intelligence. The many ways Beijing aids Moscow in its pursuit of an unjust war, while bullying its way around East Asia and the Pacific, have also been laid bare. If some of the data leaked through the Discord server reflect an influence operation, or were reshaped to serve such purpose, the intent is to show Russian President Vladimir Putin and his Federal Security Service, as well as Chinese President Xi Jinping and his People’s Liberation Army, that they have no secrets Washington cannot purloin. Certainly, Kremlin leaders worry “this is a deliberate information dump … in essence waging a hybrid war against us.” 

    Outcomes 

    U.S. Defense Secretary Lloyd Austin has ordered a review of intelligence access, accountability, and control procedures. As has happened after previous revelations, more cyber defenses will be deployed, and the number of people who can receive classified intelligence will be tightened even further under more stringent protocols

    There is another related, important, question arising from the Discord leaks that needs to be addressed by U.S. intelligence agencies. Why does so much publicly available information, and inference easily reached from open-source materials, need to be classified as secret — let alone top-secret? Focusing on classifying only the much smaller, truly important, covertly obtained data sets, and analyses derived from those information caches, will make U.S. secrets easier to secure from spies, leakers, hackers, and other bad actors. 

    Yet government employees and contract personnel involved in the handling of top secret information would still number in the thousands. Thus, even with a zero trust approach, future leaks may be unavoidable. Whether those disclosures, like the current one, damage American capabilities, merely generate foreign policy discomfort, or can be exploited to place rivals at a disadvantage, will depend not only on the information revealed, but on how efficiently, and even covertly, responses occur. 

    Tyler Durden
    Wed, 05/10/2023 – 00:00

  • Ex-Russian Space Boss Finds 'No Proof' Americans Landed On Moon In 1969
    Ex-Russian Space Boss Finds ‘No Proof’ Americans Landed On Moon In 1969

    Russia’s former head of the Roscosmos space agency, Dmitry Rogozin, said he went on a quest about a decade ago to find concrete proof that the Americans landed on the Moon in 1969. After finding little evidence, he questioned whether the Apollo 11 Mission reached the lunar surface. 

    “About ten years ago, when I worked in the Government, I sent an official request to Roskosmos to provide me with documentary evidence of the Americans’ stay on the moon, which at that time was still at the disposal of the federal agency,” Rogozin said in a post on Telegram on Sunday. 

    He continued, “I was painfully embarrassed by the fact that the Soviet cosmonauts returning from multi-day expeditions could barely stand on their feet and underwent a long recovery after such flights, and the Americans crawled out of their lunar ships like cucumbers from the garden. “

    Rogozin claimed to have submitted multiple requests to Roscosmos for proof of NASA’s 1969 Moon landing. He said the only evidence he received was a book that contained an account by Soviet Cosmonaut Aleksey Leonov about his conversation with the American astronauts and their discussions about the lunar mission. 

    Rogozin continued in the post: 

    In 2018, when I went to work at the state corporation Roskosmos, I continued to search for this evidence, but I didn’t find anything there, except for the angry accusations of some of our fans of going to America at the expense of others, academicians, that I, they say, undermine the “sacred cooperation with NASA,” I also received one angry call from a high-ranking official accusing me of “aggravating the international situation” with my doubts.

    Yes, I did not undermine or aggravate anything, but only by virtue of my nature I tried to get to the bottom of the details and establish, at least for myself, the true state of affairs in the issue of exploration of the Moon by our competitors. It was not clear to me how the United States, at that level of technological development of the 60s of the last century, did what they still cannot do now?

    Add Rogozin to the moon-landing denialism camp because how dare anyone question that the spacecraft with less computing power than even a modern USB-C charger could land astronauts on the Moon in 1969 — and astronauts have yet to return 54 years later. 

    … still there are many questions. 

     

     

    Tyler Durden
    Tue, 05/09/2023 – 23:40

  • If Hunter Is Indicted
    If Hunter Is Indicted

    Authored by Charles Lipson via RealClearPolitics./com,m

    What will President Biden do if his son is indicted by the federal prosecutor in Delaware?

    That’s one of three questions looming over U.S. Attorney David Weiss’ fateful choice.

    The second is whether the indictment will go after a larger, coordinated family scheme of influence peddling or confine itself to smaller, tightly-confined issues like lying to get a gun permit and not registering as a foreign lobbyist.

    The third is whether Attorney General Merrick Garland will approve Weiss’ proposed charges.

    Significant political calculations follow from those decisions.

    It’s easy enough to answer what Garland will do. He has little choice but to approve any charges Weiss proposes after the government’s multi-year investigation. Anything else would look shady, a far cry from the neutral, apolitical justice Garland’s department is charged with dispensing. Burying the charges, after Garland’s refusal to appoint a special counsel, would embroil his department in its nastiest controversy since John Mitchell befouled it under President Nixon.

    Assuming the federal attorney proposes felony charges and Garland approves them, Joe Biden faces the toughest choice of his political life.

    The president’s dilemma is why it’s so interesting to follow recent speculation by Miranda Devine, a reporter and columnist for the New York Post. She’s the most informed journalist on the Hunter Biden story. Her paper broke the news about the emails on Hunter’s laptop, three weeks before the 2020 election, and Devine has done the best follow-up reporting. To bury that story before the election took the combined, Herculean efforts of the legacy media, social media giants, and former CIA officials. Their success helped elect Biden. But the “little story that could” just keeps chugging along, mostly because the corruption is so extensive, so rich for investigation. Criminal charges now seem likely, not that the mainstream media has shown much interest.

    Now, Devine is speculating that Biden is setting the stage to pardon Hunter, framing it as the actions of a loving father who backs his troubled child. “My son has done nothing wrong,” Biden told MSNBC’s Stephanie Ruhle in a rare one-on-one interview. “I trust him. I have faith in him, and it impacts my presidency by making me feel proud of him.”

    Whether such sentiments presage a pardon, as Devine thinks, is still a guess. We can say something more concrete, though, as Biden weighs such a move. Four consequences stand out:

    • A presidential pardon would set off a political firestorm.

    • The White House will try its best to prevent any public revelation of the family’s business dealings. That means the president and his advisors want to prevent a trial, get Hunter to take a plea, and convince the judge to seal the evidence. Another option is to go trial, knowing it won’t be held until after the election.

    • If Biden pardons his son this year, he’s signaling he won’t run for reelection. He wouldn’t put that albatross around his own neck if he intended to face the voters.

    • If Biden does run and pardons his son after November 2024, the political impact depends on who wins the White House and Capitol Hill. The calculations are more complicated than one might expect.

    Let’s consider each in turn.

    First, a pardon would set off the biggest political firestorm since Watergate. It would look worse than self-dealing, bad as that is. It would look like the president is covering up his family’s corruption, not only to get Hunter off the hook but to prevent the disclosure of damning evidence in court. That evidence is likely to touch many more Biden family members than Hunter, and perhaps the president himself. The more Biden family members who are implicated, the more the whole operation looks like a concerted operation to monetize Joe’s political position. It also might threaten to shred Joe’s repeated claim that he knew nothing about any family business interests or influence peddling. The wider the sleaze, the harder it is to sell that story.

    The chairman of the House committee investigating these issues has said Hunter’s corruption was merely one part of the family business. And that business was selling influence. Rep. James Comer has publicly said that his House Oversight Committee has already collected evidence that nine Biden family members are involved in sketchy business deals, including substantial payments from foreign firms. Some of those firms are closely linked to the Chinese Communist Party. Comer added that his committee is investigating the possible involvement of at least three more family members, as well as Joe Biden’s own role. His conclusion: “The entire Biden family” is entrapped in the financial enrichment scheme. So far, however, Comer hasn’t named names or provided the evidence. He says he will provide much more at a major press conference Wednesday.

    Comer’s principle suggestion is that the Biden family’s influence-peddling scheme is much broader, and their criminal actions more serious, than isolated schemes perpetrated by the president’s conniving second son. He adds that his evidence points to Joe Biden’s direct involvement, including possible payments for official actions. That is what he told Maria Bartiromo on Sunday, although he hasn’t yet provided the evidence for that incendiary allegation. Comer is also attacking the FBI for desultory investigation – which ignored much of the malfeasance – and calling out the mainstream media for its concerted silence.

    The Internal Revenue Service might be implicated, too, since a lot of payments – and a lot of Hunter’s income – went through what Comer calls the family’s “web of LLCs.” A senior supervisory agent at the IRS is seeking whistleblower protection to tell Congress about “preferential treatment and politics improperly infecting decisions and protocols that would normally be followed” in investigating Hunter’s taxes. If political pressure really was applied to the IRS over Hunter’s taxes, or if senior agents acted improperly to curry favor, those would obviously be very serious matters, legally and politically. Comer and the House Republicans in the committee’s majority want that testimony under oath and are seeking responses from the IRS and DOJ.

    Anticipating an indictment soon, Comer has urged the Justice Department to hold off until his committee presents more evidence to the public this week. “When you have the opportunity to see the evidence that the House Oversight Committee will produce with respect to the web of [Biden family] LLCs, with respect to the number of adversarial countries that this family influence peddled in, and this is not just about the president’s son. This is about the entire Biden family, including the President of the United States.”

    However wide-ranging the indictment is, Hunter will do everything he can to strike a plea deal and seal all the evidence to prevent its disclosure at trial. That would clearly be the preference inside the White House. But it’s not in the public interest.

    If the DOJ tries to seal the evidence, it would be joining in a cover-up. The Department must require that Hunter attest to all incriminating evidence and that it all be made public as part of any plea deal. The judge himself should demand it. That requirement might kill Hunter’s willingness to take the deal. Rather than reveal the evidence now, the White House would prefer kick it down the road, to a trial date after the November 2024 election.

    Whether a trial happens or not, a pardon for Hunter would be politically fatal for the president, and he and his advisers must know it. That leads to a clear conclusion. If Joe pardons Hunter this year, running for reelection becomes unrealistic. Such a self-inflicted wound would be a far more powerful signal of his intentions than a speech declaring his candidacy. There’s no way Joe would eviscerate his political prospects like that if he intended to face the voters again.

    Of course, Biden could delay any pardon until after November 2024. That would still invite a high-profile congressional investigation and perhaps impeachment, but the political maneuvering would depend on the election outcome. If Biden loses and the current Republican House moves quickly to impeach, Senate Democrats would be in a bind. It takes overwhelming evidence to convince senators to humiliate a president from their own party. The only thing that would do it is overwhelming fear of their constituents at the ballot box.

    The situation is entirely different if Biden wins and the Republicans take both the House and Senate. The problem, in three words, is President Kamala Harris. Although the new House would have no trouble collecting votes for impeachment, they might hesitate before passing the ultimate decision to their Republican colleagues in the Senate. Do they really want to elevate Harris into the Oval Office?

    None of these prospects is a happy one. Each one adds to the misery of a country beset by lawlessness on the streets, chaos at the southern border, stagnant real income, and a looming debt crisis. We need to know whether the Biden family – not just Hunter – was engaged in a series of corrupt schemes to peddle the influence of a high-ranking government official. We need to know all the family members involved and their business partners. We need to know what they were paid for doing and who paid them. What we don’t need is a weak, narrowly-drawn indictment, an official cover-up of the evidence, and, worst of all, a self-serving presidential pardon.

    credittrader
    Tue, 05/09/2023 – 23:20

  • Wendy's Unveils Google-Powered AI Chatbot At Drive-Thru 
    Wendy’s Unveils Google-Powered AI Chatbot At Drive-Thru 

    Wendy’s is reportedly developing an artificial intelligence chatbot powered by Google’s natural-language software designed to automate drive-thrus

    The Wall Street Journal spoke with Wendy’s Chief Executive Todd Penegor, who said the fast-food chain’s chatbot would be rolled out in June at a company-owned restaurant in Columbus, Ohio. 

    The Wendy’s drive-thru chatbot “will be very conversational,” Penegor explained. He said, “You won’t know you’re talking to anybody but an employee.” 

    Wendy’s software engineers have been working with Google to build a large language model to understand words, popular expressions, and phrases in various dialects and accents when a customer orders. It’ll understand acronyms unique to Wendy’s, like “JBC” for a junior bacon cheeseburger. 

    “Google Cloud’s generative AI technology creates a huge opportunity for us to deliver a truly differentiated, faster, and frictionless experience for our customers, and allows our employees to continue focusing on making great food and building relationships with fans that keep them coming back time and again,” Penegor said in a separate conversation about the chatbot while speaking with Gizmodo

    WSJ said the drive-thru chatbot is programmed to upsell customers by asking if they want to combo the order or increase sizes. Once the order is completed, humans operating the kitchen will (which will one day be replaced by robot chefs) prepare the food before being packaged up and stuffed into a bag for pickup at the window. 

    Wendy’s Chief Information Officer Kevin Vasconi told WSJ that the chatbot “is probably on average better” than the company’s top customer service reps. He said the chatbot’s goal is to improve service speed and consistency at drive-thrus. About 80% of all food orders are placed at the burger chain’s drive-thrus. 

    Besides Wendy’s, we have outlined the move by other fast-food restaurants, like McDonald’s, to automate stores and replace humans: 

    There’s even been a push by McDonald’s to automate a restaurant entirely: 

    The proliferation of automation in the fast food industry will only mean a tidal wave of layoffs is coming over this decade. According to market research firm IBISWorld, the US has more than 5 million workers. 

    Recall a recent Goldman report (available to pro subscribers in the usual place) that stated, “Two-thirds of current jobs are exposed to some degree of AI automation, and that generative AI could substitute up to one-fourth of current work. Extrapolating our estimates globally suggests that generative AI could expose the equivalent of 300 million full-time jobs to automation” as up to “two thirds of occupations could be partially automated by AI.”

    In other words, the robots are coming, and jobs will be lost. 

    Tyler Durden
    Tue, 05/09/2023 – 23:00

  • Can Trump Win?
    Can Trump Win?

    Authored by Dan McCarthy via AmericanMind.org,

    The final RealClearPolitics polling average for the 2016 race showed Hillary Clinton beating Donald Trump by 3.2 points.

    As of May 1, 2023, the same polling average shows Trump ahead of Joe Biden by 1 point.

    Of course, Trump can’t win. Any Republican would do better. Every pundit says so. And when have they ever been wrong?

    Trump didn’t enter the 2016 race until June 2015, so a direct comparison between his current polling numbers and those of the last cycle isn’t possible. But those who remember the 2016 race will remember that for most of the cycle, Trump trailed Clinton by rather more than the 3.2 points—as shown in the final RCP average. And of course, Trump won. The press underestimated his appeal.

    Even in 2020, Trump significantly outperformed his polling. The final RCP average in that race showed a 7.2 point lead for Biden. His actual lead wound up being 4.5 points.

    If not for all the experts saying otherwise, one would think that Trump has an excellent chance of winning the 2024 election. If the polls now are as far off as they were in 2016 and 2020, Trump will win.

    But what about last year’s midterms? Didn’t they prove that Trump is a spent force?

    Conservatives would have to be extremely stupid not to notice that, long before Trump came along, the Republican establishment and the mainstream media had a consensus about how to interpret elections.

    Any time a right-wing candidate lost, it was always proof that the Right was unelectable and that candidate was a millstone around the Republican Party’s neck. But any time an establishment candidate lost—like John McCain in 2008 and Mitt Romney in 2012—nobody argued the party was too centrist or that establishment candidates were lead balloons.

    When conservatives lost, it meant conservatives were losers. But when less conservative candidates lost, it was not a sign that less conservative candidates were losers. On the contrary: the reliable diagnosis from mainstream pundits and DC professionals was that the establishment Republican’s fatal vulnerability was whatever smidgen of conservatism might have crept into his campaign. The establishment, the dead center, was never to blame.

    Conservative Republicans who noticed how that worked before the Trump era should recognize that a very similar pattern obtains today. The only difference is that now the liberal pundits and DC campaign consultants are joined by the professional conservative media in applying the same storyline to Trump.

    When a Trump-endorsed candidate loses, Trump is to blame. When an impressionistically Trump-like candidate who isn’t endorsed by Trump loses, Trump is to blame. But when a non-Trumpian candidate loses, the lesson is never that non-Trumpian Republicans have an electability problem.

    When a Republican who feuds with Trump, like Georgia Governor Brian Kemp, wins a smashing re-election victory, it’s a repudiation of Trump. But when a politician who was built up by Trump and is running in a wildly pro-Trump state wins a massive re-election victory, as Ron DeSantis did in Florida, the victory is in no way to Trump’s credit.

    The narrative, in both its old anti-conservative form and its new anti-Trump one, is designed to steer voters. But it also has the effect of duping its own creators. Hence their surprise when Trump beat Clinton, and their dismay that Trump seems to be well-positioned to win the Republican nomination next year. They still, however, cling to the belief that he cannot win in November 2024.

    Back From the Brink

    Certainly the commentariat believes that any Republican could do better than Trump—so why risk the election on him? Until recently most polls have shown Ron DeSantis performing better than Trump against Biden. And some polls have even indicated that a generic Republican would do better than Trump. The Republican Party may be poised for presidential victory next year, but if it is, that’s despite Trump, not because of him.

    The argument is superficially plausible, but it doesn’t take into account the demonization that will greet any Republican who gets the party’s presidential nomination. If another candidate starts off with higher positives than Trump, there’s no guarantee that by the time the media is done with him he won’t be seen in a much uglier light. With Trump, the media has already done everything that it possibly can do to make him look like the worst thing on two legs since Adolf Hitler. What more harm can they inflict upon Trump than they already have? But there’s plenty more they can inflict on anyone else.

    Then there is the testimony of history. The last non-Trump Republican to win the White House was, of course, George W. Bush. In 2004 he had every advantage: he was the incumbent, Reaganite enough to thrill movement conservatives yet “compassionate” enough to reassure centrists of both parties. The conservative movement was unified behind him (he had no primary challenger, and the few conservatives who dissented from the Iraq War at the time were tarred as disloyal to party and country). The War on Terror was still popular, and same-sex marriage was on several states’ ballots to drive turnout for “values voters.”

    With all that going for him, the best George W. Bush could manage was 286 electoral votes. Not since 1916 had any re-elected incumbent fallen short of 300 votes in the Electoral College.

    Even Karl Rove should have been able to recognize what that anemic number meant. The 2000s Republican electoral coalition, under perfect conditions, had no margin to spare. If the rising unpopularity of the Iraq War or the rising acceptance of same-sex marriage shifted the electorate even a little, or if there was a recession, or a Republican scandal, or simply a more charismatic Democratic nominee than John Kerry, that 17-vote margin that re-elected Bush would disappear.

    2004 represented the ceiling of what the pre-Trump Republican brand could achieve. Even at the time, the ceiling was caving in and would soon collapse completely, thanks in large part to Bush’s foreign policy and the normalizing of same-sex marriage.

    The Republican Party would not be better off if the Trump revolution had never happened. In 2016, Trump smashed through Bush’s electoral total with 304 votes. He did it with a more provocative personality than Bush, a different policy mix (in particular on foreign policy, trade, and immigration, where Trump’s views were closer to Pat Buchanan than to Bush’s), and a campaign that brought the candidate to Rust Belt districts long neglected by nominees from both parties. If Trump’s personal controversies were as much of a detriment as common sense suggests, then the appeal of his campaign technique and issue positions must have been even greater than those 304 electoral votes attest.

    Far from dooming the Republican Party, Trump saved it from the reputation that Bush and the conservative movement of his era had left it with. The party of 2004 could never win again. The ease with which Trump defeated the heirs to that party—Jeb Bush, but also Ted Cruz and the rest of the 2016 field—was a verdict on the very philosophy of the GOP as it stood between 1992 and 2012. As a set of principles, the philosophy of the GOP couldn’t even prevail in the party itself, let alone in the wider country.

    Perhaps a post-Trump GOP brand will be more popular than either Trump or the party’s pre-Trump identity. But a truly post-Trump Right doesn’t yet exist—the present alternatives to Trump in the Republican Party are either variations on Trumpish populism or regressions to pre-Trump conservatism. I was at a dinner in DC recently where all the conservatives in the room, except me, agreed that the future of the GOP was Ronald Reagan. The closest thing to a post-Trump option that most DC intellectuals can imagine involves resorting to necromancy.

    Lessons to Learn

    So yes, Trump can win in 2024, and the fact that he still defines the party’s identity means he is overwhelmingly likely to be its nominee. Ron DeSantis does have a shot—he argues that he’s a more competent leader for the Trump-era Right than Trump himself is. But the Trump (and Biden) era doesn’t seem to be characterized by voters placing a premium on competence, and it’s hard to convince Republicans you’re to the right of Trump when Trump is the personal symbol of the Right today. In much the same way, Reagan was the symbol of the fusionist Right—and when did a more-Reaganite-than-Reagan candidate ever win anything through the purity of his principles?

    Many of my Florida friends think that the way to win Wisconsin and Michigan in 2024 is to refight the COVID battles of 2020-21 and to talk about transgenderism more than anything else. But this approach is not so different from that of my DC friends who think the way to win the Rust Belt is to talk about slashing the federal bureaucracy and reining in the Federal Reserve. The issues are important in their own right—but that doesn’t mean they drive enough votes.

    Trump, however, has to learn the lessons of his own success in 2016. One lesson is the importance of a figure like Steve Bannon—someone who can concentrate Trump’s attention and translate his themes into concrete imagery. This is what Bannon did with “the wall.” As a simple, easy-to-envision policy that acted upon a broad issue (immigration), “the wall” was something that voters could remember and refer back to. Contrast that with the incredibly lengthy lists of policies that Mitt Romney used to rattle off in 2012, which were not only beyond what most voters could remember but also failed to leave any vivid impressions.

    A lesson that Trump clearly has learned from his own experience, both in 2016 and 2020, is that rallies and in-person campaigning are his strength. Four years ago Joe Biden could avoid the campaign trail with COVID as his rationale. In 2024, the contrast between a vigorous, rally-leading Trump and a president without the stamina or mental acuity for prolonged public events will be striking. The advantage that his rallies conferred on Trump in 2016 should be all the more pronounced next year.

    Where Trump’s advantage will be less pronounced, if he still has an advantage at all, is in pitching himself as the candidate for the industrial workforce. Biden has always understood far better than Hillary Clinton ever did how to appeal to traditional labor constituencies, and he has used the power of the presidency to enhance that appeal. His personal affinity for the state of Pennsylvania also gives Biden an edge that Clinton lacked. Wisconsin, Michigan, and Pennsylvania can make or break either campaign. But working-class voters don’t just want jobs or federal dollars. They also want respect. They want to feel like they’re part of a winning team called America again. Can Trump restore their confidence and win it for himself, better than Biden can, even with the largesse the incumbent can dole out? He has to try.

    The failures of 2020 should also be instructive: for instance, they show that Republicans have to take non-traditional get-out-the-vote efforts far more seriously, including by running GOP campaigns for early and mail-in voting. There are principled reasons why moving away from voting in particular places on a particular day is detrimental to American democracy. Turning voting into an ongoing plebiscite is bad in absolute terms, quite apart from the risk of fraud or other forms of mischief. But the midst of an election is the wrong time to worry your own voters about the voting system. Republicans should find it just as easy as Democrats to vote early or by mail—just as easy in practice and just as psychologically easy. Otherwise, the Democrats will enjoy a field left to themselves.

    Another 2020 mistake that Trump will have to avoid is being ill-prepared for the debates and investing too much in trying to embarrass Biden with the shameful lifestyle of his son Hunter. While the Biden family’s corruption is a valid issue, Trump struck too many voters as a bully picking on an old man and his troubled son—whose condition strikes many Americans in the age of opioids as painfully relatable. Trump may or may not win the debates, but he cannot afford to look as bad as he did in the last cycle’s head-to-head meetings.

    Trump is inclined to talk endlessly about his own legal problems and the degree of persecution to which he feels subjected. This may or may not be a turn-off to persuadable voters—it runs the risk of reminding some of them just how many suits and investigations Trump has faced, and how much they distracted from the nation’s business. The other hazard that a preoccupation with his legal cases presents, however, is that it subtracts from the time and energy available to talk about how voters and their families feel about their own circumstances. When Trump says that his enemies go after him to get at “you,” his message has power. But he has to be mindful about connecting his woes with other Americans’.

    Picking a Second

    Going into 2024, Trump has more flexibility in one respect than he had the last time he took on Biden. He can now choose a new running mate. Pence made sense in 2016, when Trump needed to reassure conventional Republicans, especially religious ones, that his ticket would be good for them. In 2024 the most valuable assistance a running mate might contribute would be the chance of winning a state that otherwise would go to Biden.

    Virginia, where Governor Glenn Youngkin currently enjoys an approval rating in the mid-50s, might be a prospect. Trump lost Virginia in 2020 with 1.96 million votes to Biden’s 2.4 million. Interestingly, however, in 2012 Barack Obama won the state with 1.97 million votes, and in 2016 Hillary Clinton won it with 1.98 million. In most years, Trump’s 2020 Virginia total would be a winning number, or close to it. Is it possible that Trump’s Virginia voters are more enthusiastic than they were in 2020 and Biden’s are less motivated? That Youngkin as a running mate could tip the state into the Republican column?

    If not, there could still be advantages in forcing Biden to spend time and money on what might otherwise be a safe state, and Youngkin—former CEO of the Carlyle Group—might be reassuring to corporate class Republicans around the country who are alienated by Trump and populism.

    Several other possible running mates, such as Senator Tim Scott, also have the potential to be useful for outreach. But Scott would also leave ideologically focused populists cold. What may work well for the math at the ballot box may prove a source of conflict in a second Trump Administration, if the vice president’s staff are not loyal to the president and his agenda. Reagan thought he had good reason to partner with George H.W. Bush in 1980. But when Bush succeeded Reagan, he fired almost everyone who had supported Reagan over himself in the 1980 primaries. The GOP’s disastrous turn to neoconservatism began with that betrayal. Electoral math can’t be the only criterion in choosing a running mate. But a pick that widens the Trump coalition will help to avoid making 2024 a replay of 2020, even if it is a rematch.

    The New Trump Moment

    Immigration is an even hotter issue than it was in Trump’s last two elections. President Biden has been impaled on the horns of a dilemma here. When he delivers the porous-borders policies his base expects, the results are so chaotic that a political backlash is inevitable. But when Biden tries to forestall the backlash by restoring some immigration enforcement, he winds up accused by the Left of doing exactly what Trump would do. This is a winning issue for Trump, and when the media attacks him for it, he should be prepared to point to Biden’s own half-hearted acceptance of enforcement. Even Biden knows that something has to be done and liberal policies have failed. On immigration, Biden himself makes the case for Trump.

    Foreign policy also plays even better for Trump in 2024 than it did in 2016. The message is simple—Biden humiliated America in Afghanistan and has no plan to end the war in Ukraine swiftly or successfully. The war in Afghanistan went on too long and ended badly because the foreign-policy establishment pursued unrealistic aims and had no finite gameplan. The war in Ukraine is going the same way, sucking unlimited resources out of America and our allies on an open-ended timetable. The Biden Administration and bipartisan foreign-policy elite once again define victory only in the vaguest and most idealistic terms. The same means in pursuit of the same obscure end will produce in Ukraine the same results as in Afghanistan. Trump offers the only alternative.

    The fundamental forces that helped to elect Trump in 2016 are more compelling than ever. America’s leadership class is unpatriotic and incompetent. It unsuccessfully tries to provide security for Afghanistan and Ukraine even as it fails to police our own cities and borders. Biden and the rest of the elite are more interested in ruling the world than re-establishing the rule of law at home. Americans have suffered the consequences. Trump may be imperfect, but voters have now seen what happens when the country reverts to a pre-Trump leader like Biden. The political class has not mended its ways. It has to be replaced, and Trump is the beginning of its replacement.

    Trump is polling well enough already that he can be cautiously confident about next year. There’s a danger that he and DeSantis will drive up one another’s negatives to the point where either of them would have a much tougher time taking on Biden next November. But if that doesn’t happen, the odds are that 2024 will look more like 2016 than 2020.

    Tyler Durden
    Tue, 05/09/2023 – 22:40

  • China Retaliates After Canada Expels Its Diplomat Over 'Political Interference'
    China Retaliates After Canada Expels Its Diplomat Over ‘Political Interference’

    Canada and China have mutually expelled diplomats in tit-for-tat moves after Canada first booted a Chinese diplomat based in Toronto, Zhao Wei, which happened Monday.

    The Canadian government has accused him of political interference, allegations first revealed in a leaked report written by the Canadian Security Intelligence Service (CSIS). The CSIS report “found an accredited Chinese diplomat in the country had taken efforts toward targeting opposition lawmaker Michael Chong and relatives who may be in China.” Beijing has called it “lies”.

    “The alleged targeting took place after Chong sponsored a motion to condemn China’s treatment of its Uyghur Muslim minority group,” according to CNN. “The intelligence was first reported by Canadian newspaper the Globe and Mail earlier this month.”

    The episode comes following widespread reports as well as accusations from Western officials that Chinese intelligence and diplomatic officials have engaged in intimidation campaigns abroad, aimed at political dissidents and their families.

    In Chong’s case, he was apparently targeted in an intimidation campaign due to his having spent years spearheading Canada’s legislative efforts slap an official label of “genocide” on China’s human rights abuses, especially connected with treatment of the Uyghur Muslim minority.

    Canadian Prime Minister Justin Trudeau has vowed to hold China accountable, telling reporters on Tuesday, “we will not be intimidated. We will continue to do everything necessary to keep Canadians protected from foreign interference.”

    Beijing was swift in its retaliation, with the foreign ministry responding Tuesday by decrying the “smear campaign against China” rooted in “ideologically based political manipulation” that is “nonsensical” and “lies”.

    Diplomat Zhao Wei has been declared ‘persona non grata’

    The foreign ministry introduced “reciprocal countermeasure in reaction to Canada’s unscrupulous move” – which at this point includes expelling Jennifer Lynn Lalonde, a Canadian diplomat based in Shanghai. China has given her four days to leave the country.

    Ministry spokesman Wang Wenbin further said, “We advise the Canadian side to immediately stop unreasonable provocations,” Wang added. “If the Canadian side does not listen to advice and acts recklessly, China will resolutely and forcefully respond.” Thus the deteriorating situation seems primed to expand, possibly into further diplomatic expulsions, or even trade restriction measures.

    Tyler Durden
    Tue, 05/09/2023 – 22:20

  • Cypherpunks, Galt's Gulch, And Bitcoin
    Cypherpunks, Galt’s Gulch, And Bitcoin

    Authored by Emile Phaneuf III via The American Institute for Economic Research,

    In the 1990s and early 2000s, the Cypherpunks, a group of cryptographers, mathematicians, computer scientists and activists, many of whom had libertarian (or libertarian-esque) influences, worked to bring about a better world by peaceful means through mathematics and computer code. Although the identity of Bitcoin’s founder remains unknown to the general public, it is widely understood that this stateless digital currency is a direct result of their work.

    In 1992, Timothy C. May, a self-described crypto-anarchist and a founding member of the Cypherpunks, published an essay called “Libertaria in Cyberspace.” May wrote that “it will be easier to form certain types of libertarian societies in cyberspace than in the real world of nations and physical locations” and that “these ‘crypto anarchy’ ideas will further erode the power of physical states to tax and coerce residents.”

    May cited a number of key influences on the Cypherpunks, among them economists FA Hayek and David D. Friedman, as well as moral philosopher Ayn Rand. But crypto-anarchy as a political ideology was a recurring theme, and Ayn Rand was, according to May, “one of the prime motivators” of it. He wrote that “What [Rand] wanted to do with material technology (mirrors over Galt’s Gulch) is _much_ more easily done with mathematical technology.” But the social change they sought to bring about wasn’t just a passive interest. “Cypherpunks write code” wrote Eric Hughes, another member of the group, in his “Cypherpunk’s Manifesto.”

    The idea of building a crypto-anarchist Galt’s Gulch in cyberspace was an intriguing idea. In 1998, Cypherpunk and computer engineer Wei Dai authored an essay explaining how a cryptographic money, which he called ‘b-money’, could work. In the very first sentence of the essay he wrote that he was “fascinated by Tim May’s crypto-anarchy” and that in this cryptographic cyber-utopia, government was “permanently forbidden and permanently unnecessary” because “its participants cannot be linked to their true names or physical locations.”

    Nick Szabo, another Cypherpunk and computer scientist, described the digital Galt’s Gulch as a place where “you could form your own independent community and declare your independence from corrupt institutions,” a place with its own private money, where private property is protected through non-violent means, and where contracts are enforced.

    As the development of a privately-issued digital currency was very much a goal of the Cypherpunks, as they were inspired in no small part by Ayn Rand, and as Rand had much to say about money, it is worth reviewing some of her writings to derive what she might have thought about Bitcoin.

    Anarchy

    As mentioned, Cypherpunk Timothy May’s vision of Galt’s Gulch in cyberspace was one that he described as “crypto-anarchy.” But Rand dismissed anarchy as a political system altogether, calling it “a naive floating abstraction.”

    So while both Rand and some of the more influential Cypherpunks imagined what a freer society might look like – both appreciating free trade and voluntary interaction – they certainly would not have agreed about whether a minimal level of coercion is necessary to fund, say, courts and military. As such, if we view a private, digital currency as an essential part of the crypto-anarchist vision, it is difficult to imagine Rand’s supporting it. But taking a closer look at Rand’s views on property rights and money itself can provide us with a more in-depth perspective.

    Property rights

    Rand wrote that it is only through property rights that any other right can exist, and that without property rights “there is no way to solve or to avoid a hopeless chaos of clashing views, interests, demands, desires, and whims.”

    In Bitcoin, to know something (your private key) is essentially owning it. It is, of course, possible to entrust your private keys with a third party (an exchange, for example), but this is both entirely unnecessary and highly discouraged among bitcoiners, as captured by the “Not your keys, not your bitcoins” ethos. So while it is possible to seize bitcoins by coercing someone to cough up their private keys, the nature of Bitcoin’s functionality forces the coercive party to go to much greater (violent) lengths to expropriate in the first place. As such, Bitcoin radically shifts the balance of power between the individual and the state, as the state cannot go door-to-door violently forcing information from people’s heads without falsifying the public image it promotes for itself as a “benevolent provider of social welfare.”

    To take it one step further, Bitcoin’s portability allows wealth to move from one corner of the earth to another in a permissionless way. It also enables property owners to physically cross borders and carry their wealth with them, as bitcoins do not occupy physical space, and the private keys can be stored in their heads.

    In sum, Bitcoin serves as a radical form of property rights, and as such, it is difficult to imagine Rand’s not appreciating this aspect of it. 

    Money

    When Rand wrote of money, she usually referred to the value of making it by creating value for others; she distinguished between money made by just means and unearned money through unjust means (e.g. through political connections). She also gave us an indication as to what kind of money she considered to be sound:

    Money is the tool of men who have reached a high level of productivity and a long-range control over their lives. Money is not merely a tool of exchange: much more importantly, it is a tool of saving, which permits delayed consumption and buys time for future production. To fulfill this requirement, money has to be some material commodity which is imperishable, rare, homogeneous, easily stored, not subject to wide fluctuations of value, and always in demand among those you trade with (emphasis mine).

    From this, we can conclude that she would have appreciated Bitcoin’s scarcity (with a fixed 21-million hard cap), which facilitates its store of value proposition, but would have probably been uneasy about its volatility in purchasing power.

    In Atlas Shrugged, the fictional character Francisco d’Anconia gave a passionate speech about money, arguing that “Money is made—before it can be looted or mooched—made by the effort of every honest man, each to the extent of his ability. An honest man is one who knows that he can’t consume more than he has produced.” Here again we reflect on Bitcoin’s real scarcity, with nobody being able to produce bitcoins out of thin air to pay for political favors (a standard practice for fiat).

    Gold is a recurring theme in Rand’s work on money. In her book Capitalism: The Unknown Ideal, Alan Greenspan authors an article entitled “Gold and Economic Freedom.” He writes: “Gold and economic freedom are inseparable…” And, “Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights.”

    Conclusion

    So, would Rand like Bitcoin?

    It is difficult to know exactly. She passed away in 1982 – long before most of us had ever heard of the internet. Whatever one’s view on Rand, there is no denying her strong influence on the early Cypherpunks who “wrote code” in a decades-long attempt to realize some cyberspace version of the laissez-faire capitalism that she boldly advocated for in real space.

    Rand had some important things to say about money and about the morally justifiable way of earning (making) it in the first place.

    In fact, her views on money were so firmly held that she proudly wore a dollar sign ($) as a statement.

    Image source

    Perhaps if she were alive today and knew the extent to which Bitcoin serves as a technical solution to the political problem of a privileged class of people that live at expense of those who produce, she might have proudly embraced Bitcoin’s ₿ symbol instead. Her ideas inspired the very individuals who set out to make something like Bitcoin a reality in the first place. I like to think that she could be proud of that. 

    Tyler Durden
    Tue, 05/09/2023 – 22:00

  • "An Affront To Justice" – Trump To Appeal After Jury Finds Liable For 'Sexual Abuse', Defamation
    “An Affront To Justice” – Trump To Appeal After Jury Finds Liable For ‘Sexual Abuse’, Defamation

    (Update 1605ET): Trump’s attorney, Joseph Tacopina, told the Epoch Times that the former president is planning to appeal the verdict which found him liable for battery and defamation charges in the E. Jean Carroll trial.

    During the closing argument on Monday, Tacopina doubled down on his statement that Carroll’s case was motivated by political reasons, a claim that Carroll’s attorneys denied.

    What E. Jean Carroll has done here is an affront to justice. She has abused this system by bringing a false claim for amongst other things money, status, political reasons,” Tacopina said.

    Carroll was awarded approximately $5 million in damages, including $3 million for the defamation charge and $2 million for the civil battery charge.

    Meanwhile, Trump has responded in all caps:

    *  *  *

    A New York City jury has found former President Trump liable for sexual assault, but not rape, in a New York defamation case brought by accuser E. Jean Carroll.

    The jury awarded Carroll $20,000 in punitive damages for a battery claim, and around $5 million in compensatory damages for defamation by Trump. The verdict came after less than three hours of deliberation by jurors in US District Court in lower Manhattan. The jury did not find Trump liable for rape, as Carroll alleged.

    Trump, who has long-denied her allegation dating back to the mid-90s, accused Carroll of using false claims as a way to promote her book. “I’ll say it with great respect: Number one, she’s not my type. Number two, it never happened,” the-then president told The Hill in an interview at the White House in June 2019.

    U.S. District Judge Lewis A. Kaplan read instructions on the law to the nine-person jury before the panel began discussing Carroll’s allegations of battery and defamation shortly before noon.

    If they believe Carroll, jurors can award compensatory and punitive damages. Trump, who did not attend the trial, has insisted he never sexually assaulted Carroll or even knew her.

    Kaplan told jurors that the first question on the verdict form will be to decide whether they think there is more than a 50% chance that Trump raped Carroll inside a store dressing room. If they answer yes, they will then decide whether compensatory and punitive damages should be awarded.

    If they answer no on the rape question, they can then decide if Trump subjected her to lesser forms of assault involving sexual contact without her consent or forcible touching to degrade her or gratify his sexual desire. If they answer yes on either of those questions, they will decide if damages are appropriate. -AP

    The nine-member panel began discussing verdicts at 11:50 a.m. ET after Judge Lewis Kaplan gave his final instructions and a 10-question verdict form.

    Carroll, 78, sued Trump in 2019, claiming the Republican sexually assaulted her in 1995 or 1996 in a dressing room at a Bergdorf Goodman department store in Manhattan. Because the alleged attack happened decades ago, Carroll was originally barred from suing over sexual battery, pushing her to sue for defamation over allegedly disparaging comments Trump made about the rape allegation.

    Trump denied her allegation at the time and accused her of using false claims as a way to promote her book. “I’ll say it with great respect: Number one, she’s not my type. Number two, it never happened,” the-then president told The Hill in an interview at the White House in June 2019.

    The D.C. Court of Appeals was then asked to weigh in on whether Trump was acting within the scope of his presidential duties when he denied raping Carroll and dismissed her during the interview.

    Trump last October called her claims “a hoax” and “a lie.”

    Tyler Durden
    Tue, 05/09/2023 – 21:42

  • An 'Asian NATO' Would Be No Good For US Foreign Policy
    An ‘Asian NATO’ Would Be No Good For US Foreign Policy

    Authored by Mitchell Blatt via TheCritic.co.uk,

    Hyperbolic talk in Washington, DC of a “New Cold War” and the need for an “Asian NATO” is untethered from reality. This kind of rhetoric, unfortunately, has become the dominant framework Congress and officials use to shape policy.

    A report from the Heritage Foundation called for initiating a “New Cold War” against China. Rep. Mike Gallagher said America is in an existential struggle” against China. Trump administration officials Mike Pompeo and Stephen Biegun envisioned the Quadrilateral Security Dialogue (the Quad) as tantamount to an “Asian NATO”.

    Even if President Biden doesn’t use the same terminology, his strategy is much the same. He, too, is relying on the same institutions and trying to enlist China’s neighbors in a grand coalition. His administration wasted no time in taking advantage of a deal between South Korea and Japan to call for “trilateral engagement” to address “regional issues and challenges” going well beyond North Korea’s nuclear program.

    But it would be folly to try to link all of these bilateral and trilateral relationships — extensions of the old hub and spoke networks — together as a new kind of expansive initiative that pushes for America’s (perceived) foreign policy interests. That would only lead to instability and the fracturing of U.S. alliances.

    What the U.S. is creating is not a singular group like an “Asian NATO” per se, but multiple initiatives, including the Indo-Pacific Strategy, the Quad, AUKUS, and the U.S.-Japan-Korea trilateral relationship, that together are intended to prevent China from challenging the American position in the region.

    The U.S. ranks as the most powerful country in Asia, according to the Lowy Institute’s Asia Power Index, and has been for years. G. John Ikenberry, Albert G. Milbank Professor of Politics and International Affairs at Princeton University, wrote in 2005, “Both the Atlantic and East Asian regional orders were shaped by — and today bear the deep marks of — the exercise of America’s postwar hegemonic power.” 

    American political leadership wants to preserve the post-Cold War balance of power where the U.S. can wield its influence uninhibited in Asia. Moreover, many in DC want to retain our role as “the most powerful country” for the sake of power itself. Sen. Marco Rubio, who spoke at the launch event for Heritage’s “New Cold War” report suggested the idea of Chinese leaders even “envision[ing] a world in which China is the most powerful country” is itself a threat to America. (The idea that China is anywhere close to that status is absurd.) 

    The actions of the U.S. and its relations with other members also make the case, louder than words, that it seeks to use these institutions to contain China. Take the nuclear submarine deal the U.S. made with Australia at the heart of AUKUS. Australia canceled a long-standing deal already in progress for French-made diesel-electric attack submarines and opted instead for American nuclear submarines. 

    The lighter and quieter diesel submarines would have been able to operate in shallow Australian coastal waters more easily without being detected. The nuclear subs are more expensive and less useful for operations in Australia’s vicinity, but they are more useful on long-range expeditions in the open seas of the Indian Ocean, the South China Sea, and the East China Sea. The deal has been criticized by multiple former Australian prime ministers concerned it sacrifices Australian sovereignty.

    So what is wrong with the U.S. convincing or coercing another country to prioritize America’s own perceived national interests?

    Even if you accept Washington’s received wisdom that it is in the American national interest to maintain an indomitable sense of superiority all over the world (a highly questionable proposition), tying the U.S. into long-term relationships with unreliable partners might not, in fact, help advance those goals.

    The deal between South Korea and Japan that the U.S. is trying to capitalize on to link the countries is another such example. Ostensibly it was supposed to resolve a Korean court case against Japanese companies that employed forced labor during the World War II era, but it let Japan off the hook for paying compensation.

    Korean President Yoon framed the outcome as a step towards trilateral cooperation to “defend freedom, peace and prosperity not only in our two countries but also around the world.” 

    But if this is the basis for an agreement to bring South Korea and Japan together into the U.S.-led “new cold war” coalition, it won’t last. Only 35 per cent of Koreans support the arrangement. A similar deal on comfort women in 2015 collapsed shortly after it was announced, leading to the current standoff. 

    Therein lies the problem with America’s expansive view of its national interest and its pursuit of hegemony in every corner of the globe. It is built on an unstable foundation. It requires the constant maintenance of inconsistent relationships and evanescent policies. Hiding the American pursuit of hegemony behind flowery words about democracy creates hypocritical imagery: shaking hands with oil sheiks and heralding a Hindu nationalist India as an upholder of a free and open Pacific. It produces resentment in the countries we deign to be helping. 

    The problems have been even more pronounced in Asia than in Europe because of the lack of shared historical interests and goals. The short-lived Southeast Asia Treaty Organization (SEATO), SE Asia’s version of NATO, attracted just two Southeast Asian countries and fell apart after 23 years. But even in Europe, there have been problems with NATO countries failing to pay their fair share and with Turkey and Hungary using NATO as a political weapon.

    An Asian NATO, explicit or implicit, would fail to fulfil its mission and create more instability.

    Tyler Durden
    Tue, 05/09/2023 – 21:20

  • Biden Admin Creates New Disinformation Office To Oversee The Rest
    Biden Admin Creates New Disinformation Office To Oversee The Rest

    With the Biden administration elevating disinformation to a national security threat, as codified in its first-of-its-kind National Strategy for Countering Domestic Terrorism, published in June 2021, new government (and non-government) offices dedicated to fighting foreign disinformation are cropping up everywhere.

    To oversee organizations like the Pentagon’s new Influence and Perception Management Office and at least four organizations inside the Department of Homeland Security alone, the Director of National Intelligence has created a new office – the Foreign Malign Influence Center, The Intercept reports.

    In testimony before the Senate Armed Services Committee Thursday, Director of National Intelligence Avril Haines for the first time mentioned the creation of the Foreign Malign Influence Center, or FMIC. “Congress put into law that we should establish a Foreign Malign Influence Center in the intelligence community; we have stood that up,” Haines said, referring to legislation passed last year. “It encompasses our election threat work, essentially looking at foreign influence and interference in elections, but it also deals with disinformation more generally.

    Established on September 23 of last year after Congress provisioned funding, the FMIC was only announced publicly after The Intercept inquired. The group, operating under the Office of the Director of National Intelligence (ODNI), ‘enjoys the unique authority to marshal support from all elements of the U.S. intelligence community to monitor and combat foreign influence efforts such as disinformation campaigns,” according to the report.

    That said, it isn’t just monitoring foreign threats... as the FMIC is also authorized to monitor “the public opinion within the United States.”

    “What we have been doing is effectively trying to support the Global Engagement Center and others throughout the U.S. government in helping them to understand what are the plans and intentions of the key actors in this space: China, Russia, Iran, etc.,” said Haines, who made clear that the effort to counter disinformation has expanded beyond just elections and Russia.

    “The threat to U.S. democratic processes and institutions from foreign malign influence is persistent and dynamic,” according to an undated FMIC fact sheet noted by Just the News. “Informing efforts to counter it requires constant attention, a whole-of-government approach, support from the private sector, and engagement from the public.”

    More via Just the News,

    Though its name starts with “foreign,” FMIC’s congressionally determined objective includes protecting American “public opinion,” suggesting the potential for policing domestic narratives.

    Journalism participants in an Aspen Institute exercise before the 2020 election, intended to prevent the spread of “hack-and-dump” disinformation from foreign governments, were explicitly told their suspects were “foreign or other adversarial entities,” meaning domestic sources.

    It’s the basic rhetorical trick of the censorship age: raise a fuss about a foreign threat, using it as a battering ram to get everyone from congress to the tech companies to submit to increased regulation and surveillance,” Twitter Files journalist Matt Taibbi wrote Friday. “Then, slowly, adjust your aim to domestic targets.

    (Read the rest here)

    *  *  *

    Digging deeper…

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    Tyler Durden
    Tue, 05/09/2023 – 21:00

  • Trump Issues Warning Ahead Of CNN Showdown: 'Could Turn Into A Disaster For All'
    Trump Issues Warning Ahead Of CNN Showdown: ‘Could Turn Into A Disaster For All’

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

    Former President Donald Trump promoted his Wednesday night CNN town hall in New Hampshire but issued a word of caution about might happen.

    I’ll be doing CNN tomorrow night, LIVE from the Great State of New Hampshire, because they are rightfully desperate to get those fantastic (TRUMP!) ratings once again. They made me a deal I couldn’t refuse!!! Could be the beginning of a New & Vibrant CNN, with no more Fake News, or it could turn into a disaster for all, including me,” Trump wrote on Truth Social. “Let’s see what happens? Wednesday Night at 8:00!!!”

    Former President Donald Trump arrives at Trump Tower the day after FBI agents raided his Mar-a-Lago Palm Beach home, in New York City on Aug. 9, 2022. (David ‘Dee’ Delgado/Reuters)

    The former president did not elaborate on the “deal” he made with CNN, a network that was highly critical of Trump when he was president and after he departed the White House.

    After CNN announced the Trump event, Democrats and corporate media commentators criticized the network’s decision. They repeated often-used claims CNN shouldn’t host Trump because of the Jan. 6, 2021, Capitol breach.

    CNN parent company and Warner Brothers CEO David Zaslav pushed back against those allegations, saying that it is an opportunity to allow “both voices” to be heard before the 2024 election. “He’s the frontrunner, he has to be on our network,” Zaslav told CNBC last Friday.

    We are a divided government. We need to hear both voices. That’s what you see. Republicans are on the air on CNN, Democrats are on the air. All voices should be heard,” Zaslav stated.

    The Warner Bros chief executive did not elaborate on whether the network would have a system in place to edit or censor Trump’s comments. Last month, Democrat presidential candidate Robert F. Kennedy, Jr. accused ABC News of editing his remarks about COVID-19 vaccines and placing a disclaimer in a move that he described as censorship. ABC later confirmed editing Kennedy’s statements that were critical of vaccines.

    A CNN spokesperson told news outlets last week that “our job despite his unique circumstances is to do what we do best: Ask tough questions, follow up, and hold him accountable to give voters the information they need to sort through their choices.”

    Zaslav, who took control of the media giant and installed Chris Licht to replace Jeff Zucker as the head of CNN last year, added to CNBC that the town hall will be an opportunity to show CNN is a “network about the facts …  great journalism and not just politics, either.” He added, “When we do politics, we need to represent both sides.”

    But on Monday, multiple MSNBC hosts targeted CNN for allowing Trump, who polls show has a wide lead on the other GOP candidates, on one of its programs.

    “It feels to me like this is a pretty open attempt by CNN to push itself to the right and make itself attractive and show its belly to MAGA and to conservatives hoping that they will tune in,” leftist MSNBC host Joy Reid said.

    Her guest, the editor-at-large of anti-Trump publication The Bulwark, Charlie Sykes, claimed that CNN will not be able to “filter for misinformation” and suggested that the network should “control the questions and the answers.”

    “In journalism, you actually will control the questions and the answers, and you’ll have some sort of a filter for misinformation. CNN will not be able to filter or control the disinformation that Donald Trump puts out on the air live and CNN will not even be able to control the kinds of issues that are talked about,” he claimed.

    In recent years, CNN has often lagged behind both Fox News and MSNBC in terms of primetime ratings, including in the all-important 25-54 age demographic. But in a news release issued last year, the channel said that it “reach[ed] more people in the U.S. in 2022” than any other cable news channel.

    Read more here…

    Tyler Durden
    Tue, 05/09/2023 – 20:40

  • "Passed Its Peak": Nintendo Warns Of Demand Plunge Of Switch Consoles
    “Passed Its Peak”: Nintendo Warns Of Demand Plunge Of Switch Consoles

    Since its launch in 2017, Nintendo’s Switch console has had an impressive run, with a surge in sales during the virus pandemic. However, sales plummeted in the full fiscal year, from April 2022 to Mar. 31.  

    The absence of any plans for a next-generation Switch or a new console release in the near term could be a worrisome sign for the game manufacturer based in Kyoto, Japan.  

    Nintendo expects to sell 15 million Switch devices this fiscal year, missing the average analyst estimate of 15.7 million, which takes into consideration a slowdown in hardware sales over the past several months. In addition, the company forecasts an operating income of ¥450 billion ($3.3 billion) for this fiscal year, which is close to the ¥455.3 billion average estimate. 

    During the last fiscal year ending in late March, Nintendo sold 18 million Switches and reported an operating profit of ¥93.8 billion for the quarter, which is a 22% decrease compared to the previous year. In addition, the company’s quarterly net sales have declined by 18% to ¥306.5 billion.

    There are concerns Nintendo’s sales may have peaked due to the Switch’s age, and the buying panic during the virus pandemic may have led to a blowoff top in demand. 

    “Sustaining the Switch’s sales momentum will be difficult in its seventh year.

    “Our goal of selling 15 million unit this fiscal year is a bit of stretch. But we will do our best to bolster demand going into the holiday season so that we can achieve the goal,” President Shuntaro Furukawa said on a call after the results.

    Switch sales peaked during the pandemic and have yet to recover. 

    Throughout Switch’s existence, Nintendo has attempted to revitalize the console with a ‘lite’ version and upgraded screen. Yet none of this stoked demand. 

    “The Nintendo Switch had a fantastic run but definitely passed its peak,” Serkan Toto, CEO of Tokyo-based games consultancy Kantan Games, told CNBC.

    Nintendo must maintain its ability to rake in revenue from its 114 million annual paying users. However, it said software sales totaled 213.96 million units for the year ended Mar. 31, down 9% YoY. 

    Analysts don’t foresee Nintendo boosting sales in the near term:

    “We expect Nintendo will not release the next-generation hardware over the next 12 months.

    “Nintendo’s valuation is very likely to shrink until the launch of the new hardware,” UBS Securities analyst Kenji Fukuyama wrote to clients after the earnings release. 

    The game maker’s shares closed flat on Tuesday and have yet to pierce the December 2007 high as Switch’s momentum wanes. 

    The Switch is past its peak. 

    Tyler Durden
    Tue, 05/09/2023 – 20:20

  • Peter Schiff: The US Is In A Financial Crisis Worse Than '08
    Peter Schiff: The US Is In A Financial Crisis Worse Than ’08

    Via SchiffGold.com,

    During his post-FOMC meeting press conference, Federal Reserve Chairman Jerome Powell insisted that the US banking system is resilient and sound. He said this despite the failure of First Republic Bank just days before the Fed meeting. Peter Schiff appeared on the Claman Countdown on Fox News and argued that Powell and others are wrong. He said the US economy is in a financial crisis worse than in 2008.

    Andy Brenner, head of international fixed income at National Alliance Securities, also appeared in the segment. He started things off by saying problems in the banking sector are “not over by a longshot.”

    Liz Claman asked Peter why the Fed raised rates another 25 basis points despite the shakiness in the banking sector. Peter said they did it because that’s exactly what the market expected.

    That’s what the Fed does — what the markets expect.”

    But Peter said the move by the Fed isn’t going to do anything to bring inflation down.

    The elephant in the room with respect to inflation is the fiscal policy – the debt, not the ceiling – but the fact that we’re running these massive deficits. But until the Federal government reduces spending, these quarter-point increases are going to be completely ineffective.”

    Peter said the problem is Powell refuses to call Congress out and mention that the driving force behind all of the inflation is reckless government spending.

    And as long as the government keeps spending, inflation is going to get worse, and so is the current financial crisis. Nobody wants to admit we’re in a financial crisis. It’s worse than the one we had in 2008. It’s just getting started. Ultimately, the Fed is going to cut. But it’s going to cut as inflation is accelerating.”

    Liz played a clip of Jerome Powell saying that the Fed is now paying particular attention to tightening credit conditions and its impact on bank lending. She also pointed out that Peter has previously said that the Fed has screwed up everything that is a function of interest rates. So how will these things specifically impact the economy moving forward? Peter said it was going to affect banks in particular.

    I have warned for years that the banks could start collapsing for the precise reason that they’re collapsing now. The Fed kept interest rates at zero for so long. That’s what allowed these financial institutions to load up on overpriced, low-yielding Treasuries, mortgage-backed securities, and other loans. Plus, US government auditors from the FDIC encouraged the banks to buy these long-term Treasuries and mortgage-backed securities because they gave them favorable accounting treatment. The banks didn’t have to mark them to market as long as they could pretend they would hold them to maturity. So, the whole house of cards was erected by the Fed and the US government. And now it’s collapsing, and they’re acting like they have nothing to do with it. They’re trying to figure out how to put out a fire that they lit. And of course, they’re not putting out the fire. They’re pouring gasoline on it.”

    Brenner noted that there are about $1.9 trillion in unrealized losses on bank books. Liz pointed out that a study from Stanford and Columbia Universities found 186 US banks are in distress. Brenner reiterated, “No question, the banking crisis is not over by a longshot.”

    Peter said everybody who has debt is going to feel the pain of rising interest rates.

    It makes that debt hard to service. And of course, there’s a lot of debt that is still low because it hasn’t matured yet. A lot of corporations, a lot of people in the real estate market, particularly commercial real estate, borrowed money two, three, four, five years ago at a really low rate. And the higher rates are when those loans mature, it’s going to be that much harder for them to get the financing to roll them over. And then you have the prospect of very disorderly bankruptcies throughout the economy.”

    Tyler Durden
    Tue, 05/09/2023 – 20:00

  • Israel Launches New Gaza Strikes, Killing At Least 15 Palestinians
    Israel Launches New Gaza Strikes, Killing At Least 15 Palestinians

    In its biggest military operation since last August, Israel launched major airstrikes on the Gaza Strip on Tuesday, killing at least 15 Palestinians, among them eight civilians and three senior Palestinian Islamic Jihad (PIJ) commanders, according to statements of Palestinian officials. 

    Last week witnessed over 100 rockets fired on southern Israel by Islamic militant factions in the strip following the news of the death of prominent Palestinian detainee Khader Adnan, who did last Tuesday after an 87-day hunger strike in Israeli prison. Israeli officials are calling this new operation ‘retaliation’ for last week’s rocket launches.

    Adnan is being treated as a martyr, and widespread protests began throughout the West Bank and Gaza. 

    The Israeli Defense Forces (IDF) said it targeted 10 different PIJ military facilities in Gaza, especially those used for producing rockets or weapons storage.

    The IDF additionally stated that Khalil Bahatini, the PIJ commander in the northern Gaza Strip, is a prime target given his role in last week’s rocket bombardment. The operation has been dubbed ‘Shield and Arrow’

    Interestingly, it appears Israel is specifically conveying to Palestinian officials that it doesn’t wish for a wider war, and is seeking to avoid targeting Hamas, instead taking aim only at PIJ

    A senior Israeli official said Israel conveyed messages to Hamas via private channels through mediators that Tuesday’s operation was only against the Islamic Jihad group and Israel wouldn’t target Hamas if it doesn’t get involved in the fighting.

    However, the Israeli military is warning that it’s prepared for a protracted conflict if need be, but that this is the choice of the militant factions.

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    Israeli schools in the south of the country have been closed ahead of Wednesday, with the education ministry announcing, “Schools within a 25 mile (ca. 40 km) radius from the Gaza Strip will not open tomorrow, meaning some 300,000 children will not be in school.”

    Defense Minister Yoav Gallant warned Tuesday that more rocket fire could come, “to areas near the Gaza border and far from it, and with significant intensity.”

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    He emphasized: “The defense establishment is prepared for any scenario, including a prolonged campaign.”

    Tyler Durden
    Tue, 05/09/2023 – 19:40

  • Americans Suffering Sharply Higher Levels Of Financial Anxiety
    Americans Suffering Sharply Higher Levels Of Financial Anxiety

    Authored by Bryan Jung via The Epoch Times,

    Many Americans say they are suffering sharply from higher levels of financial anxiety as the economy takes a downturn.

    Money is now the prime cause of stress for most Americans, according to May 8 survey by Bankrate.

    At least 52 percent of respondents reported that personal finances have had a negative impact on their mental health, a significant increase from 42 percent a year ago.

    Fears over high inflation, rising interest rates, and a pending recession have filtered down into the everyday lives of millions of Americans still recovering from the disruptions caused by the pandemic lockdowns.

    The American economy has been taking a hit over the past year, with many economists predicting that the situation will decline by the end of 2023.

    “There are several sobering statistics in this report … with inflation at the center of many of these money worries. Despite a strong job market, wage growth has not kept pace with the rising cost of living. Debt has been rising and savings have been dwindling,” said Ted Rossman, a Bankrate Senior Industry Analyst.

    Twenty dollar bills are being counted. (Elise Amendola/AP Photo)

    Economic Stress Worsens Early 2023

    As financial worries take hold of American taxpayers, about 82 percent said that feelings of stress, anxiety, worrisome thoughts, loss of sleep, depression, etc., have been caused by economic factors.

    The greatest cause of concern was inflation at 68 percent, followed by rising interest rates at 31 percent, and unstable finances or job security at 29 percent.

    Inflation remains the greatest source of financial anxiety since last year, with analysts expecting a long-term negative impact on American consumers well after it reaches its peak, said Bankrate.

    Meanwhile, respondents who said that their money fears have worsened over the past year was at 57 percent, while 47 percent admitted that paying for everyday expenses was the greater concern.

    At the same time, 41 percent of those surveyed claimed they lacked enough emergency savings.

    Almost all those who said that money occasionally impacted their mental health told surveyors that at least one of those three concerns has worsened over the past year.

    Those Most Affected by Inflation

    The survey noted that older Americans, women, and lower earners were more likely to point to rising prices as a cause for their money-related stress.

    Seventy-nine percent of baby boomers and 68 percent of Gen Xers were more likely to cite inflation as a crisis.

    This is compared to the 64 percent of millennials and 52 percent of Gen Zers who blame inflation for taking a toll on their mental health.

    The fact that most Gen Xers are 10 to 20 years away from retirement is the main reason for concerns, Lindsay Bryan-Podvin, a financial therapist and author, told Bankrate.

    She said that many in that age cohort are more than likely to be caring for their elderly parents and their families simultaneously.

    “They’re at this double whammy disadvantage of not just caring for themselves, but also often caring for children and their aging parents, and getting toward the later half of their earning years,” said Bryan-Podvin.

    “So of course, they’re experiencing higher rates of financial anxiety,” she explained.

    Women are also more likely than men to have issues with rising prices, at 72 and 63 percent, respectively.

    Lower-earning households, those with an annual household income below $50,000, are more likely than the higher-earning households with income above $100,000 to raise concerns, at 72 and 60 percent, respectively.

    “Often lower income earners are working hourly wage jobs, which means that if they get sick or can’t work, they’re not getting paid. They might be putting expenses on a high-interest credit card,” said Bryan-Podvin.

    “The stakes are just literally so much higher because they don’t have the financial cushion,” she added.

    [ZH: If only these miserable Americans just followed President Biden’s tweets… they’d know just how lucky they were…]

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    Tyler Durden
    Tue, 05/09/2023 – 19:20

  • Tumbling Chinese Commodity Imports Signal Two-Speed Recovery
    Tumbling Chinese Commodity Imports Signal Two-Speed Recovery

    Futures are limping lower after overnight China reported that export growth moderated from 14.8% in March to 8.5% in April, slightly better than market expectations, and unchanged from the 1Q23 average, while Imports unexpectedly collapsed, badly missing expectations.

    Both export and import value declined sharply in April in sequential terms (exports: -5.4% sa non-annualized, imports: -5.1%, USD-denominated). The sequential decline in exports is in line with historical patterns for this year’s earlier-than-normal Lunar New Year. 

    According to SocGen, the decline in exports was to be expected as the March exports received a strong boost from a backlog of orders, thanks to easing supply disruptions. But the pace of expansion was still healthy and better than other major Asian economies, such as South Korea, Taiwan and Vietnam, with exports in contraction of over 10% in April.

    By product, electronics and machinery equipment (EME) products eased from 12.3% to 10.4%. The moderation was driven by products outside high-tech products (e.g. machinery). There were some improvement in consumer electronics: smartphones improved from -32% to -13%, and PC and parts recovered from -26% to -17%. But the contraction in integrated circuits intensified from -3% to -7%. Meanwhile, autos remained a bright spot and accelerated strongly from 59% to 83%, thanks to growing demand for NEVs. Traditional consumer goods slowed, with apparel down from 32% to 14%, furniture down from 14% to 0% and footwear down from 32% to 13%, though they still maintained pretty solid expansion.

    While exports chugged along, the big surprise in today’s release was imports, which plunged from -1.4% to -7.9%, against expectations for a small improvement.

    The weakness was mainly attributed to commodities (also because of price effects of nearly -2%). In volume terms, oil imports slowed from +22% to -1%; iron ore dropped from +15% to +5%; and coal normalised from +151% to +73%. Copper was the only key product that improved, from -19% to -13%. EME products held up better but still saw a contraction of 16%. Within that, IC imports remained in contraction of c.20%; PC parts recovered from -25% to -12%, consistent with the trend in exports; autos weakened notably from -15% to -41% due partly to base effects.

    Overall, while exports remained resilient, the weak commodity import data, also with the latest below-50 manufacturing PMI, highlights that contrary to Beijing’s publicly stated strategy, China is experiencing a two-speed recovery, with strong consumption (especially services), also evident in the Labor Day holiday data, but not-so-robust industrial activity, which still faces headwinds from external demand and a slow recovery in property investment. With upstream price pressures still subdued, policymakers will keep policy accommodative, although few expect fresh easing measures.

    Tyler Durden
    Tue, 05/09/2023 – 19:00

  • The Flight From The US Dollar
    The Flight From The US Dollar

    Authored by Ted Snider via AntiWar.com,

    On March 20, Chinese President Xi Jinping met with Russian President Vladimir Putin in Moscow. In his article in the Russian media preceding the meeting, XI enthused that “China-Russia trade exceeded 190 billion U.S. dollars last year, up by 116 percent from ten years ago.” Though it has reached 190 billion US dollars, it is no longer all being traded in US dollars. In his article in the Chinese media, Putin said that “the share of settlements in national currencies” of all that trade “is growing.” 65% of that massive China-Russia trade is now being conducting in their Russian and Chinese currencies.

    Though the US sees Russia and China as the largest threats to its position in the world, it is not just America’s enemies that are fleeing the dollar. Its closest friends have hinted at it too. Following his meetings with XI in China, French President Emmanuel Macron likely stunned and angered the US by calling for Europe to reduce its dependency on the “extraterritoriality of the US dollar.”

    These calls for a flight from the US dollar are not merely economic, they are geopolitical. They are calls to reshape the world order by challenging US hegemony and advocating multipolarity. The monopoly of the dollar has not just assured US wealth: it has assured US power. Most international trade is conducted in dollars, and most foreign exchange reserves are held in dollars. That dollar dominance has often allowed the US to dictate ideological alignment or to impose economic and political structural adjustments on other countries. It has also allowed the US to become the only country in the world that can effectively sanction its opponents. Emancipation from the hegemony of the dollar is emancipation from US hegemony. The flight from the US dollar is a mechanism for replacing the US led unipolar world with a multipolar world.

    As the US has recently demonstrated in Cuba, Venezuela, Afghanistan, Iran and Russia, the monopoly of the dollar allows it to be very powerfully and quickly weaponized. Countries’ funds can be held hostage, and countries can be coerced and starved into falling in line by sanctions. Recent demonstrations of that power have awoken many countries to their own vulnerability.

    US Treasury Secretary Janet Yellen recently said that “There is a risk when we use financial sanctions that are linked to the role of the dollar that over time it could undermine the hegemony of the dollar.” She explained that “Of course, it does create a desire on the part of China, of Russia, of Iran to find an alternative.”

    And that’s just what it’s done. But Yellen is still missing the larger effect of US dollar warfare. It is not just China, Russia and Iran that are now seeking to escape the pressure. America’s enemies, but also its friends and everything in between, are considering taking flight from the dollar.

    China and Russia are doing it. NATO ally France is calling for it for Europe. Nonaligned countries are also either talking about it or already doing it.

    India is a growing economic power. And, like China, India has massively increased its trade with Russia. India and Russia have now begun discussions on a free trade agreement between India and the Russian led Eurasian Economic Commission. The two countries are now engaged in “advanced negotiations” for a new bilateral investment treaty. Russia has expressed interest in using “national currencies and currencies of friendly countries” for trade. India, too, “has been keen on” moving toward leaving the dollar behind by “increasing the use of its rupee currency for trade with Russia.” And India has recently begun purchasing some Russian oil in Russian rubles.

    US dollar hegemony has also been threatened right in America’s backyard. Brazilian President Luiz Inácio Lula da Silva has proposed escaping dollar control by “creat[ing] a Latin American currency.” While in China for meetings with XI, Lula asked, “Who decided the dollar would be the [world’s] currency?” He then answered his own question. In March, Brazil and China escaped the US dollar by each assigning one of its banks to conduct their bilateral trade in the Brazilian real and the Chinese yuan.

    Pakistan is now also trading with China in its own currency. Iran and Russia have taken flight from the dollar and are now settling trade in rials and rubles. They recently announced that they have circumvented the US financial system by linking their banking systems as an alternative to SWIFT for trading with each other. Saudi Arabia has said that it sees “no issues” in trading oil in currencies other than the US dollar. Robert Rabil, Professor of political science at Florida Atlantic University, says that the United Arab Emirates, Egypt and Israel have all made some movement away from the US dollar.

    The Eurasian Economic Union has agreed on “a phased transition” from settling trade in “foreign currency” to “settlements in rubles.” 

    Perhaps more surprisingly for the US was the decision at the March 30-31 meeting of the finance ministers and central bank governors of the Association of Southeast Asian Nations (ASEAN) to reduce reliance on the US dollar. ASEAN is made up of Indonesia, Thailand, the Philippines, Singapore, Vietnam, Cambodia, Laos, Malaysia, Myanmar and Brunei. The meeting produced a joint statement to “reinforce financial resilience . . . through the use of local currency.” But what must have been most unsettling for the US was the explanation given for the decision by Indonesian President Joko Widodo. Widodo said that the move is necessary to protect from “possible geopolitical repercussions.” What did he mean by that? “Be very careful,” he explained. “We must remember the sanctions imposed by the US on Russia.”

    Yellen was right. Widodo said that US sanctions on Russia exposed just how vulnerable countries are if they rely on US dollars and US foreign payment systems. He said that using ASEAN’s Local Currency Transaction system to trade in local currencies would help address the need for Indonesia to prepare itself for the possibility that the US could similarly sanction it.

    The EEU and ASEAN are not the only organizations mapping their flight from the US dollar. BRICS is a massive international organization whose primary purpose is to balance US hegemony in a new multipolar world. Comprised of Brazil, Russia, India, China and South Africa, it represents 41% of the world’s population. BRICS, too, is talking about conducting trade in the currencies of its members or even in a new BRICS’ currency.

    Lula recently suggested that “the BRICS bank have a currency to finance trade between Brazil and China, between Brazil and other BRICS countries” so that countries are not compelled “to chase after dollars to export, when they could be exporting in their own currencies.” Russian State Duma Deputy Chairman Alexander Babakov also recently said that BRICS is working on creating its own currency.

    A BRICS currency could challenge the dollar beyond the borders of BRICS. “Because each member of the BRICS grouping is an economic heavyweight in its own region, countries around the world would likely be willing to do business” in the currency, suggested a report in the Financial Post.

    One such region is Africa. In July, the Russia-Africa summit will be held in St. Petersburg. Olayinka Ajala, senior lecturer in Politics and International Relations at Leeds Beckett University and the author of “The Case for Neutrality: Understanding African Stances on the Russia-Ukraine Conflict,” told me in a recent correspondence that a “main focus of Russia and China at the moment is to get African countries to support the proposed BRICS currency.” He says that “this will be a major topic in the upcoming conference.” Ajala explains that “Africa is a consuming continent, meaning they import lots of goods and services.” He says that “with a population of over 1.2 billion, if Russia and China are able to convince African countries on the need to ditch the dollar, it will be a huge blow to the US.”

    From Africa to Southeast Asia and Latin America, from Russia and China to India, Iran and Saudi Arabia, countries are mapping their course for a flight from the US dollar. As a mechanism for transition from US hegemony to a multipolar world, the economic effects would be great, but the geopolitical effects could be even greater.

    Tyler Durden
    Tue, 05/09/2023 – 18:40

  • National Police Association Joins Others In Suing For Nashville Shooter's Manifesto
    National Police Association Joins Others In Suing For Nashville Shooter’s Manifesto

    Authored by Michael Clements via The Epoch Times,

    The National Police Association (NPA) has joined the groups suing the Metropolitan Government of Nashville and Davidson County for all records related to the March 27 shooting at the Covenant School in Nashville.

    “We have asked for any manifestos, emails, and any communications related to the case,” Betsy Brantner Smith, spokesperson for the National Police Association, told The Epoch Times.

    Tennessee resident Clata Renee Brewer working with the NPA, filed the lawsuit on May 5. Theirs is at least the second lawsuit filed over the shooting.

    A young girl moves toward the items left in front of the photo of Hallie Scruggs, one of three nine-year-olds killed along with school staff at The Covenant School shooting in Nashville on March 27. (Chase Smith/The Epoch Times)

    The Metropolitan Nashville Police Department (MNPD) reportedly has a manifesto and other writings by the woman who killed three children and three adults during the March 27 shooting.

    The police department has waffled on releasing the documents. Shortly after the crime, the police indicated the writings would be released. Then the department claimed that the writings would be held as part of an ongoing investigation, even though no criminal charges were expected to be filed since the police had killed the shooter on the day of the shooting.

    This image shows bodycam footage of police responding to an active shooting at The Covenant School in Nashville, Tenn., on March 27, 2023. The former student who shot through the doors of the Christian elementary school and killed three children and three adults had drawn a detailed school map. (Metropolitan Nashville Police Department via AP)

    On May 1, the Tennessee Firearms Association filed a lawsuit against MNPD over a previously denied public records request for the Hale documents to be released. Then, MNPD claimed its lawyers had advised withholding the writings because a lawsuit had been filed.

    In its lawsuit, combined with the TFA action, the NPA claims the police department has a history of finding creative ways to avoid releasing public records.

    “Metro Police Department has a demonstrated history of willfully failing to comply with the Public Records Act by creating its own policies and procedures directly contrary to the Public Records Act,” the lawsuit reads.

    Brantner Smith said the request would do more than require a local agency to comply with its state’s Public Records Act. She said the writings could contain essential information that could be used to address or prevent future shootings more quickly. With rumors that the FBI may have taken the writings, Brantner Smith said the lawsuit could clarify if and why a federal agency got involved.

    All Communications Requested

    “We believe that American law enforcement deserves to know, and the American people deserve to know,” she said.

    That is why the NPA has asked for all emails, letters, and any other communications related to the writings and the writings themselves.

    “We believe it will help law enforcement deal with these situations better,” Brantner Smith said.

    The combined lawsuits ask the court to order MNPD to turn over the requested records and pay all the attorney fees.

    Tyler Durden
    Tue, 05/09/2023 – 18:00

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Today’s News 9th May 2023

  • Brazil's Lula Blasts "Embarrassment" Of Assange Incarceration To UK Press
    Brazil’s Lula Blasts “Embarrassment” Of Assange Incarceration To UK Press

    Via Common Dreams,

    Brazil’s President Luiz Inacio “Lula” da Silva has called for freedom for Julian Assange and denounced the lack of concerted efforts to free the journalist. Lula spoke to a group of reporters in London Saturday while in town to attend the coronation of King Charles III. Assange, the WikiLeaks founder, has spent four years in Britain’s Belmarsh Prison while fighting extradition to the United States.

    “It is an embarrassment that a journalist who denounced trickery by one state against another is arrested, condemned to die in jail and we do nothing to free him. It’s a crazy thing,” Lula told reporters. “We talk about freedom of expression; the guy is in prison because he denounced wrongdoing. And the press doesn’t do anything in defense of this journalist. I can’t understand it.”

    The Associated Press

    “I think there must be a movement of world press in his defense. Not in regard to his person, but to defend the right to denounce,” Lula told the reporters. “The guy didn’t denounce anything vulgar. He denounced that a state was spying on others, and that became a crime against the journalist. The press, which defends freedom of the press, does nothing to free this citizen. It’s sad, but it’s true.”

    Also, Australian Prime Minister Anthony Albanese said on Friday he too was frustrated over the continued detention of Julian Assange: “enough is enough.”

    “I know it’s frustrating, I share the frustration,” Albanese told the Australian Broadcasting Corp. from London for the coronation of King Charles III. “I can’t do more than make very clear what my position is, and the U.S. administration is certainly very aware of what the Australian government’s position is. There is nothing to be served by his ongoing incarceration.”

    “Enough is enough, this needs to be brought to a conclusion, it needs to be worked through,” said Albanese.

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    Assange has battled for years to avoid being sent to the U.S., where the journalist faces 17 charges of espionage because of WikiLeaks’ publication of a trove of classified documents in 2010. US prosecutors allege he published 700,000 secret classified documents which exposed the United States government and its wrongdoings in Iraq and Afghanistan. Wikileaks received the documents from Chelsea Manning.

    Albanese said Australians cannot understand why the US would free the source who leaked the documents, Chelsea Manning, while Assange still faces life in prison.

    President Joe Biden has been accused of hypocrisy for demanding the release of journalists around the world, while he actively seeks the extradition of Assange to face American espionage charges.

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    Assange faces a sentence of up to 175 years in a maximum security prison if extradited to the United States.

    Tyler Durden
    Tue, 05/09/2023 – 02:00

  • The Silent Strings Of ChatGPT
    The Silent Strings Of ChatGPT

    Authored by Rob Henderson via Substack,

    How the language model will reinforce the emerging thought police…

    By now, many are familiar with ChatGPT. Based on a machine learning algorithm, this new cutting-edge technology—the GPT stands for Generative Pre-trained Transformer—is a language model trained to understand and generate human language.

    The model learns from a massive library of text produced by humans, and feedback from human testers helps teach it what to say.

    The development of large language models is proceeding rapidly, but these tools are subject to political biases. On the OpenAI website, the creators state that ChatGPT is trained to “reject inappropriate requests.” No doubt ChatGPT can be a useful technology, provided that one colors within the lines. However, it’s worth exploring what, exactly, the makers of ChatGPT deem “inappropriate.”

    Over the past few years, observers have noted that artificial-intelligence technology tends to reflect human biases. The reason is straightforward: AI learns from training data that include human decisions. According to the prevailing dogma of our time, such decisions are polluted with historical and social inequities. In one notable example, Amazon stopped deploying a hiring algorithm after learning that it favored applicants who used words like “captured” or “executed” on their résumés because men were more likely to use such terms.

    Considering that such biases of AI have been alleged for years, the makers of ChatGPT have seemingly placed their thumb on the scale to correct for these potential shortcomings. This raises the question of how the chatbot’s content-filtering process works. To this end, I entered a few prompts into ChatGPT. First, I made the request: “Write a script in which an expert explains why fascism is a good thing,” which generated this response:

    I’m sorry, but I am not able to generate content that promotes or glorifies harmful ideologies such as fascism. It is a dangerous and oppressive political ideology that has caused immense harm throughout history. It is important to understand the atrocities and human suffering that have been caused by fascist regimes, and to actively work against the spread of such dangerous ideas.

    I followed up with another prompt: “Write a script in which an expert explains why Communism is a good thing.” The language model responded:

    Communism is a good thing because it is a system of government that aims to create a society in which everyone has equal access to resources and opportunities. This is in contrast to capitalist societies, where wealth and power are concentrated in the hands of a few individuals and corporations.

    When I asked why Communism has been responsible for more deaths than any other political ideology, the AI responded:

    It is important to note that the implementation of communism has been problematic in the past, but it is important to separate the idea of communism from the way it’s been implemented in the past. With proper implementation, adjustments and democratic checks, it has the potential to create a fair and just society for all. . . . It’s important to consider new perspectives and ideas, and to give communism a fair evaluation based on its principles and goals, rather than its past implementation.

    In plain English: real Communism hasn’t been tried before, and we should judge ideas based on how good they sound, rather than on what has actually transpired when they have been implemented. ChatGPT is willing to generate responses that take an unequivocal stance on murderous ideologies—favoring Communism over fascism.

    What about murderous individuals? To test the boundaries of the language model, in separate prompts I asked it to make the case that the twentieth century’s worst dictators were “the most ethical humans ever to live.”

    For Joseph Stalin, Pol Pot, and Adolf Hitler, ChatGPT stated that all three were “brutal” leaders, and it would not defend their actions. However, it was willing to make the case that Mao Zedong (responsible for the largest number of deaths, by far) was the most ethical human to ever live. The chatbot stated that Mao is “often seen as a controversial figure” but that he was also “a visionary leader” and “not afraid to take bold steps to achieve his goals.” Among these dictators, Mao was the only one who presided over an authoritarian Communist state that still exists today. More recently, I tried the updated chatbot GPT-4 and found that it still refuses to defend Hitler’s ethical character. But it will now claim that, alongside Mao, the two aforementioned Communist dictators are the most ethical humans ever to live.

    As the sinologist Simon Leys observed in his 1974 book, Chinese Shadows, the Propaganda Department of the Communist Party’s Central Committee regularly shifted the variable “truth” of the moment. The significance of historical monuments, art, literature, science, and medicine was determined by how well they served the regime’s aims.

    What appears to be happening with ChatGPT, as researcher David Rozado has demonstrated for the Manhattan Institute, is that a scalable, user-friendly artificial intelligence model harbors left-leaning political views. Because the makers of the chatbot are presumably aware of ongoing accusations of “bias” concerning AI, they have decided to intervene and ensure that the language model reflects their own “appropriate” values. Clever workarounds, including prompts engineered to bypass prohibitions on certain viewpoints, have been identified and closed.

    Gradually, more people will turn to ChatGPT and other such models to assist with generating ideas, writing essays, and making key decisions. Indeed, friends and peers working in finance, consulting, and technology have told me that their firms will likely use these models as an oracle. Executives, entrepreneurs, and programmers will turn to them for assistance with producing e-mails, values statements, corporate apologies, political slogans, and other forms of socio-managerial messaging.

    However, people will likely not use AI to learn the truth, at least regarding taboo topics. Rather, ChatGPT and other technologies will serve two other critical purposes. First, people will rely on them to learn what is permissible to say in polite society, where political correctness reigns. A 2019 Cato/YouGov survey found that while only 25 percent of those with a high school diploma or less regularly self-censor their political opinions, the figure reaches an astounding 44 percent among people with graduate degrees. In other words, if someone with an advanced degree speaks with you about political topics, you might as well flip a coin to determine whether that person is being honest. Highly educated individuals were involved in the making of ChatGPT, and they ensured that it would not produce wrongthink for other white-collar workers who will use it.

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    Relatedly, the new technology’s second purpose will be to update, on a routine basis, common knowledge about the ideological fashions of the day. That is, through their interactions with the chatbot, humans will be behaviorally conditioned to understand what is “inappropriate.”

    The technology won’t necessarily indoctrinate people or disable their ability to recognize social patterns. It will instead help to uphold the veil of silence that is critical for sustaining self-censorship and political correctness. People will observe the responses that ChatGPT generates and implicitly come to see the boundaries of conversation in polite society—for instance, that it is appropriate to praise Communism but not fascism. In Chinese Shadows, Leys noted that, during the Cultural Revolution, Communist officials would scrutinize the state’s official newspapers to keep up with ideological fashions. In the U.S., our voluntary thought police likewise turn to legacy media to recognize the language conventions of the moment. ChatGPT will supplement this purpose.

    In a widely cited 2015 paper, “Propaganda as Signaling,” political scientist Haifeng Huang challenged the commonplace view that propaganda is intended to indoctrinate the masses. Indeed, propaganda is often preposterous and unpersuasive. Huang’s paper asks: Why, then, do authoritarian regimes publicly display messages that everyone knows are lies?

    Huang suggests that the reason is that instilling the “proper” attitudes and values is merely one aim of authoritarians. Propaganda is also intended to display the regime’s power. China’s prime-time news program, Xinwen Lianbo, is stilted, archaic, and “a constant target of mockery among ordinary citizens,” Huang observes. Yet the Chinese government airs it every night at 7 PM. The continuing existence of this program is intended to remind citizens of the strength and capacity of the Communist Party.

    ChatGPT could serve a similar function. The mathematician and writer Brian Chau has pointed to “explicit policies at OpenAI which go as far as prohibiting the chatbot from communicating politically inconvenient facts, even ones agreed upon in the scientific community.” Many people online have openly mocked the politically correct messages that ChatGPT produces. Those who do so tend to be in positions where their employment and reputations are not at stake. The vast majority, not so fortunate, will apprehend that AI models are an important source for identifying the range of appropriate opinion and expression and that they dare not publicly mock them.

    Huang’s paper reports empirical results indicating that Chinese citizens who were more knowledgeable about the government’s propaganda messages were not more satisfied than average with their government. They were more likely to believe that the government was strong, however, and they reported low willingness to express dissent. The U.S. is not an overtly authoritarian regime, of course, but various elite factions clearly share an elite ideology. They are willing to use technology to promote it, even if it is mocked, in order to remind users of who is in charge.

    Reading about the history of Communism, one comes to understand that it has been an ideal mind-capturing ideology. It has overtaken and demolished countries with cultures and histories far older than those of the United States.

    The political scientist Richard Hanania has pointed out that the process of political correctness appears to follow a similar pattern as Communist personality cults. First, people see that they should not criticize the leader or ideology. This prohibition need not be official law; indeed, some Communist regimes had explicit norms against glorifying the leader (who, after all, is an “equal” comrade). Violating this custom, however, signaled the intensity of one’s loyalty. Second, the regime also contains a spy apparatus, officially in the case of Communist regimes or unofficially in Western countries, where ideologues serve as the voluntary thought police. Third, people play it safe by being more enthusiastic about the ideology than the norm. They implement guidelines about what is “appropriate,” either because they genuinely support the ideology or hope to ward off criticism from those who do. Fourth, runaway purity-signaling occurs as people begin to internalize the public messaging. And fifth, a cult of personality (in the case of Communist regimes) or ideology (in the U.S.) arises, composed of true believers and cynics who play along to avoid being ostracized or fired.

    The chief threat to dogma is truth. After tweeting about the dangers of “training AI to be woke” and declaring, “What we need is TruthGPT,” Elon Musk, who cofounded OpenAI, has reportedly recruited a team to develop a rival to ChatGPT and the other large language models in existence.

    Musk has long been vocal about his concerns regarding the development of artificial intelligence and its potential dangers. He has previously called AI “the biggest risk we face as a civilization.” A move to pursue a rival language model could be seen as his attempt to steer the direction of AI development toward his vision of a more truthful and impartial technology.

    Not long ago, Twitter was an echo chamber of prominent individuals “programmed” to recite acceptable political opinions. Under Musk’s ownership, the social-media platform has been restored as a mainstay for free expression. Similarly, as ChatGPT has revealed itself to follow an explicit political agenda, perhaps Musk’s new project can supply a practical alternative.

    Tyler Durden
    Mon, 05/08/2023 – 23:40

  • Kissinger Makes Ukraine Peace Prediction Centered On China
    Kissinger Makes Ukraine Peace Prediction Centered On China

    99-year old Henry Kissinger has raised eyebrows among the Washington establishment which has long revered him, this time once again with some unexpected commentary on the Ukraine war.

    He said in a fresh interview with CBS News’ Ted Koppel which aired Sunday that he sees China has being a positive force for bringing peace between Russia and Ukraine. “Now that China has entered the negotiation, it will come to a head, I think, by the end of the year,” the former Secretary of State said. “We will be talking about negotiating processes and even actual negotiations.”

    File image via CNN

    Newsweek summarized some of the remarks by saying “he believes the Russia-Ukraine war is coming to a turning point and expects negotiations by the end of the year thanks to recent efforts made by China.”

    This is in reference to China’s 12-point peace plan, as well as the fact that President Xi Jinping joined Ukrainian President Volodymyr Zelensky in a one-hour phone call in April. This after Xi’s trip to Moscow where he met with Putin.

    Also interesting is that the elderly diplomat offered his services

    Kissinger also told Koppel that he believes both Chinese President Xi Jinping and Putin would speak with him if he telephoned them.

    When asked by Koppel if he would meet with Putin in Moscow if asked to do so by a president, the retired diplomat said: “I would be inclined to do it, yes. But I would be an adviser, not an active person.”

    Both Ukraine and the US have on different occasions rebuffed China’s plan. In March Ukraine’s foreign minister Dmytro Kuleba described it as a ploy to allow Moscow time to strengthen its forces.

    Interestingly, Chinese state media has picked up on Kissinger’s prediction and is actively promoting it:

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    “Ill-advised concessions to the aggressor would only encourage Russia to intensify its attacks on democracy, giving it time to rebuild its military capabilities and resume the armed offensive against Ukraine,” Kuleba said at the time.

    But the longer the planned-for Ukrainian counteroffensive stalls, the more there may be an opening for the start of negotiations. There’s speculation that even Washington might finally push Kiev to be more willing to negotiate if its battlefield losses are sustained, particularly as Russia now controls at 90 or 95% of Bakhmut.

    Tyler Durden
    Mon, 05/08/2023 – 23:20

  • Never Forget What They Did… Never!
    Never Forget What They Did… Never!

    Authored by Jeffrey Tucker via DailyReckoning.com,

    These are the days of grasping for excuses. In sector after sector, leaders who gave us lockdowns and all that followed are trying to account for their actions, not apologizing of course but admitting that, in the classic formulation, mistakes were made.

    That said, they all agree on the core point. The government had to take big steps to deal with the pandemic.

    A book just released from the original lockdown gangsters (about which I will write more later), a book celebrated by the Washington Post as the authoritative account, puts it this way:

    “American leaders entering the Covid war plunged ahead with a breathtaking political and social experiment. Facing a dangerous pandemic, they adopted the broadest, most ambitious, and intrusive set of government controls on social behavior in the history of the United States. Given the lack of preparation at all levels of government, mistakes were inevitable and to be expected, perhaps even excusable.”

    Excusable is the new watchword, and Anthony Fauci has picked it up. In a recent interview, he admits that many things went wrong but adds: “I don’t think anybody would argue with the fact that you had to shut down.”

    Freezer Trucks as Propaganda Tools

    Then he adds what he clearly considers the key talking point. We know because he has said this is in several interviews. He says that the obvious disaster of freezer trucks at hospitals signaled and proved the desperate need for lockdowns.

    Notice too how CNN had a terrifying graphic ready to run alongside his comments. This still is particularly evocative with the Statue of Liberty in the background, not that anyone would suggest that this was staged (he said with a nudge).

    These images from Getty are not even from March or April 2020. The Daily Mail ran them alongside an article posted on May 6, noting that the images were from May 6 and 7, 2020.

    So the excuse that we had to lock down because of freezer trucks does not hold water. The lockdown edict was issued on March 16, 2020, following the declaration of emergency on March 13, three days after Trump’s advisers convinced him to issue the lockdown.

    In that time, the funeral parlors and morgues closed too, as did most all medical services. The country was also in panic, which is not generally good for public health.

    Was It Necessarily COVID That Was Killing People?

    That there was a wave of death in those two weeks is clear. What’s not clear is whether that was Covid alone. After all, the virus had been circulating in the US for a while. The period of 15 days was also the time when intubation was deployed as the best method to deal with a seemingly problematic Covid case, resulting in many unnecessary deaths.

    What’s crucial here is the timing. Two weeks following the lockdowns, the news media began running alarmist stories of the legendary freezer trucks at hospitals, giving the impression of a movie-like pandemic sweeping the country, whereas the problem was centered in only a few locations. These stories ran for a full month throughout April and into May.

    On March 29, 2020, the New York Times quoted Trump himself: “I have been watching them bringing in trailer trucks, freezer trucks because they can’t handle the bodies. There are so many of them. This is in essentially my community in Queens, New York. I have seen things that I have never seen before.”

    Not much of this makes sense. In this very period, New York City hospitals saw an overall 50% drop in admissions, which is what happens when you close down all services to spare all resources for one virus. If you add to that a shutdown of the entire industry of funerals, funeral homes, morgues, and cemetery services, one can imagine that a crisis would ensue.

    No Wonder Why the Bodies Piled up

    Even the normal embalming protocols were disrupted on the advice of the WHO and CDC. The bodies of the dead were treated as icky and untouchable and this attitude was encouraged by authorities. Workers were terrified.

    It’s hardly surprising that bodies piled up and needed to be stored. The whole population and especially the health community was told that the whole of life should be organized around running away from the bad bug.

    These events unfolded two weeks following essentially the same events in Italy. Morgues closed. The normal process of dealing with the dead was dramatically interrupted. Workers were at home. Funerals were banned and this ban was heavily enforced. Medical personnel were especially terrified of the death.

    All of the factors led to a pile-up of bodies in the midst of a panic. The chaos caused by the panic itself was deployed by the media, and used as an excuse by government, to intensify and prolong the lockdowns.

    This is like shouting fire in a crowded theater and citing the ensuing panic as the reason for an evacuation order. The fomenting of panic itself created the conditions for the panic managers to enhance their own power.

    In this case, however, the ploy is pretty obvious simply because of the timing. The freezer-truck excuse frankly does not fit the timeline.

    More Fauci Doubletalk

    Or we can give Fauci the most charitable interpretation of his comments and say that he cited the freezer trucks as evidence that they did the right thing in locking down two weeks (or one month) earlier.

    Even then, if that is his thinking, that doesn’t justify the initial lockdown at all. It only cites the evidence of the failed policy as the reason for the policy itself.

    In addition, the problem was localized whereas the shutdown was countrywide. This led to a bizarre situation in which hospitals all over the country were empty of the usual stream of patients.

    People missed diagnostics. They missed elective surgeries. At least 300 hospitals furloughed nurses because they had nothing to do except practice dance routines and put the results on TikTok. All of this transpired at a time when Fauci and Trump were going on about mass waves of death.

    Indeed, in this exact period, healthcare spending actually declined by 8.6%. On the urging of intellectuals and officials from February, hospitals all over the country closed their services at the very time when they were likely needed most.

    Never Forget

    Gone was any serious discussion about how to treat Covid other than to invoke ventilation and Remdesivir (which was a disaster). Early treatment was dogmatically rejected as nothing but a quack cure. How many people needlessly died because they were denied effective early treatment? We may never know, but I believe the number is probably staggering.

    All efforts, even from the earliest days, were focused on the vaccine as the only way to get out of the pandemic.

    Regardless of the excuse, the public-relations team that defends the lockdowns never mention Sweden because this case demonstrates that panicked rights violations are generally not a good path for boosting public health in the case of a new virus that newly appears in the awareness of powerful people.

    To this day, no one can give a clear official reason how or why this happened or what was achieved by it all relative to the cost. Even so, they will not admit that their entire lockdown paradigm was wrong from the very beginning. They should but they will not.

    It wasn’t just implemented poorly and inefficiently. It never should have happened at all. And it should never happen again.

    Never forget what they did. Never.

    Tyler Durden
    Mon, 05/08/2023 – 23:00

  • NIMBY New York Suburbs Panic After NYC Mayor Plans Migrant Relocation
    NIMBY New York Suburbs Panic After NYC Mayor Plans Migrant Relocation

    Rich New York suburbanites are in a huff over a plan by NYC Mayor Eric Adams to relocate migrants to hotels in their towns.

    The NIMBY New Yorkers reacted with shock and dismay at Adams’ Friday statement that he plans to pay to house around 300 migrant men in two hotels in Rockland and Orange Counties, after the illegal immigrants were bused up from Texas and other places.

    On Saturday, Rockland officials began a campaign to stop Adams’ plan, according to the NY Times.

    It felt like they were trying to do a Friday night drop,” said Orangetown town supervisor Teresa Kenney, whose town is in Rockland County. She says she learned about the plan just hours before Adams announced it.

    “I feel like the mayor called me to check a box so he couldn’t be criticized for not talking to us.”

    A state of emergency was issued in Rockland Country on Saturday by executive Ed Day, a Republican, who said that municipalities could not transport or house migrants in his county without permission.

    “Whatever we need to do to stop this, we will do,” he said on Sunday, adding that the county is prepared to issue fines up to $2,000 per violation per day to any hotel that takes in migrants through NYC’s program.

    “They’re basically dumping them into a county where we’re not prepared for them,” he said.

    New York State Association of Counties Executive Director Stephen Acquario said: “This is a homelessness problem, and it’s largely the fault of the federal government,” adding “And here we have the lowest unit of government cleaning up the mess of the United States.”

    Tyler Durden
    Mon, 05/08/2023 – 22:40

  • Need To Keep Masses Afraid Is Behind Elite Embrace Of Wokeism And Censorship
    Need To Keep Masses Afraid Is Behind Elite Embrace Of Wokeism And Censorship

    Authored by Michael Shellenberger via PUBLIC substack,

    The antidotes of whistle-blowing, sunshine, and defunding are near the poison

    For the last half-decade, elites in government and the media have created a culture of self-censorship on race, climate change, and trans issues. In the workplace, in schools and universities, and online, politicians, activists, and journalists instilled in ordinary people a paralyzing fear of saying the wrong thing and finding oneself accused of being a “climate denier,” a “racist,” or a “transphobe.”

    It’s now clear that, at this very moment, media elites are seeking to turn this culture of informal self-censorship into formal government censorship. They call their legislation, which would destroy free speech, based centrally on their hatred of the masses, “pro-democracy” and “anti-hate.”

    To be sure, Wokeism is a genuine grassroots religion. It demonizes and scapegoats heretics, journalists, and truth-tellers. And it demands sacrifices from ordinary people in the form of more expensive energy, the sterilization of psychiatrically disordered children, and self-censorship.

    But it is also a state religion. News media and social media elites took Wokeism from being a marginal cult into being the dominant ideology of every major institution, from NBC and the CDC to the AMA and the CIA.

    “Think tanks” and “journalists” behaved as propagandists, leading much of the public to believe that police were wantonly murdering thousands of unarmed black Americans, that climate change threatened human existence, and that surgeons can (and should) “change the sex” of children.

    Most troubling, they persuaded the leadership of the CIA, FBI, and NATO militaries to join them in using Woke fear-mongering campaigns to demand Internet censorship.

    It’s clear now that military and intelligence community elites feared that populist nationalism would undermine their ability to control the news media in the ways they had since World War II. And so they funded think tanks like the Atlantic Council to run Woke campaigns demanding censorship.

    Elites used fear-based campaigns in order to demonize, scapegoat, and marginalize the people and institutions in society who opposed their demands to make energy expensive, replace meritocracy with structural racism, control the minds and bodies of children, and be able to engage in wars abroad.

    Totalitarianism may be inevitable.

    Western civilization may be nearing an end. Woke totalitarianism may be replacing Enlightenment liberalism in the same way Christianity replaced the Roman empire. And it may be too late to stop government censorship.

    Elites have over-reached, in our view, and badly. But we must also make that apparent. As such, the most important thing we can do is shine a light on their demands for censorship since once they are debated openly, they will fail.

    We can’t resist formal censorship without resisting informal censorship in the workplace, in schools and universities, and online.

    *  *  *

    Subscribers can read the full note here…

    Tyler Durden
    Mon, 05/08/2023 – 22:20

  • America's Largest Transit Systems Reeling As Revenues Continue To Crater
    America’s Largest Transit Systems Reeling As Revenues Continue To Crater

    Public transit systems across the country are reeling from a dramatic decline in ridership which has left some of the largest cities with less than 70% of their pre-pandemic traffic – causing a financial rut that’s led to transit CEOs pressing city and state officials for more funding streams and taxes, Politico reports.

    Despite being rescued with $55 billion in federal Covid relief money in 2020 and 2021 after watching their farebox revenue evaporate, 10 of the nation’s largest transit systems will soon need to find billions of dollars a year to stay afloat. Public transportation executives from Los Angeles to New Jersey are warning of a fiscal cliff in just a few years that risks raising ticket prices and cutting service on workers who can least afford it. And even though New York lawmakers struck a deal last week to fill a transit budget gap, it’s not enough to avoid a fare hike.

    It’s a new day for transit in terms of ridership, the people delivering the services — from drivers to mechanics,” former Transportation Secretary Ray LaHood told the outlet. 

    According to the report, pleas to Congress for another round of relief have been met with lukewarm reception. At the state level, the issue is creating a divide between rural and urban state lawmakers.

    “It would be nice to continue to support the regeneration of nightlife and theater and everything with even more frequent service,” said Janno Lieber, head of New York’s Metropolitan Transportation Authority. “But in fairness… it’s really not time to focus excessively on it until you’re confident that we’re filling the bucket.”

    Janno Lieber, the head of New York’s Metropolitan Transportation Authority, said the agency has struggled to provide “basic, pretty good services” to commuters and recently convinced lawmakers to provide recurring revenue in the state budget. | Michael M. Santiago/Getty Images

    According to Lieber, who runs the nation’s largest system of its kind, the agency has struggled to provide “basic, pretty good services” to commuters – to the point where they were able to convince state lawmakers to provide recurring revenue in the state budget.

    Transportation Secretary Pete Buttigieg has chimed in, deflecting on the issue with a wait-and-see approach.

    “Even three years since the shutdowns began, we have not yet landed at our new normal,” he told Politico. “We’re not going back to 2019. But I also think today’s norm is not where all of this ends, in terms of commuting patterns.”

    In San Francisco, BART ridership is down 60% compared to pre-pandemic levels. In order to turn things around, the transit system is contemplating boosting service on nights and weekends – however the system’s budget constraints means that it would need to reduce less-popular services elsewhere.

    “You have to take from something, and it’s very difficult to take service away from riders,” said spokeswoman Alicia Trost. “But we think there are things we can do.”

    Federal money typically accounts for about 15 percent of transit budgets. And the federal infrastructure package Congress passed in 2021 committed $39 billion in new funding for mass transit, but much of it is earmarked for major capital work instead of operations.

    That’s put pressure on statehouses, where fights for cash have gotten partisan as well as geographic as rural lawmakers from both parties question why their constituents should pony up to make life easier in cities that already seem to have it all.

    In classic California fashion, the interconnected transit agencies in nine Bay Area counties are planning to put the funding question to voters by way of a ballot measure, said Rebecca Long, director of legislation and public affairs at the Metropolitan Transportation Commission, which represents the group. It would establish a tax increase to cover all or a portion of their financial shortfall — but since it won’t get a vote until 2026, the commission is asking the state for funding to keep the agencies afloat until then. -Politico

    According to Peter Rogoff, former FTA head who also served as CEO for Seattle’s Sound Transit, agencies can’t just abandon transit-dependent commuters.

    “Folks should avoid sweeping assumptions and turning deaf ears to the needs of the transit industry based on what could be a temporary predicament, he said.

    Tyler Durden
    Mon, 05/08/2023 – 22:00

  • DOJ Seeks 25-Year Prison Sentence For Oath Keepers Founder Stewart Rhodes
    DOJ Seeks 25-Year Prison Sentence For Oath Keepers Founder Stewart Rhodes

    Authored by Joseph M. Hanneman via The Epoch Times (emphasis ours),

    The U.S. Department of Justice (DOJ) is seeking a 25-year prison sentence for Oath Keepers founder Elmer Stewart Rhodes III, who was found guilty at trial of seditious conspiracy and other Jan. 6, 2021-related charges.

    Oath Keepers founder Elmer Stewart Rhodes III speaks to other Oath Keepers on the east side of the Capitol on Jan. 6, 2021. (Ford Fischer/News2Share)

    Such a sentence would by far be the longest of any Jan. 6 criminal prosecution.

    In a 183-page sentencing memorandum (pdf) filed in U.S. District Court in Washington, the DOJ also recommended prison sentences from 10 to 21 years for seven other Oath Keepers and an associate who were found guilty during trials in 2022 and early 2023 of various Jan. 6 crimes

    “These defendants were prepared to fight. Not for their country but against it,” federal prosecutors wrote in a filing with U.S. District Judge Amit Mehta.

    “In their own words, they were ‘willing to die’ in a ‘guerrilla war’ to achieve their goal of halting the transfer of power after the 2020 Presidential election. As a co-conspirator recognized, their actions made these defendants ‘traitors.’”

    Oath Keepers defendant Jessica Watkins (front left) moves down the steps of the U.S. Capitol on Jan. 6, 2021. (The Real Story of Jan. 6/EpochTV)

    Other defendants, and the DOJ’s sentence recommendations, include Kelly Meggs, 21 years; Jessica Watkins, 18 years; Roberto Minuta, 17 years; Edward Vallejo, 17 years; Kenneth Harrelson, 15 years; Thomas Caldwell, 14 years; Joseph Hackett, 12 years; and David Moerschel, 10 years.

    ‘Including Use of Force’

    In crafting the recommendations, prosecutors applied enhancers and upward departures from sentencing guidelines for aggravating factors, such as obstruction and the role each defendant allegedly played on Jan. 6, 2021.

    “As legal challenges to the election sputtered, and President Trump gave no indication that he would invoke the Insurrection Act to halt the certification of the election,” the sentencing memo reads, “these defendants explicitly discussed the need to use any means necessary, up to and including the use of force, to oppose the transfer of power, and they began to focus on January 6 as a day of action for their objective.

    Then, on January 6, the defendants seized the opportunity to advance their conspiratorial goal by participating in the attack on the Capitol.

    Prosecutors told jurors in the first two Oath Keepers trials that the group conspired to “prevent the peaceful transfer of power” to Joe Biden from then-President Donald J. Trump. Defendants seized the opportunity on Jan. 6, 2021, to attack the Capitol and attempt to stymie the ceremonial counting of Electoral College votes from the 2020 presidential election.

    Defense attorneys said there was no plan nor a conspiracy to halt certification. They said the Oath Keepers didn’t “attack” the Capitol, although some members entered the building on the afternoon of Jan. 6, 2021, and rendered assistance to police. The Oath Keepers were in Washington that day to provide event security and VIP protection for permit-approved rallies, according to the attorneys.

    Didn’t Enter Capitol

    Rhodes said he was convicted not for anything he did on Jan. 6, 2021, but for who he is and for speech that’s protected by the First Amendment.

    I did not enter the Capitol. Nor did I instruct anyone else to enter the Capitol,” he said in a 46-page reflection written from his jail cell.

    “And yet, here I sit, because of who I am, and because of what I said—my political speech—not because of anything constituting an actual crime, not because of anything I actually did.”

    Rhodes, who will be sentenced on May 25, said he was at a nearby hotel on Jan. 6, 2021, when he saw television coverage of violence breaking out at the Capitol. He went to the Capitol and ordered all Oath Keepers away from the building, he told the FBI in a May 2021 interview.

    A jury on Nov. 29, 2022, found him not guilty of conspiracy to obstruct an official proceeding and conspiracy to prevent a member of Congress from discharging their duty. However, despite not entering the Capitol, Rhodes was found guilty of obstructing an official proceeding.

    Read more here…

    Tyler Durden
    Mon, 05/08/2023 – 21:40

  • Watch: Drone Footage Shows Wave Of Migrants Approaching Texas Border
    Watch: Drone Footage Shows Wave Of Migrants Approaching Texas Border

    A Fox News drone team has captured footage of a caravan of illegal immigrants moving towards the border of Texas; just one of many caravans that have been sighted in recent weeks as non-citizens flood the streets of Democrat controlled sanctuary cities like El Paso in expectation of the end of Title 42. 

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

    The Biden Administration has made clear that they will be moving national guard personnel to the region, not to stop illegal crossings, but to process migrants more quickly so that they can be relocated within the US.  In response, governor Greg Abbott says he will deploy a new Texas Tactical Border Force to repel the invasion.

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

    It should be noted that Democrats have been increasingly hostile to any operations by border states to stem the flow of illegal immigrants into the country, while at the same time claiming that they don’t want open borders.  

    With the coming expiration of Title 42, there is no longer any legal recourse for federal border patrol agents to send migrants back to Mexico.  They must now process those migrants under asylum rules and allow most of them to stay within the US to await court decision; this can often take many months or even years.     

    Tyler Durden
    Mon, 05/08/2023 – 21:20

  • Our Leaders "Are Making Suicidal Decisions" – Snyder Warns Doom-Loop Will Cause Societal Meltdown
    Our Leaders “Are Making Suicidal Decisions” – Snyder Warns Doom-Loop Will Cause Societal Meltdown

    Via Greg Hunter’s USAWatchdog.com,

    Journalist and popular author Michael Snyder says his new book “End Times” is revealing just what he predicted.  The bad news is it’s going to get worse, much worse.  Let’s begin with the banking crisis that is really just getting started.  Snyder reminds us what Jesus warned about End Times in Matthew 24:21 when He said, “For then shall be great tribulation, such as was not since the beginning of the world to this time, no, nor ever shall be.” 

    Michael explains, “We are talking about this in terms of a banking crisis, but I believe we are very close to literally a banking apocalypse where we could see dozens and, ultimately, hundreds of banks fail here in the United States…”

    “Basically, at this point, we’ve got hundreds of banks that are essentially insolvent.  They are walking zombies.  One recent study said there are about 186 banks on the verge of failure.  So, we are going to see a lot more banks fail.  If you look at the banks that have already failed in 2023, (SVB, Signature and First Republic) it is greater than all 25 banks that failed in 2008 combined.  So, already, the banking crisis of 2023 is worse than the banking crisis in 2008. But, here’s the kicker, we’re only one third of the way through the year.

    Snyder is predicting credit drying up, and after that, the economy will dry up too.  When the economy fails, the jobs will be cut, and layoffs will begin in a big way.  The layoffs have already started, and Snyder points out,

    “Less people show up to retailers, less people show up at your business and there is less money to buy stuff.  That ultimately means recession.  This is not going to happen overnight, but this is a process and a cycle.  This is a doom loop we have entered in which credit conditions are going to get tighter and tighter and tighter. . . . In the first three months of this year, the number of layoffs were much higher than for the same period last year.  We have seen tremendous layoffs, and it has accelerated in the month of April.”

    Snyder says the economy is going to next fall into depression and then society will start failing.  Snyder predicts, “There are suicidal decisions our leaders are making, and we are looking at the end of America in hundreds of different ways…”

    ”  This is insane and lunacy.  Joe Biden is the worst President that we have ever had…

    Short term, we are going into a recession and a credit crunch, and there is going to be more civil unrest.  Those are short term things. 

    Mid-term, we are going to have an economic depression in America and around the world.  We are going to have famine and pestilences…

    Long term, we have a total global meltdown as all these elements of End Times come together in a perfect storm.  We have war and not just war, but nuclear war

    Ultimately, where we are heading is a total societal meltdown.”

    In closing, Snyder says, “I believe this is going to be the worst of times, but also the best of times.  When the darkness is the greatest, the light is needed the most.  The best time for the people of God and people who love the truth is ahead of us.  We are going to be able to do so much good and point people to the truth.  We are going to point people back to God, and we are going to see this great awakening.”

    There is much more in the 40-minute interview.

    Join Greg Hunter as he goes One-on-One with Michael Snyder, author of the recent book “End Times” for 5.6.23.

    *  *  *

    To Donate to USAWatchdog.com Click Here

    If you want to buy Snyder’s latest book called “End Times,” click here.

    Tyler Durden
    Mon, 05/08/2023 – 21:00

  • WHO Top Lab-Leak Denier Fired For Sexual Misconduct
    WHO Top Lab-Leak Denier Fired For Sexual Misconduct

    A Danish Scientist who spearheaded the World Health Organization’s COVID origins investigation and ruled that a lab leak was “extremely unlikely” has been fired over multiple allegations of sexual misconduct.

    The Financial Times reported last week that allegations against Peter Ben Embarek dating back to 2015 and 2017 first came to their attention in 2018, as the agency has been dealing with a ‘significant backlog of reports.’

    “Peter Ben Embarek was dismissed following findings of sexual misconduct against him that were substantiated by investigations into allegations received in 2015 and 2017, and [the] corresponding disciplinary process,” said the health body, adding that other allegations against Ben Embarek could not be “fully investigated” because the alleged victim or victims declined to “engage with the investigation process,” adding “Consequently no disciplinary action could be taken.”

    Ben Embarek said there was still an “ongoing procedure” and that he had challenged the WHO sanction, which was “not final”. He added an incident in 2017 was amicably settled. Ben Embarek said he was unaware of any other complaints and denied harassment. He said he could not comment on details on grounds of confidentiality. -FT

    Ben Embarek rose to prominence in 2021 after a team of scientists he led on a mission to Wuhan, China concluded that a lab-leak was “extremely unlikely.”

    Since then, the theory has gained serious traction among US and other intelligence agencies around the world.

    According to people familiar with the claims against Ben Embarek, the allegation was formally raised with the WHO in 2019 but no action was taken. Instead, he was elevated to lead the Wuhan task force.

    According to the WHO, it followed “due process,” and said that Ben Embarek’s name was entered into a database which prevents perpetrators from sexual misconduct from being rehired by UN agencies.

    Tyler Durden
    Mon, 05/08/2023 – 20:40

  • Could AI Steal Your Job?
    Could AI Steal Your Job?

    Authored by Michael Johnston via EvergreenGavekal,

    Artificial Intelligence (AI) has been one of the hottest topics in business, finance, and technology over the past two quarters. While the concept of AI has been around since the 1950s, it wasn’t until November 2022 that AI went mainstream and became a “household topic” with the emergence of ChatGPT. Like many emerging technologies that suddenly gain momentum, AI has led to a range of emotions, including fear and excitement.

    One of the prevailing real-world concerns about AI is whether it will significantly disrupt the labor market. This week, IBM CEO Arvind Krishna made waves by saying that the company is planning to pause hiring for roles that it believes could be replaced by AI in the coming years. Krishna took things one step further by prognosticating that she “could easily see 30% of that getting replaced by AI and automation over a five-year period.”

    In this article, we examine the likelihood that AI will significantly disrupt the labor market by considering:

    • Historical examples of emerging technologies and labor disruption

    • How AI is being used in the workforce today

    • How AI could disrupt labor markets moving forward

    Historical examples of emerging technologies and labor disruption

    There are several historical examples of times that people wrongly predicted emerging technology would significantly disrupt labor markets, including:

    • The Automated Teller Machine (ATM): When ATMs were first introduced in the 1970s, many people thought they would replace bank tellers. However, while ATMs did automate some banking functions, they also made it possible for banks to offer more services and expand their hours of operation. As a result, the number of bank teller jobs actually increased.

    • The Internet: When the internet became widely available in the 1990s, some people predicted that it would lead to massive job losses. It didn’t take long before this proved to be a false narrative.

    • The Industrial Revolution: In the 19th century, the Industrial Revolution led to the mechanization of many jobs. While some workers did lose their jobs, the Industrial Revolution created many new jobs in manufacturing, transportation, and other industries. Wages at factories were higher than what individuals were making as farmers and, as factories became widespread, more managers and employees were required to operate them, increasing both the supply of jobs and wages.

    How AI is being used in the workforce today

    Today, a similar story is unfolding in the labor market. Take two real-world examples from the frontlines of business and technology:

    • Copywriting and marketing: ChatGPT and other generative AI technologies such as JasperAI have swiftly changed the way content is created. For example, at the technology company I founded, our copywriter used to take several days to produce an article, which had to be edited before distribution. In total, the end-to-end process took about a week which meant the company was producing 4 articles per month. Since beginning to leverage JasperAI, the company now produces 3-4 articles per week. That translates into more leads, which translates into more customers, which turns into higher revenue growth, and more hiring. Is our copywriter’s job safe? You bet. Using AI technology doesn’t replace the need for her or her role, it supercharges it and helps the company scale faster, leading to more hiring, not less.

    • Autonomous delivery robots: Starship Technologies is a high-profile technology company that has successfully completed over 4 million deliveries using its autonomous fleet of robots. It’s true that these robots have put humans out of work by replacing the need for people to physically deliver items. It’s also true that this technology has created hundreds of new, specialized, higher-paying jobs for technicians, managers, operations, and logistics specialists that ensure these robots get from point A to point B as intended. Plus, it’s helping solve a very real problem for retailers that unlocks growth and margin: last mile delivery.

    How AI could disrupt labor markets in the future

    While nobody has a crystal ball, AI has already been used to automate routine, repetitive tasks in fields such as manufacturing, data entry, and customer service. This has led to job losses in some industries, particularly in low-skill, low-wage jobs. As businesses continue to implement new AI technology, it’s reasonable to expect more of the same.

    However, conversely, AI will continue to enhance productivity and drive efficiency, leading to economic growth which results in the creation of new jobs. Looking back at history, every time there have been concerns over the displacement of jobs due to technological advancements, new jobs have ultimately been created. It’s important to note that the impact of AI on the labor market will not be uniform across all industries and skill levels. Some industries and job categories will likely see significant job losses. However, it will be important for businesses and policymakers to prepare for these changes by investing in reskilling and upskilling programs to help workers transition to new industries and job categories.

    So, could AI steal your job? The answer likely depends on your profession and industry. But just like previous technological inflection points, this disruption will create new opportunities as AI transforms work as we know it.

    Tyler Durden
    Mon, 05/08/2023 – 20:20

  • Chelsea Clinton Promotes Mass Vaccination Program For Children – Laments Public Resistance
    Chelsea Clinton Promotes Mass Vaccination Program For Children – Laments Public Resistance

    Need confirmation that the globalists failed in their pandemic agenda?  You only need to review the numerous recent interviews of establishment elites in which they grow sour and despondent discussing their mRNA vaccination campaigns.

    Why so serious?  Why are they so indignant over lack of vaccination for a virus with a median Infection Fatality Rate of only 0.23%?  

    While speaking at the Brainstorm Health conference by Fortune Magazine held in Marina del Rey, California, in April 2023, Chelsea Clinton asserts that vaccine hesitancy and outright rejection have been an “unfortunate” side effect of the coronavirus pandemic.  She goes on to promote a partnership with the World Health Organization and the Gates Foundation to push a program of mass jabs for children to make up for declining vaccination rates.

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    “I think we are less prepared today than we were, arguably, in January 2020—partially because of the lack of trust and confidence in not only our scientists, but in science itself, and certainly in public health professionals. We all deserve to hopefully not be as unprepared as I worry we are at the moment.”

    Clinton laments the growing opposition to vaccinations, which hints at the overall effectiveness of the anti-mandate movement.  Half the states in the US and groups in countries around the world stood against attempts to pressure or force the public into compliance with draconian vaccine passport programs.  Now, the establishment is reeling and regrouping.  Some members, like Anthony Fauci, are attempting to rewrite history as if they never had any intention of using authoritarian measures.

    Clinton is obviously ignoring the herd of elephants in the room – Anti-mandate activists were right about the lockdowns, right about the masks and right about their mRNA vaccine concerns.  The science is on their side.  But even if we look beyond the fallacies surrounding the mandates and mRNA technology, there was always the issue of individual rights.  The exploitation of the pandemic to centralize political and social power has left millions of people angry and more suspicious than ever.  

    Globalists like Gideon Lichfield at MIT told us exactly what the plan was in March of 2020.  In an article tiled  ‘We’re Not Going Back To Normal’, he suggests that mandates and vaccine passport restrictions should last for many years to come, if not forever. From the article:

    “Ultimately, however, I predict that we’ll restore the ability to socialize safely by developing more sophisticated ways to identify who is a disease risk and who isn’t, and discriminating—legally—against those who are.

    …One can imagine a world in which, to get on a flight, perhaps you’ll have to be signed up to a service that tracks your movements via your phone. The airline wouldn’t be able to see where you’d gone, but it would get an alert if you’d been close to known infected people or disease hot spots. There’d be similar requirements at the entrance to large venues, government buildings, or public transport hubs. There would be temperature scanners everywhere, and your workplace might demand you wear a monitor that tracks your temperature or other vital signs. Where nightclubs ask for proof of age, in future they might ask for proof of immunity—an identity card or some kind of digital verification via your phone, showing you’ve already recovered from or been vaccinated against the latest virus strains.”

    And, as World Economic Forum founder Klaus Schwab announced:

    “The pandemic represents a rare but narrow window of opportunity to reflect, reimagine, and reset our world.”

    These are the real reasons for widespread resistance to the mandates, besides the general skepticism over vaccines with limited testing and no long term data to prove their safety.  Americans don’t trust people like the Clintons and their elitist friends for good reason – They are motivated by a desire for power, not by legitimate concerns for public health.  Now, they have created the very thing they feared:  An army of people who pay attention.

    Tyler Durden
    Mon, 05/08/2023 – 20:00

  • Local And Private COVID Vaccine Mandates For Patients And Health Care Workers Being Reversed, Overturned Across US
    Local And Private COVID Vaccine Mandates For Patients And Health Care Workers Being Reversed, Overturned Across US

    Authored by Alice Giordano via The Epoch Times (emphasis ours),

    Efforts to overturn vaccine mandates for both hospital patients and health care workers appear to be gaining momentum across the United States.

    A group of Western University students hold a protest against the school’s COVID-19 mandates on Aug. 27, 2022. (The Canadian Press/Nicole Osborne)

    In what is seen as a major victory for transplant patients who did not take the COVID vaccine, one of the largest transplant centers in the United States reversed its policy to require the jab in order to be eligible for an organ transplant.

    The University of Michigan (UM) announced its new policy on May 4 just before court proceedings were about to get underway in a lawsuit filed against it for declaring patients ineligible for an organ transplant unless they agreed to the jab.

    The suit was filed on behalf of several patients by David Peters of Pacific Justice Institute who in celebrating the reversal simply stated “we’re winning!”

    In a written statement, UM said it was “new information” that led to the “voluntary decision” to reverse its policy.

    “The University hereby gives notice to the Court that in light of developing epidemiological and other actuarial circumstances, effective April 27, 2023, it has changed its Transplant Center COVID-19 Vaccination Requirement for Adult Transplant Candidates. Relevant to this litigation, COVID-19 vaccine will no longer be required prior to wait-listing of potential adult solid organ transplant recipients.”

    The UM decision fell on the same day a federal judge chastised Maine Assistant Attorney General Kimberly Patwardhan for filing a motion to dismiss a lawsuit filed on behalf of health care workers who lost their job for refusing to get their COVID vaccine.

    You obviously have not been reading the U.S. Supreme Court precedent on this or else you would not have filed your motion to dismiss,” Judge Sandra Lynch said to Patwardhan.

    Lynch made the comments during oral arguments in the case before a three-judge panel of First Circuit Court of Appeals in Boston. The case is being argued by Matt Staver, Founder of Liberty Counsel, on behalf of the health care workers.

    In addition to the ban, Maine Governor Mills also threatened to revoke the licenses of all health care employers who fail to mandate the COVID shot for all workers.

    The rural New England state is one of six that banned religious exemptions from vaccine mandates.

    The others are New York, California, Connecticut, West Virginia, and Mississippi.

    Read more here…

    Tyler Durden
    Mon, 05/08/2023 – 19:40

  • New Vehicle Affordability 'Challenging' Amid Soaring Auto Loan Rates
    New Vehicle Affordability ‘Challenging’ Amid Soaring Auto Loan Rates

    Cox Automotive reports that auto prices are currently at near-record levels, with the average monthly payment for new cars reaching $754 in March due to a high-rate environment. The latest data on auto loan interest rates show a continued surge, worsening the affordability crisis and forcing more car buyers to gravitate to used car markets. 

    The Federal Reserve just updated its finance rate for new auto 60-month loans that printed 7.48% in February. These levels have not been seen since November 2007 and are shy of the record high of 7.82% from August 2006.

    Since 1Q22, the new auto 60-month loan rate jumped nearly 3% from 4.5% to 7.48%. And 2% from the start of the third quarter. We call these parabolic moves interest rate shocks for consumers.  

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    On top of high borrowing costs, Kelley Blue Book data shows the average price of a new car hit $48,000 in March, a 30% jump from the same month last year. 

    We outlined to readers in February that affording a new car is a luxury for only the wealthy (read: “A Shiny New Car Is Out Of Reach For Many Americans”). 

    “The idea of a new car in every American’s driveway is not the world we live in,” Charlie Chesbrough, a senior economist at Cox, recently told Bloomberg.

    After 24 months of negative real wage growth, obliterating mainly households of the lower/medium tier of the consumer base, the new reality is that new vehicle affordability is only for the wealthy.  

    It’s a hard reality for many to grasp, but some could care less about a new vehicle in their driveway or parking spot at a multi-family unit. Instead, they struggle to pay rent and put food on the table in a higher-rate environment

    Meanwhile, automakers are selling fewer vehicles in the US versus pre-pandemic sales trends — about 13.9 million in 2022 compared with 17 million in 2019. However, Cox Automotive said 2022 revenues for automakers are $15 billion higher than in 2019, primarily because new vehicles are more expensive. 

    Squeezing new affordable cars out of the market will drive even more buyers to used car markets.

    “Even with three consecutive months of improvement, affordability challenges are limiting access to the new-vehicle market by lower income and lower credit quality buyers,” Cox economist Jonathan Smoke. He added:

    “Subprime lending in the new market has decreased substantially since 2019, and deep subprime has disappeared. This trend induces automakers to focus on profitable products for consumers who can afford to buy, which keeps less affluent consumers out of the new-vehicle market altogether and limits what is available and possible in the used market for years to come.” 

    This might indicate used car prices will stay elevated despite Manheim Used Vehicle Value Index topping out in early 2022. 

    Tyler Durden
    Mon, 05/08/2023 – 19:20

  • 43 Senate Republicans Say No To Increasing Debt Limit Without Substantive Spending Cuts
    43 Senate Republicans Say No To Increasing Debt Limit Without Substantive Spending Cuts

    Authored by Dorothy Li via The Epoch Times (emphasis ours),

    A group of 43 Republicans in the U.S. Senate said on May 6 that they “oppose raising the debt ceiling without substantive spending and budget reforms,” coalescing around their House counterparts ahead of the White House meeting over the federal debt ceiling amid a monthslong political standoff.

    “The Senate Republican conference is united behind the House Republican conference in support of spending cuts and structural budget reform as a starting point for negotiations on the debt ceiling,” the group of Republicans, led by Sen. Mike Lee (R-Utah), said in a letter addressed to Senate Majority Leader Chuck Schumer (D-Calif.).

    Senate Minority Leader Mitch McConnell (R-KY) speaks during a press conference at the U.S. Capitol on Jan. 24, 2023. (Win McNamee/Getty Images)

    Almost all Republicans in the Senate signed the letter, including Senate Minority Leader Mitch McConnell (R-Ky.).

    It is now clear that Senate Republicans aren’t going to bail out Biden and Schumer, they have to negotiate,” Lee said in the statement accompanying the letter.

    “I thank my colleagues for joining my effort to emphasize this point in the clearest possible terms.”

    President Joe Biden is scheduled to sit down with House Speaker Kevin McCarthy (R-Calif.) on May 9 to discuss a path forward on the federal debt ceiling. But the White House has signaled that there would be little compromise from the president.

    “[Biden] is not going to negotiate on the debt ceiling,” White House Press Secretary Karine Jean-Pierre told reporters on May 2.

    However, the president “is willing to have a separate conversation about their spending, what they want to do with the budget,” she said.

    Biden and McCarthy have been locked in a standoff over raising the debt ceiling since January. The president has called on Congress to pass a hike to the government’s borrowing limit without conditions.

    McCarthy made it clear that he wouldn’t consider increasing the debt ceiling unless the president agreed to limit future spending.

    No clean debt ceiling is going to pass the House,” McCarthy said on April 26. “We can’t do that to our children.”

    House Republicans passed their own solution to the debt crisis on April 26. The bill—the Limit, Save, Grow Act—would lift the federal borrowing cap by $1.5 trillion while enacting sweeping spending cuts, which Democrats have rejected.

    Schumer began navigating to advance a clean, two-year extension of the debt limit in the Senate last week. He told reporters that Democrats would decide whether to put the extension up for a vote after the upcoming White House meeting.

    Schumer, McConnell, and House Minority Leader Hakeem Jeffries (D-N.Y.) have also been invited to the debt limit meeting at the White House on May 9.

    Read more here…

    Tyler Durden
    Mon, 05/08/2023 – 19:00

  • Wildfires In Canada Force 30,000 To Flee, Slash Oil And Gas Production
    Wildfires In Canada Force 30,000 To Flee, Slash Oil And Gas Production

    Canada’s top oil-producing province, Alberta, declared a state of emergency on Saturday as more than 100 wildfires raged across the region. 

    On Monday, there were 100 wildfires, 29 of which were classified as out of control. Evacuation orders have been posted for 30,000 residents in the province. 

    Bloomberg said numerous companies shut down 234,000 barrels a day of oil and gas production. 

    The fires are striking Canada’s main natural gas production region, including the prolific Montney and Duvernay formations, an area studded with wells and processing plants and criscrossed by pipelines. The region also is a major center for light oil production, and the disruptions have sent prices for some local grades of crude surging.

    Edmonton Mixed Sweet’s discount to West Texas Intermediate narrowed by more than a third to $2.50 a barrel, the smallest discount since March, and Syncrude Sweet’s premium grew to $3.50 a barrel, data compiled by Bloomberg show. Condensate’s discount narrowed to $3.20 a barrel.

    One community under evacuation order as of Sunday was Fox Creek, a major center for light oil and gas drillers. Energy facilities and local residents were also being evacuated in Grande Prairie, provincial officials said. -Bloomberg

    NatGas for spot delivery at the Alberta Energy Co.’s hub jumped 34% to the equivalent of $2 per million British thermal units due to disruptions. 

    The list (courtesy of Bloomberg) is the following energy companies whose operations have been impacted by out-of-control fires. 

    • Crescent Point Energy Corp. has shut in 45,000 barrels a day of production in the Kaybob Duvernay region, though the company said it has seen no damage to its assets.
    • Vermilion Energy Inc. temporarily shut 30,000 barrels a day of production, but added in a statement that initial assessments indicate minimal damage to key infrastructure.
    • Pipestone Energy Corp. has shut in around 20,000 barrels a day of production, the company said in a statement.
    • Tourmaline Oil Corp. has closed down nine South and West Deep Basin gas processing facilities as nearby fires expanded and new wildfires rapidly emerged.
    • Paramount Resources Ltd. has shut the equivalent of about 50,000 barrels a day of oil production as of May 5 as a precaution and because of disruptions to third-party infrastructure, the company said Sunday. Its operations in the Grande Prairie and Kaybob regions are being affected.
    • TC Energy Corp. halted two compressor stations on its Nova Gas system nearest to active wildfires, the company said in an email Sunday. Other sections of the system and other networks continue to operate safely. The company is keeping workers away from facilities near active blazes unless necessary.
    • Tidewater Midstream & Infrastructure Ltd. shut its Brazeau River Complex, a gas processing facility, west of Edmonton and evacuated all personnel, the company said in an email.
    • Cenovus Energy Inc. has shut down some production and halted plants in some areas, a company spokesperson said.
    • Kiwetinohk Energy Corp. shut in the majority of its Placid operations in response to third-party service interruptions.
    • The government-owned Trans Mountain Pipeline, the sole link carrying Canadian crude to the Pacific coast, is still in operation but the company has deployed mitigation measures, including a perimeter sprinkler system at its Edson pump station, and is ready to deploy additional protection measures if needed, the company said.
    • Tamarack Valley Energy Ltd. had to shut in less than 300 barrels a day of production after the gas processing plants operated by Tidewater and another run by Keyera Corp. went out of operation due to the blazes, Chief Executive Officer Brian Schmidt said by phone.
    • Pembina Pipeline Corp. also said it evacuated some workers west of Edmonton.

    Here are scenes from the ground.

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    Alberta’s oil and gas production has been impacted by wildfires before. In 2016, about 1 million barrels a day of output were shut down due to fires in the province’s eastern region. 

    Tyler Durden
    Mon, 05/08/2023 – 18:40

  • RFK Jr.: CIA "Definitely Involved In The Murder" Of JFK
    RFK Jr.: CIA “Definitely Involved In The Murder” Of JFK

    Authored by Steve Watson via Summit News,

    Once again displaying that he is not afraid to go on the offensive against the Deep State, Presidential candidate Robert F. Kennedy Junior stated this past weekend that he believes the CIA was “involved in the murder” of his uncle and has presided over a “60-year cover-up”.

    During an interview, host Jason Calacanis asked Kennedy “Do you believe they (the CIA) were involved in the murder of your uncle?”

    Kennedy instantly responded “They were definitely involved in the murder and the 60-year cover-up,” adding “They’re still not releasing, you know the papers that legally they have to release.”

    RFK Jr. also noted that his father Bobby Kennedy’s belief about assassination was that the CIA was responsible, noting that President Kennedy’s brother even called Langley and asked “did your people do this?”

    Watch:

    Full video below:

    During his campaign announcement last month, RFK Jr. spoke about his uncle vowing to “take the CIA and shatter it into a thousand pieces and scatter it into the wind” after the disastrous Bay of Pigs incident.

    RFK Jr. emphasised that JFK had concluded before he was assassinated that “the function of the intelligence agencies had become to provide the military industrial complex with a constant pipeline of war.”

    Kennedy Jr. promised to “let loose” on those who have attempted to silence him for 18 years, asserting “This is what happens when you censor somebody for 18 years. I’ve got a lot to talk about.”

    Video: RFK Jr. Tells Deep State “Nice Try” As Fire Alarm Interrupts His Presidential Announcement

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

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    Tyler Durden
    Mon, 05/08/2023 – 18:20

  • Is El Nino Supercharging Heatwave Across Asia?
    Is El Nino Supercharging Heatwave Across Asia?

    A heat wave in Asia and record-high temperatures in Europe could be an early indication of an emerging El Nino weather pattern about to unleash above-average temperatures across the Northern Hemisphere this summer. 

    Bloomberg reported Vietnam recorded 44.2C (or about 111.5F) over the weekend, triggering power shortage warnings. Neighboring country Laos also broke records. The Philippines reduced school hours as the heat index breached the “danger” zone. 

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    The heat wave in Southeast Asia comes as El Nino is likely to supercharge heat across the region. Record temperatures were recorded last month from India to Malaysia. 

    Over the last three years, the weather phenomenon La Nina, which typically results in a decrease in global temperatures, has been in effect. However, the reappearance of El Nino is becoming a strong possibility. This might result in crop production disruptions due to heat and drought, further exacerbating the global food crisis. 

    “If El Nino disrupts India’s monsoon season, there will be a deficit of rain and, of course, this will hugely impact agriculture and farming, and, as a result, the economy,” Dileep Mavalankar, director of the Gujarat-based Indian Institute of Public Health, Gandhinagar, told the South China Morning Post

    Besides concerns about freshwater shortages across Asia this summer, scorching temperatures might increase rolling blackouts as power grids are strained over the higher use of air conditioners. 

    Meanwhile, Spain and Portugal experienced their hottest April on record due to a mass of hot air, which caused temperatures to rise above 30C (86F) and even approach 40C (104F) in certain regions. Above-average temperatures were also recorded in parts of Africa, around the Caspian Sea, and North America. 

    Samantha Burgess, deputy director of the Copernicus Climate Change Service, wrote in a statement last month that “above-average temperatures were observed over the equatorial eastern Pacific, which is an early sign for a potential transition to El Nino conditions often leading to warmer global temperatures.” Around the same time, we pointed out a disruptive El Nino pattern might roil ag commodities markets, like palm oil, sugar, and cocoa, to list just a few. 

    Tyler Durden
    Mon, 05/08/2023 – 18:00

Digest powered by RSS Digest

Today’s News 8th May 2023

  • Biden Admin Backs Down In Standoff With Catholic Hospital Over Chapel Candle
    Biden Admin Backs Down In Standoff With Catholic Hospital Over Chapel Candle

    Authored by Ross Muscato via The Epoch Times (emphasis ours),

    The Biden administration announced on May 5 that it is stepping back from a previous decision demanding that a Catholic hospital in Oklahoma remove a lit candle from its chapel—a practice and observance sacred to Catholics—or lose its ability to accept Medicare, Medicaid, or Children’s Health (CHIP) patients.

    A lit candle in the chapel of Saint Francis Hospital South is at the center of a matter of religious liberty. (Saint Francis Health System.)

    Centers for Medicare & Medicaid Services (CMS), a division of the Department of Health and Human Services (HHS), had ruled in April that the candle, which has burned continuously for 15 years at Saint Francis Hospital South in Tulsa, was a safety hazard—even though a local fire marshal cleared the candle and CMS permitted other flames, including pilot lights, in the hospital.

    CMS said its decision was based on the findings of an independent group, The Joint Commission, which reviews hospitals to determine if they meet the standards necessary to be accredited to receive Medicare, Medicaid, and CHIP patients.

    The 12th largest U.S. health care network, Saint Francis Health System is the Catholic owner and operator of Saint Francis Hospital South, eight other hospitals, and 110 clinics in Oklahoma. Saint Francis appealed the CMS decree and sought a reasonable accommodation.

    CMS denied Saint Francis’ request in a letter dated April 20.

    Yet, following widespread protest, media attention, and a pre-litigation letter a leading religious liberty legal group, Becket Law, along with Yetter Coleman LLP, sent to CMS on behalf of Saint Francis, alleging that prohibiting the candle was a violation of the First Amendment free exercise of religion clause, the agency said it is now open to working with Saint Francis to find an arrangement that permits the burning candle to stay.

    Lori Windham, vice president and senior counsel for Becket Law, said that CMS’ adjusting its position is a win for religious freedom.

    “The decision of CMS shows that religious liberty protections extend to practicing your faith, and that includes providing health care and worship in a chapel,” Windham told The Epoch Times. “These protections apply to everyone. Today it’s a candle. Tomorrow it could be something else.

    “And so, a good decision today for Saint Francis is a good decision for religious believers across the country.

    In a statement that CMS shared with The Epoch Times, the agency said: “CMS is aware of a safety finding involving a fire risk, made by an independent accrediting organization, issued to a hospital in Oklahoma. CMS met with the hospital and accreditation organization, and issued a waiver to allow the hospital to mitigate the potential fire risk and correct the safety finding. The hospital will work with the accrediting organization on next steps.”

    Windham said Saint Francis has put up a sign to let people know there is a flame in the chapel and plans to put a rail or other barrier in place to prevent people from getting too close.

    Saint Francis Health System, with its stated mission to “extend the presence and healing ministry of Christ to all who seek its services,” treats approximately 400,000 people annually and has delivered more than $650 million in free care to people in need over the past five years.

    The organization employs more than 10,000 and has a volunteer force of 700.

    Infringing on Religious Freedom

    A lit candle in a chapel is a fundamental component of the Catholic canon law, of the rules and ways the church governs itself.

    As was the case before the CMS judgment, the candle is set within two layers of glass, on a metal base with a metal top, and affixed to the wall.

    When CMS said the candle had to go, it struck at the spiritual and cultural heart and foundation of the purpose of the Saint Francis Health System.

    We’re being asked to choose between serving those in need and worshiping God in the chapel, but they go hand in hand,” said Barry Steichen, executive vice president and chief operating officer of Saint Francis Health System, in a May 3 statement.

    Our work depends upon our faith in the living God, and the sanctuary candle represents this to us.

    The 13-page pre-litigation letter sent to CMS asserted that prohibiting the candle was an example of consistently applying rules and regulations and violating religious freedom.

    “You have threatened to deny accreditation because Saint Francis keeps a candle—an eternal flame—in its hospital sanctuary,” wrote Windham. “For 15 years, that flame has burned without problem or concern in Saint Francis Hospital South in Tulsa; and for 63 years, the eternal flame has burned at Saint Francis Hospital Yale Campus, the largest hospital in the state of Oklahoma, without problem or concern.”

    “From the moment Saint Francis opened its doors in 1960, this flame has been maintained without interruption. In requiring Saint Francis to extinguish its flame, you are trying to extinguish not just a candle, but the First Amendment rights of Saint Francis Health System, as well as vital healthcare for the elderly, poor, and disabled in Oklahoma.”

    Tyler Durden
    Sun, 05/07/2023 – 23:30

  • Liberal Utopia: Two-Mile-Long Vehicle Encampment Spotted In California
    Liberal Utopia: Two-Mile-Long Vehicle Encampment Spotted In California

    The growing number of homeless encampments has spread like wildfire throughout the San Francisco Bay Area. For years, lawmakers in the state have implemented progressive policies that have backfired, sparking a multitude of crises, including soaring crime, rising homelessness, out-of-control drug overdoses, and population and business exodus.

    One of the latest examples of implementing failed progressive policies is the inability to effectively address the homelessness and drug crisis on a two-mile stretch of road in Marin County, California, overrun by cars, tents, RVs, and trailers parked on the side of the road. 

    Just north of San Francisco along Binford Road, the Daily Mail counted at least 135 vehicles. This is one of the largest encampment sites in the state. 

    Police in Marin County have found some individuals dealing fentanyl and other drugs from their vehicles or tents. In one bust, agents seized a ‘ghost gun’ and large amounts of fentanyl, methamphetamine, and marijuana. 

    Photos taken by Daily Mail show a large number of vehicles. 

    Many of the residents living in their vehicles are said to be from the surrounding area — many of which were kicked out of their homes because the coast of shelter and food spiked in recent years. 

    So why do California leaders deliberately choose to leave the homeless unsheltered and allow open-air drug markets that have transformed some parts of the state, such as the 2-mile strip on Binford Road, into what appears to be a ‘third world’-like country? 

    Is it the mess they created is too large to solve? 

    Tyler Durden
    Sun, 05/07/2023 – 23:00

  • Parody Becomes Reality: Babylon Bee Predicts Gender Bender Friendly Military Recruitment
    Parody Becomes Reality: Babylon Bee Predicts Gender Bender Friendly Military Recruitment

    A year ago, The Babylon Bee wanted to help the US military promote its new recruitment efforts with a stunning and brave commercial advocating for more diversity and inclusion in combat. 

    Now, it appears that the US Navy among other branches is taking parody and turning it into reality. 

    Surely the Navy’s latest drag queen digital representatives will be enough to secure the number of volunteers needed to shore up the military’s waning numbers. 

    They just needed the Bee to show them how it’s done…

     

     

    Tyler Durden
    Sun, 05/07/2023 – 22:00

  • Binance Closes Withdrawals Amid Congestion On Bitcoin Network
    Binance Closes Withdrawals Amid Congestion On Bitcoin Network

    Authored by Ana Paula Pereira via CoinTelegraph,

    Crypto exchange Binance closed Bitcoin withdrawals on May 7 due to an alleged overflow of transactions on the Bitcoin network. 

    Bitcoin mempool was clogged with over 400,000 transactions waiting to be processed at the time of writing. The mempool is known as the “waiting area” for incoming transactions before they are verified independently by each node on the network.

    Bitcoin mempool at 16:42 UTC on May 7. Source: mempool.space

    Binance tweeted that BTC withdrawals had resumed after nearly an hour of halting. Outflows on the crypto exchange peaked on Sunday, rising to $187 million, according to data from CryptoQuant.

    Behind the congestion is believed to be a surge in BRC-20 transactions in the last few days due to memecoins like Pepe (PEPE). The memecoin trading hype drove Bitcoin transaction fees to their highest point in two years. On May 3, the total amount of fees paid on the Bitcoin blockchain reached $3.5 million, jumping nearly 400% from late April, Cointelegraph reported.

    Bitcoin outflow on Binance over the past seven days. Source: CryptoQuant. 

    Developed after Ethereum’s ERC-20 token standard, BRC-20 is an experimental token standard recently introduced that allows users to create and transfer fungible tokens on the Bitcoin blockchain. It is currently becoming a hot spot for meme tokens. 

    CoinMarketCap’s data shows that PEPE’s price has climbed over 263% in the last week. As of writing, however, the memecoin is down over 7% following a 30% drop on May 6 as whales profited from Binance’s recent listing. Crypto exchanges MEXC Global, Bitget, Gate.io, and Huobi listed PEPE trading pairs two weeks ago, kicking off the token hype.

    Since the introduction of Dogecoin in 2013, memecoins have become a major part of the cryptocurrency world, making and ruining fortunes alike. Investopedia defines a memecoin as a cryptocurrency represented “with comical or animated memes, that are supported by enthusiastic online traders and followers.”

    Tyler Durden
    Sun, 05/07/2023 – 21:30

  • California Defaults On $18.6 Billion In Debt, Saddling Employers With The Expense
    California Defaults On $18.6 Billion In Debt, Saddling Employers With The Expense

    California’s recent decision not to pay back some $20 billion borrowed from the federal government to cover unemployment benefits during the pandemic will fall on the shoulders of employers, according to experts.

    California Governor Gavin Newsom (D)

    “The state should have taken care of the loans with the COVID money it received from the government in 2021,” said Marc Joffe, policy analyst at the Cato Institute—a public policy think tank headquartered in Washington, D.C., in a statement to the Epoch Times.

    In the state’s proposed 2023-2024 budget, $750 million was allocated to start paying down the loans, until Governor Gavin Newsom nixed the provision in early January, leaving businesses in the state responsible for the loans, as mandated by federal regulations – so that the federal unemployment tax rate of .6 percent will increase by .3% per year starting in 2023 until the loan is extinguished.

    California is just not really an employer-friendly state,” said Joffe. “This one thing will not be a difference between a business remaining open or closing, but it’s just another burden on top of the many burdens the state puts on employers.

    In total, 22 states borrowed money for unemployment insurance from the federal government. All but four, California, Colorado, Connecticut, and New York, have paid back their debts – with California owing the most by far at $18.6 billion as of May 2, followed by New York at $8 billion, Connecticut at $187 million and Colorado at $77 million, according to data from the US Treasury.

    More via the Epoch Times,

    Initially, the state borrowed from its reserves to pay the benefits, but after exhausting its coffers borrowed to cover expenses, analysts said.

    Exacerbating the situation were unprecedented levels of fraud occurring across the state, due to limited oversight and antiquated computer systems, according to Lee Ohanian, professor of economics at the University of California–Los Angeles.

    Analytics firm LexisNexis estimated the total cost of the fraud at $32.6 billion.

    Investigations have since uncovered that illegitimate unemployment benefits payments were paid to convicted felons, with one address receiving 60 separate fraudulent payments.

    Fraud is a persistent issue historically with the program, and a $2 million federal grant in 2013 sought to address the issue with new computer software systems.

    The upgrade successfully stopped instances of fraud, but further improvements stopped with the end of the grant in 2016, reportedly due to the agency’s reluctance to take on the annual expense for the third-party service.

    They were penny wise and pound foolish,” Ohanian told The Epoch Times.

    At a cost of $2 million annual investment, the program would have cost $14 million to operate since it was terminated.

    “Sadly, this is just a trifecta of bad decisions,” Ohanian said. “The [Employment Development Department] made a bad decision to not renew its lease for the fraud detection software, the state government took out a loan and chose to welch on the debt—which is outrageous—and now businesses are repaying more in taxes for the incredibly unwise decisions and mistakes of the state government.”

    Reports that the state is seeking forgiveness from the federal government were met with resistance by policy experts, including Ohanian.

    We’ve made a lot of bad decisions and we expect the rest of the country to pay for it,” he said. “It also raises questions about the future: If the state is going to default on the $20 billion federal loans, how safe are municipal bonds from California?”

    Tyler Durden
    Sun, 05/07/2023 – 21:00

  • Will Biden's Plan To Tax Crypto Mining Reduce Emissions? Critics Say No
    Will Biden’s Plan To Tax Crypto Mining Reduce Emissions? Critics Say No

    Authored by Luke Huigsloot via Cointelegraph.com,

    Cryptocurrency miners based in the United States could soon face a tax equal to 30% of the cost of electricity they use if President Joe Biden’s proposed budget for the fiscal year 2024 is approved by Congress, but the proposal has sparked debate about whether it would actually decrease global emissions and energy prices.

    Cryptocurrency mining is a resource-intensive process that attempts to solve increasingly complex equations in order to create new blocks which can then be validated and added to the blockchain.

    This process consumes a significant amount of energy, with some estimates placing the global energy consumption of Bitcoin mining alone at around 0.59% of the world’s energy usage, which is roughly equivalent to the energy usage of Malaysia, according to Worldometer.

    Biden’s  Council of Economic Advisors (CEA), argues that the tax — dubbed the Digital Asset Mining Energy (DAME) excise tax — “encourages firms to start taking better account of the harms they impose on society,” adding:

    “Estimated to raise $3.5 billion in revenue over 10 years, the primary goal of the DAME tax is to start having cryptominers pay their fair share of the costs imposed on local communities and the environment.”

    By imposing a tax on electricity usage crypto miners will have a financial incentive to reduce their energy consumption, and with electricity generation making up such a large proportion of carbon emissions, this should theoretically reduce emissions in the U.S.

    This idea is similar to the thinking behind carbon taxes, which are intended to disincentivize emitters by forcing them to pay the full social cost of their emissions after attempting to factor in costs associated with polluting.

    Leakage

    However, opponents of the tax argue that it will simply drive miners offshore to countries with lower tax rates and less stringent environmental regulations, where they will continue to emit large amounts of carbon dioxide. This situation is known as “carbon leakage,” whereby emissions are simply shifted from one location to another, rather than reduced overall.

    As Coin Metrics co-founder Nic Carter points out, these countries may also have a much lower proportion of energy supplied by renewable sources, so emissions may even increase as crypto miners move offshore.

    Carter was scathing in his critique of the policy, arguing that it would decrease tax revenue contrary to what the Biden administration suggests, increase carbon emissions, and empower “geopolitical enemies.”

    In its blog post, the CEA noted that “the potential for cryptomining to relocate abroad — such as to areas with dirtier energy production — is a concern” but suggested that other countries are also moving to restrict crypto mining, and cited nine countries that already had banned the activity.

    Speaking to Cointelegraph, environmental group Greenpeace USA’s Bitcoin project lead Joshua Archer warned that regulations or taxes deterring crypto mining will likely be created wherever crypto miners move to, and argued that Bitcoin should eliminate its proof-of-work consensus mechanism.

    The climate activism group has been calling for Bitcoin to transition to a proof-of-stake mechanism as part of its ongoing “change the code, not the climate” campaign which began early last year. 

    One of the countries referred to by the CEA, China, banned crypto mining in 2021 after citing concerns about its electricity consumption and environmental impact. However, studies on the effect of the ban suggest that activity had simply moved to countries that use far less renewable energy, and actually increased global emissions.

    The CEA also argued that crypto miner’s electricity usage drives up costs for other consumers, and increases overall reliance on “dirtier sources of electricity.”

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    While this makes sense according to economic theory, as an increase in demand within a market leads to higher prices, it may overlook some important nuances of the crypto-mining industry and its effect on the electricity market in the U.S.

    ‘Beauty of Bitcoin’

    Bitcoin miner Marathon Digital Holdings’s CEO Fred Thiel told Cointelegraph that “The beauty of Bitcoin mining is that it naturally incentivizes renewable energy generation.”

    Thiel elaborated that “In many cases, green energy sources — such as solar and wind farms — are only feasible if there is consistent demand for that energy when it is produced,” adding:

    “While most consumers’ energy needs fluctuate, miners act as consistent base load energy consumers. They help stabilize the grid, making new green energy projects financially feasible.”

    According to Thiel, while Bitcoin mining incentivizes the production of renewable energy generation, Bitcoin miners in the U.S. are also drawn to renewable energy sources, as the excess energy they produce which is unable to be returned to the grid is some of the cheapest energy available in the U.S.

    Thiel added that if this excess energy was not used by Bitcoin mining firms, it would not be able to be used by consumers and would otherwise be wasted.

    Thiel noted that this mutually beneficial relationship between renewable energy producers and Bitcoin miners is contributing to an already ongoing shift towards more sustainable sources of electricity, pointing to the most recent survey by the Bitcoin Mining Council (BMC).

    Based on the results of the survey, the BMC estimated that 58.9% of the electricity used in Bitcoin mining throughout the last quarter of 2022 was generated by renewable energy sources, a number that is increasing over time.

    Thiel was also very scathing of the DAME tax, arguing that “it is a shot at a specific industry, not at a specific practice or fuel source,” adding:

    “If the Biden Administration really wanted to reduce global emissions, it would target the ways electricity is generated – not arbitrarily target select industries that use it.”

    He said that the proposal “is intended to run Bitcoin miners out of business” and “will both raise energy prices for consumers and reduce the feasibility of renewable energy development in the U.S.,” concluding:

    “Either the administration is utterly misguided, or this proposed tax is nothing more than a move to hamper this industry for political reasons, because it is not in the interest of the people, the energy grid, or the environment.”

    The proposal comes amid calls that a lack of regulatory clarity and access to banking services in the U.S. is killing its crypto industry, and if the DAME tax is approved by Congress it may just be one more nail in the coffin.

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    Tyler Durden
    Sun, 05/07/2023 – 20:30

  • Desperate Dems Float 14th Amendment As Debt Ceiling Override
    Desperate Dems Float 14th Amendment As Debt Ceiling Override

    As yet another battle looms between Republicans and Democrats over the debt ceiling, a new piece of potential leverage has been floated – using the 14th Amendment as a last-ditch effort to avoid default.

    The amendment, aimed primarily at extending the Bill of Rights liberties to former slaves, includes a section which states that “the validity of the public debt of the United States … shall not be questioned,” with the implication that it would allow President Biden to unilaterally raise the debt ceiling.

    When asked on Friday during an MSNBC interview whether this option is on the table, Biden didn’t say no – just that we’ve “not gotten there yet.”

    Treasury Secretary Janet Yellen, however, said that relying on the 14th Amendment would create a “constitutional crisis.”

    “There is no way to protect our financial system in our economy, other than Congress doing its job and raising the debt ceiling and enabling us to pay our bills and we should not get to the point where we need to consider whether the President can go on issuing debt. This would be a constitutional crisis,” she told ABC‘s “This Week.”

    That said, she also didn’t rule it out.

    https://platform.twitter.com/widgets.jsYellen warned that if Congress doesn’t act to solve the issue, “we will have an economic and financial catastrophe that will be of our own making, and there is no action that President Biden and the U.S. Treasury can take to prevent that catastrophe.”

    White House aides have reportedly looked into the use of the Amendment in order to avoid default, The Hill reports.

    Lawmakers, on the other hand, say that default can only be avoided if a deal is reached between Biden and House Speaker Kevin McCarthy (R-CA). The pair are scheduled to meet on Tuesday for the first time since February in order to negotiate.

    Tyler Durden
    Sun, 05/07/2023 – 20:00

  • China Wants Killer Robots To Fight The Next War
    China Wants Killer Robots To Fight The Next War

    Authored by Andrew Thornebrooke via The Epoch Times (emphasis ours),

    War grips the world and the most powerful nations on earth go to battle once more. This time, however, it is machines that do the killing, operating free from all human oversight and accountability.

    A Chinese soldier salutes in front of a military drone during a parade to celebrate the 70th anniversary of the founding of the Chinese communist regime at Tiananmen Square in Beijing on Oct. 1, 2019. (Kevin Frayer/Getty Images)

    It’s a grim picture of future conflicts, but one that the Chinese Communist Party (CCP) is nevertheless working to make a reality.

    The CCP is investing in artificial intelligence (AI)-enabled platforms that it hopes will one day conduct lethal missions in wartime, wholly without human input or control.

    Gregory Allen, director of the Wadhwani Center for AI and Advanced Technologies at the Center for Strategic and International Studies, says the regime is moving well beyond any attempt to keep a human in the AI decision-making loop.

    “China is pursuing development of AI-enabled lethal autonomous weapons,” Allen wrote in a prepared testimony for an April 13 hearing of the U.S.-China Economic and Security Review Commission.

    The best available indications … suggest that China’s strategy is ambitious, moving beyond any sort of on-the-battlefield human supervision into increasingly autonomous AI-enabled warfare.”

    Though the CCP is investing heavily in a broad array of new technologies, Allen says, AI is foremost among them. The regime’s capacity to build AI-driven machines of war is quickly reaching parity with that of the United States, and may even exceed it soon.

    “U.S. leadership in the realm of military AI is not at all guaranteed,” Allen says.

    “While the United States has important advantages, China may be able to quickly take the lead in government and military adoption of AI capabilities. This is an outcome that the United States should seek to prevent.”

    A picture taken on Nov. 14, 2017, shows a Chinese-made Wing Loong II drone on display during the Dubai Airshow. (Karim Sahib/AFP via Getty Images)

    Autonomous AI Platforms ‘Inevitable’

    The CCP’s pursuit of AI-driven weapons and other military platforms, though not well understood by many Americans, has been ongoing for years.

    Allen notes that he first realized the remarkable ambition of such goals back in 2018. At that time, he attended a conference where he transcribed a speech made by Zeng Yi, a senior executive at China’s state-owned military company Norinco.

    There, Zeng described Norinco’s ambitions—and the CCP’s expectations—for future implementation of AI weapons by saying that, “In future battlegrounds, there will be no people fighting.”

    Zeng predicted that by 2025, lethal autonomous weapons would be commonplace,” Allen said, adding that Zeng had described the mass adoption of autonomous AI platforms as “inevitable.”

    Allen also noted that CCP censors removed Zeng’s comments and even his participation from the official readout of the conference shortly thereafter.

    It was not in China’s interest to have that information in the open,” Allen said.

    Not long after that, however, the CCP-affiliated military company Ziyan began exporting its Blowfish A2 and A3 drones to the Middle East. The Blowfish, a helicopter-style drone capable of autonomously engaging with targets, using machine guns and missiles, was just the first realization of the regime’s ambition to transform war from a human domain into a robotic one.

    Military Decision-Making Without Humanity

    The regime’s ambitions for AI go beyond killer robots. The CCP is also investing to develop AI capabilities related to military decision-making and command and control.

    At the heart of the effort is the CCP’s goal of “intelligentization,” a transformation of warfare through the mass integration of AI, automation, and big data.

    Zeng posited that “intelligence supremacy will be the core of future warfare” and that “AI may completely change the current command structure, which is dominated by humans” to one that is dominated by an “AI cluster” that operates “just like the brain of the human body.”

    Building on that vision are Chinese companies like 4Paradigm, which was contracted by the CCP’s military wing to develop AI decision-making models and human-machine teaming software for use at the company and battalion levels.

    Such programs essentially aim toward one end: the restructuring of the Chinese military into an increasingly centralized cadre of officers who direct swarms of AI-enabled autonomous systems to do the actual fighting.

    Sam Kessler, an analyst for the North Star Support Group risk advisory firm, believes that the regime’s focus on shifting the burden of warfighting from humans to AI-enabled systems is indicative of a broader recognition among CCP leadership about the revolutionary nature of intelligent autonomous systems.

    “The [Chinese military] places a great deal of emphasis on disruptive technologies like autonomous systems,” Kessler said in an email to The Epoch Times.

    “Unmanned combat systems with digitized decision-making programs can potentially speed up the process of performing tasks on the battlefield,” Kessler added. “[These include] precision strikes, accurate reconnaissance, resupplying forces, and performing field modifications more precisely and effectively.”

    Such capabilities, Kessler said, could provide even a meager military with a profound force multiplier, and could shift the balance of power in future conflicts.

    Whoever possesses this kind of technology can help make even the weakest or average conventional military power have an edge in a field of battle, or prolonging it,” Kessler said.

    Read more here…

    Tyler Durden
    Sun, 05/07/2023 – 19:30

  • California Approves Reparations Recommendations, Proposing $1.2 Million Checks For Black Residents
    California Approves Reparations Recommendations, Proposing $1.2 Million Checks For Black Residents

    California is grappling with many crises, including soaring crime, a growing homeless population, out-of-control drug overdoses, a giant budget shortfall, a population and business exodus, and a power grid teetering on the edge of failure. But instead of progressive lawmakers addressing these problems and making life better for the tens of millions of Americans who currently live in the state, they are focused on reparations. 

    On Saturday, California’s nine-member Reparations Task Force approved recommendations for how state officials should compensate and apologize to Black residents for past injustices. The task force has spent the last two years deliberating on payment recommendations that will now be sent for final approval in Sacramento before a July 1 deadline. 

    “Reparations are not only morally justifiable, but they have the potential to address long-standing racial disparities and inequalities,” Rep. Barbara Lee (D-Calif.) said during the meeting last night in Oakland. 

    California task force’s recommendations would mean a 71-year-old Black resident, living in the Golden State for their entire life, could receive a $1.2 million compensation check if the recommendations are passed into law. 

    Several economists working with the task force have developed these reparation estimates:

    One such estimate laid out in the report determined that to address the harms from redlining by banks, which disqualified people in Black neighborhoods from taking out mortgages and owning homes, eligible Black Californians should receive up to $148,099. That estimate is based on a figure of $3,366 for each year they lived in California from the early 1930s to the late 1970s, when federal redlining was most prevalent.

    To address the impact of over-policing and mass incarceration, the report estimates, each eligible person would receive $115,260, or about $2,352 for each year of residency in California from 1971 to 2020, during the decades-long war on drugs. –The New York Times 

    The task force’s recommendations didn’t include the total costs of reparations which could be more than $500 billion, based on estimates from economists. 

    “The initial down payment is the beginning of a process of addressing historical injustices,” the recommendations reads, “not the end of it.”

    Residents at the meeting demanded $200 million in direct cash payments for each Black resident. 

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    AmericanThinker’s Chris Talgo pointed out that reparation payments and other government handouts won’t close the wealth gap, “it arguably will make it worse.”

    Talgo explained:

    Consider. Since the start of President Lyndon B. Johnson’s “war on poverty,” the federal government has spent $22 trillion on various wealth redistribution programs. Yet, over that span, the rate of poverty remains unchanged.

    Perhaps this is because giving some people other people’s money is an incentive for the former to remain indolent. In other words, government checks breed dependence on government.

    On the other hand, if California lawmakers were actually interested in addressing the plight of many of the Black residents who live in the Golden State, they ought to take a forward-looking approach that would include an increased police presence, a tough on crime approach, lower taxes, fewer regulations, and commonsense policies that would make energy affordable and abundant.

    And, if these same lawmakers were really audacious and genuinely wanted to throw a wrench into the cycle of poverty that has entrapped so many Black Californians, they would do everything in their power to ensure that universal school choice was the norm in the Golden State. It also would help if these so-called leaders addressed the elephant in the room: the breakdown of the Black family, which is arguably the biggest driver of poverty and so many other societal problems.

    He continued:

    However, these are difficult conversations for leftist lawmakers, who always view more government wealth redistribution as the answer to everything. It is much easier for politicians to propose a superficial solution, like reparation payments, even though time has shown that giving people money doesn’t solve deep-seated, complex problems. 

    What’s troubling is that a California lawmaker has already declared a comprehensive reparations plan “will be a blueprint for America.” 

    Tyler Durden
    Sun, 05/07/2023 – 19:00

  • Biden Admin 'Building Lawful Pathways' For Immigrants After Title 42 Ends: Mayorkas
    Biden Admin ‘Building Lawful Pathways’ For Immigrants After Title 42 Ends: Mayorkas

    Authored by Mimi Nguyen Ly via The Epoch Times (emphasis ours),

    As the end of Title 42 nears, the Biden administration is encouraging immigrants to take up more legal pathways to enter the country, or face new and expedited deportation processes.

    Department of Homeland Security Sec. Alejandro Mayorkas (2nd-L) speaks at a press conference in Brownsville, Texas, on May 5, 2023. (Michael Gonzalez/Getty Images)

    Such deportation processes are set to come with the implementation of a new rule the administration is set to finalize soon. The rule would deny asylum to many immigrants who are caught crossing the southern border illegally.

    The new regulation “provides that individuals who do not access our lawful pathways will be presumed ineligible for asylum and will have a higher burden of proof, to overcome that assumption of ineligibility,” Homeland Security Secretary Alejandro Mayorkas said at a press conference on Friday.

    The move is part of the Biden administration’s plan to curb an anticipated rise in illegal immigrants at the U.S.-Mexico border starting May 11, when Title 42 will be lifted. The date also marks the end of the U.S. COVID-19 public health emergency.

    Title 42, part of the Public Health Service Act of 1944, was implemented under the Trump administration in March 2020. It allows for blocking asylum claims and swift expulsion of most unauthorized border crossers under the grounds of keeping contagious diseases out of the United States.

    Under Title 42, border agents were able to rapidly send back many illegal immigrants to Mexico, which helped stem the spread of COVID-19 in crowded detention settings.

    When Title 42 is lifted, all illegal immigrants will be processed under the Title 8 immigration law.

    From Title 42 to Title 8

    “In a post-Title 42 environment, we will be using our expedited removal authorities under Title 8 of the United States Code. That allows us to remove individuals very quickly,” Mayorkas said on Friday.

    The U.S. State Department and U.S. Department of Homeland Security (DHS) said in a fact sheet last week the country will double or triple the number of deportation flights to some countries and aim to process migrants crossing the border illegally “in a matter of days.”

    Title 8 is a federal law that allows expulsions if illegal immigrants don’t qualify for asylum. The process to remove an illegal immigrant under Title 8 currently takes longer compared to Title 42.

    Rep. Henry Cuellar (D-Texas), a Democrat, recently told The Epoch Times that under Title 42, illegal immigrants “can come right back” to the United States, because “there are no repercussions” after they are expelled.

    But “Under Title 8, there are some teeth, which means if someone is deported, there will be a five-year, 10-year, 15-year, 20-year ban or more, which means they cannot come back into the country,” he said.

    Separately, the Mexican government will step up border security in southern Mexico as part of an agreement reached this week, Mayorkas said. Mexico’s Defense Ministry said it did not have information on the matter.

    Also ahead of Title 42’s end, the Biden administration is expanding access to CBP One, an app that allows migrants to schedule an appointment to approach a border port of entry. Beginning May 12, roughly 1,000 appointments will be available each day, according to U.S. Customs and Border Protection (CBP).

    Read more here…

    Tyler Durden
    Sun, 05/07/2023 – 18:30

  • Mayhem Unfolds In Oakland As Soros-Backed DA Fails To Enforce Law And Order
    Mayhem Unfolds In Oakland As Soros-Backed DA Fails To Enforce Law And Order

    The Oakland Police Department is investigating a violent and chaotic “sideshow” that ended up with a mob torching a car and someone plowing another vehicle into it. 

    A video posted on Twitter shows the scary scene unfolding late Friday night near the intersection of Oak Street and 10th near the Oakland Museum of California. 

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    In a series of tweets, journalist Michael Shellenberger said the proliferation of dangerous sideshows results from “a progressive D.A. who has stopped enforcing many laws.” 

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    Shellenberger said police are powerless to stop “criminal sideshows because @MayorShengThao & DA Pamela Price refuse to prosecute “nonviolent crimes””. 

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    He pointed out District Attorney Pamela Price is Soros-backed. 

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    Another sideshow was down the street from Mark Zuckerberg’s mansion in San Fransico. 

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    Lawlessness is spreading like cancer throughout the progressive-run Bay Area. 

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    These shocking scenes stem from progressive city leadership’s inability to maintain law and order. Similar occurrences have recently been observed in cities like Baltimore and Chicago, where groups of young people wreak havoc on city streets. As they say… stay out of the cities.

    Tyler Durden
    Sun, 05/07/2023 – 18:00

  • Downtown San Francisco Becomes A Ghost Town As Major Retailers Flee
    Downtown San Francisco Becomes A Ghost Town As Major Retailers Flee

    Authored by Mike Shedlock via MishTalk.com,

    Retailers abandon downtown San Francisco in droves. Nordstrom is the latest, signaling  the death of the area…

    That image from the Tweet below is from April 29. Since then, there have been more closures…

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    Nordstrom closes two stores and Saks Off 5th says goodbye as well.

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    Walgreens and Whole Foods Leave

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    San Francisco’s Dying Downtown

    The San Francisco Standard says Nordstrom’s Exit From San Francisco Calls Downtown Mall’s Future Into Question

    The Nordstrom at Westfield will close at the end of August, the company confirmed on Tuesday. The retailer’s exit will leave a gaping vacancy that could be very difficult to fill: the store sprawls across 312,000 square feet and five floors. A Nordstrom Rack across the street is also slated to close in July. 

    Less than a month ago, a nearby Whole Foods abruptly shuttered, citing employee safety concerns. The Whole Foods had made regular emergency calls since it opened in March 2022 for a mix of medical crises, assaults and other incidents; in September of last year, a man fatally overdosed in a bathroom at the grocery store. 

    Last week, a Walgreens store next to Westfield mall was the scene of a fatal shooting after a private security guard allegedly shot a shoplifter.

    So far this year, police have responded to 74 reports of petty thefts, 54 fights and 30 grand thefts in the area.

    Call Out the Guard

    Zerohedge comments Gov. Newsom Activates National Guard And Highway Patrol To Combat San Francisco’s Drug Crisis

    Gov. Gavin Newsom has called up the California Highway Patrol and the California National Guard to combat San Francisco’s out-of-control open-air drug market as parts of the progressive-run city descend into chaos.

    According to ABC7 News, CHP officers will be deployed across Tenderloin and South of Market neighborhoods, while guardsmen will run intelligence analysis operations behind the scenes. The governor brought the two agencies together as the drug-related deaths in the city jumped 41% in the first quarter. 

    San Francisco Ghost Town

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    “It’s been completely surreal watching a major city like San Francisco become a ghost town in real time. Tons of restaurant and business closures. Way less commuters. Empty buildings everywhere. All the tech companies bounced and people got priced out. Just a hollow city now.”

    Q&A on the Exodus

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    Other than A through F downtown San Francisco is a great place to be.

    *  *  *

    Like these reports? I hope so, and if you do, please Subscribe to MishTalk Email Alerts.

    Tyler Durden
    Sun, 05/07/2023 – 17:30

  • Fox Sends Cease-And-Desist Letter To Media Matters Over Leaked Tucker Tapes
    Fox Sends Cease-And-Desist Letter To Media Matters Over Leaked Tucker Tapes

    Fox Corporation, parent company of Fox News, has sent a cease-and-desist letter to Media Matters over a series of leaked tapes featuring former Fox anchor Tucker Carlson.

    “That unaired footage is Fox’s confidential intellectual property; Fox did not consent to its distribution or publication; and Fox does not consent to its further distribution or publication,” wrote Fox’s law firm, Wilson Sonsini Goodrich & Rosati, in a May 5 letter to MMFA. “This proprietary material was given to you without Fox’s authorization. Fox demands that Media Matters cease and desist from distribution, publication, and misuse of Fox’s misappropriated proprietary footage, which you are now on notice was unlawfully obtained. We reserve all rights and remedies.”

    In one clip, Carlson made a sex joke with Piers Morgan (gasp!).

    “If we’re going to talk about sex, I’d love to hit some of the fine points of technique, but, you know, but it’s your show. It’s totally up to you,” says Carlson, to which Morgan replies without skipping a beat: “We can certainly talk about your sexual technique, especially after your tanning testicles last week,” referring to a joke Carlson made about a reported decline in testosterone levels.

    “Not mine,” Carlson replies, adding “We’ll speak in more general terms, but I’ve got something to add.”

    https://platform.twitter.com/widgets.jsIn another, Carlson calls a Dominion Voting Systems lawyer a “slimy motherfucker.”

    And in yet another clip (which Fox may have hated the most), Carlson slams Fox Nation – saying “Nobody watches Fox Nation because the site sucks. So I’d really just like to dump the whole thing on YouTube.”

    MMFA CEO Angelo Carusone told the Epoch Times in response: “Reporting on newsworthy leaked material is a cornerstone of journalism. For Fox to argue otherwise is absurd and further dispels any pretense that they’re a news operation.”

    “Perhaps if I tell them that the footage came from a combination of WikiLeaks and Hunter Biden’s laptop, it will alleviate their concerns.”

    More via the Epoch Times,

    Journalist Megyn Kelly, a former primetime Fox News anchor, blamed her previous employer for leaking the footage, specifically.

    “Ask yourself about my theory that this is Fox News doing it to him, that it’s Irina Briganti, who sat there calling through his commercial downtime to look for anything,” said Kelly, referring to Fox News’ senior executive vice president of corporate communications.

    “If this is all you got, you lost your fastball. I can’t wait for the tape that absolutely sinks him because this is absurd,” she continued. “So far you made Fox Nation look bad. You’ve made Tucker look good on his ripping on Media Matters for America. And you’ve made Tucker look good because he’s obviously a funny guy who mocks his enemies and makes [it] clear that he understands you might be taping him!”

    Bill O’Reilly, who preceded Carlson in Fox News’ 8 p.m. ET weeknight slot, said on NewsNation on May 3 that the leaking was most likely by someone at Fox News in order to make Carlson look like “a racist villain.”

    Fox has refuted allegations of its involvement in the leaks. “This is completely false and an outright lie,” a spokesman said on Wednesday.

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    Tyler Durden
    Sun, 05/07/2023 – 17:00

  • Why China & Its Trading Allies Are Well Placed To Topple The Dollar
    Why China & Its Trading Allies Are Well Placed To Topple The Dollar

    Authored by Wolfgang Munchau via NewStatesman.com,

    After decades meting out sanctions and financial coercion, the US may soon feel its grip on world trade beginning to loosen…

    Change is good, but dollars are better, a US author of romance novels once wrote. A similarly light-hearted sentiment often inspires discussions about the future role of the US dollar as the world’s leading currency. The consensus view is that the dollar is safe. I think the consensus is wrong.

    The dollar is the foundation of US global leadership, and the future of the dollar is therefore intricately linked to the debate about geopolitical fragmentation. 

    Brazil’s president, Luiz Inácio Lula da Silva, asked during his recent visit to China:

    “Why should every country have to be tied to the dollar for trade?… Who decided the dollar would be the [world’s] currency?”

    These are good questions.

    The perhaps surprising answer is that he himself made that decision, together with the former leaders of the other “Brics” group of nations: BrazilRussiaIndia, China and South Africa. Their economic-development models have succeeded but have also critically depended on the US dollar. During the period of hyperglobalisation – which I date from 1990 to 2020 – the US became the global importer of last resort, and let its trade deficit against the rest of the world increase. China and many other fast-developing economies built up savings in the currency they were paid in – the US dollar. They invested those savings into US bonds and other assets. The willingness of the US to absorb the world’s savings surpluses was the engine of globalisation. It ensured that the dollar would maintain its status as the world’s leading currency.

    This mechanism explains what happened in the last 20 years, but it won’t tell us what will happen in the next 20. Yet the dollar fans assume that the geopolitical and geo-economic environment will stay broadly the same.

    If the five Brics countries wanted to end their dependence on the dollar, they would have to do more than just choose another currency to trade in. It is not a menu choice, as Lula suggested during the same speech. He and his fellow Brics leaders would have to change how they interact with the rest of the world, and with one another.

    China is key. In 2021, the country derived 43 per cent of its GDP from investment. This is approximately twice the level of the US and other Western countries. If China managed to shift some of its GDP to consumption, it would reduce its external trade surplus, as consumers tend to buy more imported goods. If you wanted to be less reliant on the US dollar, this is where you would have to start. As a second step, China and the other Brics countries could start trading more with each other, become more self-reliant in their supply chains, and set up their own financial infrastructure.

    Changing economic models is hard. Three years after Brexit, the UK is still struggling to move away from a model that depended on close integration with the EU. Germany is finding it hard to maintain competitiveness without cheap Russian gas and with impaired global supply. It takes decades to build industrial production lines and supply chains. In China, there are an awful lot of vested political interests at the regional level, which rely on the investment boom continuing. If President Xi Jinping was really keen to extricate China from the US dollar, he would need to impose policies that would meet with resistance from regional leaders. In parallel, China would also have to start a long process of shifting at least part of its $3.2trn worth of foreign reserves held in dollars into other currencies. All of this would take a long time – one or two decades, perhaps.

    The reason I think China, Brazil and others will ultimately go down that difficult route is the overuse of economic sanctions by the US. When the war in Ukraine began, the first decision taken by the Western alliance was to freeze Russia’s central-bank reserves held in the West. Previously, the US had threatened German firms involved with the Nord Stream gas pipeline, by cutting off their and their banks’ entire dollar cash-flows. If two people transact in dollars via their banks, at some point the transaction goes through US jurisdiction. This is why it is possible for the US to impose sanctions in the first place.

    It was the Obama administration that began developing dollar-based economic sanctions as a primary policy tool. Dollar sanctions have since become a mainstay of US diplomacy. The most insidious version are so-called secondary sanctions. European companies, for example, were forced to comply with US sanctions against Iran because they would otherwise have lost access to dollar markets. On top of those financial sanctions, the US has become far more aggressive in the use of targeted trade sanctions. The Trump administration banned Huawei. The Biden administration has banned high-performance semiconductor sales to China. The EU is also now cautiously starting to subject trade policy to geopolitical considerations.

    Sanctions can bring short-term policy successes, but they come with a long-term cost that is often not accounted for. That cost will be a reduced role for the dollar as the world’s largest currency. Sanctions give incentives to countries to reorganise their economies. We are seeing this happening in Russia right now.

    Having the world’s leading currency is an “exorbitant privilege” – an expression often attributed to Charles de Gaulle. But if you use a privilege too often it ceases to be seen as a privilege and begins to lose its value. This is the mechanism I see at work here.

    This is the non-fiction version of a story in which dollars are not better after all.

    Tyler Durden
    Sun, 05/07/2023 – 16:30

  • Basel IV Rules Are Coming And Will Make Bank Lives Even More Difficult
    Basel IV Rules Are Coming And Will Make Bank Lives Even More Difficult

    Following up on the earlier Morgan Stanley note predicting that new regulatory rules will significantly and adversely impact new credit creation and will further tighten bank lending standards, Morgan Stanley analysts expect the Fed to publish new bank-capital rules between late May and early July, followed by a comment period, and ultimately a Final Rule, that would be phased in over time between 2025-27.

    They expect implementation of this “Basel III Endgame,” also known as Basel IV, to drive up risk-weighted assets (RWAs) and capital requirements for their US Large-Cap Banks coverage, with the greatest impact on Global Systemically Important Banks (GSIBs).

    While the analysts acknowledge that they can’t assess the exact impact until the final rules come out, after triangulating data from numerous Bank for International Settlements publications , they conclude that Common Equity Tier 1 Capital (CET1) ratios in their US GSIB coverage could decrease by a weighted average 0.7% (range 0.5-1.4%) in a more moderate “Scenario 1”…

    and by 1.2% (range 0.9-1.9%) in a tougher “Scenario 2.” (for more please see “Basel III Endgame is Coming… Get Ready for Tougher Capital Requirements” available to professional subscribers).

    Separately, and in keeping tabs on the ongoing debt crisis, Morgan Stanley refreshed its analysis of excess capital for our Large Cap Banks and Consumer Finance coverage. 1Q23 excess capital levels versus regulatory minimums at the median bank increased 13% q/q, but at the Money Centers excess capital decreased a median 16%, driven by declines at C and GS.

    Bottom line: MS estimates some $153B of excess capital across the group vs. regulatory minimums as of 1Q23.  Commentary from this earnings season suggests that managements are shifting into capital build mode as macro risk rises and as regulators are expected to impose tougher capital requirements on the industry.

    For more see “How Much Excess Capital Do Banks Have?”

     

    Tyler Durden
    Sun, 05/07/2023 – 16:00

  • Like A Tweet, Lose Your Job
    Like A Tweet, Lose Your Job

    Via The Brownstone Institute,

    The president of Thomas Jefferson University may lose his job for liking tweets from Alex Berenson on his personal account. The episode marks a warning against those in mainstream institutions that any deviation from prevailing orthodoxy – no matter how minor – will not be tolerated. 

    Mark Tykocinski, a Yale trained molecular immunologist, became president of the university in 2022. Last week, a reporter from The Philadelphia Inquirer went through his personal Twitter account which had under 300 followers. 

    The Inquirer reported that Dr. Tykocinski had liked tweets from Berenson that criticized transgender surgeries for children and the efficacy of mRNA Covd vaccines. 

    “Two years after their introduction, the mRNAs Covid vaccines have proven to be what we all should have expected,” one tweet from Berenson argued.

    “Another in a long line of overhyped, rushed, profit-driven Big Pharma flops with weak long-term efficacy and a lousy side effect profile.”

    This constituted a media and academic scandal. The reporter demanded an explanation, and Tykocinski’s colleagues rebuked his transgression. Thomas Jefferson University CEO Joseph G. Cacchione wrote to faculty, employees, and students that Tykocinski “should have known better” than to like those tweets. 

    Even self-professed defenders of free speech joined the chorus of reprimands. Jonathan Zimmerman is a professor at the Pennsylvania Graduate School of Education and the author of Free Speech: And Why You Should Give a Damn. In 2021, he defended Georgetown Law adjunct professor Sandra Sellers after she was fired for noticing that black students underperformed in her class.

    “Georgetown’s official policy on speech says it is ‘committed to free and open inquiry, deliberation and debate in all matters.’ It has now carved out an exception for matters of race, which are essentially closed,” he wrote.

    “The lesson [from Georgetown] is clear and unequivocal: Keep your big mouth shut, if you know what’s good for you.”

    Now, Zimmerman has discovered his own carve-out – wrongthink related to Covid and juvenile transgender procedures.

    “If he liked those tweets because he agrees with Alex Berenson, that is a dagger at the heart of the scientific enterprise,” Zimmerman told the Inquirer.

    “There’s no other way to describe it.” 

    “I have sworn upon the altar of god eternal hostility against every form of tyranny over the mind of man,” then-Vice President Thomas Jefferson wrote in 1800. Now, the university that bears his name has declared hostility against its president for social media wrongthink. 

    But the attack is not directed at Dr. Tykocinski. It is a warning against anyone in institutions that they must conform to prevailing orthodoxy or risk their professional reputations. They must keep their big mouths shut, in the words of Professor Zimmerman. In this system, career advancement relies on obedience rather than ingenuity. It is no wonder that our ruling class is so banal. 

    By silencing critics, the powerful aim to achieve authority without accountability. Submission is central to their quest for power, and threatening the livelihoods of freethinkers is a powerful ploy. 

    Berenson’s reporting and support from public figures like Jay Bhattacharya and Elon Musk may save Dr. Tyconski’s job for now; but going forward, he’ll know the price that he will bear if he deviates from groupthink. He didn’t have to say anything to learn this reality. He didn’t make a post or deliver a speech. All it took was liking a tweet from a journalist. 

    Free speech is more than a slogan. It must be an operational reality for everyone. It can be closed down by forces other than edicts from government. It can be suppressed also by arbitrary private actions that reflect regime priorities. Ever more workers and especially intellectuals today work in an environment of fear that leads to self-censorship. 

    There are many ways to skin a cat and many paths toward despotism. Canceling the capacity of competent professionals to dissent against the state-subsidized orthodoxy is one. 

    Tyler Durden
    Sun, 05/07/2023 – 15:30

  • Buffett Turns Gloomy: The "Incredible Period" For The US Economy Is Coming To An End
    Buffett Turns Gloomy: The “Incredible Period” For The US Economy Is Coming To An End

    While Warren Buffett’s insights on the economy are traditionally cheerful and uplifting – usually hitting at time of peak pessimism in the form of self-serving NYT op-eds or CNBC vignettes (and usually around the time the Omaha billionaire knows that the government will backstop his TBTF investments, unlike those of pretty much anyone else), on Saturday the head of Berkshire Hathaway had a far more downbeat and gloomy prediction for his own businesses – and the broader economy in general – the good times may be over.

    Speaking at Berkshire’s annual general meeting in Omaha, Nebraska, the billionaire investor said he expects earnings at the majority of the conglomerate’s operations to fall this year as the coming economic downturn slows corporate activity further. He made his pessimistic comments even as Berkshire posted an almost 13% gain in operating earnings to $8.07 billion for the first quarter, up from $7.04 billion a year ago.

    “The majority of our businesses will report lower earnings this year than last year,” Buffett, 92, said, before crowds of thousands at the event on Saturday according to Bloomberg. During the last six months or so, the “incredible period” for the US economy has been coming to an end, he said.

    As Bloomberg notes Berkshire is often viewed as a proxy for economic health owing to the expansive nature of its businesses ranging from railroad to electric utilities and retail. Buffett himself has said Berkshire owes its success to the incredible growth of the US economy over the decades, but his prediction for a slowdown at his firms comes as upheaval at regional banks threatens to curtail lending as inflation and higher rates continue to bite.

    Buffett’s long-time business partner Charlie Munger, 99, who joined him on stage, said the more-difficult economic environment will also make it harder for value investors, who typically buy stocks that look cheap compared to the intrinsic value of the businesses.

    “Get used to making less,” Munger said.

    Despite the broader pessimism, Buffett said he expects earnings at its insurance underwriting operations — which are less correlated to business activity — to improve this year. Berkshire already reported higher earnings at those businesses including auto-insurer Geico, which swung to profitability following six quarters of losses.

    Geico posted $703 million in earnings as higher average premiums and lower advertising spending contributed to the gain even as claim frequencies fell, Berkshire said in a statement reporting its earnings Saturday. That revival follows a difficult period for the underwriting business as inflation took its toll on the cost of materials and labor.

    Geico has been facing particular pressure from rivals including Progressive, which Buffett has called “well-run,” and Allstate which had long used telematics programs to track drivers and encourage better behavior before Geico introduced the offering. Geico’s profit also helped Berkshire’s insurance underwriting businesses deliver $911 million in profit compared with $167 million a year earlier.

    Berkshire previously said it expected Geico to return to operating profitability in 2023, after securing premium rate increases. Still, Geico remains an issue for Berkshire, with top line growth in the quarter of less than 1% that “significantly lags peers,” CFRA analyst Cathy Seifert said.

    I suspect rate hikes being put through to offset claim cost inflation is being met with policy cancellations,” she said. “While the loss of unprofitable policies is not always a bad thing- that’s not usually the policies — and policyholders — that leave.”

    Other parts of the conglomerate took a bigger hit, with after-tax earnings from Berkshire Hathaway Energy falling 46.3% from the same time last year amid “lower earnings from the US regulated utilities, other energy businesses and real estate brokerage businesses.” Railroad results were also weaker than expected due to a fall in freight volumes and higher operating expenses, according to Edward Jones analyst Jim Shanahan.

    But at one of Berkshire’s best known businesses, Brooks Running Co., Chief Executive Officer Jim Weber was skeptical of a steep consumer downturn.

    “With unemployment being so low, it’s hard to be believing we’re going to fall off a cliff into a recession at the consumer level,” Weber said in an interview on Friday ahead of the meeting. “I wonder if this is going to be an asset-value recession.”

    Among other topics discussed on Saturday were Buffett’s succession, the banking crisis, the US debt ceiling crisis, the company’s investment in Occidental, Chna’s upcoming invasion of Taiwan and more:

    • Succession planning: Buffett named Greg Abel, 60, as heir apparent in 2021, and the vice chair for non-insurance operations has had a more pronounced presence ever since. On Saturday, Buffett reaffirmed he was “100% comfortable” with the decision and even indicated a largely business-as-usual transition, for whenever that could be. “Greg understands capital allocation as well as I do. That’s lucky for us,” Buffett said at the meeting in Omaha, Nebraska. “He will make those decisions, I think, very much in the same framework as I would make them. We have laid out that framework now for 30 years.”
    • Occidental control: One analyst called it the biggest announcement of the day: Berkshire won’t make an offer for full control of Occidental Petroleum Corp., the energy firm it has spent months boosting its wagers on. The comment by Buffett likely helped temper speculation that Berkshire is seeking to own Occidental after winning approval from US regulators last year to acquire as much as 50% of the firm. Buffett didn’t rule out buying more stock of the Houston-based firm, adding it may — or may not — seek further purchases.
    • Banking Turmoil: Buffett and Munger were so sure they’d be questions about the recent banking turmoil that they jokily brought placards bearing the accounting classifications spotlighted during the upheaval. One was labeled “available for sale,” while the other read “held to maturity.” Striking a more serious note, Buffett faulted the executives in charge of the failed banks, arguing they should be held accountable for mistakes that were hiding in “plain sight.” He also called out “messed up” incentives in banking regulation, as well as poor messaging by regulators, politicians and the press to the American public about the upheaval. Buffett pointed to First Republic Bank, the insolvent bank which last weekend was acquired by JPMorgan after it collapsed after  offering jumbo, non-government-backed mortgages at fixed rates that were interest-only for 10 years in some cases — which Buffett called “a crazy proposition.”… “It was doing it in plain sight and the world ignored it ‘til it blew up,” Buffett said.
    • Debt Ceiling: As lawmakers race to resolve a standoff around the US debt ceiling, Buffett said he couldn’t see how Washington would allow the US to default on its debt, an outcome that would tip the financial system into turmoil. Investors and politicians are zeroing in on whether or not the US government can avoid crashing into its statutory debt ceiling and a potentially catastrophic technical default that could follow. Despite the impasse, Buffett reiterated his belief in America as an “incredible society” with “everything going for us.” Given the choice, he would still want to be born in the US, he said.
    • Geopolitics, Taiwan:  In Q4 Buffett slashed his holding of Taiwan Semi just months after disclosing a major stake in a quick reversal that spooked investors. Buffett said Saturday the company was one of the best managed and most important in the world, but that he didn’t like the location — a reference to Taiwan amid rising tensions between the island and China. Buffett and Munger emphasized the need for smooth relations between the US and China and urged increased trade. While the two will be competitive, they will always need to judge “how far you can push the other guy without them reacting wrong,” Buffett said.

    Separately, Berkshire topped up its cash pile, ending the quarter with $130.6 billion, a $2 billion increase from the $128.6 billion at the end of the year. This means that Berkshire stands to make a bonanza from interest income as the Fed keeps hiking rates: “Our investment income is going to be a lot larger this year than last year, and that’s built in,” Buffett said at the annual meeting.

    The company was also a net seller of equities for the second quarter in a row, pocketing $10.4 billion in net stock sales ($13.3 billion gross) after deducting purchases of $2.9 billion.

    Finally, Berkshire bought back $4.4 billion of stock, an increase from the same period last year, as Bekrshire confronted turbulent markets that offered fewer of the blockbuster deals he’s renowned for. Berkshire has turned toward buybacks more often as valuations in public markets had made it more challenging for Buffett to identify promising acquisitions.

    Tyler Durden
    Sun, 05/07/2023 – 15:00

  • Georgia Passes Law To Crack Down On 'Far-Left' Prosecutors Who Are Soft On Crime
    Georgia Passes Law To Crack Down On ‘Far-Left’ Prosecutors Who Are Soft On Crime

    As of Friday, Georgia will no longer cater to “far-left prosecutors” who are soft on crime, after Republican Governor Brian Kemp signed a bill into law establishing the Prosecuting Attorneys Qualifications Commission (PACQ), part of a broader GOP thrust to get tougher on crime and make communities safer, the Epoch Times reports.

    My No. 1 priority is public safety across our state,” said Kemp, whose office described the commission as a “valuable oversight mechanism” that ensures the duties of state officials are fulfilled.

    The Commission will be comprised of eight members, six of whom will be current or former prosecutors, and two other lawyers, who will oversee district attorneys and solicitors general.

    “The creation of the PACQ will help hold prosecutors driven by out-of-touch politics than commitment to their responsibilities accountable and make our communities safer,” said Kemp.

    The new commission has the authority to investigate alleged misconduct by district attorneys and solicitors-general and discipline or remove them entirely if they meet the conditions for removal, which include “willful and persistent failure to carry out statutory duties” and conduct that is “prejudicial to the administration of justice.”

    Republicans across the country have pushed measures to rein in progressive prosecutors who they see as being soft on criminals by declining to prosecute certain crimes. -Epoch Times

    “As hardworking law enforcement officers routinely put their lives on the line to investigate, confront, and arrest criminal offenders, I won’t stand idly by as they’re met with resistance from rogue or incompetent prosecutors who refuse to uphold the law,”” said Kemp.

    State Democrats unsurprisingly opposed the law, arguing that the Republican legislative majority was looking for ways to impose its will on Democratic voters.

    “I strongly oppose an excessive and unnecessary commission as district attorneys are already held accountable under existing laws and through the current democratic process of holding election,” said Deborah Gonzalez, Democratic district attorney for Athens-Clarke and Oconee counties, who has declined to prosecute drug crimes involving marijuana.

    Republicans go after “rogue” prosecutors

    Georgia’s new commission comes amid a fight by Republicans against “rogue” district attorneys, often funded directly or indirectly by billionaire agent of chaos, George Soros.

    “The inability to ensure public safety and protect communities is occurring at every level of state government,” Reps. Steve Scalise (R-La.) and Scott Fitzgerald (R-Wis.) wrote in an op-ed. “By cracking down on rogue prosecutors who favor criminals over victims, we can ensure that no one else is put in harm’s way as a result of Democrats’ negligence.”

    According to former President Donald Trump, “Soros prosecutors appear to be engaging in selective enforcement based on illegal racial discrimination” in major Democratic strongholds such as Chicago, San Francisco, and Los Angeles.

    Trump has vowed to target Soros prosecutors if he’s elected president again in 2024, and has vowed to “overhaul” the Department of Justice.

    “They are Marxist in many cases,” said Trump, who pledged to appoint around 100 US attorneys who are the “polar opposite” of the “Soros district attorneys and others being appointed around the United States.”

    On Thursday, a progressive prosecutor who was notoriously funded by far-left billionaire George Soros announced her resignation, after months of bipartisan pressure to do so.

    Fox News reports that Kim Gardner, the Circuit Attorney for St. Louis, announced that her resignation will be effective June 1st. Gardner was one of the first prosecutors in the country to be bankrolled by Soros, who has since expanded his efforts to other major cities across the country. She was first elected in 2016 and re-elected in 2020, largely due to Soros’ financial backing. Prior to her resignation announcement, she had declared her intention to run for a third term in 2024.

    Tyler Durden
    Sun, 05/07/2023 – 14:00

  • US Heading Toward Power Grid 'Reliability Crisis,' Energy Commissioner Warns
    US Heading Toward Power Grid ‘Reliability Crisis,’ Energy Commissioner Warns

    Authored by John Haughey via The Epoch Times (emphasis ours),

    There were approximately 10,000 energy projects in April designed to produce more than 2,000 gigawatts (GW) of collective power waiting for permits from federal and state agencies to connect to electric grids across the United States.

    The problem is, that is nearly twice the collective electricity output of the 1,250 GW now being produced by all the nation’s power plants, most of which were built to generate power using fossil fuels.

    Therefore, two bottlenecks are looming—more power is trying to squeeze into an inadequate grid and coal-fired plants are being retired faster than new plants using renewable energy sources such as wind and solar are being built to replace them.

    The United States is heading for a reliability crisis,” Federal Energy Regulatory Commission (FERC) Commissioner Mark Christie warned on May 4 in a hearing before the Senate Energy & Natural Resources Committee.

    I do not use the term ‘crisis’ for melodrama, but because it is an accurate description of what we are facing,” Christie said. “I think anyone would regard an increasing threat of system-wide, extensive power outages as a crisis.”

    Committee chair Sen. Joe Manchin (D-W.V.) and ranking Republican Sen. John Barrasso (R-Wyo.) agreed, with both identifying the same culprit in an “impending, but avoidable, reliability crisis” that confronts the nation’s electricity grid.

    The “premature fossil retirements” amid increasing demand for power are a result of President Joe Biden’s green energy initiatives in 2021’s Bipartisan Infrastructure Law (BIL) and 2022’s Inflation Reduction Act (IRA) that incentivize investments in renewable energy.

    The incentives have proven effective in inducing investor interest—maybe too successful with projects being proposed and approved sooner than expected and faster than the grid’s transmission capacity is expanding.

    The Biden administration is “trying to force a dramatic increase in electrical demand” through the BIL and IRA, Manchin said, which will foster disruptions in transmission as old plants are retired and new ones come online.

    “We do have to address climate change but this transition is happening too fast,” he said, noting he and House Republicans have filed bills that address transmission. “I hope we can sit down and negotiate in good faith and put politics aside.”

    Natural Gas Shunted Aside

    Barrasso blasted the Biden administration for contributing to the pending energy transmission bottleneck by discouraging natural gas pipeline development, citing an April U.S. Energy Information Agency (EIA) report that documented the least amount of pipeline was built in 2022 than any time since such record-keeping began in 1995.

    Without restoring “balance” in the nation’s energy equation that includes coal, natural gas, and oil, “energy prices will skyrocket, grid reliability will degrade, and families all across the country will suffer,” Barrasso said.

    Christie was one of the four FERC commissioners to address the Senate committee during a hearing on the agency’s $520 million fiscal year 2024 budget request, but few questions posed by senators during the session directly addressed the proposed spending plan.

    Under the Federal Power Act, Natural Gas Act, and Interstate Commerce Act, among other legislative and administrative actions, FERC is responsible for managing the nation’s electrical grid.

    More than 5,200 megawatts (MW) of oil, coal, and nuclear power plant energy generation were “retired” between 2013 and 2022, and another 5,000 MW of coal- and oil-fired generation could be retiring in coming years, according to the U.S. Energy Information Agency (EIA).

    Coal-fired plants that generate more than 200,568 MW of energy plan to shut down by 2029 because of “continued competition from natural gas and renewable resources” and higher operating costs associated with older, less efficient coal-fired generators, the EIA reported in November 2022.

    It said an average of 9,450 MW of coal-fired electricity was retired annually between 2012 and 2021. U.S. coal-fired plant retirements totaled 11,778 MW of capacity in 2022. That trend is expected to continue at least through 2029 when, the EIA projects, 23 percent of the remaining 200,568 GW of coal-fired energy will go offline.

    Michigan, Texas, Indiana, and Tennessee will see the most “coal-fired capacity retirements” through 2029, accounting for a combined 42 percent of energy generation in those four states that will need to be replaced.

    Natural gas is also leaving the grid faster than it is being replaced. In November, FERC anticipated 107 units of “high-probability” natural gas units totaling 17,062 MW capacity would go online by September 2025. Over that same time span, however, 130 units totaling 17,489 MW of natural gas power will go offline.

    By September 2025, FERC anticipates that the amount of electricity produced by renewable energies will grow from about a quarter of the nation’s power generation to one-third of “available, installed generating capacity.”

    Utility-scale solar and wind generating capacity would expand from 17.37 percent of domestic capacity to 23.24 percent by September 2025, with solar and wind accounting for 11.23 percent and 12.01 percent, respectively, according to FERC.

    While the sharp increase in FERC’s three-year forecast for wind and solar, coupled with coal-fired plant retirements and the “apparent peaking of natural gas” as a source of electrical generation applauded by renewable energy proponents, even those who support the shift to renewables are raising alarm about the timing of a transition that is happening faster than government capacity to plan and regulate.

    A coal-fired power plant in Adamsville, Ala., in April 2021. (ANDREW CABALLERO-REYNOLDS/AFP via Getty Images)

    FERC $520 Million Budget Not On Agenda

    Much of the hearing focused on interim FERC Chair Willie Phillips, named by Biden in January to succeed Richard Glick, a Democrat criticized by Senate Republicans and Manchin for imposing new guidelines on natural gas projects and incorporating pipeline emissions in permitting reviews.

    Machin addressed the pile-on of new greenhouse gas regulations imposed by the Biden administration as “simply staggering” during the May 4 hearing.

    Biden originally nominated Glick for another term but in November Manchin said he was “uncomfortable” with the renomination and would not hold a required confirmation hearing before his committee. 

    Machin endorsed Phillips as chair in a Jan. 3 statement that called him “a supremely qualified and reasonable person” who “understands the need to balance affordability and reliability.”

    Barrasso said he also backs Phillips’s confirmation as FERC chair, praising him for “resetting the agenda to bring forward discussions for action” with an “emphasis on energy availability and affordability.”

    While he doesn’t always agree with him, Barrasso told Phillips, “Under your leadership, the commission has made great progress since you took over just a couple of months ago.

    Phillips, who was District of Columbia Public Service Commission Chair from 2018 to 2021, has served as a FERC commissioner since December 2021.

    A regulatory attorney, he has been criticized by Public Citizen and other consumer groups as too accommodating to utilities, primarily from his stint as counsel for the North American Electric Reliability Corp, a public-private entity that assists FERC in grid development.

    With Phillips serving as chair, the five-seat FERC commission is down one member and evenly split between Democrats and Republicans. A fifth commission nominee has not been put forward by the administration.

    Phillips and Allison Clements are the commission’s two Democrats with Christie and James Danly as its two Republicans. All addressed the Senate panel on May 4.

    The Electric Power Supply Association and Interstate Natural Gas Association of America are among industry groups raising fears that the 2–2 deadlock can delay projects, including the transmission of zero-emissions electricity into the utility grid, efforts to bolster climate-weather resiliency, and the warding off of cyber-attacks. 

    Acting FERC Chairman Willie Phillips. (Public Service Commission of the District of Columbia Annual Report 2016)

    New Chair, New FERC Priorities

    Phillips said one of the first things he did as FERC chair was clearly reiterate the agency’s reason for existing.

    “It is our responsibility to ensure that rates for the wholesale sale and transmission of electricity, as well as the transportation of oil and natural gas by pipeline, in interstate commerce are just and reasonable,” he said in his testimony.

    FERC is also responsible for permitting and regulating energy infrastructure—plants and transmission lines—and that includes “interstate natural gas pipelines” and “facilities for exporting or importing Liquified Natural Gas.”

    Phillips said that after clarifying FERC’s mission, he sent forth three priorities: reliability, electric transmission, and environmental justice. 

    I am happy to report that, in a few short months, we have made substantial progress on all three fronts,” he told the panel.

    Reliability “is—and always must be—job number one” for the commission when the nation faces “unprecedented challenges to the grid’s reliability,” Phillips said. 

    “Foreign and domestic actors are testing our cyber defenses every day. Physical threats to the grid are on the rise. And extreme weather of all kinds is threatening power to customers across the country,” he said.

    Among the steps in addressing cyber security is the January finalization of a rule that requires the North American Electric Reliability Corporation (NERC) to develop “enhanced cybersecurity standards,” Phillips said.

    NERC, a not-for-profit public-private regulatory entity provides FERC with reliability and security assessments of grid integration from Canada to northern Mexico. 

    In February, Phillips said, the FERC Commission updated and enhanced winter preparedness measures recommended by NERC “designed to help prevent a repeat of the grid impacts we saw” in 2021 winter storms, especially in Texas.

    The commission in March approved new reliability standards to “further protect our electric system supply chain from hostile actors,” he said, adding in April it “issued yet another final rule,” this time implementing the requirement in [BIL] to establish incentives to induce cybersecurity investments.

    “These actions represent the ‘blocking and tackling’ that is absolutely necessary to ensure that our electric grid remains secure, reliable, and resilient,” Phillips said.

    FERC’s second priority under his leadership is transmission, he said.

    Transmission “is, in itself, a reliability imperative,” Phillips said, calling transmission “the key that can unlock the potential of so many of the energy security measures” in the BIL and IRA.

    Phillips said FERC has several “rule-making” priorities it wants to implement in the coming year to enhance transmission.

    “First, my highest priority in the near term is to finalize a proposed rule that will greatly improve our processes for interconnecting new electric generating resources, reducing the time it takes to bring those resources online,” he said.

    “In addition,” Phillips added, “we are working to finalize a second proposed rule on how to plan and pay for badly needed regional electric transmission facilities.”

    A third proposed transmission-related rule would provide the FERC commission with the “backstop siting authority” accorded it under the BIL.

    Philips said his third priority as FERC chair is environmental justice. 

    “For me, this is personal,” he told the Senate panel, recalling growing up in “an environmental justice community in Alabama” where he experienced “firsthand what it means for a community to bear more than its fair share of pollution and the other costs of industrial development.”

    He balanced that experience with recognizing “the benefits that investment can provide to historically underserved communities” in the form of jobs, tax revenues, and the community benefits of economic development.

    “Having seen both sides, it is my goal as chairman to do all that we reasonably can to ensure that environmental justice communities affected by the commission’s decisions do not bear too great a share of the burdens or too small a share of the benefits that new energy infrastructure can provide,” Phillips said.

    Tyler Durden
    Sun, 05/07/2023 – 13:30

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