Nov 16

Today’s News 16th November 2022

  • Poland Missile Strike May Have Come From Ukraine Self-Defense: US Officials
    Poland Missile Strike May Have Come From Ukraine Self-Defense: US Officials

    Update (0017ET): The missile that struck Poland may have been fired by Ukrainian forces at an incoming Russian missile, AP reports, citing three unidentified US officials.

    [K]ey questions around the circumstances of the missile launch remained amid the confusion caused by a blistering series of Russian airstrikes across the nearby border in Ukraine, none larger than who fired it. Russia denied any involvement in the Poland blast.

    Three U.S. officials said preliminary assessments suggested the missile was fired by Ukrainian forces at an incoming Russian one amid the crushing salvo against Ukraine’s electrical infrastructure Tuesday. The officials spoke on condition of anonymity because they were not authorized to discuss the matter publicly. -AP

    The Associated Press also points out that the above assessment, in addition to President Biden’s comments that it was “unlikely” the missile was fired from Russia, contradicts information earlier Tuesday from a senior US intelligence official who told AP “that Russian missiles crossed into Poland.”

    So it was a ‘stray’ missile after all?

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    Update (2100ET): So much for Russia almost starting World War 3 (even if under the guise of a false flag). As we noted earlier (see below), even pro-Ukraine accounts noted that the S-300 SAM that fell in Poland was a Ukrainian one. And while Biden will never admit that Ukraine nearly started war with Poland (as much as the deep state via its AP connections or the Ukraine president would have wanted Russia to get the blame), moments ago Biden explicitly said that based on preliminary information, it is “unlikely” that the rocket strike in Poland originated in Russia. Oops.

    “There is plenty of information to contest that. I don’t want to say until we completely investigate. It’s unlikely in the minds of [sic] the trajectory that it was fired from Russia. But we’ll see.”

    So if it was not fired by Russia, where was it fired from?

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    Here are the highlights from Biden’s briefing:

    • Says he briefed NATO, G7 members on his talks with Poland
    • Leaders have agreed to support investing to figure out exactly what happened
    • Leaders will then determine next steps after finding out what ahppened
    • Russia continues to escalate its attacks in Ukraine
    • There is preliminary information that contests whether Poland incident was due to a missile fired from Russia
    • Based on the trajectory its unlikely the missile was fired from Russia

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    Guess that “conspiracy theory” was actually fact…

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    And with that Ukraine, and its western sponsors, will be busy for the next few hours de-escalating and memory-holing events from today which nearly sparked NATO to trigger Article 5 and launch a nuclear war against Russia.

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    Update(1920ET): Polish President Andrzej Duda is seeking to calm the public, and has issued a statement saying there’s as yet no definite evidence of who fired missile that fell in Poland. But he did say that a state of heightened readiness has been introduced for all Polish services, including the police, firefighters, border guards, according to breaking international reports.

    Duda further said the military is increasing the monitoring of national airspace as investigators are still working to establish the causes of the explosion. He urged all Poles to remain. He added that “there are no indications that today’s incident would be repeated.”

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    Earlier Warsaw announced a “Russia made” missile landed on the border village of Przewodów, and Poland’s Foreign Ministry said it has summoned the Russian ambassador for a meeting. However, it should be noted that Ukraine’s anti-air defense arsenal has always been “Russia made” – especially its S-300 systems. Poland’s statement is interesting in that it did not say “Russia launched” missile, leaving the question of the missile’s origins open. 

    All of the above points in the direction that this was actually a projectile fired by Ukraine, as some of our coverage below suggested.

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    President Biden sent a condolence message for the two lives lost to Poland’s Duda…

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    Update(1715ET): Despite the alarmist talk all afternoon that NATO could invoke the Article 5 collective defense treaty over the alleged Russian rocket attack on a border town, the result of the Polish government national security emergency meeting is going in the opposite direction, and it seems there won’t be escalation today. 

    Polish govt spokesman Piotr Mueller said Poland has agreed to “increase its military readiness” – though crucially still admitted “It was not clear what caused the explosion in the southeastern town of Hrubieszów.” Russia has vehemently denied it was behind the explosions which killed two people. So instead of Article 5, Warsaw is merely talking the much lesser known Article 4. Article 4 requires “consultations” when a NATO member is threatened.

    NATO AMASSADORS TO MEET ON WEDNESDAY AT REQUEST OF POLAND ON BASIS OF ALLIANCE’S ARTICLE 4 – TWO EUROPEAN DIPLOMATS SAY

    “A moment ago it was decided to increase the readiness of some military units in Poland and other uniformed services,” Mueller told reporters in a press briefing. Across Ukraine and as far west as Lviv, Russian airstrikes pummeled Ukraine’s energy infrastructure on Tuesday. The Hill reports after a terrifying day for Ukraine, “Russia’s widespread missile attack on Ukraine – firing what Zelensky said was 90 missiles – was aimed primarily at the country’s electrical infrastructure following an embarrassing Kremlin retreat from the key Ukrainian city of Kherson.”

    It is entirely possible that amid this large barrage of rockets, which also triggered Ukraine’s anti-air defense measures, an errant projectile strayed into NATO member Poland’s territory. Polish Senate Advisor Marcin Zaborowski said late in the day that if indeed it was accidental, Moscow should immediately apologize. So far the Kremlin has denounced the reports as a “deliberate provocation” – suggesting that Ukraine’s backers are seeking to draw NATO into escalation. 

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    NATO Article 4 involves the following: 

    All NATO decisions are made by consensus, after discussion and consultation among member countries. Consultation between member states is therefore at the heart of NATO since Allies are able to exchange views and information, and discuss issues prior to reaching agreement and taking action.

    As for the Ukrainian government reaction, it was somewhat predictable, with President Zelensky calling it a “really significant escalation” in the war while demanding “action” from the West.

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    “Hitting NATO territory with missiles… This is a Russian missile attack on collective security! This is a really significant escalation. Action is needed,” Zelensky said his Tuesday night video address. He said it is “only a matter of time before Russian terror goes further.”

    Unconfirmed video purporting to show the strike aftermath on the Polish side of the border was aired on a Polish TV station:

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    Meanwhile, a highly respected weapons tracker social media account that’s generally seen as sympathetic to the Ukrainian side has broken ranks, suggesting what landed on the Polish town was a Ukrainian anti-air missile…

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    With the narrative quickly changing, and available photographic evidence from the impact site now coming under broader scrutiny, Ukraine officials are in damage control…

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    Update(1500ET): Russia has issued its first statements in the wake of conflicting reporting concerning the suspected missile attack on Polish territory, just across the border with Ukraine. Russia is calling the reports a “deliberate provocation” and is denying that its forces have aimed any missiles near the Ukraine-Poland border, per Interfax news. 

    The Russian Defense Ministry issued a statement saying it has not taken part in “strikes against targets near the Ukrainian-Polish border” using “Russian weapons” – as is being alleged by Polish sources. The Russian statement further said it’s Warsaw’s attempt to escalate the situation. The Pentagon has meanwhile said it can’t corroborate the reports at this early stage but is gathering more information. A Pentagon spokesman vowed the US stands ready to “defend every inch of NATO territory.”

    According to Polish radio broadcaster Radio Zet, local reports have said what hit Przewowo is most likely the remains of a rocket shot down by Ukraine’s armed forces. But there are conflicting and many unconfirmed claims still circulating. The US State Dept. said, “We are working with the Polish government to collect information and assess what happened.” It also called the reports “incredibly concerning.” 

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    Below is the full Russian statement in response: 

    Russia’s defence ministry has denied reports that Russian missiles hit Polish territory, describing them as “a deliberate provocation aimed at escalating the situation”.

    “No strikes on targets near the Ukrainian-Polish state border were made by Russian means of destruction,” it said in a statement.

    Wreckage reportedly found at the scene “has nothing to do with Russian weapons”, it added.

    Meanwhile “Article 5” is trending on Twitter.

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    * * *

    Are we about to test Art Cashin’s thesis that you should never bet on the end of the world (i.e. sell stocks as the ICBMs start flying). As a reminder:

    Art Cashin, the dean of the NYSE floor, told a story on Tuesday at Barry Ritholtz’s Big Picture conference in midtown that illustrated this point perfectly. It was in the days before the Cuban missile crisis. Mr. Cashin was a young trader. One day a rumor mushroomed that the Russians had launched their missiles. World War III was starting. Mr. Cashin ran across the street to find the best trader he knew – who was in a bar having a drink. Mr. Cashin ran in breathlessly, hardly able to talk.

    “Stop,” the trader said. “Have a drink. Explain everything.” After hearing all the information, the trader had one order: “Buy. Don’t sell. Buy.”

    “Why?” Mr. Cashin wondered.

    “Because if you’re wrong, the trade’ll never clear. We’ll all be dead.”

    Well, moments ago futures ignored the venerable market strategist’s words and tumbled after a report from Polish Radio ZET according to which two stray rockets fell in the town of Przewodów on the border of NATO-member Poland with Ukraine (while unreported, the prevailing assumption is that the rockets are Russian).

    The Associated Press is also confirming, citing a senior US intelligence official who says two people were killed by the missiles. However, the Pentagon followed by saying it cannot corroborate the reports at this time. Stocks quickly reversed higher on the headline.

    And Polish sources are reporting – albeit emphasizing the report is still unofficial – that Polish military planes have been scrambled out of the airport near Tomaszów Lubelski. “The Polish Air Force took fighter jets into the air from the Tomaszow-Lubelski airfield in the Lublin Voivodeship,” the local reports say.

    Location of the missile strikes on the Polish border town.

    The rockets reportedly hit the grain dryers, leading to two casualties. The police, the prosecutor’s office and the army are on site.

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    And as Bloomberg also confirms, Polish Prime Minister Morawiecki has convened an urgent meeting of the Committee of the Council of Ministers for National Security. Hungarian PM Viktor Orban has also reportedly convened a national defense council meeting.

    Estonia has meanwhile issued a statement saying it is “ready to defend every inch of NATO territory, We’re in full solidarity with our close ally Poland,” according to its ministry of foreign affairs.

    The news has sent futures tumbling.

    And further on the news: 

    US DEFENSE STOCKS JUMP TO SESSION HIGHS; NORTHROP UP 5%

    It will be amusing when reputable news sources deny the whole thing but for now, stocks are dumping and are red on the day after soaring more than 2% earlier.

    Hours earlier in the day Ukrainian authorities were reporting a series of fresh missile attack on the capital, and rare airstrikes in Western regions as well, including the city of Lviv. 

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    This resulted in new emergency power outages across various cities effected. 

    Meanwhile, NATO’s collective defense article is trending on Twitter, which is never a good sign…

     

    Tyler Durden
    Wed, 11/16/2022 – 00:31

  • Republican Congressman Confirms He’ll Challenge McCarthy For House Speaker
    Republican Congressman Confirms He’ll Challenge McCarthy For House Speaker

    Authored by Caden Pearson via The Epoch Times (emphasis ours),

    U.S. Rep. Andy Biggs (R-Ariz.) questions Homeland Security Secretary Alejandro Mayorkas as he testifies before the House Judicary Committee at the Rayburn House Office Building in Washington, D.C., on April 28, 2022. (Kevin Dietsch/Getty Images)

    Rep. Andy Biggs (R-Ariz.) said on Monday night that he plans to challenge House Minority Leader Rep. Kevin McCarthy (R-Calif.) when the GOP conference convenes on Tuesday to choose its nominee to be speaker of the House.

    “We have a new paradigm here, and I think the country wants a different direction from the House of Representatives,” Biggs told Newsmax. “And it’s a new world, and, yes, I’m going to be nominated tomorrow to the position of speaker of the House.”

    After unexpected midterm results, Republicans who were hoping to win larger gains in Congress have indicated there is a need to call for new leadership.

    Biggs said voters in Republican constituencies were urging their representatives to change direction, noting his decision wasn’t about McCarthy but “about the institutional direction and trajectory.”

    “And that’s where we’re going to see if we have enough people who agree that we need to change the trajectory of this place and open it up so people can represent their constituency in a more open and transparent manner,” Biggs said.

    Biggs had previously indicated a lack of confidence in McCarthy’s ability to lead, noting that he’s “backpedaled on things like impeachment,” which Biggs said “indicates a willingness to be weakening the oversight authority that we need to have and the leverage points we need to have in order to deal with a Democrat president.”

    (L-R) Rep. Matt Gaetz (R-Fla.) talks with Rep. Andy Biggs (R-Ariz.) during a forum titled House Rules and Process Changes for the 118th Congress at FreedowmWorks headquarters in Washington, DC, on Nov. 14, 2022. (Drew Angerer/Getty Images)

    ‘I’m Not Voting for Him’: Gaetz

    Rep. Matt Gaetz (R-Fla.) on Monday said he won’t vote for McCarthy, and he’s certain many others won’t either.

    “I’m making my announcement, which is that I’m not voting for Kevin McCarthy. I’m not voting for him tomorrow, I’m not voting for him on the floor,” Gaetz told “The Charlie Kirk Show.”

    “And I am certain that there is a critical mass of people who hold my precise view, and so the sooner we can sort of dispense with the notion that Kevin is gonna be speaker, then we can get to the important work of actually looking at who are the people that Brian Fitzpatrick and Matt Gaetz can agree on.”

    On Nov. 12, Gaetz took to Twitter to remind voters that McCarthy defended Rep. Liz Cheney (R-Wyo.) and said former President Donald Trump should resign after the events of Jan. 6, 2021.

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    Gaetz noted that “a lot of the establishment Republicans” are in denial believing that McCarthy can still become speaker. However, he said there’s enough Republicans who’d “rather be waterboarded by Liz Cheney than vote for Kevin McCarthy for speaker of the House.”

    “I think there’s a real desire to have fresh faces, new leadership, new ideas, and to turn a new page so that we can get to the important work that we promised the American people that we can get to,” he added.

    Biggs said Gaetz’ arguments were his opinion and that voters had also been telling their Republican representatives that change in leadership was needed.

    Biggs acknowledged Gaetz’ reasons for not voting for McCarthy but said there were other reasons led by constituents as well.

    Read more here…

    Tyler Durden
    Tue, 11/15/2022 – 23:30

  • NASA's Massive Moon Rocket 'Go' For Launch
    NASA’s Massive Moon Rocket ‘Go’ For Launch

    After three delays, NASA confirmed a new launch window for the Space Launch System (SLS) rocket, an uncrewed Orion spacecraft, for Wednesday morning. 

    The Artemis 1 rocket launch was scrubbed in late August (read: here) and early September (read: here) due to a liquid hydrogen leak at an interface between the SLS and mobile launcher at the agency’s Kennedy Space Center in Florida. 

    NASA appears comfortable with the next launch attempt, with a two-hour window beginning at 0104 ET Wednesday. 

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    If the launch goes to plan, it will be the first flight of the SLS and send the unmanned Orion Spacecraft around the moon. 

    “I feel good headed into this attempt on the 16th,” Mike Sarafin, Artemis mission manager at NASA headquarters in Washington, said during a press briefing on Sunday. 

    “The team is moving forward as one unit,” Sarafin added. “We’ve just got some work to do.”

    Besides prior leak mishaps, NASA outlined Hurricane Ian also delayed timelines. 

    “Engineers previously rolled the rocket back to the Vehicle Assembly Building (VAB) Sept. 26 ahead of Hurricane Ian and after waving off two previous launch attempts Aug. 29 due to a faulty temperature sensor, and Sept. 4 due to a liquid hydrogen leak at an interface between the rocket and mobile launcher. Prior to rolling back to the VAB, teams successfully repaired the leak and demonstrated updated tanking procedures. While in the VAB, teams performed standard maintenance to repair minor damage to the foam and cork on the thermal protection system and recharge or replace batteries throughout the system.”

    If all goes well, the Artemis 2 mission could propel four astronauts on a flyby mission around the moon in 2024. Then by 2025, Artemis 3 mission would allow for the first crewed moon landing on the moon. 

    Watch Launch Live Here:

    Tyler Durden
    Tue, 11/15/2022 – 23:00

  • Retail Sales Preview: Boost From California's Stimmy Checks
    Retail Sales Preview: Boost From California’s Stimmy Checks

    Following big misses in CPI and PPI data, tomorrow’s retail sales should come in line to slightly stronger than expected by consensus. That’s because real-time card spending data, as measured by BAC aggregated credit and debit cards, was a solid +3.1% year-over-year on a per household (HH) basis in October, and rose 0.5% month-over-month.

    As a result, BofA’s economists forecast a solid 0.6% m/m increase in the Census Bureau’s ex-auto retail sales figure in October, just above the consensus estimate.

    Alas, as has been the case in recent months, much of this retail sales strength will be driven by inflation, namely a pickup in gas spending (due to higher gasoline prices)…

    … and restaurant spending.

    Therefore, BofA expects a smaller 0.3% m/m pickup in core control sales (retail sales ex autos, gas, building materials and restaurants) in October

    As BofA further notes, two special factors appear to have boosted spending in October.

    • First, there was another round of Prime Day and related promotions last month, in addition to the usual annual July event. This likely contributed to the strong increase in online retail spending in October (+1.5% m/m).
    • Second, and as we observed above, California (CA) distributed one-off (anti-inflation) stimulus payments last month. Ex-auto retail spending in CA significantly outpaced the rest of the country in October, after lagging in four of the previous five months. CA accounts for about one-seventh of the national economy, so the stimulus checks could move the needle on national spending aggregates.

    As an aside, the Census Bureau’s retail sales report for September did not mention any impact from Hurricane Ian, whereas the BofA card data showed a 0.2-0.3% headwind to ex-auto retail sales. Therefore it is likely that the Census Bureau will enact downward revisions to the September data. Such revisions could support stronger m/m retail sales growth in October by creating favorable base effects.

    Finally, we shift away from BofA, and present a summary of what JPMorgan economist Michael Feroli expects tomorrow:

    We believe that nominal retail sales jumped 1.3% in October. Unit auto sales surged between September and October and we think this suggests that related retail sales picked up noticeably as well—we forecast that sales at motor vehicle and parts dealers jumped 6.0% in October. We also think that price increases boosted sales at gasoline stations in October and we estimate that related nominal sales rose 1.2% that month. Our Chase card data signal a strong gain for food services sales in October along with a decline in sales of the important control group, although we are fading these signals somewhat given recent noticeable deviations between the signals from the card data and the official figures reported by the Census Bureau. We estimate that food services sales increased 1.1% in October while control retail sales—the total excluding food services, autos, gasoline, and building materials—were basically unchanged that month relative to September.

    More in the full note available to pro subs.

    Tyler Durden
    Tue, 11/15/2022 – 22:38

  • Cruz Criticizes McConnell For 'Abandoning' Blake Masters In Arizona Senate Race
    Cruz Criticizes McConnell For ‘Abandoning’ Blake Masters In Arizona Senate Race

    Authored by Frank Fang via The Epoch Times (emphasis ours),

    Sen. Ted Cruz (R-Texas) gives a speech to Republican supporters during a rally outside the offices of Mark Alford, Republican candidate for Missouri’s 4th Congressional District in Raymore, Mo., on Oct. 14, 2022. (Kyle Rivas/Getty Images)

    Sen. Ted Cruz (R-Texas) said Republicans missed a “generational opportunity” to retake Congress in the midterm elections, and criticized Senate Minority Leader Mitch McConnell (R-Ky.) for placing personal politics above the party’s best interests.

    “We had an extraordinary opportunity. We had a generational opportunity. This should have been a fundamental landslide election,” Cruz said on his podcast “Verdict with Ted Cruz” on Nov. 14.

    Cruz added: “We should have won the House and the Senate. We should have a 30, 40, 50-vote majority in the House. We should have 53, 54, 55 Republicans in the Senate.”

    Republicans lost control of the Senate after suffering losses in Arizona, Nevada, and Pennsylvania. The GOP is still expected to gain control of the House, though with only a slim majority.

    After several races were called Monday night, Republicans are one seat away from the 218-seat majority needed to take control of the House. There are 13 uncalled races left.

    Cruz criticized McConnell for the failure of the Republicans to win Arizona’s Senate race with GOP candidate Blake Masters.

    “Mitch McConnell pulled the money out of Arizona. We could have won Arizona. We nearly won Arizona. And abandoning Blake Masters was indefensible,” Cruz said.

    Republican U.S. senatorial candidate Blake Masters speaks during his election night watch party in Chandler, Arizona, on Aug. 2, 2022. (Brandon Bell/Getty Images)

    The Senate Leadership Fund (SLF), a political action committee with close ties to McConnell, slashed millions in campaign spending for the Arizona Senate race in the weeks leading up to the Nov. 8 election.

    Cruz explained that SLF’s decision was made because Masters had said he would not support McConnell as leader in the next Congress.

    “Because Masters said he would vote against Mitch McConnell. And so Mitch would rather be leader than have a Republican majority. If there’s a Republican who can win who’s not going to support Mitch, the truth of the matter is he’d rather the Democrat win,” Cruz said.

    During the Arizona Republican primary, Masters called for McConnell to be replaced as GOP leader, saying he would support Sen. Josh Hawley (R-Mo.) or Sen. Tom Cotton (R-Ark.) for the position.

    “I’ll tell Mitch this to his face,” Masters said during a Republican primary debate in June. “He’s not bad at everything. He’s good at judges. He’s good at blocking Democrats. You know what he’s not good at? Legislating.”

    On election eve, Masters told The Wall Street Journal he would support a conservative challenger to McConnell if elected, telling the outlet that “we need new leadership” in the Senate.

    Had McConnell directed the millions he spent supporting incumbent Sen. Lisa Murkowski (R-Alaska) in Alaska’s Senate race to Arizona, Cruz said “Blake Masters probably would have won and we would be on the road to a Republican majority.”

    Read more here…

    Tyler Durden
    Tue, 11/15/2022 – 22:30

  • LA Port Head Says October Was 'Quietest' Month Since 2009
    LA Port Head Says October Was ‘Quietest’ Month Since 2009

    About a year ago, there was a massive queue outside two of America’s biggest ports, located on the West Coast. Now, the ports are coming to a crawl during the peaking shipping season, ahead of the busiest shopping period of the year. 

    There’s no longer a massive amount of container ships outside the ports of Los Angeles and Long Beach, California, which handle 40% of all cargo containers entering the country. 

    According to Gene Seroka, head of the Port of Los Angeles, the backlog has all but dissipated. In an online briefing, he said the Port of LA had the quietest October since 2009. 

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    Together, LA and Long Beach are the main seaport gateway into the US economy from China. The quietest October since the GFC is sign retailers and manufacturers have slowed or stopped ordering from overseas due to either high inventories or collapsing demand. 

    Seroka’s comment Tuesday is another piece to the puzzle of an emerging global slowdown: 

    We predict in May that an inventory glut, i.e., the reverse bullwhip effect, would cool the booming freight market. It’s peak shipping season — retailers have already canceled overseas orders as freight companies reduce shipping capacity ahead of Black Friday and Christmas. 

    Companies across the board are bloated with inventories. This can be shown in the inventory-to-sales ratio, reaching multi-decade highs — forcing importers to reduce shipments from overseas suppliers. 

    As importers are stuck with inventory, they have reduced orders, which has led to a plunge in container spot rates. Even to the extent that major shipping companies are canceling sails. 

    Some of the largest shipping companies, such as US shipper FedEx and Danish shipping giant A.P. Moller-Maersk A/S have parked planes and canceled sails as economic storm clouds gather worldwide. 

    And as world trade stumbles, another problem has emerged: a massive container glut at ports. 

    Tyler Durden
    Tue, 11/15/2022 – 22:00

  • Arizona Prayer Rally Under Surveillance As Members Gather In 'Free Speech Zone'
    Arizona Prayer Rally Under Surveillance As Members Gather In ‘Free Speech Zone’

    Authored by Allan Stein via The Epoch Times (emphasis ours),

    Republican pastor Jerone Davison addresses a prayer rally outside the Maricopa County Tabulation and Election Center in Phoenix, Ariz., on Nov. 14, 2022, under the watchful eye of sheriff’s deputies. (Allan Stein/The Epoch Times)

    PHOENIX, Ariz.—Angie Russo chuckled at the clear blue urban sky over Phoenix and said, “You see the drones? We got drones.”

    One law enforcement camera drone was visible, buzzing overhead in a stationary position.

    Russo then noticed two armed police officers in body armor positioned atop the Maricopa County Tabulation and Election Center (MCTEC).

    Another pair were on the building across the street, watching her location with binoculars.

    Conservative Republican activist Angie Russo (R) dances with a participant at a prayer rally outside the Maricopa County Tabulation and Election Center in Phoenix, Ariz., on Nov. 14, 2022. (Allan Stein/The Epoch Times)

    “We got snipers—because we’re dangerous. Can’t you see how dangerous we are?” Russo said jokingly.

    At 1 p.m., Russo was among the first to arrive at a prayer rally outside the fortified perimeter of the county’s main tabulation center on Nov. 14.

    That the gathering took place inside an official “free speech zone” didn’t sit well with Russo, who thought it “ridiculous.”

    “I live in America. Everywhere is free speech,” she said.

    Participants at a prayer rally outside the Maricopa County Tabulation and Election Center on offered prayers for a fair and accurate vote tally on Nov. 14, 2022. (Allan Stein/The Epoch Times)

    And the heavy show of law enforcement and surveillance?

    Intimidating, Russo told The Epoch Times.

    “Unfortunately, this is how they treat you. If you’re an American who believes in the Constitution and free speech, this is what you get.”

    “If you’re not hiding something, why would you do this? I don’t usually barricade something I’m not hiding, you know what I’m saying?”

    ‘Zero Confidence’

    Inside the facility, ballot workers continued their slow, laborious tallying of ballots though a clear winner in the race for Arizona governor remained in doubt Monday afternoon.

    However, NBC News projected Democratic Secretary of State Katie Hobbs would defeat Republican Kari Lake in Arizona’s race for governor, 50.4 percent to 49.6 percent, hours later.

    “Do I have faith [in the process]?” Russo said. “At this point, you’d have to prove that an election is legitimate. I won’t believe it unless I have proof—so no. I have zero confidence in our elections.”

    A woman holds an Arizona “Gadsden Flag” during a post-election prayer rally in Phoenix on Nov. 14, 2022. (Allan Stein/The Epoch Times)

    All Michelle Dillard, a conservative Republican from Mesa, said she wanted was “legitimate results,” given widespread reports of ballot tabulator machine failure on election day.

    “Everybody talks about voter suppression all the time,” Dillard told The Epoch Times at the prayer rally. “Voter suppression is super long lines. The morning polls are when people are on their way to work. They can’t stay and wait around for them to fix a printer.

    “These people are going on election day to vote in person for a reason. They were disenfranchised. Turned away. Many people did not vote.”

    “It’s worse than it was back in 2020,” said Gage, a Maricopa County poll worker at the prayer rally, who said both tabulators at his precinct center stopped working during early voting.

    He said he saw many voters step out of line and leave out of frustration.

    “They had to go. They didn’t have time to stand and wait any longer,” Gage told The Epoch Times.

    Read more here…

    Tyler Durden
    Tue, 11/15/2022 – 21:35

  • Get Woke, Go Broke: Disney To Lay Off Employees After Billions In Operating Losses
    Get Woke, Go Broke: Disney To Lay Off Employees After Billions In Operating Losses

    The company that once defined family entertainment is going from media giant to epic failure, suffering over $1.4 billion in streaming losses and a stock drop of around 39% for the year.  And, it would appear that these financial declines are inevitably leading to employee layoffs.

    Disney has put a freeze on hiring, it is limited employee travel and is also reviewing workers for efficiency with plans to introduce cuts as a means to make the company “more nimble.”  CEO Bob Chapek noted in a leaked memo to senior staff:

    “As we work through this evaluation process, we will look at every avenue of operations and labor to find savings, and we do anticipate some staff reductions as part of this review.

    …I am fully aware this will be a difficult process for many of you and your teams. We are going to have to make tough and uncomfortable decisions.”

    Chapek mentions in the same memo the problem of “macroeconomic factors” out of Disney’s control.  He does not, however, mention his habit of bending the knee and groveling to woke activists, attempting to sabotage Florida’s anti-grooming legislation for public schools, or the company’s steady supply of content that pushes far-left narratives. 

    It is not so much the “macroeconomic factors out of Disney’s control” that are causing the conglomerate’s downfall.  Rather, it is all the factors within their control, including their refusal to produce content that consumers actually want.  American audiences are done with leftist propaganda in their films and television and are now actively researching and avoiding any content that promotes woke ideology and social justice talking points.  After around five years of consumers withholding their money, Disney is finally starting to feel the pain.

    This is what happens when a company markets its products to a tiny minority of leftist activists and LGBT fanatics, most of whom have very little money to spend anyway.  Specifically, parents are concerned with Disney’s “family entertainment” evolving to focus on LGBT characters, being that LGBT concepts are purely sexual in nature and far outside of the understanding of the average child.  Highlighting the obscure sexuality of characters within a children’s production is a bizarre notion.       

    Furthermore, the company’s hostility towards Florida’s Parental Rights In Education bill, which makes it illegal for public school teachers to groom young children with sexualized concepts and gender ideology, raises questions among consumers about Disney’s agenda in entertainment.

    It is therefore no surprise that the company is now floundering, with a vast array of politically motivated box office bombs and streaming disasters that struggle to bring in even moderate viewership.  Though they will never openly admit it, ultimately, Disney proves yet again that going woke also means going broke.       

    Tyler Durden
    Tue, 11/15/2022 – 21:00

  • Watch Live: Trump Announces 2024 Run For President
    Watch Live: Trump Announces 2024 Run For President

    Former President Donald Trump has formally filed a statement of candidacy for a 2024 presidential bid, and will make an announcement live Tuesday night.

    According to polls, he will immediately become the front-runner for the Republican nomination despite last week’s lack of a “red wave” during the midterm election – after which Democrats held the Senate and lost the House by a much smaller-than-anticipated number.

    Watch live:

    Tyler Durden
    Tue, 11/15/2022 – 20:25

  • Biden On Democrats' Effort To Codify Roe v. Wade: 'I Don’t Think There’s Enough Votes'
    Biden On Democrats’ Effort To Codify Roe v. Wade: ‘I Don’t Think There’s Enough Votes’

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

    US President Joe Biden holds a press conference on the sidelines of the G20 Summit in Nusa Dua on the Indonesian resort island of Bali, Nov. 14, 2022. (Saul Loeb/AFP via Getty Images)

    Democrats probably won’t be able to pass federal legislation codifying the struck-down Roe v. Wade abortion protections, President Joe Biden said on Nov. 14.

    “I don’t think there’s enough votes to codify, unless something happens unusual in the House,” Biden said at a press conference while traveling in Asia.

    While control of the U.S. House of Representatives is still undetermined because some states have struggled to count votes in a timely manner, Democrats have already lost a number of seats and are likely to be in the minority.

    “I think we’re going to get very close in the House. But I don’t—I think it’s going to be very close, but I don’t think we’re going to make it,” Biden added.

    The Supreme Court in June struck down Roe, the 1973 decision that concluded access to abortion was a constitutional right, and an associated ruling called Planned Parenthood v. Casey that also barred states from imposing some restrictions on abortions.

    Since then, Biden and other Democrats have repeatedly said they want to approve and sign into law a bill that would not only codify Roe but expand abortion protections beyond what they were with Roe.

    The Democrat-controlled House in July passed the measure, although Democrats lacked enough support in the Senate, which had already rejected the legislation.

    Sen. Joe Manchin (D-W.Va.), who opposed the legislation because it went further than Roe, joined Republicans in voting against the measure.

    Meanwhile, several Republican senators, including Sens. Susan Collins (R-Maine) and Lisa Murkowski (R-Alaska), have sometimes voted for pro-abortion legislation but they voted against the bill earlier this year.

    Biden claimed over the summer that Democrats only needed a few more votes in the upper chamber to codify Roe.

    “We need two additional pro-choice senators and a pro-choice House to codify Roe as federal law. Your vote can make that a reality,” he said, as he condemned the Supreme Court for its decision that struck down Roe.

    “The fastest way to restore Roe is to pass a national law codifying Roe, which I will sign immediately upon its passage at my desk,” he also said.

    On Nov. 14, Biden also said that he thought the midterms showed “the strength and resilience of the American democracy” and championed voters largely rejecting candidates who have questioned election results.”

    Tyler Durden
    Tue, 11/15/2022 – 20:10

  • NBC Pushes 'Tripledemic' Fear Mongering – Claims Children At Risk During The Holidays
    NBC Pushes ‘Tripledemic’ Fear Mongering – Claims Children At Risk During The Holidays

    Why can’t leftists and the mainstream media let go of the pandemic, accept that it is over and move on?  There are a number of reasons, but much of it can be explained by the psychological drivers within the mind of the average progressive.

    Leftists are often defined by their addiction to fear.  For them, fear is a powerful tool, a great motivator for organization and a means to manipulate large groups into conformity with an agenda that would normally take many years or decades to accomplish otherwise.  The hype surrounding covid is just one example – We can also see the political left’s love affair with fear in their obsession with “systemic racism” (which does not exist), or their rantings on the “climate crisis” (which does not exist).

    Fear is a path to control over others and society at large and tends to be a tool used by weak people who cannot assert their ideologies through force of arms.  It is also a great way to excite a population into mob impulses; a way to use large mindless crowds as a political weapon.  

    On the individual level, leftists like to live in the midst of constant crisis.  For them, crisis creates meaning in their otherwise meaningless existence. The typical mindless leftist drone subsisting day-to-day without producing anything of value, often without marriage, without children and without a greater purpose,  is going to be desperate to feel as though they are a part of something.  They are looking for anything to make life more interesting; they don’t create value in their own lives, they have to search for it outside of themselves and live vicariously through events and vast groups and governments.  

    They are part of the hive, and the accomplishments of the hive are their accomplishments as well.  

    The covid pandemic was one of those moments in history where this collectivist mentality could be justified and all the worst impulses of narcissists and authoritarians and micro-managing control freaks could be put on display without much criticism.  It was all being done for the “greater good”, you see.  If the covid virus had been an actual large scale mortal threat no one would have been more happy than leftists.  

    Instead, they got a minimal threat with a 0.23% median Infection Fatality Rate.  Covid was not the crisis they were hoping for, and not as useful in asserting dominance as they had originally envisioned.  Still, the dream lives on.  This is why we continue to see corporate media outlets pumping out not only covid fear, but also fear of any old viruses we have been dealing with for generations. 

    NBC is spearheading the latest fear narrative with the threat of the “Tripledemic”, a supposed spike in cases involving covid, the flu and a respiratory illness called RSV.  Not surprisingly, the outlet is making the risks to children the focus of their propaganda.  This makes perfect sense give the fact that covid was a non-issue for younger people, and leftists have learned over the past two years that fear is far more effective if the danger involves children.

    NBC goes on to suggest that letting unvaccinated people near children should be avoided and that vaccines are the best option for protection.  What their “medical expert” does not mention is that there is no vaccine for RSV and covid vaccination for kids is pointless.  But why is NBC trying to tie covid together with the flu and RSV?  

    First, because the public at large no longer sees covid as a reason to isolate, nor a reason to spurn their unvaccinated relatives.  So, they need to now lump covid in with a host of other diseases in order to maintain a sense of urgency.  

    Second, and perhaps most importantly, is that Big Pharma companies like Moderna are currently promoting the release of a new type of vaccine that combines a flu shot with an RSV and covid immunization.  It’s not a coincidence that the mainstream media is suddenly hyping a “Tripledemic” of those same diseases.     

    In other words, if you want to get a flu shot you would also have to take a new mRNA RSV shot and covid shot at the same time.  A problem to note is that Moderna is attempting to introduce this new vaccine product without the extensive clinical trials necessary to ensure safety.  No surprises there. 

    The establishment is seeking to make the existence of viruses a perpetual crisis that requires steady injections of new mRNA technology to stay safe, and leftists are eating up the propaganda.  Yes, it’s about money for companies like Moderna, but it’s also about control.  When people are separated from their families due to vaccination status and worried about their children’s health they are more likely to submit to untested treatments and also unconstitutional rules.  Fear is the fuel that keeps leftist movements alive.        

    Tyler Durden
    Tue, 11/15/2022 – 19:45

  • US, Japan To Start Large-Scale War Games On Heels Of Xi-Biden Meeting
    US, Japan To Start Large-Scale War Games On Heels Of Xi-Biden Meeting

    Authored by Kyle Anzalone & Connor Freeman via The Libertarian Institute,

    The US and Japan are set to kick off large-scale joint war games on Thursday. The military drills will involve over 35,000 troops and take place just days after President Joe Biden met with Chinese President Xi Jinping aimed at lowering tensions.

    The war games, dubbed “Keen Sword 23,” will run for three days. The military drills come as Japan is increasingly worried about China’s growing presence in the region. The exercises simulate the defense of Tokunoshima Island, located in the East China Sea. Biden’s administration has previously pledged the U.S. will defend Japan’s claims to the East China Sea’s disputed Senkaku Islands. The Senkaku Islands are also claimed by Beijing and Taipei.

    US Navy file image

    Military activity in the region has spiked in recent months. Chinese warplanes have carried out unprecedented drills in the waters surrounding Taiwan after House Speaker Nancy Pelosi visited Taipei in August.

    “Keen Sword 23” will see 26,000 Japanese troops join 10,000 American soldiers. Some Canadian, British and Australian forces will also participate. Voice of America – a US government-funded outlet – reports 370 aircraft and 30 ships will be mobilized.

    The war games are taking place in the wake of Biden’s meeting with the Chinese president. At the meeting, Biden declared Washington will “continue to compete vigorously” with Beijing. Though, he said that the competition should not “veer into conflict and underscored that the United States and China must manage the competition responsibly and maintain open lines of communication.”

    The Chinese Defense ministry recently said that if the U.S. military desires to resume regular communication between the two countries, Washington must “respect China’s interests and major concerns, and remove the negative factors that impede the development of ties.” According to China’s Foreign Ministry, echoing this sentiment, Xi told Biden “the Taiwan question” is the “the very core of China’s core interests, the bedrock of the political foundation of China-US relations, and the first red line that must not be crossed.”

    Location of joint drills: Tokunoshima Island, via Google Maps

    Since taking office, Biden has escalated tensions with China to unprecedented levels. Last year, Biden’s military flew more than 2,000 sorties of spy planes in the South China Sea, East China Sea, and Yellow Sea. The number of U.S. aircraft carrier strike groups deployed to the South China Sea nearly doubled.

    High level delegations of US officials and members of Congress regularly visit Taiwan, while Biden has repeatedly said the US has a defense commitment to the island, defying the One-China Policy. Washington seeks to turn Taiwan into a “weapons depot,” U.S. troops are openly deployed to the island training local forces, and American warships transit the Taiwan strait on a near monthly basis.

    Tyler Durden
    Tue, 11/15/2022 – 19:20

  • "Invasion Clause" Triggered In Texas As Migrants Overwhelm Border
    “Invasion Clause” Triggered In Texas As Migrants Overwhelm Border

    Texas Governor Greg Abbott has invoked the state’s “Invasion Clauses” to take measures against a record-setting influx of migrants who are illegally crossing the border.

    “I invoked the Invasion Clauses of the U.S. & Texas Constitutions to fully authorize Texas to take unprecedented measures to defend our state against an invasion,” Abbott tweeted Tuesday morning.

    As part of the action, Abbott plans to;

    • Deploy the National Guard to safeguard the border, and to repel and turn back immigrants trying to cross the border illegally
    • Deploy the Texas Dept. of Public Safety (DPS) to arrest and return immigrants to the border who crossed illegally, and to arrest illegal immigrants for criminal activity;
    • Build a wall in multiple counties on the border;
    • Deploy gun boats;
    • Designate Mexican drug cartels as foreign terrorist organizations;
    • Enter into a compact with other states to secure the border;
    • Enter into agreements with foreign powers to enhance border security;
    • Provide resources for border counties to increase their efforts to respond to the “border invasion.”

    As Breitbart News notes;

    The move by the Texas governor comes after back-to-back record years of migrant border apprehensions following changes in policies by the Biden administration. Official reports from U.S. Customs and Border Protection show the apprehension of more than 2.2 million migrants in the just ended Fiscal Year 2022 and nearly 1.7 million in Fiscal Year 2021. During the last full year of the Trump administration agents apprehended only 400,000 migrants.

    Nearly two-thirds of migrant apprehensions occur in the five Texas-based Border Patrol sectors, according to reports from CBP. This amounts to 1.26 million migrants in FY22.

    The governor’s order on Tuesday represents the next step in an increasing response to the lack of action by the federal government to secure the U.S.-Mexico border — particularly in Texas.

    “Since President Biden took office over a year ago, his dangerous open border policies have created an ongoing crisis along our southern border, with a 61-year record-high of illegal immigrants surging into our state smuggled by the cartels, along with deadly drugs like fentanyl, weapons, and other contraband,” Governor Abbott’s spokesperson Renae Eze told Breitbart in April. “Texas border communities and local officials are overwhelmed and overrun by the historic levels of illegal crossings, and President Biden has turned a blind eye to their suffering.”

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

    Tyler Durden
    Tue, 11/15/2022 – 18:55

  • Biden Unveils $37BN More In Emergency Ukraine Aid On Heels Of Polish Border 'Attack'
    Biden Unveils $37BN More In Emergency Ukraine Aid On Heels Of Polish Border ‘Attack’

    At the close of a wild roller-coaster of a day following the alleged “Russian missile attack” on a Polish border town, and despite little to nothing in the way of official confirmation of just what happened or whodunnit, and urgent phone calls flying between Western heads of state pledging “solidarity” – it’s perfect timing for the US to shovel out another nearly $40 billion to Ukraine…

    “President Joe Biden is asking Congress to provide more than $37 billion in emergency aid to Ukraine, a massive infusion of cash that could help support the nation as Russian forces suffer battlefield losses in their nine-month-old invasion,” Reuters is reporting late in the day. 

    Biden unveiled the proposed massive aid infusion while at the G20 summit in Bali, Indonesia. It was also announced just as President Biden held a phone call with Poland’s President Andrzej Duda following the explosion in the village of Przewodów.

    Biden offered Poland “full U.S support for and assistance with Poland’s investigation” and “reaffirmed the United States’ ironclad commitment to NATO,” according to a call readout. The two leaders also vowed to remain in “close touch to determine appropriate next steps as the investigation proceeds.”

    According to a breakdown of the fresh aid proposed for Ukraine, it includes “$21.7 billion for military, intelligence and other defense support, $14.5 billion in humanitarian aid and to help keep the Ukrainian government functioning, $900 million for health care and support services for Ukrainians living in the U.S. and $626 million for nuclear security support to Ukraine and for modernizing the Strategic Petroleum Reserve.”

    This follows Ukraine’s President Zelensky urging more, more, more weapons and funding, especially missiles, artillery shells, and anti-air defense systems. 

    According to more from Reuters, “Shalanda Young, director of the White House Office of Management and Budget, said that more than three-fourths of the $40 billion approved by Congress earlier this year for Ukraine has already been disbursed or committed.”

    The precise figure of what the Biden administration is now asking anew totals $37.7 billion in support. 

    While there likely won’t be an invoking of Article 5 over Tuesday’s events, whatever bottlenecks that currently exist in terms of getting Ukraine more defense aid is likely to be loosened up after this.

    Tyler Durden
    Tue, 11/15/2022 – 18:30

  • Planned Amazon Layoffs Could Hamper E-Commerce, Logistics
    Planned Amazon Layoffs Could Hamper E-Commerce, Logistics

    By Jack Daleo of FreightWaves

    Twitter, Meta and now Amazon are engaging in mass layoffs as the tech industry contends with a massive downturn.

    According to a Monday report in The New York Times, the e-commerce giant is planning the largest layoff in company history, cutting around 10,000 jobs. The cuts, people familiar with the matter told the Times, will mainly focus on the company’s devices organization, which houses the company’s struggling Alexa business.

    But sources said that Amazon (NASDAQ: AMZN) is also planning major cuts to its retail division, which is responsible for online shopping, physical retail and a chunk of the firm’s logistics operations. Hourly workers, who make up the bulk of the company’s workforce, will not be impacted.

    Amazon did not immediately respond to Modern Shipper’s request for comment.

    The layoffs were not necessarily unexpected for Amazon, which has ceased hiring in several segments since September. That includes a freeze on more than 10,000 open roles in the retail business as well as a monthslong freeze on corporate hiring.

    The marketplace has also repeatedly scaled back its logistics operations in recent months, delaying or closing more than 60 warehouses and scrapping services like free Whole Foods delivery and its Scout home delivery robot as it contends with slowing e-commerce growth.

    What is surprising, though, is that the planned layoffs would come right as peak season kicks off.

    Typically, companies like Amazon ramp up seasonal hiring to meet the increased demand that comes with the holidays. But between April and September, the Times reports, Amazon lost about 80,000 people primarily to attrition. (Turnover rates in the company’s warehouses routinely top 100%.)

    That’s not unusual for Amazon, at least in recent years, and the company said it plans to bring on the same number of seasonal workers this year as it did last year.

    Still, the fact that all of this is happening shortly before the holiday season is a not-so-subtle signal that Amazon and newly minted CEO Andy Jassy are firmly in cost-cutting mode as the company attempts to rebound from a disappointing third quarter.

    Tyler Durden
    Tue, 11/15/2022 – 18:05

  • Relationship Among FTX, Ukraine, And Democrats Sparks Speculation
    Relationship Among FTX, Ukraine, And Democrats Sparks Speculation

    Authored by Andrew Moran via The Epoch Times (emphasis ours),

    Samuel Bankman-Fried, founder and then-CEO of FTX, testifies during a Senate Committee hearing about Examining Digital Assets: Risks, Regulation, and Innovation, on Capitol Hill in Washington, on Feb. 9, 2022. (Saul Loeb/AFP via Getty Images)

    Is there a questionable relationship between Sam Bankman-Fried’s bankrupt FTX, Ukraine, and the Democrats? In the aftermath of the collapse of the cryptocurrency exchange, new questions are being raised surrounding these connections, from crypto partnerships to the billionaire’s contributions to Democrats.

    But is there something behind the curtain or was it a group of young people in over their heads?

    It All Begins with ‘Aid for Ukraine’

    In March, the Ukrainian government established a crypto donations website, allowing Kyiv to convert digital token contributions into fiat money that would be deposited at the National Bank of Ukraine. The Ukraine government maintained a goal of $200 million. By October, it had raised more than $60 million.

    The contributed funds have been used to purchase everything needed for the war effort, such as digital rifle scopes, medical supplies, field rations, fuel, military clothing, and other critical items.

    The initiative, known as “Aid for Ukraine,” garnered the support of FTX, staking outfit Everstake, and Ukraine’s Kuna exchange. It has been powered by the Ministry of Digital Transformation.

    “At the onset of the conflict in Ukraine, FTX felt the need to provide assistance in any way it could. By setting up payment rails and facilitating the conversion of crypto donations into fiat currency, we have given the Central Bank of Ukraine the ability to deliver aid and resources to the people who need it most,” Bankman-Fried said in a statement in March. “We are grateful for the opportunity to work with Sergey [Vasylchuk] and the Everstake team as they continue to work tirelessly in helping Ukrainians as they suffer from this conflict.”

    Days after the launch of the Ukraine–FTX collaboration, U.S. President Joe Biden announced an extra $800 million in security assistance to Ukraine, bringing the total contribution to $2 billion since the start of the administration. In total, it’s estimated that the United States has given more than $60 billion to Kyiv.

    While it’s unclear if reports that Ukrainian officials have invested in FTX are accurate, many are seeking an explanation as to whether Ukrainian officials have used funds delivered to Kyiv through FTX to funnel money to Democratic campaigns.

    Bankman-Fried’s Donations to Democrats

    Bankman-Fried was the second-largest Democratic donor for the 2021–22 cycle, donating $39.8 million. This was behind George Soros’s total donations of $128 million. Bankman-Fried gave the most amount of money to the Protect Our Future PAC, a group that “endorsed Democratic candidates such as Peter Welch, who won his bid to become Vermont’s next senator, and Robert J. Menendez of New Jersey, who secured a House seat,” according to Fortune. But this past summer, Bankman-Fried suggested that he could’ve spent $1 billion on the midterm elections to support the Democrats, although he stepped away from this proposition.

    In the first half of 2022, he contributed $865,000 to the Democratic National Committee, $66,500 to the Democratic Senate Campaign Committee, and $250,000 to the Democratic Congressional Campaign Committee.

    In addition, Bankman-Fried made multiple visits to the White House. According to White House visitor logs, he met with White House counselor Steve Ricchetti on April 22 and May 12. The FTX founder also met with Charlotte Butash, a policy adviser to the White House deputy chief of staff, on May 13.

    Mark Wetjen, the head of policy and regulatory strategy at FTX, who served as a commissioner on the Commodity Futures Trading Commission (CFTC) under former President Barack Obama, also attended some of the meetings.

    Visitor logs also show that Bankman-Fried’s younger brother, Gabe, made visits to the White House on March 7 and May 13. His first appointment was with Nathaly Maurice, special assistant to the president and director of partnerships at the White House. His second visit was with Butash.

    Gabe had previously worked as a Capitol Hill staffer and is the founder and director of Guarding Against Pandemics.

    Bankman-Fried has been open about his attempts to influence public policymaking, explaining that he’s championing crypto regulations, including legislation that would codify licensure for crypto assets. The bill, the Digital Commodities Consumer Protection Act of 2022, was proposed by Senate Agriculture Committee Chair Debbie Stabenow (D-MI) in August. A key aspect of the legislative pursuit is that it would allocate crypto regulatory power to the CFTC. Bankman-Fried donated $5,800 to Stabenow’s campaign in February.

    “One in five Americans have used or traded digital assets—but these markets lack the transparency and accountability that they expect from our financial system. Too often, this puts Americans’ hard-earned money at risk,” Stabenow said in a statement. “That’s why we are closing regulatory gaps and requiring that these markets operate under straightforward rules that protect customers and keep our financial system safe.”

    So everything that has transpired between Bankman-Fried, FTX, Ukraine, and the Democrats has raised some eyebrows. Billionaire CEO Elon Musk is also intrigued by the latest developments.

    “Was FTX being used to launder money for the Democratic Party?” a Twitter user asked.

    Musk replied, “A question worth asking.”

    Alex Bornyakov, the deputy minister of Digital Transformation of Ukraine, took to Twitter on Nov. 14 to dismiss this “narrative.”

    “A fundraising crypto foundation @_AidForUkraine used @FTX_Official to convert crypto donations into fiat in March,” he tweeted. “Ukraine’s gov never invested any funds into FTX. The whole narrative that Ukraine allegedly invested in FTX, who donated money to Democrats is nonsense, frankly.”

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

    Corruption or Incompetence?

    Is there truth to any of the speculation that Ukraine funneled money to Biden through FTX or that there was anything iniquitous in the Ukraine-FTX partnership?

    A cryptocurrency expert, who wished to remain anonymous, told The Epoch Times that there isn’t much credence to the suggestions. Although Bankman-Fried was a significant Democratic donor, the downfall of FTX was because of mismanagement, poor decision-making, and a lack of experience and corporate controls. It was an enormous financial firm that was run by 20-somethings.

    The other factor was that FTX’s assets were denominated in volatile cryptocurrencies, and many of these tokens’ valuations crashed in 2022. FTX’s balance sheet, which was obtained by the Financial Times, shows that its assets were comprised of joke coins or unreliable tokens, including TRUMPLOSE, the Brazilian Digital Token, Oxygen (OXY), and FTT (FTX’s native coin).

    In recent months, FTX has been acquiring troubled assets throughout the crypto and tech industries. In May, Bankman-Fried revealed a 7.6 percent stake in Robinhood, but the value had tumbled by more than 5 percent since the purchase.

    It has been a year of turmoil for a wide array of crypto firms, such as Coinbase, crypto lending firm Celsius, BlockFi, and Singapore-based crypto trading platform Three Arrows Capital—which Bankman-Fried bailed out with a $750 million credit line.

    “We’re willing to do a somewhat bad deal here if that’s what it takes to sort of stabilize things and protect customers,” he said in June.

    The FTX scandal will likely have a domino effect in the sector. BlockFi, a crypto lender, revealed that it had large exposure to FTX. The Wall Street Journal also reported that BlockFi is exploring a bankruptcy filing, citing people familiar with the matter.

    There’s growing concern that Gate.io and Crypto.com could be the next two giants in the crypto ecosystem to experience financial troubles.

    Read more here…

    Tyler Durden
    Tue, 11/15/2022 – 17:40

  • Zelensky Issues 10-Point Plan To End War In G20 Virtual Address
    Zelensky Issues 10-Point Plan To End War In G20 Virtual Address

    Russian Foreign Minister Sergei Lavrov was quick to reject what he called “unrealistic and inadequate” terms for future peace talks put forward by Ukrainian President Volodymyr Zelensky on Tuesday.

    Zelensky had addressed the G20 summit in Bali via video link earlier in the day, in which he presented a 10-point peace plan to end the war. Key features of the plan include withdrawal of all Russian troops from Ukrainian territory, the assurance of nuclear safety, food security including the ability to freely export, and an “all for all” prisoner swap.

    FM Lavrov, who is representing Russa in Bali in President Putin’s stead, was in attendance for Zelensky’s video address, reportedly having remained in his seat for the duration. Lavrov later confirmed to reporters that he listened to the whole thing, which marks at least a “start” in terms of the potential for a future negotiated settlement.

    Russian FM Sergei Lavrov attends the first working session of the G20 leaders’ summit, via AFP.

    Lavrov responded to the peace terms, saying “I reminded him [Macron] that all the problems are on the Ukrainian side, which categorically refuses any negotiations and puts forward terms that are obviously unrealistic and inadequate,” as quoted in AFP. Addressing accusations that it is Moscow that remains unwilling to enter talks, Lavrov said, “If anyone is refusing, it is Ukraine. The longer it refuses, the more difficult it will be to reach an agreement.”

    The Kremlin has also previously pointed the finger at the US and UK for at every turn pushing Kiev away from meaningful ceasefire talks. 

    Below is the “10-point peace plan” which was presented by Zelensky before the G20 on Tuesday:

    1. Radiation and nuclear safety
    2. Food security
    3. Energy security
    4. Release of prisoners and deportees
    5. Implementation of the UN Charter
    6. Withdrawal of Russian troops and cessation of hostilities
    7. Justice
    8. Ecocide and the protection of the environment
    9. Prevention of escalation
    10. Confirmation of the end of the war

    Despite talking “peace” – Zelensky throughout the speech took repeat swipes at Russia, for example mocking Putin’s absence at Bali by calling it the “G19 summit”.  

    Via Ukrainska Pravda

    Zelensky further charged that Moscow has continued making nuclear threats and that its forces have turned the Zaporizhzhia Nuclear Power Plant into “a radioactive bomb that can explode at any moment.”

    Despite each side remaining further entrenched in their corners and unwilling to compromise, and at a moment Ukraine has maintained the momentum of its counteroffensive by taking Kherson, Zelensky’s 10-point plan does at least represent an opening of sorts, given just a couple months ago there wasn’t so much as discussion or possibility of a “peace plan”.

    Crucially, noticeably absent from Zelensky’s peace plan was his prior demands of accelerated entry to NATO…

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

    Currently, the idea of a diplomatic solution is also being debated in Washington, so this perhaps represents an inching forward on the possibility of future negotiated settlement. 

    Responsible Statecraft observes of Zelensky’s speech, “A possible diplomatic shift in the war in Ukraine may have gone largely unnoticed when Kiev appeared to signal that it might be willing to give up its aspiration to become a member of NATO. Or at least downgrading its urgency.”

    Tyler Durden
    Tue, 11/15/2022 – 17:15

  • Supply Hell: Wait Times For Tesla Model 3 And Model Y Just Evaporated Down To One Week, At Minimum
    Supply Hell: Wait Times For Tesla Model 3 And Model Y Just Evaporated Down To One Week, At Minimum

    In what we’re sure is a sign of incredible demand (or at least, that’s what we’ll probably be told by the company), Tesla is slashing the minimum wait times on its Model 3 and Model Y vehicles. 

    The company’s website reflected the changes on Tuesday after Tesla “added to its electric vehicle inventory in Shanghai at its fastest pace ever in October”, Reuters reported on Tuesday morning, citing data from China Merchants Bank International.

    The inventory build comes at a time when global auto companies are “bracing for a downturn” as monetary policy conditions globally are slowly grinding the gears of many economies to a crawl. 

    Tesla’s deliveries in China for October were down sequentially from the month prior and the news comes just days after the idea was floated in financial media about whether or not Tesla could export vehicles from Shanghai to the United States. 

    Recall, about three weeks ago, Tesla cut the price of some of its cars in China, first raising suspicions about a potential lack of demand days after Musk said the company would continue robust production regardless of whether or not the global economy slipped into recession. 

    At the time, Tesla slashed the price of its Model 3 and Model Y to 265,900 Chinese yuan ($36,615) from 279,900 yuan and to 288,900 yuan versus the previous price of 316,900 yuan.

    The cuts offset price hikes that took place earlier in the year, which came as a result of higher input costs. “China is experiencing a recession of sorts,” CEO Musk said at the end of October.

    The week prior, on a company conference call, Musk had said: “To be frank, we’re very pedal to the metal come rain or shine. We are not reducing our production in any meaningful way, recession or not recession.”

    “The public at large realizes that world’s moving towards electric vehicles, and it’s foolish to buy a new gasoline car at this point because the residual value of that gasoline car is going to be very low. So, we’re in a very good spot.”

    “I wouldn’t say it’s recession-proof but it’s recession-resilient, because basically the people of Earth have made the decision in large part to move away from gasoline cars,” he added.

    Well now it’s starting to look as though Tesla may have more vehicles on its hands than it knows what to do with…

    Tyler Durden
    Tue, 11/15/2022 – 16:50

  • Americans To See Highest Thanksgiving Gasoline Prices Ever
    Americans To See Highest Thanksgiving Gasoline Prices Ever

    By Charles Kennedy of Oilprice.com

    This year’s average U.S. gasoline prices on Thanksgiving are expected to be at their highest level ever for the holiday and beat the previous record from Thanksgiving of 2012, according to estimates from fuel-savings app GasBuddy.

    Despite the record-high average gasoline prices, 20% more Americans plan to travel by car for the holiday weekend, compared to 2021, especially after Covid precautions have significantly eased compared to the previous two years, according to GasBuddy.  

    Moreover, gasoline prices have dropped a lot from the record highs in June.

    Per GasBuddy estimates, the national average is projected to stand at $3.68 a gallon on Thanksgiving Day – nearly 30 cents higher than last year and over 20 cents higher than the previous record of $3.44/gal set in 2012.  

    The number of Americans traveling over the Thanksgiving weekend this year is up from 32% last year to 38%, a nearly 20% rise, according to GasBuddy’s Thanksgiving survey. A total of 21% said they had chosen not to drive due to high fuel prices.

    Most respondents in the survey indicated they would travel less than an hour away.

    “While 21% say high fuel prices are impacting their travel, surprisingly fewer are citing high gas prices this year (46% vs. 51% in 2021) for impacting their travel plans,” GasBuddy said.

    The majority of respondents traveling for Thanksgiving, 73%, will not be crossing state lines to do so.

    “It has been a dizzying year at the pump, with motorists likely feeling nauseous not from the eggnog, but from the roller coaster ride at the pump with record gasoline prices earlier this year, which have fallen significantly since mid-summer,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

    “Americans, however, are proving that while we’ll openly complain about high gas prices, most of us aren’t deterred from taking to the highways to observe Thanksgiving with those that matter most to us, especially as precautions from the pandemic have eased.”

    On Monday, De Haan said he expected that in the next ten days, the national average price of gasoline would fall to its lowest level since March. The number of states with below-$3 average gas prices will rise to 5 by the end of the month, he added.   

    Tyler Durden
    Tue, 11/15/2022 – 16:25

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