Jun 19

Today’s News 19th June 2024

  • How (And Why) Bird Flu Is About To Enter The "Mass Testing" Phase
    How (And Why) Bird Flu Is About To Enter The “Mass Testing” Phase

    Authored by Kit Knightly via Off-Guardian,org,

    Hello everyone and welcome to the latest edition of Bird Flu Digest, formerly known as OffGuardian…

    The wall-to-wall coverage of Bird Flu is getting wallier-to-wallier with each passing week, to the point it’s almost hard to keep up with the waves of hot takes and chilling insights. But if you’re going to try, the best place to do it is right here, where I spend a good portion of my time reading very similar articles in very similar papers all about the danger of a pandemic they’re about to pretend is happening.

    Not a dream of mine growing up, but life’s like that.

    Anyway…bird flu.

    In our last bird flu update, we pointed out that the “bird flu death” in Mexico was very likely no such thing, and that reporting it as such was right out of the Covid playbook.

    Since then the head of Mexico’s Health Ministry has criticized the WHO for calling it a bird flu death at all.

    But the big bird flu news is that former head of the US CDC Robert Redfield has gone hysterical, telling NewsNation:

    I really do think it’s very likely that we will, at some time, it’s not a question of if, it’s more of a question of when we will have a bird flu pandemic.”

    This story was naturally picked up and spread everywhere, but Redfield is hardly alone in this hysterical panic-fueling nonsense.

    Last week, The Conversation headlined:

    An ounce of prevention: Now is the time to take action on H5N1 avian flu, because the stakes are enormous

    USA Today echoes the tone:

    Concerns grow as ‘gigantic’ bird flu outbreak runs rampant in US dairy herds

    Apparently a new study has found something scary – Americans “have little to no pre-existing immunity to the H5N1 avian flu”. Frightening stuff.

    Just a few hours ago the Daily Mail reported on yet another doctor doling out yet another dire warning. This time Dr Rick Bright, who told PBS that:

    We’re being blindfolded in this battle right now, and I’m really concerned that the virus is winning the game and getting ahead of us.’

    We’re flying blind and the disease is getting ahead of us! It’s running rampant and the stakes are enormous!

    Even some channels that supposedly know better are spreading the fear.

    CNN is frantic with worry – “We aren’t doing enough about the risk of bird flu – but we can”. Popular Science is relatively calm, asking “Can we prevent a bird flu pandemic in humans?”, before reassuring us that we can…as long as we all do as we’re told.

    All of these stories talk about “gathering data”, “flying blind”, and the need for “prevention”. And all of that is really code for “testing”. Almost every article talks up the need to increase testing – both of humans and animals.

    But anyone who’s been paying attention since 2020 knows PCR tests don’t gather data, they create data. They are machines for generating “cases”. Far from preventing a pandemic, they can be used to manufacture one.

    There are even early signs of mandating tests going forward, such as this Politico article bemoaning the lack of farmers voluntarily signing up for government surveillance programs:

    The federal response is largely focusing on voluntary efforts by farmers to help track and contain the outbreak. But many farms still have not signed up for USDA efforts to boost surveillance and testing for the virus.

    And the solution to this is more money:

    Although federal funds have been allocated, no farms have enrolled in voluntary on-site milk testing, according to the USDA. Fewer than a dozen farms have applied for separate financial aid in exchange for boosting biosecurity measures to help contain the virus.

    Paying farmers to test their animals is another recycled Covid strategy. It will generate cases, which will generate culling, which links us up with the other aspect of “bird flu” – not “the next pandemic” but “the war on food”.

    As the alleged disease allegedly spreads from poultry farm to dairy farm more and more chickens are being culled and cows slaughtered. This is going to escalate even further soon, when governments start paying farmers to destroy their cattle.

    Again, from Politico:

    …federal rulemaking is delaying the rollout of compensation for farmers who have lost or had to kill cows because of the disease.

    Translation:

    They want to pay farmers to test their cows, then “financially compensate” them when they have to be destroyed.

    This is just like the UK’s “Environmental Land Management” schemes or the US “Conservation Reserve Program”, both of which pay farmers not to farm. The goal will be to make it more profitable for farmers to kill their cows than milk them.

    Incentivizing testing, rewarding positive results. That’s how you make a pandemic out of nothing, and sabotage the food system in the process.

    But there’s good news, after all the the EU is already procuring 40 million doses of vaccines, just in case. And the Moderna stock price keeps going up too. So there’s that.

    Honestly, it’s like watching a movie where they signpost the “surprise” twist ending inside the first five minutes, and then you have to sit through two interminable hours of what the writers clearly consider to be subtle foreshadowing.

    It’s getting to the point I just want them to do the bloody pandemic and get it over with.

    Tyler Durden
    Tue, 06/18/2024 – 23:30

  • Israel's Top Generals Approve Battle Plans For Lebanon Offensive
    Israel’s Top Generals Approve Battle Plans For Lebanon Offensive

    The Israel Defense Forces (IDF) on Tuesday announced that plans to launch an offensive in Lebanon against Hezbollah have been formally approved. 

    The IDF statement further said it is preparing to “accelerate readiness in the field” at a moment the situation is deteriorating, given the Lebanese paramilitary group backed by Iran has in the last days sent hundreds of drones and missiles into northern Israel. The statement spelled out that “operational plans for an offensive in Lebanon were approved.”

    The IDF released this photograph in making the announcement.

    The military cited that the head of the IDF’s Northern Command Maj. Gen. Ori Gordin and chief of the Operations Directorate Maj. Gen. Oded Basiuk had given their final approval for the Lebanon battle plans.

    However, whether the trigger is pulled on launching the major operation remains to be seen, as outside diplomatic efforts to intervene also intensify.

    During an afternoon briefing Pentagon spokesman Major General Patrick Ryder was asked by reporters about the newly approved Israeli battle plans. He responded: “I’m not going to get into hypotheticals and speculate on what might happen other than to say no one wants to see a wider regional war.”

    Hezbollah has been strongly signaling it could attack Israel’s third largest city of Haifa, which would mark a severe escalation, after Israel has launched airstrikes as deep into Lebanon as far north as Baalbek, as well as near the Syrian border in the northeast.

    President Biden’s envoy Amos Hochstein has been in both Israel and Lebanon seeking to convince officials on both sides against escalation; however, the US doesn’t have direct contact with Hezbollah but instead tends to go through Lebanese government intermediaries. The White House has warned that an expanded Israeli offensive in Lebanon would be disastrous for both Israel and the whole region, given the war could widen to include Iran.

    Israeli officials have said the IDF stands ready to “destroy” Hezbollah, and on Sunday IDF Spokesman Rear Adm. Daniel Hagari said “Hezbollah’s increasing aggression is bringing us to the brink of what could be a wider escalation, one that could have devastating consequences for Lebanon and the entire region.”

    Earlier this month Prime Minister Benjamin Netanyahu said, “Whoever thinks he can hurt us and we will respond by sitting on our hands is making a big mistake.” He had added at a time when massive fires were spreading in the north due to constant Hezbollah drone and missile attacks, “We are prepared for very intense action in the north.” There are currently some 100,000 Israeli residents who remain outside their homes and communities due to the persistent threat of rocket attack.

    Tyler Durden
    Tue, 06/18/2024 – 23:05

  • Ethereum Spikes After SEC Drops Investigation
    Ethereum Spikes After SEC Drops Investigation

    The Securities and Exchange Commission is dropping its investigation into whether Ether is a security, Ethereum developer Consensys said Wednesday.

    “The Enforcement Division of the SEC has notified us that it is closing its investigation into Ethereum 2.0,” the firm said in a June 19 X post.

    “This means that the SEC will not bring charges alleging that sales of ETH are securities transactions,” which it hailed as a “major win for Ethereum developers, technology providers, and industry participants.”

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    The news sent Ethereum sharply higher, after several days of unexplained declines driven by an overly aggressive futures seller.

    In March, Fortune reported the SEC issued subpoenas to multiple companies which was related to attempts to label ETH as a security.

    Consensys sued the SEC in April, alleging the regulator planned “to seize control over the future of cryptocurrency,” which it said was still on in its latest post.

     

    Tyler Durden
    Tue, 06/18/2024 – 22:40

  • Loper Bright Enterprises V. Raimondo: The Supreme Court Battle Against The Administrative State
    Loper Bright Enterprises V. Raimondo: The Supreme Court Battle Against The Administrative State

    Via SchiffGold.com,

    The Supreme Court is currently reviewing a case that could impact your individual liberty. And you probably haven’t heard about it…

    The case began in November 2022, when Loper Bright Enterprises, a fishery based out of Cape May, New Jersey, appealed a district court opinion to the Supreme Court. The conflict between Loper Bright and the National Marine Fisheries Service (NMFS) started after the agency decided to require private fisheries like Loper Bright to pay their regulatory inspectors for their time observing fishery practices.

    While the law doesn’t explicitly allow this practice, the Fishery Service cites the Chevron Deference, a precedent set by a 1984 Supreme Court case, which states that an ambiguous law can be interpreted by government agencies as they see fit. In short, the Fishery Service wants private companies to pay their salaries and found a legal loophole to justify it.

    While this may seem like an isolated incident, it is just one example of a long history of government agencies infringing on individual liberty. The outcome of this case holds supreme importance for the future of our republic and the preservation of our financial and civil freedoms.

    The Administrative State: A Tyranny of the Unelected

    Since 1950, the federal government has steadily grown in size. Today, it has over 2.9 million civilian employees, more than Walmart has worldwide. This growth has paved the way for the creation of a governmental pseudo-branch denoted the “administrative state.” The administrative state contains government employees who have a significant impact on people’s everyday lives but yet aren’t held accountable to citizens in the form of elections. These unelected bureaucrats undermine the central ethos of a republic, where elected officials are supposed to seek the good of their constituents or risk not being re-elected.

    The problem with this system was made evident during the pandemic. During the COVID shutdown, hundreds of millions of Americans were sentenced to lockdowns, impacting their schools, churches, and families. Many of the people behind this policy were members of the CDC, one of the government agencies that comprise the administrative state. The decisions they made were not subject to the traditional checks and balances which typically constrain the US government. Instead, America found itself under a tyranny of the unelected.

    This overreach extends beyond individual liberty into private business. When businesses can be encroached upon at a whim by unelected authorities, long-term investment becomes a much riskier endeavor. When the COVID shutdown occurred, many small businesses, with their small profit margins and high overhead, were unable to weather the storm. For the companies that survived, the blatant government intervention and the severe consequences that followed left a sour taste in their mouth for future capital investments. You’re not going to build a new business if a bureaucrat can shut it down the next day. All of these factors contribute to government agencies having a negative impact on financial markets and investor portfolios.

    The Central Problem With Chevron

    The Chevron Deference precedent, which is at the center of Loper Bright Enterprises v. Raimondo, gives even more power to these governmental agencies. When ambiguity exists, this precedent allows courts to simply defer to agencies’ interpretations, even if those interpretations favor the agencies’ own interests. It also allows courts to seek out ambiguity in order to give near-unbridled power to these agencies.

    If the Supreme Court upholds Chevron, it will further entrench the power of unelected bureaucrats and make it increasingly difficult for individuals and businesses to challenge agency overreach. However, if the Court rules against Chevron, it would represent a shift toward increased restraint of the administrative state, leading to a reevaluation of the scope and authority of federal agencies.

    Either way, Loper Bright Enterprises v. Raimondo is set to have a heavy impact on the future of the administrative state and the balance of power between the government and the people.

    American Freedom is on Trial

    Loper v. Raimondo is more than just a legal dispute, it is a battle for freedom against the encroachment of the administrative state.

    Proponents of Chevron argue that the statute has promoted national stability by reducing potential conflict between administrative bodies and private entities.

    However, during the time Chevron has been in place, the administrative state has done everything but promote stability. Agencies have steadily increased their power, as evidenced by the COVID-19 case study, resulting in many counterproductive governmental actions.

    The second, and most poignant argument for Chevron is that individual agencies have more expertise in their respective fields. Therefore, since they possess intellectual authority, they are justified in having political authority over the American populace. This dispute is, at its core, a battle for individual freedom.

    One of the central claims of socialism is that centralized planners, who are more educated and knowledgeable than the average citizen, can orchestrate the nation and economy better than individual Americans making decisions. But this understanding is rooted in arrogance, not substance. Countries with more economic freedom have a higher life expectancy, GDP per capita, education rate, and overall quality of life. The “chaos” of free choice actually leads to productive outcomes. The Supreme Court should side with Loper Bright by overruling Chevron, giving citizens more of the vital freedom which is a necessary factor for national and individual success.

    Tyler Durden
    Tue, 06/18/2024 – 21:55

  • Sullivan Greenlights Ukraine Cross-Border Attacks Beyond Kharkiv Region With US Arms
    Sullivan Greenlights Ukraine Cross-Border Attacks Beyond Kharkiv Region With US Arms

    US National Security Advisor Jake Sullivan has said that authorization for Ukrainian use of American weapons for cross-border attacks extends not just to the Kharkiv region, but into other Russian regions as well, further escalating Biden’s initial greenlight for such offensive operations.

    Blinken in a Monday PBS interview told NewsHour’s Nick Schifrin “This is not about geography, it’s about common sense” and expanded the parameters for using NATO-supplied missiles. Watch the exchange below:

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    The following is what was said in this opening section of the interview:

    Schifrin: Does the agreement that you have made with Ukraine to allow Ukraine to fire American weapons just over the border into Russia at Russian forces that are about to attack into Ukraine, does that extend beyond the Kharkiv region, including into the Sumy region, where Russian forces have also been targeting Ukraine?

    Sullivan: It extends to anywhere that Russian forces are coming across the border from the Russian side to the Ukrainian side to try to take additional Ukrainian territory.

    Schifrin: So, that could include the Sumy region?

    Sullivan: That’s happened in Kharkiv.

    We have seen initial indications that Russia has made exploratory moves across in Sumy. And so it would apply there as well. This is not about geography. It’s about common sense. If Russia is attacking or about to attack from its territory into Ukraine, it only makes sense to allow Ukraine to hit back against the forces that are hitting it from across the border.

    That’s when the interviewer pointed out the obvious–that this policy will lead to open-ended and uncontrollable escalation given it takes away all parameters. “Of course, Russia is attacking Ukraine from all parts of Russia. Why draw the line there?” Schifrin asked.

    Sullivan at this point essentially gave Kiev the greenlight to attack a much more expanded area inside Russia. “Well, first, we are permitting Ukrainian forces to attack Russian forces using Russia as a sanctuary in the areas where on the battlefield they are attacking from inside Russia with artillery, with other ground-based munitions,” Biden’s top security official said.

    And what’s more is that when asked about F-16s, Sullivan affirmed that Ukraine can use the US-made jets to attack Russia. Sullivan explained:

    “…we have made clear — and we have seen over the course of the past two years Ukraine do this — that they can use air defense systems, including those supplied by the United States, to take Russian planes out of the sky, even if those Russian planes are in Russian airspace, if they’re about to fire into Ukrainian airspace.”

    Situation in Ukraine as of late May. Source: liveuamap.

    President Putin in late March had addressed this possibility. He said that Russian forces would then have to right to attack any airbase from which these F-16s are flown, including if they take off from within Western countries or NATO bases.

    Commenting on the fresh and escalatory Sullivan remarks, independent journalist Michael Tracey said to “Expect the parameters of this bold new policy to continue to grow.”

    Tyler Durden
    Tue, 06/18/2024 – 21:30

  • Watch: Mother Of Fallen Cop Slams City Officials For Not Flying 'Thin Blue Line' Flag, Using Pride Flag Instead
    Watch: Mother Of Fallen Cop Slams City Officials For Not Flying ‘Thin Blue Line’ Flag, Using Pride Flag Instead

    Authored by Steve Watson via Modernity.news,

    Residents of Wethersfield Connecticut gathered Monday at a town hall to confront the mayor and other council officials over a decision to refuse a request to fly a ‘thin blue line’ flag in honour of a fallen police officer.

    As we highlighted, council officials claimed the pro police flag was ‘racist and antagonistic’, and decided that lowering a LGBTQ flag to half staff was enough of an honour for Aaron Pelletier, who was killed in the line of duty.

    Critics charged that the move epitomises the utter state of towns and cities under Democrat control.

    Speaking at the meeting, Deputy Mayor Matthew Forrest claimed “Our Wethersfield Town Council and the entire community stands with the police.”

    Others disagreed, including Debbie Garten, the mother of Deputy Robert “Bobby” Garten, who was also killed in the line of duty in September 2023.

    Mrs Garten urged that “It was disheartening to witness the news coverage and hear the disrespectful and hurtful remarks being made by some town council members, especially as the wake and funeral for Trooper First Class Pelletier was going on.”

    She added, “The thin blue line holds a deeply personal meaning for me, as a tribute to my son’s service and sacrifice,” before calling for the flag to be flown for two whole weeks next May to mark National Police Week and the Connecticut police memorial ceremony.

    Will Garten, the brother of Deputy Garten called the mayor “disgusting,” and noted that the official hasn’t even mentioned his name at all.

    Some of the town officials have complained that since the incident with the Pride flag and the refusal to fly the thin blue line, they have received “vulgar” messages and even death threats.

    “A large number of these communications can easily be described as disturbing and vulgar,” town manager Fred Presley claimed.

    “Some have wished physical harm and even death to council members and staff. A handful have reached the level of directly threatening individual council members and their families,” Presley added.

    *  *  *

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

    Tyler Durden
    Tue, 06/18/2024 – 21:05

  • Your Lyin' Eyes: Corporate Media Panics With 'Fact Checks' Over Biden's Obvious Decline
    Your Lyin’ Eyes: Corporate Media Panics With ‘Fact Checks’ Over Biden’s Obvious Decline

    After several videos plainly showing Joe Biden’s obvious cognitive decline went viral over the last week, the left is now pulling the ‘out of context’ thing, suggesting that they’re edited “cheap fakes” that are “done in bad faith,” and both NBC News and AP running ‘fact checks.’

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    Now, the media is doing ‘fact checks’ to debunk your lyin’ eyes! Check out NBC’s (9 million follower, 25k view in 12 hours, highly ratio’d post with hilarious replies) take:

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    They’re now calling authentic footage “cheap fakes,” which as we noted yesterday, appears to be coordinated messaging with the White House.

    While “deepfakes” are misleading audio, video or images that are created or edited with artificial intelligence technology, a “cheap fake,” according to researchers Britt Paris and Joan Donovan, is a “manipulation created with cheaper, more accessible software (or, none at all). Cheap fakes can be rendered through Photoshop, lookalikes, re-contextualizing footage, speeding, or slowing.”

    To recap:

    • Biden ‘wandered off’ during a G7 flag ceremony while he was supposed to be taking a photo with other world leaders before Italian Prime Minister Giorgia Meloni shepherded him back to the group. According to the fact checkers, he was ‘paying respects to a paratrooper.’

    According to the fact check, “Biden was greeting a parachutist who had just landed as part of the ceremony.”

    Yes, requiring Meloni to physically bring him back to the group.

    • He then did some weird nursing home mind-meld with the Pope, possibly (definitely) sniffing him. Unsurprisingly, no debunk! Apparently even NBC News couldn’t defend this.

    • Then, the Hollywood Reporter‘s Chris Gardner showed a clip of Biden ‘freezing’ on stage last weekend, and having to be similarly guided off stage by former President Barack Obama.

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     According to a new ‘fact check’ from AP, citing Jimmy Kimmel’s spokesman and an anonymous source, Biden was simply “pausing” amid cheers.

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    And wait, is this a cheap fake?

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    Nobody’s buying it…

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    Tyler Durden
    Tue, 06/18/2024 – 20:44

  • Not A Single American Has Received Biden's High-Speed Internet Despite $42.5 Billion Funding In 2021: FCC Commissioner
    Not A Single American Has Received Biden’s High-Speed Internet Despite $42.5 Billion Funding In 2021: FCC Commissioner

    FCC Commissioner Brendan Carr slammed the Biden administration on Friday – writing on X that President Joe Biden has yet to connect a single American with high-speed internet.

    “In 2021, the Biden Administration got $42.45 billion from Congress to deploy high-speed Internet to millions of Americans. Years later, it has not connected even 1 person with those funds. In fact, it now says that no construction projects will even start until 2025 at earliest,” Carr wrote.

    “Meanwhile, the Biden Admin has been layering a partisan political agenda on top of this $42.45B program – a liberal wish list that has nothing to do with connecting Americans. Climate change mandates, tech biases, DEI requirements, favoring government-run networks + more.”

    As Breitbart notes further;

    Carr is specifically slamming the Broadband Equity, Access, and Deployment (BEAD) program, which allocated $42.45 billion to support broadband infrastructure and adoption.

    The program was established by the Infrastructure Investment and Jobs Act (IIJA), otherwise known as the so-called bipartisan infrastructure bill. The bill had no conservative victories and had many leftist carveouts, as Breitbart News detailed.

    Congress passed the infrastructure bill in 2021, which would mean that the BEAD program has had little success in its two years since Biden passed the bill.

    Transportation Secretary Pete Buttigieg also struggled to explain why Biden has only built “seven or eight” electric vehicle charging stations, which the funding also came from the IIJA.

    “The timeline is bad. The policy cuts that the Biden Administration have made are even worse. The Biden Administration has set up a $42.45 billion program that is poised to miss the mark and leave rural communities behind,” Carr said in a statement to Breitbart News.

    Carr continued, saying that the BEAD program fails to close the “digital divide,” or the gap between with those with high-speed internet and those without.

    “The Biden Administration is barreling towards a broadband blunder. Congress has appropriated enough money to end the digital divide, but the Biden Administration is squandering the moment by putting partisan political goals above smart policy,” Carr explained further. “It is doing so through rate regulation, through union, technology, and DEI preferences, and through a thumb on the scale for government run networks. All of this threatens to leave rural communities behind.”

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    Tyler Durden
    Tue, 06/18/2024 – 20:40

  • Kansas Sues Pfizer, Says Company 'Misled' Public On COVID-19 Vaccine
    Kansas Sues Pfizer, Says Company ‘Misled’ Public On COVID-19 Vaccine

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

    Kansas on June 17 sued Pfizer, alleging the pharmaceutical giant “misled” members of the public with various claims about its COVID-19 vaccine.

    US pharmaceutical giant Pfizer CEO Albert Bourla attends a press conference on the sidelines of the World Economic Forum (WEF) annual meeting in Davos on May 25, 2022. – Pfizer said it would sell its patented drugs at a not-for-profit basis to the world’s poorest countries, as part of a new initiative announced at the World Economic Forum in Davos. (Photo by Fabrice COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images)

    Pfizer, for instance, said on April 1, 2021, that there were “no serious safety concerns through up to six months following second dose” of the vaccine it makes with Germany’s BioNTech, the lawsuit notes.

    But documents made public through a lawsuit showed that Pfizer’s adverse events database, which includes reported issues following vaccination from around the world, already contained 158,893 adverse events as of Feb. 28, 2021.

    “Pfizer’s representations that its COVID-19 vaccine did not have any safety concerns was inconsistent with the adverse events data it possessed,” the suit, filed by Kansas Attorney General Kris Kobach states. “Pfizer concealed, suppressed, or omitted material facts it possessed showing significant safety concerns associated with Pfizer’s COVID-19 vaccine.”

    The suit also highlights how Pfizer in the same press release said that vaccinated trial participants enjoyed 91.3 percent protection against COVID-19 up to six months after a second dose.

    Documents released later, though, showed that Pfizer recorded 83.7 percent effectiveness among trial participants at four months after a second dose, while finding indications in blood samples that effectiveness was waning even more at six months.

    Pfizer disclosed the waning effectiveness on July 28, 2021, in a preprint paper.

    Its press release that day mentioned positive findings from a different study but omitted mention of the preprint paper or how it had found signs of waning protection.

    “Pfizer’s concealment, suppression, and omission of the waning effectiveness of its COVID-19 vaccine allowed Pfizer to profit from vaccinations of Kansans who may have been deterred from Pfizer’s COVID-19 vaccine had they known about its waning effectiveness,” the suit states.

    In the second quarter of 2021, Pfizer made nearly $8 billion from its COVID-19 vaccine.

    The suit also notes that Albert Bourla, Pfizer’s CEO, said in early 2023 that “We constantly review and analyze the data“ and ”we’ve seen not a single signal although we have distributed billions of doses.”

    By that time, officials in the United States and elsewhere had said the available evidence showed the vaccine causes myocarditis after first detecting a signal for the heart inflammation in 2021. Pfizer said in a leaked document dated February 11, 2022, that there were “increased cases of myocarditis” reported in the United States after Pfizer’s vaccination, and the label for its vaccine since 2021 carried a warning about the risk of the inflammation.

    Mr. Kobach’s 69-page complaint, filed in district court in Thomas County, alleges Pfizer made false, misleading, and deceptive claims in violation of consent judgments it previously entered into with Kansas and other states to settle separate allegations. In one of the settlements, Pfizer in 2008 paid $60 million over its promotion of two prescription drugs and agreed to, moving forward, carefully present information about its products.

    “Pfizer made multiple misleading statements to deceive the public about its vaccine at a time when Americans needed the truth,” Mr. Kobach said in a statement.

    The Republican wants the court to declare that Pfizer’s claims about its vaccine violate the consent judgments and is seeking damages, including $20,000 for each violation of each of the agreements.

    Pfizer in a statement to news outlets said the case will likely not succeed.

    “We are proud to have developed the COVID-19 vaccine in record time in the midst of a global pandemic and saved countless lives. The representations made by Pfizer about its COVID-19 vaccine have been accurate and science-based. The company believes that the state’s case has no merit and will respond to the suit in due course,” the U.S.-based firm said.

    “Pfizer is deeply committed to the well-being of the patients it serves and has no higher priority than ensuring the safety and effectiveness of its treatments and vaccines.”

    The Pfizer vaccine is the most administered in the United States, with more than 367 million injected across the country since the shot was made available in late 2020.

    Tyler Durden
    Tue, 06/18/2024 – 20:15

  • Ozempic Fuels 'Downsize Me' Trend As Slimmed Down Americans Hunt For New Clothes 
    Ozempic Fuels ‘Downsize Me’ Trend As Slimmed Down Americans Hunt For New Clothes 

    If Ozempic and or Mounjaro users can avoid processed foods and get some exercise, they’ll likely maintain their weight loss. The good news is that some of these individuals, who have ditched greasy burgers and donuts, are possibly already on the hunt for smaller clothes. 

    Jennifer Hyman, co-founder and CEO of clothing rental company Rent the Runway, spoke to Wall Street Journal’s Suzanne Kapner about the emerging trend of customers switching to smaller sizes more than at any other time in the past 15 years. 

    Hyman noted that these customers are increasingly open to experimenting with different styles, such as cutouts and other body-baring features. “When you feel more comfortable in your skin, you’re more willing to try edgier looks,” she added.

    At fashion retailer Lafayette 148, the brand’s chief executive, Deirdre Quinn, told WSJ’s Kapner that approximately 5% of its customer base has already begun buying new outfits because of weight loss. 

    Quinn said some customers are replacing their size 12 clothes with size 6 or 8. She said the downsizing trend boosts sales and saves the company money because smaller sizes use less fabric.

    Abhi Madan, co-founder and creative director of dressmaker Amarra, stated, “Over the past year, our retailers have been telling us they need smaller sizes.”

    As of May, 1 in 8 adults in the US had used GLP-1 drugs, equivalent to more than 15 million people. Recently, Novo Nordisk, the maker of Ozempic and Wegovy, said that at least 25,000 people are beginning its weight loss treatment weekly.

    Bank of America analyst Geoff Meacham first wrote about the downsizing theme last fall in a note that revealed the downstream effects of the obesity drug will impact the apparel industry, as “eventual weight loss in the broader population could spur a wardrobe replacement cycle.” 

    Meacham said that an adoption rate of 38 million individuals using weight-loss drugs (midpoint of BofA’s estimated 2030 TAM) combined with the assumption of buying new clothing could result in $50 billion of new apparel spending. 

    Next up, as Bloomberg penned in a recent note, GLP-1 drugs are likely going to target “America’s fat pets.” 

    Tyler Durden
    Tue, 06/18/2024 – 19:50

  • Washington's Sharp Rebuke Of Vietnam For Hosting Putin Later This Week Was Ridiculous
    Washington’s Sharp Rebuke Of Vietnam For Hosting Putin Later This Week Was Ridiculous

    Authored by Andrew Korybko via Substack,

    The US Embassy in Hanoi reacted angrily to the news that President Putin will visit Vietnam later this week.

    One of their spokespeople told Reuters that “No country should give Putin a platform to promote his war of aggression and otherwise allow him to normalise his atrocities. If he is able to travel freely, it could normalize Russia’s blatant violations of international law.”

    This sharp rebuke was ridiculous since it’s not the US’ place to tell its partners which foreign leaders they’re allowed to host.

    It’s also hypocritical too since neither the US nor Vietnam are signatories to the Rome Statute that created the “International Criminal Court”, whose ”warrant” for the Russian leader’s arrest last year was what the spokesperson was referencing with regard to their displeasure at him traveling freely. Moreover, while the purpose of his upcoming trip hasn’t been officially confirmed, there’s no doubt that it’ll concern bilateral cooperation and isn’t just an opportunity to discuss his views about Ukraine.

    By disrespecting Vietnam in the way that it did through their embassy spokesperson’s rude statement, the US is needlessly risking drama in their hard-earned strategic partnership, which was clinched just last year after lengthy negotiations.

    These former wartime enemies entered into a fast-moving rapprochement at the end of the Old Cold War and have shared goals of managing China’s rise, which is especially important for Vietnam due to its maritime territorial dispute with the People’s Republic.

    Even so, Vietnam is far from being a US ally or vassal since it proudly retains its strategic autonomy as proven by the continued cultivation of strategic relations with Russia, who it’s loyally supported despite immense Western pressure to dump that country. Most of its armed forces are supplied with Soviet and Russian wares, and its partner’s energy companies are also exploring offshore deposits. Furthermore, Hanoi will never forget Moscow’s support during the Vietnam War, which forged their brotherly ties.

    It’s in this context of Vietnam’s careful balancing act between Russia and the US, which is predicated on obtaining the best possible position vis-à-vis its top trade partner China with whom it’s still embroiled in a fierce maritime territorial dispute, that President Putin will soon pay a visit there. Russia respects Vietnam’s decision to strategically partner with its American rival, but America doesn’t respect Vietnam’s decision to strategically partner with its Russian rival, which isn’t lost on Hanoi.

    Nevertheless, Vietnam will still keep the US close since it considers it to be the only realistic counterweight to China in the latter’s namesake Southern Sea that Hanoi calls its East Sea, all while arming itself to the teeth with Russian weaponry just in case a conflict breaks out by miscalculation. As Sino-Filipino tensions continue worsening, the US will likely try to rope Vietnam into this as well so as to increase the pressure on Beijing, but Hanoi won’t ever act against its interests at others’ demands.

    That’s always been the case but is even more so now after the US’ ridiculous rebuke over its hosting of President Putin, which reminded policymakers and the public alike that America will always regard itself as the “senior partner” in all of its bilateral relations.

    This arrogance isn’t just offensive, but it’s also counterproductive from the perspective of the US’ objective national interests since it reduces the chances that others like Vietnam will more closely cooperate with it against third countries like China.

    Tyler Durden
    Tue, 06/18/2024 – 19:25

  • "We're Currently Watching The Collapse" Of The Daily Beast As 70% Of Unionized Staffers 'Gutted'
    “We’re Currently Watching The Collapse” Of The Daily Beast As 70% Of Unionized Staffers ‘Gutted’

    The journalism industry is in a severe downturn, with over 8,000 job cuts reported across the US, UK, and Canada last year alone. The first half of this year has already seen more than 1,000 layoffs from traditional newspapers, online media outlets, and even leftist nonprofit watchdog journalism organizations. The industry is crumbling in an election year as some conservative media outlets thrive. 

    A new report from The Wrap says leftist media outlet The Daily Beast is “gutting its senior editorial team after implementing voluntary buyouts last month, with nearly 70% of unionized staffers leaving the outlet.” 

    According to people with direct knowledge of the situation, some of the senior staffers taking buyouts include reporter Justin Baragona, political investigations reporter Jose Pagliery, senior national reporter Pilar Melendez, senior reporter Emily Shugerman, and many others. About 25 unionized staffers received the buyouts, which equates to about 70% of unionized staffers. 

    The people expect upcoming layoffs later this month to impact non-union editorial staffers.

    “We’re currently watching the collapse of The Beast,” one person told TheWrap, adding, “There is no doubt the site won’t be able to recover from this.”

    “One of the first lessons of any company: Don’t alienate your core customer and piss them off so much they begin to call for a boycott against your firm,” the person continued.

    The source is likely referring to the Daily Beast’s radical leftist reporting and boycotting of President Trump over the years. This type of reporting and commentary on Trump has made some readers highly skeptical of its stories. Remember when the outlet was sued for pumping disinformation about Hunter Biden’s laptop? 

    More recently, website tracking firm Similarweb has shown steep declines in Daily Beast’s website traffic in recent months. 

    Layoffs at the Daily Beast come as Press Gazette estimates total journalism industry job cuts in the UK, US, Ireland, and Canada total at least 1,000 in January, 615 in February, 30 in March, and 77 in April. Last year, at least 8,000 media job cuts were seen across the three countries. 

    Press Gazette listed a timeline of the latest media job cuts:

    The Daily Beast – At least 25 people

    The Daily Beast has implemented voluntary buyouts accepted by 25 unionised staffers, or almost 75% of union members in the newsroom.

    According to The Wrap those taking buyouts include media reporter Justin Baragona, political investigations reporter Jose Pagliery, senior national reporter Pilar Melendez and senior reporter Emily Shugerman. The outlet reported that senior staffers are heavily represented in the departures.

    A further round of layoffs for non-unionised journalists is expected to follow.

    A Daily Beast spokesperson said: “With such a generous severance offer, we anticipated a large number of employees would take the voluntary buyout. We are not at all surprised.

    “These numbers allow us to move forward with our plan to secure the financial future of the Beast and rebuild a newsroom that will thrive in the current landscape. It’s always difficult when dedicated employees choose to step away. We thank them and wish them the best in their future endeavors.”

    Evening Standard – 150 jobs

    About 150 jobs are expected to be cut as a result of the Evening Standard’s planned closure of its daily newspaper edition and relaunch as a weekly title. A date for the changes and end to the daily paper has not yet been set.

    The proposed redundancies reportedly include 70 editorial roles. The Standard newsroom is currently made up of around 120 full-time journalists, meaning it would be more than halved.

    The cuts are also expected to affect more than 40 back office jobs and around 45 roles in its printing and distribution operations, according to The Telegraph.

    The Hollywood Reporter – ‘Small number’

    A “small number” of editorial layoffs were made at The Hollywood Reporter on Thursday 13 June, according to The Wrap.

    Those affected included longtime TV editor Lesley Goldberg and senior editor of diversity and inclusion Rebecca Sun.

    Goldberg said on X: “To the next generation of THR ‘legacies’, continue to know your worth and do your best to find work-life balance and listen to the words of wisdom of those you respect most. As for me, I’m holding onto two of the most valuable things I’ve learned in my time at THR: good things will always follow bad situations, and Henry Winkler really is as wonderful as everyone who has ever met him says he is.”

    Informa Tech – Unknown number

    Informa has closed two long-running B2B titles: Digital TV Europe and Television Business International.

    Informa would not confirm the number of jobs affected but a farewell message from TBI editor Richard Middleton referenced several staff members including a deputy editor, senior sales manager, marketing chief art director and product manager.

    Digital TV Europe staff at the time of the closure appeared to include an associate editor and a strategic account manager.

    May 2024

    Wall Street Journal – At least 8 people

    At least eight journalists have been laid off amid further cuts at the Wall Street Journal amid a change in how it covers US news “and how we write about the big subjects that grip America”.

    US news will no longer be a standalone coverage area and the East Coast, mid-US and West Coast regional bureaux are closing.

    “Many” of the US news reporters are moving into other teams in the newsroom “in which they are natural fits: real estate moves to finance and economics; reporters covering state and local politics join the politics team; education moves to life and work. And some reporters will move to a new National Affairs team that will take on big topics – abortion, immigration, land use, guns, race,” editor Emma Tucker told staff.

    The “speed and trending” desk is converting into a new breaking news desk and the layoffs come from this team as well as the US news team. NPR reported that at least eight people’s jobs are affected.

    Journalists stuck post-it notes on the windows of Tucker’s office in protest at the job cuts.

    A WSJ spokesperson said: “Our editor-in-chief is reshaping our newsroom with an eye towards digital growth, subscription growth and high-quality journalism. While we recognise change can be difficult, it is necessary to ensure we have the right structure in place to support our objectives.”

    April 2024

    Reader’s Digest – Unknown number

    Reader’s Digest magazine has closed in the UK, its editor-in-chief of six years announced on 29 April.

    Eva Mackevic said: “Unfortunately, the company just couldn’t withstand the financial pressures of today’s unforgiving magazine publishing landscape and has ceased to trade.”

    The number of full-time jobs affected has not been confirmed. Mackevic told freelance writers waiting to be paid that they should be hearing from insolvency practitioners.

    GB News – 40 people

    GB News is aiming to cut 40 roles, initially via voluntary redundancies. Staff are being offered up to two months’ salary and possible payment in lieu of notice to entice them at the initial stage.

    Wall Street Journal – At least 11 people

    At least 11 people have been affected in the second round of layoffs at The Wall Street Journal so far this year, including four producers on the visuals desk, two social media editors, two video journalists, a senior video journalist, a video producer, and one reporter, according to The Daily Beast.

    It was reported that some of the video employees were laid off as a result of the end to a Google partnership that funded the development of Youtube channels based around individual journalists or subject matters.

    Open Democracy – Around 10 people

    Several Open Democracy journalists announced on 10 April that they were being made redundant – including its head of news, news editor, political correspondent and two reporters.

    Press Gazette understands the cuts are also affecting the commercial side of the nonprofit organisation.

    Chief executive Satbir Singh and editor-in-chief Aman Sethi said Open Democracy has been hit by “wider industry trends that include rising inflation and an uncertain funding environment” and which have been exacerbated by the end to some of its funding.

    The business expects to return to a break even position once the redundancy round is complete.

    Mail Sport – Up to 15

    Mail Sport journalists were told on 10 April of an upcoming “significant restructuring” as the brand’s transition to prioritising digital continues.

    Mail Newspapers global publisher of sport Lee Clayton told staff, in a memo seen by Press Gazette, that there need to be “changes in how we are set up as a desk with a digital team leading the commissioning process, supported by newspaper experts who can publish print editions to tight deadlines.

    “With that in mind, we will be embarking on a significant restructuring of the department over the coming weeks.”

    Press Gazette subsequently reported that the restructuring was believed to affect up to 15 sports staff including cricket correspondent Paul Newman, racing correspondent Marcus Townend, Spanish football reporter Pete Jenson and chief sports reporter Matt Hughes, as well as several production staff.

    The Times – At least one person

    Times chief football writer of eight years Henry Winter announced on 10 April he has been made redundant.

    At the time of writing Press Gazette has not yet been able to confirm if Winter was the only person affected or if other roles have been made redundant at the same time.

    March 2024

    i-D Magazine – 8 people

    Redundancies have been made in the UK at fashion title i-D magazine, which was saved from a struggling Vice Media by model and entrepreneur Karlie Kloss in November.

    Eight staff in editorial or social media were let go, as first reported by Puck News fashion correspondent Lauren Sherman and confirmed by Press Gazette.

    The magazine is said to be moving towards a reliance on contributors and five of those eight people have accepted a contributor role, Press Gazette understands.

    Around 19 people remain on staff in the UK, including about eight in editorial and social plus the publishing director. There are plans for i-D to return to print in the autumn.

    Kloss formed Bedford Media to run i-D. Bedford Media announced on 28 March it is also relaunching Life magazine under an agreement with Dotdash Meredith on a regular, but unspecified, schedule.

    Deadspin – Around 11 people

    G/O Media has sold sports blog Deadspin to European start-up Lineup Publishing.

    All staff have been laid off as a result of the sale as Lineup plans to go with a “different content approach”. Around 11 people are affected, according to Adweek.

    A memo from G/O Media chief executive Jim Spanfeller, reported by Dailymail.com, said: “I do want to make it clear that we were not actively shopping Deadspin.

    “The rationale behind the decision to sell included a variety of important factors that include the buyer’s editorial plans for the brand, tough competition in the sports journalism sector, and a valuation that reflected a sizable premium from our original purchase price for the site.”

    He added: “Deadspin’s new owners have made the decision to not carry over any of the site’s existing staff and instead build a new team more in line with their editorial vision for the brand.

    “While the new owners plan to be reverential to Deadspin’s unique voice, they plan to take a different content approach regarding the site’s overall sports coverage. This unfortunately means that we will be parting ways with those impacted staff members, who were notified earlier today.”

    Center for Public Integrity – Around 11 people

    US nonprofit news organisation the Center for Public Integrity, founded in 1989, reportedly laid off staff on 8 March.

    The Center’s union said 11 people were being laid off, “more than half” the union’s unit. The New York Times later said less than half the overall staff were affected.

    The NYT reported about a week earlier that the newsroom fell about $2.5m short of its budget goal of around $6m in 2023 and it was considering merging with a competitor or shutting down.

    TalkTV – Unknown number

    An unspecified number of redundancies were expected at TalkTV as News UK pulled the plug on its linear TV format to focus on cross-platform video content.

    Update: TalkTV staff later began tweeting about their redundancies with TalkTV’s last day on linear on 26 April.

    February 2024

    Cord Cutters News – Three people

    Cord Cutters News, a US-based website centred on streaming services and devices and largely funded by affiliate links, has laid off three people.

    Editor-in-chief Roger Cheng announced on 23 February he and two reporters were leaving after their positions were “eliminated amid the company’s shift in focus to Youtube”.

    “I had fun learning about the ins and outs of the streaming world, and proud of some of the bigger stories I wrote,” Cheng said.

    The site’s owner Luke Bouma, who launched Cord Cutters News ten years ago, wrote on the website on the same day that they plan to “give a renewed focus on helping people know all their options to save money on TV, phone, and related product and service reviews” and “focus more heavily on our YouTube channels, including our main Cord Cutters News channel and our second channel The Breakdown with Luke, where you can find reviews of a range of products”.

    WAMU – 15 people

    Washington DC’s NPR affiliate WAMU is laying off 15 people and shutting down local news site DCist, Axios revealed on 23 February.

    Ten new positions are being added at the same time as it invests in and priorities audio.

    Chief content officer Michael Tribble told Axios: “We feel like this is the best way for us to engage and build loyalty.”

    Vice – ‘Several hundred’ people

    Vice told staff it was “eliminating several hundred positions” on 22 February and will no longer publish content on vice.com.

    Vice chief executive Bruce Dixon said in a memo it was “no longer cost-effective for us to distribute our digital content the way we have done previously” and they will instead “look to partner with established media companies to distribute our digital content, including news, on their global platforms, as we fully transition to a studio model”.

    Engadget – Ten people

    Yahoo-owned tech site Engadget is laying off ten people and restructuring into two teams: “news and features” focusing on traffic growth and “reviews and buying advice” reporting to commerce leaders.

    Editor-in-chief Dana Wollman and managing editor Terrence O’Brien announced that they were among the departures. Wollman noted: “To its credit, Yahoo has a decent severance program.”

    A spokesperson told The Verge on 22 February: “Engadget has played a vital role in tech journalism for 20 years and we’re confident that these efficiencies will support future growth and set us up for the long-term as we continue to deliver the best experience for our readers.”

    Buzzfeed – 16% of staff (possibly up to 190 people)

    Buzzfeed is planning to cut 16% of staff, Axios revealed on 21 February, making savings of $23m. The plan follows the sale of its entertainment brand Complex for $108.6m to livestream shopping platform NTWRK, after acquiring it for $300m in 2021.

    At the end of 2022 Buzzfeed had 1,368 employees. It laid off about 180 people in April 2023 with the closure of Buzzfeed News, so these latest layoffs may have affected up to around 190 people.

    Now This – At least 26 people

    US-based social media news publisher Now This made redundancies on 15 February, although the total is not yet known.

    The journalists laid off included Mike Madden, who led the Now This Tiktok team, senior writer PJ Evans, and senior producer Jasmine Amjad.

    The Now This journalists’ union said 26, or 50% of their members, had been affected.

    The Intercept – 15 people

    US investigative nonprofit The Intercept, which was co-founded by Glenn Greenwald, laid off 15 people on 15 February. Editor-in-chief Roger Hodge left in the changes.

    A memo to staff said it was “facing significant financial challenges” like other media outlets and needs to make changes to become sustainable.

    It said: “With the board’s approval, the leadership team has a plan that we believe paves the way for a more sustainable financial foundation for The Intercept so that we can continue to produce high-quality investigative journalism.

    “We have also implemented other cost-saving measures, including significant salary cuts for the leadership team and the flattening of the management team, to minimise the impact as much as possible.”

    CBS News – Around 20 people

    Around 20 people have been laid off at CBS News in Washington DC, New York and Los Angeles as part of wider cutbacks at parent company Paramount Global affecting 800 people.

    The CBS News staffers made redundant reportedly include chief national affairs and justice correspondent Jeff Pegues and senior investigative correspondent Catherine Herridge.

    Bustle Digital Group – 16 people

    Adweek has reported that seven editorial staff at Bustle Digital Group title Fatherly have been laid off and that the site will “significantly decrease” its output.

    Adweek also revealed that nine full-time employees across the Bustle, Romper and Elite Daily brands were let go in January but this had not previously been reported.

    Wall Street Journal – Around 20 people

    Sixteen reporters and one columnist were let go in a shake-up of the Wall Street Journal’s Washington DC coverage on 1 February, according to the Daily Beast. An unspecified number of editors are also thought to have been affected.

    Editor-in-chief Emma Tucker told staff: “The new Washington bureau will focus on politics, policy, defense, law, intelligence and national security. Damian Paletta, our new Washington coverage chief, starts next week and will focus our efforts in these areas to deliver work that serves the readers and stands out from the competition.

    “This means the Business team in Washington is closing as is the Washington-based U.S.-China team. Stories covered by these groups will be driven by various teams in the newsroom. We are also changing the editing structure in the bureau and are closing the D.C. News Desk; those editing functions will be handled elsewhere in the bureau or on the news desk in New York.”

    Journalism job cuts in January 2024

    The Messenger – About 300 people

    Jimmy Finkelstein’s digital news start-up The Messenger abruptly closed on Wednesday 31 January, with many staff finding out from New York Times, Semafor and Axios reporting rather than management.

    Editor Dan Wakeford reportedly told staff he was “not in the loop” on Slack minutes before the channel shut down.

    The website was wiped less than four hours later. Staff have spoken out about being left with no severance and no health insurance.

    Tech Crunch – About eight people

    Tech Crunch reportedly laid off about eight people on Monday 29 January, with Adweek reporting it plans to “refocus its coverage around the investors, founders and startups of Silicon Valley”.

    Tech Crunch is also winding down its paid subscription product, which first launched in 2019 and was rebranded to its current guise in 2021. It aimed to provide “advice and analysis to help startups” with interviews, newsletters, weekly coaching sessions, ad-free access to Tech Crunch, and more.

    Altfi – Up to 15 people

    London-based fintech news website Altfi announced on Friday 26 January it was closing down after ten years.

    In a farewell note, the team told readers: “Whilst our purpose, journalism and brand following has never been in doubt, we have faced severe headwinds over the last 18 months.”

    The Evening Standard reported that Altfi listed 15 members of staff on its website.

    Forbes – Less than 3% of staff (which could be up to 15 people)

    Forbes staff were told on Thursday 25 January – the same day as union members were on their first day of a three-day walkout over contract negotiations – that it planned to reduced staff by less than 3%.

    Forbes has 500 employees worldwide, according to its website, meaning the layoffs could affect up to 15 people.

    Forbes Media chief executive Mike Federle told staff: “Over the past few years, we’ve continued to find ways to diversify our business and revenue streams, and we’ve seen significant growth as a result.

    “As we continue to position ourselves to fully align with our 2024 business strategy, we have had to reprioritize some resources so that our organization can meet those goals. These changes have resulted in the difficult decision to reduce staff in certain areas.”

    Business Insider – 8% of staff (which could be up to 70 people)

    Business Insider told staff on Thursday 25 January it planned to make 8% of staff worldwide redundant.

    It came less than a year after the Axel Springer-owned title, which then had a headcount of 950 worldwide, laid off 10% of staff in the US.

    Chief executive Barbara Peng told staff that while Business Insider “closed out last year [2023] with a plan in place, a clear target audience and a vision”, 2024 would be about “making it happen and focusing our company”.

    “Unfortunately, this also means we need to scale back in some areas of our organisation.”

    Time magazine – Around 30 people

    Around 30 people were laid off from Time magazine on Tuesday 23 January, including about 13, or 15%, of its union-represented editorial employees, according to CNN.

    The union reported that the layoffs included the majority of staff at the publisher’s news publication for children, Time for Kids.

    Time chief executive Jessica Sibley told staff: “We have worked to manage expenses in other areas of our business aggressively to minimize the impact of this decision on our employees. All of these actions have moved us considerably closer to being a profitable company, an achievement we must reach to realize Time’s full potential.

    “While this was not an easy decision to make, it is the necessary step we must take in order to drive our business forward and improve our financial position as an organization.”

    Pink News – Nine staff at risk

    LGBTQ+ publisher Pink News put nine roles at risk of redundancy in its editorial, brand and people teams. The roles at risk include news editor, entertainment editor, weekend editor, head of brand, and marketing manager.

    The UK-based publisher blamed an “unpredictable financial year… which has necessitated strategic changes to our growth priorities”. The company is leaning into video, it said.

    Los Angeles Times – 115 people

    The Los Angeles Times announced it was laying off at least 115 people, or more than 20% of the newsroom, on Tuesday 23 January.

    The title’s owner Dr Patrick Soon-Shiong said the cuts were necessary because it could “no longer lose $30 million to $40 million a year without making progress toward building higher readership that would bring in advertising and subscriptions to sustain the organization”, the newspaper reported.

    The Washington bureau, photography and sports departments and video unit were particularly hard-hit, it added.

    Soon-Shiong has owned the Times for almost six years, after buying it from Tribune Publishing along with the San Diego Union-Tribune for $500m.

    It came just six months after Los Angeles Times cut 74 roles in the newsroom, or about 13%.

    Mediahuis Ireland – Around 50 people

    Mediahuis Ireland is seeking voluntary redundancies with the aim of cutting costs by €4m annually. Compulsory redundancies could follow if there is not enough staff uptake.

    The publisher of newspaper titles including the Irish Independent, Sunday World and Belfast Telegraph, as well as regionals such as The Kerryman and Wexford Times told staff on Tuesday 23 January it was seeking to reduce headcount by around 10%.

    Around 549 people work for Mediahuis Ireland – 338 in journalism roles and 211 in areas like technology, HR and finance, according to the Irish Independent. Around 50 jobs are therefore expected to go, with 30 in editorial.

    Chief executive Peter Vandermeersch told staff: “I am convinced that our strategy is the right one: to restructure our business to make this a leaner, more streamlined news organisation with the most efficient processes and systems possible, while continuing to produce the highest quality journalism and diversifying our revenues to build a sustainable future for our company.”

    It comes less than a year after a previous round of voluntary redundancies. Its current headcount is already down by about 35% from when Mediahuis bought Irish news publisher Independent News and Media in 2019.

    Sports Illustrated – Most, if not all, staff

    Most, if not all, of Sports Illustrated’s staff were laid off after the publisher’s failure to pay a licensing fee saw the licence revoked.

    The exact numbers of job losses are unclear but it was a heavy hit to the 70-year-old magazine. The Sports Illustrated Union said it had been told of plans to lay off “a significant number, possibly all”, of its members, who work in editorial, on Friday 19 January. According to NPR, the union represented 82 Sports Illustrated employees, or 80% of staff.

    Sports Illustrated owner Authentic Brands Group said it had ended its licensing agreement with The Arena Group, with Front Office Sports reporting this was because Arena missed a $3.75m payment three weeks earlier.

    Authentic Brands Group bought Sports Illustrated’s IP for $110m in 2019 and soon began licensing it to Arena in a ten-year deal.

    Union members were reportedly given 90 days’ notice, during which time there is a chance the licensing deal is resolved, but non-union members were let go with immediate effect.

    Update: Minute Media, which took over publishing Sports Illustrated in March, reportedly hired back more than 90% of editorial employees who worked for it under The Arena Group.

    Design Week – Three people

    Centaur Media closed Design Week on 19 January. Three editorial roles were lost as a result.

    The 38-year-old online magazine told readers that Centaur was shifting strategy to its “core audience of marketers, and focuses on training, information, and intelligence”. It had closed in print in 2011.

    Pitchfork – At least 12 people

    Conde Nast folded the operation of music website Pitchfork into men’s title GQ, with chief content officer Anna Wintour saying: “This decision was made after a careful evaluation of Pitchfork’s performance and what we believe is the best path forward for the brand so that our coverage of music can continue to thrive within the company.”

    Pitchfork editor-in-chief Puja Patel left the company as a result on Tuesday 17 January, along with at least 11 other employees according to AP which reported that ten of those were journalists, leaving an editorial staff of eight.

    Pitchfork, which launched in 1996, had been owned by Conde Nast since 2015.

    Univision – Around 200 people

    Televisa Univision cut around 200 jobs at Univision, a Hispanic network broadcaster in the US, on Wednesday 17 January.

    The company said in a statement: “The evolution of the media landscape has required us to implement efficiencies and cost-cutting measures to meet existing demands and in turn, strengthen our business for the future. As a result, Televisa Univision has made the difficult decision to eliminate a small number of positions in the US across various business units.”

    Cuts affected on-air personalities in news and sport as well as roles in departments like production, sports, digital, and communications.

    NBC News – 50 to 100 people

    Around 50 to 100 people were laid off at NBC News on Thursday 11 January, with a 60-day notice period and severance packages.

    NBC News and its news channel MSNBC made a similar round of redundancies a year ago in January 2023, with about 75 people affected.

    The Messenger – Around 24 people

    Digital news start-up The Messenger, which was launched by former owner of The Hill Jimmy Finkelstein in May last year, cut about two dozen jobs at the start of the year.

    The New York Times said it was a cost-cutting measure as a result of dwindling cash reserves, blamed on a difficult advertising market.

    Major journalism launches/new job roles in 2024

    The Lever – Nine people – April

    US reader-supported investigative news outlet The Lever has expanded with the addition of nine journalists.

    It began life as a two-person newsletter in April 2020 and now has a team of 19.

    Managing editor Joel Warner said: “We’re thrilled that our reader-supported news outlet continues to grow and to attract high-caliber journalism talent that is breaking open huge stories week after week.

    “This is a difficult time for the media industry, but our subscribership and our commitment to accountability journalism are making this expansion possible.”

    The new additions include a senior investigative reporter, senior enterprise reporter, three general reporters, a senior podcast producer, a contributing news designer, a social media and marketing producer, and an editorial fellow.

    The Digital Frontier – 20 people – February

    A new technology newsbrand, The Digital Frontier, is launching in London with a 20-strong team, of which nine are editorial roles producing a website, twice-weekly podcast and daily newsletter.

    Let’s not forget that the progressive watchdog journalism organization Media Matters has cut over a dozen staffers. The nonprofit is scheduled for a trial in April 2025 over its questionable research highlighting antisemitic and pro-Nazi content on X. 

    The leftist mass media die-off is happening as American’s trust in corporate media plummets. X is fracturing the corporate media industrial complex.

    Tyler Durden
    Tue, 06/18/2024 – 19:00

  • Anger & Signs Of Rebellion Among Egyptian Troops As Sisi Remains Silent On Gaza
    Anger & Signs Of Rebellion Among Egyptian Troops As Sisi Remains Silent On Gaza

    Via Middle East Eye

    Since the Israeli onslaught on neighboring Gaza following the Oct.7 Hamas attack, Egyptian soldier Mohamed Omar* has felt helpless. Omar, 23, has served as a patrolling officer in Egypt’s North Sinai, along the border with Gaza’s Rafah, over the past year. The region is part of a demilitarized zone according to security pacts between Egypt and Israel, and only soldiers with light weapons are allowed to be deployed there.

    “It is painful to know that you can help, but you are shackled and cannot help rescue your people from being slaughtered,” he told Middle East Eye while on leave in Port Said, a destination for soldiers to rest before heading off to their units in North Sinai. “We’ve been watching and hearing how intense the Israeli bombing in Rafah is, and we see dozens of Palestinian families passing by the borders.”

    Egyptian special forces soldiers deploy near the border with the Gaza Strip on 20 October 2023, via AFP

    Israel’s war in Gaza has so far reportedly killed more than 37,000 Palestinians, mostly women and children – Gaza’s Health Ministry says. Egypt, an ally of Israel since their 1979 peace agreement, has maintained a largely non-confrontational stance towards Israel since the beginning of hostilities in October, even after the Israeli army’s seizure of the strategic Rafah crossing with Egypt in May and the deaths of at least two soldiers in armed clashes with Israeli soldiers earlier this month.

    “We train day and night, and repeat marching chants against the Zionist enemy, and we hear dedicated newsletters bragging about how ready the military is, but when this enemy is killing thousands of our brothers, we sit idle,” Omar told MEE.

    Middle East Eye has met five Egyptian soldiers, including Omar, most of whom have demonstrated their dissatisfaction with the way the government is dealing with the war in Gaza and with the killing of their comrades on the border with Israel.

    The young soldier considers himself and his colleagues “elite fighters” trained to withstand harsh conditions and fight sophisticated targets. His unit, he added, has been reinforced by more elite and well-trained units from the counterterrorism division in North and Central Sinai since October.

    Omar lost two comrades in clashes with Israeli soldiers earlier this month, but their deaths have had little recognition by the Egyptian army, including its senior leadership and President Abdel Fattah el-Sisi, he said.

    Amid silence from Egyptian authorities, two soldiers from Faiyum were laid to rest in their hometowns last month after dying in clashes with Israeli forces near the Rafah border. The two soldiers have been identified as Abdallah Ramadan and Ibrahim Islam Abdelrazzaq, who were both 22 years old.

    Despite widespread sympathy for the slain soldiers, they have not received a military funeral or any high-level recognition, and state-linked media have not reported on their deaths.  

    Omar said morale in his unit is low because of the killing of his comrade Abdallah Ramadan. Omar serves in a different platoon than the one Ramadan served in, but he said the response of the government was disrespectful. “How come the martyr Ramadan was not honored and his name was not mentioned, and there were no high ranks at his funeral?” asked Omar.

    “When the lowest-ranking police conscript gets killed in a car accident, they get a military funeral, and Ramadan, who fought the Zionists, gets buried secretly. What a shame!” he added.

    ‘My blood will go in vain’

    Omar said his superiors tried to calm them down after the death of Ramadan, explaining that “the enemy is trying to drag us into this to justify the killing of Palestinians and to use this as propaganda to tell the world Israel is being attacked from all sides”.

    Similar reasons were also cited to the unit where Ahmed Tawfik*, 24, is serving in the mechanized infantry in Ismailia. “The moral affairs officer told us that Egypt is pushing a ceasefire, but the Netanyahu government wants to push Egypt into a war so it continues its aggression on the Arabs and Muslims.”

    Both Tawfik and Omar are concerned that if they die in action during the current diplomatically complicated situation, their deaths will be for nothing. “I am concerned that if I get martyred, my blood will go in vain. Ramadan died and not a single bullet was fired to defend him.”

    A funeral prayer held for Egyptian soldier Ibrahim Islam Abdelrazzaq in Sanhour village in Faiyum, 29 May 2024 (MEE/Sahl Abdelrahman)

    Tawfik said that morale in his unit is low as soldiers have similar fears. “The only thought that makes these men withstand the [compulsory] service is the possibility that they will die as martyrs or that they will die for their homeland,” he said.

    “If the government continues to be apathetic, the soldiers will not be able to restrain themselves from firing at the enemy like the martyr Mohamed Salah,” Tawfik added.

    Last June, Mohamed Salah, a 23-year-old Egyptian police conscript, killed three Israeli soldiers and wounded two others. He was later gunned down by Israeli forces.

    However, Mostafa Marwan*, 25, a medic in Sinai, who is in his final months of service, said he is praying that Egypt does not go to war. “The thousands of conscripts you see … on TV in military parades, they are not the ones who are going to fight. There are thousands of soldiers who do not know how to shoot, or to take care of a wounded fellow soldier.”

    Marwan said these conscripts are trained for only 45 days in basic camp and carry weapons that have been stored since the time of the Soviet Union. “What are they going to do in the face of a military that is supported by the strongest and most sophisticated military in the world?” the young medic said, referring to US backing for Israel. “I am not a traitor, but one has to be realistic.”

    Marwan added that as a military medic he only has basic equipment even though he is a surgeon, and that his superiors are abusive and corrupt. “There are many ways to aid Palestinians, but the Egyptian military going to war is not the answer,” he said. “I am not surprised that the blood of the men on the front was cheap, but that is the result when all Egyptian blood became cheap.”

    ‘Forced to serve’

    While Marwan is anti-war because of the unreadiness of the military, Tamer Samir*, who serves in Cairo in an air defense platoon, believes that Egypt should intervene to help Palestinians, but that he should not be in that military.

    According to the Egyptian constitution, men aged 18 to 30 must serve in the military for at least 18 months, followed by a nine-year obligation to serve if called up for duty.

    Having graduated from an international private university and coming from a well-off family, the 22-year-old Samir believes his conscription does not make sense. “Individuals like me who had the chance to be well educated and know languages should not be forced to serve and fight because we can help develop the country in other ways such as business or economics.”

    Through a powerful connection, Samir’s family was able to secure the calmer posting, where he can go home every night, and only do administrative work. “I don’t really know much about war and politics, but I am looking forward to finishing my service.”

    Like Samir, a lot of Egyptians seek connections either to skip or postpone conscription, or to get their service in big cities or in the administrative or business branches of the armed forces. The result leaves many underprivileged individuals and poorly educated young men on the front, on borders, or head to head with extremist militants.

    “On the frontlines and on the border, you will find only soldiers from poor backgrounds – sons of farmers, workers, fishermen, and impoverished people,” Megahed Nassar*, a counterterrorism soldier in Sheikh Zuwied, who came to Faiyum to attend the funeral of Ramadan, told MEE. 

    “Abdallah Ramadan, Ibrahim Abdelrazzaq, Mohamed Salah, are all sons of poor people, and they paid their lives for the nation, and the government did not pull a finger to fight for their rights or even to defend them,” said Nassar, who is also from Faiyum.

    “Most conscripts are forced to serve, are poor, have no other alternative, and do not have a connection. They go to Sinai and either fight the Israelis or the extremist militants.”

    *Names changed for security reasons.

    Tyler Durden
    Tue, 06/18/2024 – 18:40

  • Are Pump-Prices About To Surge Again? API Reports Gasoline Inventory Draw
    Are Pump-Prices About To Surge Again? API Reports Gasoline Inventory Draw

    Oil prices rallied for the second straight day, reaching their highest since April, on “price-supportive rhetoric” from the OPEC and its allies, said Tyler Richey, co-editor at Sevens Report Research.

    The initial “knee-jerk selloff” reaction to the June 2 decision by OPEC+ to phase out voluntary oil-production cuts after the third quarter was “largely reversed and seen as overdone,” Richey told MarketWatch.

    OPEC+ leadership “confirmed that they will remain flexible and only reduce their voluntary output cuts if market conditions warranted, and clarified increasing production is not necessarily a base-case expectation right now,” he said.

    “Evidence of strong domestic demand at the start of the U.S. summer driving season, rising geopolitical tensions overseas and renewed hopes for a perfectly executed [economic] soft landing” by the Federal Reserve have also contributed to oil’s price rebound, Richey said.

    Tonight’s API data is all we have to go on until Thursday (since tomorrow is a market holiday)

    API

    • Crude +2.26mm

    • Cushing +524k

    • Gasoline -1.08mm

    • Distillates +538k

    Crude stocks rose for the third straight week while Gasoline stocks drew down for the first time in four weeks…

    Source: Bloomberg

    WTI traded marginally higher this evening after the API data…

    WTI broke above all of the major technical levels this week…

    Source: Bloomberg

    Geopolitics “returned as a meaningful influence on the markets in recent weeks, as there has been a resurgence in ship attacks in the Red Sea related to the ongoing Israel-Hamas/Hezbollah conflict,” Richey said. Ukrainian drone attacks on Russian oil and energy infrastructure resumed this week, with a strike at a refined-product terminal in Azov resulting in an explosion and sizeable fire at the facility, he said.

    Sentiment in the oil market, however, is “fragile,” Richey said. “If we see any headlines that contradict any of those factors that have supported the latest rally, or even just an uptick in broad market volatility into the end of the quarter, we could see oil markets correct back towards the mid $70 a barrel range.”

    Finally, we note that the disinflation that has buoyed hopes for The Fed’s first rate-cut, and helped Biden out, may be about to abruptly stall…

    Source: Bloomberg

    Of course, we are sure mom-and-pop gas station owners will be blamed though if prices do rise again!

    Tyler Durden
    Tue, 06/18/2024 – 18:20

  • On The Edge Of The Programmable Ledger: CBDCs
    On The Edge Of The Programmable Ledger: CBDCs

    Authored by J.R. Bruning via The Brownstone Institute,

    New Zealand’s central bank, the Reserve Bank of New Zealand (RBNZ), has opened a consultation on central bank digital currencies (CBDCs).

    This is the second of four stages.

    RBNZ considers that Stage Three will involve the development of prototypes and will be completed between 2028-2029.

    Then, in around 2030, they ‘would introduce digital cash to Aotearoa New Zealand.’

    The language the RBNZ uses, from the rhetoric around risk to the so-called benefits of CBDCs, mimics the language and concerns of the global banking, finance, and technology (Fintech) industry and management consultancy interests. 

    There doesn’t seem to be a role for Parliament to debate whether or not New Zealand’s central bank should even enter the retail currency market. 

    It seems that the financial markets regulator, the regulator of retail banks, presumes that it can grant itself powers to enter the very market it is supposed to regulate, the retail banking market. 

    New Zealand’s central bank is somewhat unusual in that it is charged with broader powers than most central banks. Following a major International Monetary Fund (IMF) review, the RBNZ experienced its greatest transformation process in forty years. 

    The RBNZ is not only responsible for monetary policy, the central bank is the financial markets regulator – responsible for oversight of the financial system and prudential regulation of banks, deposit-takers, and insurance companies. The RBNZ can now decide if a financial institution is too big to fail (systemically important).

    Recently, the RBNZ engaged in large-scale asset purchases, which resulted in billion-dollar losses and appeared to primarily benefit foreign-owned banks.

    The impact of a too-big-to-fail (systemically important) central bank entering the retail environment? This is not the only problem. 

    Major risks revolve around the known interoperability of CBDCs and digital identity (ID) technologies and the programmability potential of CBDC payments.

    RBNZ may be downplaying the tech architecture’s potential, but their business partner Accenture underscores the fact that world-leading CBDC capability will maximise ‘synergies with other national digital initiatives, such as Digital ID, CDR 78 and Real Time Payments through inter-operability.’

    Unlike bank digital currencies in your account today, central bank digital currencies are programmable. Self-executing applications called smart contracts enable payments to be programmed. These smart contracts can be combined, or bundled together on central bank ledgers, a capability known as composability. Smart contracts can be deployed remotely or directly, and third parties can issue directions using programmable three-party locks. 

    This is one thing in a consenting commercial environment. The same capabilities in a government declaring an emergency or crisis and demanding public compliance? What could go wrong?

    Not only are CBDCs programmable and combinable, but the long game involves a plan to interconnect central banks and the Bank of International Settlements so that they will network via a unified ledger.

    When we think about risk, we can’t just think short-term; the tech’s capability in the future must be assessed, and reckoned with, on a global scale. 

    We can’t presume that consumers can either choose or not choose to use CBDCs. Digital IDs will be required for CBDCs, and people must submit to an iris scan, which contains biometric information. Digital IDs are increasingly required to access New Zealand government jobs, services, and funding opportunities. The agencies involved are electing to ignore the fact that drivers’ licenses and passports in New Zealand historically have a low rate of fraud. 

    There is reason to suspect that CBDCs will involve a similar strategic creep.

    The government could regulate that government wages, salaries, or funding opportunities are paid by CBDCs in a similar fashion, ultimately giving people little choice. 

    A recently released discussion paper by the Physicians and Scientists for Global Responsibility New Zealand (PSGRNZ) looks at the New Zealand consultation and the history of policy development by these big global fintech-facing industries. It reveals how no one is considering how these interoperable technologies may represent a potential threat to civil, constitutional, and human rights. From the RBNZ, through government agencies, human rights, and public law experts, New Zealand is silent. 

    ‘Digital government’ is so important in New Zealand that our Attorney General has been equipped with an astonishing and unprecedented plethora of digitising government, intelligence, and surveillance-related portfolios. The potential for Digital ID-CBDC tech, forever connected to the biometric data contained in our iris, to impact rights and freedoms, is unlikely to be addressed by New Zealand’s digital-facing Attorney General. 

    PSGRNZ believe that there are four major risks that must be addressed that the RBNZ is gliding over.

    • First, digital IDs coupled to central bank digital currencies (CBDCs) enhance all-of-government oversight over private activity. Therefore, privacy issues encompass government surveillance, including through backdoor access points, rather than exclusively concerning commercial environments.

    • Second, CBDCs will be transferred electronically using pre-programmable smart contracts. Smart contracts hold the potential to incentivise or disincentivise behaviour through the tethering of activities to access CBDC. Global banking white papers indicate that they will be used to achieve larger policy objectives. The Fintech industry will contract to governments to support the design and control of the digital infrastructure and smart contracts. 

    • The potential for erosion of government oversight is a third concern. Central banks are accountable to sovereign democratic governments. Conventional money creation through the budgetary process arises through processes of negotiation between elected officials, agency heads, and their staff and public lobbying. Private bank money creation through loans is a consequence of political and economic decision-making. Reserve bank power to create or release CBDCs would be at arm’s length from these processes and remain largely confidential or secret in nature.

    • Finally, there is a risk of increased oversight and delegation of the production of strategy, policy, and rules to the Bank of International Settlements (BIS) International Monetary Fund (IMF). This might occur through global harmonisation and ‘best practice’ arrangements while undermining the power of democratic governments. These institutions lead global policy on CBDCs, working closely with the Fintech sector. These institutions are neatly situated to take advantage of such a delegation of powers, and the opportunities presented by unified, networked central bank ledgers at a global scale.

    The broader concerns of members of Parliament, public law experts, and citizens, what might happen when digital government oversight becomes networked across the whole of government is not in scope.

    The act of questioning whether these interoperable, panopticon-like technologies might be contrary to the public interest, is also – not in scope.  

    We also highlight extensive evidence of industry capture in our paper.

    It’s a tale as old as time.

    A new technology becomes possible, and the merchants form trade associations and nurture relationships with government actors to ensure maximum takeup and friendly regulation in the service of nation, empire, and the economy. From the 14th-century livery suppliers in the City of London to the 21st-century Fintech and banking consortiums that provide the skills and services to enable the interoperable digital infrastructure and harness the potential of digital ID and CBDCs, it’s all about strategy, service, and sales. 

    Because, of course, when you think about livery, you think about saddles, bridles, and reins and a flag or two. When you think about central bank currency, you imagine how good it might be. Everyone can access government money (universal basic income – UBIs), and how CBDCs could come as interest-free loans for the little guy.

    But the livery suppliers also supplied weapons, not only for offshore conquests but to halt local rebellions.

    The double-edged sword problem similarly presents itself with CBDCs. But our 21st-century silicon-based tech dilemma is vastly different from slowly forged weapons. 

    It’s a classic industry technique to shrink the issue of risk around a new technology to focus on one discrete component. Meanwhile, the industry developers, from their research and development to their communications and investment strategies, are in no doubt that that discrete piece is nothing without the other puzzle pieces. Whether the end product is a patented formulation or a digital infrastructure, the whole is greater than the sum of its parts.

    As an example of this, government regulatory agencies have for decades insisted that the toxicity of Roundup herbicide revolved around the active ingredient glyphosate. The Roundup trials shed light on industry knowledge that the retail formulation was much more toxic. Similarly, mRNA gene therapies require that a lipid nanoparticle encapsulates the genetic instructions, thereby enabling the genetic instructions to be transported into cells unrecognised. In both these examples, genotoxicity and carcinogenicity testing for the commercial formulation was never required. The writing out of the intended effect of the combined technologies is masterful, really.

    Industries work tirelessly to shape risk framing and regulation to ensure that a toxic ‘sum’ is not recognised. Regulators and government agencies lean on their technical expertise and prioritise industry literature, including unpublished, confidential industry data, while refraining from reviewing public scientific literature that is outside study guidelines. This is not just luck. It’s the result of years of tactical negotiation with industry experts. We also saw this with Roundup and Covid-19 injections.

    So it is ‘natural,’ if we look at the RBNZ’s white papers relating to the benefits of CBDCs, that the networked power of interoperable tech infrastructure would be out of the picture. 

    When it comes to the benefits of CBDCs, the RBNZ thinks like the industries that have captured it. 

    Regulatory capture is much more than the classic definition, where ‘regulation is acquired by the industry and is designed and operated primarily for its benefit.’ 

    Our understanding of regulatory capture has expanded significantly beyond the revolving door problem. When it comes to highly specialised science and technology sectors, industry experts can lead, control, and shape policy design. Expertise and information have arrived for years via white papers, industry workshops, briefings, global conferences, consensus statements, media coverage, lobbying, and networking. Industry-led principles and values then shape domestically-produced white papers and policies. Government risk assessment and policy papers then reflect industry language and framing. The net effect is that the domestic laws and guidelines are perfectly acceptable to the regulated industries and their global colleagues. 

    This then influences public sector knowledge and shapes how policy is designed, corralling laws and regulations to achieve certain aims. Saltelli et al (2022) describes this as cognitive or cultural capture, with the effect that regulators think like the industry they are charged with regulating.

    Government agencies also hire billion-dollar management consultancies to help formulate and deploy strategies. Yet these very same consultancies have been on the ground from the get-go, working with global banking and fintech, writing white papers, establishing industry conferences, and attending global conferences, for years. The role of the consultants in this is a neat piece of the puzzle. 

    Billion-dollar management consultancy Accenture has been hired to help the RBNZ with their CBDC campaign. Accenture’s key partners are the biggest corporations in the world. Accenture has been working on Digital IDs with global bankers and Fintech for decades, fully aware that Digital IDs will be integral for access to CBDCs. Accenture is fully aware of the interoperability of Digital IDs and CBDC and their RBNZ dossier discloses this.

    It’s no wonder that the New Zealand public aren’t invited to accept or reject CBDCs. The RBNZ consultation merely invites the public to share their opinions on a small range of issues that exclusively concern CBDCs. 

    To date, all the RBNZ CBDC-related information is exclusively supplied by the agency with a massive political and financial conflict of interest.

    The RBNZ claims that trials and protocols will be developed over the coming 4 years, with CBDCs being released in 2030.

    Our white paper recommends a different track. We consider that for the next six years (two election cycles) no public trials will be held, and that we instead carefully observe the impact in other jurisdictions. This includes impacts across the political and democratic landscape and impacts on civil, constitutional, and human rights in early adopting countries. Then, only after 2030, either a parliamentary or public vote would be held to give the RBNZ the permission to release retail CBDCs. 

    Central banks should not be permitted to decide their own destiny. 

    PSGRNZ believe it is critical to step back from the brink and consider that the risks are not black and white, but nebulous and difficult to anticipate. Yet the risks may be so considerable that they hold potential to erode civil, constitutional, and human rights. In such an environment the RBNZ is not well placed to consider risks, when the conflicts of interest – their potential expansion of powers – are so extraordinary. 

    At the moment, the silence of New Zealand’s political, legal, and governance scholars is deafening. And yes, after publishing this paper PSGRNZ sent it to all the academic experts we could identify who had expertise in administrative, constitutional, and/or human rights law, across New Zealand’s five law schools. No one has as yet responded.

    In finishing, let’s consider a quote from New Zealand’s University of Victoria Institute for Governance and Policy Studies:

    Safeguarding long-term interests, however, is not easy. There are strong political incentives in democratic systems for policy-makers to prioritise short-term interests over those of future generations. Powerful vested interests often hinder prudent economic or environmental stewardship. Governments must also grapple with deep uncertainty, policy complexity and multiple intra-generational and intergenerational trade-offs. Given such challenges, determining how best to govern for the future is not straightforward; nor is assessing the quality of such governance.

    *  *  *

    PSGRNZ (2024) Stepping Back from the Brink: The Programmable Ledger. Four democratic risks that arise when Digital IDs are coupled to Central Bank Digital Currencies. Bruning, J.R., Physicians & Scientists for Global Responsibility New Zealand. ISBN 978-0-473-71618-9.

    Tyler Durden
    Tue, 06/18/2024 – 18:00

  • Netanyahu Rips Biden: 'Inconceivable' That US Weapons Were Ever Halted
    Netanyahu Rips Biden: ‘Inconceivable’ That US Weapons Were Ever Halted

    Israeli Prime Minister Benjamin Netanyahu has accused the Biden administration of withholding weapons transfers to Israel, in violation of stated promises that Washington would remove all restrictions on arms deliveries.

    Netanyahu revealed this during a video address discussing meetings with US Secretary of State Antony Blinken days ago during his trip to Israel. Netanyahu further addressed international media reports on the US throttling weapons deliveries as punishment for mass civilian atrocities and alleged war crimes in Gaza.

    “When Secretary Blinken was recently here in Israel,” began the Israeli leader in an English-language video, “we had a candid conversation, I said I deeply appreciated the support the US has given Israel from the beginning of the war.”

    “But I also said something else, I said it’s inconceivable that in the past few months, the administration has been withholding weapons and ammunitions to Israel,” he continued, publicly airing his obvious frustration with President Biden.

    GPO/Times of Israel

    “Secretary Blinken assured me that the administration is working day and night to remove these bottlenecks,” he added. “I certainly hope that’s the case. It should be the case.”

    Netanyahu further advanced an argument recently used by Ukraine’s Zelensky. He said Israel must urgently be provided with more and more American weapons as only then could the war could be brought to a more rapid close.

    “During World War II, [UK leader Winston] Churchill told the United States, ‘Give us the tools, we’ll do the job,'” said Netanyahu. “And I say, give us the tools and we’ll finish the job a lot faster.”

    Meanwhile, despite reports that US has slowed its deliveries, more major arms packages for Israel are making their way through Congress, as The Washington Post reports:

    Two key Democratic holdouts in the House and Senate signed off on a major arms sale to Israel, including 50 F-15 fighter jets worth more than $18 billion, after facing intense pressure from the Biden administration and pro-Israel advocates to allow the transaction to move forward, said three U.S. officials familiar with the matter.

    Rep. Gregory Meeks, who importantly is the top Democrat on the House Foreign Affairs Committee, has been among those hold-outs who earlier demanded assurances from President Biden that Israel won’t use US weapons to commit war crimes or civilian killings.

    “I don’t want the kinds of weapons that Israel has to be utilized to have more deaths,” Meeks said in April. “I want to make sure that humanitarian aid gets in. I don’t want people starving to death, and I want Hamas to release the hostages. And I want a two-state solution.”

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

    One of the arguments made by proponents of new arms deals with Israel is that more advanced, sophisticated weaponry makes for better targeting and thus reduces the likelihood of mass civilian deaths.

    Tyler Durden
    Tue, 06/18/2024 – 17:40

  • We Approach 'State' Singularity
    We Approach ‘State’ Singularity

    Authored by Bruce Pardy via The Brownstone Institute,

    Many citizens of the West believe that they live in free societies, or something close…

    But as time goes on, public authorities increasingly insist on having a say in everything…

    People cannot build things on their own land without permits. They cannot run businesses without approvals and inspections. They cannot give advice without professional designations. They cannot educate their children outside of state-mandated curricula. They cannot hire employees without triggering a myriad of workplace and tax requirements. They cannot produce and sell milk, cheese, or eggs without a license. They cannot earn money, spend money, or hold property without being taxed, and then taxed again. 

    Jeffrey Tucker recently described three layers of omnipotent managerial technocracy. 

    • The deep state, he suggested, consists of powerful and secretive central government agencies in the security, intelligence, law enforcement, and financial sectors. 

    • The middle state is a myriad of ubiquitous administrative bodies – agencies, regulators, commissions, departments, municipalities, and many more – run by a permanent bureaucracy. 

    • The shallow state is a plethora of consumer-facing private or semi-private corporations, including banks, Big Media, and huge commercial retail companies, which governments support, protect, subsidize, and pervert. The three layers work together. 

    For instance, in the financial sector, as Tucker illustrates, the deep state’s Federal Reserve pulls the powerful strings, the middle state’s financial and monetary regulators enforce myriad rules and policies, and the shallow state’s “private” titans like BlackRock and Goldman Sachs dominate commercial activity. It’s a system, Tucker writes, “designed to be impenetrable, permanent, and ever more invasive.” 

    We are approaching state singularity: the moment when state and society become indistinguishable. 

    In physics, a “singularity” is a single point in space-time. Inside black holes, gravity crushes volume to zero and mass density is infinite. In computer science, “technological singularity” is unitary artificial superintelligence. At the singularity, everything becomes one thing. Data points converge. Normal laws do not apply. 

    At state singularity, the state becomes society and society is a product of the state.

    Legal norms and expectations become irrelevant. The state’s mandate is to do as it judges best – since everything and everyone are expressions of its vision. Powers are not separated between the state’s branches – the legislature, the executive, the bureaucracy, and the courts. Instead, they all do whatever they deem necessary. The bureaucracy legislates. Courts develop policy. Legislatures conduct hearings and prosecute cases. Government agencies change policies at will. The rule of law may be acknowledged as important in principle while it is rejected in practice.

    State singularity is the ultimate collectivism. It resembles old-style fascism and communism, but it is neither. Fascist states enforce an idea, often nationalist in sentiment (“The motherland for the superior race”), and recruit private actors, especially corporations, to the cause. Communist regimes champion the working class and outlaw private property (“Workers of the world unite”). Singularity, in contrast, is not propelled by an idea other than singularity itself. To justify its own hegemony, the state champions a variety of other causes. In the modern era, social justice, climate change, transgender rights, feminism, economic reform, and many more have served to extend the state’s reach. Problems are rarely solved, but that is not the reason for taking them up.

    State singularity develops gradually and insidiously. Whereas fascist, communist, and other centralized power regimes often result from deliberate political revolution, in the West omnipotent managerial technocracy has grown, spread, and infiltrated the nooks and crannies of social life without sudden political upheaval. Like a form of institutional Darwinism, public agencies, no matter their formal purpose, seek to persist, expand, and reproduce. 

    At the singularity, all solutions to all problems lie with government in its various forms. More, never less, programs, rules, initiatives, and structures are the answer. Like black holes, state singularities absorb and crush every other thing. Corporations serve state interests and participate in managing the economy. Singularities destroy voluntary community organizations by occupying the space and placing obstacles in the way. Both the left and the right seek to harness state power to craft society in their image. 

    In a singularity, one cannot propose to eliminate government. Doing so would be contrary to prevailing ideology and vested interests, but more fundamentally, the idea would be incomprehensible.

    And not just to officials. Citizens dissatisfied with the services they receive want more service and better policy. When schools sexualize their children, they demand changes to the curriculum instead of the end of public schools. When monetary policy makes houses expensive, they demand government programs to make them cheap instead of the end of central banks. When government procurement is revealed to be corrupt, they demand accountability mechanisms instead of a smaller government. State singularity is found not just in the structures of government but in the minds of the people. 

    Modern states have capacities they have never had before. Technological advances are providing them with the ability to monitor spaces, supervise activities, collect information, and require compliance everywhere all the time. In the collectivist regimes of old, governments knew only what human eyes and ears could tell them. Soviet authorities were tyrannical, but they could not instantaneously monitor your cell phone, bank account, fridge, car, medications, and speech.

    We are not at the singularity yet. But have we crossed the event horizon? At a black hole, the event horizon is the point of no return. Gravity becomes irresistible. No matter or energy, including light, can escape the pull to the singularity at the core of the abyss. 

    Our event horizon beckons. We cannot evade it by merely slowing down on the path that we are on. Liberation requires escape velocity in the other direction.  

    Tyler Durden
    Tue, 06/18/2024 – 17:20

  • Apple Reportedly Halts Work On Vision Pro 2, Focuses On Cheaper Version As Demand Falters 
    Apple Reportedly Halts Work On Vision Pro 2, Focuses On Cheaper Version As Demand Falters 

    What was Apple CEO Tim Cook thinking?

    Releasing the Vision Pro headset earlier this year for the price tag of $3,899 (for a 1TB version) in a period where Goldman, including ourselves, has shown the American middle class has quickly deteriorated under Bidenomics – was likely a terrible idea. 

    Perhaps Cook has since gotten the memo amid slumping demand, as a new report from The Information suggests Apple suspended work on the second-generation Vision Pro and diverted efforts to focus on a cheaper version.

    Apple has told at least one supplier that it has suspended work on its next high-end Vision headset, an employee at a manufacturer that makes key components for the Vision Pro said. The pullback comes as analysts and supply chain partners have flagged slowing sales of the $3,500 device.

    The company is still working on releasing a more affordable Vision product with fewer features before the end of 2025, the person involved in its supply chain and a person involved in the manufacturing of the headsets said. Apple originally planned to divide its Vision line into two models, similar to the standard and Pro versions of the iPhone, according to people involved in its supply chain and former Apple employees who…

    One Vision Pro supplier allegedly slashed production by 50% in May after receiving a dismal demand outlook from Apple. The report also said that Apple has likely produced less than half a million units, with no further plans to ramp up production through August.

    If the report is accurate, it underscores how Apple mispriced the Vision Pro – and even with BNPL loans – consumers still didn’t bite.

    This is not entirely surprising, as Ming-Chi Kuo, an analyst at TF International Securities, recently noted a downward revision in Apple’s sales expectations, from a ‘market consensus’ of 700k to 800k units to a more modest 400k to 450k units in 2024.

    Google searches of “Vision Pro” show the headsets appear to be just a fad. 

    Here’s what X users are saying about the report…

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

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

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

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

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

    So, how much will a ‘more affordable’ Vision Pro cost? 

    Tyler Durden
    Tue, 06/18/2024 – 16:40

  • The Glue Binding Democracy And A Free Economy Has Melted
    The Glue Binding Democracy And A Free Economy Has Melted

    Authored by Charles Hugh Smith via OfTwoMinds blog,

    And that’s how democracy and a free economy die…

    An astute reader asked me to clarify the difference between individual sacrifice and shared sacrifice in the context of the Common Good, which as he rightly noted, dictatorships use as the justification for oppressive enforcement of a regime that benefits the few at the expense of the many.

    In a democracy with a free economy, the Common Good is the responsibility of the citizenry, not a dictatorship. In the current zeitgeist, the Invisible Hand of free markets is understood as a magical force that automatically generates the Common Good out of the churn of everyone aiming to get rich or die trying.

    In other words, the Common Good is somebody else’s responsibility: there’s no need for shared sacrifices, the economy and society take care of themselves as we all get rich or die trying.

    This isn’t how a society actually works. Somebody has to mind the store of social capital that enables us to focus our energy on individual sacrifices made on our own behalf.

    The single-minded pursuit of greed does not magically organize the economy or society to serve everyone’s interests equally. As Adam Smith explained, capitalism and the social order both require a moral foundation, which in a free society takes the form of civic virtue: it is the responsibility of every citizen who is able to contribute to the social capital that serves us all to do so not in response to an oppressive state but of their own free will.

    The Founding Fathers understood this and feared the decay of civic virtue as a threat to democracy. This was one reason why many of those active in the early decades of the American Experiment favored restricting voting to the class of citizenry who had the biggest stake in maintaining the nation’s stock of social capital: the landed / commercial elites.

    Commentators such as Christopher Lasch have described the steady erosion of civic virtue and the nation’s stock of social capital since the 1970s. Lasch and fellow critics across the ideological spectrum understood that civic virtue is the glue that binds democracy and a free economy: once civic virtue and the responsibility to contribute to the nation’s social capital are gone, both democracy and the free economy enter terminal decline.

    Social capital, civic virtue and the Common Good are not easily defined or measured. They cannot be reduced to numbers like GDP. This confuses ideological purists, left and right, as social capital, civic virtue and the Common Good cannot be distilled down to simplistic ideological formulations.

    This is why Lasch’s work cannot be pinned down as “left” or “right”: ideologues on both ends of the spectrum find references in his work they agree with. He was addressing issues larger than political or economic ideologies.

    The glue of America’s social order–civic virtue–has melted away, and few have even noticed. The concept of voluntary attention to the common good–an attention that requires shared sacrifice–has been jettisoned as unnecessary: all we need to do is focus on getting rich by any means available.

    This has led to a complete breakdown of the moral foundations Adam Smith identified, and a breakdown of the nation’s shared social capital. If our sole responsibility has shrunken down to getting rich by any means available, then quite naturally we bribe politicians, crush competition to establish cartels and monopolies, degrade the quality of our goods and services to increase profits and addict our customers to rake in steady profits.

    Consider the difference between Old Money and private equity. Private equity slavishly worships at the altar of mobile capital and increasing shareholder value. Private equity assembles mobile capital from the ends of the Earth–Dubai, London, Hong Kong–and swoops in when it detects an asymmetry between the potential market value and the current valuation of an asset.

    Unlike Old Money, which is anchored in a place embedded in a specific culture and social order, private equity has no sense of place or responsibility for contributing to a locale’s social capital. Private equity swoops in, buys the asset, sells off pieces to the highest bidders, reorganizes what’s left, slaps a quick coat of paint on it and then cashes out via a public offering of equity or debt or a private sale.

    The damage done to the local economy, populace and its stock of social capital by this stripmining is of no concern to private equity: get in, maximize profits / gains and then get out, and start circling the planet for the next “opportunity to increase shareholder value.” (Hence the term “vulture capital.”)

    Old Money, rooted in a place and its history, does care about the local economy, populace and its stock of social capital. Yes, Old Money makes money with its money; that is the nature of capital. But Old Money understands that stripmining assets with zero concern for the wreckage left behind does not support either democracy or a free economy that offers a somewhat level playing field to all participants.

    This is why it’s wise to relocate to a place where Old Money still resides and still maintains an active role in maintaining the social capital of their home base. Living in places dominated by the culture and values of private equity is voluntary servitude in a rotting ship without a compass or leadership.

    Old Money keeps an eye on the stock of social capital, and voluntarily engages in using its wealth and influence to preserve or enhance it. Mobile capital flits around the globe, happy to fund a university building here and there to enhance their personal “brand.” They don’t actually care about any place; that’s someone else’s responsibility.

    And that’s how democracy and a free economy die. The glue of civic virtue, of doing the hard part of maintaining the stock of social capital and devoting some care to the common good in this place and in this time–those are somebody else’s responsibility.

    Me, I’m busy: my underlings located an asset just begging to be dismembered, offshored, stripmined, and we’re going to make a killing. Then I’m off to my flat in London, then to my getaway in the South Pacific, and then to a quick meeting in Shanghai. I’m busy making a killing.

    Yes, a killing. What died is democracy and a functional economy of equal opportunity. Once the glue melts away, things fall apart. Welcome to what’s left of the 2020s and the 2030s.

    *  *  *

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    Tyler Durden
    Tue, 06/18/2024 – 16:20

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