- Escobar: Adventures In NATOstan – Sparks Flying In Ibiza, Locked Down Bilderberg In Lisbon
Escobar: Adventures In NATOstan – Sparks Flying In Ibiza, Locked Down Bilderberg In Lisbon
Let’s start with a graphic depiction of where the Global North and the Global South really stand.
1. Xian, former imperial capital, and key hub of the Ancient Silk Roads: Xi Jinping hosts the China-Central Asia summit, attended by all Heartland “stans” (Kazakhstan, Uzbekistan, Kyrgzystan, Tajikistan, Turkmenistan).
The final statement stresses economic cooperation and “a resolute stand” against Hegemon-concocted color revolutions. That expands what the Shanghai Cooperation Organization (SCO) and the Belt and Road Initiative (BRI) are already implementing. In practice, the summit seals that the Russia-China strategic partnership will be protecting the Heartland.
2. Kazan: the Russia-Islamic World forum unites not only religious leaders but top businessmen of no less than 85 nations.
Multipolar Russia proceeded in parallel to the Arab League Summit in Jeddah, which welcomed back Syria to the “Arab family”. Arab nations unanimously pledged to end “foreign interference” for good.
3. Hiroshima: the ever-shrinking G7, actually G9 (adding two unelected EU bureaucrats).
Imposes a single agenda of more sanctions on Russia; more weapons to black void Ukraine; and more lecturing of China.
4. Lisbon: the annual Bilderberg meeting – a NATO/Atlanticist fest – takes place in a not so secret hotel completely locked down. Top item in the agenda; war – hybrid and otherwise – on the “RICs” in BRICS (Russia, India, China).
I could have been in Xian, or most likely Kazan. Instead, honoring a previous commitment, I was in Ibiza, and then scraped the idea of flying to Lisbon as a waste of time. Allow me to share with you the reason why: call it a little tale from the Baleares, breaking the trademark pledge that what happens in swinging, sweaty deep house Ibiza stays in Ibiza.
I was a guest at a top business gathering – mostly Spanish but also featuring Portuguese, Germans, Brits and Scandinavians: ultra high-level executives – in real estate, asset management, investment banking. Our panel was titled “Global Geopolitical Shifts and Their Consequences”. Before the panel, participants were invited to vote on what worried them most when it comes to the future of their business. Number one was inflation and interest rates. Number two was geopolitics. That prefigured a very lively debate ahead.
When a EU hagiographer goes berserk
Little did I – and the audience – know that would turn into a wild ride. The first presentation came from the director of a “Center for European Politics” in Copenhagen. She bills herself as a political science professor, and is an adviser to EU Chief Gardener Borrell.
Well, I adopted a Cheshire cat stance after the tsunami of clichés spewed out about “European values” and evil Russkies, as well as her being “frightened” by the future of Europe. At least immediate relief was provided by the impeccably diplomatic Lanxin Xiang, an adorable character, always with a cheerful smile on his face, and one of the very few leading experts on China who actually knows what he’s talking about, in fluent English.
Lanxin Xiang, among other accomplishments, is Emeritus Professor of the Graduate Institute of International and Development Studies in Geneva; director of the Institute of Security Policy at the China National Institute for SCO International Exchange; and executive director of the Washington Foundation for European Studies. This is a column I wrote about him and his work, published in October 2020.
Professor Xiang offered a masterly exposition on the American obsession to fabricate a “Taiwan problem” and how Europe, already squeezed by the U.S. proxy war against Russia, must be very careful when it comes to lecturing China.
When it was my turn, I went for the kill, dismissing all those EU press release platitudes as absolute nonsense, and stressing how Europe is already being eaten alive by the proverbial “American interests”. As briefly as possible I explained the whole geopolitical background of the war in Ukraine.
Well, this was all delivered to top business people who consume The Economist, Financial Times and Bloomberg as their prime sources of information. Their reaction would speak volumes.
Predictably, the EU-paid bureaucrat completely freaked out, and shrieking with outrage, went full pre-ordained script, from threatening to abandon the stage to accusing me of being “paid by the Kremlin”. I asked her, point blank, to “contradict me, with facts”. No facts were provided. Just fear and bewilderment, mixed with intimations of cancel culture.
To his great merit the vastly experienced moderator, Struan Robertson from Bank of America Merrill Lynch, kept things civil, giving more time for Lanxin Xiang to explain the Chinese mindset and opening the floor for a sequence of very good questions.
In the end, the audience loved it. Many came to personally thank me for information they will never have access to in El Pais, Le Monde or The Economist. A minority in the room was simply stunned – but our debate at least must have left them musing over a lot of preconceived notions.
It’s the total merit of the key organizers, Jose Maria Pons and head of the program Cristina Garcia-Peri, to host such a debate in fabulous Ibiza, in Spain, prime NATOstan territory. In the current situation, this would be absolutely impossible in France or Germany, not to mention Scandinavia or those demented Baltics.
There’s no way to counter-act the fabricated narratives parroted by EU-paid hacks and bureaucrats except for ridiculing them – in their faces. They become livid and barely manage to stutter when their lies are exposed. For instance, one of the questions from the floor, by a top of the line German businessman, enumerated a litany of dark facts about Ukrainian “democracy” that are absolutely verbotten by EUrocracy.
The G-Less Than Zero freaks out
What happened in Ibiza dovetails with what happened in U.S.-nuclear bombed Hiroshima – Hegemons don’t do apologies – and in that locked down Lisbon hotel.
With the G7 “leadership” mired in a sticky swamp of intellectual shallowness, predictably the only agenda in colonized Japan was more sanctions on Russia – imposed over third countries and on companies in the energy and military-industrial sectors; more weapons to the Ukrainian black void; and a ridiculous counter-productive new obsession of piling up on China “containment” for alleged “economic coercion.”
In the photo ops, by the way, it’s not a shrinking G7 that shows up: but a warmongering G9, artificially augmented by that pathetic couple of unelected EUrocrats, Charles Michel and Pustula von der Lugen.
As far as the real Global Majority – or Global South – is concerned, this looks more like a G-Less Than Zero. The more the senseless, illegal Sanctions Wars are “expanded”, the more the absolute majority of the Global South moves away from the collective West, diplomatically, geopolitically and geoeconomically.
And that’s why the top Bilderberg agenda at the hijacked Lisbon hotel was to revamp NATO/Atlanticist coordination in a war – hybrid and otherwise – against the driving force in BRICS; the RICs (Russia, India, China).
There were other items on the menu – from AI to the acute banking crisis, from “energy transition” to “fiscal challenges”, not to mention proverbial “U.S. leadership”.
But when you get in the same room people like NATO’s Stoltenberg; director of U.S. intel Avril Haines; senior director for Strategic Planning at the National Security Council Thomas Wright; Goldman Sachs president John Waldron; Chief Gardener Borrell (whose minion was in Ibiza); vice chair of Brookfield Asset Management, Mark Carney (one of their executives also in Ibiza); Supreme Allied Commander Europe, Christopher Cavoli; and Canadian Deputy Prime Minister Chrystia Freeland, among other Atlanticist shills, the plot is self-evident:
It’s war on the multipolar world. At least we can dance it away in Ibiza.
Tyler Durden
Mon, 05/22/2023 – 23:40 - Jamie Dimon Warns QT Will Lead To More Bank Failures
Jamie Dimon Warns QT Will Lead To More Bank Failures
At the start of May we explained that it’s not just the Fed’s rate hikes that are behind the nascent regional bank crisis (because with Fed Funds rate at 5.25% and both T-Bills and money market funds offering similar yields, there is no way small banks can compete with these returns, prompting a bank jog (which periodically turns to a sprint) and deposit flight from both checking and saving accounts).
We said that the Fed’s ongoing QT is a just as pernicious threat to the viability of small/regional banks because with every dollar drained from the system as part of the Fed’s quantitative tightening, a matching deposit dollar is also destroyed, to wit:
Under an ample reserves framework, virtually all deposits are created by the Fed.
That’s why banks were forced to load up on low-yielding securities during 2000-2001 and are now getting crushed as yields soar and fixed income/loan prices plunge.
It also means that under QT as Fed reserves shrink, deposits must follow: as such deposits are either forced to shift into Bills/TSYs or are destroyed (bank failures).
Thus, the bank crisis is an inevitable side effect of Fed tightening.
Now, by now everyone knows that when it comes to banks failing (and capitalizing on it) few are as experienced as JP Morgan, aka JP Mega…
JPMega it is pic.twitter.com/D0iLvFfSz3
— zerohedge (@zerohedge) May 1, 2023
https://platform.twitter.com/widgets.js
… aka JP More-gain, which now has more than 13% of the nation’s deposits and 21% of all credit card spending: in other words, there has never been a bank that is more systematically important than JPMore-gain… and with every small bank failure, Jamie Dimon’s goliath is only getting bigger. Which is why we found it curious that none other than Jamie Dimon confirmed what we said three weeks ago during JPM’s Investor Day on Monday.
This is what the billionaire CEO said:
We haven’t been through Quantitative Tightening. So we really don’t know what’s going to happen to deposits at all [ZH; actually we do: deposits will shrink dollar for dollar alongside reserves]. And that’s why I’ve been quite concerned about that. I’m probably more concerned about quantitative tightening with anybody in this room.
We’ve never had QT before. It just started, okay? And you see huge distortions in the marketplace already. We’ve never had the Fed in the market like this with that RRP program that Jeremy mentioned ever. They have $2.3 trillion basically lent out to money funds. And I don’t know the full effect of that. And obviously, that’s a direct deduction from deposits are rolling out it made sense to do.
So I think people should build into their mindset that they may have to move deposit beta more than they think and manage that. So I mean, if I was any bank or any company, I’d be saying, can you handle higher interest rates and surprise in deposits, etc?
And this is how JPM itself shows the impact of the shrinking Fed balance sheet and TGA/RRP liquidity drains soak up commercial bank deposits.
By the way, “deposit beta”, as Jamie calls it, for those unfamilliar is a polite way of saying bank run, which is a less polite way of saying bank failure. As for Dimon’s rhetorical last question, the answer is a resounding no, or so JPM’s shareholders would like because for the second time in a month, JPM hiked its Net Interest Margin forecast, this time courtesy of the bank’s FDIC/taxpayer-funded gift in the form of First Republic Bank.
According to a slide in the bank’s Investor Day presentation, JPMorgan will gain an even bigger benefit from rising interest rates because of its “purchase” of First Republic Bank. We put purchase in quotes because in reality it was a gift by the FDIC, which gave JPM all the good parts of the collapsed California bank, while taxpayers were left holding the nuclear waste.
The biggest US bank raised its guidance for net interest income this year to $84 billion up from a previous forecast of $81 billion, according to an Investor Day presentation. The reason: the failure of First Republic which directly boosted JPM’s top line by billions!
In other words, as other banks fail, JPM prospers: here is a history of JPM’s Net Interest Income courtesy of Bloomberg. It will only keep rising…
… as more banks fail.
It is no surprise then that it is Jamie’s sincerest wish for rates to keep rising…
“Everyone should be prepared for rates going higher from here,” says JPMorgan Chair and CEO Jamie Dimon during JPMorgan Investor Day https://t.co/h7kZkVjNO2 pic.twitter.com/oNZmrLLr48
— Bloomberg (@business) May 22, 2023
https://platform.twitter.com/widgets.js
… after all that’s the surest way for John Pierpont’s bank – which still pays 0.01% interest on most of its deposits – to once again become bigger than the US and to finally fulfill the reason behind creation of the Federal Reserves.
Tyler Durden
Mon, 05/22/2023 – 23:20 - Democrats Love ESG, Republicans Hate It But Most Americans Don't Care Either Way
Democrats Love ESG, Republicans Hate It But Most Americans Don’t Care Either Way
By Lydia Saad of Gallup,
Efforts to promote adoption of the environmental, social and governance framework in investing, commonly termed ESG, have gained traction in recent years and have become the subject of pro- and anti-ESG legislation, yet the general public is no more familiar with ESG today than two years ago.
Thirty-seven percent of Americans currently report being “very” or “somewhat familiar” with ESG, unchanged from 36% in 2021. Another 22% today are “not too familiar,” while 40% are “not familiar at all.”
These findings are from a Gallup poll conducted April 3-25, in which respondents were told that ESG “includes factors like the record of a business on human rights, the environment, diversity or other social values” and that some people take these factors “into account when making decisions about buying products and services or investing.”
Most Have No Opinion on the ESG Movement
Underscoring the public’s lack of familiarity with ESG, nearly six in 10 Americans (59%) take the “no opinion” option when asked if they view “the movement to promote the use of environmental, social and governance, or ESG, factors in business and investing” as a positive or negative development. The remaining four in 10 are about evenly divided between expressing a positive (22%) and negative (19%) view of the practice.
While adults who are familiar with ESG are more likely to express an opinion about it than those with less familiarity, they are just as likely to be divided on the question — 36% viewing ESG positively and 35% negatively.
Similarly, adults who report owning stock, about six in 10 respondents in the current poll, are more likely to have an opinion about ESG than non-stock owners, but they are just as divided on the merits of promoting ESG in business and investing.
Americans Lean Slightly Against Factoring ESG Into Investment Decisions
When asked whether retirement fund managers should only take financial factors into account when making investment decisions or also consider ESG factors, the public leans toward the former (48% vs. 41%, respectively). Stock owners’ views on this are nearly identical to the national averages.
Adults familiar with ESG are closely split on the question, with 50% preferring fund managers to limit their investing criteria to financial factors while 46% want ESG factors considered. Those not familiar with ESG lean more strongly toward only considering financial factors but are also more likely to have no opinion on the question.
Partisans Lean Different Ways on ESG, but Neither Group Is Attentive to the Issue
Adoption of ESG principles has been promoted by the Biden administration as well as the Business Roundtable (a leading American business lobby), the United Nations, and other prominent organizations in the U.S. and globally. The leaders and companies embracing ESG in investing have espoused it as a way to minimize investment risk while promoting social goods. Yet critics on the political right decry it as a system designed to achieve progressive goals at the expense of shareholders, and have advanced anti-ESG legislation in many states.
While this political backdrop is evident in the Gallup data, it does not appear to be an overwhelming factor driving the public’s interest in or views about ESG.
- There is no difference between Republicans’ and Democrats’ familiarity with ESG, as just under four in 10 in each group say they are very or somewhat familiar with it and an equal proportion are not at all familiar.
- Further, awareness of ESG hasn’t increased much among either group since 2021, when 33% of Republicans and 38% of Democrats said they were very or somewhat familiar with it.
- Republicans are far more likely to have a negative than positive view of ESG, while the reverse is true of Democrats, but majorities of both groups say they are unsure.
- Only when asked to choose between two modes of investing — with or without taking ESG criteria into account — do majorities of Republicans and Democrats take opposing sides. Sixty-four percent of Republicans think fund managers should only consider financial factors when choosing investments, while 59% of Democrats think they should include ESG.
Bottom Line
ESG proponents are actively working to have ESG scores become a standard part of corporate fiduciary reporting so that consumers and investors can make informed decisions about whom to do business with. Meanwhile, Republicans have ramped up their opposition to the movement, both vocally and politically, passing legislation to prevent state governments from investing in funds that use certain ESG criteria.
As a Harvard Law School publication recently noted, “When it comes to ESG in the United States, among the most dramatic developments is an ideological battle unfolding at the state level, pitting liberal-leaning state governments that have embraced ESG-focused investing against conservative-led states that would seek to exclude it.”
Yet, public opinion reflects little of this political battle, with most Republicans and Democrats largely unfamiliar with ESG and expressing “no opinion” on whether it is good or bad, when given that option. To be sure, Republicans’ and Democrats’ underlying tendencies align with their parties’ respective positions on ESG policy — but at least for now, the issue does not seem highly politicized among the American public.
Tyler Durden
Mon, 05/22/2023 – 23:00 - India: Another Demonetization?
India: Another Demonetization?
Authored by Jayant Bhandari via LewRockwell.com,
In late 2016, the Indian Prime Minister, Narendra Modi, came on TV at 8 pm to announce that most currency bills would no longer be legal tender after midnight. An individual was allowed to convert only about $30 per visit to the bank. This led to massive crowds (not lineups, because Indians don’t follow the lineup system) at the banks, suffering, chaos, and deaths—there were no exceptions for the sick, older people, and pregnant women.
Eventually, more than 100% of the demonetized cash returned to the banks, although I know no one who didn’t forget to convert some of his misplaced currency bills. What happened? Demonetization ended up laundering massive amounts of counterfeit currency. But thinking through the consequences of their utopian—rather puerile—policies isn’t within the competencies of the Indian bureaucrats. Worse, to patch up, they kept issuing contradictory policies that even school students should not make. This led to a constant cycle of paranoia, rumors, and confusion.
The declared objective of the exercise was to destroy black money. Of course, it did nothing of the sort. Soon more cash was in people’s hands than ever before, and kept on rising, a clear sign of a higher distrust among the people and the rising corruption.
Over the years, corruption in India has become increasingly shameless and blatant. I have never encountered a public servant who does not ask for a bribe. Who among them wants corruption to end?
So, what was the real purpose behind the demonetization of 2016?
As India gets closer to election time, cash disappears from the market, prices of expensive properties fall, and shares of certain companies get sold off. This happens because these vehicles act as a reservoir for black money and, when encashed, are used for hiring goons and bribing voters: giving out free cash, alcohol, etc. All this is done openly.
Cash sits in the vaults of political parties, ready to be given away for votes. Property transactions entail the exchange of as much as 80% in cash, which sucks up black money and regenerates it when needed at a low transaction cost—the stamp duty is based on the declared price of the properties. Stocks of certain companies rise and fall as black money is laundered for payments that must be officially reported. What are supposed to be investment vehicles often lead to a loss, seen as nothing but the cost of storing black money.
In 2016, one could conclude that the ruling BJP government, insiders to the demonetization policy, had converted their cash into what was to stay legal tender and harmed the value of the black money in the hands of the opposition.
Recently provincial elections were held in the state of Karnataka, where the BJP, which also controls the federal government, ruled. It lost the elections. That wasn’t because the hate-filled fanaticism against minorities they had ignited failed to get traction but because some votes of one opposition party, JDS, moved to another, winning party, Congress. Congress had promised to offer more freebies: regular cash payments for doing nothing and more free grains.
Hate didn’t lose, and freebies won.
As we approach the next federal elections, due within a year, physical cash has disappeared from the market, now sitting in the coffers of political parties.
Stocks of some companies dealing with money laundering and political purposes have fallen. However, this could be because of the fear of short-selling ignited by the US short-seller Hindenburg.
On 19th May 2023, India announced another demonetization, on this occasion of INR 2,000 bills. As usual, their notice is confusing and contradictory. On the one hand, it says that the INR 2,000 bill stays legal tender, but on the other, they give a deadline of 30th September 2023 to bring them to the bank. Indian federal government bureaucrats fail the rationality test school students are supposed to pass. Or, perhaps, this policy gives leeway to the ruling party, BJP, to use their INR 2,000 bills, while other parties would find themselves entrapped.
Corruption and tyranny continue to increase, and the economy continues to falter in India, quite in contrast to the bullish statements being made in the Western media. And a sane Indian voter has a choice between Tweedledee and Tweedledum. Most Indians, even when they are rich and middle class, don’t care about the larger interests of society. They act out of envy and to gain personal advantages. The chaotic, stressful mess of India is what they get and deserve.
The following are screenshots of the Reserve Bank of India press release.
It is also linked here.
Tyler Durden
Mon, 05/22/2023 – 22:40 - The Shocking Truth: Unwashed Towels Rival Toilets In Bacteria Counts After Just Three Days
The Shocking Truth: Unwashed Towels Rival Toilets In Bacteria Counts After Just Three Days
Authored by Ellen Wan via The Epoch Times (emphasis ours),
Who would think the innocuous bathroom towel could potentially pose a threat to one’s health? An indispensable tool in our bathing routine, seemingly clean, or lightly used bath towels, coupled with a potentially humid bathroom environment can harbor innumerable disease causing bacteria.
Germs contained in towels can cause skin disease, hair loss, urinary tract infections, and even spread drug-resistant bacteria that can be fatal.
Most of the bacteria in towels comes from the user’s body, face, and hands. With the high humidity usually found in a bathroom it becomes a highly favorable environment for rapid bacterial growth. Towels that appear clean to the naked eye may be full of tens of thousands of bacteria, posing potentially serious health threats.
Towels are daily necessities that people often use in their lives. Tests have found that if towels are left unwashed for 3 days, the bacteria count could multiply to that residing on a toilet. (Oleg Doroshin/Shutterstock) Bacteria on towels pose three major health risks:
1. Breed and spread bacteria
A Japanese life encyclopedia TV program called Non Stop, tested the bacterial content of bath towels, and found that freshly washed towels contained 190,000 count of bacteria. After one day of use, the number increased to 17 million—nearly 90 times more than day zero. The bacterial count found on towels used for three days soared to 87 million and as high as 94 million on towels used for one week without being washed.
Noritoshi Ri, director of the Hygiene & Microbiology Research Center, Tokyo, explained in the TV program that the bacteria count in a towel after one week of use can reach 10 billion plus—equivalent to that of a drainage pipe.
2. Cause skin diseases
William Chao, a certified diplomate of the American Board of Toxicology, toxicologist, and professor at Chung Yuan Christian University in Taiwan said that if towels are left unwashed for three days, they will contain a variety of germs and that using them for cleaning is “like wiping your body against a toilet.” In addition to E. coli—most abundant on and in toilets—more types of bacteria could be found according to the different physical conditions of the towel’s user, and included Staphylococcus aureus, Salmonella, and Legionella.
Wiping your body with unclean towels can lead to skin problems. William Chao said that the germs contained in the towel are prone to causing skin allergies, folliculitis, hair loss, and other skin diseases. Many people have the habit of sharing towels, including families with children and couples.
If one of the users has an infection, the towel may become a breeding ground for the bacteria, causing mutual and repeated infections. When one towel user is undergoing treatment for an ailment there is the chance that the germ will reside with the partner and soon return to the initiator, creating a cycle. This is quite often the case of the fungal infection Hong Kong foot, or athlete’s Foot (Tinea pedis) and viral warts.
Chao noted that if your body is itchy after taking a bath, or you often have allergies or infections, it is recommended to check the cleanliness of your bathroom environment. Even within a family, it is recommended each use their own towel.
Rin Doi, director of a Japanese Dermatology Clinic, said in the same “Non Stop” program that for people with skin allergies, or for the tender skin of infants and young children, using towels with high bacterial content will cause infection. Especially if there is a wound—it is more likely to become inflamed and purulent.
3. Bring higher risk of death
In 2003, the New England Journal of medicine published a study of Methicillin-resistant Staphylococcus aureus among players and staff members of a professional football team. Drug-resistant Staphylococcus aureus is immune to common antibiotics such as oxacillin, penicillin, amoxicillin, and cephalosporins. In addition to players sharing saunas, whirlpools, and training, therapy equipment, and the turf of the playing fields, players frequently shared towels to wipe their sweat, hands, and faces.
The study found that the frequently occurred skin abrasions among players; a lack of regular access to hand hygiene for trainers who provided wound care; skipping of showers by players before the use of communal whirlpools; and sharing of towels — all factors that might facilitate the transmission of infection.
According to the “Antimicrobial Resistance: Global Report on Surveillance,” published by the World Health Organization in late 2022, drug-resistant bacteria are becoming more prevalent in communities and can cause life-threatening bloodstream infections.
The report states that Klebsiella pneumoniae and Acinetobacter bacteria that cause blood infections in hospitals have 50 percent resistance to antibiotics, and that 8 percent of blood infections caused by Klebsiella pneumoniae are also resistant to antibiotics typically used as a last resort, Carbapenems, which increases the risk of death from uncontrollable diseases.
The report also showed a 15 percent increase in bloodstream infections and gonorrhea infections caused by drug-resistant E. coli and Salmonella compared with 2017.
These superbugs could also reside on your towels. According to a 2014 study on kitchen towels, coliform bacteria were detected in 89 percent of the kitchen towels in 82 households, and E. coli was detected in 25.6 percent of the towels. Moreover, researchers also discovered Klebsiella pneumoniae and Salmonella in the towels.
Three Treasures for Washing Towels to Remove Odor?
Miscellaneous bacteria that multiply due to unclean towels will produce odors. Japanese towel critic Tetsuya Abe demonstrates how to wash towels on a TV show. He first boils a towel in hot water for 3 to 4 minutes, then rinse it with water, and the odor (bacteria) on the towel disappears.
Kensuke Kanzaki, director of the long-established Japanese laundromat “Hakuyosha,” recommended using sodium percarbonate to help cleaning. Sodium percarbonate, baking soda, and citric acid are known as the “Three Treasures of Cleaning for the Mothers.” They are not only non-toxic, odorless, and pollution-free, but also have bleaching power, decontamination, and odor removal properties. Kensuke Kanzaki said in a post that the use of sodium percarbonate is very simple. Just put the towel(s) into the washbasin, sprinkle 1 cup of sodium percarbonate evenly on the towel(s), add 140-176 °F (60-80 ℃) hot water, soak for 30 minutes, and then clean it in the usual way.
Tyler Durden
Mon, 05/22/2023 – 22:20 - China Dominates Among Cities With The Most Skyscrapers In 2023
China Dominates Among Cities With The Most Skyscrapers In 2023
When it comes to soaring skylines and architectural marvels, no country has embraced the vertical revolution quite like China.
In this graphic, which uses data from the Council on Tall Buildings and Urban Habitat (CTBUH), Visual Capitalist’s Jeff Desjardins and Nick Routley reveal the 25 cities with the most skyscrapers and supertall buildings globally.
Unsurprisingly, China’s cities dominate the list, solidifying the country’s reputation as a global powerhouse of tall buildings.
The 25 Top Cities by Skyscraper Count
Topping the charts is Hong Kong, with an impressive 657 skyscrapers, including six supertalls (buildings over 300 meters tall).
Rank City Country Skyscrapers (>150m) Supertalls (>300m) 1 Hong Kong 🇨🇳 China 657 6 2 Shenzhen 🇨🇳 China 513 16 3 New York City 🇺🇸 United States 421 16 4 Dubai 🇦🇪 United Arab Emirates 395 28 5 Guangzhou 🇨🇳 China 254 11 6 Shanghai 🇨🇳 China 250 5 7 Kuala Lumpur 🇲🇾 Malaysia 211 5 8 Chongqing 🇨🇳 China 205 5 9 Tokyo 🇯🇵 Japan 200 0 10 Wuhan 🇨🇳 China 183 5 11 Chicago 🇺🇸 United States 178 7 12 Jakarta 🇮🇩 Indonesia 160 1 13 Chengdu 🇨🇳 China 150 0 14 Bangkok 🇹🇭 Thailand 133 3 15 Shenyang 🇨🇳 China 129 3 16 Singapore 🇸🇬 Singapore 128 0 17 Nanning 🇨🇳 China 122 6 18 Mumbai 🇮🇳 India 114 0 19 Tianjin 🇨🇳 China 109 3 20 Nanjing 🇨🇳 China 108 7 21 Toronto 🇨🇦 Canada 106 0 22 Busan 🇰🇷 South Korea 106 4 23 Seoul 🇰🇷 South Korea 104 2 24 Changsha 🇨🇳 China 97 5 25 Melbourne 🇦🇺 Australia 94 1 Hong Kong, along with Shenzhen (#2), and Guangzhou (#5) are part of the burgeoning megacity known as the Pearl River Delta, which is home to over 1,500 skyscrapers. This is even more impressive when considering that Shenzhen was a small fishing village until the 1970s.
New York City secures the third position on the list, boasting an impressive tally of 421 skyscrapers. Although it may have relinquished its title to Chinese cities, the city’s skyline endures as a globally renowned symbol, prominently featuring the iconic Empire State Building. Notably, while the Empire State Building enjoys widespread familiarity, it no longer ranks among the world’s 50 tallest structures.
Rounding out the top five is Dubai in the United Arab Emirates, which grabs the fourth position with 395 skyscrapers, a staggering 28 of which are supertalls. This desert oasis has become synonymous with grandiose architecture and record-breaking structures, exemplified by the Burj Khalifa, which is the world’s current tallest building at 828 meters (2,715 ft).
China’s Numbers in Context
Looking at this data from another perspective, China actually has more skyscrapers on this list than the rest of the world combined.
Country Cities in Top 25 Skyscrapers Supertalls 🇨🇳 China 12 2777 72 🌐 Rest of World 13 2350 67 China’s rapid urbanization, economic growth, and ambitious construction projects have fueled this impressive feat. There’s no doubt that the country’s relentless pursuit of vertical development, coupled with its booming population and thriving cities, has positioned China as the unrivaled leader in the global skyscraper race.
The Future of the Global Skyline
As the world continues to reach new heights in architectural marvels, there are even more supertall skyscrapers in the pipeline that will reshape skylines across the globe.
From the soaring Jeddah Tower in Saudi Arabia, poised to surpass the Burj Khalifa as the world’s tallest building, to the remarkable Merdeka 118 in Kuala Lumpur, which is set to claim the title of the world’s second-tallest structure when it opens in June 2023, these projects will captivate city dwellers for years to come.
Even as these new monumental buildings rise, China’s prominence in the world of skyscrapers—with three cities in the top five globally—is likely to remain unchallenged.
Tyler Durden
Mon, 05/22/2023 – 22:00 - US Remains Hot Spot For Semiconductor Design
US Remains Hot Spot For Semiconductor Design
The global microchip industry is currently split between several geographic hubs, as data from the Semiconductor Industry Association shows.
As Statista’s Katharina Buchholz shows in the chart below, the design of the components is in large parts carried out in the United States and South Korea, while the manufacturing and assembly/packaging stages are mainly done in China and Taiwan.
You will find more infographics at Statista
The semiconductor industry is divided into several distinct stages: design, manufacture (split into the sourcing of materials and production of equipment as well as the actual wafer fabrication) and finally the assembly of components.
Companies that can do all the steps are called embedded device manufacturers (IDMs), with examples like Samsung and Intel.
Other companies have no manufacturing facilities and only design electronic chips – they are known as fabless companies.
The actual production of semiconductors is in this case outsourced to companies called foundries.
In 2022, the three largest were Asian companies (TSMC and UMC of Taiwan and Samsung Electronics of South Korea).
The semiconductor industry has been experiencing a steady rise in demand due to the increasing use of their products, for example in smartphones and automotive/industrial applications. The Covid-19 pandemic has had a major impact on global supply, with disruptions seen in key manufacturing regions China and Taiwan where factories were forced to close during lockdowns. Despite this, the industry has since recovered, with its global revenue increasing every year between 2020 and 2022. But new surges in demand as well as difficulties in the allocation of production capacity have led to new shortages. In addition, diplomatic tensions between the United States, Taiwan and China continue to affect global supply chains.
Tyler Durden
Mon, 05/22/2023 – 21:20 - Hezbollah Hosts War Drills For Media Amid High Tensions With Israel
Hezbollah Hosts War Drills For Media Amid High Tensions With Israel
In a rare display of its military potential, the Lebanese fighters of Hezbollah on Sunday staged a series of war drills in front of an audience of invited journalists. The show of force comes as tensions between Israel on the one side, and Hezbollah as well as Palestinians in Israel, the West Bank and Gaza on the other.
#Hezbollah fighters detonate border wall and storm the Israeli settlements in Upper Galilee before heading into Al-Quds
……#Hezbollah_military_drills #مناورة_المقاومة_الإسلامية #قسماً_قادرون_سنعبر #عيد_المقاومة_والتحرير pic.twitter.com/O21GO6xOKp— ManarWeb (@WebManar) May 21, 2023
Senior Hezbollah official Hashem Safieddine said the display “confirm[s] our complete readiness to confront any aggression” by Israel.
Hezbollah says it carried out military training drills today in Lebanon. pic.twitter.com/2irHFZbrOR
— Joe Truzman (@JoeTruzman) May 21, 2023
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The event came before “Liberation Day” — when Lebanese commemorate the May 25, 2000 withdrawal of the Israeli military from southern Lebanon — and after Thursday’s annual “Flag March” in Israel, a Zionist event that’s heavy on racist and genocidal chants directed at Palestinians, such as “Death to Arabs” and “may your village burn.”
Hosted at a training site in southern Lebanon, the various displays included the destruction of a simulated Israeli border wall, explosions consuming Israeli flags on hillsides and fighters firing from the backs of motorcycles.
This photo appears to show a Hezbollah team with Russian Kornet anti-tank guided missiles (ATGMs) Safieddine hinted about Hezbollah having a precision-guided missiles, but the group did not display them. According to this video, however, Hezbollah showed off surface-to-air missiles with Iranian sights:
#Lebanon 🇱🇧: #Hezbollah fighters have recently conducted a military maneuver; which also shows several interesring pieces.
Some of the fighters can be seen with several 9K310 Igla-1 (SA-16 Gimlet) MANPADS fitted with #Iranian 🇮🇷 ‘TIS-S-60’ thermal sights (ht: @fighterxwar). pic.twitter.com/NjDjtfbuzg
— War Noir (@war_noir) May 21, 2023
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Hezbollah anti-drone weapons pic.twitter.com/XANphIXUkd
— Middle East Observer (@MEO_Analysis) May 21, 2023
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Rockets are a major cornerstone of Hezbollah’s arsenal, with some estimating the militia has stockpiled more than 130,000 of them. It’s one reason why Hezbollah is often called the world’s most-armed non-state military force — and why the Iran-aligned militia is a meaningful check on Israel’s military ambitions.
Hezbollah terror organization holds maneuvers, presumably in Mleeta “tourist” site, showcasing their MLRS launchers #Lebanon pic.twitter.com/LRPlx9eONd
— Aleph א (@no_itsmyturn) May 21, 2023
April saw the one of the largest exchanges of fire between Hezbollah and Israel in recent years. That violence accompanied a broader Palestinian backlash against Israel, sparked by a police raid on Jerusalem’s Al Aqsa Mosque the included the brutal beating of Muslim worshippers.
#Lebanon 🇱🇧: A noteable photo of the sniper unit of #Hezbollah during the recently held military maneuver.
The fighters appear to be armed with a large quantity of Russian ORSIS SE T-5000 sniper rifles and at least one Mk 14 EBR-RI (Enhanced Battle Rifle). pic.twitter.com/kNQ2deJY9M
— War Noir (@war_noir) May 21, 2023
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Have to say I am quite impressed with Hezbollah’s military exercises over the weekend.
From a secretive group of a few hundred volunteer fighters, to an army consisting of tens of thousands of soldiers regularly displaying their capabilities – all in the space of two decades. pic.twitter.com/vgTWZ1gbUi
— Maharlika 🇵🇭🇷🇺 (@Jordanpkjj) May 22, 2023
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Presence of ordinary people in Hezbollah’s exercise shows the resistance had a significant presence & influence among the Lebanese public opinion, & this presence & influence has made the people of Lebanon live with more peace & security. pic.twitter.com/xw8ak2iOFo
— Middle East News (@Draganov313) May 21, 2023
Tyler Durden
Mon, 05/22/2023 – 20:40 - Will June Tax Payments Bump Debt Debate Into July?
Will June Tax Payments Bump Debt Debate Into July?
Update (1658ET): Stefel’s Chief Washington Policy Strategist, Brian Gardner, suggests that if today’s meeting between McCarthy and Biden fails to produce a pathway to an agreement, market volatility could increase on fears over missing the X-date.
If President Biden and Speaker McCarthy can close the gap between them, then negotiators can work on the details during the week. It is unlikely that Congress would be able to pass a long-term debt ceiling bill by the end of the week, but if an agreement is in place by Friday, then Congress could pass a short-term suspension of the debt ceiling. This would create the time to write the legislation and provide Members of Congress several days to review the bill (which Republicans would insist on) before voting on it.
That said, chances of a deal are uncertain given the current lack of urgency among ‘significant blocks of lawmakers on both sides of the aisle.’ If no framework emerges by the end of the week, Gardner thinks it will come down to public pressure to dictate how long the standoff lasts.
If the X-date is breached, Treasury will prioritize the payment of principal and interest on US Treasurys, so the chance of them defaulting is virtually nil. That said, it’s possible that Social Security payments, or military paychecks could be delayed – which would of course increase political pressure, and thus, the chances of a deal – yet which could also carry the risk of a downgrade in the credit rating of US government debt.
Interestingly, Gardner also thinks that if the standoff is able to make it until June 15 – when quarterly tax payments are due – it might allow the debate to continue into July.
Goldman (which Pro subscribers can find in the usual place) gets a little more specific, writing on Saturday that “A deadline of June 8 or 9 would affect a narrower range of payments. After June 2, there is no Social Security payment again until June 14, and the next coupon payment is due June 15, when the Treasury is likely to be taking in a large amount of tax revenue due to the quarterly tax deadline.”
And for a ‘fun’ lookback at how we got here (don’t hyperbolic charts usually end well?);
More recently:
* * *
Update (1600ET): In another letter to Congress, Treasury Secretary Janet Yellen was re-warned that it’s now “highly likely” that her department will run out of sufficient cash in early June, and repeated her warning that the moment could come as soon as June 1.
“I am writing to note that we estimate that it is highly likely that Treasury will no longer be able to satisfy all of the government’s obligations if Congress has not acted to raise or suspend the debt limit by early June, and potentially as early as June 1,” Yellen said Monday in a letter to lawmakers.
Full letter here:
This fits with Goldman’s warning:
We estimate that as of May 17, the Treasury had around $160bn in cash and extraordinary measures remaining. Through June 1, we estimate that the Treasury will use around $85bn in room under the limit (a $130bn cash deficit offset by a $45bn reduction in intragovernmental debt), leaving around $75bn in headroom. By June 8-9 we estimate this would drop under $30bn, which is the minimum balance the Treasury has used in the past to project the debt limit deadline (Exhibit 1).
However, the estimate is subject to substantial uncertainty so there is certainly a chance that receipts could slow more than expected and leave the Treasury short of cash by June 1 or 2.
Which probably explains why the short-term Bill market is at its most spooked yet…
Although it is a low probability, Stifel warns that there is a chance that if the standoff lasts to June 15, it might extend into July. Quarterly tax payments, due on June 15, could provide Treasury enough cash to meet all obligations into July and, in this case, Congress and the White House could conceivably use all of that time to negotiate a debt ceiling agreement. The amount of pressure brought to bear by the public and financial market’s reaction will likely determine how long the standoff lasts.
However, most ominously, Stifel notes that many lawmakers in each party think the other party will bear the brunt of public anger if the debt ceiling is not raised which could mean the debt ceiling standoff lasts past this week.
Today’s White House meeting could signal which path Washington takes.
* * *
President Biden and House Speaker Kevin McCarthy (R-CA) are scheduled to meet at 4:30 p.m. ET on Monday afternoon to attempt to get the debt ceiling negotiations back on track in the hopes of reaching a deal that could pass both the Republican-led House and Democratic-led Senate, after talks broke down over the weekend.
The two have as few as 10 days to get a deal done to raise or suspend the debt ceiling before the US Treasury runs out of cash and other options to keep the lights on – with Biden cutting his G-7 trip short by four days, while speaking with McCarthy from Air Force One as he made his way home.
“It went well,” Biden told reporters late Sunday following his arrival at the White House, adding “we’ll talk tomorrow.”
Both Biden and McCarthy have vowed to avoid defaulting on the nation’s obligations for the first time in history, despite disagreements over how to proceed The GOP has insisted that any increase in borrowing be accompanied by steep cuts in government spending – and passed a House bill in April to accomplish this, while Democrats want a ‘clean’ increase with no strings attached. For months, Democrats have refused to negotiate, and only entered into talks in the last week as the deadline approached, the Wall Street Journal reports.
“The gap in the top line numbers continues to be the biggest barrier to a deal,” said Rep. Dusty Johnson (R-SD), chair of the Main Street Caucus of nearly 100 Republicans.
Biden has said he would like to work to narrow the deficit with some tax increases to wealthy Americans, but McCarthy said tax increases are off the table. Democrats have accused Republicans of seeking draconian spending cuts that they said would hurt education and healthcare research programs.
GOP lawmakers also want to attach changes to permitting rules that would speed the process of building energy projects and to strengthen work requirements for government benefit programs, notions that the White House has signaled some openness to.
Democrats want the debt ceiling increased until after the 2024 election, while Republicans’ original bill pushed the next debt ceiling deadline to March 2024. -WSJ
The impasse has begun to translate to Wall Street jitters – with Treasury Secretary Janet Yellen twice warning that the so-called “X-date” – the day treasury reserves fall too low to cover expenses – could arrive as soon as June 1, and Fitch and Moody’s ratings agencies warning that they could place the country’s credit under review if the X-date comes too close.
In 2011, a similar standoff between the Obama-led Democrats and Republicans prompted S&P to lower its rating of US debt, sending markets reeling.
Goldman Sachs and other financial firms have projected the date to fall around June 8 or 9, which would give Congress another week to act.
“We do expect investors’ concerns to mount as the X-date approaches, particularly if there’s no solution and the sides look wide apart,” UBS managing director and chief U.S. economist, Jonathan Pingle, told The Washington Post. “As we approach, we basically see equity markets are increasingly likely to sell off, volatility indexes move higher, and there are going to be shifts and concerns in financial markets that aren’t going to be great to live through.”
“My sense is that if we get toward the end of the coming week and the rhetoric is dark, we’ll see a lot more red on the screen,” said Mark Zandi, chief economist at Moody’s Analytics , adding that “global investors are more panicked than domestic investors.”
Before talks broke down on Friday – with Republicans rejecting a White House offer to freeze, rather than reduce spending, the GOP’s top negotiator, Rep. Garret Graves (LA) offered a proposal to cut federal spending by more than $1200 billion in the coming fiscal year, and to cap most agencies’ budgets through the 2030 fiscal year, according to the Post, citing two people familiar with the offer who spoke on condition of anonymity. The GOP proposal – which was essentially their April bill which was approved by the House – also called for tougher immigration enforcement at the southern US border.
The White House responded to the offer, countering with a freeze on spending in the 2024 fiscal year to 2023 levels, arguing that it would represent a cut because budgets would not rise with inflation, according to WaPo.
Republicans outright rejected that counter, insisting that domestic spending must undergo a significant cut so that overall spending drops in the upcoming fiscal year.
On Monday, the House Freedom Caucus is expected to urge McCarthy to reject any offer from Biden unless it includes beefed up border security, cuts to the FBI, and every provision in the House-passed bill.
“The Freedom Caucus will vote next week to basically accept only what we have sent to him plus what we’re adding to it,” according to Rep. Ralph Norman (R-SC), a member of the caucus.
Tyler Durden
Mon, 05/22/2023 – 20:29 - The True Cost Of Energy Generated From Wind Turbines
The True Cost Of Energy Generated From Wind Turbines
Authored by Naveen Athrappully via The Epoch Times (emphasis ours),
Claims of wind power being pro-environment often do not consider the damaging effects these projects can have on wildlife and ecosystems, thus hiding the “true cost” of such initiatives.
Wind power projects can threaten birds that fly within their vicinity and trigger a decline in their population; it can harm marine life due to noise pollution, and affect the growth of plants in the region where it is located. Driven by subsidies granted by the federal government, the growth of wind projects has triggered concerns about the cumulative impacts they have on the environment.
There have been growing protests against wind power projects across the world. In the United States, people have opposed setting up wind turbines in Lake Erie due to concerns about the environmental impact of the project.
In New Jersey, protestors have asked to pause the development of an offshore wind farm which they claim has led to dolphins and whales washing ashore.
In Norway, climate activist Greta Thunberg has protested against a proposal to build two wind farms on the Sami reindeer grazing grounds. The Sami are the only indigenous people recognized within the EU and say that their tradition of herding reindeer will be put in danger due to the wind farms.
Wind turbines are silhouetted against the sun at Black Law wind farm, in Black Law, Scotland, on Jan. 29, 2010. (Jeff J. Mitchell/Getty Images) Danger to Birds and Whales
The blades of wind turbines can be fatal to birds. When the first commercial wind power plants were established in the United States, they had not considered the impact the project would have on birds and other flying creatures like bats. Not only are birds harmed by colliding with the wind blades but flying bats can be affected by changes in the air pressure resulting from blade rotations.
The proliferation of wind turbines is believed to pose a significant danger to the population of golden eagles which are already said to be in decline in certain regions.
An Associated Press analysis found that a significant number of eagles were dying while fewer criminal cases were being pursued—suggesting an intentional “trade-off” between bird deaths and implementing of clean power generation.
“They are rolling over backwards for wind companies,” said Mike Lockhart, a former U.S. Fish and Wildlife Service biologist, according to the outlet. “I think they are killing a hell of a lot more eagles than they ever anticipated.”
Dozens of permits for wind projects that are either approved or pending are estimated to result in around 6,000 eagles getting killed off over multiple decades.
A 2013 paper estimated the mean bird annual deaths in the United States due to collision at wind facilities to be 234,000. With roughly 50,000 megawatts of installed capacity in the country, this comes to around 4.68 bird deaths per megawatt.
The Biden administration has set a target of deploying 30,000 megawatts of offshore wind capacity by 2030. At 4.68 bird deaths per megawatt, this could result in 140,000 additional birds dying annually.
The installation of wind turbines as well as the noise created by their operation can have a harmful effect on whales.
Last year, an official from the National Oceanic and Atmospheric Administration’s (NOAA) Northeast Fisheries Science Center (NEFSC) warned against setting up wind projects off the coast of New England because it would threaten the population of right whales in the region.
In 2011, there were around 478 of these creatures, a number that came down to 350 in 2022. In January, Rep Jeff Van Drew (R-N.J.) demanded an end to offshore wind activity in New Jersey after an “unprecedented” number of whales washed ashore in the region.
Climatic and Environmental Changes
Wind projects alter the habitats where they are located, changing the vegetation and other landscape features of the region. Setting up a wind farm necessitates the creation of open spaces. Vast open spaces tend to raise the speed of wind. Such minute changes can result in an uptick in temperatures and a reduction in humidity levels.
Higher temperatures at night can cause plants to release more CO2 than usual. This carbon dioxide is essential for the growth of the plants. By releasing the CO2, plant growth can thus get affected. In farming areas where wind turbines are established, this could mean lower crop yields.
A 2018 study found that wind power can impact the climate by altering the atmospheric boundary layer. “We find that generating today’s US electricity demand with wind power would warm Continental US surface temperatures by 0.24 degrees Celsius,” it said.
Warming effect was found to be strongest at night, with the nighttime warming effect observed at 28 operational US wind farms.
A study from 2010 discovered that “impacts from wind turbines on surface meteorological conditions are likely to affect agricultural practices as well as communities living in residential area around the farms,” it said.
Read more here…
Tyler Durden
Mon, 05/22/2023 – 20:20 - Panama Canal Hit By Shipping Restrictions As Water Crisis Set To Worsen
Panama Canal Hit By Shipping Restrictions As Water Crisis Set To Worsen
Due to severe drought, authorities at the Panama Canal are set to impose new draft restrictions in the coming days. These rules, affecting one of the world’s most crucial maritime routes, will force vessels to reduce cargo weight and incur higher fees.
Bloomberg cited canal spokesperson Octavio Colindres who said neo-Panamex container ships seeking to cross the canal that connects the Atlantic and Pacific Oceans must comply with a maximum depth of up to 44.5 feet, down from 45 feet. This will force vessels to haul less cargo or otherwise transport fewer goods.
Panama Canal Ship Traffic
Colindres said a draft restriction of 44 feet would be imposed by the end of the month. A 50-foot draft is considered average for the canal during normal weather conditions, though a recent drought has left Lake Gatun, the largest of two lakes that feed the canal, with extremely low water levels.
Source: Bloomberg Around 6% of all global maritime traffic passes through the canal, mainly from the US, China, and Japan. During the 2016 and 2019 droughts, the draft limit went as low as 43 feet.
Perhaps the onset of El Niño, a weather pattern that brings drier conditions across much of Central America, is partially responsible for arid conditions, which might worsen as the Northern Hemisphere summer is less than 30 days away.
“The lower-than-usual water levels in the Gatun Lake are causing severe draft restrictions on vessels transiting the Panama Canal,” shipper Hapag-Lloyd told customers in recent weeks. The advisory was directed towards vessels traveling from East Asia to North America that must pay a surcharge after June 1 to traverse the canal.
Bloomberg warned of a possible shipping disruption if canal water levels continued to drop:
LNG carriers, which are highly dependent on the canal, are not as affected by the draft changes because the vessels have fewer draft restrictions than those carrying heavier industrial goods or commodities. But any bottlenecks are a cause for worry considering that US LNG export expansions are due to come online in the next five years.
Bloomberg added:
Asia-to-US cargo can take alternative routes through the Suez Canal. Or they can use ports in southern California, which would involve loading containers onto trucks or trains bound for Midwest and East Coast population centers.
And what’s to say, if the dry weather pattern continues, a vessel might be more prone to grounding, which could disrupt maritime traffic. Either way, less cargo will be flowing through the waterway due to draft restrictions.
“The melting of ice across the planet is accelerating at a record rate /…/ The rate of loss is now in line with the worst-case scenarios of the Intergovernmental Panel on Climate Change.” https://t.co/Xn9wpWSgfF
— Greta Thunberg (@GretaThunberg) January 25, 2021
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Well, Greta, Panama Canal could use some of this melting water you described would drown the world…
Tyler Durden
Mon, 05/22/2023 – 20:00 - PAC To 'Draft' Tucker Carlson For President In 2024 Launches
PAC To ‘Draft’ Tucker Carlson For President In 2024 Launches
Authored by Jack Phillips via The Epoch Times (emphasis ours),
A new political action committee (PAC) was formed to try and convince Tucker Carlson to join the 2024 presidential race, saying only the former Fox News host can defeat President Joe Biden in the general election.
Tucker Carlson in Esztergom, Hungary, on Aug. 7, 2021. (Janos Kummer/Getty Images) The so-called “Draft Tucker Carlson” PAC released an advertisement, saying: “Republicans need a new leader that can stand up to Biden. It’s time to draft Tucker Carlson.”
Shortly after Carlson was ousted from Fox News in late April, the Draft Tucker PAC filed paperwork with the Federal Election Commission (FEC). That ad made its debut last week on Twitter.
“Republicans need a new leader, and Tucker Carlson is ready to lead,” the ad states, comparing Carlson to the late radio host Rush Limbaugh. “No one in America is more articulate and pins down leftists in both parties better than Tucker.”
It also says that Carlson “is witty, sharp, and mocks woke nonsense” before adding that he will “whip Biden in a debate.”
The head of the PAC is Chris Ekstrom, who told The Hill that he personally knows Carlson “vaguely” and was approached about forming the PAC before Carlson’s exit from Fox News. Speaking to The Hill, Ekstrom said that Carlson has a “realistic opportunity” to run for president and that other Republican candidates have issues.
“I’m very concerned that they’re going to not move the debate as far right as it ought to be,” Ekstrom said of both former President Donald Trump and Florida Gov. Ron DeSantis, who is widely expected to announce a 2024 presidential bid. “If Tucker Carlson entered the race in a reasonable amount of time and just continued in the same territory that he was covering at Fox, I think that’d be a rude awakening for both President Trump and Governor DeSantis.”
Republicans need a new leader that can stand up to Biden. It’s time to draft Tucker Carlson pic.twitter.com/FV9s3wxalc
— Draft Tucker Carlson (@DrafttuckerPAC) May 19, 2023
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[ZH: note the community note]
Another individual involved in the PAC, Charlie Kolean, told the outlet that Carlson would move “the conversation to the right, just in a macro way, with candidates taking more solid stances rather than being like a moderate Republican.”
Carlson has not made any public overtures toward a potential 2024 White House bid. Since he left Fox News, the former host has issued few public statements, although he released two viral videos on Twitter including one saying he would be moving his program to the social media platform, although it’s not clear when.
“The best you can hope for in the news business at this point is the freedom to tell the fullest truth that you can. But there are always limits. And you know that if you bump up against those limits often enough, you will be fired for it,” Carlson said in his most recent Twitter video.
Not a ‘Scam’
In The Hill report, an alleged unnamed source connected to Carlson said that the former Fox host is not looking to run for office and was critical of the PAC’s efforts. The alleged source also claimed the PAC’s operators are “trying to make a quick buck” and that “no one should donate” to the group.
“This isn’t some kind of scam PAC or grift. I hate that. That is something that I’ve always tried to oppose,” Ekstrom told the outlet. “All the money is spent on the fight with me,” he added.
While Carlson has publicly rejected the notion of running for president and reportedly recently joked about it, Ekstrom alleged that he has been “testing the water for quite a while,” reported The Hill. He said Carlson spoke at an event in Iowa, which has historically been an early presidential primary state.
The PAC, Koelan told the outlet, will be “exceptionally well-funded,” and it will “easily” spend at least $150,000 to build its name recognition. It aims to sponsor polls and create radio and digital advertisement campaigns.
For the past several years, Carlson was the highest-rated Fox News host and often had the highest-rated cable news program in general. In March, he drew well over 3 million viewers per episode, a figure that Fox News has not been able to recapture since his sudden exit in late April.
Nielsen ratings show that the temporary replacement program, “Fox News Tonight,” has drawn significantly fewer viewers during the 8 p.m. timeslot. But one Fox News advertising executive recently said in May that several large corporate advertisers approached Fox to do campaigns. Over the years, a range of big-name companies dropped advertising during Carlson’s show over what they said were controversial statements by the former host.
The popularity gap Carlson enjoys over Fox News among conservatives has increased sharply in the wake of his departure, said a new poll, showing that his net favorability rating among Republicans stands at +59. Fox News, by contrast, has a -4 favorability rating, the numbers show.
Tyler Durden
Mon, 05/22/2023 – 19:40 - Russia Issues Dire Warning After US Approves Ukrainian Strikes On Crimea
Russia Issues Dire Warning After US Approves Ukrainian Strikes On Crimea
Russia has issued another stern warning related to further potential Ukrainian attacks on Crimea. “Strikes on this territory are considered by us as an attack on any other region of the Russian Federation. It is important that the United States is fully aware of the Russian response,” Moscow’s ambassador to the US, Anatoly Antonov, warned Sunday.
This was in response to an earlier weekend statement by US National Security Advisor Jake Sullivan to CNN. He said while speaking from the G7 summit in Japan over the weekend, “we have not placed limitations on Ukraine being able to strike on its territory… What we’ve said is that we won’t enable Ukraine with US-systems to attack Russia. And we believe Crimea is Ukraine.”
Alleged drone attack in Sevastopol, Crimea in late April, via Reuters However, the US has consistently denied that it has OK’d Ukraine using US-supplied advanced weaponry to mount such attacks.
Antonov further stated on Telegram in response that “the unconditional approval of strikes on Crimea using American and other Western weapons” alongside the move among Western allies to supply Ukraine with jets “clearly demonstrate that the United States has never been interested in peace.”
He warned the US administration against “thoughtless judgments on Crimea, especially in terms of ‘blessing’ the Kiev regime for air attacks” on the peninsula.
Per Russian state media, other Kremlin officials weighed in even more forcefully, warning that even nuclear disaster could be the result:
Sullivan’s remarks likewise triggered outrage from Crimean Deputy Prime Minister Georgy Muradov, who opined that by allowing Ukraine to use US-made planes to target the peninsula, the White House had “agreed to unleashing a nuclear war.”
The official recalled that Crimea hosts Russia’s Black Sea Fleet. “An attack on one of the pillars of Russia’s strategic security legally obliges our country to use all available means to prevent it from being undermined.”
Russia has also recently accused Ukrainian forces of using UK-supplied long range rockets which are capable of hitting inside Russia.
This is also a cause for concern in terms of possible Russia-NATO direct escalation: “Storm Shadow missiles, which have a range of more than 250 kilometers, give Ukraine the capacity to strike well behind Russian front lines and as far as Moscow-occupied Crimea,” US state-funded RFERL underscores, while adding that “British media reports said Kyiv had promised not to use the missiles to strike inside Russia’s territory.”
Tyler Durden
Mon, 05/22/2023 – 19:20 - Trump Town Hall Destroys Fake News Silo
Trump Town Hall Destroys Fake News Silo
Authored by Frank Miele via The Epoch Times (emphasis ours),
The inventors of artificial intelligence went before Congress last week and warned that without government supervision, the emerging technology could be employed by the unscrupulous to mislead people and spread falsehoods.
It’s frightening, but not without precedent.
If you want to know what it would look like if an AI were programmed to be relentless, ruthless, and amoral in service to a political agenda, you don’t have to look far.
Just consider the mainstream media. They have tailored their so-called news coverage to focus entirely on attacking conservatives and covering up for Democrats. Anyone who challenges their narrative is accused of lying or peddling “conspiracy theories.” Any facts that disprove their assumptions are either ignored entirely or summarily dismissed as Republican “talking points.”
And then remember this: Thanks to the First Amendment, the dangerous lies of the media cannot be subject to government supervision or control. It’s entirely up to us to sniff out and reject the falsehoods, but if you are a trusting soul who can’t imagine a world where you are intentionally kept in the dark about fundamental truths, then you will always be living an illusion.
A perfect metaphor for this state of blissful ignorance was unveiled recently on the Apple TV+ show “Silo,” which tells the story of a few thousand people who have been living underground in a massive silo for generations. Their only contact with the outside world is a video link to a camera placed on the surface, which shows a forlorn landscape littered with the bodies of those few daring people who had exited the silo after growing sick of being virtual prisoners. The video of the bleak and deadly surface plays nonstop in public places to remind the residents of the silo that there is nothing for them on the outside.
In our metaphoric analysis, that video represents the relentlessly negative and destructive narrative of the mainstream media, played over and over for an unwitting population. There is little reason for the average person to doubt what he or she has been told so convincingly by so many seemingly sincere talking heads. But what happens if the public gets a glimpse of reality?
Just such an occurrence happened in a recent episode of “Silo” when the main generator for the silo was turned off in order to accomplish needed repairs. In the brief moment between the power going down and the backup generator kicking in, the Hiroshima-like deathscape on the video screen was replaced by a halcyon sunlit pasture of green grass and trees. Blink and you missed it. And if you are one of the characters who lives in the silo, you keep your mouth shut. No one so far has admitted what they saw or asked questions about it. That’s what happens when you are fed an endless diet of lies. The truth looks like an unappetizing worm.
But sooner or later, as the Bard tells us, the truth will out, or in this case the worm will turn.
That transformation for the mainstream media began on May 10, when Donald Trump climbed out of the silo and showed millions of CNN viewers that the lies they’ve been told for years were absurd and dangerous, starting with the notion that the 45th president himself is absurd and dangerous. Town hall moderator Kaitlan Collins did her best to lock down Trump with questions intended to humiliate or mock him. But what she did not count on was that having an audience full of real people from the free state of New Hampshire would make her questions look as fake as that dead planet on “Silo.”
From the moment the crowd of 300 or so Republican and independent voters gave Trump a standing ovation as he was introduced, it was obvious that Collins was in for a long night. So was the television audience of 3.3 million presumably mostly liberal CNN viewers who have been fed a steady drumbeat of anti-Trump propaganda for more than six years. Collins did her best to unsettle Trump by bringing up topics such as the legitimacy of the 2020 election, the Jan. 6 riots, and the many legal cases brought against him by Democratic district attorneys or funded by Democratic donors. But in every single instance, Trump was prepared to answer by rejecting and refuting the left-leaning assumptions implicit in the questions. And the audience kept applauding. They even cheered when Trump called Collins a “nasty person” because she didn’t listen to his answers, or dismissed them because they didn’t agree with her own preconceptions.
It was no doubt maddening to the usual suspects at CNN, as was made obvious by the fact that they cut short the scheduled 90-minute town hall by nearly 20 minutes and then proceeded to devote nearly two hours to re-establishing the official CNN narrative: Trump is absurd and dangerous, and can’t be trusted no matter how much those crazy people from New Hampshire seemed to like and respect him!
Jake Tapper started the commentary by saying “Mr. Trump’s first lie was told just seconds into the night with his false familiar claim that the 2020 election was ‘a rigged election,’ and the falsehoods kept coming fast and furious about the Jan. 6 insurrection, about the threats to Vice President Pence, about Pence’s ability to overturn the election, about Covid, about the economy and more.”
In other words, the picture you just saw where Trump was witty, charming, in full command of the facts and unwilling to be pushed around by a junior reporter was not what you saw at all. To paraphrase Obi-Wan Kenobi, “Nothing to see here. Move along.”
Suddenly, we were back safe and sound in the universe where Trump is a troublesome oaf, and where all the so-called smart people agree that the walls are once again closing in on the mega-villain known as the MAGA Prince. It didn’t require evidence to say so, just a concert of voices in agreement that nothing we had seen with our own eyes was real. I call it the Deep Fake of mainstream media – mouths moving but the words coming out of them are untethered from reality. Just an anti-Trump, anti-MAGA, anti-conservative agenda that can be twisted around any and every news story.
Perhaps the best (or worst) example of this can be found on MSNBC’s “Morning Joe,” which provides the most-one sided panel of talking heads this side of Rachel Maddow. The episode on the morning after Trump’s invasion of CNN was more proof that the former president had terrified the mainstream media mob. Which means they could only do one thing in response – lie.
In that regard it was similar to almost any day on “Morning Joe,” but host Joe Scarborough reserved his greatest vitriol for this episode. Right out of the gate, he and his producers tried to imply that Trump was delusional about Jan. 6 by matching his words about the massive rally he held that day with pictures of the riot a few hours later at the U.S. Capitol. So when Trump said that his supporters were at the rally “with love in their heart,” Scarborough and his team conflated that with pictures of rioters at the Capitol, even though they had nothing to do with each other. It was a bit of propaganda worthy of Leni Riefenstahl, the Nazi filmmaker. Four hours of that kind of distortion was too much to watch, but I made it through 90 minutes and came to the conclusion that Scarborough and his guests were tools of a self-serving narrative to the same degree as a ChatGPT deep fake, and both were equally soulless.
Coincidentally, CNN superstar Anderson Cooper unwittingly took up the silo metaphor himself the day after the town hall when he responded to outraged CNN viewers who could not believe that their beloved left-wing network had veered from their usual Deep Fake script and allowed Trump an opportunity to demonstrate that his brand of conservatism has a strong following that cannot be easily dismissed.
“You have every right to be outraged today and angry and never watch this network again,” Cooper said on his show. “But do you think staying in your silo and only listening to people you agree with is going to make that person go away?”
Based on the heated reaction to Cooper’s remarks, yes, most CNN viewers want to stick their heads in the sand and pretend that front-running candidate Trump doesn’t exist. So much easier to listen to the fake narrative that paints the former president as the most hated man on the planet than to consider, as Cooper reminded his viewers, that “the man you were so disturbed to see and hear from last night, that man is the front-runner for the Republican nomination for president. And that audience that upset you, that’s a sampling of about half the country. They are your family members, your neighbors, and they are voting. And many said they’re voting for him.”
Of course, it’s not just television media that promotes a fake narrative about Trump and his supporters. Consider this tweet by the New York Times on Tuesday after the release of the Durham Report, which confirmed that the FBI had no legitimate evidence against Donald Trump when it launched its Russia collusion probe:
“John Durham’s report on the FBI’s investigation into the Trump campaign’s work with Russia, which produced no startling revelations, is being viewed by some conservatives as lending credence to their conspiracy theories about the U.S. agency.”
Say what? “No startling revelations” implies that the New York Times already knew that there was no legitimacy to the allegations against Trump. But if that’s the case, then why hasn’t the Times returned the Pulitzer Prize for National Reporting it shared with the Washington Post in 2018? Both of those esteemed newspapers promoted the Democrat-originated lie that Trump was a Russian asset and they did absolutely nothing to uncover the truth about how the FBI was co-opted by the Biden administration as a campaign asset for Hillary Clinton.
And even more outrageously, the New York Times (the nation’s putative paper of record) twisted the damning facts of the Durham Report into a Republican fever dream that could apparently be dismissed as one more “conspiracy theory.” Hey, Mainstream Media! It’s not a conspiracy theory any more if it’s proven to be true – then, it’s a conspiracy fact. Durham concluded that the FBI persecuted the 45th president of the United States without any credible evidence, and no amount of willful denial will change that devastating charge.
Not sure if reality will win out against the phony mainstream narrative in the long run, but my hope rests with 300 New Hampshire voters who thumbed their collective nose at CNN on national TV and said in no uncertain terms that they don’t want to live in the Fake News silo any more. What educated person does?
Tyler Durden
Mon, 05/22/2023 – 19:00 - Hedge Funds Most Bearish On Oil Since 2011 Just As Physical Demand Surges
Hedge Funds Most Bearish On Oil Since 2011 Just As Physical Demand Surges
Hedge funds may be finally piling into stocks just as the S&P breaks out above the 4,200 resistance level (because Wall Street “pros” always sell low and buy high), but unable to shake the conviction that the economy is headed for the crapper, they are ramping up their shorts in other assets to brace for what is coming, and nowhere more so than in oil where bearish hedge fund bets just hit the highest in 12 years.
As Bloomberg shows, the trading positions of hedge funds and other non-commercial traders are at the most bearish levels since at least 2011 across a combination of all major oil contracts…
… and in bets that are perhaps most indicative of recession expectations, speculators’ combined views on diesel and gasoil – fuels that power the economy – are near the most bearish levels since early in the Covid-19 pandemic.
That said, positioning in gasoil and US diesel ticked slightly higher in the latest week, while commercial traders who work for the producers as well as other merchants of crude, aren’t so bearish, with some even reducing hedges against a potential price drop.
Still, “it’s pretty remarkable to see this type of positioning,” Greg Sharenow, who manages a portfolio focused on energy and commodities at PIMCO, told Bloomberg in an interview.
The gloom over the oil market this year – a sharp contrast to last year’s Ukraine war-driven meltup – has come from multiple directions, including expectations that the Fed’s rate hikes will provoke a contraction (oddly enough, this has not impacted stocks or bonds) and China’s disappointing rebound from its Covid-19 restrictions. Add in the threat of a US default if politicians fail to raise the debt ceiling and the possibility that OPEC+ may not deliver all the output cuts they’ve pledged, and traders have no shortage of bear scenarios to choose from.
While investors are positioned for a significant business cycle downturn hitting petroleum consumption and prices in the remainder of 2023, prices for fuels such as gasoline and diesel are expected to hold up better than crude because fuel stocks are well below long-term seasonal averages and refineries are already processing more crude than usual according to Reuters analyst John Kemp.
The extreme extent of the financial traders’ bearishness raises the risk of volatility if the OPEC and its allies decide to cut production further. That scenario will surely set off another brutal squeeze that forces bears to rush to exits, sends the price of oil soaring and worsens inflation.
Meanwhile, Goldman projects any large gains in oil prices could unleash as much as $40 billion worth of buying in US crude and Brent alone from trend-following commodity trading advisers; however for now the only direction CTAs are pushing oil is lower.
What is odd is that while hedge funds are positioned for a significant business cycle downturn hitting petroleum consumption and prices in the remainder of 2023 and have picked oil and only oil to express their bearish bets having been burned one too many times on their stock shorts, the underlying physical markets aren’t reflecting the dire state that traders are preparing for. On the contrary: refineries are processing the most crude for this time of year since the pandemic began, China crude demand is record high, air travel is rising just about everywhere, and gasoline demand in the US is now at the highest level since December 2021. At the same time, fuel inventories are below seasonal norms for gasoline and diesel in the US, and OPEC+ cuts and Canadian wildfires have limited crude supply.
The International Energy Agency recently hiked its expectations for global oil demand growth this year on China’s post-pandemic rebound, which, despite a strong gain in consumer usage, has failed to live up to optimistic forecasts. That’s because industrial demand has been the central focus for traders, and weakness in manufacturing and trucking has kept them from going long on diesel.
“Traders are focused on China recovery, specifically if the increase in consumer-led consumption can meaningfully outstrip weakness in industrial demand,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth.
While a reversal of the bearish sentiment doesn’t appear imminent, a continued decline in inventories may help oil beat other asset classes.
“If you do genuinely believe that we’re in a capital-disciplined and under-investing environment, then when the economy does stabilize, commodities, and oil within that, are likely to outperform over an extended period of time,” Pimco’s Sharenow said.
In a note from Wells Fargo equity reearch, the bank writes that while its model implies a Q2 2023 build, the bank has not seen that in the US or other weekly data. In fact, its tracking of US/ARA and floating inventories (crude + products) indicates a modest draw since 3/31, with The most recent reports from China indicate draws from their oil storage to support local refining demand. And while visibility into China’s refined product stocks is murky, stronger crack spread trends imply no unusual refined product builds have occurred.
As such, the bank’s base case assumption remains a modest recession by YE’23. If the economy avoids that outcome, “then an undersupplied oil market becomes a more likely event… This implies risk/reward for oil prices (and by extension, energy equities) is tilting more favorably as the calendar reaches mid-year.”
Goldman agrees and writes that “inventory draws appear to have started” among global visible stocks, signaling a turning point for the market; the bank adds that oil price weakness has been driven by stronger-than-expected supply from Russia and record releases from US strategic reserves. And of course relentless shorting by hedge funds who are poised for another bruising short squeeze in the weeks ahead.
Finally, while hedge funds are betting that OPEC is quietly overproducing and exporting much more than their recent quota permits, a recent update by Goldman Sachs shows that bears may be in for a very reude awakening, as seaborne net exports by OPEC countries which announced a cut in April have finally tumbled by over 1mmb/d over the past 2 weeks.
Tyler Durden
Mon, 05/22/2023 – 18:40 - 646 Hospitals At Risk Of Closure, Ranked By State
646 Hospitals At Risk Of Closure, Ranked By State
By Laura Dyrda of Becker Hospital Review
There are 646 rural hospitals at risk of closure due to financial issues, comprising around 30 percent of all rural hospitals in the U.S., according to the Center for Healthcare Quality & Payment Reform.
The hospitals face losses on patient services as health plans aren’t paying enough to cover the cost of care delivery. The losses will likely increase as inflation and workforce shortages persist, according to the report, which was released in April. While rural hospitals are receiving some support through grants, local tax revenues or other profits, they still have low financial reserves and remain at risk.
More than half the states in the U.S. report 25 percent or more of their rural hospitals are at risk of closure, and more than 200 hospitals nationwide are at immediate risk of closing.
Here are the number and percentage of rural hospitals at risk of closing by state from the analysis:
Tyler Durden
Mon, 05/22/2023 – 18:20 - Former Deputy Nat'l Security Adviser: FBI, CIA & DOJ Will Rig 2024 Election
Former Deputy Nat’l Security Adviser: FBI, CIA & DOJ Will Rig 2024 Election
Former Deputy National Security Adviser K.T. McFarland, who served for the first four months of the Trump administration under Michael Flynn, says that the deep state is going to rig the 2024 US election following their success in 2020.
“We now have black-and-white evidence that the FBI interfered in the 2016 election. When they failed to elect Hillary Clinton, they set out to destroy the Trump administration,” she told Fox Business‘ Maria Bartiromo.
“Go back to 2020. This time, the CIA got involved in the election with those 51 former intel agents who said the Hunter Biden laptop was Russian disinformation. So they’ve gotten away with it for two elections. They will surely try and get away with it in 2024, right?
Because there are no consequences…
“There is now hard evidence that there was election interference by the U.S. intelligence agencies and the Department of Justice. Those individuals must be terrified that a Republican president comes in with a Republican Attorney General, investigates them, and charges them with all of the crimes they have committed over the last eight years. Take it to the bank.
They will absolutely interfere in 2024…
These people are selling us out. Not only to foreign leaders, but they are interfering in our elections.
They are tearing up the Constitution… This is just a gut punch to the American people.“
Watch:
Tyler Durden
Mon, 05/22/2023 – 18:00 - Lawmakers Want Answers On NIH Trans Kids Study That Led To Two Suicides
Lawmakers Want Answers On NIH Trans Kids Study That Led To Two Suicides
Authored by Steve Watson via Summit News,
Republican lawmakers in the House and Senate have demanded answers from the National Institutes of Health over a two year study involving prescribing gender changing hormones to hundreds of children, as it emerged that two of the ‘youths’ ended up killing themselves.
As Fox News reports, the study titled “Psychosocial Functioning in Transgender Youth after 2 Years of Hormones,” examined 315 individuals “between the ages of 12 and 20 who identify as transgender and were given cross-sex hormones.”
The study, involving 240 children, was funded by NIH which admits that “two young people tragically died by suicide.”
Despite the deaths, the NIH carried on the study to its conclusion.
Over a dozen lawmakers, including Lauren Boebert, Marco Rubio and Rand Paul have penned a letter to the NIH director Dr. Lawrence Tabak.
It’s almost like it was more important to get a certain result than to find the best result.
— Mark Mazurik (@MarkMazurik) May 22, 2023
https://platform.twitter.com/widgets.js
The letter notes that “During this study, two young people died by suicide and eleven reported suicidal ideation,” adding that “Rather than shutting the study down after such serious adverse events, the researchers published their paper, concluding that the study was a success because cross-sex hormones had altered subjects’ physical appearance and improved psychosocial functioning.”
Researchers assert that “During the study period, appearance congruence, positive affect, and life satisfaction increased, and depression and anxiety symptoms decreased.”
They also claim that despite 11 kids expressing a desire to kill themselves and two actually committing suicide, “Increases in appearance congruence were associated with concurrent increases in positive affect and life satisfaction and decreases in depression and anxiety symptoms.”
North Carolina Senator Ted Budd, another co-signer of the GOP letter described the study as “absolutely tragic,” charging that those involved are “in search of an agenda and justifying an agenda, they’re not really about children’s safety as we’ve seen from the suicides.”
The Republicans further note in their letter that “the four clinics and some of the researchers who conducted this experiment are outspoken advocates for conducting gender transition interventions on children.”
“Were the individuals who tragically died by suicide while participating in this study minors?” the lawmakers ask, adding “Were participants and their parents given the opportunity to reconsider their consent and withdraw from this research in light of the suicides?”
Watch:
https://video.foxnews.com/v/embed.js?id=6327841400112&w=466&h=263Watch the latest video at foxnews.com
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Tyler Durden
Mon, 05/22/2023 – 17:40 - WTF Chart Of The Day: Bud Light Sales Dump For 6th Straight Week
WTF Chart Of The Day: Bud Light Sales Dump For 6th Straight Week
New industry data, according to The Wall Street Journal, shows that sales of Bud Light have declined for another week amid the controversy over the company’s decision to engage in a social media campaign with transgender influencer and activist Dylan Mulvaney.
In the week starting on May 8, U.S. retail sales tumbled 28% compared with the same period a year ago, according to an analysis of Nielsen data by consulting company Bump Williams, with the decline showing no signs of stopping…
Source: The Wall Street Journal
As we have previously noted, the company placed Alissa Heinerscheid – the first woman in Bud Light’s four-decade history to run its marketing – and her boss, Daniel Blake, on leave. Heinerscheid was replaced in the role of head marketer for Bud Light by a seasoned beer executive and Blake’s role was eliminated to give senior marketers closer oversight on brand decisions. Heinerscheid and Blake remain on leave.
Additionally, Bud Light has reportedly responded by buying unsold cases of the beer that are past their expiration date, signaling a change in the brand’s direction and an attempt to draw back to its original formula that appeals implicitly to its core customers.
“The unfortunate reality that it happened without higher-level approval exposed a concerning lack of oversight for brand marketing decisions,” said in a Facebook statement.
“That lack of oversight has been addressed.”
Ironically, Anheuser-Busch is getting it in both ends with The Human Rights Campaign, an LGBT rights organization, said Anheuser-Busch had showed a “profound lack of fortitude” and should have stood in solidarity with Mulvaney as people attacked her on social-media and conservative news outlets. The group this month suspended the brewer’s Corporate Equality Index score, which ranks companies on their policies for lesbian, gay, bisexual, transgender and queer employees.
A Bud Light 2023 Super Bowl ad featured actor Miles Teller and his wife, Keleigh Sperry Teller, having an impromptu dance party in their living room.
So, should we call this a boycott… or a girlcott?
Tyler Durden
Mon, 05/22/2023 – 17:20
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