Aug 24

Today’s News 24th August 2024

  • COVID-19: The Preventable Pandemic
    COVID-19: The Preventable Pandemic

    Authored by Jeff M. Smith via RealClearWorld,

    When the Heritage Foundation released its comprehensive report on the origins of the Covid-19 pandemic, headlines tended to focus on the cost to the U.S. That’s not surprising: At an eye-popping $18 trillion, it’s almost 10 times the projected 2024 budget deficit.

    Arguably, however, the Commission’s most infuriating conclusion was this: The global pandemic was “totally preventable,” in the words of Commissioner Dr. Robert Redfield, an experienced virologist who headed the CDC during the outbreak.

    Had the Chinese government been more transparent and cooperative at the outset of the pandemic, millions of lives and trillions of dollars could have been spared. The pandemic’s “proximal origin,” the Commission found, was the Chinese government’s “aggressive opposition to honesty, transparency, and accountability” along with its “systemic cover up.”

    The Cover-Up

    The Commission—a blue-ribbon team of experts led by former Director of National Intelligence John Ratcliffe and supported by data scientists, economists, and lawyers—concluded that the SARS-CoV-2 virus began circulating months before Beijing warned the world, likely in August-September 2019. The Chinese government then not only withheld key details, it engaged in an elaborate and deadly coverup.

    Dr. Jamie Metzl—one of the Commission’s Democrats who served at the National Security Council, U.S. Senate, and State Department—condemned Beijing for having “destroyed samples, hidden records, imprisoned Chinese citizen journalists, gagged Chinese scientists, blocked any meaningful international investigations, and cynically sandbagged the World Health Organization.”

    Ratcliffe described China’s behavior during this period as “frankly inexcusable.”

    Added Metzl: “There can be, in our view, little doubt that China’s government is primarily responsible for the COVID-19 pandemic. But for the unique pathologies of the Chinese state, there very likely would have been no pandemic at all.”

    The Cost

    Worldwide, the COVID-19 pandemic is considered one of the seven deadliest plagues in human history, with excess deaths topping 28 million, according to some estimates. The World Bank has characterized the economic upheaval caused by the pandemic as “the largest global economic crisis in more than a century,” with low-income countries hit the hardest.

    The Commission’s assessment that the pandemic cost the U.S. alone $18 trillion includes $8.6 trillion in “excess deaths,” $1.8 trillion in income lost, $6 trillion in chronic conditions like “long COVID,” $1.1 trillion in mental health costs, and $400 million in education losses.

    The Origin

    While the origin of the pandemic wasn’t the focus of the Commission, notably all nine Commissioners concluded, without dissent, that the pandemic “very likely stemmed from a research-related incident in Wuhan.”

    Indeed, evidence continues to emerge further strengthening the “lab leak” theory and casting greater doubt on the “natural spillover” theory. The Wuhan Institute of Virology (WIV) was at the time conducting dangerous gain of function experiments to make coronaviruses more transmissible to humans, and it was doing so in alarmingly unsafe conditions.

    The WIV experienced an unspecified “incident” in 2019, when several lab workers fell sick, the Chinese military abruptly assumed control of the lab, the lab mysteriously deleted its online database of over 10,000 bat virus samples at 2:00am, and ordered an expensive new air incinerator. A Chinese military scientist then produced a vaccine with logic-defying speed before suddenly going missing and being scrubbed from government records.

    In recent months, new details have emerged about a 2018 grant proposal that sought funding to manipulate coronaviruses at the WIV in very specific ways—ways that exactly match the highly unusual features of the SARS-CoV-2 virus that have never been seen in nature.

    At the event unveiling the Heritage report, Dr. Redfield contended SARS-CoV-2 shows “clear signs of engineering” and its origin “had nothing to do with” a natural spillover event at a Wuhan animal market. The full Commission report concludes that despite four years of extensive hypothesis testing, today “there is no evidentiary basis” for the theory of natural spillover. The handful of early pandemic academic papers advancing the natural spillover theory have since been hollowed out by fatal challenges to their underlying methods and conclusions.

    Rather than a viral leap from animal to humans, Dr. Redfield contended that the pandemic was “a direct consequence of scientific arrogance, with the scientists that were intentionally teaching this virus how to infect humans never recognizing something would ever go wrong. And, in fact, unfortunately this virus did escape.”

    Preventing Another Pandemic

    To avoid a future pandemic and hold the Chinese government accountable, the Commission report concluded with several practical recommendations for the U.S. government:

    • Establish a bipartisan national COVID commission to conduct “a review of China’s negligence and cover-up as well as an evaluation of domestic policies that were implemented” in response to the pandemic;

    • Create a bipartisan reparations or compensation task force to cover claims against the Chinese government;

    • Facilitate the filing of civil claims against China to allow civilians harmed by COVID to receive compensation by amending the Foreign Sovereign Immunities Act;

    • Decouple U.S. government and commercial supply chains from Chinese state-backed companies;

    • Audit all U.S. government funding for biomedical research and related research activities in China;

    • Impose economic sanctions on Chinese officials and entities who were complicit in or supported the “distortion and concealment” of information related to the COVID pandemic.

    The COVID-19 pandemic was almost certainly the deadliest and costliest event of the 21st century. Beijing’s ability to escape virtually any accountability—and the global media’s relative disinterest in the pandemic’s origins, cost, and China’s culpability—are equal parts confounding and infuriating.

    “China’s response to SARS1 20 years ago was abysmal,” Dr. Metzl argued at the Heritage event. “China’s response to SARS2, 20 years later despite all these international processes, was even worse. And the reason…is there was no accountability for all the obfuscation in the first case. With 28 million people dead as a result of COVID-19 and tens of trillions of dollars in damages it simply unacceptable, and frankly unimaginable, that every stone should not be overturned examining what went wrong.”

    Tyler Durden
    Fri, 08/23/2024 – 23:40

  • The Top 10 Countries By Gold Reserves In 2024 (& Who's Adding Most)
    The Top 10 Countries By Gold Reserves In 2024 (& Who’s Adding Most)

    Central banks hold gold reserves due to their safety, liquidity, and return characteristics.

    They are significant owners of gold, accounting for approximately a fifth of all the gold mined throughout history.

    The country with the most gold is the United States, with 8,133 tonnes, which has a value of $579 billion.

    The top ten countries in total gold reserves (tonnes) as of May 2024.

    These figures come from the World Gold Council.

    Amid escalating geopolitical tensions, increased sanctions, and discussions around de-dollarization, interest in gold purchases is rising.

    But which countries are leading the charge in increasing their gold reserves?

    This graphic, via Visual Capitalist’s Bruno Venditti, ranks the top 10 countries by the change in gold reserves over the past decade (2013-2023).

    The figures, measured in tonnes, were compiled by the World Gold Council.

    Russia and China Lead in Gold Purchases

    Central banks, particularly those of Russia and China, have bought gold at the fastest pace as countries seek to diversify their reserves away from the dollar.

    Russia’s reserves jumped from 1,035 tonnes in 2013 to 2,333 in 2023. China’s reserves rose from 1,054 tonnes to 2,235 in 2023.

    In third place in our ranking of central bank gold additions, Türkiye increased its reserves from 116 tonnes in 2013 to 540 tonnes in 2023.

    Tyler Durden
    Fri, 08/23/2024 – 23:15

  • Government Report Links High Fluoride Exposure With Low IQ Among Children
    Government Report Links High Fluoride Exposure With Low IQ Among Children

    Authored by Naveen Athrappully via The Epoch Times (emphasis ours),

    Exposing children to high levels of fluoride is “consistently associated” with lower IQ, and potentially other neurodevelopmental issues, according to a report by the National Toxicology Program (NTP).

    Water from a tap fills a glass in San Anselmo, Calif., on July 6, 2023. Justin Sullivan/Getty Images

    In 2016, NTP started a systematic review of scientific literature to ascertain links between fluoride and cognition. On Aug. 21, it published a report detailing its findings. A total of 72 studies reviewed in the report examined how fluoride exposure affected children’s IQ. Sixty-four of these studies found an “inverse association between estimated fluoride exposure and IQ in children,” meaning higher exposure was linked to lower IQ and vice versa.

    “This review finds, with moderate confidence, that higher estimated fluoride exposures … are consistently associated with lower IQ in children,” the report stated. NTP is a unit of the U.S. Department of Health and Human Services.

    NTP defined high exposure as drinking water with fluoride concentrations that exceed the 1.5 mg/L limit set by the World Health Organization.

    The allowable limits in the United States are different. While the U.S. Food and Drug Administration (FDA) has set a threshold of 0.7 mg/L for fluoride presence in drinking water (including naturally occurring and added fluoride, or fluoridation), the U.S. Environmental Protection Agency has a limit of 2 mg/L.

    As of April 2020, community water systems in the United States supplied water containing 1.5 mg/L or more of naturally occurring fluoride to 0.59 percent of the country’s population, which comes to approximately 1.9 million people, NTP stated. Around 1 million people were supplied water with 2 mg/L or more of naturally occurring fluoride.

    “There is also some evidence that fluoride exposure is associated with other neurodevelopmental and cognitive effects in children; although, because of the heterogeneity of the outcomes, there is low confidence in the literature for these other effects,” the report stated.

    The studies on children’s IQ reviewed in the report were conducted in 10 countries, including Canada and Mexico. No studies from the United States were included in the review.

    Fluoride is a mineral that prevents and repairs damage to the teeth caused by bacteria. In 1945, the United States introduced a community water fluoridation program, which has been considered a successful public health measure.

    However, there were concerns that children and pregnant women may ingest fluoride in excess amounts due to exposure to the mineral from a variety of sources, including water, beverages, toothpaste, and teas, the NTP said. This led the program to conduct the current study.

    Fluoride Debate

    The NTP report follows a study published in May that looked at mother-child pairs from Los Angeles and concluded that prenatal fluoride exposure was associated with “neurobehavioral problems” among children.

    Lead investigator of the study Ashley Malin said the results suggest fluoride may negatively affect fetal brain development. She pointed out that there is “no known benefit” of fluoride consumption for fetuses.

    “We found that each 0.68 milligram per liter increase in fluoride levels in the pregnant women’s urine was associated with nearly double the odds of children scoring in the clinical or borderline clinical range for neurobehavioral problems at age 3, based on their mother’s reporting,” she said.

    In a May 22 statement, the American Dental Association (ADA) said the study was not “nationally representative” and that it did not measure the “actual consumption of fluoridated water.”

    “The JAMA study should be considered exploratory. To date, the ADA has seen no peer-reviewed research that would change its long-standing recommendation to the public to brush twice a day with fluoride toothpaste and drink optimally fluoridated water,” the group said.

    “Tooth decay is one of the most common chronic diseases among children. There are decades of research and practical experience indicating community water fluoridation is safe and effective in reducing cavities by 25 percent in both children and adults.”

    It endorsed community water fluoridation as a “safe, beneficial, and cost-effective” way to prevent dental cavities.

    Another study from January found that many parents were exposing children to high amounts of fluoride. When parents used toothpaste for their children aged under 24 months, the fluoride dose was 5.9 to 7.2 times higher than what was recommended, the study found.

    Tyler Durden
    Fri, 08/23/2024 – 22:50

  • Snipers Respond To Islamist-Inspired Rebellion, Hostage Crisis At Russian Prison
    Snipers Respond To Islamist-Inspired Rebellion, Hostage Crisis At Russian Prison

    Russian authorities have confirmed that on Friday there was a major, violent uprising at a maximum security prison in the country’s south. It appears unrelated to the ongoing Ukrainian invasion of Russia’s southern border regions, and reportedly involved Islamist prisoners affiliated with ISIS.

    Several officers at the penal colony in the town of Surovikino were killed, and several staff were taken hostage by the rebelling inmates, before it was put down by an elite Russian commando team. The location has been identified as IK-19 Surovikino facility in the southwestern Volgograd region.

    Penal Colony 19 in Volgograd.

    The National Guard of Russia, also known as the Rosgvardia, announced in a Telegram statement: “Snipers from the special forces of the Russian National Guard in the Volgograd Region neutralized four prisoners who had taken prisoner employees hostage with four precise shots; the hostages were freed.”

    Videos from the scene which emerged on social media and showed the hostage-takers waiving ISIS flags. State media sources say that at least eight prison officers had been taken hostage during the ordeal. Other sources say a dozen total people were held hostage, which included some inmates who weren’t among the attackers.

    Russia’s RT reports the following details:

    According to the WarGonzo Telegram channel, one of the hostage-takers was wearing a purported suicide belt which failed to detonate.

    The identities of the attackers have been confirmed, according to media reports citing court records. One of the four was a convicted murderer while the other three were serving time for drug trafficking charges. All were reportedly natives of Uzbekistan and Tajikistan.

    Another regional outlet reported the following:

    Photos shared by the pro-Kremlin Telegram news outlet Mash showed prison inmates with knives standing above bloodied guards. In unverified videos shared on Telegram, the alleged attackers said they were affiliated with the Islamic State militant group and taking revenge for the Crocus City Hall terror attack in March.

    The assailants stabbed the employees, including some who tried to resist. At least three were killed, and there were conflicting reports from officials over the fate of a fourth prison guard.

    The uprising involved crude weapons, and the deceased guards reportedly died due to stab wounds. Two of the attackers later succumbed of their wounds at a hospital after being shot by sniper teams.

    CNN comments on some of the disturbing images as follows: “Graphic footage circulating on social media showed three uniformed prison staff members lying motionless in pools of blood, one with his throat slashed. A fourth staff member is seen on his knees in a doorway.”

    Tyler Durden
    Fri, 08/23/2024 – 22:25

  • Curcumin Is Effective In Reducing Cardio-Metabolic Risk Factors: Study
    Curcumin Is Effective In Reducing Cardio-Metabolic Risk Factors: Study

    Authored by Zrinka Peters via The Epoch Times (emphasis ours),

    Curcumin is well known for its widespread health benefits, particularly for its antioxidant and anti-inflammatory properties. A polyphenol (a chemical compound in plants that offers specific health benefits) found in turmeric, curcumin is primarily responsible for its vibrant yellow color and is widely used in Indian and Asian cuisines.

    Shutterstock

    Despite the many claims of curcumin’s ability to help alleviate health concerns, including a variety of skin conditions, arthritis, metabolic syndrome, heart disease, depression, and more, obtaining its full benefits can be a challenge. Curcumin has poor bioavailability and solubility and is rapidly eliminated from the body.

    Curcumin’s potential health benefits, along with advances in research exploring ways to increase the bioavailability of curcumin, inspired Thai researchers to study the effect of curcumin on atherosclerosis in patients with Type 2 diabetes and obesity.

    Atherosclerosis is a hardening of the arteries as a result of plaque build-up, and complications resulting from atherosclerosis (e.g., heart attacks and strokes) are the leading cause of death worldwide.

    The Study

    The randomized, placebo-controlled, double-blind trial, published in Nutrients last month divided 227 participants into two groups of roughly equal size. One group took six capsules of curcumin per day (two 250 milligram (mg) capsules after meals, three times per day, for a daily total of 1500 mg), while the other took a placebo.

    The participants were tested at zero, three, six, nine, and 12 months for indicators of anti-atherogenic activity, including pulse-wave velocity (PWV), as well as several cardiometabolic risk factors including total cholesterol, triglycerides, and uric acid. Levels of pro-inflammatory cytokines were recorded, as well as high-sensitivity C-reactive protein levels (to evaluate systemic inflammation).

    The results showed significant improvements for the curcumin-supplementing participants in each of the areas in which data was collected. Pulse wave velocity, which measures arterial stiffness and is considered to be a predictor for adverse cardiovascular events, was significantly lower in the curcumin-treated group at three, six, nine, and 12 months than in the placebo control group.

    Levels of low-density lipoprotein cholesterol, small dense low-density lipoprotein cholesterol, high-density lipoprotein cholesterol, triglycerides, and uric acid were likewise all significantly lower in the curcumin-treated group at three, six, nine, and 12 months.

    Measurements of waist circumference, total body fat, and visceral fat were significantly lower in the curcumin group than in the placebo group at the six-, nine-, and 12-month visits. Insulin resistance was also significantly lowered in the curcumin-treated group.

    The study authors concluded, “[C]urcumin significantly reduced the PWV, substantiating its role in mitigating arterial stiffness and potential cardiovascular disease risk.” They also recorded a reduction in high-sensitivity C-reactive protein, “a marker associated with inflammation and cardiovascular risk,” after three months. The positive results across multiple risk factors highlight curcumin’s potential role in cardiometabolic health.

    The researchers went on to say, “These multi-target effects and historical usage underscore the importance of natural products in creating effective, holistic treatments for metabolic diseases.” No serious adverse effects were noted among the curcumin-treated group.

    Finding the Right Measure

    As a natural, easily accessible, and inexpensive supplement with a strong safety profile, curcumin offers possible support in maintaining or improving cardiometabolic health. Though the dosage used in this study was 1500 mg per day, other studies have demonstrated that dosages as high as 8000 mg per day have been well-tolerated. However, some people need to exercise caution when considering whether curcumin supplements may be helpful for them.

    Cardiologist and cardiothoracic surgeon Dr. Bhaskar Semitha told the Epoch Times, “It’s crucial to discuss curcumin supplementation with your doctor before starting, especially if you have CVD [cardiovascular disease] and take medications. While curcumin generally has a good safety profile, there are some considerations for patients with CVD taking medications.”

    “Curcumin can interact with certain medications, including blood thinners (e.g., Warfarin) and anti-platelet medications (e.g., Clopidogrel). This could increase bleeding risk. Curcumin might [also] interfere with the absorption of some CV medications, potentially reducing their effectiveness,” Semitha said. “If your doctor approves curcumin, it’s advisable to begin with a low dose and monitor for any side effects.”

    Tyler Durden
    Fri, 08/23/2024 – 22:00

  • These Are The Countries With The Highest Wealth Inequality
    These Are The Countries With The Highest Wealth Inequality

    How is wealth distributed across countries, and what is the scale of these disparities?

    This graphic, via Visual Capitalist’s Kayla Zhu, shows wealth inequality by country in 2023, based on data from UBS.

    How Wealth Inequality Compares Globally

    One common way of measuring wealth distribution in a country is the Gini coefficient. In this index, scores closer to zero indicate more equal wealth distribution, while a score of 100 indicates that one individual holds all the wealth.

    Here are Gini index scores across select countries, highlighting how they have changed over time:

    South Africa ranks highest overall, with 10% of the population controlling approximately 80% of the country’s wealth.

    Over the last 15 years, wealth inequality has increased. Unemployment has surged to 32%, up from 20% in 2008, while inflation-adjusted GDP per capita has declined. Even though apartheid took place three decades ago, race remains a key factor in income disparities.

    Ranking in second is Brazil, a country where the richest 10% control half of the nation’s wealth. Between 2023 and 2024, the number of billionaires in the country jumped from 51 to 64, making Brazil home to the tenth-highest number of billionaires in the world.

    Despite being a socially democratic country, Sweden ranks fifth overall. The country has one of the highest billionaires per capita, at one per 250,000 people. By comparison, the U.S. has roughly one per 500,000 people. Driving this concentration of wealth is the country’s thriving tech sector, which has produced over 40 unicorn companies, such as Spotify and Skype, over the last two decades.

    We can see that the U.S. follows next, a country whose wealth inequality has fallen marginally since 2008. A similar trend of declining wealth inequality can be seen across other European nations including Germany, Switzerland, and Austria in addition to South Korea and Hong Kong.

    Particularly in developed countries, the wealth gap has narrowed since 2008 as the middle segment experienced faster wealth gains than those in higher wealth brackets.

    To learn more about this topic from a U.S.-based perspective, check out this graphic on wealth distribution by income group in America.

    Tyler Durden
    Fri, 08/23/2024 – 21:35

  • Saudi Courts Oversee Surge In Executions For Drug Offenses
    Saudi Courts Oversee Surge In Executions For Drug Offenses

    Via Middle East Eye

    Dozens of prisoners in Saudi Arabia are facing the death penalty for drug offences, as rights groups warn of a surge in executions despite authorities’ pledges to stop the punishment. 

    The European Saudi Organization for Human Rights (ESOHR) said on Thursday that there has been a sharp increase in the use of the death penalty between May and August, with executions reaching 30 by August 22.

    Prior Captagon seizure by Saudi authorities

    In Tabuk General Prison alone, at least 50 people are facing execution. According to ESOHR, 34 Egyptians are among those sentenced to death in the prison, along with other foreigners, including Jordanians and Syrians.

    Two Egyptian nationals, Walid al-Baqi and Youssef Khudair, were executed on August 13 on charges of smuggling marijuana and amphetamines, the rights group said. 

    ESOHR also documented abuses faced by Egyptians on death row in Tabuk prison, including a lack from the Egyptian embassy in the kingdom, denial of their right to adequate defense, failure to appoint lawyers for them and instances of torture and ill-treatment.

    Between 2020 and 2022, Saudi Arabia halted executions for drug offences. However, they resumed in December 2022, provoking an outcry from campaigners.

    The kingdom has executed hundreds of people in recent years for various offences, including political dissent.

    In 2023, a joint report by ESOHR and Reprieve revealed that Riyadh’s execution rate has almost doubled since King Salman and his son, Mohammed bin Salman, came to power in 2015. Between 2015 and 2022, executions surged by 82 percent.

    In February this year, seven Saudi men were killed in a mass execution, the highest number put to death in one day since 81 were killed in March 2022.

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    According to Reprieve, foreign nationals, including female domestic workers and drug offenders, are “disproportionately” targeted.

    Despite the crown prince’s pledge in a 2018 interview to minimize executions, Saudi Arabia remains one of the world’s most prolific executioners.

    Tyler Durden
    Fri, 08/23/2024 – 21:10

  • SpaceX Prepares For Historic Spacewalk Under Polaris Dawn Mission
    SpaceX Prepares For Historic Spacewalk Under Polaris Dawn Mission

    While Jeff Bezos’ Blue Origin struggles to get its rocket off the ground, Elon Musk’s SpaceX continues to dominate the space race with the most rocket launches and satellite deployments to low-Earth orbit worldwide. Meanwhile, Musk has become a target for Democrats, with even the White House weaponizing federal agencies against the billionaire, given his support for free speech through the X platform and support for former President Trump. 

    Next Monday, Musk’s SpaceX will usher in a new era of commercial space exploration when a Falcon 9 rocket ferries four astronauts to space via Dragon capsule under the Polaris Program to test and develop new spaceflight technology. 

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    “This milestone mission will include testing a next-generation spacesuit during the first commercial spacewalk; endeavoring to achieve the highest altitude of any human spaceflight mission since the Apollo program; and testing a new communication system using Starlink,” the Polaris Program wrote in a release. 

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    It added, “The four crewmembers will also use their approximately five days on-orbit to conduct nearly 40 critical health research experiments, all while raising funds for St. Jude Children’s Research Hospital.” 

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    Here are the four major milestones the Polaris Dawn’s four-person crew will attempt to achieve next week: 

    1. Flying higher than any previous Dragon mission to date and reaching the highest Earth orbit ever flown while moving through portions of the Van Allen radiation belt at an orbital altitude of 190 x 1,400 kilometers (870 miles) from Earth’s surface – or more than three times higher than the International Space Station. This will be the highest altitude of any human spaceflight mission in more than a half-century since the Apollo program;

    2. Attempting the first-ever commercial spacewalk. This will take place at an elliptical orbit of 190 x 700 kilometers (435 miles) above Earth in newly developed SpaceX EVA spacesuits. During the spacewalk, the crew will conduct a series of tests that will provide necessary data that will allow SpaceX teams to produce and scale for future long-duration missions. The crew worked with SpaceX engineers throughout suit development, testing various iterations for mobility and performance (along with mobility aids and systems procedures), and conducted operations inside vacuum chambers to validate pre-breathe protocols and the readiness of the EVA suit;

    3. Testing laser-based satellite communication using optical links between the Dragon spacecraft and Starlink satellites, revolutionizing the speed and quality of space communications;

    4. Conducting nearly 40 experiments for critical scientific research designed to advance our knowledge of human health both on Earth and during future long-duration space flights

    Separately, NASA is set to announce the planned return of two stranded Boeing Starliner astronauts aboard the ISS on early Saturday afternoon. Reports have already suggested that the space agency has discussed the possibility of ferrying the astronauts on a SpaceX Dragon. 

    If NASA selects Musk’s SpaceX to rescue the stranded astronauts on the ISS, it could trigger rage among Democrats, as Trump’s most outspoken supporter would dominate the news cycle on the rescue mission while leftist MSM artificially propping up Kamala Harris fades into darkness.

    Tyler Durden
    Fri, 08/23/2024 – 20:45

  • US Natural Gas Is America's Clean Energy Standard
    US Natural Gas Is America’s Clean Energy Standard

    Authored by  Jason Hayes & Timothy G. Nash via RealClearEnergy,

    Abundant and affordable energy drives America’s powerful and productive economy. That’s been true throughout our nation’s history, and America’s recent achievement of energy independence provides the most concrete illustration of that fact.

    But to keep our nation firing on all eight cylinders, we need government policies that prioritize providing adequate, reliable and secure domestic energy supplies.

    Our recently published report, “Grading the Grid,” reviewed a variety of potential energy sources. Two — natural gas and nuclear — stood out as the most sensible energy options for the future.

    No other energy source fits the abundant, affordable and secure prescription as well as American natural gas. Despite increased use, new drilling technologies, such as fracking, produced a 79% increase in annual natural gas production in the U.S. from 2007 to 2021.

    As we produce more of it, prices are dropping. American families saved $147 billion over the last decade because of more affordable natural gas. American Gas Association testimony before the U.S. House Committee on Oversight and Accountability indicated that households that use natural gas for heating, cooking and other appliances save an average of $1,068 per year compared to homes using electricity for such appliances. Natural gas powered 36% of America’s total energy needs in 2023 and 43% of U.S. electricity generation. 

    Natural gas also helps improve air quality. Americans are enjoying 78% cleaner air since 1970. The transition from older coal-fueled technologies to more efficient natural gas turbines for electricity generation is the primary reason that the U.S. is a world leader in lowering carbon emissions. Energy-related carbon dioxide emissions have decreased by more than 18% since 2007, while electricity generation from natural gas increased over 88%. Natural gas, with its distinctive blue flame, has cleanly powered American homes and industry for many decades.

    Natural gas should be the standard by which other hydrocarbon energy sources are measured, such as fuel oil, kerosene, petroleum and coal. Pipeline-quality natural gas — gas that has been processed to remove contaminants and to meet specific quality standards — sets a high but reasonable bar for clean energy. Policymakers in Washington D.C. and state capitals should craft legislation that targets these standards of affordability, reliability and cleanliness that natural gas achieves.

    Using natural gas as the standard could encourage the development of technologies, like catalysts or formate, that allow us to continue using hydrocarbons, like fuel oil, kerosene, diesel, or coal, to produce energy and then use captured greenhouse gas emissions associated with their combustion to generate useable fuels.

    These are engineering challenges that are both economically feasible and technologically sound. They are also exactly the kind of ground-breaking idea that the U.S., the most innovative society on earth, is known for. There is no reason to take affordable and reliable energy sources off the table when we can rely on American ingenuity to produce clean electricity from what has traditionally been allowed to escape into the air as a waste product

    Nuclear power is the second most promising energy source. It is also affordable like natural gas, but even cleaner and more reliable. American nuclear plants produce effectively emission-free electricity and can do so 24-7-365 for many decades.

    Nuclear power has supplied about 20% of the electricity needed in the U.S. since the 1990s. However, a combination of misinformation and government overregulation of nuclear power limits its expansion. It can, and should, be America’s largest source of baseload grid-scale electricity generation.

    America’s increasing population will need more electricity in the future. As data centers and artificial intelligence become more prevalent, nuclear and natural gas become even more important. Former U.S. Energy Secretary Ernest Moniz highlighted how the expansion of artificial intelligence and data centers are rapidly growing electricity demand.

    If America is to maintain and grow its economic prosperity, Moniz explained at the 2024 CERAWeek meeting in Houston, it needs a far more reliable electricity supply — what nuclear and natural gas provide. “[U]tilities will have to lean more heavily on natural gas, coal and nuclear plants, and perhaps support the construction of new gas plants to help meet spikes in demand,” he said. “We’re not going to build 100 gigawatts of new renewables in a few years.”

    Energy affordability and independence are the new keys to American prosperity. Nearly 60 million Americans consider energy affordability a factor when they decide who they will support in an election. Hardworking Americans deserve a sensible energy strategy that maximizes the use of our existing nuclear plants and our abundant supplies of natural gas. Energy policy must also encourage private investments in innovation that can help other energy sources meet the pricing, reliability and cleanliness standards of American natural gas.

    Jason Hayes is director of energy and environmental policy at the Mackinac Center. 

    Dr. Timothy G. Nash is director of the McNair Center at Northwood University.

    Tyler Durden
    Fri, 08/23/2024 – 20:20

  • B-2 Stealth Bomber "Hot Pits" At Indian Ocean Air Base, Positioned Within Striking Range Of Iran
    B-2 Stealth Bomber “Hot Pits” At Indian Ocean Air Base, Positioned Within Striking Range Of Iran

    The Middle East has been on edge all week as the world awaits a retaliatory Iranian attack on Israel that could spark a regional conflict. As of Friday, Israel and Iran-backed Hezbollah rebels have been exchanging fire, and an oil tanker earlier this week in the southern Red Sea was hit by a missile attack, likely from Iran-backed Houthi forces.  

    With all eyes on the Middle East, our attention shifts to a “hot pit event” on Wednesday with a Northrop B-2 Spirit stealth bomber and US Air Force Airmen assigned to the 110th Expeditionary Bomb Squadron at the Naval Support Facility Diego Garcia in the Indian Ocean, according to the USAF. 

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    The US military uses Diego Garcia as a strategic point for launching operations in the Indo-Pacific. The hot pit event allowed the B-2 to land and refuel without shutting its engines down. 

    “If we lose a tanker or don’t get a tanker for aerial refueling, a hot pit enables us to move our jet from location to location, refuel and complete the mission,” said the 110th EBS deputy commander and B-2 pilot.

    USAF noted, “Conducting hot pit events in various locations around the globe enables aircrew and support Airmen to maintain a high state of readiness and proficiency.” 

    Diego Garcia is located about 1,000 miles off the southern tip of India and is more than 3,000 miles from Iran. B2s have a range of about 6,000 nautical miles. 

    A  United States Institute of Peace map shows Iran’s ballistic missiles range from 200 km to 3,000 km (123 miles to 1,864 miles). This puts Diego Garcia out of Iran’s threat range. 

    A nervous calm has been cast over energy markets as Brent crude hovers below $80/bbl in late afternoon trading on Friday.

    Tyler Durden
    Fri, 08/23/2024 – 19:55

  • Americans Now Need $2.5 Million To Be Considered Wealthy: Charles Schwab Survey
    Americans Now Need $2.5 Million To Be Considered Wealthy: Charles Schwab Survey

    Authored by Naveen Athrappully via The Epoch Times,

    The amount of money required to be seen as rich has risen over the past years amid inflation, with younger people having a lower wealth benchmark, according to a recent survey by financial services company Charles Schwab.

    “Americans now think it takes an average of $2.5 million to be considered wealthy—which is up slightly from 2023 and 2022 ($2.2 million),” reads an Aug. 21 statement by the company.

    “By generation, Boomers have the highest threshold of what it takes to be considered wealthy, at $2.8 million, while the younger generations, Millennials and Gen Z, have lower thresholds of what is considered wealthy” at only $1.2 million, it adds.

    California had the highest wealth expectations, with respondents from San Francisco saying it takes $4.4 million to be considered rich. Southern California was at the second spot with $3.4 million. Dallas, Phoenix, and Houston had the lowest thresholds at $2.2 million to $2.3 million.

    The jump in the level of what is considered wealthy has happened amid a period of surging inflation, which has raised the overall cost of living. As living expenses rise, so does people’s estimate of how much money is required to live a wealthy life.

    The survey’s $2.5 million wealth threshold is nearly 14 percent higher than the 2022 level.

    During this period, the cost of living rose by more than 11 percent, according to data from the St. Louis Fed.

    Despite facing the challenge of high inflation, more than one in five Americans said they were “on track to be wealthy,” with optimism highest among Generation Z and lowest among baby boomers, according to the statement.

    Moreover, nearly a third of respondents said they were on track to be in control of their finances, with millennials and Gen Z more optimistic in this regard.

    “Wealth means different things to different people, whether it’s financial freedom, enriching experiences with friends and family, or a certain dollar amount,” Rob Williams, managing director of financial planning at Charles Schwab, said in the statement.

    “Our survey reinforces that people with a written financial plan are more confident about achieving their personal financial goals. Financial planning helps people understand where they are today and create a roadmap to get where they want to be.”

    Inflation Eroding Wealth

    The Schwab survey comes amid concerns about rising prices negatively affecting people’s lifestyles.

    In May, the Federal Reserve published its report on the state of finances in U.S. households in 2023, finding that nearly two-thirds of Americans felt they were financially worse off than the previous year due to “changes in the prices they paid.” This included “19 percent who said price changes had made their financial situation much worse.”

    The report points out that “inflation continued to be the top financial concern, despite the inflation rate falling over the prior year.”

    Increasing costs not only affects the current financial situation but future planning as well. A May survey by asset management firm Schroders found that the possibility of rising prices lowering the value of savings was “weighing heavily on the minds of retirees.”

    Less than half of Americans in retirement believed they had saved enough, with a significant share convinced they did not accumulate necessary savings. Almost 90 percent expressed worries about inflation reducing the value of their assets, according to the survey.

    “Whether it’s a trip to the gas station, grocery store, or pharmacy, prices in the U.S. have increased noticeably in recent years, and that is particularly challenging for retirees living on fixed income sources,” Deb Boyden, head of U.S. defined contribution at Schroders, said in a statement.

    However, higher inflation does not always translate into eroding asset values all the time. The effect on investments is largely dependent on the type of assets an individual owns, notes financial services firm Western & Southern Financial Group.

    For instance, investments with a fixed return, such as certain bonds or certificates of deposits, usually are a bad choice. The fixed interest amount received annually would be worth less and less with each passing year as inflation erodes the value of cash.

    When it comes to stocks, the effect can be mixed, depending on the nature of the business.

    “Value stocks (companies that investors think are undervalued by the market) tend to perform better than growth stocks when inflation is high,” a post by U.S. Bank states.

    Investments in commodities such as oil, precious metals, or agricultural goods do well during periods of high inflation, according to Western & Southern Financial Group.

    Tyler Durden
    Fri, 08/23/2024 – 19:30

  • San Fran Man Robbed Thousands Of Dollars Of Equipment From FBI Truck, Traded It For $20 In Meth
    San Fran Man Robbed Thousands Of Dollars Of Equipment From FBI Truck, Traded It For $20 In Meth

    More signs of utopia unfolding in the liberal run wasteland of San Francisco…

    A thief who ransacked an FBI truck in San Francisco and made away with thousands of dollars of equipment turned around and traded it all for a $20 bag of methamphetamine, according to a report by the NY Post.

    The truck that was raided contained flash-bang grenades, a tear gas launcher, surveillance equipment and bulletproof vests. The perpetrator, 29 year old Gregory Acosta-Alvarez, was arrested after being caught on multiple surveillance cameras. 

    After stealing equipment, he rode his bike to a nearby hotel where he was staying, according to the criminal complaint. By the time agents visited him at the hotel around 3 p.m., the ballistic vest and tear gas gun were already gone, the report says.

    The report says the ballistics vest alone was worth $1,500.

    When questioned, Alvarez claimed he traded the stolen items for $20 worth of meth. He remains in custody, facing charges for felony theft of government property, burglary, grand theft, and drug possession related to this incident and a 2023 arrest.

    Either the man had no idea how much more meth he could have gotten with market prices…or inflation has really hit the meth market…

    Tyler Durden
    Fri, 08/23/2024 – 19:05

  • Southern California City Bans Smoking And Vaping In Apartments, Condos
    Southern California City Bans Smoking And Vaping In Apartments, Condos

    Authored by Jill McLaughlin via The Epoch Times,

    Starting next year, smoking or vaping inside apartments, condos, or other multi-family housing in Carlsbad, Calif., will be illegal, the city council decided Aug. 20.

    In a 4–1 vote Tuesday, city leaders approved a smoke-free ordinance for multi-unit housing in the coastal city of 115,000 people, about 35 miles north of San Diego.

    The new law, which will go into effect Jan. 1, 2025, covers all smoking and vaping, including marijuana used for recreational and medical purposes.

    Although medical marijuana is legal in California, the city can prohibit its use in some places, according to Carlsbad City Attorney Cindie McMahon.

    “The Americans with Disabilities Act (ADA) and its state counterpart do not require a reasonable accommodation for anything that poses a health and safety risk to other parties,” McMahon said at Tuesday’s council meeting.

    The city expects landlords and property management companies to enforce the new rules by including them in future lease contracts instead of the city hiring more code enforcement or police officers to respond to citizen complaints.

    Councilwoman Melanie Burkholder, a mental health counselor and former U.S. Secret Service agent, voted against the measure.

    “It feels like to me an overreach of the city,” she told other councilors at a meeting July 30, when the ordinance was introduced.

    “I don’t think we should be property managers or landlords to that extent. It just sounds like the city’s telling someone how to live their life.”

    Many residents and property owners agreed.

    Condo owner Cheryl Knebel was one of many private citizens to oppose the plan.

    “I am strongly against this idea,” Knebel wrote to the City Council.

    “I am a nonsmoker but challenge the restriction on smoking inside a privately owned residence. I understand that smoking is awful for those who live next door. I wouldn’t like it. However, as a homeowner no one should be able to dictate what I do inside my residence as long as it is legal.”

    Shiella McNulty, also a nonsmoker, said the ordinance goes too far.

    “I’m a lifetime nonsmoker and I would love to never smell pot or cigarettes burning near me again!” she wrote to the City Council.

    “It’s disgusting! However, this proposal goes too far from a societal perspective. … Do we really want to squeeze our neighbors again when they are addicted to a substance that apparently gives them some relief or enjoyment? In their own home?”

    Councilwoman Teresa Acosta supported the new rules, along with the mayor and other councilors.

    “I am in support of it, and I think it is one of the things we need to do as leaders, is to stand up for the health of residents,” Acosta said in the July 30 meeting.

    “Especially knowing this is not just a toxic issue, but also deadly. We need to watch out for smoking in multi-family units.”

    The idea is not new. In 2011, former California Gov. Jerry Brown signed a law giving landlords the right to make their properties smoke-free.

    According to Mike Strong, the city’s assistant director of community development, 84 California cities and counties have adopted no-smoking policies for multi-unit housing.

    City staff was directed in 2023 to develop a no-smoking ordinance. Staff consulted with the Public Health Law Center at Mitchell Hamline School of Law—a national nonprofit law group based in St. Paul, Minn.—which created a model smoke-free housing template for California cities and counties in 2020.

    The city expects to get up to 10 complaints per month about violations once the ordinance goes into effect, Strong told councilors July 30.

    The ban applies to apartment buildings, condos, townhomes, senior assisted living facilities, long-term health care facilities, and single-family homes licensed as care facilities.

    Not included in the ordinance are hotels, motels, mobile home parks, campgrounds, single-family homes, and accessory dwelling units, sometimes referred to as mother-in-law units built behind single-family homes.

    Smoking and vaping any substance will also be off-limits in rental housing parking lots, playgrounds, halls, and other common areas.

    The ordinance allows landlords to designate a smoking area as long as it is 25 feet from housing units and other amenities.

    Tyler Durden
    Fri, 08/23/2024 – 18:40

  • Atlantic Ocean's Sudden Cooling Baffles Climate Scientists… Have They Ever Heard Of La Nina?
    Atlantic Ocean’s Sudden Cooling Baffles Climate Scientists… Have They Ever Heard Of La Nina?

    How it started. 

    How it’s going? 

    What happened to the existential threat of ‘human-caused climate change’ boiling the Atlantic Ocean? 

    New data from NOAA shows that cool waters along the equator may lead to a “cold phase of a natural climate pattern” known as an Atlantic Niña event. This comes after these waters, which reached record highs earlier this year, have begun to cool rapidly.

    This destroys the climate doom narrative Al Gore pushed at Davos earlier this year. 

    “If these cold conditions persist to the end of August, a phenomenon known as Atlantic Niña may be declared,” NOAA wrote in a recent update.

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    Record-high Atlantic Ocean temperatures were seen during the strong El Niño years of 2023-24. The sudden cooling in the Atlantic is perplexing to climate doomers, whose primary goal is to push fear in hopes of pressuring lawmakers to ban cow farts and petrol-burning engines, all to usher in a ‘green’ economy. The journos who push climate fear around the clock are potentially blinded by the woke/climate mind virus that is not rooted in reality. 

    Flipping back to La Nina.

    NOAA added, “We’ll be keeping an eye on this event in coming weeks, and will have a follow-up post later this month letting you know whether an Atlantic Niña fully developed.” 

    Here’s what X users are saying…

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    Tyler Durden
    Fri, 08/23/2024 – 18:15

  • More Than 165,000 Pounds of Perdue Chicken Recalled For Metal Contamination
    More Than 165,000 Pounds of Perdue Chicken Recalled For Metal Contamination

    Authored by Naveen Athrappully via The Epoch Times (emphasis ours),

    Georgia-based Perdue Foods is recalling large quantities of chicken products after consumers complained about contamination, according to the Food Safety and Inspection Service (FSIS).

    The front of a recalled Perdue chicken breast tenders package. FSIS via USDA

    The recall is applicable to roughly 167,171 pounds of frozen, ready-to-eat chicken breast nuggets and tenders that are potentially contaminated with metals, according to an FSIS announcement on Aug. 16.

    “The problem was discovered after the firm received consumer complaints about metal wire embedded in the product and notified FSIS of the issue,” the agency stated.

    “There have been no confirmed reports of adverse reactions due to consumption of these products. Anyone concerned about an injury or illness should contact a healthcare provider.”

    The products being recalled are 22-oz. Perdue Simply Smart Organics Breaded Chicken Breast Nuggets, 29-oz. Perdue Chicken Breast Tenders, and 22-oz. Butcherbox Organic Chicken Breast Nuggets.

    All three products have a “Best if Used By” date of March 23, 2025, indicated on the back of the package.

    The items were produced on March 23 with the establishment number “P-33944.” They were shipped to retail outlets nationwide and also sold online.

    FSIS said it was concerned that some of these items may have already been bought by customers and urged them not to consume them. The agency advised customers to throw away the items or return them to the place of purchase.

    People with questions about the recall can get in touch with Perdue consumer care at 1-866-866-3703.

    The recall is among many food product recalls in recent months because of concerns about the presence of metals. In late July, Colonna Brothers of North Bergen, New Jersey, voluntarily recalled its cinnamon products amid concerns about an elevated presence of lead.

    Earlier in April, H-E-B Grocery Company recalled three-ounce cups of Creamy Creations ice cream for potential metal presence.

    Tyler Durden
    Fri, 08/23/2024 – 17:50

  • Hamas Executing Hostages? Autopsies Of 6 Bodies Recovered From Gaza Reveal Bullets
    Hamas Executing Hostages? Autopsies Of 6 Bodies Recovered From Gaza Reveal Bullets

    On Tuesday the Israeli military (IDF) announced that it had recovered six deceased hostages in a hidden tunnel network under the Gaza Strip. 

    The grim development has served to underscore that time is running out on getting the hostages back. A total of 105 hostages remain unaccounted for since they were brutally kidnapped on Oct.7, but many could already be dead, Israeli officials suspect. New controversy has emerged over the precise circumstances surrounding the deaths of the latest six recovered.

    Via Reuters: Funeral for Yoram Metzger, one of the six deceased hostages retrieved from Gaza.

    Most were elderly, and may have died significantly prior to the recovery operation. They are: Haim Peri, 80; Yoram Metzger, 80; and Alexander Dancyg, 75; Nadav Popplewell, 51, and Yagev Buchshtab, 35, and Avraham Munder, 79. They had all been residents of border communities which had been raided by Hamas.

    The New York Times on Friday details the fresh controversy as follows:

    A group representing relatives of hostages taken in the Oct. 7 attack on Israel said on Thursday that autopsies showed “bullets were found in the bodies” of six captives Israeli troops recovered from an underground tunnel in southern Gaza, raising questions about how they died.

    The group, the Hostages Family Forum, said that the autopsy results indicated that the six hostages “were taken alive and executed in the tunnels of Hamas.”

    But an Israeli military spokesperson, speaking on condition of anonymity because of the sensitivity of the matter to families, said on Thursday that the autopsies showed “marks suggestive of gunshots” on the bodies and stressed it was too soon to determine whether gunshot wounds were the cause of death.

    This has raised the question or even likelihood that they were all executed as hostage talks dragged on, and as the IDF has expanded its military operations in the Strip.

    However, adding to the mystery is that four other bodies were found in the tunnels near the bodies – but which did not have bullets in them – and the military suspects these to be Hamas members.

    The Times report continues: 

    How and when the hostages died has been a matter of contention. Hamas has blamed the deaths on Israeli airstrikes, and the Israeli military has acknowledged some of them likely died while Israel was carrying out military operations in the area where they were found. Some Israel news outlets reported the hostages may have suffocated when the tunnel filled with toxins after an airstrike.

    And there has also been speculation that their deaths may be related to large-scale Israeli airstrikes above the tunnels:

    On Tuesday, Adm. Hagari was asked again about how the hostages died at a news conference. He repeated what he had said in June — that the “hostages were killed while our troops were operating in Khan Younis” — and added that a forensic examination would reveal more.

    Israeli news media reported on Tuesday that initial assessments suggested that five of the six hostages had died from suffocation when an Israeli airstrike hit another tunnel, causing the one they were in to fill with carbon dioxide. The Times could not confirm those reports.

    Or it could be that as IDF troops were close in on the location of the militants and hostages, the Hamas members decided to conduct a summary execution on the spot.

    Some within Israeli media have speculated on the possibility of a ‘friendly fire’ accident by the IDF, which wouldn’t be the first time. At this point, an official autopsy report on the six has not been made public, and it’s uncertain if the official findings when they are produced will ultimately quell the controversy.

    Tyler Durden
    Fri, 08/23/2024 – 17:25

  • Judge Dismisses Machine Gun Charges Against Kansas Woman, Citing Supreme Court Decision
    Judge Dismisses Machine Gun Charges Against Kansas Woman, Citing Supreme Court Decision

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

    A U.S. judge has dismissed charges against a woman who possessed a machine gun, citing a U.S. Supreme Court decision that shifted the framework for how courts analyze cases dealing with constitutional rights.

    A man fires a machine gun in New Hampshire in an undated file photograph. Joseph Prezioso/AFP via Getty Images

    Machine guns fall under the U.S. Constitution’s Second Amendment, U.S. District Judge John Broomes found.

    That means prosecutors must show that the law barring possession of machine guns is rooted in historical firearm restrictions, under the 2022 Supreme Court decision in New York State Rifle & Pistol Association, Inc. v. Bruen, he added.

    “In this case, the government has not met its burden under Bruen and Rahimi to demonstrate through historical analogs that regulation of the weapons at issue in this case are consistent with the nation’s history of firearms regulation,” Broomes wrote in his 10-page ruling on Aug. 21. “Indeed, the government has barely tried to meet that burden. And the Supreme Court has indicated that the Bruen analysis is not merely a suggestion.”

    Supreme Court Justice Clarence Thomas, writing for the majority in Bruen, said that when the Second Amendment is found to apply, government officials must show that the regulation in question “is consistent with this nation’s historical tradition of firearm regulation.”

    In the recent ruling in United States v. Rahimi, the justices found that a law prohibiting people under domestic violence-related restraining orders from possessing guns does not violate the Second Amendment, and they clarified how courts should analyze such regulations.

    “A court must ascertain whether the new law is ’relevantly similar‘ to laws that our tradition is understood to permit, ’apply[ing] faithfully the balance struck by the founding generation to modern circumstances,’” Chief Justice John Roberts wrote for the majority. He said that some courts had misunderstood Bruen.

    Broomes’s decision came after prosecutors charged Tamori Morgan, a Kansas resident, with illegally possessing an Anderson Manufacturing AM-15 .300 caliber machine gun and a machine gun conversation device.

    Morgan’s lawyer argued that the charges should be dismissed because the law that she allegedly violated unconstitutionally strips people of their right to possess machine guns. He noted that the history of machine gun prohibition is limited, with Congress not enacting the ban until 1968.

    Government lawyers argued that machine guns are not covered by the Second Amendment and, even if they are, banning their possession is consistent with English common law and a North Carolina law that banned dangerous and unusual firearms.

    Broomes sided with the defendant, noting that hundreds of thousands of machine guns are legally possessed because the 1986 law included a grandfather clause.

    “Even today, it is perfectly legal for a person who has not been divested of his firearm rights under some other provision of law to acquire and possess a machinegun, so long as it was lawfully possessed by someone before the relevant date in 1986, and so long as he complies with the National Firearms Act’s requirements to obtain and possess the weapon. In that sense, machineguns are not unusual,” he wrote.

    The judge cautioned that the ruling applies only to Morgan and that the government could later demonstrate that the machine gun ban is rooted in the nation’s history.

    “Importantly, this decision says little about what the government might prove in some future case,” Broomes said. “Rather, under Bruen’s framework for evaluating Second Amendment challenges, it is the government’s burden to identify a historical analog to the restrictions challenged in this case. This the government has failed to do. The court expresses no opinion as to whether the government could, in some other case, meet its burden to show a historically analogous restriction that would justify § 922(o).”

    Tyler Durden
    Fri, 08/23/2024 – 17:00

  • Money-Market Funds & Bank Deposits See Huge Inflows As Stocks Rebounded
    Money-Market Funds & Bank Deposits See Huge Inflows As Stocks Rebounded

    Money market funds saw significant inflows for the third straight week (+$24.9BN) pushing total assets under management to a new record high of $6.24TN, despite the rebound in stocks…

    Source: Bloomberg

    As both retail and institutional MM funds saw inflows, US bank deposits (on a seasonally-adjusted basis) rebounded from last week’s big decline with $36.3BN in inflows in the week-ending 8/14…

    Source: Bloomberg

    Also, on a non-seasonally-adjusted basis, US bank deposits surged $72.3BN, erasing all of the prior week’s declines…

    Source: Bloomberg

    Particularly interesting is the fact that since the March 2023 SVB collapse in deposits, this week has now seen both SA and NSA deposits perfectly back in line…

    Source: Bloomberg

    Excluding foreign deposits (which saw major inflows), US banks inflows were not enough to offset last week’s outflows (SA +$13.5BN vs -$68.5BN and NSA +$46.2BN vs -$76.1BN). On an NSA basis, the inflows were almost entirely in large banks (+$45.7BN) and on an SA basis, small banks saw $5BN outflows (large banks +$18.5BN)

    Source: Bloomberg

    On the other side of the ledger, loan volumes rebounded in the week-ending 8/14 – after shrinking dramatically the prior week…

    Source: Bloomberg

    Finally, US equity market capitalization rebounded strongly this week, despite negligible change in bank reserves held at The Fed…

    Source: Bloomberg

    Of course, now that Powell has pivoted, we suspect these inflow trends will shift (as rates decline)… unless, of course, the typical post-Jackson-Hole plunge prompts derisking.

    Tyler Durden
    Fri, 08/23/2024 – 16:40

  • DOJ IG Finds FBI Systematically Mishandled Classified Info
    DOJ IG Finds FBI Systematically Mishandled Classified Info

    Authored by Ken Silva via Headline USA,

    Talk about irony: The FBI, which was willing to use deadly force over Donald Trump allegedly mishandling classified documents, has been systematically mishandling similar information for years, according to bombshell findings released Thursday by Justice Department Inspector General Michael Horowitz.

    Pallets of FBI boxes containing potentially classified information were found sitting in an unsecured warehouse. PHOTO: DOJ-IG

    The DOJ-IG said it discovered the FBI’s mishandling of classified information while auditing a contract related to how the bureau destroys electronics containing “sensitive-but-unclassified” information, as well as classified national security information.

    According to Horowitz’s audit, the FBI labels computers that handle such information when it sends them to a facility to be destroyed. However, it does not label internal hard drives extracted from those computers. The FBI also doesn’t properly track thumb drives and disk drives containing information of varying classification levels, according to Horowitz.

    Compounding the security risk is the fact that those unmarked internal hard drives, thumb drives and disk drives often end up in a physically unsecured warehouse.

    Horowitz said that when his staff visited an FBI “Media Destruction Team” facility last October, they found “non-accountable” hard drives and other electronic storage devices sitting in an open pallet-sized box. Horowitz said he’s not disclosing details about the facility since it’s not secured.

    “A [property-turn-in] staff member told us that the pallet for the loose media was unsecured for extended periods, sometimes spanning days or even weeks because PTI would wrap the pallets and move them to the Facility shelves only when the box reached full capacity,” the Inspector General said.

    During the same visit last October, Horowitz said his staff also found a container from January 2022 that identified its contents as “non-accountable.”

    “Notably, the container’s shrink wrapping was torn, and boxes inside were visibly open and contained hard drives marked Secret,” he said.

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    Horowitz added that after his team spotted the box, the FBI’s Asset Management Unit “promptly secured” it with additional shrink wrap. However, the FBI’s PTI supervisor and contractor told Horowitz that they would not be aware if someone was to take hard drives from the pallets because these assets are not counted or otherwise tracked.

    According to the DOJ-IG, at least 395 people have access to the FBI’s unsecured facility as of May, including 28 task force officers and 63 contractors from at least 17 companies.

    “There is no physical barrier preventing FBI and non-FBI personnel and contractors from other Facility operations from accessing PTI’s work area and the pallets of unsanitized assets in the Facility shelving space,” he said.

    And even though there is apparently a door to the Media Destruction Team’s work area, the FBI doesn’t close it to prevent non-Asset Management Unit personnel from accessing the area, the IG found.

    If all those security failures weren’t enough, Horowitz also said one of the key surveillance cameras at the facility wasn’t working when his team visited. The FBI apparently told Horowitz last December that it was installing a new camera there, but it still wasn’t in place when the DOJ-IG made a follow-up visit in February.

    “We believe that the combination of the FBI’s lack of accountability of the electronic storage media, lack of internal physical access control, and lack of sufficient video surveillance compounds the risk of media, potentially with sensitive and classified information, being lost or stolen without detection,” Horowitz concluded.

    It appears as if the problems identified by Horowitz have been around for almost a decade, if not longer.

    During his investigation, Horowitz said his staff determined that an interim accreditation was granted in 2015, but had expired in March 2016. An accredited open-storage secure area is a space with reinforced construction in which classified materials, up to and including at the Secret collateral level, may be stored.

    “Following our observations, the FBI performed a site visit in November 2023 to confirm the remediation of the security enhancements required from a 2015 open storage inspection checklist. The FBI granted the Facility its final open storage accreditation in January 2024,” he said.

    “The FBI stated that the lack of final accreditation was an administrative oversight and that enhancements had been completed in the interim. However, the FBI could not provide evidence of when the required enhancements were completed.”

    FBI whistleblower Greg Roman told Headline USA that the label “Classified National Security Information” indicates some of the FBI’s unsecured boxes potentially contained Top Secret information.

    “Second, it appears the location of this facility warehousing these hard drives, flash drives, floppy disks ie external media is located in Cheverly, MD just outside of Washington DC: Does that mean FBI offices from across the country were sending this ‘stuff’ to an undisclosed FBI facility near DC for proper destruction?” Roman added.

    “That might indicate why none of was marked.”

    The IG said his audit is still ongoing, but he wanted to alert the FBI about its problems so they can fix them promptly. The IG made a series of recommendations for how the FBI could improve its security and disposal procedures, and the bureau agreed with them all—such as placing its boxes of non-accountable hard drives inside secure cages at the warehouse.

    Ken Silva is a staff writer at Headline USA. Follow him at twitter.com/jd_cashless.

    Tyler Durden
    Fri, 08/23/2024 – 16:20

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