Today’s News 26th June 2024

• They Are Using Lab-Grown Human Brains Called "Organoids" To Run Computers
  They Are Using Lab-Grown Human Brains Called “Organoids” To Run Computers

  Authored by Michael Snyder via TheMostImportantNews.com,

  When I first started researching this, I could hardly believe that it was true. A company in Switzerland known as “Final Spark” has constructed a bizarre hybrid biocomputer that combines lab-grown miniature human brains with conventional electronic circuits.  This approach saves an extraordinary amount of energy compared to normal computers, but there is a big problem.  The lab-grown miniature human brains keep wearing out and dying, and so scientists have to keep growing new ones to replace them. 

  Stem cells that are derived from human skin tissue are used to create the 16 spherical brain “organoids” that the system depends upon.  I realize that this sounds like something straight out of a really bad science fiction movie, but it is actually happening.

  

  Scientists at Final Spark are calling their hybrid computer “the Neuroplatform”, and it is being reported that it only uses “a fraction of the energy required to power a traditional set up”…

  Swiss tech startup FinalSpark is now selling access to biocomputers that combine up to four tiny lab-grown human brains with silicon chips.

  This new bioprocessing platform, called the Neuroplatform, uses small versions of human brains to do computer work instead of silicon chips. The company says it can fit 16 of these mini-brains onto the Neuroplatform and use a fraction of the energy required to power a traditional set up.

  The platform, currently adopted by nine institutions, integrates hardware, software and biology to construct a processing system that is energy-efficient and high-performing.

  This “breakthrough” is being hailed as a way to save a gigantic amount of energy.

  But what about the lab-grown human brains that are being enslaved to run the Neuroplatform?

  Each of the 16 mini-brains is made up of approximately 10,000 living neurons, and they are kept alive by a “microfluidics system that supplies water and nutrients for the cells”…

  Rather than merely integrating biological concepts into computing, FinalSpark’s online platform ‘taps’ into spherical clusters of lab-grown human brain cells called organoids. A total of 16 organoids are housed within four arrays that connect to eight electrodes each and a microfluidics system that supplies water and nutrients for the cells.

  The approach, known as wetware computing, in this case harnesses researchers’ abilities to culture organoids in the lab, a fairly new technology that allows scientists to study what are essentially mini replicas of individual organs.

  During their short lives, the mini-brains are literally trained to perform certain tasks using a reward and punishment system…

  Researchers do this by training the organoids through a reward system. The organoids are rewarded with dopamine, the neurotransmitter responsible for pleasure (and addiction).

  Meanwhile, as “punishment,” the organoids are exposed to chaotic stimuli, such as irregular electrical activity.

  If the enslaved mini-brains do what they are supposed to do, they are rewarded with lots of pleasure.

  If the enslaved mini-brains do not do what they are supposed to do, they are hit with lots of “irregular electrical activity”.

  In other words, these miniature human brains are tortured until they learn to obey.

  Reading that should literally make you sick.

  What these scientists are doing is so incredibly evil.

  Final Spark claims that the miniature human brains use “a million times less power than their silicon counterparts”…

  Swiss technology firm Final Spark has successfully launched Neuroplatform, the world’s first bioprocessing platform where human brain organoids (lab-grown miniaturized versions of organs) perform computational tasks instead of silicon chips.

  The first such facility hosts the processing prowess of 16 brain organoids, which the company claims uses a million times less power than their silicon counterparts.

  Final Spark hopes that their new “technology” will become the primary energy source for the AI revolution.

  Because at this point training AI models uses a colossal amount of conventional energy…

  According to Final Spark’s estimates, training the popular large language model GPT-3 that powered ChatGPT in its initial days alone consumed 10 GWh of energy. This is a whopping 6,000 times more energy than an average European city consumes in an entire year.

  Replacing silicon chips with bioprocessors could lead to drastic energy savings. Final Spark allows research labs to experience the power of biological processors on the Neuroplatform.

  To a lot of people out there, this is going to sound really great.

  Final Spark insists that the processor that it has created will use a million times less energy compared to a normal silicon chip.

  There is just one enormous problem.

  The mini-brains keep dying and must be regularly replaced.

  At first they would die “in just a few hours”, but now they are apparently living for up to 100 days…

  Final Spark faced many challenges in its early years since the organoids would die in just a few hours. The company has worked on this shortcoming and improved its MEA systems to ensure that organoids live for 100 days.

  These “organoids” are literally worked to death.

  They are hooked up to electrodes and worked until they can work no more…

  Final Spark has made working these varied components possible through an innovative setup called Multi-Electrode Arrays (MEAs), where the three-dimensional masses of brain tissue are placed.

  Each MEA has four brain organoids that interface with eight electrodes. These electrodes perform the dual role of stimulating the organoids and recording the data they process.

  Data transfer is done through digital analog converters with a 16-bit resolution and a 30 kHz frequency. A microfluidic system provides life support for the MEAs, and cameras can monitor their overall operation.

  Have you ever seen “The Matrix”?

  I was reminded of that film as I researched all of this.

  Just like in that movie, human energy powers the entire system.

  And just like in that movie, those that power the system are enslaved.

  The creators of “the Neuroplatform” insist that this is perfectly okay because the mini-brains are not sentient beings.

  Whether that is true or not, what they are doing is still very wrong.

  Creating miniature human brains and using them to power a computer may be a way to save a lot of energy, but it also perfectly illustrates how far our society has fallen.

  We are crossing lines that should never be crossed, and eventually we will pay a very great price for the crimes that our scientists are committing.

  *  *  *

  Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack  newsletter at michaeltsnyder.substack.com.

  Tyler Durden
  Wed, 06/26/2024 – 02:00

• Surgeon-General Declares Firearm-Violence Is An Urgent Public Health-Crisis
  Surgeon-General Declares Firearm-Violence Is An Urgent Public Health-Crisis

  Authored by Chase Smith via The Epoch Times,

  U.S. Surgeon General Dr. Vivek Murthy issued the first-ever surgeon general’s advisory on firearm violence on June 25, saying that it poses an urgent threat to the nation’s health and well-being.

  

  The unprecedented advisory calls for a public health approach to address what Dr. Murthy describes as a “moral crisis” that demands immediate and decisive action.

  A surgeon general’s advisory is a public statement that calls the American people’s attention to urgent public health issues and is reserved for significant public health challenges that require the nation’s immediate awareness and action.

  “Today, for the first time in the history of our office, I am issuing a Surgeon General’s Advisory on firearm violence,” Dr. Murthy said in a video statement.

  “It outlines the urgent threat firearm violence poses to the health and well-being of our country. As a doctor, I’ve seen the consequences of firearm violence up close and the lives of the patients that cared for over the years. These are moms and dads, sons and daughters, all of whom were robbed of their physical and mental health by senseless acts of violence.”

  The announcement on firearms comes a little over a week after the surgeon general called for a warning label to be placed on social media platforms, stating the potential mental health harms for children using them.

  Opponents of the action argue that the surgeon general’s advisory could potentially infringe on Second Amendment rights if enforced improperly, while proponents say it could have a similar impact on public policy and perception as similar advisories, such as those on the dangers of smoking.

  Rise in Firearm-related Injuries

  Dr. Murthy’s announcement included statistics and personal experiences. According to the advisory, firearm-related injuries have become the leading cause of death for U.S. children and adolescents, surpassing motor vehicle crashes, cancer, and drug overdoses.

  In 2022 alone, 48,204 people died from firearm-related injuries, marking a significant increase compared to previous years, according to the advisory.

  “Fifty-four percent of adults in America report that they or family members have experienced a firearm-related incident, whether they’ve been personally threatened with or injured by a firearm, lost a family member, witnessed a shooting, or shot a firearm in self-defense,” Dr. Murthy said.

  The advisory states that black individuals suffer the highest rates of firearm homicides, while suicide rates are highest among veterans, older white individuals, and younger American Indian or Alaska Native people.

  “What is especially devastating is how this has affected our children,” Dr. Murthy said.

  Dr. Murthy shared his personal experiences as a doctor, recounting the stories of patients and families affected.

  “I’ve sat with parents who’ve lost their child to firearm violence. I’ve listened to their stories and felt their pain as they describe the holes in their hearts,” he said. “As a father, I know a parent’s worst nightmare is to lose a child, to feel like you can’t protect your child from harm.”

  Criticism of Policy

  Second Amendment advocates with The Heller Foundation have voiced strong criticisms of the approach by America’s chief public health figure.

  Kristie Tertel, national director of Legislative Policy for The Heller Foundation warns that the advisory could unlawfully infringe on Second Amendment rights.

  “The U.S. Surgeon General is using the guise of a ‘public health emergency’ as an unlawful and unconstitutional means of circumventing the Heller decision,” she told The Epoch Times.

  Ms. Tertel emphasizes that the Supreme Court’s ruling in District of Columbia v. Heller established a binding precedent affirming an individual’s right to possess firearms for self-defense.

  She noted Justice Scalia’s majority opinion which stated, “The Second Amendment protects an individual right to possess a firearm unconnected with service in a militia, and to use that arm for traditionally lawful purposes, such as self-defense.”

  She added her own personal experience where having a firearm would have helped her avoid being the victim of a crime.

  “A firearm is the great equalizer,” she told The Epoch Times. “I am Australian-American and thought guns were dumb—until I needed one. I have over 30 stalkers nationwide. My ex-boyfriend beat me into a coma seven times and left me for dead in a Baltimore dumpster. Two years ago I was brutally drugged and raped and we are now prosecuting him for attempted murder. Had I been armed and trained, it would have all been prevented.”

  Dick Heller, the lead plaintiff in the landmark DC v. Heller case and executive director of The Heller Foundation, also dismissed the advisory’s potential impact on the Second Amendment, suggesting that the real issue lies with criminal behavior, not firearms.

  “The only effect the advisory will have on the Second Amendment is the fake news trying to blame ‘helpless’ firearms for what people do,” he said in an interview with The Epoch Times. Heller argued that firearms themselves are incapable of committing crimes, which are actions performed by individuals, often criminals.

  “Life is simple, the only helpful use of an advisory would be to have the government keep the killer-animal-violent criminals out of society and locked up in a maximum security jail,” he said. “Of course, this will not happen under the current administration as it does not fit their ‘gun control’ agenda, painting the false picture of ‘It’s Guns Doing Bad Things.’”

  lan Gottlieb, founder and executive vice president of the Second Amendment Foundation, echoed the focus on criminals themselves in an interview with The Epoch Times.

  “Criminals break laws. That’s why they’re called criminals,” he said.

  “When you have open borders and people coming in and committing violent acts all over the country, this is where your problems are.”

  Mr. Gottlieb also took issue with the data behind the Surgeon General’s action.

  “First of all, let me say that the data they’re using, saying gun violence is an ‘epidemic’, so to speak, is totally off base,” he asserted.

  “Quite honestly, that the Surgeon General is pushing this as a public health crisis really bothers me. Because it’s not a public health crisis. I mean, gun ownership is not a contagious disease.”

  Policy Support

  Proponents of the advisory argue however that the advisory and proposed actions of the Surgeon General are long overdue.

  The Brady Campaign to Prevent Gun Violence said the report comes weeks after their own advisory council called on such action from the Surgeon General and the White House.

  Brady’s Board Chair and Chief Medical Officer, Dr. Joseph V Sakran, said in a statement after the announcement that will “create a seachange in the fight to free America from gun violence.”

  “Surgeon General reports are renowned publications that take an evidence-based approach to our nation’s most urgent public health issues. Seeing as firearms are now the leading cause of death for children and teens in the U.S., there’s arguably no public health issue that’s more urgent or that warrants the commission of a Surgeon General report more than gun violence,” Dr. Sakran said. “This advisory not only sounds the alarm for all Americans, but it signals there must be greater investments in research and violence prevention solutions.”

  He continued by noting how previous reports on public health issues such as the dangers of smoking ignited a slew of initiatives to tackle the issue and they hope the gun-related report will have the same impact.

  “As a survivor of gun violence and a trauma surgeon who treats firearm injuries, I am appreciative of both the Surgeon General and the Biden-Harris administration,” continued Sakran. “The best medical treatment is prevention and we are grateful for the advocates who have been calling for this report and the experts who set it into motion, we will finally turn the tides in the fight against gun violence.”

  Surgeon General’s Recommendations

  The surgeon general’s advisory lays out a comprehensive approach to address firearm violence as a public health crisis.

  Key strategies include implementing community violence prevention programs, enhancing firearm risk reduction strategies, improving access to mental health care, and expanding research funding to inform and evaluate prevention efforts.

  “Firearm violence is a public health crisis. Our failure to address it is a moral crisis,” Dr. Murthy said. “To protect the health and well-being of Americans, especially our children, we must now act with the clarity, courage, and urgency that this moment demands.”

  By adopting a public health approach, similar to those used for other significant health issues like tobacco use and motor vehicle safety, he argues the nation can work toward reducing the impact of firearm violence on communities and future generations.

  “Our children should not have to live in fear that they are going to get shot if they go to school,” Dr. Murthy said. “None of us should have to worry that going to the mall or concert, or house of worship means putting our lives at risk, or that we’ll get a call that a loved one in a moment of crisis has taken their own life with a firearm.”

  The Epoch Times has reached out to Second Amendment advocates and gun control supporters for comment.

  Tyler Durden
  Tue, 06/25/2024 – 23:40

• Attacks On 'Cheap Fakes' Extend Biden Administration’s War On Free Speech
  Attacks On ‘Cheap Fakes’ Extend Biden Administration’s War On Free Speech

  Authored by Kenin M. Spivak via RealClearPolitics,

  There were two astonishing developments this week in the Biden administration’s continuing attack on free speech. First, just days ahead of the Supreme Court’s decision on whether to uphold the Fifth Circuit’s injunction against the administration’s extensive censorship enterprise, a second White House press secretary strongly encouraged the media to chill political debate. Second, Karine Jean-Pierre was masterful in her delivery of the new Biden attack line on “cheap fakes.”

  

  To set the stage: last year, the Fifth Circuit Court of Appeals unanimously upheld a federal district court’s finding that the evidence likely established that the Biden Administration, including then spokesperson Jen Psaki, had engaged in a broad attack on free speech in violation of the First Amendment. It issued an injunction prohibiting the White House and other federal agencies from taking “actions, formal or informal, directly or indirectly, to coerce or significantly encourage social-media companies to remove, delete, suppress, or reduce… social-media content containing protected free speech.”

  The government appealed to the Supreme Court, which stayed enforcement of the injunction, pending its review. The Court heard oral argument in March. The administration might prevail, despite browbeating social media into blocking core political speech, including criticism of Biden, humor, and discussion of the Hunter Biden laptop. Yes, that same laptop the Justice Department and FBI just admitted were legitimate and tamper-free. A decision is expected within 10 days.

  Now, KJP and the administration are doubling down. Attacking a new category of “cheap fake” videos, KJP blasted the media for publishing unaltered video of the president’s frailties. Her objection appears to be that by presenting information about the president out of the context preferred by the administration, this video is, in effect, fake. See here.

  While the administration was unclear about the missing context, I infer that it prefers a focus on the presumed majority of the president’s 10 AM to 4 pm, Monday-to-Friday workday during which he is not frozen, wandering aimlessly, mumbling incoherently, or blanking out. I understand that preference, but it is unseemly, and depending on next steps, may be unconstitutional, for a government official, speaking from the White House, to seek to chill free speech.

  KJP claimed these videos are “misleading,” “manipulated” and “deep fakes.” A deep fake is false. But, what KJP really means is to falsely allege that the videos are out of context. As such, her attack has all the earmarks of the administration’s censorship campaign against “malinformation.” The administration defines three categories of speech it asserts should be censored, misinformation and disinformation, which include falsehoods, and “malinformation,” which is used out of context, specifically, truthful information that does not have a progressive spin.

  Aside from the misinformation in KJP’s attack – the videos presented by mainstream media and respected conservative online publications are revealing, unedited windows into a physically and cognitively impaired president; they are neither out of a context necessary to understand what we are seeing, nor manipulated. Regardless, the White House press secretary (as contrasted to a campaign spokesperson), has no business demanding censorship of videos that paint the president in a bad light. Actions like this led two federal courts to issue injunctions against the White House.

  The Supreme Court explained in W. Va. State Bd. of Educ. v. Barnette (1943) that “If there is any fixed star in our constitutional constellation, it is that no official, high or petty, can prescribe what shall be orthodox in politics, nationalism, religion, or other matters of opinion.” In Ashcroft v. ACLU (2002), the Court declared that with few exceptions, “the First Amendment means that government has no power to restrict expression because of its message, its ideas, its subject matter, or its content.”

  Labeling speech as “misinformation” does not strip it of protection. In United States v. Alvarez (2012), Justice Anthony Kennedy explained that even “false statements” may not be censored, writing “some false statements are inevitable if there is to be an open and vigorous expression of views….Our constitutional tradition stands against the idea that we need Oceania’s Ministry of Truth.”

  Speaking directly to KJP’s demands, Justice Kennedy added: “The mere potential for the exercise of that [censorship] power casts… a chill the First Amendment cannot permit if free speech, thought, and discourse are to remain a foundation of our freedom….The response to the unreasoned is the rational; to the uninformed, the enlightened; to the straight-out lie, the simple truth…Society has the right and civic duty to engage in open, dynamic, rational discourse. These ends are not well served when the government seeks to orchestrate public discussion through content-based mandates.”

  It is irrelevant that the publishers or social media companies will be the instrument of suppression. As Justice Clarence Thomas summarized in 2021, “The government cannot accomplish through threats of adverse government action what the Constitution prohibits it from doing directly.”

  The administration is afraid that voters will learn the truth. It is now up to a free media and the Republican candidate for president to make certain that voters know how to apply that fear.

  Kenin M. Spivak is founder and chairman of SMI Group LLC, an international consulting firm and investment bank. He is the author of fiction and non-fiction books and a frequent speaker and contributor to media, including The American Mind, National Review, the National Association of Scholars, television, radio and podcasts. He received his A.B., M.B.A., and J.D. from Columbia University.

  Tyler Durden
  Tue, 06/25/2024 – 23:20

• Supreme Court Turns Away COVID-19 Vaccine Appeals
  Supreme Court Turns Away COVID-19 Vaccine Appeals

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

  U.S. Supreme Court justices on June 24 rejected appeals brought over COVID-19 vaccines by Children’s Health Defense (CHD), a nonprofit founded by Robert F. Kennedy Jr., an independent candidate running for president.

  

  The nation’s top court rejected an appeal seeking to overturn lower court rulings that found that CHD and its members lacked standing to sue the Food and Drug Administration (FDA) over its emergency authorizations of COVID-19 vaccines for minors.

  The justices also rebuffed another CHD appeal in a case that challenged the COVID-19 vaccine mandate imposed on students at Rutgers University, a public college in New Jersey.

  The Supreme Court did not comment on either denial. It included them in a lengthy list dealing with dozens of cases.

  “Disappointing that the courts are closed to FDA fraud harming millions of Americans,” Robert Barnes, an attorney representing CHD in the FDA case, told The Epoch Times in an email.

  He called for Congress to pass reforms.

  Julio Gomez, an attorney representing CHD in the Rutgers case, told The Epoch Times in an email that the Supreme Court’s denials marked a sad day because clarity is needed on vaccines and the Supreme Court’s 1905 decision in Jacobson v. Massachusetts, which upheld a city’s law requiring vaccination against smallpox.

  Mr. Gomez pointed to a recent federal appeals court ruling that determined that Jacobson did not apply to a case filed against a vaccine mandate in California because plaintiffs had produced evidence that the COVID-19 vaccines do not prevent the spread of COVID-19.

  Lawyers for Rutgers and the government did not return requests for comment.

  In the FDA case, CHD and parents in Texas and Florida argued that the regulatory agency cleared COVID-19 vaccines under emergency authorization despite COVID-19 posing less risk than influenza to children and without adequate clinical testing. The FDA also wrongly promoted the vaccines, the plaintiffs alleged.

  U.S. District Judge Alan Albright tossed out the lawsuit in 2023, finding that CHD and the parents did not meet the requirements for standing, or the ability to sue over the actions, under Article III of the U.S. Constitution.

  While the parents said their children were at risk of being vaccinated by other people, they did not show that they faced imminent harm because of the FDA issuing emergency authorization for COVID-19 vaccines, the judge said. Imminent harm is one requirement for standing.

  The judge also said CHD had not shown that its resources were drained in responding to the FDA’s conduct and that it was airing a “generalized grievance,” which is not allowed under Supreme Court precedent.

  A panel of the U.S. Court of Appeals for the Fifth Circuit in January upheld the ruling.

  “Plaintiffs contend that the injury-in-fact element is satisfied because a third party might vaccinate their children over their objections, and that such vaccine could allegedly injure them and their children,” the panel stated. “Be that as it may, we agree with the district court that Plaintiffs fail to demonstrate an injury in fact because the alleged injury is neither concrete nor imminent.”

  Mr. Barnes had urged the Supreme Court to look at the case.

  “Can no one sue the FDA? Is that what Article III means?” he wrote in a filing

  Government lawyers waived their right to file a brief to the court.

  In the case against Rutgers, CHD and some of its members said the vaccine mandate was unconstitutional in part because the Constitution’s due process clause enables people to refuse medical treatment.

  U.S. District Judge Zahid Quraishi ruled against the plaintiffs in 2022, finding that Rutgers mandated vaccination as part of a legitimate goal of protecting the school community from COVID-19 and that the students either brought claims that had become moot because they were granted religious exemptions to the mandate or failed to state a claim.

  A panel of the U.S. Court of Appeals for the Third Circuit upheld the decision in February.

  In a filing to the Supreme Court, lawyers for CHD said the lower courts erred and that the justices should intervene.

  “If government is allowed to mandate experimental vaccines that do not prevent transmission against a person’s right to freely exercise informed consent, then COVID-19 will have eroded one of our most basic liberties—the right to refuse a medical experiment,” they wrote.

  Rutgers declined to file a brief with the court.

  Tyler Durden
  Tue, 06/25/2024 – 23:00

• 'Squad'-Member Jamaal Bowman Loses Primary Race To Moderate
  ‘Squad’-Member Jamaal Bowman Loses Primary Race To Moderate

  So much for “showing f**king AIPAC the power of the mother-f**king South Bronx”…

  

  Fire alarm specialist Rep. Jamaal Bowman of New York just became the first member of the far-left ‘Squad’ to be unseated as he lost his primary battle to ‘moderate’ Westchester County executive George Latimer.

  

  Mr. Latimer leads Mr. Bowman 54.5 percent to 45.5 percentage points, with 53 percent reporting.

  The Associated Press called the race at 9:38 p.m ET.

  The two-term congressman is also the first Democratic incumbent to lose their primary this year, capping off a contest that laid bare divisions within the Democratic party that have ruptured over the Israel-Hamas war.

  As The Epoch Times’ Michael Washburn reports, the American Israel Public Affairs Committee (AIPAC), a major pro-Israel group, emerges as another winner from the race after it poured $14 million in ads to boost Mr. Latimer, helping to make this primary the most expensive House race ever, according to ad tracker AdImpact.

  Mr. Bowman’s District 16, which covers the northern Bronx and Westchester County, is solidly blue, so Mr. Latimer is likely to win the seat in November.

  Bowman’s Two Terms

  Washburn goes on to point out that, in 2020, Mr. Bowman unseated longtime incumbent Democrat Rep. Eliot Engel in the primary and then easily crushed his Republican challenger in the fall general election. Mr. Bowman won a second term in 2022, during which he consolidated his reputation as one of the most outspokenly progressive members of the Squad, with a message of antiracism, social justice, and economic equity.

  In the race that just concluded, he enjoyed the endorsement of fellow Squad members such as Rep. Alexandria Ocasio-Cortez (D-N.Y.), Rep. Rashida Tlaib (D-Mich.), and Rep. Cori Bush (R-Mo.), along with powerful Sen. Bernie Sanders (D-Vt.) and Sen. Elizabeth Warren (D-Ma.).

  Mr. Bowman has courted controversy over his staunch pro-Palestinian stance, and by calling accounts of the sexual abuse of Israeli hostages “propaganda,” for which he later apologized.

  Last year, he also pulled a fire alarm inside a congressional building during a House vote, for which he pled guilty to misdemeanor charges. He maintains it was an accident.

  Middle East in Focus

  The congressman’s defeat is consistent with predictions in the run-up to the June 25 election from pollsters, as well as establishment Democrats.

  FiveThirtyEight polls gave Mr. Latimer double-digit leads, while prominent Democrats, ranging from former Secretary of State Hillary Clinton to former state Gov. Andrew Cuomo, had signaled their support for the challenger, who enjoys a reputation of being more in touch with the mainstream sentiment on the Gaza conflict and support for Israel’s war on Hamas.

  “The message is clear: antisemitism in any and all forms will not be tolerated in New York. And you can’t call yourself a progressive without making progress,” Mr. Cuomo wrote in a post on X, formerly Twitter, on the morning of June 25, predicting Mr. Bowman’s defeat.

  David Carlucci, a former New York state senator who ran in the District 17 primary, north of District 16, in 2020, and who worked for Mr. Engel two decades ago, acknowledged that many voters in Tuesday’s election considered first and foremost where the two candidates stood on Middle East policy.

  “The contrast between Latimer’s pro-Israel stance and Bowman’s more critical perspective on U.S.-Israel relations has sharpened the divide among voters with strong opinions on this issue, and has been front and center in this race,” Mr. Carlucci told The Epoch Times.

  Democratic candidate for New York’s 16th District George Latimer speaks during a press conference at the Mount Vernon Democratic headquarters on June 24, 2024, in Mount Vernon, N.Y. (Michael M. Santiago/Getty Images)

  At the same time, some voters made choices based on Rep. Bowman’s and Mr. Latimer’s respective positions on such issues as criminal justice reform, policing and public safety, climate action, and environmental sustainability, Mr. Carlucci said.

  Hence, while the Middle East loomed large in this race, many voters’ decisions signify a wide schism between the radical and centrist factions of the Democratic Party, a divide that could grow still further in the months and years to come, he observed.

  “This race could reflect broader national trends within the Democratic Party, regarding its diverse opinions and large tent,” he said.

  Tyler Durden
  Tue, 06/25/2024 – 22:40

• Is The Global Inflationary Depression Already Here?
  Is The Global Inflationary Depression Already Here?

  Authored by Peter St. Onge and Jeffrey A. Tucker via the Brownstone Institute,

  There was an oblique message buried in a New York Times story on the growing crisis in commercial real estate in cities. Yes, this is exactly the kind of article that people pass over because it seems like it doesn’t have broad application. In fact, it does. It affects the core of issues like our city skylines, how we think about urbanism and progress, where we vacation and work, and whether the big cities are drivers or drains on national productivity. 

  

  The note mentions the “broader distress brewing in the commercial real estate market, which is hurting from the twin punches of high interest rates, which make it harder to refinance loans, and low occupancy rates for office buildings — an outcome of the pandemic.”

  We are used to this kind of language blaming the pandemic for the results of lockdowns. Of course, it was a man-made decision to turn a respiratory virus into an excuse to shut down the world. The lockdowns blew up all economic data, generating seesawing graphs on every indicator never seen in industrial history. They also made before/after comparison extremely difficult.

  The consequences will echo long into the future. The high interest rates are a result of trying to slow down the money spigot unleashed in March 2020, in which more than $6 trillion in new cash appeared out of nowhere and was distributed as if by helicopter. 

  What did the money injection do? It generated inflation. How much? Sadly, we do not know. The Bureau of Labor Statistics simply cannot keep up, partially because the Consumer Price Index does not calculate the following: interest on anything, taxes, housing, health insurance (accurately), homeowners insurance, car insurance, government services like public schools, shrinkflation, quality declines, substitutions due to price, or additional service fees. 

  That’s a major part of what has gone up, which is why data on particular industries shows a huge gap (groceries up 35% over four years) and why ShadowStats estimates inflation in double digits two years running, having peaked at 17%. Just adding in interest, a paper from NBER estimates, takes 2023 inflation to 19%.

  

  Various studies have shown that since 2019 fast food prices — a gold standard in financial markets for measuring true inflation — have outpaced official CPI by between 25% and 50%.

  Getting the inflation data wrong is only the start of the problem. We are lucky if any government data even adjusts for the wrong numbers. Consider retail sales as just one example. Let’s say you bought a hamburger last year for $10 and you bought one this week for $15. Would you say that your retail spending is up 50%? No, you just spent more on the same thing. Well, guess what? All retail sales are calculated this way. 

  It’s the same with factory orders. You have to do the inflation adjustments yourself. Even using conventional data, which are wildly underestimated, wipes out all gains of the last several years. EJ Antoni is one of the few economists actually keeping up with this stuff, and he produces the following two charts. 

  

  

  As EJ writes: “This is factory orders before and after adjusting for inflation: what looks like a 21.1% increase from Jan ’21 to Mar ’24 is only a 1.8% increase – the rest is just higher prices, not more physical stuff; worse yet, real orders are down 6.9% since their highwater mark in June ’22.”

  Imagine the same charts but with more realistic adjustments. Are you getting the picture? The mainstream data being dished out daily by the business press is fake. And imagine the same charts above redone with inflation in the double digits as it should be. We’ve got a serious problem. 

  The problems with the employment data are getting to be more well-known. Essentially, the establishment data that is normally reported is double-counting or just plain inaccurate, and there is a huge divergence with the other method of counting jobs via household surveys. EJ again offers this look. 

  

  In addition, neither worker/population ratios nor the labor participation rate are back to pre-lockdown levels. 

  Now consider GDP. In the old formula hammered out in the 1930s, government spending adds to the GDP while cuts subtract from it, just as exports add and imports subtract. Why? It’s an old theory rooted in a kind of Keynesian/mercantilism that no one seems ever to change. But the bias is profound these days with explosive government spending. 

  

  To calculate whether and to what extent we are in recession, we look not at nominal GDP but real GDP; that is, adjusted for inflation. Two down quarters are considered recessionary. What if we adjust pathetic and seriously mis-estimated output numbers by a realistic understanding of inflation over the last few years? 

  We don’t have the numbers but a back-of-the-envelope suggests that we never left the recession of March 2020 and that everything has been getting gradually worse. 

  That appears to fit with every single consumer sentiment survey. It seems likely that people themselves are better observers of reality than government data collectors and statisticians. 

  

  So far, we’ve dealt briefly with inflation, output, sales, and output, and find that none of the official data is reliable. One mistake bleeds to others, such as adjusting output for inflation or adjusting sales for increased prices. The jobs data is particularly problematic because of the problem of double-counting. 

  What to know about household finance? The flipping of savings rates and credit card debt tell the story. 

  

  When you add it all up, you get a strange sense that nothing we are being told is real. According to official data, the dollar has lost about 23 cents in purchasing power over the last four years. Absolutely no one believes this. Depending on what you actually spend money on, the real answer is closer to 35 cents or 50 cents or even 75 cents…or more. We do not know what we cannot know. 

  We are left to speculate. And this problem is combined with the reality that this is not just a US problem. The increase in inflation and the decline in output is truly global. We might call this an inflationary recession or high inflationary depression, all over the world.  

  Consider that most economic models used through the 1970s, and still today, postulate that there is a forever tradeoff between output (with employment as a proxy) and inflation, such that when one is up, the other is down (Phillips curve). 

  Now we face a situation where the jobs data are profoundly affected by bad surveys and labor dropouts, output data is distorted by history-making levels of government spending and debt, and no one is even trying anymore to provide a realistic accounting of inflation. 

  What the heck is really going on? We live in data-obsessed times with seemingly magical abilities to know and calculate everything. And yet even now, we seem to be more blind than ever before. The difference is that nowadays, we are supposed to trust and rely on data that no one even believes is real. 

  Going back to that commercial real estate crisis, for the New York Times story, the large banks would not even talk to the reporters doing the story. That should tell you something.

  We live with a don’t-ask-don’t-tell economy. No one wants to say hyperinflation. No one wants to say economic depression. Above all else, never admit the truth: the turning point in our lives and the precipitating event to the whole calamity for the world were the lockdowns themselves. All else follows. 

  Tyler Durden
  Tue, 06/25/2024 – 22:20

• Federal Judges Block Parts Of Student Loan Repayment Plan
  Federal Judges Block Parts Of Student Loan Repayment Plan

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

  Federal judges in Missouri and Kansas issued separate rulings on June 24 blocking key sections of the Biden administration’s Saving on a Valuable Education (SAVE) program, which is designed to lower student loan payments and forgive debts.

  

  A new version of the program that would reduce payments and shorten maximum repayment periods was set to take effect in July.

  U.S. District Judge Michael Crabtree for the District of Kansas ruled that the Republican states were likely to succeed in their claim that the department lacked explicit congressional authority to enact this portion of the program.

  “Defendants have offered colorable, plausible interpretations of the Higher Education Act that could authorize the SAVE Plan, but those interpretations fall short of clear congressional authorization,” Judge Crabtree, who was appointed under President Barack Obama, wrote on Monday.

  However, he declined to block the program entirely, expressing concerns about the practicality of reversing parts of the plan that had already been implemented. He also said that Republicans’ delay in filing their lawsuits undermined their arguments that there was an immediate need to halt the entire program.

  The ruling noted the judge’s reluctance to issue a nationwide injunction.

  In a separate decision on the same day, U.S. District Judge Judge John Ross for the Eastern District of Missouri, also a President Obama appointee, blocked the department from forgiving “any further loan[s]” under SAVE until he decides the full case. His order said that such actions would likely strip state loan operators of revenue.

  Judge Ross also suggested that the SAVE program might have exceeded the authority of Education Secretary Miguel Cardona and that Missouri would likely be harmed by the program.

  Attorneys General Welcome Rulings

  Kansas Attorney General Kris Kobach, who spearheaded one of the legal challenges, issued a statement celebrating the ruling as a victory.

  “As the court correctly held, whether to forgive billions of dollars of student debt is a major question that only Congress can answer,” he said. “This is not only unconstitutional, it’s unfair. Blue collar Kansas workers who didn’t go to college shouldn’t have to pay off the student loans of New Yorkers with gender studies degrees.”

  The Kansas challenge was supported by 11 other Republican states. Of these 12 states, only four—Alaska, Texas, and South Carolina—were found to have standing.

  Missouri Attorney General Andrew Bailey also hailed the ruling, calling it a “huge win for the rule of law and Americans who would have been forced ”to pay off someone else’s debt.”

  “Only Congress has the power of the purse, not the President,” Mr. Bailey said in a statement on Monday.

  SAVE Plan

  The SAVE plan, a reworking of a previous plan, aims to halve the required payment on student loans from 10 percent to 5 percent of discretionary income and shorten the repayment period for those with lower initial loan balances. This means that borrowers with smaller loan balances could have their loans forgiven in just 10 years instead of 20.

  Some parts of the plan have already been implemented, resulting in the forgiveness of loan balances for hundreds of thousands of individuals.

  President Biden created the SAVE program after the Supreme Court rejected his plan to forgive broader debts. Following that decision, the Education Department pursued another way to provide debt relief under the Higher Education Act.

  White House press secretary Karine Jean-Pierre said in April that the plans would “fully eliminate” accrued interest for 23 million borrowers, cancel the full amount of debt for over 4 million borrowers, and give over 10 million borrowers around $5,000 in debt relief or more.

  25 million borrowers owe more than the amount they originally borrowed due to accruing interest. Currently, nearly 8 million people are enrolled in the program, according to the White House.

  The Biden administration, as of April, touted that it had provided around $146 billion in student debt relief via more than two dozen executive actions.

  Normally, federal student loan borrowers must repay their debts for around 20 years to qualify for forgiveness under the Education Department’s income-driven repayment plans. The SAVE plan offered a shorter timeline for forgiveness, canceling debt after just 10 years for borrowers who initially took out less than $12,000.

  Tyler Durden
  Tue, 06/25/2024 – 22:00

• Is China Hiding How Much Gold It Really Has?
  Is China Hiding How Much Gold It Really Has?

  Authored by Mike Maharrey via Money Metals,

  A few weeks ago, gold sold off on news that the People’s Bank of China didn’t add any gold to its reserves in May.

  

  At the time, I called it a “kneejerk reaction,” and said the news wasn’t “a particularly good reason to sell gold.”

  “The fact the PBoC didn’t buy any gold in May is certainly interesting, but it hardly counts as earthshaking news. Standing pat for one month doesn’t mean “China has stopped buying gold” as some news outlets framed it.” 

  Before the news, China had bought gold for 18 straight months. It ranked as the biggest central bank gold buyer in 2023. Officially, the People’s Bank of China added more than 300 tons of gold to its reserves during its buying spree.

  “Officially” is the keyword. 

  Many analysts have long thought that China has far more gold than it officially reports. 

  Jim Rickards pointed out on Mises Daily back in 2015 that many analysts believe that China keeps several thousand tons of gold “off the books” in a separate entity called the State Administration of Foreign Exchange (SAFE). 

  The Official Chinese Gold Numbers Don’t Add Up 

  Chen Long is the founder and lead economist for Plenum. He’s also a respected journalist who writes extensively about China’s economy, financial markets, and government policies. Long recently wrote a piece for ThinkChina, a Singapore-based news site, after he ran the numbers on China’s gold holdings.

  He found the official numbers simply don’t line up.  

  Long starts by pointing out that Chinese central bank gold purchases are a drop in the bucket compared to the country’s gold imports. The country imported over 1,400 tons of gold in 2023. This is despite the fact that China ranks as the world’s largest gold producer. Chinese mines dug up 375 tons of gold in 2023. 

  In other words, there is a lot of gold flowing into China, and the country exports very little.

  Only a handful of commercial banks hold licenses to import gold due to the PBoC’s tight regulation of the market. According to Long, 17 banks, including four state-owned institutions, reported gold holding of about 1,016 tons as of the end of 2023. 

  Interestingly, gold holdings by these commercial banks have been falling since around 2016.

  Meanwhile, many commercial banks in China no longer sell gold to the public due to a commodities scandal a few years ago.

  When you dig into the numbers, total official gold holdings by the PBoC, retail buyers, and the big commercial banks only rose by 431 tons last year. Total gold imports and production came in at 1,775 tons. That’s a gap of more than 1,300 tons.

  Over the last two years, there have been about 2,700 tons of gold that is unaccounted for.

  So, where in the world did that gold go?

  Long said, “It is common to see gaps between these figures, but they are usually within a few hundred tons at most. Such a huge gap is rare.”  

  Where Is the Chinese Gold?

  How do we account for this “missing” gold?

  Long offered three possibilities.

  Number one is that the People’s Bank of China bought more gold than it reported.

  “If the PBoC has massively increased its gold position, it may want to withhold a full disclosure in order to avoid shocking the market.”

  If all that missing gold is being held by the central bank, it would double its stated gold reserves to around 5,000 tons. 

  Long notes that the Chinese central bank has delayed reporting before. In June 2015, the PBoC disclosed a one-off increase in gold reserves of 621 tons. It’s highly unlikely the central bank bought all that gold in a single month.

  A second possibility is China’s sovereign wealth fund holds some of that missing gold.

  A sovereign wealth fund is a state-owned investment fund that holds surplus government revenues.

  “After all, the sovereign wealth fund may not want to put all its money in U.S. dollars either, but the China Investment Corporation does not disclose how much gold it owns,” Long said.

  A third possibility is that other numbers have been fudged. Chinese commercial banks may have overstated the reduction in their gold holdings while household gold purchases were understated.

  “While the domestic banks have reported a big reduction of gold assets, some investors may have turned to the foreign banks who also have gold import licenses. They may have increased their gold holdings without making disclosures, although we doubt that such increases could completely offset the decline of gold holdings at the Chinese banks.”

  With the lack of transparency in China, we’ll probably never know exactly where the gold went.

  As Chris Powell recently wrote, “Mainstream financial news organizations don’t yet seem to notice that official statements about gold reserves are, to put it politely, not reliable.”

  That means we’ll never know for sure just how much gold the Chinese government and its central bank hold. But you don’t have to be a wild conspiracy theorist to think they probably have far more gold than they’re letting on.

  Mike Maharrey is a journalist and market analyst for MoneyMetals.com with over a decade of experience in precious metals. He holds a BS in accounting from the University of Kentucky and a BA in journalism from the University of South Florida.

  Tyler Durden
  Tue, 06/25/2024 – 21:40

• Oakland Mayor Raided By FBI Claims She Is Being Targeted By 'Radical Right Wing Forces'
  Oakland Mayor Raided By FBI Claims She Is Being Targeted By ‘Radical Right Wing Forces’

  Oakland, California Mayor Sheng Thao is well known for her woke activist policies; policies that have led to a severe spike in property crime (17%) and violent crime (21%) within the first year of her administration.  The problem has become so overwhelming that Thao and Alameda District Attorney Pamela Price are both facing potential recall.  One has to wonder if leftist politicians are so lax on criminal prosecution because they are engaging in the same kind of activities?

  An FBI raid on Sheng Thao’s residence last week may help to answer this question.  Though she has not yet been arrested or charged, accusations indicate a corrupt web of illegal campaign finance and “pay to play” favors for special donors.  The investigation is allegedly focused on Thao’s boyfriend, Andre Jones, as well as specific donors. 

  

  Also targeted in the raids were two other houses in the Oakland Hills and a business office along the city’s waterfront. All three are tied to Andy Duong and his father, David, who owns the Oakland-based company California Waste Solutions, the city’s curbside recycling provider.

  Authorities claimed the Duongs spent years illegally funneling thousands of dollars using third-party entities to disguise political contributions and flout campaign-donation limits to several City Council candidates, including Thao.  In one instance, the Fair Political Practices Commission cited an internal email for Thao’s campaign in 2018 that laid out exactly how important the Duongs’ donations could be for political newcomers, such as herself.

  In it, a staff member asked, “Have you spoke with Andy Duong about $20,000 by June 30th? let me know when I should follow up with him, please,” a complaint alleges.  Within a week, Thao’s campaign received 14 contributions — seven of which were believed to have come from Duong himself through his network of “straw donors,” the complaint alleges.

  Campaign finance corruption and donations for favors aside, Mayor Thao’s dismal management of Oakland could also be considered a crime.  The criminal investigation is simply a reflection of a much deeper problem.  However, as we all know, leftists never admit fault they only double down.  In a surreal press conference replete with tears, Thao declared her innocence while hinting at an insidious conspiracy of unnamed ‘radical right wing forces’ determined to sabotage her activist reforms and maintain their power within the greater Oakland area.

  Oakland Mayor Sheng Thao cries, blames “radical right wing forces” for her political downfall.

  Her house was raided last week over an investigation into her corruption.

  40k signed a petition to recall her. pic.twitter.com/2yscbDEVXZ

  — End Wokeness (@EndWokeness) June 24, 2024

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

  So, now the radical right wing controls FBI investigations in Oakland, California?  Accusations of “lawfare” only make sense when the other side has control over the alphabet agency apparatus.  Thao seems to be confused about which party has the most influence over the FBI right now. 

  Thao asserted that the FBI raid never would have happened ‘if she was rich’ and that the agency should have given her a warning.  The FBI is not required to give any mayor a heads up about potential raids on their home or office. Thao’s communications chief has resigned in the wake of the investigation. 

  Her attorney, Tony Brass, has also parted ways with the mayor, noting that he was not informed of Thao’s press conference plans, nor did he advise her on interactions with the press.  Thao claims Brass did not leave and was instead “replaced.”  Brass stated that Thao is lying and that he received no communication from her about changing attorneys.  

  Tyler Durden
  Tue, 06/25/2024 – 21:20

• IRS Hammers US Taxpayers With Record Penalties In FY-23
  IRS Hammers US Taxpayers With Record Penalties In FY-23

  Authored by Martin Armstrong via ArmstrongEconomics,

  The government has become desperate for funding, seeking out money from their own citizens through taxation.

  Not only have they raised taxes for every bracket, but the IRS managed to squeeze more money out of Americans through audits for fiscal year 2023 than any year on record. In fact, the IRS shook down Americans for an additional $7 billion in tax penalties alone – a 300% increase from FY22.

  

  These funds are mere chump change as we send out far more than this to Ukraine on a regular basis. The people do not vote on how their taxes are frivolously spent, but they are responsible for the government’s spending. Biden claimed he would target the hated “rich” but reports have found that the majority of those targeted were gig economy workers and freelancers. Biden has done everything in his power to kill the gig economy. The IRS hates the gig economy because they believe those workers are stealing from Uncle Sam.

  

  The average penalty for underestimating taxes was around $150 in 2022. This year, the average penalty was around $500.

  The IRS also ramped up its campaign to fine anyone who missed the tax deadline. Late payment fees increased to $485 or 100% of the tax owed if that amount is less. Then there is the question of “How much do I owe?” The tax system in the US is so complex that there are careers dedicated toward figuring out that predicament. Every citizen and business would prefer if the government simply told them how much they needed to pay. Instead, they deliberately make the tax code vague in order to penalize everyone and anyone.

  The penalty for underpayment rose in the past year from 3% to 8%. There is no grace for those who cannot afford to pay their due amount as the IRS charges interest on all payments that are not made in full. Those who intentionally disregarded their payments faced a $630 penalty or 10% of the amount owed.

  Yet, the Biden Administration wants you to believe they care deeply about the working man. Biden wanted to hire far more IRS agents this year to raise these penalties. Public confidence dissolves when the state begins to hunt their own citizens for taxes. The government becomes the clear enemy. We have seen it happen countless times throughout history when citizens flee and later protest or revolt over absurdly high taxes. The fact that the Biden Administration has been using US taxpayer funds for foreign causes only adds insult to injury.

  Tyler Durden
  Tue, 06/25/2024 – 21:00

• Holding The Line: Texas Rangers Sole MLB Team Without 'Pride Night'
  Holding The Line: Texas Rangers Sole MLB Team Without ‘Pride Night’

  Major League Baseball’s Texas Rangers may be four games under .500, but they’re high atop the league in refusing to bow to America’s woke overlords: Extending an enviable several-year record, they’re once again the only MLB team that won’t host an LGBT “Pride Night” in 2024. The practice was supposedly pioneered by the Chicago Cubs, who first came out with it in 2001.

  

  When asked the Rangers to justify their position, the team points to its history of sending volunteers to the Resource Center, an organization that serves the “LGBTQIA+ and HIV/AIDS communities in Dallas-Fort Worth.”  This week, responding to an inquiry from Associated Press, the Rangers said: 

  “Our longstanding commitment remains the same: To make everyone feel welcome and included in Rangers baseball — in our ballpark, at every game, and in all we do — for both our fans and our employees. We deliver on that promise across our many programs to have a positive impact across our entire community.”

  On Monday, former Texas Rangers pitcher Derek Holland applauded the team’s status as the league’s sole holdout against overlaying a night at the ballpark with a celebration of people’s varied sexual preferences. Holland, who was on the Rangers’ 2010 and 2011 World Series squads, responded to a tweeted report on the team’s unique “Pride Night” refusal with a GIF of the Texas Rangers mascot with the words “That’s a Rangers win.” 

  https://t.co/WmxgtIIUlC pic.twitter.com/JkiInTqXnA

  — Derek Holland (@Dutch_Oven45) June 25, 2024

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

  When another Twitter user asked Holland why he “[felt] the need to go out of [his] way to put other people down,” Holland replied, “Why do we need to celebrate them choosing to be the way they are. Nobody cares if you’re gay or lesbian or whatever. Don’t need a whole month to celebrate. Have a day and move on.” Holland added that military service members and veterans — “real heroes!” — are more worthy of a month-long salute. 

  Meanwhile, Will Davis, who recently traveled 200 miles from Marble Falls, Texas to see a game with his son’s youth team, spoke for many in endorsing the Rangers’ refusal to have Pride Night, telling AP: 

  “It’s a private organization. And if they don’t want to have it, I don’t think they should be forced to have it. In something like this, this is a way for people to go as a state. We don’t want the political stuff shoved down our throats one way or the other, left or right. We’re coming out here to have a good time with friends or family and let it be.”

  The LGBT crowd was already sensitive to the Rangers Pride-less status as the month began. Some were promptly triggered when the team chose the beginning of Pride month to rotate the slogan that appears in the banner atop the team’s official website. In a nod to its pursuit of back-to-back World Series titles, the website had used “Run It Back” for the past few months. As Pride month began, it changed to “Straight Up Texas.” 

  The Texas Rangers — the only MLB team without a Pride Night — have changed their website banner. Here are screenshots from May 29 vs. today.

  “Run it Back” has given way to “Straight Up Texas”

  At best, it’s really unfortunate timing. At worst, it feels antagonistic. pic.twitter.com/qCv2YHqBIw

  — Levi Weaver (@ThreeTwoEephus) June 3, 2024

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

  The team insists the change to a slogan the team has used for four seasons was not meant to troll the Pride crowd or (God forbid) celebrate heterosexuality — without which there would be no humanity on Earth. “It certainly wasn’t done intentionally or to make some sort of statement,” an unidentified team executive told Inside the Rangers. “That’s ridiculous.”

  Tyler Durden
  Tue, 06/25/2024 – 20:40

• Port Maintenance Drags Russia's Oil Shipments Down To Three-Month Low
  Port Maintenance Drags Russia’s Oil Shipments Down To Three-Month Low

  By Charles Kennedy of OilPrice.com

  Maintenance works at Russia’s busiest oil ports dragged down weekly crude oil shipments to the lowest level in over three months as the ports of Primorsk on the Baltic Sea and Kozmino in the Far East halted vessel departures for four days each in the week to June 23.

  

  Last week, Russian crude oil exports by sea fell by 660,000 barrels per day (bpd) from the previous week, to the lowest level in more than three months – 3.04 million bpd, vessel-tracking data monitored by Bloomberg showed on Tuesday.

  The four-week average exports also dropped, by around 45,000 bpd to 3.37 million bpd, according to the data reported by Bloomberg’s Julian Lee.

  In the previous week to June 16, before the port maintenance, Bloomberg’s data showed that Russia continued to raise its crude oil exports by sea for a second consecutive week despite promising to stick strictly to its OPEC+ output target in June.

  In the four weeks to June 16, Russian crude oil shipments jumped by some 80,000 bpd to 3.42 million bpd. The week to June 16 was the second consecutive week in which the four-week average of Russia’s crude export volumes increased compared to the prior four-week average.

  Russia’s crude exports hit the highest level in 11 months in the week to April 14, as export terminals likely shipped more crude that couldn’t be processed at refineries knocked offline by Ukrainian drone attacks.

  Between the middle of April and the beginning of June, crude flows out of Russia’s ports were trending down, according to the data analyzed by Bloomberg.

  But in June, seaborne crude exports started rising again, and the volumes have recovered about one-third of their recent decline.

  This came even as Russia’s Energy Ministry pledged earlier this month that Russia would reach its oil production quota in June after exceeding its target output under the OPEC+ deal in May.  

  Tyler Durden
  Tue, 06/25/2024 – 20:20

• Reminder: The Insidious Propaganda Campaign To Shame America Into Jabbing Up
  Reminder: The Insidious Propaganda Campaign To Shame America Into Jabbing Up

  The top-down propaganda campaign to inject every American with experimental mRNA vaccines was truly unprecedented.

  

  It was a highly coordinated effort to shame and vilify those who were skeptical of taking a vaccine, that didn’t work, caused untold side-effects, and divided friends and families – all over a virus that kills less than 1% of those who get it (mostly the old, fat, and those with comorbidities).

  If you have 11 minutes to set aside, watch the below 2023 compilation from Matt Orfalea of politicians and talking heads using insidious tactics to help Pfizer and Moderna, and push Orwellian compliance tactics that demanded one thing: Obey or be outcast.

  Watch:

  Tyler Durden
  Tue, 06/25/2024 – 20:00

• Rivian Soars 50% After $1 Billion Investment From Volkswagen, Record Shorts Squeezed
  Rivian Soars 50% After $1 Billion Investment From Volkswagen, Record Shorts Squeezed

  After soaring to a record high just days after its November ’21 IPO (at $78/share), the fate of EV maker Rivian had been a brutal one-way masterclass in disappointment after disappointment, with the price trading near record lows in recent months, and flirting with single digits, down 93% from the all time high of $172 hit in November 2021.

  

  So one can almost feel happy for the long-suffering RIVN longs who saw their stock price surge more than 50% after hours when Germany’s largest car company Volkswagen announced it would invest $5 billion to form a joint venture with Rivian, throwing a lifeline to the struggling startup and giving the German automaker access to the American EV company’s technology.

  As part of the investment, VW said it will invest $1 billion immediately in Rivian and an additional $4 billion over time. The new venture will be “equally controlled and owned” and aims to develop “next generation” battery-powered vehicles and software, VW and Rivian said in a joint statement..

  The strategic alliance provides the cash incinerating Rivian with a much-needed source of new capital after the company has struggled to ramp up production and deliveries of its electric pickup and SUV models. It comes ahead of Rivian’s previously-scheduled investor day on Thursday.  For VW, the German car giant gets access to the EV startup’s software and EV architecture after years struggling to roll out plug-in vehicles with efficiency and functionality on par with those from Tesla.

  As part of the deal, Volkswagen will take an initial $1 billion equity stake in Rivian through an unsecured convertible note that will exchange into Rivian shares on or after Dec. 1. That would make Volkswagen the company’s second largest shareholder after Amazon.com, which will remain Rivian’s largest investor with a 16% stake valued at nearly $2 billion as of Tuesday’s close (and $3 billion following news of the venture).

  VW will then invest an additional $2 billion in Rivian shares via two equal tranches in 2025 and 2026, and will put an additional $2 billion into the joint venture through a payment at the venture’s inception and a loan available in 2026.

  On a conference call, Rivian Chief Executive Officer RJ Scaringe said he and VW CEO Oliver Blume, shared an “immediate realization” the two were aligned on product strategy soon after they initially met. That led to conversations about working together, he said.

  This is exciting! Volkswagen Group CEO Oliver Blume and I are thrilled to announce the formation of a joint venture between our two companies. This partnership brings Rivian’s software and zonal electronics platform to a broader market through Volkswagen Group’s global reach and… pic.twitter.com/11XVNUo89J

  — RJ Scaringe (@RJScaringe) June 25, 2024

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

  “Through our cooperation, we will bring the best solutions to our vehicles faster and at lower cost,” Blume said in the companies’ statement. “We are strengthening our technology profile and our competitiveness.”

  Rivian went public in November 2021 at the peak of enthusiasm for the speedy arrival of the EV future, seen as a potentially competitor to Tesla. Sure enough, an early rise in Rivian shares briefly gave it a market value exceeding that of Ford and General Motors, but since then, many of its fellow EV startups have fallen by the wayside as mainstream car buyers turned away from pricey EVs. Rivian has struggled to find a path to profitability and generate enough cash flow to fund its future.

  That said, one would not be shocked if today’s tie up ends up in flames similar to the catastrophic JV between GM and the fraud that was Tesla, where Mary Barra did precisely zero diligence before investing millions in the soon to be defunct company.  And indeed, Rivian has seen attempted partnerships with established automakers collapse before. In November 2021, it abandoned plans to jointly develop EVs with Ford, an early investor. And in December 2022, it shelved a deal to build electric vans with Mercedes-Benz AG.

  For VW, the German automotive giant gets access to the EV startup’s software and EV architecture after years struggling to roll out plug-in vehicles with efficiency and functionality on par with those from Tesla Inc.

  Both companies plan to introduce vehicles featuring technology created by the joint venture in the second half of this decade, according to the companies’ joint statement.

  Rivian stock exploded after hours, surging as much as 55%…

  

  … on what is as much a kneejerk response to the news, as an epic short squeeze. As we noted earlier, some 133 million RIVN shares are currently short, just shy of the all time high, and some 16.4% of the float.

  

  And if indeed Germany’s largest carmaker is aggressively expanding into EVs in the US, then is it time to look at downstream beneficiaries, where one name sticks out: with a record short interest of 112 million, or a whopping 28% of the float short, is Chargepoint, another name that has been largely left for dead (market cap of only $500 million), about to squeeze into the stratosphere next?

  

  Tyler Durden
  Tue, 06/25/2024 – 19:43

• Trump Peace Plan Will Withhold Weapons From Zelensky Unless He Agrees To Negotiate
  Trump Peace Plan Will Withhold Weapons From Zelensky Unless He Agrees To Negotiate

  Details of a potential Trump peace plan for Ukraine have been revealed, according to a Tuesday Reuters report, which could be formally unveiled if he wins the November 5th presidential election. The plan centers on giving an ultimatum to Ukraine – that it will only receive more American weapons and defense aid if it agrees to enter peace talks with Moscow.

  The proposal has been presented to Trump by advisers on his national security team, retired Lieutenant General Keith Kellogg, and Fred Fleitz. Both men had served as chiefs of staff Trump’s National Security Council during his first term in office. A key ‘controversial’ part of the plan is to freeze battle lines where they are during the progression of peace talks, something which is likely to be unpopular among Ukrainian and NATO officials.

  

  While the Zelensky government could face the withholding of badly needed Washington aid, Moscow would simultaneously be warned that the US would increase its support for Ukraine if Putin refuses to enter the negotiations. However, this point presents a possible incentive for both sides to simply keep refusing talks (and each side could simply keep blaming the other for lack of dialogue).

  Fleitz told Reuters that so far there’s been a favorable reaction after Trump was briefed on the plan:

  They have presented their strategy to Trump, and the Republican presidential candidate responded favorably, Fleitz added. “I’m not claiming he agreed with it or agreed with every word of it, but we were pleased to get the feedback we did,” he said.

  …The strategy outlined by Kellogg and Fleitz is the most detailed plan yet by associates of Trump, who has said he could quickly settle the war in Ukraine if he beats President Joe Biden in the Nov. 5 election, though he has not said how he would do that.

  The Trump campaign noted that nothing is official until it is issued from a designated campaign spokesperson.

  The Biden White House has repeatedly said that the ball is entirely in Kiev’s court. Only Ukrainian leadership can decide the when and where of ceasefire talks. Zelensky has repeatedly said he will not contemplate sitting at the table with Moscow representatives so long as Putin is in power. Tens of billions continue flowing into Kiev’s coffers from Western backers.

  Zelensky’s office has already reacted negatively to news of the potential Trump peace plan, with presidential adviser Mykhailo Podolyak saying Tuesday that freezing current battle lines would be “strange” given that Russia is the invader and illegal occupier of Ukraine territory.

  “Ukraine has an absolutely clear understanding and it is spelled out in the peace formula proposed by President (Volodymyr) Zelenskiy, it is clearly stated there – peace can only be fair and peace can only be based on international law,” he said to Reuters. Zelensky’s 10-point plan centers on Russian troops withdrawing from all Ukrainian territory before there can be peace. Putin has at the same time vowed to never give up the four annexed eastern territories which have since last year been declared absorbed into the Russian Federation.

  Last year Zelensky in a CNN interview posed the following: “We’re not ready [to give up territory to Russia]. But the question for Trump – or to someone else, maybe it’s not his idea – is ‘is the United States ready to give up territory after Putin has said he would use nuclear weapons?”

  Meanwhile, the Kremlin has reacted somewhat positively. “The value of any plan lies in the nuances and in taking into account the real state of affairs on the ground,” Kremlin spokesman Dmitry Peskov said in response. “President Putin has repeatedly said that Russia has been and remains open to negotiations, taking into account the real state of affairs on the ground,” he said.

  Back in April, Zelensky issued his own conditions in a Meet the Press appearance:

  WATCH: President Zelenskyy says he doesn’t believe “rumors” about former President Trump’s plan to end Russia-Ukraine war.@ZelenskyyUa: “When Trump comes here and will tell me their formula of peace, then I will be able to provide the response.” pic.twitter.com/BcGR3RTNbZ

  — Meet the Press (@MeetThePress) April 21, 2024

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  It appears the Trump campaign is fully aware of the general war weariness that long ago took hold of the American public and even much of Europe. Trump has previously vowed to kick-start negotiations ‘within 24 hours’ if he enters the White House again. He has accused Biden and his policy of simply fueling an endless war. According to more fresh statements from team Trump: 

  Fleitz said Ukraine need not formally cede territory to Russia under their plan. Still, he said, Ukraine was unlikely to regain effective control of all its territory in the near term.

  “Our concern is that this has become a war of attrition that’s going to kill a whole generation of young men,” he said.

  A lasting peace in Ukraine would require additional security guarantees for Ukraine, Kellogg and Fleitz said. Fleitz added that “arming Ukraine to the teeth” was likely to be a key element of that.

  “President Trump has repeatedly stated that a top priority in his second term will be to quickly negotiate an end to the Russia-Ukraine war,” Trump spokesperson Cheung said.

  To be expected, the White House and the Biden campaign are already charging Trump with an unwillingness to ‘stand up’ to Putin. This will also likely be used as another talking point to claim that Trump is playing softball with Putin as he’s somehow ‘compromised’ (cue Russiagate etc…)

  And yet, for there to ever be peace, significant concessions will have to be made, something which the Biden administration has utterly failed in. Instead it has only continued to escalate with policies like greenlighting strikes inside Russian territory using American weapons.

  Tyler Durden
  Tue, 06/25/2024 – 19:20

• Netanyahu's Wife Accuses Army Leaders Of Planning Coup
  Netanyahu’s Wife Accuses Army Leaders Of Planning Coup

  Via The Cradle

  Sarah Netanyahu accused Israel’s army chiefs of seeking to carry out a coup against her husband, Prime Minister Benjamin Netanyahu, Haaretz reported on Tuesday, based on leaked audio obtained by the newspaper.

  In a meeting last week with families of some of the captives held by Hamas in Gaza, Sarah Netanyahu stated several times in the tape that she has no confidence in the army’s senior officers. The families became upset by Mrs Netanyahu’s comments, saying the fate of their captive family members depended on the army.

  In response, Mrs Netanyahu clarified her comments. She said that her lack of confidence is not in the army as a whole but in its senior commanders. Haaretz adds that she “vehemently claimed that they are interested in carrying out a coup” and repeated the claim multiple times.

  

  The meeting was also attended by army officers, including Colonel (Ret.) Verda Pomerantz, formerly head of the casualty division, and Gal Hirsch, a former army commander tasked by the prime minister to coordinate the government’s effort to free the captives. Sarah’s statements were brought to the attention of senior officers in the army.

  The meeting took place a few days after the Prime Minister’s son, Yair Netanyahu, attacked the army chiefs as well, accusing them of treason.

  On Saturday, Yair shared a video in which Chief of Staff Herzi Halevi, Shin Bet Chief Ronan Bar, and retired Army military intelligence chief Aharon Haleva were called “fatal failures” for not preventing the 7 October Hamas attack. 

  After that, Yair also posted on the social media site X, writing, “What are they (army chiefs) trying to hide? If there was no treason, why are they so afraid that external and independent parties will check what happened?”

  A statement issued by the prime minister’s office on behalf of Sarah Netanyahu said she had been “working on her own initiative for the families of the abducted, the bereaved families, the families of the murdered and all the circles of pain associated with this difficult war, and helps as much as she can.”

  The statement then called the leak of the audio a “heinous injustice. Despite the voices that try to harm her and loosen her hands, Mrs Netanyahu will continue her activities for those who were harmed in the war and prays for the speedy return home of all 120 abductees.”

  On 7 October, members of the Hamas wing, the Qassam Brigades, crossed through the Gaza border fence to attack Israeli military bases and settlements. In the process, they took some 240 Israeli soldiers and civilians as captives.

  Some captives were released in a temporary ceasefire deal in November, while many others have been killed by the same Israeli bombing of Gaza that has killed a reported over 37,000 Palestinians. It is estimated that 120 remain captives of Hamas and other groups such as Islamic Jihad (PIJ).

  #Haretz
  In a meeting with hostage families, PM #Netanyahu‘s wife Sara accused IDF chiefs of seeking to stage a military coup against her husband.

  Remember, Sara Netanyahu has been already sentenced for corruption, she faced up to 5 years in prison on the charges against her. pic.twitter.com/DQW49ATwUW

  — 6180339X (@6180339X) June 25, 2024

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  Roughly 1,200 Israelis were killed during the 7 October Hamas attack, known as Operation Al-Aqsa Flood. Some were killed by Qassam fighters. Others were killed by Israeli forces, which responded to the attack using heavy weapons from helicopters, drones, and tanks.

  The Israeli army issued the Hannibal Directive, ordering its forces to kill Israelis to prevent them from being taken captive by Hamas. As a result, Israeli forces themselves may have killed many of the Israelis who died on 7 October.

  Tyler Durden
  Tue, 06/25/2024 – 19:00

• Shocking New Video Shows ATACMS Bomblets Raining Down On Russian Beachgoers
  Shocking New Video Shows ATACMS Bomblets Raining Down On Russian Beachgoers

  Unbelievable new footage has emerged of the Sunday Ukrainian missile strike on a busy Sevastopol, Crimea beach as tourists were lounging in the sun. 

  Russian authorities said that a missile launched from a US-supplied MGM-140 ATACMS system by Ukrainian forces exploded overhead and released bomblets across the area – in the water and on land – killing five and injuring 124 people, including children. The CCTV footage captures the moment when the missile’s submunitions rain down over the crowded beach, appearing to confirm Russia’s allegation that a cluster bomb warhead was used. Watch:

  CCTV footage capturing the moment when M74 submunitions from the MIM-140 ATACMS missile with cluster warhead struck the water and beach in Sevastopol, Crimea, on June 23.

  It is believed that the ATACMS missile was intercepted by Russian air defenses, which caused it to explode… pic.twitter.com/OrnJO1Rhbg

  — Status-6 (Military & Conflict News) (@Archer83Able) June 25, 2024

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  Hundreds of people can be seen fleeing for their lives, and some are still in the water, when the bomblets start to impact both the water and the beach. One bomblet is seen almost scoring a direct hit on the lifeguard stand.

  “According to latest reports, as a result of the shelling attack on Sevastopol by Ukrainian nationalists, 124 people, including 27 children, received wounds or injuries,” Russian health minister Alexey Kuznetsov had announced.

  Newsweek summarizes of Crimean official statements of the deadly attack:

  The event was caused by Russian air defenses shooting down a series of cluster warhead missiles, one of which altered course as a result. The Russian ministry of defense said that four out of the five missiles launched were shot down, adding: “Another missile, as a result of the impact of air defense systems at the final stage, deviated from the flight path with the warhead exploding in the air over the city.”

  “The detonation of the fragmentation warhead of the fifth American missile in the air led to numerous casualties among civilians in Sevastopol.”

  A Kremlin spokesman subsequently laid blame squarely on Washington: “The involvement of the United States, the direct involvement, as a result of which Russian civilians are killed, cannot be without consequences.”

  

  Mikhail Podoliak, a Ukrainian presidential spokesman downplayed the mass casualty event, saying that “civilian occupiers” should know better than to vacation on the Crimean peninsula, which Ukraine claims as its own.

  Commenting on the incident, Ron Paul has pointed out of Moscow, “They can’t not respond” at this moment of ultra-dangerous escalation.

  “What’s Russia going to do about this?” Paul asked in his latest Liberty Report. “Are they going to twiddle their thumbs and walk away? They might – for a day or two – ponder it, but there will be something that they’re going to do.”

  US-supplied cluster bombs were used on beachgoers in Crimea yesterday, killing at least six and injuring more than 100.

  Moscow has warned that “such actions will not go unanswered.”

  Is this a NATO attempt to provoke a Russian reaction to justify further involvement? Next… pic.twitter.com/qMxxsloF9k

  — Ron Paul (@RonPaul) June 24, 2024

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  Tyler Durden
  Tue, 06/25/2024 – 18:40

• FBI Wants 20 Years To Produce Records On Its Involvement W/ OKC Bombing
  FBI Wants 20 Years To Produce Records On Its Involvement W/ OKC Bombing

  Authored by Ken Silva via Headline USA,

  It’s been about nine years since Utah attorney Jesse Trentadue filed a Freedom of Information Act request for records about a CIA asset and FBI informant who helped fund the Oklahoma City bombing, as well as for records about a neo-Nazi bank-robbery gang also involved in the attack.

  

  Tired of waiting, Trentaudue sued the FBI over the matter in February, demanding the bureau to produce the 69,375 pages of documents that it’s holding. But now, the FBI wants to take another nearly 12 years to fork over those documents to him, which means that it would take at least 20 years for the bureau to comply with his initial FOIA request.

  Such a slow production rate is unacceptable, Trentadue said in a Tuesday court filing.

  “The FBI proposes to process these records/documents for release to Plaintiff in monthly increments of 500 pages over a period of 11.5 years!” he said.

  “If the Court accepts the FBI’s proposed snail-pace processing of these materials, Plaintiff will be close to 90-years of age when he finally receives all of them,” he said.

  “He has already waited almost a decade for these documents/records, with the FBI having made no effort during the interim to produce them, and should not have to wait another 11.5 years to receive them.”

  Trentadue has been suing the U.S. government for OKC bomb-related records for nearly 30 years, ever since his brother was murdered in a federal penitentiary. The complex story of how the death of Trentadue’s brother relates to the OKC bombing can be read in this Mother Jones article.

  Trentadue’s latest lawsuit seeks records on FBI informant and CIA asset Roger Moore (not the James Bond actor), and the bank-robbery gang, the Aryan Republican Army, which he says was an FBI front group.

  According to Trentadue’s lawsuit, Moore was an FBI informant as part of the bureau’s 1980s- and early 90s-era Operation Punchout, which was designed to identify and apprehend surplus dealers that bought and sold government property stolen from Department of Defense facilities in Utah.

  Furthermore, Moore build patrol boats for use by the US Navy in the Vietnam War, as well as speedboats for the CIA, according to Aberration in the Heartland of the Real—historian Wendy Painting’s PhD thesis-turned-book about OKC bomber Tim McVeigh.

  As for the Aryan Republican Army, Trentadue believes that was an FBI front group that also helped fund the bombing.

  Trentadue’s Tuesday filing elaborated further on the ARA’s connection to McVeigh.

  “During 1993, 1994 and 1995, a gang known as the Aryan Republican Army or “ARA” robbed banks and armored cars in the mid-west. Timothy McVeigh participated in some of those robberies and is reported to have used money obtained from these crimes to help fund the bombing of the Murrah Federal Building in Oklahoma City on April 19, 1995,” he said.

  “According to Peter Langan, several members of the ARA assisted McVeigh in carrying out the bombing of the Murrah Federal Building.”

  No hearings have been set yet in Trentadue’s lawsuit.

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

  Tyler Durden
  Tue, 06/25/2024 – 18:20

• WTI Holds Losses After API Reports Large Surprise Gasoline Inventrory Build
  WTI Holds Losses After API Reports Large Surprise Gasoline Inventrory Build

  Crude prices slipped back lower today from two-month highs, testing back into the range of the last couple of days after rallying hard on increasing geopolitical tensions.

  A series of drone attacks last week on Russian oil infrastructure by Ukraine, combined with escalating tensions between Iran-backed Hezbollah and Israel have buoyed crude prices, Claudio Galimberti, director of global market analysis at Rystad Energy, said in a note.

  “Against a backdrop of escalating geopolitical tensions, including conflicts in the Middle East and the ongoing war between Russia and Ukraine, Brent surpassing $85 per barrel could be the start of more upward pressure on prices,” he said.

  Today’s decline (perhaps driven by weaker sentiment and confidence data) did not appear to change the trend, but tomorrow’s official inventory data (which we get a hint at tonight from, API) may change things…

  API

  • Crude +914k (-200k exp)

  • Cushing -350k

  • Gasoline +3.84mm (-900k exp) – biggest build since Jan 2024

  • Distillates -1.18mm

  Crude stocks rose modestly last week, against expectations of a small draw but gasoline stocks surged according to API…

  

  Source: Bloomberg

  WTI was trading around be $80.80 ahead of the API data and dipped on the crude build before coming back…

  

  Source: Bloomberg

  Finally, despite the decline and the builds, there are signs of strong summer demand in the Northern Hemisphere (after earlier jitters over a shaky start to the U.S. summer driving season, which runs from Memorial Day to Labor Day).

  Galimberti said expectations for a summer surge in fuel demand have been aided by strong growth in aviation. Jet fuel is expected to see an increase in demand of 550,000 barrels a day, according to Rystad, after a 1.2 million barrel-a-day jump last year.

  “For the time being, this strength in aviation activity signals a positive trend for oil demand, particularly in the context of summer travel, economic recovery and consumer optimism,” he wrote.

  Analysts at JPMorgan Chase & Co. on Tuesday maintained a forecast that Brent would average $84 a barrel in the third quarter and hit $90 by August or September, “underpinned by our expectations that global demand will outpace supply in the summer quarter.”

  Meanwhile, analysts at Macquarie revised their Brent third-quarter forecast up to $86 per barrel, from $83, on projections of rising demand.

   

  Tyler Durden
  Tue, 06/25/2024 – 18:00

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