Oct 28

Today’s News 28th October 2024

  • Korybko: Brazil's Veto Of Venezuela's BRICS Bid Exposes Multipolar Rift
    Korybko: Brazil’s Veto Of Venezuela’s BRICS Bid Exposes Multipolar Rift

    Authored by Andrew Korybko via Substack,

    Brazil’s ruling Workers’ Party (PT per its Portuguese abbreviation) has presented itself as an Ibero-American champion of multipolarity since its inception, as has its leader President Lula since his first term began in 2003, but these narratives are now challenged like never before after last week.

    Brasil de Fato cited diplomatic sources to report that Brazil vetoed Venezuela’s BRICS partnership request while Putin also acknowledged during a press conference that Russia and Brazil disagree on Venezuela.

    This outcome was made all the more scandalous by Lula’s unexpected “head injury” that was allegedly responsible for him not flying to Kazan and Venezuelan President Maduro’s surprise visit to the event. Lula might have either made-up his injury or exaggerated it in order not to embarrass himself any further by arguing in person against his multipolar neighbor’s requested BRICS partnership. He might also have caught wind of Maduro’s plans and thus ducked out in order to avoid a potential confrontation there.

    In any case, one of the world’s top energy producers wasn’t able to achieve the consensual support required for partnering with the world’s top financial multipolarity platform, though this analysis here from last month explains how non-members and -partners can still coordinate their associated policies with BRICS. Be that as it may, it was still a blow to Venezuela’s prestige not to be inaugurated as an official partner, but Lula’s PT harmed its own reputation in a much worse way by reportedly vetoing this.

    Keeping in mind the abovementioned insight about how any country can voluntarily coordinate its associated policies with BRICS even in the absence of formal membership or partnership status, Brazil could have let Venezuela join in order to keep up the PT’s charade about being a multipolar champion. Instead, it maliciously prevented this, which only served to virtue signal support for the US’ ruling Democrats’ shared policy towards that country at the expense of the trust that Brazil built within BRICS.

    It was explained in August how “Ortega’s Condemnation Of Lula’s Meddling In Venezuela Debunks A Top Alt-Media Lie”, which hyperlinked at the end to a list of over 50 related analyses from October 2022 till then about Lula’s post-imprisonment ideological alignment with that aforesaid imperialist party. In brief, he and his party were never true multipolar champions like they presented themselves as, but were always more akin to “social democrats” or what’s been called the “compatible left” by traditional leftists.

    All the while, however, the PT’s social media influencers and cultish clique of supporters across the world aggressively gatekept the false narrative that their “heroes” pushed. This most often took the form of viciously “canceling” anyone who dared to even remotely question this debunked dogma. This charade was thus kept up until last week when it became impossible to deny that Lula’s PT had betrayed regional multipolar leader Venezuela solely to curry favor from what might soon be the US’ outgoing ruling party.

    There shouldn’t be any question about the veracity of Brasil de Fato’s diplomatic sources either after Venezuela’s Foreign Ministry came out with an official statement slamming Lula’s veto. They described it as an “immoral aggression” that “reproduce[ed] the hatred, exclusion and intolerance promoted from the centres of power in the West.” They then added that “The Venezuelan people feel indignation and shame” after what Lula just did. These are very strong words that should be taken very seriously.

    Readers should also know that while Lula hasn’t acknowledged Maduro’s re-election, Putin proudly thundered during last week’s event that “Venezuela is fighting for its independence, for its sovereignty…We believe that President Maduro won the elections, won fairly. He formed a government.” His words threw the PT onto the horns of yet another narrative dilemma by suggesting that Brazil’s stance is against another fellow Global South country’s “independence” and “sovereignty”.

    The Venezuelan Question is therefore a black-and-white issue: one either supports Lula and Biden’s regime change efforts in Venezuela, with each advancing this in their own but still coordinated way, or they support Maduro and Putin’s defense of Venezuela’s independence and sovereignty.

    There’s no middle ground no matter what lies top PT influencers might soon spew. Honest members from the Alt-Media Community will accurately report this while dishonest ones will keep covering up for the PT.

    Tyler Durden
    Sun, 10/27/2024 – 23:20

  • Porn-Addicts For Kamala Harris: Billionaire-Funded Far-Left PAC Pushes Cringe Ad 
    Porn-Addicts For Kamala Harris: Billionaire-Funded Far-Left PAC Pushes Cringe Ad 

    Reid Hoffman, billionaire co-founder of LinkedIn and independent director on Microsoft’s board, appears to have donated a substantial amount of money to the “Progress Action Fund” — a PAC led by a far-left activist and former Obama administration alumnus. PAF pushed out one of the cringiest pro-pornographic political ads to drum up support from chronic masturbators for Kamala Harris. 

    Let’s dive directly into the woke left’s cringe-fest ad… 

    Here’s the original report from X user Collin Rugg: 

    NEW: Democrat groups release an ad of a young man m*sturbating in an effort to get people to vote for Kamala Harris. The Democratic Party: The party of abortion and p*rn addicts. Progress Action Fund and Defend the Vote have released a $2.5 million ad campaign with the 30-second ad. The ad was called “Republicans Rubbing You the Wrong Way,” with an actor playing a Republican congressman watching the young man rub one out. The ad campaign is being displayed on streaming services in all seven swing states.

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    PAF noted on its website that it “runs hard-hitting ads to defeat Republicans in swing districts, including the viral ad Keep Republicans Out Of Your Bedroom.” 

    Heading PAF is former Obama activist Joe Jacobson, who identifies as a “he/him.”

    Jacobson is a radical leftist with prior ties to the Service Employees International Union, AFL-CIO, and the Obama administration. 

    According to data from Open Secrets, billionaire Hoffman appears to have funded some of Jacobson’s woke adventures at PAF. Hoffman splurged on PAF this year, donating as much as $500,000 on Sept. 25 and $50,000 on Sept. 19. 

    Daily Wire reporter Megan Basham wrote on X, “It’s a PAC run by an Obama administration alum. And a major funder is Reid Hoffman, co-founder and chairman of LinkedIn.” 

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    What a cringe-fest for Democrats… After unleashing the ‘Trump Nazi’ bazooka in leftist corporate media last week…

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    Now, they are trying to drum up support from porn-addicted Americans funded by Palo Alto elites. Weird.

    Well, it’s not weird unless you understand that this is desperation from Democrats and their billionaire funders. 

    Tyler Durden
    Sun, 10/27/2024 – 22:45

  • Jury: Workers Fired For Refusing COVID-19 Vaccine To Get More Than $1 Million Each
    Jury: Workers Fired For Refusing COVID-19 Vaccine To Get More Than $1 Million Each

    Authored by Jack Phillips via The Epoch Times (emphasis ours),

    Rail transit officials in California’s Bay Area have been ordered to pay more than $7 million to transit workers who were fired because they refused to get a COVID-19 vaccine years ago.

    A woman closes her eyes while receiving a COVID-19 vaccine at Sydney Road Family Medical Practice in Balgowlah, in Sydney, Australia, on Jan. 10, 2022. Jenny Evans/Getty Images

    On Oct. 23, a federal jury in the U.S District Court for the Northern District of California sided with six former San Francisco Bay Area Regional Transit (BART) workers who had refused to get the vaccine for religious purposes.

    BART was ordered to pay the group more than $7.8 million, with each individual receiving between $1.2 million and $1.5 million, the Pacific Justice Institute, which represented the transit workers in the trial, said in a statement on Oct. 24. The institute, a law firm representing the six former employees since 2022, said the eight-person jury deliberated for two days this week before returning the verdict that awarded the employees the compensation.

    About a week ago, the federal jury also determined that BART had failed to prove that it suffered an undue hardship by denying accommodations to the ex-employees in the case.

    On Oct. 23, the jury further found that the six employees met the burden of showing that there was a conflict between their religious beliefs and the BART vaccine mandate, which was implemented in 2021.

    According to the law firm, the jury also agreed with the figures that the plaintiffs had provided for lost wages that they had suffered after losing their jobs. The jury then added $1 million each to those figures, the firm said, describing the verdict as a “legal earthquake.”

    “The rail employees chose to lose their livelihood rather than deny their faith. That in itself shows the sincerity and depth of their convictions,“ Kevin Snider, the Pacific Justice Institute’s chief counsel, who served as lead trial attorney, said. ”After nearly three years of struggle, these essential workers feel they were heard and understood by the jury and are overjoyed and relieved by the verdict.”

    The law firm stated: “During the trial, jurors heard compelling testimony from dedicated employees. One of the plaintiffs had worked for more than 30 years for BART, with a stretch of 10 years perfect attendance, before being unceremoniously dismissed. Another had been out on workers comp for months, with no scheduled return date, when she was fired.”

    Lawyers for BART argued that multiple employees who had conflicts with receiving the vaccine had secular—rather than religious—reasons. But the jury disagreed with those arguments, the Pacific Justice Institute said.

    The vaccine mandate was approved by BART’s board of directors in October 2021 and stipulated that all employees must get the COVID-19 vaccine. It allowed some employees to be exempt from the vaccine, including for religious reasons.

    A year later, BART employees filed a class-action lawsuit accusing the operator of denying religious accommodations that violated state law.

    U.S. District Judge William Alsup, who presided over the lawsuit against BART, ruled that the operator’s policies did not violate the employees’ right to religious freedom, according to an order he issued in March.

    A separate order issued by Alsup in January found that BART received 188 requests for a religious exemption and accommodation, and of that figure, 40 chose not to complete the process. They were either terminated from employment or ultimately got the vaccine.

    “Plaintiffs’ putative class fails because its members have little in common beyond their request for religious accommodation,” the judge further said in his order. “They do not share a common religious objection. They do not share a vocation or a set of contractual rights. They do not present a similar set of potential accommodations and associated burdens. They do not present similar health and exposure concerns.

    “Potential accommodations do not impact the same pool of coworkers. Those coworkers do not have the same bargained-for rights.”

    The Epoch Times contacted BART for comment on Oct. 25 but received no reply by publication time. The rail operator’s spokesman, James Allison, told local news outlet SFGate that it had “no comment” on the verdict.

    Tyler Durden
    Sun, 10/27/2024 – 22:10

  • NYC Mayor Says Trump Not A Fascist, Urges Politicians To 'Dial Down The Temperature'
    NYC Mayor Says Trump Not A Fascist, Urges Politicians To ‘Dial Down The Temperature’

    Authored by Jack Phillips via The Epoch Times (emphasis ours),

    New York City Mayor Eric Adams rebuffed recent claims that former President Donald Trump is a fascist and said that Trump’s Madison Square Garden event should go ahead.

    “I have heard those terms hurled at me by some political leaders in the city, using terms like [Nazi leader Adolph] Hitler and fascist,” the Democratic mayor said at a news conference in New York City on Saturday.

    New York City Mayor Eric Adams speaks during a news conference in New York City on April 5, 2024. Brittainy Newman/AP Photo

    “I know what Hitler has done, and I know what a fascist regime looks like. I think, as I have called for over and over again, that the level of conversation, I think we can all dial down the temperature,” Adams said at the conference in which he also detailed a significant police presence planned for Trump’s event at Madison Square Garden in Manhattan Sunday.

    He made the comment after Vice President Kamala Harris and her surrogates criticized Trump in recent days after his former chief of staff John Kelly accused him of praising Adolf Hitler and the Nazi Germany dictator’s generals while he was in office. Trump has refuted Kelly’s comments.

    Referring to the claims, Harris told voters Wednesday at a CNN town hall that “I invite you to listen and go online to listen to John Kelly” make the allegations against the 45th president. “This is a serious, serious issue. And we know who he is. He admires dictators,” Harris said.

    Kelly told the New York Times and the Atlantic that the former president wanted generals like Hitler had.

    “He commented more than once that, ‘You know, Hitler did some good things, too,’” Kelly told the New York Times.

    Kelly’s comment was not publicly corroborated by other former Trump White House officials and was refuted by Trump in the past week.

    During a media event, Trump told reporters that he never said positive things about Hitler during his time in the Oval Office, saying that he “would never say that” and criticized The Atlantic and its reporting.

    Former Vice President Mike Pence’s former chief of staff Mike Ayers has also rebutted the claims.

    “I’ve avoided commenting on intra-staff leaks or rumors or even lies as it relates to my time at the White House but General Kelly’s comments regarding President Trump are too egregious to ignore,” Ayers posted on X. “I was with each of them more than most, and his commentary is *patently false.*”

    After Harris’s statement, Trump’s campaign spokesman Steven Cheung accused the Democratic candidate of spreading “outright lies and falsehoods.”

    Adams, who is currently facing federal bribery charges, said Saturday that he disagrees with the notion that Trump’s rally should be scrapped over Kelly’s comments.

    “This is America. This is New York, and I think it’s important that we allow individuals to exercise their right to get their message clear to New Yorkers,” the mayor said. “And our job as a city and as a Police Department is to make sure they can do that … in a peaceful way.”

    Adams’s comments about lowering “the temperature” also appeared to echo a comment made by President Joe Biden earlier this year in the immediate aftermath of the first assassination attempt against Trump in Pennsylvania. At the time, Biden called on Americans to “cool it down” after the shooting, in which a bullet clipped Trump’s ear.

    Trump became the subject of a second assassination attempt in mid-September after the Secret Service engaged with an individual who was pointing a rifle through a perimeter fence while the former president was golfing in Florida.

    In mid-October, Trump spoke at the Al Smith charity dinner in New York and made reference to the federal charges Adams is facing, as well as those he is facing. “They’ve gone after me, Mr. Mayor, and you’re peanuts compared to what they’ve done to me,” he said on Oct. 18. “And you’re going to be OK.”

    The Associated Press contributed to this report.

    Tyler Durden
    Sun, 10/27/2024 – 21:00

  • How Much Do G7 And BRICS Countries Rely On The Taiwan Strait?
    How Much Do G7 And BRICS Countries Rely On The Taiwan Strait?

    With China continuing to conduct military drills near Taiwan, as well as recently reaffirming that use of force will always remain an option to bring Taiwan under its control, concerns have grown over how potential Chinese actions in the region could impact global trade through the Taiwan Strait.

    This graphic, via Visual Capitalist’s Kayla Zhu, visualizes the share of exports and imports that move through the Taiwan Strait, broken down by the G7 and BRICS countries.

    The data comes from the Center for Strategic and International Studies (CSIS) and is updated as of October 2024.

    Which Countries are Most Reliant on the Taiwan Strait?

    Below, we show the share of exports and imports that transit through the Taiwan Strait by both G7 and BRICS countries.

    BRICS countries overall are more exposed to disruptions to trade routes in the Taiwan Strait, specifically China, the United Arab Emirates, and Iran. The latter two have 24% or more of its exports pass through the strait.

    China and Japan are the most reliant on the Taiwan Strait for both imports and exports, specifically imports. Almost a third of both countries’ imports pass through the Taiwan Strait.

    According to CSIS, over 95% of Japan’s crude oil comes from a select group of Middle Eastern countries, much of which is transported through the Taiwan Strait, making this route integral to Japan’s energy security.

    As for China, while CSIS estimates that 15% of its exports pass through this waterway—a relatively lower share than other countries—the total value of these exports is still over $551 billion.

    The Taiwan Strait is not only essential for China’s international trade but also plays a key role in its domestic commerce. More than half of the voyages through the strait connect the numerous ports along China’s eastern seaboard, according to CSIS.

    Aside from Japan, G7 countries generally have much lower reliance on the Taiwan Strait. The U.S., UK, Canada, Italy, Germany, and France each have single-digit percentages for imports and exports through the strait.

    The Taiwan Strait has been the site of multiple major crises between China and Taiwan since the 1950s, many of which involved military confrontations such as artillery bombardments, missile tests, and naval deployments.

    To learn more about how G7 and BRICS stack up agains eachother in other areas, check out this graphic that compares G7 and BRICS countries by GDP.

    Tyler Durden
    Sun, 10/27/2024 – 20:25

  • Watch: Megan Kelly Crushes Bill Maher's "Trump Is Hitler" Insanity
    Watch: Megan Kelly Crushes Bill Maher’s “Trump Is Hitler” Insanity

    Authored by Steve Watson via Modernity.news,

    Sirius XM host Megan Kelly Absolutely crushed Bill Maher’s tired assertion that Donald Trump is a fascist, prompting him to immediately try to change the subject and then end the interview on his HBO show.

    Maher said of Trump, “the things that he’s been saying, and all the people in his administration who’ve said he’s a fascist, he wants to be fascist, his friends are all dictators.”

    Kelly told Maher she doesn’t care about any of that “Because they’ve been saying that about Trump for years, they’ve been saying that about Republican candidates for years. It has a long, storied history. If you are at all center or center-right, you are used to having your candidate of choice completely demonized, whether it’s the f-word, the r-word, the misogynist word.”

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    She continued, “They tried to tell us Mitt Romney was a raging sexist because of binders full of women. They tried to tell us John McCain was a raging racist, notwithstanding the fact that he adopted a daughter from Bangladesh. They’ve been doing this for every Republican, and they get to Trump, and we are no longer listening to them.”

    “Trump has incendiary rhetoric, there’s no question, but we have four years to judge him by, and the country was going pretty well, unlike the four we’ve had with these two,” Kelly urged, referring to Harris and Biden.

    When Maher then attempted to argue that Trump inherited a good economy from Obama, Kelly responded “So, walk me through it. So Trump has Obama to thank for his economy, but Biden can’t thank Trump for anything?”

    “Okay, let’s get off this,” Maher responded, before going back to calling Trump a fascist and literally Hitler.

    “I see; he hid his Hitlerism the first four years and is going to come out in full force the second four years,” Kelly told Maher, highlighting how stupid the assertion is.

    Kelly then urged that Kamala Harris and Joe Biden are the ones acting like fascists, running through their weaponisation of the Justice Department against Trump and the fact they they have ignored Supreme Court rulings.

    Maher then quickly ended the interview.

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    Earlier in the interview, Maher also managed to lose an argument about Democrats denying election results for a second time to Kelly.

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    Kelly also hit Maher’s lefty audience with some other horrific facts they didn’t want to hear about what is being done to children in the name of ‘inclusion’.

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    Tyler Durden
    Sun, 10/27/2024 – 19:50

  • One Dead, 35 Injured In Suspected Terror Truck-Ramming Near Mossad Headquarters
    One Dead, 35 Injured In Suspected Terror Truck-Ramming Near Mossad Headquarters

    An area north of Tel Aviv was scene of a Sunday morning incident being dubbed in Israeli media a “terror truck-ramming attack” at a bus stop, which left one person dead and at least 32 wounded. Subsequent reports said that 35 were injured, with five in serious condition.

    The perpetrator and only deceased has been identified as Rami Nasrallah, an Arab Israeli driver who lives in Qalansawe, in central Israel. However, there remains some ambiguity over whether it was an intentional ‘terror attack’ or possibly the result of a horrific accident.

    Emergency responders at the scene after a driver apparently rammed his truck into a crowd of people at a bus stop in Ramat Hasharon, AFP.

    The event is still under investigation, with the Times of Israel reporting of the deceased bus driver that “His body was sent to the Abu Kabir Forensic Institute for an autopsy to check if he suffered a medical condition that caused the accident.”

    Suspicion has widely fall on the intentional attack theory, given it happened just outside the well-known Glilot military base in central Israel, and in a location near the Mossad headquarters and several IDF intelligence units.

    Additionally, police said that that the suspect was “shot and neutralized” at the scene, while still not saying necessarily that it was an attack.

    A lot of the injured were senior citizens who had just stepped off a bus at the moment the bus was rammed. They were planning to attend a museum exhibit memorializing the fallen of the Oct.7 Hamas terror attack.

    While not directly taking responsibility for the apparent terror incident, Hamas praised the “heroic ramming attack” that was carried out near “Mossad headquarters.”

    The group described that it was “a natural response to the crimes of the Zionist occupation against our Palestinian people in Gaza, the West Bank and Jerusalem, and its ongoing brutal massacres, especially in the northern Gaza Strip.”

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    “Photos and videos on social media showed several people pinned down under the truck as medics and rescuers tried to help,” Al Jazeera has described of the gruesome scene. Police cordoned off the area and a security helicopter hovered above.

    A number of the injured were witnessed lying on a sidewalk near the truck. One source said that armed civilians may have shot the driver as it was clear he was about to ram people. Another eyewitness saw eight people “trapped under the truck.”

    Tyler Durden
    Sun, 10/27/2024 – 19:15

  • Watch: Trump And Rogan Have A Wild Interview
    Watch: Trump And Rogan Have A Wild Interview

    Former President Donald Trump appeared on the Joe Rogan podcast Friday, where they discussed a wide range of topics for three hours.

    Watch:

    Highlights:

    Getting rid of income taxes:

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    Hoaxes perpetrated against Trump:

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    Why Democrats are in favor of illegal immigration:

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    Trump on bad White House hires:

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    Keeping Iran, Hezbollah and Hamas in check:

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    The two discussed the horrible condition California is in thanks to Gov. Gavin Newsom:

    Trump on getting shot:

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    Trump on Musk:

    “Surreal” – On what it was like when Trump won the 1st time:

    “I want to be a whale psychiatrist” – Offshore windmills and how they affect whales:

    “You’ve said a lot of wild shit!” – Why Trump became so popular:

    Trump on Barron:

    “Big pharma wasn’t thrilled” – Trump on pressure not to work with RFK Jr.:

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    Tyler Durden
    Sun, 10/27/2024 – 18:11

  • Dramatic Video Shows Assassination Attempt On Bolivia's Ex-President Morales
    Dramatic Video Shows Assassination Attempt On Bolivia’s Ex-President Morales

    At a moment the South American country of Bolivia is already on edge due to rising inflation and shrinking gas production, ex-president Evo Morales said his car was shot at on Sunday.

    He and officials close to him say a pair of vehicles forced his to stop in the middle of a freeway, and that’s when heavily armed unidentified gunmen fired on his car, with a bullet reportedly passing “centimeters” from his head. There are reports saying that Morales’ driver was wounded.

    Current president Luis Arce has recently accused Morales and his supporters of “destabilizing” the country amid weeks of roadblocks, which have resulted in supply chain problems which have impacted grocery stores and gas stations.

    Morales has been facing what he says is a politically motivated investigation by a government prosecutor, concocted by his enemies, especially the Arce administration.

    The former president is accused of statutory rape and human trafficking, which he calls sham charges. He led Bolivia from 2006 to 2019 and was the country’s first indigenous president.

    Supporters of the rival political parties in Bolivia have recently engaged in street clashes, with at times entire city areas shut down and key roads blocked amid the mayhem.

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    Morales’ team is claiming this new incident was a planned assassination attempt. The Morales-aligned bloc of the divided MAS party claimed the following:

    “This is not an isolated incident. It’s clear evidence that we are facing a fascist government that does not hesitate to attack the life of former President Evo Morales.”

    And according to more related by the Associated Press:

    The statement said that two vehicles with heavily armed men dressed in black ambushed Morales’ convoy. Bullets whizzed just “centimeters” from the ex-president’s head, it said. Video posted on the website of Morales’ radio station showed helicopters buzzing over an airstrip where the incident occurred.

    President Arce’s statement in the aftermath appeared to confirm this as a serious and credible incident.

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    “The exercise of any violent practice in politics must be condemned and clarified,” Arce wrote on X. “Problems are not resolved by trying to kill people or by partisan speculation.”

    As video of the assassination attempt spreads, authorities fear new unrest could be unleashed…

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    However, other key government ministers suggested it may have been a false flag orchestrated by Morales and that he was never truly in danger.

    Tyler Durden
    Sun, 10/27/2024 – 18:05

  • Martin Armstrong Sees Trump "Landslide"; Fears Desperate Deep State Wants War & Martial Law
    Martin Armstrong Sees Trump “Landslide”; Fears Desperate Deep State Wants War & Martial Law

    Via Greg Hunter’s USAWatchdog.com,

    Legendary financial and geopolitical cycle analyst Martin Armstrong says we are getting down to the wire with the 2024 Election, and the Deep State Dems are in panic mode. 

    Could we have a false flag, martial law, debt crisis, default, war or all of the above? 

    Armstrong says,

    “They want war.  There is no question about that… Lindsey Graham was on Face the Nation a couple of months ago, and he slipped and told the truth for once. 

    I was shocked that he actually slipped and told the truth for once.  He said there was a $10 trillion to $12 trillion natural gas asset under Crimea, and we can’t allow Russia and China to get that…

    This is like Iraq.  We are going after the oil.”

    On martial law, Armstrong says, “I am very concerned about martial law…”

    “They (Supreme Court) have kind of hinted that martial law is a common law type thing.  When the courts are closed, then you have martial law.  It is justified under ‘necessity.’  This is what the Supreme Court has said.  So, I am very concerned that these neocons are so desperate that they are definitely going to try to create some sort of a false flag or anything they can do perhaps the last week in October going into the election.”

    On the war front, we just had Israel bomb Iran, and NATO is still poking Russia.  Armstrong says,

    “NATO is a retirement home for neocons.  It should have been shut down.  They are trying to take the world into World War III. 

    They are now raising a $100 billion so they can continue the war against Russia in case Trump is elected.”

    Armstrong is still seeing Trump winning in 2024 in a “landslide.”  Kamala Harris is going the other way.  A few months back, Armstrong said Kamala’s real approval rating was 10.5%.  Armstrong says he just ran new Kamala Harris approval ratings with his Socrates computer program. 

    Armstrong says, “It’s actually down to 6.5% to 7.5%.  It’s really appalling.”

    Armstrong says Kamala has “negative coattails,” which will spell big losses for Democrats down ballot in November.

    On the economy, Armstrong says,

    “We are in this debt Ponzi scheme where they issue new debt every year to pay off the old debt.  People say the debt is $34 trillion, but the level of the debt does not matter.  It could be a quadrillion dollars…

    China holds 10% of America’s debt.  They sold $53 billion at the beginning of the year.  This is where the danger comes.  If you don’t have someone to take up what China is not buying, guess what?  You can’t pay, and when you can’t pay, that’s when a default comes.  This is why they want war . . . so they can default on everything…

    They take us to war, and there goes Social Security and everything else.”

    On the 2024 Election, Armstrong says,

    “The 2024 Election will be the last election. . . . The US will break up into three or four sections. . . .

    We are committing suicide. . . . This is how governments die. . . .

    Gold goes up when people lose confidence in government.  This is why central banks want gold. 

    They are afraid of governments defaulting on their debt in war…

    In the war, we lose it next time.  They want terrorism so they can lock us down.  This is the future we face.”

    There is much more in the 1-hour and 3-minute interview.

    Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Martin Armstrong as he gives his analysis on martial law, debt default and world war for 10.26.24.

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    Tyler Durden
    Sun, 10/27/2024 – 17:30

  • The Vampire Fiat Money System: How It Works and What It Means for Your Wealth
    The Vampire Fiat Money System: How It Works and What It Means for Your Wealth

    Authored by Thorsten Polleit via The Epoch Times,

    Who doesn’t know them: the blood-sucking vampires, the eerie undead, immortalized in countless films, and inspired primarily by Bram Stoker’s novel “Dracula” (1897). Just think of iconic movies like the silent film “Nosferatu—A Symphony of Horror” (1922), “Dracula” (1958) with Christopher Lee, Roman Polanski’s parody “The Fearless Vampire Killers” (1967), or “Nosferatu—Phantom of the Night” (1979), starring Klaus Kinski as Count Dracula.

    Vampires are demons who rise from their graves at night, seeking to drain the blood of innocent victims. Not only do they steal the life force that sustains them, but they also spread their curse. Many victims, bitten by vampires, are “turned,” becoming undead themselves, thus joining the vampire’s dark domain.

    The enemies and hunters of vampires face a formidable challenge: vampires can disguise themselves, transforming into creatures like wolves or bats, and often display immense, superhuman strength. They can only be repelled by traditional defenses—garlic cloves, rosaries, holy water, or the Christian cross. But truly destroying a vampire requires decapitation, driving a wooden stake through its heart, or bright sunlight that turns them to dust.

    The vampire is an ancient and widespread myth. The image of a blood-sucking undead creature, or similar concepts, has existed across many cultures. This demon embodies superstition—acting as a projection of primal fears, the inexplicable, and evil as the counterpart to good. The notion of a creature that emerges at night, drains its victims’ blood, and draws them from light into darkness is undoubtedly a profoundly threatening one.

    When you reflect a little longer on the horror story of the vampire demon, you will inevitably begin to see parallels (or at least points of contact) with the fiat money system that exists worldwide today.

    Under Cover of Darkness

    It takes place under the cover of darkness: It is fair to say that the vast majority of people are unaware of how today’s fiat money system is structured, how it operates, or what its effects are. Students in schools and universities are, for the most part, left in the dark about it, and the consequences of the fiat money system, therefore, take most people by surprise—unprepared and relentless. Indeed, how many people know that our current fiat money system is a system in which the state’s central bank holds a coercive monopoly on the creation of fiat central bank money, while commercial banks issue their own fiat commercial bank money based on central bank fiat money.

    Who knows that fiat money is literally created out of thin air, representing a form of money creation that has no connection whatsoever to “real savings”? And who explains to people that, from an economic perspective, expanding the fiat money supply is inflationary, leading to uneven higher prices for goods and services compared to a situation where the money supply had not been increased? It is also unknown to many that the issuance of fiat money via the credit market causes a misallocation of capital, initially triggering a boom, only to be followed by a bust; that it drives economies into excessive debt; and that it allows the state to grow ever larger at the expense of the freedoms of citizens and entrepreneurs.

    In short, for most people, the damage caused by fiat money is unknown; it creeps upon them under the cover of darkness, like a vampire.

    Vulnerable Victims and Life Sucked Away

    The victims are often helpless and unaware, with the fruits of their labor effectively being siphoned away. Fiat money has something vampire-like about it, enabling one group (those allowed to create fiat money) to live at the expense of others (those forced to use the monopolized money). The first recipients of newly-created fiat money are the beneficiaries. They can use the new money to purchase goods and services whose prices have not yet risen, making them wealthier.

    As the money changes hands, it increases demand, and prices of goods rise accordingly. As a result, the late recipients of the new money can only buy goods at higher prices, leaving them at a disadvantage. The first recipients improve their position at the expense of the late recipients. The most severely affected are those who receive nothing from the newly-created money supply—they are, in effect, the ones “sucked dry.”

    The vampire-like redistributive effect of fiat money, which operates in the shadows, particularly benefits commercial banks that create fiat commercial bank money, as well as those in a position to take out new bank loans in fiat money.

    First and foremost, it is the state and those who benefit from it who are among the biggest winners of the vampire fiat money system. The state finances a significant portion of its expenditure with newly-created fiat money, using it to pay its representatives, employees, and their pensions, as well as the companies from which it purchases goods and services. The state and its beneficiaries are among the early recipients of the newly-created fiat money, making them the primary beneficiaries at the expense of the many who are not closely connected to the state.

    One might argue that a redistribution of income and wealth, brought about by the increase in fiat money, would also occur in a commodity or precious metal money system. This is true in principle, but the increase in, say, a gold money system, would be less pronounced than in a fiat money system. The fact is that the latter was deliberately chosen for its vampire-like nature. It benefits the state, banks, and big business at the expense of the general population, keeping them below their economic potential.

    Creating Minions

    Like a vampire, fiat money infects its victims, turning them into accomplices of the fiat money system. Fiat money quite literally enslaves its users, making them dependent. For instance, fiat money incentivises firms and private households to incur debt and live beyond their means, made possible through artificially low interest rates. People are also encouraged to invest in assets (such as houses and companies) because the chronic inflationary nature of fiat money ensures a continual rise in asset prices. Once people are lured into exposure to fiat money, their economic and financial well-being becomes dependent on the continuation of the inflationary fiat money system and on it being “rescued” by the state and its central bank during times of crisis—even at the expense of those who do not benefit from the system, or benefit much less.

    Politicians, bureaucrats, bank employees, and companies that receive government contracts all develop a vested interest in ensuring that the fiat money system is maintained. In this sense, they become fiat money vampire thralls, feeding off the lifeblood of those engaged in productive work by claiming a share of their income.

    Moreover, holders of fiat money are the ones who lose out, as fiat money continually loses its purchasing power. In a fiat money system, the central bank ensures that interest rates are kept artificially low—often negative after accounting for inflation—so that savings in time deposits, savings accounts, and bonds are effectively eroded.

    Aversion to Light

    The vampire and the fiat money system cannot withstand the bright light of day; both will crumble to dust when exposed to sunlight. If people truly understood the negative effects of fiat money and the damage it causes to the world, they would likely reject it—along with the production and employment structures it creates. This is likely why so little is taught about fiat money in schools and universities. Its darker aspects are concealed, with the statist education system as particeps criminis ensuring the bright light of knowledge does not shine on the fiat money system.

    Remember that central bank councils are typically referred to as “the guardians of the currency,” and it is said that they “fight” inflation. Nothing could be further from the truth—much like a vampire who welcomes his guests and engages in witty conversation without revealing his true nature. Just as sunlight kills a vampire, sound economic knowledge would destroy the fiat money system, especially when coupled with a simple, well-understood ethic like “do unto others as you would have them do unto you.”

    Until that day comes, investors should be aware of the serious economic and ethical flaws of fiat money. The uncomfortable truth is that long-term prosperity and peace cannot be sustained under a fiat money system. Therefore, it is in everyone’s best interest for the bright light of truth to expose and thus end the fiat money system. But how can this be achieved?

    By proactively and honestly informing people about the evils of fiat money; by advising them to reduce their dependence on it, both in their lives and their savings; and by promoting a free market for money, while encouraging technological innovations in the monetary sphere that lie beyond the state’s control. Together, these efforts will act like a ray of sunlight striking the vampire-like fiat money system—ultimately causing it to crumble to dust.

    Tyler Durden
    Sun, 10/27/2024 – 16:20

  • Seeking Middle East Peace, Michigan Muslim Leaders Endorse Trump At Saturday Rally
    Seeking Middle East Peace, Michigan Muslim Leaders Endorse Trump At Saturday Rally

    In the latest vivid demonstration that once-durable Democratic constituencies are being completely shattered in 2024, former President Donald Trump on Saturday welcomed Michigan Muslim leaders onto a stage and heartily accepted their endorsements. “I’m thrilled to accept the endorsement of these highly respected leaders,” Trump told the crowd in Novi, a Detroit suburb.

    The principal motivator of the endorsements appears to be outrage over the Biden-Harris administration’s support of Israel’s long, astoundingly destructive war on Gaza — and a belief that even ardent Israel-backer Trump would be far more likely to bring the carnage to an end. Imam Belal Alzuhairi took to the stage in the Detroit suburb of Novi to voice that very sentiment: 

    “We, as Muslims, stand with President Trump because he promises peace, not war! We are supporting Donald Trump because he promised to end war in the Middle East and Ukraine. The bloodshed has to stop all over the world, and I think this man can make that happen. I personally believe that God saved his life twice for a reason.”

    Alzuhairi also commended Trump’s commitment to protect children from school curricula that undermine family values, and to creating a strong border and stopping illegal immigration: 

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    Dearborn Heights mayor Bill Bazzi likewise embraced Trump as potential peacemaker, telling the crowd, “We’re going to stop the wars, we’re going to make the United States safe again, and we’re going to make the world safe.” Amer Ghalib, Muslim mayor of Detroit suburb Hamtramck, endorsed Trump on Oct. 20. Liberals celebrated when Hamtramck elected a majority-Muslim city council in 2015, and then Ghalib as its first Muslim Mayor in 2021, but they recoiled and even felt betrayed when the council barred LGBTQ Pride flags from city flagpoles last year.  

    As is the case with seemingly every other issue, Kamala Harris has chosen not to stake out a position on the Israel-Gaza war that’s even modestly different from that of the Biden administration — such as merely putting conditions on the billions of US dollars shoveled into the country. Here she is lamely dodging the issue in her train wreck of a town hall performance in Philadelphia on Wednesday night: 

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    That approach could well cost Harris Michigan’s 15 electoral votes and the 2024 election, as Michigan has one of the largest Muslim populations in America. The issue could also be decisive in states with lesser Muslim populations but tightly-contested races. An Arab News/YouGov poll released last week found that Trump is narrowly winning the Arab-American vote, 45% to 43%. In 2020, 86% of Muslims voted for Biden, with just 6% backing Trump.

    As if her refusal to take a different approach to Israel weren’t doing enough damage with Muslims, Harris has put herself in an even deeper hole by embracing the endorsements of arch-Middle-East-interventionist Dick Cheney and his daughter, former Rep. Liz Cheney — and even toting Liz along for multiple appearances in Michigan. By some estimates, upwards of one million people have died as a result of the Dick Cheney-orchestrated invasion of Iraq on false premises. 

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    Sharing a view that’s no doubt widely held among Michigan Muslims, Hamtramck Mayor Ghalib told reporters last week: 

    “It was surprising for us as Arab Americans to have Kamala Harris bringing someone whose family name always reminds us of war crimes in the Middle East….To bring this person to our backyard, to remind us all of the tragedies that happened in the Middle East, is something that tells us that there would be more wars coming if Kamala Harris is elected.”

    A cheerful embrace of warmonger Liz Cheney has helped crush Muslim support of Kamala Harris (AP/Mark Schiefelbein via WLNS)

    While it’s certainly not universal, the substantial Muslim embrace of Trump is particularly remarkable given Trump’s demonstrated devotion to the State of Israel and relentless pandering to its backers inside the United States. 

    Trump’s political campaigns have been fueled by enormous donations from the late Sheldon and still-living Miriam Adelson, a billionaire couple whose foremost policy concern has been ensuring steady financial, military and political support for the State of Israel, and aligning Washington with the agenda of Israel’s right wing. The Adelsons have been closely allied with Prime Minister Benjamin Netanyahu, even publishing a free Israeli newspaper that boosts Netanyahu and his Likud party. 

    The couple donated a jaw-dropping $90 million to Trump’s 2020 campaign, rewarding him for his Israel-catering policies, including relocating the US embassy from Tel Aviv to contested Jerusalem, exiting the Iran nuclear deal and recognizing Israeli sovereignty over the Golan Heights, which Israel captured in 1967’s Six-Day War. Trump also awarded Miriam Adelson the Presidential Medal of Freedom. In the 2024 race, Miriam Adelson has donated another $100 million to a PAC that works to elect Trump.  

    The remarkable fracturing of Muslim support of the Democratic Party comes alongside similar erosion of other once-reliable cornerstones of the Democratic electorate, including blacks, Hispanics, union members and young voters. Can this race really be as tight as “experts” tell us? 

    Tyler Durden
    Sun, 10/27/2024 – 15:45

  • CNN Data Analyst Admits Trump On Course To Win Popular Vote
    CNN Data Analyst Admits Trump On Course To Win Popular Vote

    Authored by Steve Watson via Modernity.news,

    CNN’s data analyst Harry Enten suggested Friday that Donald Trump could be on course to win the popular vote on November 5th.

    That hasn’t happened for a Republican candidate for 20 years.

    If it happens, Trump will almost certainly win the electoral college and the election.

    Enten noted that a New York Times/Siena College poll was released last week showing Trump tied with Kamala Harris at 48% in the national popular vote.

    “Everyone has been talking about this idea that Trump may win in the Electoral College, but Kamala Harris may win the popular vote, but Trump may finally get his great white whale,” Enten stated.

    He added that Wall Street Journal and CNBC polls also have Trump ahead of Harris in the popular vote.

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    “Part of my job is to warn our viewers, on either side of the aisle, of an event that may occur, that they don’t necessarily like, and Donald Trump winning the popular vote could ABSOLUTELY happen,” Enten urged.

    He added “You might as well wrap your minds around it now folks if you don’t like Donald Trump,” noting that Democrat supporters heads are currently “exploding.”

    The RCP average has Trump in the lead for the popular vote for the first time in his political career by two points.

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    If he did it, Trump would only be the second Republican in 36 years to win the popular vote.

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

    Tyler Durden
    Sun, 10/27/2024 – 15:10

  • LGBT Activists Meet With Pope, Urge Him To End Vatican Opposition To Trans Ideology
    LGBT Activists Meet With Pope, Urge Him To End Vatican Opposition To Trans Ideology

    LGBT activists have a strange obsession with religious acceptance, specifically from the Catholic Church.  Rational minds would argue that if a group is diametrically opposed to your lifestyle then you would avoid associating with that group.  Why clamor for their attention?  

    In the early days of the gay rights movement the attitude of proponents was essentially that they would go their own way – All they wanted was for religious taboos to no longer be codified into law and used to regulate their lives.  It sounds fair enough, but the problem with the political left is their underlying agenda of incrementalism and their unhealthy tendencies toward moral relativism.

    In other words, give them an inch and leftists will steal a mile.  They see compromise as an invitation to dominate.  Giving concessions to a leftist is the same as inviting a vampire into your house; do it once and they’ll keep coming back to feed whenever they please.

    The gay rights issue is a perfect example of this ugly habit.  In the 1990s the community was widely accepted in the west, the only right they didn’t enjoy was to have their marriages recognized nationally.  They claimed that once that right was achieved they would ask nothing more of the Christian community or the church.  And of course, that was a lie.  

    Today, gay and trans rights groups demand that all church denominations accept trans ideology and trans membership.  This includes gay and trans church leaders that teach “tolerance”, mixing activist mantras into religious lessons and supporting “trans visibility”.  Going their separate ways is not enough and lack of association is unacceptable.  Leftists require that their beliefs be adopted by everyone everywhere. 

    The Vatican under Pope Francis has been surprisingly reticent to welcome the trans movement into the fold, despite Francis being a devout globalist on more than a few hot button issues. Earlier this year the Pope called gender ideology the ‘worst danger today’, noting:

    ‘I would like to emphasize one thing: It is very important that we have this meeting, this meeting between men and women, because today the worst danger is gender ideology, which erases differences.’

    In response, LGBT activist groups are increasing their focus on pressuring the Vatican to change their public position.  Trans representatives met with the Pope this month in an 80 minute private discussion.  The group included a Catholic sister who works with LGBTQ people, a member of the transgender community, and a U.S. medical doctor who helps run a clinic providing gender-affirming hormonal care for adults.

    “I really wanted to share with Pope Francis about the joy that I have being a transgender Catholic person,” Michael Sennett, who took part in the meeting, told Reuters.

    Sennett, a transgender man (a biological woman) from Boston, said she told the pontiff about “the joy that I get from hormone replacement therapy and the surgeries that I’ve had that make me feel comfortable in my body.”  The group say they specifically urged the Pope to reconsider his opposition to gender affirming care (sex change hormones and surgeries).

    It’s not know exactly what was said during the event, but activists that met with the Pope claim he expressed an interest in appointing bishops in the US that are ‘more open’ to transgender Catholics.  Considering the idea is a violation of multiple Biblical ideals and doctrines, it’s hard to say how this would be possible. 

    As mentioned, this scenario sounds once again like the incrementalism of the progressive left.  It starts with compromises on LGBT membership, then trans ideology makes its way into the church, then it takes over the church and you end up with this disturbing result:

    Activists claim they just want to worship like other Christians do, but that’s not the trend we see in the western world.  The argument being promoted is that Christianity must “adapt to the times” and that Biblical beliefs must “evolve.”  It’s the typical futurist method of removing opposing systems that act as obstacles to their control.  The notion is that everything new is better and everything old should be abandoned.  It’s the Marxist view of religion, which does not compromise. 

    Even for those that are not religiously inclined the end game should be obvious – The inevitable erasure of Christianity.  The push for Trans affirmation by the Vatican is likely an attempt to destroy conservative ideological opposition from within while installing a new kind of religion in Christianity’s place.            

    Tyler Durden
    Sun, 10/27/2024 – 14:35

  • Russia's Landmark BRICS Summit And The Specter Of De-Dollarization
    Russia’s Landmark BRICS Summit And The Specter Of De-Dollarization

    Authored by Adam Morrow via The Epoch Times,

    This week saw a landmark summit of the BRICS group of nations, a nine-country economic bloc led by Moscow and Beijing, which drew representatives from 36 countries, including 22 heads of state.

    Held from Oct. 22 to 24 in the Russian city of Kazan, the event focused largely on “de-dollarization”—the idea of phasing out the U.S. dollar as a reserve currency and preferred medium of global exchange.

    “We do not reject … the dollar,” Russian President Vladimir Putin said at the summit. “But if we are prevented from working with it, what do we have to do? We have to search for alternatives. And this is what is happening.”

    Most Western experts, however, dismiss the idea of de-dollarization as unrealistic, if not downright impossible given the greenback’s longstanding position as the world’s standard currency for commercial transactions.

    “To build an alternative financial clearing system to accommodate transactions in rubles or yuan may be possible for BRICS members—but it’s a long shot,” Ariel Cohen, a senior fellow at the Atlantic Council, a Washington-based think tank devoted to international affairs, told The Epoch Times.

    Ambassador Matthew Bryza, a former White House and senior State Department official, agreed.

    Bryza told The Epoch Times that the notion of de-dollarization—as espoused by Moscow and Beijing—had “no prospects for moving forward as a result of the BRICS.”

    “It’s possible the United States will overuse sanctions and leave a critical mass of countries, eventually, to want to de-dollarize the economy,” he said.

    “But whether or not to use the dollar—for now—is driven by the financial utility that most of the world sees in using the dollar,” added Bryza, who sits on the board of the Washington-based Jamestown Foundation.

    Others, however, take a different view.

    “The aim of BRICS isn’t to replace the dollar as a global currency,” Mamdouh Salameh, a UK-based global energy expert, told The Epoch Times.

    Rather, he said, it is to “create their own financial system based on a common currency for conducting transactions among themselves, thus avoiding the adverse impact of the dollar on their economies, trade, and finances.”

    According to Salameh, a former visiting professor of energy economics at ESCP Europe Business School, London, BRICS members believe the dollar “could be headed for a major devaluation—if not collapse—due to a rising national debt that reached almost $37 trillion in 2024.”

    Cohen dismissed these fears, saying the dollar’s leading position is rooted in the strength of the U.S. economy—and U.S. military power.

    “As long as the United States plays a global economic and financial role, supported by military power, people shouldn’t worry about the dollar,” he said.

    “If, however, with the continuation of the national debt increase, or military weakness, then all bets are off—especially if the United States starts to disengage from its global role,” Cohen added.

    BRICS was founded in 2006 by Brazil, Russia, India, and China, with South Africa joining in 2010. This year, Iran, Egypt, and Ethiopia, and the United Arab Emirates also joined the expanding club. Saudi Arabia has been invited to join, but is not currently a member.

    As it currently stands, the nine-member bloc is said to account for between 40 and 45 percent of the world’s population and roughly one third of the global economy.

    Russian President Vladimir Putin gives a speech during a BRICS business forum in Moscow on Oct, 18, 2024. Mikhail Metzel/Pool/AFP via Getty Images

    ‘Weaponizing’ the Dollar

    Under the Bretton Woods system, the U.S. dollar became the world’s go-to medium for commercial exchange in the aftermath of the Second World War.

    BRICS seeks to challenge the dollar’s leading position by reducing its use in financial transactions in favor of the national currencies of its member-states.

    Speaking at the summit, Putin said that some 95 percent of all trade between Russia and China is now transacted in rubles and Chinese yuan.

    Addressing participants on Oct. 24, he said that the Bretton Woods system had served to ensure the dollar’s supremacy in the post-war global order.

    “At that time, the stability of the dollar was ensured … by its linkage to gold,” he said, adding that this linkage was broken in the 1970s, when the dollar was taken off the gold standard.

    “Now, the only guarantee of the stability of this world currency [i.e., the dollar] is the stability of one economy: the U.S. economy,” Putin said.

    Some BRICS members view de-dollarization as a means of protecting themselves from U.S.-led sanctions, which have discomfited Russia for the past 10 years.

    A joint declaration issued in Kazan decried the “disruptive effect of unlawful unilateral coercive measures, including illegal sanctions, on the world economy [and] international trade.”

    Addressing the summit on Oct. 23, Iranian President Masoud Pezeshkian, whose country has long been the target of U.S. sanctions, accused the United States of “using the dollar as a weapon … to control other nations.”

    But according to Bryza, just how de-dollarization would insulate BRICS states from possible sanctions would “depend on how many countries join the ‘de-dollarized’ currency union.”

    “It doesn’t matter if Russia and other BRICS countries come up with a way to conduct their trade based on something other than the dollar,” he said, “as long as the rest of the world continues using the dollar.”

    “And the rest of the world doesn’t want to risk being subject to U.S. sanctions, or be banned from using the U.S. financial system,” Bryza said.

    The U.S. Treasury Department in Washington on Oct. 3, 2024. Madalina Vasiliu/The Epoch Times

    Bypassing SWIFT

    The notion of de-dollarization also involves the creation of alternative methods of cross-border payment so as to achieve independence from Western systems.

    Currently, the primary system for international payments is the Belgium-based SWIFT (Society for Worldwide Interbank Financial Telecommunication), which was set up in 1973.

    Because the U.S. Treasury Department has considerable oversight over SWIFT, Russia, along with other BRICS states, claim the system has been “weaponized” by Washington and its allies.

    Therefore, BRICS states hope to create an alternative system, which would—theoretically—insulate its members from the threat of U.S.-led sanctions.

    The joint declaration issued in Kazan calls for “more efficient, transparent, safe, and inclusive cross-border payment instruments built upon the principle of minimizing trade barriers and non-discriminatory access.”

    Ferit Temur, a Turkish political analyst specialized in Russian affairs, noted that Russia has already launched its own “Mir” payment system, although this has met with limited success.

    “But whether the Mir system—or another system—is developed, it isn’t a realistic goal for BRICS countries to quickly eliminate SWIFT,” Temur told The Epoch Times.

    “This is due to the SWIFT system’s high rate of use, both among BRICS states and in trade with the rest of the world,” he said.

    Nevertheless, de-dollarization—as envisioned by Moscow and Beijing—“may find a response in a significant part of the world over the next 10 to 15 years,” he said.

    According to Bryza, an alternative system has “zero prospect of succeeding, because SWIFT works great—as long as you don’t invade another country.”

    “Russia’s political ambitions won’t ever be able to overcome the enormous financial and economic benefit the SWIFT system provides,” he said.

    “They can try to de-dollarize all they want,” Bryza said. “But until the entire world has a de-dollarized economy, this won’t have much of an impact at all on insulating these countries from sanctions.”

    Salemeh, by contrast, described de-dollarization as a “very realistic approach” to the economic problems facing certain BRICS states.

    BRICS members, he said, want to protect their economies from “the weaponization of the dollar, U.S. sanctions, and the dollar’s fast-declining purchasing power.”

    “They are further encouraged by central banks reducing their dollar holdings and buying gold because of the lack of confidence in the dollar,” Salemeh added.

    Cohen conceded that a rival, de-dollarized system “may be a possibility,” going on to assert that such a move would “make sanctions enforcement more difficult.”

    “However,” he said, “it won’t make the dollar obsolete.”

    Cohen said Russia is “taking the lead” on the de-dollarization scheme, “but the country that can really pull it off—in terms of the size of its economy—is China.”

    Wesley Alexander Hill, lead analyst and international program manager for energy, growth, and security at the International Tax and Investment Center, described all the talk about de-dollarization as “totally overblown.”

    Russia and China, he said, are both fully aware that “the systems they have set up cannot compete with the dollar.”

    “China does have the theoretical capacity to challenge the dollar in the global financial system,” Hill told The Epoch Times. “But this is an extremely long-term project—the work of 20 to 30 years.”

    Tyler Durden
    Sun, 10/27/2024 – 14:00

  • GEOINT Data Shows Israel Hit Iran's Former Nuke Weapons Test Building, Missile Production Facility
    GEOINT Data Shows Israel Hit Iran’s Former Nuke Weapons Test Building, Missile Production Facility

    On Friday evening, Israel Defense Forces launched three waves of fighter jets targeting high-value military assets in Iran. IDF officials described the operation as retaliation for “months of relentless attacks” orchestrated by the Islamic Revolutionary Guard Corps (IRGC) on Israel and regional allies. No videos or images of the Israeli strikes were published online, but as of Saturday evening, geospatial intelligence (GEOINT) data revealed a former nuclear weapons building and missile sites were targeted. 

    David Albright, a former UN weapons inspector, and Decker Eveleth, an associate research analyst at CNA, a Washington-based think tank, used commercial satellite imagery in separate assessments about the effectiveness of Israeli strikes.

    They told Reuters that IDF fighter jets hit Iran’s Parchin military base with missiles and bombs. This site is where the International Atomic Energy Agency suspects IRGC to have previously performed tests of high explosives that could trigger a nuclear explosion.

    Nearby Khojir military base was also hit by missiles and bombs. Some analysts believe an underground tunnel system and missile production site lie beneath this military base. 

    Eveleth pointed out that IDF’s strike may have “significantly hampered Iran’s ability to mass produce missiles,” adding satellite imagery data from commercial satellite firm Planet Labs showed IDF jets hit three ballistic missile solid fuel mixing buildings and a warehouse at Khojir. 

    Here’s more Reuters:

    The buildings were enclosed by high dirt berms, according to the image reviewed by Reuters. Such structures are associated with missile production and are designed to stop a blast in one building from detonating combustible materials in nearby structures.

    “Israel says they targeted buildings housing solid-fuel mixers,” Eveleth said. “These industrial mixers are hard to make and export-controlled. Iran imported many over the years at great expense, and will likely have a hard time replacing them.”

    With a limited operation, he said, Israel may have struck a significant blow against Iran’s ability to mass-produce missiles and made it more difficult for any future Iranian missile attack to pierce Israel’s missile defenses.

    “The strikes appear to be highly accurate,” he said.

    On X, Eveleth posted satellite imagery of the damage at Khojir and Parchi…

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    In our view, this is likely the first round of IDF strikes on Iran to paralyze the IRGC’s command and control center. The leaked US intel of IDF preparations indeed delayed the operation – and perhaps the leaker was trying to postpone the fireworks until after the US presidential elections. Additional strikes on Iran could potentially target IRGC’s financial network and ability to export crude to China. 

    In markets, the geopolitical risk premium for Brent crude has faded recently as US Secretary of State Antony Blinken runs around the Middle East to ensure World War III does not occur before the US presidential elections in early November.

    But maybe after the elections… the fireworks fly. And this would mean Brent crude prices move much higher.

    Before the IDF strike on Iran on Friday, the US offered a defense guarantee to Saudis.

    This is likely because the Abqaiq refinery (the largest crude oil stabilization plant in the world) – is likely in the crosshairs of potential future IRGC missile and drone attacks.

    Tyler Durden
    Sun, 10/27/2024 – 13:25

  • Former Vatican Ambassador Calls Kamala "An Infernal Monster Who Obeys Satan"
    Former Vatican Ambassador Calls Kamala “An Infernal Monster Who Obeys Satan”

    Authored by Steve Watson via Modernity.news,

    Former Vatican Roman Catholic Archbishop Carlo Maria Viganò endorsed Donald Trump for president this week, urging that Kamala Harris represents “an anti-Catholic, anti-Christian, and anti-human vision of society.”

    Viganò, who was the Vatican’s ambassador to the US from 2011 to 2016, writes in a letter to Catholics “The choice is between a conservative President, who is paying with his very life for his fight against the deep state, and an infernal monster who obeys Satan.”

    “For a Catholic, there can be no question: voting for Kamala Harris is morally inadmissible and constitutes a very grave sin. Nor is it morally possible to abstain, because in this war declaring oneself neutral means allying oneself with the enemy,” he further asserts.

    A vote for Trump “means firmly distancing ourselves from an anti-Catholic, anti-Christian, and anti-human vision of society,” Viganò continues, adding “It means stopping those who want to create a hellish dystopia that is even worse than the one announced by George Orwell.”

    Viganò urges that Trump is “the only possible choice to counter the globalist coup that the woke Left is about to implement definitively, irreparably, and with incalculable damage for future generations.”

    The former archbishop further describes Harris as a George Soros “puppet,” who is controlled directly by Barack Obama and Hillary Clinton.

    Viganò was excommunicated from the Catholic Church in July after repeatedly voicing opposition to the current Pope and modern changes made to the Roman Catholic Church.

    He was extremely outspoken in opposing COVID vaccines, charging that public health authorities were conducting “experimentation on the entire world population,” and slamming the Catholic church for going along with it.

    * * *

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

    Tyler Durden
    Sun, 10/27/2024 – 12:50

  • Japan's Ruling Coalition To Lose Majority For First Time Since 2009: What Happens Next And How Will Markets React
    Japan’s Ruling Coalition To Lose Majority For First Time Since 2009: What Happens Next And How Will Markets React

    In a surprising turn of events, Japan’s ruling Liberal Democratic Party and its coalition partner are set to lose their majority in Sunday’s election, according to a forecast from public broadcaster NHK, raising questions about the future of Prime Minister Shigeru Ishiba.

    Amid voter discontent over a slush-fund scandal, not to mention Japan’s worst runaway inflation in generations, the LDP and Komeito appear likely to fall short of the 233 seats needed for a majority in the lower house of parliament, NHK forecasts. Ishiba had aimed to secure a majority with his coalition partner, recognizing that the LDP would not retain the 247 seats it held before the election.

    Falling short of that goal would mark the first time the LDP has lost a coalition majority in an election since 2009.

    Public support for the LDP nosedived after the revelations last year that party members were secretly enriching themselves with funds from supporters, similar to what politicians do everywhere else around the world and especially in the US. As a result, nearly every poll before the election suggested the LDP would lose seats and possibly its majority with Komeito because of the scandal.

    “We couldn’t dispel public anger over the political funds issue,” Ishiba said Sunday. When asked if he would consider forming a coalition with other parties, he said no decisions had been made, but added that he was willing to cooperate with others if policies align.

    The early vote count shows the LDP and Komeito with a combined 145 seats, according to NHK. The main opposition Constitutional Democratic Party of Japan has 112 seats, the broadcaster said.  CDP leader Yoshihiko Noda said he would seek to take over the government if the coalition loses its majority.

    “If the LDP does indeed lose its majority powers, this could create a quagmire regarding the legislative process — a scenario which may not bode well for the yen and the Nikkei, at least in the short term,” said Tim Waterer, Sydney-based chief market analyst at KCM Trade.

    Shinjiro Koizumi at the Liberal Democratic Party’s headquarters on Oct. 27.

    What does this mean for Japan’s markets?

    Below we share some preliminary thoughts from Goldman Japan FICC trader Ippei Yamaura, who writes that “the bottom line is negative for Japan equities” and while “positioning looks good, investors are too optimistic for helps from DPP and/or Ishin.”

    Estimated result

    Here is the estimated range of each party as of now(9:40pm JST). Several news sources say LDP+Komei fail to keep majority(233 seats or more).

    What is the expected price action?

    In Yamaura’s view, the Nikkei will drop on Monday and end down 2% or so, less than option market indicated as of last Friday. This is because investors are somewhat prepared for this scenario. However, the selloff will continue for a week or so as investors realize that it will be difficult for LDP to get support from DPP and/or Ishin. 

    Is this surprising?

    The outcome is not a big surprise but was not fully priced in. After Asahi (highly reputed poll conductor for general elections) reported the chance of LDP+Komei to lose majority, market started to price in it through selling equities. NKY option market looked pricing roughly 3-4% move on tomorrow as of last Friday. Assuming investors looked at 5% selloff in NKY in the scenario of LDP+Kome failure, market might price 60-80% chance of this result. From this point, the option market was well prepared but (as you know,) options are just one aspect of investors’ view. Experts(including Goldman’s political analyst) saw around 50% chance of this scenario. For these investors, this result should be a surprise.

    What was the expected implication and how much was priced in as of last Friday?

    1. LDP would keep simple majority(233+)=5%. In this scenario, the expected market move would be equities to go higher, yen to strengthen.
    2. LDP+Komei would keep majority(233+) = 35%. In this scenario, the expected market move would be equities to go higher and JPY to go stable.
    3. LDP+Komei would fail to keep majority = 60%. In this scenario, the expected market move would be equities to go lower and JPY to weaken as LDP may need support from Ishin or CDP, both of which favor easy monetary policy.

    So it means #3 scenario is realized although more investors might see it as main scenario. 

    What will happen now?

    Prime minister Ishiba must hold a special diet session by Nov 26 and appoint the prime minister. The new prime minister will need to get nomination from both upper house and lower house. And if there is conflict between upper house and lower house, lower house nomination will be prioritized. Upper house nomination is not an issue as LDP+Komei have majority. But as they lose their majority in the lower house, without cooperation from some lower house members outside of LDP+Komei, they cannot nominate the new prime minister. Ishiba may now try to get support (with early Nov the likely limit). Here are some options.

    1. Re-endorse LDP members who couldn’t get endorsement from LDP due to money scandals.

    This is the most probable scenario. But there are 2 problems. First, there may not enough numbers of members this time. As of now, it is expected that only 4 members out of 10 non-endorsed members will be back to parliament. 4 is not enough to cover such a big loss. Second, it is unclear if the abused members will help Ishiba. Some LDP members, especially right wing members, already complained about Ishiba and cabinet during campaign period. According to Goldman, “there may be big dissatisfactions.”

    2. Try to get support from CDP and/or Ishin

    DPP and Ishin have some similarities like defense policies etc. As #1 is not effective option anymore, Ishiba may try to pursue this option by forming a cabinet together. It looks like majority of investors are optimistic about this option. However, it’s worth highlighting that the leader of both DPP and Ishin denied this option in advance. Of course, this can be a political bluff. But experts believe it is not. The reason is upper house election which will be held on July 25, 2025. Experts think if DPP and Ishin joined cabinet now, they would soon lose popularity as majority of voters for them expected they would fight with LDP.

    What will happen if LDP+Komei cannot get help from anybody?

    Ishiba may be forced to form “Minority government”. It means he would need to manage a cabinet without support from parliament. In order to get nomination from lower house, he may need to do many concession and get support from some opposition parties. As many of the majority parties’ policies are not market friendly, this can possibly affect market negatively. Opposition parties may change their stance policy by policy. It means Ishiba and LDP cannot implement their policies as they stand.

    What are other things to watch?

    The supplemental budget should be a big focus. Ishiba previously said he would form a supplemental budget of JPY13 trillion or more (although he previously denied such a big fiscal expenditure). LDP may want to form as big budget (including cash distribution to lower income people) as possible to recover popularity. But opposition parties may try to limit it. Usually, Japanese equities favor a bigger budget (as do all equities, everywhere). So closely watch what opposition parties say on this. Generally speaking, at least the DPP is supportive of fiscal expansion.

    Tax is also a key focus too. Ishiba is generally supportive of raising taxes. However, after such a big loss, there may be big opposition for further tax hikes. DPP is said to be supportive for fiscal expansion. It means raising tax (especially income tax) is less likely now (Except for financial income tax).

    What does the positioning look like now?

    Overall positive.

    CTAs=Flat to slightly negative. 

    CTAs have already re-built longs for Japan equities. Goldman’s strats team expects CTA to sell again if the market goes lower. But also worth noting that positions for Japan equities is less than its peak. 

    Long/Short=flat

    Our PB data suggests net allocation for Japan equities remain low despite big fluctuation of China market. Long/Short investors have not come back yet since the big selloff in early Aug.

    Long onlys = Positive

    As Japanese equities went lower with weakening yen, the asset is the worst performance in major assets MTD. Yamaura  expects some investors may need to buy Japan equities into month end to keep the same level of exposure.

    Retail = Not bad

    If you look at margin data, retail position has not been fully back yet since Aug selloff. They may have some room to buy on dip.

    To summarize Goldman’s view: Monday’s selloff will be milder than the option market indicated, but the selloff will not be limited to just 1 day.

    More in the full Goldman note available to pro subs.

    Tyler Durden
    Sun, 10/27/2024 – 12:15

  • Americans Are More Dependent Than Ever On Government Handouts, New Report States
    Americans Are More Dependent Than Ever On Government Handouts, New Report States

    Authored by Kevin Stocklin via The Epoch Times,

    Payments from the government have become the fastest-growing source of income for Americans, according to a new study.

    A report by the Economic Innovation Group (EIG), a public policy research organization, titled “The Great Transfer-mation,” states that Americans have become substantially more dependent on government support, with the share of national income coming from transfer payments more than doubling over the past 50 years.

    Transfer payment programs include Medicare, Medicaid, Social Security, unemployment and disability, food stamps, and veterans’ benefits.

    Transfer payments increased from 8 percent of U.S. total income in 1970 to 18 percent today, the report states, crowding out private income from wages and investments.

    “There is a large range of experiences driving transfer reliance across communities,” Benjamin Glasner, EIG economist and one of the report’s authors, told The Epoch Times. “But it’s unavoidable to look at the fact that transfer reliance has grown rapidly across the country, and it’s something we need to deal with.”

    According to Federal Reserve data, government transfer payments increased from about $70 billion in 1970 to more than $6 trillion in 2020, during the COVID-19 pandemic, before falling back to the current level of $4.3 trillion. According to the EIG report, if government transfer payments were spread evenly among all Americans, they would have amounted to an annual payment of $11,500 per person in 2022.

    One factor driving much of the shift from private income to government dependence is that the U.S. population is, on average, getting older. According to demographic data from USAfacts, the percentage of Americans 65 years and older increased from 13.1 percent of the population in 2010 to 17.3 percent in 2022. During the same period, the percentage of Americans under the age of 20 fell from 26.9 percent to 24.4 percent.

    “The primary driver that we found in our report is demographic related, specifically the fact that the country has aged so rapidly,” Glasner said. “And the transfer programs that target that aging population also have grown significantly more expensive over time.”

    Of all government assistance payments in 2022, 56 percent went to the elderly, mostly for Medicare, the EIG report stated. Health care costs were a major factor, both because more Americans qualified for Medicare and Medicaid, and because the cost of medical treatment rose significantly.

    According to data compiled by Peterson-KFF, a health care policy analytics organization, total health spending in the United States was $74.1 billion in 1970. By 2022 total health spending was $4.5 trillion, indicating an exponential increase in medical costs per capita.

    Public Finances Under Strain

    The growth in transfer payments have taken their toll on state and federal budgets.

    The 2024 Pension Solvency and Performance Report, authored by Ryan Frost and Mariana Trujillo for Reason Foundation’s Pension Integrity Project, stated that public pensions are increasingly falling behind on their ability to pay.

    As of 2023, the authors state, total unfunded public pension liabilities across the United States hit $1.59 trillion, and the median funded ratio was 76 percent. The U.S. federal deficit is currently $1.8 trillion, and interest payments on U.S. government debt increased from $31 billion in 1970 to more than $1 trillion today.

    In addition, some analysts say that this growing dependence on government comes at the cost of personal autonomy and responsibility.

    “The surge in transfer payments during the past 50 years is just one manifestation of the trend to politicize and tangle up all aspects of Americans’ lives with the government,” Steve Hanke, professor of Applied Economics at Johns Hopkins University and a member of the board of directors of the Federal Fiscal Sustainability Foundation, told The Epoch Times. “It results because of politicians’ inevitable attraction to buy votes by promising ‘free lunches,’ and the fact that politicians don’t face statutory or constitutional spending constraints.”

    To illustrate the extent of the shift to government dependence, EIG created maps showing the percentage of income that came from transfer payments, broken down by county, over time.

    In 1970, only about 1 percent of all U.S. counties reported that government transfers made up more than 25 percent of total income in their county; by 2022, more than half of U.S. counties reported dependence at that level.

    Transfer payments as a percent of total income, by county, in 1970; 15 percent or more in green; 25 percent or more in yellow. Source: Economic Innovation Group

    Government transfer payments as a percent of total income, by county, in 2022; 15 percent or more in green; 25 percent or more in yellow. Source: Economic Innovation Group

    Aging, Shrinking Populations

    While the reasons for this dependence varied from region to region, aging populations, and outward migration were common themes, particularly in rural counties. Often, young people leave small towns for better jobs in cities, and this both increases the percentage of retired people and decreases the number of people earning private wages in rural areas.

    In addition, as societies industrialize, people migrate from farms to cities, and women enter the labor force in larger numbers, and fertility rates fall. While this trend has been observed over the past several decades throughout the world, the United States has been experiencing this trend for two centuries.

    In 1825, the average woman in America gave birth to more than six children, according to Statista, a data collection firm. As the United States industrialized and urbanized, the birth rate declined, hitting a low of two children per woman in 1940 before rebounding to 3.58 children in 1960, during the “baby boom” generation.

    The minimum fertility rate to sustain a population is 2.1 children per woman. The United States dipped below this rate in 1973 and has remained below replacement level ever since, according to data from Macrotrends. While U.S. fertility rates increased marginally through 2008, they have since fallen back to the current rate of about 1.8 children per woman.

    While countries such as Japan have seen their populations fall due to low fertility, the United States has experienced continuous population growth. But this is largely due to immigration rather than native-born Americans having children.

    The Congressional Budget Office projects that, without immigration, America’s population will begin to shrink, starting in 2040.

    Economic Security Versus Prosperity

    The increasing dependence on the government for income raises the issue of how the United States can balance economic security for its dependents against overall economic growth and prosperity.

    “The increased politicization of life will put a damper on economic prosperity,” Hanke said. “For every dollar taken out of one taxpayer’s pocket and put into another’s, there is a cost, an excess burden.

    “This burden is the result of distortions thrown into the economy by imposing a tax, and the administrative costs of levying the tax and of running the government’s transfer payments system,” he said.

    Arthur Laffer, a noted economist who specializes in tax policy, wrote in his 2023 book, “Taxes Have Consequences,” that raising taxes much beyond current levels will choke off economic growth, thus reducing the tax base.

    “The more you redistribute, the greater will be the drop in total income,” Laffer said in a 2023 interview with The Epoch Times.

    Consequently, governments are increasingly caught between a rock and a hard place regarding how to pay for social programs.

    Interest payments on America’s federal debt are currently the third largest budget item, after Social Security and non-defense discretionary spending, and exceeding Medicare and military spending, an August 2024 report by the Peter G. Peterson Foundation states based on Congressional Budget Office projections published in June.

    Treasury data for the fiscal year 2024, running Oct. 1, 2023, to Sept. 30, show that interest expense was $896 billion.

    According to projections from the Congressional Budget Office, interest payments on the federal debt will double as a percentage of GDP by 2054 and will become the largest single item in the federal budget by 2051.

    Potential Solutions

    According to Glasner, there are three options for governments to continue providing transfer payments. The first is cutting benefits, but that appears to be politically untenable, and neither Democrats nor Republicans have expressed any intention to do so.

    The second is raising taxes, he said, “but there’s some risk to that, because overdoing increases in taxation can potentially cut off sources of economic growth, undercutting our actual capacity to deal with this.”

    The third and most viable option, Glasner argues, is to increase economic growth and private income. Among the ways to do this, he says, are “investments in research and innovation, better-designed immigration policy, and tax and regulatory policies that foster economic dynamism and increased participation in the workforce.”

    Although America’s financial situation may appear dire, a September report from the Manhattan Institute titled “America’s Surprisingly Effective Welfare State,” argues that the United States is in better shape than many other Western nations.

    While Europe’s social programs provide support payments regardless of need, America’s transfer systems are more selective and thus less costly while delivering more money to the poorest.

    “Europe’s welfare states are dominated by costly publicly funded ‘social insurance’ programs, which attempt to fully support middle-class lifestyles through periods of unemployment, ill health, disability, or retirement,” the report states. “By contrast, American public entitlement programs are more focused on providing a safety net against poverty, and they more strictly limit eligibility for cash and health care benefits to those who are unable to work.”

    Tyler Durden
    Sun, 10/27/2024 – 11:40

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