Today’s News 30th May 2024

• France's Macron Backs Ukrainian Strikes Inside Russia
  France’s Macron Backs Ukrainian Strikes Inside Russia

  Authored by Ryan Morgan via The Epoch Times,

  French President Emmanuel Macron signaled his support for Ukrainian forces to begin striking across their eastern border into Russia, ratcheting up support within the North Atlantic Treaty Organization (NATO) for attacks inside Russia.

  

  Speaking at a press conference on Tuesday alongside German Chancellor Olaf Scholz, Mr. Macron noted that Russian forces have launched missiles from within their internationally-recognized territory, which have then flown across the border into Ukraine’s eastern Kharkiv region. Mr. Macron said Ukraine must therefore be able to strike inside Russia to stop these types of attacks.

  “We think we must allow (Ukraine) to neutralize the (Russian) military sites from which the missiles are fired, but not other civilian or military targets,” the French president said.

  Mr. Macron’s remarks come as NATO Secretary General Jens Stoltenberg has increasingly signaled support for NATO members to give Ukrainian President Volodymyr Zelenskyy their blessing to use NATO-supplied weapons to strike inside Russia.

  “The time has come for allies to consider whether they should lift some of the restrictions they have put on the use of weapons they have donated to Ukraine,” Mr. Stoltenberg said in a May 25 interview with The Economist. “Especially now when a lot of the fighting is going on in Kharkiv, close to the border, to deny Ukraine the possibility of using these weapons against legitimate military targets on Russian territory makes it very hard for them to defend themselves.”

  Addressing the NATO Parliamentary Assembly on Monday, Mr. Stoltenberg again offered his support for Ukrainian forces to strike inside Russia’s borders.

  “Self-defense includes the right to also attack legitimate military targets inside Russia,” the NATO chief said. “That’s self-defense and they have the right to self-defense, and we should help them to uphold the right of self-defense.”

  Germany More Cautious About Russia Strikes

  Mr. Scholz expressed reservations this weekend about encouraging Ukrainian strikes inside Russia. Addressing a German public forum on Sunday, May 26, the German chancellor said that the idea of striking inside Russia requires careful consideration and that it could prove “problematic” for NATO members to give Ukraine long-range weapons capable of such strikes without also providing careful guidance about the intended targets of these weapons.

  While standing beside his French counterpart on Tuesday, Mr. Scholz avoided expressing outright support or opposition to Ukrainian strikes inside Russia.

  Instead, the German chancellor said Ukraine is “allowed to defend itself” in accordance with international law.

  Other NATO Allies Divided

  Talk of permitting Ukrainian forces to strike inside Russia with NATO-supplied weapons has divided other members of the Western security alliance.

  A Reuters reporter asked British Defense Minister David Cameron, during a May 2 interview, whether Ukraine should carry out strikes on targets in Russia, to which the British official replied, “We don’t discuss any caveats that we put on those things but let’s be absolutely clear Russia has launched an attack into Ukraine and Ukraine absolutely has the right to strike back at Russia.”

  “Including inside Russia?” the Reuters journalist again asked, to which Mr. Cameron replied, “Well it’s, that’s a decision for Ukraine, and Ukraine has that right.”

  Over the weekend, Swedish Defense Minister Pål Jonson also told the Swedish newspaper Hallandsposten that “Ukraine has the right to defend itself through combat actions directed at the opponent’s territory as long as the combat actions comply with the laws of war.” Sweden is the newest member of NATO and was inducted into the alliance in March.

  By contrast, Italian Prime Minister Giorgia Meloni and her government have distanced themselves from Mr. Stoltenberg’s calls for NATO to support Ukrainian strikes inside Russia.

  Speaking to Italy’s Ansa News agency on Monday, Ms. Meloni said the NATO secretary general should exercise “more prudence” with his remarks. Italy’s deputy prime minister and transportation minister, Matteo Salvini, also told Ansa News that Mr. Stoltenberg’s comments raise the prospect of a new world war and that the NATO secretary general should apologize for his recent comments or resign.

  Biden Admin Not Changing Policy

  The question of allowing Ukraine to use U.S.-supplied weapons to strike inside Russia has elicited a mix of views from among current and former members of President Joe Biden’s administration. The Biden administration’s overarching policy has been one of opposition to Ukrainian strikes inside Russia, but some have urged a policy change or suggested caveats.

  During a May 15 visit to Ukraine, U.S. Secretary of State Antony Blinken said the U.S. government has not “encouraged or enabled strikes outside of Ukraine.” However, Mr. Blinken left some room for Ukraine to decide for itself whether such strikes are prudent.

  “Ultimately Ukraine has to make decisions for itself about how it’s going to conduct this war, a war it’s conducting in defense of its freedom, of its sovereignty, of its territorial integrity,” the secretary of state said. “We will continue to back Ukraine with the equipment that it needs to succeed, that it needs to win.”

  In a May 19 interview with ABC News, former U.S. Under Secretary of State for Political Affairs Victoria Nuland said that with the recent Russian offensive around Kharkiv, the time had come for the Biden administration to change its tune and allow strikes on military bases inside Russia.

  “I think if the attacks are coming directly from over the line in Russia, that those bases ought to be fair game, whether they are where missiles are being launched from or where they are where troops are being supplied from,” Ms. Nuland said.

  Asked to address Ms. Nulands remarks in the ABC News interview, U.S. Defense Secretary Lloyd Austin said during a May 20 Pentagon press conference that the Ukrainian military’s focus “ought to be on the close fight.” Moments later, Mr. Austin added that the United States expects Ukrainian forces to use U.S.-supplied weapons “on targets inside of Ukraine” but said “the aerial dynamic’s a little bit different” and that he’d “leave it up to the experts” to decide what to do.

  A bipartisan group of 13 House sent a letter to Mr. Austin on May 20, urging the Biden administration to permit Ukraine to use U.S.-supplied weapons on strategic targets inside Russia’s borders.

  Last week, House Speaker Mike Johnson (R-La.) also appeared to throw his support behind allowing Ukrainian forces to use U.S.-supplied weapons inside Russia’s borders, telling a Voice of America reporter, “I think we need to allow Ukraine to prosecute the war the way they see fit” and “I think us trying to micromanage the effort there it’s not a good policy for us.”

  Despite the growing domestic and international pressure, the Biden administration insisted it still won’t permit Ukraine to use U.S.-provided weapons inside Russia.

  “We’re aware of the interest that President Zelenskyy has expressed in this regard. I would tell you that there’s no change to our policy at this point. We don’t encourage or enable the use of U.S.-supplied weapons to strike inside Russia,” White House National Security Council spokesman John Kirby told reporters at a White House press briefing on Tuesday.

  Putin Warns NATO Members

  Russian President Vladimir Putin hasn’t remained silent regarding NATO’s discussion of Ukrainian strikes inside Russia.

  Addressing reporters at a press conference while visiting Uzbekistan on Tuesday, Mr. Putin said the Russian side is monitoring the comments and behavior of NATO members “very carefully.”

  The Russian president further asserted that certain long-range missile systems like the Franco-British-designed Storm Shadow cruise missile and the U.S.-designed Army Tactical Missile System (ATACMS) are reliant on space-based targeting support provided to Ukrainian forces by NATO member nations. He suggested such targeting assistance closely implicates these NATO nations in any strikes on Russian territory.

  “Targets are identified and automatically communicated to the relevant crews that may not even realise what exactly they are putting in. A crew, maybe even a Ukrainian crew, then puts in the corresponding launch mission,” Mr. Putin said. “However, the mission is put together by representatives of NATO countries, not the Ukrainian military.”

  The Russian president went on to say that NATO members therefore “should be fully aware of what is at stake,” adding, “They should keep in mind that theirs are small and densely populated countries, which is a factor to reckon with before they start talking about striking deep into the Russian territory.”

  Kremlin spokesman Dmitry Peskov also told Russian broadcaster Izvetsia on Tuesday that Russia would prepare countermeasures if European Union member nations decide as a group to lift restrictions on Ukrainian attacks within Russia’s borders.

  Tyler Durden
  Thu, 05/30/2024 – 02:00

• American Globalism Versus 'America First'
  American Globalism Versus ‘America First’

  Authored by Francis P. Sempa via RealClearDefense,

  Hal Brands, a senior fellow at the American Enterprise Institute and a professor at the Johns Hopkins School of Advanced International Studies, has laid out in an essay in Foreign Affairs the key differences between what he rightly calls “American Globalism” and what has been called the “America First” approach to global affairs. Brands clearly is in the “American Globalist” camp, but unlike other supporters of the “liberal international order,” he does not label “America First” as isolationist. Instead, he lauds the global benefits to the post-1945 world order and worries that they will eventually disappear if Donald Trump regains the presidency. Brands doesn’t want the United States to be a “normal” country that only looks after its own national interests. What he fails to appreciate, however, is that the post-1945 world order he supports is already gone.

  

  The geopolitics of 1945-1991 disappeared with the collapse of the Soviet Union. The war in Ukraine, despite the claims of many globalists, has not recreated the Soviet threat to Europe. If Ukraine, or parts of Ukraine, remain under Russian control, U.S. national security will not be endangered. Nor will Europe’s. NATO has doubled in size since 1991. Russia in relative power is considerably weaker than the Soviet Union was throughout the Cold War, and its ruling class no longer has a revolutionary ideology that legitimizes its continued rule and motivates international aggression. Of course, Russian imperialism has not disappeared from Russia’s foreign policy DNA, but the Russian empire of the Czars was never considered to be an existential threat to the United States (although the Monroe Doctrine included Russia in its restrictive warning), even when it occupied Alaska and parts of California in the 19th century. And today’s Russia is having difficulty holding on to the eastern provinces of Ukraine, and has once again sent out feelers for a ceasefire to end the war.

  The architects of American foreign policy after the Second World War formed alliances and built-up U.S. military power to protect our national interests which were threatened by Stalin’s Soviet Union. They understood that American security depended on the geopolitical pluralism of Eurasia. Our policymakers at the time had read their Mackinder, Spykman, and Burnham. Brands has read them, too, and has written insightfully about their geopolitical wisdom. The geopolitical pluralism of Eurasia continues to be important to U.S. security, but the primary threat has shifted from Europe to the Indo-Pacific–from Russia to China. Those who Brands labels as “America Firsters,” including Donald Trump, have recognized this. Indeed, it was in the Trump administration that the real “pivot” to Asia began to occur, led by key national security officials like Elbridge Colby, Matthew Pottinger, Secretary of State Mike Pompeo, and National Security Advisor Robert O’Brien. This shift was described in Josh Rogin’s magnificent book Chaos Under Heaven. 

  American Cold War foreign policy was not based on a selfless commitment to globalism. What Brands calls “American Globalism” was undertaken to protect U.S. national interests. Brands quotes Dean Acheson in 1952 to the effect that the post-World War II situation required the United States to broaden its view of our national interests. And so, it did. But the post-World War II world is gone. The Soviet threat that inspired our commitment to American Globalism is gone. It has been replaced by the Chinese threat which requires a shift in our commitments given the limits of American power.

  The “American Globalism” supported by Brands fails to account for the limits of American power. Policymakers should continue to read Mackinder, Spykman and Burnham, but should also read Kennan and Lippmann who counseled prioritizing threats in the context of limited resources. Yet Brands still wants America to engage in democracy and human rights promotion and protect “intangible norms such as non-aggression.” He worries that a second Trump administration would “deglobalize” our defense, perhaps by withdrawing our nuclear umbrella from Europe and parts of Asia. He fears that Trump would no longer use American power to defend “distant states.” He expresses concern that Trump would not view our current alliances as “sacred.” He suggests that Trump would settle for a Western Hemispheric defense. He sides with the critics of “America First” who claim that a more restrained foreign policy “would be devastating to global stability.”

  The “American Globalism” touted by Brands has not been an unvarnished success. It has made the nations of an entire continent content with resting their security on the United States and imposed an unnecessary burden on American taxpayers to provide for Europe’s common defense. It has led to an inconclusive war on the Korean peninsula that cost the lives of nearly 40,000 U.S. military personnel, a humiliating military defeat in Vietnam that cost the lives of nearly 60,000 U.S. military personnel, and more recent “endless wars” in Iraq and Afghanistan that resulted the deaths of more than 7,000 U.S. military personnel for no appreciable gain. It has led to the establishment of a national security state and what President Eisenhower called the “military-industrial complex” that impinges on the liberties of American citizens and profits from wars.

  The American foreign policy tradition has much deeper roots that the post-Second World War order. It reaches back to George Washington and the wise counsel of his Farewell Address that warned against permanent alliances with, and passionate attachments to, other nations, while allowing for temporary alliances that serve our nation’s interests. Time and circumstances have not rendered the wisdom of Washington’s words obsolete.

  Francis P. Sempa is the author of “Geopolitics: From the Cold War to the 21st Century” and “America’s Global Role.”  Francis is also writes the montly Best Defense column for RealClearDefense.  Read his latest: Ukraine and the Pity of War.

  Tyler Durden
  Wed, 05/29/2024 – 23:40

• Seattle Squatters Smug As County Swamped With 'Enormous Backlog' Of Eviction Cases
  Seattle Squatters Smug As County Swamped With ‘Enormous Backlog’ Of Eviction Cases

  Washington’s King County, which includes Seattle, is drowning in a significant backlog of eviction cases, leaving thousands of landlords and tenants in limbo for more than six months in some cases.

  

  Prior to the pandemic, evictions took 6-7 weeks if a tenant needed the boot. Now, an “unlawful detainer” eviction case in Seattle or surrounding areas won’t be heard until 2025.

  “There’s a pretty enormous backlog,” said Edmund Witter from the King County Bar’s Pro Bono Services, Fox13 reports. “If you’re a landlord trying to evict someone, it could take months to get a hearing date. That’s the big issue.”

  According to King County Councilman Regan Dunn, the last year has been particularly bad – with an estimated 2,200 to 6,500 unresolved cases, and roughly 600 new eviction requests each month.

  “Why we’re seeing a lot of evictions right now is that there was a decent safety net over the last couple of years due to COVID,” said Witter – who added that his office is overloaded and has a list of 1,500 renters who need representation.

  “We see tenants with $2,000 to $3,000 rent increases,” Witter said. “The cost of living is too high, and people cannot afford housing. They’re getting crushed underneath it, and that’s why we’re seeing record numbers of evictions.”

  Meanwhile, judges told Fox13 that the expiration of pandemic-era eviction moratoriums and the depletion of federal aid created a perfect storm.

  According to Councilman Dunn, people are exploiting the situation.

  “There are serial squatters who know the rules and don’t care,” he said. “They’ve found ways to stay in their units longer because of new legal protections.”

  It’s not just people at the margin… In March, a squatter made headlines for refusing to move out of a $2 million house in upscale Bellevue, despite a household income of $408,000 per year as a medical consultant. The landlord claims the renter, Sang Kim, owes him around $80,000 in legal filings as well.

  Wild Saturday afternoon in Bellevue. Serial squatter Sang Kim came outside and confronted some of the protesters supporting landlord Jasakaran Singh. He also whacked my camera as I tried to ask him some questions. Otherwise, Singh’s wife is now calling out politicians by name and… https://t.co/BD00wzI7Qh pic.twitter.com/hOaV1ZqDHF

  — Jonathan Choe (@choeshow) March 31, 2024

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

  Landlords are fed up and have organized outside the home.

  

  Dunn has proposed spending $1.3 million to increase the number of court staff in order to speed up the process.

  “We can’t do any of that if there aren’t enough bodies to process these cases,” he said.

  Witter, the squatter attorney, disagrees, saying of Dunn’s plan; “This does not address the actual issue of why people are being evicted in record numbers. He’s just saying we need to speed up making people homeless faster.”

  Tyler Durden
  Wed, 05/29/2024 – 23:20

• Court Finds Error In Jan. 6 Case, But Obama Judge Rules Against Convict
  Court Finds Error In Jan. 6 Case, But Obama Judge Rules Against Convict

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

  A federal judge wrongly stopped a Jan. 6, 2021, defendant from striking a potential juror who admitted he could not view the defendant as presumptively innocent, a U.S. appeals court has found.

  

  U.S. District Judge Amit Mehta [an Obama appointee] denied a request from lawyers for Thomas Webster, who was later convicted on multiple counts, to strike a potential juror known as 1156 who had expressed support for President Joe Biden and said that support would put Mr. Webster at a disadvantage.

  The potential juror also said he did not see the trial as “a 0-0 game to start” and, when asked by the judge if he could honor the presumption of innocence, said, “I honestly don’t think so.”

  “The district court should have struck at least potential juror 1156 for cause,” U.S. Circuit Judge Patricia Millett, writing for a unanimous panel of the U.S. Court of Appeals for the D.C. Circuit, said in the May 28 ruling.

  “A district court should never allow a juror to sit after he admits he cannot presume the defendant innocent. Full stop,” Judge Millett added later.

  Lawyers for Mr. Webster said in a brief to the circuit court that while the potential juror did not end up being part of the jury, the man should have been struck by Judge Mehta. They also highlighted how the judge did not strike another prospective juror, who said that she was “more aligned” with government attorneys than Mr. Webster’s lawyers. They also raised concerns about how the judge then instructed counsel not to question subsequent jurors as to whether their views gave the defendant a disadvantage.

  “The court’s further instruction to counsel put a chilling effect on the afternoon session of voir dire,” the lawyers said. “Counsel was limited from using words that jurors may understand better than the legal jargon of presumption of innocence to get at real concerns of bias.”

  The appeal said Judge Mehta also should have granted a motion to change venue given results from a survey of Washington residents, that the judge committed an error when providing instructions to the jury, and that his approval of a sentencing enhancement for wearing body armor should be overturned.

  After explaining how Judge Mehta wrongly did not strike potential juror 1156, the circuit court panel denied the entire appeal.

  “That single error in a lengthy voir dire process does not indict the process itself given the absence of any prejudice tied to the jurors who actually decided Webster’s case,” Judge Millett wrote.

  The panel said that Mr. Webster did not provide enough news articles to show the jury pool was prejudiced against him. even after noting that one quoted a person on social media as calling him an “eye gouger.”

  “Without more, such routine and objective press coverage of a criminal prosecution does not trench upon the defendant’s right to a fair trial,” Judge Millett said.

  A survey of 400 Washington voters found that some respondents were prepared to find people involved in the Jan. 6 breach guilty, without hearing evidence. But nearly half of respondents said they did not know how they would vote if named to a jury, that their vote depended on other factors, or refused to speculate how they would vote in such an instance, the circuit court noted in ruling against the change of venue arguments.

  As for the instructions to the jury, Mr. Webster said the judge erred in telling jurors that one can violate federal law prohibiting assaulting, resisting, opposing, impeding, intimidating, or interfering with federal officers only if the person made physical contact with the victim.

  The judge may have made a mistake, but “any such mistake would have helped, rather than hurt, Webster by making it harder for the jury to convict him,” the panel said. “Webster, after all, does not dispute that the jury was properly instructed on and found each of the necessary elements for his offense. So removing any surplus elements from the jury instructions would only have made it easier for the jury to convict. The jury still found Webster committed every true element of the crime.”

  The sentencing enhancement for wearing body armor was correct, Judge Willett said, because Mr. Webster was wearing body armor when he pushed a Metropolitan Police Department officer on Capitol grounds.

  “Webster used body armor while committing his assault. He put it on that morning, in part, for protection. He wore it throughout the day, including as he attacked [the officer]. Given those facts, the district court correctly applied the enhancement,” she said, citing guidelines that say harsher sentences can be imposed if a person is convicted of a crime of violence and “used the body armor with respect to that offense.”

  The court also said Mr. Webster’s sentence, 10 years, was appropriate given his actions.

  Judges Mehta and Millett were appointed by former President Barack Obama. Judge Millett was joined by Circuit Judges  Gregory Katsas and Neomi Rao, both appointed by former President Donald Trump.

  Tyler Durden
  Wed, 05/29/2024 – 23:00

• Israel Warns The War In Gaza To Last Through End Of 2024
  Israel Warns The War In Gaza To Last Through End Of 2024

  Israel is warning that its military operation in Gaza will continue through at least the end of the year, in an assessment which is sure to shock and anger the growing chorus of international critics and countries.

  Israel’s national security adviser and top Netanyahu aide Tzachi Hanegbi stated Wednesday: “We are now in the fifth month of 2024, which means we expect another seven months of fighting to deepen our achievements and achieve our goal of destroying the military and governmental capabilities of Hamas and Islamic Jihad.”

  

  The same official stressed that the war cabinet had defined 2024 as “a year of combat” in the wake of the Oct.7 terror attack by Hamas and Islamic Jihad.

  Israeli officials have long signaled that the big Rafah incursion is expected to be the last major offensive of the conflict, but since then Hamas has reappeared in places in northern and central Gaza where it had previously been defeated.

  Hanegbi’s fresh assessment strongly suggests that Rafah will not be the end, despite Prime Minister Netanyahu having previously portrayed Rafah as the “last bastion” of the fight. But the Israeli leader has also vowed that Israeli forces won’t stop until Hamas is fully eradicated.

  This is proving easier said than done – as the combat conditions throughout Gaza are akin to the grinding urban fighting US Marines faced in Fallujah or Mosul – and probably worse.

  When the United States has faced an insurgency, in Iraq or Afghanistan for example, it led to many years of fighting and a seemingly endless unstable occupation.

  There’s also the difficult reality of the tunnels. By some estimates, all combined there is a vast system of literally hundreds of miles of tunnels running under the Gaza Strip. Hamas militants have become experts as utilizing the tunnels to employ rapid hit and run guerilla tactics.

  Given that often ambushes against the Israel Defense Forces are conducted in small teams, typically of 3 or 5 Hamas fighters, the group is often able to inflict damage while mitigating the number and rate of its losses.

  AJ: Officially reported figures from each side…

  

  There continue to be thousands of Hamas militants in the tunnels, settled in and ready to conduct a long insurgency, and amid a dense civilian population. For this reason, some analysts see Israel in a bit of a lose-lose situation. Hamas can hide out, strike convoys, and bleed Israeli forces slowly.

  Meanwhile the rising civilian death toll will continue to put immense political pressure on the Netanyahu government. The ‘cost’ in blood and treasure will also drive bigger and more consequential protests domestically, which have already been running hot in places like Tel Aviv and in front of the Knesset.

  Tyler Durden
  Wed, 05/29/2024 – 22:40

• Bitcoin: A New Hope For Innovators In Corrupt Economies
  Bitcoin: A New Hope For Innovators In Corrupt Economies

  Authored by Win Ko Ko Aung via BitcoinMagazine.com,

  In a world where “talent is everywhere, opportunity is not,” the existing fiat monetary system perpetuates the divide between those with access and resources those without. Even in democratic societies, which have their own flaws, people generally enjoy stable currencies, freedom, and rule of law. These features create an environment rich with opportunities, where a person’s start in life doesn’t have to dictate where they end up.

  

  Bitcoin advocate and bestselling author Lyn Alden is a prime example of overcoming obstacles and taking advantage of the opportunities afforded by democratic societies. Despite experiencing homelessness for several years, she worked her way up to become a well-known figure in financial circles. Her story is not unique; many refugees fleeing war and persecution have found ways to adapt, innovate, and thrive in new lands, contributing significantly to their adopted communities.

  WhatsApp co-founder Jan Koum, for example, grew up without electricity in Ukraine, and after immigrating to America he spent several years cleaning grocery stores before finally achieving success. PayPal co-founder Max Levchin has tweeted about how he found success in America after escaping persecution in Russia. “My family and I, and thousands of Soviet Jews like us, came to the US as refugees in ’91, running from a regime that persecuted us because of who we were,”. Another amazing immigrant success story is that of Mai Lee Chang, who was born in a Thai refugee camp to Vietnamese parents and only knew one English word — “restroom” — when she started school in the U.S. Chang overcame numerous obstacles and is now an engineer contributing to NASA’s journey to Mars.

  However, the situation is vastly different under authoritarian regimes, where a person’s potential is often predetermined by their birth circumstances. Typically, in such places if you’re not born into a family with connections to corrupt officials—in other words, if you’re not a rich kid—your ability to innovate and your entrepreneurial spirit will be systematically suppressed. Under these regimes, the fiat system isn’t based on merit, but rather rigged in favor of such ‘crony kids.’ In other words, the systems are based on nepotism, family connections, and corruption.

  In the past, when there was neither the internet nor smartphones available, the average individual living in such hostile environments simply accepted the harsh reality of being destined to serve dictators and their family members. Today, however, Bitcoin is emerging as more than just a technology; it serves as a gateway to financial empowerment without compromising moral values. It offers a powerful tool for breaking through many of the concrete barriers erected by oppressive governments.

  The experience of Swan Htet Aung (Swan), an AI entrepreneur from Myanmar (formerly known as Burma), demonstrates how Bitcoin can provide a lifeline to individuals facing the harsh reality of starting from scratch without money or family connections. After founding his AI company in 2016, Swan’s startup grew quickly, and by 2020 it was generating annual revenue of over $300,000.

  Highlighting the importance of Bitcoin in preserving financial health, Swan recalled a pivotal moment after the coup in February 2021. Four days after the military takeover, he withdrew his company’s cash and converted it to Bitcoin and USDT. He made this decision just a couple of weeks before banks in Myanmar began limiting withdrawals for individuals and businesses, allowing him to take control of his company’s assets. Unfortunately, his choice to keep the remaining USD assets in the banks caused him to lose a significant portion of the company’s financial assets when the Myanmar’s junta enacted an extreme new monetary policy designed to conserve USD for its war machine. The policy, issued by Myanmar’s Central Bank on April 3rd 2022, resulted in the forceful conversion of Swan’s USD reserves into Myanmar’s rapidly depreciating local currency (the Myanmar Kyat) without his consent at 30% below the market rate.

  The new policy mandated that “Residents within the country must repatriate foreign currency earnings obtained from abroad to Myanmar. These earnings are to be sold and exchanged for Myanmar Kyat within one working day through banks holding Authorized Dealer (AD) licenses by opening a foreign currency account in Myanmar.”

  People living in countries with more fair and just legal systems might find it difficult to comprehend such oppressive financial policies. However, Myanmar actually has a history of centralized financial institutions wielding power to suppress its citizens. A notorious example happened in 1987 when the government suddenly demonetized 25, 35, and 75 Kyat notes, effectively erasing 80% of the currency circulating in the economy overnight.

  More recently, after Myanmar’s violent military coup in 2021, the Burmese military used tactics such as freezing the bank accounts of activists, journalists, and supporters of the anti-coup movement, further demonstrating the junta’s tactic of oppressing people via the fiat financial system. Unfortunately, such abusive policies are often effective in places such as Myanmar, where people are preoccupied with ensuring their physical survival, securing food for their table, and keeping a roof over their heads – leaving them with little energy or no interest to challenge or fight against injustices.

  Before 2010, Myanmar had a lower mobile phone ownership rate than North Korea, and dictator Than Shwe’s regime discouraged internet use by spreading propaganda that the internet was merely a place for adult videos. By 2016, however, the landscape had changed dramatically, as social media, affordable smartphones, and cheap SIM cards had become widely accessible to the majority of the country’s population.

  Initially, Myanmar entrepreneur Swan came to the U.S. at age 32 for the GenAI event hosted by AWS in San Francisco to learn and gain new experiences, intending to return to Myanmar. However, while he was in transit, the Burmese military activated a forced conscription law, drastically changing his life trajectory. This law, combined with the financial instability caused by the Central Bank’s actions, widespread socio-economic injustice, and the country’s hyper-surveillance system, prompted Swan to decide to stay longer in the U.S. He now hopes to obtain an O1-Visa to continue his work and rebuild his dream in an environment where there are more opportunities to innovate and develop. While the U.S. has its own inequalities and domestic issues, many foreigners still view it as the best destination to pursue their dreams, believing that hard work and innovation can lead to success.

  In a conversation for this article, Swan recounted the early days of his startup in Yangon, Myanmar’s largest city. Along with two friends, Swan launched an AI software company in 2016, a period of time when Myanmar was undergoing significant reforms and gradually increasing its participation in the global community after over half a century of isolation.

  “Human labor is cheaper in Myanmar than subscribing to software,” Swan said.

  “It makes sense for business owners to hire staff at a salary of $100 a month and assign them multiple tasks, whether they’re inside or outside the scope of the job, unlike a chatbot for customer service.”

  While AI job displacement is rising in the developed world, in developing countries sweatshop conditions and cheap labor costs will always outcompete AI, at least in places where electricity is limited and there’s zero democracy (of course, low wages and sweatshop working conditions also raise a host of ethical problems that must be addressed).

  Swan then shared the early struggles of his startup, “We spent pretty much all of 2016 just developing the product because we didn’t get a single customer. I had a side job and lived with my parents in a rented apartment while the other two co-founders left to pursue other full-time opportunities.”

  Swan, who speaks Burmese and English fluently, mentioned that he faced social constraints while raising funds, primarily because Myanmar is an emerging market. Additionally, there was an underlying social barrier: he had never worked abroad and held a degree from a university in Yangon. Unlike the privileged ‘crony kids’, Swan lacked a privileged background, so his start-up struggled to find investors despite generating annual revenues of $300,000 in 2020 and signing deals with over 1,000 business partners, including multinational corporations like Samsung, Unilever, Carlsberg, NIVEA, and many more.

  If a protocol-based fundraising system like Bitcoin was available for entrepreneurs in the developing world, talented individuals like Swan could scale up their startups regardless of their socio-economic status or whether they have a prestigious degree.

  Bitcoin may be seen as an investment asset class in the developed world or misunderstood as an environmentally damaging technology, but it represents a lifeline, money, and access to the global capital market for talented individuals in developing countries who are trapped in an unfair monetary system which primarily benefits privileged ‘crony kids.’ These talented individuals don’t have the luxury of engaging in the unfinished global debate about Bitcoin. Rather, they are desperately trying to break free from the cycle of economic oppression. Thankfully, under the Bitcoin standard individuals can access opportunities and financial freedom, ultimately contributing to a more equal and prosperous global community.

  Tyler Durden
  Wed, 05/29/2024 – 22:20

• BYD's New Ultra Long-Range Hybrid Can Go 1,250 Miles Without Recharging Or Refueling
  BYD’s New Ultra Long-Range Hybrid Can Go 1,250 Miles Without Recharging Or Refueling

  Range anxiety with electric vehicles becomes less of a problem when switching to hybrids – a plan almost all of the auto industry is now embracing after finding out the economics of pure BEVs are a prohibitive nightmare. 

  For example this week Bloomberg reported that BYD had unveiled a new “hybrid powertrain capable of traveling more than 2,000 kilometers (1,250 miles) without recharging or refueling”. 

  The technology will be featured in two sedans priced below 100,000 yuan ($13,800) and capable of covering distances comparable to Singapore to Bangkok or New York to Miami on a single charge and tank of gas. This advancement marks a significant stride in fuel efficiency since BYD introduced its first hybrids in 2008.

  The Shenzhen-based automaker, known for aggressive pricing strategies that have impacted its profitability, dominates the Chinese hybrid market, holding a 50% market share, Bloomberg writes.

  In response to consumer range concerns and environmental considerations, automakers globally are innovating, as demonstrated by Toyota’s recent unveiling of a versatile new internal combustion engine.

  

  BYD, which ceased production of solely fossil-fuel vehicles in early 2022, is expanding its hybrid exports, particularly to markets with limited charging infrastructure. The new upgrades, initially available in China, are expected to be exported soon.

  Recall just days ago we wrote that Volkswagen was stepping back from BEVs into hybrids. And back in April we noted that Ford was “re-timing” its efforts to go all electric and back in February we wrote that GM was shifting to plug-in hybrids, too. 

  CEO Mary Barra said on an earnings call back in February: “Let me be clear, GM remains committed to eliminating tailpipe emissions from our light-duty vehicles by 2035, but, in the interim, deploying plug-in technology in strategic segments will deliver some of the environment or environmental benefits of EVs as the nation continues to build this charging infrastructure.”

  

  We also noted at the beginning of the year that BYD had surpassed Tesla in fully electric vehicle deliveries for the first time. 

  The company said it produced more than 3 million new energy vehicles for the year and it marks the second year that BYD has beat out Tesla in total production. BYD produced 1.6 million battery only vehicles, just slightly behind Tesla, and 1.4 million hybrids. 

  Tyler Durden
  Wed, 05/29/2024 – 22:00

• Saudi Textbooks Remove Palestine From Most Maps, Amid Push To Normalize With Israel
  Saudi Textbooks Remove Palestine From Most Maps, Amid Push To Normalize With Israel

  Via Middle East Eye

  Saudi textbooks have removed the name “Palestine” from most maps where it previously appeared, a study by an Israeli think-tank said. The study, conducted by the NGO Impact-se, tracks changes in Saudi school textbooks over the past five years, as reflected in the 2023-24 academic year. 

  It reviews 371 textbooks published between 2019 and 2024, and highlights content removed, altered or that which remained unchanged. A social studies textbook for grade 12 defining Zionism as a racist movement was no longer taught from 2023, while another textbook still taught has removed the chapter about the Palestinian cause, the study revealed.

  

  According to the study, the social studies textbooks for grades five and nine consistently don’t name Palestine or Israel on maps, which is an omission from the 2022 versions which only named Palestine on the map. 

  “Most maps removed the names of all countries not bordering Saudi Arabia, including Palestine, and in some cases all country names were removed,” the report said.

  Likewise, two maps in a geography textbook for grades 10-12, which previously named Palestine, now do not display the names of any country bordering Saudi Arabia. The same omission took place in social studies textbooks for grades six and seven.

  Islamic studies and geography textbooks for grades 10-12 also removed maps that previously displayed historic Palestine instead of Israel. 

  A reference to Israel as “the Zionist entity” in the 2021 social studies textbook for grades 10-12 was removed in the 2022 edition, and the entire textbook that included a lesson on Arab and Saudi support for the Palestinian cause was discontinued in 2023.

  Less hostile tone

  The report also documented some alterations in textbooks that now refer to Israel in a less hostile tone.

  For example, the 2022 version of a high school social studies textbook replaced references to Israel as “the Zionist enemy” with “the Israeli occupation army”. The same textbook edited “the Israeli enemy” to “the Israeli occupation”, and “the Zionists” to “the Israelis”, or “the Israeli occupation army”.

  Saudi Arabia has not formally recognized Israel since its creation in 1948, but there has been persistent speculation that the kingdom would normalise relations with the state as its Gulf neighbors Bahrain and the United Arab Emirates have in recent years.

  

  These rumors, however, were disrupted following the October 7 Hamas-led attack on Israel and the subsequent Israeli war on Gaza that has killed a reported more than 36,000 Palestinians.

  Saudi Arabia has been a strong opponent and critic of Israel’s onslaught. The Saudi foreign ministry said in February that no normalization would take place without a ceasefire and progress toward Palestinian statehood.

  Tyler Durden
  Wed, 05/29/2024 – 21:40

• Japan's Largest Nuclear Reactor Remains Idle, Despite Nation's Energy Crunch
  Japan’s Largest Nuclear Reactor Remains Idle, Despite Nation’s Energy Crunch

  We don’t think it’ll be long before nuclear power once again has a renaissance, as we’ve written about extensively. But for now, the world’s largest nuclear power plant, the Kashiwazaki Kariwa Nuclear Power Plant in Japan, is sitting idle even as the world’s energy needs continue to grow. 

  Bloomberg reported this week that the Kashiwazaki Kariwa Nuclear Power Plant, recognized by Guinness World Records for its potential 8.2 gigawatt output, stands idle despite once being central to Japan’s goal of deriving 50% of its energy from nuclear power by 2030.

  The facility, known as KK, shut down its seven reactors following the 2011 Fukushima disaster, which led to a national reevaluation of nuclear energy. Amidst current economic strategies targeting industries like semiconductor manufacturing and AI, debates are intensifying over whether KK and its operator, Tokyo Electric Power Co., should be given another opportunity.

  Globally, nuclear power is witnessing a resurgence, as we have been covering here on Zero Hedge. In the U.S., AI-Jesus Sam Altman just had his small modular reactor company, Oklo, listed on NYSE. Around the world in places like France and Poland, the small modular reactor model could be what ushers nuclear back in, with some countries planning for adoption by 2030.

  The International Atomic Energy Agency projects that nuclear power capacity could increase by 24% by 2030 and by 140% by 2050 from 2022 levels. Countries like China and India are expanding their nuclear programs, while even Saudi Arabia is exploring nuclear options with the U.S., reflecting a broader recommitment to nuclear energy as a vital resource.

  

  Rafael Mariano Grossi, director general of the IAEA, said in March: “It’s very important for Japan to be able to count on Kashiwazaki Kariwa again. How many countries have that idle capacity? Many countries wish they just had it.”

  Restarting or building new nuclear reactors in Japan is politically challenging. Nuclear power provides steady, carbon-free electricity, unlike the variable output from wind and solar. However, these facilities take over a decade to construct and produce long-lasting hazardous waste.

  In 2017, two reactors at the KK plant were approved to restart by Japan’s nuclear regulator, but a firm restart date has not been set due to lacking local government approval. The issue may be addressed in the upcoming regional assembly meeting in Niigata prefecture, where KK is located, Bloomberg noted. 

  Again, the restart will likely only occur when the obvious benefits outweigh the memories of past disaster at Fukushima. 

  This occurs as Prime Minister Fumio Kishida’s administration reviews Japan’s energy policy, a routine evaluation involving various stakeholders, which could reshape the country’s nuclear energy goals amid criticisms of insufficient clean energy initiatives.

  Amidst global energy uncertainties, highlighted by events in Ukraine and the Middle East, Japan’s heavy reliance on imported energy for 70% of its electricity needs is problematic, especially with 21 nuclear reactors currently idle.

  Tepco President Tomoaki Kobayakawa concluded, telling reporters in April: “We need to secure a stable electricity source for our customers — it’s important to have some source that’s not dependent on overseas fuel imports.”

  Tyler Durden
  Wed, 05/29/2024 – 21:20

• Democrats To Virtually Nominate Biden To Ensure Ohio Ballot Access
  Democrats To Virtually Nominate Biden To Ensure Ohio Ballot Access

  Authored by Samantha Flom via The Epoch Times (emphasis ours),

  President Joe Biden will be virtually nominated as the Democrats’ presidential nominee before the party’s national convention in August to secure his spot on Ohio’s general election ballot.

  

  The Democratic National Committee (DNC) was notified months ago that President Biden’s name would not appear on the state’s general election ballot unless he was nominated by the state’s deadline of Aug. 7. The Democrats’ national convention, where the party would typically nominate its chosen candidate, is scheduled for Aug. 19 to 22 in Chicago.

  Ohio Gov. Mike DeWine called a special legislative session to address the issue last week, though lawmakers had not agreed to a solution by the DNC’s announcement on May 28.

  “Joe Biden will be on the ballot in Ohio and all 50 states, and Ohio Republicans agree. But when the time has come for action, they have failed to act every time, so Democrats will land this plane on our own,” DNC Chairman Jaime Harrison said in a statement.

  “Through a virtual roll call, we will ensure that Republicans can’t chip away at our democracy through incompetence or partisan tricks and that Ohioans can exercise their right to vote for the presidential candidate of their choice.”

  A date for the virtual nomination was not announced, though it is expected to come within the weeks following the committee’s rules and bylaw committee’s vote on changes to the roll call process on June 4.

  The virtual process is expected to mirror the format the party used in 2020 during the COVID-19 pandemic. While the traditional in-person convention will still take place, it will be largely ceremonial.

  Ohio revised its certification deadline from 60 to 90 days ahead of the general election in 2010. Since then, lawmakers have twice extended the deadline—in 2012 and 2020—to accommodate both parties’ nominating conventions. This will be the first year just one party has scheduled its convention too late.

  The Ohio Legislature is controlled by the GOP, which holds majorities in both chambers. Although lawmakers appeared to be on the cusp of a legislative fix for the dilemma earlier this month, a final solution was never solidified.

  A bill that would have extended the deadline and placed President Biden on the ballot was passed by the state Senate, but a provision prohibiting foreign spending on state ballot issues halted its progress in the House. For Democrats, the proposed restriction seemed to be an effort to block future ballot campaigns after their success last year in passing three ballot measures, including a constitutional right to abortion.

  Meanwhile, a House bill would add President Biden’s name to the ballot and allow more time for political parties to certify nominees in future presidential elections.

  In a May 21 letter to Ohio Democratic Party Chairwoman Liz Walters, the state’s Secretary of State Frank LaRose warned that the party was running out of time to nominate President Biden before ballots would need to be prepared.

  “Let me be clear that this is not an action I wish to take, as I believe it to be in the best interest of Ohio voters to have a choice between at least the two major party candidates for the nation’s highest political office.”

  The Ohio Senate scheduled one day of legislative activity to address the problem on May 28. Lawmakers in the House will hold two days of committee hearings before voting on the proposed fixes on May 30.

  Jeff Louderback and the Associated Press contributed to this report.

  Tyler Durden
  Wed, 05/29/2024 – 21:00

• Arizona Biology Teacher Quits Due To Students' "Addiction" To Their Cell Phones
  Arizona Biology Teacher Quits Due To Students’ “Addiction” To Their Cell Phones

  One Arizona high school teach is resigning over his students’ addictions…to their phones.

  The constant use of smartphones in his classroom has driven Sahuaro High School’s Mitchell Rutherford to tell Fox News last week that he is “giving up” being a biology teacher because he can’t control phone usage. 

  “I have been struggling with mental health this year mostly because of what I identified as basically phone addiction with the students,” he commented.

  After being a teacher for 11 years, he has resigned. He said last week that he has implemented a “variety of lesson plans” to try and make it clear to his students the negative effects of constant phone usage.

  “Here’s extra credit, let’s check your screen time, let’s create habits, let’s do a unit on sleep and why sleep is important and how to reduce your phone usage for a bedtime routine, and we talked about it every day and created a basket called ‘phone jail,’” he told Fox News. 

  

  He likened the phones to other addictions in the area: “Opioids, obviously a huge problem, cocaine, heroin, all of those drugs, alcohol, it’s all a big problem, but like sugar even greater than that and then phones even greater than that.”

  He said that “something shifted” in the kids during the Covid-19 pandemic and that their addictions to their phones got worse. 

  Recent studies indicate that pandemic-related disruptions have significantly harmed the education and productivity of K-12 students across the country. Rutherford expressed concerns to the media, initially blaming himself for the growing educational gaps. He noted that some students openly disregarded school, but he ultimately believes that societal changes are needed to instill better habits in children.

  “As a society, we need to prioritize educating our youth and protecting our youth and allowing their brains and social skills and happiness to develop in a natural way, without their phone,” he concluded. 

  “Part of me feels like I’m abandoning these kids,” he said, adding, “I tell kids to do hard things all the time, and now I’m leaving? But I decided I’m going to try something else that doesn’t completely consume me and drain me.”

  Tyler Durden
  Wed, 05/29/2024 – 20:40

• Why It's Time To Stop Taxing Gold & Silver
  Why It’s Time To Stop Taxing Gold & Silver

  By Jesse Colombo, of BullionStar

  You’d have to be hiding under a rock to be unaware that inflation is one of the most pressing issues of our time. After a shocking 23% increase in the cost of living since 2019, all but the wealthiest of Americans are getting squeezed and seeing their living standards plummet at an alarming rate. Grinding inflation is causing once-affluent people to become merely middle class, former middle-class people to become working class, while working class people are being forced into the ranks of the working poor and even the destitute. According to the most recent Gallup Poll, inflation was America’s number one worry with 55% of people polled saying that they worried about inflation “a great deal,” while the latest Fed survey showed that two-thirds of Americans believe that inflation has made their financial situation worse.

  The sad truth is that inflation is not an inevitable fact of life or an inherent flaw of capitalism; it is a direct byproduct of unbacked paper money and central banking. The United States experienced virtually no inflation for over a century until the Federal Reserve was founded in 1913 and the U.S. dollar was progressively downgraded from a gold-backed currency to a paper currency that could be — and has been — printed to oblivion.

  

  Though the U.S. is no longer on the gold standard, savers and investors have been able to effectively protect their wealth from the ravages of inflation by creating their own personal “gold standard,” so to speak, by investing in gold and silver bullion. Unfortunately, the U.S. government taxes capital gains on gold and silver bullion at an unfairly high rate, which is particularly infuriating because those so-called “gains” are not actually gains at all as they are simply compensation for the plunging purchasing power of the dollar, which is the U.S. government’s fault in the first place! Thankfully, as I will discuss later in this piece, there is a glimmer of hope in the form of a new bill that intends to eliminate U.S. federal capital gains taxes on physical gold and silver.

  What is Inflation & What Causes It?

  In order to truly understand the virtues of gold and silver, it’s important to understand inflation, what causes it, and how destructive it is to society. Simply stated, inflation is an increase in the money supply that manifests in the form of pricier goods and services as well as a loss of purchasing power of the currency that is being inflated. The money supply is the number of units of currency in existence; the more units in existence, the less each unit is worth.

  Contrary to popular belief, the rising money supply itself is inflation; the rising cost of goods and services is just an inevitable consequence of that inflation. General inflation is always monetary in origin and is not caused by supply shocks such as an energy crisis or a drought that pushes up food prices. As the Nobel Prize-winning economist Milton Friedman famously stated, “Inflation is always and everywhere a monetary phenomenon.”

  The long-term chart of the U.S. adjusted monetary base, which is one of several widely followed money supply measures, shows how the country’s money supply surged by an astounding 55,440% from 1920 to 2020. (Note that the Federal Reserve stopped publishing this data series in late-2019, which is serious reason for suspicion. Are they trying to hide how much they’ve debased the U.S. dollar? You decide.)

  

  Though the U.S. money supply has grown as a function of time, there have been a series of pivotal events that have accelerated and further enabled that process:

  • The U.S. Federal Reserve was founded in 1913 with the primary responsibility of issuing and managing the U.S. dollar. Unfortunately, it has proven to be a terrible steward of our nation’s currency because it has been all too willing to create new dollars to enable government spending. For example, the dollar lost half of its purchasing power within just six years of the Fed’s founding due to its funding of America’s role in World War I. Massive wartime inflation ensued, devastating the dollar’s purchasing power.
  • President Franklin Delano Roosevelt took the U.S. off the Gold Standard in 1933. The United States was on the Gold Standard from 1834 until 1933, which meant that the dollar was backed by and redeemable in gold. For nearly a century, holders of dollars could trade $20.67 to receive an ounce of gold. The Gold Standard helped to limit the expansion of the money supply. To create inflation and counteract deflation during the Great Depression, FDR banned private American citizens from owning gold and forced them to turn in their gold to the Federal Reserve for $20.67 per ounce in 1933. Foreign governments could still redeem their dollars for gold, however. The dollar-gold exchange rate was then changed to $35 per ounce, which meant that the dollar was devalued by 59% against gold. Sure enough, the money supply and cost of living were soon increasing at a rapid rate once again.
  • Until 1965, U.S. dimes, quarters, and half-dollars were made from an alloy that consisted of 90% silver. In response to the rising price of silver (which itself was a byproduct of inflation), Congress enacted the Coinage Act of 1965, which eliminated silver from dimes and quarters, and reduced the silver content of the half-dollar from 90% to 40%. In 1970, silver was eliminated from the half-dollar. The new coins were made from nickel and copper, which are much cheaper, non-precious metals. Because the melt value of the older silver coins exceeded their face values, the coins were quickly removed from circulation by people who were aware of their greater value — a classic example of Gresham’s Law (i.e. “bad money drives out good money”). The older silver coins are still very popular with precious metals investors today. The Coinage Act of 1965 is often overlooked but represents a significant debasement and downgrade of the U.S. dollar.
  • From 1933 to 1971, foreign governments could still redeem their dollars for gold, which meant that the dollar was still backed by gold in some sense. On August 15th, 1971, President Richard Nixon ended all convertibility of dollars into gold, which turned the U.S. dollar into a pure fiat or paper currency that could be printed with no limitations whatsoever. Almost immediately, the money supply started growing at a breakneck pace, which led to the infamous inflation of the 1970s. The U.S. experienced an 8.21% average annual rate of inflation from 1971 to 1980, producing a cumulative price increase of 46%.

  

  • To combat the 2008 Financial Crisis and Great Recession, the Federal Reserve used an unconventional and aggressive monetary stimulus tool known as quantitative easing or QE. In simple terms, QE is digital money printing in which the Fed buys assets such as U.S. Treasury bonds and mortgage bonds in order to fund government spending and pump liquidity into the economy and financial markets. From 2008 to 2014, the Fed printed approximately $3.5 trillion via its QE programs, which caused the money supply and cost of living to soar.
  • After its trial run in 2008, quantitative easing became a permanent tool in the Fed’s toolbox. After all, what government wouldn’t want the ability to fund its increasingly reckless spending with money created out of thin air? When the COVID-19 pandemic came along in 2020, the Fed quickly created approximately $5 trillion worth of new currency via QE to keep the economy afloat during the government-imposed lockdowns. That $5 trillion funded a dizzying number of stimulus programs including the purchase of debt securities and other assets, PPP loans, stimulus checks, and generous unemployment benefits. Unfortunately, that sharp expansion of the money supply caused a cumulative price increase of 23% since 2019 and has made so many Americans’ lives miserable in the process.

  The long-term U.S. Consumer Price Index chart going back to 1800 shows how each progressive assault on the dollar’s integrity caused the cost of living to skyrocket while causing the dollar’s purchasing power to plummet. Most people are unaware that U.S. consumer prices were largely stable for nearly a century until the Federal Reserve was founded in 1913, which let the inflation genie out of the bottle in a tremendous way. Since the Fed was founded, U.S. consumer prices have increased more than thirty-fold! It’s hard to imagine a time when there wasn’t steady and consistent inflation, but that was the reality in the 19th century when money — thanks to its backing by gold and silver — was far sounder than it is today despite our advanced technology and accumulated knowledge.

  

  Since the Fed was founded in 1913, the U.S. dollar has lost nearly 97% of its purchasing power and there is no end in sight, unfortunately:

  

  Another way of visualizing the dollar’s stunning loss of purchasing power is by comparing it to gold, which has been used as money for six thousand years and is the most stable store of value in existence. Over the past century, the U.S. dollar’s purchasing power has plunged by 99.17% relative to gold:

  

  Here are some tangible and relatable examples of how the destruction of the dollar affects everyday Americans:

  • An income of over $200,000 per year is needed for a family of four to live comfortably. In some states like California, New York, Massachusetts, and Connecticut, an income of approximately $300,000 is necessary for a family to live comfortably. Meanwhile, the average annual salary is just $59,428, 74% of Americans are living paycheck-to-paycheck, and 67% are unable to cover an unexpected $400 expense.
  • The surge of inflation since the pandemic means that the average American household must spend an additional $11,434 annually just to maintain the same standard of living that they had in January of 2021.
  • It now costs more than $1,000 a month to feed a family.
  • Since President Biden took office in 2021, the cost of groceries is up 21%, gasoline is up 47%, shelter is up 20%, electricity is up nearly 30%.
  • The median U.S. home price just hit an all-time high of $434,000, which is a roughly 30% increase since the pandemic started. As a result, first-time buyers need a household income of nearly $120,000 just to afford a median-priced home.
  • Those who can’t afford to buy a home are typically forced to rent, but with the typical monthly rent now $1,957, even renting has become unaffordable for a record half of all renters.
  • The average cost of health insurance for a family of four is approximately $23,968 per year.
  • It now costs roughly $306,924 to raise a child through age 17.
  • The average American family can expect to spend $1,984 per month on child care, which is more than a mortgage payment or rent almost everywhere in the United States.
  • The average cost of a new vehicle is a near-record $48,510.

  There are many other examples like the ones above, but the message is clear — even a modest lifestyle is becoming almost impossible in America, and it’s entirely the fault of the U.S. government, the Federal Reserve, and a currency that isn’t backed by anything. As the quote commonly attributed to Thomas Jefferson presciently states, “If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered.”

  Sure enough, the U.S. homeless population surged by 12% in 2023 to the highest level in at least fifteen years and is only going to grow worse as the dollar is debased as a function of time. We are in a very different world from the one in which a father could support a family comfortably on one income while going on annual family vacations and saving money for retirement and their children’s educations, as was common in the mid-to-late twentieth century; that’s the difference between life with sound money and life without sound money.

  

  Here are some of the best quotes about inflation and its devastating effect on living standards:

  • “The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.” ― Vladimir Lenin, founder & first leader of the Soviet Union
  • “Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some…the process engages all the hidden forces of economic law on the side of destruction and does it in a manner which not one man in a million is able to diagnose.” ― John Maynard Keynes, economist
  • “As I have repeatedly said, inflation is a form of taxation without representation. It is the kind of tax that can be imposed without being legislated by the authorities and without having to employ additional tax collectors.” ― Milton Friedman, Nobel Prize-winning economist
  • “[Inflation] is a way to take people’s wealth from them without having to openly raise taxes. Inflation is the most universal tax of all.” ― Thomas Sowell, economist
  • “In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.” ― Alan Greenspan, economist & former Fed chairman

  How Gold & Silver Protect Wealth

  As we have seen, the U.S. government and Federal Reserve’s constant assault on the paper dollar makes it a terrible store of value and it will continue to be diluted to oblivion in the years and decades to come. The dollar is merely useful as a medium of exchange at best — a hot potato to be traded for useful goods and services as quickly as it is received. Anyone who is holding a large portion of their wealth in U.S. dollars over long periods of time is giving the government a license to steal their hard-earned wealth.

  Unlike paper currencies, gold and silver bullion have proven to be the best stores of value for millennia. Gold and silver are extremely effective at preserving wealth because they can’t be printed or created out of thin air the way that paper currencies are, which means that their prices rise over time as the paper money supply grows. Holders of gold and silver see the value of their assets rise while the currency is debased, which is what allows them to preserve their wealth.

  It’s important to point out, however, that gold and silver are not actually rising in value in an absolute sense; the paper currencies that gold and silver are denominated in are losing value due to debasement, which is why gold and silver appear to rise in price. In that scenario, gold and silver are simply maintaining their value and purchasing power — the so-called “gains” are illusory. A good example of this is how a quality men’s suit has long been worth the equivalent of one ounce of gold. In the 1930s, both a suit and an ounce of gold cost approximately $35. Now, nearly a century later, both cost around $2,300.

  The chart below shows how gold follows the U.S. M2 money supply higher over the long run:

  

  Silver also follows the money supply higher over time, though it is more volatile than gold and has longer periods of time when it lags or outpaces money supply growth:

  

  Why It’s Time to Stop Taxing Capital Gains on Gold & Silver Bullion

  As we have seen, the United States government and Federal Reserve have been absolutely terrible stewards of the dollar and have crushed the middle class with their incessant debasement of our currency. It’s hard to imagine those institutions doing an even worse job than they already have — it’s practically criminal and any reasonable person can be forgiven for thinking that it’s being done knowingly and even intentionally. As the economist Milton Friedman so accurately stated, inflation is a form of taxation without representation, which was one of the main grievances that led our colonial American forefathers to revolt against Great Britain. The American people have virtually no say in how our currency is managed, yet we are forced to use that currency by law. We are completely trapped.

  Though everyday Americans are essentially powerless concerning the management of our national currency, we have a few options for preserving our wealth at the individual level, such as the personal “gold standard” that I mentioned earlier in this piece (i.e., preserving wealth by investing in gold and silver bullion). As we’ve written about previously, there’s a major issue that makes that strategy far less effective than it should be and is holding it back from much wider adoption: U.S. federal capital gains taxes on gold and silver bullion.

  The issue is not just that there are capital gains taxes on gold and silver bullion in the first place, but also that the capital gains tax rate on bullion is much higher than the capital gains tax rate on other investment assets. The U.S. Internal Revenue Service considers gold and silver bullion to be in the “collectibles” category — just like art, baseball cards, and Beanie Babies — and taxes capital gains on those items at a hefty 28% rate. In contrast, the long-term capital gains tax rate on stocks and bonds is just 15% for most people and even 0% for those with lower incomes. Essentially, the U.S. government is picking winners by showing favoritism toward stocks and bonds as opposed to gold and silver bullion.

  It’s extremely unfair for the U.S. government to tax so-called capital gains on gold and silver bullion when those “gains” are not really gains at all but are the result of the debasement of paper money, which is the very fault of the U.S. government! That’s a perfect example of how we are “being ground between the millstones of taxation and inflation,” as Vladimir Lenin put it. People don’t invest in gold and silver bullion to get rich; they’re just looking to preserve their wealth. People who are looking to get rich typically gravitate toward hot, speculative tech stocks, cryptocurrencies, and flipping houses — not staid gold and silver bullion, which is commonly derided as a “Boomer investment” by today’s young, hotshot crypto speculators (though I don’t agree with them, of course).

  Introducing The Monetary Metals Tax Neutrality Act

  A couple of weeks ago, I was pleasantly surprised to learn that there was a new bill called The Monetary Metals Tax Neutrality Act (H.R. 8279) that aims remove all federal income taxation from gold and silver bullion. The bill was introduced by U.S. Representative Alex Mooney (R-WV) and backed by the Sound Money Defense League and other free-market activists. Representatives Scott Perry (R-PA) and Randy Weber (R-TX) also cosponsored the bill. “My view, which is backed up by language in the U.S. Constitution, is that gold and silver coins are money and are legal tender,” Rep. Mooney said. Mooney further stated, “If they’re indeed U.S. money, it seems there should be no taxes on them at all. So, why are we taxing these coins as collectibles?”

  

  According to the Sound Money Defense League’s press release:

  “Sound money activists have long pointed out it is inappropriate to apply any federal income tax, regardless of the rate, against the only kind of money named in the U.S. Constitution. And the IRS has never defended how its position squares up with current law.

  Furthermore, the U.S. Mint continuously mints coins of gold, silver, platinum, and palladium and gives each of these coins a legal tender value denominated in U.S. dollars. This formal status as U.S. money further underscores the peculiarity of the IRS’s tax treatment.”

  (It is also worth pointing out that many countries around the world don’t impose capital gains taxes on gold and silver bullion including Bahrain, Barbados, Belize, the Cayman Islands, the Isle of Man, Jamaica, New Zealand, Sri Lanka, Singapore, and others.)

  The Sound Money Defense League’s press release also stated:

  “The Monetary Metals Tax Neutrality Act aligns with a broader national trend. With most states having already eliminated sales tax on the purchase of precious metals, state legislatures are increasingly introducing and approving measures to eliminate state income taxation of gold and silver.

  Alabama and Nebraska each passed their version of this policy this year. Arizona, Arkansas, and Utah approved similar measures in recent years. And Iowa, Georgia, Oklahoma, Missouri, and Kansas also considered income tax exemptions in 2024, with several approving the bill across multiple committees and chambers.”

  You can read the text of H.R. 8279 here and track its status here.

  Everyone who believes in sound money, justice, and fairness should support The Monetary Metals Tax Neutrality Act. To do so, please contact your local elected officials and let them know that you support this bill and feel free to forward them this article as it explains the flaws of paper money and central banking, as well as how gold and silver bullion have helped people preserve their wealth for thousands of years. Also, you can use Twitter/X to reach out to Rep. Alex Mooney, the Sound Money Defense League, and the Sound Money Defense League’s Policy Director Jp Cortez to ask them how you can help and get involved in supporting this important bill. BullionStar has always been a vocal proponent of sound money and free markets, and will continue to support this bill and the overall movement to the best of our ability.

  Tyler Durden
  Wed, 05/29/2024 – 20:20

• Israel Launches Airstrikes Deep Into Syria – Reports Of Civilians Dead & Wounded
  Israel Launches Airstrikes Deep Into Syria – Reports Of Civilians Dead & Wounded

  Israel’s military on Wednesday launched a fresh attack on targets deep inside Syria, which reportedly left civilian casualties, according to state media.

  State sources identified that it was a neighborhood that was struck, while the anti-Assad opposition outlet Syrian Observatory for Human Rights said the Israeli strikes targeted “at least one military site… in the eastern countryside of Homs, causing plumes of smoke to rise.”

  

  Syrian government sources said the Israeli strike killed a girl and wounded ten civilians. Gruesome images circulated on social media which purport to show the deceased child’s badly maimed body.

  “The Israeli enemy launched an air attack from the direction of Lebanon, targeting a central site and a residential building in Baniyas city in the coastal region, killing a girl and wounding 10 civilians,” a Syrian defense ministry statement said.

  “Syrian air defense intercepts enemy targets in the skies of the city of Homs,” the official SANA news agency also reported.

  Israeli media sources regularly say that such air raids into Syria, which typically involve Israeli aircraft firing from over Lebanese airspace in order to avoid triggering Syria’s anti-air systems, target Hezbollah and Iranian positions.

  But Syria has at the same time lodged repeat complaints to the United Nations that Israel is committing aggression against a sovereign state, and that very often civilians are killed and property and buildings left destroyed. These complaints tend to fall on deaf ears in the West, which has long waged a regime change war against President Bashar al-Assad. Israel was also part of this covert campaign, which saw the anti-Assad axis arm, train, and fund various al-Qaeda and jihadist groups.

  

  In the initial days and weeks after Oct.7, Syria had lobbed several rockets toward the Israeli-occupied Golan Heights, which left no casualties. Much of the Syrian populace has meanwhile become frustrated and expressed growing anger that the Russian military, which has long had a significant presence inside Syria (especially since 2015), has not done more to try and intercept inbound Israeli jets.

  Tensions are soaring especially in the wake of Israel’s April 1st brazen attack on Iran’s embassy in Damascus, which left a high ranking IRGC General and several other Iranian officers dead.

  Tyler Durden
  Wed, 05/29/2024 – 20:00

• North Carolina Criminal Mask Legislation Criticized With COVID-Era Concerns
  North Carolina Criminal Mask Legislation Criticized With COVID-Era Concerns

  Authored by Matt McGregor via The Epoch Times (emphasis ours),

  A North Carolina bill to increase penalties for criminals who wear masks to conceal their identity while committing a crime is being scrutinized and framed as an attempt to target those who continue to follow COVID-era health precautions.

  

  Republican state Sen. Buck Newton told The Epoch Times that the bill’s intent, however, is not to prohibit people from wearing masks if that is what they choose, but in response to growing law enforcement and business concerns over crime.

  “More and more people are using masks and other clothing to disguise themselves when engaging in criminal behavior,” Mr. Newton said. “It seems logical to increase penalties for those who do so.”

  According to the language of House Bill 237 titled “Unmasking Mobs and Criminals,” the bill repeals an exemption to the previous mask law that allowed for people to wear masks to prevent the spread of COVID-19.

  “The law before COVID was pretty clear, and its main reason was to combat the Klu Klux Klan and other organizations who hide behind masks while attempting to intimidate people or do criminal acts,” he said. “So, we didn’t see any reason why we needed to maintain this exception which really wasn’t even necessary when it was passed for COVID.”

  The exemption that was crossed out which has become the subject of controversy allows for “any person wearing a mask for the purpose of ensuring the physical health or safety of the wearer or others.”

  Essentially, the target of the bill are those who are trying to hide their identity, Sen. Newton said, so people who choose to wear a mask for COVID reasons, or because it’s a part of their job, are free to continue to do so.

  Other exceptions include performing arts, Halloween, and Mardi Gras masks during holidays and other special occasions, he said.

  “They’re not hiding their identity just because the wearing of a mask might obscure their identity, so that’s OK,” he said. “And that’s what the law has been since the 1950s. All we’ve done is eliminate the 2020 exception that was created in 2020 and go back to where we’ve been from the 1950s to 2020.”

  ‘Some People Say We Are Fear-Mongering’

  However, the response to the proposed legislation has been one of fear, he said, with many Democrats calling referring to the bill as anti-mask legislation.

  Democrat state Sen. Sydney Batch spoke about the legislation on ABC News’ podcast “Start Here” when she criticized the removal of the COVID exemption.

  She said she agreed with Republicans on needing legislation to make the jobs of law enforcement easier, but at the same time, the immunocompromised must stay protected.

  “Some people say that we’re fear-mongering,” Sen. Batch said. “And what I would tell you is that for someone who’s been immunocompromised in the past and had to wear masks, and my children and my husband wear masks to protect me, you know, I’m not fear-mongering. It’s a genuine concern, right? Somebody can actually die and get very ill if they are not able to protect themselves, if they’re immunocompromised, etc.”

  She went on to say that, if passed, the legislation would disproportionately impact the black community.

  “And so there are a lot of individuals in the community that will still wear a mask,” she said. “A lot of black churches, you’ll see people still wearing masks, but they also disproportionately, if you look at statistics, also get stopped by and questioned by police, disproportionate to, obviously, the population.”

  ‘Whether the Klan or Antifa, We Want them Unmasked’

  The bill is also in response to organizations like the masked Antifa and the most recent pro-Palestinian protesters who have been witnessed wearing masks to protect their identity while damaging property and committing crimes.

  “I don’t think I can recall ever seeing a picture of a person who is supposed to be a part of Antifa who wasn’t masked,” Mr. Newton said. “Whether they are the Klan or Antifa, we want them unmasked. Law enforcement wants them unmasked. And I think the general public would like them unmasked.”

  Additional penalties found in the bill “create civil liability” for protesters who block roads for emergency vehicles.

  Tara Muller, a policy attorney with Disability Rights North Carolina, told ABC News that the proposed legislation is an affront to those who see masks as a way to protect health.

  “This law says to them that you are not welcome in our community and we don’t value your presence to accommodate your need to wear a mask,” she said.

  ‘Lies and Malicious Information’

  According to Republican state Rep. Ken Fontenot in a Carolina Journal opinion piece, the only people who need to worry about the “Unmasking Mobs and Criminals” legislation are the criminals.

  “The title is plain enough, straight to the point, and completely accurate,” Mr. Fontenot said. “The law is reasonable and should be enacted immediately. I write about this because a lot of lies and malicious misinformation has been spread concerning this law. Personally, I’m upset because the slander that has been spread is dangerous and completely unfounded in reality.”

  He said that criminals are the ones who are propagating lies that the legislation is targeting those who want to wear masks for reasons other than committing a crime, such as perceived health maintenance.

  “This law ONLY applies to people wearing masks while committing crimes, no more and no less,” Mr. Fontenot said.

  The reaction to the bill is unfortunate, Mr. Newton said.

  “I find it regrettable that so many people have been frightened into thinking that their mask-wearing for health reasons is somehow going to be criminalized,” he said.

  Tyler Durden
  Wed, 05/29/2024 – 19:40

• Sixth US Reaper Drone Falls Into Houthi Hands
  Sixth US Reaper Drone Falls Into Houthi Hands

  Via The Cradle

  A US MQ–9 Reaper drone came down over Yemen on Wednesday, video footage and images circulating social media have confirmed. This marks the sixth US MQ-9 Reaper to fall into the hands of Yemen’s Ansarallah movement and Armed Forces (the Houthis).

  Yemeni forces have yet to confirm whether the drone was downed or if it crashed, as video footage shows the US drone in near-perfect condition. The fourth and fifth MQ-9 Reaper drones were shot down on 17th and 21st of May. The MQ-9 Reaper is worth around $30 million.

  

  Washington and London have, since January, been waging a brutal campaign of airstrikes against Yemen in response to the pro-Palestine naval operations that Ansarallah and the Yemeni army began in November last year.

  The start of the US-led war against Yemen prompted Yemeni forces to begin targeting US and British vessels alongside those linked to or bound for Israel. 

  The western campaign has done nothing to deter the Yemenis. US and EU maritime task forces have failed to progress in preventing attacks on ships in the Red Sea, Arab Sea, Indian Ocean, and elsewhere, which have resulted in a strain on both the Israeli economy and international shipping as a whole. 

  The Yemeni Armed Forces announced in a statement on Wednesday that it targeted six ships in three different seas, using both missiles and drones. Three ships were struck in the Red Sea, another two US ships were hit in the Arabian Sea, while one oil tanker was hit in the Mediterranean. 

  Yemen said at the start of May that its operations would expand into the Mediterranean Sea, following its announcement in March that the Indian Ocean would be included in its scope of attacks. 

  BREAKING | The downing of yet another US MQ-9 drone by the Yemeni Armed Forces in Marib. pic.twitter.com/oNGQlzr3OS

  — The Cradle (@TheCradleMedia) May 29, 2024

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  It has repeatedly vowed that it will continue its operations until the war in Gaza is brought to an end and until the siege is lifted and sufficient amounts of aid are brought in to the Palestinians. 

  “We believe that the famine currently occurring in Gaza is sufficient to provoke the feelings of the entire world, and therefore we are working day and night to develop and expand our operations to lift this injustice and stop these crimes against the people of Gaza,” a Yemeni official told Mondoweiss on May 26. 

  Tyler Durden
  Wed, 05/29/2024 – 19:00

• Furiosa Box Office Flop Signals The Death Of Feminist "Boss Babe" Films
  Furiosa Box Office Flop Signals The Death Of Feminist “Boss Babe” Films

  A decade in the movies is a lifetime in terms of popular culture.  Back in 2015 the future of American film and television still seemed bright with a host of box office winners every year making billions of dollars per production.  However, something sinister was bubbling under the surface in Hollywood.

  Maybe it was two terms of Barack Obama and far-left politics that spurred the change, maybe it was a confluence of random coincidences, maybe it was the threat of a possible Donald Trump presidency or maybe the social engineers simply decided it was time, but from 2015 to 2016 everything changed in Tinsel Town.  The entertainment industry has always been overly progressive in nature (not to mention perpetually degenerate), but this new wave of “woke” collectivism was something entirely different.

  Someone turned the propaganda dial up to eleven.  Since then media companies have been on a relentless campaign of DEI (Diversity, Equity and Inclusion).  Their goal?  To saturate every corner of pop culture with feminism, critical race theory and LGBT indoctrination to the point that it’s impossible to walk into a movie theater or turn on the TV without being psychologically molested (a problem Hollywood is famous for).  

  The agenda went even further that that, though.  The industry not only set out to make every single project woke, they also tried to go back in time and retroactively erase characters they don’t like anymore – Specifically, straight white male heroes.

  In December of 2015 Disney’s feminist Star Wars series was launched with ‘Force Awakens’ and Sony went even more obvious with their all-female Ghostbusters cast in 2016. The rise of the “boss babe” trope was at hand and an army of infallible, all powerful and insufferable Mary Sues was unleashed. The trend started with reboots; movies and shows with no originality that replaced popular male protagonists with less interesting female characters.  Those people that tracked the drama around Ghostbusters might recall that establishment journalists lost their minds when the movie’s feminist messaging was highly criticized.  Fans were constantly attacked as “bigots.” 

  Production companies were simply stealing the stories of beloved classic blockbuster films and putting women in the primary roles.

  

  While there was more attention surrounding Star Wars and Ghostbusters, there was another movie released in 2015 that some commentators warned about; a movie that launched the feminist subversion trend using what we now call the “bait and switch” strategy.  That movie was ‘Mad Max: Fury Road.’

  To be sure, plenty of people at the time enjoyed Fury Road and still do.  It wasn’t widely known that director George Miller’s wife was reportedly a militant feminist and he had also adopted feminist politics later in life. Miller told Vanity Fair in May 2015:

  “I’ve gone from being very male dominant to being surrounded by magnificent women. I can’t help but be a feminist.” 

  This might explain why Mad Max: Fury Road is strangely devoid of the popular Mad Max character for a large part of the film. Instead, we are treated to a “badass” boss babe in the form of a new female protagonist called Furiosa.  Critics at the time warned that Fury Road was a feminist bait and switch – Using an original popular male character as a vehicle to promote his eventual female feminist replacement.

  Almost ten years later we have now come full circle with the theatrical release of Furiosa: A Mad Max Saga, proving the critics right.  Audiences mostly ignored Fury Road’s bait and switch in 2015, maybe because people had no inkling of the woke agenda behind it.  In 2024, things have changed dramatically.  Movies are worse in terms of propaganda but at least audiences are now savvy to the game and they aren’t paying to be brainwashed anymore.  

  No one wants to see a Mad Max Movie without Mad Max, and it would appear that the era of the boss babe is dead. 

  

  Furiosa officially flopped hard at the box office with the worst Memorial Day weekend performance in over 30 years.  The film’s opening draw is being called ‘disastrous’, even by the Hollywood media.  It’s budget is estimated at around $300 million including marketing and promotion, yet it only netted $30 million in the long holiday weekend.  It will require around $500 million in theater receipts just to break even (theaters take 50% of all ticket sales). 

  The prequal flick has received positive reviews and the media is apparently stumped as to why it’s not performing better.  Some analysts blame inflation and the higher cost of living, making recreational spending more difficult for most families.  Some studio executives still blame the pandemic, believe it or not.  The problem is that these theories have been debunked.  Certain movies have performed very well in the past year which means the public is still hungry for entertainment, they just aren’t hungry for Furiosa.

  With the exception of the Barbie Movie (a feminist movie marketed as a romantic comedy that ultimately had no romance in it), every feminist film is now bombing.  There is no money to be made in these endeavors and all that sweet ESG cash has dried up.

  The hailstorm of woke movie failures might have caused Furiosa to suffer collateral damage.  Maybe the box office embarrassment of the film is unfair.  But, it’s not unfair to point out that Hollywood did this to themselves.  Any hint of feminist propaganda and audiences turn their noses up; odds are good the movie will be a waste of their hard earned cash.  For now, media companies still refuse to learn their lesson.  What’s the lesson?  Get Woke, Go Broke.

  Tyler Durden
  Wed, 05/29/2024 – 18:40

• Scientific Misconduct Has Eroded Public Trust And Accountability
  Scientific Misconduct Has Eroded Public Trust And Accountability

  Authored by Tony Nikolic via The Epoch Times (emphasis ours),

  Scientific misconduct has cast a long shadow over the fields of medicine and public health, significantly impacting public trust and posing serious ethical and legal challenges.

  

  Cases from the United States, UK, and Australia reveal a troubling pattern, where scientific integrity is compromised, and often influenced by the commercial interests of multinational corporations.

  This article explores these impacts, the erosion of trust in journals and institutions, and the legal consequences faced by entities engaging in or abetting such misconduct.

  Erosion of Public Trust

  Public trust is the cornerstone upon which the medical field rests. However, instances of scientific misconduct, particularly those involving pharmaceutical giants, have led to a growing public skepticism prompting some experts to initiate programs such as Restoring Invisibile and Abandoned Trials (RIAT) Initiative.

  One notorious example is Study 329, a clinical trial funded by GlaxoSmithKline that misleadingly promoted the safety and efficacy of the antidepressant paroxetine in adolescents.

  The misleading publication in 2001 has had long-standing effects on antidepressant use in children, contributing to a mistrust in pharmaceutical research.

  The study exposed allegations of researchers miscoding side effects to the extent that serious adverse events occurred in 11 patients in the paroxetine group, five in the imipramine group, and two in the placebo group.

  Ten of the 11 serious adverse events in the paroxetine group were psychiatric, for example, depression, suicidality, hostility or euphoria, some of the very issues the medications were indicated to treat.

  In 2004, Dr. Elspeth Garland, a professor at the University of British Columbia, called attention to the “weak or non-existent evidence of efficacy” of SSRIs in this setting and the “serious psychiatric adverse effects” of paroxetine.

  A British Medical Journal editorial documents that there has been no correction, no retraction, no apology and mostly no comment from the authors, journal editor, or from the universities where authors worked in 2001.

  The RIAT analyses of Study 329 and the lack of any correction of the original flawed paper have major implications for clinical practice decisions being made on the basis of published clinical trials.

  Leading experts on clinical trials now believe that we must question the validity of the data and conclusions of all published clinical trials that have not been subject to independent analysis.

  Independent analysis of Study 329 demonstrated serious harms and a lack of efficacy for acute and longer-term use of paroxetine and imipramine for adolescents with major depression.

  • This example of the RIAT initiative reveals that the current methods of trial conduct, analysis and publication are unacceptable and required further oversight.
  • Published conclusions about efficacy and safety of drugs without independent analysis cannot be accepted as trustworthy.
  • It is essential that primary trial data and protocols for all clinical trials be made available for independent analysis.

  Decline in Journal Credibility

  The integrity of scientific publishing has been seriously questioned in light of misconduct. The retraction of high-profile papers has not only marred the reputation of journals but also shaken the faith of the public in medical research outputs.

  For instance, the retractions of COVID-19 research papers by reputable journals due to questionable data integrity have only added to the public’s confusion and distrust during a global health crisis.

  Independent evaluations of clinical trials for medications and vaccines, like the COVID-19 vaccine, are essential as a utilitarian tool to safeguard the community from potentially harmful practices by multinational companies.

  These evaluations ensure that all side effects are accurately reported and assessed, mitigating risks associated with underreporting.

  For example, during the rollout of the COVID-19 vaccines, independent reviews were crucial in identifying rare but serious side effects, such as blood clots associated with the AstraZeneca vaccine. This led to tailored usage recommendations to maximise safety.

  However, during the COVID period, drug regulators, government officials and pharmaceutical companies were suspected of hiding data, underemphasising side effect reports, reports of harm and deaths until public inquiries, court challenges, and independent media came knocking.

  Although dismissed as conspiracy theories, the issue of scientific misconduct, suppression/censorship of independent data and expert testimony remains an area of significant concern.

  Similarly, the re-examination of the anti-inflammatory drug Vioxx highlighted the importance of independent scrutiny after initial trials underreported serious cardiovascular risks, leading to its eventual market withdrawal.

  These cases underscore the value of independent evaluations in maintaining transparency, fostering public trust, and ensuring that the collective health benefits of medical products outweigh potential risks.

  Legal Repercussions and Corporate Influence

  Legal actions against pharmaceutical companies have revealed a pattern of behaviour intended to prioritize profits over public safety. Notably:

  1. Merck’s Vioxx Controversy: Merck faced numerous lawsuits for concealing the risks of its painkiller, Vioxx, which was linked to increased risk of heart attacks and strokes. The company settled for $4.85 billion in 2007, one of the largest pharmaceutical court settlements.
  2. Pfizer Inc.: In 2009, Pfizer Inc. was fined $2.3 billion for violations under the False Claims Act, marking it as the largest healthcare fraud settlement at that time. This legal action addressed Pfizer’s illegal promotion of several pharmaceutical products, including the anti-inflammatory drug Bextra. The settlement included a criminal fine of $1.195 billion and civil liabilities amounting to approximately $1 billion. This case highlighted significant issues regarding the underreporting of side effects and the unethical promotion of medical products beyond their approved usage, demonstrating the critical need for independent evaluations to safeguard public health.
  3. GlaxoSmithKline (GSK) and Study 329: In 2012, GSK agreed to pay $3 billion in fines, in part for fraudulently promoting paroxetine. This case highlighted the issue of publishing biased research to support pharmaceutical sales, leading to one of the largest healthcare fraud settlements in U.S. history.
  4. AstraZeneca and COVID-19 Vaccine: The AstraZeneca COVID-19 vaccine faced scrutiny and legal challenges due to initially undisclosed rare blood clot risks. Though not leading to significant legal penalties, this issue has fuelled debates on transparency and safety in emergency vaccine approvals.

  Global Legal Frameworks

  Various countries have developed frameworks to address and mitigate scientific misconduct:

  • United States: The Office of Research Integrity (ORI) oversees the integrity of biomedical and behavioural research supported by the Public Health Service. Penalties for misconduct can include debarment from funding and criminal charges.
  • United Kingdom: The UK Research Integrity Office offers guidance and support for good research practice but lacks enforcement power. Legal actions tend to be taken directly against entities like pharmaceutical companies rather than individual researchers.
  • Australia: The Australian Code for the Responsible Conduct of Research outlines standards for honesty, rigour, and transparency. Breaches can result in withdrawal of funding and reporting to professional bodies.

  Despite these facades existing globally, the exaggerated COVID crisis has raised many questions about the perceptions the community have about such bodies and their capacity to discharge their duties independently.

  With regard to the COVID crisis, we saw many pharmaceutical executives, public figures, media personalities, so-called public health experts, politicians, and corporations making statements about the safety and efficacy of COVID vaccines that did not appear in some of the contracts for the vaccines globally.

  This, in addition to the journals purporting to find results without the clinical trial ending, demonstrated a perceived bias that perforated the halls of institutions that would otherwise protect citizens from such overreach.

  Instead, these institutions turned into corporate cheerleaders supporting the utilitarian benefits of an untested mRNA genetic experiment that were showing significant safety signals in relation to genotoxicity, carcinogenicity and fertility problems early on.

  The Way Forward: Safeguarding Scientific Integrity

  To protect science from undue corporate influence, stronger regulatory and legislative measures are necessary. These include:

  • Enhanced Disclosure Requirements: Researchers and journals must disclose all conflicts of interest and funding sources to prevent biased research outcomes.
  • Independent Oversight: Bodies like the European Medicines Agency (EMA) and the Food and Drug Administration (FDA) in the United States are pivotal in the independent review and approval of drugs, ensuring that corporate interests do not compromise public safety.
  • Public and Transparent Research Registers: Initiatives like the AllTrials campaign advocate for the registration of all clinical trials and the full publication of their results to prevent data suppression and selective reporting.

  The challenge of scientific misconduct in public health is a multifaceted problem that extends beyond individual instances of fraud to include systemic issues related to the influence of multinational corporations, major institutions, and persons acting in their capacity as public officials.

  Restoring public trust requires a concerted effort to enforce rigorous legal and ethical standards in scientific research and publishing.

  Only through transparency, accountability, and enhanced regulatory oversight with strong judicial responses can we hope to protect the integrity of science and ensure that it serves the public good, rather than specific corporate interests.

  References

  • Legal case of GlaxoSmithKline: United States v. GlaxoSmithKline LLC, Case No. 11-10398-RWZ (D. Mass. July 2, 2012).
  • Settlement announcement for Merck’s Vioxx: In re Merck & Co., Inc. Securities, Derivative & “ERISA” Litigation, 2:05-md-01657 (D.N.J. 2007).
  • Letter 101 Study 329: Why is it so important?

  Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.

  Tyler Durden
  Wed, 05/29/2024 – 18:20

• Chaos In Mexico: Angry Mob Attempts To Set Fire To Israeli Embassy
  Chaos In Mexico: Angry Mob Attempts To Set Fire To Israeli Embassy

  AFP journalists report that riots broke out overnight between police and a group of 200 angry protesters outside the Israeli embassy in Mexico. The demonstrators, participating in a protest called “Urgent Action for Rafah,” were denouncing the Israeli military operation in the southern Gazan city of Rafah. The unrest followed an Israeli strike on a displacement camp near Rafah that killed 45 people earlier in the week. 

  Some protesters covered their faces and threw stones at riot police who blocked their path to the diplomatic complex in the city’s Lomas de Chapultepec neighborhood.

  Around 200 people joined the “Urgent Action for Rafah” demonstration, about 30 of whom started to break down barriers preventing them from reaching the Israeli mission.

  Police officers deployed tear gas and threw back the stones hurled at them by protesters.-AFP 

  According to The Jewish Chronicle, “Rioters on Tuesday set fire to the Israeli Embassy,” adding, “The riot came after Mexico filed a declaration of intervention in South Africa’s “genocide” case against Israel at the International Court of Justice.” 

  There has been no official confirmation of fire damage to the embassy.

  Here’s what happened last night:

  BREAKING NEWS: Protesters have just set fire to the Israeli embassy in Mexico City. pic.twitter.com/pDtB990mjn

  — Karim Wafa-Al Hussaini (@DrKarimWafa) May 29, 2024

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

  A violent pro-Hamas demonstration involving hundreds of people outside the Israeli embassy in Mexico City, overnight. The aggressors tried to break through fences, threw grenades of various kinds and Molotov cocktails, and attempted to set the embassy on fire.

  At least six… pic.twitter.com/OlOjmwgmYC

  — 𝑐ℎ𝑖𝑙𝑙𝑖𝑛𝑜𝑖𝑠 (@chiIIum) May 29, 2024

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

  In protest against Israel’s genocide in Gaza, Mexican protesters escalate outside the Israeli embassy in Mexico City, starting a fire, trying to break through the fence, and throwing Molotov cocktails. pic.twitter.com/YvaKRjkm8a

  — The Cradle (@TheCradleMedia) May 29, 2024

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  Carnage in Mexico as rioters set fire to the Israeli Embassy in Mexico City and hurl stones and bricks at police during an ‘Action for Rafah’ event. pic.twitter.com/aVY7bJhntx

  — Oli London (@OliLondonTV) May 29, 2024

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  There were reports that rioters tried to storm the embassy. 

  Appalling scenes in Mexico!

  Rioters set fire to the Israeli Embassy in Mexico City and 200 activists, while throwing stones, tried to storm the building. 6 injured.
  pic.twitter.com/1QFtXccv1g

  — Emily Schrader – אמילי שריידר امیلی شریدر (@emilykschrader) May 29, 2024

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  There are no reports on who funded “Urgent Action for Rafah.”

  However, in the US, non-profits linked to the Popular Front for the Liberation of Palestine (PFLP), which is designated as a Foreign Terrorist Organization by the US, have been fueling protests at colleges and universities. These organizations have also facilitated protests to disrupt critical infrastructure such as airport terminals, bridges, and highways.

  If the momentum continues into summer, then the risks of a ‘BLM 2.0-style’ movement could plunge the US into social turmoil ahead of the elections.  

  Tyler Durden
  Wed, 05/29/2024 – 18:00

• Goldman Says Buy China Stock Dip After Rally Stalls
  Goldman Says Buy China Stock Dip After Rally Stalls

  By Ye Xie, Bloomberg markets live reporter and strategist

  China’s stock rally has lost a bit of momentum. But Goldman Sachs, one of the most vocal bulls, says the pullback creates buying opportunities.

  The CSI 300 benchmark has retreated about 3% since reaching a seven-month high on May 20, while Hong Kong’s Hang Seng Index has declined about 4%.

  It seems the Chinese market is running out of good news. While Beijing announced its most forceful attempt yet to rescue the nation’s beleaguered property market, the funding support has so far been deemed insufficient. The earnings season didn’t provide anything to suggest a robust profit recovery is underway. And the US government’s new tariffs on Chinese imports didn’t help sentiment either.

  For Goldman Sachs strategists, the retreat isn’t particularly surprising after double-digit gains since February’s lows. They pointed out that the MSCI China Index almost inevitably declines at least 5% in about 20 trading days after reaching a technical bull market, which is defined as a 20% rally from the bottom.

  

  It occurred in 22 out of 23 such episodes over the past two decades. But in about half of those cases, the market resumed the rally, gaining an additional 31% on average over the following three months, according to strategist Kinger Lau and his colleagues.

  What’s more, the strategists said investors’ positioning in China’s equity market remains near historical lows, leaving room for them to add holdings.

  

  In addition, while the government’s latest move to support the housing market isn’t forceful, it nonetheless signaled that that the prolonged property sector weakness has likely breached policymakers’ pain threshold, the strategists wrote. They summarized their market view as such:

  The pullback hasn’t changed our core views/thesis on China equity, if anything, it provides a better entry point for investors to capitalize China’s rising portfolio value (i.e. diversification benefits), downside policy put underwritten by the government, and upside optionality on capital market reforms.

  Tyler Durden
  Wed, 05/29/2024 – 17:40

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