- These Are The Richest Billionaires In Each US State
These Are The Richest Billionaires In Each US State
The number of billionaires in the U.S. increased 5% compared to last year, going from 720 super wealthy individuals to 775.
As Visual Capitalist’s Avery Koop details below, the richest of the rich are concentrated in states like Texas, California, and New York, but there is almost one billionaire in every single state.
This map uses data from Forbes to showcase the wealthiest billionaire in each state.
The State-by-State Breakdown
According to Forbes, just four states are home to 61% of the country’s billionaires: California (179), New York (130), Florida (92), and Texas (73).
Here’s a closer look at the data on who takes the title of the richest in each state:
Name State Residence Net Worth (Est.) Source of Wealth Jimmy Rane Alabama Abbeville $1.2 B Lumber Arturo Moreno Arizona Phoenix $4.8 B Billboards, Los Angeles Angels Jim Walton Arkansas Bentonville $64.4 B Walmart Larry Page California Palo Alto $105.0 B Google Philip Anschutz Colorado Denver $10.8 B Energy, sports, entertainment Ray Dalio Connecticut Greenwich $19.1 B Hedge funds Ken Griffin Florida Miami $32.7 B Hedge funds Dan Cathy, Bubba Cathy, and Trudy Cathy White Georgia Atlanta $11.0 B Chick-fil-A Larry Ellison Hawaii Lanai $146.0 B Oracle Frank VanderSloot Idaho Idaho Falls $3.2 B Nutrition, wellness products Lukas Walton Illinois Chicago $22.9 B Walmart Carl Cook Indiana Bloomington $10.3 B Medical devices Harry Stine Iowa Adel $6.9 B Agriculture Charles Koch Kansas Wichitia $56.9 B Koch Industries Tamara Gustavson Kentucky Lexington $7.3 B Self storage Gayle Benson Louisiana New Orleans $4.7 B New Orleans Saints Susan Alfond Maine Scarborough $2.7 B Shoes Annette Lerner & family Maryland Chevy Chase $6.3 B Real Estate Abigail Johnson Massachusetts Milton $21.0 B Fidelity Daniel Gilbert Michigan Franklin $19.5 B Quicken Loans Glen Taylor Minnesota Mankato $2.6 B Printing Thomas Duff & James Duff Mississippi Hattiesburg $2.3 B Tires, diversified John Morris Missouri Springfield $8.3 B Sporting goods retail Dennis Washington Montana Missoula $6.4 B Construction, mining Warren Buffet Nebraska Omaha $117.0 B Berkshire Hathaway Mirian Adelson & family Nevada Las Vegas $36.2 B Casinos Rick Cohen & family New Hampshire Keene $18.8 B Warehouse automation Rocco Commisso New Jersey Saddle River $8.0 B Telecom Ron Corio New Mexico Albuquerque $1.7 B Solar Michael Bloomberg New York New York City $94.5 B Bloomberg LP James Goodnight North Carolina Cary $9.3 B Software Gary Tharaldson North Dakota Fargo $1.2 B Hotels Lex Wexner & family Ohio New Albany $6.0 B Retail Harold Hamm & family Oklahoma Oklahoma City $18.5 B Oil & gas Phil Knight & family Oregon Hillsboro $41.8 B Nike Jeff Yass Pennsylvania Haverford $28.5 B Trading, investments Jonathan Nelson Rhode Island Providence $3.1 B Private equity Robert Faith South Carolina Charleston $5.2 B Real estate management T. Denny Sanford South Dakota Sioux Falls $2.0 B Banking, credit cards Thomas Frist Jr. & family Tennessee Nashville $22.3 B Hospitals Elon Musk Texas Austin $230.0 B Tesla, SpaceX Gail Miller Utah Salt Lake City $4.2 B Car dealerships John Abele Vermont Shelburne $1.9 B Healthcare Jacqueline Mars Virginia The Plains $39.4 B Candy, pet food Jeff Bezos Washington Medina $149.0 B Amazon John Menard Jr. Wisconsin Eau Claire $18.1 B Home improvement stores John Mars Wyoming Jackson $39.4 B Candy, pet food Many billionaires in the U.S. are extremely well-known, such as California’s Larry Page, New York’s Michael Bloomberg, or Washington state’s Jeff Bezos.
Interestingly, Bill Gates doesn’t take the top spot as the richest billionaire in Washington because Bezos has a higher net worth—$149 billion vs. Gates’ $104 billion—although they do live in the exact same town of Medina, WA.
Nearly every state is home to at least one billionaire, some far wealthier than others, like Nebraska’s Warren Buffett ($117 billion), compared to Alabama’s Jimmy Rane ($1.2 billion). Some new states, which gained billionaires this year include Alabama, New Hampshire, and Vermont.
Billionaire Wealth
The number of billionaires globally is following a different trend than the one in the U.S., declining year-over-year, and seeing billionaire wealth overall decrease by $500 billion.
The U.S. is home to almost 30% of all the world’s billionaires and while a few like Sam Bankman-Fried and Kanye West lost their billionaire status this year, many continue to get richer. In addition to Ron Corio, New Mexico’s first ever billionaire, eight other individuals on the U.S. list gained billionaire status in the last four years.
Finance and investments, food and beverage, fashion and retail, and technology are the top sources of wealth for U.S. billionaires, with almost 50% of them gaining their fortunes from these specific industries.
Tyler Durden
Sat, 09/02/2023 – 23:00 - Pentagon Extends Troop Deployment At US-Mexico Border Through September
Pentagon Extends Troop Deployment At US-Mexico Border Through September
Authored by Aldgra Fredly via The Epoch Times,
The U.S. Defense Department said Thursday that it will extend the deployment of up to 400 active-duty American troops at the U.S. southern border with Mexico until at least the end of September.
The Pentagon had pulled 1,100 troops from the border last month but extended the deployment of the remaining 400 soldiers.
“On Aug. 24, 2023, the secretary of defense approved an extension of up to 400 personnel providing support to Customs and Border Protection on the southwest border through Sept. 30, 2023,” Pentagon spokesman Lt. Col. Devin Robinson told NBC News on Sept. 1.
Secretary of Defense Lloyd Austin approved in May the deployment of 1,500 active-duty troops to the southern border for 90 days to assist border officials with a possible influx of illegal immigration at the border.
The Pentagon said the troops will “fill critical capability gaps, such as ground-based detection and monitoring, data entry, and warehouse support” but will not directly participate in law enforcement activities.
The troops were intended to help back up border officials dealing with the end of Title 42, which allowed U.S. authorities to quickly expel tens of thousands of migrants from the country in the name of protecting Americans from COVID-19.
Spike in Illegal Border Crossings
Data released by Customs and Border Protection (CBP) on Aug. 18 showed that the U.S. Border Patrol recorded 132,652 encounters between ports of entry along the southwest border in July, up from 99,545 in June.
Migrants seeking asylum wait for U.S. Customs and Border Protection agents to allow them enter the United States at the San Ysidro crossing port on the US-Mexico border, as seen from Tijuana, Baja California state, Mexico on May 31, 2023. (Guillermo Arias/AFP via Getty Images)
According to CBP data, the U.S. Border Patrol encountered an average of 2,016 single adults per day in July alone, marking a 66 percent decrease from the 6,164 they encountered per day in the first 11 days of May.
“CBP’s message for anyone who is thinking of entering the United States without authorization or illegally along the southwest border is simple: don’t do it. When noncitizens cross the border unlawfully, they put their lives in peril,” it stated.
CBP One App
The latest numbers also reflect a sharp increase in use of the CBP One mobile app through which up to 1,450 migrants can get appointments at land crossings with Mexico to seek asylum. CBP processed more than 44,700 individuals with CBP One appointments at ports of entry in July.
CBP One is for people of any nationality in central and northern Mexico entering the United States by land and seeking asylum or humanitarian parole.
Migrants must book an appointment through the app and show up to the appointment at U.S. ports of entry. If they don’t have an appointment, they would be turned away.
Rep. Tom McClintock (R-Calif.) said on July 26 at the House Judiciary Committee hearing that the influx of people at the border has not decreased, noting that the CBP One app “allows migrants to bypass the southern border and enter directly in the United States’ ports of entry.”
“Instead of bringing them to the southern border, you’re bringing them directly to ports of entry,” Mr. McClintock said.
Texas Attorney General Ken Paxton makes a statement at his office in Austin, Texas, on May 26, 2023. (Eric Gay/AP Photo)
Texas Attorney General Ken Paxton filed a lawsuit against the Biden Administration on May 23 to challenge a rule that encourages illegal immigrants to use CBP One app to seek entry into the United States.
Mr. Paxton said the app encourages illegal immigration to the United States because it “cannot verify that an illegal immigrant would qualify for an exception, which would prevent them from being deported.”
“The Biden Administration deliberately conceived of this phone app with the goal of illegally pre-approving more foreign aliens to enter the country and go where they please once they arrive,” he said in a press release.
Tyler Durden
Sat, 09/02/2023 – 22:30 - Where Smoking Breaks The Bank (& Where It Doesn't)
Where Smoking Breaks The Bank (& Where It Doesn’t)
Australia is the world’s most expensive country in which to be a smoker, with one pack alone tearing a hole of almost US$26 in an Australian smoker’s wallet. Australia’s neighbor New Zealand is almost as pricey with a 20 pack of Marlboros costing upwards of US$22. The third most expensive country in the ranking was Ireland, where the identical pack costs the equivalent of more than US$16, according to Numbeo.
As Katharina Buchholz reports, the most expensive countries for smokers stayed the same since 2019, with the Norway and the UK rounding off the top 5.
You will find more infographics at Statista
France – known to be a nation not opposed to smoking – has also upped its prices from $8.88 in 2019 to $11.70 in 2021 and is now contemplating raising prices again.
Cigarette prices in the U.S. have been rising more slowly – from $7.43 a pack in 2019 to $8.00 a pack in 2021 and $9.00 in 2023.
Australia’s, as well as New Zealand’s smokers, are probably jealously eyeing Turkish people’s smoking expenses.
There, they could get almost an entire pack of cancer sticks for the price of one, meaning that Australians pay about as much for a single smoke as people in Turkey do for a whole pack.
Tyler Durden
Sat, 09/02/2023 – 22:00 - San Francisco Records More Than A Dozen Suspected Overdose Deaths In One Day
San Francisco Records More Than A Dozen Suspected Overdose Deaths In One Day
Authored by Travis Gillmore via The Epoch Times,
Videos from San Francisco posted on social media Aug. 30 show morgue vans loading bodies amid scenes of widespread addiction, with people folded up and contorted in unnatural positions in what many describe as dystopian settings on the streets of downtown.
Posts on X, formerly known as Twitter, repeatedly shared by locals indicated that as many as 18 overdose deaths took place in San Francisco throughout the day, but a spokesperson for the chief medical examiner’s office told The Epoch Times by email Aug. 31 that 13 deaths occurred and are currently under investigation.
“Today, the Office of the Chief Medical Examiner initiated examinations on 13 cases received within the past twenty-four hours,” the spokesperson wrote.
“The case and manner of death for these decedents remain under review.”
No toxicology results are yet available, and the examiner’s office had no further comment.
Approximately 2,500 people have died from overdose in San Francisco since 2020, according to medical examiner statistics (pdf) including the first seven months of 2023.
More than 81 percent of such cases revealed fentanyl during toxicology testing.
While deaths dipped slightly last year, numbers are now on the rise and on pace to set a record, as more than 500 have occurred in the city so far, with 71 accidental overdose deaths in July alone, according to the medical examiner’s data.
Overdose locations are spread throughout the city and concentrated in certain areas, based on medical examiner records.
Known for high crime and open-air drug markets, the Tenderloin accounts for approximately 18 percent of deaths, with the SOMA area, which is short for South of Market located blocks from Union Square, and Polk/Russian Hill—known for curvy, picturesque Lombard Street—each accounting for 20 percent.
Homeless people gather near drug dealers in the Tenderloin District of San Francisco on Feb. 22, 2023. (John Fredricks/The Epoch Times)
Fentanyl is responsible for the majority of deaths this year, according to testing results released by the medical examiner.
Odorless, tasteless, and highly toxic, the insidious nature by which fentanyl poisonings occur in unsuspecting victims is leading to rising numbers of overdose deaths, according to experts.
New synthetic analogs—drugs that are similar chemically but not identical to fentanyl— and other tranquilizers including Xylazine and Isotonitazine further complicate matters, as they are resistant to opioid reversal medications like naloxone, better known as Narcan. Xylazine is responsible for at least 16 deaths in San Francisco in 2023, according to the report, and isotonitazine is reportedly 20 times stronger than fentanyl, according to the Drug Enforcement Agency.
Victim advocates and family members of those lost to addiction wrote thousands of names in chalk on the sidewalk outside City Hall that night, as the deaths occurred one day before San Francisco Supervisor Dean Preston held a gathering to bring attention to International Overdose Awareness Day on Aug. 31.
“Overdoses are at crisis levels,” Mr. Preston wrote on X the same day.
“Today & every day, I’ll continue to work to ensure our city is using every evidence-based tool at our disposal—including overdose prevention, treatment on demand, recovery resources—to reduce overdoses [and] save lives.”
Supervisors have faced scrutiny on social media, as concerned residents express disappointment in the public safety issues plaguing the city, and many questioned Mr. Preston’s post with comments about perceived policy failures.
A drug user displays fentanyl in the Tenderloin District of San Francisco on Feb. 23, 2023. (John Fredricks/The Epoch Times)
At the drug awareness gathering, one advocate for harm reduction—which focuses on education and overdose prevention as opposed to prosecution—was pictured at the event waving a sign declaring “Downtown is for drug users,” and another wore a “police are terrorists” shirt.
Responsible for nearly 6,000 deaths a year in California, as of the latest statistics from the Department of Public Health covering 2021, fentanyl is drawing attention from lawmakers on both sides of the aisle.
Bipartisan bills seeking to increase penalties for fentanyl distribution were met with resistance in the Legislature, with members of public safety committees in both houses voicing preference for rehabilitation and overdose prevention.
Some lawmakers voiced reluctance to advance any proposals that include punitive measures, including incarceration, arguing that doing so would be extending the “failed War on Drugs.” Subsequently, eight of nine such bills were killed earlier this year.
California Gov. Gavin Newsom announced in May a joint operation between California Highway Patrol and the National Guard to disrupt fentanyl distribution in San Francisco.
Since then, hundreds of arrests have been made and enough fentanyl seized in two neighborhoods—56 kilograms—to kill nearly the state’s entire population, according to San Francisco Mayor London Breed’s office released Sept. 1.
Tyler Durden
Sat, 09/02/2023 – 21:30 - These Are The Highest-Earning Creators Of The Internet Content Machine
These Are The Highest-Earning Creators Of The Internet Content Machine
At the 2023 Streamy Awards which aired Sunday night on YouTube, content creator MrBeast aka Jimmy Donaldson won the main category Creator of the Year as well as the award for Best Collaboration (with Dwayne “The Rock” Johnson). The 25-year-old who grew up in North Carolina was the only winner taking home multiple awards, showing the resounding success he has had with his YouTube channel focused on over-the-top challenges (and the occasional grand gesture).
As Statista’s Katharina Buchholz reports, the latest release of Forbes’ list of the most successful internet creators lists Donaldson as the highest-earning of them all – at a yearly gross of $54 million. The MrBeast channel was also the second-most followed on YouTube as of August 2023 – up from rank 4 at the beginning of the year. In this time span, Donaldson has attracted attention for paying for operations making 1,000 blind people see and 1,000 deaf people hear.
You will find more infographics at Statista
YouTubers generally ranked high among the best-paid content creators. One aspect of this is sponsored posts as well as ads earning more if they are in a video format. According to Forbes, Donaldson is in fact capitalizing on this aspect. However, many creators who have earned millions as social media personalities have done so by outside business deals. Third-ranked Jake Paul who started out as a comedy and music creator on Vine and later YouTube has pivoted to boxing and merchandise sales. Rhett McLaughlin and Link Neal of channel Rhett & Link have branched out from YouTube sketch comedy and other entertainment content to live appearances and merch sales. Mark Edward Fischbach, known as Markiplier on YouTube, initially uploaded gaming videos, but now also earns most of his cash with, again, merch sales as well as podcast and TV deals.
Elliot Tebele might have come the longest way from posting memes on Tumblr to running a media company that includes notable Instagram accounts like FuckJerry, TV productions, consulting and even board games. Jerry Media has worked or is working with notables like Michael Bloomberg (during his 2020 presidential run), Seth Phillips (“Dude With Sign”) and the Instagram egg. Tebele’s brand Jaja Tequila is also bringing in money.
The highest-earning female content creator (at least in 2021) was Danielle Bregoli aka Bhad Bhabie, making her millions on OnlyFans – a platform with a straightforward monetizing strategy. The 20-year-old actually started out as a meme herself, after a video clip and pictures of her 2016 appearance on TV show Dr. Phil went viral and made her the Cash-me-outside girl at just 13 years old. Bregoli built a sizable music career in the years that followed and has been cashing out on OnlyFans since turning 18 in March 2021. Alexandra Cooper of the Call Her Daddy podcast and TikTok’s biggest name Charli D’Amelio also make the top 10.
Tyler Durden
Sat, 09/02/2023 – 21:00 - Iowa Governor Kim Reynolds Tries To Scrub Her Lockdown Record
Iowa Governor Kim Reynolds Tries To Scrub Her Lockdown Record
Authored by Kathleen Sheridan via The Brownstone Institute,
It seems that everyone is running from the lockdowns they once supported, and that includes former presidents and governors, and probably mayors too. Apologies would be better so we can at least have an honest accounting rather than an attempt to rewrite the history that everyone knows.
Jack Phillips of Epoch Times alerts readers in his article of August 31, 2023, of Iowa Governor Kim Reynolds’ recent statement on the subject of lockdowns. The Iowa State Government’s website says the following:
“Since news broke of COVID-19 restrictions being reinstated at some colleges and businesses across the U.S., concerned Iowans have been calling my office asking whether the same could happen here. My answer—not on my watch. In Iowa, government respects the people it serves and fights to protect their rights. I rejected the mandates and lockdowns of 2020, and my position has not changed.”
Governor Reynolds “rejected” the mandates and lockdowns of 2020?
She did?
Her position has remained the same? It has?
Could it be the Governor has forgotten her “orders?” On March 17, 2020, Governor Reynolds issued her first “Public Health Disaster Emergency.” Following her long list of “whereas’s,” she ordered the following:
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Restaurants and bars: Closed to the “general public”
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Fitness centers/health clubs, spas, aquatic centers: Closed
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Theaters/performance centers: Closed
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Casinos/gaming facilities: Closed
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Churches: Closed
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Social, community, spiritual, religious, recreational, leisure, and sporting gatherings and events of more than 10 people, including but not limited to parades, festivals, conventions, and fundraisers: Prohibited.
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Senior citizen and adult daycare centers: Closed
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Salons/barber shops: Closed
A few weeks later on April 6, 2020, she doubled down. In this second proclamation, the Governor extended the timeline and expanded what she now says she “rejected.” To add insult, she also formally called on law enforcement to “assist in the enforcement of these ‘mitigation efforts’.”
To wit:
“To encourage further social distancing and mitigation efforts, the proclamation orders additional closures effective at 8:00 a.m. on Tuesday, April 7th until Thursday, April 30th”: (Highlight and underline added)
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Malls
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Tobacco or vaping stores
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Toy, gaming, music, instrument, movie, or adult entertainment stores
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Social and fraternal clubs, including those at golf courses
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Bingo halls, bowling alleys, pool halls, arcades, and amusement parks
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Museums, libraries, aquariums, and zoos
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Race tracks and speedway.
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Roller or ice skating rinks and skate parks
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Outdoor or indoor playgrounds or children’s play centers
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Campgrounds
Should we afford the Governor the benefit of the doubt? That she “rejected” “mandates and lockdowns” all the way through Mar 16, 2020? Then changed her mind? Hence, rejecting them before implementing them?
Should we resist the impulse to accrue to the Governor a little bit of gaslighting in her August 30, 2023 statement? Will she insist that businesses she ordered closed and the behaviors she prohibited* – to be enforced by law enforcement – weren’t “mandated” “lockdowns?” That they were instead “mitigation efforts” as spelled out in her “orders?” That all this merely carried the weight of suggestion? This…so that she can now say that she “rejected” mandates and lockdowns?
At best – at best – this PR stunt strains credulity. Especially when simple searches can recall those pesky things called facts. On the record.
At worst? At worst, why, some might suggest it describes a woman whose actual status rhymes with “fire.”
Maybe the Governor needs a chance to explain herself, including her definition of “rejected.” I can just hear her now: “I did reject the lockdowns before I didn’t.” I daresay that would make for some really great reading.
In the meantime, some of us who rejected all the unlawful nonsense, who were never fooled by any of these fools, who never cooperated and gave up all – remain unfooled – even when the likes of a Kim Reynolds attempts to rewrite history.
I have attached both of Governor Reynolds’ “mitigation effort” orders.
Tyler Durden
Sat, 09/02/2023 – 20:30 -
- Burger King Must Defend Misleading Whopper Lawsuit, Judge Rules
Burger King Must Defend Misleading Whopper Lawsuit, Judge Rules
Fast food chain Burger King finds itself in a flame-broiled fiasco.
A U.S. judge ruled this week that a lawsuit alleging the company cheated its customers by misrepresenting the size of its Whopper sandwiches, would not be dismissed, per the chain’s request.
The ruling came from U.S. District Judge Roy Altman in Miami, Reuters reported this week. The lawsuit alleges that Whopper sandwiches on menu boards in stores mislead customers, creating a breach of contract. The suit is also pursuing negligence-based and unjust enrichment claims, Reuters reports.
The class action lawsuit alleges that the burgers appear 35% larger on menu boards, with ingredients that “overflow over the bun”. The suit also alleges that the burgers on the menu boards have “more than double” the meat that the chain actually serves.
In its response the fast food chain argued that it didn’t need to serve up food that looked “exactly like the picture”. Altman, however, ultimately decided that it would be up to a jury to “tell us what reasonable people think.”
In a statement, Burger King said: “The plaintiffs’ claims are false. The flame-grilled beef patties portrayed in our advertising are the same patties used in the millions of Whopper sandwiches we serve to guests nationwide.”
For those looking to follow along with the action at home, the docket is “Coleman et al v Burger King Corp, U.S. District Court, Southern District of Florida, No. 22-20925”.
In Brooklyn, New York federal court, both McDonald’s and Wendy’s face similar suits, Reuters noted.
Tyler Durden
Sat, 09/02/2023 – 20:00 - There Is No Fed Magic Trick To Achieve A Soft Landing
There Is No Fed Magic Trick To Achieve A Soft Landing
Authored by Mihai Macovei via The Mises Institute,
Economic growth in the United States accelerated to a 2.4 percent annualized rate in the second quarter of 2023, picking up from 2.0 percent in the first quarter, and climbing well above the 1.8 percent rate predicted by economists. Many analysts are surprised that the US economy has continued to expand at a robust pace despite the Federal Reserve’s (Fed) aggressive tightening on monetary policy.
The Fed raised interest rates by more than 500 basis points (bps) since March 2022. And yet, the labor market remains tight with a very low unemployment rate at 3.6 percent while the Standard and Poor 500 stock index is up almost 20.0 percent since the beginning of the year. Economists are optimistic that the Fed could deliver a soft landing by reducing inflation close to the 2.0 percent target while avoiding a recession. But will the Fed’s magic really work?
Insufficient Monetary Tightening
Since the financial crisis of 2008, the Fed had followed an “easy money” policy, but during the pandemic, the Fed leaned even further into this stance. As Consumer Price Index (CPI) inflation accelerated toward 5.0 percent, Fed Chair Jerome Powell belatedly admitted that inflation wasn’t transitory and shifted course. In March 2022, the Fed started raising interest rates but could not prevent inflation from surging to a peak of 9.1 percent in June 2022.
In 2022, it became apparent that the Fed’s tightening on monetary policy was not hawkish enough and that it was more concerned with avoiding a recession and instability of the financial sector. The interest rate hikes were piecemeal, and largely insufficient, as the real interest rate (the difference between the federal funds rate and the inflation rate) remained negative until April 2023 (figure 1).
The current positive real interest rate of about 2.0 percent is still rather low by historical standards and likely continues to artificially stimulate growth. Headline CPI inflation, helped by declining energy prices, may have decelerated to 3.1 percent in June but remains above the Fed’s 2.0 percent target. Moreover, core inflation—which excludes volatile food and energy prices—was at a sticky 4.8 percent in June as wage increases sustained strong consumer spending and second-round inflationary effects.
Figure 1: Federal funds rate and CPI
Source: Data from the Board of Governors of the Federal Reserve System and the Bureau of Labor Statistics.
Most important, the Fed cannot rely only on interest rate hikes to tighten monetary policy. It needs to also shrink its balance sheet via quantitative tightening (QT) to reverse its previous quantitative easing, a policy of massive purchases of Treasury and mortgage-backed securities to boost commercial banks’ reserves and liquidity while lowering longer-term interest rates. Quantitative easing made the Fed’s balance sheet explode to a whopping $9 trillion, as of May 2022 (figure 2), and analysts agree that by reducing bank reserves, QT should exert upward pressure on interest rates while curtailing lending.
Figure 2: Total Fed assets (millions)
Source: Data from the Board of Governors of the Federal Reserve System.
In June 2022, the Fed started implementing its QT policy by shedding its holdings of US Treasuries and mortgaged-backed securities at a rate of $95 billion per month. But this process was undermined by the need to provide liquidity to the banking sector after banks, such as the Silicon Valley Bank, experienced hefty deposit runs. As a result, the Fed’s balance sheet declined by around $600 billion (or about 8.0 percent) from its peak to about $8.3 trillion by the end of July 2023, although the volume of held securities outright dropped by about $900 billion over the same period.
Still Abundant Bank Reserves
Some analysts claim that the Fed can use QT while also providing additional liquidity to select banks in distress (i.e., have its cake and eat it too). This is obviously not true. The main purpose of QT is to withdraw bank reserves via asset sales to reduce the banks’ lending capacity. But what we see is that bank reserves remained at historically high levels (figure 3) despite the Fed’s attempts at monetary tightening. Since the Fed’s Board of Governors reduced reserve requirement ratios on net transaction accounts to 0.0 percent as of March 2020, these reserves are de facto excess reserves on top of which banks can multiply credit. This means that banks still have ample room to lend even if the Fed has hiked the federal funds rate, which may also explain the uneven rise of loan interest rates and resilience of credit activity.
Figure 3: Total bank reserves
Source: Data from the Board of Governors of the Federal Reserve System.
Impact on Interest Rates and Credit
Market interest rates went up since the Fed started its monetary tightening (but not proportionally), reflecting lending maturities and other credit market specificities. The Fed hiked the federal funds rate by 525 bps between March 2022 and July 2023. The bank prime loan rate, which is one of several base rates used by banks to price short-term business loans, mirrored the increase in the Fed’s key rate almost one to one (figure 4).
On the other hand, although longer-term ten-year US Treasury yields rose above 4.0 percent, they went up by less than 200 bps over the same period. The same goes for other bank loan interest rates such as five-year car loans (which went up on average by 330 bps until May 2023), two-year personal loans (which increased by 210 bps), and fifteen- and thirty-year fixed mortgage rates (which rose by close to 300 bps).
Figure 4: Market interest rates
Source: Data on the bank prime loan rate, the federal funds rate, the ten-year Treasury yield, and the finance rate on new auto loans from the Board of Governors of the Federal Reserve System.
This shows that a majority of large and well-capitalized US banks increased loan interest rates much less than the Fed while also paying close to zero interest rates on bank deposits. They can afford it because they have plenty of reserves and liquidity, which the Fed did not mop up, and they continue to lend to the economy. Although the annual growth in total bank credit decelerated from close to 7.0 percent in 2022 to −0.9 percent in the second quarter of 2023, it was primarily driven by the decline in credit to the government, or investment in Treasury securities. At the same time, consumer and real estate loans grew annually by more than 6.0 percent and 5.0 percent respectively in the second quarter of 2023, while commercial and industrial loans recorded a small dip and remained flat in the first half of 2023 (figure 5). As lending to the private sector remained positive, it is unsurprising that economic output also continued to expand.
Figure 5: Private sector credit
Source: Data on consumer loans, real estate loans, and commercial and industrial loans from the Board of Governors of the Federal Reserve System.
Conclusion
The Fed’s magic trick to achieve a soft landing while aggressively tackling inflation is only smoke and mirrors. The Fed’s piecemeal interest rate hikes were not only insufficient to slow the economy down, but they also received very little support from quantitative tightening (i.e., the withdrawal of the liquidity that was previously injected into the system). Left with plenty of reserves, banks helped the economy to grow by continuing to lend while also refraining from increasing lending rates as much as the Fed. As a result, taming inflation is not yet a done deal, as core inflation remains sticky and well above the Fed’s target.
The money supply shrinkage signals economic trouble ahead when the monetary overhang is likely to be worked out in earnest. The Fed’s dovishness has just pushed forward a day of reckoning. Moreover, a steady deterioration of fiscal deficits alongside Gargantuan public projects to boost domestic demand and spur high-tech green infrastructure investment magnify recession risks as the Fed may be forced to further tighten to reduce inflation pressures. Fitch’s recent downgrade of the US’s long-term credit rating over rising public debt and deterioration of governance is just another confirmation that macroeconomic policies have been unsound for too long.
Tyler Durden
Sat, 09/02/2023 – 19:30 - Civil Unrest Fears Grow As Youth Unemployment Accelerates
Civil Unrest Fears Grow As Youth Unemployment Accelerates
In nearly every country in the world, youth unemployment is much higher than general unemployment.
Unfortunately, the pandemic only exacerbated matters. During a crucial stretch of their early careers, young adults were locked out of entry-level jobs, destroying their ability to pick up work experience and potentially impacting their long-term earnings.
Now, nearly three years after COVID-19 first hit, young adults from some countries, like China, are struggling to find jobs. Using data from the OECD and the National Bureau of Statistics of China, Visual Capitalist’s Pallavi Rao and Niccolo Conte chart out the youth unemployment rate for 37 countries.
Ranked: Countries With the Highest Youth Unemployment
At the top of the list, Spain has the highest youth unemployment in the OECD, with nearly one in three young adults unable to find a job.
ℹ️ Unemployed people are those who report that they are without work, are available for work, and have taken active steps to find work in the last four weeks. The youth unemployment rate is calculated as a percentage of the youth labor force.
A mismatch between educational qualifications and the labor market has been cited as a significant reason for Spain’s lack of employed adults between the ages of 15–24.
Meanwhile, the country’s reliance on temporary contracts and dependence on seasonal sectors—like tourism—to generate jobs are some of the many reasons for its persistently high reported unemployment across demographic groups.
Listed below is the youth unemployment rate for all the OECD countries, and China, as of the second quarter of 2023.
Rank Country Average Youth
Unemployment Rate1 🇪🇸 Spain 27.4% 2 🇨🇷 Costa Rica 27.1% 3 🇸🇪 Sweden 24.9% 4 🇬🇷 Greece 23.6% 5 🇨🇳 China 21.3% 6 🇮🇹 Italy 21.3% 7 🇨🇱 Chile 19.8% 8 🇱🇺 Luxembourg 19.6% 9 🇸🇰 Slovakia 18.8% 10 🇨🇴 Colombia 18.7% 11 🇵🇹 Portugal 17.2% 12 🇹🇷 Türkiye 17.0% 13 🇫🇷 France 16.9% 14 🇫🇮 Finland 15.8% 15 🇪🇪 Estonia 15.6% 16 🇧🇪 Belgium 13.9% 17 🇱🇹 Lithuania 13.8% 18 🇨🇿 Czech Republic 13.7% 19 🇭🇺 Hungary 13.3% 20 🇬🇧 United Kingdom 11.4% 21 🇱🇻 Latvia 11.0% 22 🇵🇱 Poland 10.3% 23 🇳🇴 Norway 10.2% 24 🇨🇦 Canada 10.2% 25 🇦🇹 Austria 9.6% 26 🇩🇰 Denmark 9.3% 27 🇳🇱 Netherlands 8.3% 28 🇺🇸 United States 8.0% 29 🇦🇺 Australia 7.8% 30 🇮🇪 Ireland 7.4% 31 🇮🇸 Iceland 7.3% 32 🇩🇪 Germany 6.1% 33 🇸🇮 Slovenia 5.6% 34 🇰🇷 Korea 5.4% 35 🇮🇱 Israel 5.3% 36 🇲🇽 Mexico 5.2% 37 🇯🇵 Japan 4.2% Announced in June, China’s youth unemployment rate has climbed to 21.3%, a meteoric rise since May 2018, when it was below 10%. The Chinese economy is in the midst of a slowdown and its steadily climbing youth unemployment prompted the government to suspend age-specific unemployment data for the near future.
On the other side of the spectrum, in Japan, only 4.2% of young adults are without a job. A key reason for this is Japan’s shrinking and aging population that’s made for a tight labor market.
Youth Unemployment: Men vs Women
In most OECD countries, it’s common to see young men experiencing a higher unemployment rate compared to young women.
This contrasts with the trend across all age groups in the OECD, where the unemployment rate is 6.3% for women and 6% for men.
We visualize the countries in the dataset with the biggest gaps in youth unemployment below.
There is no singular reason that explains this common gap.
Across the OECD, more young women opt for tertiary education than young men, which may lead to better employment prospects. At the same time women are overrepresented in the health and social welfare sectors—both growing rapidly thanks to an aging population—that may make it easier for them to find jobs.
Why Does Tracking Youth Unemployment Matter?
Aside from being an indicator of general opportunities within a country, youth unemployment is a key metric to track, because it can be a bellwether for future economic prospects.
High rates of youth unemployment also correlate to brain drain within a country, as young adults move elsewhere to find better jobs.
Finally, large increases in unemployed youth have historically led to the potential of civil unrest, which makes it a politically-charged metric to identify and monitor for governments.
Tyler Durden
Sat, 09/02/2023 – 19:00 - A World Running On Empty: The Decline Of Fossil Fuel Supply
A World Running On Empty: The Decline Of Fossil Fuel Supply
Authored by Gail Tverberg via Our Finite World blog,
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Analysis of 2023 Statistical Review of World Energy data shows constrained global supplies of fossil fuels like oil, coal, and natural gas, particularly in inter-regional trading.
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Constraints in supply are affecting energy prices, making them highly variable and less affordable for consumers, thereby affecting the global economy, including industries like manufacturing.
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The cost-intensive infrastructure needed for long-distance natural gas exports is becoming increasingly unsustainable, posing risks to both investors and consumers.
For many years, there has been a theory that imports of oil would become a problem before there was an overall shortage of fossil fuels. In fact, when I look at the data, it seems to be clear that oil imports are already constrained.
Figure 1. Interregional trade of fossil fuels based on data of the 2023 Statistical Review of World Energy by the Energy Institute.
As I look at the data, it appears to me that coal and natural gas imports are becoming constrained, as well. There was evidence of this constrained supply in the spiking prices for these fuels in Europe in late 2021 and early 2022, starting well before the Ukraine conflict began.
Oil, coal, and natural gas are different enough from each other that we should expect somewhat different patterns. Oil is inexpensive to transport. It is especially important for the production of food and for transportation. Prices tend to be worldwide prices.
Coal and natural gas are both more expensive to transport than oil. They tend to be used in industry, in the heating and cooling of buildings, and in electricity production. Their prices tend to be local prices, rather than the worldwide price we expect for oil. Prices for importers of these fuels can jump very high if there are shortages.
In this post, I first look at the trends in the overall supply of these fuels, since a big part of the import problem is fossil fuel supply not growing quickly enough to keep pace with world population growth. I also give more background how the three fossil fuels differ.
After this introductory material, I provide charts and some analysis of fossil fuel imports and exports by region, based on data from the 2023 Statistical Review of World Energy. Theoretically, the total of regional imports should be very close to the total of regional exports. This analysis gives a little more insight into what is going wrong and where.
[1] On a worldwide basis, total supplies of both oil and coal seem to be constrained.
Figure 2. World consumption of oil, coal, and natural gas based on data of the 2023 Statistical Review of World Energy by the Energy Institute.
Figure 2 shows that world supplies of all three fossil fuels follow the same general pattern: They tend to rise in close to parallel lines, with oil supply on top, coal next, and natural gas providing the least supply.
The total supply of fossil fuels needs to be shared by the world’s population. It therefore makes sense to look at supply on a per capita basis.
Figure 3. World per capita consumption of oil, coal, and natural gas, based on data of the 2023 Statistical Review of World Energy by the Energy Institute.
On Figure 3, the top line, oil supply per capita, is almost perfectly level, suggesting that having a greater supply of oil enables having a larger world population. This relationship makes sense because oil is used to a significant extent in growing today’s food, and shipping it to market. Oil products also make herbicides, insecticides, and drugs for animals that enable the growing supply of food needed to feed today’s population. Oil products are also helpful in road making, and in providing lubrication for machinery of all kinds.
We might conclude that oil supply is essential to the growth of human population. It is only by way of a huge change in the economy, such as the one that took place in 2020, that there is a big dip in oil usage. Even now, some of the changes are “sticking.” Some people are continuing to work from home. Business travel is still low. People are still not buying fancy clothing as much as before 2020. All these things help reduce fossil fuel usage, particularly oil usage.
Figure 3 also shows that on a per capita basis, coal supply has fallen by 9% since its peak in 2011. This fact, plus the fact that coal prices have been spiking around the world in recent years, leads me to believe that coal supply is already constrained, even apart from the export issue.
[2] The share of oil traded interregionally is more than double the share of coal or natural gas traded interregionally.
The reason why oil is disproportionately high in Figure 1 compared to Figure 2 is because a little over 40% of oil is shipped between regions. In comparison, only about 18% of coal production is traded with other regions, and about 17% of natural gas production is shipped interregionally. Oil is much easier (and cheaper) to transport between regions than either coal or natural gas. Shipping costs tend to escalate rapidly, the farther either natural gas or coal is shipped.
Natural gas has a second problem over and above the high cost of shipping: It requires storage (which may be high cost) if it is not used immediately. Storage is needed for both natural gas and coal because both fuels are often used for heat in winter, either by direct burning or by creating electricity that can be used to heat buildings. Storage for coal is close to free because it can be stored in piles outside.
Besides heat in winter, coal is also used to provide electricity for air conditioning in summer, so its demand curve has peaks in both summer and winter. Natural gas is much more of a winter-heat fuel in the US, so it has a large peak corresponding to winter usage (Figure 4).
Figure 4. Coal and natural gas consumption by month based on data of the US Energy Information Administration.
Storage for natural gas needs to be available in every area where users expect to use it for winter heat. The cost of this storage will be low if there are depleted natural gas caverns that can be used for storage. It is likely to be high if above ground storage is required. Natural gas importing areas often do not have suitable caverns for storage. The easy approach is to try to get by with a bare minimum of storage, and hope that imports can somehow make up the difference.
The big question for any fuel is, “Can consumers afford to pay a high enough price to cover all the costs involved in getting the fuel from endpoint to endpoint, at the time it is needed?“
Citizens become very unhappy if the cost of winter heat becomes extremely expensive. They demand subsidies and rebates from the government, in order to keep costs down. This is a sign that prices are too high for the consumer.
Both coal and natural gas are also heavily used in manufacturing. Their prices vary greatly from location to location and from time to time. If coal or natural gas prices rise in a particular location, the cost of manufactured goods from that location will also tend to rise. These higher prices will particularly hurt a manufacturing country, such as Germany, because its manufactured goods will become less competitive in the world marketplace. GDP growth will be reduced, and the profitably of manufacturers will tend to fall.
Because of these issues, long-distance trade in both coal and natural gas tend to hit barriers that may be difficult to see simply by looking at the trend in world production.
[3] Natural gas exports may already be becoming constrained, even though the total amount extracted still seems to be rising.
A huge amount of investment is needed to make long-distance sale of natural gas possible. Such investment includes:
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The cost of developing a natural gas field for export use, usually over many years.
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Pipelines covering every inch traveled by the natural gas, other than any portion of the trip for which transfer as liquefied natural gas (LNG) is planned.
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Special ships to transport the LNG.
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Facilities to chill natural gas, so it can be shipped overseas as LNG.
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Regasification plants, to make the natural gas ready to ship by pipeline after it has been transferred as LNG.
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Storage facilities, so that sufficient natural gas is available for winter.
Not all of these investments are made by the same organizations. They all need to provide an adequate return. Even if “only” very long-distance pipelines are used, the cost can be high.
Pipelines work best when there is no conflict among countries. They can be blown up by another country that seeks to raise natural gas prices, or that wants to retaliate for some perceived misdeed. For this reason, most growth in natural gas exports/imports in recent years has been as LNG.
Organizations investing in high-cost infrastructure for extracting and shipping natural gas would like long-term contracts at high prices in order to cover their costs. Without a stable long-term supply contract, natural gas purchase prices can be extremely variable. Japan has tended to buy LNG under such long-term contracts, but many other countries have taken a wait-and-see attitude toward prices, hoping that “spot” prices will be lower. They don’t want to lock themselves into a long-term high-priced contract.
There are two different things that tend to go wrong:
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Spot prices bounce up above even what the long-term contract price would have been, creating a huge high-price problem for consumers.
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Spot prices, on average, turn out to be too low for natural gas exporters. As a result, they cut back on investment, so that the amount of future exports can be expected to fall.
I believe that there is a significant chance that natural gas exports are now reaching a situation where prices cannot please all users simultaneously. Not all investors can get an adequate return on the huge investments that they have made in advance. Some investments that should have been made will be omitted. For example, there might be enough natural gas storage for a warm winter, but not for a very cold winter in Europe.
A prime characteristic of a fossil fuel (or any resource) that is not economic to extract is that the industry has difficulty paying its workers an adequate wage. Recently, there has been news about a union strike against Chevron at an Australian natural gas extraction site used to provide gas for liquefied natural gas (LNG) export. This suggests that natural gas may already be hitting long-distance export limits. Prices can’t stay high enough for producers to pay their workers an adequate wage.
[4] Oil imports by area suggest that the rapidly growing manufacturing parts of the world are squeezing out the imports desired by high-wage, service-oriented countries.
Because oil is so important in international trade, I looked at the amounts two ways. The first is based on trade flows, as reported by the Energy Institute:
Figure 5. Oil imports by area based on the 2023 Statistical Review of World Energy by the Energy Institute.
The second is based upon a comparison of reported production and consumption for the same year, using the assumption that if consumption is higher than production, the difference must be attributable to imported oil. The problem with this later approach is that it can easily be distorted by changes in inventory levels. There may also be difficulties with my approach of netting out flows in two different directions, especially if the flows are partly of crude oil and partly of “oil products” of various types.
Figure 6. Oil imports based on production and consumption data of the 2023 Statistical Review of World Energy by the Energy Institute. Amounts adjusted to include “Refinery Gain,” as reported by the US Energy Information Administration.
In both charts, imports for China, India, and Other Asia Pacific are clearly much higher in recent years, while imports for the US, Japan, and Europe are down. The peak year for imports (in total) was about 2016 or 2017. Imports were about 3.5 million barrels a day lower in 2022, compared to peak, with both approaches.
[5] Oil imports by area indicate that nearly all oil exporters around the globe are having difficulty maintaining export levels.
Here, again I show two indications, using the same methods as for oil imports. Since trade is two sided, I would expect total import indications to more or less equal the total of all amounts exported.
Figure 7. Oil exports by area using trade flows based on data of the 2023 Statistical Review of World Energy by the Energy Institute.
On Figure 7, peak oil exports (in total) occur in 2016, with the runner up year being 2017. US oil exports are shown to be nearly zero, even in recent years, because US imports and US oil exports more or less cancel out.
Figure 8. Oil exports based on production and consumption data of the 2023 Statistical Review of World Energy by the Energy Institute. Amounts adjusted to include “Refinery Gain,” as reported by the US Energy Information Administration.
The indications of Figure 8 show that apart from Canada, the amount of oil exported for all the other export groupings shown is lower in recent years than it was a few years ago. This is also evident in Figure 7, but not as clearly.
To some extent, the lower production in recent years is related to the cutbacks announced by OPEC+ (including what I call Russia+). While these cutbacks are “voluntary,” they reflect the fact that based on current oil prices, and based on investments made in recent years, these countries have made the decision to cut back production. No oil exporter would dare mention that it is running short of oil that can be extracted without considerably more investment.
On Figures 7 and 8, “Mexico+South” refers to all the oil being produced from Mexico southward. Besides Mexico, this includes Brazil, Venezuela, Argentina, Columbia, Ecuador, and a number of other small producers. Most of them are experiencing falling production. Brazil is doing a bit better, but it does not seem to be experiencing much growth in exports.
Africa’s peak year for oil exports seems to have been in 2007 (both approaches), with recent exports at a much lower level.
With respect to Russia+, its exports seem to be down from their peak in 2017 or 2018, but not any more than for oil producers from the Middle East. The European Union oil embargo doesn’t seem to have had much of an impact.
The star performer seems to be Canada, with its rising production and exports from the Canadian Oil Sands.
In this analysis, I have “netted out” imports and exports. On this basis, the US hasn’t moved into significant oil exporter status yet. I am sure that there are some people hoping that the oil production of the US will continue to increase, but whether this will happen is unclear. The growth of US oil production in recent years has helped offset (and thus hide from view) the falling exports of many countries around the world.
[6] Coal exports appear to have peaked about 2016. Europe has reduced its imports of coal, leaving more for other importers.
Figure 9. Coal imports by area using trade flows based on data of the 2023 Statistical Review of World Energy by the Energy Institute.
The peak in coal imports seems to have occurred about 2016. In particular, Europe’s imports of coal have fallen significantly since 2006. At the same time, coal imports have risen for many Asian countries, including China, India, South Korea, and Other Asia Pacific. Even Japan seems to have been able to obtain a fairly consistent level of coal imports for the 22-year period shown on Figure 9.
Figure 10. Coal exports by area based on trade flow data from the 2023 Statistical Review of World Energy by the Energy Institute.
One thing that is striking about coal exports is that they are disproportionately from countries in the Far East. Even the coal exports of the US and Canada are from North America’s West Coast, across the Pacific. Russia’s coal exports tend to be from Siberia.
The coal exports of South Africa have declined significantly since 2018, and other African countries are eager for their imports. Today’s largest source of coal exports is Indonesia. Coal exports from Russia+, at least until 2021, have been been a source of coal export growth.
A major share of the delivered price of coal is transportation cost, which tends to be fueled by oil, particularly diesel. Overland transit is particularly expensive. The real reason for Europe’s decline in coal imports since 2006 (shown in Figure 9) may be that there are practically no affordable coal exports available to it because it is too geographically remote from major exporters. Of course, this is not a story politicians care to tell voters. They prefer to spin the story as Europe’s choice, to prevent climate change.
[7] Natural gas imports and exports have only recently started to become constrained.
Figure 11. Natural gas exports by area based primarily upon production and consumption data from the 2023 Statistical Review of World Energy by the Energy Institute.
Figure 11 shows that natural gas exports from Russia+ (really Russia, with a little extra production from other countries in the Commonwealth of Independent States) have stayed fairly level, except for a big drop-off in 2009 (probably recession related) and in 2022.
The overall level of natural gas exports has been rising because of contributions from several parts of the world. Africa was an early producer of natural gas exports, but its exports have been dropping off somewhat recently as local gas consumption rises.
More importantly, exports have increased in recent years from the Middle East, Australia, and North America. With this growing supply of exports, it has been possible for importers to increase their imports.
Figure 12. Natural gas imports by area based upon production and consumption data from the 2023 Statistical Review of World Energy by the Energy Institute.
Europe was able to maintain a fairly stable level of natural gas imports between 1990 and 2018, and even to increase them by 2021. China was able to ramp up its natural gas imports. Even Japan was able to ramp up its natural gas imports until about 2014. It has tapered them back since then. India and Other Asia Pacific both have been able to add a small layer of imports, too.
[8] What lies ahead?
The countries that have the greatest advantage in using fossil fuel imports are the countries that don’t heat or cool their homes, and that don’t have large numbers of private citizens with private passenger automobiles. Because of their sparing use of fossil fuel imports, their economies can afford to pay higher prices to import these fossil fuel imports than other countries. Thus, they are likely to be winners in the competition for fossil fuel imports.
Europe stands out to be an early loser of imports. It is already losing oil and coal imports, and it also seems to be an early loser of natural gas imports. However, for all its talk about preventing climate change, the reduction in European imports of fossil fuels hasn’t made much of a dent in global carbon dioxide emissions (Figure 13).
Figure 13. CO2 emissions for Europe and the Rest of the World, based on data of the 2023 Statistical Review of World Energy by the Energy Institute.
I am afraid that no country will really come out ahead. In some sense, the United States is better off than many countries because it is producing slightly more fossil fuels than it consumes. But it still depends on China and other countries for many imported goods, including computers. Given this situation, the United States likely cannot continue business as usual for very long, either.
Tyler Durden
Sat, 09/02/2023 – 18:30 -
- Biden Admin To Provide "Up To $12 Billion" To Retrofit Auto Plants To Produce EVs
Biden Admin To Provide “Up To $12 Billion” To Retrofit Auto Plants To Produce EVs
Automakers are looking to finish the week with strength after it was announced on Thursday that the Biden administration would be making “up to $12 billion” available to retrofit facilities to make both EVs and hybrids.
The money will include $10 billion from a US Energy Department loan program for clean vehicles and an additional $3.5 billion in financing to expand domestic battery manufacturing, according to Bloomberg.
The United Auto Workers, currently in negotiations with Detroit, has argued that a shift to EVs will cost the industry union jobs. US Energy Secretary Jennifer Granholm said on Thursday that the funding would help Detroit retain workers.
However, we’ve seen this “bailout” business model to save jobs before – at banks and during Covid, to name two examples – and it always winds up turning into a company cash grab before ultimately firing workers regardless. The UAW will try to prevent such a situation from taking place as it negotiates.
UAW President Shawn Fain “cautiously” welcomed the news after warning earlier this month that the White House should not push an EV agenda if it means the loss of jobs in Detroit.
Almost like the government should stay out of the auto industry as a whole, right? But that would make too much sense.
“The EV transition must be a just transition that ensures auto workers have a place in the new economy,” Fain said this week. Meanwhile, the Alliance for Automotive Innovation, a Washington lobby group that represents most Detroit automakers, said this week the funding “will further advance the domestic automotive supply chain and globally competitive battery manufacturing platform that automakers have already made sizable investments.”
Instead, Bloomberg calls the move the Biden administration “doubling down on efforts to support carmakers’ transition to EVs”. In a statement this week, President Biden said: “This funding will help existing workers keep their jobs and have the first shot to fill new good jobs as the car industry transforms for future generations.”
The Biden administration continues to aim for half of all vehicles on the road being EVs by 2030.
Tyler Durden
Sat, 09/02/2023 – 18:00 - An Important Lesson From Chicago On Confronting The Enemies Of Free Speech
An Important Lesson From Chicago On Confronting The Enemies Of Free Speech
Authored by Mark Glennon via Wirepoints.org,
The modern left’s assault on free speech is perhaps the most terrifying element of the madness we have succumbed to for the simple reason that democracy is meaningless without it. The assault has been largely successful. Voices that should be heard are muzzled and, more insidiously, countless other voices are frightened into silence.
We see that suppression routinely.
Too often, readers here tell us of being intimidated into silence by the cancel mob, a mob now controlling much of our government. The iron boot of government on one’s throat is no small matter: Fear of the cost of litigating against a government intent on suppressing free speech is particularly intimidating.
That intimidation must come to an end. Help is often available – a resource you should prize.
A number of law firms specializing in free speech are now available, pro bono – free or at reduced cost. And they are winning, thanks to federal courts that still recognize the First Amendment right to free speech.
A Chicago company’s free speech case is an illustration.
Townstone Financial is a smallish, Chicago-based home mortgage originator. It marketed itself primarily through a weekly one-hour show on AM 560 called The Townstone Financial Show. They discussed issues of interest to homebuyers and offered advice to listeners and callers, sometimes getting into topics like crime, policing, movies and the like.
In 2020, the federal Consumer Financial Protection Bureau (CFPB) sued Townstone claiming that the company violated a fair lending law by discriminating against African-Americans.
However, the CFPB never alleged any case of Townstone discriminating on mortgage applications.
Instead, the CFPB said Townstone discriminated through its marketing in its radio show by “discouraging” applications from Blacks. The CFPB’s evidence was a handful of comments on the show made over a four-year period representing perhaps 10 minutes of air time out of about 10,000 minutes.
Some of those comments might be regarded as offensive or in bad taste. They referred to a particular Jewel food store at Clark and Division Streets in Chicago as “Jungle Jewel” and included talk of certain Black areas having “hoodlum weekend” and approaching “a real war zone” or as “crazy” and places “to be driven through quickly” while avoiding eye contact.
But the CFPB did not produce even one example of anybody being discouraged from applying with Townstone. Nor, according to Townstone’s lawyers, has the company ever received any complaint about its show.
The comments from the show cited by the CFPB were taken out of context and meant little, Townstone believed. For example, the “Jungle Jewel” was commonly called that by people in the area, and referred to as such even by a Black blogger, who called it “a socioeconomic nightmare and a haven for street crazies.”
As Towntone’s lawyers later argued, if speech like Townstone’s is illegal, what wouldn’t violate the law? “Are creditors permitted to talk about crime at all? Education? Homelessness? Welfare? Poverty? Income distribution? Are they permitted to criticize the Black Lives Matter movement? Support the police? Criticize the Catholic Church about child abuse scandals? Support the BDS movement? Criticize the BDS movement? Support abortion rights? Oppose immigration?”
The lawsuit threatened to entirely destroy Townstone.
Its owner decided to fight.
But how do you fight against the government, which has unlimited resources?
Enter the Pacific Legal Foundation, a nonprofit with free speech expertise, which represented the company.
A federal court in Chicago threw out the CFPB’s lawsuit in February.
However, the ruling was based mostly on the court’s conclusion that the CFPB had authority only to regulate actual discrimination in lending, not marketing conduct that might be deemed “discouraging.” The court therefore didn’t need to get to the First Amendment defense.
However, the CFPB has now appealed to the U.S. Seventh Circuit Court of Appeals, so the free speech defense is being raised again, and Townstone is getting still more help. Among the other firms filing amicus — friend of the court — briefs are Hamilton Lincoln Law Institute, America’s Future, Free Speech Coalition, Free Speech Defense and Education Fund, U.S. Constitutional Rights Legal Defense Fund, and Conservative Legal Defense and Education Fund.
Lawyers from one of those firms, Hamilton Lincoln Law Institute, were guests on our podcast last year discussing legal issues with the University of Illinois’ Diversity, Equity and Inclusion policies and Gov. Pritzker’s gas tax signage law.
It’s amicus brief in Townstone’s case summarizes it nicely: “Congress has not deputized CFPB as the ‘Tasteful Joke Police,’ nor would the First Amendment permit that delegation…. By conflating candid discussions of crime with the disparagement of African-American communities, CFPB seeks to do just that. Under the First Amendment, it cannot.”
If you think Townstone’s case or other First Amendment cases you’ve heard about are isolated examples, you are dangerously uninformed.
The assault on free speech is massive. Much of the government, social media and the press are partners in the Censorship Industrial Complex. That term was coined by Michael Shellenberger, who laid out 56 pages of evidence in congressional testimony last year. The Missouri v Biden case, now on appeal and likely to go to the U.S. Supreme Court, is already blowing the lid off much of the unholy alliance. Read about the massive evidence of record, discussed in the trial court’s Independence Day order.
And if you think the assault on free speech isn’t ongoing in Illinois, you are again dangerously uninformed. Illinois Attorney General Kwame Raoul essentially thumbed his nose at the First Amendment when he personally drafted the Illinois law targeting alleged pro-life “misinformation” given out by crisis pregnancy groups near abortion clinics. A federal judge ridiculed it and enjoined its enforcement earlier this month. Chalk up that victory to another of the pro bono law firms available to help on First Amendment issues, the Thomas More Society.
Gov. JB Pritzker “is gaining a reputation as a hard-left culture warrior who is happy to silence political opponents,” as the Wall Street Journal recently said. “Pritzker apparently thinks that invoking the name Trump is a justification to get away with saying or doing anything. Not under the U.S. Constitution,” wrote the Journal.
He told CNN, “There ought to be a private right of action for anybody that’s dissuaded or told something that’s false, that’s the important thing.” That would be flagrantly unconstitutional.
Under the guise of banning book bans, the General assembly passed and Pritzker signed a bill delegating control over what books libraries carry to a group run by an open Marxist. Most recently, they passed an “anti-doxing” law that flies in the face of textbook First Amendment law, as we explained here.
Illinois Senators Durbin and Duckworth have been among the progressives jawboning tech platforms to do more censorship. And Illinois Congressman Sean Casten introduced a bill to strip courts of the power of judicial review — their power to declare laws invalid as violations of the First Amendment, or anything else.
Do not stand silent when your right to free speech is suppressed. Know that quality legal firms are often available for free. There are more beyond those I’ve mentioned here.
The assault on free speech must be defeated at all cost. Do your part.
Tyler Durden
Sat, 09/02/2023 – 17:30 - A Dire Warning: The US Plan To Make Ukraine Into Europe's 'Big Israel'
A Dire Warning: The US Plan To Make Ukraine Into Europe’s ‘Big Israel’
In his famous anti-Vietnam War speech, the late senator from South Dakota George McGovern told fellow Congressional leaders, “This chamber reeks of blood.” On Saturday, journalist Max Blumenthal opened a hard-hitting talk at the Ron Paul Institute’s “Which Way America…?” conference in D.C. by quoting those words, but applied them to the US proxy war against Russia in Ukraine.
Blumenthal said that in Ukraine, Washington continues “wasting the lives and bodies of over 150,000 men, and that’s according to the Pentagon.” Citing recent studies on the immense numbers of Ukrainians who have lost limbs after a year-and-a-half of fighting (which could be surpassing WWI rates), he said the true Ukraine casualty count could be closer to 500,000 – which marks a monumental tragedy and disaster.
The GrayZone journalist then said of today’s Congress that “this chamber” not only “reeks of blood” but.. “they have wasted Ukrainian society on the mantle of anti-Russia hysteria” – as lawmakers in lockstep with the Biden administration continue to sink billions into Kiev.
Beltway liberal elites, Blumenthal asserted, still think Russia must be punished given they see Moscow as having brought the “bad orange man” to power in 2016. This is a big ideological aspect to what motivates the hawks, he said.
Further, Blumenthal explained that what’s happening here is that the US ruling class has “militarized the culture wars while depicting Ukraine as the ‘woke side’ vs. Russia as backwards and oppressive.”
But more importantly, the real “victors” are the major US defense contractors and their appendages like the K street neocon lobbying firms. Blumenthal highlighted that these, and the Biden administration, are operating with the bigger vision in mind of turning Ukraine into Europe’s “big Israel”.
By this is meant a permanently militarized ‘Spartan’ wartime state, which is funded and weaponized by Washington in perpetuity, and possesses all the latest cutting edge Western defense tech. But like with the state of things long evident inside Israel (in particular oppression of both Palestinians and Israeli political dissenters), democracy must be eroded at home for this to happen. Still, the defense tech peddlers in the military-industrial complex will ‘win’ no matter how much Ukrainian society and its people are sacrificed.
“In order to defend democracy in Ukraine, democracy must be curtailed at home,” Blumenthal emphasized, drawing lessons from current examples of oppression of free speech in the West, particularly related to the Russia-Ukraine conflict.
He noted here that his own investigative media outlet, The GrayZone, has had the bulk of its funding frozen by the popular platform GoFundMe. The outlet explained days ago [emphasis ZH]:
By this point, we had raised over $90,000 from over 1100 contributors. The generous contributions from our audience were accompanied by hundreds of messages of effusive support for our factual journalism holding imperial power to account.
And now, Gofundme is holding the donations hostage, refusing to transfer them to us, while failing to inform donors that it has effectively seized their money. The for-profit site has similarly refused to explain its freezing of their donations, issuing nothing more than a vague allusion – “some external concerns” – to pressure from powerful outside forces.
Gofundme’s financial sabotage follows the de facto sanctions imposed by Venmo and Paypal on our managing editor, Wyatt Reed, after he reported on the Ukrainian military’s targeting of civilians from the separatist side of the Donbas region.
Again, this is why Blumenthal could draw on recent personal experience in telling the Ron Paul conference audience that “democracy must be curtailed” in America in order to keep unlimited taxpayer dollars flowing into the Zelensky government’s coffers.
Blumenthal continued… but “now Russia has no incentive to negotiate” given they have the clear military momentum amid a failing Ukraine counteroffensive. The US and UK likely had a window of opportunity in the initial months of the war to more easily open up serious diplomatic peace negotiations, but this was actively thwarted.
“We cannot have peace negotiations while war is being incentivized [by Washington interests] to this point,” he continued while also referencing neocons like Bill Kristol, who has been leading a charge to silence any dissenting views from among Republican nominees and politicians on Ukraine.
“These operatives need constant opportunities” which a permanent proxy war in Europe enables, Blumenthal continued – just like with the constant and historic billions in aid flowing to Israel, which serves to cyclically fuel the accompanying global reach and outsized influence of the Israel lobby.
On this question of whether negotiations are possible even from Kiev’s perspective, Zero Hedge asked Blumenthal what he thinks would happen in the unlikely scenario that Zelensky himself suddenly pursued peace talks with the Russians. Blumenthal responded as follows:
“If Zelensky were to pursue peace talks now before he’s re-elected… due to the kind of social forces that have been unleashed by Maidan, he will face a far-right Nazi insurgency in his own country, and he will become public enemy number one among some of the most violent and militarized forces.
…Which is why he went and met with Andriy Biletsky, the founder of Azov. Zelensky was elected on a platform of peace by 73% of the population because you still had the ethnic Russian population participating in Ukrainian society. They have been completely driven out and the constituency he’s working with is completely different now.”
Below: Last month, Ukrainian President Zelensky held court with one of the most notorious neo-Nazis in modern Ukrainian history, Azov Battalion founder Andriy Biletsky.
Turning Ukraine into “a big Israel” will involve long-term funding to shape and place “America’s unsinkable aircraft carrier not in the Middle East but in Europe,” Blumenthal said.
But as Ukrainians continue to be slaughtered, it won’t be a happy situation for a country to become a “big Israel”, Blumenthal concluded.
* * *
Former US Ambassador to Israel Daniel Shapiro (from 2011 to 2017) is helping to push this Ukraine as “big Israel” concept forward, Blumenthal pointed out.
A partial list of key elements of Shapiro’s road map for Ukraine was previously published by The Atlantic Council as follows:
- Security first: Every Israeli government promises, first and foremost, that it will deliver security—and knows it will be judged on this pledge. Ordinary citizens, not just politicians, pay close attention to security threats—both from across borders and from internal sources— and much of the public chooses who to elect by that metric alone.
- The whole population plays a role: The Israeli model goes further than Zelenskyy’s vision of security services deployed to civilian spaces: Most young Israeli adults serve in the military, and many are employed in security-related professions following their service. A common purpose unites the citizenry, making them ready to endure shared sacrifice. Civilians recognize their responsibility to follow security protocols and contribute to the cause. Some even arm themselves (though under strict supervision) to do so. The widespread mobilization of Ukrainian society in collective defense suggests that the country has this potential. In his comments, Zelenskyy reflected this reality when he said security would “come from the strength of every house, every building, every person.”
- Self-defense is the only way: If there’s any single principle that animates Israel’s security doctrine, it’s that Israel will defend itself, by itself—and rely on no other country to fight its battles. The tragedies of Jewish history have embedded that lesson deep in the nation’s soul. Ukraine’s own trauma, forced to fight alone against a larger aggressor, reinforces a similar conclusion: Don’t depend on the guarantees of others.
- But maintain active defense partnerships: Self-defense doesn’t mean total isolation. Israel maintains active defense partnerships, chiefly with the United States, which provides generous military assistance, but also with other nations with whom it shares intelligence, technology, and training. While Ukraine will probably not join NATO any time soon, it can deepen security partnerships with Alliance members and receive aid, weaponry, intelligence, and training to bolster its self-defense.
- Intelligence dominance: From its earliest days, Israel has invested deeply in its intelligence capabilities to ensure that it has the means to detect and deter its enemies—and, when needed, act proactively to strike them. Ukraine will need to upgrade its intelligence services to compete against Russian capabilities and ensure that it’s prepared to prevent and repulse Russian attacks.
- Technology is key: Although it relies on US assistance, Israel also chooses homegrown technology solutions for many of its greatest challenges. Multi-layer rocket and missile defenses, counter-drone systems, and tunnel detection technology are just recent examples. Ukraine—already home to bright technological minds—will know what threats it faces more than any partner; investing in its own solutions will allow it to be most responsive and adapt to new threats.
Tyler Durden
Sat, 09/02/2023 – 17:00 - The Left's Relentless War On Donald Trump And Everyone Who Disagrees With Them
The Left’s Relentless War On Donald Trump And Everyone Who Disagrees With Them
Authored by Allen Mashburn via American Greatness,
It’s never been about Trump… it’s about forcing Americans into submission…
In the tumultuous landscape of American politics, one name has become emblematic of the Left’s unyielding battle: Donald Trump. His presidency ignited a firestorm of opposition, revealing not just a political clash, but a broader war against those who hold opposing beliefs. As the dust settled on his term, it became evident that the Left’s war on Trump is just one facet of a broader campaign that aims to silence any dissenting voices. To preserve our freedoms, there must be an issued call to arms for patriotism, courage, and bravery from all citizens—willing to rise to protect the futures of their children and grandchildren.
The Left’s relentless pursuit of Donald Trump transcends mere political opposition. Every step he takes is scrutinized, every word analyzed, and every policy decision met with fervent resistance. Trump, in his own way, emerged as a representative man of the common people – an unconventional politician who resonated with those who felt unheard by the political establishment—and he is a master at rallying his troops. This made him a lightning rod for the Left’s ire, a symbol of everything they sought to dismantle. Yet, beneath the surface, this battle is not solely against a single individual; it is a struggle against any opposition to their ideological agenda. The political spectrum forever changed in America with the inauguration of Donald Trump as the 45th President of the United States. The Left’s hand has been shown by his antics of unfiltered communication with America—which got him de-platformed from social media. His call for American independence from foreign entities goes totally against the sellout agenda of the Left that pushes America towards globalism, risking our national sovereignty. He has become a rock in the proverbial shoe of the establishment elites and leftists. He challenges their motives, logic, and their allegiance to Country—for that they hate him vehemently.
The war against Donald Trump is but one example of the broader campaign the Left wages against anyone with opposing beliefs. Their goal is not only to marginalize Trump and his supporters but to ensure that anyone who dares dissent is castigated and suppressed. This phenomenon is not confined to the political realm; it permeates everyday conversations, social media, and public discourse. As we witnessed during Trump’s presidency, the Left’s intolerance of opposing viewpoints extends far beyond the political elite and directly affects ordinary citizens who dare to voice their opinions.
This intolerance for differing beliefs is a dangerous precedent for the future of our Republic. A healthy society thrives on a diversity of opinions, encouraging open debates that lead to thoughtful and balanced decision-making. However, when one side seeks to silence the other, it not only weakens the deliberative process but threatens the very foundations upon which the nation was built.
The call for patriotism, courage, and bravery is not an abstract notion; it is a rallying cry for ordinary citizens to stand up for their country and its principles. As the Left’s war against opposing beliefs rages on, it is not just politicians and activists who must defend these ideals, but every American who values the preservation of freedom. Just as soldiers stormed the beaches of Normandy with unwavering tenacity, citizens must stand firm against attempts to suppress their voices. Multitudes have had to die to provide us with this freedom. If it is to be passed to future generations, then it must be conserved through the strength and perseverance of the citizenry.
The erosion of the First Amendment stands at the heart of this struggle. The right to freedom of speech, expression, and assembly is the bedrock of America, enabling citizens to voice their concerns, challenge the status quo, and hold those in power accountable. However, over the last decade, we have witnessed a steady encroachment on these rights. Online censorship, the suppression of dissenting viewpoints, and the vilification of opposing voices have all contributed to a chilling effect on free speech.
The dismantling of our First Amendment rights is not a distant possibility; it is a present reality. Just as the Left relentlessly pursues Donald Trump, they also are chipping away at the very liberties that ensure a robust nation. This trend affects all Americans, regardless of political affiliation, and it poses a grave threat to the multiplicity of thought that is essential for a healthy society.
To combat this erosion of rights and preserve our freedoms, every American must be willing to put everything on the line. The fight for freedom is not for the faint-hearted; it requires courage, determination, and an unyielding commitment to the principles that define our nation. Just as soldiers displayed incredible bravery while fighting in the communist jungles of Vietnam, citizens must exhibit the same courage to defend their rights against ideological tyranny.
Ordinary citizens, irrespective of their backgrounds or beliefs, must recognize the urgency of this fight. As we seek to secure the futures of our children and grandchildren, we must stand united against any attempts to silence, suppress, or marginalize the voices of conservatism and common sense.
The Left’s relentless war against Donald Trump is emblematic of a broader campaign aimed at stifling dissenting voices and eroding the founding principles of our nation. This battle is going to require resolve, and love for our families and country. We have no choice. We are at war. It has never been about Donald Trump—it’s about forcing Americans into submission. The sooner we realize it, the sooner you will begin to fight, and win.
Tyler Durden
Sat, 09/02/2023 – 16:30 - 'Election Variant' Prompts NYC Mask Advisory
‘Election Variant’ Prompts NYC Mask Advisory
New York health authorities are asking residents to mask up during Labor Day weekend amid the latest wave of Covid-19 cases, and a broader resurgence of hysteria over the disease which generally laughs at face masks & kills less than 0.01% of those who contract it – with newer strains generally weaker than their predecessors, as tends to happen.
And according to the CDC, the latest variant of the virus – BA.2.86, “may be more capable of causing infection in people who have previously had COVID-19 or who have received COVID-19 vaccines,” but notes “At this point, there is no evidence that this variant is causing more severe illness.”
The Rise of SARS-CoV-2 (COVID-19) Omicron Subvariant Pathogenicity, NCBI NYC Health Commissioner Dr. Ashwin Vasan and NY Gov. Kathy Hochul have teamed up to urge extra precautions this weekend, including “proven prevention tools” such as masks.
According to the latest data from the New York City Health Department, there have been 825 daily cases of COVID-19 on average over the past week. While this is several times higher than the seven-day average of 230 cases reported on July 4, it is far lower than the 2,000-plus cases around this time in 2022.
Even though overall COVID-19 indicators are much lower than a year ago, some institutions have started to adopt mask mandates, sparking pushback in some circles and a “we will not comply” trend on social media. –Epoch Times
Former President Donald Trump has openly called fear-monger over new COVID-19 variants nothing more than a ploy to force vote-by-mail in order to rig another election.
“We will not shut down our schools. We will not accept your lockdowns. We will not abide by your mask mandates, and we will not tolerate your vaccine mandates,” Trump said in a video posted on Truth Social.
Read the NYC advisory below (via The Conservative Treehouse),
Tyler Durden
Sat, 09/02/2023 – 16:00 - "Remarkably Dishonest" DA Fani Willis Violates The Law
“Remarkably Dishonest” DA Fani Willis Violates The Law
Authored by Techno Fog via The Reactionary (subscribe here),
Fulton County District Attorney Fani Willis has gone from criminalizing court filings to committing crimes with respect to her own court filings.
Georgia law makes it unlawful to knowingly file a court document “knowing or having reason to know that such document is false or contains a materially false, fictitious, or fraudulent statement or representation.” Ga. Code Ann. § 16-10-20.1(b)(1).
DA Willis is well-aware of this law; she charged a number of Defendants – including Donald Trump, Rudy Giuliani, and John Eastman – with a violation of that law for filing in a document that contained a “materially false statement in federal court.” And she just violated it this week.
For background, Georgia law allows for a speedy trial demand in accordance with the Sixth Amendment, which provides that “the accused shall enjoy the right to a speedy and public trial.” Two Defendants, Kenneth John Chesebro and Sidney Powell, have made that request pursuant to Georgia law.
DA Willis responded to these speedy trial demands with an utterly false Motion to Advise to inform the Court and the Defendants of the “consequences” of their requests for a speedy trial. This Motion was a violation of § 16-10-20.1(b)(1). By no means are we making a stretch – the statutory violations are clear and obvious. DA Willis and her team invented legal theories and misled the Court about relevant caselaw that allegedly supported her position. Let us explain.
DA Willis made four main assertions in her Motion (quoted in full below):
All of these statements are demonstrably false.
First, DA Willis alleges that because of Defendants’ speedy trial demand, they “cannot now argue that they are entitled to the State’s discovery responses ten (10) days in advance of trial. Smith v. State, 257 Ga. App. 88, 90 (2002); Ruff v. State, 266 Ga. App. 694, 695 (2004)”.
This is not true. Georgia law requires DA Willis to produce a broad spectrum of evidence “no later than ten days prior to trial.” Ga. Code Ann. § 17-16-4. A Defendant’s request for speedy trial does not waive this obligation.
Furthermore, the Defendants are not precluded from arguing they are entitled to evidence under Georgia law by the mere fact they requested a speedy trial. Those cases DA Willis cites in support of her position? They do not apply, they do not stand for the claim DA Willis says they do. The Smith case involved a criminal defendant that requested a continuance. The Ruff case had to do with a defendant rejecting a continuance offer from a trial court where the State did not disclose witnesses in a timely manner. Neither case precludes the ability of a defendant to object to late disclosure of evidence.
Second, and DA Willis states “The Defendants cannot now argue that they are entitled to notice of the State’s similar transaction evidence ten (10) days in advance of trial. Brown v. State, 275 Ga. App. 281, 287 (2005)”.
Again, this is false. Rule 31.1 requires DA Willis to provide notice of intent to present similar transactions to be “given and filed at least 10 days before trial unless the time is shortened or lengthened by the judge.”
The Defendants did not waive that obligation to benefit DA Willis. It still exists, and it still binds DA Willis. The case DA Willis cites – Brown v. State – does not stand for the proposition that this requirement is waived by a request for a speedy trial. In fact, both the Brown case and Rule 31.1. contemplate the necessity of briefing and arguments where the 10 day notice is violated.
Third, DA Willis alleges the request for a speedy trial precludes the Defendants “from calling any witnesses whose statements were not provided to the State at least ten (10) days in advance of trial. Clark v. State, 271 Ga. App. 534, 536 (2005).”
Another falsehood. Georgia law allows for this 10 day witness statement requirement to be shortened or lengthened “as the court permits.” Ga. Code Ann. § 17-16-7. Whether witnesses are excluded for a violation of the notice rule is up to the Judge; there is no outright preclusion, as alleged by DA Willis.
And again, the case DA Willis cites just doesn’t stand for what she says it does. Clark v. State involved a criminal defendant who violated that 10 day witness statement requirement. The trial judge in Clark gave the defendant the option of not calling the witness or the ability to continue his case to a later date so that the witness could testify. There is no outright prohibition from calling a witness where the statement was produced with less than 10 days for trial, as maintained by DA Willis.
Fourth, Willis claims “The Defendants cannot now complain that they received less than seven (7) days notice of the trial date in this case. Linkous v. State, 254 Ga. App. 43, 47 (2002).”
False. Rule 32.1 requires notice of a trial date “not less than 7 days before the trial date or dates.” This notice requirement, which falls on the Court, exists to protect the due process rights of a criminal defendant. (The surprise of a trial date means an attorney cannot effectively represent their client.) It does not go away where speedy trial demand.
And as you might have guessed, the case cited by DA Willis does not stand for the proposition that a speedy trial demand means a criminal defendant waives the 7 day trial notice. The case cited by DA Willis is Linkous v. State, which concerns the remedies where there is a violation of Rule 32.1. It doesn’t excuse non-compliance with Rule 32.1.
At a minimum, the motion from DA Willis was deserving of sanctions. The trial judge, however, denied the motion without full briefing from the Defendants. He wasn’t concerned with accountability.
Finally, you might be curious about the purpose of the filing from DA Willis. Here’s our guess: DA Willis plans to violate her discovery obligations. She doesn’t want to take these cases to trial within the timeline the speedy trial demands afford. (Chesebro is set for trial on October 23, 2023.) Thus, she will violate her discovery and notice requirements, putting the Defendants in the tenuous position of either (1) proceeding to trial without adequate notice; or (2) having to continue the case to another date so that they may adequately prepare for trial.
This is nothing more than dishonest gamesmanship, a violation of Georgia law and an affront to prosecutorial ethics. If DA Willis wants to punish false statements to a court, she should turn herself in.
Read more from Techno Fog at The Reactionary
Tyler Durden
Sat, 09/02/2023 – 15:30 - Calls Grow For Staten Island To Secede From NYC As Illegal Immigrant Crisis Escalates
Calls Grow For Staten Island To Secede From NYC As Illegal Immigrant Crisis Escalates
Authored by Matthew Lysiak via The Epoch Times,
Growing safety concerns over the city’s bussing of illegal immigrants into the outer boroughs have intensified efforts from Staten Island to break away from the Big Apple.
“The values of New York City are not in line with those of Staten Island and they haven’t been for a long time and that divide is only growing larger,” Staten Island Borough President Vito Fossella told the Epoch Times.
“There is this very real sense that the city won’t listen to our concerns and that we have reached a boiling point.”
“The people feel like we are on a tugboat attached to the Titanic,” Fossella said.
“The people can see that the city is sinking, and unless we are okay with sinking too, there is a need to separate.”
Staten Island Borough President Vito Fossella (at right, wearing black shirt and white pants) at a protest outside a Catholic school that was converted into a shelter for illegal immigrants on Aug. 29, 2023. (Courtesy of the Office of the Staten Island Borough President)
Staten Island, long known as the forgotten borough, has often flirted with the idea of breaking off from the rest of the city. It has always been an outlier within the five boroughs, with a majority conservative Republican population that is often at odds with the rest of the city. Despite New York City’s status as a blue stronghold, the borough mostly voted for former President Donald Trump in 2020. However, in recent years, many residents have reached a breaking point over increases in crime and, more recently, the bussing of illegal immigrants into residential neighborhoods, according to Mr. Fossella.
“They dump these individuals into our neighborhoods and to my knowledge none of them have been vetted,” said Mr. Fossella.
“One of these migrant shelters is located directly across the street from two elementary schools and they just expect the people to take it. Why would we want to take that risk?
“The concern is legitimate. We are not as safe as we should be and the people are fed up.”
Staten Island is facing the consequences of a growing surge of illegal immigrants into New York City, the only locality in the state considered to be a “Sanctuary City.” Where to put the influx of new illegal immigrants has become an issue of controversy and inter-party tensions.
The city has long claimed a legal obligation to provide housing for every resident under the so-called “right to shelter” law, which was first established in 1981. The rule came into existence after advocates for the homeless claimed the right to shelter in a lawsuit. The city agreed with the homeless advocates, signing a “consent decree,” which pledged to provide shelter to anyone suffering “physical, mental, or social dysfunction.”
City officials claim an estimated influx of 100,000 illegal immigrants has strained the city’s resources and services. Mayor Adams has insisted that New York City can’t sustain the numbers of new illegal immigrants, even by utilizing the outer boroughs, and has called on the rest of the state to help ease the burden.
“Governor Hochul has been a partner on subway safety, on crime, on a host of things, but I think on this issue the governor is wrong,” Adams told students during an Aug. 22 appearance at New York Law School.
“She’s the governor of the state of New York. New York City is in that state. Every county in this state should be part of this.”
Governor Kathy Hochul has pushed back on sharing the burden, declaring during a speech last week that “we cannot and will not force other parts of our state to shelter migrants, nor are we going to be asking these migrants to move to other parts of the state against their will.”
In preemptive motions, upstate county leaders have issued their own emergency orders to block Adams’s attempts to ship illegal immigrants into their communities. The Adams administration is challenging the legality of the emergency orders in court.
Staten Island officials understand that as long they remain part of the city, the busloads of illegal immigrants entering the borough will continue unimpeded.
“Almost no one here wants this, but there is nothing we can do,” said Mr. Fossella. “No one will listen.”
The Staten Island battle for independence faces an uphill climb. Any chance of secession depends on the approval of both the New York City Council and the state Legislature. However, despite the long odds, a growing chorus of local officials are determined to keep fighting for the borough’s right to self-determination.
At an Aug. 29 protest outside the former Catholic school where the city has set up a migrant shelter, Rep. Nicole Malliotakis (R-N.Y.) called for Mr. Adams to allow the island to secede.
“What we’re simply asking is, for common sense. We want the mayor to end this. Stop doing what you’re doing and listen. Secure the damn border. We do not have a border. We do not have a nation,” Ms. Malliotakis said during the protest, according to her office.
“If you’re not going to do your job, mayor, then let Staten Island secede.”
Tyler Durden
Sat, 09/02/2023 – 14:30 - Hoax-Funding LinkedIn Founder Introduced Jeffrey Epstein To Trump's Inner Circle To Meet 'Top Russian Diplomat'
Hoax-Funding LinkedIn Founder Introduced Jeffrey Epstein To Trump’s Inner Circle To Meet ‘Top Russian Diplomat’
Was Jeffrey Epstein involved in a plot to tie the 2016 Trump campaign to Russia?
A disturbing new report in the Wall Street Journal reveals that LinkedIn founder Reid Hoffman introduced Trump’s inner circle to Jeffrey Epstein, who then introduced them to a ‘top Russian diplomat.’
As a reminder, Hoffman;
- Bankrolled an online disinformation hoax against Roy Moore, conducted by a former Obama administration official – who also created the “Hamilton 68” propaganda website purporting to track Russian bots. Hoffman later apologized when caught.
- Bankrolled Trump rape accuser E. Jean Carroll.
- Gave $600,000 to a legal defense fund for Fusion GPS – the opposition research firm which prepared documents for the infamous ‘Trump Tower’ setup meeting with Don. Jr. and facilitated the Hillary Clinton-funded Steele Dossier.
- Was a major Hillary Clinton supporter during the 2016 US election.
According to the Journal, Hoffman emailed people in Trump’s orbit to introduce them to Epstein, who then invited one of them – Peter Thiel – to meet with Russia’s ambassador to the UN!
In March 2014, fellow billionaire and venture capitalist Reid Hoffman, a major donor to Democrats, emailed Thiel to introduce Epstein and arrange a meeting at Thiel’s San Francisco home.
“Meet one of the guys who invented derivatives, Jeffrey Epstein?” Hoffman wrote, echoing an inaccurate claim Epstein sometimes made. Hoffman wrote that Epstein was “mostly fun, very interesting guy, you may find him perverse, but very smart on biology, computation, macro econ.”
Hoffman said he regrets all his interactions with Epstein and that he made the introduction to help fundraise for the Massachusetts Institute of Technology.
…
Epstein scheduled lunches with venture capitalist Peter Thiel and real-estate investor Thomas Barrack in 2016, according to documents reviewed by The Wall Street Journal. At the time, both were high-profile financial backers of Trump’s campaign.
Epstein invited Thiel and Barrack to separate meetings with Vitaly Churkin, Russia’s ambassador to the United Nations. Churkin, who died of an apparent heart attack in early 2017, had at least eight meetings scheduled with Epstein between 2015 and Churkin’s death, the documents show. -WSJ
So, Epstein – pal to the Democrats and a prolific pedophile, had extensive dealings with a Russian diplomat that he tried to connect with Trump’s inner circle?
The report also notes that “The documents, which include thousands of pages of emails and schedules from 2013 to 2017, don’t make reference to any meetings or conversations between Trump and Epstein,” and “don’t specify Epstein’s purpose in scheduling meetings with Trump’s associates or the Russian ambassador.”
Notably, these Epstein-Russia meetings happened when the Russiagate hoax was in full swing with the FBI’s involvement.
Yet, according to Thiel, the October 2016 meeting with Epstein and Churkin featured “nothing memorable.”
PayPal co-founder Peter Thiel speaking at the Republican National Convention in July 2016. Photo: JIM WATSON/AFP/Getty Images “I was rather naive,” Thiel told the outlet, “and I didn’t think enough about what Epstein’s agenda might have been.”
Meanwhile, a Trump campaign spokesman said: “None of these people were Trump campaign officials, and in fact President Trump banned Epstein from Mar-a-Lago.“
As the Journal further notes:
Epstein met with and donated to Democrats more often than Republicans, according to the documents and campaign donation records. The Journal has reported that his schedules included meeting several people who had served in the Clinton and Obama administrations. In his townhouse, Epstein hung a painting that depicted Bill Clinton wearing a blue dress and red heels.
In 2019, a spokesman for Bill Clinton said the former president had cut off ties more than a decade before and didn’t know about Epstein’s alleged crimes. The spokesman said then that Bill Clinton took four flights on Epstein’s plane and once visited the townhouse, each time with his Secret Service team and for reasons related to the Clinton Foundation’s work. The spokesman declined to comment for this article.
Public records show Epstein donated to Hillary Clinton’s 2000 campaign for the Senate, and tax records indicate he donated $25,000 in 2006 to what is now the Clinton family’s global philanthropic foundation. A spokeswoman for Hillary Clinton declined to comment.
After his conviction, Epstein maintained connections with some former members of Bill Clinton’s cabinet, including Lawrence Summers, who served as Treasury secretary, and Bill Richardson, who served as energy secretary. He also met with Clinton alumni leaving the Obama administration, including Ruemmler and the current head of the Central Intelligence Agency, William Burns.
Which begs the question, was Epstein just another prong in the Democrats’ attempts to tie Trump to Russia in 2016?
Tyler Durden
Sat, 09/02/2023 – 14:00 - US, Israel To Conduct Joint Drills Simulating Attacks On Iran
US, Israel To Conduct Joint Drills Simulating Attacks On Iran
Authored by Dave DeCamp via AntiWar.com,
The US and Israel will simulate striking Iranian nuclear facilities as part of a series of joint military exercises that will be held in the coming months, The Times of Israel reported Wednesday, citing Israeli TV.
Back in January, the US and Israel conducted the Juniper Oak exercises, which were the largest-ever joint drills between the two nations. The Israeli military said Juniper Oak was just the first of a series of drills that the US and Israel will hold this year.
File image: Israeli Defense Forces (IDF) Israel’s Channel 12 reported one of the upcoming drills would simulate Israel facing a multi-front missile attack that will involve the US deployment of Patriot missile systems. Another drill will rehearse a joint US-Israeli attack on Iranian nuclear facilities.
The plan to simulate attacks on Iran has not been publicly confirmed by the US or Israel, but the two nations have previously rehearsed bombing Iran, including during drills that were held over the Mediterranean Sea in November 2022.
While nuclear facilities would be the target in the simulated drills, there’s no sign Iran is looking to build a nuclear weapon, which was affirmed by a recent US intelligence report.
Often missing from the conversation about Iran’s civilian nuclear program is the fact that Israel has a secret nuclear weapons program and an arsenal of nukes that the US does not acknowledge exists.
The report comes amid heightened tensions between the US and Iran in the Persian Gulf. The US seizure of a tanker carrying Iranian oil in April provoked two Iranian tanker seizures, and the US responded by beefing up its military presence in the region.
Tyler Durden
Sat, 09/02/2023 – 13:30
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