Dec 08

Today’s News 8th December 2021

  • Bump Stock Ban Headed To Supreme Court After Appeals Court Deadlocks 
    Bump Stock Ban Headed To Supreme Court After Appeals Court Deadlocks 

    Submitted by The Machine Gun Nest (TMGN).,

    You may remember in late March of 2021, the 6th Circuit court of Appeals ruled that Bump Stocks were not, in fact, machine guns. The ruling itself was based on the ATF’s bump stock regulation not being entitled to “Chevron deference,” a legal doctrine that holds that a court may not substitute its own opinion in the place of reasonable interpretation made by an administrative agency. Once this was decided, Gun Owners of America made the case that the bump stock does not meet the legal definition of a “machine gun.” The 6th Circuit then ruled in favor of Gun Owners of America and said that bump stocks are not, in fact, machine guns.

    Well, it looks like after an En Blanc session (a session where the entire court reviews and votes instead of a single judge or smaller panel), the 6th Circuit has held an 8-8 Tie vote leaving the Bump Stock ban in place.

    This ruling is a double-edged sword for gun owners. The ban allows the ATF to prosecute Rare Breed Firearms for their FRT or “Forced Reset Trigger,” turning law-abiding gun owners into felons overnight. It also currently lays the legal foundation for regulating all semiautomatic firearms under the NFA, which we know is the stated goal of gun-control groups and advocates like the once-nominated almost ATF Director David Chipman. On the other hand, if the supreme court can overturn the regulation, the ATF will have little power to try and regulate semiautomatic firearms without Congress. 

    For those unfamiliar with bump stocks, they are devices that use the force of the firearm’s recoil to “bump” the trigger allowing for a faster rate of fire. But to quote the honorable Judge Batchelder in the 6th Circuit’s opinion in March of 2021; “A bump stock may change how the pull of the trigger is accomplished, but it does not change the fact that the semiautomatic firearm shoots only one shot for each pull of the trigger. With or without a bump stock, a semiautomatic firearm is capable of firing only a single shot for each pull of the trigger.”

    Consider the legal implications of regulating an item that does not convert a semiautomatic firearm into a machine gun. The ATF is regulating these items because they seem to “speed up” the rate of fire. But if you are a disciplined shooter, even a heavy “mil-spec” trigger can be fired at a “fast” speed.

    See where this is headed?

    This is why it’s so important to see the bump stock “ban” as a gateway to more regulation from the federal government. The ATF will eventually require NFA compliance for all semiautomatic rifles by using the bump-stock ban as a precedent.

    Don’t just take it from me, here’s a quote from gun-control activist and former ATF director nominee David Chipman: “The danger posed by firearms that enable shooters to continue firing in this manner is the same reason Congress chose to include machine guns in the NFA when it was originally enacted: these weapons enable a shooter to fire many bullets very quickly. Semiautomatic firearms equipped with large-capacity magazines do not, however, fall under the NFA. The NFA refers to machine guns as those firearms that discharge more than one shot “without manual reloading, by a single function of the trigger.” Firearms developed since the NFA and equipped with large capacity magazines rarely require manual reloading, but they can expel a lot of ammunition in a brief period of time. They do so by allowing a trigger to be pulled many times very easily and ensuring that there is almost always another bullet ready to go. Despite this, large-capacity magazines and semiautomatic firearms equipped with them (sometimes called “assault weapons”) are not regulated under the NFA, even though they pose incredible danger to our communities.”

    It’s very clear from this quote that David Chipman and his friends in the gun-control lobby have an obvious objective. The Bump-Stock ban is their legal path to this goal of complete regulation of all semiautomatic firearms. 

    But don’t despair! The tie vote from the 6th Circuit’s En Blanc session allows for a power move from Gun Owners of America. They can now appeal their case to the Supreme Court. 

    Considering that recently, the Supreme Court has signaled a willingness to hear 2nd Amendment cases. In November, the court heard oral arguments for NYSRPA v. Bruen, a challenge to New York’s “May Issue” Concealed Carry Permitting Regime that allows a select few to carry a handgun only after proving an “atypical need” or a “good and substantial reason.” 

    This case may likely get its day in the Supreme Court, and hopefully, the Justices will see the clear evidence that a “single function of the trigger” means semiautomatic. So today, the bump-stock ban holds; we’ll see what happens when the Supreme Court hears the arguments. 

    Tyler Durden
    Wed, 12/08/2021 – 00:05

  • There Are Growing Fears That China Could Be Hiding Missiles In Containerships Worldwide
    There Are Growing Fears That China Could Be Hiding Missiles In Containerships Worldwide

    A stunning new report claims that China has been “secretly developing Trojan Horse-style missiles hidden in shipping containers” at a time when shipping and logistics is a key global focus.

    The new allegations, raised in a report by The U.S. Sun, state that the missiles could be “unleased on enemy ports” and would be disguised amongst the country’s massive fleet of freighters and fishing vessels – which could then be “turned into warships” using the secret missiles.

    The missiles could “blend in seamlessly” with hundreds of other containers on board ships, the report says. The shipping vessels are tougher to pinpoint than warships in the event of war, the report notes. 

    Rick Fisher, senior fellow in Asian military affairs at the International Assessment and Strategy Center, said of the potential Trojan Horse strategy that “it is likely” China has the missiles necessary. 

    Retired Navy Capt. Jim Fanell, a former Pacific Fleet intelligence chief, told the Sun that such ships could “add a significant threat” to the U.S. Navy.

    The idea of such missiles made their way out into the public in 2016, during an arms fair. Since then, there has been speculation that they may be in service in China’s armed forces. 

    Fisher says that the type of weapon fits China’s military strategy and could be used after being smuggled into foreign ports all over the world. 

    “Chinese strategic preferences for surprise would strongly argue for acquisition” of the missiles, he said. They could be placed on “nondescript small Chinese ships in order to mount surprise missile raids against shore defenses to assist follow on amphibious or airborne invasion forces,” he continued. 

    They would “offer China’s leadership a wide array of options,” he continued, including “using larger container ships, thousands of fishing ships or stored containers in ports, to undertake military or terror mission strikes in a manner that can be denied if desired”.

    “The CCP (Chinese Communist Party) is fully capable of using containerized missiles to sow chaos when desired,” he added.

    He also speculated about the potential use of an EMP in conjunction with such missiles. 

    He concluded: “The EMP blast might take out electronics on the [submarines] and all over the base without having to launch a nuclear missile from China. Washington would be in chaos, would not know against whom to retaliate, and perhaps China uses American distraction to begin its real objective, the military conquest of Taiwan.”

    Tyler Durden
    Tue, 12/07/2021 – 23:45

  • Watch: Joe Rogan Blasts CNN As"F**king Propagandists"; "Their Ratings Are Dogs**t"
    Watch: Joe Rogan Blasts CNN As”F**king Propagandists”; “Their Ratings Are Dogs**t”

    Authored by Steve Watson via Summit News,

    In the wake of CNN’s firing of Chris Cuomo for abusing his position as a journalist and feeding information to his accused sex pest brother, Joe Rogan has slammed the network as “fucking propagandists,” labelling it “the right-arm of Pfizer.”

    Reacting to Cuomo’s suspension (this episode aired before the actual firing), Rogan said on his podcast “I think CNN is realizing that their ratings are dogshit, and that having these highly-polarizing editorial personalities like [Brian] Stelter and Don Lemon… maybe it’s just my bias, I want the news.”

    Rogan continued, “I want objective news. I want someone to tell me what are the facts of what’s going on and what’s happening. I don’t want your ideological slant. I don’t want this left-wing propaganda network, which is what CNN has become.”

    Rogan, who found himself on the end of CNN’s slander earlier this year over his use of Ivermectin to recover from COVID, added “The way I look at CNN now is so different than the way I looked at CNN 15, 20 years ago. I used to look at them as this is how I get the news. This is unbiased, professional news.”

    “They’re going to tell me what’s happening in Pakistan and, you know, what’s happening in Mogadishu. These are the real journalists that are telling you the news,” Rogan continued, emphasising “Now I look at them, I go, ‘You fucking propagandists, the right-arm of Pfizer. What are you doing?’”

    “There’s a market for real news,” Rogan urged, further explaining that “it’s really hard to find that now.”

    Watch:

    Rogan previously tore into CNN fake journalists Brian Stelter and Don Lemon, declaring “the market has spoken and your show[s are] fucking terrible.”

    “Everyone knows they’re not real. They’re not real humans,” Rogan asserted at the time.

    *  *  *

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    Tyler Durden
    Tue, 12/07/2021 – 23:25

  • Vietnam Province Suspends Pfizer Vaccine Batch After 120 Children Hospitalized
    Vietnam Province Suspends Pfizer Vaccine Batch After 120 Children Hospitalized

    The Vietnamese province of Thanh Hoa has suspended the use of a Pfizer Covid-19 vaccine batch after over 120 students were hospitalized following their inoculation.

    As VN Express reports, since November 30, the central province has been vaccinating children aged 15-17 with the Pfizer Covid-19 vaccine. However, over 120 of the children were admitted to hospitals after exhibiting symptoms like nausea, high fever or breathing difficulties, the provincial Center for Disease Control (CDC) said Thursday.

    Of these, 17 had severe reactions, but their health has stabilized and they continue to be monitored at the hospital, the center said. The cause of their symptoms has yet to be confirmed by Thanh Hoa authorities.

    Thanh Hoa CDC director Luong Ngoc Truong said the province has stopped using the current vaccine batch.

    “We still have other batches, also Pfizer vaccines, so we will continue vaccinating the children,” he said.

    The suspended batch would be put into storage and could be used later for other groups like adults, Truong added.

    Vu Van Chinh, director of the Ha Trung District General Hospital, said side-effects following vaccination was normal, but are more likely to happen in children than adults.

    “Those who have reactions or faint need to be separated so no chain reaction occurs,” said Chinh.

    The Thanh Hoa CDC has distributed around 117,000 Covid-19 vaccine doses to 27 districts and towns. Over 56,700 doses have been administered.

    Over the past week, three children have died following their vaccination with the Pfizer Covid-19 vaccine in Bac Giang, Hanoi and Binh Phuoc. The cause of death has been determined as “overreaction to the vaccine.”

    Last week, four workers in Thanh Hoa’s Kim Viet Shoe factory died following their Vero Cell Covid-19 vaccination, also due to “overreaction.”

    Tyler Durden
    Tue, 12/07/2021 – 23:05

  • China Shifts To An Easing Mode While "Ex-China" Is On A Tightening Path
    China Shifts To An Easing Mode While “Ex-China” Is On A Tightening Path

    One week after we reported that Beijing had capitulating, urging “Local Govts To Unleash Debt Flood As Cities Begin Backstopping Property Developers” this was confirmed overnight when Goldman reported that the latest Politburo meeting and RRR cut indicated that indeed China’s policymakers have focused on stabilizing growth by shifting to an easing mode. This is consistent with Goldman’s below consensus expectations as its 4.8% real GDP forecast for next year has already embedded moderately easier domestic macro policy in 2022 vs. 2021. Given the latest policy signals, the bank expects another RRR cut in Q1 next year. But although the 1-year LPR rate may drop 5bp on the back of the July and December RRR cuts, Goldman still does not expect policy rates (OMO and MLF) to change. Finally, while the recent dovish signals have reduced left-tail risk to next year’s GDP growth, continued property market turmoils including the technical default of Evergrande remain the key to watch in the coming months.

    Here are the key points from China’s long-overdue dovish relent which will spark a huge surge in China’s credit impulse:

    • Policy news after the 6th Plenum in early November have been dovish (Exhibit 1). Most importantly, the December Politburo meeting put emphasis on supporting the property market and stabilizing growth amidst the significant slowdown in housing activity and considerably below-trend growth year-to-date (<3% annualized rate vs. 5-6% potential growth). For example, the word “stability” (稳) appeared 9 times in this year’s Politburo meeting readout vs. 3 times last year. The word “housing” (房) appeared 5 times this year vs. only 1 time last year. “Anti-monopoly" (反垄断) and "preventing disorderly expansion of capital" (防止资本无序扩张), which made appearance in last year's December Politburo meeting, are no longer included this year. While the broader directions of “housing is for living in, not for speculation” and improving regulatory frameworks are unlikely to change, with the PBOC announcing RRR cut and State Council meeting stating accelerating local government special bond issuance, domestic macro policy has clearly shifted to an easing mode.

    • Such developments are largely in line with Goldman’s expectations: in China, policies had been very tight this year, and for growth to reach close to 5% next year they need to loosen noticeably. Without policy easing and if the extremely weak housing activities persist through next year, growth would be even lower than Goldman’s below-consensus forecast. Recent events are reassuring that policy easing is indeed happening. To be clear, Goldman’s China economists do not expect the type of easing seen in 2015/16 or early 2020. The latest policy signals also suggest policymakers do not want to risk over-stimulating the economy. For example, in the statement explaining the RRR cut, PBOC reiterated “no flooding the market with liquidity” and the “prudent” monetary policy stance has not changed.
    • Goldman expects another RRR cut in Q1. The RRR cut announcement on last Friday (Dec 3) was somewhat surprising to Goldman which notes that as recently as mid-October, PBOC was signaling its preference for using OMO, MLF and structural tools such as relending programs to provide liquidity as opposed to RRR cuts. Even the Q3 Monetary Policy Report released on November 20th included a box explaining why excess reserves were low for technical reasons and should not be over-interpreted. Recent events serve as a reminder that PBOC operates in a broader institutional framework and State Council guidance has primacy. Both the July and the December RRR cut are likely related to policymakers’ concerns over the Evergrande debt crisis and broader property sector contraction. Which is why Goldman now agrees with what we have been saying all along, and it expects another RRR cut in Q1, which implies a total of 3 after the July and December cuts. This is on the lower end of the historical precedents: the 2015/16 downturn saw 5 rounds of RRR cuts in total. We may see fewer RRR cuts this time around because (1) policymakers appear to be in the “do just enough” mentality in managing the balance between cyclical growth and structural reforms, and (2) robust FX inflows are indirectly feeding domestic market with liquidity, in contrast to for example 2015 when FX flows were draining liquidity. Q1 is the likely timing, in our view, because (1) it precedes the first Fed hike in June that consensus now expects, (2) it tends to see high liquidity demand seasonally, (3) PPI inflation is likely to have moved down from the current double-digit year-over-year growth by then, and (4) large amounts of developer USD bonds are coming due in January and March which may cause elevated uncertainty and risks in the financial market.
    • 1-year LPR rate may drop 5bp, but we do not expect policy rate cut (absent a major economic crash). According to the PBOC, the July and December RRR cuts reduce bank costs by RMB 28bn combined. This is enough to reduce 1-year LPR rate by 5bp. At the same time, Goldman does not expect the 5-year LPR rate or policy rates such as OMO and MLF rates to change. The reasons are twofold. First, cutting the 5-year LPR would reduce mortgage rates and send a strong signal on property market easing, which policymakers would not want to convey to the market. Second, cutting policy rates would have a broad impact on the economy whereas policymakers still emphasize “precision” and “prudent” in their description of macro policy in the December Politburo meeting.
    • Reduced left-tail risk to growths forecast with property market key to watch. Taken together, China policy has clearly shifted to an easing mode while ex-China seems to be on a tightening path. All else equal, Goldman argues that such a divergence could weaken the CNY on the grounds of narrowing interest rate differentials. But given how much CNY has appreciated both against the USD and on a trade-weighted basis (around 10% since mid-2020), policymakers may welcome a slower pace of CNY appreciation. With the December Politburo meeting, which was chaired by President Xi himself, sending dovish signals, left-tail risk to the 4.8% real GDP forecast has notably reduced. That said, there are still two-sided risks to baseline expectations. For example, materially more easing measures such as policy rate cuts, would generate upside risk. On the other hand, risk would skew to the downside if the property market does not stabilize and improve sequentially in the coming months.

    Tyler Durden
    Tue, 12/07/2021 – 22:45

  • Evergrande’s Surprisingly Quiet Collapse
    Evergrande’s Surprisingly Quiet Collapse

    By Richard Frost, Bloomberg Markets Live reporter and analyst

    After months of anticipation, Evergrande finally failed to meet obligations on time – and it wasn’t the Lehman moment that some had predicted.

    On the day that bondholders didn’t receive interest payments at the end of a grace period, a gauge of Chinese stocks in Hong Kong jumped the most in two months, with developers among the best performers. Sunac, which last month had to borrow money from its founder to help pay debts, surged 17%. Chinese junk dollar bonds climbed at least 3 cents on the dollar, the biggest gain in almost a month, according to traders.

    The credit for the lack of contagion must go to Beijing. A reserve-ratio cut announced on Monday and signaling from the Politburo that more easing was on the way injected much-needed confidence into China’s beaten down offshore assets. As Macquarie’s Larry Hu put it, the Politburo meeting shows that the Communist Party is shifting to supporting growth from regulatory tightening.

    Signs that the state is taking a bigger role in Evergrande’s future, including a potential debt restructuring, may also have eased investor concerns of a disorderly collapse. The company on Monday said state representatives have taken the majority of seats on a new risk management committee.

    There is much that can go wrong from here. What happens next for Evergrande is unclear. Kaisa, which has $11.6 billion in outstanding dollar debt, may have failed to repay a $400 million dollar bond that was due Tuesday. (Kaisa halted trading in its shares on Wednesday, without giving a reason.) How such companies will pay suppliers or finish apartment projects remains a key question. The yield on junk dollar bonds remains brutally high, making it near-impossible for cash-strapped developers to refinance. S&P Global Ratings says more developers are at risk of defaulting.

    Yet for now it seems authorities have accomplished their goal of teaching wayward companies (and the foolhardy foreign investors who bankrolled them) a tough lesson without crashing the nation’s financial markets. As with Huarong earlier in the year, Beijing has challenged the assumption that some companies are too big to fail, forcing creditors to take a closer look at corporate finances. Moral hazard has been successfully reduced and another billionaire humbled.

    Tyler Durden
    Tue, 12/07/2021 – 22:26

  • AmEx CFO Sees Robust Holiday Shopping Season Despite Omicron Scare
    AmEx CFO Sees Robust Holiday Shopping Season Despite Omicron Scare

    Credit card wielding American consumers — the US economy’s main driver — may show up in force this holiday season despite the Omicron COVID-19 variant scare. Even though Black Friday and Cyber Monday sales were dismal, American Express Co.’s CFO Jeff Campbell told attendees at a conference on Tuesday that retail spending this holiday season will be well above pre-pandemic levels, according to Bloomberg. 

    Campbell said retail spending on AmEx cards, one of the most reliable proxies for holiday spending, has already jumped a whopping 30% compared to pre-pandemic levels (2019). He said, “it’s early we’ll have to see what happens with Omicron,” but spending trends so far “look very, very strong.”

    Campbell said that the fourth quarter’s overall billings, including services such as travel and entertainment, have increased 11% on AmEx’s cards compared with the same period in 2019. He said this is an “improvement from the third quarter.” 

    “If we had this chat six months ago, I would have said, ‘Well, as we get into 2022, I’d expect our marketing spend to come back down to levels closer to where it was pre- pandemic,” Campbell said. “I’m not saying that anymore, because we see a real opportunity that we’re taking advantage of here.”

    Consumers are unphased by the new Omicron variant, and fears of it becoming more deadly than Delta appear to be overblown. Top US scientist Anthony Fauci said early indications show the new strain is not worse than prior strains, possibly even milder. 

    “It almost certainly is not more severe than Delta,” Fauci told AFP in an interview. “There is some suggestion that it might even be less severe,” he added.

    Even with higher inflation, some of the worst in three decades, consumer resiliency continues chugging along. In a separate report, US homeowners are tapping into home equity at rates not seen since the beginning of the credit crisis (2007).

    We might add that one needs to be careful when examining retail sales because inflation pushes the price of goods and services higher, forcing consumers to spend more. So while retail spending may be rising, it could be due to inflation and might not necessarily reflect a much stronger consumer than pre-pandemic. 

    Tyler Durden
    Tue, 12/07/2021 – 22:25

  • Smollett Blames Police, Black 'White MAGA Men', & Anti-Gay Lover In Surreal Defense Of Hoax Attack
    Smollett Blames Police, Black ‘White MAGA Men’, & Anti-Gay Lover In Surreal Defense Of Hoax Attack

    Sadly for many interested in how this farce plays out, we are likely never going to see Jussie Smollett’s greatest acting performance as the trial in his alleged hoax racist, anti-gay attack is not televised.

    However, thanks to Matt Margolis reporting at PJMedia.com, we have some insight into the former Empire star’s mindset.

    It was a bad day for Jussie Smollett, according to Ernest Owens of The Daily Beast, who said Tuesday’s cross-examination “felt like a masterclass in how to zero in on details and seal the deal,” and described in detail how Special Prosecutor Dan Webb “nailed” the former Empire star.

    For example, despite Smollett denying that he recruited the Osundairo brothers to stage the attack, Webb nevertheless managed to get him to admit that he had driven around with them prior to the alleged attack.

    Owens noted that “as Webb kept pressing him on specifics, Smollett grew more and more visibly frustrated.”

    “Do you have any reason to disagree with police testimony that you passed by the intersection three times?” Webb asked Smollett during the trial.

    “I don’t know. I circled around the block,” Smollett replied.

    “How long were you there?”

    “Well you have the surveillance, you have to tell me,” Smollett snapped back. “It was three years ago.”

    Owens said it was clear that Webb had “punctured a nerve” with Smollett.

    “After the actor tried to cast doubt on Abimbola’s testimony by claiming the two had been in a sexual relationship, Webb put the focus back on Smollett, pressing him in an intense series of back-and-forth exchanges about the specific details of the night in question,” he explained.

    “These included whether Smollett thought a Walgreens was open for 24 hours, why he was looking for eggs in the middle of the night, whether or not he’d asked Abimbola about a workout that night, and on and on until the actor seemed to hit a breaking point.”

    “By the end of his cross-examination, Webb had left many lingering questions about Smollett’s account of what happened for jurors to consider,” Owens recounted.

    “Among them: If Smollett had delayed a workout with Abimbola that night, as he testified, why were there no follow up messages or calls about that?”

    As PJMedia’s Victoria Taft reports, Smollett has blamed white men, MAGA backers, and anti-gay people for the attack. When it was discovered that the “white men” were, in fact, black, Smollett blamed the black men. Then the anti-gay libel had to be ditched when Smollett admitted he “made out” at a bathhouse with one of the brothers before starting a sexual relationship with him.

    What’s left?

    Defense attorneys floated alternative explanations for why the two men, who received a $3,500 check from Smollett, attacked him. The attorneys claimed the two brothers were:

    1. Trying to convince Smollett he needed a security detail

    2. Demanding a $2.9 million payoff not to testify in a trial that was never expected

    3. Were anti-gay, though one was admittedly Smollett’s lover.

    But then things got even more surreal as Smollett interrupted the prosecutor during his trial Tuesday, requesting that he stop reading the N-word aloud in the courtroom.

    As Nicole Silverio writes at The Daily Caller, prosecutor Dan Webb read private text messages between Smollett and Abimbola on his location and flight delay information on the night of the incident, Fox News reported. Some of the messages included the N-word, which Webb read aloud, prompting Smollett to scold the attorney on the usage of the word.

    He reportedly asked Webb to spell or abbreviate the word “out of respect for every African American” present in the courtroom, Fox News national correspondent Matt Finn reported via Twitter.

    “I don’t intend to do that sir, you can read your messages aloud,”‘ Webb said, according to Finn.

    Smollett agreed to Webb’s offer and read his own messages aloud before the jury, according to Finn.

    Smollett could spend three years in prison if he’s found guilty… we wonder what kind of riots and media uproar  there will be after this verdict?

    Will ‘justice’ have been done?

    Tyler Durden
    Tue, 12/07/2021 – 22:05

  • Watch: YouTuber Straps Rocket Engines To Tesla Model S
    Watch: YouTuber Straps Rocket Engines To Tesla Model S

    Tesla CEO Elon Musk tweeted in 2018 that a future Tesla Roadster will have a “SpaceX option package” with “10 small rocket thrusters arranged seamlessly around the car” to improve performance. More than three years later, there is still no Roadster that we’ve seen. However, YouTuber Warped Perception couldn’t wait any longer, so he built his own. 

    Warped Perception mounted three miniature jet engines on the back of his Tesla Model S P85 electric vehicle, right below the spoiler, in a neutral pressure zone. He said the placement of the engines allows them to be ignited anytime and avoid damage from windmilling. 

    In the first test, he flipped the jet engines to full thrust while cruising in neutral down a highway. He was able to record the speed of the Tesla incrementally climbed. 

    The second test was a series of 0-60 mph launches. Under electric power, the car achieved 0-60 mph time of 4.38 seconds. He shaved off an entire second at 3.32 seconds with thrusters engaged under full electric power. 

    Warped Perception believes with some more fine-tuning, he could make the Tesla run in the low 2 seconds on a 0-60 mph launch.

    Tyler Durden
    Tue, 12/07/2021 – 21:45

  • Crypto Could Become "A True Competitor" To The U.S. Dollar: Jon Najarian
    Crypto Could Become “A True Competitor” To The U.S. Dollar: Jon Najarian

    Submitted by QTR’s Fringe Finance

    This is an interview with Jon “Dr. J” Najarian. Jon was a linebacker for the Chicago Bears before he turned to trading on the Chicago Board Options Exchange. He then became a member of the CBOE, NYSE, CME and CBOT and worked as a floor trader for some 25 years.

    Today, he is a professional investor that specializes in options. He is also a cast member of the “Halftime Report” and “Fast Money” shows on CNBC. Jon and his brother Pete invest in and work with start-ups via Rebellion Partners, a venture consulting firm they launched in 2015.

    CNBC's Pete And Jon Najarian On Their New NYSE-Traded Cannabis ETF: 'It's Going To Be A $1-Billion ETF'

    In 2016 Jon and Pete co-founded Market Rebellion, a company focused on educating the individual investor.

    Q: Hi Jon, thanks for taking the time to answer some questions for my Fringe Finance readers. Right off the bat – I have been asking this question of everyone I interview and want your perspective on what the biggest threat facing the market is right now, and why?

    I think the biggest threat is that the Fed knows the inflation genie is out of the bottle and that they have this Sophie’s choice of which to address; inflation by raising rates, or a stagnating economy and new [Covid] variant.

    I’m not as worried about Iran, Russia or China as I am about how the Fed deals with inflation and the economy. A fast rise in rates will absolutely kneecap the economy and take the stock market with it. 

    Have you and your brother ever considered crypto to be a multi trillion trojan horse that could cause systemic problems? When China exits the crypto market, could it be because they are worried about a crash – or do you think it’s just so it doesn’t compete with the digital yuan?

    I know you’re not a big crypto fan Chris, but I truly believe that fiat currencies need the discipline of a legitimate competitor. Not a competitor in transactions, although that is coming, but a competitor in a store of value.

    The main reason Bitcoin was created was that someone or some group (Satoshi Nakamoto) saw that governments were taking advantage of their printing presses and [their] ability to create more money out of thin air.

    As crypto hovers near $3 trillion in market cap, I believe we are close to creating that true competitor to the dollar. If we have failures of repaying of debt and or other monetary issues, people, especially young people will get deeper into crypto. Could that end badly? Sure. But I think crypto has the potential to discipline central bankers. 

    What stocks would you avoid at all costs right now?

    Sadly, much as I love our meme stock brethren, I think the GameStops and AMCs are dead money. I think they are the modern equivalent of the emperor’s new clothes. 

    I asked this to a respected trader last week and want your take. Listening to the Cathie Woods of the world, I have to wonder: is it truly “different” this time? Meaning, will we normalize at these PE ratios and this balance of growth vs. value? Or will PEs eventually crash back under 10 and will value be a virtue again?

    I think it will be a while before we see normalized PEs. I think stuff like the metaverse will keep this party going a while longer. Perhaps a year or more. But past that, yes I think we need an adjustment back to normalcy. 

    You guys are options experts. What do you make of the option volume and activity in Tesla?

    I think we’re both surprised by the volatile moves TSLA makes on a weekly basis. The costs of the calls and puts is among the highest among active options, as it is not uncommon to see a call or put that is trading $15 or $20 trade 20,000 or 30,000 contracts. That’s a ton of volume for a stock 1/10th the price of TSLA’s $1100.

    I guess overall the reason we see so much activity is that so few people cannot afford to buy shares, so they have one choice: trade options.

    Just like that other Wall Street adage, TINA , there is no alternative. 

    Do you think options are being weaponized to create gamma squeezes in the NASDAQ? Why or why not? And if so, what consequences could there be for this?

    I think options have always been used by shrewd traders to “bully” stocks up or down.

    We witnessed this in the infamous Herbalife fight between Carl Icahn and Bill Ackman. Carl didn’t have a dog in the hunt, but when he saw that Ackman was short big in HLF, he bought OTC calls and paid for them by selling OTC puts in HLF. That effectively put the squeeze on Ackman and any shorts that had joined him.

    So I do think people on Reddit or Twitter could gang up, buy a bunch of calls and like GameStop (GME), never sell them. and thus, very effectively squeeze shorts like Melvin Capital. 

    What sectors interest you the most for long-term investments from this point, whether or not we wind up having  a pullback. Is there anything cheap anymore?

    I think given all the hype and dollars chasing the EV space that the best opportunities are in components for lithium ion batteries. Full disclosure, I am long one of my favorite names in the space; American Battery Tech (ABML). They recycle lithium and repurpose the lithium, cobalt and nickel from used batteries and do so without the brute force and heat that China uses to accomplish this. I also like ALB, LAC and PLL as plays to be in the cat bird’s seat for the massive demand for lithium. 

    How do you feel about the strength of the USD and confidence in treasuries currently?

    I think the dollar actually gets stronger, not weaker over time.

    The reasons are that the European Union is in worse shape, China is likely to flex more, meaning they will push things in Taiwan pretty close, but not to the point of war, which will likely make investors nervous and that nervousness [will push] them into the dollar. 

    Does the Fed and the Biden administration have a handle on the inflation problem? Why or why not?

    That’s the easiest question of all. NO!

    The administration has cut pipelines like they did with XL Pipeline and then they wonder why oil producers are not producing as much? It’s crazy how the administration doesn’t recognize cause and effect. You cut leases for oil and gas, you reduce transport (pipelines) and you wonder why our prices spike? I wonder how these people even tie their shoes. 

    Thanks Jon.

     

    — 

    This is subscriber only content. To subscribe and gain access to all my archives, as well as support my work, you can use this link for 20% off if you subscribe today: Get 20% off forever

    Disclaimer: As Jon says, he is long ABML, ALB, LAC and PLL. None of this is a solicitation to buy or sell securities. Positions can always change immediately as soon as I publish this, with or without notice. You are on your own. Do not make decisions based on my blog. I exist on the fringe. The publisher does not guarantee the accuracy or completeness of the information provided in this page. These are not the opinions of any of my employers, partners, or associates. I get shit wrong a lot. 

    Tyler Durden
    Tue, 12/07/2021 – 21:25

  • Rohingya Refugees Sue Facebook For $150 Billion Over Myanmar Genocide
    Rohingya Refugees Sue Facebook For $150 Billion Over Myanmar Genocide

    A class-action suit against Meta, Facebook’s parent company, was filed on behalf of a large group of Rohingya refugees who blame the social media company for contributing to the genocide violence against the Muslim minority in Myanmar. 

    The plaintiff, who is not named and labeled “Jane Doe,” represents 10,000-plus Rohingya refugees who have resettled in the US over the past decade. They are seeking more than $150 billion in damages. The lawsuit alleges Facebook’s algorithm promoted hate speech and helped incite violence against the Muslim minority. 

    “The last five years, and in fact just the last five months, have made it abundantly clear that Facebook’s path to promote the very worst of humanity was not the result of a bug but rather a carefully designed feature,” according to the complaint filed in San Mateo County, California. 

    Lawyers representing the plaintiff said Facebook’s debut in Myanmar was “a key inflection point” for Rohingya people. 

    “Despite Facebook’s acknowledgment of its role in such real-world harms and its proclaimed position as a positive force in the world, no meaningful compensation has been offered to any survivor,” the lawsuit said. 

    It even said, “Facebook executives were fully aware that posts ordering hits by the Myanmar government on the minority Muslim Rohingya were spreading wildly on Facebook…, and that…the issue of the Rohingya being targeted on Facebook was well known inside the company for years.” 

    The lawsuit cited knowledge of internal Facebook data from an employee-turned whistleblower: “I, working for Facebook, had been a party to genocide.”

    Doctors Without Borders estimates 10,000 Rohingyas were killed during a military crackdown in Myanmar in 2017, with more than 700,000 people, or about half the Rohingya population in the country, fleeing to neighboring Bangladesh.  

    “At the core of this Complaint is the realization that Facebook was willing to trade the lives of the Rohingya people for better market penetration in a small country in Southeast Asia,” the lawsuit said.

    It wasn’t until 2018 that Facebook’s CEO, Mark Zuckerberg, and COO Sheryl Sandberg “meekly admitted that Facebook should and could have done more to prevent what the United Nations has called “genocide” and a “human rights catastrophe”” in the country, the lawsuit said. 

    A similar complaint against the social media company will be filed in the UK early next year. 

    Readers may recall after Arab Spring a decade ago. There was intense debate over the role social media platforms had on the uprisings. 

    Tyler Durden
    Tue, 12/07/2021 – 21:05

  • US Space Force General Warns China Is Advancing Space Capabilities At Twice The Speed Of US
    US Space Force General Warns China Is Advancing Space Capabilities At Twice The Speed Of US

    Authored by Frank Fang via The Epoch Times,

    China could overtake the United States in terms of space capabilities by 2030 if America doesn’t speed up its development, warned Gen. David Thompson, vice chief of space operations for the U.S. Space Force.

    “The fact [is] that in essence, on average, they are building and fielding and updating their space capabilities at twice the rate we are,” said Thompson during a panel discussion at the Reagan National Defense Forum in California on Dec. 4.

    “If we don’t start accelerating our development and delivery capabilities, they will exceed us. And 2030 is not an unreasonable estimate.”

    Thompson added the United States is now in a “strategic competition with China” in many areas in space.

    “I have no question that we’re fully capable of succeeding in this competition,” he added.

    This is not the first time that a Pentagon official has warned about China’s advancement in space capabilities.

    U.S. Air Force Secretary Frank Kendall warned in September about China having the potential to strike targets on earth from space. He added that Beijing could pursue a Soviet-era concept called “fractional orbital bombardment system” to guide its missiles to avoid missile defense systems.

    During the Cold War, the Soviet Union developed the system of launching missiles with nuclear warheads into low Earth orbits before flying them to hit targets in the United States.

    In April, Army Gen. James Dickinson, commander of U.S. Space Command, told a Senate hearing (pdf) how U.S. satellites could become vulnerable to China’s space technologies.

    One particular threat was posed by a Chinese satellite named Shijian-17 with a giant robotic arm, he said, which could be “used in a future system for grappling other satellites.”

    “China also has multiple ground-based laser systems of varying power levels that could blind or damage satellite systems,” Dickson said.

    In brief, Dickson said, “China will attempt to hold U.S. space assets at risk while using its own space capabilities to support its military objectives and overall national security goals.”

    The Pentagon, in its annual report for Congress published in November, also highlighted China’s space and counterspace capabilities.

    “The PRC [People’s Republic of China] continues to develop counterspace capabilities—including direct ascent, co-orbital, electronic warfare, and directed energy capabilities—that can contest or deny an adversary’s access to and operations in the space domain during a crisis or conflict,” the report states.

    One operational space technology in China’ arsenal is a ground-based anti-satellite (ASAT) missile, according to the report. In January 2007, China fired an anti-satellite missile against one of its inactive weather satellites drawing international concern.

    “China probably intends to pursue additional ASAT weapons capable of destroying satellites up to geosynchronous Earth orbit,” the report states.

    Also during the panel discussion, Thompson said he was not surprised by China’s alleged test of hypersonic weapons over the summer but said the test was a concern.

    China allegedly tested two hypersonic weapons this summer, according to reports by the Financial Times. The Chinese regime has denied the tests took place.

    The first test involved launching a rocket carrying a nuclear-capable hypersonic glide vehicle (HGV) into low Earth orbit, before launching two missiles midflight in the atmosphere. Details of the second test haven’t been reported.

    Tyler Durden
    Tue, 12/07/2021 – 20:45

  • Pfizer CEO Worried Omicron Might Open Door For More Mutant Strains
    Pfizer CEO Worried Omicron Might Open Door For More Mutant Strains

    We have previously suggested that omicron might be bullish for the economy and stocks due to signs that infections caused by the variant are less severe, which could help with the transition toward treating COVID more like the flu.

    While he didn’t exactly go all-in on FUD like his rival, Moderna CEO Stephane Bancel, Pfizer CEO Albert Bourla said during an interview at the WSJ’s CEO Council that omicron might lead to still more threatening variants if it isn’t dealt with appropriately.

    The prospect of another mutation emerging is something that keeps the CEO of the US’s best selling COVID jab up at night (although his company would stand to reap billions in profit should another generation of vaccines be warranted).

    “I don’t think it’s good news to have something that spreads fast,” Bourla told his interlocutors at the summit.

    “Spreads fast means it will be in billions of people and another mutation may come. You don’t want that.”

    So far, data on the ground in South Africa has shown few if any serious cases caused by omicron. The South African Medical Research Council released a report on Saturday claiming that most patients admitted to a hospital in Pretoria who had COVID don’t need supplemental oxygen. The report also noted that many patients were admitted for other medical reasons and were then found to have COVID Still, South Africa has seen case numbers jump over the last week.

    However, Bourla cautioned that drawing definitive conclusions from the wave of infection in South Africa would be “difficult”. Just 5% of South Africans are over the age of 60, and younger people normally have milder cases of COVID. However, many people in South Africa are also HIV positive, which means they’re at risk of more severe infections.

    So far, most of the virus’s mutations have occurred on the spike protein, which is deeply involved in the mechanism it uses to attach to human cells, Bourla said. Vaccines and antibody treatments that target the spike protein may need updates when mutations occur on that part of the virus, he said.

    Looking ahead, Bourla said he expects the number of confirmed omicron cases to surge from dozens to millions over the next few weeks.According to Pfizer it will only be a matter of weeks before they determine exactly how long it will take to eradicate this latest mutation. And pretty soon, Pfizer won’t only have its COVID vaccine, it’ll also be selling its new drug, Paxlovid, a COVID therapautic similar to Merck’s miracle drug.

    Tyler Durden
    Tue, 12/07/2021 – 20:25

  • McConnell Hits Resistance From GOP Over Debt Deal
    McConnell Hits Resistance From GOP Over Debt Deal

    Update (2010ET): Senate Minority Leader Mitch McConnell (R-KY) is hitting friction within his own party over Tuesday’s debt deal announcement – which would essentially hand Democrats a blank check to continue raising the debt ceiling in exchange for ‘owning’ whatever negative effects it may have.

    “There are always very diverse points of view within our conference on these types of issues,” said Sen. John Thune (R-SD), the #2 Senate Republican.

    Republicans were describing the measure Tuesday as setting up a one-time exception to the filibuster. Though a GOP aide noted that the Senate routinely has a fast-track process for other issues like arms sales and trade deals, the debt agreement was drawing criticism from conservatives who don’t want to lift a finger to help Democrats extend the nation’s borrowing limit. –The Hill

    Sen. Mike Lee (R-UT) called it a “Frankenstein bill” that would “neuter the Senate,” while Sen. Ted Cruz (R-TX) said that Democrats shouldn’t have any help from Republicans when it comes to raising the debt ceiling.

    “[Democrats] should at least own the responsibility for crushing debt they are necessitating. Republicans should not participate in racking up that debt, which is harming people across the country,” said Cruz.

    McConnell reportedly pitched his caucus on it during a close-door lunch on Tuesday, touting it as a way for the GOP to shine a spotlight on Democrats’ reckless spending.

    “I think this is in the best interest of the country by avoiding default. I think it is also in the best interest of Republicans,” he said.

    That said, it’s unknown how many Senate Republicans actually agree with McConnell, who sounded confident that he could round up 10 GOP votes on Thsday.

    At least two GOP senators who helped advance the debt ceiling agreement in October said they were either opposed or likely to be “no” votes.

    “I wouldn’t vote for it,” said Sen. Richard Shelby (R-Ala.), who helped advance a short-term debt hike earlier this year. “I just think we ought to keep our word with the base.”

    Sen. Mike Rounds (R-S.D.), another one of the 11 GOP senators, said that he was “leaning” toward opposing the deal.

    “I just think they can do it with reconciliation,” he said. “They’ve known that from day one.”

    Stay tuned…

    *  *  *

    Senate Minority Leader Mitch McConnell says Congressional leaders have reached a deal to avoid breaching the federal debt ceiling.

    The deal will allow Democrats to raise the debt ceiling on their votes alone – creating a temporary fast-track process which would allow them to increase the debt limit with 51 votes, bypassing the filibuster.

    “I believe we’ve reached here a solution to the debt ceiling issue that’s consistent with Republican views of raising the debt ceiling for this amount at this particular time and allows the Democrats to proudly own it,” said McConnell, adding that there will be a vote on Thursday.

    The new plan will be tied to a non-controversial bill which would avoid cuts to Medicare, according to NBC News‘ Sahil Kapur.

    As Goldman notes, the bill would also address several Medicare payment issues:

    Specifically, it would: 

    • Delay Medicare sequestration: COVID-relief legislation Congress passed in 2020 and 2021 suspended the 2% cuts to Medicare payments (“sequestration”) that had been in place since 2013. That suspension was due to expire at the end of the year, when the 2% across-the-board cut would have taken effect again. The pending legislation would renew the current suspension for another three months (through March 31, 2022) and then cut payments by 1% from April 1 to June 30, 2022, after which the full 2% cut would take effect. 
    • Boost Medicare physician payments: Congress boosted Medicare payments to physicians by 3.75% for 2021, but that temporary increase is due to expire at year end, which would have resulted in a cut of around 3.75% on Jan. 1, 2022. The bill would raise payments by 3% from the currently scheduled level for 2022, or only about 0.75% below the 2021 level. 
    • Postpone PAYGO sequestration: Under current law, if Congress passes direct spending or tax legislation raising the deficit in a given year, statutory Pay-As-You-Go (PAYGO) rules require that the White House issue a sequestration order early the following year to cut some areas of spending (primarily Medicare) to offset the deficit impact. Congress routinely passes legislation to waive this requirement, but had not yet done so this year to address the deficit increases stemming from the American Rescue Plan and the bipartisan infrastructure bill. The legislation just posted in the House would do this. While unsurprising, this step was necessary to avoid spending cuts at the start of 2022.

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    The debt ceiling is set to reach its limit as soon as Dec. 15, according to a recent warning by Treasury Secretary Janet Yellen.

    If Congress passes the measure, it would be the second such bailout in recent days after Biden signed a 10-week stopgap funding bill into law last week which gives Congress until Feb. 18 to come up with a full year of appropriations.

    Tyler Durden
    Tue, 12/07/2021 – 20:11

  • Money Talks: Donors Show The Way To Restoring Freedom Of Thought And Speech In Higher Education
    Money Talks: Donors Show The Way To Restoring Freedom Of Thought And Speech In Higher Education

    By Mark Glennon of Wirepoints

    A welcome trend is unfolding in higher education. Wealthy donors are using their clout to fight the cancel mobs and woke radicals now dominating most colleges and universities.

    No freedom of speech or thought? Then no money for you, they are saying.

    A Wall Street Journal column described the movement, reporting that that dissident alumni organizations targeting at least 20 schools have formed over the last couple of years – including several this fall.

    Unfortunately, there was no mention of any Illinois schools, and I have found no such groups targeting Illinois schools like Northwestern, DePaul and the University of Illinois, which have been among those that have too often traded academic freedom for mob rule.

    But the path now seems clear for such groups to form here and everywhere. An umbrella organization for them has now been formed called the Alumni Free Speech Alliance.

    Its members already include donor alumni groups from Princeton, Cornell, The University of Virginia and others, and it says many more are coming.

    The Alliance shares tools and experiences for donors to aggregate their power to set things right. From its website:

    The Alliance provides a mechanism for the exchange of information among its members on substantive and organizational issues. A priority for the Alliance is to encourage the creation of alumni free speech groups for other colleges and universities, and the Alliance will create tools to help new alumni groups organize.

    Withholding cash is one of two means to get the attention of illiberal college administrators and trustees. States that fund higher education should be doing the same.

    The other means is competition. On that, too, we had good news this month with the announcement of a new university in formation. The University of Austin will be dedicated to the fundamental principles on which higher education is supposed to be built — freedom of opinion and the marketplace of ideas. Classical liberalism, in other words.

    That announcement was surely an “oh shit” moment for higher education trustees and bureaucrats who have turned their schools over to leftist mobs. They have to know that a counterrevolution is cooking.

    The stakes are enormous. “This is a battle for our culture and, in many ways, for Western civilization,” said the head of one of the dissident donor groups to the Wall Street Journal.

    That’s no exaggeration.

    Tyler Durden
    Tue, 12/07/2021 – 20:05

  • Judge Blocks Biden's Nationwide Vax Mandate For Federal Contractors
    Judge Blocks Biden’s Nationwide Vax Mandate For Federal Contractors

    The Biden administration suffered yet another blow on Tuesday after a federal judge in Georgia blocked a nationwide vaccine mandate requiring employees of federal contractors to be vaccinated.

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    The mandate, set to take effect Jan. 4, would apply to approximately 25% of the US workforce and would affect companies that do business with the federal government – including Google, General Motors, Microsoft and several airlines.

    Tuesday’s preliminary injunction follows a Kentucky federal judge’s preliminary injunction granted last week in a lawsuit involving Ohio, Kentucky and Tennessee, according to Bloomberg Law.

    The mandate for businesses providing services for the federal government is part of a suite of Biden administration actions designed to increase vaccination rates. That includes an emergency regulation from the U.S. Occupational Safety and Health Administration that covers private-sector companies with 100 employees or more, a shot requirement for health-care companies paid by Medicare and Medicare, and one for federal workers.

    Numerous challenges to those mandates are pending in appellate courts, and the U.S. Court of Appeals for the Fifth Circuit has temporarily halted enforcement of the OSHA regulation. The Sixth Circuit is poised to consider the consolidated challenges to the OSHA rule.

    Preliminary injunctions have also been issued against the Biden administration’s health care worker vaccine mandate and a similar mandate for private businesses.

    Tyler Durden
    Tue, 12/07/2021 – 19:56

  • China Says US Trying To "Disrupt" Beijing Winter Olympics, Vows Retaliation
    China Says US Trying To “Disrupt” Beijing Winter Olympics, Vows Retaliation

    China has followed Monday’s White House confirmation that US government officials will boycott the 2022 Winter Olympic games with a vow to retaliate with “resolute countermeasures”. 

    Describing that it’s lodged a formal diplomatic protest, China’s Foreign Ministry said at a Tuesday press conference that the United States is seeking to “disrupt” Beijing’s hosting of the games. “Out of ideological bias and based on lies and rumors, the US is trying to disrupt the Beijing Winter Olympics. This will only expose its sinister intention and further erode its moral authority and credibility,” ministry spokesperson Zhao Lijian said.

    China News Service/Getty Imagest

    “The wrong move of the US has undermined the foundation and atmosphere for China-US sports exchanges and Olympic cooperation. It has shot itself in the foot. The US should understand the grave consequences of its move,” Zhao added.

    While US athletes will be allowed to compete in the games, the Biden administration’s largely symbolic slap in the face is geared toward sending a strong message against China’s “ongoing genocide and crimes against humanity in Xinjiang,” according to a Monday statement. 

    Beijing officials have meanwhile suggested that the US government boycott is likely to negatively impact bilateral dialogue and cooperation in key areas.

    It’s as yet unclear whether other Western-allied governments of the US will follow suit, but it was separately reported early this week that New Zealand officials will also not attend the Beijing games. However, in this case New Zealand Deputy PM Robertson cited the Covid-19 pandemic as the reason, and confirmed his country’s diplomats would not attend.

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    Interestingly, some notable Chinese officials and pundits expressed that if US officials don’t come, nobody in China actually cares. For example, Liu Pengyu, spokesperson of the Chinese Embassy in the US, had this to say on Twitter:

    “Politicians calling for boycott #2022BeijingOlympics are doing so for their own political interests and posturing. In fact, no one would care about whether these people come or not, and it has no impact whatsoever on the #Beijing2022 to be successfully held.”

    And Hu Xijin, editor-in-chief of state-run English language Global Times, questioned: “Why the fuss?” He answered, “If US officials don’t come, let it be. China didn’t invite them anyway.”

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    “Only super narcissistic people will regard their absence as a powerful boycott. Most of those US govt officials are close contacts of the Covid-19 patients according to China’s standard, moreover picky and pretentious. You are the people that Beijing residents least want to see,” the GT editor quipped sarcastically.

    Tyler Durden
    Tue, 12/07/2021 – 19:45

  • Colombia's Biggest Bank To Offer Bitcoin Trading
    Colombia’s Biggest Bank To Offer Bitcoin Trading

    Submitted by Bitcoin Magazine

    Cryptocurrency exchange Gemini will soon offer frictionless bitcoin trading in Colombia for customers of the country’s biggest bank, Bancolombia, the company said in a statement Monday. However, it is unclear whether users will be able to withdraw funds — a vital feature for achieving the financial sovereignty that Bitcoin enables.

    The partnership is part of a government-sponsored pilot program. It will launch on December 14, giving an initial cohort of Bancolombia customers a seamless on and off-ramp to trade BTC through the exchange.

    “The partnership also serves as an important step toward the strategic expansion of Gemini’s presence in Latin America,” Cynthia del Pozo García, Gemini’s principal of strategy and corporate development, said in the statement.

    “We look forward to working closely with the Colombian crypto ecosystem and to supporting crypto products that empower Colombians to take control of their financial lives.”

    The Colombia government launched a one-year pilot program through the country’s financial regulator, Superintendencia Financiera de Colombia (SFC), to bring bitcoin and cryptocurrency services to citizens in a more straightforward fashion.

    “Crypto is borderless by nature, and we are committed to expanding crypto access to individuals across the globe,” del Pozo García added.

    Bancolombia is part of the Bancolombia Group, a holding company that also owns Banistmo, the largest bank in Panama and Central America; BAM, from Guatemala; and Banco Agricola, which serves customers in El Salvador. The group had 17.8 million customers as of December 31, 2020, according to its numbers report.

    In January, the SFC announced it had chosen nine cryptocurrency exchanges out of 14 applicants to participate in the pilot. In addition to Gemini, the list included Binance and Mexican firm Bitso. Binance is set to partner with the third-largest bank in Colombia, Davivienda, and digital payments app Powwi, while Bitso will collaborate with Banco de Bogotá.

    Tyler Durden
    Tue, 12/07/2021 – 19:25

  • Israel Launches Rare Airstrikes On Syrian Port Close To Russian Airbase
    Israel Launches Rare Airstrikes On Syrian Port Close To Russian Airbase

    Shortly after 1am local time Israeli warplanes mounted a large-scale missile strike on Syria’s key port of Latakia, igniting large fires as shipping containers were engulfed. 

    International reports underscored that “It was a rare attack on the city’s port, a vital facility where much of Syria’s imports are brought into the war-torn country.” Indeed it was the first such known attack on Latakia’s main port throughout the conflict which began over a decade ago.

    Stillframe from video of the attack aftermath.

    Syrian state TV said at least five explosions were heard, with circulating social media videos from the site showing high-reaching flames. 

    The Israeli government didn’t comment in the immediate aftermath, but its media is calling the attack a “gamechanger” in terms of drastically shifting the rules of engagement towards civilian ports. Over the course of prior years, Damascus International Airport has been struck several times. Typically the Israelis claim to be acting against Iranian weapons shipments. 

    Regional Al-Mayadeen media described that “A military source said in a statement to SANA that at around 1.32 a.m. today, the Israeli enemy carried out an air attack with several missiles from the direction of the Mediterranean, southwest of Latakia, targeting the container yard in the commercial port of Latakia.”

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    Both Syrian and Russian anti-air defenses are stationed in this northwest coastal province, but it doesn’t appear they were activated. Syrian state sources are suggesting Syrian air defenses may have repelled some of the Israeli missiles, however. 

    Al-Mayadeen noted further: 

    …the Russians at Khmeimim airbase nearby had “announced that [they] had monitored ten bombing attacks by Jabhat al-Nusra elements in the Idlib region of the de-escalation zones in the northwest of the country.”

     Despite literally hundreds of Israeli attacks on Syria since the war’s beginning, it’s rare for such an assault to come so close to Russia’s Khmeimim airbase (also spelled Hmeymim). It’s as yet unclear Moscow’s reaction to the attack.

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    Though there’s not confirmation of this, Middle East Eye is citing Syrian opposition media to say Israel targeted shipments of weapons that were bound for Iranian troops in Syria: 

    An Israeli air strike hit a shipment of Iranian weapons in the Syrian port of Latakia on Tuesday, in the first such attack on the key facility, according to a UK-based activist group.

    The Israeli raid “directly targeted an Iranian weapons shipment in the container yard,” the Syrian Observatory for Human Rights said.

    Already there’s speculation that the aggressive action is tied to Iran nuclear talks in Vienna. Israeli defense and intelligence leaders are currently in Washington attempting to persuade the Biden administration to act militarily against Iranian assets in the region, sending a strong “message” against the Islamic Republic’s alleged nuclear ambitions.

    Tyler Durden
    Tue, 12/07/2021 – 19:05

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