- Korybko: Top 10 Takeaways From Hamas' Sneak Attack On Israel
Korybko: Top 10 Takeaways From Hamas’ Sneak Attack On Israel
Authored by Andrew Korybko via Substack,
Everything that’s happened thus far has been eye-opening for everyone.
Hamas launched an unprecedented sneak attack on Israel over the weekend that completely caught the self-professed Jewish State by surprise after all its security systems unexpectedly failed at the same time. The border wall was breached, some military bases were captured, and dozens of hostages were taken back to Gaza.
Israel responded by launching airstrikes inside the strip and preparing a ground operation.
Here are the top ten takeaways from everything that’s happened thus far in the latest Israeli-Hamas war:
1. Israel’s Alleged Invincibility Was Dispelled As An Illusion
For starters, nobody is under the illusion any longer that Israel is invincible. Up until this weekend’s sneak attack, some had continued to cling to the claim that its conventional military-technical capabilities and massive aid from America made it the regional hegemon, but that perception was just shattered.
2. It Was Totally Unprepared For Hamas’ Hybrid War Tactics
Upon the breaching of its border wall, which was the result of a colossal intelligence failure and subsequent collapse of all security systems, Israel proved that it was totally unprepared to counter Hamas’ Hybrid War tactics of lightning-fast squad assaults and rudimentary drone attacks.
3. Political Infighting Likely Contributed To This Intelligence Failure
Had Israel’s military and intelligence services not gotten involved in the political dispute over Netanyahu’s planned judicial reforms, which was exacerbated by the Biden Administration’s meddling as explained here, then they might have detected Hamas’ plans in advance and thus been able to foil them.
4. It Also Didn’t Help That US Spies Are Distracted With Ukraine
Israel must take full responsibility for its intelligence failures, but it also didn’t help any that its American ally’s spies have been distracted with Ukraine. If they weren’t so focused on that conflict, then they might have kept at least one satellite over Gaza that could have discovered Hamas’ military buildup.
5. America Is Now In A Dilemma Over Who Gets Finite Military Aid
Business Insider drew attention to America’s newfound dilemma over whether to give finite military aid, particularly artillery shells, to Ukraine as planned or redirect these resources to Israel instead. Its decision could have major implications for both conflicts since the choice between them is zero-sum.
6. Saudi Arabia Will Probably Freeze Its Peace Talks With Israel
Saudi Arabia is under immense pressure from the international Muslim community to freeze its reported peace talks with Israel after the latter’s strikes against civilian targets in Gaza. It’ll probably comply with these demands, which would then ruin the Biden Administration’s plans for a deal before the elections.
7. The IMEC Megaproject Will Likely Be Put On Ice For Some Time Too
The India-Middle East-Europe Economic Corridor (IMEC) can’t be completed if Saudi Arabia and/or especially Jordan freeze their role in its construction to protest Israel’s involvement in the latest conflict, though this won’t harm India’s trade with any relevant party since it’s entirely conducted by sea.
8. Russia & China’s Balanced Statements Surprised Some Observers
Many in the Alt-Media Community wrongly thought that Russia and China favored Palestine, hence why those two’s balanced statements here and here surprised them. Even fewer knew that President Putin fully supports the IDF as proven by his official statements over the years that were documented here.
9. The Debate Over Whether The Ends Justify The Means Has Re-Opened
Hamas’ killing of IDF-trained settlers-civilians and kidnapping of children, women, and the elderly to swap for prisoners was justified by some Palestinian supporters as a legitimate means for pursuing national liberation while other supporters criticized these tactics for undermining their cause’s morality.
10. Hezbollah Is The Wild Card In The Latest Israeli-Hamas War
Hamas’ sneak attack against Israel brought to life one of the latter’s worst nightmares, which might become even worse if Hezbollah decides to commence large-scale hostilities. In that event, Lebanon and possibly also Syria could be dragged into the fray, which could easily become existential for all parties.
Everything that’s happened thus far has been eye-opening for everyone.
The reputation of Israel’s security services has been shattered, Hamas’ has never been better in the eyes of most non-Western observers, and many among the latter finally learned that neither Russia nor China favor Palestine.
Should the latest conflict become protracted, let alone expand into a regional one, then there’s a real possibility that the US will freeze the Ukrainian Conflict in order to redirect finite military aid to Israel.
Tyler Durden
Mon, 10/09/2023 – 00:10 - "Can You Be Extradited For Treason?": Former Army Soldier Arrested Over Attempted China Espionage Involving Classified Materials
“Can You Be Extradited For Treason?”: Former Army Soldier Arrested Over Attempted China Espionage Involving Classified Materials
A former US Army soldier has been arrested and charged with two felonies over alleged attempts to deliver national defense information to the Chinese Communist Party, as well as illegal retention of national defense information following his exit from the service.
Joseph Schmidt, a former Sergeant, was arrested at San Francisco International Airport on Friday after a grand jury indicted him on Wednesday.
Schmidt, who served as a team leader of an Army human intelligence squad supporting US espionage in the Indo-Pacific, is accused of attempting to spy for China following his departure from the service in February 2020.
The “shocking” plot includes allegations that Schmidt’s search history includes “can you be extradited for treason?”
During a trip to Istanbul the same month he left the military, Schmidt made nearly 30 Google searches related to defection and spilling military secrets, ranging from “countries with most negative relations with US” to “what is China’s intelligence agency?” and “soldier defect,” according to an FBI investigative report.
Other search terms included “subreddit spying” and “looking for a subreddit about spy stuff.”
Schmidt also queried Google Maps for driving directions from Beijing’s airport to the headquarters of China’s Ministry of State Security, which has a similar role to the CIA.
On Feb. 24, 2020, Schmidt sent a message to the Chinese Consulate in Istanbul requesting a meeting, calling himself a United States citizen looking to move to China.”
“I also am trying to share information I learned during my career as an interrogator with the Chinese government,” he wrote. –NY Post
“I have a current top-secret clearance, and would like to talk to someone from the Government to share this information with you if that is possible,” Schmidt wrote.
“Individuals entrusted with national defense information have a continuing duty to protect that information beyond their government service and certainly beyond our borders,” said Assistant Attorney General for National Security Matthew Olsen in a prepared statement.
“The National Security Division is committed to identifying and holding accountable those who violate that duty.”
More via The Epoch Times;
Mr. Schmidt served in the Army for five years, ending his service in 2020.
His primary active-duty assignment was at Joint Base Lewis-McChord in Washington state, where he served in the 109th Military Intelligence Battalion. He was given access to Secret and Top Secret information in his role there.
After separating from the military, Mr. Schmidt is alleged to have illegally held onto classified intelligence about national defense matters that he had obtained as part of his duties. Mr. Schmidt then allegedly reached out to the Chinese consulate in Turkey and then through email to Chinese security services and offered the information to the regime.
“As alleged by the government, Schmidt betrayed his promise and potentially placed our nation at risk in his attempts to pass national defense information to Chinese security services,” said FBI Assistant Director of Counterintelligence Suzanne Turner.
“The FBI and our partners remain steadfast in our commitment to protecting the American people and U.S. national security.”
Two months after Mr. Schmidt’s separation from the Army, he traveled to Hong Kong where he allegedly told Chinese security services that he had access to a device that could access the United States’ secure military computer networks. It is alleged Mr. Schmidt offered to provide this device to the regime.
Mr. Schmidt has resided in Hong Kong since 2020, but was arrested upon flying into San Francisco this week.
“Members of our military take a sworn oath to defend our country and the Constitution,” said Acting U.S. Attorney Tessa Gorman.
“In that context the alleged actions of this former military member are shocking, not only attempting to provide national defense information, but also information that would assist a foreign adversary to gain access to Department of Defense secure computer networks.”
Both of the alleged crimes are punishable by up to 10 years in prison and a $250,000 fine.
Tyler Durden
Sun, 10/08/2023 – 23:40 - Judge Denies Sidney Powell's Motion To Dismiss Charges In Georgia Election Case
Judge Denies Sidney Powell’s Motion To Dismiss Charges In Georgia Election Case
Authored by Jack Phillips via The Epoch Times (emphasis ours),
A Georgia judge on Thursday rejected lawyer Sidney Powell’s attempt to dismiss her charges in a racketeering case that also ensnared former President Donald Trump and multiple others.
Lawyer Sidney Powell (C) speaks to media while flanked by President Donald Trump’s lawyer and former New York City Mayor Rudy Giuliani (L) and Trump campaign senior legal adviser Jenna Ellis at a press conference at the Republican National Committee headquarters in Washington, on Nov. 19, 2020. (Charlotte Cuthbertson/The Epoch Times) Fulton County Superior Court Judge Scott McAfee denied her motion to dismiss the charges, coming after she alleged that Fulton County District Attorney Fani Willis engaged in prosecutorial misconduct in her case.
“I don’t see that as clearing just a procedural bar of being something that’s under the court’s authority,” the judge said as he denied Ms. Powell’s motion, the Washington Examiner reported. He added that it is the “jury’s job to decide contested issues” regarding her case.
Ms. Powell is scheduled to go on trial later this month along with election lawyer Kenneth Chesebro. Several weeks ago, the two tried to sever their cases from each another, which Judge McAfee also denied, while the other 17 defendants—including President Trump—will go on trial at a later undetermined date.
Both Ms. Powell and Mr. Chesebro have pleaded not guilty.
“I can sympathize with the idea that someone who vigorously contests and believes in their innocence doesn’t want to sit through a long trial, but that is the state’s right to do,” Judge McAfee said in his remarks. “That’s simply the process as it stands.”
Election Claims
In August, Ms. Powell, a former federal prosecutor who drew headlines in 2020 for her “Kraken”-related claims about the 2020 election, was charged with racketeering and conspiracy to commit election fraud, conspiracy to commit computer theft, conspiracy to commit computer trespass, and more after prosecutors alleged that she was involved in an unlawful breach of voting equipment in Coffee County, Georgia.
Her motion to dismiss accused Ms. Willis, the Fulton County district attorney, of misconduct because her “indictment represents troubling and unethical conduct by the prosecutors.”
Ms. Powell’s lawyers also said Ms. Willis and her team of prosecutors likely violated Napue, referring to a 1959 Supreme Court decision about the knowing use of false testimony by a prosecutor, and therefore violated the due process clause of the Constitution’s 14th Amendment.
The prosecutors “must have presented a misleading and false case to the grand jury, or the grand jury simply rubber-stamped the Indictment,” her filing in late September stated. “The State was in possession of substantial exculpatory evidence which it must not have presented, and this Court should carefully review the grand jury proceedings for Napue and ethical violations by the prosecution.”
But the Fulton District Attorney’s Office vigorously opposed Ms. Powell’s motion to dismiss, saying Thursday that her claims about her innocence should be up to the jury.
While reports have said that Ms. Powell was an attorney for President Trump after the 2020 election, she wrote in a filing that she didn’t serve on the former president’s legal team at the time. There was some confusion after she appeared alongside then-Trump attorneys Rudy Giuliani and Jenna Ellis in a news conference about election irregularities.
After Judge McAfee’s ruling, Ms. Powell has not made any public comments.
Powell’s Co-Defendants
The ruling comes weeks after Ms. Willis’ team confirmed that attorney Lin Wood, who also made a number of claims around the 2020 election, would serve as a “state witness” in Ms. Powell’s trial. In a comment to The Epoch Times, Mr. Wood said last month that he did not flip on President Trump or others, saying: “I have no idea why I am being called as a witness in the [Sidney] Powell trial.”
In the Georgia case so far, all the defendants have pleaded not guilty to the charges except for one. Last week, bail bondsman Scott Hall pleaded guilty to multiple charges as part of a plea agreement that requires him to testify against the other co-defendants.
His case relates to the incident in Coffee County, according to prosecutors. It’s not clear if Mr. Hall will be called to testify against Ms. Powell or the others.
As for President Trump, he also faces state charges in New York City after Manhattan District Attorney Alvin Bragg indicted him for allegedly falsifying business records in connection to the 2016 election. Federal prosecutors earlier this summer charged President Trump over his alleged mishandling of classified documents after he left the White House and for his actions following the 2020 election.
Attorneys for President Trump last week made a court filing saying he won’t seek to move the Georgia case to a federal court, coming after he previously wrote in a court filing that he might do so.
“This decision is based on his well-founded confidence that this Honorable Court intends to fully and completely protect his constitutional right to a fair trial and guarantee him due process of law throughout the prosecution of his case in the Superior Court of
Fulton County, Georgia,” Trump attorney Steven Sadow wrote.
Tyler Durden
Sun, 10/08/2023 – 23:10 - What Was Behind Last Week's Stunning Drop In Oil, And Where Does Crude Go Next
What Was Behind Last Week’s Stunning Drop In Oil, And Where Does Crude Go Next
Oil prices have been a veritable rollercoaster in just the past 10 days.
After soaring more than 36% from its June lows to a 1-year high just above $97 at the end of September, Brent tumbled $14 in just six sessions, including last Wednesday’s brutal plunge, which was the biggest one-day drop since the UK’s Mini-Budget fiasco of Sept 2022 when funds were literally blowing up and liquidating commodities to avoid collapse, and which ended up with another BOE bailout.
What was behind the furious plunge? While there wasn’t one single catalyst, Goldman’s commodities strategist Callum Bruce views the tumble in oil as driven by three reasons:
- Overvaluation: Goldman’s inventory-based modelling suggests oil timespreads and flat price was already elevated versus the bank’s forecasted inventory draws. Discretionary positioning was the longest since the Russia-Ukraine war, and the market was very much overbought.
- Recession fears: Renewed fears in a rates-led recession saw significant sell-offs in the more deferred timespreads, implying concerns regarding next year’s demand; this was exacerbated by the strategically timed very weak US EIA weekly gasoline demand print, that as many have observed (and speculated about the EIA’s political mandates) were implausibly low. In response, Goldman maintains its relatively serene macro-economic outlook, with FCIs not overtightening and real incomes still rising. Retail prices similarly are not yet at demand destructive levels and demand is still tracking robustly.
- CTA unwinds: Mechanical selling of oil as prices hit sell-stop triggers for short term momentum flows. Admittedly much length likely remains here.
Goldman commodity products trader Madhav Janakiraman chimes in and writes that while “not a lot has actually changed fundamentally…. the market created a bit of downside momentum because of government shutdown risk/chatter about Kurdish crude coming back to market/Russian diesel returning etc. Once that little push occurred, the positioning did the rest particularly because a decent chunk of the length was CTA style momentum following strategies and they were quite close on some of their signals turning. At the same time index, commodity ETFs saw decent outflows into month-end and earlier this week. So retail, pension fund type long term investors were also exiting the space. Discretionary playxers simply didn’t have the ability to stem the tide…”
So while it is tempting to think this is silly CTA led washout and a huge buying opportunity, Janakiraman says that the path risks are still significant. China being out this week for Golden week hasn’t helped either in terms of liquidity. They also tend to be pretty aggressive buyers of physical molecules when they see flat price get to cheap levels. One could also argue at current price set Saudi Arabia is unlikely to bring back crude they have held out from the market “and so it is cheap.”
Whatever the reason for the drop, Goldman has stuck to its view of steep deficits into next year driven by (1) robust demand, and (2) significant OPEC+ discipline and pricing power, allowing inventories to draw down to critically low levels once again. The bank also expects prices to reach $100/bbl by mid-24 – driven by deferred timespreads – while the back-end of the curve is kept anchored by plentiful spare capacity and cost deflation in US shale. Meanwhile, the sudden break out of the Hamas-Israeli war in the middle east will likely push oil prices higher and faster (for more see “Oil Could Spike Well North Of $150″: Here Are The Main Implications For Oil From The Israeli War“.)
In retrospect, last week’s oil tumble now seems like ancient history, and after Saturday’s unprecedented events in Israel, oil has moved sharply higher after the weekend attack by Hamas against Israel, with Brent topping $88 a barrel to repair some of last week’s heavy losses, and according to some, set to continue rising until it tops $150.
Here, courtesy of Bloomberg’s Jake Lloyd-Smith are five early highlights from the market’s reaction that will help to shape trading in the coming days.
- First, the immediate fallout has been seen right along the curve, with timespreads widening. Among them, Brent’s prompt spread — the difference between its two nearest contracts — gapped out to $1.64 a barrel in backwardation, a bullish pricing pattern. Still, banks aren’t yet rushing to upgrade their price forecasts.
- While the latest events in Israel don’t pose an immediate threat to supply, the risk of escalation across the region remains acute, especially the potential for Hamas-backer Iran to be drawn in. That could pose a risk to supplies from Tehran, particularly if the US enforces sanctions with greater rigor.
- Market watchers are also putting the spotlight on the fallout for Riyadh, which has been both curbing output to bolster prices, while at the same time seeking to normalize ties with Israel. If the latter now proves to be a far tougher ask, the former voluntary supply restrictions could last for longer.
- OPEC+ members are signaling that there’ll be no immediate change to their collective stance. Saudi Arabia, Kuwait and the United Arab Emirates’ energy ministers all stressed their support for OPEC+ policy, saying continued cooperation was needed.
- While benchmark prices did take a tumble last week before the weekend assault, the global oil market remains very tight following OPEC+ supply cuts. Further draws in inventories this week, especially at the Cushing hub, could trigger a meaningful surge in prices.
Finally, going back to Goldman, the bank’s preferred oil trade is one that is bullish yet net sells volatility. The bank is currently recommending buying a 90-95 Jun-24 Brent Call spread and selling a 80-100 Jun-24 Brent Straddle to benefit from convex and backwardated forward curves, contangoed vol structure, and rangebound price action. Such a strategy raises almost $8/bbl up front, for a max profit of $13/bbl, and currently make profits in the $72-$113/bbl range.”
More on Goldman’s current positioning and proposed trades as discussed earlier in “
Tyler Durden
Sun, 10/08/2023 – 22:40 - Alabama Deploys National Guard In Response To Illegal Immigration Crisis
Alabama Deploys National Guard In Response To Illegal Immigration Crisis
Authored by Tom Ozimek via The Epoch Times (emphasis ours),
Alabama Gov. Kay Ivey, a Republican, has pledged to send 275 National Guard troops to the southern border while blaming President Joe Biden’s policies for fanning the flames of the illegal immigration crisis.
A Texas National Guard soldier watches as an illegal immigrant walks into a makeshift camp in El Paso, Texas, on May 11, 2023. (John Moore/Getty Images) With the move, Ms. Ivey joins other Republican governors in dispatching their military forces to help stem the tidal wave of people seeking to cross the border without authorization.
“Every state has become a border state under the current policies,” Ms. Ivey said in a statement.
“Alabama remains committed to being an integral part of the mission to protect our Southern Border,” she added.
Earlier, Ms. Ivey joined 24 other governors in writing a letter to President Biden on Sept. 19, blaming his policies for incentivizing illegal immigration, which they said had risen exponentially under his watch, “in some areas by nearly 850%.”
“States are on the front lines, working around-the clock responding to the effects of this crisis: shelters are full, food pantries empty, law enforcement strained, and aid workers exhausted,” Ms. Ivey and the others wrote, citing estimates that the annual cost of illegal immigration at federal, state, and local levels is at least $150.7 billion.
Citing U.S. Customs and Border Protection (CBP) data, the governors pointed out that there have been over 5.8 million illegal crossings since President Biden took office—and another 1.6 million gotaways who evaded capture.
In September, CBP recorded over 260,000 illegal crossings at the southern border, marking an all-time high in a single month.
An aerial view of migrants waiting to be processed on the Mexican side of the border in El Paso, Texas, on Sept. 21, 2023. (Brandon Bell/Getty Images/TNS) Biden’s Policies In Focus
Republicans have blamed President Biden for gutting the policies of his predecessor, former President Donald Trump, whose pledge to build a wall was a rallying cry for a series of actions that they credit for yielding comparatively low numbers of illegal border crossings.
During his first 100 days in office, President Biden took dozens of executive actions on immigration, including ordering a halt to the construction of the border wall—which his administration is now rushing to resume in an embarrassing yet welcome about-face.
In early 2021, when the Biden administration stopped the ongoing construction of the border wall, President Biden claimed that his predecessor’s focus on constructing the wall was misguided and an example of his supposed inability to manage immigration and secure the border.
White House Press Secretary Karine Jean-Pierre has denied that President Biden’s policies are to blame for the influx of illegal immigrants while accusing Republicans of turning the border issue into a “political stunt.”
Illegal immigrants climb a section of the U.S.–Mexico border fence in Tijuana, Mexico, on April 29, 2018. (David McNew/Getty Images) ‘Invasion’ at Border
One of the most outspoken critics of the Biden administration’s border policies is Texas Gov. Greg Abbott, who on Sept. 20 declared an “invasion” at the southern border due to the surge in illegal immigration while ordering the National Guard and law enforcement to assist with the crisis.
“I officially declared an invasion at our border because of Biden’s policies,” Mr. Abbott, a Republican, wrote in a post on X.
“We deployed the Texas National Guard, DPS, and local law enforcement. We are building a border wall, razor wire, and marine barriers. We are also repelling migrants,” he added.
The governor’s office has also deployed more buses to ship illegal migrants to sanctuary cities, such as New York and Chicago, saying the state is “at capacity.”
A Texas National Guard soldier speaks to illegal immigrants at a high-traffic illegal border crossing area along the Rio Grande in El Paso, Texas, on Dec. 20, 2022. (John Moore/Getty Images) While Republicans have long been tough on the problem of illegal immigration, Democrat governors are also getting fed up.
‘They’re Coming From All Over’
New York Gov. Kathy Hochul, a Democrat, recently expressed frustration with the illegal immigration crisis gripping the Big Apple, telling would-be asylum-seekers to “go somewhere else.”
“They’re coming from all over,” she told CNN in an interview. “But we have to let the word out that when you come to New York, we’re not going to have more hotel rooms. We don’t have capacity.”
Illegal immigrants sleep outside the Roosevelt Hotel as they wait for placement at the hotel in New York on Aug. 1, 2023. (Timothy A. Clary/AFP via Getty Images) Saying that New York City has run out of space and is at a breaking point, Ms. Hochul also threw her weight behind an initiative by New York Mayor Eric Adams’ office to suspend a decades-old “right to shelter” law that basically says officials must give shelter to anyone who asks for it.
According to New York City officials, over 110,000 illegal immigrants have come to the city over the past year, with around 60,000 living in the city’s shelter system, costing billions of dollars per year.
Ms. Hochul, too, has called in the National Guard, but in New York’s case, the troops are being deployed locally to help with case management operations meant to get asylum seekers work permits and clear out some of the tens of thousands crowding the city’s shelters.
New York City officials are pressing ahead with an effort to suspend the right to shelter law, asking the state Supreme Court to modify the mandate, which they have described as “onerous” and “demonstrably ill-suited to present circumstances.”
So far, New York City has spent more than $2 billion dealing with the influx, and Mr. Adams’ office has said it expects that to climb to $5 billion by the end of the fiscal year.
Tyler Durden
Sun, 10/08/2023 – 22:10 - Oakland Police Tell Residents Not To Confront Auto Burglars
Oakland Police Tell Residents Not To Confront Auto Burglars
Police in Oakland, California are telling residents not to confront people breaking into their cars after seven suspects were arrested in three incidents late last month.
“The individuals involved in locked auto burglaries have become extremely brazen. Something that’s typically a non-violent crime has become much more dangerous for police and for the community,” said Oakland interim assistant police chief, Tony Jones. “We want to caution the public. Don’t try to engage with these individuals who are breaking into your car.”
During one of the incidents, officers caught thieves cutting a catalytic converter out of a vehicle in an underground garage. When officers approached, the suspects fled and rammed a police vehicle blocking the exit.
“A lot of these individuals have guns, and they’re armed, and they’re dangerous,” said Jones. “[Our officers] got rammed, it could have gotten deadly, and so we don’t want people to risk their personal safety over personal belongings that they can acquire some other day. It’s just not worth it.”
Jones says that officers have trained for such encounters, which allows them to respond without the use of lethal force.
“This operation got a little dangerous, and our officers showed tremendous restraint,” he continued. “We have experienced an uptick in individuals ramming our police cars attempting to escape.”
Following a chase which include a foot pursuit, police apprehended the catalytic converter thieves, discovering burglary tools and catalytic converters in their vehicle.
In another case, criminals who switched license plates fled when officers attempted a traffic stop. Upon apprehending them they found several firearms in their car.
According to Jones, stolen vehicles with swapped license plates are common.
“We have to be just as vigilant in how we adapt to the different techniques they do,” he said, adding “We’re aware of the plates being switched, but you can’t switch the color of the car. You can’t turn a Honda into a Lexus.”
There have been approximately 11,000 auto burglaries and 11,000 auto thefts in Oakland this year, a 40% increase over last year, according to OPD.
“That’s a significant increase, and that’s why you’re seeing the police department take more of an initiative to focus on auto burglaries in the city,” said Jones. “We’re going to be out there a lot more, focusing on this, trying to prevent these crimes from occurring, trying to investigate these things and find people’s property that’s been taken.”
Oakland residents have recently taken to complaints regarding calls for emergencies, with some saying they are put on hold for extended periods of time and often wait hours or days for officers to respond.
The interim assistant chief acknowledged the predicament and said the department is working on solutions.
“We are aware of the challenges with the 911 system, and we’re doing everything that we can to get the staffing up in the communications division so that those problems are rectified,” Mr. Jones said. “What’s more important is the personal safety of the people of Oakland.”
With budgetary constraints facing the department, and the city failing to secure millions of dollars in public safety grants because they missed a state deadline earlier this year, the department is working to reallocate its budget to further investigate auto burglaries, he said.
“We do have limited resources, but we can manage them in a way that allows us to do these operations regularly,” Mr. Jones said. -Epoch Times
“We must and we will do more to hold accountable those individuals behind these crimes,” said Oakland Mayor Sheng Thao during a recent press conference. “This is harming our community at large. We take this very seriously.”
In August, a recall effort was launched against Oakland’s Alameda County ‘Soros’ DA, Pamela Price, after several groups called out the rampant violence and lack of response.
Members of a “Save Alameda for Everyone” (SAFE) filed a Notice of Intent with Alameda County officials to begin the recall process, following years of inaction by Price.
“As crime spirals out of control on Alameda County streets, DA Price reduces sentencing for criminals and even refuses to charge violent felons with crimes,” reads a statement from the group which cites Oakland PD statistics stating that homicides are up 80% vs. pre-pandemic figures, and violent crime and burglaries are up 15% and 40% respectively over the same period.
“African Americans are disproportionately hit the hardest by crime in East Oakland,” the group states, per KRON. “Women have been beaten and robbed by youths; hate crimes against Asian Americans are surging; street vendors have been assaulted, and basic services are under attack.”
Earlier that month, the Oakland branch of the NAACP said that the city’s “failed” leadership had placed ‘everyone in danger.’
“Oakland residents are sick and tired of our intolerable public safety crisis that overwhelmingly impacts minority communities. Murders, shootings, violent armed robberies, home invasions, car break-ins, sideshows, and highway shootouts have become a pervasive fixture of life in Oakland. We call on all elected leaders to unite and declare a state of emergency and bring together massive resources to address our public safety crisis,” reads the letter.
The @NAACPOAKLAND just release a statement regarding Oakland’s escalating violence.
Please read and share far and wide. pic.twitter.com/sxaIEpl13c— Seneca Scott (@SenecaSpeaks21) July 28, 2023
“Failed leadership, including the movement to defund the police, our District Attorney’s unwillingness to charge and prosecute people who murder and commit life threatening serious crimes, and the proliferation of anti-police rhetoric have created a heyday for Oakland criminals,” reads the op-ed by Cynthia Adams, President of the Oakland Branch of the NAACP, and Bishop Bob Jackson of the Acts Full Gospel Church.
Tyler Durden
Sun, 10/08/2023 – 21:40 - China Markets Face Choppy Return From Holidays
China Markets Face Choppy Return From Holidays
By John Cheng, Bloomberg Markets Live reporter and strategist
Chinese markets are set to reopen after the Golden Week holidays against an uncertain global market backdrop, which may temper optimism from the spending boom at home.
A lot has happened overseas while mainland markets were shut. Risk assets were hammered as renewed concern about higher-for-longer US interest rates spurred a Treasuries selloff that rippled through world markets, while the surprise attack on Israel by the Palestinian group Hamas added a fresh layer of uncertainty. On the domestic front, however, tourism revenue from the holidays surged year-on-year, adding to bets that China’s economy has likely bottomed.
The conflicting signals set the stage for a choppy start for mainland equities on Monday. A gauge of Chinese shares listed in Hong Kong rose on Friday, helping trim its losses since Sept. 28 — when onshore markets last traded — to 0.3%. Meanwhile, an index of the nation’s US-listed stocks has gained 0.3% in the period. The offshore yuan has weakened about 0.2% against the dollar.
“The Golden Week consumption data should give more confidence to markets that demand is stabilizing, which may help boost sentiment for consumer and service sectors,” said Marvin Chen, a strategist with Bloomberg Intelligence. “But easing domestic worries come with rising external headwinds from markets adjusting to higher-for-longer Fed rates.”
Traders had been pinning their hopes on a holiday consumption boost to provide a new catalyst for the sluggish market. Travel and spending surged compared with lockdown-hit 2022, with 826 million travelers representing a 71% increase from last year. Spending jumping nearly 130%. Other key sets of data released during the break also showed the broader economy is on the mend, though far from roaring back.
Investors will weigh these modest improvements against concerns about tighter Federal Reserve policy following a hotter-than-expected US jobs report. China is seen at particular risk as a wider interest-rate gap with the US can increase pressure on the yuan and accelerate a capital flight.
The CSI 300 Index, a benchmark of onshore Chinese stocks, was down 4.7% for the year before heading into the break. A further 4.9% decline will see it erase all its gains from the reopening rally that took off in October 2022. Reaching that grim milestone may embolden China skeptics, who continue to shun the market due to deepening property-sector woes and geopolitical concerns.
The housing market slump remains a major overhang, with the crisis embroiling debt-ridden developer China Evergrande Group and other key builders showing little signs of abating. Home sales continued to post double-digit declines from a year earlier in September, a traditionally busy season for builders, underscoring weak buyer confidence despite a recent slew of property easing measures.
Some investors, however, say this year’s relentless selloff has created some buying opportunities. There are also hopes that the upcoming third plenum of the 20th Party Congress, a gathering of top leaders to discuss major economic and reform issues, will offer hints of further stimulus. The meeting, to be held toward the end of October and early November, could act as a positive catalyst, said Chen of Bloomberg Intelligence.
“We can expect a recovery toward the end of the year or early next year with the economy coming toward the end of the de-stocking cycle, and as we see more coordinated policy efforts to tackle the weak economy,” said Elizabeth Kwik, investment director of Asian equities at abrdn Plc.
For now, winning back foreign investors is proving to be hard. Global funds sold Chinese shares on a net basis for a second consecutive month in September, trimming their exposure to the lowest level since 2020. Pessimism is such that “short China equities” emerged as one of the biggest convictions among money managers in the latest Bank of America Corp. monthly survey.
“We have economic data showing improvement so that’s a good start, but markets are skeptical given how confidence was badly damaged,” said Christopher Wong, FX strategist at Oversea-Chinese Banking Corp. in Singapore. It will take time for Chinese markets to recover, he added, as “sentiment needs to recover and confidence needs to be repaired.”
Tyler Durden
Sun, 10/08/2023 – 20:50 - "There's Just Way Too Much Debt": This Is Now The Greatest Bond Bear Market In History
“There’s Just Way Too Much Debt”: This Is Now The Greatest Bond Bear Market In History
There was a remarkable chart in the latest Flow Show note from BofA resident bear Michael Hartnett: after peaking in July 2020 and in the subsequent 28 months drawing down by a record 25%, this is now the single greatest bond bear market of all time!
Considering that BofA’s historical data goes back 236 years all the way to the founding of the republic, this is a jarring statistic, and a poignant reminder of the magnitude of the pain rippling through the financial world in the aftermath of an inflation shock and interest-rate surge that few saw coming… a shock which Deutsche Bank last week quantified as a $70 trillion Mark to Market hit to duration portfolios (while some may claim it’s not a loss unless you actually sell the bond, the truth is that any bond which is pledged as collateral in the repo markets or elsewhere is valued daily, and the cumulative haircut assuming all eligible duration was pledged is, drumroll, $70 trillion).
Worse, the historical bond bear market also underscores the growing angst in some corners of Wall Street about the increasingly shaky state of US government finances. As a reference, it took the US government just 18 days to add more than $500 billion dollars in debt after rising above $33 trillion for the first time: a run-rate of $1 trillion in new debt in under 2 months. Also, it took the US until March 1975 to accumulate its first $500 billion. It just did the same in 18 days.
And just 18 days later we are at $33.513 trillion. That’s $28.5 billion in new debt per day, and on pace to add another trillion in 1.5 months. https://t.co/tOrhqmldNj
— zerohedge (@zerohedge) October 6, 2023
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As Bloomberg Markets Live reporter Ye Xie writes, massive deficits as far as the eye can see seemed fine when the Federal Reserve had interest rates pinned at zero and was monetizing tens of billions of dollars’ worth of Treasuries every week. Free money can mask a lot of problems.
But at today’s 5% rate, though, the math gets tricky. The government’s tab, and, as a result, the supply of bonds it needs to sell, adds up so fast that it can overwhelm what was long considered to be insatiable demand for the world’s safest investment.
“There’s just way too much debt,” says Ed Yardeni, founder of Yardeni Research. And so, Xie goes on, the price on the 10-year Treasury bond is tumbling, driving its yield up to the highest level in 16 years. Investors, in other words, are demanding a discount to buy the debt, a dynamic that’s magnified by the Fed’s sudden exit from the market. Quantitative easing, as the Fed’s bond-purchase program was known, became untenable once policymakers deemed inflation was Enemy No. 1; it just pumped too much cash into an already overheated economy. Central banks in Brazil, China, Japan, Saudi Arabia and elsewhere have also halted their US bond purchases. In some cases, they’ve taken to outright selling.
The vacuum created by the central banks’ departure is once again empowering the traditional forces in finance: banks, hedge funds, insurers. Yardeni refers to this group as the bond vigilantes, a term he coined first back in the 1980s. Right now, he says, they’re back to doing their thing, pushing bond prices down and yields up, and sending a warning to Washington to rein in the deficit and inflation.
This isn’t about the US defaulting on its debts. The periodic histrionics surrounding the debt ceiling and government funding deadlines are, for now at least, just that. The real concern is that by pursuing a fiscal policy that drives up yields so much, Washington is putting the squeeze on companies and consumers across America. Push yields too high, too fast and something in the economy will break, something both JPMorgan and Goldman agree on (see “Goldman, JPMorgan Pull The Alarm: As Yields Soar “Risks Are Growing Of A Sharp, Impulsive, Negative Feedback Loop… There Will Be A Financial Accident“.)
Last March, it happened with SVB, and while nothing was fixed the problem of massive mark to markets bond losses was masked courtesy of the Fed’s BTFP facility which has hit new record highs every weeks since its inception (the facility is supposed to terminate next March; instead it will be greatly expanded). Yardeni frets it will happen again now, and potentially drag the economy into a painful recession in the process.
“We’re getting pretty close to the level where something could break,” he says. A key level for him: 5% on the 10-year bond. Surpass that, he says, and the odds of a recession really pick up. The yield got as high as 4.89% last week. Just two months earlier, it was hovering around 4%. During the pandemic, it was as low as 0.3%.
Meanwhile, Xie points to the latest Hartnett notes and reminds readers that the superlatives quantifying the bond rout are endless. One comparison being made is to the wipeout in stocks during the dot-com bust (in both cases, the losses reached 50%).
Another startling reference is that at one point last quarter the spike in yields was the biggest since the increase that proceeded the 1987 stock market crash. The pain has started to spill into stocks this time, too, albeit to a far lesser extent. Corporate bonds have also slid while the dollar has rallied against most other currencies. Even oil, which had largely been impervious to broader economic forces throughout the summer, got sucked into the bond market vortex last week, posting losses that broke a months-long rally.
What makes this moment all the more shocking to Wall Street veterans is that it disrupted years of Fed-orchestrated stability in the bond market. That comatose state, in which benchmark yields hovered around 2% day after day, year after year, had become known as the new normal. The US—and much of the rest of the world—had entered an era of low growth and low inflation in the aftermath of the 2008 financial crisis, so rock-bottom rates made sense.
Few on Wall Street saw much that might change that, not even when the pandemic unleashed a torrent of government spending. Now that change is here at such a radical pace, many of finance’s best and brightest are suddenly citing all sorts of economic forces that could keep yields high for years: global warming, the transition to green energy, deglobalization, demographic shifts and, of course, the ever-growing supply of government bonds. “We are in a world with a permanently higher cost of capital, and that does have consequences,” says Torsten Slok, chief economist at Apollo Global Management.
The years from 2008 to 2020 were abnormal, even if at some point they came to feel normal, Slok says. The Bank of America strategists dug up another historical nugget to underscore the point: Global interest rates during this period were the lowest in 5,000 years. “The new world that we live in,” Slok says, “is really the normal world that we were in.”
It’s a world in which Yardeni’s vigilantes, the bond traders, have a much bigger voice, the Fed has a smaller one, and consumers, corporate executives and Washington lawmakers have to confront a harsh reality: America’s free-money experiment is over.
And while it is certainly admirable that central banks are, at least superficially, seeking a return to the old normal, the problem is that if the Fed truly hopes to put the QE years behind it, it better be prepared to also wipe away about 80% of the stock market gains since 2009.
Of course, this will never happen, as the alternative would be the biggest depression in global history, one which promptly mutates into social unrest and civil and global war. Which is why it is amusing to watch the Fed play chicken on two front: inflation on one, and the threat of unprecedented capital markets collapse on the other.
Amusing, because in the end everyone knows which alternative the Fed – an unaccountable, private entity owned by America’s private banks and financial interests…
Classification of central banks by ownership
Source: Bank of England … will choose, and it’s also why we are fully certain that within a few years the new inflation target in the US will be 3%, if not much higher.
Tyler Durden
Sun, 10/08/2023 – 20:34 - Rubin And Tribe Under Fire For Using The Massacre In Israel For Bizarre Attacks On Political Figures
Rubin And Tribe Under Fire For Using The Massacre In Israel For Bizarre Attacks On Political Figures
In academia, one of the most common criticisms in research and discussions is that correlation does not mean causation.
It refers to the logical fallacy for some who draw a cause-and-effect relationship between two events. The logical fallacy is captured in the Latin phrase cum hoc ergo propter hoc (‘with this, therefore because of this’). With the horrific attacks on Israel this week, some well-known commentators have been criticized for using the killing of hundreds by Hamas as a criticism of conservative figures or Republicans in general.
That includes the Washington Post’s Jennifer Rubin who appeared to blame the GOP for inviting the attack and Professor Laurence Tribe who suggested (and later retracted) that the war was actually a “wag-the-dog” operation by Prime Minister Benjamin Netanyahu to distract from corruption allegations.
Rubin (who goes by the moniker “Jennifer Truthful, Not Neutral Rubin”) immediately attempted to use the attack as another attack on Republicans: “How about this: With US House in chaos and US military promotions on hold, Hamas struck. Republicans’ weakness invites terror.”
How about this: With US House in chaos and US military promotions on hold, Hamas struck. Republicans’ weakness invites terror.
— Jennifer Truthful, Not Neutral Rubin (@JRubinBlogger) October 7, 2023
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Putting aside the effort to use this tragedy as a political cudgel domestically, Rubin ignores the fact that the motion to vacate the chair succeeded due to a unanimous Democratic vote and just eight dissenting Republicans. The Democrats wanted to vacate the chair even though McCarthy was being criticized by the dissenters for working with them and they will now likely receive a far more strident speaker.
Rubin has also called for expelling Republican members, who voted against certifying the 2020 election. She further declared that “we have to collectively, in essence, burn down the Republican Party. We have to level them because if there are survivors, if there are people who weather this storm, they will do it again.”
The Washington Post has repeatedly failed to take down or correct columns containing false claims by Rubin. Instead, it has run her calls to end impartiality and neutrality in journalism.
Now Rubin is suggesting that Hamas decided to launch this massive attack because there is an acting Speaker in the House until next week. It appears that Hamas was just waiting for the motion to vacate to pass.
Laurence Tribe immediately used the massacre to attack Netanyahu.
Citing the Washington Post, Tribe wrote “Is Netanyahu wagging the dog of war to take attention away from his own war on the independent judiciary? Can anyone put that past him?”
The response was fast and furious.
It was even too much for figures like Keith Olbermann who condemned Tribe stating, “Well this is a moronic and indefensible POV.”
What was striking is that the media finally called out Tribe, who has regularly posted bizarre legal theories and personal attacks against conservative figures, including attacking Bill Barr (erroneously) over his faith. On MSNBC and other outlets, Tribe regularly makes profane or personal attacks against those who hold opposing views of constitutional interpretation, including myself. These attacks include false assertions that had to be later corrected.
These controversies highlight the need to restore an element of maturity and civility to commentary. The “everything-goes” mentality has now taken hold of major media outlets, which regularly feature trash talking and sensational claims. If the target of these attacks is a conservative or Republican, there is a sense of license to remove the safeties in public engagements.
Once again, it is possible to restore a modicum of civility and accuracy in our public discourse. All it takes is for people of good faith to turn away from the rage and return reason in our commentary.
Tyler Durden
Sun, 10/08/2023 – 19:50 - "This Is Unacceptable": Blue States Blast Biden Over Border Blunders As Backlash Intensifies
“This Is Unacceptable”: Blue States Blast Biden Over Border Blunders As Backlash Intensifies
Blue states buckling under the strain of hundreds of thousands of migrants bussed into their Democratic strongholds are blaming President Joe Biden for not doing enough to curb the influx of illegals.
The latest politician to blast Biden is Illinois Gov. J.B. Pritzker, who told Biden in a Monday letter that his state is in an “untenable situation,” and that the feds need to take “swift action.”
In August, New York Gov. Kathy Hochul (D) joined with business leaders to implore the administration to do something about the “humanitarian crisis” that’s overwhelmed New York City with more than 100,000 migrants.
The next month, NYC Mayor Eric Adams predicted that the migrant crisis “will destroy New York City.“
Massachusetts Gov. Maura Healey (D), meanwhile, issued a state of emergency in August in response to the illegal migrant crisis, telling DHS Secretary Alejandro Mayorkas in a letter that her state has taken action “to address what sadly has been a federal crisis of inaction.”
White House officials are scrambling to respond – and have already fumbled the ball on the border wall. Earlier last week, reports emerged that Department of Homeland Security Secretary Alejandro Mayorkas said, in an official document, that there is “an acute and immediate need to construct physical barriers” along the US border- while the Biden administration waived 26 federal laws to build more border wall.
Two days later, he backpedaled furiously, claiming “There is no new administration policy with respect to the border wall,” adding “From day one, this Administration has made clear that a border wall is not the answer. That remains our position and our position has never wavered. The language in the Federal Register notice is being taken out of context and it does not signify any change in policy whatsoever,” the statement continues.
NEW: After quite literally saying there is an “immediate need to construct physical barriers” at the southern border, DHS Secretary Mayorkas says we are all taking him out of context.
The utter incompetence by this administration is astounding.
In an attempt to gaslight the… pic.twitter.com/9X3Xy73DfD
— Collin Rugg (@CollinRugg) October 6, 2023
White House press secretary Karine Jean-Pierre tried to downplay the move, arguing that the government is following Trump-era laws but still does not believe in the wall’s effectiveness.
“We believe that we need border technology that is modernized and land ports of entry. And that’s what we want to see,” she told reporters on Thursday, adding that Biden “does not believe it is effective. He has been very clear about that.”
Jean-Pierre added that the wall funds were from a Trump-era border appropriations bill.
“We asked Congress to reappropriate the funds,” she said, “But they’ve refused, and so now we’re moving forward.”
More via The Epoch Times;
Biden Trying to Appease Democratic Leaders: Border Experts
The White House is acting in accordance with the Impoundment Control Act of 1974, which forbids the President or other government officials from bypassing Congress in making funding decisions. This is not, however, the primary reason why the administration is restarting the construction of the wall, according to Andrew Arthur, resident fellow in law and policy for the Center for Immigration Studies, a Washington-based think tank.
The decision is clearly “driven by a need to respond to concerns voiced by Democratic-elected officials in northern U.S. cities,” Mr. Arthur told The Epoch Times.
“Barriers will help agents in the apprehension and processing of illegal entrants, but they will do nothing to discourage those migrants improper entries absent a concomitant policy shift—but at least the administration can claim that it is ‘doing something.’”
‘We’re Here Abandoned’
Last month, Mayor Rolando Salinas of Eagle Pass, Texas, a Democrat, criticized President Biden for the border crisis. In an interview with CNN, he complained that the White House had not communicated with him while thousands of illegal immigrants poured into his small city.
“We’re here abandoned. We’re on the border, we’re asking for help. This is unacceptable,” he said.
In a recent letter to the White House, Gov. Pritzker also raised a similar concern, urging that “there be one person in the federal government” who works directly for the president and is in charge of overseeing efforts at the border.
When asked about this request, Ms. Jean-Pierre said, “There are multiple folks” at the White House who have been in contact with governors across the country.
“Look, let’s not forget, we provided a billion dollars to those counties, states, cities who are dealing with this issue,” she said. “It is an issue that’s incredibly important to this president.”
Charlotte Cuthbertson contributed to this report.https://platform.twitter.com/widgets.js
Tyler Durden
Sun, 10/08/2023 – 19:15 - Strike To Start At 4 Prime Healthcare California Hospitals
Strike To Start At 4 Prime Healthcare California Hospitals
Members of the United Nurses Associations of California/Union of Health Care Professionals and Service Employees International Union-United Healthcare Workers West are set to launch a strike Oct. 9 at four Prime Healthcare facilities in Southern California.
The unions represent about 2,400 workers at four Prime hospitals: St. Francis Medical Center in Lynwood, Centinela Hospital Medical Center in Inglewood, Garden Grove Hospital and Medical Center, and Encino Hospital Medical Center, according to union statements shared with Becker’s. Ontario, Calif.-based Prime Healthcare operates 45 hospitals and more than 300 outpatient locations in 14 states.
Members of both unions, which include registered nurses, licensed vocational nurses, certified nursing assistants, medical assistants, emergency room technicians, respiratory therapists and others, have been in negotiations with Prime for new contracts at the four facilities. Union members contend that during negotiations, management has not adequately addressed workers’ concerns about issues related to alleged unsafe staffing and high turnover.
“We are calling on Prime Healthcare to stop their unfair labor practices, bargain in good faith, and listen to the front-line healthcare workers that this community depends on,” Bernie Espinoza, an ultrasound tech at Prime Garden Grove Hospital, said in a statement. “Staffing has been so critically low that many caregivers have left. The remaining workers are stretched thin and rushed. We’re forced to take on more patients with less staff, which leaves much less time for quality one-on-one patient care.”
In its statement, UNAC/UHCP claimed that Prime cut nurse salaries when it bought St. Francis in 2020 and that registered nurse turnover has doubled to more than 50% since then, leaving the hospital “dangerously understaffed.”
Prime emphasized its commitment to bargain in good faith.
“Proposals have been delivered to the unions that would increase wages and provide comprehensive benefit programs, including healthcare, that is among the best in the nation at little to no cost to employees,” the health system said in a statement shared with Becker’s. “We believe the current proposal benefits all our employees and hope to reach an agreement so we can continue our mission of providing compassionate, quality care to patients.”
Prime also noted recognition its hospitals have received for care and service; efforts it has made to hire, recruit and retain staff; support and growth opportunities it offers through continuing education, tuition reimbursement, career development and other programs; and investments it has made in improvements to hospitals.
Regarding St. Francis specifically, Prime said the hospital “has a special story having been rescued from bankruptcy during the pandemic. After millions in investments to improve technology, systems and infrastructure, the hospital has achieved nationally recognized patient safety and quality awards while providing vital care for its community, earning commendation from local and state leaders. None of this would have been possible without our dedicated staff. We are committed to ensuring a workplace that honors their work and continues to provide lifesaving care for the most vulnerable.”
At St. Francis, registered nurses represented by UNAC/UHCP will join other healthcare workers for a five-day strike beginning Oct. 9. SEIU-UHW healthcare workers plan to strike at the three other Prime hospitals at the same time.
A strike could be averted if a deal is reached before Oct. 9.
Tyler Durden
Sun, 10/08/2023 – 18:40 - As "Most Important Election Of Our Lives" Looms, Trump Blasts "Weak & Ineffective" Biden For Hamas Attack On Israel
As “Most Important Election Of Our Lives” Looms, Trump Blasts “Weak & Ineffective” Biden For Hamas Attack On Israel
During a campaign rally on Oct. 7 in Waterloo, Iowa, former President Trump responded to the surprise attack on Israeli towns by the terrorist group Hamas earlier in the day, criticizing President Biden for being a “weak leader”.
“We’re here today for a very important reason: to commit to caucus, we know what that means right, commit to caucus, exactly 100 days from now each and every one of you is going to cast the most important vote of your lives.
I believe that too. I believe that this will be the most important election of our lives because this country is headed in a horrible horrible direction and you so what took place today in Israel.
This country is just headed so badly [sic].”
Trump made it clear who was to blame for the attacks in Israel:
“The Israeli attack was made because we are perceived as being weak and ineffective and with a really weak leader and and uh the brutal murder of citizens is an act of savagery that must and will be crushed, has to be… It has to be dealt with very powerfully.
This is a time where the United States needs leadership – we don’t have leadership – but Israel is at War and the United States obviously is going to stick with Israel and strongly…”
Trump concluded with a pitch for his caucus:
“if we don’t take back our country, we’re not going to have a country. If we do take back our country, our country will be greater than ever before, I promise you that…”
Watch the clip below:
The Ron Paul Institute’s Adam Dick made an interesting point as Republican Party presidential candidates rushed out statements setting forth their related views, the statement of Donald Trump stood out as relatively noninterventionist.
While placing blame on Hamas, Trump refrained from promising support for the government of Israel in the conflict. This set him apart from the other prominent Republican candidates who made comments pledging support for Israel.
Here is Trump’s Saturday statement on the matter:
These Hamas attacks are a disgrace and Israel has every right to defend itself with overwhelming force. Sadly, American taxpayer dollars helped fund these attacks, which many reports are saying came from the Biden Administration. We brought so much peace to the Middle East through the Abraham Accords, only to see Biden whittle it away at a far more rapid pace than anyone thought possible. Here we go again.
So far so good. Trump is not endorsing in his statement the United States government supporting the Israel government in this conflict. But, there certainly is much pressure on him to make such an endorsement soon.
Other Republican presidential candidates, in contrast, jumped immediately at the opportunity to declare their support for aiding Israel in this new rising conflict. Tara Suter reported Saturday at The Hill on other prominent Republican candidates’ early statements on the matter. Every one of them took a step beyond Trump, pledging their support to the Israel government in the rising conflict.
Below are excerpts from those candidates’ statements presented in Suter’s article.
Doug Burgum: “Iran and its terror sponsors in Gaza are showing the world their true face: pure evil. Israel is at war with brutal terrorists and the United States must provide maximum support to our democratic ally.”
Chris Christie: “We must do whatever it takes to support the State of Israel in its time of grave danger, and we must end the scourge of Iran-backed terrorism.”
Ron DeSantis: “Israel not only has the right to defend itself against these attacks, it has a duty to respond with overwhelming force. I stand with Israel. America must stand with Israel.”
Nikki Haley: “Israel has every right to defend its citizens from terror. We must always stand with Israel and against this Iranian regime.”
Mike Pence: “Our prayers are with the families and soldiers of our most cherished ally. @netanyahu [Israel Prime Minister Benjamin Netanyahu)] says Israel is ‘at war’ America Stands With Israel[.]”
Vivek Ramaswamy: “Israel’s right to exist & defend itself should never be doubted and Iran-backed Hamas & Hezbollah cannot be allowed to prevail. I stand with Israel and the U.S. should too.”
Tim Scott: “Israel has a right to defend itself and the United States must stand in support of its steadfast ally.”
Can Trump continue to resist the pressure being put on him to declare that he does, and the US government should, “stand with Israel” in regard to this rising conflict?
We’ll see.
Taking a solitary course concerning this matter would be consistent with Trump’s apparent effort to run as the peace candidate among the contenders in the race for the Republican presidential nomination.
Tyler Durden
Sun, 10/08/2023 – 18:05 - Dollarization Puts Foreign Economies At The Mercy Of The US Regime
Dollarization Puts Foreign Economies At The Mercy Of The US Regime
Authored by Ryan McMaken via The Mises Institute,
Argentinian presidential candidate Javier Milei – who could actually win in the general election later this month – has become famous for his fiery speeches and his libertarian views from central banking to government spending.
Milei’s proposed policies – if he’s able to actually implement them – would do much to help the Argentinian economy recover from decades of malaise caused by runaway government spending and monetary inflation.
Among Milei’s positions, however, is his call for the dollarization of the Argentinian economy. It is unclear if Milei seeks currency competition within Argentina or if he seeks “full-blown” dollarization. In the case of the former, the dollar would merely be permitted to openly compete with other currencies. Full-blown dollarization, on the other hand, would mean the complete abandonment of the Argentinian peso and the adoption of the US dollar as the state’s preferred currency.
Here at mises.org, authors Simon Wilson and Kristoffer Hansen have already addressed some of the economic problems presented by dollarization. There are geopolitical problems that come with full dollarization, as well. Dollarized countries open themselves up to more ready control by the US regime should Washington decide it wishes to impose economic sanctions on a dollarized country. The impact of sanctions within a dollarized economy can have especially devastating effects on ordinary people who must use dollars in everyday transactions.
At least, this is what happened in Panama in 1988 and 1989. The Panamanian economy had been fully dollarized for decades when the US government imposed economic sanctions on the country as part of the US government’s efforts to capture the Manuel Noriega. Full dollarization led in part to a severe economic contraction which did little to unseat Noriega but which impoverished ordinary dollar users in the country.
While Argentinians may think it’s unlikely that the US will seek to impose sanctions on the country—and thus such geopolitical concerns are irrelevant—the US in recent years has been increasingly enthusiastic about using economic sanctions against regimes Washington doesn’t like. Any regime considering dollarization would do well to at least consider how dollarization can increase the US’s potential for direct political control over dollarized economies.
Panama: A Case of Full Dollarization
The nominal Panamanian currency is the balboa, but it only circulates as coins and is pegged to the dollar in a 1:1 ratio. The US dollar is used in most transactions, Panama has never had its own central bank, and the dollar has functioned as legal tender for more than a century in Panama. This means the Panama economy is now—and has been since economic liberalization in the 1970s—fully integrated into the US financial system.
This comes with some undeniable benefits. As Juan Luis Moreno-Villalaz has noted,
The unified currency system eliminates foreign exchange risk, currency mismatches, and speculative attacks so common in other countries with central banks and “sovereign” money. The absence of “policy decisions” regarding monetary or exchange rate affairs reduces risk because less information is needed by outside investors.
Because of this relative stability and economic integration, however, the role of dollar-denominated US banks in Panama is unusually large, and ordinary consumers and business owners use US banks and dollars to carry out everyday transactions. Because the US government can directly regulate these US banks and their payment systems, this makes Panama’s economy more directly affected by US domestic policy, including executive orders from US presidents.
Not that non-dollarized economies are immune from this. In the modern world, even non-dollarized economies use dollars heavily. Dollars are key to the eurodollar economy—including petrodollars—and dollars are used extensively for international trade. Cutting off access to dollars can be used as a chokepoint against many countries should the US wish to impose economic sanctions against those countries. We have seen this phenomenon at work in recent years in the form of new US sanctions against Russia and Iran. Thus, one could reasonably conclude that the dollar can be weaponized against countries whether or not those countries have dollarized. This is true to an extent, but the Panama experience suggests that full dollarization magnifies and extends a foreign economy’s susceptibility to US policy.
Dollarization and US Sanctions Against Panama
The problem of dollarization for Panama became acute in 1988 and 1989 when the United States engaged in efforts to arrest General Manuel Noriega and try him for a variety of drug-related crimes in the United States. From the late 1970s to the mid 1980s, Noriega had been a valued unofficial agent of the CIA and the US regime. He funneled resources to the Contras in Nicaragua at the behest of the US government and allowed the CIA to carry out spy operations from bases in Panama. As the de facto ruler of Panama throughout much of the 1980s, he was, in short, one of the US regime’s many “strongman” allies in Latin America. When Noriega began to assert more independence from Washington, however, the US regime turned against him and sought his extradition.
Economic sanctions were subsequently imposed in 1988. According to a 1989 report from the General Accounting Office, the State Department advised US banks “to not disburse funds to the Noriega regime.” The report continues: “On March 11, 1988, the President [Reagan] …announced a program to reduce the flow of U.S. dollars to Panama. This included requiring that all payments due to Panama from the operation of the Panama Canal Commission be deposited into an escrow account established at the Federal Reserve Bank of New York.” The US also assisted Noriega’s adversaries in Panama in an effort to “freez[e] Panamanian assets in the United States which ultimately led to the closure of domestic Panamanian banks in March 1988.”
The sanctions did not succeed in convincing Noriega to surrender, but they did damage the Panamanian economy considerably. As political scientist Benjamin J. Cohen describes it,
Panamanian assets in U.S. banks were frozen, and all payments and dollar transfers to Panama were prohibited, effectively demonetizing the economy. … The effect on the economy was devastating despite rushed efforts by the Panamanian authorities to create a substitute currency, mainly by issuing checks in standardized denominations that they hoped recipients would then treat as cash.
The sanctions may have reduced Panama’s economic output by as much as 20 percent, yet it is notable that the US did not even employ its full arsenal of economic sanctions. Given the extensive dollarization of the Panama economy, the US could have easily further destroyed the Panama economy by “curtailing … inter-bank transfers of US dollars.”
Some historians and economists have investigated to what extent Panama’s dollarization put it at the mercy of US sanctions. Cohen concludes “In political terms … Panama has been especially vulnerable in its relations with Washington.” In a study titled “Full Dollarization: The Case of Panama,” the authors conclude
the suspension of payments (resulting from the freezing of Panamanian accounts in New York) could be a risk associated mainly with a dollarized economy, given that the dollarization regime leads to a large presence of overseas bank accounts. … It is true that the United States cut off the supply of new paper currency and froze Panamanian bank accounts in New York. The first action had little real adverse economic impact, however, while the efficacy of the second derived not from dollarization per se but from the large role of New York banks in the economy. But the latter was in part the consequence of the former” [emphasis added.]
In other words, dollarization likely led to greater reliance on US banks which, in turn, increased the ability of the US to more effectively impose sanctions on Panama’s economy.
Perhaps one of the most notable effects of the sanctions in Panama’s dollarized economy was the fact the sanctions had such a large effect on ordinary Panamanians. In a non-dollarized economy, sanctions limiting access to dollars can take more time to be felt by the bulk of the population, especially those parts of the population not directly involved in international trade and finance. With dollars as the ordinary everyday currency, however, efforts to cut off the flow of dollars had a greater direct impact on the economy. In a 1990 study for the Army War College, Kay. B. Witt concludes “the average Panamanian bore the brunt of the sanctions,” and it might also be noted that the sanctions were most felt by law-abiding citizens who were not involved in the “informal” economy where dollars still flowed via illegal conduits. The Noriega regime had access to both the normal economy and the informal economy, however, and thus could continue to access dollars even as ordinary people greatly suffered at the hands of US policymakers. Witt concedes, “the sanctions had no significant effect on General Noriega and his loyal followers.”
Noriega, of course, was eventually captured in early 1990 in the wake of a US invasion, and the sanctions were lifted. It is instructive, however, to note the speed and ease with which the US was able to devastate the Panama economy by cutting off dollars.
Dollarization does indeed bring economic benefits, but Latin American policymakers might be well-advised to consider the geopolitical effects of dollarization as well.
Tyler Durden
Sun, 10/08/2023 – 17:30 - Iran Helped Hamas "Plot Israel Attack Over Several Weeks", Gave Green Light, WSJ Reports
Iran Helped Hamas “Plot Israel Attack Over Several Weeks”, Gave Green Light, WSJ Reports
Readers may recall that we ended our first post-mortem to the war between Israel and Hamas by speculation if Iran would get dragged in:
Finally, there is some speculation that Iran may get dragged into what is rapidly emerging as the worst Middle-Eastern crisis in years, with various pro-Israeli hawks claiming that the Hamas attack would have only occurred with explicit Iranian backing. If Israel does indeed attack Iran, as it has hinted it would do for years, may we suggest you fill up your gas tank.
That speculation has been all but validated moments ago when the WSJ reported that “Iranian security officials helped plan Hamas’s Saturday surprise attack on Israel and gave the green light for the assault at a meeting in Beirut last Monday“, according to senior members of Hamas and Hezbollah, another Iran-backed militant group.
Officers of Iran’s Islamic Revolutionary Guard Corps had worked with Hamas since August to devise the air, land and sea incursions, the WSJ reported citing its Hamas and Hezbollah sources.
Details of the operation were refined during several meetings in Beirut attended by IRGC officers and representatives of four Iran-backed militant groups, including Hamas, which holds power in Gaza, and Hezbollah, a Shiite militant group and political faction in Lebanon, they said.
At the same time, officials from the deep state blob – who have been desperate to appease both Iran and Venezuela in recent months in hopes of getting sanctions against the Tehran regime lifted so that it can officially supply extra oil to the US ahead of the 2024 elections (instead of just unofficially shipping oil to China), with Biden terrified what high gas prices may do to his reelection chances – say they haven’t seen evidence of Tehran’s involvement. In an interview with CNN that aired Sunday, Secretary of State Antony Blinken said: “We have not yet seen evidence that Iran directed or was behind this particular attack, but there is certainly a long relationship.” This was echoed by an U.S. official of the meetings who said that “We don’t have any information at this time to corroborate this account.”
A European official and an adviser to the Syrian government, however, both of whom are not bound by the price of oil in Nov 2024, gave the same account of Iran’s involvement in the lead-up to the attack as the senior Hamas and Hezbollah members.
Some more details from the WSJ:
A direct Iranian role would take Tehran’s long-running conflict with Israel out of the shadows, raising the risk of broader conflict in the Middle East. Senior Israeli security officials have pledged to strike at Iran’s leadership if Tehran is found responsible for killing Israelis.
The IRGC’s broader plan is to create a multi-front threat that can strangle Israel from all sides—Hezbollah and the Popular Front for the Liberation of Palestine in the north and Palestinian Islamic Jihad and Hamas in Gaza and the West Bank, according to the senior Hamas and Hezbollah members and an Iranian official.
Whether or not Iran actually did help Hamas plan and execute the attack, and whether Mossad – the world’s best intelligence agency – was really completely unaware of what was going on, is – for the time being – irrelevant. What matters is that the narrative is now being shaped so that the mainstream media will cast blame on Iran alongside Hamas, just as a US aircraft carrier arrives in the Gulf to provide support to Israel.
The geopolitical implications are staggering, but once again we repeat our advice from Saturday morning: fill up your gas tank now.
* * *
Update(1345ET): For the first time since the Yom Kippur War of 1973, the government of Israel has issued a formal and legal “declaration of war” after Saturday’s devastating assault from Islamic militants out of Gaza, which according to the country’s health ministry has left over 700 Israelis dead and thousands injured. Strategic Affairs Minister Ron Dermer told CNN in a morning interview, “There will probably be more hundreds, several hundred more.”
At least 350 have been killed on the Palestinian side, as a large-scale Israeli bombing campaign over Gaza ensues. Israeli officials are expected to embark on some kind of hostage rescue operation. According to Israeli media there are foreigners, likely including Americans, among the kidnapped hostages being held by Hamas and Islamic Jihad:
The Government Press Office, a body that operates under the Israeli Prime Minister’s Office, said Sunday in a Facebook post that the number of hostages in Gaza was over 100.
Among the kidnapped were small children, the elderly, and foreign nationals including 11 Thais working on farms near the border. US Secretary of State Antony Blinken said the State Department was attempting to confirm reports that Americans had been killed or kidnapped.
Nonstop troop movements near the Gaza border. pic.twitter.com/CoQcDYxOq4
— Trey Yingst (@TreyYingst) October 8, 2023
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Currently, there are reports that internecine gunfire has erupted in different parts of Israel and the West Bank. Overnight there were also reports of sporadic shelling and exchanges of fire in the north, between Hezbollah and Israel’s military.
Will a northern front open up? This would likely put Israel in an even greater state of panic as things spiral…
Video of Hezbollah attack on #Israel military position in Shebaa Farms.
“Where did it come from?
“From the school grounds down there” pic.twitter.com/XsAD3OenpM— Firas Maksad (@FirasMaksad) October 8, 2023
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Below is a brief review of major events over the last several hours, courtesy of Academy SITREP:
- Early this morning, Hamas militants launched a surprise attack on Israel firing thousands of rockets in a coordinated air and land assault.
- Israeli Prime Minister Benjamin Netanyahu said that his country was now “at war” and has retaliated with massive airstrikes on Hamas targets.
- Hezbollah, the Lebanese Shiite militia organization that fought a war with Israel in 2006, said that it was monitoring the situation but has not yet pledged its support to join forces with Hamas in this attack on Israel.
- An adviser to Iranian Supreme Leader Ali Khamenei said that Iran supported the cross-border operation by Hamas, which is not surprising and could partially be in response to the ongoing Saudi Arabia /Israel diplomatic talks.
- Netanyahu has spoken with President Biden and Secretary of Defense Austin said that “The Department of Defense will work to ensure that Israel has what it needs to defend itself and protect civilians from indiscriminate violence and terrorism.”
- While still early, initial reports are coming in indicting over 40 Israelis have been killed along with hundreds more injured.
Fighting along Israel’s southern border with the Gaza Strip is ongoing Sunday:
Police publish footage of forces battling Hamas terrorists in southern Israel. At least 30 officers have been killed in the fighting. pic.twitter.com/6mE0nH2HB7
— Emanuel (Mannie) Fabian (@manniefabian) October 8, 2023
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Meanwhile, US Neocons clamoring for war and escalation by saying an attack on Israel is an attack on America…
NO, STOP IT. This was a barbaric, savage attack on ISRAEL, not America.
Glad you support Israel doing what it needs to do to defend itself—they’ll do it. That’s nice.
But stop universalizing every damn conflict and shoe-horning it into your basic ideological agenda. It’s… https://t.co/dnuwndYMLz
— David Reaboi, Late Republic Nonsense (@davereaboi) October 8, 2023
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Among the most shocking images to come out of Saturday’s surprise deadly assault by Hamas and Palestinian Islamic Jihad (PIJ) out of Gaza was the scene of dozens of militants flying over the southern Israeli desert using motor-powered hang gliders.
Some of the first footage to go viral soon after the broader cross-border assault was of militants parachuting down into a crowd of thousands of unsuspecting young Israeli partiers who were enjoying a rave concert in the southern desert. Foreigners, including Europeans and possibly Americans were also in attendance. The surreal scene looks like something out of the 1980s movie “Red Dawn”…
NEW: Video shows Hamas terrorists paragliding into Israel during a festival.
The terrorist reportedly entered the festival and began shooting those in attendance.
In response to the attacks by Hamas, Israel PM Benjamin Netanyahu is vowing to “fight them to the bitter end.”… pic.twitter.com/w6doS5tA72
— Collin Rugg (@CollinRugg) October 8, 2023
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The above is being widely described as the moment it all started. The event was described as a “Music Festival for Peace” – ironically enough, but was very close to the Gaza border.
Possibly dozens of festival goers were abducted and others were killed. There were seen huddled in the back of large trucks and driven into Gaza by armed militants.
Others, more fortunate, later fled across the desert by foot – and made it to their vehicles, as the below additional footage shows…
Hamas militants paradropped with buggies right into southern Israel as an outdoor rave was going. pic.twitter.com/cL7ILigLv6
— Russian Market (@runews) October 8, 2023
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The whole paraglider aspect to the Hamas operation shows a high level of planning, coordination, and sophistication by the Gaza-based militant group. Many Western observers are questioning how Israel’s celebrated Mossad intelligence organization could have missed it, given clearly the operation was at least months or longer in planning.
Hamas subsequently published high quality footage of its ‘special ops’ units launching the motorized paragliders…
Later in the day, some of the captives – including apparently foreigners – were paraded by the Islamic terrorists in front of cameras. One particularly gruesome image included what looked like a young woman’s mangled, lifeless body face-down in the bed of a pick-up truck with a militant sitting on top of her (it’s as yet unknown whether she’s dead or alive).
There are reports that she may be a German national and her family is said to be seeking information on her whereabouts. She remains missing and is possibly deceased:
BREAKING:
The woman whose body was seen on video in the back of a pick-up truck driven by Palestinian terrorists to Gaza has been identified.
30-year-old Shani Louk was a German citizen visiting Israel to attend the music festival for peace held near the Gaza border fence. pic.twitter.com/sPIc8FRs8K
— Visegrád 24 (@visegrad24) October 7, 2023
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Americans were also likely among the captives. On Sunday Secretary of State Antony Blinken said, “We have reports that several Americans were killed. We are working overtime to verify that,” he told reporters. Here’s what the US top diplomat said:
“Does the administration know at this point if U.S. citizens were among the dead or those taken hostage?” NBC News’ Kristen Welker asked Blinken.
Blinken said: “So we have reports that several Americans may be among the dead. We are very actively working to verify those reports. Similarly, we’ve seen reports about hostages and they’re, again, we’re very actively trying to verify them, and nail that down.”
Pressed again on whether some U.S. citizens could have been taken hostage as well, Blinken replied: “That’s correct.”
Additionally Fox News correspondent Will Cain followed with, “Was just told by Israel’s Ambassador to the UN that there are dozens of American citizens among the hostages in Gaza.” He explained that many of these would be dual nationals.
BREAKING It is now being reported that DOZENS of Americans are being held hostage by the Iranian-backed Hamas terrorists in Gaza. pic.twitter.com/OEbduXVIvK
— 1776 (@TheWakeninq) October 8, 2023
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As more details emerge from the scene, there are unverified reports that multiple dozens of the festival attendees may have been killed or kidnapped – again among them international tourists and visitors.
The Irish Times on Sunday reported that 22-year-old dual citizen Kim Damti was among the many unaccounted for.
Ms Damti was attending an all-night outdoor rave with hundreds of others close to the Gaza border when the first rocket barrage hit close to 7am on Saturday, taking everyone by surprise.
In the last phone call made by Ms Damti, at 7am on Saturday, she was running with a friend towards a car in an attempt to flee the rocket barrage. That was the last contact with her.
More and more disturbing footage like the below has been trickling out.
This appears to be a video of scores of women who were captured at the outdoor rave by Hamas. pic.twitter.com/xkFVhtwecw
— Ian Miles Cheong (@stillgray) October 8, 2023
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Tyler Durden
Sun, 10/08/2023 – 17:30 - Most Americans Oppose Corporate Political And Social Campaigns; New Poll Finds
Most Americans Oppose Corporate Political And Social Campaigns; New Poll Finds
We have been discussing shareholder and consumer opposition to companies like Disney and BudLight tying their brands to social agendas and political questions. Now a Gallup survey shows that public support for these companies is continuing to fall, even among Democrats who still overall favor corporate messaging on social and political issues. Only 41 percent now approve of such corporate campaigns. However, neither public support nor sales were the driving forces behind these campaigns.
The support for these corporate campaigns has dropped another seven percentage points since the last survey. Given the political alignment of companies like Disney, it is not surprising that they receive their greatest support among Democrats who would likely change their views if companies began to adopt opposing views. Currently 62% of Democrats believe businesses should take a public stance on current events. That is down from 75% just a year ago. Only 17% of Republicans and 36% of independents favor these corporate campaigns.
Yet, even with the drop, these companies knew beforehand that roughly half of their consumer base opposed their entry into social and political messaging. Indeed, after BudLight imploded over its promotion featuring transgender activist Dylan Mulvaney, other companies boldly moved forward with their own controversial commercials including shaving company Braun, clothing company North Face, shoe company Nike, and jeans company Levi’s.
Disney, however, shows how resistant executives can be to consumer backlash. For years, Disney’s controversial movies and policies have driven away many families — and reduced profits. Now, CEO Robert Iger is saying that he wants to “quiet the noise” with the company’s fight with Florida and take a less controversial public position.
Yet, earlier this year, I wrote that Disney would ultimately have to back down in a fight that it could not win in the long run. Instead, Iger moved aggressively against the state and threatened to pull out of major projects. At the same time, the company moved ahead with controversial retakes on classic movies. Revenues at the company have continued to fall and layoffs increased. Now, Iger apparently has had enough — at least in the fight with Florida.
Indeed, some executives appear to dislike their base. Alissa Heinerscheid, vice president of marketing for Bud Light, appears to have cost the company billions after pledging to drop Bud Light’s “fratty reputation and embrace inclusivity.”
She certainly succeeded in changing the entire view of the brand in less than a year on the job. Heinerscheid knew that the brand image sells the beer. That image is now unpalatable for many consumers. The social value of these campaigns is lost if consumers reject beer with the branding message.
The Gallup poll again raises the question of who these companies are selling to. Like many media outlets that have written off half of the country, these campaigns are slashing the market for products in order for companies to sell political or social positions. Even many Democrats now want companies to get back to just selling their products and stay out of politics.
The legal question, again, is whether shareholders have a claim to demand an accounting from the management over such campaigns.
Tyler Durden
Sun, 10/08/2023 – 16:20 - "Go Back To Jersey, You Migrant-Hating Creep": NYC Mayor Heckled In Unusual Trip To Colombia
“Go Back To Jersey, You Migrant-Hating Creep”: NYC Mayor Heckled In Unusual Trip To Colombia
New York City Mayor Eric Adams made an unusual trip to Mexico, Ecuador, and Colombia this weekend, attempting to dissuade migrants from coming to supposedly ‘sanctuary cities’ in the US. Democrat mayors, like Adams, who months ago welcomed migrants with open arms, have made drastic U-turns on their immigration politics amid a flood of migrants. Now, the progressive mayor wants the migrants out, as well as other Democrats.
During Adams’ visit to Central and South America, seemingly an effort by the Democrat party to address criticisms over their failed southern border policy – which many blame for the influx of undocumented immigrants and transforming some cities like NYC into a -world-like country, the mayor could not catch a break in Colombia and was heckled by protesters.
“Shame on you Eric Adams!” a man shouted in English at Adams in the port town of Necoclí, Colombia, according to New York Post.
The man continued shouting: “It will increase the amount of violence against migrants across the United States!” The man referenced Adams’ recent comments telling migrants they were not welcomed in the Big Apple.
A esta hora arriba Eric Adams, alcalde de Nueva York, al muelle principal de Necoclí donde entregará un balance de su visita al Urabá antioqueño en relación con crisis migratoria que afronta la región #VocesySonidos pic.twitter.com/esaRPAJw4K
— Blu Antioquia (@BLUAntioquia) October 7, 2023
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NYPost said a number of other protesters gathered at the port town with one person holding up a sign that read, “Go back to New Jersey, you migrant-hating creep.”
Source: AP News Adams told local media the migrant tour, led by Colombian officials and law enforcement, has given him a “true analysis” of the Darién Gap, a dangerous trail used by human smugglers to transport people from South America to the US.
A recent NBC News poll now finds voters favor Republicans over Democrats for dealing with immigrants.
You know things are bad for the Democrats when Bill Clinton has to get on the radio and denounce NYC as a sanctuary city.
Tyler Durden
Sun, 10/08/2023 – 15:45 - Schumer Meets Shanghai Party Chief In Bipartisan Senate Trip To China
Schumer Meets Shanghai Party Chief In Bipartisan Senate Trip To China
Authored by Frank Fang and Eva Fu via The Epoch Times (emphasis ours),
Senate Majority Leader Chuck Schumer (D-N.Y.) met with Shanghai’s communist party boss in his first stop leading a bipartisan delegation to China, telling the latter he wants to see a level playing field as the two countries engage in economic competition.
The meeting took place shortly after the senators’ arrival in Shanghai on an overcast and windy Saturday afternoon, which marks the first day of a three-country tour that will also take them to South Korea and Japan.
“Many of our constituents feel that in instances China does not treat American companies fairly,” Mr. Schumer told Shanghai communist party secretary Chen Jining, adding that such feelings affect “America’s view of China.”
“We believe we need reciprocity allowing American companies to compete as freely in China as Chinese companies are able to compete here,” he said. “We are prepared to compete but we do not seek to conflict.”
The delegation is co-led by Sen. Mike Crapo (R-Idado). The four other senators on the trip are Sens. Bill Cassidy (R-La.), John Kennedy (R-La.), Maggie Hassan (D-N.H.), and Jon Ossoff (D-Ga.).
The Shanghai official in his public remarks avoided going into specific issues, stressing instead the importance of a stable China–U.S. relationship. Noting the over 5,600 U.S. companies in the Chinese city, he also offered windows to promote trade at the local level.
Mr. Schumer also raised the issue of fentanyl, noting the supply of fentanyl precursors enabling the opioid’s production in Mexico.
“They are fueling the fentanyl crisis that is poisoning communities across the United States,” he said. “Every one of us knows families who have lost young men and women to fentanyl.”
U.S. Senate Majority Leader Chuck Schumer, (D-N.Y.) (R) and other members of the delegation arrive at Shanghai Pudong International Airport in Shanghai, China, on Oct. 7, 2023. (Aly Song/Pool Photo via AP) Last month, the American Chamber of Commerce in Shanghai found in its annual poll that U.S. firms’s China outlook was the worst in decades. Regulatory challenges facing U.S. firms included a lack of intellectual property protection, data localization, and other cybersecurity requirements.
The senators’ trip comes after Commerce Secretary Gina Raimondo’s visit to China in August. During her trip, she said American companies had complained to her that China has become “uninvestable,” citing changes to counterespionage laws, exorbitant fines without any explanation, and Chinese authorities’ raids on foreign firms.
In September, Ms. Raimondo told NBC in an interview that the United States was trying to “choke” China’s military capacity. “Certainly, on my watch, we are not going to sell the most sophisticated American chip to China that they want for their military capacity,” she said.
Secretary of State Antony Blinken, Treasury Secretary Janet Yellen, and John Kerry, President Joe Biden’s climate envoy, have all visited China this year.
White House press secretary Karine Jean-Pierre said on Oct. 5 that the Biden administration has been in touch with the senate delegation and “certainly support[s]” their visit to the region.
The China trip also took place amid bilateral tensions in the backdrop. On Saturday, China’s commerce ministry complained about the new U.S. restrictions on 42 Chinese companies that allegedly supplied parts to the Russian military, claiming it was “a typical act of economic coercion and unilateral bullying.”
‘Xi Is an Adversary’
Before the delegation arrived in China, several Republican senators took to X, formerly known as Twitter, to express doubts about engaging with Chinese Communist Party (CCP) officials.
“Nothing [Schumer] says will stop the CCP’s human rights abuses, shipping of deadly fentanyl to our border or theft of American resources,” Sen. Rick Scott (R-Fla.) wrote on Oct. 6.
Mexico cartels have been buying precursor chemicals from China to make fentanyl and ship finished products to the United States. On Oct. 3, the Treasury Department sanctioned more than 20 entities and individuals in China involved in a network for manufacturing and distributing fentanyl and other drugs.
On the same day, the Justice Department charged eight Chinese corporations and 12 Chinese nationals for allegedly illegally important fentanyl and related chemicals into the United States.
In a separate X post on Oct. 6, Mr. Scott urged Mr. Schumer to ask CCP officials why they had recently placed a floating barrier at the entrance to the lagoon at Scarborough Shoal, a rich fishing ground for Philippine fishermen.
“He could ask them why they’re putting up illegal barriers to impede navigation and harm the fishers,” Mr. Scott wrote. “It’s acts of aggression like this that tell us precisely who Xi is, an adversary.”
Sen. Rick Scott (R-Fla.) speaks during a press conference in the U.S. Capitol in Washington on July 11, 2023. (Madalina Vasiliu/The Epoch Times) Also ahead of the delegation’s arrival in China, Sen. Marco Rubio (R-Fla.) released a short clip, explaining that he couldn’t be on the delegation because he had been sanctioned by China.
The CCP imposed sanctions on Mr. Rubio and several other lawmakers in 2020, in retaliation against U.S. sanctions against Chinese and Hong Kong officials for undermining Hong Kong’s autonomy and freedoms.
Also in his clip, Mr. Rubio warned that the United States cannot accommodate the CCP.
“In the end, [China’s] viewpoint is, no matter how much these politicians talk tough, they’re so addicted to what we can provide them, and in the end, they’re really limited to what they can do. And they will perceive these leadership trips as an indicator of us looking for an exit strategy and an accommodation on that front,” Mr. Rubio says in the video.
Sen. Bill Hagerty (R-Tenn.) said Mr. Schumer should not have traveled to China; instead, the Senate Majority leader should have canceled the Senate’s October recess and have the senators debate all 12 appropriations bills, to avert another government shutdown on Nov. 17.
“The last thing Chuck Schumer should be doing is going to China to try to secure a meeting with Xi Jinping with the appropriations process unfinished,” Mr. Hagerty wrote on Oct. 6.
Tyler Durden
Sun, 10/08/2023 – 15:10 - Israelis Question "Catastrophic" Intelligence Failure
Israelis Question “Catastrophic” Intelligence Failure
Never in history has Hamas or Palestinian Islamic Jihad been able to kill and kidnap hundreds of Israelis in a single day. Saturday’s assault was clearly well-planned, highly coordinated, and well-armed, and very likely was in preparation for months or even years. The Times of Israel is reporting an Israeli death toll of over 600, with the military confirming over 100 now in Palestinian captivity.
Israeli officials and media pundits now want answers: how could Israel’s most celebrated and storied intelligence organization Mossad have missed it? How did the military not have any foreknowledge that it was coming? How did the Gaza jihadists overrun several IDF outposts so swiftly and easily?
Heavily armed Islamic militants were able to penetrate deep into several Israeli towns and settlements on Saturday. Current and former Israeli officials are now decrying the “catastrophic” intelligence failure, and warn it may have serious lasting political ramifications. This whole war could even serve to destabilize the Netanyahu coalition government.
Chuck Freilich, Israel’s former deputy national security adviser, has told Politico: “This is a catastrophic failure in regards to Gaza.”
“It’s a failure in terms of intelligence, operationally,” Freilich said. “It’s clear we were caught totally unprepared by this. The divisional headquarters responsible for Gaza was occupied, they’re in disarray, and so the whole response has been delayed.”
He predicts far-reaching “political ramifications”…
“There’s always a short-term rallying around the flag. But once the dust settles we’ll have major political ramifications,” Freilich said. “After the Yom Kippur war, it took three and a half years for [then Israeli Prime Minister] Golda Meir’s government to be toppled — I don’t think it will take that long this time.”
Former IDF intelligence chief Amos Yadlin compared Saturday’s raids to the “intelligence failure” of the Yom Kippur War – which famously saw the Egyptian and Syrian armies mount a surprise attack on Tel Aviv forces.
The common Israeli public has been voicing outrage as well…
ex-IDF soldier explains that the events that took place today are impossible.
She was a boarder observer with the highest tech available.
“If a bird came close we knew”
“Even even a cockroach came to our fenced border we knew”
“How did 400 hamas pass through today”? https://t.co/K5pfaU1e4C
— 𝐆𝐚𝐥 𝐒𝐡𝐚𝐥𝐞𝐯 🎧 (@Dr_logicaI) October 7, 2023
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Military men are asking similar questions, with Eli Marom – the former head of the Israeli navy, stating in a national broadcast, “All of Israel is asking itself: Where is the IDF, where is the police, where is the security?… It’s a colossal failure; the hierarchies have simply failed, with vast consequences.”
And among Western pundits, an op-ed in The Guardian says it was “unthinkable” and an “intelligence failure for the ages.” Peter Beaumont writes:
Hamas’s surprise attack on Israel, on the 50th anniversary of the Yom Kippur war, will be remembered as an intelligence failure for the ages.
In the space of several hours, dozens of Gaza militants broke through the border fence into southern Israel, surprising local military positions.
Gunmen kidnapped and murdered Israelis in the southern border communities, filming their assault as they advanced in numerous locations. In one instance, a Gaza television journalist delivered a standup report about one attack from inside Israel, an almost unthinkable moment.
— The_Real_Fly (@The_Real_Fly) October 8, 2023
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Some have gone so far as to speculate that the Netanyahu government may have had awareness that something was coming, but planned to exploit any assault as a justification to wipe out Gaza and to launch a major ground war against Hamas. As of Sunday, PM Netanyahu formally declared war.
“The war declaration was taken in accordance with Article 40 of Israel’s Basic Law, the Israeli government press office said,” according to CNN.
Will a fight at Israeli’s northern border be next?
🚨THREAD: DAY 2 of Gaza Uprising Against Israel❗️❗️
Yesterday’s surprise attack by Palestinian resistance fighters was a catastrophic intelligence and military failure on Israel’s part
This morning Hezbollah supported Hamas and PIJ by firing mortars from South Lebanon pic.twitter.com/jXMrl10tqs
— Richard Medhurst (@richimedhurst) October 8, 2023
Tyler Durden
Sun, 10/08/2023 – 14:35 - WEF: Somebody Has To Be In Charge Of Rationing Freedom
WEF: Somebody Has To Be In Charge Of Rationing Freedom
Authored by Mark Jeftovic via BombThrower.com,
That’s why only Central Banks can create digital currencies
The Fed recently put out a white paper, Data Privacy for Digital Asset Systems, which contends that the expectation of privacy in digital currencies (read: CBDCs) stems from misunderstanding how digital systems work.
“Concepts such as the desire for ‘cash-like anonymity’ are based on false underlying assumptions.”, is the crux of it (quick, somebody tell the Monero team, and everybody else already deploying anonymizing protocols and applications for digital assets).
The subtext is that there can be some privacy and confidentiality safeguards built into CBDCs, but at the end of the day those would still be subject to being overridden or dispensed with. The paper doesn’t come out and say that, but it does make oblique references:
“confidentiality implies that collected and stored data is protected from view in some manner, such as obfuscation or access restriction, and available only to authorized actors.”
Which of course makes you wonder who exactly will be authorized and what will their capabilities be? It truly is the trillion dollar question.
WEF: “Hold my beer”
If we keep this paper in mind while we consider the World Economic Forum’s recent article on digital currencies, privacy and freedom, which put a finer point on it, while paying lip service to the desire for privacy in those characteristic WEF-speak euphemisms:
“A digital cash replacement should not enable criminality, but there should be some freedom to transact with complete privacy.”
“Some freedom” implies that any freedom will be subject to approval, because either you have complete freedom, or you don’t.
“Some freedom” coming from the WEF especially, sounds a lot like their “Life in 2030” vision, which is mostly known for point #1: “You’ll own nothing and be happy”.
Point #4 is “You’ll eat much less meat. An occasional treat, not a staple. For the environment, and for your health”.
In other words, according to the WEF, digital currencies will afford some privacy and some freedom. Just like how in 2030 you’ll be able to eat some meat. (As long as you behave.)
Throughout the piece the impetus toward digital currencies is ascribed to consumer preferences for convenience – that nation states and NGOs (including the WEF) are relentlessly pushing us there, along with digital IDs and health passports, is never mentioned.
Through their preference for the convenience of electronic payments, we will inadvertently lose the historic freedom that only cash provides: to spend our money on what we want, with whom we choose.
It’s always amusing to watch the Davos-darlings pretend to grapple with thorny ethical issues:
As governments and central banks consider introducing retail central bank digital currencies (CBDC), they must therefore answer the following: Once the last cash payment is made, does this mean our historic right to make payments that are not observable or censorable by the state will end on the same day? Is that what we want?
The answer, of course, is a resounding “yes” if we’re to remember some of the more breathless pronouncements from their conclaves:
Alibaba Group president J. Michael Evans boasts at the World Economic Forum about the development of an “individual carbon footprint tracker” to monitor what you buy, what you eat, and where/how you travel. pic.twitter.com/sisSrUngDI
— Andrew Lawton (@AndrewLawton) May 24, 2022
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“We are developing, through technology, an ability for consumers to measure their own carbon footprint. What does that mean? That’s where are they travelling, how are they traveling? What are they eating? What are they consuming on the platform? So, individual – carbon – footprint – tracker. Stay tuned, we don’t have it operational yet, but it’s something we’re working on”.
The WEF article tackles the conundrum:
any system that allows people to make payments that cannot be traced or blocked is bound to attract criminals as well as facilitate personal liberty… A digital currency system should not mimic the “wild west”, but there should be some freedom to transact with complete privacy.
And while the article acknowledges that,
“if a CBDC doesn’t have some element of this capability, my prediction is it will fail in some major developed economies.”,
the entire framing is that Central Banks are the only game in town, and they need to get it right:
If the private sector could deliver a truly cash-like product itself, then we wouldn’t need this debate, but even a limited degree of cash-like behaviour would be incompatible with electronic payments laws. The reality is that only a central bank could deliver this type of product, thanks to the precedent set by their monopoly on the issuance of cash.
This paragraph would be the so-called “money-shot”. There is no mention of Bitcoin, or that crypto-currencies and stablecoins are already becoming ceded territory within the regulatory frameworks of nation states. There is no acknowledgement that many holders of wealth and capital will simply end-run CBDCs for the very reasons they articulate.
One of the WEF’s core tenets is that nation states are losing their position as the sole arbiters of power in this Fourth Industrial Revolution. That means they will have to coexist within a rubric of “Stakeholder Capitalism”, but what the WEF sending mixed messages:
On the one hand, governments are losing their primacy (and thus, monopoly on money issuance and supra-national initiatives like digital id’s and health passports), while on the other, only they have the authority to bless ascendent monetary systems. Which is it?
And how could you possibly publish an article like this without observing the elephant in the room: Bitcoin (and crypto-currencies, including stablecoins) have already entered the monetary landscape and have changed it in irreversible ways.
As expected when it comes to the World Economic Forum, it’s a display of truly breathtaking hubris and nescience.
* * *
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Today’s post was an excerpt from the CBDC coverage section of the latest The Bitcoin Capitalist. TBC provides actionable intelligence on the macro forces shaping Late Stage Globalism and a tactical toolkit for preserving and growing your wealth as it plays out. Try it today here.
Tyler Durden
Sun, 10/08/2023 – 14:00
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