ZeroHedge News (RSS Feed)

https://www.zerohedge.com

Public Key

npub19f00c07knhkh57z0d5t47wyn876h4atuc22x96gtt6tr6w73jm3qyv99q2

NIP-05 Address

http://feeds.feedburner.com/zerohedge/feed@rsslay.nostr.moe

Profile Code

nprofile1qqsz5hhu8ltfmmt60p8k696l8zfnldt6747v99rzay94a93a80gedcspzemhxue69uhhyetvv9ujumn0wd68ytnzv9hxg0mx6z3

Publishing to

relay.nostr.band

Author Public Key

npub19f00c07knhkh57z0d5t47wyn876h4atuc22x96gtt6tr6w73jm3qyv99q2

Show more details

Last Notes

2023-07-13 20:20:00

**Victor Davis Hanson: Ten Reasons Why Affirmative Action Died**
Victor Davis Hanson: Ten Reasons Why Affirmative Action Died
_Authored by Victor Davis Hanson via American Greatness,_ (https://amgreatness.com/2023/07/12/ten-reasons-why-affirmative-action-died/?utm_medium=email&utm_source=act_eng)
The end of affirmative action was **inevitable**.
The only surprise was that such intentions gone terribly wrong **lasted so long**.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-13_08-53-36.jpg?itok=4oVIwWCO (https://cms.zerohedge.com/s3/files/inline-images/2023-07-13_08-53-36.jpg?itok=4oVIwWCO)
**_First_, supporters of racial preferences always pushed back the goal posts for the program’s success.**
Was institutionalized reverse bias to last 20 years, 60 years, or ad infinitum? Parity became defined as an absolute equality of result. If “equity” was not obtained, then only institutionalized “racism” explained disparities. And only reverse racism was deemed the cure.
**_Second_, affirmative action was imposed on the back end in adult hiring and college admissions.**
However, to achieve parity, remediation early at the K-12 school level would have been the only solution. Yet such intervention was made impossible by teachers’ unions, the rise of identity politics and government entitlements. All were opposed to school choice, self-help programs, critiques of cultural impediments, or restrictions on those blanket entitlements,
**_Third_, class, the true barometer of privilege, was rendered meaningless. Surrealism followed.**
The truly privileged Barack and Michelle Obama and Meghan Markel lectured the country on its unfairness—as if they had it far rougher than the impoverished “deplorables” of East Palestine, Ohio.
**_Fourth_, affirmative action supporters could never square the circle of proving that racial prejudices didn’t violate the spirit of the Declaration of Independence and the text of the Constitution.**
What they were left with was the lame argument that because long ago the 90% white majority had violated their own foundational documents, then such past bad unconstitutional bias could legitimately be rectified by present-day “good” unconstitutional bias.
**_Fifth_, supporters never adequately explained why the sins of prior generations fell on their descendants who grew up in the post-Civil Rights era.**
Nor could they account for why those who had never experienced institutionalized racism, much less Jim Crow apartheid or slavery, were to be compensated collectively for the suffering of long-dead individuals. No wonder 70% of the American people in many polls favored ending affirmative action including a half of African-Americans.
**_Sixth_, there never was a “rainbow” coalition of shared non-white victimhood**—a concept necessary to perpetuate the premise of white privilege, supremacy, and rage, so integral to race-based reverse discrimination. More than a dozen ethnicities earn more per capita than do whites.
Asians have been subject to coerced internment, immigration restrictions and zoning exclusions. Yet on average they do better than whites economically and enjoy lower suicide rates and longer life expectancies. The arguments for affirmative action never explained why Asians and other minorities who faced discrimination outperformed the majority white population. As a result, affirmative action ended up discriminating against Asians on the premise they were too successful!
**_Seventh_, no one ever explained when affirmative action was to apply.** Blacks, for example, were vastly “overrepresented” in merit-based professional football and basketball. Yet no one demanded “proportional representation” to address such “disparate impact,” despite underrepresentation of all other demographics.
Yet if blacks were “underrepresented” in baseball, then reparatory measures were supposed to address that fact—even if Latino players were “overrepresented” and whites “underrepresented as well. No one in our race-obsessed culture, of course, objected that white males died at twice their demographics in combat in Afghanistan and Iraq.
**_Eighth_, in our increasingly intermarried mass-immigration society, few could adjudicate who was what, or much less what standard gave one racial preference.**
In lunatic fashion, pink, blond Senator Elizabeth Warren became Harvard’s first “Native American” law professor due to her “high cheekbones.” Light-skinned Latinos were considered marginalized while some darker Italians or Greeks were not.
**_Ninth_, an odious wokism absorbed affirmative action and changed it into something even more abhorrent**—as the original spirit of the Civil Rights movement was trashed.
So Americans were asked to stomach a return to distasteful segregated dorms, “separate but equal” graduation ceremonies and racially exclusive workshops.
**_Tenth_, and finall…
https://www.zerohedge.com/political/victor-davis-hanson-ten-reasons-why-affirmative-action-died

2023-07-13 20:00:00

**Broke-Buck Mounting After Soft PPI; Crude, Crypto, & The Yield Curve Soar**
Broke-Buck Mounting After Soft PPI; Crude, Crypto, & The Yield Curve Soar
Following a benign CPI release Wednesday, the June PPI release also came in softer than expected this morning (and initial claims fell), sparking calls for "mission accomplished" headlines for The Fed.
But tomorrow marks the kick-off for the bulk of earnings season (https://www.zerohedge.com/markets/why-worst-earnings-season-covid-pandmic-could-send-stocks-surging) (with the banks reporting) which could spark some renewed volatility (although many suggest the bar for earnings season is already set so low that even Zelenksy could step over it).
The 'good' inflation news sent rate-change expectations for the rest of the year tumbling (July remains a lock for 25bps). **The market is now pricing in a 25bps hike in July, no move through year-end, and a rate-cut in Jan '24...**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm250F_2.jpg?itok=Pzg1SQ_y (https://cms.zerohedge.com/s3/files/inline-images/bfm250F_2.jpg?itok=Pzg1SQ_y)
_Source: Bloomberg_
The biggest headline-maker in the markets today was the USDollar. **The DXY tumbled for the 6th straight day - the longest losing streak since July 2020 - down 4.5% in that period (the biggest such drop since Nov 2022).**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm6C63.jpg?itok=xpDRfe4A (https://cms.zerohedge.com/s3/files/inline-images/bfm6C63.jpg?itok=xpDRfe4A)
_Source: Bloomberg_
The Dollar Index is back to pre-COVID-lockdown levels...
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm1589.jpg?itok=zhBXXan9 (https://cms.zerohedge.com/s3/files/inline-images/bfm1589.jpg?itok=zhBXXan9)
_Source: Bloomberg_
**Nasdaq soared higher today** as The Dow lagged (barely in the green) with Small Caps and the S&P up comfortably too...
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-13_13-00-11.jpg?itok=L1ejq73t (https://cms.zerohedge.com/s3/files/inline-images/2023-07-13_13-00-11.jpg?itok=L1ejq73t)
**The S&P 500 is now 3% above the level it was at when The Fed first hiked rates in March 2022...**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfmD820.jpg?itok=ykOpP7Yg (https://cms.zerohedge.com/s3/files/inline-images/bfmD820.jpg?itok=ykOpP7Yg)
_Source: Bloomberg_
Meme stocks are now up 17% in the last few days...
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm846B.jpg?itok=vgPz5_as (https://cms.zerohedge.com/s3/files/inline-images/bfm846B.jpg?itok=vgPz5_as)
_Source: Bloomberg_
As 'most shorted' stocks continued to get squeezed, now up 20% in the last two weeks...
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfmE80F.jpg?itok=mrpCQSVf (https://cms.zerohedge.com/s3/files/inline-images/bfmE80F.jpg?itok=mrpCQSVf)
_Source: Bloomberg_
If those charts don't make you laugh, nothing will...
> this is getting a bit ridiculous....
>
> — SpotGamma (@spotgamma) July 13, 2023 (https://twitter.com/spotgamma/status/1679572230215172096?ref_src=twsrc%5Etfw)
Treasuries were bid once again today with the belly outperforming once again (5Y-15bps, 30Y -5bps), and all notably lower in yield on the week...
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm2581.jpg?itok=RI9pQBIs (https://cms.zerohedge.com/s3/files/inline-images/bfm2581.jpg?itok=RI9pQBIs)
_Source: Bloomberg_
With 2Y Yields now down over 50bps from last week's highs, having thoroughly rejected the 5.00% and pre-SVB levels...
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm3B8.jpg?itok=43iLDhU2 (https://cms.zerohedge.com/s3/files/inline-images/bfm3B8.jpg?itok=43iLDhU2)
_Source: Bloomberg_
The yield curve (5s30s) surged steeper again today, edging ever closer to un-inverting...
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm3AE5.jpg?itok=vK2aRKES (https://cms.zerohedge.com/s3/files/inline-images/bfm3AE5.jpg?itok=vK2aRKES)
_Source: Bloomberg_
Bitcoin soared to it highest since May 2022, helped by the SEC losing its case against Ripple. **Ethereum also ripped today, back above $2000.**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm8E35.jpg?itok=w3tje-o4 (https://cms.zerohedge.com/s3/files/inline-images/bfm8E35.jpg?itok=w3tje-o4)
_Source: Bloomberg_
Oil prices extended gains today, helped by news that Libya's Sharara oil field will be halted, and the weak PPI easing restrictive Fed fears. WTI topped $77, back above pre-OPEC spike levels from March...
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-13_12-10-59.jpg?itok=lkAKVoTe …
https://www.zerohedge.com/markets/broke-buck-mounting-after-soft-ppi-bonds-crypto-gold-gain

2023-07-13 19:45:00

**Biden Loses Cool, Berates Female Finnish Journalist Over NATO 'Instability' Question**
Biden Loses Cool, Berates Female Finnish Journalist Over NATO 'Instability' Question
All we have to say is, "what if this were Trump?"
President Biden while in Helsinki on Thursday **got testy with a young Finnish reporter**. He lost his cool in response to a legitimate question related to the atmosphere of NATO infighting on display in Vilnius, connected with Ukraine's hopes of joining the alliance being dashed. A female journalist posed: "Hearing this answer that 'no one can guarantee a future' - **are you worried that the political instability in \[the\] U.S. will cause issued in the alliance in the future?**"
> Biden gets testy with a Finnish reporter:
>
> "I didn't say we couldn't guarantee the future! You can't tell me whether you're gonna be able to go home tonight!" pic.twitter.com/96TfxtCpMo (https://t.co/96TfxtCpMo)
>
> — Citizen Free Press (@CitizenFreePres) July 13, 2023 (https://twitter.com/CitizenFreePres/status/1679505208211283969?ref_src=twsrc%5Etfw)
In response, a visibly angry Biden went so far as to get somewhat personal with her in the response, with voiced raised: **"You can't tell me whether you're gonna be able to go home tonight!"** the president said.
The scolding of the female journalist took place as Biden met with President Sauli Niinistö of Finland. It was certainly a fair question considering the controversial events of the NATO summit the prior two days in Lithuania, which we detailed here (https://www.zerohedge.com/geopolitical/nato-leaders-tell-zelensky-cool-it-rare-dressing-down-summit).
In moments where he wasn't seen scolding reporters, Biden was desperate to paper over the prior days and events which evidenced forth cracks in the alliance, by declaring that Putin is 'losing'--or has supposedly **"already lost"**...
> BIDEN: "Putin's already lost the war!" pic.twitter.com/oT0uib3OHu (https://t.co/oT0uib3OHu)
>
> — Townhall.com (@townhallcom) July 13, 2023 (https://twitter.com/townhallcom/status/1679505157116002304?ref_src=twsrc%5Etfw)
All of this provides more indicators that things aren't going well for White House policy in Ukraine, and in its attempts to lead a 'unified' front on behalf of the West.
Even when meeting with Zelensky, things were clearly **tense and testy**, with Biden not doing well when Q&A sessions are not perfectly scripted, as he's used to having during typical pressers at the White House...
> REPORTER to ZELENSKY: "How soon after the war would you like to be in NATO?"
>
> BIDEN INTERJECTS SARCASTICALLY: "An hour and 20 minutes! You guys ask really insightful questions!" pic.twitter.com/U2wwwR4HfK (https://t.co/U2wwwR4HfK)
>
> — Townhall.com (@townhallcom) July 12, 2023 (https://twitter.com/townhallcom/status/1679132414621229058?ref_src=twsrc%5Etfw)
And then of course it was all topped off with the "Vladimir" moment, seen below.
It's worth watching Justin Trudeau's reaction in the background...
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Thu, 07/13/2023 - 15:45
https://www.zerohedge.com/political/biden-loses-cool-berates-female-finnish-journalist-over-nato-instability-question

2023-07-13 19:25:00

**My Wray Or The Hard Wray: New Twitter Files Contradict FBI Director's Testimony**
My Wray Or The Hard Wray: New Twitter Files Contradict FBI Director's Testimony
_Authored by Jonathan Turley,_ (https://jonathanturley.org/2023/07/13/my-wray-or-the-hard-wray-new-twitter-files-contradict-fbi-directors-testimony/)
Yesterday’s hearing with FBI Director Christopher Wray was **another maddening experience of faux contrition and open evasion.**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-13_08-28-28.jpg?itok=6TfyrK_S (https://cms.zerohedge.com/s3/files/inline-images/2023-07-13_08-28-28.jpg?itok=6TfyrK_S)
Wray apologized for violations that have already been established by courts or Congress (often over the best efforts of the FBI). However, on ample public evidence of new violations, Wray continued to use his favorite testimonial trilogy to dismiss any questions: _**expressing (1) lack of knowledge, (2) ongoing investigations, and (3) promises of later answers or briefings.**_
He did, however, hold forth in detail after Rep. Eric Swalwell asked him about FBI Family Day.
**Despite the near total lack of substance, Wray did make one surprising denial.**
He insisted that the FBI does not engage in censorship efforts, focuses only on “foreign disinformation,” and does not pressure companies to censor others.
Those denials are not only directly contradicted by the recent 155-page opinion of a federal court and the Twitter Files, but a new release from the Twitter Files and journalist Matt Taibbi.
Wray said that _**“…The FBI is not in the business of moderating content, or causing any social media company to suppress or censor.”**_
He then added that these companies are not under any pressure in making their own decisions whether to censor people or groups flagged by the FBI.
**The statement is obviously false.**
The FBI maintained a large operation of agents actively seeking the censorship of thousands, as discussed in my prior testimony (https://jonathanturley.org/2023/02/09/turley-testifies-on-censorship-before-house-select-subcommittee/).
**Taibbi, however, has released another example of how aggressive the FBI was with social media companies.** In the latest Twitter Files release, (https://www.racket.news/p/twitter-files-missouri-v-biden-edition) there is one email exchange where Twitter “immediately” suspended accounts flagged by the FBI without investigation.
Taibbi explained:
> _**“In one shot (https://twitter.com/mtaibbi/status/1678890482095595521), you can see the FBI asks to remove three accounts, that gets forwarded to Twitter, Twitter immediately suspends them, the accounts. But more importantly, when there’s a glitch, and the accounts remain up, the FBI immediately writes back and says, what’s the deal? We just wrote to you, why is it still up? So, that shows the nature of the relationship basically that it’s not really a collaboration. It’s much more like somebody reporting to an authority.**_
>
> _… \[W\]hat happens in these instances in the ones that I was showing, they’re just forwarding names of accounts that they say are associated with foreign threat actors. It’s very vague. And Twitter is taking them down before they even investigate. In this case, they later determined that they couldn’t find anything connecting them to any bad actors (https://twitter.com/mtaibbi/status/1678890487502045185). In fact, one of them was from Canada. And so, that’s the problem. If it’s not connected with a crime, they’re just asking to take accounts down because they don’t like the profile of them.”_
We also have hundreds of emails that show the FBI and other agencies targeting individuals for a wide array of disinformation, misinformation, and malinformation. **The latter category is truly Orwellian. It covers true statements that can be used for a misleading purpose.**
**The latest email does not suggest that the FBI was the passive, helpful agency portrayed by the Director.** For most people reading the email, it sounds like it is my Wray or the hard Wray.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Thu, 07/13/2023 - 15:25
https://www.zerohedge.com/political/my-wray-or-hard-wray-new-twitter-files-contradict-fbi-directors-testimony

2023-07-13 18:45:00

**Russia To Overtake Saudi Arabia As The Largest OPEC+ Oil Producer**
Russia To Overtake Saudi Arabia As The Largest OPEC+ Oil Producer
_By Charles Kennedy of OilPrice.com (https://oilprice.com/Latest-Energy-News/World-News/Russia-To-Overtake-Saudi-Arabia-As-The-Largest-OPEC-Oil-Producer.html),_
Saudi Arabia will lose its status as the largest OPEC+ oil producer to Russia as it begins the unilateral cut of 1 million barrels per day (bpd), with the Kingdom pledging to pump around 9 million bpd in July and August—the lowest level in two years.
_https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/putin%20bin%20salman%202_0.jpg?itok=YtrfxKYq (https://cms.zerohedge.com/s3/files/inline-images/putin%20bin%20salman%202_0.jpg?itok=YtrfxKYq)_
Excluding the deep cuts during the pandemic, a Saudi production of just around 9 million bpd would be the lowest level the world’s top crude oil exporter has pumped since 2011.
> _**“The Kingdom’s crude output is set to plunge to a two-year low of around 9 mb/d in July and August, leaving it trailing behind Russia as the bloc’s top crude producer,”** the International Energy Agency (IEA) said (https://www.iea.org/reports/oil-market-report-july-2023) in its Oil Market Report on Thursday._
In a bid to push oil prices higher, or “stabilize the market” as Saudi Arabia and OPEC put it, the Kingdom announced last month a unilateral cut of 1 million bpd (https://oilprice.com/Energy/Energy-General/Oil-Prices-Climb-As-Saudi-Arabia-Goes-It-Alone-With-Additional-Cut.html) to its production levels for July, while the OPEC+ producers who had pledged cuts between May and December extended those cuts into 2024. Last week, Saudi Arabia said it would extend (https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Climb-As-Saudi-Arabia-Extends-Production-Cut-Into-August.html) its unilateral production cut into August, and will be producing around 9 million bpd in both July and August.
> _**“This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil market,”**_ Saudi Arabia said (https://spa.gov.sa/ar/w1930795) on July 3.
Minutes after the Saudi announcement, Russia’s Deputy Prime Minister Alexander Novak said that Russia would cut its crude oil exports (https://oilprice.com/Latest-Energy-News/World-News/Russia-Says-It-Will-Reduce-Oil-Exports-By-500000-Bpd-In-August.html) by 500,000 bpd in August in a bid to ensure a balanced market. However, the top oil official in Russia and lead OPEC+ negotiator, didn’t give any figures as to the volume of the Russian production and exports for August, nor the baseline from which the cut would be made.
The August cut in exports would mean an additional cut in oil production by 500,000 bpd in August, Novak’s office told Russian daily Vedomosti (https://www.vedomosti.ru/business/news/2023/07/03/983450-novak-soobschil-dobrovolnom-sokraschenii-postavok-nefti).
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Thu, 07/13/2023 - 14:45
https://www.zerohedge.com/commodities/russia-overtake-saudi-arabia-largest-opec-oil-producer

2023-07-13 18:25:00

**30% Of Americans Believe Breaking The Law Over 'Climate Crisis' Is Justified**
30% Of Americans Believe Breaking The Law Over 'Climate Crisis' Is Justified
Environmental protest group Just Stop Oil hit the headlines again last week after disrupting play twice at the Wimbledon tennis tournament (https://www.statista.com/topics/5070/the-wimbledon-championships/#topicOverview) in the United Kingdom, as they called for the government to stop all new oil, gas and coal projects.
As Statista's Anna Fleck reports (https://www.statista.com/chart/30362/is-it-acceptable-to-break-the-law-to-protect-the-environment/), **protests over the environment have been on the rise** in the country, with the group having also taken action at the World Snooker Championship and the rugby union Premiership final.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-13_08-23-34.jpg?itok=oP-tOFPm (https://cms.zerohedge.com/s3/files/inline-images/2023-07-13_08-23-34.jpg?itok=oP-tOFPm)
**Public disturbances, whether interrupting sporting matches, halting traffic or vandalizing art, have prompted an array of responses from the public.**
But what is the perspective of those abroad: is breaking the law ever acceptable for the sake of protecting the environment (https://www.statista.com/topics/4739/environmental-pollution/#topicOverview)? According to data (https://www.statista.com/global-consumer-survey/tool/30/sus_usa_202300?index=0&absolute=1&missing=0&rows%5B0%5D=v0610a_mind_attitudes_agree&tgeditor=0) from a Statista Consumer Insights survey, **a majority of people across the polled countries would say it is not.**
https://cdn.statcdn.com/Infographic/images/normal/30362.jpeg (https://www.statista.com/chart/30362/is-it-acceptable-to-break-the-law-to-protect-the-environment/)
_You will find more infographics at Statista (https://www.statista.com/chartoftheday/)_
As the chart above shows, **respondents in Mexico (41 percent) were most supportive of taking illicit action if needed in order to protect the environment** out of the surveyed countries, followed by France (38 percent) and Brazil (34 percent).
Germans were the least supportive of breaking the rules out of the selected countries (26 percent).
In the UK, roughly a third of people would support it.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Thu, 07/13/2023 - 14:25
https://www.zerohedge.com/political/30-americans-believe-breaking-law-over-climate-crisis-justified

2023-07-13 18:05:00

**Watch: America's 'AI Czar' Kamala Harris Explains "First Of All, It's Two Letters"**
Watch: America's 'AI Czar' Kamala Harris Explains "First Of All, It's Two Letters"
_Authored by Steve Watson via Summit News,_ (https://summit.news/2023/07/13/video-kamala-harris-sounds-as-thick-as-a-brick-when-discussing-ai/)
**Ladies and Gentlemen of America, this is who will become your leader if the doddering 80 year old Biden falls on a sandbag (https://summit.news/2023/07/13/video-msnbc-shill-brzezinski-rages-at-bidens-handlers-for-allowing-him-to-make-a-fool-of-himself/) and cracks his skull open…**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-13_08-06-00.jpg?itok=Ax9DLyYj (https://cms.zerohedge.com/s3/files/inline-images/2023-07-13_08-06-00.jpg?itok=Ax9DLyYj)
It’s Kamala Harris, explaining for those who are not aware what exactly AI is.
> _**“I think the first part of this issue that should be articulated is AI is kind of a fancy thing. First of all, it’s two letters. It means artificial intelligence.”**_
>
> _“The machine is taught — and part of the issue here is what information is going into the machine that will then determine — and we can predict then, if we think about what information is going in, what then will be produced in terms of decisions and opinions that may be made through that process.”_
> So proud she can spell it, tho.
>
> — XMayor (@MayorKrauss) July 13, 2023 (https://twitter.com/MayorKrauss/status/1679299750108217346?ref_src=twsrc%5Etfw)
What a revelation.
_\[ZH: You know it's bad when Babylon Bee can't even make up a better headline than reality...\]_ (https://babylonbee.com/news/ai-czar-harris-announces-she-has-figured-out-what-ai-stands-for)
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-13_09-59-25.jpg?itok=5cJWQper (https://cms.zerohedge.com/s3/files/inline-images/2023-07-13_09-59-25.jpg?itok=5cJWQper)
She continued, _“So to reduce it down to its most simple point, **this is part of the issue that we have here is thinking about what is going into a decision, and then whether that decision is actually legitimate and reflective of the needs and the life experiences of all the people**.”_
Full video, if you have ten minutes of your life to give away:
> That is just how they had to explain it to her.
>
> — SP1 🌪܁ᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠ (@O\_\_\_scott\_\_\_O) July 13, 2023 (https://twitter.com/O___scott___O/status/1679294599284621313?ref_src=twsrc%5Etfw)
So insightful. Lets check in on her definition of transportation…
_**“This issue of transportation is fundamentally about just making sure that people have the ability to get where they need to go. It’s that basic.”**_
> KAMALA HARRIS: "This issue of transportation is fundamentally about just making sure that people have the ability to get where they need to go!" pic.twitter.com/09UUdkXXAL (https://t.co/09UUdkXXAL)
>
> — RNC Research (@RNCResearch) July 11, 2023 (https://twitter.com/RNCResearch/status/1678817174117285889?ref_src=twsrc%5Etfw)
That’s some deep stuff there.
Lets get philosophical. What about culture Kamala?
> Kamala Harris explains "culture":
>
> "Culture is — it is a reflection of our moment and our time. Right? And present culture is the way we express how we're feeling about the moment and we should always find times to express how we feel about the moment..." pic.twitter.com/ffHLD5blQv (https://t.co/ffHLD5blQv)
>
> — RNC Research (@RNCResearch) July 6, 2023 (https://twitter.com/RNCResearch/status/1676991967916355584?ref_src=twsrc%5Etfw)
**The woman makes George W. Bush sound like Plato.**
She’s the living embodiment of a character in a leftist satirical political comedy:
> The Veep reboot looks amazing pic.twitter.com/6qwJdcmFBA (https://t.co/6qwJdcmFBA)
>
> — The Daily Show (@TheDailyShow) October 3, 2022 (https://twitter.com/TheDailyShow/status/1576966891557584896?ref_src=twsrc%5Etfw)
Related:
\* \* \*
_Brand new merch now available! Get it at https://www.pjwshop.com/ (https://www.pjwshop.com/)_
_In the age of mass Silicon Valley censorship It is crucial that we stay in touch. We need you to sign up for our free newsletter here (https://summit.news/newsletter). Support our sponsor – Turbo Force (https://bit.ly/TURBOFORCE) – a supercharged boost of clean energy without the comedown._
_Also, we urgently need your financial support here (https://www.subscribestar.com/paul-joseph-watson)._
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Thu, 07/13/2023 - 14:05
https://www.zerohedge.com/political/watch-americas-ai-czar-kamala-harris-explains-first-all-its-two-letters

2023-07-13 17:45:00

**Senior Russian Commanders Detained, Including 'Missing' Surovikin, After Wagner Mutiny: Report**
Senior Russian Commanders Detained, Including 'Missing' Surovikin, After Wagner Mutiny: Report
Gen. Sergei Surovikin, who was the deputy commander of Moscow's military operation in Ukraine, **has not been seen in public since Wagner's short-lived mutiny** of June 23-24. There were earlier, unconfirmed reports of his arrest and even speculation that he had quietly coordinated with Wagner chief Yevgeny Prigozhin during the uprising. Some reports have suggested that he's dead, but that has remained on the level of unconfirmed rumor.
But more information was revealed this week when a reporter asked one of Russia's top lawmakers, Andrei Kartapolov, over Surovikin's whereabouts. **The general is "taking a rest,"** Kartapolov - who serves as the head of Duma’s defense committee - said on video. "He is unavailable right now," the lawmaker, also said, before hurrying quickly away.
> Sergei Surovikin, the Russian general who hasn't been seen in public since Wagner's failed mutiny, is "resting" and "not available right now," per Andrei Kartapolov, a senior lawmaker and former top defense official. pic.twitter.com/gCbpQd7i0E (https://t.co/gCbpQd7i0E)
>
> — max seddon (@maxseddon) July 12, 2023 (https://twitter.com/maxseddon/status/1679109584877756416?ref_src=twsrc%5Etfw)
_The Wall Street Journal_ is reporting Thursday that **at least 13 senior military officers have been detained** in the wake of the Wagner uprising. Further, 15 others have been reportedly fired or suspended.
**"The detentions are about cleaning the ranks of those who are believed can’t be trusted anymore,"**WSJ wrote (https://www.wsj.com/articles/russia-detained-several-senior-military-officers-in-wake-of-wagner-mutiny-35a696e4), based on its sources, as they are suspected of having ties to Wagner.
The report further says he has been undergoing "repeated interrogations" and details the following:
> _In that role, Surovikin introduced a new tactic aimed at degrading Ukraine’s power grid and other critical infrastructure with missile strikes. In January, he was replaced by Gerasimov, one of Prigozhin’s main rivals (https://www.wsj.com/articles/the-military-leaders-who-could-swing-the-balance-of-power-in-russia-fd93634a?mod=article_inline)._
>
> _**Surovikin wasn’t being held in a detention center, but was undergoing repeated interrogations** as investigators probed what role, if any, he played in the uprising, the people familiar with the situation said._
The report said that Surovikin is likely to be released after President Putin "decides how to handle the fallout from the mutiny." But already some among his top staff have been booted from their military posts, including Surovkin’s deputy Andrei Yudin and the deputy head of military intelligence Vladimir Alexeyev.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/missinggen1.jpeg?itok=HIHgPj52\
_Gen. Sergei Surovikin_ (https://cms.zerohedge.com/s3/files/inline-images/missinggen1.jpeg?itok=HIHgPj52)
The WSJ report also strongly suggested that there are still dissenting voices and deep cracks within command ranks, describing that another Russian lawmaker (and retired general) Andrei Gurulyov has "released a recording late Wednesday of the commander of Russia’s 58th Combined Arms Army, Maj. Gen. Ivan Popov, explaining to his troops why he was relieved from commanding the unit, which is fighting on the front in Ukraine near Zaporizhzhia." It included the following (https://www.wsj.com/articles/russia-detained-several-senior-military-officers-in-wake-of-wagner-mutiny-35a696e4):
> _General Popov described a " **difficult situation with the senior leadership,"** which led to him being relieved after he brought up problems on the battlefield, including the lack of counter battery fire and artillery reconnaissance stations, as well as deaths and injuries the force is suffering from enemy artillery fire._
>
> _**General Popov appeared to take aim at General Gerasimov without naming him**, saying that while Ukrainian forces couldn’t break through his army unit from the front, "our senior commander hit us from the rear, treacherously and vilely decapitating" the army unit "at the most difficult and tense moment."_
So what can be described as Russian military confusion and distrust at the highest levels might yet be further persisting, also as there's been mixed messaging concerning the fate of Prigozhin himself, who appears to be back in Russia (https://www.zerohedge.com/geopolitical/lukashenko-says-wagner-chief-prigozhin-now-russia?ref=biztoc.com), and reportedly living in freedom.
Likely, Moscow is seeking to keep a tight lid on just who it has in custody among senior commanders, also given this could continue to negatively impact morale among its forces in Ukraine.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Thu, …
https://www.zerohedge.com/geopolitical/senior-russian-commanders-detained-including-missing-surovikin-after-wagner-mutiny

2023-07-13 17:25:00

**Summer Camps For Children Identifying As Transgender Open Across US**
Summer Camps For Children Identifying As Transgender Open Across US
_Authored by Jackson Elliott via The Epoch Times (https://www.theepochtimes.com/in-depth-summer-camps-for-children-identifying-as-transgender-open-across-us_5375627.html?utm_source=partner&utm_campaign=ZeroHedge&src_src=partner&src_cmp=ZeroHedge) (emphasis ours),_
**Across the United States, there’s a growing number of summer camps specifically for children who don’t identify with their biological sex.**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/id5365754-06252023-_DSC9419pride-transgender-1200x800.jpg?itok=Bjtax3t9\
_The annual New York City Pride March in New York City on June 25, 2023. (Samira Bouaou/The Epoch Times)_ (https://cms.zerohedge.com/s3/files/inline-images/id5365754-06252023-_DSC9419pride-transgender-1200x800.jpg?itok=Bjtax3t9)
These overnight camps connect hundreds of children who identify as transgender, nonbinary, and gender non-conforming.
Attending such camps is likely to create lasting gender dysphoria in children who would otherwise probably leave that phase behind, psychologist Nicholas Kardaras told The Epoch Times.
Dr. Kardaras runs Omega Recovery, a mental health clinic in Austin, Texas.
Most children will grow out of gender dysphoria if not encouraged in it, he said. But when adults encourage a “social contagion,” it will spread rapidly, he said.
“ **If you put a very developmentally fragile young person in any social group that is very dominant, they’re going to inevitably mimic the behaviors and the identity of that social group that they get dropped in,**” Dr. Kardaras told The Epoch Times.
‘Gender-Liberated’ Facilities
Unlike traditional summer camps that require separate bathrooms and sleeping areas for boys and girls, some transgender camps don’t segregate children by gender, The Epoch Times discovered.
In West Central Ohio’s Camp Lilac, restrooms and shower facilities “are split by age group, not gender,” the camp website reads. “Showers are in private stalls with locking doors.”
Vermont’s Camp Outright advertises on its website that “all the bathrooms at camp are gender-liberated.” And campers and counselors self-select which cabin they will stay in, based on their gender identity, according to the website.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/20170323-TheDunes-SamiraBouaou-6616-1200x800.jpg?itok=5cmUzV91\
_Dr. Nicholas Kardaras, executive director of The Dunes addiction recovery center, at The Dunes mansion in East Hampton, N.Y., on March 23, 2017. (Samira Bouaou/The Epoch Times)_ (https://cms.zerohedge.com/s3/files/inline-images/20170323-TheDunes-SamiraBouaou-6616-1200x800.jpg?itok=5cmUzV91)
The Naming Project camp in Deerwood, Minnesota, advertises that separation between men and women isn’t encouraged. The group describes itself as a Christian ministry, and its website, in response to a frequently asked question about its camp for adults, reads: “At other church camps, you might have heard the phrase, ‘Boys are blue. Girls are pink. Don’t make purple.’ Well, we won’t be saying that, because that phrase erases the reality of LGBTQ people, our lives, and our relationships.”
**The American Camp Association (ACA) stands behind the emergence of camps especially for transgender-identifying children, according to Andy Pritikin, the director.**
“ **I think that mixed gender is likely going to be the wave of the future**,” he said. “I have so many kids that are transgender, so many staff that are transgender, at this point. To have mixed-gender groups makes life a heck of a lot easier for these folks.”
Transgenderism has dramatically changed summer camps, even those not specifically designed to cater only to campers and counselors who identify as transgender, Mr. Pritikin said.
While public schools must abide by government rules on transgender issues, directors of privately run camps decide on their own how to handle those situations, he said.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/id5375703-DSC_0989-1200x1107.jpeg?itok=GSRuOp-Z\
_American Camp Association director Andy Pritikin leads Liberty Lake Day Camp in Bordentown, N.J. (Courtesy of the American Camp Association)_ (https://cms.zerohedge.com/s3/files/inline-images/id5375703-DSC_0989-1200x1107.jpeg?itok=GSRuOp-Z)
It can be complicated when counselors suddenly announce they’ve “changed genders,” he said.
“I’m hiring staff in, let’s say, March, and then we do our first training \[for summer camp\], and they’ve changed genders,” he said.
It happens with campers, too, requiring last-minute reorganization, he said.
“ **We’re enrolling campers as boys. Then, a week before camp starts, the parent calls and says, ‘They want to be in a girls’ …
https://www.zerohedge.com/political/summer-camps-children-identifying-transgender-open-across-us

2023-07-13 17:23:20

**Solid 30Y Auction Tails As Yield Slide Accelerates**
Solid 30Y Auction Tails As Yield Slide Accelerates
While not nearly as strong as yesterday's stellar 10Y auction, today's just concluded sale of $18bn in 30Y paper (in the form of a 29Y-10M reopening) was no slouch.
The final coupon auction of the week priced at a high yield of 3.910%, virtually unchanged compared to last month's 3.908%, and approaching the highest stop of the current cycle reached in November when the 30Y priced at 4.080%.
But if last month the auction stopped through the When Issued by just over 1 basis point, today's auction tailed the 3.890% When Issued by 2 basis point, the biggest tail since February.
The bid to cover of 2.432 was below last month's 2.522 but higher than the six-auction average of 2.392.
The internals were weaker, with Indirects taking down 69.0% the lowest since February and below the six-auction average of 70.8%. And with Directs awarded 20.1% or the highest since December, Dealers were left holding on to 10.9%, right on top of the recent auction average of 10.8%.
Overall, while the auction did tail, that can be attributed to the lack of concession due to the sharp slide in yields in recent days as the yield curve has steepened sharply in the past week; otherwise, metrics were solid and demand for paper is clearly there.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/30Y%20July%202023.jpg?itok=Tycv1C6Y (https://cms.zerohedge.com/s3/files/inline-images/30Y%20July%202023.jpg?itok=Tycv1C6Y)
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Thu, 07/13/2023 - 13:23
https://www.zerohedge.com/markets/solid-30y-auction-tails-yield-slide-accelerates

2023-07-13 17:05:00

**Lavrov: No Choice But To Treat F-16s In Ukraine As Nuclear Threat**
Lavrov: No Choice But To Treat F-16s In Ukraine As Nuclear Threat
White House National Security Advisor Jake Sullivan reaffirmed while at the NATO summit in Vilnius that there "will be the transfer of F-16s \[to Ukraine\], likely from European countries that have excess F-16 supplies".
Russian Foreign Minister hit back at the confirmation that advanced Western fighter jets will soon make their way to Ukraine, after the allies complete the first wave of training for Ukrainian pilots, which could take considerable time. "Moscow can’t ignore the nuclear capability of US-designed F-16 fighter jets that may be supplied to Ukraine by its Western backers," Lavrov said, per Russian media. He went so far as to say that it will be seen as a threat from the West **"in the nuclear domain."**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/f16nuclear.jpg?itok=RxGhOGvA\
_The F-16 can carry the B-61 tactical nuclear bomb._ (https://cms.zerohedge.com/s3/files/inline-images/f16nuclear.jpg?itok=RxGhOGvA)
In giving such advanced systems to Kiev, "the US and its NATO satellites create the risk of a direct armed confrontation with Russia, and this may lead to catastrophic consequences," Lavrov warned an interview Wednesday. He called the F-16s in particular "an extremely dangerous development."
According to more, wherein he mentioned the operability of the F-16s and their ability to carry tactical nuclear weapons (https://www.rt.com/russia/579629-lavrov-nuclear-f16-us/):
> "We have informed the nuclear powers – the US, UK and France – that **Russia can’t ignore the ability of these aircraft to carry nuclear weapons**," the foreign minister continued.
>
> "No assurances \[by the West\] will help here," he warned. In the midst of fighting, the Russian military **isn’t going to investigate whether any specific jet is equipped to deliver nuclear weapons or not**, he added.
>
> "The very fact of the appearance of such systems within the Ukrainian Armed Forces will be **considered by us as a threat from the West in the nuclear domain**," Lavrov said.
Previously, in June comments Russian President Vladimir Putin said that the West's F-16s "will burn" soon after they appear on the battlefield, after also vowing to target all other NATO arms in the conflict.
> #UPDATE (https://twitter.com/hashtag/UPDATE?src=hash&ref_src=twsrc%5Etfw) Russia will regard Western F-16 fighter jets sent to Ukraine as a "nuclear" threat because of their capacity to carry atomic weapons, Foreign Minister Sergei Lavrov says.
>
> Modern warplanes have been at the forefront of Kyiv's demands for military aid from its Western… pic.twitter.com/NZOY7XwJtd (https://t.co/NZOY7XwJtd)
>
> — AFP News Agency (@AFP) July 13, 2023 (https://twitter.com/AFP/status/1679391776178847745?ref_src=twsrc%5Etfw)
The Ukrainians have continued pressing their more powerful backers to provide air superiority, saying that without jets all other weaponry such as tanks become exposed. This as a consensus has emerged on the much-vaunted counteroffensive and its slowness, or even outright failure at this point.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Thu, 07/13/2023 - 13:05
https://www.zerohedge.com/geopolitical/lavrov-no-choice-treat-f-16s-ukraine-nuclear-threat

2023-07-13 16:50:00

**US Strategic Petroleum Reserve Will Not Be Replenished Anytime Soon**
US Strategic Petroleum Reserve Will Not Be Replenished Anytime Soon
_Authored by Tsvetana Paraskova via OilPrice.com,_ (https://oilprice.com/Latest-Energy-News/World-News/US-Strategic-Petroleum-Reserve-Will-Not-Be-Replenished-Anytime-Soon.html)
The U.S. Administration will refill the Strategic Petroleum Reserve (SPR), which saw millions of barrels of drawdowns last year, **but the reserve will not be filled up soon,** U.S. Secretary of Energy Jennifer Granholm told CNN (https://amp.cnn.com/cnn/2023/07/12/business/gas-prices-oil-emergency-reserve/index.html) in an interview this week.
> _**“The bottom line is we are going to replenish,”** Granholm said, adding that it was unlikely that the refill would be completed before the end of the term in office of President Joe Biden._
>
> _“The first term’s over in a year and a half. So, I’m not sure it’ll be fully replenished. But certainly, the plan is this term and the next term to be able to do that,” Granholm told CNN._
**In October of last year, the administration announced (https://www.whitehouse.gov/briefing-room/statements-releases/2022/10/18/fact-sheet-president-biden-to-announce-new-actions-to-strengthen-u-s-energy-security-encourage-production-and-bring-down-costs/) that it would repurchase crude oil for the reserve when prices were at or below about $67-$72 per barrel.**
The move would be dual purpose in that not only would it replenish the nation’s depleted reserves, but it would boost demand when prices were low instead of sending them into orbit at a time of regular prices.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-13_07-44-17.jpg?itok=idAI3Yy7 (https://cms.zerohedge.com/s3/files/inline-images/2023-07-13_07-44-17.jpg?itok=idAI3Yy7)
Last week, the U.S. Department of Energy announced (https://www.energy.gov/articles/doe-announces-plans-purchase-another-6-million-barrels-oil-strategic-petroleum-reserve) that it plans to purchase by August 2023 around 6 million barrels of crude oil for the SPR, with delivery scheduled for October and November.
**So far, the Biden Administration has bought 6.3 million barrels at an average price of $72.67 per barrel, compared to around $95 per barrel that SPR crude was sold for in 2022,** DOE said.
Earlier this year, Secretary Granholm had suggested that the Administration would start repurchasing crude oil for filling the SPR in the autumn of this year and that the **refilling could take years (https://oilprice.com/Latest-Energy-News/World-News/SPR-Refill-Could-Start-This-Year.html).**
_\[ZH: Bear in mind that the Biden admin has been draining the SPR for 15 straight weeks...\]_
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm6EDB_0.jpg?itok=CyTJJBqG (https://cms.zerohedge.com/s3/files/inline-images/bfm6EDB_0.jpg?itok=CyTJJBqG)
The Administration has previously said that repurchases could begin in the fourth quarter of this year after maintenance is completed on two sites storing the nation’s crude oil reserves in Texas and Louisiana.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Thu, 07/13/2023 - 12:50
https://www.zerohedge.com/energy/us-strategic-petroleum-reserve-will-not-be-replenished-anytime-soon

2023-07-13 16:13:53

**Ripple Wins Case Against SEC As Judge Rules On XRP Being A Security**
Ripple Wins Case Against SEC As Judge Rules On XRP Being A Security
Ripple Labs scored a victory in the United States district court in the southern New York district today as judge Analisa Torres ruled in favor of the company in a case brought forth by the SEC dating back to 2020.
According to documents filed on July 13, Judge Torres has **granted summary judgment in favor of Ripple Labs** with regard to whether Ripple (XRP) token is or is not a security.
The judge ruled that the **XRP token "is not necessarily a security on its face" - except when it was sold to raise funds from institutions.**
The SEC lawsuit sought to compel Ripple to stop offering its XRP token under the premise that XRP was a security and, thus, required additional regulation.
Per court documents viewed by Cointelegraph:
> _"Defendants’ motion for summary judgment is GRANTED as to the Programmatic Sales, the Other Distributions, and Larsen’s and Garlinghouse’s sales, and DENIED as to the Institutional Sales."_
Federal district judge Analisa Torres ruled that **programmatic sales to public buyers and distributions of XRP to Ripple Labs employees did not constitute the sale of unregistered securities.**
The court **did not address secondary market sales** of XRP on cryptocurrency exchanges.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-13_09-07-45.jpg?itok=8B31D34p (https://cms.zerohedge.com/s3/files/inline-images/2023-07-13_09-07-45.jpg?itok=8B31D34p)
_As Bitcoinist reports,_ (https://bitcoinist.com/ripple-judge-deems-xrp-sale-non-investment-contract/) according to the court ruling:
> _**Institutional buyers** who directly purchased XRP from Ripple had a reasonable expectation that their investment would contribute to improving the XRP ecosystem and increase the value of XRP._
>
> _However, **programmatic buyers** (meaning the broader public) accounted for less than 1% of global XRP trading volume, and the sales were “blind bid/ask transactions” where buyers could not have known if their payments went to Ripple or any other seller of XRP._
>
> _The court further noted that Ripple did not make any promises or offers concerning programmatic sales, as the company did not know who was buying the XRP, and the purchasers did not know who was selling it._
>
> _**This provides much-needed regulatory clarity for the cryptocurrency industry and clarifies the legal status of XRP. However, the SEC may appeal the decision, and the legal battle is likely far from over.**_
>
> _Nonetheless, Ripple’s victory is a significant boost for the company, which has long argued that XRP is a legitimate cryptocurrency used for cross-border payments and not subject to SEC regulation._
_\[ZH: we do note, **however, the summary judgment is a split decision in that the judge ruled that a crypto token sold to the public may be a security...**_
_...so, crypto is a "schrodinger's security" - it depends on who is observing it?_
_The bottom line is that this ruling appears to offer a lot of leeway in the interpretation of whether a crypto token is a security.\]_
**Furthermore, the court’s decision to cite the Howey test to determine whether XRP sales constituted investment contracts is a major blow to the SEC’s case.**
The judge concluded that the SEC had failed to prove that XRP sales met the criteria for such contracts.
Within a matter of minutes after the news broke, the price of XRP has catapulted from $0.45 to $0.64. **This puts the token up over 30% as of the time of this article's publishing.**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm5639_0.jpg?itok=nj1uHsfs (https://cms.zerohedge.com/s3/files/inline-images/bfm5639_0.jpg?itok=nj1uHsfs)
As CoinTelegraph's Tristan Greene reports (https://cointelegraph.com/news/ripple-wins-case-against-sec-as-judge-rules-xrp-is-not-a-security), the case against Ripple (https://cointelegraph.com/news/xrp-price-faces-a-rocky-road-to-recovery-ahead-of-sec-s-ripple-lawsuit) has been ongoing since December 2020 when the SEC sued Ripple and its two chief executives, Brad Garlinghouse and Chris Larsen over allegations the company was offering an unregistered security.
Over the past three years, the case has had its fair share of dramatic intrigue including the release of the "Hinman Documents (https://cointelegraph.com/news/hinman-docs-xrp-sec)" and ongoing defiance in the face of the SEC's accusations (https://cointelegraph.com/news/ripple-ceo-garlinghouse-responds-to-sec-complaint-against-xrp) from Garlinghouse.
Along with the palpable movement demonstrated by the XRP token pumping on the news, **the overall sentiment across the crypto community appears to be one of jubilation.**
The SEC didn’t immediately respond to a request for comment on the decision. Garlinghouse seemed to claim victory in a tweet on Thursday.
_**…
https://www.zerohedge.com/crypto/ripple-wins-case-against-sec-judge-rules-xrp-not-security

2023-07-13 16:12:22

**"A Complete Failure": Secret Service Suddenly Closes White House Cocaine Investigation Without Naming Suspect**
"A Complete Failure": Secret Service Suddenly Closes White House Cocaine Investigation Without Naming Suspect
**_Update (1211ET):_** The Secret Service on Thursday announced that **it's closed the investigation into how cocaine ended up at the White House** without identifying a suspect.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/GettyImages-1233045326-1200x800-700x420_3.jpg?itok=WyaOtM3a (https://cms.zerohedge.com/s3/files/inline-images/GettyImages-1233045326-1200x800-700x420_3.jpg?itok=WyaOtM3a)
" **There was no surveillance video footage found that provided investigative leads or any other means for investigators to identify who may have deposited the found substance in this area,**" the agency said in a statement. "Without physical evidence, the investigation will not be able to single out a person of interest from the hundreds of individuals who passed through the vestibule where the cocaine was discovered. **At this time, the Secret Service's investigation is closed due to a lack of physical evidence**."
According to the statement, the Secret Service said the bag of cocaine was "subjected to advanced fingerprint and DNA analysis."
Lack of physical evidence? Nothing on the bag, and there's an area of the White House that isn't surveilled? Do we need to call the paw patrol to figure this one out?
> Nothing to see here
>
> Just a video of Hunter Biden allegedly doing a bump of cocaine at the White House in front of children
>
> But don’t worry - the media said the bag of blow found at the WH wasn’t Hunter’s!
>
> pic.twitter.com/Bt5hCT2ghf (https://t.co/Bt5hCT2ghf)
>
> — DC\_Draino (@DC\_Draino) July 5, 2023 (https://twitter.com/DC_Draino/status/1676665397771227152?ref_src=twsrc%5Etfw)
> Yikes. So if this were Anthrax or other bioweapon/chemical weapon powder in the WH, the Secret Service is admitting they would not be able to find the suspect? I have a real hard time believing that...
>
> — Anthony (@Anthony\_in\_DC) July 13, 2023 (https://twitter.com/Anthony_in_DC/status/1679515902578925571?ref_src=twsrc%5Etfw)
In response to a Thursday closed-door briefing to members and staff of the House Oversight Committee, **Republicans called the case a 'failure' of the agency**.
"And to say that they don't know who it is, to me, **somebody should lose their job over this.** This thing's a trash can. Everybody wants to pick and choose they need to shut the whole thing down put the garden hose to it and clean it out," said Rep. Tim Burchett, who called it a "complete failure" and said that the Biden administration is "thumbing their nose at the American public."
Watch:
> pic.twitter.com/1M2ZwfZSl1 (https://t.co/1M2ZwfZSl1)
>
> — Convention of States (@COSProject) July 13, 2023 (https://twitter.com/COSProject/status/1679510021632139269?ref_src=twsrc%5Etfw)
\* \* \*
_Authored by Debra Heine via American Greatness,_ (https://amgreatness.com/2023/07/11/secret-service-to-brief-congress-on-thursday-as-biden-white-house-accused-of-cocaine-cover-up)
Biden critics are accusing the White House of a “cocaine cover-up” as the Secret Service investigation into “CocaineGate” drags on with no resolution.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-12_13-37-05.jpg?itok=JgqSSmLS (https://cms.zerohedge.com/s3/files/inline-images/2023-07-12_13-37-05.jpg?itok=JgqSSmLS)
Amid growing skepticism regarding the trustworthiness of the “ongoing investigation,” the Press Secretary Karine Jean-Pierre on Tuesday didn’t have an update for reporters.
> _**“Do you have any update on the investigation into the cocaine at the White House?”** a reporter inquired._
>
> _“I don’t have any updates,” Jean-Pierre responded. “I just don’t have anything updated. I would refer you to the Secret Service on that particular question.”_
> "Do you have any update on the investigation into the cocaine at the White House?"
>
> Karine Jean-Pierre: "I don't have any updates ... I just don't have anything updated." pic.twitter.com/WWumCUu8A4 (https://t.co/WWumCUu8A4)
>
> — RNC Research (@RNCResearch) July 11, 2023 (https://twitter.com/RNCResearch/status/1678795993838411776?ref_src=twsrc%5Etfw)
The USSS have not been answering to press inquiries about the discovery, however, telling news outlets that they cannot comment on ongoing investigations. The Secret Service will be briefing Congress on Thursday, after House Oversight Chairman James Comer Comer fired off a letter (https://oversight.house.gov/wp-content/uploads/2023/07/White-House-Secret-Service-Letter-Briefing-request-070723.pdf) to USSS Director Kimberly Cheatle demanding to be briefed on the White House **security failures that led to the “unacceptable and shameful” discovery of cocaine in the West Wing**.
Sen. Tom Cotton (R-A…
https://www.zerohedge.com/political/secret-service-brief-congress-thursday-biden-white-house-accused-cocaine-cover

2023-07-13 15:45:00

**As Challengers Clear Debate Hurdles, Trump 'Unlikely' To Show Up**
As Challengers Clear Debate Hurdles, Trump 'Unlikely' To Show Up
**As two GOP presidential candidates clear qualifying hurdles for the party's first debate next month, former President Donald Trump is "unlikely" to show up, says an advisor**\-\- but there's a chance he will.
“At the moment, President Trump has indicated that he’s unlikely to participate, at least in the first two debates. He’s up by 30, 40, and even new polling shows he’s up by almost 50 percent in certain places,” Trump advisor Jason Miller told _The Hill_ (https://thehill.com/homenews/campaign/4091914-trump-unlikely-to-participate-in-debates-says-adviser-jason-miller/). **“It really wouldn’t make much sense for him to go and debate right now with a bunch of folks who are down at three, four and five percent.** Even \[Florida Gov. Ron DeSantis\], who’s the second-place candidate in the race currently, is at least 20, 30 or 40 points behind.”
Of course, **few people love a television audience as much as Trump**, and Miller did hedge, saying, "Ultimately, President Trump will make a decision as we get closer. **He has not said anything definitive, one way or the other.** I’m not expecting him to participate, though."
In an effort to lure Trump into the cage, DeSantis on Wednesday criticized the frontrunner's debate disinterest. **“Nobody is entitled to this nomination. You have got to earn the nomination,"** he told radio host Howie Carr. "And … doing things like these debates — they’re important parts of the process.”
Former New Jersey governor **Chris Christie was more pointed**:
> Aww poor Donald Trump. He might have to defend his record on the debate stage?
>
> If Donald Trump doesn’t show up, then he’s a coward. I’ll tell the truth directly to his face.
>
> Chip in today: https://t.co/vSmNlyEk0s (https://t.co/vSmNlyEk0s)pic.twitter.com/ggPMZHUJPk (https://t.co/ggPMZHUJPk)
>
> — Chris Christie (@GovChristie) July 11, 2023 (https://twitter.com/GovChristie/status/1678842709002399749?ref_src=twsrc%5Etfw)
To earn an invite to the August 23 Republican debate in Milwaukee -- which will also be the site of the party's 2024 national convention (https://gop.com/press-release/rnc-announces-dates-of-2024-convention-in-milwaukee/) \-\- candidates must check two boxes:
- **Garner 1% support** in either three national polls or two nationals plus one early-primary state, and
- **Amass at least 40,000 donors** across a minimum geographic distribution.
**The first such qualifying poll was released this week, and brought good news for seven candidates** who hope to overtake frontrunner Trump. A national Morning Consult poll with an unusually large (https://www.politico.com/news/2023/07/12/anti-trump-presidential-candidates-poll-debates-00106000), 800-likely-voter sample found Ron DeSantis, Vivek Ramaswamy, Mike Pence, Nikki Haley, Tim Scott, Chris Christie and Asa Hutchinson all at 1% or higher. "Someone else" also hit 1%.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/Screen%20Shot%202023-07-13%20at%2012.15.44%20AM.png?itok=MrbyTInp (https://assets.zerohedge.com/s3fs-public/inline-images/Screen%20Shot%202023-07-13%20at%2012.15.44%20AM.png?itok=MrbyTInp)
**North Dakota Governor Doug Burgum, who has raised eyebrows by offering a $20 gift card to the first 50,000 people who donate $1 (https://www.zerohedge.com/political/retail-politics-gop-candidate-will-pay-you-20-if-you-give-him-1) to his campaign, threw up a goose egg.**
On Wednesday, **Chris Christie announced that he'd eclipsed the requisite 40,000 donors.**“Last night, we went past 40,000 unique donors in just 35 days,” he told (https://www.politico.com/news/2023/07/12/chris-christie-donors-gop-debate-00106059) CNN's Anderson Cooper. “There is a donor in every state in America, and we have over 200 donors in 36 states.” Among the GOP field, **Christie is arguably the most aggressive of Trump's detractors.**
**South Carolina Senator Tim Scott, who tied Christie at 3% in the first qualifying poll, has also hit (https://www.axios.com/2023/07/13/chris-christie-tim-scott-donor-threshold-gop-debate) the donor mark.** DeSantis was already near 40,000 donors back in May, and raised a hefty $20 million (https://www.ny1.com/nyc/all-boroughs/news/2023/07/06/desantis-hauled-in--20-million-in-first-six-weeks--campaign-says) in just the first six weeks after announcing his run.
Aside from the poor risk/reward dynamic of exposing himself to fire when he's up 33 points on the nearest challenger (https://www.realclearpolitics.com/epolls/2024/president/us/2024_republican_presidential_nomination-7548.html) in the _RealClear Politics_ average, there may be **another disincentive for Trump to debate: The GOP also requires participants to pledge their support of the eventual nominee**. Along with DeSantis, Trump has yet to say (https://www.nytimes.co…
https://www.zerohedge.com/political/challengers-clear-debate-hurdles-trump-unlikely-show

2023-07-13 15:25:00

**White House Looks To Prevent Oversight Of Ukraine Aid**
White House Looks To Prevent Oversight Of Ukraine Aid
_Via The Libertarian Institute,_ (https://libertarianinstitute.org/news/white-house-looks-to-prevent-oversight-of-ukraine-aid/)
The Joe Biden administration has come out in opposition (https://www.defensenews.com/congress/2023/07/10/white-house-wants-ukraine-inspector-general-out-of-defense-bill/) to Congress creating an inspector general’s office to oversee weapons transfers to the Ukrainian government.
The National Defense Authorization Act (NDAA) includes a provision that **will create an inspector general for the proxy war in Ukraine modeled after the Special Inspector General for Afghan Reconstruction** (SIGAR).
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/defaid1.jpg?itok=Ugs74Zdo\
_Image source: Associated Press_ (https://cms.zerohedge.com/s3/files/inline-images/defaid1.jpg?itok=Ugs74Zdo)
SIGAR John Sopko detailed the rampant American failures during the Afghan War for years. His quarterly reports routinely embarrassed American officials who tried to portray the situation in Afghanistan as improving.
Sopko has warned (https://libertarianinstitute.org/news/pentagon-personnel-did-not-appropriately-track-weapons-transferred-to-ukraine/) that an inspector general’s official for the Ukraine war needed to be established to prevent a repeat of the situation American aid created in Afghanistan, which saw **massive corruption**.
"There is an understandable desire amid a crisis to focus on getting money out the door and to worry about oversight later, but too often that creates more problems than it solves," he wrote in a report submitted to Congress earlier this year. "Given the ongoing conflict and the unprecedented volume of weapons being transferred to Ukraine, **the risk that some equipment ends up on the black market or in the wrong hands is likely unavoidable**."
Sopko continued, "You’re bound to get corrupt elements of not only the Ukrainian or the host government, but also of US government contractors or other third party contractors to try to steal the money. **There’s just so much money going in, and it’s hard to keep track of**."
The White House argued (https://www.whitehouse.gov/wp-content/uploads/2023/07/H.R.-2670-NDAA.pdf) that creating an inspector general for Ukraine was **unnecessary as the Department of Defense was already monitoring transfers**.
> _"This expansion is both unnecessary and unprecedented, as oversight of US assistance for the benefit of a country’s people is already provided by the Inspectors General for the Department of State and United States Agency for International Development," a White House statement said._
However, a report published in June by the Pentagon inspector general found (https://libertarianinstitute.org/news/pentagon-personnel-did-not-appropriately-track-weapons-transferred-to-ukraine/) several issues with US weapons shipments to Ukraine. **"DoD personnel did not have the required accountability of the thousands of defense items that they received and transferred at Jasionka, \[Poland\],"** the report explained.
"We observed that DoD personnel did not fully implement their standard operating procedures to account for defense items and could not confirm the quantities of defense items received against the quantity of items shipped for three of five shipments we observed."
The US has shipped tens of billions worth of weapons to Ukraine since the Russian invasion last year. While Washington and Kiev maintain all weapons are being used on the battlefield, governments in Europe, the Middle East and Africa report (https://news.antiwar.com/2022/12/04/nigerian-president-says-weapons-from-ukraine-are-winding-up-in-africa/) weapons from Ukraine have been used by criminals and militants.
Additionally, **American weapons were used by openly neo-Nazi fighters carrying out cross-border attacks within the Russian mainland**. Initially, American officials said they were "skeptical (https://news.antiwar.com/2023/05/23/neo-nazi-militia-used-us-armored-vehicles-in-attack-on-russias-belgorod-region/)" of reports that the arms these militias used had been provided by the US. However, officials later admitted (https://news.antiwar.com/2023/06/04/us-officials-confirm-nato-weapons-were-used-in-attack-on-russias-belgorod-oblast/) that, indeed American weapons were used during the raid.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Thu, 07/13/2023 - 11:25
https://www.zerohedge.com/political/white-house-looks-prevent-oversight-ukraine-aid

2023-07-13 14:50:00

**Even If Jerome Powell Is Successful, We Still Lose**
Even If Jerome Powell Is Successful, We Still Lose
_Authored by Jeffrey Snider via RealClearMarkets.com,_ (https://www.realclearmarkets.com/articles/2023/07/07/even_if_jerome_powell_is_successful_we_still_all_lose_964549.html)
**In some ways it has been like two heavyweight sluggers battling it out over the course of an extended bout,** exchanging one haymaker after another. With each monstrous blow, the receiver is staggered temporarily only to reform and then unleash one of his own. Back and forth, back and forth until such time a winner will be declared - and we all _lose_.
I hesitate to elevate the Fed and its rate-hiking regime to the status of a serious challenger, though it qualifies for any short run period.
**Offering alternative money rates, the only real program policymakers have, they can influence the real champion, the bond market’s behavior. Somewhat.**
If you own or are thinking of buying a 2-year US Treasury note, you’ll pay closer attention than someone thinking, say, ten years to what money market rates are now and what they could be over those relatively short two years. Using its reverse repo and even to an extent interest on reserves (they’re all _excess_ nowadays), officials more directly impact all kinds of money rates.
**But where Alan Greenspan once believed (his “conundrum”) a direct line (series of one-year forwards) existed rigidly linking every maturity and yield from there on down to the long bond, history has proven time and time again it gets real murky really quick.**
Somewhere around that 2-year spot.
The fight began straight away, too, going back to the very day when Chairman Jay Powell abruptly decided in late 2021 “inflation” wasn’t transitory any longer. Whether politics or bad economics (using even worse Economics), the bond market disagreed it was ever inflation (recognizing the supply shock just like 2010-11).
**At first the contest featured more sparring than any true combat; the Fed increased its benchmarks as is its playbook to which bonds initially offered only token resistance.**
The curve very modestly inverted between the 2s10s spot from March 2022, though never much and only sporadically.
**Things heated up last June though, again,** it wasn’t yet a true heavyweight fight.
The punches became more intense, the Fed upping its rate hikes to 75 bps while inversions spread and deepened.
**The match finally got going in September and October when “something” happened which triggered the first big response from the champ.**
Beyond late October, the Fed kept punching but bonds (LT) weren’t budging; yields went sideways to lower even as the FOMC voted for higher.
They would respond, getting in a good one in February upon the release of the January payroll figures backed up by a rash of suddenly “hot” economic statistics. Policymakers fashion them into their strike: forward guidance declaring higher-for-longer.
**This was a simple yet effective tactic, tying any economic data that wasn’t downright awful to a “resilient” economy requiring ever-higher interest rates from the Fed.** And if any better-than-atrocious statistics were accompanied by any consumer price measure still better than 2%, the greater the punching power.
The hit landed squarely enough, forcing bonds back on their heels. Rates rose especially at the crucial 2-year spot and LT yields followed in somewhat stunned fashion.
It would not last long because within weeks bonds struck back with a massive swing of their own – the banking crisis. This immediately stunned officials into complete silence, even a pause in the rate hikes while at the same time market interest rates would plummet and completely ignore any further action from any central bank anywhere.
**This is, in fact, the whole basis for the conflict: what are interest rates?**
To bonds or anyone employing intuition and common sense, falling rates especially from a low start are _never_ a good sign. History has conclusively shown them associated only with the worst circumstances, those when deflation and depression have been widely acknowledged: the US in the thirties or Japan in the nineties, aughts, teens, and almost certainly the twenties, too.
But to Economists a central bank must raise rates to fight inflation. Never mind how during genuinely inflationary periods interest rates always go up on their own without any assistance, policymakers far removed from real monetary competence have instead attempted to fill that void with a bastardization of the mechanics.
**They believe that a fed funds target isn’t high or low on its own and instead should only be judged in relation to the so-called neutral rate.** If the Fed’s benchmarks somehow, someway find themselves above neutral, this would be “restrictive” and allow officials the ability to slow the economy (reducing demand for credit) and theoretically tighten against i…
https://www.zerohedge.com/markets/even-if-jerome-powell-successful-we-still-lose

2023-07-13 14:30:00

**Bidenomics Fail: Nationwide Spike In Family Homelessness**
Bidenomics Fail: Nationwide Spike In Family Homelessness
In June, the White House revealed a new public relations campaign called "Bidenomics" to define President Biden's economic agenda ahead of the 2024 presidential election cycle.
_"I don't know what the hell that is, but it's working," Biden stated at a June 17 rally in Philadelphia, begging the question, is it actually working?_
Americans, particularly middle-class ones, have been crushed in the inflation storm. They've been battered by two years of negative real wage growth, forcing many to quickly draw down on savings while using credit cards in a high-interest-rate environment to make ends meet.
And, of course, the Biden administration is taking credit for the decline in the inflation rate from its 9.1% peak in June of 2022 to the 3.1% last month (https://www.zerohedge.com/markets/us-consumer-price-inflation-drops-27-month-lows-longest-streak-declines-ever). But inflation is still rising above the Federal Reserve's 2% target.
The latest sign Bidenomics has not been particularly rewarding to middle America is new data from Bloomberg (https://www.bloomberg.com/news/articles/2023-07-13/us-homelessness-rises-by-40-in-cities-like-new-york-chicago-post-pandemic) that shows the number of families experiencing homelessness skyrocketed this year across 20 major cities.
> _"Family homelessness in the US is on the rise in an alarming sign of how the increasing cost of goods, the ever-tightening housing supply and the end of most pandemic-era benefits are putting pressure on Americans," Bloomberg said._
The explosion of nationwide family homelessness contradicts the White House's claim that Bidenomics has unleashed a new era of prosperity. Recall, The Wall Street Journal Editorial Board recently crushed White House propaganda and misinformation with one sentence (https://www.zerohedge.com/political/wsj-checkmates-bidenomics-one-move):
> _"The Bureau of Labor Statistics says real average hourly earnings have fallen 3.16% during the Biden Presidency."_
A shocking 72,700 people in families with children were homeless in 20 cities across the nation as of January, a massive 37.6% jump from a year before, according to an analysis of data provided by jurisdictions. Some of the most significant year-over-year changes in family homelessness were in major metros run by Democrats.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-13_07-59-10.png?itok=1a84XTbz (https://cms.zerohedge.com/s3/files/inline-images/2023-07-13_07-59-10.png?itok=1a84XTbz)
Bloomberg noted, "The situation is likely even more grim than the numbers show: so-called point-in-time samples often are a significant undercount, and cities including San Francisco and Seattle — which have dire homeless crises — were excluded from the analysis because they only counted the number of people in their shelters this year."
The explosion of family homelessness is another sign that Bidenomics is failing middle of America.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Thu, 07/13/2023 - 10:30
https://www.zerohedge.com/markets/bidenomics-fail-massive-nationwide-spike-family-homelessness

2023-07-13 14:10:00

**NATO = Not Amazon Treaty Organization**
NATO = Not Amazon Treaty Organization
_By Bas van Geffen, CFA, Senior Macro Strategist at Rabobank_
Except for Sweden, perhaps, no party walked away from the NATO meeting very satisfied. Ukraine has been lamenting the lack of a firm timeline for its accession bid, although the NATO allies did agree to start training Ukrainian pilots on the F16 fighter jet. However, Zelenskyy’s call for additional and better military equipment is also seemingly causing some annoyance. **The UK defense secretary said _“we’re not Amazon”_, referring to the long shopping list (https://pub.raboresearch.rabobank.com/public/r/hNfPxfamhe9kG888ddC9fQ/UDDhOQXOV5bvqkdWQqRUCg/Efcru+1v_cg8rq2UTLNb6w), asking for some** _**“gratitude**”_. Arguably, the problem isn’t so much Ukraine’s wishes as it is the steady depletion of military equipment in the West, as they provide their available material to the front.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/we%20are%20not%20amazon.jpg?itok=GBfZlOim (https://cms.zerohedge.com/s3/files/inline-images/we%20are%20not%20amazon.jpg?itok=GBfZlOim)
I do wonder whether the defense secretary deliberately referred to the American shopping giant as it is running its annual Prime Day sale. Whereas NATO is yet to invite Ukraine for Prime membership, **Amazon shoppers have been pushing up US online sales by 6% (https://pub.raboresearch.rabobank.com/public/r/Ey1nBlIRAsSEzEZKgsTK5A/UDDhOQXOV5bvqkdWQqRUCg/Efcru+1v_cg8rq2UTLNb6w) in the first 24 hours, according to Reuters.**
The cost of living crisis may have encouraged more consumers to look for good deals. Yet, one Harvard Business School economist takes the more defeatist view, arguing that algorithmic pricing (https://pub.raboresearch.rabobank.com/public/r/iFmfnH8v+K_VKvWHmTGFcQ/UDDhOQXOV5bvqkdWQqRUCg/Efcru+1v_cg8rq2UTLNb6w) has actually made consumers less price sensitive. After all, **if computers can adjust prices on the fly to match their competitors’, companies have less incentive to undercut each other and so there is less of a chance to find a good deal.**
I’m not sure if that fully applies. Many other online platforms have followed with their own discounts, and so prices may actually be lower as manufacturers seek to reduce (post-Covid) overstock. However, this intertemporal shift in consumption –to two specific days of the year– is quite different from the market dynamic assumed in traditional microeconomics, i.e., one where consumers shop around to find the best price between sellers on any given day. MacKay makes the case that algorithmic pricing may therefore cause downside price rigidities, while adjusting more rapidly to inflation shocks. This causes inflation to hit faster, after which the higher prices can persist for longer.
Which brings us to the much-awaited US inflation data that were out yesterday. Prices rose less fast than expected in June, with headline CPI inflation of 3.0% y/y and core at 4.8%. This deceleration is tentatively positive news, although several caveats still apply. First of all, energy prices declined 16.7% y/y, while core commodities inflation was only 1.3%. The remainder of the inflation came from food (5.7%), shelter (7.8%) and services (excl. shelter, 3.2%). In other words, base effects in commodities prices are embellishing the deceleration of the CPI index. **Our US strategist notes that these effects will likely work in the opposite direction, meaning that future inflation estimates could still break with this downward trend**. All in all, he concludes, this does support Powell’s view that a more moderate pace of tightening is appropriate and that **the Fed could also ‘skip’ the September meeting – after which we still expect the November hike not to materialize either due to sufficient slowdown in economic activity.**
**Evidence that the Fed may indeed be able to take a slower approach lifted markets yesterday.** That outlook caused US Treasury yields to decline across the curve, but most notably around the 3-year maturity (-16bp). Equities turned green, with the S&P 500 closing 0.7% up, but the sharpest moves were in foreign exchange. The EUR/USD rose above 1.115, to post a one-year high.
That these moves were predominantly driven by the prospect of a less hawkish Fed was also clear from the European side: money markets continue to price two more hikes from the ECB, although their conviction has lessened a little bit over the past day. This decline in confidence may partly be spill-over from the US inflation data, and partly the result of a leaked draft statement ahead of today’s Eurogroup meeting. **According to the draft, the Eurozone’s finance ministers will agree to withdraw energy support (https://pub.raboresearch.rabobank.com/public/r/XS0RhSkwqoetPfDaZIH4hg/UDDhOQXOV5bvqkdWQqRUCg/Efcru+1v_cg8rq2UTLNb6w) measures, and commit to gradual and realistic fiscal consolidation.**
…
https://www.zerohedge.com/markets/nato-not-amazon-treaty-organization

2023-07-13 14:00:00

**"An Old-Fashioned Swindle" - Crypto-Lender Celsius Agrees To $4.7 Billion Fine, Permanent Ban From Trading**
"An Old-Fashioned Swindle" - Crypto-Lender Celsius Agrees To $4.7 Billion Fine, Permanent Ban From Trading
**Update (1000ET)**: The Federal Trade Commission announced a settlement (https://www.ftc.gov/news-events/news/press-releases/2023/07/ftc-reaches-settlement-crypto-platform-celsius-network-charges-former-executives-duping-consumers) with bankrupt cryptocurrency platform Celsius Network that will permanently ban it from handling consumers’ assets and charged three former executives with tricking consumers into transferring cryptocurrency onto the platform by falsely promising that deposits would be safe and always available.
> _**“Celsius touted a new business model but engaged in an old-fashioned swindle,”**_ said Samuel Levine, Director of the FTC’s Bureau of Consumer Protection.
>
> _**“Today’s action banning Celsius from handling people’s money and holding its executives accountable should make clear that emerging technologies are not above the law.”**_
The proposed settlement (https://www.ftc.gov/system/files/ftc_gov/pdf/2223137celsiusnetworkorder.pdf) with Celsius and its affiliates will permanently ban the companies from offering, marketing, or promoting any product or service that could be used to deposit, exchange, invest, or withdraw any assets.
**The companies also agreed to a judgment of $4.7 billion,** which will be suspended to permit Celsius to return its remaining assets to consumers in bankruptcy proceedings.
\* \* \*
_As CoinTelegraph's Prashant Jha detailed earlier,_ (https://cointelegraph.com/news/celsius-ceo-alex-mashinsky-arrested) _**The U.S. SEC filed a lawsuit against the bankrupt crypto lender on July 13 followed by news reports about the arrest of the former CEO Alex Mashinsky.**_
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-13_06-24-41.jpg?itok=o2DRrRx3 (https://cms.zerohedge.com/s3/files/inline-images/2023-07-13_06-24-41.jpg?itok=o2DRrRx3)
The SEC alleges that Celsius and **Mashinsky "misrepresented Celsius’s central business model and the risks to investors** by claiming that Celsius did not make uncollateralized loans, the company did not engage in risky trading, and the interest paid to investors represented 80% of the company’s revenue."
The news broke out minutes after the United States Securities and Exchange Commission filed a lawsuit against the crypto lender (https://cointelegraph.com/news/celsius-alex-mashinsky-us-sec-files-lawsuit-against-celsius-and-alex-mashinsky-report) on the same day.
**The SEC is demanding that Mashinsky be prohibited from buying, offering, or selling cryptocurrencies, to be disgorged of "all ill-gotten gains** in the form of any benefits of any kind derived from the illegal conduct alleged" in the complaint, and for the former CEO pay civil penalties to be determined by the court.
The former CEO was reportedly arrested after a probe into the company’s collapse, reported (https://www.bloomberg.com/news/articles/2023-07-13/sec-files-lawsuit-against-celsius-network-alex-mashinsky?utm_source=twitter&utm_medium=social&utm_campaign=socialflow-organic&utm_content=crypto&cmpid=socialflow-twitter-business)Bloomberg citing people familiar with the matter.
**https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-13_06-22-16.jpg?itok=5laakwN- (https://cms.zerohedge.com/s3/files/inline-images/2023-07-13_06-22-16.jpg?itok=5laakwN-)**
**Celsius Network filed for bankruptcy on July 14 (https://cointelegraph.com/news/breaking-celsius-is-reportedly-filing-for-bankruptcy-imminently) last year.**
Mashinsky was found guilty by investigators (https://cointelegraph.com/news/former-celsius-ceo-mashinsky-broke-cftc-rules-investigators) at the Commodity Futures Trading Commission, which concluded that the former CEO broke numerous U.S. regulations before the company’s implosion in 2022.
The investigation against the troubled crypto lender began after **New York Attorney General sued Mashinsky on Jan. 5 (https://cointelegraph.com/news/ny-ag-files-lawsuit-against-alex-mashinsky-alleging-he-hid-celsius-dire-financial-condition).**
The NYAG alleged that the former CEO misled investors and caused billions of dollars in losses.
> I'm suing the former CEO of cryptocurrency platform @CelsiusNetwork (https://twitter.com/CelsiusNetwork?ref_src=twsrc%5Etfw) for defrauding investors out of billions of dollars.
>
> Alex Mashinsky lied to people about the risks of investing in Celsius, hid its deteriorating financial condition, and failed to register in New York.
>
> — NY AG James (@NewYorkStateAG) January 5, 2023 (https://twitter.com/NewYorkStateAG/status/1611023481285578752?ref_src=twsrc%5Etfw)
**The trouble for Celsius and its former CEO began in June last year when the crypto lender abruptly suspended withdrawals…
https://www.zerohedge.com/crypto/ex-celsius-ceo-arrested-fraud-charges-bankrupt-crypto-firm-sued-sec

2023-07-13 13:50:00

**Ray Epps To Be Criminally Charged For Role In January 6th, Blames Tucker**
Ray Epps To Be Criminally Charged For Role In January 6th, Blames Tucker
Ray Epps, a man who was seen goading Trump supporters to storm the Capitol on January 6, 2021, **will be criminally charged**, according to Epps' attorney.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/epps%203_1.jpg?itok=TBbLkZWg (https://cms.zerohedge.com/s3/files/inline-images/epps%203_1.jpg?itok=TBbLkZWg)
The impending charges were revealed in a Wednesday lawsuit filed by Epps against _Fox News_, **which accuses former host Tucker Carlson of defaming him.**
"...in May 2023, the Department of Justice notified Epps that it would seek to charge him criminally for events on January 6, 2021—two-and-a-half years later," reads the filing. " **The relentless attacks by Fox and Mr. Carlson and the resulting political pressure likely resulted in the criminal charges**."
In March, Epps hired attorney Michael Teter (https://www.zerohedge.com/political/ray-epps-hires-lawyer-ties-fbi-linked-perkins-coie-threatens-tucker-carlson) \- formerly of Perkins Coie, the firm notorious for helping the Clinton campaign hatch the Steele dossier and collaborating with the FBI to push the Trump-Russia hoax. Teter immediately sent a letter to Carlson demanding that the former _Fox News_ host retract "false and defamatory statements" that Epps was a J6 government plant.
Epps, 62, was identified as a key instigator of the riot who has long been suspected of being a fed (or a fed asset), told his nephew in a text message: "I was in the front with a few others. **I also orchestrated it (https://twitter.com/DineshDSouza/status/1608892014766194689?s=20).**"
> This is the only Jan 6 participant Adam Kinzinger will defend!
>
> Still not arrested... pic.twitter.com/v7nOggQUID (https://t.co/v7nOggQUID)
>
> — Darren J. Beattie 🌐 (@DarrenJBeattie) June 9, 2022 (https://twitter.com/DarrenJBeattie/status/1534967914423537676?ref_src=twsrc%5Etfw)
Last year he told Congressional investigators: "At that point, I didn't know that they were breaking into the Capitol," adding "I didn't know anybody was in the Capitol. ... I was on my way back to the hotel room."
In two interviews with the FBI in 2021, Epps explained his actions on Jan. 5 and Jan. 6. **He admitted he was guilty** **of trespassing on restricted Capitol grounds** and confessed to urging protesters to go to—and into—the Capitol on Jan. 6.
Epps also told members of the Committee that he found himself playing peacekeeper between Trump supporter "Baked Alaska" and the police - who called Epps a Fed.
"I was trying to find some common ground," said Epps. "This guy was trying to turn people against me...he was calling me 'boomer,' and it's his generation's fault that we're in the position we're in."
Despite the admissions, **the FBI never arrested Epps and he was not charged by the U.S. Department of Justice with any Jan. 6 crimes**. The non-action has fueled a crop of theories that he might have been working for the FBI or another agency.
Epps has repeatedly denied (https://www.theepochtimes.com/exclusive-ray-epps-attorney-a-former-fbi-agent-says-his-client-is-no-fed_4208214.html) those suggestions through his attorney.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/Epps_Poster_0_0_0.jpg?itok=pKbBCy_j (https://cms.zerohedge.com/s3/files/inline-images/Epps_Poster_0_0_0.jpg?itok=pKbBCy_j)
Speculation that Epps was a 'fed' intensified after a _Revolver News_ (https://www.revolver.news/2021/10/meet-ray-epps-the-fed-protected-provocateur-who-appears-to-have-led-the-very-first-1-6-attack-on-the-u-s-capitol/) reported with the headline: " **Meet Ray Epps: The Fed-Protected Provocateur Who Appears To Have Led The Very First 1/6 Attack On The U.S. Capitol**"
> _Revolver also determined, and will prove below, that the **the FBI stealthily removed Ray Epps from its Capitol Violence Most Wanted List on July 1, just one day after Revolver exposed the inexplicable and puzzlesome FBI protection of known Epps associate and Oath Keepers leader Stewart Rhodes**. July 1 was also just one day after separate New York Times report amplified a glaring, falsifiable lie about Epps’s role in the events of January 6._
>
> _Lastly, Ray **Epps appears to have worked alongside several individuals — many of them suspiciously unindicted — to carry out a breach of the police barricades** that induced a subsequent flood of unsuspecting MAGA protesters to unwittingly trespass on Capitol restricted grounds and place themselves in legal jeopardy. -Revolver News_
And so, according to Epps' legal team, **Tucker Carlson is the reason the Biden DOJ is about to charge him.**
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Thu, 07/13/2023 - 09:50
https://www.zerohedge.com/political/ray-epps-be-criminally-charged-over-role-january-6th-blames-tucker

2023-07-13 13:15:00

**Exxon Buys Denbury For $4.9 Billion In "Hard To Replicate" CO2 Pipeline Push**
Exxon Buys Denbury For $4.9 Billion In "Hard To Replicate" CO2 Pipeline Push
US oil giant Exxon Mobil, which according to Biden "made more money than god" last year until Joe decided to drain the US Strategic Political Reserve, agreed to buy Denbury (https://corporate.exxonmobil.com/news/news-releases/2023/0713_exxonmobil-announces-acquisition-of-denbury) for $4.9 billion, its biggest acquisition in six years, in a deal that will provide Exxon the largest network of carbon dioxide pipelines in the US.
The all-stock transaction which was first leaked last October (https://www.reuters.com/markets/commodities/exxon-mobil-considers-buying-energy-company-denbury-bloomberg-news-2022-10-10/), values the Plano, Texas-based Denbury - _which emerged from bankruptcy in Sept 2020 after shedding $2.1 billion in debt -_ at $89.45 a share, the companies said Thursday in a statement (https://corporate.exxonmobil.com/news/news-releases/2023/0713_exxonmobil-announces-acquisition-of-denbury).
**Denbury’s key asset is 1,300 miles of pipelines dedicated to transporting CO2,** critical infrastructure if the US is going to be successful in capturing carbon emissions from heavily-polluting facilities like refineries and chemical plants.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/Denbury.jpg?itok=HSIIaOrB (https://cms.zerohedge.com/s3/files/inline-images/Denbury.jpg?itok=HSIIaOrB)
The deal is Exxon's biggest since buying its core Permian Basin acreage position from the Bass family for about $6.6 billion in 2017 and is the largest single carbon-management investment since the Inflation Reduction Act passed in August. The law included landmark climate provisions, **providing substantial tax incentives for companies to capture CO2 emissions** and store them underground rather than pollute the atmosphere.
As Bloomberg adds, more than 70% of Denbury’s pipeline network is on the Gulf Coast, home to the largest concentration of industrial emissions in the US. Historically, Denbury has used CO2 for enhanced oil recovery, a process which squeezes more crude out of old wells, but the company has recently been repurposing its assets to become a leader in the low-carbon space.
“ **The goal here is to help accelerate the world’s path to net zero**,” said Dan Ammann, president of Exxon’s Low Carbon Solutions business. “This is additive and accelerative to those efforts.”
Carbon capture is the bedrock of Exxon’s climate strategy, which targets net-zero emissions by 2050 from its operations, **and buying Denbury would give the oil giant critical and hard-to-replicate infrastructure as it pursues that goal.** Exxon has pledged to spend $17 billion on lower-carbon investments through 2027. Capturing carbon from its own operations and third parties in hard-to-decarbonize sectors is a priority.
Denbury’s Rocky Mountain assets are connected to Exxon’s Shute Creek gas facility near LaBarge, Wyoming, **which has captured more carbon than any other asset in the US.**
The Inflation Reduction Act is a key catalyst for carbon capture, **increasing tax credits 70% to $85 for every ton of CO2.** Executives, including Exxon Chief Executive Officer Darren Woods, have praised the legislation for its financial support for carbon capture, which Morgan Stanley says could be highly profitable thanks to the tax incentives.
The deal will also provide Exxon with about 47,000 barrels a day of oil, about 1% of its overall production. Exxon shares are down 3.5% this year, while Denbury stock is up almost 1%.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Thu, 07/13/2023 - 09:15
https://www.zerohedge.com/markets/exxon-buys-denbury-49-billion-hard-replicate-co2-pipeline-push

2023-07-13 12:55:23

**Will It Or Won't It: The Nearest-Run Recession YoU Ever Saw In Your Life**
Will It Or Won't It: The Nearest-Run Recession YoU Ever Saw In Your Life
_Authored by Simon White, Bloomberg macro strategist,_
**Recession risk to equities is becoming less severe as odds rise the next downturn will be mild.**
After narrowly beating Napoleon in the Battle of Waterloo, the Duke of Wellington called it _**“the nearest run thing you ever saw.”**_ It’s beginning to look that way with a US recession. Although the base case is we will still get one, there is an increased likelihood its severity will be clipped.
**Recessions happen when the cycles that operate in markets and economies begin to reinforce each other negatively.** The worst recessions, such as in 2008, occur when all the major cycles hit their nadir at the same time.
But when some cycles are in an upswing, that alleviates the depth and severity of the recession shock. There are increasing signs this is what we are seeing in the current environment.
**Consider five of the most influential cycles:**
- Business cycle
- Inventory cycle
- Housing cycle
- Credit cycle
- Liquidity cycle
**None of the above is in sterling shape.**
But several of them show solid signs of having bottomed, while leading indicators anticipate they will soon turn up. It’s highly unlikely it’ll happen soon enough to avert a recession altogether, but it means the likelihood of a severe slump is receding. This eases (but does not eliminate) the predominant risk for stocks.
**The business cycle is the most widely understood,** and is the simplest way recessions are measured, i.e. GDP growth. **The NBER uses a broader approach to call recessions, encompassing other cycles.** Nonetheless, even though growth has been weakening, leading data is turning up strongly now, indicating the business cycle should start improving within the next six months.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-13_05-29-33.jpg?itok=B9W0zRJK (https://cms.zerohedge.com/s3/files/inline-images/2023-07-13_05-29-33.jpg?itok=B9W0zRJK)
The indicator is built from leading hard and soft data, and is being driven higher by inputs such as building permits and a steeper yield curve. Truck sales, which also lead the business cycle, are turning higher. **Those are not the hallmarks of an economy about to crash badly.**
**The inventory cycle is also an important determinant of a recession’s intensity.** Yet today the inventory cycle is already in a full downswing. Moreover, leading data shows that it should stop falling in the next 6-9 months (shown for durable goods inventories in the chart below; non-durables are also falling). The gluts seen after the pandemic have been largely worked through. Inventories having to be built back up rather than worked through will alleviate the downturn.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-13_05-51-29.jpg?itok=HThpt0hs (https://cms.zerohedge.com/s3/files/inline-images/2023-07-13_05-51-29.jpg?itok=HThpt0hs)
**The housing cycle’s bounce took many by surprise,** especially as the Federal Reserve was continuing to hike rates. But it’s the second derivative that’s more important. Mortgage rates have been falling sharply on an annual basis this year, and are currently ~100 bps lower than they were a year ago. As the chart below shows, that should lead to a continued rise in building permits, a positive for the housing market.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-13_05-52-15.jpg?itok=XV9tOn_8 (https://cms.zerohedge.com/s3/files/inline-images/2023-07-13_05-52-15.jpg?itok=XV9tOn_8)
Furthermore, housing survey data is turning up sharply, expected future sales is rising rapidly, and inventory of existing homes is low.
**One less rosy area is the credit cycle.** Banks have been tightening credit, demand for loans is falling, and banks are beginning to make fewer loans. Loan delinquencies are rising, especially for auto loans and credit cards. Weekly bankruptcy filings have risen fast, and are near the highs seen in previous recessions. **Credit spreads, though, are yet to reflect this.**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-13_05-52-58.jpg?itok=f3nu7w6u (https://cms.zerohedge.com/s3/files/inline-images/2023-07-13_05-52-58.jpg?itok=f3nu7w6u)
That is one area of concern. **Credit markets do have the potential to turn a mild recession into something more serious**, especially considering the now capacious size of the less-visible private-credit markets, and so must be watched closely.
**Much more positive is the liquidity cycle, which is turning up strongly.** I have noted on several occasions the nascent but burgeoning rise in excess liquidity, the difference between real money growth and economic growth.
https://assets.zerohedge…
https://www.zerohedge.com/markets/will-it-or-wont-it-nearest-run-recession-you-ever-saw-your-life

2023-07-13 12:43:14

**'Unadjusted' Jobless Claims Rise To 6-Month Highs**
'Unadjusted' Jobless Claims Rise To 6-Month Highs
The number of Americans filing for jobless benefits for the first time last week fell to 237k last week (from 249k the prior week) on a seasonally-adjusted basis. **Without the 'seasonal adjustment', initial jobless claims rose to its highest since January...**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfmF1AE.jpg?itok=xfN_5APV (https://cms.zerohedge.com/s3/files/inline-images/bfmF1AE.jpg?itok=xfN_5APV)
_Source: Bloomberg_
**New York stood out as a massive outlier last week with jobless claims soaring.** New Jersey saw the biggest drop in claims...
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/image%20-%202023-07-13T055824.534.png?itok=kQe7vDuQ (https://cms.zerohedge.com/s3/files/inline-images/image%20-%202023-07-13T055824.534.png?itok=kQe7vDuQ)
Continuing Claims ticked up (from 1.718mm to 1.729mm) last week...
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfmA1C5.jpg?itok=LtlCvH-A (https://cms.zerohedge.com/s3/files/inline-images/bfmA1C5.jpg?itok=LtlCvH-A)
_Source: Bloomberg_
So, on an 'adjusted' basis, everything looks awesome - thank the lord for Bidenomics!
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Thu, 07/13/2023 - 08:43
https://www.zerohedge.com/markets/unadjusted-jobless-claims-rise-6-month-highs

2023-07-13 06:45:00

**Here's Where NATO Is Seen In A Positive Light**
Here's Where NATO Is Seen In A Positive Light
While the existence of NATO (https://www.statista.com/topics/9079/nato/#topicOverview) is projected as a deterrent to Russia expanding its war effort to the countries bordering Ukraine, **the military alliance is not unilaterally seen as a net positive**.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-12_14-24-13.jpg?itok=tqjXPVfF (https://cms.zerohedge.com/s3/files/inline-images/2023-07-12_14-24-13.jpg?itok=tqjXPVfF)
As Statista's Florian Zandt shows in the chart below, (https://www.statista.com/chart/20780/nato-favorability-across-world/) based on data from Pew Research Center (https://www.pewresearch.org/global/2023/07/10/views-of-nato/), **respondents from only seven out of 11 surveyed NATO member states have a favorable opinion of the security pact.**
https://cdn.statcdn.com/Infographic/images/normal/20780.jpeg (https://www.statista.com/chart/20780/nato-favorability-across-world/)
_You will find more infographics at Statista (https://www.statista.com/chartoftheday/)_
For example, **93 percent of respondents in Poland claimed they view NATO in a favorable light**. The country bore the brunt of border crossings by Ukrainian refugees since the start of the war and directly neighbors the Eastern European country. Some of the biggest economies in the world, among them the United Kingdom, Germany, and the United States, also see NATO as a net positive.
**In France, Hungary, Spain and Greece respondents are more on the fence** about the military pact, with **a majority of Greek respondents having a somewhat or very unfavorable opinion** of the security alliance. In Sweden, the country next in line for NATO membership, 78 percent of survey participants saw NATO as favorable.
Founded in 1949 by Belgium, Canada, Denmark, France, Iceland, Italy, Luxembourg, the Netherlands, Norway, Portugal, the United Kingdom and the United States as a counterpart to the USSR (https://www.statista.com/topics/8476/life-in-the-soviet-union/#topicOverview), the alliance's eastward expansion beginning in 1999 with the accession of the former Warsaw Pact Countries Czechia, Hungary and Poland has been controversially discussed.
While some see it as a necessary bulwark against Russia and China, **others view it as encroaching on the sovereignty of Russia.**
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Thu, 07/13/2023 - 02:45
https://www.zerohedge.com/geopolitical/heres-where-nato-seen-positive-light

2023-07-13 01:20:00

**Waiting For 'Buyers To Come': Unsold Electric Vehicles Piling Up In Car Dealerships, Says Report**
Waiting For 'Buyers To Come': Unsold Electric Vehicles Piling Up In Car Dealerships, Says Report
_Authored by Naveen Athrappully via The Epoch Times (https://www.theepochtimes.com/waiting-for-buyers-to-come-unsold-electric-vehicles-piling-up-in-car-dealerships-says-report_5385675.html?utm_source=partner&utm_campaign=ZeroHedge&src_src=partner&src_cmp=ZeroHedge) (emphasis ours),_
**The number of unsold electric vehicles at dealers in the second quarter tripled compared to the past year, signaling a weakened demand for the segment, said a recent report by leading auto-dealer data company Cox Automotive.**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/id5343732-GettyImages-1494912471-1200x800.jpg?itok=ISB-8wV2\
_Tesla Model Y vehicles sit on the lot for sale at a Tesla car dealership in Austin, Texas, on May 31, 2023. (Brandon Bell/Getty Images)_ (https://cms.zerohedge.com/s3/files/inline-images/id5343732-GettyImages-1494912471-1200x800.jpg?itok=ISB-8wV2)
In second quarter 2023, the average inventory for electric vehicles (EVs) topped more than 92,000 units on the ground at dealer lots, according to the 2023 Cox Automotive Mid-Year Review presentation. This is up 342 percent compared to second quarter 2022. During this period, the new “EV days’ supply,” which refers to the average number of days a warehouse holds inventory before selling it, rose 166 percent, to 92 days from 38.5 days. While the pace of EV sales is up, it is “not rising as fast as inventory builds,” said Jonathan Gregory, senior manager, Economic and Industry Insights.
**Original equipment manufacturers (OEMs) are facing a “field of dreams moment,”** he stated. “They have built inventory, and now they wait for buyers to come. This is one of the hottest topics we’ve had this year.”
Brands like Jaguar, Infiniti, and Lincoln had the highest days of supply, at over 100 days. The lowest numbers were seen among Toyota, Honda, Kia, and Lexus, with each brand having less than 30 days of supply.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/id5346245-GettyImages-1243051269-1200x800.jpg?itok=aiPZiWmo\
_Ford Motor Company’s electric F-150 Lightning on the production line at the Rouge Electric Vehicle Center in Dearborn, Mich., on Sept. 8, 2022. (Jeff Kowalsky/AFP via Getty Images)_ (https://cms.zerohedge.com/s3/files/inline-images/id5346245-GettyImages-1243051269-1200x800.jpg?itok=aiPZiWmo)
Tesla continued to dominate the luxury EV segment with a market share of 25.5 percent, followed by Mercedes at 12.5 percent, BMW at 12.2 percent, and Lexus at 11 percent. Among EVs priced above $50,000, Ford held the biggest share at 22.1 percent, followed by Chevrolet at 12.1 percent.
Unlike other parts of the world, U.S. citizens remain on the sidelines when considering an EV purchase.
According to an April 2023 report by consumer intelligence company JD Power, more Americans are unwilling to buy EVs. **In March, 21 percent of new vehicle shoppers said they were “very unlikely” to consider an EV, up from 17.8 percent in January.**
During this period, the proportion of people who said they were “very likely” to buy an EV remained flat at around 26 percent.
“Lack of public charging infrastructure and price have been the top two concerns for the past 10 months, along with related issues involving range anxiety, time required to charge, and power outage and grid concerns,” the report said.
Dealer-Customer EV Expectations Diverge
While inventory is building up at dealer lots, a study by Cox Automotive found a wide gap between dealers and customers regarding future expectations of EV use.
According to Cox Automotive’s 2023 Path to “EV Adoption: Consumer and Dealer Perspectives” study (https://www.coxautoinc.com/news/new-cox-automotive-study-ev-consideration-at-record-high-but-dealers-feel-unprepared/), even though 53 percent of consumers see EVs as a future and that such vehicles will replace gas engines over time, only 31 percent of dealers held such a view.
“ **Nearly half (45 percent) of dealers surveyed feel that EVs still need to prove themselves in the marketplace**,” said a press release on June 27.
In addition, the study also found that while customer interest in EVs is rapidly rising, sales continue to remain far lower in comparison. The research found that 51 percent of consumers were considering a new or used EV even though electric vehicles are only expected to make up less than 8 percent of total new vehicle sales this year.
Cox Automotive is expecting the sale of new EVs to surpass one million units for the first time in 2023. According to the firm’s Dealer Sentiment Index, the biggest factor which held back EV dealers during the second quarter was the state of the economy. This was followed by interest rates, …
https://www.zerohedge.com/markets/waiting-buyers-come-unsold-electric-vehicles-piling-car-dealerships-says-report

2023-07-13 01:00:00

**Joe Biden’s Climate Policies Weaken The U.S. And Strengthen China**
Joe Biden’s Climate Policies Weaken The U.S. And Strengthen China
_Authored by Andy Pudzer & Sanjai Bhagat via RealClear Wire (https://realclearwire.com/articles/2023/07/09/joe_bidens_climate_policies_weaken_the_us_and_strengthen_china_964705.html),_
**President Biden’s commitment to end fossil fuels has been ineffective in reducing the demand for oil – but very effective in both weakening the U.S. and empowering our primary global adversary, China.** Assuming that a reduction in global carbon emissions is necessary to fight “climate change” (a disputed proposition (https://www.amazon.com/Unsettled-Climate-Science-Doesnt-Matters/dp/1950665798)), it nonetheless makes little sense environmentally, economically, or strategically to hobble the American fossil fuel sector (cancelling pipelines, discouraging financing, restricting leases, and slow walking permits) before sufficient sources of renewable energy with a proven capacity to meet global demand can be demonstrated.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bidenchair.JPG?itok=fwyjNxkP (https://cms.zerohedge.com/s3/files/inline-images/bidenchair.JPG?itok=fwyjNxkP)
In its _World Energy Outlook 2022_, even the International Energy Agency (IEA) warned (https://www.iea.org/reports/world-energy-outlook-2022) that if the supply of oil “were to transition faster than demand, with a drop in fossil fuel investment preceding a surge in clean technologies, this would lead to much higher prices – possibly for a prolonged period.” **The IEA’s warning had the advantage of being written after the war in Ukraine threatened worldwide energy supplies, which, more effectively than any desk-top research, demonstrated the global economic threat (https://www.realclearmarkets.com/articles/2023/06/23/seeking_permitting_reform_to_boost_energy_production_942542.html) posed by a too-rapid retreat from fossil fuels.**
Worldwide demand for crude oil is currently forecast (https://www.statista.com/statistics/271823/global-crude-oil-demand/#:~:text=The%20global%20demand%20for%20crude,barrels%20per%20day%20in%202023.) to hit an all-time high in 2023. China’s demand, in particular, is surging. In May, the IEA “revised up” its forecast (https://www.iea.org/reports/oil-market-report-may-2023) for growth in global demand, with “China accounting for nearly 60% of global growth in 2023.”
In the U.S., 79% of energy consumption comes from fossil fuels, while 13% comes from renewable energy sources, according to (https://www.eia.gov/energyexplained/us-energy-facts/#:~:text=Fossil%20fuels%E2%80%94petroleum,%20natural%20gas,primary%20energy%20production%20in%202021) the Energy Information Administration (EIA). That’s after tens of billions of dollars in government spending in support of renewables, particularly wind and solar, which combined account for a mere 5% of our energy consumption. The bottom line: so-called renewables are insufficient – and lack the necessary dependability – to meet our energy needs.
Despite this heavy fossil fuel dependence, **over the past two decades carbon dioxide emissions in the U.S. have _declined_ by 15% while China’s have _grown_ by 216%,** according to the EIA (https://www.eia.gov/international/data/world/other-statistics/more-other-statistics-data?pd=40&p=0000000000000000000000000000000000000000000000000000000b0001&u=0&f=A&v=mapbubble&a=-&i=none&vo=value&t=C&g=none&l=249-000000020000000000000000000000000000000000000002&s=-662688000000&e=1609459200000&). The U.S. emissions reductions were due, in great part, to an increase in the use of inexpensive and clean-burning (https://www.eia.gov/energyexplained/natural-gas/natural-gas-and-the-environment.php#:~:text=Natural%20gas%20is%20a%20relatively,an%20equal%20amount%20of%20energy.) natural gas, which, thanks to fracking, the U.S. has and can produce in abundance.
If the goal is actually to reduce global carbon emissions without causing global economic chaos, increased use of dependable and abundant American natural gas makes far more sense than curtailing U.S. production and spending billions on unreliable and expensive “renewable” energy sources. Let’s face it, if renewables were economically viable, dependable, and available in sufficient supply, the Chinese would be using them. In fact, they have every incentive to do so.
Most of the processing (https://www.wsj.com/articles/u-s-car-makers-ev-plans-hinge-on-made-in-america-batteries-11675640784?page=1) of the minerals needed for electric-vehicle batteries happens in China. Using wind, solar, and batteries for energy production and transportation requires (https://media4.manhattan-institute.org/sites/default/files/the-energy-transition-delusion_a-reality-reset.pdf) significantly more metals (three times more copper, seven times more rare earths, 19 times more nickel, 25 ti…
https://www.zerohedge.com/energy/joe-bidens-climate-policies-weaken-us-and-strengthen-china

2023-07-13 00:40:00

**Data Brokers To Be Barred From Selling Your Location Data Under Proposed Massachusetts Law**
Data Brokers To Be Barred From Selling Your Location Data Under Proposed Massachusetts Law
A law under consideration in Massachusetts would **ban data brokers from selling cell phone location data**, _Gizmodo_ (https://gizmodo.com/massachusetts-location-shield-act-aclu-data-brokers-abo-1850624220) reports.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/1byc.JPG?itok=qUKMxByd (https://cms.zerohedge.com/s3/files/inline-images/1byc.JPG?itok=qUKMxByd)
For those who have been living under a rock, data brokers are constantly selling cellular location data to various entities, including state, federal, foreign, and local governments (https://www.zerohedge.com/technology/nightmare-scenario-us-government-has-been-secretly-stockpiling-dirt-americans-data). While the data is supposed to be anonymized, it can very easily be de-anonymized.
The Location Shield Act (https://malegislature.gov/Bills/193/H357) would outlaw "selling, leasing, trading, or renting location data" in the state of Massachusetts, and would **require companies to obtain user consent if they want to collect or process such data**. Noncompliance with the law would expose companies to state legal action via the AG's office, along with class-action litigation.
> _**The law appears to have been catalyzed by (https://www.masslive.com/news/2023/06/cell-phone-data-privacy-is-the-latest-arena-in-abortion-rights-advocacy-in-mass.html)the Supreme Court’s overturning of Roe v. Wade.** Ever since federal protections for abortion were abolished, the issue of data privacy has taken on new relevance for women (https://gizmodo.com/stardust-roe-v-wade-encrypted-period-tracking-app-abort-1849113572). Rights advocates fear that digital evidence of all sorts (including, potentially, data of the kind that the Shield Act tackles) may be used to prosecute women for breaking abortion laws. As a result, a number of rights groups, including the ACLU and Planned Parenthood, pushed for (https://www.wbur.org/news/2023/06/14/coalition-bill-massachusetts-legislature-protect-location-data) the adoption of the Shield Act, partially as a means of protecting abortion-seekers from prosecution, should they choose to travel to the state for medical procedures. **Massachusetts is considered a safe haven for women (https://www.axios.com/2022/06/25/massachusetts-baker-minnesota-walz-abortion-safe-haven) from other states who may travel there to seek abortions.** -Gizmodo_
"Every day, unregulated data brokers buy and sell personal location data from apps on our cellphones, revealing where we live, work, play, and more. **To protect our privacy, safety, access to abortion and other essential health care, Massachusetts needs to ban this practice now by passing the Location Shield Act**," wrote the _ACLU_ on its website (https://www.aclum.org/en/ban-sale-location-data).
Now to see if it passes, and if so, whether other states will follow suit.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Wed, 07/12/2023 - 20:40
https://www.zerohedge.com/technology/data-brokers-be-barred-selling-your-location-data-under-proposed-massachusetts-law

2023-07-13 00:20:00

**CCP Poised to Expand Security Footprint In Latin America With New Port In Argentina**
CCP Poised to Expand Security Footprint In Latin America With New Port In Argentina
_Authored by Autumn Spredemann via The Epoch Times (https://www.theepochtimes.com/analysis-ccp-poised-to-expand-security-footprint-in-latin-america-with-new-port-in-argentina_5376143.html?utm_source=partner&utm_campaign=ZeroHedge&src_src=partner&src_cmp=ZeroHedge) (emphasis ours),_
**China’s rapidly expanding military and surveillance initiatives across Latin America have become more than just a thorn in the side of Washington.**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/ARGENTINA-CHINA-1200x810.jpg?itok=iXOa05hZ\
_A building with The Industrial and Commercial Bank of China Ltd (ICBC) logo is seen in Buenos Aires on Nov. 26, 2018. (Marcos Brindicci/Reuters)_ (https://cms.zerohedge.com/s3/files/inline-images/ARGENTINA-CHINA-1200x810.jpg?itok=iXOa05hZ)
In Argentina’s southern tip, Tierra del Fuego, on June 5, Governor Gustavo Melella greenlit a”multi-purpose” Chinese-operated port facility through decree 3312/22, which entered the provincial legislature the same day. The country currently houses a Chinese military-run facility operating in the remote Neuquén Province.
Final approval is still needed from the national government and the undersecretary of ports, waterways, and merchant Marine to move forward.
**The Chinese Communist Party (CCP)-affiliated company involved in the port facility is Shaanxi Chemical Industry Group**. Though civilian on the surface, the U.S. State Department expressed (https://2017-2021.state.gov/u-s-investors-are-funding-malign-prc-companies-on-major-indices/index.html) concern over Beijing’s prioritization of “military-civilian fusion,” a state strategy that forces Chinese companies to share technology and assets with the CCP military.
In the agreement signed by Melella, it states, “The smooth construction of the project will be exemplary for the investment of Chinese companies in southern Argentina.”
In March, top U.S. military officers, including U.S. Southern Command Gen. Laura Richardson, warned that China’s “aggressive” expansion in Latin America isn’t some long-term threat to U.S. interests and security.
**It’s happening right now.**
“The PRC \[People’s Republic of China\] has expanded its ability to extract resources, establish port, manipulate governments through predatory investment practices, and build potential dual-use space facilities,” Ms. Richardson said during a March 8 House Armed Services Committee hearing.
Like-minded security analysts and a former Argentine government official have expressed similar concerns over potential military and surveillance applications of China’s new port being built in the town of Rio Grande, Tierra del Fuego.
Ideally situated near the Straights of Magellan, a CCP port facility in Rio Grande offers direct access—and potential control—over the world’s second most important shipping lane between the Western and Eastern hemispheres.
Secondary Benefits
Cuba is a good lens for understanding how CCP projects with Latin American governments typically unfold.
Interstingly, the Rio Grande project was approved a week before The Wall Street Journal published a story discussing China’s “Project 141” initiative—the regime’s blueprint for how it intends to grow a global military and logistical support network.
One of the projects identified was a joint China-Cuba spy facility near Havana. The Biden administration later confirmed (https://www.theepochtimes.com/biden-administration-confirms-chinese-spy-base-in-cuba-shifts-blame-to-trump_5328786.html) the existence of a Chinese spy base operating in Havana since 2019.
“I believe there is an integral alliance at all levels between the CCP regime and the Castro-Canel regime. We know training is taking place. It’s documented,” regional analyst and author Orlando Gutiérrez-Boronat told The Epoch Times.
Military and surveillance cooperation between China and Cuba isn’t anything new, but Mr. Gutiérrez-Boronat believes a deeper level of security engagement between the two nations offers a means of helping Cuba’s communist government a way to hold fast to its faltering grip on power.
“ **We know that Chinese companies quickly acted to cut internet access in Cuba during the popular uprising of July 11, 2021,**” he said, adding, “ **I think the regime seeks the Chinese presence in order to guard itself from its own people.**”
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/id5374883-GettyImages-496509392-600x398.jpg?itok=NJzYv4Bi\
_People wave Cuban and PRC flags as several Chinese Navy vessels enter the port of Havana on Nov. 10, 2015. (Yamil Lage/AFP via Getty Images)_ (https://cms.zerohedge.com/s3/files/inline-images/id5374883-GettyImages-496509392-600x3…
https://www.zerohedge.com/geopolitical/ccp-poised-expand-security-footprint-latin-america-new-port-argentina

2023-07-13 00:00:00

**Biden Administration Helping CCP By Restricting Domestic Mining: Minnesota Senator**
Biden Administration Helping CCP By Restricting Domestic Mining: Minnesota Senator
A Minnesota state senator says that the Biden administration's restrictive stance towards domestic mining projects **is making the US dependent on the Chinese Communist Party**.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/RareEarth-Loader-700x420_0.jpeg?itok=j7993GIA (https://cms.zerohedge.com/s3/files/inline-images/RareEarth-Loader-700x420_0.jpeg?itok=j7993GIA)
"We need to change the narrative on mining in this country," said Sen. Tom Bakk in an appearance before the House Ways and Means Committee on July 10. "It’s contrary to their own objectives."
> _Mr. Bakk testified during a field hearing in Kimball, Minnesota. He said northeast **Minnesota has the largest deposits of copper, cobalt, nickel, platinum group metals, and other products the renewable energy industry needs.**_
>
> _**Mr. Bakk said the United States could be a net exporter of these items.** The CCP’s July 3 announcement (https://www.theepochtimes.com/china-restricts-export-of-rare-metals-used-in-high-performance-chips-expert-says-move-mainly-for-propaganda_5377246.html) of new state controls that restrict exports of germanium and gallium, elements used in producing high-performance computer chips, shows it is willing to disrupt supply chains, he said. -Epoch Times (https://www.theepochtimes.com/biden-administration-is-helping-china-by-restricting-domestic-mining-minnesota-state-senator_5386717.html?utm_source=partner&utm_campaign=ZeroHedge&src_src=partner&src_cmp=ZeroHedge)_
"It’s bad for Minnesota; it’s bad for the country. Frankly, I think it’s bad for the world," said Bakk, who added that the Biden administration has **severely hobbled mining in the United States**, leaving China with a monopoly.
"It’s urgent that we stop putting up roadblocks to domestic mineral production because our ability to avoid devastating supply chain disruptions and build a greener future depends on it," he said, referring to the Duluth Complex in the northeast tip of the state near Lake Superior.
Bakk said that mining has been **a significant industry in the area for 140 years**, and that it could be once again with the growing interest in green technology, as the rich deposits could not only be used for domestic needs, but exported to other countries.
"That deposit would have supported several generations of miners," said Bakk, adding that the US Government seems to be divided on its support for green energy.
On one hand, President Joe Biden told American auto workers last September that they would be building electric cars.
"Companies have announced new investments of more than $36 billion in electric vehicles and $48 billion in batteries manufacturing in the U.S.," said Biden.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/id5207768-GettyImages-1243229536-1200x800.jpg?itok=4_Yz1gtm\
_Joe Biden speaks at the 2022 North American International Auto Show in Detroit, Mich., on Sept. 14, 2022. (MANDEL NGAN/AFP via Getty Images)_ (https://cms.zerohedge.com/s3/files/inline-images/id5207768-GettyImages-1243229536-1200x800.jpg?itok=4_Yz1gtm)
But for that to happen, **the Biden administration needs to allow domestic mining of raw materials**.
"It’s a fact of life; if you don’t get the minerals, you won’t be able to complete them," said Bakk.
More via the _Epoch Times_ (https://www.theepochtimes.com/biden-administration-is-helping-china-by-restricting-domestic-mining-minnesota-state-senator_5386717.html?utm_source=partner&utm_campaign=ZeroHedge&src_src=partner&src_cmp=ZeroHedge);
Mining Leases Canceled on Duluth Complex
Mining had yet to take place on the site to that point.
In 2018, the Trump administration reversed that decision and renewed the leases. In January 2022, the Interior Department determined that the Trump decision violated the law, did not consider the U.S. Forestry Service’s consent authority, and failed to consider all possible environmental impacts.
Not only were the leases canceled, but all mining operations in the forest were prohibited. This includes any studies related to mining.
According to Mr. Bakk, **this will cause the kind of environmental damage the lease opponents want to prevent.** At the same time, it will make the United States more vulnerable to the CCP. He said importing the products would have an added environmental impact.
“Consider the greenhouse gas emissions associated with \[importing the metals\],” he said.
China Has Too Much Control
Mr. Bakk said the best way for America to address climate change is with its raw materials.
“The data is clear. We need to mine these materials, and we’re going to successfully combat the negative effects of climate change,” he said.
**Committee member Rep. Pete Stauber (R-Minn.) agreed with…
https://www.zerohedge.com/political/biden-administration-helping-ccp-restricting-domestic-mining-minnesota-senator

2023-07-12 23:40:00

**Samsung Fights Back Against Beijing's Tech Theft, Sues Chinese Firm BOE Over Patent Infringement**
Samsung Fights Back Against Beijing's Tech Theft, Sues Chinese Firm BOE Over Patent Infringement
_Authored by Lisa Bian and Sean Tseng via The Epoch Times (https://www.theepochtimes.com/samsung-fights-back-against-beijings-tech-theft-sues-chinese-firm-boe-over-patent-infringement_5381484.html?utm_source=partner&utm_campaign=ZeroHedge&src_src=partner&src_cmp=ZeroHedge) (emphasis ours),_
**Amid escalating tension between South Korea and China, Samsung has drawn attention by pulling out of the Shanghai Mobile World Congress for the first time in six years and initiating its maiden patent lawsuit against Chinese company BOE. The moves come in the wake of repeated allegations of technology theft by China against Samsung’s technology.**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/id5381523-GettyImages-1259143668-1200x781.jpg?itok=lfhAkMQG\
_A woman walks past a new flagship store of Samsung Electronics at the Gangnam district in Seoul on June 28, 2023. (Jung Yeon-je / AFP via Getty Images)_ (https://cms.zerohedge.com/s3/files/inline-images/id5381523-GettyImages-1259143668-1200x781.jpg?itok=lfhAkMQG)
Samsung Display took a decisive step on June 26, instigating a patent infringement lawsuit against BOE Technology Group Co., Ltd. (BOE), China’s premier display company. The lawsuit, filed in the Eastern District Court of Texas, asserts that BOE had unlawfully appropriated four of Samsung’s patented organic light-emitting diode (OLED) display technologies that it uses in the iPhone 12.
This legal action marks Samsung’s first patent lawsuit against BOE after it repeated warnings against unauthorized appropriation of Samsung’s technology.
BOE is a public company with its headquarters in Beijing’s Yizhuang Economic and Technological Development Zone, and its business empire spans displays, sensors, smart systems, and health services.
In the lawsuit, Samsung Display articulated its grievance, stating that BOE has infringed upon the company’s patent rights by selling panels identical to those that Samsung Display has utilized for the iPhone 12 in the U.S. market.
This litigation extends the ongoing legal feud between Samsung Display and BOE that surfaced last year.
**In May 2022, Samsung Display issued a notice of patent infringement to BOE, followed by a complaint (https://www.kedglobal.com/us/electronics/newsView/ked202306300018) with the International Trade Commission (ITC) against 17 U.S. component wholesalers in December of that same year.**
Samsung sought to ban (https://www.koreatimes.co.kr/www/nation/2023/07/129_354091.html) the use of counterfeit components and display panels allegedly based on its sophisticated OLED patents, including one on its “Diamond Pixel” technology.
The move was triggered by U.S. smartphone repair shops using both genuine Samsung Display panels and counterfeit Chinese products when replacing iPhone 12 OLED display panels. It requested the U.S. tribunal ban 17 U.S. smartphone parts wholesalers from importing such parts and panels that allegedly use its patented technology into the United States.
Confronted with this unfavorable situation, BOE retaliated in May this year by filing a counterclaim against Samsung Display’s and Samsung Electronics’ Chinese legal entity. The lawsuit, filed with a court in Chongqing, China, accused Samsung Display of plagiarizing its OLED display panel technology.
South Korean public opinion (https://news.mt.co.kr/mtview.php?no=2023063013215046641) suggests that Samsung Display, having grown weary of the CCP’s alleged acts of thievery, decided to retaliate with a countersuit.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/sams.JPG?itok=Lzvgp4RQ\
_A woman looks at accessories of the Samsung Galaxy Z Flip4 displayed on a wall during a media preview event for a new flagship store of Samsung Electronics at the Gangnam district in Seoul on June 28, 2023. (Jung Yeon-je/AFP via Getty Images)_ (https://cms.zerohedge.com/s3/files/inline-images/sams.JPG?itok=Lzvgp4RQ)**Grappling With Significant Losses Due to China’s Brazen Technology Theft**
Beijing’s alleged global technology theft operation wreaks havoc worldwide, with South Korea, an electronics industry powerhouse, bearing the brunt of its onslaught. Samsung Electronics, a global leader in semiconductors and OLED display panels, struggles to protect its technology.
A recent large-scale technology theft by Beijing, revealed to be of significant detriment to South Korea, exemplifies the severity of the situation.
**In mid-June, South Korea’s Suwon District Prosecutor’s Office filed a lawsuit against (https://www.theepochtimes.com/from-tech-hero-to-alleged-spy-former-samsung-exec-accused-of-cloning-factory-for-china_5341122.html) a former Samsung Electronics executive surnamed Choi for…
https://www.zerohedge.com/political/samsung-fights-back-against-beijings-tech-theft-sues-chinese-firm-boe-over-patent

2023-07-12 23:20:00

**China Warns NATO Must Not Ever Expand Into Asia-Pacific**
China Warns NATO Must Not Ever Expand Into Asia-Pacific
China is furious at signals it is observing at the Vilnius summit regarding **potential future NATO expansion into the Pacific region,** and into China's 'own backyard' of southeast Asia.
Beijing on Wednesday **vowed a "resolute response"** if NATO should ever expand this far east. China's mission to the European Union issued a scathing statement following the NATO communique published Tuesday. "The China-related content of the communique disregards basic facts, wantonly distorts China’s position and policies, and deliberately discredits China. We firmly oppose and reject this," China's diplomats said (https://www.aljazeera.com/news/2023/7/12/china-promises-robust-response-to-any-nato-expansion-in-asia).
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/japannato.jpeg?itok=bCifxQ8b\
_Via Reuters_ (https://cms.zerohedge.com/s3/files/inline-images/japannato.jpeg?itok=bCifxQ8b)
Specifically, the NATO communique said, "The PRC employs a broad range of political, economic, and military tools to increase its global footprint and project power, while remaining opaque about its strategy, intentions and military build-up."
"The PRC’s **malicious hybrid and cyber operations and its confrontational rhetoric and disinformation** target Allies and harm Alliance security," it added.
The Chinese mission had emphasized in its response that it opposed NATO’s **"eastward movement into the Asia-Pacific region,"** while warning that, "Any act that jeopardises China’s legitimate rights and interests will be met with a resolute response."
Certainly Beijing is also very closely following the presence of four regional allies of the US, including Australian Prime Minister Anthony Albanese, Japanese Prime Minister Fumio Kishida, New Zealand Prime Minister Chris Hipkins and South Korean President Yoon Suk-yeol--all who were in attendance at the major NATO summit in Lithuania.
Starting in May, **Kishida talked up future NATO membership for his country**, but plans to open a NATO liason office in Tokyo were **halted this week**.
"Nato appears to have **shelved plans to open a liaison office in Tokyo**, a proposal that had been discussed as part of the western military alliance’s plans to deepen cooperation (https://theguardian.com/world/2023/jul/10/asia-nato-china-military-expansion-beijing-how-to-engage) with partners in the Asia-Pacific but which was strongly opposed by China," _The Guardian_ (https://www.theguardian.com/world/2023/jul/12/nato-appears-to-shelve-plans-open-japan-liaison-office-tokyo) writes Wednesday, after there was no mention of the office anywhere in the lengthy communique.
> 🧵 Macron's resistance to a @NATO (https://twitter.com/NATO?ref_src=twsrc%5Etfw) office in Japan is a storm in a teacup, but also an opportunity for the US to clarify its expectations of all its allies in any major war. One possible result of a Taiwan war is the fragmentation of NATO. Why is this?https://t.co/nRe1hzhg94 (https://t.co/nRe1hzhg94)
>
> — John Hemmings (@JohnHemmings2) July 12, 2023 (https://twitter.com/JohnHemmings2/status/1678982892326879234?ref_src=twsrc%5Etfw)
A sentence acknowledging the NATO liaison office had reportedly been included in an initial draft of the communique, and survived multiple rounds of editing, but did not make it into the final publication.
With the already raging controversy over Ukraine's future in NATO (or lack thereof), perhaps the Western allies **weren't ready to deal with China's wrath at this time?**
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Wed, 07/12/2023 - 19:20
https://www.zerohedge.com/geopolitical/china-warns-nato-must-not-ever-expand-asia-pacific

2023-07-12 23:00:00

**MbS To Blinken: 'No' To Israeli Normalization, 'Yes' To Syrian Reconciliation**
MbS To Blinken: 'No' To Israeli Normalization, 'Yes' To Syrian Reconciliation
_Authored by Hasan Illaik via The Cradle,_ (https://new.thecradle.co/articles/mbs-to-blinken-no-to-israeli-normalization-yes-to-syrian-reconciliation)
In his interview with CNN on July 9th, US President Joe Biden announced that "we are still far away" from reaching agreements to normalize Saudi-Israeli relations, establish a Saudi civilian nuclear program, and a Washington guarantee for Saudi security.
What Biden revealed was based primarily on his feedback from a June 7th after-midnight meeting held in Jeddah (https://www.cnn.com/2023/06/06/politics/antony-blinken-us-saudi-arabia-oil/index.html)between Saudi Crown Prince Mohammed bin Salman (MbS) and US Secretary of State Antony Blinken.
During their tete-a-tete, the two men spent an hour and forty minutes discussing various issues of mutual interest. But **the first goal of the meeting was to improve US-Saudi relations**, which have not yet reverted to pre-2018 levels when the US accused MbS of masterminding the assassination of journalist Jamal Khashoggi.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/assdandmbs.jpeg?itok=tTNnlRSJ\
_Image: SPA_ (https://cms.zerohedge.com/s3/files/inline-images/assdandmbs.jpeg?itok=tTNnlRSJ)
**New US ‘rules’ on engaging with Saudis**
US Ambassador to Riyadh Michael Ratney is the policy architect leading the charge to improve bilateral relations. Sources familiar with the contents of Saudi diplomatic reports tell _The Cradle_ that Ratney has previously sent the US State Department a set of “rules” which he believes will help improve relations between his country and Saudi Arabia.
**The first of these rules is to stop targeting MbS personally**. There is a longstanding Saudi tradition of zero tolerance for disparagement of the country’s ruler, whoever he may be, by any external state. Ratney noted that while MbS can live with US criticism of Saudi politics, **he will not tolerate criticism of him personally because he sees it as an attempt to undermine his rule and destroy his image**. The US ambassador made clear that continued attacks on bin Salman will hinder the improvement of relations between Washington and Riyadh.
Ratney’s second rule is to change the way US officials communicate with the crown prince. American envoys have typically been very reserved when holding talks with the Saudi rulers (king or crown prince), not delving into the details of vital issues, which they reserve for discussions with ministers and advisers. Ratney advised that discussions with MbS should be detailed and that US proposals should be clear.
Blinken came to Saudi Arabia having adopted his ambassador's recommendations. In his meeting with MbS, he outlined the issues clearly. _The Cradle_ reviewed part of the content of their discussions pertaining to two US policies: the project to normalize Israeli-Saudi relations, and Washington’s desire to thwart improved ties between Riyadh and Damascus.
The American demands were direct: **We want a normalization agreement between you and Israel;** your rapprochement with the Syrian regime is useless at this stage.
**‘No’ to normalization with Tel Aviv**
According to _The Cradle’s_ Arab and western diplomatic sources, Blinken asked his host: **“Why don't you do with Israel what you did with Iran?”**
MbS' response was equally direct. On the issue of a ‘peace agreement’ with Israel, he replied with three points, which Blinken later reported were unclear in terms of their order of importance:
First, the Saudi crown prince clarified that King Salman bin Abdulaziz still opposes an agreement with Tel Aviv. Second, MbS reported that fruitful communication continues between Saudi and Israeli authorities - such as allowing the passage of civilian aircraft into Saudi airspace and lifting the ban on Israeli players in international sporting events - with the following caveat:
> _“But these contacts will not soon lead to a peace agreement and normalization. We remain committed to the Arab Peace Initiative (the 2001 Beirut Summit Initiative), which is to grant the Palestinians an independent State in exchange for a comprehensive peace. **Israel has treated the Abraham Accords as an incentive to ignore the Palestinians and undermine the foundations of the peace process with the Palestinians**, rather than seeing them as an opportunity to enhance the chances of reaching a lasting peace. The Israeli government is approving more settlement projects, compounding the obstacles to any future solution."_
Therefore, from MbS’ perspective, Saudi Arabia has yet to see a reason to abandon its own Arab peace initiative. Third, the sources say, the Saudi crown prince asked his American guest:
> _"Why should we give you an agreement with Israel? For what? **You refuse our …
https://www.zerohedge.com/geopolitical/mbs-blinken-no-israeli-normalization-yes-syrian-reconciliation

2023-07-11 14:26:22

**Money Illusion Will Ease Stock Selloff In Recession, But...**
Money Illusion Will Ease Stock Selloff In Recession, But...
_Authored by Simon White, Bloomberg macro strategist,_
**Elevated inflation is poised to limit equity downside in the next recession and the following cycle.**
It’s time to get real. Several decades of relatively benign inflationary conditions have led to a blurring of the difference between real and nominal values, with predominant focus on the latter. But their growing divergence as inflation has risen has made it imperative to consider real values in order to successfully navigate and understand financial markets.
**Recency bias likely means most investors are working off the recession playbooks from the near past.** That means stocks sell off steeply through the downturn, before Federal Reserve easing stabilizes the situation. The next recession, though, is highly likely to be accompanied by elevated inflation, meaning stocks – in nominal terms - may not fare as badly as in recent downturns, and are poised to remain supported after it.
To understand why, we can break down the price of equities as being the product of the P/E multiple, the profit margin, and revenues. **This year, the rise in the P/E multiple has driven the market higher (led by AI stocks, but beginning to broaden out), as it did in 2020/21.**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-11_05-54-26.jpg?itok=yiunew-n (https://cms.zerohedge.com/s3/files/inline-images/2023-07-11_05-54-26.jpg?itok=yiunew-n)
**But the rise in P/Es is unlikely to last.**
Inflation is down but not out, and extremely tight labor markets, weak productivity, rising profit margins and incrementally more easing in China mean that inflation in the US is poised to re-accelerate as soon as by the end of the year. That would mean multiples falling again and, you might suspect, a reason to sell.
**But looking at the 1970s, it’s not so simple.**
In that decade, the market rallied all through the second half after bottoming in the 1974 recession, but the P/E multiple did not trough until the early 1980s. This seeming paradox is resolved in the world of real-market variables.
**The principal issue is that P/Es are nominal variables but, especially in times of high inflation, they should be looked at in real terms.**
Specifically, define the real P/E as the price-to-book ratio over the real return on equity. Real RoEs should remain constant with inflation, which is why real P/Es should also be stable (ex the effect of taxes).
**Equities therefore managed to be almost flat in real terms through the second half of the 1970s as the impact from relatively stable real P/Es was superseded by increasing profit margins and real revenues, which rose with inflation.** In nominal terms, equities delivered a respectable return (38% between 1975 and 1980).
Nominal P/E multiples fell in the 70s as equities faced greater competition from bonds. Stocks are de facto a fixed-coupon (the RoE), infinite-duration asset, whereas bonds offer the opportunity to re-negotiate the coupon on the bond’s maturity date. P/Es thus fell until the real equity yield was sufficiently above real bond yields to make equities attractive again.
Stocks did take a big hit in the 1974 recession. However, they have less formidable headwinds today. In 1974, real rates were much more restrictive. Moreover, inflation was still rising, while in the current cycle the next recession has a good chance of hitting when inflation is lower.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-11_05-55-35.jpg?itok=KyK5eDbv (https://cms.zerohedge.com/s3/files/inline-images/2023-07-11_05-55-35.jpg?itok=KyK5eDbv)
**Looked at over the whole cycle, equities are therefore not the obvious sell they usually are in a recession (again, in nominal terms).**
And if they experience a milder selloff than average in the slump, history shows they are primed to rally in the following elevated-inflation period.
**We have several of the same dynamics today as in the 70s.** Profit margins are rising, with the risk of a profit-price-wage spiral developing, and they may be stickier this time due to the influence of more monopolistic/oligopolistic industries. Further, revenues are rising quickly - driven by inflation - with the revenue-weighted S&P recently making a new high ahead of the standard index.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-11_05-57-10.jpg?itok=xWhpSbNw (https://cms.zerohedge.com/s3/files/inline-images/2023-07-11_05-57-10.jpg?itok=xWhpSbNw)
Where things could go seriously awry for stocks is if Powell’s immediate response to re-accelerating inflation is to go “full Volcker”. But I find that unlikely. Volcker was path dependent: we had to go through Arthur Burns and William Miller to get to the point where their succ…
https://www.zerohedge.com/markets/money-illusion-will-ease-stock-selloff-recession

2023-07-04 04:00:01

**The Criminalization Of Dissent (Revisited)**
The Criminalization Of Dissent (Revisited)
_Authored by CJ Hopkins via The Consent Factory,_ (https://consentfactory.org/2023/07/03/the-criminalization-of-dissent-revisited/)
_**Greetings from Thoughtcriminal 231Js1736/23!**_
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-03_09-58-19.jpg?itok=GnShvVT7 (https://cms.zerohedge.com/s3/files/inline-images/2023-07-03_09-58-19.jpg?itok=GnShvVT7)
That’s my official Thoughtcrime Case Number, which my attorney needs to reference in all our official correspondence with the New Normal Thoughtpolice. I think I’m going to silk-screen it on a T-shirt and wear it on my first day in Moabit Criminal Court (https://en.wikipedia.org/wiki/Moabit_Criminal_Court), “the largest criminal court in Europe with 340 judges and 360 prosecutors.”
That’s right, the Berlin State Prosecutor’s office is pursuing its criminal investigation of me (https://www.racket.news/p/first-roger-waters-now-this-germany) for allegedly “disseminating propaganda, the content of which is intended to further the aims of a former National Socialist organization,” which according to Germany’s _Grundgesetz (https://www.gesetze-im-internet.de/englisch_gg/)_ could send me to prison for up to three years.
My attorney wrote to them and politely explained how ridiculous their investigation is and why they should summarily drop the charges, but New Normal Germany has a zero-tolerance policy when it comes to Thoughtcrime, especially Thoughtcrime involving any kind of Covid-denying propaganda.
The “propaganda” in question is these two Tweets.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-03_09-59-07.jpg?itok=QVCEZ5jV (https://cms.zerohedge.com/s3/files/inline-images/2023-07-03_09-59-07.jpg?itok=QVCEZ5jV)
Which, OK, I just disseminated them again, so there’s another three years in prison. Or, I don’t know, maybe it’s six years in prison, i.e., three years for each separate count of Thoughtcrime.
I wrote those Tweets in German, so let me translate.
The one on the left reads, _**“The masks are ideological-conformity symbols. That is all they are. That is all they have ever been. Stop acting like they have ever been anything else, or get used to wearing them.” The hashtag translates as “Masks are not a benign measure.”**_
The one on the right is a quote by Karl Lauterbach, the Minister of Health of Germany, tweeted by _Die Welt_, a national newspaper.
It reads _**“The masks always send out a signal.”**_ And, yes, Karl, that’s exactly the point I was making.
The image is from the cover art of my book _The Rise of the New Normal Reich: Consent Factory Essays, Vol. III (2020-2021) (https://www.amazon.com/gp/product/3982146429/ref=dbs_a_def_rwt_bibl_vppi_i4)_, which was banned in Germany by Amazon, Inc. two days after I tweeted the above Tweets. (https://consentfactory.org/2022/08/31/the-rise-of-the-new-normal-reich-consent-factory-essays-vol-iii-banned-in-germany-austria-and-the-netherlands/) (It appears to also be banned for sale in German bookstores, but I don’t have confirmation of that.)
My attorney just received the screenshots of these Tweets from the Berlin State Prosecutor a few days ago. Up to then, we didn’t know what they were, and we couldn’t find them, because they have been censored by Twitter, presumably on the orders of the German Thoughtpolice. We knew they featured the cover art of my book, because the Prosecutor’s office described it, but we didn’t know about the “Covid denial.”
So, essentially, I’m facing criminal charges, and being threatened with who knows how many years in prison, or thousands of Eurodollars in fines, for (a) stating what has now been widely acknowledged, and what was generally understood by every serious epidemiologist until the Spring of 2020, namely, that mask-mandates do not work, and thus are nothing but symbolic measures designed to generate and enforce mass obedience, and (b) insulting the Minister of Health of Germany, who happens to be a fanatical serial liar (https://consentfactory.org/2022/07/22/the-normalization-of-the-new-normal-reich/) who is directly responsible for the serious injury and death of … well, we’ll never know how many people.
**Neither of which are actual crimes. Not even in the Federal Republic of Germany.**
The pretext for the charges I am facing is the swastika behind the mask, which, as I noted in a recent essay (https://consentfactory.org/2023/06/12/new-normal-germany-blues/), is a play on the international bestseller, _The Rise and Fall of The Third Reich (https://www.smithsonianmag.com/history/revisiting-the-rise-and-fall-of-the-third-reich-20231221/)_, by William Shirer, which you can buy in any bookshop in Berlin (https://www.kulturkaufhaus.de/de/detail/ISBN-9781451651683/Shirer-William-L./The-Rise-and-Fall-of-t…
https://www.zerohedge.com/geopolitical/criminalization-dissent-revisited

2023-07-04 03:30:00

**Female Astronauts On The Rise At NASA**
Female Astronauts On The Rise At NASA
**NASA (https://www.statista.com/topics/10369/nasa/) was an exclusively male workplace for a long time, but that is changing.**
As Statista's Katharina Buchholz reports, the first all-female spacewalk at the International Space Station was carried out in 2019 and many other milestones have already been accomplished by female astronauts. **But there has yet to be a first woman on the moon (or on Mars),** and since NASA is planning to return astronauts to the moon soon (https://www.statista.com/chart/18698/planned-missions-to-the-moon/), some female members who graduated as part of the newest 2017 and 2021 cohorts might just be the ones to achieve those firsts.
**The first women to graduate from NASA astronaut class were Sally Ride, Anna Fisher, Judith Resnik, Kathryn Sullivan, Margaret Rhea and Shannon Lucid, who entered the program in 1978.**
According toNASA (https://www.nasa.gov/sites/default/files/atoms/files/astronaut_fact_book_june_2022.pdf) and Collect Space (http://www.collectspace.com/news/news-082013a.html), the number of women admitted to the program has risen, in total and as a share of aspiring astronauts.
**Ride became the first American woman in space (https://www.statista.com/topics/5049/space-exploration/), after cosmonauts Valentina Tereshkova and Svetlana Savitskaya.**
Fisher became the first mother to fly in space.
Resnik tragically died in the 1986 Challenger explosion.
https://cdn.statcdn.com/Infographic/images/normal/17487.jpeg (https://www.statista.com/chart/17487/number-of-female-nasa-astronauts/)
_You will find more infographics at Statista (https://www.statista.com/chartoftheday/)_
While the latest 2021 cohort has a 42/58 percent (five women, seven men) split in favor of men, **2013 saw the first, albeit small, gender-equal astronaut cohort,** with four men and four women starting and later graduating NASA astronaut training.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Mon, 07/03/2023 - 23:30
https://www.zerohedge.com/political/female-astronauts-rise-nasa

2023-07-04 03:00:00

**A Record Number Of 40-Year-Olds Have Never Been Married**
A Record Number Of 40-Year-Olds Have Never Been Married
_Authored by Jane Nguyen via The Epoch Times (https://www.theepochtimes.com/a-record-number-of-40-year-olds-have-never-been-married_5369823.html) (emphasis ours),_
According to a new analysis of Census Bureau data by the Pew Research Center, a record number of 40-year-old Americans who have never been married reached a record high in 2021.
**A quarter of 40-year-olds in the United States have never been married**, Pew Research reported (https://www.pewresearch.org/short-reads/2023/06/28/a-record-high-share-of-40-year-olds-in-the-us-have-never-been-married/) on June 28. Most lived alone, with just 22 percent of never-married 40- to 44- year-olds living with a romantic partner.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/guy%20sitting.jpg?itok=ynpTUAE_\
_(Serhii Yurkiv/Shutterstock)_ (https://cms.zerohedge.com/s3/files/inline-images/guy%20sitting.jpg?itok=ynpTUAE_)
The findings revealed a downward trend of delaying marriage or foregoing it altogether among people born during or after the 1960s, according to the report. In 1980 only 6 percent of 40-year-olds had never been married. That increased by five percentage points per decade until 2021.
**The trend is “notable because the share of 40-year-olds who had completed at least a bachelor’s degree was much higher in 2021 than in 1980,**” **39 percent versus 18 percent,** said Richard Fry, a Pew senior researcher.
“More-highly educated 40-year-olds are more likely to have married, but the growth of this group has not reversed the overall trend of delaying or forgoing marriage,” Fry added.
The Pew report found that 40-year-old men were more likely not to have been married than women in 2021, with 28 percent of men and 22 percent of women falling into this category.
The Pew analysis noted that many unmarried 40-year-olds in previous decades ultimately married later in life. About 1 in 4 of the 40-year-olds who were not yet married in 2001 had wed by the time they turned 60.
If the pattern continues, the research center predicts that “a similar share” of never-married 40-year-olds would also get married in the coming years.
The research center conducted the analysis to look at how marriage rates have changed among 40-year-olds in the United States from 1850 to 2021. The report comes as birth rates and marriage rates in the United States have declined for decades.
Meanwhile, a 2022 report (https://nationalmarriageproject.org/reports/) from the University of Virginia’s National Marriage Project found the median age of first marriage has increased over the last 50 years, “from 23 in 1970 to about 30 in 2021 for men, and from 21 in 1970 to 28 in 2021 for women.”
But a later marriage may not necessarily mean a better one: 81 percent of husbands who married earlier said they were satisfied in their marriages, compared to 71 percent of those who married later, the report found. There were similar results among women, though with a smaller difference–73 percent of earlier-married women were satisfied, compared to 70 percent of later-married women, the report said.
The Rise of Single People
The decreasing marriage rate has led to a spike in the number of people living alone. As of 2021, 37 million Americans live alone, according to census data (https://www.census.gov/newsroom/press-releases/2021/families-and-living-arrangements.html).
There are various reasons marriage is losing ground in America. Some of them are societal; there is very little public stigma around being single. Other factors include the sexual revolution, the feminist movement, and declining rates of religious observance.
However, **this phenomenon is not confined to the United States, as marriage and birth rates have fallen in much of the world, including Europe and Japan.**
While not all adults living alone are lonely, many are, and these individuals are more likely to lack significant social connections, which can be deadly.
According to a recent report from the U.S. surgeon general titled “Our Epidemic of Loneliness and Isolation,” loneliness is more than just a bad feeling, it harms individual and societal health. It’s associated with a greater risk of cardiovascular disease, dementia, stroke, depression, infection, anxiety, and premature death.
According to the report, the effect on mortality of being socially disconnected is similar to that of smoking up to 15 cigarettes per day and is even greater than those of obesity and physical inactivity.
Large population studies have documented that among initially healthy people tracked over time, those who are more socially connected live longer, and those who experience social deficits, including isolation, loneliness, and poor-quality relationships, are more likely to die earlier, regardless of the cause of death, according to the report.
Tyler…
https://www.zerohedge.com/political/record-number-40-year-olds-have-never-been-married

2023-07-04 02:30:00

**Thousands Of SoCal Hotel Workers Go On Strike**
Thousands Of SoCal Hotel Workers Go On Strike
Thousands of hotel industry workers in Southern California went on strike over the Fourth of July weekend in hopes of gaining a new contract with higher wages and benefits, according to the employees' union.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/onstrike1.JPG?itok=6BIUjO5W (https://cms.zerohedge.com/s3/files/inline-images/onstrike1.JPG?itok=6BIUjO5W)
**Cooks, dishwashers, servers, room attendants, bellmen and other non-managerial hotel staff** from UNITE HIRE Local 11 (https://www.unitehere11.org), which represents over **32,000 hospitality workers** in California and Arizona, were seen picketing outside major hotels in Los Angeles and Orange counties the morning of July 1, according to the union's Twitter account.
Last month, **96% of union members voted in favor of authorizing the strike** after negotiations - which began on April 20, stalled out, according to _CNBC_.
> Hotel worker strike: Ritz-Carlton, JW Marriott LA Live, Beverly Hilton, Fairmont Miramar, Anaheim Hilton, and Four Seasons Regent Beverly Wilshire, and Sheraton Universal City workers need a $5 increase to afford SoCal cost of living. @UNITEHERE11 (https://twitter.com/UNITEHERE11?ref_src=twsrc%5Etfw)pic.twitter.com/dUqz6P0oLP (https://t.co/dUqz6P0oLP)
>
> — Heather Parker Penzkofer (@hparker) July 2, 2023 (https://twitter.com/hparker/status/1675496897660997638?ref_src=twsrc%5Etfw)
The union says that around **15,000 workers at 65 hotels** represented by Local 11 in LA and Orange counties saw their current contract expire midnight on June 30.
Affected hotels include Hyatt properties, Hilton Hotels & Resorts and Marriott International. One day before the strike, the union struck a deal with the Westin Bonaventure (https://www.unitehere11.org/westin-bonaventure-first-to-reach-deal-as-historic-strike-looms-for-dozens-of-socal-hotels/) in Downtown Los Angeles.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bonaventure6.jpg?itok=mFXO3DRN\
_Employees at the Westin Bonaventure struck a deal one day before the strike_ (https://assets.zerohedge.com/s3fs-public/inline-images/bonaventure6.jpg?itok=mFXO3DRN)
Hilton Hotels & Resorts, Marriott International, and luxury hotels like the Westin Bonaventure in Downtown Los Angeles and the Beverly Wilshire in Beverly Hills.
**The primary reason for the strike is the cost of living**, as raging inflation means that workers - who often live far from their places of employment - can no longer afford to make ends meet. **They are demanding an immediate $5 per hour boost in wages** and a $3 boost annually for the next three years.
The union points out that while hotels themselves were bailed out during the pandemic, the industry has exceeded pre-pandemic levels of profit, while wages have not kept up with the pace of inflation.
> _The City of Los Angeles Tourism and Convention Board said that tourism is back to 91 percent of 2019’s pre-pandemic levels, while visitors spent $21 billion locally in 2022._
>
> _Labor representatives said that **housekeepers were making between $20 to $25 an hour, and they estimated that $39.31 an hour was needed to afford rent a two-bedroom apartment in greater Los Angeles.**_
>
> _UNITE HERE Local 11 says 53 percent of the workers it is representing have moved or are planning to move outside of Los Angeles. -Epoch Times (https://www.theepochtimes.com/thousands-of-hotel-workers-go-on-strike-in-southern-california-over-rising-living-expenses_5371107.html)_
**"Workers have been pent up and frustrated and angry** about what’s happened during the pandemic combined with the inability to pay their rent and stay in Los Angeles," said Kurt Peterson, co-president of UNITE HERE Local 11, in a statement.
"So people feel liberated, it’s Fourth of July, freedom is reigning in Los Angeles and hotel workers are leading that fight."
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Mon, 07/03/2023 - 22:30
https://www.zerohedge.com/economics/thousands-socal-hotel-workers-go-strike

2023-07-04 02:00:00

**Louisiana Gov. Vetoes Bill Meant To Shield Children From Transgender Procedures**
Louisiana Gov. Vetoes Bill Meant To Shield Children From Transgender Procedures
_Authored by Tom Ozimek via The Epoch Times (https://www.theepochtimes.com/louisiana-gov-vetoes-bill-meant-to-shield-children-from-transgender-procedures_5369400.html) (emphasis ours),_
**Louisiana Gov. John Bel Edwards, a Democrat, has vetoed a bill that was meant to protect children from transgender gender-change surgeries and other procedures like giving kids cross-sex hormones.**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/Louisiana-Gov.-John-Bel-Edwards-2021-07-30-e1627761775372-1200x708-1200x708-1200x708.jpg?itok=GOtfczko\
_Louisiana Gov. John Bel Edwards speaks about the state's latest rise in coronavirus cases, in Baton Rouge, La., on July 23, 2021. (Melinda Deslatte/AP Photo)_ (https://cms.zerohedge.com/s3/files/inline-images/Louisiana-Gov.-John-Bel-Edwards-2021-07-30-e1627761775372-1200x708-1200x708-1200x708.jpg?itok=GOtfczko)
House Bill 648, known as the “Stop Harming Our Kids Act,” was passed (https://www.theepochtimes.com/louisiana-senate-passes-revived-bill-banning-gender-affirming-care-for-trans-minors_5317026.html) by the Republican-controlled state legislature along party lines in early June.
The bill sought to prohibit hormone treatments for minors as well as puberty-blocking drugs and gender reassignment surgery, such as giving girls who identify as boys double mastectomies, which critics have decried as a form of mutilation.
“ **If HB 648 doesn’t become law, we will be sending a horrible message to our children,**” Louisiana state Sen. Jeremy Stine, a Republican, wrote on Twitter (https://twitter.com/JeremyStine/status/1666286298766745600?s=20) after the bill’s passage and as questions swirled around whether it would receive a veto.
“ **This isn’t complicated**. Our kids deserve to know that they are loved, valued, and perfect just as God created them,” the Republican lawmaker added.
Stine’s fear that the bill would get nixed before it entered into force became a reality on June 29, when the Louisiana governor said in a letter (pdf (https://gov.louisiana.gov/assets/2023Vetoes/HB648.pdf)) that he had vetoed it.
Some had held out hopes that Edwards wouldn’t veto HB 648 because in the prior legislative session, he decided not to block a law banning transgender-identifying athletes from taking part in women and girls’ sports competitions.
However, Edwards’ six-page veto letter made clear his opposition to the “Stop Harming Our Kids Act,” which he called “ironic” because he claimed “that is precisely what it does.”
‘Ripe For a Veto’
Edwards’ letter was addressed to Clay Schexnayder, the Republican Speaker of the Louisiana House of Representatives.
In it, Edwards said the bill threatens specialists’ professional licenses, removes parental rights in healthcare decisions for children with gender dysphoria, and generally amounts to a “targeted assault” on kids suffering psychologically from a “gender crisis.”
“ **The bill denies healthcare to a very small, unique, and vulnerable group of children**,” he wrote. “It forces children currently stabilized on medication to treat a legitimate healthcare diagnosis to stop taking it.”
Edwards said that there was no evidence of any gender-change surgeries being performed in Louisiana between 2017 and 2021, and argued that supporters of the bill suggested it was “necessary to stop physicians from mutilating our children by performing gruesome sex change surgeries.”
“ **This is simply not happening in Louisiana**,” he said, arguing that the bill sought to address a non-existent problem of sex reassignment surgeries in the state while in actual fact blocking access to “necessary” medication and other less invasive medical interventions for children suffering from gender dysphoria.
“ **I can even agree with that prohibition in this bill,**” Edwards said of the bill’s provisions to ban transgender surgeries, while adding that, “unfortunately, that is not the intent of this bill and seemed to be included for dramatic effect to overshadow the medically appropriate use of puberty blockers and hormone replacements.”
Edwards also objected to a number of other “structural defects” in the bill that made it “ripe for a veto,” including insufficient clarity about what specific types of medical interventions would be subject to penalties or revocation of license.
With Edwards’ veto, the current regulations in Louisiana on transgender procedures for children remain unchanged. Specifically, they require that anyone under 18 is required to obtain parental consent before they can access hormone therapies, puberty blockers, and other treatments for gender dysphoria.
Gender dysphoria is generally defined as distress over gender identity that doesn’t mat…
https://www.zerohedge.com/political/louisiana-gov-vetoes-bill-meant-shield-children-transgender-procedures

2023-07-04 01:30:00

**The Growing Global Hunger For Meat**
The Growing Global Hunger For Meat
**Global demand for meat (https://www.statista.com/topics/4880/global-meat-industry/) has been growing for decades.**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-03_10-06-59.jpg?itok=2T0C1vsa (https://cms.zerohedge.com/s3/files/inline-images/2023-07-03_10-06-59.jpg?itok=2T0C1vsa)
As Statista's Martin Armstrong reports (https://www.statista.com/chart/28251/global-meat-production/), data (https://www.fao.org/3/cc3020en/cc3020en.pdf) from the Food and Agriculture Organization of the United Nations (FAO) shows, **global meat production has increased fivefold since the 1960s.**
https://cdn.statcdn.com/Infographic/images/normal/28251.jpeg (https://www.statista.com/chart/28251/global-meat-production/)
_You will find more infographics at Statista (https://www.statista.com/chartoftheday/)_
For 2023, the FAO forecasts the amount of meat produced to be around 364 million tons. According to the FAO, the Covid-19 crisis led to many disruptions in production and supply chains. However, this did not lead to a decline in global production: **Even during the pandemic, the upward trend in production volume continued**, as this infographic illustrates.
In the past few years, a change in global agriculture could be observed.
The production costs of meat became lower due to the increasing production of animal feed such as soy or corn, thus increasing the supply of meat in many countries.
**Especially in the populous countries of Asia (https://www.statista.com/topics/5264/meat-industry-in-china/) , the demand for different types of meat increased.** Asia is the largest meat producing market, with a focus on pork and poultry - also the two most produced types of meats in the world ahead of beef and ovine meat, which includes sheep and lamb.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Mon, 07/03/2023 - 21:30
https://www.zerohedge.com/medical/growing-global-hunger-meat

2023-07-04 01:00:00

**The Bidens' Existential Threats To The American Rule Of Law: VDH**
The Bidens' Existential Threats To The American Rule Of Law: VDH
_Authored by Victor Davis Hanson via American Greatness (https://amgreatness.com/2023/07/03/the-bidens-existential-threats-to-the-american-rule-of-law/?utm_medium=email&utm_source=act_eng&seyid=74953),_
**President Joe Biden, the Biden grifting conglomerate, the Department of Justice, and the FBI under its fourth consecutive weaponized director, are in danger of subverting the American system of law.**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/biden%20head%20do.JPG?itok=dKPYHZe1 (https://assets.zerohedge.com/s3fs-public/inline-images/biden%20head%20do.JPG?itok=dKPYHZe1)
They are in various ways undermining the tradition of self-reported income tax computation and voluntary compliance.
Our tax institutions, of course, are based on the real deterrence of a disinterested, uncompromised Internal Revenue Service. Without it, the income revenues of the United States are existentially threatened.
So far, any negative reputation of the IRS has rested with natural complaints that it is too zealous in hounding out American taxpayers in all walks of life. Or citizens often object that the IRS must enforce a tax code that is innately unfair.
**But not _until now_, has the IRS itself ever been under a shadow of such corruption?**
Has it been in the past ever found to have applied so blatantly and deliberately one standard of tax enforcement to elites and quite another to everyday Americans?
Again, if that charge of unequal treatment in tax compliance were to prove true, then Humpy-Dumpty like, the entire American system of revenue collection would shatter.
In other words, millions of Americans might shrug, “If Joe Biden, President of the United States and his criminally minded son, can get away with avoiding millions of dollars in taxes, then should not I, a nobody, at least have the right to avoid hundreds of dollars in taxes?”
So the Bidens, along with Attorney General Merrick Garland and the FBI, are treading on dangerous ground in imperiling a hallowed American tradition—one vital to the very governance and operation of the United States.
**The current president of the United States, despite his monotonous calls for the well-off to “pay their fair share,” has likely deliberately connived to avoid taxes on sizable amounts of unreported taxable foreign income.**
In the case of his son, “likely” is an unneeded adverb.
By Hunter Biden’s recent own admissions and corroborating evidence, **he seems not only to have schemed to hide millions of dollars in foreign shake-down profiteering, but to have set up all sorts of paywalls, firewalls, and phony “loans” to ensure auditors would take years to unravel his illegal schemes**—until well after the expiration of the statute of limitations. And his criminality succeeded so well that he has permanently gotten off not paying thousands of dollars in overdue taxes.
Joe Biden has serially lied that he did not know anything of his son’s business dealings.
That assertion is contrary to photographic evidence of him with Hunter Biden’s business associates, sworn statements from at least one of Hunter Biden’s former business partners, clear evidence from Hunter’s own laptop, and now recent disclosures from FBI documents and whistleblower testimonies. And yet the President continues to lie, and the media continues to shrug that dads often do such things.
**It is almost beyond belief, but increasingly likely, that Hunter Biden in the past conducted his illicit business over the phone in the presence, and with the complicity, of current president Joe Biden himself**. And the full trove of evidence is still trickling in.
This sordid scenario is part of the larger Biden criminal landscape. Joe and Hunter may well have received $10 million from Chinese consortia for doing nothing other than monetizing Joe Biden’s Vice-Presidency and his apparent then trajectory to the presidency.
There is no longer any doubt that Hunter Biden received fabulous amounts of money from the Ukrainian energy company Burisma. That lucre was again based on nothing other than the willingness of his own father, now the current president, to be directed to where and how to employ his own purchased influence.
**Accordingly, Joe Biden is on record boasting of his own power to fire a Ukrainian prosecutor**—through personal threats of withholding congressional approved U.S. foreign aid to Ukraine.
Biden was furious that Ukrainian auditors were probing too deeply into matters that now are increasingly clear to have been central to his own family’s nefarious influence peddling.
Note well: the U.S. House of Representatives impeached a former president on two grounds: one, an allegation that Donald Trump used his office to threaten to delay _(not_ to cancel) Ukrainian military aid; and, two,…
https://www.zerohedge.com/political/bidens-existential-threats-american-rule-law-vdh

2023-07-04 01:00:00

2023-07-03 09:15:00

**JK Rowling Congratulates Anti-Trans Activist After Judges Award $127K For Wrongful Firing**
JK Rowling Congratulates Anti-Trans Activist After Judges Award $127K For Wrongful Firing
A UK woman has been awarded £100,000 ($127,000) after the woke anti-poverty organization she worked for **fired her for saying that people cannot change their biological sex**.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2.59444264-1-1200x720.jpg?itok=Gi2S9JX6\
_Undated handout photo of Maya Forstater, issued on April 27, 2021. (PA Media)_ (https://cms.zerohedge.com/s3/files/inline-images/2.59444264-1-1200x720.jpg?itok=Gi2S9JX6)
Maya Forstater was fired by the Centre for Global Development (CGD), which refused to renew her contract in March 2019 after she posted tweets opposing proposals by the government to reform the Gender Recognition Act to allow those who identify as the opposite sex to do so without a medical diagnosis of gender dysphoria.
**Three London judges handed down the decision on Friday,** doling out compensation of £91,500 ($116,000) and interest of £14,904.31 (almost $19,000) to Forstater for loss of earnings, injury to feelings and aggravated damages after CGD failed to renew her contract.
> I have received the "remedy" judgement in my case. @cgdev (https://twitter.com/CGDev?ref_src=twsrc%5Etfw) has been ordered to pay over £100k in compensation for loss of earnings, injury to feelings and aggravated damages for their high-handed conduct.
>
> Thank-you to everyone who supported my casehttps://t.co/N9NlRT5gw6 (https://t.co/N9NlRT5gw6)
>
> — Maya Forstater (@MForstater) June 30, 2023 (https://twitter.com/MForstater/status/1674782721502236676?ref_src=twsrc%5Etfw)
Two years ago Forstater co-founded the Sex Matters campaign. In a statement following the verdict, she told the Times of London: "I’m happy it’s over and happy I got significant compensation.
"I think it sends a message to employers that this is discrimination like any other discrimination and that the compensation can be significant.
"Organisations are going to have to rethink all of their approach to equality and diversity to make sure they really are following the law and not just what activists tell them."
**Harry Potter author JK Rowling congratulated Forstater**, tweeting: "Congratulations to @MForstater, who receives over £100k in compensation from @cgdev, who were found to have discriminated against her due to her gender critical beliefs, which, as her case established, are worthy of respect in a democratic society. #SexMatters."
> Congratulations, you star. It's the husband's birthday, so I've got two reasons to crack open the champagne this evening 😘
>
> — J.K. Rowling (@jk\_rowling) June 30, 2023 (https://twitter.com/jk_rowling/status/1674806448159637505?ref_src=twsrc%5Etfw)
More via the _Epoch Times_;
Protected Belief
Forstater’s victory against the CGD came after a ruling at an employment tribunal in June 2021 when she successfully established a binding legal precedent that “gender-critical beliefs were in principle protected by the Equality Act (https://www.theepochtimes.com/woman-sacked-over-view-on-transgender-issues-wins-appeal_3313848.html).”
In July 2022, a fresh employment tribunal ruled that the negative consequences from Forstater’s expressions of her protected gender-critical beliefs were “unlawfully discriminatory (https://www.theepochtimes.com/landmark-ruling-for-woman-who-lost-job-for-saying-biological-sex-is-real_4579999.html)” and constituted “direct discrimination.”
Commenting on the verdict at the time, Forstater said that her case “matters for everyone who believes in the importance of truth and free speech.”
“ **We are all free to believe whatever we wish**,” she said. “What we are not free to do is compel others to believe the same thing, to silence those who disagree with us, or to force others to deny reality.”
“Human beings cannot change sex. It is not hateful to say that; in fact it is important in order to treat everyone fairly and safely. It shouldn’t take courage to say this and no-one should lose their job for doing so,” she added.
Commenting on Friday’s ruling on compensation, a CGD spokesperson said: “Following the employment tribunal’s remedy judgment, the case brought against CGD, its president, Masood Ahmed, and CGD Europe by Maya Forstater will come to a close.”
“CGD has and will continue to strive to maintain a workplace that is welcoming, safe, and inclusive to all,” the spokesperson added.
Legal Cases
In addition to Forstater’s case, there have been several legal cases involving “gender-critical” beliefs.
Last week, Denise Fahmy (https://www.theepochtimes.com/woman-wins-harassment-case-against-arts-council-england-after-transgender-row_5361155.html) won her claim against her former employer, Arts Council England (ACE), at the Leeds Employment Tribunal.
In a unanimous j…
https://www.zerohedge.com/political/jk-rowling-congratulates-anti-trans-activist-after-judges-award-127k-wrongful-firing

2023-07-03 08:30:00

**The World Economy Is Becoming Unglued; Models Miss Real-World Behavior**
The World Economy Is Becoming Unglued; Models Miss Real-World Behavior
_Authored by Gail Tverberg via Our Finite World blog,_ (https://ourfiniteworld.com/2023/06/30/the-world-economy-is-becoming-unglued-models-miss-real-world-behavior)
_**A common belief is that if the world does not have adequate energy, the result will be high prices. These high prices will allow more fossil fuels to be extracted or will allow renewables to substitute for fossil fuels.**_
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-02_16-09-46.jpg?itok=6N3tnFtY (https://cms.zerohedge.com/s3/files/inline-images/2023-07-02_16-09-46.jpg?itok=6N3tnFtY)
In my view, the real issue is quite different:
**Inadequate energy supply of the types the economy requires can be expected to affect the economy in a way that causes it to become “unglued.” The economy will gradually fall apart as infighting becomes more of a problem.**
Goods won’t necessarily be high-priced; many simply won’t be available at any price. Political parties will fragment. Conflict within countries, such as the recent Wagner conflict with the military leadership in Russia, will become more common.
It has become fashionable to use models to predict the future, but simple models do not consider real-world dynamics. They don’t consider the importance of already existing infrastructure and the types of energy products this infrastructure requires. They don’t consider the importance of continuing food production. They don’t consider the dynamics of “not enough goods and services to go around.”
**In this post, I will look at some pieces of evidence that suggest we should expect the world economy to become unglued as limits are hit.**
A corollary is that we cannot expect a transition to a world powered by renewables to work.
\[1\] It is easy to show that the energy supplies of a finite world will eventually fall short.
Anyone can model the energy supplies of a finite world as a bucket of sand and a scooper. If the scooper is used to remove the sand from the bucket, it will eventually become empty. If we start with a larger bucket of sand, perhaps the process can be delayed. Or, if we use a smaller scooper, the process will be delayed. But the result will be the same.
Back in 1957, Rear Admiral Hyman Rickover of the US Navy gave a speech (https://ourfiniteworld.com/2007/07/02/speech-from-1957-predicting-peak-oil/) in which he said,
> For it is an unpleasant fact that according to our best estimates, total fossil fuel reserves recoverable at not over twice today’s unit cost, are likely to run out at some time between the years 2000 and 2050, if present standards of living and population growth rates are taken into account.
In this speech, Rickover pointed out the importance of fossil fuels to maintain our standard of living and to win wars. It was clear to the military that fossil fuel energy supplies were tremendously important in preventing future problems for the economy.
\[2\] History shows that economies tend to grow and eventually collapse.
Economies tend to operate in cycles, as illustrated in Figure 1.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-02_16-11-36.jpg?itok=sr8Vucms (https://cms.zerohedge.com/s3/files/inline-images/2023-07-02_16-11-36.jpg?itok=sr8Vucms)
_Figure 1. My chart of the findings of Peter Turchin and Surgey Nefedov in their 2009 book, Secular Cycles (https://www.amazon.com/Secular-Cycles-Peter-Turchin/dp/0691136963)._
The eight economies analyzed by Turchin and Nefedov moved into a new area or acquired a new energy resource. These economies tended to grow for a long periods, well over 100 years, until the populations hit the carrying capacity of the available resources. These economies were able to work around these resource limits during a period of Stagflation, which typically lasted about 50 to 60 years. Eventually, the problems became too great to be overcome. A Crisis Period of falling population and GDP, lasting 20 to 50 years, typically ensued.
\[3\] The world economy today seems to be following a similar cycle based on its use of fossil fuels. In fact, we seem to be in the Crisis Period of such a cycle.
Today’s fossil fuel-based world economy started growing at varying times, in various places around the world, becoming well established by the early 1800s. It seems to have hit a Stagflation Period between 1970 and 1980. Recent patterns in oil supply per capita, interest rates, and debt levels suggest to me that the world economy has entered the Crisis Period of the current cycle.
To me, oil supply, particularly crude oil supply, is exceptionally important in keeping the economy growing because it is heavily used in producing the food supply and transporting it to market. In fact, it is heavily used in transportation of all kinds. …
https://www.zerohedge.com/geopolitical/world-economy-becoming-unglued-models-miss-real-world-behavior

2023-07-03 07:45:00

**Poland Sends Hundreds Of Counterterrorism Police To Belarus Border On Wagner Fears**
Poland Sends Hundreds Of Counterterrorism Police To Belarus Border On Wagner Fears
Poland is preparing to bolster defenses along its border with Belarus in the wake of the Wagner mercenary mutiny in Russia and the relocation of the group's controversial leader Yevgeny Prigozhin to Minsk.
_Politico_ is reporting (https://www.politico.eu/article/poland-send-counterterrorism-police-belarus-border/) Sunday that the Polish government will send **an additional 500 police officers from elite counterterrorism and riot control units** to the border, amid concerns that Wagner bases have been established (https://zerohedge.com/geopolitical/ukraine-boosts-defenses-north-satellite-images-show-likely-wagner-base-belarus) inside Belarus. Already last week Ukraine said it would strengthen its military positions along the northern border.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/Poland-Belarus-border-soldiers-800x450.jpg?itok=Wd3VnK8g\
_Image: EPA/EFE_ (https://cms.zerohedge.com/s3/files/inline-images/Poland-Belarus-border-soldiers-800x450.jpg?itok=Wd3VnK8g)
Writes _Politico_, "The move comes after 187 people tried to cross from Belarus into Poland illegally on Saturday, according (https://www.reuters.com/world/europe/poland-bolster-security-forces-border-with-belarus-interior-minister-2023-07-02/) to the Polish Border Guard. Warsaw accuses Minsk of trying to create a migrant crisis by **attempting to push people from Africa and the Middle East across the border into Poland**. Belarus denies the accusation."
Polish officials have confirmed there are currently **5,000 security guards and 2,000 soldiers at the border with Belarus**, to be joined by the newly deployed 500 police officers from specialized units.
Law and Justice leader Jarosław Kaczynski warned days ago that Wagner fighters in Belarus could mean " **a new phase of hybrid warfare**, a phase much more difficult than the one we have dealt with so far," as cited (https://www.reuters.com/world/europe/poland-says-eu-should-help-pay-border-security-amid-wagner-fears-2023-06-29/) in Reuters.
While there's been nothing in the way of confirmation that a large-scale movement of Wagner fighters have entered, Western media reports on Friday referenced satellite images which they say suggests new Wagner encampments on Belarusian soil (https://www.bbc.com/news/world-europe-66052060):
> _The satellite image appears to show activity (https://www.bbc.co.uk/news/world-europe-66052061) at a disused military base about 13 miles (21km) from the town of Asipovichy - around 64 miles from Minsk, the capital of Belarus. The area has been reported in Russian media (https://verstka.media/v-belarusi-stroyat-lagerya-dlya-vagnera) as a place which could house Wagner fighters._
>
> _BBC Verify has identified **over 300 tent-like structures erected within the past two weeks**._
>
> _A satellite image from 15 June shows none of these structures visible. The most recent high-resolution image we've obtained is from 30 June and **reveals the extensive work being carried out at the base**_
Polish officials have recently suggested (https://www.dw.com/en/poland-strengthens-belarus-border-after-wagner-chief-arrival/a-66094722) that **8,000 Wagner fighters are currently in Belarus**.
> New satellite imagery analyzed by The New York Times shows hundreds of large tents at an unused military base in Belarus. The base could be a home for Wagner fighters who were given the option to relocate to Belarus after an aborted mutiny. https://t.co/KzywjwKM4M (https://t.co/KzywjwKM4M)
>
> — The New York Times (@nytimes) July 1, 2023 (https://twitter.com/nytimes/status/1675008845528158209?ref_src=twsrc%5Etfw)
Warsaw plans to additionally add to its fortifications along the Belarusian border, also amid ongoing NATO troop build-up along the alliances 'eastern flank', also in places like Lithuania.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Mon, 07/03/2023 - 03:45
https://www.zerohedge.com/markets/poland-sends-hundreds-counterterrorism-police-belarus-border-wagner-fears

2023-07-03 07:00:00

**Daniel Ellsberg Was Right. So Are Assange And Snowden...**
Daniel Ellsberg Was Right. So Are Assange And Snowden...
_Authored by Ryan McMaken via The Mises Institute,_ (https://mises.org/wire/daniel-ellsberg-was-right-so-are-assange-and-snowden)
Daniel Ellsberg died on June 16, and he remains one of the nation's most prominent whistleblowers who leaked secret government information to the public. Upon his death the general consensus among the writers of memorials for Ellsberg was that he was right to leak government secrets. As the editorial board at _The Orange County Register_ recently put it (https://www.ocregister.com/2023/06/22/rip-daniel-ellsberg-a-true-american-hero/), he was **"a true American hero."**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/ellsberg1.jpg?itok=IVqAA2mv (https://cms.zerohedge.com/s3/files/inline-images/ellsberg1.jpg?itok=IVqAA2mv)
They're right about Ellsberg. During the Vietnam War, through his release of the so-called Pentagon Papers in 1971, Ellsberg made public a large trove of secret government documents that exposed many of the Federal government's lies about its involvement throughout Indochina. Much of the information applied to the Johnson Administration which had been lying about the war to _both_ the public and the Congress. Naturally, the release of this information, which smashed the Federal government's credibility on foreign policy, also called into question countless claims about the Nixon Administration. Nixon, of course, had already authorized an illegal and secret bombing campaign in Cambodia in 1969.
**At the time, the response to Ellsberg's deeds was hardly one of universal acclaim. Yet, over time, criticism has waned and Ellsberg's critics have been exposed for what they were: knee-jerk defenders of a regime devoted to war crimes and crimes against the Bill of Rights.**
In fact, it has become so difficult to criticize Ellsberg that defenders of today's regime have had to devise ways to claim that Ellsberg's leaks were heroic, but the leaks by more recent whistleblowers—such as Julian Assange and Edward Snowden—have been traitorous. The fact that Ellsberg himself always supported leakers like Snowden and Assange is studiously ignored.
Yet, what was true for leakers in 1971 remains true today: **it is heroic to expose the lies of governments, and those who seek to jail truthtellers are the _real_ criminals** who choose to protect state power at the expense of freedom and basic human rights.
**The Original Response to Ellsberg's Leak**
It does not require any courage or independent thinking to support Daniel Ellsberg in 2023. To do so is to do what is already accepted and popular. This is why journalists almost universally support Ellsberg today. It's easy.
Yet, to support modern-day Ellsbergs—such as Assange, Snowden, Reality Winner, Chelsea Manning, and Jack Texeira—requires some degree of independent thought, skepticism, and disregard for the regime. This is why so few journalists in the corporate media support these modern-day leakers. To do so might endanger journalists' positions with the organs of power within mainstream media. Moreover, most corporate journalists are firmly on the side of the regime. They have no interest whatsoever in undermining it.
Indeed, many journalists at the time of the release of the Pentagon Papers condemned Ellsberg. For example (https://foreignpolicy.com/2013/06/12/one-eras-traitor-is-another-eras-whistle-blower/), at the 1971 meeting of the Associated Press Managing Editors Association a speaker insisted that approval of Ellsberg is akin to approval of any "pamphleteer" who publishes "a plan of a secret submarine or a list of foreign agents abroad, obtained from any peddler of secrets." The editors of TIME magazine, meanwhile, reminded (https://books.google.com/books?id=OUAEAAAAMBAJ&lpg=PP1&dq=%22daniel%20ellsberg%22&pg=PA6#v=onepage&q&f=false) readers that the federal government ought to use the "remedy" of prosecuting whistleblowers if publishing secrets might "endanger national security." The editors fail to mention that the federal government itself gets to determine what the amorphous phrase "national security" actually means.
Politicians, of course, freely attacked Ellsberg with that term that is forever a favored refuge of the simple-minded: "traitor (https://mises.org/wire/there-no-such-thing-treason)." The Nixon Administration prosecuted him under the Espionage Act of 1917. Ellsberg himself suspected he would spend the rest of his life in jail, but he escaped conviction thanks to the administrative incompetence of Nixon's "Plumbers." The Nixon Administration had already violated so many of Ellsberg's basic procedural rights in the lead up to the trial that no court would side with the administration. Ultimately, however, it must be noted that the Supreme Court took no action to meaningfully limit the Espionage Act. The Court to…
https://www.zerohedge.com/geopolitical/daniel-ellsberg-was-right-so-are-assange-and-snowden

2023-07-02 21:30:09

**California Teachers' Union Threatens Local School Board With Legal Action Over Flag Policy**
California Teachers' Union Threatens Local School Board With Legal Action Over Flag Policy
_Authored by Micaela Ricaforte via The Epoch Times,_ (https://www.theepochtimes.com/california-teachers-union-threatens-local-school-board-with-legal-action-over-flag-policy_5369313.html)
**California’s statewide teachers’ union sent a letter June 27 to the Chino Valley Unified School board criticizing its recent decision to allow only government flags on school property**—and threatening to take legal action against the board if the policy is not reversed.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-02_12-25-19.jpg?itok=kXXEKe0L (https://cms.zerohedge.com/s3/files/inline-images/2023-07-02_12-25-19.jpg?itok=kXXEKe0L)
_Chino Valley Unified School Board President Sonja Shaw speaks in support of a parental rights policy proposal at a press conference in Chino, Calif., on June 15, 2023. (California Family Council/Screenshot via The Epoch Times)_
**The board voted (https://www.theepochtimes.com/southern-california-school-district-considers-policy-notifying-parents-of-students-trans-status_5345842.html) 4–1 June 15 to allow only the California and U.S. flags on school property.**
The California Teachers Association—with more than 300,000 members—in partnership with local union Associated Chino Teachers alleges in the letter the decision violates teachers’ right to free speech under the First Amendment as well as a state employment law (https://leginfo.legislature.ca.gov/faces/codes_displayexpandedbranch.xhtml?tocCode=GOV&division=4.&title=1.&part=&chapter=10.7.&article=).
The union also said the district further violated state employment laws because it made a decision that affected the current status quo for teachers without giving the local union proper notice or a chance to negotiate terms.
The letter asked the board to reverse its policy by July 3 or face legal action.
> _**“In the event that the board insists on interfering with the constitutional … rights of district employees, the \[union\] will pursue all available legal remedies for the district’s conduct, including, but not limited to, filing a suit in Superior Court and/or an unfair practice charge with \[the Public Employee Relations Board\],”**_ the letter stated.
School district Board President Sonja Shaw told The Epoch Times that administrators reached out to the local union to give them a chance to voice their concerns about the flag policy after it was first introduced on June 1.
However, she said, administrators did not meet with the union until June 28, nearly two weeks after the board voted to approve the policy.
Shaw further stated she considered the letter a “bullying tactic,” and was prepared for any legal action the unions might take.
> _**“They think they can bully us, threatening us with lawsuits,”** Shaw said._
>
> _**“I’m not backing down.”**_
She said she believed the teachers’ unions should be focused on student academic issues.
> _**“This has nothing to do with taking away freedom from a teacher. We all know at a workplace you have limitations and standards,”**_ Shaw said.
>
> _**“\[The upset over flags\] is a weird push towards things that shouldn’t be their focus, especially when our kids are dealing with learning loss and mental health issues.”**_
She added that most parents and residents she’d heard from supported the flag policy—and added that the letter was evidence that teachers’ unions were more concerned with pushing their own agendas than actually serving the community.
At the board meeting, Shaw gestured to the American flag and said, _**“This is why we’re here. This flag unites us all … the United States stands for all of us. A teacher who has to display sexuality in their classroom is a problem for me as a parent and board member.”**_
The meeting drew nearly 300 parents, teachers, and community members.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-02_12-27-27.jpg?itok=0gH-pbhJ (https://cms.zerohedge.com/s3/files/inline-images/2023-07-02_12-27-27.jpg?itok=0gH-pbhJ)
_A parent speaks at a Chino Valley Unified School Board meeting where board members voted to block the LGBT pride flag from being displayed in classrooms in Chino, Calif., on June 15, 2023. (Screenshot via YouTube/Chino Valley Unified School Dist Board Videos)_
Some who spoke during public comment thanked the board for taking the complicated issue on.
> _“Just as Bibles, prayer, and the Ten Commandments have been taken out of classrooms, we need to hold fast to those standards of equality and not allow a flag that represents a minority of the district population to be displayed in our classrooms or on our campuses,” said one parent. “Many students here have religious beliefs that d…
https://www.zerohedge.com/political/california-teachers-union-threatens-local-school-board-legal-action-over-flag-policy

2023-07-02 21:00:00

**USSC Chief Justice Roberts Slams 'Misleading' Liberal Justices Over 'Disturbing' Activist Opinions**
USSC Chief Justice Roberts Slams 'Misleading' Liberal Justices Over 'Disturbing' Activist Opinions
**Supreme Court Justice John Roberts** took aim at his liberal colleagues last week, writing at the end of his majority opinion striking down (https://www.zerohedge.com/political/supreme-court-strikes-down-student-loan-relief-heres-whos-most-affected) Joe Biden's student debt relief program; "It has become a disturbing feature of some recent opinions to criticize the decisions with which they disagree as going beyond the proper role of the judiciary."
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/roberts%20impeachment.jpg?itok=urs4wxOo (https://cms.zerohedge.com/s3/files/inline-images/roberts%20impeachment.jpg?itok=urs4wxOo)
The Court ruled last week along ideological lines that the Biden administration's program **was unconstitutional** based on the administration's justification. The law cited allows the Secretary of Education to "waive or modify any statutory or regulatory provision applicable to the student financial assistance programs," which the state of Missouri opposed.
"Today, we have concluded that an instrumentality created by Missouri, governed by Missouri, and answerable to Missouri is indeed part of Missouri; that the words ‘waive or modify’ do not mean ‘completely rewrite’; and that our precedent—old and new—requires that Congress speak clearly before a department secretary can unilaterally alter large sections of the American economy," said Roberts, adding "We have employed the traditional tools of judicial decision-making in doing so."
**In his majority opinion**, Roberts, a George W. Bush appointee, **slammed Justice Elena Kagan**, an Obama appointee - who claimed that the majority was "distorting standing doctrine to create a case fit for judicial resolution," because Missouri did not suffer harm by the student loan program.
" **The statute, read as written, gives the Secretary broad authority to relieve a national emergency’s effect on borrowers’ ability to repay their student loans.** The Secretary did no more than use that lawfully delegated authority. So the majority applies a rule specially crafted to kill significant regulatory action, by requiring Congress to delegate not just clearly but also micro-specifically," wrote Kagan, adding **"Congress in broadly authorizing loan relief,** the Secretary and the President in using that authority to implement the forgiveness plan. **The majority instead says that it is theirs to decide**."
According to Roberts, "reasonable minds" may disagree with the majority, but that " **It is important that the public not be misled either**. Any such misperception would be harmful to this institution and our country."
This isn't the first time the liberal minority has taken aim at the conservative majority. As the _Epoch Times_ (https://www.theepochtimes.com/supreme-court-justice-john-roberts-says-recent-opinions-contain-disturbing-feature_5369053.html) notes;
**Justice Sonia Sotomayor, for instance, dissented from the ruling striking down (https://www.theepochtimes.com/supreme-court-strikes-down-affirmative-action-policies-at-us-colleges_5363356.html) racially discriminatory admissions policies at U.S. universities by claiming that the court was “subvert\[ing\]” the protection from the Equal Protection Clause of the U.S. Constitution’s Fourteenth Amendment.**
“Because the Court’s opinion is not grounded in law or fact and contravenes the vision of equality embodied in the Fourteenth Amendment, I dissent,” Sotomayor, an Obama appointee, wrote.
The majority had ruled that policies used by Harvard University and the University of North Carolina were unconstitutionally discriminatory. The schools themselves had admitted they discriminated against applicants who were not African American or Hispanic.
In a concurring opinion, Justice Clarence Thomas, a George W. Bush appointee, said that American society has not been, and is not, colorblind but that the U.S. Constitution’s Fourteenth Amendment requires disregarding racial distinctions.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Sun, 07/02/2023 - 17:00
https://www.zerohedge.com/political/ussc-chief-justice-roberts-slams-misleading-liberal-justices-over-disturbing-activist

2023-07-02 20:30:00

**Seymour Hersh On Prigozhin's Folly: The Russian 'Revolt' That Wasn't Strengthens Putin's Hand**
Seymour Hersh On Prigozhin's Folly: The Russian 'Revolt' That Wasn't Strengthens Putin's Hand
_Authored by Seymour Hersh via Substack,_ (https://seymourhersh.substack.com/p/prigozhins-folly)
The Biden administration had a glorious few days last weekend. **The ongoing disaster in Ukraine slipped from the headlines to be replaced by the “revolt,”** as a _New York Times_ headline put it, of Yevgeny Prigozhin, chief of the mercenary Wagner Group.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-02_09-49-09.jpg?itok=8EcFz_hh (https://cms.zerohedge.com/s3/files/inline-images/2023-07-02_09-49-09.jpg?itok=8EcFz_hh)
**The focus slipped from Ukraine’s failing counter-offensive to Prigozhin’s threat to Putin’s control.** As one headline in the _Times_ put it, “Revolt Raises Searing Question: Could Putin Lose Power? (https://www.nytimes.com/2023/06/25/world/europe/russia-war-putin-wagner-prigozhin.html)” _Washington Post_ columnist David Ignatius posed this assessment: “Putin looked into the abyss Saturday—and blinked (https://www.washingtonpost.com/opinions/2023/06/24/putin-prigozhin-russia-wagner-group-coup/).”
Secretary of State Antony Blinken—the administration’s go-to wartime flack, who weeks ago (https://seymourhersh.substack.com/p/blinkens-battle-hymn) spoke proudly of his commitment not to seek a ceasefire in Ukraine—appeared on CBS’s _Face the Nation (https://www.cbsnews.com/news/antony-blinken-secretary-of-state-face-the-nation-transcript-06-25-2023/)_ with his own version of reality: “Sixteen months ago, Russian forces were . . . thinking they would erase Ukraine from the map as an independent country,” Blinken said. “Now, over the weekend they’ve had to defend Moscow, Russia’s capital, against mercenaries of Putin’s own making. . . . It was a direct challenge to Putin’s authority. . . . It shows real cracks.”
Blinken, unchallenged by his interviewer, Margaret Brennan, as he knew he would not be—why else would he appear on the show?—went on to suggest that the defection of the crazed Wagner leader would be a boon for Ukraine’s forces, whose slaughter by Russian troops was ongoing as he spoke. “To the extent that it presents a real distraction for Putin, and for Russian authorities, that they have to look at—sort of mind their rear as they’re trying to deal with the counter offensive in Ukraine, I think that creates even greater openings for the Ukrainians to do well on the ground.”
At this point was Blinken speaking for Joe Biden? Are we to understand that this is what the man in charge believes?
**We now know that the chronically unstable Prigozhin’s revolt fizzled out within a day, as he fled to Belarus, with a no-prosecution guarantee, and his mercenary army was mingled into the Russian army. There was no march on Moscow, nor was there a significant threat to Putin’s rule.**
Pity the Washington columnists and national security correspondents who seem to rely heavily on official backgrounders with White House and State Department officials.
Given the published results of such briefings, those **officials seem unable to look at the reality of the past few weeks,** or the total disaster that has befallen the Ukraine military’s counter-offensive.
So, **below is a look at what is really going** that was provided to me by a knowledgeable source in the American intelligence community:
> _“I thought I might clear some of the smoke. **First and most importantly, Putin is now in a much stronger position.** We realized as early as January of 2023 that a showdown between the generals, backed by Putin, and Prigo, backed by ultra-nationalist extremists, was inevitable. The age-old conflict between the ‘special’ war fighters and a large, slow, clumsy, unimaginative regular army. The army always wins because they own the peripheral assets that make victory, either offensive or defensive, possible. Most importantly, they control logistics. special forces see themselves as the premier offensive asset. **When the overall strategy is offensive, big army tolerates their hubris and public chest thumping because SF are willing to take high risk and pay a high price.** Successful offense requires a large expenditure of men and equipment. Successful defense, on the other hand, requires husbanding these assets._
>
> _“ **Wagner members were the spearhead of the original Russian Ukraine offensive.** They were the ‘little green men’. When the offensive grew into an all-out attack by the regular army, Wagner continued to assist but reluctantly had to take a back seat in the period of instability and readjustment that followed. Prigo, no shy violet, took the initiative to grow his forces and stabilize his sector._
>
> _“ **The regular army welcomed the help.** Prigo and Wagner, as is the wont…
https://www.zerohedge.com/geopolitical/seymour-hersh-prigozhins-folly-russian-revolt-wasnt-strengthens-putins-hand

2023-07-02 20:00:00

**US Cities Replacing Fireworks With Drones, Citing Sustainability Concerns**
US Cities Replacing Fireworks With Drones, Citing Sustainability Concerns
This year a number of US cities are replacing traditional Fourth of July fireworks with drone shows citing fire danger and air quality concerns.
In California, firework shows in La Jolla and Ocean Beach will be replaced with high-tech drone light shows, according to NBC 7 San Diego (https://www.nbcsandiego.com/news/local/drones-replace-july-4-fireworks-in-la-jolla-and-ocean-beach-what-you-should-know/3251158/).
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-02_13-01-09.png?itok=uZeAzZTK (https://cms.zerohedge.com/s3/files/inline-images/2023-07-02_13-01-09.png?itok=uZeAzZTK)
Salt Lake City, Utah, is trying an alternative way of celebrating Independence Day with its first-ever drone show. The city's mayor, Erin Mendenhall, cited the drones will mitigate fire risk.
> _"As temperatures rise and fire danger increases, we must be conscientious of both our air quality and the potential for wildfires," Mayor Mendenhall wrote in a press release._
In neighboring Colorado, the City of Boulder has also decided to try drones this year instead of fireworks.
> _"The shift from traditional fireworks to drones was not an easy decision and based on a number of factors, including increased fire danger fueled by climate change," the City of Boulder wrote on Facebook._
More and more metro areas are going with drone shows rather than fireworks due to sustainability reasons.
As for Americans having backyard BBQ parties, they're not giving up their roman candles, mortars, firecrackers, and bottle rockets anytime soon. Americans spent $370 million on pyrotechnics from China in 2020.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/14525.jpg?itok=LMYD0Ja9 (https://cms.zerohedge.com/s3/files/inline-images/14525.jpg?itok=LMYD0Ja9)
Meanwhile...
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/25220.jpg?itok=8G5V5kdD (https://cms.zerohedge.com/s3/files/inline-images/25220.jpg?itok=8G5V5kdD)
... and then there's this.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/25231.jpg?itok=CP9TPgO8 (https://cms.zerohedge.com/s3/files/inline-images/25231.jpg?itok=CP9TPgO8)
While metro areas are switching to drone shows, red-blooded Americans will never give up bottle rockets and mortars. They're just too much damn fun until someone blows off a finger.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Sun, 07/02/2023 - 16:00
https://www.zerohedge.com/technology/us-cities-replacing-fireworks-drones-citing-sustainability-concerns

2023-07-02 19:30:00

**No, Joe, There Is No Such Thing As A "Fair Share" Of Taxes**
No, Joe, There Is No Such Thing As A "Fair Share" Of Taxes
_Authored by Brian Balfour via The American Institute for Economic Research,_ (https://www.aier.org/article/no-joe-there-is-no-such-thing-as-a-fair-share-of-taxes/)
President Joe Biden recently trotted out the well-worn progressive complaint about the rich not paying their “fair share” of taxes.
_**“It’s about time the super wealthy start paying their fair share,”**_Biden said (https://economictimes.indiatimes.com/news/international/business/joe-biden-says-rich-need-to-pay-fair-share-of-taxes/articleshow/101077109.cms?from=mdr) on June 18 to a crowd in Pennsylvania.
Claiming that billionaires “paid a lower rate than schoolteachers, than firefighters, probably anyone in this room,” Biden insisted the rich should _**“(J)ust pay your fair share, man.”**_
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-07-02_11-13-56.jpg?itok=H_nkRfLs (https://cms.zerohedge.com/s3/files/inline-images/2023-07-02_11-13-56.jpg?itok=H_nkRfLs)
**Missing from such conversations is just what exactly one’s “fair share” of taxes is, and _how_ that is determined to be fair. That’s because the notion of any objective measure of taxes as being a “fair share” is a complete illusion.**
Taxes are what citizens are compelled to pay in exchange for government services, like criminal justice, national defense, healthcare, education, and not to mention pork projects, war, and corporate welfare. Given this exchange of money for goods and services, one could plausibly compare the notion of a “fair share” of taxes to that of a “fair” or “just” price of commodities.
As Murray Rothbard points out in _Power and Market: Government and the Economy_ (https://www.amazon.com/Power-Market-Government-Murray-Rothbard/dp/0836207513), the notion of a “just price” was debated by ethicists and scholars for hundreds of years. Indeed, the history of this debate (https://www.econlib.org/library/Columns/y2020/Muellerjustprice.html) can be traced back to Aristotle, who described a “just exchange” as the trading of goods of like value while deeming as immoral the exploiting of arbitrage opportunities for profit. Thomas Aquinas, in the 13th Century, held a similar view, while allowing for profit from selling an item for more than you acquired it.
The Spanish Scholastics of the 16th and 17th centuries introduced to the debate the concept of subjective value, suggesting that the just price was in accordance with the valuation of the prospective buyer, in contrast to any objective value inherent within the good itself. This notion of subjective value largely carried into the present day. Because no such quantitative, universal measure of a just price could be agreed upon, “the only possible objective criterion for the just price is the market price” voluntarily agreed to by buyer and seller, according to Rothbard.
**In other words, ethicists and economists for centuries grappled with the concept of a “fair price” for a good or service. Finally, a consensus was reached that the only fair price is one mutually and voluntarily agreed upon by seller and buyer.**
When it comes to taxes, however, voluntary agreement is removed.
**Government imposes its arbitrarily chosen tax rates by threat of force.** Because mutual consent is removed from the transaction, **there can be no such thing as a “fair share” of taxes.**
Tax rates are largely politically motivated and arbitrarily chosen, and stacked with exemptions and penalties to help incentivize behaviors favored by the politicians writing the voluminous tax code. Regardless of the rates, there is no “fairness” to be achieved.
**Some may argue that a “fair” tax share for various income groups should be proportional to the share of income earned for those groups.** According to the Tax Foundation (https://taxfoundation.org/publications/latest-federal-income-tax-data/), however, the top one percent of income earners paid 42.3 percent of federal income taxes while earning 22 percent of the nation’s income. The top ten percent earned 49.5 percent of total income while paying nearly 74 percent of all income taxes.
The average effective income tax rate for the top ten percent was 20.3 percent, more than six times the 3.1 percent rate paid by the bottom 50 percent.
**By this measure, many could argue that the rich are paying well above their “fair share,” which is why this measure is never mentioned when Biden and company are asked to specify what a “fair share” would be.**
Complicating the concept of a “fair share” of taxes further still, to the extent the discussion is on income taxes, is that one’s income in any given year may not neatly categorize someone as “rich” or not.
**A person’s income represents merely a snapshot in time.** Of course, people…
https://www.zerohedge.com/personal-finance/no-joe-there-no-such-thing-fair-share-taxes

2023-07-01 12:45:00

**French Police Say "We're At War With Vermin" As Nationwide Riots Spread Like Cancer**
French Police Say "We're At War With Vermin" As Nationwide Riots Spread Like Cancer
Social unrest spread like cancer across French cities for a fourth consecutive night, with hundreds of buildings and vehicles set ablaze. President Emmanuel Macron's government struggled to contain the violence, which was sparked on Tuesday after a teenager was shot dead by a police officer.
In an update on Saturday, France's Interior Ministry said 2,500 fires were reported overnight. Rioters set fire to 1,350 vehicles and 235 buildings nationwide. About 1,300 people were arrested, while the government mobilized 45,000 police officers with armored vehicles to quell the violence.
According to The Telegraph (https://www.telegraph.co.uk/world-news/2023/06/30/paris-shooting-violence-nanterre-olympic-pool-nahel-france/), French police said they were "at war" with "savage hordes of vermin" on Friday night. The country's top police unions threatened revolt unless Macron's government restored law and order.
> _"Today the police are in combat because we are at war. Tomorrow we will enter resistance and the government should be aware of this," police unions said._
_Footage of the chaos overnight:_
> 🚨🇫🇷 Riots - France 🇫🇷🚨
>
> Overnight French Islamist rioters have burnt down buildings, killed, injured & even maimed French locals, looted shops, destroyed vehicles & laid waste to every major French City.
>
> These scenes will be repeated across the whole of Europe & are starting… pic.twitter.com/8mnAZlPVqi (https://t.co/8mnAZlPVqi)
>
> — Concerned Citizen (@cotupacs) July 1, 2023 (https://twitter.com/cotupacs/status/1675021309665849344?ref_src=twsrc%5Etfw)
> 😡🔥❌💔
>
> This is school. I repeat this is SCHOOL 🏫. This could be school of my kids. Why ? Why school ? This people are mentally sick 🤢 #France (https://twitter.com/hashtag/France?src=hash&ref_src=twsrc%5Etfw)#FranceProtests (https://twitter.com/hashtag/FranceProtests?src=hash&ref_src=twsrc%5Etfw)#FranceRiots (https://twitter.com/hashtag/FranceRiots?src=hash&ref_src=twsrc%5Etfw)#war (https://twitter.com/hashtag/war?src=hash&ref_src=twsrc%5Etfw)#Macron (https://twitter.com/hashtag/Macron?src=hash&ref_src=twsrc%5Etfw)#franceViolence (https://twitter.com/hashtag/franceViolence?src=hash&ref_src=twsrc%5Etfw)#UkraineWar (https://twitter.com/hashtag/UkraineWar?src=hash&ref_src=twsrc%5Etfw)pic.twitter.com/H60YTdH4YC (https://t.co/H60YTdH4YC)
>
> — Santosh Gupta (@santoshskm) July 1, 2023 (https://twitter.com/santoshskm/status/1675062999403442176?ref_src=twsrc%5Etfw)
> #FranceRiots (https://twitter.com/hashtag/FranceRiots?src=hash&ref_src=twsrc%5Etfw): A jewelry store in Marseille was ransacked & looted during the ongoing race riots part of France’s George Floyd moment following the police-shooting death of a French Algerian youth. pic.twitter.com/khFPjTTESG (https://t.co/khFPjTTESG)
>
> — Andy Ngô 🏳️‍🌈 (@MrAndyNgo) July 1, 2023 (https://twitter.com/MrAndyNgo/status/1674937509510356992?ref_src=twsrc%5Etfw)
> FRANCE RIOTS: 🇫🇷
>
> Cameras destroyed with guns in Lyon region. pic.twitter.com/0T6q3BYu1v (https://t.co/0T6q3BYu1v)
>
> — Sir Paul Alves (@StarshipAlves) July 1, 2023 (https://twitter.com/StarshipAlves/status/1675091188779458561?ref_src=twsrc%5Etfw)
> #FranceRiots (https://twitter.com/hashtag/FranceRiots?src=hash&ref_src=twsrc%5Etfw): Cars in a parking lot in Angers, France have been set on fire in attacks carried out by rioters. France is now on its fourth day of race riots by youths of immigrant background, anarchists, #antifa (https://twitter.com/hashtag/antifa?src=hash&ref_src=twsrc%5Etfw) & the far-left. pic.twitter.com/4eGtDAETJV (https://t.co/4eGtDAETJV)
>
> — Andy Ngô 🏳️‍🌈 (@MrAndyNgo) June 30, 2023 (https://twitter.com/MrAndyNgo/status/1674925533119782912?ref_src=twsrc%5Etfw)
> White people are attacked at random here in France
>
> Some attacks seems to show mutilation with machete by Muslims
>
> Everything going well here #riots (https://twitter.com/hashtag/riots?src=hash&ref_src=twsrc%5Etfw)#France (https://twitter.com/hashtag/France?src=hash&ref_src=twsrc%5Etfw)#AttackOnFrance (https://twitter.com/hashtag/AttackOnFrance?src=hash&ref_src=twsrc%5Etfw)pic.twitter.com/GzdWxF01MO (https://t.co/GzdWxF01MO)
>
> — llebou (@llebou) July 1, 2023 (https://twitter.com/llebou/status/1675006586765312000?ref_src=twsrc%5Etfw)
"Many of the protesters identify with the teenager \[shot and killed by police earlier in the week\], who has been named only as Nahel M. and who was of Algerian and Moroccan descent," The New York Times said.
Predictive programming?
> Take a look at what’s going on in France 👀
>
> They always tell you first 💥
>
> ‼️ 🇲🇫 Nearly a year ago, Netflix released its initial trailer for the film Athena about a future civil war that commences when African and Arab immigrants beg…
https://www.zerohedge.com/markets/french-police-say-were-war-vermin-nationwide-riots-spread-cancer

2023-07-01 12:10:00

**"The EU Is On The Brink Of Bankrutpcy" Says Hungary's Orbán At EU Summit**
"The EU Is On The Brink Of Bankrutpcy" Says Hungary's Orbán At EU Summit
_Via Remix News,_ (https://rmx.news/hungary/the-eu-is-on-the-brink-of-bankruptcy-says-hungarys-orban-at-eu-summit/)
The first question asked by Prime Minister Viktor Orbán in his Facebook post (https://fb.watch/lu5JxxYHjF/) is: _**“The only question everyone is asking here in Brussels is: Where has the money gone?”**_
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-30_14-03-58.jpg?itok=PCHVljZA (https://cms.zerohedge.com/s3/files/inline-images/2023-06-30_14-03-58.jpg?itok=PCHVljZA)
Orbán is currently attending the two-day summit (https://rmx.news/european-union/hungary-braces-for-stormy-eu-summit/) of EU leaders in Brussels, and one of the hottest topics is the question as to where the EU’s budget money has disappeared to. The Hungarian prime minister said that the European Commission had submitted a budget amendment (https://rmx.news/european-union/hungary-eu-budget-amendment-to-supply-ukraine-with-e50-billion-is-ill-considered/) proposal asking member states to pay tens of billions of euros.
> _**“The question arises: How did this situation come about and how did they bring the European Union to the brink of bankruptcy?”**_ Orbán asked.
> Brussels, #EUCO (https://twitter.com/hashtag/EUCO?src=hash&ref_src=twsrc%5Etfw). We want to know who is responsible for bringing the European Union to the brink of bankruptcy. Where is the money @EU\_Commission (https://twitter.com/EU_Commission?ref_src=twsrc%5Etfw) ? pic.twitter.com/va7l1ipcNy (https://t.co/va7l1ipcNy)
>
> — Orbán Viktor (@PM\_ViktorOrban) June 29, 2023 (https://twitter.com/PM_ViktorOrban/status/1674401901054500867?ref_src=twsrc%5Etfw)
Orbán also noted that the EU is demanding more money from member states, although it is only two years into its seven-year budget. **In other words, the money that was approved to be spent and was supposed to be there for the next five years has already been spent.**
> Just 2 years into the 7-year budget, #Brussels (https://twitter.com/hashtag/Brussels?src=hash&ref_src=twsrc%5Etfw) is running out of money. How did this happen? What happened to the budget? Where is the money, @EuropeanCommiss (https://twitter.com/EuropeanCommiss?ref_src=twsrc%5Etfw) ? pic.twitter.com/yENyF7jXgY (https://t.co/yENyF7jXgY)
>
> — Orbán Viktor (@PM\_ViktorOrban) June 29, 2023 (https://twitter.com/PM_ViktorOrban/status/1674349842955395073?ref_src=twsrc%5Etfw)
The prime minister then went on to list what Brussels is demanding for the budget.
> _“They want to get €50 billion from the member states to give to Ukraine, while they cannot even account for the money we have given them so far. They want more money from the member states so that they can pay the interest on the European Union loans that they have previously taken out. **These are loans that Poland and Hungary have not seen a single cent from so far**,” Orbán said._
Orbán said the EU commission is asking member states for more money for migration, not for border protection, but to bring in illegal immigrants.
_“ **Of course, they didn’t forget about their own pockets.** They are asking for billions of euros to raise the salaries of Brussels bureaucrats,” he said._
> _“The Hungarian position is clear,” he said._
>
> **_“First, we want to know what the huge amount of money we have given them so far has been spent on. Afterward, we want to know who is responsible for the fact that the European Union is on the brink of bankruptcy.”_**
Orbán is attending the summit of the Council of EU leaders on Thursday and Friday, where the main topics on the agenda are the issue of additional financial support for Ukraine, mandatory migrant quotas and shaping the EU’s policy toward China.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Sat, 07/01/2023 - 08:10
https://www.zerohedge.com/geopolitical/eu-brink-bankrutpcy-says-hungarys-orban-eu-summit

2023-07-01 03:40:00

**A State Of Martial Law: America Is A Military Dictatorship Disguised As A Democracy**
A State Of Martial Law: America Is A Military Dictatorship Disguised As A Democracy
_Authored by John and Nisha Whitehead via The Rutherford Institute,_ (https://www.rutherford.org/publications_resources/john_whiteheads_commentary/a_state_of_martial_law_america_is_a_military_dictatorship_disguised_as_a_democracy)
> **_“What country can preserve its liberties if their rulers are not warned from time to time that their people preserve the spirit of resistance?”_**
>
> _\- Thomas Jefferson_
**The government is goosestepping all over our freedoms.**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-30_13-59-56.jpg?itok=b7GEGAOB (https://cms.zerohedge.com/s3/files/inline-images/2023-06-30_13-59-56.jpg?itok=b7GEGAOB)
Case in point: America’s founders did not want a military government ruled by force. Rather, **they opted for a republic bound by the rule of law: the U.S. Constitution.**
Yet sometime over the course of the past 240-plus years that constitutional republic has been transformed into a military dictatorship disguised as a democracy.
**Most Americans seem relatively untroubled by this state of martial law.**
Incredibly, when President Biden bragged (https://www.whitehouse.gov/briefing-room/speeches-remarks/2023/06/20/remarks-by-president-biden-at-a-campaign-reception/) about how the average citizen doesn’t stand a chance against the government’s massive arsenal of militarized firepower, it barely caused a ripple.
As Biden remarked at a fundraising event in California, _“I love these guys who say the Second Amendment is—you know, the tree of liberty is water with the blood of patriots. Well, if \[you\] want to do that, **you want to work against the government, you need an F-16 (https://www.whitehouse.gov/briefing-room/speeches-remarks/2023/06/20/remarks-by-president-biden-at-a-campaign-reception/). You need something else than just an AR-15**.”_
The message being sent to the citizenry is clear: there is no place in our nation today for the kind of revolution our forefathers mounted against a tyrannical government.
**For that matter, the government has declared an all-out war on _any_ resistance whatsoever by the citizenry to its mandates, power grabs and abuses.**
By this standard, had the Declaration of Independence been written today, it would have rendered its signers extremists or terrorists, resulting in them being placed on a government watch list, targeted for surveillance of their activities and correspondence, and potentially arrested, held indefinitely, stripped of their rights and labeled enemy combatants.
**This is no longer the stuff of speculation and warning.**
For years, the government has been warning against the dangers of domestic terrorism (http://www.cnn.com/2015/02/19/politics/terror-threat-homeland-security/), erecting surveillance systems (http://www.cbsnews.com/feature/nsa-surveillance-exposed/) to monitor its own citizens, creating classification systems (https://theintercept.com/2014/07/23/blacklisted/) to label any viewpoints that challenge the status quo as extremist, and training law enforcement agencies (http://www.nytimes.com/2015/06/16/opinion/the-other-terror-threat.html) to equate anyone possessing anti-government views as a domestic terrorist.
A 2008 Army War College (http://www.rawstory.com/news/2008/Report_Military_may_have_to_quell_1229.html) report revealed that “widespread civil violence inside the United States would force the defense establishment to reorient priorities in extremis to defend basic domestic order and human security.” The 44-page report goes on to warn that potential causes for such civil unrest could include another terrorist attack, “unforeseen economic collapse, loss of functioning political and legal order (http://www.rawstory.com/news/2008/Report_Military_may_have_to_quell_1229.html), purposeful domestic resistance or insurgency, pervasive public health emergencies, and catastrophic natural and human disasters.”
Subsequent reports by the Department of Homeland Security to identify, monitor and label right-wing and left-wing activists and military veterans (http://www.dailykos.com/story/2012/8/6/1117242/-Remember-the-DHS-Right-Wing-Extremist-Report) as extremists (a.k.a. terrorists) have manifested into full-fledged pre-crime surveillance programs. Almost a decade later, after locking down the nation and spending billions to fight terrorism, the DHS concluded that the greater threat is not ISIS (http://insider.foxnews.com/2015/02/21/leaked-dhs-reports-greatest-threat-us-national-security-domestic-right-wing-extremists) but domestic right-wing extremism.
Rounding out this profit-driven campaign to turn American citizens into enemy combatants (and America into a battlefield) is a technology sector that is colluding with the government to create a Bi…
https://www.zerohedge.com/political/state-martial-law-america-military-dictatorship-disguised-democracy

2023-07-01 03:20:00

**These Industries Are Most 'At Risk' For AI Automation**
These Industries Are Most 'At Risk' For AI Automation
Since the release of tools like ChatGPT, artificial intelligence (AI) has begun to permeate industries worldwide, **transforming the way we work and live.**
To gain insight into this rapidly evolving landscape, Visual Capitalist's Marcus Lu and Sabrina Lam (https://www.visualcapitalist.com/sp/ranking-industries-by-their-potential-for-ai-automation/) \- using data from MSCI (https://www.msci.com/our-solutions/indexes/thematic-investing/) \- has ranked U.S. industries by their estimated share of employment that could be exposed to AI-driven automation.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-29_14-02-49.jpg?itok=BVyu7ogU (https://cms.zerohedge.com/s3/files/inline-images/2023-06-29_14-02-49.jpg?itok=BVyu7ogU)
Data and Highlights
This analysis comes from a March 2023 report (https://www.gspublishing.com/content/research/en/reports/2023/03/27/d64e052b-0f6e-45d7-967b-d7be35fabd16.html) published by Goldman Sachs Global Investment Research.
The authors estimated automation exposure for over 900 U.S. jobs using the O\*NET occupational database, which provides details on the types of tasks each occupation conducts. Exposure estimates were then weighted by the employment share of each occupation, and aggregated to the industry level.
IndustryEstimated Share of U.S. Employment Exposed to AI (%)Office and administrative support46%Legal44%Architecture and engineering37%Life, physical, and social science36%Business and financial operations35%Community and social service33%Management32%Sales and related31%Computer and Mathematical29%Farming, fishing, and forestry28%Protective service28%Healthcare practitioners and technical28%Educational instruction and library27%Healthcare support26%Arts, design, entertainment, sports, and media26%**All industries average****25%**Personal care and service19%Food preparation and serving related12%Transportation and material moving11%Production9%Construction and extraction6%Installation, maintenance, and repair4%Building and grounds cleaning and maintenance1%
According to these findings, “office and administrative support” will likely be the most affected by AI-driven automation at 46%. This transformation could largely impact common tasks such as data entry, scheduling meetings, and document management.
The second highest industry, “legal”, trails close behind at 44%. AI is expected to automate legal processes like contract analysis, and could even be used to anticipate court case outcomes (https://venturebeat.com/business/the-pitfalls-of-ai-that-could-predict-the-outcome-of-court-cases/).
As expected, industries that won’t be heavily impacted are those that rely heavily on manual labor, like “construction and extraction.”
**Benchmarking the Automated Future**
AI is still a very new and developing technology. How it will impact labor productivity in the future depends on its capability (how fast it improves) and adoption (how quickly people and businesses begin using it).
Adoption rates are unlikely to be the same around the world, as survey results (https://www.visualcapitalist.com/visualizing-global-attitudes-towards-ai/) have shown that some countries are more optimistic towards AI than others.
Under the most aggressive scenario, Goldman Sachs believes that AI automation could impact up to 300 million jobs globally and potentially result in a **7% increase in annual GDP** (equal to about $7 trillion).
Given AI’s massive potential for disruption, it’s more important than ever for investors to stay ahead. That’s why MSCI has created the **MSCI ACWI IMI Robotics & AI Index**, which benchmarks an investable universe of companies associated with the adoption of AI, robotics, and automation.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Fri, 06/30/2023 - 23:20
https://www.zerohedge.com/technology/these-industries-are-most-risk-ai-automation

2023-07-01 03:00:00

**Ivanka Trump Dropped As Co-Defendant In $250 Million Lawsuit**
Ivanka Trump Dropped As Co-Defendant In $250 Million Lawsuit
_Authored by Tom Ozimek via The Epoch Times (https://www.theepochtimes.com/ivanka-trump-dropped-as-co-defendant-in-250-million-lawsuit_5365265.html?utm_source=partner&utm_campaign=ZeroHedge&src_src=partner&src_cmp=ZeroHedge) (emphasis ours),_
**A New York appeals court has dismissed all claims against former President Donald Trump’s daughter Ivanka Trump in a civil lawsuit brought by Attorney General Letitia James.**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/ivanks.JPG?itok=hmlj63W2\
_Ivanka Trump speaks during the final day of the Republican National Convention from the South Lawn of the White House in Washington, on Aug. 27, 2020. (Brendan Smialowski / AFP via Getty Images)_ (https://cms.zerohedge.com/s3/files/inline-images/ivanks.JPG?itok=hmlj63W2)
The New York Appellate Division’s First Department ruled unanimously (https://www.scribd.com/document/656230660/People-of-NY-v-Trump-2023-00717#) this week to dismiss claims against Ivanka Trump because they were filed too late and she was no longer part of the Trump Organization during the relevant period.
“ **The allegations against defendant Ivanka Trump do not support any claims that accrued after February 6, 2016.** Thus, all claims against her should have been dismissed as untimely,” the judges wrote in the decision.
While the judges denied the former president’s motion to dismiss the case, they agreed to limit the time frame of some of the claims against the other defendants, barring some claims before 2016 and others before 2014.
The Trumps have denied any wrongdoing while the former president has accused James of engaging in a politically-motivated prosecution.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/GettyImages-1228232296-1200x800.jpg?itok=xCnrnUUx\
_President Donald Trump arrives, flanked by daughter and advisor Ivanka Trump and wife, first lady Melania Trump, to deliver his acceptance speech for the Republican Party nomination for reelection during the final day of the Republican National Convention from the South Lawn of the White House in Washington, on Aug. 27, 2020. (Saul Loeb/AFP via Getty Images)_ (https://cms.zerohedge.com/s3/files/inline-images/GettyImages-1228232296-1200x800.jpg?itok=xCnrnUUx)‘Witch Hunt,’ Claims Trump
James’ civil lawsuit, filed in September 2022, seeks at least $250 million in damages from Trump, his adult sons Donald Jr. and Eric, the Trump Organization and others. It also seeks to block the Trumps from operating businesses in the state of New York.
The suit accuses Trump of lying about asset values in order to secure better terms for loans and insurance
It alleges that, for about a decade between 2011 and 2021, Trump fraudulently manipulated asset valuations, including his Mar-a-Lago estate in Florida, his Trump Tower penthouse in Manhattan, and his own net worth.
James wants the Trump Organization to be barred from doing business in New York, from engaging in real estate acquisitions in the state for five years, and for Trump and his children to be barred from serving as high-level executives at any New York company.
**Trump, who is the Republican frontrunner in the 2024 presidential election, has called James’ lawsuit a politically-motivated “witch hunt” meant to thwart his bid for the White House.**
A spokesperson for the New York Attorney General’s office said in a statement to media outlets following Tuesday’s appellate court ruling that there’s enough evidence for the case to proceed against the other defendants.
“There is a mountain of evidence that shows Mr. Trump and the Trump Organization falsely and fraudulently valued multiple assets and misrepresented those values to financial institutions for significant economic gain,” a spokeswoman for James said.
“This decision allows us to hold him accountable for that fraud, and we intend to do so,” the spokesperson added.
Christopher Kise, a lawyer for the former president and most of the other defendants, said the ruling was “the first step” toward ending the lawsuit.
“The correct application of the law will now limit appropriately the previously unlimited reach of the attorney general,” he said.
“We remain confident that once all the real facts are known, there will be no doubt President Trump has built an extraordinarily successful business empire.”
_Read more **here...** (https://www.theepochtimes.com/ivanka-trump-dropped-as-co-defendant-in-250-million-lawsuit_5365265.html?utm_source=partner&utm_campaign=ZeroHedge&src_src=partner&src_cmp=ZeroHedge)_
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Fri, 06/30/2023 - 23:00
https://www.zerohedge.com/political/ivanka-trump-dropped-co-defendant-250-million-lawsuit

2023-07-01 02:00:00

**US Arming Taiwan With Volcano Mine-Laying Systems After Biden Called Xi A Dictator**
US Arming Taiwan With Volcano Mine-Laying Systems After Biden Called Xi A Dictator
Taiwan has finalized a new defense deal with the US worth $146 million to acquire **Volcano Vehicle-Launched Scatterable Mine Systems**, seen as crucial for defense of the self-ruled island in the event of a Chinese military invasion. This comes the same week the State Department announced (https://www.defensenews.com/global/asia-pacific/2023/06/30/us-state-dept-approves-440-million-ammo-logistics-deals-for-taiwan/) approval for **$440 million more in ammo and logistics deals for Taiwan**.
The pending Volcano mine-laying systems deal had first been previewed by the US Defense Security Cooperation Agency in December 2022. It additionally included M977A4 trucks, M87A1 anti-tank mines, as well as M88 and M89 training munitions.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/valcanomine.png?itok=5F2ozShs\
_A M977 HEMTT with M136 Volcano mine dispensing system. Image: US Army_ (https://cms.zerohedge.com/s3/files/inline-images/valcanomine.png?itok=5F2ozShs)
Announcement of the finalized deal is sure to provoke China, at a moment Beijing-Washington relations have hit a recent low point, amid continued fallout over the Chinese 'spy balloon' shootdown in February and Biden's recently calling Xi Jinping a "dictator". Secretary of State Antony Blinken in follow-up days ago (https://zerohedge.com/political/blinken-backs-biden-calling-xi-dictator-beijing-trip-was-bust) said he backed Biden's assessment.
Taiwan's army first proposed acquisition of the US mine-laying system in 2018, as it needed to capability for rapid deployment of anti-tank mines over a large area, **in the scenario of an amphibious landing assault**.
Among the capabilities of the Volcano system include (https://focustaiwan.tw/politics/202306290007):
- each vehicle contains 960 anti-tank/anti-personnel mines
- is capable of laying a minefield 1,100 meters long
- ...and can scatter mines 120 meters wide within four to 12 minutes
A review of the system's further specs and capabilities from a US defense industry website details the following (https://militaryleak.com/2022/12/29/us-state-department-clears-volcano-anti-tank-munition-laying-systems-sales-to-taiwan/):
> Ground Volcano is designed to **emplace large minefields in depth and tactical minefields oriented on enemy forces** in support of maneuver operations and friendly AT fire. The system consists of the M139 Dispenser used for dispensing pre-packaged mine canisters, the dispensing control unit (DCU) and mounting hardware, and is designed to be **mounted on either ground or aerial vehicles** using the same components except for the mounting hardware, which varies between fitment.
>
> Volcano is designed to be fitted to and removed from vehicles with a minimum of time and labour. The dispensing system is also designed for ease of use, to operated by personnel with a minimum of training. The ordnance used by the system is based upon a modified GATOR mine. Both live and inert (training) ordnance is available; live canisters are painted green while inert canisters are painted blue.
China has meanwhile continued its warnings aimed at Taipei and the US, on Friday sending 24 Chinese PLA jets and five naval vessels near Taiwan, in what has at this point become a weekly and almost daily exercise.
Last weekend, the Taiwanese Defense Ministry said that (https://archive.is/3IKM3) eight Chinese warplanescame close to **Taiwan’s contiguous zone**, which extends 24 nautical miles off the island’s coast--which was a true rarity and is being widely interpreted as a more severe threat, compared to the somewhat routine breaches of the Air Defense Identification Zone (ADIZ).
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Fri, 06/30/2023 - 22:00
https://www.zerohedge.com/military/us-arming-taiwan-volcano-mine-laying-systems-after-biden-called-xi-dictator

2023-07-01 01:40:00

**The Power To Define Is The Power To Rule**
The Power To Define Is The Power To Rule
_Authored by Pete McGinnis via RealClear Wire (https://realclearwire.com/articles/2023/06/29/the_power_to_define_is_the_power_to_rule_943883.html),_
**The federal legislative process is messy, slow, and littered with stumbling blocks – exactly as the Founders intended. Compromise and half-loaves are built into the system**. The public can learn what legislation is up for vote, and members can slow down the process as they represent their constituents and work on their policy priorities. The sluggish pace frustrates activist government whether on the left and the right, so the executive branch finds workarounds: agencies promulgate regulations, the president issues executive orders, and so on.
_https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/6175961.jpg?itok=DScl5ZHe (https://cms.zerohedge.com/s3/files/inline-images/6175961.jpg?itok=DScl5ZHe)_
Yet **sometimes, in order to get what it wants, the government just changes how things are defined.** The simple manipulation of language or the meaning of a word can often remove obstacles and give federal agencies what they couldn’t get through legislation.
For example, the National Academy of Sciences has proposed a new definition of poverty (https://nap.nationalacademies.org/catalog/26825/an-updated-measure-of-poverty-redrawing-the-line). Ostensibly, it wants to do this because “An accurate measure of poverty is necessary to fully understand how the economy is performing across all segments of the population and to assess the effects of government policies on communities and families.”
That’s reasonable. What’s not reasonable is the new definition’s practical impact: making millions more people eligible for welfare benefits. The U.S. could get a massive backdoor extension of the welfare state – at least $124 billion over 10 years, by one estimate (https://www.wsj.com/articles/will-biden-cross-a-line-on-poverty-national-academy-of-sciences-census-welfare-benefits-2c71c0f5) – because NAS arbitrarily wants a new definition.
With Congress closely divided, this kind of spending could be nearly impossible to pass. But if the Census Bureau adopts NAS’s proposed new definition, **the administration doesn’t need Congress.**
And NAS’s proposal is not arbitrary. Twelve of the 13 authors of the paper proposing the change “have contributed to Democratic causes or worked for Democratic administrations.” So, inside of government, shielded from oversight and public awareness, partisans want to implement a partisan scheme – and they can do it by changing a few works or numbers.
It’s a common tactic. In the first two quarters of 2022, the United States experienced negative economic growth. That had long been one of the definitions of an economy in recession. Not anymore: with midterm elections looming, the Biden administration refused to acknowledge the recession. “When you’re creating almost 400,000 jobs a month, that is not a recession, Treasury Secretary Janet Yellen (https://www.npr.org/2022/07/28/1113649843/gdp-2q-economy-2022-recession-two-quarters) said.
But job creation has not been a measure of what constitutes a recession – at least, not until it became convenient for the White House. **Yellen was adamant. “This is not an economy that’s in a recession. A recession is broad-based weakness in the economy. We’re not seeing that now,**” she said.
**Truth may be the first casualty of war, but it’s no safer during a pandemic.** This became apparent in September 2021, when the Centers for Disease Control (CDC) quietly redefined the words “vaccine” and “vaccination” on its website. As the Miami Herald explained (https://www.miamiherald.com/news/coronavirus/article254111268.html):
Before the change, the definition for “vaccination” read, “the act of introducing a vaccine into the body to produce immunity to a specific disease.” Now, the word “immunity” has been switched to “protection.”
**The term “vaccine” also got a makeover.** The CDC’s definition changed from “a product that stimulates a person’s immune system to produce immunity to a specific disease” to the current “a preparation that is used to stimulate the body’s immune response against diseases.”
Why did the CDC make these changes? Because the COVID-19 “vaccines” weren’t vaccines at all. Whatever their benefits, the shots developed and distributed in response to the pandemic did not “stimulate a person’s immune system to produce immunity to a specific disease.” Yet they were hyped as vaccines. When it became apparent that the shots weren’t doing the job of vaccines, the government decided to change the definition of what a vaccine is.
A CDC spokesperson’s attempt to explain it was singularly ineffectual: “Slight changes in wording over time … haven’t impacted the overall…
https://www.zerohedge.com/political/power-define-power-rule

2023-07-01 01:20:00

**These Are The Largest Asteroid Craters On Earth**
These Are The Largest Asteroid Craters On Earth
**June 30 marks Asteroid Day,** a day dedicated by the United Nations to raising awareness around the risks of asteroid (https://www.statista.com/chart/17453/space-collision-asteroid/) impacts.
The following chart, via Staista's Anna Fleck, (https://www.statista.com/chart/30304/estimated-diameters-of-major-asteroid-impact-structures/)uses estimates from the Asteroid Foundation’s Asteroid Day portal (https://asteroidday.org/resources/event-resources/learn-what-are-the-biggest-asteroid-impact-craters-on-earth/) to provide a round up of **eight of the largest known asteroid impact craters on Earth.**
https://cdn.statcdn.com/Infographic/images/normal/30304.jpeg (https://www.statista.com/chart/30304/estimated-diameters-of-major-asteroid-impact-structures/)
_You will find more infographics at Statista (https://www.statista.com/chartoftheday/)_
**First on the list - and the largest - is the Vredefort Crater, located not far from Johannesburg in South Africa.** The crater was formed an estimated two billion years ago and today has an estimated diameter of some 300km.
Next up, is the Chicxulub Crater, located in the Yucatán Peninsula of Mexico. The Chicxulub impactor, as the asteroid that created it was known, is presumed to have wiped out the dinosaurs some 66 million years ago. The asteroid itself is thought to have been approximately 10 km in diameter and today its impact crater is approximately 180 km across.
The Popigai Crater in northern Siberia, Russia was created some 35 million years ago and today has a diameter of approximately 100 km. According to Asteroid Day, the area is now rich in diamond reserves thanks to the region having been heavy in carbon, which turned into the precious stone under the heat and pressure of the impact.
**Three major impact craters in North America also make it onto the list:** two in Canada (the Sudbury Basin in Ontario and the Manicouagan Crater in Québec) as well as one in the United States (Chesapeake Bay in Virginia). The latter is considered one of the best-preserved “wet-target” or marine impact craters worldwide.
To get a sense of scale, according to the Asteroid Day platform, **many of these asteroid impact craters are so immense that they are only noticeable when using satellite imagery.**
**https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-30_13-50-44.jpg?itok=prBHcxI5 (https://cms.zerohedge.com/s3/files/inline-images/2023-06-30_13-50-44.jpg?itok=prBHcxI5)**
Different sources rank global craters with other metrics, for instance depending on the size of the impact crater when it was created rather than today, when it might have changed size due to erosion.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Fri, 06/30/2023 - 21:20
https://www.zerohedge.com/geopolitical/these-are-largest-asteroid-craters-earth

2023-07-01 00:40:00

**40% Of Californians Are Considering Moving To Another State Due To Cost Of Living**
40% Of Californians Are Considering Moving To Another State Due To Cost Of Living
Just when you though the exodus from California to places like Florida and Texas may have slowed....you can guess again.
That's because a recent poll called the California Community Poll (https://www.strategies360.com/landing/californiapolling/), administered at the beginning of June, showed that roughly 43% of residents in California think the state is heading in the wrong direction.
28% have mixed feelings about the direction and 28% think it is going in the right direction, a summary from Just the News/The Center Square (https://justthenews.com/nation/states/center-square/poll-4-10-californians-are-considering-leaving-due-cost-living?utm_source=justthenews.com&utm_medium=feed&utm_campaign=external-news-aggregators) reported this week. The survey interviewed 1,354 people.
56% of respondents were "totally dissatisfied" with the state's cost of healthcare and another 56% said they were dissatisfied with the cost of homes in the state. More than 50% of residents also were dissatisfied with safety in their local communities, the report says.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/newsom.jpg?itok=shiLD0TR (https://cms.zerohedge.com/s3/files/inline-images/newsom.jpg?itok=shiLD0TR)
Californians also seem to be unhappy with the state's economy, with 68% of those polled saying they were "totally dissatisfied" and a stunning 81% of respondents saying that the cost of everyday expenses was unsatisfactory.
61% of those polled also said the cost of living is the key reason that they are considering leaving the state, with about 40% of respondents saying they are considering moving to another state, even with 68% of respondents saying California is "part of how they identify themselves".
Also focused on the economy, 46% of residents surveyed said they can't pay for an unexpected expense and don't have the ability to save.
The report was quick to note that, despite the stunning response from the more than 1,300 people surveyed, many residents were "by and large" still happy to live in the state because it “brings people together around new ideas and vibrant communities.”
_So, we'll see you in Texas and Florida then, right?_
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Fri, 06/30/2023 - 20:40
https://www.zerohedge.com/markets/40-californians-are-considering-moving-another-state-due-cost-living

2023-07-01 00:20:00

**New York City Now Sheltering More Illegal Immigrants Than Homeless Citizens: Deputy Mayor**
New York City Now Sheltering More Illegal Immigrants Than Homeless Citizens: Deputy Mayor
_Authored by Ryan Morgan via The Epoch Times (https://www.theepochtimes.com/new-york-city-now-sheltering-more-illegal-immigrants-than-homeless-citizens-deputy-mayor_5362706.html?utm_source=partner&utm_campaign=ZeroHedge&src_src=partner&src_cmp=ZeroHedge) (emphasis ours),_
**New York City is now providing more shelter to non-citizens than to its own homeless resident population, according to the latest assessment from a city official.**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/id5362723-immigrant-new-york-GettyImages-1259084805-1200x800.jpg?itok=tDll_lR0\
_Illegal immigrants and their relatives take part in a family reunion event in Queens, New York, on June 25, 2023. (Yuki Iwamura/AFP via Getty Images)_ (https://cms.zerohedge.com/s3/files/inline-images/id5362723-immigrant-new-york-GettyImages-1259084805-1200x800.jpg?itok=tDll_lR0)
At a Wednesday press conference, New York City Deputy Mayor For Health and Human Services Anne Williams-Isom said the city is currently sheltering more than 100,000 people, the majority of whom are illegal immigrants and other non-citizens who are seeking to stay in the United States for the long-term.
“ **With over 50,000 asylum seekers currently in our care at this point, we now have more people seeking U.S. asylum than longtime unhoused New Yorkers in our shelter system**,” New York City Williams-Isom said.
Many of the non-citizens being sheltered in the city are people who illegally crossed the U.S. southern border but made asylum claims or otherwise requested legal status in the U.S. and are now awaiting a ruling in their immigration cases.
Since last year, Republican Texas Gov. Greg Abbott has been busing illegal immigrants away from his border state to other areas of the country; particularly Democratic districts like New York City that have designated themselves as immigration “sanctuary cities.” New York City has been one of the main receiving points for tens of thousands of these illegal immigrants and many have stayed in the city since their arrival.
**Williams-Isom called the ratio of illegal immigrants to resident homeless people in the city’s shelter system “sobering.”** She said New York City has taken in 81,200 illegal immigrants and asylum seekers since the Spring of 2022, including “2,500 new asylum seekers” in the past week.
“You see from today’s numbers that we have reached a tipping point,” she said. “We now have more asylum seekers in our care than longtime New Yorkers from when we first came in and who are in our existing \[New York City Department of Homeless Services\] system.
NYC Mayor’s Shelter Strategy
Williams-Isom said New York City has opened 176 new shelter sites, including 12 humanitarian relief sites since last spring, but indicated the city has virtually exhausted its capacity to shelter people.
“We will continue to do our part. I might say we’re doing more than our part,” she said on Thursday. “But this is a national humanitarian crisis and we need sustained and profound support from the federal government in the form of financial aid and in the form of a national coordination.”
**Following a 1984 court decision known as the “Callahan consent decree,”** New York City has had to provide shelter for virtually all homeless people who apply. Last month, New York City Mayor Eric Adams requested that a court suspend (https://www.ntd.com/nyc-mayor-eric-adams-asks-to-suspend-right-to-shelter-rule-citing-illegal-immigrant-influx_921469.html) this “Right to Shelter” rule. New York City is also one of many locations throughout the U.S. that consider themselves “sanctuary cities,” meaning they do not cooperate with federal immigration authorities that might arrest or deport illegal immigrants.
Abbott has said his busing strategy has shone a spotlight on the hypocrisy of sanctuary cities that balk at the prospect of having to actually take, and share responsibility for, illegal immigrants.
In May, Adams began trying to relocate some illegal immigrants from New York City to neighboring areas of New York, with a commitment to cover the costs of their shelter, food, counseling, and other services for up to four months. Many of these neighboring communities have rejected the relocation efforts (https://www.ntd.com/nyc-mayor-begins-busing-migrants-to-neighboring-communities-prompting-backlash-emergency-declarations_918202.html), even issuing emergency declarations to block Adams’ administration from busing illegal immigrants to their communities.
Earlier this month, the Adams administration filed a lawsuit against 30 New York counties, seeking a court order overriding any emergency orders blocking his efforts to move illegal immigrants to those neighboring communit…
https://www.zerohedge.com/political/new-york-city-now-sheltering-more-illegal-immigrants-homeless-citizens-deputy-mayor

2023-07-01 00:00:00

**A Coup Within The World's Largest Nuclear Power? Sounds Good To The Biden Admin**
A Coup Within The World's Largest Nuclear Power? Sounds Good To The Biden Admin
_Submiited by Liam Cosgrove_,
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/Image.jpeg?itok=mLm7PXXa (https://cms.zerohedge.com/s3/files/inline-images/Image.jpeg?itok=mLm7PXXa)
Whether or not what transpired over the weekend was a legitimate coup attempt or strategic theater by Wagner leader Yevgeny Prigozhin **, it was understood by the western press and US government to be an attempted coup**. This article will operate under that assumption to scrutinize the first-order thinking displayed by many hawkish pundits and Biden officials.
**There were reports that Prigozhin occupied — in under 24 hours — Rostov-on-Don on Saturday.** This city is the headquarters for Russia’s Southern Military District. Just 60 miles from the border of this district is the Engels-2 airbase, home to several (https://www.timesofisrael.com/blasts-rock-two-russian-bases-one-housing-nuclear-capable-bombers/) long-range nuclear bombers. Considering the proximity between these nukes and Russia’s most notorious mercenary, this should have been a wake-up call to the Biden administration.
Still, at Monday’s State Department briefing, the administration seemed unphased if not a little pleased by the coup:
> A supposed "coup" in the world's largest nuclear power resolved peacefully.
>
> While State Dept seemed to welcome Prigozhin's revolt, it refused to engage questions from The Grayzone's @cosgrove\_iv (https://twitter.com/cosgrove_iv?ref_src=twsrc%5Etfw) on the dangers of Russia's nuclear arsenal falling into the Wagner leader's hands. pic.twitter.com/6t3RreCrAe (https://t.co/6t3RreCrAe)
>
> — The Grayzone (@TheGrayzoneNews) June 27, 2023 (https://twitter.com/TheGrayzoneNews/status/1673509380602339333?ref_src=twsrc%5Etfw)
**The reaction came just one week after President Biden warned (https://www.zerohedge.com/news/2023-06-22/biden-admin-pressed-reckless-escalation-us-involvement-ukraine) a group of California donors that the threat of Putin using a nuclear bomb is "real."** Prigozhin’s main gripes with Russia’s top military brass is that they haven’t been aggressive enough in their fight, saying (https://news.yahoo.com/prigozhin-says-wagnerites-no-longer-024943884.html) earlier this year that his mercenary group would not be taking any more prisoners of war and would instead “kill everyone on the battlefield.”
This man could have commandeered part of the Russian nuclear arsenal over the weekend… and that’s a good thing?
**While State Department Spokesman Matthew Miller withheld his excitement, other “experts” were not so coy.** Stanford professor and former US ambassador to Russia Michael McFaul celebrated the chaos over the weekend, saying it proved that the West should get even more aggressively involved in the war:
> Instead of doubling down with more force to crush the mutiny, Putin accepted humiliation instead. He was the rat trapped in the corner that so many Putinologists have told us to fear. But he didn't lash out & go crazy. He negotiated & with a traitor. 4/
>
> — Michael McFaul (@McFaul) June 25, 2023 (https://twitter.com/McFaul/status/1672930752785448961?ref_src=twsrc%5Etfw)
**This really sums up the neocon mindset.** After miraculously averting what could have been an existential crisis (civil war in a country with 6,0000 nuclear warheads) and with minimal bloodshed, McFaul’s instinctual emotional response is not gratitude and relief but greed and self-assurance, which he immediately uses to further his interventionist dogma. Like someone with a gambling addiction, he thinks: _Great, I didn’t lose on that hand. Surely I can win a couple more while I’m hot_.
Here was the analysis of ”no comment” (https://twitter.com/TheGrayzoneNews/status/1668732465635119106) Paul Massaro from the The Commission on Security and Cooperation in Europe:
> russia is weaker than ever
>
> — Paul Massaro (@apmassaro3) June 24, 2023 (https://twitter.com/apmassaro3/status/1672676644731990018?ref_src=twsrc%5Etfw)
This reaction may take the cake. **It’s Peter Ziehan — the guy whose appeal is his ability to discuss geopolitics with the factual rigor and vocal inflections of a gossiping housewife — calling the coup “delicious”:**
I cannot not sum up the establishment’s reaction to the weekend’s events any better than venture capitalist David Sacks, whose long-form tweet (https://twitter.com/DavidSacks/status/1672716197379596295) from Saturday evening I’ll include in full below:
**_What’s better: negotiated peace or nuclear chaos?_**
_It looks like the crisis in Russia is abating after many premature predictions, dunks, and celebrations. We’ve come to expect such behavior from mids like Kinzinger, but the participation of so many more serious American policy makers and …
https://www.zerohedge.com/geopolitical/coup-within-worlds-largest-nuclear-power-sounds-good-biden-admin

2023-06-30 23:40:00

**We Are All Chinese Now**
We Are All Chinese Now
_By Russell Clark, author of the Capital Flows and Asset Markets substack (https://www.russell-clark.com/p/we-are-all-chinese-now?utm_source=post-email-title&publication_id=553073&post_id=131864001&isFreemail=false&utm_medium=email)_
When I managed money, I never worried too much about politics or politicians. I didn’t even bother with central bankers much either (can you imagine!). They would always promise inflation - but were never able to deliver it. There was one big exception to this, which was China.
_https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/chinese%20soldier.jpg?itok=eugX6nyb (https://cms.zerohedge.com/s3/files/inline-images/chinese%20soldier.jpg?itok=eugX6nyb)_
Whatever the Chinese government said it was going to do, it generally did. But even then, I thought ultimately Chinese policymakers would eventually succumb to free market forces, particularly in terms of the exchange rate - but here I was wrong. A closed capital account, and control of the banking system has made Chinese Yuan exchange rate a policy choice as well. For equity investors, the clearest example of Chinese policy affecting assets is China deciding that “big tech” had too much power and needed to have its wings clipped. The difference in performance gets starker every day.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/hang%20seng%20vs%20nasdaq.jpg?itok=faA3oPpH (https://cms.zerohedge.com/s3/files/inline-images/hang%20seng%20vs%20nasdaq.jpg?itok=faA3oPpH)
What I originally thought was that Chinese changes in policy would act as an example for the rest of the world. That China would lead a worldwide swing against pro-capital policies to pro-labour policies. We have seen that to a degree - and certainly I think inflation and interest rates are going to go higher. My favourite trade, Long GLD and Short TLT still appeals to me.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/gold%20tlt.jpg?itok=S3dsjenD (https://cms.zerohedge.com/s3/files/inline-images/gold%20tlt.jpg?itok=S3dsjenD)
But what I am seeing in currency markets suggest government policy is having a greater effect on assets markets everywhere. Ever since Nixon left the gold standard, generally the world has been moving to free floating exchange rates, determined by market forces. And this force was by and large irresistible - where nations like Mexico, Argentina, Thailand, Korea, Malaysia all eventually forced to free floating exchange rates - and ultimately devalued. Japan had the opposite problem where it spent years trying to devalue, but could not. That has changed in recent years. One traditional very safe trade in currency world was to short the Mexican Peso vs the US dollar. It had a fairly consistent trend of moving sideways for a number of years, and then devaluing to a new lower level, and never recapturing its old value. True to form, Mexico devalued during Covid, but has been appreciating ever since. From a low of 25 Peso to the US dollar during Covid, it now at 17 Peso to the dollar. The Peso has strengthened against the US dollar in an era of US dollar strength. It has also achieved this in a period of relative commodity weakness, which historically has been bad for the Peso.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/mexican%20peso.jpg?itok=PCaT8F1a (https://cms.zerohedge.com/s3/files/inline-images/mexican%20peso.jpg?itok=PCaT8F1a)
The corollary to the unexpected strength of the Peso, and been the sustained weakness in the Yen. This was for many years, the antithesis of the Peso. Bouts of yen strength, that then proved difficult to reverse, but moving ever stronger versus the US dollar. Last two years, the Yen has weakened significantly.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/japanese%20yen.jpg?itok=S1tzIOx0 (https://cms.zerohedge.com/s3/files/inline-images/japanese%20yen.jpg?itok=S1tzIOx0)
On a pure macro view, with Japan and commodity importer, and Mexico a commodity exporter, I would have expected the Yen to strengthen against the Peso, given the weakness in oil prices. I would have been wrong.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/yen%20to%20peso.jpg?itok=CfXMxkx9 (https://cms.zerohedge.com/s3/files/inline-images/yen%20to%20peso.jpg?itok=CfXMxkx9)
A better way to analyse the Mexican peso and the Yen would have been politically. The President of Mexico, Andres Manuel Lopez Obrador (AMLO) is definitely a president on the left - favouring labour over capital. In my view, pro-labour governments push for rising wages, and rising interest rates to preserve the buying power of the exchange rate. Bank of Mexico interest rate policy is about as far away as you can get from the QE addicted Western World.
https://assets.ze…
https://www.zerohedge.com/economics/we-are-all-chinese-now

2023-06-30 23:20:00

**Pornhub Blocks Virginia-Based IP Addresses Ahead Of New Age Law**
Pornhub Blocks Virginia-Based IP Addresses Ahead Of New Age Law
Virginia is the latest state to adopt an age-verification law, known as SB 1515 and proposed by Republican state Sen. William M. Stanley Jr., for the internet's biggest adult websites, including Pornhub. Even before the law went into effect on Saturday, Pornhub blocked users in the state.
Users with Virginia-based IP addresses are no longer able to browse the world's most trafficked porn site. According to The Virginian-Pilot (https://www.pilotonline.com/2023/06/29/pornhub-blocks-access-to-virginia-users-in-response-to-new-age-verification-law/), users are greeted with this message:
> _"As you may know, your elected officials in Virginia are requiring us to verify your age before allowing you access to our website._
>
> _"While safety and compliance are at the forefront of our mission, **giving your ID card every time you want to visit an adult platform is not the most effective solution for protecting our users,** and in fact, will put children and your privacy at risk."_
The statement continues and says the new law doesn't properly enforce the age verification requirement. Pornhub offered a solution to protect children: "Identify users by their device and allow access to age-restricted materials and websites based on that identification."
"As we've seen in other states, \[requiring ID\] just drives traffic to sites with far fewer safety measures in place. Very few sites are able to compare to the robust Trust and Safety measures we currently have in place," the statement reads, adding, "To protect children and user privacy, any legislation must be enforced against all platforms offering adult content."
> Here’s the current landing page for PornHub if you live in Virginia.
>
> Proud of the work we’ve done at @approject (https://twitter.com/approject?ref_src=twsrc%5Etfw) to help make this happen. This is a no-brainer to protect kids. Let’s get this done in all 50 states! pic.twitter.com/RUXFAoNBGw (https://t.co/RUXFAoNBGw)
>
> — Jon Schweppe (@JonSchweppe) June 30, 2023 (https://twitter.com/JonSchweppe/status/1674582681483444233?ref_src=twsrc%5Etfw)
"Until a real solution is offered, we have made the difficult decision to completely disable access to our website in Virginia," wrote Pornhub.
... and this is certainly not going to be well received by Virginian users. Blocking access to Pornhub might result in enough angry phone calls and emails to Gov. Glenn Youngkin's office.
However, a spokeswoman for the governor told media outlet WRIC (https://www.wric.com/news/virginia-news/pornhub-blocks-access-in-virginia-over-new-age-verification-law/#:~:text=The%20law%20taking%20effect%20July,through%20the%20Virginia%20General%20Assembly.) that they stand behind the new law:
> _"The governor remains committed to protecting Virginia's children from dangerous material on the internet."_
According to Free Speech Coalition (https://action.freespeechcoalition.com/age-verification-bills-proliferating-across-the-u-s/), a non-profit adult industry trade association, its 'Age Verification Bill Tracker (https://action.freespeechcoalition.com/age-verification-bills/)' shows Louisiana had the first age requirements for adult websites that went into effect in January. Since then, a tidal wave of bills and enforcements has swept across the country.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-30_14-53-45.png?itok=jGs1Hc3K (https://cms.zerohedge.com/s3/files/inline-images/2023-06-30_14-53-45.png?itok=jGs1Hc3K)
The tracker shows Utah's age requirement law went into effect on May 5 (https://www.zerohedge.com/political/pornhub-blocks-access-utah-after-state-passes-new-age-verification-law), Mississippi and Virginia on July 1, Arkansas on July 31, Arizoinz (if passed) on August 1, Texas on September 1, and Montana on January 1, 2024.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-30_14-39-12.png?itok=aOgo6nkd (https://cms.zerohedge.com/s3/files/inline-images/2023-06-30_14-39-12.png?itok=aOgo6nkd)
"It's not a matter of if these laws will be ruled unconstitutional but when," Free Speech Coalition's spokesperson Mike Stabile told WRIC. He noted:
> _"Adult content–even material harmful to minors– is First Amendment-protected speech and the Supreme Court has ruled repeatedly that restrictions on its production and consumption face the highest legal bar: strict scrutiny."_
Pornhub is gambling on its users, exerting enough political pressure on Youngkin's administration to overturn the law. If unsuccessful, the company might see market share in the state dwindle to other sites.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Fri, 06/30/2023 - 19:20
https://www.zerohedge.com/technology/virginia-based-ip-addresses-will-be-blocked-pornhub-saturday-unless-government-id-shown

2023-06-30 06:00:00

**Germany's Ruling SPD Party Ready To Talk WWII Reparations With Poland**
Germany's Ruling SPD Party Ready To Talk WWII Reparations With Poland
_Authored by Olivier Bault via Remix News,_ (https://rmx.news/article/exclusive-germanys-ruling-spd-ready-to-talk-wwii-reparations-with-poland/)
**Germany’s ruling Social Democrats (SPD) are ready to “solve” the issue of war reparations with Poland,** according to Arkadiusz Mularczyk, the Polish deputy foreign affairs minister in charge of the issue of war reparations, who spoke to Remix News’ Olivier Bault during a meeting in Warsaw yesterday.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-29_15-06-31.jpg?itok=iJHNW5Sh (https://cms.zerohedge.com/s3/files/inline-images/2023-06-29_15-06-31.jpg?itok=iJHNW5Sh)
Mularczyk was informed that in the Olaf Scholz-led coalition government, the **SPD at least “understands the problem and wants to solve it in some way in a formula of dialogue with Poland.”**
Scholz himself belongs to the SPD, and the German party’s agreement that the issue needs to be addressed could mark a major turning point in the ongoing reparations saga. Poland made headlines in 2022 when it **estimated Germany owed Poland up to €1.5 trillion due to material and humanitarian losses during the Second World War**; however, Germany has dismissed the claims in the past.
During the interview with Mularczyk, which we will soon publish in full regarding the “Report on the Losses Sustained by Poland as a Result of German Aggression and Occupation During the Second World War” (https://instytutstratwojennych.pl/en/abridged-war-report) and the accompanying demands from Germany for financial compensation estimated at 6.6 trillion zlotys, which equates to €1.4-1.5 trillion euros, Mularczyk said:
> _“There was a series of meetings with German MPs, in Warsaw, with MPs of the Polish-German friendship group, but also in Berlin, with a number of German parliamentarians. The largest was a meeting at the German Council on Foreign Relations, DGAP, where there was a group of at least a dozen parliamentarians. Recently, I sent a letter to all members of the Bundestag and Bundesrat on this issue, and you will be the first to know that I’ve just received a thank you from the Coordinator of German-Polish Intersocietal and Cross-Border Cooperation at the Federal Foreign Office in the coalition government of Chancellor Olaf Scholz, Dietmar Nietan, writing on behalf of the SPD, that they understand the problem and want to solve it in some way in a formula of dialogue with Poland and also with me.”_
**Although it is unclear how far the dialogue will go, Germany has stated in the past that the matter of reparations to Poland is “settled.”** However, Poland has pressed the issue, using a variety of diplomatic and political means to force Germany to address Poland’s catastrophic losses during the Second World War.
After Germany signaled it would not pay reparations, Mularczyk stated (https://rmx.news/article/poland-issues-ultimatum-to-germany-over-e1-3-trillion-in-wwii-reparations/) in 2022:
> _**“Now, Germany has a choice: Either it sits down with Poland at the negotiating table, or we will raise the issue in all international forums — in the UN, in the Council of Europe and in the European Union.”**_
In December 2022, Mularczyk stated that he had appealed to the secretary general of the Council of Europe for assistance with Poland’s reparations claim for damages incurred by Germany during the Second World War. At that time, Mularczyk stated that Germany had so far refused to engage in a discussion about compensation.
**In the past, Germany has pointed to the 1953 agreement with Poland’s then communist rulers, who relinquished all reparation demands due to pressure from the Soviet Union, which wanted to free East Germany from liabilities.**
However, Poland contends that the agreement is invalid because Poland never received fair compensation and because it was made under duress. Additionally, says Mularczyk, there is no official document or bilateral agreement confirming the Polish communist government’s decision to relinquish all reparation demands, nor was such a decision published in the official bulletin of the Polish People’s Republic at that time.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Fri, 06/30/2023 - 02:00
https://www.zerohedge.com/geopolitical/germanys-ruling-spd-party-ready-talk-wwii-reparations-poland

2023-06-30 03:40:00

**Escobar: What Happens In Russia After 'The Longest Day'?**
Escobar: What Happens In Russia After 'The Longest Day'?
_Authored by Pepe Escobar via The Cradle,_ (https://thecradle.co/article-view/26461/what-happens-in-russia-after-the-longest-day)
_**Following Wagner’s ‘rebellion’ – which was nothing more than a blatant coup attempt, and a PR stunt demonstrated by Prighozin’s top-notch theatrics – NATO and the Collective West’s excitement over the possibility of Russia descending into chaos and civil war were quickly turned into utter disappointment.**_
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-29_14-12-27.jpg?itok=zo6a4wsu (https://cms.zerohedge.com/s3/files/inline-images/2023-06-29_14-12-27.jpg?itok=zo6a4wsu)
The first draft (https://strategic-culture.org/news/2023/06/26/when-the-lightning-of-history-strikes-better-cut-to-the-chase-in-our-first-draft/) of the extraordinary events that took place in Russia on The Longest Day – Saturday, June 24 – leads us to a whole new can of worms.
**The Global Majority badly wants to know what happens next. Let’s examine the key pieces in the chessboard.**
Foreign Minister Sergei Lavrov is cutting to the chase: he has reminded everyone that the Hegemon’s modus operandi is to back coup attempts whenever it can benefit. This dovetails with the fact that the FSB is actively investigating whether and how Western intel was involved in The Longest Day.
President Putin could not have been more unequivocal:
> “They \[the West and Ukraine\] wanted Russian soldiers to kill each other, so that soldiers and civilians would die, so that in the end Russia would lose, and our society would break apart and choke on bloody civil strife (…) They rubbed their hands, dreaming of getting revenge for their failures at the front and during the so-called counter-offensive, but they miscalculated.”
**Cue to the collective West – from Secretary of State Anthony Blinken on down – frantically trying to distance itself even as the CIA leaked, via its trademark mouthpiece, the _Washington Post_, that they knew about “the rebellion.”**
The agenda was painfully obvious: Kiev losing on all fronts would be ritually buried by wall-to-wall coverage of the fake Russian “civil war.”
**There’s no smoking gun – yet. But the FSB is following several leads to demonstrate how the “the rebellion” was set up by CIA/NATO.** The spectacular failure makes the upcoming NATO July 11 summit in Vilnius even more incandescent.
The Chinese, much like Lavrov, also cut to the chase: the Global Times asserted that the idea of “Wagner’s revolt weakening Putin’s authority is wishful thinking of the West,” with the Kremlin’s “strong capacity of deterrence” further increasing its authority. That’s exactly the reading of the Russian street.
The Chinese reached their conclusion after a crucial visit by Deputy Minister of Foreign Affairs Andrei Rudenko, who promptly flew to Beijing on Sunday, June 25. This is how the iron-clad strategic partnership works in practice.
**“The rebellion” as a P.R. stunt**
Arguably the best explanation so far of the nuts and bolts of The Longest Day has been offered (https://globalsouth.co/2023/06/26/the-prigogine-mutiny-intermediate-finish/)by Rostislav Ischenko.
**The Global Majority will rejoice that Prighozin’s theatrics, in the end, left the collective West dazed, confused, and shattered: wasn’t the whole thing supposed to unleash total chaos inside Russian society and the army?**
Even as the fake, lightning-quick “mutiny” was in progress, Russia continued to pound Kiev’s forces – which, by the way, were spinning that the main phase of the “counter-offensive” was being launched exactly on June 24 at night. That was, predictably, yet another bluff.
Back to the Russian street. “The rebellion” – inbuilt in a very convoluted plot – in the end was widely interpreted as just another military demonstration (by master of ceremonies Prighozin, not by the overwhelming majority of Wagner soldiers). **“The rebellion” turned out to be a Western P.R. stunt, a series of (ultimately faded) pictures for global consumption.**
But now things are bound to get way more serious.
**Lavrov, once again, pointed to the role being played by the ever-self-aggrandized Le Petit Roi, Emmanuel Macron, right up there with the United States: “Macron clearly saw in the developments an opportunity to realize the threat of Ukraine dealing Russia a strategic blow, a mantra NATO leaders have been holding onto.”**
So just like Kiev and the collective Western media, Lavrov added, Macron remains part of a single “machine” working against Moscow. That ties up with Putin, who stated of Macron’s Sunday intervention that “the entire Western military, economic and information machine has been set in motion against us.”
And that’s a fact.
**Betting on …
https://www.zerohedge.com/geopolitical/escobar-what-happens-russia-after-longest-day

2023-06-30 03:20:00

**Fentanyl Responsible For 80% Of Overdose Deaths Under 24 In US**
Fentanyl Responsible For 80% Of Overdose Deaths Under 24 In US
Of the **296 million users of illegal drugs (https://www.statista.com/topics/3088/drug-use-in-the-us/#topicOverview)** worldwide in 2021, **60 million were taking opioids** like morphine, codeine or heroin.
As Statista's Florian Zandt reports (https://www.statista.com/chart/30287/share-of-drug-overdose-deaths-involving-synthetic-opioids-in-total-drug-overdose-deaths-in-the-us/), according to the latest United Nations World Drug Report (https://www.unodc.org/unodc/en/data-and-analysis/world-drug-report-2023.html), **only cannabis usage is more prevalent albeit, of course, not really resulting in overdose deaths**.
As he shows in the chart below, based on CDC data (https://nida.nih.gov/research-topics/trends-statistics/overdose-death-rates), synthetic opioids like fentanyl have become associated with the majority of overdose mortality.
https://cdn.statcdn.com/Infographic/images/normal/30287.jpeg (https://www.statista.com/chart/30287/share-of-drug-overdose-deaths-involving-synthetic-opioids-in-total-drug-overdose-deaths-in-the-us/)
_You will find more infographics at Statista (https://www.statista.com/chartoftheday/)_
**Out of the more than 106,000 registered cases of deaths by overdose in 2021, a little over 70,000 or two thirds were directly related to synthetic opioids, the most prevalent of which is fentanyl.** The drug is said to be 50 times more potent than heroin and is easy and cheap to manufacture since it's not tied to a crop base like more traditional opioids like heroin.
**The picture gets even more dire in the teenage and young adult age bracket.** Here, 80 percent of the 7,426 overdose deaths can be ascribed to synthetic opioids (https://www.statista.com/topics/3403/the-opioid-epidemic-in-the-us/#topicOverview), with the connected cases increasing almost sixfold between 2015 and 2021.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-27_12-04-39.jpg?itok=mH9g32zd (https://cms.zerohedge.com/s3/files/inline-images/2023-06-27_12-04-39.jpg?itok=mH9g32zd)
Globally, usage of opioids has been relatively stable since 2019, with reported users even going down from 62 million in the year before the coronavirus pandemic. The global prevalence percentage stood at 1.2 for 2021, with only three regions clocking in significantly higher at percentages of 3.3 (North America), 3.2 (Near and Middle East/South-West Asia) and 2.4 (Oceania).
**The further development of usage numbers might be impacted by whether the Taliban government in Afghanistan (https://www.statista.com/topics/1620/afghanistan/#topicOverview) fully enforces its drug ban enacted in 2021.** According to a special UN report, opium poppy farmers generated $1.4 billion in sales in 2022 with the current crop being largely exempt from the ban and the handling of future harvests uncertain. Experts now fear that drug users might turn to more readily available synthetic opioids if the supply from the Asian country dries up. Around 80 percent of global opiate users are supplied by products manufactured from the Afghan opium poppy.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Thu, 06/29/2023 - 23:20
https://www.zerohedge.com/medical/fentanyl-responsible-80-overdose-deaths-under-24-us

2023-06-30 03:00:00

**BRICS On The March**
BRICS On The March
_Via GEFIRA,_ (https://gefira.org/en/2023/06/28/brics-on-the-march/)
**More and more countries have aspired to belong to BRICS since 2009, but none from the West.**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-29_14-05-33.jpg?itok=NJzXNfsl (https://cms.zerohedge.com/s3/files/inline-images/2023-06-29_14-05-33.jpg?itok=NJzXNfsl)
**The BRICS countries represent 40% of the world population and 25% of the global GDP.**
Thanks to BRICS, China can impose its vision of international cooperation and Russia can show that it will not be isolated on the stage of global players.
**The group is a thorn in the side of the Americans all the more so that a dozen other developing countries (marked in orange on the map below) want to join the current five countries of the alliance (red).**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-29_14-17-56.jpg?itok=0MGzBM1R (https://cms.zerohedge.com/s3/files/inline-images/2023-06-29_14-17-56.jpg?itok=0MGzBM1R)
_Source: Silkroadbriefing_
**What America certainly doesn’t like is the fact that French President Macron communicated the other day his interest in attending meetings of the alliance.** France in BRICS would be a trigger for profound changes in the geopolitical landscape. We bet that Turkey can also join soon, which, like the case of France, will weaken the importance of the UN as a purely Anglo-Saxon project and that of NATO. Indeed, the BRICS countries are against the UN’s attempts to link the issues of climate with the issues of security, and France in BRICS can return to the de Gaullean concepts of foreign policy outside NATO.
**A challenge to cohesion in BRICS is the large disparity in countries’ capacities (in favor of China) and the members’ focus on cooperation with the PRC, which results in a smaller number of relationships among the other partners.** However, the main factor that has weakened the BRICS in recent years is the deterioration of relations between the largest member states, China and India, since 2017. Border and trade disputes culminated in the clashes on the Ladakh border in June 2020, which almost led to the cancellation of the BRICS summit in the same year and prompted India to deepen cooperation with the United States and the EU.
Now, **the West’s involvement in the war in Ukraine is reviving anti-Western sentiments, not only in the BRICS countries.**
Indeed, it is clear to more and more countries that the war was provoked by NATO’s excessive expansion.
The **BRICS politicians also want to fight inflation** whose cause they perceive not in the Russian attack but in the Western sanctions.
Whether you are pro-Western, pro-Russian, or in favor of the New Silk Road, **it is better for all of us to live in a multi-polar world rather than to have all the strings pulled on the Potomac.**
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Thu, 06/29/2023 - 23:00
https://www.zerohedge.com/markets/brics-march

2023-06-30 02:20:00

**"Try Again": Sens Hawley, Braun Demand Biden Admin Turn Over More COVID Origins Info After Evasive Response**
"Try Again": Sens Hawley, Braun Demand Biden Admin Turn Over More COVID Origins Info After Evasive Response
_Authored by Ryan Morgan via The Epoch Times (https://www.theepochtimes.com/try-again-sens-hawley-braun-demand-biden-admin-turn-over-more-covid-origins-info-after-evasive-response_5359401.html?utm_source=partner&utm_campaign=ZeroHedge&src_src=partner&src_cmp=ZeroHedge) (emphasis ours),_
**Sens. Josh Hawley (R-Mo.) and Mark Braun (R-Ind.) are demanding that President Joe Biden’s administration provide more details about the origins of COVID-19** after releasing a 10-page report describing potential links between the origins of the virus and work at a Chinese virology laboratory in 2019.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/hawley_1.jpg?itok=k-QyNLGb\
_Sen. Josh Hawley (R-Mo.) speaks during a Senate Homeland Security Subcommittee on Emerging Threats and Spending Oversight on Capitol Hill in Washington on Aug. 3, 2022. (Drew Angerer/Getty Images)_ (https://assets.zerohedge.com/s3fs-public/inline-images/hawley_1.jpg?itok=k-QyNLGb)
In March, Congress passed, and Biden signed a law (https://www.theepochtimes.com/biden-signs-bill-to-declassify-covid-origin-intelligence-on-wuhan-lab_5137128.html) known as the COVID-19 Origin Act of 2023 that required the Biden administration to release “any and all information” relating to potential links between the Wuhan Institute of Virology (WIV) in Wuhan, China, and the origin of COVID-19. **The law set a June 18 deadline to declassify and “make available to the public as much information as possible.”**
Hawley and Braun sent a reminder letter to Biden on June 14, but his administration still missed the June 18 deadline to declassify and publicly release the COVID-19 origins documents. The Office of the Director of National Intelligence (ODNI) instead published a 10-page document (pdf) five days late on the evening of June 23.
The 10-page document included a one-page coversheet, a one-page table of contents, and a three-page appendix of terms used throughout the report. The five remaining pages of the report stated that the WIV worked “with several viruses, including coronaviruses, but no known viruses that could plausibly be a progenitor of SARS-CoV-2.”
The report also described how several WIV researchers fell ill in the fall of 2019 and said these researchers possessed some symptoms consistent with COVID-19 and some symptoms considered “not consistent” with COVID-19.
“ **The COVID-19 Origin Act calls for a full declassification, not Cliffs Notes to cover for \[Dr. Anthony Fauci\] and protect China,”** Braun wrote in a Monday press statement.
“ **The report released today by the DNI is totally insufficient.** The bill Senator Hawley and I passed was to ‘declassify \*any and all\* information relating to potential links between the Wuhan Institute of Virology and the origin of COVID-19’ including several specific requests related to researchers’ names and their activities at the Wuhan lab. Our bill was passed unanimously by a Democrat Senate and a Republican House and signed by President Biden.
“This 9 page DNI report is 5 pages of titles and dictionary definitions, with only 4 pages of actual information, most of which is vague or already reported. The report contains no actual documents. The American people deserve the facts, not more half truths and politics,” Braun added.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/Wuhan-Institute-of-Virology-GettyImages-1230938269-1200x798.jpg?itok=KvFD4a64\
_Security personnel stand outside the Wuhan Institute of Virology in Wuhan in China’s central Hubei province on Feb. 3, 2021. (Hector Retamal/AFP via Getty Images)_ (https://cms.zerohedge.com/s3/files/inline-images/Wuhan-Institute-of-Virology-GettyImages-1230938269-1200x798.jpg?itok=KvFD4a64)‘Failed to Comply’
Braun and Hawley reiterated their disappointment in a letter to Avril Haines, who is Biden’s director of national intelligence.
“\[The COVID-19 Origins Act\] required the Director of National Intelligence to ‘declassify any and all information’ relating to links between the Wuhan Institute of Virology and the origin of COVID-19,” the senators wrote in a letter they first shared with Fox News.
“You failed to comply with both requirements. The deadline was June 18, 2023. Well past the statutory deadline, your office published a declassified report after business hours on June 23.”
Braun and Hawley concluded that ODNI “obviously” has more information about the origins of COVID-19 and the WIV than the five-page summary would suggest. They also accused the Biden administration of showing deference toward China.
**“You—and the rest of the Administration—appear to be refusing to provide inform…
https://www.zerohedge.com/political/try-again-sens-hawley-braun-demand-biden-admin-turn-over-more-covid-origins-info-after

2023-06-30 02:00:00

**$100 Billion "Profound Economic Shift" Has Reshaped Southern US**
$100 Billion "Profound Economic Shift" Has Reshaped Southern US
Thanks to a **flood of transplants during the pandemic**, six southern states have been growing at **breakneck speed** \- as approximately **$100 billion in new income in 2020 and 2021** have begun to reshape the southern US.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/jacksonvillefl.jpg?itok=w3Q9dKm9\
_Jacksonville, FL_ (https://assets.zerohedge.com/s3fs-public/inline-images/jacksonvillefl.jpg?itok=w3Q9dKm9)
To wit, Florida, Texas, Georgia, the Carolinas and Tennessee **are now contributing more to the national GDP than the Northeast** \- which bled out about $60 billion during the same period, according to _Bloomberg_ (https://www.bloomberg.com/news/features/2023-06-29/millions-move-to-the-south-as-us-economy-favors-its-wealth-job-opportunities), citing government figures going back to thew 1990s.
" **The switch happened during the pandemic and shows no signs of reverting**," write _Bloomberg_'s Michael Sasso and Alexandre Tanzi.
Since early 2020, **the Southeast has accounted for more than 2/3 of all job growth in the US**, nearly doubling its pre-pandemic share, and making it home to **10 of the 15 fastest-growing large cities in America**.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/us%20power.JPG?itok=B2-BQxOD (https://cms.zerohedge.com/s3/files/inline-images/us%20power.JPG?itok=B2-BQxOD)
And as regular readers already know (https://www.zerohedge.com/economics/more-companies-join-great-migration-red-states), **corporations have also been flocking to the southern US (https://www.zerohedge.com/markets/billionaire-bets-south-florida-amid-nyc-wealth-exodus)**, which (for now) enjoys a lower cost of living and a higher quality of life.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/sunbel.JPG?itok=3i28hj5O (https://cms.zerohedge.com/s3/files/inline-images/sunbel.JPG?itok=3i28hj5O)
For example, Dun & Broadstreet, founded 182 years ago and up until recently headquartered in Short Hills, New Jersey, **moved to Jacksonville, Florida in 2021** \- in order to take advantage of a $100 million package of cash and tax incentives. D&B CFO Bryan Hipsher told _Bloomberg_ that the company would have gladly stayed in the New York area, but the Florida offer was too good to refuse.
"You feel very wanted, right?" Hipsher told the outlet. "You feel very welcomed, clearly."
> _**The average employee here has an annual salary of $77,000, 25% above the national level**, and well outstripping most local salaries. Still, many roles pay roughly 15% below the average at the former New Jersey headquarters._
>
> _**Jacksonville grew so fast that it surpassed (https://www.census.gov/newsroom/press-releases/2023/subcounty-metro-micro-estimates.html) San Jose in population last year.** Good schools, including University of Florida an hour and a half away, help provide a high-quality employee base, Hipsher said. Today the firm is still busy hiring — it’s a little less than halfway to its goal of 500 workers. -Bloomberg_
Meanwhile, **the Mayo Clinic's Jacksonville branch is growing along with the city** \- with a new oncology building under construction, and the addition of 2,400 employees to bring the total in the area to 9,000 - part of the **2.2 million people who have migrated to Florida and across the Southeast over the past two years**.
"You could throw a dart anywhere at a map of the South and hit somewhere booming," said Mark Vitner, a retired longtime economist for Wells Fargo who now heads his own economic consultancy, Piedmont Crescent Capital, in Charlotte, North Carolina.
**JPMorgan Chase CEO Jamie Dimon** says the company now has more employees in Texas than New York state, telling Bloomberg TV "it shouldn't have been that way."
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bill.JPG?itok=x1RmVE3X (https://cms.zerohedge.com/s3/files/inline-images/bill.JPG?itok=x1RmVE3X)
As far as the **South Atlantic coast is concerned** \- including Charleston, SC, **signs of explosive growth continue**.
According to 47-year-old Beth Woods, who moved from Mount Olive NJ to the Charleston suburb of Mount Pleasant during the pandemic, **life is much better** **now.**
"You could get your hair done, your nails done, you could basically live your life. And it has lower property taxes here, too," she said.
59-year-old Rosemary Taibi concurred. She had her husband dropped their property taxes by **$14,000 per year** moving from Randolph, New Jersey.
"It's a big difference," she said.
**The move has big political impacts as well**.
> _**For now, more people translate into more congressional seats and more political power on the national scene**. Over the past five decades, 12 states in the Southeast including Texas col…
https://www.zerohedge.com/economics/100-billion-profound-economic-shift-has-reshaped-southern-us

2023-06-30 01:40:00

**Mearsheimer Warns Of 'The Darkness Ahead': Where The Ukraine War Is Headed**
Mearsheimer Warns Of 'The Darkness Ahead': Where The Ukraine War Is Headed
_Via John Mearsheimer's Substack,_ (https://mearsheimer.substack.com/p/the-darkness-ahead-where-the-ukraine)
**This paper examines the likely trajectory of the Ukraine war moving forward.**
**https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-29_13-50-36.jpg?itok=EzL0qA9r (https://cms.zerohedge.com/s3/files/inline-images/2023-06-29_13-50-36.jpg?itok=EzL0qA9r)**
I will address two main questions.
- **First, is a meaningful peace agreement possible?**
**My answer is no.** We are now in a war where both sides – Ukraine and the West on one side and Russia on the other – see each other as an existential threat that must be defeated. Given maximalist objectives all around, it is almost impossible to reach a workable peace treaty. Moreover, the two sides have irreconcilable differences regarding territory and Ukraine’s relationship with the West. The best possible outcome is a frozen conflict that could easily turn back into a hot war. The worst possible outcome is a nuclear war, which is unlikely but cannot be ruled out.
- **Second, which side is likely to win the war?**
**Russia will ultimately win the war, although it will not decisively defeat Ukraine.** In other words, it is not going to conquer all of Ukraine, which is necessary to achieve three of Moscow’s goals: overthrowing the regime, demilitarizing the country, and severing Kyiv’s security ties with the West. But it will end up annexing a large swath of Ukrainian territory, while turning Ukraine into a dysfunctional rump state. In other words, Russia will win an ugly victory.
Before I directly address these issues, three preliminary points are in order. For starters, I am attempting to predict the future, which is not easy to do, given that we live in an uncertain world. Thus, I am not arguing that I have _the_ truth; in fact, some of my claims may be proved wrong. Furthermore, I am not saying what I would like to see happen. I am not rooting for one side or the other. I am simply telling you what I think will happen as the war moves forward. Finally, I am not justifying Russian behavior or the actions of any of the states involved in the conflict. I am just explaining their actions.
Now, let me turn to substance.
**Where We Are Today**
To understand where the Ukraine war is headed, it is necessary to first assess the present situation. It is important to know how the three main actors – Russia, Ukraine, and the West – think about their threat environment and conceive their goals. When we talk about the West, however, we are talking mainly about the United States, since its European allies take their marching orders from Washington when it comes to Ukraine. It is also essential to understand the present situation on the battlefield. Let me start with Russia’s threat environment and its goals.
_**Russia’s Threat Environment**_
It has been clear since April 2008 that Russian leaders across the board view the West’s efforts to bring Ukraine into NATO and make it a Western bulwark on Russia’s borders as an existential threat. Indeed, President Putin and his lieutenants repeatedly made this point in the months before the Russian invasion, when it was becoming clear to them that Ukraine was almost a de facto member of NATO.
Since the war began on 24 February 2022, the West has added another layer to that existential threat by adopting a new set of goals that Russian leaders cannot help but view as extremely threatening. I will say more about Western goals below but suffice it to say here that the West is determined to defeat Russia and knock it out of the ranks of the great powers, if not cause regime change or even trigger Russia to break apart like the Soviet Union did in 1991.
In a major address Putin delivered this past February (2023), he stressed that the West is a mortal threat to Russia. “During the years that followed the breakup of the Soviet Union,” he said, “the West never stopped trying to set the post-Soviet states on fire and, most importantly, finish off Russia as the largest surviving portion of the historical reaches of our state. They encouraged international terrorists to assault us, provoked regional conflicts along the perimeter of our borders, ignored our interests and tried to contain and suppress our economy.” He further emphasized that, “The Western elite make no secret of their goal, which is, I quote, ‘Russia’s strategic defeat.’ What does this mean to us? This means they plan to finish us once and for all.” Putin went on to say: “this represents an existential threat to our country.”
Russian leaders also see the regime in Kyiv as a threat to Russia, not just because it is closely allied with the West, but also because they see it as the offspring of the fascist Ukrainian…
https://www.zerohedge.com/geopolitical/mearsheimer-warns-darkness-ahead-where-ukraine-war-headed

2023-06-30 01:20:00

**Demographic Change Accelerates In The US**
Demographic Change Accelerates In The US
According to a recent release by the 2020 Census (https://www.census.gov/library/stories/2023/05/aging-united-states-population-fewer-children-in-2020.html?utm_campaign=20230525msacos1ccstors&utm_medium=email&utm_source=govdelivery), **demographic change has accelerated in the United States in the past 10 years**. Especially the group of those aged 65 years and older has grown more quickly, the data shows.
While **in the year 2010, 12.8 percent of Americans were 65 years or older,**Statista's Katharina Buchholz notes (https://www.statista.com/chart/30301/share-of-under-15-over-65-year-olds-us/) that had **jumped up by 4 percentage points to 16.8 percent as of 2020**.
https://cdn.statcdn.com/Infographic/images/normal/30301.jpeg (https://www.statista.com/chart/30301/share-of-under-15-over-65-year-olds-us/)
_You will find more infographics at Statista (https://www.statista.com/chartoftheday/)_
**In previous decades, the relative size of the age group had remained more stable.**
At the same time, the share of Americans under the age of 25 took a bigger dip than usual, decreasing by 2.8 percentage points to 31.5 percent of the population. Previously, changes in the cohort size had stayed below 1 percentage point per decade.
Major changes to age groups are not unprecedented in the U.S. as numbers from the 1990 Census (compared to the 1980 Census) show. Between the two installments of the count, the last big cohorts of the Baby Boomer generation, which were born around the year 1960, aged out of the under-25 demographic, resulting in a major drop of of young people in the country by more than 5 percentage points. At the same time, the number of those 65 years or older increased. This was due to the larger pre-war age groups born before 1925 having hit their retirement age by 1990. However, the increase was smaller at 1.3 percentage points, even then showcasing the immense demographic power of the Baby Boomers that is now again being felt.
**United States is only at the beginning of its journey towards demographic change (https://www.statista.com/topics/9409/demographics-in-the-us/).**
The world's most prominent aging society, Japan, already counted a 28.5 percent share of residents (https://www.statista.com/topics/776/population/) who were 65 or older in 2020, while Italy, Greece, Germany and Finland were looking at more than 22 percent each for this metric. (https://www.census.gov/library/stories/2023/05/2020-census-united-states-older-population-grew.html?utm_campaign=20230525msacos1ccstors&utm_medium=email&utm_source=govdelivery)
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Thu, 06/29/2023 - 21:20
https://www.zerohedge.com/personal-finance/demographic-change-accelerates-us

2023-06-30 01:00:00

**National Geographic Magazine Lays Off Remaining Staff Writers: Report**
National Geographic Magazine Lays Off Remaining Staff Writers: Report
_Authored by Katabella Roberts via The Epoch Times,_ (https://www.theepochtimes.com/national-geographic-magazine-lays-off-remaining-staff-writers-report_5363487.html)
**Disney-owned National Geographic magazine has laid off the last of its staff writers and replaced them with freelancers,** according to reports, making it the latest media outlet to slash jobs amid an uncertain economic environment.
Following job cuts earlier this year, just 19 members of the editorial department had remained at the publication, according (https://www.washingtonpost.com/media/2023/06/28/national-geographic-staff-writers-laid-off/) to The Washington Post. The remaining staff members were reportedly notified of the upcoming terminations back in April.
**The latest layoffs are the second within months as parent company Disney looks to cut costs.** Back in September, the award-winning Washington-based magazine also reportedly (https://www.washingtonpost.com/media/2022/09/05/national-geographic-magazine-editors-layoffs/) laid off six top editors who specialized in an array of popular topics such as travel, science, and the environment.
A spokesperson for the publication confirmed the latest departures in a statement (https://www.thewrap.com/national-geographic-lays-off-last-19-staff-writers/) to TheWrap but stopped short of stating exactly how many staffers were let go.
> _“National Geographic will continue to publish a monthly magazine that is dedicated to exceptional multi-platform storytelling with cultural impact,” the spokesperson said._
>
> _“Staffing changes will not change our ability to do this work, but rather give us more flexibility to tell different stories and meet our audiences where they are across our many platforms. **Any insinuation that the recent changes will negatively impact the magazine, or the quality of our storytelling, is simply incorrect,**” they continued._
Multiple writers also confirmed their departure from the publication on Twitter, including Senior writer Craig Welch, who tweeted (https://twitter.com/CraigAWelch/status/1674038159322275841?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1674038159322275841%7Ctwgr%5Ebdf64335c2a38c28e6d1a6ccbd88a4c9f357d9a1%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.thewrap.com%2Fnational-geographic-lays-off-last-19-staff-writers%2F) that National Geographic is “laying off all of its staff writers.”
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-29_11-59-44.jpg?itok=BTbiGCEN (https://cms.zerohedge.com/s3/files/inline-images/2023-06-29_11-59-44.jpg?itok=BTbiGCEN)
_Gilbert M. Grosvenor managed National Geographic magazine that offered windows to the world from explorations of space to ocean depths. (Ralf Liebhold/Shutterstock)_
Staffers Confirm Departures
Welch confirmed he is among those to depart.
> _“I’ve been so lucky. I got to work with incredible journalists and tell important, global stories. It’s been an honor,” he wrote._
Elsewhere, former writer Nina Strochlic tweeted (https://twitter.com/NinaStrochlic/status/1674093898732556290) that it had been an “epic run,” adding that she and her colleagues had been “unbelievably lucky to be the last-ever class of staff writers.”
Douglas Main, a senior writer and editor at the publication, also took to Twitter to share about his departure from the publication.
> _“National Geographic is laying off its staff writers, including me. It’s been a wonderful five years—an honor and a joy. Very proud of the work that my colleagues and I have done here,” he wrote (https://twitter.com/Douglas_Main/status/1673760405301100544), adding “We were informed about this a while ago.”_
**Going forward, assignments will be contracted by freelancers or pieced together by the remaining editors,** The Washington Post reports. The latest job cuts also eliminated the magazine’s small audio department, the publication said.
Additionally, National Geographic will no longer be sold on newsstands throughout the United States starting next year as part of further cost-cutting measures, according to the Washington Post.
The Epoch Times has contacted National Geographic for further comment.
**National Geographic had just under 1.8 million subscribers at the end of 2022,** according to the Alliance for Audited Media.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-29_12-04-06.jpg?itok=1yZflnvS (https://cms.zerohedge.com/s3/files/inline-images/2023-06-29_12-04-06.jpg?itok=1yZflnvS)
_The CNN center is seen in downtown Atlanta, Ga., on Oct. 16, 2021. (Daniel Slim/AFP via Getty Images)_
More Media Layoffs
**The magazine is predominantly owned by Disney, which acquired a majority stake in the publication in 2019 as part of …
https://www.zerohedge.com/political/national-geographic-magazine-lays-remaining-staff-writers-report

2023-06-30 00:40:00

**The State Of Global Peace**
The State Of Global Peace
The 2023 edition of theGlobal Peace Index (https://www.visionofhumanity.org/wp-content/uploads/2023/06/GPI-2023-Web.pdf)released by The Institute for Economics and Peace has found that **global peacefulness (https://www.statista.com/topics/3512/global-megatrends/) has declined for the 13th time in the last 15 years**.
It ranks peace levels using 23 qualitative and quantitative indicators across 163 independent states and territories, covering 99.7 percent of the world's population. This time around, **peace has deteriorated in 79 countries while the situation has improved in 84.**
As Statista's Katharina Buchholz reports (https://www.statista.com/chart/18339/countries-ranked-by-peace-level/), **Iceland (https://www.statista.com/topics/3079/iceland/) was once again the top-ranked country for peace in 2023, a position it has held since 2008**. It is joined at the top of the index by New Zealand, Ireland, Denmark, Austria and Singapore. By contrast, the United States only managed to land in spot 131. Afghanistan was at the very bottom of the index, preceded by Yemen and Syria.
https://cdn.statcdn.com/Infographic/images/normal/18339.jpeg (https://www.statista.com/chart/18339/countries-ranked-by-peace-level/)
_You will find more infographics at Statista (https://www.statista.com/chartoftheday/)_
**Kazakhstan, Oman and Cote d'Ivore gained the most ranks this year compared to 2022.** Kazakhstan had been on the most deteriorated list last year after violent unrest, but gained back its losses. Eswatini, on the other hand, appeared among the biggest losers for the second year in a row among violence that is accompanying anti-monarchy protests. (https://www.theguardian.com/world/2023/jan/24/eswatini-of-pro-democracy-activist-prompts-outrage) While not among the biggest risers, India appeared in the "medium" category after having previously been listed as "low".
**The current conflict in Ukraine had the country fall 17 spots into rank 153 in 2022 and further into rank 157 in 2023.**
As Ukraine had been ranked poorly for years due to the conflict in Eastern Ukraine that preceeded the Russian invasion, other countries deteriorated more on the index.
**The nations losing the most ranks in 2023 were Ecuador, Equatorial Guinea and Sri Lanka.**
The latter country lost its status as one of 2022's fast climbers as an successful security and anti-terrorism agenda was followed by economic decline, violent protests and the ouster of the government last July.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Thu, 06/29/2023 - 20:40
https://www.zerohedge.com/geopolitical/state-global-peace

2023-06-28 23:20:00

**French Fighter Jet Intercepts 'Polish Barry Seal' As Pilot Dumps Cocaine**
French Fighter Jet Intercepts 'Polish Barry Seal' As Pilot Dumps Cocaine
On Saturday, a French fighter jet intercepted a small aircraft in southeast France. As the jet neared, the pilot began dumping bags of suspected cocaine from the plane, according to Agence France-Presse (https://www.theguardian.com/world/2023/jun/28/pilot-dumps-drugs-rural-france-intercepted-fighter-jet).
The single-seater tourist plane flew in the remote Ardèche region when the pilot breached highly restricted airspace around a nuclear power plant. AFP said the French Air Force dispatched a Dassault Rafale to intercept the small aircraft that was "judged to be maneuvering suspiciously."
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/dassault-rafale-b-of-the-french-air-force-royalty-free-image-1586806376.jpg?itok=eout8F1U (https://cms.zerohedge.com/s3/files/inline-images/dassault-rafale-b-of-the-french-air-force-royalty-free-image-1586806376.jpg?itok=eout8F1U)
A military spokesperson said the fighter pilot "witnessed very erratic behavior in the cockpit (of the tourist plane), real agitation." Over a few minutes, what happened next is like a scene from Tom Cruise's film "American Made" when the actor portrayed cocaine smuggler Barry Seal.
The fighter pilot said the man opened the plane door and tossed out packages. Investigators found 15 packages on the ground containing about 66 pounds (or 30kg) of 'white power.'
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-28_16-04-55.png?itok=m6GlJXh- (https://cms.zerohedge.com/s3/files/inline-images/2023-06-28_16-04-55.png?itok=m6GlJXh-)
AFP said investigators are analyzing the white powder, and we're sure the suspected trafficker, a Polish national with a past drugs offense, wasn't dangerously flying around with baby powder...
Separately, the latest global cocaine trends were released by the United Nations Office on Drugs and Crime on Monday. They found a "prolonged surge in both supply and demand of cocaine (http://new), which is now being felt across the globe and is likely to spur the development of new markets beyond the traditional confines."
That may be why French authorities seized a record 156.7 tons of drugs last year. As for the 'Polish' version of Barry Seal... We can only imagine.
**Here's a clip from American Made.**
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Wed, 06/28/2023 - 19:20
https://www.zerohedge.com/markets/polish-barry-seal-dumped-suspected-cocaine-plane-over-france-while-chased-fighter-jet

2023-06-28 23:00:00

**The Left And Their Union Masters**
The Left And Their Union Masters
_Authored by Aaron White via RealClear Wire (https://realclearwire.com/articles/2023/06/26/the_left_and_their_union_masters_942932.html),_
**If political rhetoric was subject to the same rigid labeling standards American manufacturers are expected to meet, liberals would have to call themselves something else.**
_https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/biden%20mic.JPG?itok=FkR1Of4g (https://cms.zerohedge.com/s3/files/inline-images/biden%20mic.JPG?itok=FkR1Of4g)_
The term was undoubtedly test-marketed to evoke the image of someone more broadminded and generally more tolerant of others’ points of view.
Does that describe any leftist you know?
When liberals claim to prize diversity above virtually any other commodity, they’re referring only to differences in things that don’t matter and, by their own admission, human beings are born to be. **Things like race, gender and sexual orientation.**
**Opinions and actions, on the other hand, are fair game for the most soul-crushing forms of discrimination.**
If that sounds like an exaggeration, you haven’t ventured onto a college campus or spent time on social media platforms, whose sole purpose is to quash viewpoints with which those in power disagree.
Less obvious to the naked eye, unfortunately, is perhaps the single-largest funding source for this toxic ideology — organized labor in general and government employee unions in particular.
**Because the whole idea of collective bargaining** is based on excusing a relative handful of union members from the forces of supply and demand with which unorganized workers must contend, **it only follows that union leaders would be suspicious, at best, of America’s market-driven economy**. But at least those representing workers in the private sector understand their demands must be tempered by the employer’s need to earn profits.
**Government employee unions, however, recognize no such constraints.**
Members of groups like the Service Employees International Union (SEIU), the American Federation of State, County and Municipal Employees (AFSCME) and teachers’ unions like the National Education Association (NEA) and the American Federation of Teachers (AFT) are paid by tax dollars funneled through public employees’ paychecks. Consequently, leaders of their unions have a vested interest in growing the size and scope of government, regardless of how that impacts the rest of us.
Unlike their peers in the real world, government union leaders know they aren’t dependent on the goodwill of millions of consumers, so they generally don’t care about whether their membership agrees with their stances. And if they don’t agree, they rely on bullying strategies to stop them from leaving and the overall size of government growing. So they focus on working with greedy politicians who can raise the taxes needed to advance a liberal agenda that has nothing whatsoever to do with workers’ pay or working conditions.
For example:
- At the height of the COVID pandemic, leaders of the United Teachers of Los Angeles (UTLA) **demanded (https://nypost.com/2020/07/13/la-teachers-union-wants-more-money-by-defunding-the-police/) the defunding of law enforcement and universal Medicare in return for returning to the classroom**;
- The NEA used its 2020-21 annual conference to debate a pair of resolutions expressing the group’s public support for Palestinian statehood and condemn (https://www.nationalreview.com/news/nations-largest-teachers-union-to-consider-resolution-condemning-israels-ethnic-cleansing-of-palestinians/) Israel’s “ethnic cleansing” of Palestinians;
- AFT President Randi Weingarten has used her union to wage a massive assault (https://www.foxnews.com/media/randi-weingarten-calls-gun-confiscation-courage-australia-new-zealand) on the Second Amendment — including outright weapon confiscation — **saying the U.S. must follow “what other great democracies” have done to ban guns;**
- Under President Mary Kay Henry, the SEIU in 2022 partnered (https://19thnews.org/2022/05/seiu-president-mary-kay-henry-climate-care/) with the Green New Deal Network for a series of protests to present a united front on climate legislation **as they urged Congress to pass President Biden’s bloated “Build Back Better” proposal** before the midterms; and,
- Declaring that “racial, social and economic equality are top priorities for AFSCME,” the union in 2018 adopted Resolution 51 (https://www.afscme.org/members/conventions/resolutions-and-amendments/2016/resolutions/racial-justice-and-public-safety), calling for, among many things, “bias training, which helps identify built-in prejudices.”
The Left has long accused conservative political candidates and causes of being funded by huge, faceless corporate interests — a notion thoroughly invalidated, incidentally, via such companies An…
https://www.zerohedge.com/political/left-and-their-union-masters

2023-06-26 16:00:00

**OPEC Sees Global Oil Demand Surging 23% By 2045**
OPEC Sees Global Oil Demand Surging 23% By 2045
_Authored by Irina Slav via OilPrice.com,_ (https://oilprice.com/Energy/Energy-General/OPEC-Sees-Global-Oil-Demand-Surging-23-By-2045.html)
- The Secretary General of OPEC sees oil demand rising to 110 million barrels per day by 2045, an 23% increase from current level.
- The forecast comes in the wake of a prediction from the IEA that demand growth will slow dramatically and peak demand is looming.
- Both the IEA and OPEC see oil demand being driven by Asia in the observable future, but the groups appear to differ on the impact of EVs and other technologies.
**Crude oil demand is set to rise to 110 million barrels daily by 2045, which would be a 23% increase from current levels.**
This is what the Secretary General of OPEC, Haitham al Ghais, said today, as quoted (https://www.reuters.com/business/energy/opec-sees-global-oil-demand-rising-110-mln-bpd-by-2045-2023-06-26/) by Reuters.
The forecast comes a week after the International Energy Agency predicted (https://www.iea.org/news/growth-in-global-oil-demand-is-set-to-slow-significantly-by-2028) oil demand growth will slow in the next few years, shrinking from 2.4 million bpd this year to 400,000 barrels daily in 2028, with peak demand in sight.
**The IEA’s bearish forecast was driven by a view that the accelerated deployment of electric vehicles, higher fuel efficiency, and “other technologies” would hurt demand growth.**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-26_1ttopxujph.jpg?itok=IcxcB8o5 (https://cms.zerohedge.com/s3/files/inline-images/2023-06-26_1ttopxujph.jpg?itok=IcxcB8o5)
**OPEC, it appears, begs to differ.**
What the two seem to agree on is that Asia, and China and India in particular, will drive global oil demand for the observable future.
However, even that growth may be undermined by electric vehicles, according to a recent report by China’s National Petroleum Corporation, or CNPC. The research arm of the state-owned major forecasted (https://www.reuters.com/markets/commodities/china-2023-oil-demand-growth-seen-slower-35-year-cnpc-research-2023-06-20/) that oil demand growth this year would be lower than previously expected because of the increase in EV sales.
Yet that increase in sales is not a certainty. In fact, Beijing recently had to extend tax breaks for EV buyers to stimulate flagging sales. Initially set to be phased out this year, the subsidies were extended to the end of 2027. The total tax savings for buyers could reach $72 billion, according to CNBC (https://www.cnbc.com/2023/06/22/chinas-new-ev-subsidies-might-not-be-enough-to-bolster-slowing-growth.html).
**The IEA sounded a warning note about EV sales in its report, too.**
> _“Growth in EV sales can only be sustained if charging demand is met by accessible and affordable infrastructure, either through private charging in homes or at work, or publicly accessible charging stations,” the agency said in its report from earlier this month._
Demand for oil from the petrochemicals industry, meanwhile, is seen to continue strong over the medium term by most forecasters, even if EVs begin to undermine demand for fuels.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Mon, 06/26/2023 - 12:00
https://www.zerohedge.com/energy/opec-sees-global-oil-demand-surging-23-2045

2023-06-26 15:40:00

**Prigozhin Remains Defiant In First Audio Message Explaining Mutiny**
Prigozhin Remains Defiant In First Audio Message Explaining Mutiny
Will Wagner mercenary firm continue to exist or not? Does more punishment or possible future imprisonment await Prigozhin, **or will he merely lead his private army from a posh hotel in Minsk?** Will Wagner remain active as a significant fighting force on the Ukraine battlefield? These are some of the big questions that remain unclear after the shocking weekend turmoil set in motion by Prigozhin. But what is clear is that he's still defending his actions as necessary, while hitting out once again at the Russian Defense Ministry and top leadership.
The Wagner founder and chief has on Monday **issued his first full explanation of his actions** which began Friday, setting off Russia's first major internal crisis of the Ukraine war, which was met with denunciations of 'treason' and 'armed mutiny' by President Putin as well as the top military commanders.
Geopolitical analyst Dmitri Alperovitch has offered a hasty translation (https://twitter.com/DAlperovitch/status/1673341994804838402) and paraphrase of the about 11-minute audio message (https://t.me/concordgroup_official/1304) posted to Wagner's Telegram channel. Alperovitch concludes of the new message, **"Prigozhin remains defiant and proud of his action. Certainly not acting like a man who had been defeated."** And there is "no word about his current whereabouts."
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/wgnerandputin.jpg?itok=CkfRf85X (https://cms.zerohedge.com/s3/files/inline-images/wgnerandputin.jpg?itok=CkfRf85X)
First, some key takeaways via _Bloomberg_:
- March toward Moscow showed serious security problems in the country, he said in a recording released on Telegram that didn’t specify from where he was speaking
- Prigozhin said he launched march **because he wanted to preserve Wagner as a military group and not come under the command of the Defense Ministry**
- Belarusian President Alexander Lukashenko helped find a negotiated solution to the weekend’s events, he confirms
The translation (https://twitter.com/DAlperovitch/status/1673341994804838402) and quick paraphrase of Prigozhin's new audio message explaining his rebellion can be viewed below \[emphasis ZH\]...
\\* \\* \\*
Prigozhin confirms that the mutiny was **all about Shoigu’s June 10th order to dissolve PMCs like Wagner**. Again says that there was a missile attack on the camp on Friday and that **30 Wagner personnel were killed**.
Claims his objective of the march was not to show aggression (ed: strange way of showing it). The columns had **marched for 780 km**. He says no one was killed… on the ground (and the pilot losses are not his fault - they provoked him).
Says Wagner column **suffered 2 KIAs** (but says they were not their personnel but MoD personnel that had joined them), as well as several wounded.
Prigozhin: ' **The goal of the march was not to let PMC Wagner be dissolved** and to bring accountability to military leadership for the mistakes made in the war'.
Prigozhin: We stopped when we realized there would be a battle and lots of losses near Moscow. We determined that the demonstration up to that point was sufficient.
Prigozhin: Our decision to turn around was based on 2 factors:
> 1\. **We didn’t want to spill Russian blood**(ed: you did)
>
> 2\. We went on a protest demonstration, **not to overturn power in the Kremlin**.
Prigozhin: Lukashenko offered a solution to preserve Wagner (ed: as I said, this is all about his business interests with Wagner).
> ⚡️Belarusian sources are claiming that Prigozhin was seen at the Green City Hotel in Minsk. Let’s wait for some paparazzi pics🫠 pic.twitter.com/r8ERVrHxXC (https://t.co/r8ERVrHxXC)
>
> — War Monitor (@WarMonitors) June 26, 2023 (https://twitter.com/WarMonitors/status/1673318434170437636?ref_src=twsrc%5Etfw)
Prigozhin: In 24 hours Wagner covered the same distance that the Russian forces could have covered on February 24, 2022 to Kyiv and Uzgorod (one of the western most towns in Ukraine) - **if they had been as prepared as Wagner, the war could have been over in a day**.
Prigozhin: Russian citizens were **greeting us with Russian and Wagner flags**. They were ecstatic to see us and continue to write to us even now. Some are disappointed that we stopped because they saw in our march support for the fight against government bureaucracy.
Prigozhin remains defiant and proud of his action. Certainly not acting like a man who had been defeated. No word about his current whereabouts.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Mon, 06/26/2023 - 11:40
https://www.zerohedge.com/geopolitical/prigozhin-remains-defiant-first-audio-message-explaining-mutiny

2023-06-26 15:25:00

**Pfizer Plunges After Halting Development Of Obesity-Drug On Safety Concerns**
Pfizer Plunges After Halting Development Of Obesity-Drug On Safety Concerns
Pfizer - best known for rushing through a covid gene-therapy mRNA injection which had little impact on actually preventing infection, i.e. acting like a "vaccine", but left the injectee with potentially deadly undisclosed side-effects - is halting early development of a weight-loss drug on _safety concerns,_ sparking investor fears about another experimental treatment for diabetes and obesity.
The drugmaker will halt all work on lotiglipron following data from phase 1 clinical trials and lab measurements which showed elevated levels of enzymes called transaminases from an ongoing mid-stage study, according to a statement Monday. The enzymes play a key role in liver function. None of the patients reported liver side effects or symptoms, Pfizer said, but Pfizer is known for saying a lot of things that aren't true... allegedly.
Pfizer's retreat from a space that is considered by most to be "the AI of healthcare", i.e., helping fatsos lose weight with a weekly injection, sent its shares tumbling as much as 5% at the New York market open, their biggest intraday drop since January.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/PFE%20daily%20change.jpg?itok=5ubtfKsx (https://cms.zerohedge.com/s3/files/inline-images/PFE%20daily%20change.jpg?itok=5ubtfKsx)
Struggling to recover from plunging Covid vaccine demand, Pfizer is now racing to catch up with Novo Nordisk S and Eli Lilly in an obesity-treatment market estimated to grow to more than $100 billion in size in the coming years. Pfizer - which is finding out how much more difficult its life is when the government isn't actively peddling its gene therapy- is pinning its hopes on danuglipron, another treatment still in development, to compete with the likes of Novo’s Wegovy and Lilly’s Mounjaro, both emerging as blockbuster market leaders.
The company was developing two treatments with the intent of choosing one to move forward with, said William Sessa, senior vice president and chief scientific officer for internal medicine research, in the company’s statement. Lotiglipron is a once-daily oral treatment, and Pfizer’s decision follows positive data from a competing experimental treatment from Lilly, orforglipron, according to Bloomberg Intelligence analysts John Murphy and Mila Bankovskaia.
Danuglipron is a twice-daily oral drug in mid-stage studies, and Pfizer said it hasn’t seen the same elevated enzymes in more than 1,400 patients enrolled in tests. That dosing regimen could hurt the product’s competitiveness versus Lilly’s and Novo’s rival oral drugs, the Bloomberg analysts said.
“A twice-daily pill could prove challenging, assuming all else is equal, leaving Pfizer’s $10 billion peak-sales estimate for danuglipron looking optimistic,” they said in a note.
Pfizer expects to finalize plans for danuglipron’s late-stage development by the end of 2023 and is working on a once-daily, modified release version.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Mon, 06/26/2023 - 11:25
https://www.zerohedge.com/markets/pfizer-plunges-after-halting-development-obesity-drug-safety-concerns

2023-06-26 13:05:00

**Luongo: Was Prigozhin's Rebellion Live Or Memorex?**
Luongo: Was Prigozhin's Rebellion Live Or Memorex?
_Authored by Tom Luongo via Gold, Goats, 'n Guns blog,_ (https://tomluongo.me/2023/06/25/was-prigozhins-rebellion-live-or-memorex/)
After this weekend’s whirlwind events in Russia **we’re left with a lot more questions than answers about what happened with Wagner Group’s Yevgeny Prigozhin’s abortive rebellion against Moscow**. I’m not here to answer any of those questions definitively because we’ll never really know.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-26_05-12-59.jpg?itok=C41hXJhN (https://cms.zerohedge.com/s3/files/inline-images/2023-06-26_05-12-59.jpg?itok=C41hXJhN)
That said, if what I think happened is anything close to the truth then this may be one of the greatest non-battlefield victories in modern history.
**Let’s start with what we know.** Prigozhin’s been running his mouth for months about lack of support from the Russian Ministry of Defense (MoD) while his boys did all the heavy lifting in Bakhmut. His issues with Defense Minister Sergei Shoigu are pretty well known. It’s also likely that there’s zero love loss between Prigozhin and General Valeri Gerasimov either.
Pissing contests between military commanders are not unheard of, after all.
**You could easily make the argument that Wagner was brought in to clean up the mess made by Shoigu while Gerasimov undertook the bigger task to reorient the Russian military away from Battalion Tactical Groups (BTGs) towards an infantry-focused army more capable of taking and holding territory.**
There is this looming war with NATO after all.
You could also easily make the argument that his successes left Prigozhin in a position to demand changes and for him to begin getting a big head.
**Now, let’s bring in the external factor here, the enemy, NATO.**
But really it is the US/UK neoconservatives who have been the ones spending every waking hour punching Russia in the face with blatant escalatory moves to try and draw Russia and Putin offside.
Nordstream 2, the Kerch Strait Bridge bombing, the staged massacre at Bucha, the Kakhovka dam explosion, the attacks at Belgorod, the arms smuggling into Odessa under the auspice of the ‘Grain deal…” The list is nearly endless.
We heard reports of the Russian FSB thwarting a smuggling operation of Cesium-137 into Ukraine to simulate a nuclear weapons attack. Salt some of this stuff to taste, but in the world I’ve come to live in there is almost nothing, no dirty trick low enough, that in desperation the Brits and their American co-conspirators would not attempt.
**In my worldview MI6 and the British Defense Ministry spend all day, everyday coming up with a new way to justify a wider conflict between NATO and Russia.** The destruction and balkanization of Russia has, after all, been their _raison d’etre_ for more than 300 years.
And, so far, that heuristic has been almost perfectly accurate in predicting where things would go next.
So, let’s cut through all the bullshit about this, shall we?
In no way was this an organic affair. It’s been building for months. But what’s been building?
**A guy like Prigozhin could easily become massively disheartened with Russia’s leadership. Could it be to the point of him taking up arms against Putin? Well, that’s certainly what a lot of people wanted us to believe this weekend.**
And I’m in no way suggesting that it isn’t possible or even probable. It is the most likely story.
Now factor in the stories floating around out there that Prigozhin was bribed with billions for Wagner to stage his insurrection. Would anyone be surprised by this if it were ever found out?
**What? The CIA with suitcases of cash for some foreign malcontent with delusions of grandeur?**
The deuce you say!!
Remember folks, since we live in a world of dis- if not mal-information we have to concoct stories that fit what few facts we have along with assessing such basic things as motive, means and opportunity.
NATO or Bust
Moreover, **things are accelerating into the July 11-12th NATO Summit,** where it is obvious the neocons are pushing for a statement or policy change that will be the ultimate punch in the mouth for Putin.
It will be one he cannot ignore because it will violate a major red line which he has laid out with stunning clarity.
Those are either Ukraine’s accession into the EU or NATO, one begets the other. For anyone thinking they are not one and the same thing, please turn in your geopolitics street cred card with the usher by the door.
But this is exactly what is being pushed by the most openly hostile members of NATO — namely UK Foreign Minister James Cleverly and German Foreign Minister Annalena Baerbock. At the same time the Brits are nearly as mad at President Joe Biden as they are at Putin himself.
Why? Because Biden is the one that blocked UK Defense …
https://www.zerohedge.com/geopolitical/luongo-was-prigozhins-rebellion-live-or-memorex

2023-06-26 09:45:00

**Musk Says Major Overhaul Of SpaceX Starship Underway Ahead Of Next Launch, Increases Orbit Odds To 60%**
Musk Says Major Overhaul Of SpaceX Starship Underway Ahead Of Next Launch, Increases Orbit Odds To 60%
In a Twitter Spaces discussion with Bloomberg journalist Ashlee Vance, Elon Musk revealed SpaceX had made "well over a thousand" changes to its Super Heavy/Starship rocket following the vehicle's first test launch in April, which failed to reach low Earth orbit (https://www.zerohedge.com/technology/watch-live-spacex-takes-second-shot-launching-starship-most-powerful-rocket-ever-built).
"So I think the probability of the next flight working — or getting to orbit — is much higher than the last one," Musk said on Saturday with Vance while discussing SpaceX's Starship.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-04-20_09-33-45.png?itok=ofI4Wq1- (https://cms.zerohedge.com/s3/files/inline-images/2023-04-20_09-33-45.png?itok=ofI4Wq1-)
"Maybe it's like 60%; it depends on how well we do at stage separation," Musk noted. Recall, ahead of Starship's maiden flight on April 20, the world's richest man placed '50-50 odds' of it reaching orbit. After a half-dozen engines shut down or never started and the rocket never separated from its first stage, SpaceX activated a self-destruct system to blow it apart.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-04-20_09-37-18.png?itok=CCxfG0QN (https://cms.zerohedge.com/s3/files/inline-images/2023-04-20_09-37-18.png?itok=CCxfG0QN)
For the next flight, which could be only months away and would need to be cleared by the Federal Aviation Administration, Musk said the stage separation system had been modified:
> _"We made sort of a late-breaking change that's really quite significant to the way that stage separation works," Musk said, describing the switch to hot staging._
>
> _He said, "There's a meaningful payload-to-orbit advantage with hot-staging that is conservatively about a 10% increase."_
The Russians have used hot staging for years, and Musk believes this technique could help propel Starship to orbit.
> _"This is something that the Soviets and Russians have used in their space designs," he added._
Musk said the new stage separation technique would be the "most risky thing, I think, for the next flight."
As for the thousand changes to the rocket, Musk didn't go into details about the changes, but did note SpaceX is making changes to the launch pad after to was damaged on the first launch:
> _"We're actually going for overkill on the steel sandwich and the concrete, so that should leave the base of the pad in much better shape than the last time."_
Besides addressing some of the upgrades that might help Starship reach orbit on the next launch, Musk declined to speak about a possible initial public offering for Starlink.
However, days ago, Fox News Charlie Gasparino floated around rumors on Twitter about possible Starlink IPO "this year."
> SCOOP: @SpaceX (https://twitter.com/SpaceX?ref_src=twsrc%5Etfw) investors increasingly say they expect an IPO of its @Starlink (https://twitter.com/Starlink?ref_src=twsrc%5Etfw) subsidiary this year so @elonmusk (https://twitter.com/elonmusk?ref_src=twsrc%5Etfw) can monetize some of his holdings to pay for @Twitter (https://twitter.com/Twitter?ref_src=twsrc%5Etfw) expansion etc., without selling more @Tesla (https://twitter.com/Tesla?ref_src=twsrc%5Etfw) stock. Musk owns 50% of SpaceX. More 345pm w @LizClaman (https://twitter.com/LizClaman?ref_src=twsrc%5Etfw)@FoxBusiness (https://twitter.com/FoxBusiness?ref_src=twsrc%5Etfw)
>
> — Charles Gasparino (@CGasparino) June 21, 2023 (https://twitter.com/CGasparino/status/1671604084862771211?ref_src=twsrc%5Etfw)
Bloomberg reported Friday that SpaceX is valued around $150 billion.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Mon, 06/26/2023 - 05:45
https://www.zerohedge.com/technology/musk-says-major-overhaul-spacex-starship-underway-ahead-next-launch-increases-orbit-odds

2023-06-26 09:00:00

**Iran In America's Backyard: Raisi's Defiant Latin America Tour**
Iran In America's Backyard: Raisi's Defiant Latin America Tour
_Authored by Zafar Mehdi via The Cradle,_ (https://thecradle.co/article-view/26332/iran-in-americas-backyard-raisis-defiant-latin-america-tour)
On June 21, the US House Counterterrorism, Law Enforcement, and Intelligence Subcommittee (https://homeland.house.gov/subcommittee-chair-pfluger-the-chaos-of-the-southwest-border-could-be-taken-advantage-of-by-anti-u-s-regimes/) conducted a hearing on “countering threats posed by nation-state actors” in Latin America to US homeland security. Congressman and subcommittee chair August Pfluger referred to **“threats” posed by China, Russia, and Iran to US homeland security within Latin America**, often referred to as “America’s backyard.”
During the recent docking of an Iranian navy flotilla (https://www.tehrantimes.com/news/481097/Iranian-warships-to-arrive-at-Brazilian-port) in Brazil’s port city of Rio de Janeiro, Congressman Pfluger expressed concern over what he said was **Iran’s intention “to assert its power in the region.”** The flotilla’s voyage, which spanned the world despite facing sanctions, was seen as a remarkable demonstration of Iran’s military prowess.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/iranwarshipsamerica.jpg?itok=C8atcm10\
_Iranian warship docks in Rio de Janeiro, via Reuters_ (https://cms.zerohedge.com/s3/files/inline-images/iranwarshipsamerica.jpg?itok=C8atcm10)
Pfluger’s apprehension, though not explicitly stated, was triggered by Iranian President Ebrahim Raisi’s highly publicized tour of Venezuela, Nicaragua, and Cuba, marking the first visit by an Iranian president to the region in over seven years.
**Iranian influence in Latin America**
As Raisi was busy signing dozens of cooperation agreements with his Latin American counterparts, Maria Elvira Salazar, the chairperson of the US House Subcommittee on the Western Hemisphere, told (https://www.foxnews.com/world/iran-expanding-influence-impunity-americas-backyard-congresswoman-says) _Fox News_ that the Iranian president’s trip to the region **underscored the failure of the Biden administration’s policy on Latin America**, which not too long ago used to be America’s fortress.
> _“We must repair our relationships with our friends in the region so that we can form a united front against the countries that invite the Islamic Republic’s terrorist regime into our hemisphere,” Salazar stressed._
White House spokesperson John Kirby tried to put a brave, nonchalant spin on things. Asked by reporters about Raisi’s trip to the three Latin American countries and “how the US might be countering whatever he is trying to achieve there,” he shrugged:
> _“We don’t ask countries in this hemisphere or any other to choose who they’re going to associate with or who they’re going to talk to or who they’re going to allow to visit,” Kirby said, dodging the question. “That’s for them to speak to. We’re focused on our own national security interest in the region.”_
It was a poor attempt to save face over the **effusive reception the Iranian president received south of the border** – the US has, after all, been deeply engaged in countering Iranian influence (https://www.govinfo.gov/content/pkg/CHRG-112shrg73922/html/CHRG-112shrg73922.htm) in Latin America for many years. Sure enough, when prodded further on whether the US government was “concerned” over expanded cooperation between Iran and the three US-sanctioned Latin American countries, Kirby dropped his guard:
> _“I mean, look, I can’t speak to the agenda or what he’s doing or who he’s going to meet with. Are we concerned about Iran’s destabilizing behavior? You bet we are. And we – and we have and will continue to take steps to mitigate that behavior.”_
Reactions also came from pro-Israel lobby groups in the US, including the Anti-Defamation League (https://twitter.com/ADL/status/1668377404694224897) (ADL), which described Tehran’s influence in the region as “destructive.”
**Raisi’s trip as a political message**
Speaking to reporters in Tehran upon his return from the five-day trip, Raisi described Latin America as a “strategic region” with an abundance of natural resources and educated people who he said have bravely resisted “arrogant powers” and the “unjust world order” for years. He also signed 35 cooperation agreements (https://english.almayadeen.net/news/politics/iran-signed-35-accords-with-latin-american-states-raisi-says) and memoranda of understanding between Iran and the three Latin American countries in the fields of energy, industry, mining, and others.
The Iranian president’s power-packed speeches and media interviews in all three countries revolved around the themes of **“circumventing US sanctions,” “boosting cooperation between…
https://www.zerohedge.com/geopolitical/iran-americas-backyard-raisis-defiant-latin-america-tour

2023-06-26 08:15:00

**European Balance Sheets Are Deteriorating, Nearly 1/3 Considered 'Weak'**
European Balance Sheets Are Deteriorating, Nearly 1/3 Considered 'Weak'
Nearly 30% of firms in Europe and the Middle East have weak balance sheets **after companies loaded up on debt** during the Covid-19 pandemic, and now face serious pressure due to rising interest rates and soaring inflation, _Bloomberg_ (https://www.bloomberg.com/news/articles/2023-06-19/balance-sheets-are-deteriorating-for-european-firms-a-m-say?srnd=premium) reports, citing Alvarez & Marsal.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/eu-economy-1280x7201.jpg?itok=5h44EI6u (https://cms.zerohedge.com/s3/files/inline-images/eu-economy-1280x7201.jpg?itok=5h44EI6u)
> _About 28% of companies were considered to be in this category in 2022, while 8.4% were deemed to be in distress, the consultancy firm said in a report, highlighting the Middle East, Spain and Germany as the regions with the highest proportion of distress. -Bloomberg_
When compared to last year, the number of firms with balance sheet weakness is up slightly - and up 12% vs. pre-pandemic levels, according to the report.
This reflects the amount of state-backed debt that companies took on during the pandemic, leaving balance sheets "increasingly stretched by hefty debt loads and higher interest rates." according to the report.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/alv.JPG?itok=jmHrISVo (https://cms.zerohedge.com/s3/files/inline-images/alv.JPG?itok=jmHrISVo)
"Companies’ ability to generate profits to pay for higher levels of debt is gradually being reduced," wrote the report's authors, which includes Paul Kirkbright, head of EMEA financial restructuring, and managing director Allesandro Farsaci.
**What are the main drivers of the weakness?** Metrics such as net debt-to-Ebitda, debt service coverage and interest coverage ratios.
Meanwhile, **companies have been grappling with the ECB's 400-basis-point increase in key rates** over the past year, compounded by record-breaking inflationary pressures across the eurozone. As such, **weaker borrowers have found themselves locked out of capital markets** and less able to roll over existing debt.
The A&M study looked at 7,000 listed and private companies with at least $22 million of annual revenues across 33 countries in Europe and the Middle East.
**What are the weakest sectors?**
- Non-food consumer businesses
- Media
- Entertainment
- Energy and Utilities
Businesses which rely on consumer discretionary spending saw their percentage of distress rise to around 13% in 2022 vs. 8.5% in 2021.
> _For energy and utility companies, **the turmoil in Europe’s commodities markets had a “binary effect,” the report said**. While some achieved higher operating margins following the surge in oil and gas prices, many utility companies struggled to pass on higher rates to customers. **The percentage of gas companies in distress rose to 19% in 2022 from from 6.5% the prior year**, according to the report._
>
> _On country-by-country basis, the authors pointed out that Germany could be “ahead of the curve” when it comes to restructuring activity due to tests around liquidity imposed by the country’s legal framework. In Spain, while there is a high proportion of companies in distress, levels have declined year-on-year, in part due **a “spectacular rebound in tourism,”** the report said. -Bloomberg_
According to Kirkbright and Farsaci, **even tighter financial conditions and recession will be compounding issues** in the coming year, writing " **We expect that tougher conditions will force more companies to actively pursue deleveraging and restructuring measures.**"
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Mon, 06/26/2023 - 04:15
https://www.zerohedge.com/geopolitical/european-balance-sheets-are-deteriorating-while-nearly-13-considered-weak

2023-06-26 07:30:00

**JPMorgan Bank Deploys JPM Coin For Euro-Denominated Payments**
JPMorgan Bank Deploys JPM Coin For Euro-Denominated Payments
_Authored by Helen Partz via CoinTelegraph.com,_ (https://cointelegraph.com/news/jp-morgans-jpm-coin-introduces-euro-denominated-payments)
_**German conglomerate Siemens was reportedly the first company to process euro-denominated payments using JPM Coin...**_
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-25_12-56-34.jpg?itok=daSyHxQP (https://cms.zerohedge.com/s3/files/inline-images/2023-06-25_12-56-34.jpg?itok=daSyHxQP)
The United States-based investment bank JPMorgan is expanding the implementation of one of its major blockchain projects into traditional banking.
JPMorgan has deployed its blockchain-based payment system, JPM Coin, to introduce euro-denominated payments for corporate clients, Bloomberg reported (https://www.bloomberg.com/news/articles/2023-06-23/jpmorgan-jpm-switches-on-jpm-coin-payments-system-in-euros) on June 23. A spokesperson for JPMorgan confirmed to Cointelegraph that the bank had expanded the JPM Coin blockchain platform from U.S. dollars to euros.
According to Basak Toprak, **JPMorgan’s head of coin systems for Europe, the Middle East and Africa, JPM Coin went live with euro transactions on June 21.**
German conglomerate Siemens conducted the first euro payment on the platform, Toprak reportedly said.
**The system enables wholesale payments for clients, including large multinational firms, to transfer euros to and from their JPMorgan accounts instantly and 24/7.**
That significantly improves traditional banking transactions, which are usually only processed during business hours.
> _**“There are cost benefits to paying at the right time,”** JPMorgan’s Toprak said._
>
> _**“This could mean they could earn more interest income on their deposits,”** he added._
Launched in 2019 (https://cointelegraph.com/news/jpmorgan-will-pilot-jpm-coin-stablecoin-by-end-of-2019-report), JPM Coin is a live application aiming to **provide an alternative payment rail running on blockchain**. Since its launch, JPMorgan has reportedly processed about $300 billion of transactions in JPM Coin. **The bank is yet to scale the system, as its overall daily payments volumes reportedly amount to roughly $10 trillion.**
**JPM Coin is part of JPMorgan’s blockchain-based platform known as Onyx Coin Systems.** As previously reported, JPMorgan launched Onyx in 2020 (https://cointelegraph.com/news/jpmorgan-s-stablecoin-finally-sees-commercial-light-of-day), aiming to improve the quality of wholesale payment transactions. The bank reportedly processed nearly $700 billion in short-term loan transactions via Onyx as of April 2023.
The news comes amid JPMorgan reportedly being fined (https://www.reuters.com/legal/jpmorgan-chase-is-fined-by-sec-over-mistaken-deletion-emails-2023-06-22/) $4 million by the U.S. Securities and Exchange Commission over mismanagement of internal communications. In 2019, the bank reportedly mistakenly deleted about 47 million emails of its retail banking group dated from Jan. 1 to April 23, 2018. According to U.S. securities laws, financial firms must keep business records for three years.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Mon, 06/26/2023 - 03:30
https://www.zerohedge.com/crypto/jpmorgan-bank-deploys-jpm-coin-euro-denominated-payments

2023-06-26 06:45:00

**UK Govt Bails Out Broke Homeowners, But "I Don't Think We're Out Of The Woods"**
UK Govt Bails Out Broke Homeowners, But "I Don't Think We're Out Of The Woods"
**The UK housing market is in trouble.** More explicitly, it is Britain's mortgage borrowers that are directly impacted from higher and higher rates flowing through the capital markets from The Bank of England.
While fixed-rate borrowers are protected from the immediate impact of rate-hikes, variable-rate (or interest-only/resettable) borrowers are directly impacted and given the velocity and size of the hiking cycle so far, more pain is to come and more pressure on the housing market overall.
David Hollingworth, associate director at L&C, (https://www.ft.com/content/532d6575-1299-4450-856a-43a9a4990e89) said:
> _**“I don’t think we’re out of the woods in terms of the movement in fixed rates at the moment.”**_
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-25_10-18-56.jpg?itok=U-zJEMdT (https://cms.zerohedge.com/s3/files/inline-images/2023-06-25_10-18-56.jpg?itok=U-zJEMdT)
Hollingworth is correct, as we noted last year, (https://www.zerohedge.com/economics/other-reason-boe-panicked-26-all-mortgages-are-variable-rate-and-set-imminent-repricing) **26% of mortgage payments are at risk of imminent increases, 37% at risk over the next two years if rates don't rapidly fall,** and 37% can ride out this storm for a few more years.
And as The FT reports, (https://www.ft.com/content/532d6575-1299-4450-856a-43a9a4990e89) lenders began announcing changes to their variable rates after the decision on Thursday.
The impact of higher rates on house purchase activity was not yet apparent, estate agents said. Matt Thompson, head of sales at estate agent Chestertons, said:
> _“At this stage, we haven’t yet encountered homeowners who have been forced to sell up but, if rates continue to rise, some owners may be forced to review the situation and weigh up their options.”_
However, he added that heavily mortgaged buy-to-let landlords, who typically hold interest-only loans, could face higher payments that would threaten their ability to make a profit.
> _**“This could result in some landlords deciding to offload their assets.”**_
In fact, as Adrian Anderson, director at broker Anderson Harris, points out, **_"most people are maxing out on affordability now."_** (https://www.ft.com/content/532d6575-1299-4450-856a-43a9a4990e89)
The calls for 'help' are already growing, and the Tory government - facing a shellacking in the polls - have been quick to step up.
As Bloomberg reports, (https://www.bloomberg.com/news/articles/2023-06-23/hunt-banks-agree-repossession-pause-to-slow-uk-mortgage-pain?sref=ZMFHsM5Z) **Chancellor of the Exchequer Jeremy Hunt and the UK’s largest lenders have agreed people should be given a 12-month grace period if they miss mortgage payments** as fears grow about the burden on millions of homeowners of rapidly rising mortgage rates.
For those people at risk of losing their home, lenders have “agreed there will be a minimum 12-month period before there’s a repossession without consent,” Hunt said in a statement after meeting bank executives earlier.
The statement also noted **a new agreement that gives customers the ability to switch to an interest-only mortgage for six months,** or extend their mortgage term to reduce their monthly payments and then return to their original arrangement **without penalty or impact on their credit scores within the first six months**.
Hunt said: **_“There are two groups of people that we are particularly worried about."_**
> _"The first are people who are at real risk of losing their homes because they fall behind in their mortgage payments."_
>
> _“The second are people who are having to change their mortgage because their fixed rate comes to an end, and they are worried about the impact on their family finances of higher mortgage rates.”_
Consumer champion Martin Lewis said he was _**"pleased to see it looks like the chancellor has listened and those measures are going to be put in practice by the banks."**_
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-25_10-30-20.jpg?itok=ANREJJ87 (https://cms.zerohedge.com/s3/files/inline-images/2023-06-25_10-30-20.jpg?itok=ANREJJ87)
However, many suggest this is yet another policy mistake at a time of considerable doubt about UK policymakers credibility. As Adam Posen - president of the Peterson Institute for International Economics and a former member of the Bank of England’s Monetary Policy Committee -wrote in an op-ed recently at The FT, (https://www.ft.com/content/4cf73b89-51eb-4144-a0e4-b6f08ecaee5c)policymakers must act as if they are under an emerging market style stabilisation programme. One of his suggestions is harsh but fair:
> _" **...calls for aid for mortgage holders need to be largely ignored.**_
>
> **_There …
https://www.zerohedge.com/personal-finance/uk-govt-bails-out-broke-homeowners-i-dont-think-were-out-woods

2023-06-26 03:30:00

**Ban On Encouraging Illegal Immigration Not Unconstitutional: Supreme Court**
Ban On Encouraging Illegal Immigration Not Unconstitutional: Supreme Court
_Authored by Zachary Steiber via The Epoch Times (https://www.theepochtimes.com/ban-on-encouraging-illegal-immigration-not-unconstitutional-supreme-court_5352185.html?utm_source=partner&utm_campaign=ZeroHedge&src_src=partner&src_cmp=ZeroHedge) (emphasis ours),_
**A U.S. law that bars encouraging illegal immigration for advantage or gain is lawful, the Supreme Court ruled on June 23.**
“After concluding that this statute criminalizes immigration advocacy and other protected speech, the Ninth Circuit held it unconstitutionally overbroad under the First Amendment. That was error,” Justice Amy Coney Barrett, a Trump appointee, wrote (https://www.documentcloud.org/documents/23857692-supreme-court-ruling-in-hansen-case) for the majority.
“ **Properly interpreted, this provision forbids only the intentional solicitation or facilitation of certain unlawful acts**,” she added.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/Barrett-1232480619.jpg?itok=PQDnvOz8\
_Associate Justice Amy Coney Barrett stands during a group photo of the justices at the Supreme Court in Washington on April 23, 2021. (Erin Schaff-Pool/Getty Images)_ (https://cms.zerohedge.com/s3/files/inline-images/Barrett-1232480619.jpg?itok=PQDnvOz8)
The law in question prohibits encouraging or inducing illegal immigration for “commercial advantage or private financial gain.”
The case was brought to the nation’s highest court by the government.
A man named Helaman Hansen was convicted in 2017 by a jury in California of violating the law as well as committing wire fraud. He was sentenced to 20 years in prison.
According to evidence disclosed during the trial, **Hansen from 2012 to 2016 sold memberships to a “migration program” that falsely promised people they could become U.S. citizens.**
“ **A central feature of the program was the fraudulent claim that immigrant adults could achieve U.S. citizenship by being legally adopted by an American citizen and completing a list of additional tasks**,” U.S. prosecutors said previously.
Not one of the approximately 500 people who paid Hansen as much as $10,000 became a citizen. Federal authorities had told Hansen as early as 2012 that aliens adopted after turning 16 could not obtain citizenship.
Hansen’s lawyers argued that the law infringes on rights conferred by the U.S. Constitution’s First Amendment so much that it should not apply to anyone.
A panel of the U.S. Court of Appeals for the Ninth Circuit in 2022, agreed, vacating the convictions for inducement.
“ **It is clear that subsection (iv) covers a substantial amount of protected speech.** Many commonplace statements and actions could be construed as encouraging or inducing an undocumented immigrant to come to or reside in the United States. For example, the plain language of subsection (iv) covers knowingly telling an undocumented immigrant ‘I encourage you to reside in the United States,'” U.S. Circuit Court Judge Ronald Gould, a Clinton appointee, wrote for the majority.
U.S. Circuit Court Judge Daniel Collins, a Trump appointee, joined in the ruling while U.S. Circuit Court Judge Patrick Bumatay, another Trump appointee, dissented.
**The appeals court refused to rehear the case**, resulting in the government asking the Supreme Court to overrule the lower court.
The appeals court ruling ruled wrongly, authorities said, pointing to how it did not identify a single instance in history when the law has been applied to speech protected by the Constitution. Previous rulings have found that speech “used as an integral part of conduct in violation of a valid criminal statute” is not constitutionally protected.
A majority of the Supreme Court agreed with the government.
“ **To the extent that clause (iv) reaches any speech, it stretches no further than speech integral to unlawful conduct**,” Barrett wrote.
She was joined in the 7–2 ruling by Justices John Roberts, Clarence Thomas, Samuel Alito, Elena Kagan, Neil Gorsuch, and Brett Kavanaugh.
_Read more **here...** (https://www.theepochtimes.com/ban-on-encouraging-illegal-immigration-not-unconstitutional-supreme-court_5352185.html?utm_source=partner&utm_campaign=ZeroHedge&src_src=partner&src_cmp=ZeroHedge)_
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Sun, 06/25/2023 - 23:30
https://www.zerohedge.com/political/ban-encouraging-illegal-immigration-not-unconstitutional-supreme-court

2023-06-26 03:06:16

**Gloom Grips China Markets As Stimulus Trade Fades**
Gloom Grips China Markets As Stimulus Trade Fades
_By John Cheng, Bloomberg markets live reporter and strategist_
Losses in Chinese assets are mounting again as Beijing’s modest stimulus disheartens investors.
The Hang Seng China Enterprises Index of Hong Kong-listed Chinese firms slumped more than 6% last week to cap its steepest drop since March. The CSI 300 Index of mainland shares fell 2.5% through Wednesday before markets closed for holidays. The yuan also tumbled to the weakest since November, with analysts bracing for more declines.
There’s little reason for mainland traders to be optimistic when markets reopen on Monday. **China’s travel spending during the dragon boat festival holiday fell short of pre-Covid levels, underscoring the slowdown in consumption.** Preliminary estimates from the Passenger Car Association showed over the weekend that passenger vehicle sales for June are expected to drop 5.9% year-on-year.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/china%20dragon%20boat.jpg?itok=HlzrgY3q (https://cms.zerohedge.com/s3/files/inline-images/china%20dragon%20boat.jpg?itok=HlzrgY3q)
Gloom is setting in after authorities refrained from adding major policy support even as the economy has lost momentum. Beijing is making it clear that any easing will be targeted and measured, bidding farewell to the days of massive stimulus that drove leveraged buying and inflated asset prices — a distortion that the nation’s leaders are determined not to repeat.
“This is an expectation mismatch in my opinion,” said Zhikai Chen, head of Asian and global emerging-market equities at BNP Paribas Asset Management. “ **It is a very awkward situation where positioning is light, valuation is undemanding yet sentiment is very bearish.”**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/june%20rally%20china%20nearly%20done.jpg?itok=n7l0cUZZ (https://cms.zerohedge.com/s3/files/inline-images/june%20rally%20china%20nearly%20done.jpg?itok=n7l0cUZZ)
To be sure, China has been rolling out measures to stimulate its economy, including a series of reductions in interest rates and extended tax breaks for consumers buying clean cars. Market reactions have been muted as traders are skeptical whether these steps will reinvigorate an economy weighed down by record debt levels, slowing global demand, and weak confidence among businesses and consumers rattled by years of unpredictable policy shifts.
An analysis by Morgan Stanley’s quantitative team shows active long-only managers have remained net sellers of China’s growth and tech stocks in May and June. **Meanwhile, hedge funds have been adding bearish bets as outstanding short positions by the cohort jumped 32% in June, they found.**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/long%20only%20china%20mutual%20funds.jpg?itok=dhIpuzpE (https://cms.zerohedge.com/s3/files/inline-images/long%20only%20china%20mutual%20funds.jpg?itok=dhIpuzpE)
“It is telling that the market has been unable to put up a sustained rally year-to-date despite policy easing,” said Eli Lee, head of investment strategy at Bank of Singapore Ltd. “The incremental easing approach taken by policymakers, as they remain determined to curtail the long-term rise of leverage in the economy, may not move the needle.”
That’s not to say bulls are giving up. Goldman Sachs’ strategists including Kinger Lau said in a June 19 note that a tactical trading window for Chinese stocks is “open once again” given inexpensive valuations. They recommended buying policy-easing beneficiaries, as well as artificial intelligence themes and state-owned companies. The MSCI China Index is trading at 10.1 times forward earnings, below the five-year average of around 12.1.
“There’s a lot of negativity but I think a lot of it is built into the price already,” Ken Peng, head of Asia Pacific investment strategy at Citi Global Wealth Investments, said in a press briefing last week. “The prospect of better growth in the second half is there, but it’s coming at a much more gradual pace.”
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Sun, 06/25/2023 - 23:06
https://www.zerohedge.com/markets/gloom-grips-china-markets-stimulus-trade-fades

2023-06-26 01:30:00

**San Francisco's Homeless**
San Francisco's Homeless
_Authored by David Parker via The Epoch Times,_ (https://www.theepochtimes.com/san-franciscos-homeless_5355009.html)
**Living on the streets is a crime. _A violation of law_.**
To force citizens to react, or worse, not react to the plight of their fellow man, and pretend not to notice, ultimately may force everyone to leave. This includes those born and raised in San Francisco, and this author.
**It’s not okay for people to live on the streets.** Earlier generations of American homeless had _some_ integrity. Hobos during the Great Depression had the courtesy to live on the outskirts of town. There’s the solution: the outskirts of town. Abandoned housing, abandoned factories, abandoned military bases.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-25_11-48-57.jpg?itok=5sTeG-ZS (https://cms.zerohedge.com/s3/files/inline-images/2023-06-25_11-48-57.jpg?itok=5sTeG-ZS)
**Build new housing for the homeless? Completely wrong.**
In a market economy, housing is built for those willing to pay. Pre-pandemic, a small unit might have cost $140,000, but today that unit costs $420,000. Out of the question. Build 6,000 units in San Francisco, and immediately an additional 6,000 applicants will show up.
As a song goes, “If you’re going to San Fran-cis-co, be sure to wear some flowers in your hair.” **Flowers or not, no one has the right to walk around dirty and diseased.** Young and old will get sick, even die, from touching park benches or picking up something from the sidewalk—which is why, when working with the homeless, mental health workers are instructed to always wear disposable gloves.
**What about the effect on children forced to observe drug addicts with needles stuck in their open-skinned arms?**
Still, beware of collective solutions, what progressives and fascists always offer: _**“Round ’em up,” or “Give ’em all a home.”**_
**In San Francisco, it’s Housing First.**
No, the solution must be individual: “Keep moving.” Out of sight, out of mind. Escort them to a shelter on the outskirts. If they come back, escort them again, but this time fence them in.
**Should they get social services? Of course, but it’s too late.** **People are homeless as the result of a series of bad decisions. Coupled with mental illness and drug addiction, they have problems that are way too complicated.** They’re dying. Force them into mental health facilities? Sure, if society agrees and is willing to pay. Think Amsterdam and Vienna.
What The New York Times prints is a crime. Every edition includes full-page color photographs of slums in Africa, India, or the United States (plus every refugee camp around the globe). Every morning, readers are bombarded, exhausted, with human misery that they can do nothing about. Unacceptable. Stop subscribing to a business, a newspaper, that sells a product to its captive readers by appealing to emotion: “All the News Unfit to Print.”
Progressivism is a crime. Progressives’ every thought is like The New York Times: a full-page photo of the problems of the world. Their every anxiety is relieved by a government program. Except, Americans aren’t a poor depressed people. A self-selected responsible citizenry, Americans themselves fled slums precisely because they felt a duty to make a better life for themselves and their children. They don’t want to be reminded.
Progressives should reread “Democracy in America” by Alexis de Tocqueville (1835). Rather than hate, you’ll feel proud of America. De Tocqueville (as interpreted by this author) starts: “America, get rid of slavery; you’re out of your mind; you are about to become the greatest nation on Earth. Sitting in log cabins in the backwoods of Kentucky, reading the newspaper, discussing world affairs, Americans are the most independent and responsible citizens in the world. Nothing like that exists in Europe.”
**Americans know that no one can do for others those things they must do for themselves, like get up in the morning.**
In other words, before 1933, Americans would never have asked the government for a handout—which is why it was so wrong in 1964 for President Lyndon Baines Johnson to declare War on Poverty, that it was unconscionable for a nation as wealthy as the United States to have a poverty rate of 15 percent. Because it’s not something government can cure.
**For 60 years, on average, for all the expenditure, the needle didn’t move. Poverty is still 15 percent. Total cost: $23 trillion, three times the cost of all wars America has ever fought.**
Worse, the war today is paid for by borrowing. Except that today, interest on the federal debt absorbs two thirds of the nation’s tax revenue. After paying the military, there is nothing left for Social Security, Medicare, or the Affordable Care Act.
In A.D. 476, Rome, Western civilization, fell because there was no…
https://www.zerohedge.com/political/san-franciscos-homeless

2023-06-25 23:30:00

**TikTok Admits Storing Some US User Data In China: Senators**
TikTok Admits Storing Some US User Data In China: Senators
_Authored by Aldgra Fredly via The Epoch Times (https://www.theepochtimes.com/tiktok-admits-storing-some-us-user-data-in-china-senators_5354102.html?utm_source=partner&utm_campaign=ZeroHedge&src_src=partner&src_cmp=ZeroHedge) (emphasis ours),_
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/3tgi%2C.jpg?itok=MJA4q8rl\
_The TikTok app logo is seen in this illustration taken on Aug. 22, 2022. (Dado Ruvic/Reuters)_ (https://cms.zerohedge.com/s3/files/inline-images/3tgi%2C.jpg?itok=MJA4q8rl)
**TikTok has admitted to storing some U.S. user data on China-based servers, which differs from its CEO’s previous testimony to Congress that “American data stored on American soil.”**
The Chinese video-sharing platform confirmed this in a letter (https://www.blackburn.senate.gov/2023/6/icymi-tiktok-confirms-to-blackburn-and-blumenthal-that-some-u-s-user-data-is-stored-in-china) dated June 16 made in response to questions raised by Sens. Richard Blumenthal (D-Conn) and Marsha Blackburn (R-Tenn) to TikTok CEO Shou Zi Chew.
The senators had accused TikTok (https://www.blackburn.senate.gov/2023/6/blackburn-blumenthal-probe-tiktok-over-storing-sensitive-data-in-china) of making misleading claims to Congress regarding its storage of U.S. user data, citing a Forbes report that TikTok stored financial information—such as social security numbers and tax IDs—of U.S. content creators on Chinese servers.
**In response, TikTok said that its previous testimony specifically pertained to the protected user data** collected within the app and was not related to content creators’ data, which it said falls into two different categories.
“The Forbes reporter conflated two categories of data, and we stand by the statements made by our company executives to Congress,” it stated. “ **We are asked about, and our testimony focused on, the protected user data collected in the app—not creator data.**”
The company clarified that there are “limited exceptions to the definition of protected data.”
These exceptions include “public data, business metrics, interoperability data, and certain creator data, if a creator voluntarily signs up for a commercial program to be supported by TikTok in reaching new audiences and monetizing content.”
“TikTok believes that the Forbes article cited in your letter was referencing certain creator data such as signed contracts and related documents for U.S. creators who enter into a commercial relationship with TikTok—information that is collected outside of the standard app experience,” it stated.
Regarding the potential sharing of U.S. user data stored in China with the Chinese Communist Party (CCP) regime under China’s National Intelligence Law, TikTok said that it had not been asked by the CCP to provide such data.
TikTok said it has not been asked for U.S. user data by the Chinese regime, adding that TikTok has not provided such data to the regime, nor would TikTok do so the company said.
‘Misleading Public Relations Campaign’
However, the senators maintained their stance and said that TikTok’s response showed that its executives had repeatedly provided misleading information to Congress regarding the storage of U.S. user data.
_Read more **here...** (https://www.theepochtimes.com/tiktok-admits-storing-some-us-user-data-in-china-senators_5354102.html?utm_source=partner&utm_campaign=ZeroHedge&src_src=partner&src_cmp=ZeroHedge)_
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Sun, 06/25/2023 - 19:30
https://www.zerohedge.com/technology/tiktok-admits-storing-some-us-user-data-china-senators

2023-06-25 23:00:00

**'Disgusted' New Zealand Surgeons Now Required To Consider Ethnicity Of Patients**
'Disgusted' New Zealand Surgeons Now Required To Consider Ethnicity Of Patients
Surgeons in Auckland, New Zealand are 'disgusted' over a new policy rolled out in February which requires them to address "historical disparities in healthcare access" for Māori and Pacific Island communities, which will be factored into a new ranking system that determines priority for surgical procedures.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/hospital%20beds.jpg?itok=wkOe6rSR (https://cms.zerohedge.com/s3/files/inline-images/hospital%20beds.jpg?itok=wkOe6rSR)
According to **leaked documents** obtained by the _NZ Herald_ (https://www.nzherald.co.nz/nz/auckland-surgeons-must-now-consider-ethnicity-in-prioritising-patients-for-operations-some-are-not-happy/ONGOC263IFCF3LADSRR6VTGQWE/), the new initative, implemented by Te Whatu Ora - Health New Zealand, uses an **"Equity Adjustor Score" algorithm** to assign priority based on clinical urgency, waitlist duration, geographic location, **ethnicity** and level of deprivation.
Patients of Māori and Pasifika backgrounds receive higher rankings, while European New Zealanders and other ethnicities are downranked.
Several surgeons spoke with the _Herald_, one of whom said he was "disgusted" by the new system.
" **It’s ethically challenging to treat anyone based on race, it’s their medical condition that must establish the urgency of the treatment**," said the surgeon, adding "There’s no place for elitism in medicine and the medical fraternity in this country is disturbed by these developments."
> _A document on the equity adjustor which was leaked to Newstalk ZB shows **two Māori patients (https://www.nzherald.co.nz/nz/maori-fail-in-health-follow-ups/TRXYAZEHP467FGBPLIAPHO56DM/), both aged 62 and who have been waiting more than a year, ranked above others on the list.** A 36-year-old Middle Eastern patient who has been waiting almost two years has a much lower priority ranking._
>
> _An email by Te Whatu Ora (https://www.nzherald.co.nz/nz/free-cervical-cancer-screening-for-all-nz-women-te-whatu-ora-seeks-funding/EZ6YZTHU5FATHGCII6OFQZXWYA/) business support manager Daniel Hayes in April said: “ **Hi team, Heads up. This is going to be the new criteria for outsourcing your patients going forward.** Just putting this on your radar now so that you can begin to line up patients accordingly. Over 200 days for Māori and Pacific patients. Over 250 days for all other patients.” -NZ Herald_
Health Minister Ayesha Verrall defended the move, pointing to a Government-commissioned, independent review of the health system conducted in 2018, which found that the system produced unequal outcomes, particularly for populations deemed vulnerable.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/verrell.JPG?itok=7t80POMT\
_Health Minister Dr Ayesha Verrall. Photo / Mark Mitchell_ (https://cms.zerohedge.com/s3/files/inline-images/verrell.JPG?itok=7t80POMT)
"The reformed health system seeks to address inequities for Māori and Pacific people who historically have a lower life expectancy and poor health outcomes," she said.
Sir Collin Tukuitonga, a leading expert in Pasifika health, echoed Verrall's comments, saying Māori and Pasifika patients could be moved to the front of the line due to historical inequalities.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/coli.JPG?itok=nzPb0FOv\
_Sir Collin Tukuitonga. Photo / Alex Burton_ (https://cms.zerohedge.com/s3/files/inline-images/coli.JPG?itok=nzPb0FOv)
"Māori and Pacific people tend to linger on the referral list... and inevitably, I think people will say that there’s also an institutional bias, possibly a racism that doesn’t put them where they need to be in order to get the surgery," he said, adding " **The referral pathways are not that straightforward.**"
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Sun, 06/25/2023 - 19:00
https://www.zerohedge.com/geopolitical/disgusted-new-zealand-surgeons-now-required-consider-ethnicity-patients

2023-06-24 12:31:00

**Putin Blasts Wagner 'Treason, Betrayal' As Clashes Erupt In Southern Russia**
Putin Blasts Wagner 'Treason, Betrayal' As Clashes Erupt In Southern Russia
In his first speech addressing the crisis of Wagner's armed rebellion on Saturday morning, Russian President Vladimir Putin has vowed to crush what he called Yevgeny Prigozhin's "betrayal". Southern governors, for example Alexander Gusev who oversees the city of Voronezh, has since confirmed armed clashes between regular military forces and Wagner fighters within Russian territory. He described necessary **"combat measures" as part of counter-terror operations in the southern city**.
What was unclear by Friday night is very clear Saturday: **all hell is breaking loose** in this first significant moment in over two decades that **Putin's iron grip on power is threatened by armed mutiny**. "Any internal turmoil is a deadly threat to our statehood and to us as a nation. This is a blow to Russia and to our people," Putin said (https://www.yahoo.com/news/putin-slams-betrayal-wagner-boss-085742636.html) in the televised speech. "This battle, when the fate of our people is being decided, requires the unification of all forces."
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/wagnerchiefrostov.jpg?itok=dP2ko1S7\
_In Rostov-on-Don military command HQ. Via Wagner Telegram/Reuters_ (https://cms.zerohedge.com/s3/files/inline-images/wagnerchiefrostov.jpg?itok=dP2ko1S7)
"What we have been faced with is **exactly betrayal**. Extravagant ambitions and personal interests led to **treason**," Putin said, referring to Prigozhin, head of the most powerful private military firm in Russia. "All those who consciously stood on the path of betrayal, who prepared **an armed rebellion**, stood on the path of blackmail and terrorist methods, will suffer inevitable punishment, before the law and before our people," Putin vowed.
He further in fiery language denounced the **"stab in the back of our country and our people,"** after Prigozhin the day prior declared war against the defense ministry, urging all Russians to join his 25,000 fighters as they seek to "stop" and overthrow Defense Minister Sergei Shoigu and other top commanders.
In response to Putin's blistering speech, Prigozhin released a Telegram statement calling the president "deeply mistaken" regarding his assessment of betrayal of the motherland, refusing to surrender. The audio message released by his press service said as follows (https://www.cnn.com/europe/live-news/russia-ukraine-war-news-06-24-23/index.html):
> _"Regarding the ‘betrayal of the motherland,’ the president is deeply mistaken. We are patriots of our Motherland, we fought and are fighting, all the fighters of the PMC Wagner."_
>
> _“And no one is going to turn themselves in at the request of the president, the FSB or anyone else,” he added._
> BREAKING: Putin addresses nation, responds to Wagner threats: "This is a criminal campaign. It is equivalent to armed mutiny. Russia will defend itself and repel this move. We are fighting for the life and security of our citizens."pic.twitter.com/GNzPsNWMWB (https://t.co/GNzPsNWMWB)
>
> — Insider Paper (@TheInsiderPaper) June 24, 2023 (https://twitter.com/TheInsiderPaper/status/1672505378368802816?ref_src=twsrc%5Etfw)
This marks the first time he's directed criticism precisely in response to Putin, as before he appeared to carefully avoid direct references to Putin in his denunciations of military planning and Kremlin decision-making. Below summarizes fast-moving events of the last few hours (https://twitter.com/Joyce_Karam/status/1672579431368384515):
- Putin 5 min speech: accuses Prigozhin of betrayal, vows decisive action
- Wagner controls facilities in Rostov & Voronezh, **M4 highway disrupted**. Rebellion continues
- **Chechen Kadyrov mobilizes to help Putin**. Russia FM warns of ‘civil strife’
> The Wagner PMC Group has announced that they have Captured the Southern Military District Headquarters within the the City of Rostov-on-Don in the Rostov Region of Southwestern Russia. pic.twitter.com/730rL9uetq (https://t.co/730rL9uetq)
>
> — OSINTdefender (@sentdefender) June 24, 2023 (https://twitter.com/sentdefender/status/1672431977503367168?ref_src=twsrc%5Etfw)
Civilians have reportedly been ordered away from all military command centers in the now Wagner-held city center of Rostov-on-Don.
> In Rostov (not sure what time) they ran from an explosion near the military district that Wagner took over. The interview following is in English. pic.twitter.com/PJfCq5qlYp (https://t.co/PJfCq5qlYp)
>
> — 🌻 Fertilizer Finder 🌻 (@ManiacMagic1) June 24, 2023 (https://twitter.com/ManiacMagic1/status/1672576637802622977?ref_src=twsrc%5Etfw)
The Wagner chief in his response harped on the familiar theme's of the defense ministry's "corruption, deceit, and bureaucracy" and that his own fighters are patriotic and doing their duty.
> “When we…
https://www.zerohedge.com/geopolitical/putin-blasts-wagner-treason-betrayal-clashes-erupt-southern-russia

2023-06-22 01:20:00

**Pro-COVID-Mandate Scientists Use The "Expert" Fallacy To Avoid Fair Debate**
Pro-COVID-Mandate Scientists Use The "Expert" Fallacy To Avoid Fair Debate
If there is one thing the covid lockdown event has shown with extreme clarity, it's that a large number of people within the scientific community are easily swayed (or easily bought) when it comes to government narratives. The level of false information spread by numerous medical and scientific “professionals” over the course of the past few years has been staggering.
They have been proven wrong on almost every significant risk factor, from the effectiveness of masks to the effectiveness of lockdowns and even the effectiveness of the covid vaccines. Now, one could argue whether or not they were aware at the time that they were wrong, but the fact remains that a large number of them refuse to this day to admit fault. They continue to insist that they were right despite all the evidence to the contrary.
The issue of denial among the covid devout has been brought to the forefront once again with recent media attacks against Joe Rogan and his podcast featuring Robert F. Kennedy Jr., who is running as candidate in the Democratic primaries in 2024. RFK is a well known skeptic of covid mandate policies and an outspoken critic of the unchecked emergency vaccine rollout. The questions he presents and the arguments he makes are very similar to those the alternative media were pressing from the very beginning of the pandemic, but as a presidential hopeful RFK garners a level of public recognition that is apparently frightening to the establishment.
The corporate media has engaged in a coordinated assault on Kennedy, demanding that his interview with Joe Rogan be censored by Spotify as well as social media platforms on the grounds that he was “spreading dangerous medical misinformation.” Avid covid cultists including a doctor and well known defender of big pharma by the name of Peter Hotez piled on the bandwagon, dismissing RFK's information (https://www.vice.com/en/article/k7zz9z/spotify-rogan-rfk-vaccine-misinformation-policy) and making the usual accusations of “conspiracy theory.”
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/MandatesLove1.jpg?itok=wYL0V4rk (https://cms.zerohedge.com/s3/files/inline-images/MandatesLove1.jpg?itok=wYL0V4rk)
In turn, Joe Rogan suggested that if Hotez was so confident that RFK was misinforming the public then he should be willing to debate the issue properly and openly. In exchange, Rogan would donate $100,000 to the charity of Hotez's choice. The response by Hotez is typical of people that aggressively support covid mandates and vaccine requirements – He ran away.
> Peter, if you claim what RFKjr is saying is “misinformation” I am offering you $100,000.00 to the charity of your choice if you’re willing to debate him on my show with no time limit. https://t.co/m0HxYek0GX (https://t.co/m0HxYek0GX)
>
> — Joe Rogan (@joerogan) June 17, 2023 (https://twitter.com/joerogan/status/1670196590928068609?ref_src=twsrc%5Etfw)
Since then, Hotez and the media have engaged in a form of gaslighting in order to deflect away from the debate, suggesting that he has come “under attack” because people dare to ask him questions.
This is the classic response of the pro-mandate crowd – Throw as many hatchets as possible at anyone who strays from the government and big pharma narrative, all from the safety of their laptops and the corporate media megaphone. Then, play the victim when they are challenged and create a circus to distract from the fact that they were the original attackers.
To summarize the situation down to it's core:
**Hotez:** Joe Rogan is spreading misinformation!
**Rogan:** I’ll give you $100k for the charity of your choice to come on my show and prove that it’s misinformation.
**Leftist Media:** Joe Rogan is bullying Hoetz! Censor him!
However, beyond the attempts by Hotez to “count coup” and jab at RFK while hiding behind the MSM, a much more insidious propaganda message is at play. Namely, the claim that there is no need for Hotez or any doctor or scientist to defend their positions in an open debate with anyone who is not also an “expert” in their field. In other words they are using the appeal to authority ploy, also known as the expert fallacy.
The expert fallacy is an argument based on an uncritical appeal to expert opinion, pointing to the shame that (in the expert’s opinion) the other person ought to feel at challenging their expertise. Some call this the “Genetic Fallacy” - Judging an argument by its source rather than by its content.
It is a kind of high priest syndrome, a way for establishment approved puppets to declare themselves immune to confrontation from anyone they do not deem to be their peers. The problem is, pro-mandate doctors and scientists often attack their peers as well when they re…
https://www.zerohedge.com/covid-19/pro-covid-mandate-scientists-use-expert-fallacy-avoid-fair-debate

2023-06-21 23:42:59

**House Votes To Censure Adam Schiff**
House Votes To Censure Adam Schiff
It has not been a good day for the Congressman from California.
First he was'owned' by John Durham (https://www.zerohedge.com/markets/our-findings-were-sobering-john-durham-gives-fiery-testimony-fbi-abuses-schools-schiff), while the democrat attempted a character assassination, and now **the House of Representatives voted to censure Rep. Adam Schiff (D-Calif.)** on June 21, a week after an initial resolution to do so was tabled.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-21_16-41-19.jpg?itok=7M5_sFyA (https://cms.zerohedge.com/s3/files/inline-images/2023-06-21_16-41-19.jpg?itok=7M5_sFyA)
**The tally was 213-209. Six voted “present.”**
> Adam Schiff is officially the 26th member of Congress to be censured in American history!
>
> The Democrats are a classy bunch. They kept interrupting McCarthy as he tried to read the resolution.
>
> How these people can defend Schiff is beyond me… pic.twitter.com/kzk3wPV7M1 (https://t.co/kzk3wPV7M1)
>
> — Jane Public (@JanePublic55) June 21, 2023 (https://twitter.com/JanePublic55/status/1671662510670331905?ref_src=twsrc%5Etfw)
Democrats cheered "Adam, Adam, Adam" in deferrence to his 'sacrifice'? Who knows...
> House Democrats go berserk, interrupting Speaker McCarthy numerous times as he attempts to read the resolution censure to Rep. Schiff, chanting "Shame!"
>
> McCarthy fed up reminds Democrats, "I have all night." pic.twitter.com/81uPBCOY94 (https://t.co/81uPBCOY94)
>
> — Mona Salama  (@ByMonaSalama) June 21, 2023 (https://twitter.com/ByMonaSalama/status/1671662484124581889?ref_src=twsrc%5Etfw)
**The resolution, introduced by Rep. Anna Paulina Luna (R-Fla.), blasts Schiff for allegedly perpetuating misinformation against former President Donald Trump.**
> #WATCH (https://twitter.com/hashtag/WATCH?src=hash&ref_src=twsrc%5Etfw) \| Rep. Anna Paulina Luna @repluna (https://twitter.com/RepLuna?ref_src=twsrc%5Etfw) about Rep. Adam Schiff censure bill: pic.twitter.com/O78sl0091f (https://t.co/O78sl0091f)
>
> — VOZ (@Voz\_US) June 21, 2023 (https://twitter.com/Voz_US/status/1671664038873292800?ref_src=twsrc%5Etfw)
With the passing of the resolution, Schiff has been referred to the House Ethics Committee for investigation.
_As Jackson Richman reports via The Epoch Times,_ (https://www.theepochtimes.com/house-votes-to-censure-adam-schiff_5346608.html) the resolution was privileged and therefore triggered a House vote. **In last week’s vote, 20 Republicans joined 205 Democrats to table the initial resolution.**
The revised resolution was similar to the initial one, with the notable difference being that it did not have a $16 million fine for Schiff should he be held accountable by the House Ethics Committee for his alleged “falsehoods, misrepresentations, and abuses of sensitive information.”
The new resolution, like the tabled one, condemns Schiff, who was chairman of the House Intelligence Committee, for perpetuating the notion there was collusion between former President Donald Trump’s 2016 campaign and Russia. That was debunked by special counsel Robert Mueller in 2019, Department of Justice Inspector General Michael Horowitz later the same year, and special counsel John Durham in May. The $16 million fine is half of the taxpayer cost of the Mueller probe.
Durham testified on June 20 at a closed-door hearing before the House Intelligence Committee and also gaveevidence (https://www.theepochtimes.com/durham-rules-should-change-so-heads-could-roll-at-fbi_5348054.html) in a public hearing today in front of the House Judiciary Committee.
Additionally, the new resolution did not state that “Schiff used his position and access to sensitive information to instigate a fraudulently based investigation, which he then used to amass political gain and fundraising dollars.”
House Speaker Kevin McCarthy (R-Calif.) gave credence (https://www.theepochtimes.com/mccarthy-responds-to-shelving-of-censure-resolution-of-schiff_5336384.html) on June 15 to the 20 House Republicans that joined Democrats in tabling the initial resolution.
> _**“I think everybody knows my thoughts of Adam Schiff,”** McCarthy told The Epoch Times._
>
> _“That’s why I removed him from \[the House Intelligence Committee\]. … You have a number of members on principle that sat and argued for the last four years with President \[Donald\] Trump that you had to have due process and voted that way. And I think a number of them believe that they should \[have\] gone to \[the House Ethics Committee\] first.”_
Ahead of the vote on the revised resolution, Schiff appeared defiant on the House floor.
> _**“To my Republican colleagues who introduced this resolution, I thank you. You honor me with your enmity. You flatter me with this falsehood,”** he said._
>
> _“You who are the authors of the Big Lie about the last election must condemn t…
https://www.zerohedge.com/political/house-votes-censure-adam-schiff

2023-06-21 00:35:00

**Classified Info: Washington’s Most Powerful Weapon**
Classified Info: Washington’s Most Powerful Weapon
_Authored by J. Peder Zane via RealClear Wire (https://www.realclearwire.com/articles/2023/06/20/classified_info_washingtons_most_powerful_weapon_149375.html),_
_https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/trump%20podi.JPG?itok=aPZNJGfF (https://cms.zerohedge.com/s3/files/inline-images/trump%20podi.JPG?itok=aPZNJGfF)_
**Here’s why we should doubt the widespread claim that Donald Trump was hoarding the nation’s most sensitive nuclear and military secrets in a Mar-a-Lago bathroom: If he had, that highly classified material would have been leaked by now.**
The New York Times and Washington Post would be quoting _highly placed current and former officials familiar with the investigation_ who requested anonymity because they _were not authorized to speak about the investigation_ – but who were eager to show the danger Trump presents by revealing the secrets he held.
I suspect we have only the vague, yet frightening descriptions of the seized documents from Special Counsel Jack Smith’s 37-count indictment, because **a more detailed accounting might show they are more innocuous than apocalyptic**. I could be wrong about that, but this much we know: Since Trump burst on the scene in 2015 the leaking of classified information has been the weapon of choice for his opponents at the highest reaches of government.
The Russiagate conspiracy hoax was fueled by leaks, especially from House Intelligence Committee Democrats and highly placed FBI officials; the Department of Justice’s inspector general referred former FBI Director James B. Comey for criminal investigation over leaks connected to the probe. (https://www.nbcnews.com/politics/justice-department/department-justice-declines-prosecute-comey-over-leaked-memos-n1047706)
**Trump is not the only target****.** One leaker gave ProPublica (https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax)the confidential tax information of thousands of wealthy Americans – a gross violation of the privacy of ordinary citizens. Another gave Politico a highly confidential, though technically not classified, draft of the Supreme Court’s decision overturning _Roe v. Wade,_ prompting the incessant, illegal harassment of conservative justices, and a plan to murder Justice Bret Kavanaugh.
One of the more duplicitous performances in the theater of D.C. politics is given each time current FBI Director Christopher Wray and his minions gravely tell Congress they cannot answer questions because they involve “ongoing investigations.” The truth is that they much prefer leaking cherry-picked pieces of information, behind the cloak of anonymity, to advance their narrative.
**Unlike Trump, leakers do not just possess secret material, they helped spread it far and wide**. And, unlike the former president, they are almost never brought to justice. The Intercept reported (https://theintercept.com/2021/03/02/trump-leaks-criminal-investigation/) that the Trump administration referred at least 344 allegations involving the leaking of classified information to the Department of Justice but that “very few referrals typically end up identifying suspects.”
None of this exonerates the former president. The special counsel appears to make a strong case that he violated the law. But the guns-blazing effort to hold him accountable cannot be separated from the fact that the rule of law in America is increasingly becoming a situational tool, invoked only at the convenience of the powers that be.
Consider the argument regarding classified documents, now widely embraced by mainstream news outlets that want to get Trump but give a pass to President Joe Biden. For decades, the possession of such information outside the area authorized for individuals to view it – a sensitive compartmented information facility, or SCIF – was considered a crime. We don’t know how Biden ended up with such material from his days as a senator and vice president, but it was illegally removed. We also don’t know whether Biden reviewed these documents, though it is hard to believe he never saw them and even more unlikely that as they were moved and dispersed to several locations in the years since that nobody saw the classified markings and asked “the big guy” about them.
Biden’s supporters, however, are arguing that there’s “no there there” even if he took, viewed, and intentionally held the documents. All of that is now fine and dandy because he returned them when they were discovered. During a recent interview with GOP presidential hopeful Francis Suarez, ABC News presenter George Stephanopoulos (https://www.newsbusters.org/blogs/nb/curtis-houck/2023/06/15/stephanopoulos-melts-down-again-when-guest-brings-biden-documents), for example, declared that “ther…
https://www.zerohedge.com/political/classified-info-washingtons-most-powerful-weapon

2023-06-19 02:00:00

**Armed ATF & IRS Agents Hit Montana Gun Store With "Soviet-Style Intimidation Raid"**
Armed ATF & IRS Agents Hit Montana Gun Store With "Soviet-Style Intimidation Raid"
Heavily armed agents from the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) and the Internal Revenue Service (IRS) raided a gun store in Great Falls, Montana, last week in what was described by a local lawmaker as a "Soviet-style intimidation raids."
Tom Van Hoose, the owner of Highwood Creek Outfitters, told the local media outlet KRTV (https://www.krtv.com/news/great-falls-news/great-falls-gun-shop-re-opens-after-a-visit-from-federal-agents) that 20 heavily armed agents swarmed his gun shop on Wednesday morning, confiscated 13 years of 4473 forms, and copied the firearm acquisition and disposition book.
> _"The fact that they think we make so much money as a gun business that they had to come investigate all the thousands, hundreds of thousands, millions of dollars whatever it is we supposedly absconded with, anybody that knows the margins in the gun business knows they're not that high," said Van Hoose._
He said the reason for the raid is unclear. He believes it could be part of a nationwide trend by Biden's ATF:
> _"I can only assume that it's because of the style of weapons that we have and the press that's so against them._
>
> _"The current administration seems to be hell-bent on getting those guns out of the hands of average Americans."_
Van Hoose spoke to the firearms blog The Truth About Guns (https://www.thetruthaboutguns.com/irs-confiscates-tens-of-thousands-of-4473-forms-from-great-falls-mt-gun-dealer/), stating that the IRS claimed he had underreported and failed to report millions of dollars of income. The shop owner denied the accusation.
On Friday, Congressman Matt Rosendale sent a letter to ATF Director Steven Dettelbach and IRS Commissioner Daniel Werfel, asking for answers and calling the raid "outrageous."
> _"Under Director Dettelbach's leadership of the ATF, a pattern of intimidation and harassment against hardworking Americans has emerged – Montanans will not tolerate these political witch hunts. I remind both Director Dettelbach and Commissioner Werfel that Congress has the power of the purse, and I will ensure that funding for these agencies is not weaponized against the American people," Rosendale said in his letter._
He continued: "I request that the ATF and IRS cease conducting these Soviet-style intimidation raids."
> At 0730hrs on June 14, 2023, Twenty (20) Heavy Armed Agents From the IRS Criminal Investigation and Bureau of Alcohol Tobacco and Firearms Raided Highwood Creek Outfitters, a Gun Shop and Indoor Firing Range in Great Falls, MT.
>
> Tom VanHoose, the Store Owner was Served a Warrant… pic.twitter.com/H7gomdt4sH (https://t.co/H7gomdt4sH)
>
> — Tony Kambeitz (@Kambeitz9) June 17, 2023 (https://twitter.com/Kambeitz9/status/1670160585361707011?ref_src=twsrc%5Etfw)
\* \* \*
Here's Rosendale's full letter to the ATF and IRS:
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Sun, 06/18/2023 - 22:00
https://www.zerohedge.com/political/armed-atf-irs-agents-hit-montana-gun-store-soviet-style-intimidation-raid

2023-06-19 01:30:00

**55% Of The Public View The Trump Indictment As "Politically Motivated"; Harvard Poll Finds**
55% Of The Public View The Trump Indictment As "Politically Motivated"; Harvard Poll Finds
_Authored by Jonathan Turley,_ (https://jonathanturley.org/2023/06/18/harvard-poll-55-percent-of-the-public-view-the-trump-indictment-as-politically-motivated/)
**A Harvard/Harris poll is bad news for Attorney General Merrick Garland and the Justice Department.** The poll shows that 55% of Americans believe Trump’s indictment is politically motivated and 56% believe that it constitutes election interference. The poll captures the level of distrust for the Justice Department and further demonstrates what I described yesterday as the failure of Merrick Garland at the midpoint of his tenure as Attorney General (https://thehill.com/opinion/judiciary/4054455-the-utter-failure-of-merrick-garland/).
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-18_08-45-38.jpg?itok=dHiCCQKj (https://cms.zerohedge.com/s3/files/inline-images/2023-06-18_08-45-38.jpg?itok=dHiCCQKj)
The view of the case appears to be worsening. Now there is less than a majority viewing the indictment as well-founded and justified. **The poll shows that 83% of Republicans and 55% of Independents view the indictment as a political exercise.** Not only do 56 percent view it as election interference but only 44 percent see it as “the fair application of the law”:
> Harvard Harris Poll:
>
> — 55% of Americans say Trump's indictment is politically motivated, (including 83% of Republicans and 55% of Independents)
>
> — 56% consider Trump's federal indictment to be an interference by the Justice Department in the 2024 Elections pic.twitter.com/9UtnV0UtD2 (https://t.co/9UtnV0UtD2)
>
> — InteractivePolls (@IAPolls2022) June 16, 2023 (https://twitter.com/IAPolls2022/status/1669821737658097665?ref_src=twsrc%5Etfw)
**The poll is also bad news for Biden.** Some 65 percent believe Biden “mishandled” classified material while 72 percent take that view with Clinton’s email scandal.
The Justice Department and the media appear to have“lost the room” (https://jonathanturley.org/2023/06/13/doj-fatigue-is-special-counsel-smith-singing-to-an-empty-room-2/) with the American people. They are primarily appealing to Democrats who (at 80%) support the indictment.
**The FBI and the Justice Department made this perception worse through continual leaks to the media and allegedly staging the photo (https://jonathanturley.org/2022/09/01/fbi-faces-criticism-over-release-of-photo-of-classified-documents-on-floor/) above after the raid on Mar-a-Lago.**
By his own measure, Garland has failed to restore the credibility and trust in the Justice Department. It now appears worse than when his predecessor, Bill Barr, was in office (https://thehill.com/opinion/judiciary/4054455-the-utter-failure-of-merrick-garland/).
**It is also an indictment of the media. After years of “advocacy journalism” and biased reporting, the public now tunes out the media.** This is a strong indictment with troubling allegations and evidence. Yet, it does not matter because the medialong ago lost much of the country (https://jonathanturley.org/2021/01/22/trust-in-the-media-hits-an-all-time-low-in-new-polling/) with one-sided, unrelenting coverage.
**It also means that this case could conceivably never see a jury unless Special Counsel Jack Smith succeeds in pushing for a speedy trial before the election.** A majority of the public now supports a pardon (https://twitter.com/JonathanTurley/status/1670173149596450817) for Trump if he is convicted. With these polls, the pressure of other Republican candidates to pledge a pardon is likely to increase. Indeed, as suggested in another column (https://jonathanturley.org/2023/06/17/covering-the-special-counsel-spread-the-betting-on-trump-is-based-on-the-wrong-question/), Biden may want to consider a pledge to commute any sentence to try to defang this building election issue.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Sun, 06/18/2023 - 21:30
https://www.zerohedge.com/political/55-public-view-trump-indictment-politically-motivated-harvard-poll-finds

2023-06-19 01:00:00

**China Withholds Cremation Data From Late 2022 After Ditching "Zero Covid" Policy**
China Withholds Cremation Data From Late 2022 After Ditching "Zero Covid" Policy
China has halted the release of national data on **how many cremations too place at the end of 2022**, a figure which would allow the world to see the true impact on the wave of Covid-19 infections which were sweeping the country during that period.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/china%20crema.JPG?itok=wKdnCq0P\
_A man carries a box containing cremated ashes near a funeral house in Wuhan, China during the early days of the coronavirus outbreak in April 2020. Photo: EPA-EFE_ (https://cms.zerohedge.com/s3/files/inline-images/china%20crema.JPG?itok=wKdnCq0P)
China's Ministry of Civil Affairs omitted the data from its quarterly report - a figure which was consistently included for the fourth quarter going back at least 10 years, the _South China Morning Post_ (https://www.scmp.com/news/china/politics/article/3224233/china-drops-cremation-data-quarterly-report-raising-questions-about-key-covid-death-indicator) reported Thursday.
According to experts, China's official data on deaths following the end of Beijing's "zero covid" policy has been significantly underestimated despite claiming to have scored a "major and decisive victory" over the virus.
> _**Before 2020, fourth-quarter cremation data was typically released in the first two months of the following year,** along with other civil affairs data such as social welfare (https://www.scmp.com/news/people-culture/social-welfare?module=inline&pgtype=article) and marriage registrations (https://www.scmp.com/economy/china-economy/article/3223818/chinas-wedding-woes-see-annual-unions-nearly-halved-past-decade?module=inline&pgtype=article)._
>
> _Though the time lag for data releases has increased slightly since 2020, when the country was first hit by Covid-19, **the most recent release came after a longer-than-average delay of six months after the end of the quarter.**_
>
> _Several provincial-level regions also **scrapped the release of cremation services data** for the fourth quarter of last year._
>
> _On June 9, the same day the national numbers were released, Chongqing’s civil affairs bureau published a notice that said **it would suspend the release of civil affairs data indefinitely** following an instruction from the Ministry of Civil Affairs. -SCMP_
The bureau also said that 2023 data would be temporarily withheld, and would be "synchronised with the new provisions on data publication in the newly approved ‘Statistical Survey System for Civil Affairs’ by the National Bureau of Statistics."
An analysis by _SCMP_ reveals that **over a dozen** provincial-level regions broke from tradition and dropped cremation figures from public releases.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Sun, 06/18/2023 - 21:00
https://www.zerohedge.com/political/china-suddenly-halts-cremation-data-late-2022-following-covid-wave

2023-06-17 13:15:00

**New Grads Chasing 'TikTok Lifestyles' Struggle In NYC As Rents Surge**
New Grads Chasing 'TikTok Lifestyles' Struggle In NYC As Rents Surge
Some social media influencers and college graduates defy financial logic and sign leases for New York City apartments at record-high prices. Some of these kids who don't have access to the "bank of mom and dad" are finding side hustles or draining their savings to afford the high cost of living expenses.
Bloomberg (https://www.bloomberg.com/news/articles/2023-06-14/nyc-s-rent-prices-are-too-high-for-recent-college-graduates-to-afford?sref=6uww027M#:~:text=Rental%20prices%20are%20growing%20at,they%27ve%20always%20aspired%20to) spoke with 21-year-old Macy Hung, who lives in a penthouse apartment overlooking the Brooklyn Bridge. Hung has four roommates, works ten hours a day, has several side hustles, and spends some of her savings to maintain her dream of living in NYC. Her financial struggles are absent on her TikTok page, which promotes nothing but luxury.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-14_12-21-29.png?itok=eXkTCRZX (https://cms.zerohedge.com/s3/files/inline-images/2023-06-14_12-21-29.png?itok=eXkTCRZX)
"I knew things were expensive in Manhattan, but it's my dream to live in the city... If you're not making six figures, it's hard to get by," said Hung.
According to appraiser Miller Samuel and brokerage Douglas Elliman Real Estate, renters in Manhattan spend upwards of $4,395 per month in May (https://www.zerohedge.com/markets/manhattan-apartment-rents-soar-new-highs-summer-rush-begins). This is a record high, while wage gains aren't keeping pace with shelter inflation.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-08_07-49-31.png?itok=Wwpsk2Jh (https://cms.zerohedge.com/s3/files/inline-images/2023-06-08_07-49-31.png?itok=Wwpsk2Jh)
Real estate website StreetEasy said renters today need about $135,000 in average income to afford the most basic apartment in NYC. The rule of thumb for renters is to spend less than 30% of their income on shelter costs. As for Hung, that's why she has four roommates.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-14_12-27-57.png?itok=_a4Yz3oS (https://cms.zerohedge.com/s3/files/inline-images/2023-06-14_12-27-57.png?itok=_a4Yz3oS)
The latest CPI data showed inflation continues (https://www.zerohedge.com/personal-finance/cpi-tumbles-2-year-lows-goods-prices-reaccelerate) to outpace wage gains for the 26th straight month (out of 28 months of Biden's term)... For young renters, having roommates has become the norm to divvy up the shelter costs.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfmE91A.jpg?itok=ug2SfgPQ (https://cms.zerohedge.com/s3/files/inline-images/bfmE91A.jpg?itok=ug2SfgPQ)
Lisette Nieves, president of the Fund for the City of New York, warned: "We're in a once-in-a-generation housing crisis."
Many influencers who don't have credit lines with the 'bank of mom and dad' are embracing a 'do whatever it takes' altitude to live in the city and capture those TikTok-worthy moments. However, you won't ever see their struggles in their videos -- just a life of fake luxury.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-14_12-21-46.png?itok=w1XkTMAP (https://cms.zerohedge.com/s3/files/inline-images/2023-06-14_12-21-46.png?itok=w1XkTMAP)
Another influencer on TikTok, 22, Piper Phillips, said her priorities this year were to maintain living at a prime location in the city while documenting her life on social media. She admitted she has trouble affording $20 cocktails and $90 diners with her friends, who all have high-paying banking jobs.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-14_13-01-25.png?itok=C04CTsf5 (https://cms.zerohedge.com/s3/files/inline-images/2023-06-14_13-01-25.png?itok=C04CTsf5)
Besides TikTok, she works in marketing and has multiple side hustles to maintain what appears to be a lifestyle of luxury on social media.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-14_13-02-49.png?itok=M8ekkIFL (https://cms.zerohedge.com/s3/files/inline-images/2023-06-14_13-02-49.png?itok=M8ekkIFL)
"I worked so hard to get here, I didn't want to compromise on the life I wanted to live," said Phillips. She explained, "The cost of living here is an investment in myself. It sounds crazy to justify $25 cocktails, but being here opens doors for my career. That's worth the costs."
What this all suggests is that universities and colleges are failing to teach basic financial literacy to the younger generation, who blow all their money on maintaining some fake luxurious lifestyle on social media while, in real life, they struggle to make ends meet.
Tyler Durden (https:…
https://www.zerohedge.com/markets/new-grads-chasing-tiktok-lifestyles-struggle-nyc-rents-surge

2023-06-17 12:45:00

**Farmers Band Together Against CO2 Pipeline Project In South Dakota**
Farmers Band Together Against CO2 Pipeline Project In South Dakota
_Authored by Allan Stein via The Epoch Times (https://www.theepochtimes.com/in-depth-farmers-band-together-against-co2-pipeline-project-in-south-dakota_5328078.html?utm_source=partner&utm_campaign=ZeroHedge&src_src=partner&src_cmp=ZeroHedge) (emphasis ours),_
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/guy%20in%20field.JPG?itok=xknyvD6t\
_Fourth-generation South Dakota farmer Ed Fischbach is leading the charge against a five-state carbon capture pipeline proposal by Iowa-based Summit Carbon Solutions. (Allan Stein/The Epoch Times)_ (https://cms.zerohedge.com/s3/files/inline-images/guy%20in%20field.JPG?itok=xknyvD6t)
MELLETTE, S.D.—On their way to attend their niece’s wedding in July 2021, fourth-generation farmer Ed Fischbach of Mellette, South Dakota, and his wife made a quick stop to check the mailbox.
His wife reached inside, pulling out a handful of letters. Within the small pile was an envelope from a company she had never heard of—Summit Carbon Solutions.
She opened the letter and began reading it.
**“Dear landowner,”** the letter began innocently enough. But as she continued reading, her jaw nearly dropped.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/id5330167-DSC09278-1200x800.jpg?itok=oKrhtqAq\
_A sign near South Dakota farmer Ed Fischbach’s property warns against surveyors and pipelines on June 10, 2023. (Allan Stein/The Epoch Times)_ (https://cms.zerohedge.com/s3/files/inline-images/id5330167-DSC09278-1200x800.jpg?itok=oKrhtqAq)
**“Listen to this,”** she told her husband.
**The Iowa-based company described plans to build a massive carbon capture pipeline across five midwestern states in the letter.**
The 1,400-mile pipeline would transport carbon dioxide under high pressure, produced by ethanol and biofuel refineries, for burial in North Dakota. The goal would be to reduce the region’s carbon footprint to protect the environment.
The Fischbachs then learned that the pipeline would travel through some of the most productive areas of the 1,400-acre property that has been in their family for decades.
“ **The proposed pipeline route for the project is depicted on the enclosed map,**” the letter continued, “ **and public records indicate that you are the record taxpayer of all or certain portions of the property.**”
The notice further advised that Summit Carbon, through its consultant, TRC Companies, would perform preliminary surveys in the weeks ahead.
But first, the company needed permission to go on the property. Ed Fischbach said he never filled out or returned the enclosed approval form.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/id5330175-DSC09303-1200x800.jpg?itok=3FWdQcQK\
_Fourth-generation South Dakota farmer Jared Bossly leans against his all-wheel-drive vehicle on his farm on June 10, 2023. (Allan Stein/The Epoch Times)_ (https://cms.zerohedge.com/s3/files/inline-images/id5330175-DSC09303-1200x800.jpg?itok=3FWdQcQK)
Instead, he made phone calls and soon realized other landowners in Spink County had received the same letter, including his nephew Brad, who raises beef cattle for a living.
**“Who is this outfit? Nobody heard about it,” Fischbach said. “I decided I’m not going to stand for this. Somebody had to do something about it. I took the lead.”**
In August 2021, Fischbach called a meeting at the local community center, expecting a dozen people to attend.
Without advertising, 74 landowners turned out. None of them supported the project in South Dakota, he said.
“I said to myself. I’m onto something here. This is real. We have to pursue this,” Fischbach told The Epoch Times.
Opposition Builds
Fischbach said that soon afterward, **Summit Carbon held a catered public meeting to unveil the project.**
About 300 people showed up for the event, Fischbach recalled. Summit officials spoke and held a slide show on the project’s economic and environmental benefits.
There were questions asked and answered, as well as comments from the public. Fischbach said he was the first to take the microphone.
“My first question to them was, ‘ **Would you commit today not to use eminent domain on those of us that don’t want your project?**'”
After repeated attempts, Summit Carbon officials would not answer “yes” or “no”, Fischbach said.
**Finally, a company official said, “No, I cannot do that,” he said.**
“It just set off a chain reaction. Nobody wanted this thing. They ended the meeting,” said Fischbach, leader of the South Dakota Easement Team opposed to the company’s attempts to acquire right-of-way easements by eminent domain to build the pipeline.
Since the July 2021 letter, Summit Carbon has filed more than 81 eminent domain lawsuits in …
https://www.zerohedge.com/commodities/farmers-band-together-against-co2-pipeline-project-south-dakota

2023-06-16 13:05:00

**Don't Let Month-To-Month Data Distract From Recession Signal**
Don't Let Month-To-Month Data Distract From Recession Signal
_Authored by Simon White, Bloomberg macro strategist,_
The trends in retail sales, Fed regional surveys and claims are **recessionary,** adding to the case that **after a pause the next move from the Fed will be a cut,** rather than another hike.
Monthly or weekly data are fine if you want some trading volatility, but not helpful when trying to discern the path of the economy.
**In this week’s data we saw another rise in unemployment claims to almost two-year highs.** But it’s the underlying picture that’s sending the ever-stronger recessionary signal. The number of states with deteriorating claims continues to rise and is consistent with a near-term downturn.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-16_04-52-30.jpg?itok=MUMXGKby (https://cms.zerohedge.com/s3/files/inline-images/2023-06-16_04-52-30.jpg?itok=MUMXGKby)
We also saw May’s retail sales data. The month-on-month figures beat or met expectations, but that should not distract from their clear downward trend. Moreover, trying to figure out what is going to happen has more utility than focusing on a short-term volatile figure. Tighter credit conditions posit that retail sales will continue to weaken through the rest of the year.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-16_04-53-17.jpg?itok=jTEDvfao (https://cms.zerohedge.com/s3/files/inline-images/2023-06-16_04-53-17.jpg?itok=jTEDvfao)
The Empire manufacturing survey was also released and beat expectations. **This number on its own is less than useless if you’re trying to build a picture of where the economy is headed.** A better signal can be gleaned from combining all the Fed regional manufacturing surveys into one signal.
As the chart below shows, all of them are contracting on a three-month smoothed basis. **Bar two false positives, this has always coincided with a recession.**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-06-16_04-53-48.jpg?itok=A_bs2Jik (https://cms.zerohedge.com/s3/files/inline-images/2023-06-16_04-53-48.jpg?itok=A_bs2Jik)
**The signal from this week’s data is enough to deter the Fed from further hikes**, especially as slowing inflation in the coming months will take real rates considerably tighter even if the bank holds rates steady.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Fri, 06/16/2023 - 09:05
https://www.zerohedge.com/markets/dont-let-month-month-data-distract-recession-signal

2023-06-14 03:03:10

**It's "Buy The Rumor" Time For Chinese Markets**
It's "Buy The Rumor" Time For Chinese Markets
_By Ye Xie, Bloomberg markets reporter and analyst_
The surprising rate cuts by the People’s Bank of China on Tuesday signaled that policy makers have shifted to stimulus mode after watching the economy languish over the past few months. The magnitude of the potential stimulus package remains to be seen. **But as far as the market is concerned, the window of buying the rumor has opened — at least before reality sets in again.**
Two days before President Xi Jinping’s 70th birthday, the PBOC delivered a gift to investors by unexpectedly lowering the seven-day reverse repurchase rate and the standing lending facility rate. **As Bloomberg economist David Qu noted, it’s almost guaranteed that the central bank will follow up by cutting the key rate on the medium-term lending facility on Thursday.**
The direct impact of a 10-bp rate cut is minimal, potentially lifting GDP this year by only 0.1 percentage points. More importantly, it’s not the cost of money that is ailing the economy. It **’s the lack of demand for money, as private firms and households are pessimistic about the business and income outlook.**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/lower%20mortgage%20rates.jpg?itok=Y-xQrk58 (https://cms.zerohedge.com/s3/files/inline-images/lower%20mortgage%20rates.jpg?itok=Y-xQrk58)
That point is highlighted by credit data released late Tuesday. Both total social financing and new bank loans missed already low expectations. Corporate bond issuance took a hit amid renewed concern about local-government financing vehicles, while household borrowing remains sluggish, reflecting low demand for mortgages.
It’s not surprising, then, that investor sentiment is depressed. Bank of America’s global fund-manager survey **showed that investors’ expectations on the Chinese economy have drooped to the lowest level since the reopening from the pandemic late last year.**
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/china%20macro%20optimism%20%202.jpg?itok=OTPbny1r\
_Source: Bank of America_ (https://cms.zerohedge.com/s3/files/inline-images/china%20macro%20optimism%20%202.jpg?itok=OTPbny1r)
**And shorting Chinese equities is considered the second-most crowded trade after “Long Big Tech.”** In addition, 13% of investors surveyed considered the Chinese housing market to be the most likely source of global credit risk.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/long%20big%20tech%20crowded.jpg?itok=eump7phJ\
_Source: Bank of America_ (https://cms.zerohedge.com/s3/files/inline-images/long%20big%20tech%20crowded.jpg?itok=eump7phJ)
The good news is that Beijing seems to be ready for action. Bloomberg reported that policy makers are considering a broad package of stimulus measures, including supporting the real-estate market.
Strategists at Clocktower Group are turning bullish:
> _The bottom line is that we expect the material constraints from a burgeoning deflationary spiral to soon outweigh Beijing’s preference to remain patient, implying a potential stimulus announcement around the July politburo meeting. As such, Chinese risk assets are likely very close to, if not have already reached, the bottom in the near-term, especially given the overwhelming pessimism currently priced in the market._
Keep in mind, though, that Beijing is facing significant constraints. Unless the government is willing to unwind some of Xi’s signature policies, including the notion that “housing is not for speculation,” and de-risk local government debt, **there’s a good case to be made that any stimulus is likely to be moderate.**
When rumor — or “little articles” as Chinese investors call them — is driving market expectations and imaginations, the sky is the limit. **The bad news is that when the actual policy initiatives are announced, the market may shift to sell-the-fact mode again.**
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Tue, 06/13/2023 - 23:03
https://www.zerohedge.com/markets/its-buy-rumor-time-chinese-markets

2023-05-25 09:44:00

**"Terrified Of A Bud Light Situation": Target Pulls Pride Month Products In Certain Stores Amid Boycott Calls**
"Terrified Of A Bud Light Situation": Target Pulls Pride Month Products In Certain Stores Amid Boycott Calls
**Update (1400 ET):** Taking another page out of the Tranheuser Bush playbook, Target is already getting the blowback treatment, with the uber-woke socialist tabloid Business Insider (https://www.businessinsider.com/target-workers-express-dismay-over-pride-month-display-removal-2023-5)reporting that after Target abruptly removed Pride month feature displays from dozens of stores in Southern states, has "frustrated and alienated" the company's (handful of ) LGBTQ workers who "spoke anonymously for fear of professional consequences as they are not authorized to speak to the media, but Insider verified their identities and employment."
One wonders how Target shareholders - who are vastly more numerous than the company's handful of pride-flag clad employees - will feel when Target is _Budlighted_ and feel the full impact of the conservative boycott, sending the company's stock plunging.
\\* \\* \\*
One week after Target CEO Brian Cornell revealed that "woke" capitalism is "great" for their brand and "the right thing for society," the mega-retailer has been scrambling to avoid a disastrous "Bud Light moment" (https://www.zerohedge.com/political/bud-light-sales-crash-worsens-latest-week-dylan-mulvaney-fiasco)by forcing some stores to remove LGBTQ Pride merchandise as consumer boycott calls mount.
> BREAKING: Target just pulled their pride display from a store after parents pushed back, keep up the heat. pic.twitter.com/oCtybRceSB (https://t.co/oCtybRceSB)
>
> — Merissa\_Hansen🇺🇸🦅 (@merissahansen17) May 23, 2023 (https://twitter.com/merissahansen17/status/1661148228568641537?ref_src=twsrc%5Etfw)
A Target insider told Fox News (https://www.foxnews.com/media/target-holds-emergency-meeting-lgbtq-pride-merchandise-stores-avoid-bud-light-situation) that South and rural America stores are removing controversial LGBT-themed products ahead of June Pride month to avoid further backlash. Some products ranged from "tuck-friendly" swimsuits for transgender people to gender-fluid coffee mugs. The insider said the reasoning behind such an abrupt move is "to avoid the kind of backlash Bud Light has received in recent weeks."
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2023-05-24_14-13-36.png?itok=Tu1k8xtE (https://cms.zerohedge.com/s3/files/inline-images/2023-05-24_14-13-36.png?itok=Tu1k8xtE)
Facing a potential sales-slamming debacle akin to the 24% hit Bud Light has taken (https://www.zerohedge.com/political/not-our-beliefs-bud-light-distributor-sends-out-public-plea-bring-back-customers?ref=biztoc.com), the person said an "emergency" conference call was held with store managers and senior district directors last Friday to dismantle Pride sections on retail floors.
> _"We were given 36 hours, told to take all of our Pride stuff, the entire section, and move it into a section that's a third the size. From the front of the store to the back of the store, you can't have anything on mannequins and no large signage," the insider said._
The person who has worked for the retailer for over two decades said execs are "terrified of a Bud Light situation" as boycott calls soar on social media.
> Target is far worse than Bud Light ever was. Time to boycott!!! Not hard for me. I never shop there.
>
> BOYCOTT TARGET 🎯
>
> pic.twitter.com/JQJB2tXG3q (https://t.co/JQJB2tXG3q)
>
> — Juanita Broaddrick (@atensnut) May 17, 2023 (https://twitter.com/atensnut/status/1658812593320984579?ref_src=twsrc%5Etfw)
> Target does NOT deserve our business!!!
>
> BOYCOTT TARGET!!!!! pic.twitter.com/R2YyM62rXP (https://t.co/R2YyM62rXP)
>
> — Graham Allen (@GrahamAllen\_1) May 23, 2023 (https://twitter.com/GrahamAllen_1/status/1661083507412615168?ref_src=twsrc%5Etfw)
> BOYCOTT TARGET!!!!! pic.twitter.com/088r3tHeFc (https://t.co/088r3tHeFc)
>
> — Graham Allen (@GrahamAllen\_1) May 23, 2023 (https://twitter.com/GrahamAllen_1/status/1661062901514240000?ref_src=twsrc%5Etfw)
> Boycott Target pic.twitter.com/CMRheXUb3S (https://t.co/CMRheXUb3S)
>
> — Randy Butler (@RandyButler62) May 16, 2023 (https://twitter.com/RandyButler62/status/1658578603544641536?ref_src=twsrc%5Etfw)
> Boycott Target. #boycotttarget (https://twitter.com/hashtag/boycotttarget?src=hash&ref_src=twsrc%5Etfw)
>
> pic.twitter.com/h36jVKEb1M (https://t.co/h36jVKEb1M)
>
> — Mike Anderson (@MikeSmalltalk) May 17, 2023 (https://twitter.com/MikeSmalltalk/status/1658785266700636162?ref_src=twsrc%5Etfw)
> Thank you so much @Target (https://twitter.com/Target?ref_src=twsrc%5Etfw) for helping me Tuck my Junk!
>
> This is why they call me “Tucker Stein”
>
> pic.twitter.com/H15IF1Eq4f (https://t.co/H15IF1Eq4f)
>
> — Alex Stein #99 (@alexstein99) May 24, 2023 (https://twitter.com/alexstein99/status/16…
https://www.zerohedge.com/political/terrified-bud-light-situation-target-pulls-pride-month-products-certain-stores-amid

2023-05-24 22:30:00

**Tesla Plunges 50 Spots To #62 In New Reputable Brands Survey**
Tesla Plunges 50 Spots To #62 In New Reputable Brands Survey
Compounding Tesla's woes from Tuesday, after Transportation Czar Mayor Pete made comments that took aim at the company's Autopilot software, it was also reported that Tesla's place on the Axios Harris Poll (https://www.axios.com/2023/05/23/corporate-brands-reputation-america) 100 reputation rankings dropped 50 places this year.
According to Axios, the rankings are "based on a survey of 16,310 Americans from a nationally representative sample conducted March 13–28."
"Americans are asked which two — in their opinion — stand out as having the best reputation today and which two have the worst. All nominations are compiled into an aggregate list to determine the “most visible” companies. Subsidiaries and brands are tallied within the parent company to create a total number of nominations for each company," Axios stated.
https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/musk%20dancing_8.png?itok=5Cb1UKoj (https://cms.zerohedge.com/s3/files/inline-images/musk%20dancing_8.png?itok=5Cb1UKoj)
The company fell a staggering 50 spots to number 62 out of 100 companies on the list. Despite the plunge, Tesla still lands in the "good" category, despite receiving "fair" scores for "character, trust, and citizenship", Autoblog noted (https://www.autoblog.com/2023/05/23/tesla-plummets-50-spots-in-reputable-brands-survey-its-at-62-30-places-below-ford/).
Tesla received "excellent" scores in the categories of trajectory, vision, and products and services.
Shareholders noted that Musk seemed distracted back in April, when a group of them penned a letter to Tesla's board, stating: "The Board allowed the CEO to be overcommitted at a time when the company faces critical challenges. Corporate boards can and should intervene if a chief executive appears to be distracted or overly focused on other ventures."
Patagonia and Costco were rated the top two brands in the survey. Hey, _virtue signaling and dollar hot dogs go a long way with the American consumer_...maybe Musk should try those next.
Even Tesla uber-bull Ross Gerber noticed, chalking the reputation hit up to "the effect of politics on Tesla's brand".
> The effect of politics on Tesla’s brand. $tsla (https://twitter.com/search?q=%24tsla&src=ctag&ref_src=twsrc%5Etfw)https://t.co/ajQqj2XOwi (https://t.co/ajQqj2XOwi)
>
> — Ross Gerber (@GerberKawasaki) May 23, 2023 (https://twitter.com/GerberKawasaki/status/1661122914060763142?ref_src=twsrc%5Etfw)
"Tesla should be number one," Gerber said in a later Tweet. _OK, Ross..._
Recall, on Tuesday Mayor Pete also expressed concerns (https://www.teslarati.com/tesla-autopilot-pete-buttigieg-driver-interaction-criticism/) about Tesla's Autopilot and how it interacts with the car's driver, stating: _“There is a real concern that’s not limited to the technology itself but the interaction between the technology and the driver.”_
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Wed, 05/24/2023 - 18:30
https://www.zerohedge.com/markets/tesla-plunges-50-spots-62-new-reputable-brands-survey