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[Democrats] Meet Rep. Cori Bush and Her Fellow Faith Healers

Rep. Cori Bush (D., Mo.) spent years working as a faith healer for a religious group that claims to have resurrected the dead and cured thousands of people suffering from AIDS, cancer, paralysis, and other serious maladies—including Bush’s own severe case of coronavirus last year.

The post Meet Rep. Cori Bush and Her Fellow Faith Healers appeared first on Washington Free Beacon.

Published:5/17/2021 4:40:27 AM
[structure:news/world-news] Gaza pummelled in fresh Israeli airstrikes as calls for de-escalation go unheeded Published:5/17/2021 4:40:27 AM
[Markets] The American Consumer Is Not Happy The American Consumer Is Not Happy

Authored by Daniel Lacalle,

The University of Michigan consumer confidence index fell to 82.8 in May, from 88.3 in April. More importantly, the current conditions index slumped to 90.8, from 97.2 and the expectations index declined to 77.6, from 82.7.

Hard data also questions the strength of the recovery. April retail sales were flat, with clothing down 5.1%, general merchandise store sales fell 4.9%, leisure & sporting goods down 3.6% with food & drink services up just by 3%.

United States industrial production was also almost flat in April, rising just 0.4% month-on-month in April pushed by a 4% slump in motor vehicle production. You may think this is not that bad until you see that industrial capacity utilization came at 74.7% in April, significantly below the pre-pandemic levels.

Employment also questions the “strong recovery” thesis. Non-farm employment is still down 8.2 million, or 5.4 percent, from pre-pandemic level yet gross domestic product is likely to how a full recovery in the second quarter.

These figures are important because they come after trillions of dollars of so-called stimulus and the entire thesis of the V-shaped recovery comes from a view that consumption is going to soar. Reality shows otherwise. In fact, reality shows that retail sales showed an artificial bump due to the wrongly called stimulus checks only to return to stagnation.

The rise in inflation further questions the idea of a consumption boom, certainly for the middle class. Why? If we look at the 4.2% rise in consumer price index in April includes a 25% increase in energy, a 12% increase in utility prices, a 5.6% increase in transportation services, a 2.2% in medical services etc. As consumers perceive a higher rise in prices, especially in those essential goods and services that we purchase every day, consumption decisions become more prudent and propensity to save rises. This is something that we have seen in numerous countries. In Japan, years of “official” messages about the risk of deflation clashed with citizens’ perception of cost of living, and tendency to save increased, rightly so. Citizens are not stupid, and you can tell them that there is no inflation or that it is transitory, but they feel the rise in cost of living and react accordingly.

Two things should concern us. First, the weakness of the recovery in the middle of the largest fiscal and monetary stimulus seen in decades, and second, the short and diminishing effect of these programs. A two trillion stimulus package creates a very short-term impact that lasts less than five months.

I recently had a discussion with Judy Shelton, and she stated that the recovery would be stronger without stimulus. She is probably right.

Neo-Keynesians will likely say that if the above figures persist, the solution is more stimulus, but it is not. More money to government programs means slower growth and weaker recoveries.

The American consumer is not happy. They do not see the official optimism about the job market or the macro figures, and the current sugar-high is likely to lead to an abrupt sugar-low.

Tyler Durden Mon, 05/17/2021 - 05:00
Published:5/17/2021 4:12:39 AM
[d8f66977-6588-5fcc-a58a-fa128500706a] Masterpiece Cakeshop owner Jack Phillips: How I became the face of ‘rights of conscience’ litigation in US I respect other people’s right to make their choices and to decide for themselves what messages they do and don’t want to communicate. I expect them to respect my right to make those decisions, too.  Published:5/17/2021 4:12:39 AM
[Markets] Europe Markets: European stocks edge lower amid rise in Asian coronavirus cases European stocks edged lower on Monday, as investors weighed signs that COVID-19 infections are continuing to spread in Asia, even as fears about inflation appear to have subsided.
Published:5/17/2021 4:12:39 AM
[World] TaxWatch: ‘Come on, it’s over a year’: Spare a thought for these people who are still waiting for their 2019 tax refund The IRS says it still has 600,000 individual tax returns in its backlog.
Published:5/17/2021 4:12:39 AM
[topics:in-the-news/uk-coronavirus-lockdown] Who is next on the list for Covid vaccines - and how will I be invited to book an appointment? Published:5/17/2021 3:40:05 AM
[Entertainment] Anthony Mackie Admits He Was "Horrified" to Find Out Sebastian Stan Was Cast as Tommy Lee The Falcon and the Winter Soldier Anthony Mackie admits he needed to kickstart his heart after he first heard that Sebastian Stan would be playing Motley Crue star Tommy Lee. While doing press for the 2021 MTV Movie...
Published:5/17/2021 3:40:05 AM
[Markets] Airlines May Start Weighing Passengers Amid Obesity Crisis  Airlines May Start Weighing Passengers Amid Obesity Crisis 

The issue of weighing passengers before flights have been a challenging one. It may not be known to travelers but calculating the weight of an aircraft is critical to flight safety that informs pilots of much fuel the aircraft needs, hence why check-in baggage is weighed. But now, "U.S. airlines may need to start weighing passengers to comply with FAA rules," according to travel website View From The Wing.

"For safety reasons, carriers need to calculate an aircraft's weight and balance, and it has to be within allowable limits for the plane. However, the assumptions they've been using for passengers are outdated," said Gary Leff, a world travel expert who penned the piece on View From The Wing. 

Leff said Americans are becoming more obese, and that's become a significant problem for the aviation industry and the federal government who want to find out how much passengers weigh for smaller aircraft. 

He said the FAA realizes passenger weight can fluctuate by route, and airlines want to document this difference for safety reasons and fuel calculation, adding that "standard weights may not be appropriate for smaller planes, with smaller sample size and greater likelihood of variance from average."

An analysis from aviation research firm AirInsight Group LLC. says the pending FAA weight and balance rule "is going to make American air travelers very unhappy. VERY UNHAPPY." 

The group said airlines would update "standard average passenger weights," and these weights increase regularly. Airlines are being told they need to weigh crew, bags, and passengers. 

The language in the FAA document has guidance on examining travelers weight:

"Regardless of the sampling method used, an operator has the option of surveying each passenger and bag aboard the aircraft and should give a passenger the right to decline to participate in any passenger or bag weight survey. If a passenger declines to participate, the operator should select the next passenger based on the operator's random selection method rather than select the next passenger in a line. If a passenger declines to participate, an operator should not attempt to estimate data for inclusion in the survey."

The document continued: 

"An operator that chooses to weigh passengers as part of a survey should take care to protect the privacy of passengers. The scale readout should remain hidden from public view. An operator should ensure that any passenger weight data collected remains confidential."

There was no mention of when the new pending FAA weight and balance rule goes into effect, but it will undoubtedly irritate some travelers who can barely stand wearing a mask. 

Tyler Durden Mon, 05/17/2021 - 04:15
Published:5/17/2021 3:40:05 AM
[Markets] Asia Markets: China stocks climb, but Taiwan equities tumble as rising COVID-19 cases force fresh restrictions Global equities kicked off trading on Monday with a mixed session in Asia. Taiwan stocks took a hit from fresh pandemic restrictions, while Chinese stocks gained.
Published:5/17/2021 3:40:05 AM
[ddcbd1b4-89b6-5c97-8531-b17f749e9150] Prince Harry calls First Amendment ‘bonkers,’ faces backlash from Cruz, Crenshaw, others Prince Harry is facing a wave of backlash after he called the First Amendment "bonkers" during a podcast appearance last week. Published:5/17/2021 3:40:05 AM
[] Daily Tech News 17 May 2021 Top Story The secret here is to bang the rocks together, guys. (Bloomberg) Or in this case, buy up the small companies working as sub-contractors in your field, pay everyone more to keep the staff happy, and squeeze out... Published:5/17/2021 3:40:05 AM
[SPY] Roller Coaster Published:5/17/2021 2:42:00 AM
[Entertainment] Bachelor Nation's Sarah Herron Is Engaged: See Her Gorgeous Ring Sarah HerronBachelor Nation's Sarah Herron is happily engaged to Dylan Brown after four years of dating. The 34-year-old standout from Sean Lowe's season of The Bachelor, which aired in...
Published:5/17/2021 2:41:59 AM
[Asia] JD Logistics, China’s answer to Amazon’s logistics ambitions, to raise $3.4B from IPO After operating in the red for 14 years, JD.com’s logistics subsidiary is getting ready for an initial public offering in Hong Kong. JD Logistics will price its share between HK$39.36 and HK$43.36 apiece, which could see the firm raise up to about HK$26.4 billion or $3.4 billion, according to its new filing. JD.com, Alibaba’s e-commerce […] Published:5/17/2021 2:41:59 AM
[Markets] Vaccine Passports And Medical Paternalism Vaccine Passports And Medical Paternalism

Authored by Birsen Filip via The Mises Institute,

Vaccine passports have been implemented, or are being developed, in a number of countries around the world. In February 2021, Israel introduced its "Green Pass," which becomes "effective the week after receiving the second dose" of the vaccine and expires after six months. It was followed by China, which launched its digital "International Travel Health Certificate" in March. Subsequently, in April, Denmark implemented its "Coronapas" and Estonia introduced its "VaccineGuard." Although the United States government recently dismissed the idea of a national vaccine passport, the state of New York has already launched its own "Excelsior Pass," and several other states are developing similar programs, whereas South Dakota, Montana, Idaho, Utah, Florida, Texas and Arizona have banned the use of COVID-19 immunity passports within their borders. Other countries have also announced their intentions to launch vaccine passports in the near future, including: the United Kingdom, which will be using an NHS (National Health Service) phone app as its COVID-19 vaccine passport starting on May 17th; and, the European Union, which is planning to "facilitate free movement inside the EU" with its "Digital Green Certificate" as of June.

In addition to prohibiting unvaccinated people from travelling (e.g., boarding airplanes, staying at hotels, etc.), these electronic documents are already being used to prevent them from attending social and cultural events at stadiums, theaters, and museums. Unvaccinated citizens are also not being permitted to enter a variety of other venues and businesses like gyms, dance clubs and studios, swimming pools, hair salons, wedding halls, tattoo parlours, restaurants, and coffee shops, among others. Essentially, the implementation of vaccine passports has led to a situation where governments protect the rights and freedoms of vaccinated citizens, while infringing upon those of their unvaccinated counterparts.

The ultimate goal of vaccine passports, which are based on the notion of "health paternalism," is to coerce people into accepting injections of the experimental vaccines that have been incessantly promoted by politicians, mainstream news, and unelected medical experts for many months. However, those individuals that are not persuaded to submit themselves to unwanted medical procedures by sophisticated propaganda techniques will be forced to live a "life worse than death" through the suspension of their freedom, as well as the reasonable enjoyment of their lives within their private spheres. James M. Buchanan warned about coercive government measures that abolished liberty, as he argued that state regulations designed to protect individuals based on "scientific grounds" were "highly deceiving," because the state is essentially using scientific authority to impose a single moral value on society. Similarly, Robert D. Tollison and Richard E. Wagner argued that allowing the state to impose regulations on the premise of protecting the health of its citizens presented "an open invitation to tomorrow’s arguments about the social cost of sugar, sunbathing, saturated fat, recreational injuries, obesity, and on and on. Down this road lies not a free society but a totally regulated society with only one acceptable lifestyle as prescribed by the health paternalists." Milton Friedman was also opposed to "the health paternalists," as he argued that if the government was given the responsibility to protect our health, "the logic surely calls" for protecting "us from using dangerous bicycles and cap guns, the logic calls for prohibiting still more dangerous activities such as hang-gliding, motorcycling, and skiing." In his own opposition to "health paternalism," Mises asked:

why limit the government’s benevolent providence to the protection of the individual’s body only? Is not the harm a man can inflict on his mind and soul even more disastrous than any bodily evils? Why not prevent him from reading bad books and seeing bad plays, from looking at bad paintings and statues and from hearing bad music?

Vaccination passports support the idea that people can and should be coerced into making healthy choices, which would be condemned as "a form of health fascism" by Hayek, Buchanan, Friedman, Mises, and many other contributors to liberal theory across history. In fact, they would likely argue that vaccine passports eliminate freedom, because they allow an external authority to deliberately interfere in the lives of unvaccinated people in ways that prevent them from attaining their goals, and pursuing their personal interests. For instance, Hayek, Buchanan, Friedman, and Mises defined freedom as "the absence of coercion of a man by his fellow men." With that in mind, they warned that the primary danger to freedom was any form of strong central power that intervenes in the private spheres of individuals and implements policies aimed at achieving a predetermined end based on expert scientific opinion. 

Freedom from coercion, known as the negative concept of freedom ("freedom from"), was highly valued by Locke, Constant, Tocqueville, Hobbes, Bentham, Hayek, Mises, Friedman, and Buchanan, in addition to many other liberals. All of these prominent thinkers were preoccupied with answering one question: "How much am I to be governed?" In doing so, they were largely reacting against despotic and tyrannical rulers and governments. Proponents of the concept of negative freedom believed that ‘there should be always a frontier between public and private spheres, and that individuals should always be free to do as they please and live as they like when they are in their private spheres,’ where no one would be permitted to intervene. However, the implementation of vaccine passports would essentially mean that protected individual private spheres do not exist for governments and their so-called health experts. This is something that Hayek warned about when he argued that coercion would "be much more common" if there were no protected private spheres.

Based on the concept of freedom advocated by Hayek, Buchanan, Friedman, and Mises, vaccine passports also violate economic freedom, which basically refers to the freedom to consume, produce, exchange, and cooperate spontaneously and voluntarily. They believed that "if one abolishes man’s freedom to determine his own consumption, one takes all freedoms away." In other words, if coercive state actions violated or abolished economic freedom, then general freedom would essentially be taken away from individuals, including freedom of speech, freedom of expression, freedom of religion, freedom of assembly, freedom of the press, and intellectual freedom.

The concept of freedom defended by Hayek, Buchanan, Mises, and Friedman aimed to safeguard "the maximum degree of freedom for each individual separately that is compatible with one man’s freedom not interfering with other men’s freedom." For them, a wider the area of non-interference and a broader the range of choices available to individuals corresponded to a greater degree of freedom. On countless occasions, these prominent liberals warned that in order to have freedom, the coercive power of any entity had to be limited, especially that of the government. They had faith that the legal system would be enough to avoid heading down "the road to serfdom" (road to unfreedom) by preventing state authorities from possessing unlimited powers that they could use to coerce as they please. However, since the onset of the pandemic, legal systems in country after country have failed to safeguard the private spheres of individuals from interference or coercion on the part of the state.

During this pandemic, much of the world has been subjected to the sudden and rapid implementation of poorly thought-out rules and policies, based on the incompetent and inexperienced central planning and design of the state. These decisions were often made by consulting only a handful of medical advisors who are not trained in areas like political science, economics, sociology, finance, history, demographics, psychology, philosophy, ethics, anthropology, and law, all of which offer important considerations for decisions that affect the whole society and the common good. In essence, politicians, in cooperation with their unelected health advisors, have managed to gain control over entire societies and reshape them in a failed effort to achieve the common good, while disregarding centuries of progress made by prominent liberal thinkers when it comes to protecting the rights and freedoms of individuals. Now, these same politicians are determined to impose vaccine passports, which will vastly expand oppressive state powers, while marginalizing unvaccinated people by suppressing their rights and freedoms, and robbing them of their ability to achieve happiness and self-development. Moreover, these oppressive governments and leaders that are pushing for vaccine passports will not forewarn those people who do not want to be injected with experimental substances about what awaits them:

You will think like me or die; he says: You are free not to think as I do; your life, your goods, everything remains with you; but from this day on you are a stranger among us. You will keep your privileges as a citizen, but they will become useless to you. If you aspire to be the choice of your fellow citizens, they will not choose you, and if you ask only for their esteem, they will still pretend to refuse it to you. You will remain among men, but you will lose your rights to humanity. When you approach your fellows, they will flee from you like an impure being. And those who believe in your innocence, even they will abandon you, for people would flee from them in turn. Go in peace; I spare your life, but I leave you a life worse than death.

Tyler Durden Mon, 05/17/2021 - 03:30
Published:5/17/2021 2:41:59 AM
[structure:news] I wouldn't meet indoors, says Sage scientist Published:5/17/2021 2:41:59 AM
[Education] Defend Free Speech, Urges Author Who Faced Repercussions for Teaching College Students About Pronouns

Canadian author and columnist Lindsay Shepherd’s message to Americans is simple: Defend free speech or risk losing it. In 2017, Shepherd, then a teaching assistant at Wilfrid Laurier... Read More

The post Defend Free Speech, Urges Author Who Faced Repercussions for Teaching College Students About Pronouns appeared first on The Daily Signal.

Published:5/17/2021 2:12:09 AM
[topics:organisations/microsoft] Microsoft investigated Bill Gates over prior romantic relationship before he left board Published:5/17/2021 1:46:41 AM
[Markets] Russian Navy Says It's Closely Monitoring UK & French Warships In Black Sea Russian Navy Says It's Closely Monitoring UK & French Warships In Black Sea

Russia's Defense Ministry on Sunday said that its Black Sea Fleet is now closely monitoring a British Royal Navy patrol vessel which just entered the Black Sea

"The forces and means of the Black Sea Fleet have started tracking the activities of the Trent patrol vessel of the British Navy, which entered the Black Sea waters on May 16," a statement from Russia's defense ministry said of its Black Sea Fleet operations.

Via Royal Navy

The HMS Trent passed through the Bosporus Strait on Sunday, after a month ago the UK said its navy was planning to send patrols to the region in response to Ukraine tensions and the prior Russian troop buildup in Crimea and along the border. The Kremlin confirmed it's since withdrawn the additional forces, which numbered in the many tens of thousands. 

Regardless it appears to the UK is seeking to send a "message" against another potential near future Russian troop build-ups or large scale drills in the region. 

Further according to TASS the Russian fleet is monitoring a French military vessel as well, since it entered the waters about five days ago.

"On May 11, the report said the Black Sea Fleet started keeping a close eye on the French Navy’s patrol ship Commandant Birot, which had entered the Black Sea," the report said.

Tyler Durden Mon, 05/17/2021 - 02:45
Published:5/17/2021 1:46:41 AM
[Entertainment] Vanessa Bryant Explains Why Daughter Natalia Didn't Attend Kobe Bryant's Hall of Fame Induction Ceremony Natalia Bryant, Vanessa Bryant, BVLGARI x VOGUEVanessa Bryant is thanking daughter Natalia for the lengths she traveled to pay tribute to dad Kobe Bryant over the weekend. The late NBA superstar was honored as part of the Naismith...
Published:5/17/2021 1:09:17 AM
[World] Elise Stefanik is the Truce Choice in the Republican Civil War

If history is any guide, a New York moderate’s record will only have so much bearing on how she behaves in power.

The post Elise Stefanik is the Truce Choice in the Republican Civil War appeared first on The American Conservative.

Published:5/17/2021 1:09:17 AM
[Markets] A Primer For The Propagandized: Fear Is The Mind-Killer A Primer For The Propagandized: Fear Is The Mind-Killer

Authored by Margaret Anna Alice via Off-Guardian.org,

“Totalitarianism, if not fought against, could triumph anywhere.”

- George Orwell

The noose is dangling gently around our necks. Every day, they cinch it tighter. By the time we realize it’s strangling us, it will be too late.

Those who – gradually and gleefully – sacrifice their freedoms, their autonomy, their individuality, their livelihoods, and their relationships on the altar of the “common good” have forgotten this is the pattern followed by every totalitarian regime in history.

Everyone wonders how ordinary Germans could have been manipulated to participate or stand dumbstruck while their government was transformed into a genocidal juggernaut. This is how. Read Sebastian Haffner’s Defying Hitler memoir to see how this can happen anywhere—including here.

Everyone wonders how Russians could have permitted and even zealously reported fellow citizens for imprisonment and execution under Article 58, the penal code invented to incarcerate anyone who dared express the slightest whisper of noncompliance under Stalin’s homicidal state. This is how. Read Aleksandr Solzhenitsyn’s meticulously documented The Gulag Archipelago to witness this progression of authoritarian lunacy.

Everyone wonders how Hutus could have suddenly started axing their Tutsi neighbors to death after being inundated with waves of anti-Tutsi propaganda from Radio Télévision Libre des Mille Collines. Read Philip Gourevitch’s We Wish to Inform You That Tomorrow We Will Be Killed with Our Families: Stories from Rwanda.

The list goes on. And on. And on. From Machiavelli’s The Prince to Étienne de la Boetie’s The Politics of Obedience: The Discourse of Voluntary Servitude to Edward Herman’s and Noam Chomsky’s Manufacturing Consent (and accompanying documentary) to BBC’s The Century of the Self, mechanisms of mass control have been chronicled for millennia.

George Orwell wrote,

As far as the mass of the people go, the extraordinary swings of opinion which occur nowadays, the emotions which can be turned on and off like a tap, are the result of newspaper and radio hypnosis.”

Can you imagine what master propagandist Edward Bernays would have done with access to today’s mainstream media conglomerate combined with the global surveillance infrastructure of Big Tech? And you really think that’s not happening now—with another century of psychological, neurological, and technological research under their belts?

The present ability to curate reality and coerce obedience is unprecedented, far beyond what Orwell envisioned in 1984, Bradbury in Fahrenheit 451, Huxley in Brave New World, and Burgess in A Clockwork Orange.

A textbook example of Problem Reaction Solution, the current tsunami of worldwide hysteria is the latest and potentially most threatening example of mass control in history.

The recipe is simple. Take a naturally occurring phenomenon, say a seasonal virus, and exaggerate its threat far beyond every imagining—despite exhaustive evidence to the contrary. Suppress, silence, ostracize, and demonize every individual who dares present facts that expose the false mono-narrative.

Whip up a witches’ brew of anger, envy, and, most importantly, fear, escalating emotions to a boil so as to short-circuit our faculties of reason and logic.

Isolate us from one another, supplant real-world interactions with virtual feuds, label nonconformists as a threat to the group, and pump the public with a disinformation campaign designed to confuse and atomize. In essence, foster a cultlike mentality that shuts down thought to guarantee assent.

Cultivate and wield our cognitive biases—especially ingroup biasconformity bias, and authority bias—against us in a comprehensive divide-and-conquer policy that keeps us too busy squabbling amongst each other to recognize and unite against those corralling us into a Matrix-like collective delusion that enables the powerful to extract our resources for their own gain.

This ideological mass psychosis is religion—not science. If this were about science, the Media–Pharmaceutical–Big-Tech complex would not be memory-holing every dissenting voice, vilifying every thought criminal, and censoring every legitimate inquiry in quest of the truth.

Mark Twain said, “It’s easier to fool people than to convince them that they have been fooled.”

He also said:

“In religion and politics people’s beliefs and convictions are in almost every case gotten at second-hand, and without examination, from authorities who have not themselves examined the questions at issue but have taken them at second-hand from other non-examiners, whose opinions about them were not worth a brass farthing.”

The next time you’re watching the news, reading a social media post, listening to a friend repeat a scripted talking point, pay attention. Learn to identify the earmarks of propaganda, the clickbait used to trigger your emotions, the mechanisms employed to engineer your cognitive biases.

Don’t let your pride prevent you from seeing—and admitting—the Emperor is naked. We are losing our last sliver of opportunity to resist authoritarianism.

This is not a partisan issue. Those who wish to control us have made it such because disunited lemmings are easier to steer than independent, critical thinkers.

This is a human issue. This is about crushing the middle class—the backbone of a democratic republic—and transferring trillions from the middle and lower classes to the ruling plutocracy. This is about demolishing the foundations of a free society and building it back—not better, but better-controlled.

I will close by recommending a series of illuminating videos on menticide (“the systematic effort to undermine and destroy a person’s values and beliefs … to induce radically different ideas”) throughout history by Academy of Ideas. This analysis of mass psychosis is nonpartisan and of value to every thinking human being.

Dare to question. Dare to disbelieve. Dare to defy ideology in favor of science while you still can.

*  *  *

NOTE: This originated as a response to a Nextdoor.com post titled, “So many people think these Covid rules are for our safety but it’s really about control.” By the time I finished writing it, the post had vanished.

*  *  *

Originally published under the same title at Margaret Anna Alice Through the Looking Glass.

Tyler Durden Mon, 05/17/2021 - 02:00
Published:5/17/2021 1:09:17 AM
[Asia] Gojek and Tokopedia merge to form GoTo Group Ride-hailing giant Gojek and marketplace Tokopedia said on Monday they have combined their businesses to form GoTo Group, the largest technology group in Indonesia. Gojek’s Andre Soelistyo will lead the combined business as GoTo Group CEO, with Tokopedia’s Patrick Cao serving as GoTo Group President. Kevin Aluwi will continue as CEO of Gojek and William […] Published:5/17/2021 12:39:21 AM
[Higher education] My Address to the Graduates (Steven Hayward) As promised, below is the prepared text of my commencement address to the New Saint Andrews College class of 2021 from last Thursday. I think there will be a video posted to YouTube at some point, and I’ll post it when it is available. In the meantime, you’ll have to suffer with my prepared text, which is not exactly as it was delivered. True to form, I improvised a bit Published:5/17/2021 12:11:29 AM
[Entertainment] What to watch on Monday: ‘Breeders’ on FX Monday, May 17, 2021 | “2021 MTV Movie & TV Awards: Unscripted” on MTV. Published:5/17/2021 12:11:29 AM
[Political Cartoons] Reading Writing and Rioting – A.F. Branco Cartoon

By A.F. Branco -

Rioting and violent protesting Being taught today in some Minnesota schools according to news reports. Political cartoon by A.F. Branco ©2021.

Reading Writing and Rioting – A.F. Branco Cartoon is original content from Conservative Daily News - Where Americans go for news, current events and commentary they can trust - Conservative News Website for U.S. News, Political Cartoons and more.

Published:5/16/2021 11:39:08 PM
[Asia] India’s Moglix valued at $1 billion in $120 million fundraise Moglix, an industrial business-to-business marketplace in India, said on Monday it has raised $120 million in a new financing round at $1 billion valuation, becoming the 12th firm from the world’s second largest market to attain the unicorn status this year. The startup’s Series E financing round was led by Falcon Edge Capital and Harvard Management […] Published:5/16/2021 11:39:08 PM
[Markets] The Moneyist: My boyfriend inherited a home and $700K. He pays me $500 monthly rent. Should I ask him for $86K to pay off my condo? ‘I am 65 and get a monthly pension of $800 and receive $1,800 Social Security every month. I have no savings, and own two properties.’
Published:5/16/2021 11:39:08 PM
[structure:news] Monday morning UK news briefing: Today's top headlines from The Telegraph Published:5/16/2021 11:08:43 PM
[Markets] Just Whose Coast Is The Coast Guard Guarding? Just Whose Coast Is The Coast Guard Guarding?

Authored by Ted Galen Carpenter via AntiWar.com,

Most Americans likely assume that the mission of the U.S. Coast Guard is to protect the coasts of the United State from maritime threats. Increasingly, though, that is no longer true, as Coast Guard vessels and personnel now routinely operate thousands of miles from the US homeland. Moreover, they frequently are not engaged in "defensive" missions, but are instead part and parcel of Washington’s arrogant force projection around the world.

The traditional missions were not always sensible or achievable ones, to be sure. During the 1920s and early 1930s, Coast Guard cutters were tasked with trying to intercept shipments of liquor trying to reach thirsty consumers in the United States. Not surprisingly, that mission proved to be utterly futile and frustrating. More recently, the Coast Guard (along with other agencies, such as the Drug Enforcement Administration) has pursued a similar quixotic effort to intercept vessels carrying cargoes of marijuana, cocaine, heroin, and other currently illegal drugs. Indeed, the Coast Guard itself boasts that it is "the nation’s first line of defense" against drug smugglers.

During both prohibition crusades, such efforts have proven more symbolic than substantive. Authorities confiscate only about 10 percent of the targeted contraband, and bootleggers and drug traffickers simply write-off such losses as part of the normal cost of doing business. Attempts to hype successful intercepts do not change that economic reality.

The Coast Guard’s level of success on another mission is scarcely better. Although most illegal migrants try to enter the United States over land (primarily through the US border with Mexico), a significant number attempt to enter by landing in boats of their own or as the human cargo of professional smugglers. An unlucky minority are intercepted, but most people fleeing poverty and violence in their home countries for a better life in the United States reach their destination, despite the Coast Guard’s best efforts.

As misguided as some of those traditional missions might be, they at least involve operations in waters close to the United States. However, more and more of the Coast Guard’s time, budget, and personnel are devoted to operations far from America’s shores.

Late last month, a Coast Guard cutter, the USCGC Hamilton entered the Black Sea as part of the US Navy’s show of strength against Russia. According to a Navy press release, that part of the voyage took place "after Hamilton conducted logistics visits to Naples, Italy and Rota, Spain. The US Coast Guard is conducting a routine deployment in US Sixth Fleet, working alongside Allies, building maritime domain awareness, and sharing best practices with partner nation navies and coast guards." That doesn’t sound like a mission that had any relevance to the defense of America’s coasts.

Via ABC News/US Coast Guard

Wall Street Journal reporter Gordon Lubold likewise missed the underlying irony in the lead paragraph of his April 26, 2021, story about another Coast Guard operation: "A group of boats from Iran’s elite Islamic Revolutionary Guard Corps harassed two US Coast Guard ships earlier this month in the Persian Gulf." Later, the story mentioned that US military officials charged that one Iranian vessel had come within 70 yards of the US ship in "unsafe and unprofessional" maneuvers. Neither Lubold (nor anyone else) bothered to ask what a US Coast Guard ship was doing 6,000 miles from home operating as part of a hostile display of force close to another country’s coastline. An objective observer might conclude that the Iranian ships were the ones defending their country from a maritime threat.

The Coast Guard is even more active in the western Pacific as part of Washington’s effort to contain China’s power. In late 2020 and early 2021, two of the service’s most advanced cutters were deployed to those waters. Wall Street Journal reporters Lucy Craymer and Ben Kesling noted that their location was "nearly 4,000 miles closer to Shanghai than it is to San Francisco." In 2019, a Coast Guard cutter, the USCGC Bertholf, even transited the extraordinarily sensitive Taiwan Strait to show US military backing for Taiwan’s resistance to China’s growing pressure. Lyle Morris, a senior policy analyst at the Rand Corporation, asserts that "the biggest transition [in US security strategy in the Pacific] has been the Coast Guard’s more overt signaling about its role in the great power competition with China."

Some of the official rationales for these new missions are transparently disingenuous. The US Coast Guard cutter Kimball just completed a multi-week mission to "counter illegal fishing" in the "Philippine Sea." That body of water is much better known as the South China Sea, and the ship was there as tangible evidence of Washington’s support for Manila in its increasingly tense territorial dispute with China over islands there.

One should be able to insist that the architects of Washington’s imperial foreign policy at least practice truth in labeling. It is no longer clear that the Coast Guard’s dominant focus is to protect America’s coasts. Even though the service is officially part of the Department of Homeland Security, it increasingly operates as an adjunct of the Navy in projecting US power around the world. It is an Orwellian euphemism to portray it as an agency dedicated to coastal defense when it routinely performs such offensive functions thousands of miles from home.

Tyler Durden Mon, 05/17/2021 - 00:00
Published:5/16/2021 11:08:43 PM
[World] How to Fix Big Tech Without Big Government

Interoperability and open protocols can solve many of the problems of centralized cyber power without a heavy regulatory hand.

The post How to Fix Big Tech Without Big Government appeared first on The American Conservative.

Published:5/16/2021 11:08:43 PM
[Markets] : This robot-run fund loaded up on Tesla because it thinks the stock will soar. It’s been right before. An exchange-traded fund driven by artificial intelligence has just loaded up on shares in Tesla — and it has a history of correctly predicting the stock’s price swings.
Published:5/16/2021 11:08:43 PM
[Markets] The New York Post: Tesla driver killed in crash posted videos of himself driving hands-free A Tesla driver killed in a California crash had posted videos of himself driving without his hands on the wheel — with investigators probing whether the car’s Autopilot mode was “a contributing factor.”
Published:5/16/2021 10:38:36 PM
[Entertainment] Miss Mexico Andrea Meza Crowned Miss Universe 2021 Miss Universe 2021, Miss Mexico, Costumes, WidgetAnd we have a new Miss Universe! After more than a year delay due to the coronavirus pandemic, the Miss Universe competition was finally held on May 16 at the Seminole Hard Rock Hotel...
Published:5/16/2021 10:38:36 PM
[Asia] Merchant commerce platform Pine Labs valued at $3 billion in new fundraise Pine Labs, a startup that offers merchants payments terminals, invoicing tools and working capital, said on Monday it is raising $285 million in a new financing round as the nearly two-decade-old firm looks to expand its business. Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures and Ward Ferry Management financed the new funding round, […] Published:5/16/2021 10:38:36 PM
[Markets] As COVID Concerns Ease, DHS Reminds Americans Terrorists May Attack At Any Time As COVID Concerns Ease, DHS Reminds Americans Terrorists May Attack At Any Time

Be afraid, very afraid.

That appears to be the message from the Biden administration.

As they cede "control" over the populace's fear of COVID to the reality of a virus that doesn't spread outdoors, or on surfaces, or via mask-blocking droplets and are increasingly unable to 'scientifically' explain the political problem that non-restrictive states have not suffered measurably different outcomes from lockdown states; the timing of the latest fear-filled Department of Homeland Security's 'National Terrorism Advisory System' Bulletin is questionable at best.

DHS is warning that terrorists may attack as COVID restrictions ease across the US, citing social media platforms and online forums used by perpetrators to spread their violent rhetoric.

“Today’s terrorism-related threat landscape is more complex, more dynamic, and more diversified than it was several years ago. We know that providing timely and useful information to the public is critical as we all work together to secure the homeland.  With the issuance of today’s NTAS Bulletin, we are advising the public to be vigilant about ongoing threats to the United States, including those posed by domestic terrorism, grievance-based violence, and those inspired or influenced by foreign terrorists and other malign foreign influences,” said Secretary Mayorkas.

“In this evolving threat environment, DHS is redoubling our efforts to detect and disrupt all forms of foreign and domestic terrorism and targeted violence, while safeguarding privacy protections, civil rights, and civil liberties.”

As a reminder, in February, Secretary Mayorkas designated combating domestic violent extremism as a National Priority Area for the first time.

As Robert Higgs wrote, fear, like every other “productive” resource, is subject to the laws of production. Thus, it cannot escape the law of diminishing marginal productivity: as successive doses of fear-mongering are added to the government’s “production” process, the incremental public clamor for governmental protection declines. The first time the government cries wolf, the public is frightened; the second time, less so; the third time, still less so. If the government plays the fear card too much, it overloads the public’s sensibilities, and eventually people discount almost entirely the government’s attempts to frighten them further.

So it's time to change the tune from 'fear' of a biological virus to fear of a much more insidious belief-based virus (belief in anything but the establishment narrative of anything).

By keeping the population in a state of artificially heightened apprehension, the government-cum-media prepares the ground for planting specific measures of taxation, regulation, surveillance, reporting, and other invasions of the people’s wealth, privacy, and freedoms. Left alone for a while, relieved of this ceaseless bombardment of warnings, people would soon come to understand that hardly any of the announced threats has any substance and that they can manage their own affairs quite well without the security-related regimentation and tax-extortion the government seeks to justify.

Tyler Durden Sun, 05/16/2021 - 23:30
Published:5/16/2021 10:38:36 PM
[Entertainment] Mandy Moore Brings the Sunshine in First Red Carpet Appearance Since Giving Birth Mandy Moore, 2021 MTV Movie and TV Awards, Red Carpet FashionOur favorite TV mom and now real life mom, Mandy Moore, made her big return to the red carpet after welcoming her baby boy in February--and it's sure to bring a smile to your face. As...
Published:5/16/2021 10:08:53 PM
[Markets] Former Professor Sentenced To 37 Months In Prison For Using Federal Grants To Aid China’s Medical Research Former Professor Sentenced To 37 Months In Prison For Using Federal Grants To Aid China’s Medical Research

By Cathy He of The Epoch Times,

A biomedical professor has been sentenced to 37 months in prison for carrying out a scheme to use millions of dollars in federal grant money to advance research in China, according to the Justice Department.

Zheng Songguo, a former professor at Ohio State University (OSU), pleaded guilty in November to lying on his National Institutes of Health (NIH) grant applications, in order to use $4.1 million in research grants to develop the fields of rheumatology and immunology for China, the department said.

Zheng Songguo

He was arrested last May in Anchorage, Alaska, as he was preparing to board a charter flight to China in an attempt to flee the United States. When taken into custody, he was carrying multiple items, including two laptops, three cell phones, several USB drives, several bars of silver, expired Chinese passports for his family, and deeds for property in China.

The judge also ordered Zheng to pay more than $3.4 million in restitution to the NIH and about $413,000 to OSU.

“For years the defendant concealed his participation in Chinese government talent recruitment programs, hiding his affiliations with at least five research institutions in China,” Assistant Director Alan E. Kohler Jr. of the FBI’s Counterintelligence Division said in a statement.

The case is among a string of federal actions targeting academics who collaborate with Chinese institutions while receiving research funding from U.S. taxpayers. Many of these cases involve researchers who allegedly hid their participation in Chinese state-backed recruitment programs, such as the “Thousand Talents Plan,” which U.S. officials say serve as a vehicle for the transfer of U.S. research and know-how to China.

“American research funding is provided by the American taxpayer for the benefit of American society—not as an illicit gift to the Chinese government,” said Assistant Attorney General John C. Demers for the Justice Department’s National Security Division.

Zheng admitted to making false statements in his NIH grant applications, hiding his participation in Chinese state-sponsored talent plans, and masking his collaboration with a Chinese university, prosecutors said.

The former professor led a team conducting autoimmune research at OSU and Pennsylvania State University. According to court documents, while employed at OSU, Zheng was also working at the Third Affiliated Hospital at Sun Yat-Sen University, a state-controlled school in southern China’s Guangdong Province. The university’s homepage named him as an expert under the Thousand Talents Plan court documents said. The website is no longer accessible.

Prosecutors said that Zheng had been participating in a Chinese talent plan since 2013. Since then, he used research conducted in the United States to benefit the Chinese regime.

According to court documents, at times, Zheng was receiving money from both the NIH and China’s National Natural Science Foundation of China, which is managed by the Ministry of Science and Technology.

Zheng didn’t disclose these conflicts of interest to his U.S. employers or the NIH.

Last June, a former chair of Harvard University’s chemistry department was indicted on charges of making false statements about funding he received from the Thousand Talents Plan while working on sensitive U.S. research. He has pleaded not guilty.

Tyler Durden Sun, 05/16/2021 - 23:00
Published:5/16/2021 10:08:53 PM
[Politics] Six Reasons to be Alarmed by Biden's Plan to Give the IRS Even More Power Published:5/16/2021 9:40:24 PM
[Entertainment] See Best Kiss Winners Chase Stokes and Madelyn Cline Share Steamy Smooch at 2021 MTV Movie & TV Awards Chase Stokes, Madelyn Cline, 2021 MTV Movie and TV Awards, Best KissChase Stokes and Madelyn Cline proved exactly why they deserved to win Best Kiss at the 2021 MTV Movie & TV Awards... by showing their stuff on stage. The real life couple, who play...
Published:5/16/2021 9:40:24 PM
[Markets] Market Extra: ‘Bitcoin is melting.’ Here’s what a 30% drop from highs in the crypto may say about stock-market risk sentiment What does a meltdown in bitcoin prices over the weekend portend for stocks?
Published:5/16/2021 9:40:24 PM
[Markets] 48 Shot, Including 2 Police Officers In Another Out Of Control Chicago Weekend 48 Shot, Including 2 Police Officers In Another Out Of Control Chicago Weekend

Yet another deadly Chicago weekend has seen shootings soar with as of Sunday mid-evening 48 people shot since Friday night, including 5 killed from their wounds. "A violent weekend in Chicago left at least 48 people shot in separate incidents, including two police officers who were wounded on Sunday morning when they responded to a ShotSpotter detection alert, authorities said," ABC News reports in a mid-evening update.

Tragically this included a 2-year old girl who was wounded after a vehicle pulled up beside the one she was riding in the backseat of and opened fire. Thankfully she survived the ordeal after being wounded with a bullet to the leg.

This adds to an already record-smashing year as Newsweek observed at the start this month: "In Chicago, 956 people were shot in the first four months of 2021—217 more than the same point in 2020, which was a record-setting year for shootings in the Illinois city."

Via AP

On Sunday the Chicago Sun-Times detailed some among the growing casualty list from shootings as follows...

  • In the weekend’s latest fatal shooting, a man was shot dead Saturday afternoon in Woodlawn on the South Side... The 21-year-old was taken to the University of Chicago Medical Center, where he was pronounced dead, police said.
  • Early Saturday morning, two people were killed and three others wounded in a shooting at a party in Gresham on the South Side.
  • Several people were at a gathering in the 7800 block of South Loomis Boulevard when a gunman opened fire shortly after 3 a.m., according to police.
  • A 26-year-old man suffered a gunshot wound to the head and was transported to the University of Chicago Medical Center, where he was later pronounced dead, police said.
  • A 21-year-old was also struck in the head and taken to the same hospital, where he later died, police said.

And in once instance police arrested an 18-year old male with a rifle fleeing on foot in an urban neighborhood street after gunshots rang out, only to later find that a man was shot in the head and died in the same vicinity, which is now under investigation. 

On Sunday morning two police officers were shot after they approached a suspect who "immediately began firing a gun at the officers," Chicago Police Superintendent David Brown told a news briefing. Thankfully their wounds were considered minor, and both are "stable, recovering and in good condition."

Chicago's situation echoes that of many other liberal-run cities, where crime has run rampant since last summer's "peaceful protests," which consisted of property damage, assaults, looting, and lighting cities on fire.

Police and emergency responders are no doubt bracing for another likely violent summer, given civic leaders in many of the hardest-hit cities appear content to simply continue the same failed policies while simply blaming endemic and "structural" inequalities, leading to more rhetoric and proposals of "banning the police" and other insane measures. 

Tyler Durden Sun, 05/16/2021 - 22:30
Published:5/16/2021 9:40:24 PM
[Markets] New Video Reveals Capitol Police Officer Giving Protesters Permission To Enter Building New Video Reveals Capitol Police Officer Giving Protesters Permission To Enter Building

Authored by Julie Kelly via American Greatness (emphasis ours)

A newly-obtained video shows United States Capitol Police officers speaking with several January 6 protestors—including Jacob Chansley, the so-called “Q shaman”—inside the Capitol that afternoon.

One officer, identified in the video and confirmed by charging documents as Officer Keith Robishaw, appears to tell Chansely’s group they won’t stop them from entering the building. “We’re not against . . . you need to show us . . . no attacking, no assault, remain calm,” Robishaw warns. Chansley and another protestor instruct the crowd to act peacefully. “This has to be peaceful,” Chansley yelled. “We have the right to peacefully assemble.”

Watch:

The video directly contradicts what government prosecutors allege in a complaint filed January 8 against Chansley: “Robishaw and other officers calmed the protestors somewhat and directed them to leave the area from the same way they had entered. Chansley approached Officer Robishaw and screamed, among other things, that this was their house, and that they were there to take the Capitol, and to get Congressional leaders.”

Chansley later is seen entering the Senate chambers with a police officer behind him; he led several protesters in prayer and sat in Vice President Mike Pence’s chair. (The man in the yellow sweatshirt is William Watson, a drug dealer out on bond. He was arrested in January.)

Chansley is not charged with assaulting an officer; he faces several counts for trespassing and disorderly conduct. He has been incarcerated since January, denied bail awaiting trial. He has no criminal record.

American Greatness obtained the video from RMG News. The 44-second clip is reportedly part of a much longer video that has yet to be released.

* * *

Meanwhile:

Tyler Durden Sun, 05/16/2021 - 22:00
Published:5/16/2021 9:10:55 PM
[] Sunday Overnight Open Thread (5/16/21) *** The Quotes of The Day Quote I “On the national level, with regard to the Border Patrol, they apprehended last month—in the month of April—more than 170,000 people. That is a tenfold increase over the prior April where... Published:5/16/2021 9:10:55 PM
[PLTR] Palantir: Risky And Expensive Published:5/16/2021 8:40:26 PM
[] CNN Contributor Tweets 'The World Today Needs a Hitler' as Hamas Shoots Rockets at Israel Published:5/16/2021 8:40:25 PM
[topics:things/tigers] Tiger's sight saved in 'world first' operation Published:5/16/2021 8:40:25 PM
[Entertainment] Elizabeth Olsen Returns to the Dark Side With New Look at the 2021 MTV Movie & TV Awards Elizabeth OlsenElizabeth Olsen debuted a new look and we're hair for it! The 2021 MTV Movie & TV Awards have officially kicked off and, as expected, it's full of the razzle-dazzle pop...
Published:5/16/2021 8:40:25 PM
[Markets] "Where's My Wife's Car?": UFC Star Beneil Dariush Calls Out Elon Musk After His Fight On UFC 262 "Where's My Wife's Car?": UFC Star Beneil Dariush Calls Out Elon Musk After His Fight On UFC 262

In addition to dealing with the entire bitcoin community, who is none too pleased with him at the moment, Elon Musk also got a "special" shoutout during UFC 262 when Beneil Dariush called him out on national television for late delivery of a Tesla. 

Dariush beat aging UFC star Tony Ferguson before taking to the mic to ask Musk: "Where's my wife's car, bro?"

“I wanna call somebody out,” Dariush said after the fight to Joe Rogan. “I wanna call out your buddy, Elon. Elon Musk, where’s my wife’s car, bro? I’ve been waiting six months. I’ve had the baby, I need a good car, I gotta protect my daughter. Let’s go Elon, get me my car.”

He then dedicated his fight win to to everyone “affected by Marxist ideologies,” according to RT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

A post shared by ufc (@ufc)

Post-fight, Dariush was told that Elon Musk was on the board of UFC's parent company, Endeavor.

Dariush wasn't phased, replying: “I’m sorry, Elon, but I’m not sorry. I’m sticking with what I said.”

Tyler Durden Sun, 05/16/2021 - 21:30
Published:5/16/2021 8:40:25 PM
[] Here's the alleged reason why the Biden White House reversed course and didn't fly flags at half-staff for Peace Officers Memorial Day Published:5/16/2021 8:13:35 PM
[Donald Trump] Israel’s current struggle with Hamas and the Abraham Accords (Paul Mirengoff) Trump haters at the Washington Post, the New York Times, and elsewhere portray the latest conflagration in Israel as evidence that former president Trump’s Middle East deals — the Abraham Accords — weren’t worth celebrating, after all. In my view, this line misapprehends what the Accords were about. Trump may have overstated what the Accords meant. Like many a politician, and to a greater degree than most, he oversold nearly Published:5/16/2021 8:13:35 PM
[Markets] The Wall Street Journal: Microsoft directors wanted Gates to quit board over inappropriate relationship Microsoft Corp. board members decided that Bill Gates needed to step down from its board in 2020 as they pursued an investigation into the billionaire’s prior romantic relationship with a female Microsoft employee that was deemed inappropriate, people familiar with the matter said.
Published:5/16/2021 8:13:35 PM
[Markets] Hedge Fund CIO: "Trading Is Truly An Awful Pursuit" Hedge Fund CIO: "Trading Is Truly An Awful Pursuit"

By Eric Peters, CIO of One River Asset Management

Anecdote

“What are you thinking about markets here?” asked the entrepreneur, wedging the question into our conversation, but working hard to sound barely interested.

I laughed, unable to contain it. “Oh, so you really called to ask about bitcoin,” I said, smelling his quiet panic.

“Well, you know, yeah basically, I mean what do think about all this stuff going on?” he asked, not wanting anything other than reassurance.

“You don’t get to make a lot of money without enduring an even greater amount of pain - that’s just the way the universe works,” I explained, having a little fun while trying to be helpful. Don’t get me wrong, I’m not someone who enjoys the suffering of others. It’s just that I’ve endured so much of it myself that when I observe it in people who casually trade, thinking it’s fairly easy, I find it funny they believe trading somehow defies natural law.

Ask an athlete or actor how much pain they endured in exchange for glory. Ask an artist or entrepreneur the depth of their sacrifice, made in exchange for even a chance at greatness. You’ll hear stories of endless hours, repeated failures, humiliation, tortured lives, often nearly destroyed.

And never in those fields is there a guarantee of ultimate success. Quite the opposite - the odds are stacked heavily against survival, let alone triumph. In any game that does not award participation trophies, it can work no other way.

“This week was nothing compared to what you’ll need to endure in the years to come. Three negative headlines hit a market filled with leveraged retail longs,” I explained, sensing longer-term silver linings in each piece of bad news.

“It was the kind of week that can get even fairly committed traders to puke, cutting out the source of their pain. That’s how markets operate – trading is truly an awful pursuit,” I said.

“And you should generally hope for news that’s just bad enough to maintain the wall of worry, without being fatal. It’s only after the news becomes universally good, volatility collapses, and leveraged carry traders start picking up pennies that you should really worry.”

Tyler Durden Sun, 05/16/2021 - 21:00
Published:5/16/2021 8:13:35 PM
[Uncategorized] Woke Higher Ed Is A Mixture of “Cancel Culture, Critical Race Theory, and Cruelty”

My appearance on the Freeborn & Liberty Podcast: "There are real consequences to this movement that we're seeing, which is a combination of cancel culture, Critical Race Theory, Marxism, and just mean-spiritedness of the type that people can be very cruel to each other when they have the power to do that. And that's what you're seeing in a lot of these places. It's cancel culture, critical race theory, and cruelty."

The post Woke Higher Ed Is A Mixture of “Cancel Culture, Critical Race Theory, and Cruelty” first appeared on Le·gal In·sur·rec·tion.
Published:5/16/2021 8:13:35 PM
[Entertainment] MTV Movie & TV Awards 2021 Red Carpet Fashion: See Every Look as the Stars Arrive Madison Bailey, 2021 MTV Movie and TV Awards, Red Carpet FashionYou just never know what to expect at this award show. In case you didn't already guess, the 2021 MTV Movie & TV Awards are officially here and your favorite Hollywood stars from...
Published:5/16/2021 7:39:11 PM
[17d14f98-f5bf-56db-8fb0-28ed531d1a66] Trevor Noah and Minka Kelly break up Trevor Noah and Minka Kelly have reportedly broken up, mere months after he splashed out eight figures on a massive Bel Air love nest. Published:5/16/2021 7:39:11 PM
[Markets] Police Across America Brace For Another Violent Summer Police Across America Brace For Another Violent Summer

Donald Trump may not be president anymore, but that won't stop Anitfa and BLM from getting their riot willies out this summer in response to any number of social justice triggers.

To that end, the Wall Street Journal reports that police departments across the country are "bulking up patrols and implementing new tactics to prepare for what they say could be a violent summer" as states lift COVID-19 restrictions - as if they had any impact on last year's summer of leftist violence. Also cited is a spike in firearm purchases during the pandemic as gun crimes spiral out of control in major cities.

Shootings and homicides in big U.S. cities are up this year again after rising last year. In the last three months of 2020, homicides rose 32.2% in cities with a population of at least one million, according to the Federal Bureau of Investigation’s Quarterly Uniform Crime Report.

In New York City, the number of homicides has reached 146 for the year so far, an increase of 27% from 115 during the same period in 2020. In Dallas, police have counted 75 homicides this year, up from 58 during the same period last year. Chicago police have recorded 195 homicides, up from 160 in the year-ago period. -WSJ

And while y/y crime stats spiking 12 months after the country was locked down is may seem like more of a 'no shit' than anything else, keep in mind that New York saw its most violent summer last year since 1996. Meanwhile, the country currently finds itself extremely polarized over more than just police reform, as ongoing tensions in the Middle East have spilled over into US streets, and anti-lockdown activists around the world have been fiercely protesting economy-killing pandemic measures - which we imagine our 'wise and benevolent' leaders like New York Gov. Andrew Cuomo (D) won't hesitate to re-implement if COVID-19 even thinks about surging again.

"We’re coming out of the pandemic, life is starting again and more people are going to be out on the street," said James Shea, Jersey City NJ director of public safety, adding that the city decided to increase the deployment of officers on foot patrol in high-crime areas, as well as expanded the department's closed-circuit video system.

In Dallas, more officers will be deployed this summer to hot-spots of criminal activity as part of the city's Violent Crime Reduction Plan, according to Police Chief Eddie Garcia.

In New York, the NYPD will dispatch 200 additional officers and add patrols to 100 blocks in the city with the most gun violence, according to the report, after last year's chaos. Additional officers have also been deployed to Manhattan business districts in recent weeks, including Times Square, where a recent shooting left three bystanders - including a 4-year-old girl - were injured.

"The warmer months always usually give us more problems when it comes to violence," said NYPD Chief of Department, Rodney Harrison, who added that gang activity accounts for around half of the shootings in the city - while officers struggled to solve cases during the pandemic due to the NYPD's strained relationship with residents amid demonstrations against police brutality.

Year-to-date, shootings in New York City are up 86% over 2020, from 242 to 451.

Tyler Durden Sun, 05/16/2021 - 20:30
Published:5/16/2021 7:39:11 PM
[Politics] CDC’s super sudden two week EPHINANY about vaccines is not at ALL suspicious or weird, media says vThe press aren’t at all put back on their heels about the CDC’s sudden change of heart on masks and social distancing. It’s all super normal that a week after Fauci said . . . Published:5/16/2021 7:39:11 PM
[Politics] CDC’s super sudden two week EPHINANY about vaccines is not at ALL suspicious or weird, media says vThe press aren’t at all put back on their heels about the CDC’s sudden change of heart on masks and social distancing. It’s all super normal that a week after Fauci said . . . Published:5/16/2021 7:39:11 PM
[950fa459-648c-5c08-a86a-c1719f3bc4d0] Israel blasts Bella Hadid for joining pro-Palestinian march The state of Israel slammed supermodel Bella Hadid on Sunday after she took to the streets in Brooklyn to support Palestinians in Gaza — saying her advocacy amid the escalating conflict amounts to calling for the “elimination of the Jewish state.” Published:5/16/2021 7:11:13 PM
[Markets] America's Housing Future Remains Murky At Best - Part 1 America's Housing Future Remains Murky At Best - Part 1

Authored by Bruce Wilds via Advancing Time blog,

The housing market in America is not one but many markets that generally share a few common threads. In America, the government, coupled with a slew of builder and Realtor associations control the housing narrative. Housing prices in Canada have been on fire for years now we are seeing this type of buying frenzy spreading to America.  This has allowed some buyers to ignore the reality that soaring lumber prices over the past 12 months have caused the price of an average new single-family home to rise by $35,872, according to the National Association of Home Builders. 

The two questions that loom large are, who is buying these houses and where are they coming up with the cash to make such offers? Part of this is driven by the government continuing to cloak itself in the guise of being a good and kind friend to first-time buyers and helping them buy homes. This has helped move many a buyer into a home they can't afford, cannot take care of, or simply don't need. The long-term ramifications of such policies have destroyed many lives by putting people under tremendous financial pressure and taken its toll on neighborhoods across America.

Buyers And Sellers Should Beware

This buying frenzy has brought a lot of money into housing with the promise of weaseling out a profit. This means the housing sector is in some ways begun to mimic the auto sector with a "Buy here, Pay here" group opening on every corner. It has also created a massive industry where houses are bought to "flip," This generally means buyers put a few dollars into glossing over flaws and place the house back on the market at a much higher price looking for a gullible buyer that doesn't understand the poor product beneath the glitter.

One trend that has grown rapidly is the "Cash for Keys" market where houses are sold to people with little money down. These deals are often structured more like a lease with an option to buy with a contract that includes a great deal of small print tilted completely in the seller's favor. The means they sell you a house that is overpriced, milk everything they can out of the buyer, and wait to take it back so they can start the scheme all over again. Common sense dictates that to maximize profits they must really be hammering any foolish buyer willing to go down this path.

Just yesterday a woman and her son that had lived in an apartment at my complex for eight years moved back in after several months in one of these houses. She described the four months in the house as a "horrible ordeal." This includes things like, unexpectedly large utility bills as well as receiving estimates for needed repairs that shook her to her core. Maintenance costs can be substantial and something the average person leasing never has to deal with because they are usually included in the rent.

The argument that the "housing game" is a racket and moves on the promise of "big money" is highlighted by several facts. For those accepting this argument, in some ways, this can be linked to the World Economic Forum's 2030 agenda that states in 2030 you will own nothing and be happy. In the piece below, Krystal Ball of the Rising explains why the housing market is booming for those in the upper-middle class. She opines what it means for costs of homes in the future. Seven minutes into this YouTube video (https://www.youtube.com/watch?v=EBb9zf_zWvU) starts a rant, ending with, "however this ends up ordinary people are going to get screwed."

Many of the messages being promoted as common knowledge do not pass serious scrutiny. As I wrote this post I tried to do a bit of additional research to supplement what I know as a contractor and apartment owner. What I found was more like a pack of lies and half-truths spun to fit an agenda. Those of us in the trenches and with our boots on the ground often see things from a different perspective than what is being presented by the media.

An interesting piece by Emma Diehl (https://www.homelight.com/blog/how-many-homes-does-a-realtor-sell-a-yea…) of the Homelight.com blog points out that in the U.S., there are over 2 million active real estate licensees and 1.3 million Realtors®, or real estate licensees who’ve taken an extra step to become certified members of the National Association of Realtors (NAR). This means, some agents may sell a single house per year for their friend, while others such as Ben Caballero, have built empires to facilitate thousands of sales annually using sophisticated tech systems. 

In 2013, CareerBliss announced that being a real estate agent is the single most satisfying job a person could have. This led many people into this line of work. The fact is, most realtors are hard-pressed to make a decent living. This is something we are seldom told and supports the idea much of what we are told about the housing sector is hype and pure bunk. This is supported by the numbers put out by Statista which reported there were 683 thousand houses sold in the United States in 2019. This is the largest figure since 2008 but when divided by the number of real estate licensees does not mean multiple sales for each.

While the market has responded to the housing needs of higher-income households, trends suggest a growing inability or desire to supply housing that is affordable for middle and working-class people. It appears developers have little interest in, or they simply can't afford to add anything but luxury units. It should be noted that at the same time many houses in America sit empty or underutilized and we are hearing about a lack of new listings. I attribute this to sellers holding units off the market because they think prices will rise, they owe more for the house than they can get, or they fear the selling process will be complicated.

Many economists may use housing starts as an indicator of the health of the economy but such numbers are only a small part of a much larger picture. This number reflects many things other than just the number of new houses under construction or started in a given period. The data is generally divided into three categories: single-family houses, townhouses or small condos, and apartment buildings with five or more units. Still more important than just the number of units being built and the type is who is buying these units and why.

Affordability Is A Growing Issue

While people talk about the cost of buying a home more attention should be directed towards the ability of the buyer to maintain the home after they purchase it. Another factor looming large in this sector of the economy centers on affordability. When it comes to affordability, much depends on which part of the country you live but in many coastal and popular areas prices remain high. Even with current rates by the time you add in rising real estate taxes and other costs new homes are expensive.  

Not only are new home prices are on the rise but so are real estate taxes and other fees. There is nothing inexpensive about a new home. Sadly, even the construction is often suspect, while code enforcement has increased, many of the items used in new construction no longer outlive the mortgage a buyer takes on. Whether replacing a door after just a few years or windows, it seems everything is expensive and nothing matches the original design. My house is over a hundred years old and still has the same doors and windows. How many homes built thirty years ago support this claim, enough said. 

While the number of permits and building starts give some indication on the direction of housing, this is a complicated and this fickle market that is subject to attitudes and economic factors which can change on a dime. Adding to the recent discussion are claims of people buying homes away from big cities in an effort to escape growing violence and the effects of covid-19, this is interlaced with stories about surging gun sales.

New Construction Is Still Below 2008 Levels

The chart to the right shows that new construction is still below 2008 levels. Much of the new construction has been in apartments and not single-family dwellings. In much of the country, housing units are being built using cheap money flowing from the Fed and Wall Street under the idea that if it is built "they will come."

Home-ownership, a large part of the America dream, has been in decline. It could be argued that demographics are not greatly supportive of higher prices, it is also difficult to ignore the fact that when people "double-up" fewer homes are needed. This adds credence to the argument that if prices rise it most likely will be as a result of inflation. Today, huge discrepancies exist in the cost of housing in the various markets across America and while price variations are not uncommon they should be seen as a red flag and reason for caution.  

While many people claim the formation of new households and pent-up demand drives this construction I beg to differ. I contend it is a combination of too much money looking for a safe place to hide. Unnoticed by many Americans is how money from Wall Street has entered this arena and is pushing out the average American. One thing is certain that when inflation raises its ugly head and interest rates increase, housing construction will suffer. The intention of this post is to dispel and explore some of the myths and trends surrounding the future of housing while causing people to think about this subject. Hopefully, it has added some clarity to the discussion.

Tyler Durden Sun, 05/16/2021 - 20:00
Published:5/16/2021 7:11:13 PM
[Uncategorized] Israel-Bashing CNN Freelance Reporter Is Big Hitler Fan

Also Raja: "The only reason I am supporting Germany in the finals - Hitler was a German and he did good with those Jews!"

The post Israel-Bashing CNN Freelance Reporter Is Big Hitler Fan first appeared on Le·gal In·sur·rec·tion.
Published:5/16/2021 7:11:13 PM
[] Jake Tapper: Anchor, author and now bachelorette party star? Published:5/16/2021 6:37:32 PM
[Markets] The $100 Million New Jersey-Based Hometown Deli Has Fired Its Wrestling Coach CEO The $100 Million New Jersey-Based Hometown Deli Has Fired Its Wrestling Coach CEO

Last month, we highlighted when fund manager David Einhorn pointed out a New Jersey deli that was trading with an insane market cap of over $100 million as one of the hallmarks of the bubble the market is in. Einhorn wrote:

"Strange things happen to all kinds of stocks. Last year, on one day in June, the stocks of about a dozen bankrupt companies roughly doubled on enormous volume. Recently, the Wall Street Journal reported a boom in penny stocks.

Someone pointed us to Hometown International (HWIN), which owns a single deli in rural New Jersey. The deli had $21,772 in sales in 2019 and only $13,976 in 2020, as it was closed due to COVID from March to September. HWIN reached a market cap of $113 million on February 8. The largest shareholder is also the CEO/CFO/Treasurer and a Director, who also happens to be the wrestling coach of the high school next door to the deli. The pastrami must be amazing. Small investors who get sucked into these situations are likely to be harmed eventually, yet the regulators – who are supposed to be protecting investors – appear to be neither present nor curious."

The deli was subsequently covered in the news - as was its mysterious CEO Paul Morina, who doubled as both a wrestling coach and school principal (as you do when you're a $100 million company CEO). 

And now, it looks as though - for one reason or another (perhaps due to the spotlight) - the company has decided to move forward from the "talents" of Morina, who has been fired as CEO, according to CNBC

The company's majority shareholders voted to remove him and "the company’s only other executive, vice president and secretary Christine Lindenmuth, who works with Morina as an administrator at nearby Paulsboro High School," CNBC wrote. 

Recall, back in late April, we noted that the deli was linked to another shell company whose stock recently exploded, E-Waste. That company, which has multiple connections to Hometown, announced its President had resigned last week. 

E-Waste is a self-admitted shell company and had total assets of about $183,000 and liabilities of $412,400 as of its most recent SEC filings. It posted a net loss of $58,000 for the 9 months ended November 30. The company's own filings state it was created in 2012 “to develop an e-waste recycling business” but “was not successful in its efforts and discontinued that line of business."

It has been a shell company since then and has been looking to “engage in a business combination with a private entity whose business presents an opportunity for its shareholders.”

But E-Waste's stock, like Hometown's, had recently rocketed to a high of $10.25 per share. It put the company's market cap at over $100 million. 

Not unlike Hometown Deli, E-Waste also had little ongoing business. Yet this didn't stop Hometown Deli from lending E-Waste $150,000 late last year - even while the deli was closed due to the pandemic. E-Waste CEO John Rollo also had an interesting former gig for someone in the waste business: he worked another job as a patient transporter at a northern New Jersey hospital, at a healthcare system CNBC says he's still employed at. 

Tyler Durden Sun, 05/16/2021 - 19:30
Published:5/16/2021 6:37:32 PM
[] BLM vs. Black Police Chiefs Published:5/16/2021 6:11:29 PM
[Politics] WHOA! Long-time CNN contributor tweets: ‘The world today needs a HITLER’ A long-time, actual and prolific CNN contributor tweeted on Sunday that “The world today needs a Hitler.” Obviously the CNN writer and contributor, Adeel Raja was reacting to the ongoing hostility between . . . Published:5/16/2021 6:11:29 PM
[Politics] WHOA! Long-time CNN contributor tweets: ‘The world today needs a HITLER’ A long-time, actual and prolific CNN contributor tweeted on Sunday that “The world today needs a Hitler.” Obviously the CNN writer and contributor, Adeel Raja was reacting to the ongoing hostility between . . . Published:5/16/2021 6:11:29 PM
[Entertainment] Hanna Montana Star Morgan York Reveals the Real Reason She Quit Acting Morgan York, InstagramOnce Hannah Montana ended, it was the start of a new era for Morgan York. The former Disney Channel star, who played Sarah in the television series, recently opened up about why she...
Published:5/16/2021 6:11:29 PM
[Markets] The New York Post: Bill Gates reportedly asked out colleagues while married Bill Gates “pursued” several women in his office long after he wed now-estranged wife Melinda in 1994 — but it was the exposure of his ties to pedophile Jeffrey Epstein that really shook their marriage, according to a report on Sunday.
Published:5/16/2021 6:11:29 PM
[2021 News] “Video Shows U.S. Capitol Police Gave Protesters OK to Enter”

“Video Shows U.S. Capitol Police Gave Protesters OK to Enter” It seems like it’s so much for illegal entry charges. There is 14,000 hours of footage that was taken at the Capitol on January 6th via security cameras that our government will not release.??????After you see this you know why they haven’t released the other footage […]

The post “Video Shows U.S. Capitol Police Gave Protesters OK to Enter” appeared first on IHTM.

Published:5/16/2021 6:11:29 PM
[Markets] This Is Not The Inflation You Are Looking For, Move Along This Is Not The Inflation You Are Looking For, Move Along

"This is not the inflation you are looking for. Move along."

In recent weeks a veritable cottage industry of financial experts has cropped up, seeking to defuse ever louder fears that the burst in inflation observed in the past month is "transitory" and won't impact the Fed's medium-term thinking or its timeline for tapering/liftoff (not least of all due to the growing political blowback against soaring inflation as captured in "Biden Aides See Political, Not Economic, Peril in Inflation Data" and "Inflation fears grow for White House"). The latest to hammer the "transitory" point is Goldman economist David Mericle who has doubled down on the bank's sanguine view on inflation, writing in a Sunday note that the data surprises of the past two weeks "have left our Q1 2022 forecast for the start of QE tapering unchanged" adding that "if our taper timeline is right, then liftoff will probably not be on the table for about two years." This is because the bank's economists believe that that the inflation risks that matter most for the Fed’s rate hike decisions are not those that have emerged in the past few weeks, but rather those "that will remain relevant at a multiyear horizon."

So what are those multiyear horizon inflationary risks? Let's dig in.

First, we start with Goldman concession that inflation is indeed running amok:

The last ten days produced a flurry of startling data surprises that added fuel to inflation fears: a 0.7% increase in average hourly earnings in April and even larger gains in low-wage industries, the largest increase in core CPI in 40 years, and a 0.4pp jump in the University of Michigan’s measure of long-term household inflation expectations to the highest level in a decade

That said, when looking at last week's show-stopping CPI print, which Goldman admits was "a huge upside surprise" it is one of little lasting significance according to the Goldman and here's why. As shown in the next chart which decomposes the largest increase in the core since 1981 by category, the main contributors fall into two groups:

  1. travel and related services categories where prices are experiencing quick reopening rebounds from deeply depressed levels, and
  2. goods categories like used cars where a pandemic-induced demand surge has run headfirst into temporary shortages, production bottlenecks, and supply chain disruptions. In contrast, other large core service categories remained soft in April.

While these forces might also generate high inflation prints in coming months - as the full normalization of prices in pandemic-depressed categories like airfares as reopening progresses would add another 30bps to core CPI and 15bps to core PCE, while supply chain disruptions including the semiconductor shortage also remain severe, as shown in the next chart and their impact on goods prices has probably not yet run its course...

... Goldman again trots the familiar party line that "these disruptions and shortages look unlikely to boost inflation on net beyond this year".

Many arose because producers initially made the natural assumption last year that demand would fall in a recession, as it usually does. Instead, fiscal support boosted household incomes and the unavailability of services led to a surge in demand for goods, resulting in the supply-demand imbalances that have pushed up prices. But this problem should be resolved from both directions over the rest of the year: producers are ramping up to meet demand and consumers are increasingly free to shift their consumption basket back toward services. And encouragingly, the most prominent example of the current supply chain disruptions—the shortage of microchips for autos—is set to fade later in Q2.

It remains to be seen if the chip shortage somehow resolves itself in the next month, but until we wait here is another chart from Goldman, this time showing the impact of reopening effects and temporary shortages on the year-on-year rate of core inflation, which Goldman believes is likely to peak in April and May, and should gradually fade later this year and will turn negative next year as prices in categories such as used cars normalize from their current elevated levels.

Here Goldman is quick to counter that its observations do not mean that there are no inflation fears. After all, just hours earlier we discussed another Goldman note according to which the bank saw "substantial home price appreciation for at least a couple more years", in which the bank projected that we projected "that shelter inflation will exceed 4% in 2023, a higher rate than at any point in the prior economic cycle", even surpassing the housing bubble of 2006-2007.

How does one reconcile the two? As Goldman's econ team explains, it's not that there are no inflation fears "but rather that investors should focus on the right risks, those that could have more lasting significance."

Going down the list, Goldman starts off with the broadest upside inflation risk which is the possibility that fiscal support, pent-up savings, and easy financial conditions could persistently push demand well above potential GDP, leading to a serious inflationary overheating: "our forecast instead implies that GDP will rise about 1% above our estimate of potential, which we would view as consistent with inflation rising moderately but not dramatically above 2%."

Here, Goldman notes that "so far the consumer spending data appear roughly consistent with our expectations" and the next chart shows that Goldman's consumer spending tracker jumped after both rounds of stimulus checks, but that spending is now running about 3% above the pre-pandemic level, meaning it is only about 1% above the pre-pandemic trend (Friday's disappointing retail sales only confirmed this hypothesis). In other words, while further reopening is likely to raise spending, the boost from the stimulus checks is likely to continue to fade.

Next, Goldman lists three specific upside risks that could have more meaningful and lasting consequences for inflation and monetary policy than the current post-pandemic price spikes.

Risk #1: A sharper rise in wage growth

The first risk is that wage growth could rise to a much faster pace than reached last cycle if current signs of worker shortages and labor market tightness prove more persistent than many expect. The starting point for wage growth is unusually high for an economy emerging from a recession. The next chart shows that Goldman's composition-adjusted wage growth tracker barely slowed from its pre-pandemic pace and remains at about 3% year-on-year.

Adding fuel tot he fire, a number of recent labor market indicators hint at an acceleration. Average hourly earnings rose 0.7% in April, wage growth is up sharply over the last year in low-wage industries and industries with particularly tight labor markets, and lower-wage workers report much higher pay expectations for potential jobs.

Moreover, a range of other indicators discussed here, such as a very high job openings rate, a high quits rate, worker surveys reporting that it is easy to find a job, and employer surveys reporting that it is hard to find workers, all point to a very tight labor market where workers have the upper hand.

Incidentally, even Goldman has no problems identifying the reason for this record labor market imbalance: as the bank admits, "the underlying reason seems to be that effective labor supply is much more constrained than the 6.1% unemployment rate suggests, owing to unusually generous unemployment insurance benefits and lingering virus-related impediments to working" but "we expect both of these temporary factors to fade by the fall, which should relax these supply constraints and cool the current wage pressures."

Risk #2: A multi-year boom in home prices boosts rent inflation

The second risk is one we discussed earlier, namely that a multiyear boom in US home prices could drive shelter inflation much higher. The chart below shows that shelter inflation has fallen during the pandemic, and Goldman's shelter inflation tracker suggests that rent growth should remain modest for the time being.

But the shelter category is highly cyclical and is very likely to accelerate as the economy improves and the effects of temporary pandemic drags like eviction moratoriums fade. On top of this, Goldman expects that a national housing shortage will fuel substantial house price appreciation for at least a couple more years. Bottom line: "the tightest national housing market since the 1970s nevertheless poses some additional upside risk."

Risk #3: Temporary price spikes raise inflation expectations substantially

The third risk noted by Goldman is that the current price spikes caused by temporary pandemic effects could have a more lasting impact if they raise long-term inflation expectations substantially (i.e. transitory proves to be non-transitory). Last week brought hints in this direction, including a 0.4% jump in the University of Michigan’s measure of long-term household inflation expectations, a modest increase in long-term inflation expectations in the Survey of Professional Forecasters, and further increases in market-implied inflation compensation.

Goldman's own monthly version of the Fed’s index of Common Inflation Expectations (CIE) has risen further to 2.08% in a preliminary May reading. The Fed’s index is smoothed, and if the underlying measures held steady at their current levels, the bank estimates that the CIE would eventually rise to 2.1%.

Another point to note is that at least half of the rebound over the last year appears to reflect mundane co-movement with gasoline and other energy prices, which correlate strongly even with longer-term expectations. The remainder of the increase likely reflects other factors, such as the latest price spikes and the Fed’s new average inflation targeting framework. So far, Goldman concludes, that "the increases are healthy, indeed, as Chair Powell said at his last press conference, the Fed’s new framework will only succeed in centering inflation on the 2% target if it succeeds in boosting inflation expectations." But if the CIE moved well above its historical range as news of sharp prices increases makes headlines this year, Goldman warns of upside risk to its own inflation forecast.

Finally, what does all this mean for Goldman's inflation outlook and what the Fed will do next?

As Goldman's economists conclude, all three of these sources of upward pressure on inflation are expected to materialize to some degree in the years ahead. Indeed, each of them is an essential contributor to our forecast that core PCE inflation will reach 2.1% by end-2022, 2.15% by end-2023, and 2.2% by end-2024, higher numbers than reached last cycle and enough to generate liftoff in early 2024.

But, as a surprisingly cautious Goldman concedes in its final paragraph, "each of the three factors discussed above also carries some additional upside risk that we take seriously and watch closely in our Monthly Inflation Monitor. While another month of rapidly rising airfares or used car prices would probably not change our medium-run inflation views much, substantial surprises on these three key risks likely."

In closing, it's worth reminding readers that earlier today Morgan Stanley's economists also warned that there is just one substantial threat to the "red hot global recovery", and that would of course be inflation, i.e., "the biggest threat to this cycle is an overshoot in US core PCE inflation beyond the Fed’s implicit 2.5%Y threshold – a serious concern, in my view, which could emerge from mid-2022 onwards" but like Goldman, MS economists don't see much risk of runaway (or hyperinflation) just yet and is why Morgan Stanley's chief US economist Ellen Zentner still expects the Fed to signal its intention to taper asset purchases at the September FOMC meeting, to announce it in March 2022 and to start tapering from April 2022.

Tyler Durden Sun, 05/16/2021 - 19:09
Published:5/16/2021 6:11:29 PM
[] Gun Thread: Re-Run Edition! [Weasel] Howdy, y'all! What time is it? It's Gun Thread time, that's what time! So climb up on your ol' pal Weasel's knee, and let's see what there is to talk about in the wunnerful world of guns n' shooting!... Published:5/16/2021 6:11:29 PM
[World] Team Biden failing on climate change initiatives

If you blinked, you may have missed it, but as part of his climate summit in April, President Biden promised to reduce U.S. emissions of greenhouse gases by 50% by 2030.

This promise follows on President Obama’s promise to reduce emissions by 28% by 2025 (both from a 2005 baseline).

...
Published:5/16/2021 5:37:04 PM
[Markets] Druckenmiller: "There's Been No Greater Engine Of Inequality Than The Fed" Druckenmiller: "There's Been No Greater Engine Of Inequality Than The Fed"

After his status-quo-shattering appearance on CNBC this week, during which he warned that "Fed policy is endangering the dollar's reserve status," billionaire fund manager Stan Druckenmiller spoke to The USC Marshall Center for Investment Studies' Student Investment Fund Annual Meeting via Zoom, and shocked the on-lookers with his frank assessment of our current perceptions and realities.

After The Bank of Canada sheepishly admitted this week that "some of the monetary policy tools it is using to address the COVID-19 pandemic, such as quantitative easing (QE), could widen wealth inequality," Druckenmiller drops the proverbial hammer on all the hedged-speak ("could"), and blasts that

I don’t think there has been a greater engine of inequality than the Federal Reserve Bank of the United States... so hearing the Chairman [Powell] talking about visiting homeless shelters is very rich indeed..."

The outspoken fund manager went on to note that "everyone wealthy that I know is making fortunes" because "this guy [Powell] is printing money like there's no tomorrow" adding that the kids is Harlem are not benefitting from money-printing but wealthy people are, exclaiming that

"...for the life of me I can't understand why the left is so excited about money-printing when all the data shows that the people who benefit from money-printing are rich people."

"The odds-on bet is that we're going to have inflation," he continues:

"and inflation is going to hurt poor people, again, a lot more than rich people."

How does this all end?

"The asset bubble which [Powell] is blowing up into unbelievable proportions busts before the inflation ever really manifests itself, that's what happened in the housing bubble in 08/09. We never really got to the inflation because the asset bubble burst... not dis-similar to what happened in 1929."

And Druck reminds us all, "there is no one, no group, that will be hurt more by a bust than the poor... they will be first in line to get screwed."

Can't believe it's true? Take a look...

While publicly glorified by the media as “heroes” and “saviors” of the economy, Sven Henrich pointed out earlier that the true impact of Fed policy is much more sinister.

Inflation, as Druckenmiller rightly points out hurts the poor the most as living expenses take up most if not all of their monthly budgets.

Watch the full Druckenmiller discussion here.

This revelation to some (not all) came after his earlier-in-the week, WSJ Op-Ed that "keeping emergency settings after the emergency has passed carries bigger risks for the Fed than missing its inflation target by a few decimal points. It’s time for a change."

Pointing out, rather awkwardly that The Fed's independence is supposed to act as a counterbalance to these political whims.

"America’s deep divisions also make the central bank’s independence crucial. Fighting inequality and climate change are very far from the Fed’s central mission."

The long-term risks from asset bubbles and fiscal dominance dwarf the short-term risk of putting the brakes on a booming economy in 2022.

“If they want to do all this and risk our reserve currency status, risk an asset bubble blowing up, so be it. But I think we ought to at least have a conversation about it,” Druckenmiller said.

“If we’re going to monetize our debt and we’re going to enable more and more of this spending, that’s why I’m worried now for the first time that within 15 years we lose reserve currency status and of course all the unbelievable benefits that have accrued with it,” he added.

Central banks have been the root of a lack of confidence in dollar stability.

"5-6 years ago I said Crypto was the solution in search of a problem. That’s why I didn’t play crypto the first wave because we already have the dollar, why do we need crypto for?

The problem has been clearly identified. It is Jerome Powell and the rest of the world’s central bankers. There is a lack of trust."

Druckenmiller is not alone in his acknowledgement that The Fed is at the heart of driving wealth inequality in America as even left-leaning Mark Zandi, chief economist of Moody’s Analytics, admitted:

“The low-interest environment increases inequality by increasing the wealth of people who are well off."

As ProPublica reports, economists are beginning to view the interplay of the Fed’s actions and inequality in a new light. Central bankers used to think that “we didn’t have to worry about inequality when we did monetary policy,” Olivier Blanchard, former director of research for the International Monetary Fund, said during a December virtual forum sponsored by the Peterson Institute for International Economics. Blanchard said he has since come to believe that monetary policy does impact economic inequality because a change in interest rates has “major, major distribution effects between borrowers and lenders, between asset holders and not.”

“Inequality is a cumulative process,” said Karen Petrou, author of “The Engine of Inequality: The Fed and the Future of Wealth in America” and managing partner of the Washington-based consulting firm Federal Financial Analytics.

“The richer you are, the richer you get, and the poorer you are, the poorer you get, unless something puts that engine in reverse,” she said.

“That engine is driven not by fate or by untouchable phenomena such as demographics but most importantly by policy decisions.”

Bernanke, currently a fellow at the Brookings Institution, admitted in a 2017 Brookings paper that:

“all else equal, higher stock prices mean greater inequality of wealth.”

Janet Yellen, now Treasury secretary, asked in a 2014 speech whether income inequality is “compatible with values rooted in our nation’s history," but she largely defended ultra-low rates during a Q&A at a 2013 conference of business journalists.

Older savers were “suffering from low returns on their CDs,” she said, but “they have children and they have grandchildren” who will benefit from the stronger economy.

Except, as Druckenmiller began this diatribe, as the Fed pumps more money into the financial system by buying Treasury securities and indirectly supporting federal stimulus programs, the run-up in stock markets is likely to continue - and leave people even further behind than they already were.

Glaring and expanding wealth inequality is destructive to society. While there will always be inequality and successful capitalism should rightfully reward those that work hard and come up with great business concepts the artificial exponential enrichment of the few by a “government created agency” (Jay Powell) is not in the purview of the Fed’s mandate.

Tyler Durden Sun, 05/16/2021 - 18:30
Published:5/16/2021 5:37:04 PM
[] 'Tasted kinda nutty': Washington Post blue-check shows readers how to make cicada tacos Published:5/16/2021 5:29:52 PM
[] WATCH: Prius vs. flooded road in Dallas (Wait for it...) Published:5/16/2021 5:12:44 PM
[Entertainment] Rita Ora and Taika Waititi Seem to Confirm Romance Rumors During Latest Outing Rita Ora, Taika WaititiAre Rita Ora and Taika Waititi a couple? Well, they certainly look like one in new photos that show the two holding hands while out for a stroll in Sydney, Australia. The duo were seen...
Published:5/16/2021 5:12:44 PM
[Markets] New York's Pride March Bans Police Officers From Marching New York's Pride March Bans Police Officers From Marching

Authored by Jonathan Turley,

One of the oldest celebrations of the LGBTQ community in the world has been New York City’s annual Pride celebration. The parade began 51 years ago and has long been a symbol of the strength, defiance, and pride of this community. The whole idea was to show the full spectrum of LGBTQ influence, participation, and expression in our society. This year, however, activists have decided to discriminate against one group: police officers.

In a parade that was found to reject discrimination in every form, the organizers have told the Gay Officers Action League and other such groups that they will not be allowed to march. Their presence is viewed as a threat to others in the parade and a denial of a “safe space” for LGBTQ members. It is hard to imagine a more antithetical position for the parade in excluding officers who are part of the community and who want to publicly stand with other LGBTQ members.

The organizers have announced that police and corrections officers will be barred from participating in the parade until at least 2025.  They declared “The sense of safety that law enforcement is meant to provide can instead be threatening, and at times dangerous, to those in our community who are most often targeted with excessive force and/or without reason.”

The Gay Officers Action League, an organization of L.G.B.T.Q. police, denounced the decision on Friday night. In addition, the NYPD is being asked to remain at least a block away from all events to ensure a safe environment for participants.

Activists have long opposed police participation and cite the anti-police riot  outside the Stonewall Inn in Manhattan. However, the police participants have marched to show that the NYPD does not just support the LGBTQ community but includes officers from the community. It is the very rejection of the image of the Stonewall Inn riot and a testament to the progress made not just by the LGBTQ community but the NYPD.

Nevertheless, Beverly Tillery, the executive director of the New York City Anti-Violence Project insists that “[t]he issue is, how do we make Pride safe for the people who feel the most marginalized and have often been left out of the conversations about how Pride is run?”

It is a terrible setback and insult for officers and their predecessors, who had to sue for the right to march in uniform and did so for the first time in 1996. They have fought to diversify the ranks of the NYPD and show that there are officers not just supportive but part of the LGBTQ community. That would seem an incredibly powerful and reassuring message to send to community members. The growing numbers each year showed the progress that has been achieved since 1978 when New York City mayor Ed Koch banned discrimination in police hiring on the basis of sexual orientation (over the objection of the Patrolmen’s Benevolent Association).

On November 2, 1969, Craig Rodwell, Fred Sargeant, Ellen Broidy and Linda Rhodes called for an annual march  for all “Homophile organizations.” The march was envisioned as a statement against exclusionary limits of every kind for members of the community:

We propose that a demonstration be held annually on the last Saturday in June in New York City to commemorate the 1969 spontaneous demonstrations on Christopher Street and this demonstration be called CHRISTOPHER STREET LIBERATION DAY. No dress or age regulations shall be made for this demonstration.

We also propose that we contact Homophile organizations throughout the country and suggest that they hold parallel demonstrations on that day. We propose a nationwide show of support.

GOAL is one such organization and shows how much has changed since this call for a unifying celebration of everyone within this community. It was created in 1982 and each year around 200 of its members and their families participated in the march.

They have now been told that they are not welcomed as a perceived threat to their own community. I cannot think of a message more counter to traditions or values of the annual parade.  A movement based on inclusion has now embraced exclusion as a defining value.

Tyler Durden Sun, 05/16/2021 - 18:00
Published:5/16/2021 5:12:44 PM
[Uncategorized] Space Force Commander Removed For Criticizing Spread of Critical Race Theory in U.S. Military

Meanwhile, the Chinese have landed their first rover on Mars.

The post Space Force Commander Removed For Criticizing Spread of Critical Race Theory in U.S. Military first appeared on Le·gal In·sur·rec·tion.
Published:5/16/2021 5:12:44 PM
[] NYPD "banned" from LGBT pride march, events Published:5/16/2021 4:36:42 PM
[Blockchain] Elon Musk giveth and taketh away Hello friends, and welcome back to Week in Review! Last week, I wrote about Facebook’s never-ending Trump problem. This week, I’m looking at Elon Musk’s wild week of whipping crypto markets. If you’re reading this on the TechCrunch site, you can get this in your inbox from the newsletter page, and follow my tweets @lucasmtny. […] Published:5/16/2021 4:36:42 PM
[Politics] ‘This is BIZARRE’: Biden orders flags half-staff for Peace Officers Memorial Day … then UN-orders it “This is bizarre,” said Ted Cruz a few minutes ago, tweeting about how President* Joe Biden issued a (standard) proclamation ordering flags to half-staff for Peace Officers Memorial Day on Monday and . . . Published:5/16/2021 4:36:42 PM
[Politics] ‘This is BIZARRE’: Biden orders flags half-staff for Peace Officers Memorial Day … then UN-orders it “This is bizarre,” said Ted Cruz a few minutes ago, tweeting about how President* Joe Biden issued a (standard) proclamation ordering flags to half-staff for Peace Officers Memorial Day on Monday and . . . Published:5/16/2021 4:36:42 PM
[Entertainment] Bachelor Nation's Haley Ferguson Is Engaged: See Her Diamond Ring Haley FergusonHaley Ferguson's love life is coming up roses. E! News can exclusively reveal the Bachelor Nation star is engaged to professional hockey player Oula Palve. "What made...
Published:5/16/2021 4:36:42 PM
[Markets] Cryptos: Elon Musk implies Tesla could dump its bitcoin holdings Prices of the leading cryptocurrencies continued to slide Sunday, with bitcoin falling after Elon Musk suggested Tesla Inc. has sold or may sell its remaining bitcoin assets.
Published:5/16/2021 4:36:42 PM
[Markets] Bill Gates Urged To Provide Epstein Evidence To Ghislaine Maxwell Investigators Bill Gates Urged To Provide Epstein Evidence To Ghislaine Maxwell Investigators

Bill Gates is being urged to come forward with evidence about his former pedo-pal Jeffrey Epstein, after their years-long relationship continued after Epstein was a known pedophile - and has been cited by anonymous sources as a key factor in Melinda Gates' decision to divorce him, which she began pursuing in 2019 after Gates' relationship with Epstein came under the spotlight. 

Attorney Spencer Kuvin, who represents nine Epstein accusers, told The Sun that Gates should step up and volunteer any information on Epstein and his associates that might help in the ongoing investigation into Ghislaine Maxwell, Epstein's 'Madam.'

"Why are you taking business meetings with a person like that? I question anyone's moral character who chooses to take business meetings with someone who's exhibited that kind of behavior and admitted to that type of behavior." said Kuvin, adding "With Bill Gates, his wealth and investigatory powers, I find it incredibly hard to believe that he would not have known the full extent of the allegations that have been brought against Epstein here for that."

Attorney Spencer Kuvin represents nine Epstein accusers

"Remember there's an ongoing investigation regarding Ghislaine Maxwell," Kuvin continued. "So if Mr. Gates, has information that could assist in that investigation, I would say he should step forward."

Gates, much like Prince Andrew, has denied any wrongdoing, and has sought to distance himself from the dead 'financier' despite evidence that the two were much closer than he claims.

"I met him [Epstein]. I didn’t have any business relationship or friendship with him," Gates previously claimed.

Yet, according to the New York TimesGates and Epstein met at least six times, including visits to Epstein's New York mansion on 'multiple occasions,' staying at least once into the night.

Later that spring, on May 3, 2011, Mr. Gates again visited Mr. Epstein at his New York mansion, according to emails about the meeting and a photograph reviewed by The Times.

The photo, taken in Mr. Epsteins marble-clad entrance hall, shows a beaming Mr. Epstein in blue-and-gold slippers and a fleece decorated with an American flag flanked by luminaries. On his right: James E. Staley, at the time a senior JPMorgan executive, and former Treasury Secretary Lawrence Summers. On his left: Mr. Nikolic and Mr. Gates, smiling and wearing gray slacks and a navy sweater. -New York Times

Curiously, Gates adviser Boris Nikolic (pictured below) was named as a fallback executor in an will Epstein amended days before his August 10 death in a Manhattan jail cell

"We know historically that numerous other people that and took meetings with Epstein after his conviction, we're just slowly peeling away the layers of this onion of the numerous individuals, high profile individuals that continued with their social and business relationships with that scene after his convictions," said Kuvin. "There are academic institutions and business individuals that were continuing associations with Epstein after his conviction in admissions about what he'd done to young girls."

While Gates has come under renewed fire for his relationship with Epstein, he's also been accused of creepy workplace behavior.

Will Bill come forward?

Tyler Durden Sun, 05/16/2021 - 17:30
Published:5/16/2021 4:36:42 PM
[] 'Homey's been cashing a CNN check for 8 years': CNN's Adeel Raja tries deleting tweet calling for a 'new Hitler' BUUUT we got it Published:5/16/2021 4:06:20 PM
[Entertainment] Emma Watson and Boyfriend Leo Robinton Make Rare Appearance Together in L.A. Emma Watson, Leo RobintonOut and about! Emma Watson and her boyfriend Leo Robinton enjoyed a casual afternoon outing together in Los Angeles over the weekend. The couple, who has kept a very low profile since...
Published:5/16/2021 4:06:20 PM
[Markets] The Fed Is Going To Make A Mistake The Fed Is Going To Make A Mistake

Authored by Lance Roberts via RealInvestmentAdvice.com,

Well, that didn’t work out as planned. Last week, we said:

“Notably, the ‘money flow buy signal’ seemed to cross; however, we need some follow-through action on Monday to confirm. As shown, the uptick in money flows did allow us to add some exposure to portfolios in holdings we had taken profits in with the previous ‘sell’ signal.”

Well, that follow-through failed to occur. Not only did the “buy signal” not trigger, but the market also broke down through the previous consolidation range. As I said, it did not work out as planned. The last exposure we took on is now pressuring the portfolio momentarily, but we should benefit from the turn if we are correct.

With markets deeply oversold on a short-term basis, with signals at levels that generally precede short-term rallies, the rally on Thursday and Friday was not unexpected. Notably, the S&P 500 did hold support at the 50-dma and rallied back into the previous trading range. Furthermore, institutional investors have cut their exposures by 50% in just two weeks, primarily big tech, which provides fuel for a rally.

We will hold exposures at current levels for now. However, instead of looking for a more extended rally into mid-summer, we suspect this rally will be pretty short-lived.

As stated last week, overall, the market trend remains bullish, so there is no need to be overly defensive. We still expect to see a deeper correction as stimulus fades from the system in the next month. At that point, we will become more defensive in positioning as the peak of economic growth and earnings becomes more apparent.

An Inflation Primer

On Thursday’s “3-Minutes” video, I review the recent inflation numbers to put them into perspective. While there is some panic over the headline numbers, there are valid reasons to expect inflationary pressures to be transient.

As stated above, we expect inflation to subside later this year, along with economic growth.

As such, we continue to focus on our risk management accordingly for now. If we are correct in our assessment about the roll-off effect of stimulus and liquidity, we could well see bonds outperform stocks in 2022. We are watching very closely as we currently hold minimal duration in our fixed-income portfolios. If we begin to see the very negative sentiment on bonds reverse, as inflationary pressures subside, we could well see an excellent buying opportunity.

The problem for the markets is the Fed is going to be late.

Rates Doing The “Fed’s Work”

In last week’s message, we said:

“Over the next couple of months, there will be an evident surge in inflation, which the Fed wanted. However, that surge in inflation may come in a lot “hotter” than they anticipated. If that occurs, bond yields will jump higher, effectively “tightening” monetary policy very quickly.”

Such is what we saw on Thursday as bond yields jumped to nearly 1.7%. While rates did fall back mildly on Friday, the rise in rates from the August lows increases the cost of capital. (Chart shows the percentage increase in rates versus the annual inflation rate,)

Given the long and highly correlated history of GDP, Inflation, and Interest Rates, it is no surprise to see rates pacing inflation currently. As noted in “No, Bonds Aren’t Over-Valued.”

“As shown, the correlation between rates and the economic composite suggests that current expectations of sustained economic expansion and rising inflation are overly optimistic. At current rates, economic growth will likely very quickly return to sub-2% growth by 2022.”

Note: The “economic composite” is a compilation of inflation (CPI), economic growth (GDP), and wages.

At the peak of nominal economic growth over the last decade, interest rates rose to 3% as GDP temporarily hit 6%. However, rates correctly predicted that economic growth would return to its long-term downtrend, and inflation would decline. Bonds were right as the economy fell into recession in 2020.

Once again, economists predict 6% or better economic growth, yet interest rates are roughly 50% lower than previously. The bond market is screaming that:

  • Economic growth will average between 1.75% and 2% over the next few years; and,

  • Deflation still trumps inflation.

Moreover, the Fed is manipulating inflation expectations.

The Fed Is Driving Inflation Expectations

In recent months, market participants continue to rely heavily on implied inflation expectations. The reliance led to much media-driven commentary relating to allocation decisions in the “inflationary environment.” From that analysis, investors piled into materials, energy, and financial companies, which did indeed provide short-term outperformance. The more deflationary sectors of technology, staples, and utilities, not surprisingly, underperformed.

The problem is that the “market-based” expectations aren’t market-based at all. The first graph below shows the massive amounts of inflation-protected Treasury bonds and notes. Such large purchases create distortions in the very market investors are relying on for inflationary information. Instead, the Fed is skewing the implied inflation calculations.

The following chart from our analyst, Nick Lane, shows the history of these purchases and the impact on inflationary expectations.

Just as the Fed’s monetary interventions distorted signals in the asset market, those interventions are now distorting signals in the TIPs market.

In other words, investors depend on signals from the market to allocate capital and adjust allocations. However, when those signals get manipulated, false readings can lead to significant future dislocations when reality collides with fantasy.

Such is why the Fed will make a mistake.

The Fed Is Going To Make A Mistake

As discussed, the “base effects” (comparison versus last year’s data) make price inflation appear much higher than it is. The graph below puts the CPI indexes in context with their trends of the previous five years.

Currently, the broad CPI index is only .011% above its trend. The Core CPI, which excludes food and energy, is 1.06% above its trend. If the inflationary impulse is transitory and dies out over the next few months, inflation data will end close to where it was pre-pandemic.

The Fed is now potentially in a difficult position with inflationary “expectations” rising, caused by their actions, which  increases the risk of a “policy mistake.” 

Given the Fed waited so long into the economic cycle to hike rates they weren’t able to gain much of a spread before the economy contracted. Historically, there have been ZERO times the Federal Reserve hiked rates that did not negatively affect outcomes.

The problem for the Fed is that the bond market is not worried about surging inflation. Despite economic growth expectations of as much as 6%, interest rates are trading below 2%. Given the close correlation shown above, it is a message you should not dismiss quickly.

The “real economy” is heavily debt-financed, and as such, cannot withstand substantially higher rates. Consequently, the Fed is caught between hiking rates to quell transient inflationary pressures, thereby deflating the most significant asset bubble in financial history, or doing nothing and hoping no one pushes the “big red button.”

Unfortunately, history is full of instances where someone panicked.

Portfolio Update

“The road to hell gets paved with good intentions.” – Unknown

As noted above, our attempt to “front-run” our “money flow signal” did not work out as planned as the signal did not turn.  While we did not take on a tremendous amount of exposure, the increased exposure to the decline mid-week was certainly not part of our plans.

As is always the case, technical analysis works best when you wait for the signals to occur. While a harsh lesson to relearn, the damage was minimal. With market risk reduced, our entry levels should perform over the next couple of weeks.

Timing is always the tricky part.

As Michael Lebowitz concluded in “Fortify Your Wealth:”

“Given the economic climate and extreme market risks and rewards, we continue to take an agnostic view of markets. We do not get wed to opinions of economic activity or inflation, or how they may steer markets. 

Paying top dollar for assets requires independent thinking and careful attention to market activity. From the brightest traders on Wall Street to the halls of the Federal Reserve and in the studios of the self-anointed media economic experts, there is zero appreciation for the potential of massive forecasting errors.”

Historically, investors get rewarded for going against the crowd. Such is especially the case when the masses are in agreement on what the future holds.

“When all experts agree, something else is bound to happen.” – Bob Farrell.

Tyler Durden Sun, 05/16/2021 - 17:00
Published:5/16/2021 4:06:20 PM
[Markets] NewsWatch: Don’t be a sitting duck when this stock market rally fades — here’s what to do now 6 tips for a stronger, all-weather investment portfolio.
Published:5/16/2021 4:06:20 PM
[] The Washington Post is helping everyone understand how well things are going under the current administration Published:5/16/2021 3:36:27 PM
[Markets] The Wall Street Journal: AT&T in talks to combine WarnerMedia assets with Discovery AT&T Inc. is in talks to combine a big portfolio of media assets, including CNN, with Discovery Inc., according to people familiar with the matter, a deal that would mark a major strategy shift for the telecom giant as the traditional TV business faces prolonged pressure.
Published:5/16/2021 3:36:26 PM
[Middle Column] Tucker Carlson: The White House approves gasoline shortage, it’s their Green New Deal
Published:5/16/2021 3:36:26 PM
[Markets] Goldman Warns Of "Substantial" Surge In Home Prices, Expects Bigger Housing Bubble Than 2007 Goldman Warns Of "Substantial" Surge In Home Prices, Expects Bigger Housing Bubble Than 2007

One week ago, we said that in what is increasingly a stagflationary burst (or, as BofA put it "transitory hyperinflation") right out of the 1970s playbook (and that was even before the latest blistering hot CPI and PPI numbers printed a few days ago)...

... amid this dismal "transitorily hyperinflationary" landscape where those whose incomes aren't similarly hyperinflating find themselves at risk of being unable to afford a roof above their head, "there was one ray of hope: renting, with rent prices tumbling in recent months and according to the BLS' monthly CPI metric, rent inflation had just dropped to the lowest in a decade, just below 2.0% annually...

... "which due to the way the CPI basket is weighted acted as a key anchor on overall CPI rates, and served to distort the broader inflationary picture. In short, the Fed would look at the relatively tame core CPI which was only tame thanks to "tumbling" rents and would conclude that there is nothing to worry about."

The problem, as we cautioned, is that rents were about to soar, after American Homes 4 Rent, which owns 54,000 houses, increased rents 11% on vacant properties while Invitation Homes, the largest landlord in the industry, also boosted rents by similar amount. The other problem is that even without the rent hike, CPI has been undercounted by roughly 50% because if one actually uses house prices as an input in calculating shelter inflation instead of the politically accepetable owner-equivalent rent, core CPI would be about 8.5% (as discussed in "Biggest Rise In Consumer Prices In More Than A Decade Is Understated By Half.")

Fast forward to today when in a note from Goldman's economics team, the bank effectively echoed everything we said, and warns that in addition to all the other widely discussed inflationary pressures - most notably the surge in wages as the labor market collapses thanks to Biden's trillions - it now expects that "a national housing shortage will fuel substantial home price appreciation for at least a couple more years." To estimate the spillover to shelter inflation, Goldman then uses city-level data on home prices and rents and finds that 5%-15% of the rate of home price appreciation gets passed through to shelter inflation over a multi-year horizon.

Extrapolating to the national PCE data, Goldman then projects that shelter inflation is likely to surge to 3.8% YoY by end-2022 — boosting core PCE by about 0.3% relative to today — and to exceed 4% in 2023 (!), a higher rate than at any point in the prior economic cycle. At that point anyone countering that (hyper)inflation is transitory will be laughed right out of the room.

Here is some more detail from the Goldman note, first starting with why shelter inflation is arguably the most important component of the core CPI basket, and why it is also the one which politicians do everything in their power to manipulate... lower.

First, as Goldman's Ronnie Walker reminds us, shelter inflation is a critical part of core inflation for two reasons:

  • First, its weight is substantial, with rent and owners’ equivalent rent (OER) accounting for almost 20% of the core PCE price index and 40% of the core CPI index.
  • Second, shelter inflation is among the most reliably cyclical components of the core and empirically is a significant driver of the Philips curve. As a result, it would be hard to get core PCE inflation to run sustainably above the Fed’s 2% inflation target without a helping hand from shelter inflation: over the last two decades, PCE housing inflation has averaged 3.0% YoY when core PCE is above 2%.

Now, as we have reported over the past year, shelter inflation dropped sharply since the start of the pandemic — with PCE housing inflation currently +2.0% YoY vs. +3.4% just before the pandemic...

... in part because the sharp decline in employment has reduced the ability of hard-hit households to afford rental payments and in part because of unique pandemic factors (not to mention the great urban-to-suburban exodus thanks to soaring taxes and militant gangs roaming the streets of liberal cities). Additionally, widespread eviction moratoriums have convinced some landlords to forgive rent for some tenants, which counts as a “zero” when calculating the average cost of shelter in the official statistics. According to Goldman calculations, those forgiven payments are weighing on year-over-year shelter inflation by about 25bp. These special factors will fade, however, as eviction moratoriums are lifted.

Next, Goldman looks at how cyclical improvement and the boom in home prices that it expects, will affect shelter inflation. To do this, it combines metro area-level CPI data with local-level data on unemployment rates, vacancy rates, and home price appreciation. While home prices do not directly enter the inflation statistics, the bank's analysis suggests that home price appreciation does spill over into rent inflation and OER with some delay. Across a number of specifications, 5%-15% of the rate of home price appreciation gets passed through to shelter inflation over a multi-year horizon.

What does this imply for the long-term shelter inflation outlook? Well, once the unique pandemic factors are behind us, a rapidly improving labor market and a booming housing market should drive a significant increase in shelter inflation. The next chart shows that Goldman expects the unemployment rate to eventually fall into the low 3s, below the 50-year low reached last cycle, and expects a persistent imbalance between supply and demand in the housing market to generate double-digit home price appreciation this year and next.

Putting all this together, Goldman's model projects that the front-loaded labor market recovery coinciding with historically high home price growth will boost shelter inflation to 3.8% YoY by end-2022 and to exceed 4% YoY in 2023, followed by a moderation as home price growth slows down.

For those confused, Goldman just predicted that by 2024 home prices will be rising at a pace far faster than the widely recognized 2006-2007 housing bubble, and that the spillover from this surge in prices will make the coming hyperinflation anything but transitory.

Tyler Durden Sun, 05/16/2021 - 16:30
Published:5/16/2021 3:36:26 PM
[] Biden Child Detention Facilities More Massive in Scope, Less Humane Than Administration Admits Published:5/16/2021 3:08:00 PM
[Markets] University Of California System Will No Longer Consider SAT And ACT Scores For Admissions University Of California System Will No Longer Consider SAT And ACT Scores For Admissions

Authored by Ivan Pentchoukov via The Epoch Times,

The nine campuses of the University of California system will no longer consider standardized testing scores as part of the admission process beginning in the fall of 2021.

The change is the result of a legal settlement (pdf) of a lawsuit brought by groups that claimed that the traditional SAT and ACT tests are racist.

Under the settlement, the university, which enrolls some 225,000 undergraduate students, said it won’t consider SAT or ACT scores sent along with admissions applications until 2025. The university further stated that it had no current plan to consider the scores after 2025.

The settlement specifies that the university can still use SAT and ACT scores to determine course placement after the students are accepted. But the nine campuses will no longer use the test scores to determine how to award scholarships.

The lawsuit was filed against the university on Dec. 10, 2019 by several students and groups, including Chinese for Affirmative Action, College Access Plan, College Seekers, Community Coalition, Dolores Huerta Foundation, and Little Manila Rising. The Compton Unified School District filed a similar lawsuit on the same day. The two cases were subsequently merged.

On Aug. 31, 2020, the Superior Court of the State of California, County of Alameda, ordered the university to stop using the SAT and ACT test results for admissions or scholarship decisions while the lawsuit was pending. The university appealed the decision and the appeal remains unresolved.

As part of the settlement, the University of California system will pay $1.25 million in attorney fees to the lawyers who represented the plaintiffs.

“The SAT itself is not a racist instrument. Every question is rigorously reviewed for evidence of bias and any question that could favor one group over another is discarded,” College Board, the maker of the SAT test, told The Epoch Times.

“Today’s SAT is an achievement test that measures what is taught in school and what students need to know to be prepared for college. Performance differences across groups of students reflect an unequal K–12 system. That’s why the SAT should only be considered in the context of where students live and go to school, and an SAT score should never be a veto on a student.”

ACT did not immediately respond to requests for comment.

Test scores from the SAT and ACT tests have been a mainstay of the college admissions process for decades. Opponents of the tests’ use for admission argue that students of certain races score lower on average as a group than other races. Proponents say standardized tests offer an equal playing field since all the students take the same test.

Tyler Durden Sun, 05/16/2021 - 16:00
Published:5/16/2021 3:07:59 PM
[Uncategorized] American Airlines Investigating Pilot After Woke Mob Reported Him for Opposing Critical Race Theory

"We hope @AmericanAir remains committed to their values, not to mention their customers who may not want to fly with this man at the controls.” the Southlake Together Twitter account tweeted about a pilot who has been outspoken in his opposition to CRT.

The post American Airlines Investigating Pilot After Woke Mob Reported Him for Opposing Critical Race Theory first appeared on Le·gal In·sur·rec·tion.
Published:5/16/2021 3:07:59 PM
[] Food Thread: The Plain French Fry: The Highest Expression Of The Fryer's Art? A great French fry is a glorious thing, and surprisingly difficult to achieve. Lots of places are content with just good or very good, and that is fine. As long as they are crispy and not mealy, I am... Published:5/16/2021 3:07:59 PM
[World] [Josh Blackman] Random House Cancels Historian's Book Contract For Not Writing About Black Historians Richard Cohen added 18,000 words on Black historians, but his contract was still cancelled. Published:5/16/2021 2:36:49 PM
[] Diner Owner Sublimely Turns Tables on Snitches to COVID Hotline – 'We Deserve to Know Who We Can Trust' Published:5/16/2021 2:36:49 PM
[Entertainment] Sarah Hyland Shares Sweet Birthday Tribute to Her "Sugar Balls," a.k.a. Fiancé Wells Adams Wells Adams, Sarah HylandSarah Hyland and Wells Adams know how to do a birthday right. On Saturday, May 16, the Modern Family star--who got engaged to the Bachelor Nation alum in July 2019--took to Instagram to...
Published:5/16/2021 2:36:49 PM
[f8d448ec-3cc0-560d-a503-e38938694185] Seth Rogen recalls getting 'humiliated' by Beyoncé's bodyguard: 'I was hit so hard' Although Seth Rogen got to co-star in “The Lion King” with Beyoncé in 2019, the comedian had made the best first impression the first time they met. Published:5/16/2021 2:36:49 PM
[Markets] "Ever Heard Of Paypal?": Elon Musk Has Epic Meltdown Arguing With Bitcoin Fanatics "Ever Heard Of Paypal?": Elon Musk Has Epic Meltdown Arguing With Bitcoin Fanatics

With Elon Musk's "stand" against bitcoin last week, claiming that Tesla would not longer accept the coin for payments due to the environmental impact of mining it, the Tesla CEO quickly wound up doing an about-face in terms of his popularity with bitcoin fanatics. 

And that "new" relationship was on full display Sunday when the Tesla CEO had an epic meltdown after a spat that started with podcast cost Peter McCormack. McCormack had written a thread to musk, accusing him of "trolling" with his support of Dogecoin, which led Musk to respond:

This set off the coining community, with Dogecoin creator @BillM2K asking of Musk's comment: "Do you see what being a toxic idiot does to your coin and community?"

Musk's response also opened the door for a spat wherein he called bitcoin "highly centralized" and boasted "Hey cryptocurrency 'experts', ever heard of PayPal? It's possible...maybe...that I know [more] than you realize about how money works". 

To which McCormack replied...

Musk's meltdown drew additional jeers from all over Twitter. Max Keiser wasted no time with critiquing Musk's arguments and went directly for an ad hominem shot at his mother, Maye Musk. Others claimed Musk was ready to "rage quit" bitcoin.

Well known Tesla critic @TeslaCharts chimed in:

Others accused Musk of not being able to stay in his lane...

Max Keiser joked that Elon made Peter Schiff, who he is notoriously at odds over bitcoin with, rational.

Finally, one Twitter user summed up Musk's "cradle to grave" experience with bitcoin:

When one user suggested Musk should dump his bitcoin as a result of the treatment he was getting, Musk replied "indeed":

This caused the following headline to hit the Bloomberg terminal: "MUSK IMPLIES TESLA MAY SELL OR HAS SOLD BITCOIN HOLDINGS". The headline and the spat had Bitcoin trading with a $45,000 handle by mid day Sunday.

Recall, after Elon Musk royally pissed off cryptoworld by announcing that Tesla would no longer accept Bitcoin last week (just three months after Tesla announced they would take it), Dogecoin co-creator, Jackson Palmer, slammed Musk in a now-deleted Tweet, calling him a 'self-absorbed grifter.'

Musk's announcement caused a brutal selloff in most cryptocurrencies, including Dogecoin - which fell precipitously during the Tesla founder's lame appearance on Saturday Night Live, where he called himself the "Dogefather" and pumped the digital coin while also calling it a "hustle."

Tyler Durden Sun, 05/16/2021 - 15:32
Published:5/16/2021 2:36:49 PM
[Found] How one founder’s startup journey began with dropping out of school to work with Drake This week’s episode of Found features Courtne Smith, founder of NewNew, a social app where people pay to vote on your decisions. The platform takes the concept of social polling to the next level, essentially allowing everyone to monetize their choices by turning them into a kind of social stock market where others can purchase […] Published:5/16/2021 2:06:41 PM
[topics:things/antisemitism] Anti-Semitism has 'no place in Britain' says PM after convoy of cars chant abuse in London Published:5/16/2021 2:06:41 PM
[Hamas] Photo of the Year (Steven Hayward) I’m sure most readers have seen this stunning photo from Israel from a few nights back, showing a Hamas rocket attack that was likely attempting to overwhelm Israel’s “Iron Dome” missile defense system. The early reports on this photo didn’t make clear which was which; I assumed (correctly it turns out) that the missiles on the right are the Hamas rockets, and the unusual swirl pattern of the launches on Published:5/16/2021 2:06:41 PM
[Politics] What a surprise! AP journalist calling Jews ‘FILTHY PIGS’, asks how many BABIES an IDF soldier eats for breakfast! The Associated Press, who were sharing workspace with Hamas and, as 2014 expose for the Atlantic revealed, slants the news deliberately against Israel, is in a high moral outrage over their empty . . . Published:5/16/2021 2:06:41 PM
[Politics] What a surprise! AP journalist calling Jews ‘FILTHY PIGS’, asks how many BABIES an IDF soldier eats for breakfast! The Associated Press, who were sharing workspace with Hamas and, as 2014 expose for the Atlantic revealed, slants the news deliberately against Israel, is in a high moral outrage over their empty . . . Published:5/16/2021 2:06:41 PM
[Entertainment] How Tinx and Her Tiny Microphone Are Taking Over TikTok TinxIf you're a millennial who has been on TikTok in the last year, chances are you already know and are obsessed with Tinx. But in the (highly unlikely) chance that you haven't...
Published:5/16/2021 2:06:41 PM
[b5555b8e-23b8-5970-8326-f3634220ed4d] Jim Trusty: Biden's aggressive Justice Dept – Civil Rights Division putting local police on notice. Here's how The Civil Rights Division is quickly establishing itself as the most powerful and hardline division within the Biden administration’s DOJ. Pattern and practice (P&P) investigations into local police departments are back, and with a vengeance. Published:5/16/2021 1:36:31 PM
[2021 News] OSHA tells employers they may be liable for ‘any adverse reactions’ if they mandate COVID shots

OSHA tells employers they may be liable for ‘any adverse reactions’ if they mandate COVID shots. Watch them reverse this because the only way the government can mandate COVID shots is to have their cucked business buddies enforce it. The federal Occupational Safety and Health Administration (OSHA) has put employers on notice that should they […]

The post OSHA tells employers they may be liable for ‘any adverse reactions’ if they mandate COVID shots appeared first on IHTM.

Published:5/16/2021 1:36:31 PM
[World] [Josh Blackman] Podcasts don't work for me I don't listen to podcasts. The format has never appealed to me. I am a visual learner. I love to read. Reading allows me to jump around, skim where I think it appropriate, moderate my pace, and return to passages that are important. With reading, I can easily highlight, or copy and paste a key… Published:5/16/2021 1:36:31 PM
[bfa6f05a-0a93-5813-bd1f-de3669123fdb] Meghan Markle, Prince Harry face calls to give up royal titles following podcast appearance: report Palace aides are reportedly calling on Meghan Markle and Prince Harry to give up their remaining royal titles following the Duke of Sussex’s recent podcast appearance. Published:5/16/2021 1:36:31 PM
[Trending Commentary] Why Edith Hamilton Feared the Decline of Individualism More Than Atomic Bombs

By Lawrence W. Reed -

“People hate being made to think,” the educator and classical scholar Edith Hamilton (1867-1963) once said. Laziness of mind is indeed easy to find, even more so today than in her time. It shows up in vapid social media posts, flippant political rhetoric, superficial media coverage, knee-jerk but sanctimonious opinions, …

Why Edith Hamilton Feared the Decline of Individualism More Than Atomic Bombs is original content from Conservative Daily News - Where Americans go for news, current events and commentary they can trust - Conservative News Website for U.S. News, Political Cartoons and more.

Published:5/16/2021 1:36:31 PM
[Markets] Space Force Commander Demoted Over Book Claiming 'Neo-Marxist Agenda' And Critical Race Theory Infiltrating Military Space Force Commander Demoted Over Book Claiming 'Neo-Marxist Agenda' And Critical Race Theory Infiltrating Military

A US Space Force commander was reportedly relieved as commander of the 11th Space Warning Squadron "due to loss of trust and confidence in his ability to lead," after he appeared on a podcast to promote his book which claims that the US military has been infiltrated by a neo-Marxist agenda which is transforming military culture and policy.

Lt. Col. Matthew Lohmeier

"Lt. Gen. Stephen Whiting, Space Operations Command commander, relieved Lt. Col. Matthew Lohmeier of command of the 11th Space Warning Squadron, Buckley Air Force Base, Colorado, May 14, due to loss of trust and confidence in his ability to lead," the Space Force told the Washington Examiner in a statement.

"This decision was based on public comments made by Lt. Col. Lohmeier in a recent podcast. Lt. Gen. Whiting has initiated a Command Directed Investigation (CDI) on whether these comments constituted prohibited partisan political activity."

Lohmeier self-published Irresistible Revolution: Marxism's Goal of Conquest & the Unmaking of the American Military this week. The book, according to the description, explores the “impact of a neo-Marxist agenda” and the manner in which the “Black Lives Matter movement, anti-racism, postmodernism, [and] political correctness” affect the national security of the United States.

Lohmeier said that he had informed his superiors, public affairs staff, and lawyers for the military about the book prior to publication, but it was not subject to a pre-publication review.

Department of Defense Directive 1344.10 prohibits active-duty personnel from engaging in “partisan political activities.” Service members are, however, permitted to express their personal opinions on political candidates and issues in their personal capacity and when not in uniform. Lohmeier denied intending to participate in partisan politics. -Washington Examiner

"My intent never has been to engage in partisan politics. I have written a book about a particular political ideology (Marxism) in the hope that our Defense Department might return to being politically nonpartisan in the future as it has honorably done throughout history," Lohmeier, and Air Force Academy graduate, told Military.com.

The demotion comes after Lohmeier criticized Defense Secretary Lloyd Austin's diversity and inclusion "agenda."

"I don't demonize the man, but I want to make it clear to both him and every service member this agenda — it will divide us. It will not unify us," he said, after Austin imposed a 60-day force-wide extremism "stand-down" to determine how to rid the military of extremism following the Jan. 6 Capitol riot.

Lohmeier says he was asked to give his troops extremism training and was given a "70-page" booklet of "talking points." The booklet reportedly began with an overview of the Capitol riot, and included examples of "white nationalists that have been caught at some point in the last decade and punished for it and kicked out of the military, or a radical Islamic terrorist."

"The diversity, inclusion and equity industry and the trainings we are receiving in the military ... is rooted in critical race theory, which is rooted in Marxism," said Lohmeier, who also knocked the Defense Department for saying that the military has "too many white pilots" during a pilot shortage.

Citing a diversity initiative in which service members read So You Want to Talk About Race by Ijeoma Oluo, in which the U.S. is referred to as a “white supremacist nation,” Lohmeier told the Information Operation podcast that the young service members are inundated by a “hyperpoliticized work environment where diversity and inclusion initiatives are being pushed constantly.”

Lohmeier added that conservatives in the military who are willing to voice their opinions are painted as “extremists.” -Washington Examiner

"What you see happening in the U.S. military at the moment is that if you're a conservative, then you're lumped into a group of people who are labeled extremists, if you're willing to voice your views. And if you're aligned with the Left, then it's OK to be an activist online because no one's gonna hold you accountable," he added.

According to Pentagon spokesman John Kirby, "There were members, sadly, of the active-duty force participating and espousing these radical beliefs," adding "We don't know the full breadth and depth of it."

Of note, Lohmeier's book is currently the #1 seller in Amazon's Military Policy, as well as Communism & Socialism sections.

Tyler Durden Sun, 05/16/2021 - 14:30
Published:5/16/2021 1:36:31 PM
[Markets] The stock market is volatile because it’s hard to tell ‘good’ inflation from ‘bad’ right now The stock market is generally expected to benefit from inflation, but surging price pressures are rattling investors. Published:5/16/2021 1:36:31 PM
[Markets] Market Extra: The stock market is volatile because it’s hard to tell ‘good’ inflation from ‘bad’ right now The stock market is generally expected to benefit from inflation, but surging price pressures are rattling investors.
Published:5/16/2021 1:36:31 PM
[Entertainment] Courtney Love Slams Pam & Tommy Miniseries and Star Lily James Courtney Love, Pamela AndersonCourtney Love did not hold back while expressing her distain for the upcoming Hulu miniseries about her friend Pamela Anderson and ex-husband Tommy Lee. Pam & Tommy, which is...
Published:5/16/2021 1:05:22 PM
[World] [Eugene Volokh] Dan Greenberg Guest-Blogging About Occupational Licensing Rules I'm delighted to report that Dan Greenberg will be guest-blogging this week about his new article in the John Marshall Law Review, "Regulating Glamour: A Quantitative Analysis of the Health and Safety Training of Appearance Professionals," which explains and demonstrates a new method of measuring the scope of occupational licensing. Greenberg a lawyer and former… Published:5/16/2021 1:05:22 PM
[Markets] Luongo: The Coming Apotheosis Of The Banks Luongo: The Coming Apotheosis Of The Banks

Authored by Tom Luongo via Gold, Goats, 'n Guns,

About a year ago in a Private Blog post on Ask-Socrates.com Martin Armstrong let it slip that the real plan of The Davos Crowd with the Great Reset was to replace the traditional banking system with the central banks.

I’ve talked about this obliquely in previous posts noting that Modern Monetary Theory (MMT) doesn’t require the money center banks to be the buyers-of-last-resort of whatever debt the U.S. Treasury Dept. auctions up. That’s the most important role they serve in keeping the system afloat.

They provide the fiction that there’s never a failed U.S. Treasury auction even if they immediately turn around and flip those securities right back to the Fed and get dollars. Since the 2008 Great Recession these same banks have sterilized most of that money, further building the Ponzi pyramid, by holding these dollars as ‘excess reserves’ with the Fed who then pays the IOER rate – Interest OExcess Reserves.

Now that this has become a chronic problem, the Fed no longer reports this directly.

For all of the Bernanke and Yellen years that rate was 0.25%. Today it’s just another tool Jerome Powell uses to confuse money markets about the health of the banking system.

Who’s Afraid of MMT?

But, back to Armstrong’s revelation. It sounds a little bit loony tunes, that the banksters would want to get ride of themselves, because so many of us in the ‘alt-finance’ space see them as two heads of the same hydra.  And in many ways they are.  The banks and the central banks work together to defraud investors and debase their currencies to buy favors and advantages in the market they could never earn in an honest market.

This, not capitalism, is the source of the ever-expanding wealth inequality leftists bang on about all day.

The dollar, euro, yen, pound, etc. are all, in effect backed up not by the full faith and credit of the U.S. government’s ability to pay. That’s the bedtime story they tell us to go to sleep. But really they are backed by the U.S. military’s ability to project power around the world and at home.

The dollar is ultimately a Proof-of-Guns (PoG) currency. The central banks digital currencies (CBDC) that are on the drawing board are the ultimate version of PoG. The problem for them now is that the U.S. military is looking less and less formidable in an increasingly multi-polar world and an arms race it can’t win thanks to debt servicing eating up the productive capital the country generates.

One of the biggest problems in analyzing what’s happening is the tendency to fall back into 2-dimensional thinking, us v. them, black v. white, government v. people. And I fully understand that two-dimensional thinking is a very human trait, especially in a world of folks and a society that is what Ian McGilchrist would call “Left Brain Possessed.”

But the world isn’t two dimensional. We don’t live in screens nor do we assess data across only one dimension. Data is multi-facted as are cabals of people in power. I could go on a rant about the limitations (and misapplication) of the Scientific Method’s variable isolation and it’s deleterious effects on our thinking, but I already did that.

In short, there are also factions within both the Banking Cartel and the Davos Crowd and they compete for control over the policies. There are at least six factions that vie for their piece of the pie. And Klaus Schwab at the World Economic Forum has bribed all of them to sign up for the Great Reset.

They may be in cahoots at times, like to get rid of Donald Trump or today to fight Bitcoin and cryptocurrencies, but they all have different agendas. Those agendas are reassessed in real time by them, just like everyone else does. And as such, two-dimensional thinking fails to capture the nuance of what’s happening.

Now, the banks are going along with the Great Reset trying to remake the world because the world turned against them in 2008-09. This was their bribe so they can survive.

They do this to rebrand themselves within the new MMT regime run by the central banks.  But, are they really needed when CBDCs can deposit money directly into people’s accounts with the Fed? Why do we need traditional bank accounts when the old dollars will no longer exist?

A lot of crypto investors are now asking that same question by the way. When you look at what’s happening on Ethereum and other DeFi platforms like Waves you realize very quickly you don’t need a traditional bank account to hold your savings. With the proper on and off ramps can get back into the ‘real world’ pretty easily and be on the up and up with your local tax policies.

The Swiss are now the next guinea pigs in this experiment, with the SNB announcing the cancellation of everything bigger than the 1,000 SWF note. Turn them in by the end of October or they will be worthless.

Astroturf or Greenways?

Men like Jamie Dimon wear two hats.  One as the CEO of J.P. Morgan Chase and the other as a shareholder of the Federal Reserve.  In this environment where the only things hated more than the politicians and the media is the banks do you really think Dimon is going to die on the hill of JPM?

No, he’ll happily sacrifice JPM when the moment is right to allow the central bank takeover of the economy.  The Millennials and Gen-Zers who (through Obama’s OfA and Soros’ support of BLM/Antifa/etc.) the Davos Crowd radicalized into their 21st century Brown Shirts were easy to recruit in the wake of 2008-09 where all of their parents got thrown out of their homes and not one banker went to jail.

The brazen unfairness of it all animates so much of the hatred within Antifa/BLM.  And, in so many ways, they aren’t wrong.  Occupy Wall St. as Tim Pool pointed out because he was there, was a peaceful protest against racism which were bodily hijacked by Antifa and turned into Occupy Wall St.

It was astroturf from the beginning.  But the anger is real.  The organization of it is pure strategic planning by people intent on ruling the world and if they can’t then burn it all down.

I see exactly what Armstrong was talking about.  The Davos Crowd in Europe is setting up the U.S. banks to be the villains of the next big financial crisis.  Obama through Biden is putting in place regulation, tax policy, court decisions, etc. to ensure both maximal anger at the banks and get the maximum effect on the structure of the U.S. economy.

So, once this crisis hits and the banks are caught once again having been irresponsible, they will be blamed like no other villain has been blamed since Hitler.  And the Progressives on Capitol Hill — the Lizzie Slapahos and the AOCs — will demand the banks pay for killing the little guy.

This is why we have this April jobs report.  266k vs. 987k expected, but a massive labor shortage.

We have a labor supply shortage because of welfare, huge unemployment payouts, eviction moratoriums, etc.   The economy wants to get restarted and Biden/Obama are literally forestalling this in order to ensure the supply chains for food, lumber, gasoline, rolled steel, chips and everything else dries up.

Vandals or Savages?

I don’t believe anything I’ve heard about the Colonial Pipeline ‘hack.’ I don’t believe the ‘hackers’ were real anymore than I believe Bloomberg’s report that Colonial paid $5 million in anonymous cryptocurrency in ransom. The shutting down of the I-40 bridge across the Mississippi River was another massive over-reaction. And what is Gov. Gretchen Whips and Chains doing trying to shut down a pipeline that is the lifeblood of her state’s economy (as well as that of Ontario, Quebec, the fading Rust Belt)?

It’s almost like we are governed by people whose policy is deindustrialization and the destruction of our way of life or something?

Cocking up the labor market along with energy and goods distribution has to be seen as a planned disruption as much as the response to COVID-19 was seized upon to do maximal damage to Trump and divide us politically.  

You can salt to taste how much you believe it was planned and how much it wasn’t, the results have been exactly that. In fact, to me, the evidence is so overwhelming that I think the burden of proof now rests with those that believe otherwise to disprove my operating thesis.

Morgan Dollars?

So, now let’s talk about Dimon coming out and complaining about all the stimulus

“I’m concerned about how the money’s going to be spent,” Dimon said in a recorded interview for the Investment Company Institute’s general membership meeting Thursday.

“The government needs to be very clear about what they want to accomplish,” he added.

I think the government has been very clear Jamie, that you’re finally getting all NIMBY about It tells me two things.

  • This is happening too quickly and JPM can’t respond to the situation fast enough, ie. the planned destruction is too disruptive.

  • There are factions within the Davos Crowd coming for him and JPM, which he hasn’t planned for.  

Dimon will be the key figure going forward.  Goldman has its tentacles deep in the administration but Dimon has deeper ties into the Fed, if my memory serves, so this fight may be a big one.  Are they working together on this? Or is this really a fight between two heavyweights trying to save themselves before the next crisis hits and spirals out of everyone’s control?

Most of the banks will be thrown under the bus by Davos. That’s the plan.  Will JPM be one of them?

Wither Capitalism?

Everything about capitalism is under assault right now. It was one thing to attack it as wasteful for producing things no one really needs, the typical refrain of the envious Leftist. It’s quite another to attack its ability to provide basic services like food, energy and communications. These are systems that have operated and will operate indefinitely with tremendous advantages to all of humanity as long as our ability to coordinate capital through time is maintained by the markets for them.

Everything I’ve seen from the Biden Obama administration tells me they are openly hostile to this basic fact. The monetary system through the CARES Act was already hijacked through the backdoor allowing the Fed through its Special Purpose Vehicle and an arrangement with Blackrock to buy whatever it wanted, not just U.S. guaranteed securities like in the past.

Jim Bianco of Bianco Research, writing in Bloomberg, covered it in plain English for everyone to understand back on March 27.

“To put it bluntly, the Fed isn’t allowed to do any of this. The central bank is only allowed to purchase or lend against securities that have government guarantee…

…So how can they do this? The Fed will finance a special purpose vehicle (SPV) for each acronym to conduct these operations. The Treasury, using the Exchange Stabilization Fund, will make an equity investment in each SPV and be in a “first loss” position. What does this mean? In essence, the Treasury, not the Fed, is buying all these securities and backstopping of loans; the Fed is acting as banker and providing financing. The Fed hired BlackRock Inc. to purchase these securities and handle the administration of the SPVs on behalf of the owner, the Treasury.”

In other words, the federal government is nationalizing large swaths of the financial markets. The Fed is providing the money to do it. BlackRock will be doing the trades. (emphasis mine)

This, folks, is pure MMT — Modern Monetary Theory. The Fed is creating money out of thin air having bought the debt it never intends to sell from the Treasury so that it can buy whatever it wants and will have Blackrock (NYSE: BLK) be the fund manager, to make the whole thing quasi-legal.

I don’t see a seat at that table for Morgan, BofA, Wells or Citi… do you?

I’m not making predictions about that, but when you realize that with MMT banks like Goldman and Morgan are no longer needed to implement policy and the crazies have taken over the asylum, it may just be we’re far closer to the Great Sell Out of the banks than anyone has previously contemplated.

Given that the entire COVID-19 story has collapsed and there’s no fear over it just the lasting divisions between the ‘masked’ and the ‘unmasked’ what’s the next fear on the horizon we have to look out for?

Someone obviously loves Big Brother a little too much for even Jamie Dimon’s liking, I think.

*  *  *

Join my Patreon if you don’t wear a muzzle

Tyler Durden Sun, 05/16/2021 - 14:00
Published:5/16/2021 1:05:22 PM
[Uncategorized] Israel Targets Hamas Terror Infrastructure, Top Operatives

Netanyahu to Hamas leadership: "You can’t hide, not above land or below it."

The post Israel Targets Hamas Terror Infrastructure, Top Operatives first appeared on Le·gal In·sur·rec·tion.
Published:5/16/2021 1:05:22 PM
[] First-World Problems...Part 493 I am second to none in my parsimony, but I have always wondered why people use substandard parts that are absolutely going to fail (or in this case corrode) far earlier than a modestly more expensive replacement. Well, I... Published:5/16/2021 1:05:22 PM
[topics:places/middle-east] Watch: Palestine and Israel representatives exchange statements at UN meeting Published:5/16/2021 12:38:25 PM
[Markets] Michael Sincere's Long-Term Trader: Don’t be a sitting duck when this stock market rally fades — here’s what to do now 6 tips for a stronger, all-weather investment portfolio.
Published:5/16/2021 12:38:25 PM
[Markets] AT&T In 'Advanced' Talks To Combine HBO, CNN, Discovery And Other Media Assets AT&T In 'Advanced' Talks To Combine HBO, CNN, Discovery And Other Media Assets

AT&T is currently in 'advanced' discussions to combine several media assets into a giant portfolio, which would include beleaguered CNN and Discovery, according to the Wall Street Journal, citing people familiar with the matter. The move would mark a major shift in strategy for the telecom giant.

Also included would be several components of the company's WarnerMedia division, including the TBS, TNT and HGTV cable channels, and other names in their media portfolio such as HBO, and would constitute one of Hollywood's most valuable catalogues.

As noted, the deal is said to be in 'advanced' talks, with an agreement potentially coming as soon as Monday, according to the report. Others have cautioned that this isn't a done deal, and talks could still fall apart. Should it proceed, AT&T shareholders would own a large stake in the new entity.

A deal between WarnerMedia and Discovery, whose portfolio includes its namesake network and HGTV, would further consolidate a media business buffeted by cord-cutting and competition from streaming video.

The talks signal a major pullback by AT&T, which placed a massive bet on media with its 2018 acquisition of Time Warner Inc. for around $81 billion. That deal made it the world’s most indebted nonfinancial company. -WSJ

The negotiations were first noted by Bloomberg, which reported that AT&T was looking to combine media assets with Discovery.

As the Financial Times reports, AT&T's board of directors met Sunday to approve the deal, which is expected to be announced in the coming days.

The combination would merge one of Hollywood’s most valuable catalogues — spanning the Warner Bros film and television studios, the HBO network and a portfolio of cable channels including CNN — with Discovery, which has had success with a new streaming service aimed at unscripted cooking and home renovation shows.

After years of watching Netflix dominate the streaming landscape, the world’s largest media and tech companies have sought to fight back with their own services. In the past year and a half, Disney, Apple, WarnerMedia, Comcast, Discovery and others have launched streaming platforms as they battle for a piece of the future of entertainment.

The structure of the deal remains unclear but AT&T, which has a market value of about $230bn, is expected to control most of the combined entity. Discovery has a market value of $24bn.

The deal comes five years after AT&T agreed to buy TimeWarner for $85.4 billion in a bid to become the world's largest vertically integrated content and distribution company. 

Two years ago, AT&T CEO John Stankey and Discovery head David Zaslav discussed combining their programming into an $8/month streaming service which would exclude HBO, however Disney's announcement that it would drop its Star Wars, Pixar, Marvel and Disney Classics catalogue into a $7/month streaming service caused Stankey and Zaslav to scrap the plan. Instead, Stankey created HBO Max, combining HBO with the rest of WarnerMedia's programming.

Tyler Durden Sun, 05/16/2021 - 13:32
Published:5/16/2021 12:38:25 PM
[Markets] : One prediction of returning to work post-COVID: ‘Unpredictable and potentially chaotic’ Just 33% of decision makers believe their organization has the necessary resources to successfully navigate a return to work.
Published:5/16/2021 12:08:11 PM
[Politics] PAPERS PLEASE: Disney’s ABC News show Good Morning America cries ‘confusion’ and ‘burden’ in vaccine passport PROPAGANDA piece The science! That’s what they used to say every hour of every day. Now the unions are opposing the CDC, MSNBC hosts are whining about masks coming off, that dumb anti gun . . . Published:5/16/2021 12:08:11 PM
[Politics] PAPERS PLEASE: Disney’s ABC News show Good Morning America cries ‘confusion’ and ‘burden’ in vaccine passport PROPAGANDA piece The science! That’s what they used to say every hour of every day. Now the unions are opposing the CDC, MSNBC hosts are whining about masks coming off, that dumb anti gun . . . Published:5/16/2021 12:08:11 PM
[Apps] Clubhouse to expand Android app worldwide in a week Voice social network Clubhouse said on Sunday it will expand its Android app worldwide in a week, days after launching a beta version of its service on Google-owned mobile operating system for users in the U.S. The startup — backed by A16z, Tiger Global and DST Global and valued at about $4 billion — said it will […] Published:5/16/2021 12:08:11 PM
[504f0c9a-ae63-51b3-b6ab-8179bfc2e67d] Matthew McConaughey quietly making calls about potential run for Texas governor: report Matthew McConaughey is reportedly further exploring a potential pivot to politics in Texas. Published:5/16/2021 12:08:11 PM
[topics:places/middle-east] Watch: Iran accuses Israel of genocide and crimes against humanity Published:5/16/2021 12:08:11 PM
[America] The Democrats are preempting the possibility of an armed rebellion The nature of the modern military and Democrat trends in staffing the military, make an armed rebellion impossible. I sometimes see people on the internet claiming that if the Democrats push conservatives too far – anything from banning meat to erasing the Second Amendment to publicly hanging the people who Published:5/16/2021 12:08:11 PM
[Markets] Kass: Speculation Has Been Taken To An Interplanetary Level Kass: Speculation Has Been Taken To An Interplanetary Level

Authored by Doug Kass via Seabreeze Partners,

  • History rhymes, again

  • Too many in the financial media do little to help the individual investor

  • "Yolo" investing ("you only live once") has been heartedly embraced and even romanticized by too many these days - and, tacitly, that includes the media's endorsements

  • The failure to temper and provide warnings of the market's uber speculative cycles are a repeated market feature

  • Skepticism and non consensus thinking are not favored nouns in times of euphoria

  • Caveat emptor

"Workin' hard to get my fill
Everybody wants a thrill
Payin' anything to roll the dice
Just one more time
Some will win
Some will lose
Some were born to sing the blues
Oh, the movie never ends
It goes on and on, and on, and on.."

- Journey, Don't Stop Believing 

Many lessons will be learned from the 2019-2021 markets - including an important one that star managers can be harmful to your investment well being. 

And that certainly could apply to Cathie Wood's ARK Invest (ARKK) - who is increasingly looking like a toxic cocktail of Tom Marsico, Kevin Landis, and the Munder Net Net Fund. (See today's Wall Street Journal Heard on the Street column.  

For many months/years the financial media has idolized, without many (or really any) questions or skepticism, the leading money managers and leading speculative stocks (notably of a SPAC-kind). 

Fawning, exaggerated flattery and "Group Stink" have replaced hard-hitting analysis, common sense, logic and cynicism. Instead we too often get made for TV financial superstars who, to paraphrase my Grandma Koufax... doesn't know shit from shinola. Case in point was the CNBC panelist who yesterday possessed, with an abundance of hubris, a new definition of inflation that was so whacky and uninformed I will not repeat what he said again.

My response was contained in "Another Lesson Learned" this week:

My favorite short gewgaws continue to get crushed: (PLUG) , (MARA) , (CAN) , (PTON) and (RIOT) .

The magnitude of the declines from their respective early 2021 highs -- at a point near where many price momentum based strategists/technicians were aggressively and confidently buying/trading these stocks -- is further proof that too many know everything about price and very little about value.

I remember when many, including some contributors and subscribers on our site, scoffed and Twitter (TWTR) hated those that elected to take a pass trading these near worthless shiny objects of speculation.

While some may have successfully extricated out of the trades I know many - of a Robinhood kind - that remain long. I hear the sound of crickets.

As I warned two months ago, the latest gewgaw embrace will result in millions of investors fleeing our markets.

Another lesson learned - stick to your discipline and resist the frequent bouts of speculation that have inevitably poor consequences. 

Stated simply, the media does a disservice by not providing a contrary view and by packing their business media platforms with Perma Bulls (many of whom ignore reality and valuation), managements of speculative gewgaws that defend the indefensible (business models) and "shooting stars" (like Chamath Palihapitiya) who have paraded all too frequently before the retail lemmings who are about to fall off of the cliff. 

It is almost as if "Yolo investing" - you only live once - is being endorsed. 

When the discovery of the facts are made, as is the case with the Wall Street Journal this morning, it is usually too late and after the fact as noted by the dive of ARKK from $159 to under $100 yesterday (and with over 50% of the recent and new ARKK ETF investors now under water)  or by the decimation of the league leading SPACs over the last two months, many of which are down by over 70% in price. 

Sure there will be a handful of traders who printed money during these times but, by then, hundreds of thousands of burnt retail traders/investors are tapped out - not to again return to the markets for years. 

This week, speculation was being taken to an interplanetary level, with SpaceX announcing that the company is accepting a total digital ruse/Ponzi/fraud, Dogecoin, as payment to launch "Doge-1 Mission to the Moon." 

It is clear that the continued idolatry, in this case of Saturday Night Live's Elon Musk, has literally gone to the moon

Unfortunately, equities (these days) are not going to the moon - the majority of stocks (particularly of a high beta/octane kind) are now falling dangerously back through the atmosphere and, unlike the Chinese rocket that pounded into the Indian Ocean last week, seem destined for an even more violent crash on land. 

At the end of an ugly week for stocks, somewhat tempered by a panic-bid bounce on Friday, a CNBC commentator (who just two months ago worshipped at the altar of Chamath's paper wealth, fawned as Virgin Galactic (SPCE) traded at $40 and was riveted by bitcoin mining stocks that went up 10x in price) just stated, "It looks like another rough one for technology." 

Thanks for nothing. 

The game goes on and on and on... 

Caveat emptor.

Tyler Durden Sun, 05/16/2021 - 13:04
Published:5/16/2021 12:08:11 PM
[ARCC] 3 Great Dividends To Buy The Dip Published:5/16/2021 11:37:14 AM
[Entertainment] Feeling Nostalgic for the Early 2000s? These Photos From the 2001 MTV Movie Awards Can't Be Missed Mya, Pink, Christina Aguilera, Lil Kim, 2001 MTV Movie AwardsHere at E! News, the red carpet is our bread and butter. So it's not an understatement when we declare the 2001 MTV Movie Awards a standout contender for the best red carpet of the early...
Published:5/16/2021 11:37:14 AM
[Right Column] Although Congress never voted on it, Green New Deal advocates see imprint on Biden’s climate agenda

Although Congress has never voted on the legislation, it nonetheless has an outsized influence in shaping other, more moderate climate change measures, as well as President Biden's ambitious climate agenda...Conservatives are quick to point out that the Green New Deal includes provisions that may, on the surface, seem unconnected to climate change. The resolution says that certain steps need to be taken to achieve the goals of the Green New Deal, including providing universal health care and "affordable, safe and adequate housing" for all Americans. It also calls for creating "high-quality union jobs," and guaranteeing a job with "a family-sustaining wage, adequate family and medical leave, paid vacations, and retirement security" for all Americans. But Markey argued that poverty, racism and food insecurity are not separate issues, but are instead intertwined with climate change. "Those same social determinants are part of climate change and how they impact those who are most vulnerable," Markey said.

Published:5/16/2021 11:37:14 AM
[Markets] Israel Airstrikes Flatten 3 Gaza Buildings, Kill 42 As Netanyahu Says "War Will Go On" Israel Airstrikes Flatten 3 Gaza Buildings, Kill 42 As Netanyahu Says "War Will Go On"

The fourth war between Israel and Palestine escalated on Sunday when Israeli airstrikes on Gaza City flattened three buildings and killed at least 42 people, Palestinian medics said. Yet despite international efforts to broker a cease-fire and the rising death toll (mostly on the Palestinian side) Israeli Prime Minister Benjamin Netanyahu signaled the fourth war with Gaza’s Hamas rulers - which was sparked by unrest in Israeli-annexed east Jerusalem, and has seen the death toll in the densely-populated Gaza Strip rise to 181, and to 10 in Israel - would rage on.

Speaking in a televised address, Netanyahu said on Sunday evening that the attacks were continuing at "full-force" and will "take time." Israel "wants to levy a heavy price" from the Hamas militant group, he said, flanked by his defense minister and political rival, Benny Gantz, in a show of unity even as a growing chorus of skeptics is asking if Netanyahu is just killing innocent people as a diversion from his own political scandals and as a means to stay in power.

Sunday's airstrikes hit a major downtown street of residential buildings and storefronts over the course of five minutes after midnight, destroying two adjacent buildings and one about 50 yards (meters) down the road. According to AP, whose HQ in Gaza was flattened following an Israeli attack on Saturday, the Israeli air assault early Sunday was the deadliest single attack since heavy fighting broke out between Israel and Hamas nearly a week ago, marking the worst fighting here since their devastating 2014 war in Gaza.

The Gaza Health Ministry said 16 women and 10 children were among those killed, with more than 50 people wounded, and rescue efforts are still underway. Earlier, the Israeli military said it destroyed the home of Gaza’s top Hamas leader, Yahiyeh Sinwar, in a separate strike in the southern town of Khan Younis. It was the third such attack in the last two days on the homes of senior Hamas leaders, who have gone underground.  The military also said Sunday it also struck the home of Sinwar's brother Muhammad, another senior Hamas member. On Saturday it destroyed the home of Khalil al-Hayeh, a senior figure in Hamas’ political branch. However, since Hamas’ leaders have gone into hiding in Gaza in response to the strikes, it is unlikely any were at home at the time of the strikes. Hamas’ top leader, Ismail Haniyeh, divides his time between Turkey and Qatar, both of which provide political support to the group.

Meanwhile, the Israeli army said on Sunday that Israel has faced the highest-ever rate of rocket attacks on its territory during its latest confrontation with the Palestinian Islamist group Hamas that controls Gaza.  Since Monday, armed groups in Gaza have fired about 3,000 rockets towards Israel, surpassing the pace during an escalation in 2019 and during the 2006 war with Lebanon's Hizbollah, said Major-General Ori Gordin, as reported by AFP. Maj-Gen Gordin, commander of Israel's home front, presented a graphic to reporters with data of rockets fired toward Israel in past years and now.

During an escalation in November 2019 between the army and the Islamic Jihad group, 570 rockets were fired from Gaza towards Israel over three days.

And in the 2006 war with the Iran-backed Hizbollah, a total of 4,500 rockets were fired at Israel over 19 days, according to the data Maj-Gen Gordin shared with reporters.

Asked if the pace since Monday was the highest-ever rate of rocket attacks on Israeli territory, Maj-Gen Gordin said: "Not only do I agree, this is what I present."

The AP speculates that Israel has stepped up strikes in recent days to inflict as much damage as possible on Hamas as international mediators work to end the fighting and stave off an Israeli ground invasion in Gaza. But targeting the group’s leaders could hinder those efforts. A U.S. diplomat is in the region to try to de-escalate tensions, and the U.N. Security Council is meeting Sunday.

In recent days, Israeli airstrikes leveled a number of Gaza City’s tallest office and residential buildings, alleging they contain Hamas military infrastructure. On Saturday, Israel bombed the 12-story al-Jalaa Building, which housed the offices of The Associated Press, the TV network Al-Jazeera and other media outlets, along with several floors of apartments.

With the Israeli assault showing no signs of easing, Al Jazeera journalists report that Gaza's healthcare system is on the verge of collapsing, with no space left in hospital rooms.

As we reported previously, the latest outbreak of violence began in east Jerusalem last month, when Palestinian protests and clashes with police broke out in response to Israeli police tactics during Ramadan and the threatened eviction of dozens of Palestinian families by Jewish settlers. A focal point of clashes was the Al-Aqsa Mosque, a frequent flashpoint that is located on a hilltop compound that is revered by both Muslims and Jews. Then on Monday, Hamas fired rockets toward Jerusalem triggering the Israeli assault on impoverished Gaza, which is home to more than 2 million Palestinians and has been under an Israeli and Egyptian blockade since Hamas seized power from rival Palestinian forces in 2007.

At least 188 Palestinians have been killed in Gaza, including 55 children and 33 women, with 1,230 people wounded. Eight people in Israel have been killed, including a 5-year-old boy and a soldier.

Speaking alongside Netanyahu on Sunday, Israel’s military chief, Lt. Gen. Aviv Kohavi, said Hamas did not anticipate Israel’s overwhelming response to its rocket fire. “Hamas made a serious and grave mistake and didn’t read us properly.” The turmoil has also spilled over elsewhere, fueling protests in the occupied West Bank and stoking violence within Israel between its Jewish and Arab citizens, with clashes and vigilante attacks on people and property.

The violence has sparked numerous pro-Palestinian protests in cities across Europe and the United States, with French police firing tear gas and water cannons at demonstrators in Paris.

Meanwhile, Hamas and the Islamic Jihad militant group have acknowledged 20 fighters killed since the fighting broke out Monday. Israel says the real number is far higher and has released the names and photos of two dozen alleged operatives it says were “eliminated.” An Egyptian diplomat said Israel’s targeting of Hamas political leaders would complicate cease-fire efforts. The diplomat, who spoke on condition of anonymity to discuss the closed-door negotiations, said Cairo is working to broker an end to the fighting, as are other international actors.

The Egyptian diplomat said the destruction of Hamas’ rocket capabilities would require a ground invasion that would “inflame the whole region.” Egypt, which made peace with Israel decades ago, has threatened to “suspend” cooperation in various fields, the official said, without elaborating.

In recent days, the Biden administration affirmed its support for Israel while working to de-escalate the crisis. American diplomat Hady Amr met with Gantz, the Israeli defense minister, who thanked the U.S. for its support. Gantz said Israel “takes every precaution to strike at military targets only and avoid harming civilians, while its civilians are the targets of indiscriminate attack.”

Tyler Durden Sun, 05/16/2021 - 12:30
Published:5/16/2021 11:37:14 AM
[Uncategorized] Pentagon Confirms Authenticity of Video Showing UFO Maneuvering Near U.S. Navy Ship

Latest clip shows "transmedium vehicle" dropping into Pacific Ocean off the coast of San Diego in July 2019

The post Pentagon Confirms Authenticity of Video Showing UFO Maneuvering Near U.S. Navy Ship first appeared on Le·gal In·sur·rec·tion.
Published:5/16/2021 11:37:14 AM
[Markets] The Moneyist: My boyfriend talked me into depositing my paychecks into his bank account, and paying for a car in his name. What can I do? ‘He financed a brand-new car in his name for me — it cost over $45,000. I made aggressive payments every month and even took money from my 401(k) to pay off the car.’
Published:5/16/2021 11:37:14 AM
[] WHOA: Obama bro and 'van driver' extraordinaire Tommy Vietor all but CONFIRMS Israel's claims about Hamas being in AP building Published:5/16/2021 11:05:22 AM
[] Do You Trust Someone Not Wearing a Mask to Have Gotten Vaccinated? Should You Care? Published:5/16/2021 11:05:22 AM
[World] [Eugene Volokh] Submit to the Peer-Reviewed Journal of Free Speech Law We will review it quickly, and, if we accept it, publish it quickly. Published:5/16/2021 11:05:22 AM
[Markets] NewsWatch: Don’t be a sitting duck when this stock market rally fades — here’s what to do now 6 tips for a stronger, all-weather investment portfolio.
Published:5/16/2021 11:05:21 AM
[Markets] Following The 'Science'? CDC Shifts From "Impending Doom" To 'You're Free' In 6 Weeks Following The 'Science'? CDC Shifts From "Impending Doom" To 'You're Free' In 6 Weeks

At the end of March, amid absolutely no signs of trouble whatsover in "the data" - and after the establishment excoriated the "neanderthal thinking" of several red states for 'prematurely' and 'recklessly' lifting their COVID restrictions, freshly-appointed CDC Director Rochelle Walensky went "off-script" (though if one watches here eyes it appears she is very much reading a script) to warn the public about her "impending doom" following a very modest rise in COVID cases and hospitalizations.

"Right now, I'm scared," Walesky, choking back tears, exclaimed.

Fauci doubled-down with the doom finger-pointing...

"I think the reason we’re seeing this plateauing and the increase that I hope doesn’t turn into a surge is because we are really doing things prematurely right now with regard to opening up."

At the time we pointed out that Walensky's level of fearmongering is disgusting and disingenuous and the American people are growing more and more insensitive to such evocations.

Now, just 6 weeks later, as all the doomsaying, fearmongering, panic-inducing double-speak was proven completely misplaced, and amid political pressure from even the leftest of leftists to "do something", the masks are off and freedom (for the vaccinated) is offered back to 'we, the people'.

Just two weeks after announcing a mask revision on April 27 to allow people who are fully vaccinated to do most things outdoors, with some precautions - again amid political pressure from an increasingly confused American public -  CDC announced it revised its mask guidance again, now enabling those who are fully vaccinated to forgo wearing masks both indoors and outdoors.

"Anyone who is fully vaccinated can participate in indoor and outdoor activities — large or small — without wearing a mask or physically distancing," said Walensky.

"Based on the continuing downward trajectory of cases, the scientific data on the performance of our vaccines and our understanding of how the virus spreads, that moment has come for those who are fully vaccinated," she continued.

The message from the CDC could not have changed more drastically in this brief 45 days period...

Source: Bloomberg

And if the goal of the 'big lie' of impending doom was to 'encourage' scared Americans to get vaccinated or die, once again the 'science' in the data shows it didn't work either as daily vaccination rates have basically trended lower since Walensky's scaremongering...

Source: Bloomberg

But Walensky assures the country that, "We followed the science here."

Political science?

Of course there are some who refuse to believe the CDC's "new science" - that masks are not required because outdoor spread is for all intent and purpose non-existent for anyone and indoor spread from or to the vaccinated is negligible at worst - and choose to continue to signal their virtue...

And of course, AOC told her instagram followers..."Personally I’m going to keep wearing my mask in shared indoor public spaces...it's also a nice accessory when you don't want to do all your make-up..."

"Science-deniers?"

Tyler Durden Sun, 05/16/2021 - 12:00
Published:5/16/2021 11:05:21 AM
[] The Romance Of "Independnece Movements" Usually Masks Incredible Barbarity...And The "Palestinians" Are A Textbook Example It sounds so wonderful! Free the downtrodden [fill in blank] people from the grip of the "fascist" oppressors! But all too often the romantic image of the freedom fighters doesn't match the reality on the ground, as we have... Published:5/16/2021 11:05:21 AM
[Entertainment] MTV Movie & TV Awards 2021 Nominations: The Complete List WandaVisionMark your calendars for the 2021 MTV Movie & TV Awards! This year's ceremony takes place across two nights on Sunday, May 16 and Monday, May 17. Wandavision is one of...
Published:5/16/2021 10:34:32 AM
[Blockchain] Crypto and blockchain must accept they have a problem, then lead in sustainability As cryptocurrencies become increasingly mainstream, the industry’s expanding carbon footprint becomes harder to ignore. The industry needs to address sustainability now or risk hindering innovation. Published:5/16/2021 10:34:32 AM
[Markets] Liz Cheney Lied About Her Role In Spreading The Discredited CIA "Russian Bounty" Story Liz Cheney Lied About Her Role In Spreading The Discredited CIA "Russian Bounty" Story

Authored by Glenn Greenwald via greenwald.substack.com,

In an interview with Fox News’ Bret Baier this week, Rep. Liz Cheney (R-WY) denied that she spread the discredited CIA "Russian bounty” story. That CIA tale, claiming Russia was paying Taliban fighters to kill U.S. troops in Afghanistan, was cooked up by the CIA and then published by The New York Times on June 27 of last year, right as former President Trump announced his plans to withdraw troops from Afghanistan. The Times story, citing anonymous intelligence officials, was then continually invoked by pro-war Republicans and Democrats — led by Cheney — to justify their blocking of that troop withdrawal. The story was discredited when the U.S. intelligence community admitted last month that it had only “low to moderate confidence” that any of this even happened.

Rep. Liz Cheney (R-WY) speaks to members of the media after she was removed of her leadership role as Conference Chair, following a Republican House caucus meeting at the U.S. Capitol on on May 12, 2021 in Washington, DC (Photo by Kevin Dietsch/Getty Images)

When Baier asked Cheney about her role in spreading this debunked CIA story, Cheney blatantly lied to him, claiming “if you go back and look at what I said — every single thing I said: I said if those stories are true, we need to know why the President and Vice President were not briefed on them.” After Baier pressed her on the fact that she vested this story with credibility, Cheney insisted a second time that she never endorsed the claim but merely spoke conditionally, always using the “if these reports are true” formulation. Watch Cheney deny her role in spreading that story.

Liz Cheney, as she so often does, blatantly lied. That she merely spoke of the Russian bounty story in the conditional — “every single thing I said: I said if those stories are true” — is completely and demonstrably false. Indeed, other than Rep. Adam Schiff (D-CA), there are few if any members of Congress who did more to spread this Russian bounty story as proven truth, all in order to block troop withdrawal from Afghanistan. In so doing, she borrowed from a pro-war playbook pioneered by her dad, to whom she owes her career: the former Vice President would leak CIA claims to The New York Times to justify war, then go on Meet the Press with Tim Russert, as he did on September 8, 2002, and cite those New York Times reports as though they were independent confirmation of his views coming from that paper rather than from him:

MR. RUSSERT: What, specifically, has [Saddam] obtained that you believe would enhance his nuclear development program? …..

VICE PRES. CHENEY: Now, in the case of a nuclear weapon, that means either plutonium or highly enriched uranium. And what we’ve seen recently that has raised our level of concern to the current state of unrest, if you will, if I can put it in those terms, is that he now is trying, through his illicit procurement network, to acquire the equipment he needs to be able to enrich uranium to make the bombs.

MR. RUSSERT: Aluminum tubes.

VICE PRES. CHENEY: Specifically aluminum tubes. There’s a story in The New York Times this morning this is — I don’t — and I want to attribute The Times. I don’t want to talk about, obviously, specific intelligence sources, but it’s now public that, in fact, [Saddam] has been seeking to acquire, and we have been able to intercept and prevent him from acquiring through this particular channel, the kinds of tubes that are necessary to build a centrifuge. And the centrifuge is required to take low-grade uranium and enhance it into highly enriched uranium, which is what you have to have in order to build a bomb.

So having CIA stories leak to the press that fuel the pro-war case, then having pro-war politicians cite those to justify their pro-war position, is a Cheney Family speciality.

On July 1, the House Armed Services Committee, of which Rep. Cheney is a member, debated amendments to the National Defense Authorization Act, the bill that authorized $740.5 billion in military spending. One of Cheney's top priorities was to align with the Committee's pro-war Democrats, funded by weapons manufacturers, to block Trump's plan to withdraw all U.S. troops from Afghanistan by the end of 2020 and to withdraw roughly 1/3 of the 34,000 U.S. troops in Germany.

To justify her opposition, Cheney — contrary to what she repeatedly insisted to Baier — cited the CIA's Russian bounty story without skepticism. In a joint statement with Rep. Mac Thornberry (R-TX), ranking member of the House Armed Services Committee, that Cheney published on her website on June 27 — the same day that The New York Times published its first story about the CIA tale — Cheney pronounced herself "concerned about Russian activity in Afghanistan, including reports that they have targeted U.S. forces.” There was nothing conditional about the statement: they were preparing to block troop withdrawal from Afghanistan and cited this story as proof that “Russia does not wish us well in Afghanistan.”

After today’s briefing with senior White House officials, we remain concerned about Russian activity in Afghanistan, including reports that they have targeted U.S. forces. It has been clear for some time that Russia does not wish us well in Afghanistan. We believe it is important to vigorously pursue any information related to Russia or any other country targeting our forces. Congress has no more important obligation than providing for the security of our nation and ensuring our forces have the resources they need. 

An even more definitive use of this Russia bounty story came when Cheney held a press conference to explain her opposition to Trump's plans to withdraw troops. In this statement, she proclaimed that she "remains concerned about Russian activities in Afghanistan.” She then explicitly threatened Russia over the CIA's “bounty” story, warning them that “any targeting of U.S. forces by Russians, by anyone else, will face a very swift and deadly response.” She then gloated about the U.S. bombing of Russia-linked troops in Syria in 2018 using what she called “overwhelming and lethal force,” and warned that this would happen again if they target U.S. forces in Afghanistan:

Does this sound even remotely like what Cheney claimed to Baier? She denied having played a key role in spreading the Russia bounty story because, as she put it, “every single thing I said, I said: if those stories are true.” She also told him that she never referred to that CIA claim except by saying: “if these reports are true.” That is false.

The issue is not merely that Cheney lied: that would hardly be news. It is that the entire media narrative about Cheney's removal from her House leadership role is a fraud. Her attacks on Trump and her party leadership were not confined to criticisms of the role played by the former president in contesting the validity of the 2020 election outcome or inciting the January 6 Capitol riot — because Liz Cheney is such a stalwart defender of the need for truth and adherence to the rule of law in politics.

Cheney played the key role in forming an alliance with pro-war Democrats on the House Armed Services Committee to repeatedly defeat the bipartisan anti-war minority [led by Ro Khanna (D-CA), Rep. Tulsi Gabbard (D-HI) and Rep. Matt Gaetz (R-FL)] to prevent any meaningful changes promised by Trump during the 2016 campaign to put an end to the U.S. posture of Endless War. As I reported about the House Armed Services Committee hearing last July, the CIA tale was repeatedly cited by Cheney and her allies to justify ongoing U.S. troop presence in Afghanistan.

Cheney is motivated by power, not ethics. In 2016, Trump ran — and won — by explicitly inveighing against the Bush/Cheney foreign policy of endless war, militarism and imperialism that Liz Cheney, above all else, still vehemently supports. What she is attempting to do is reclaim the Republican Party and deliver it back to the neocons and warmongers who dominated it under her father's reign. She is waging an ideological battle, not an ethical one, for control of the Republican Party.

That will be a debate for Republican voters to resolve. In the meantime, Liz Cheney cannot be allowed to distance herself from the CIA's fairy tale about Russians in Afghanistan. Along with pro-war Democrats, she used this conveniently leaked CIA story repeatedly to block troop withdrawal from Afghanistan. And just as her father taught her to do — by example if not expressly — she is now lying to distance herself from a pro-war CIA script that she, in fact, explicitly promoted.


For those who have not seen it, I produced a one-hour video report last July on how and why the House Armed Services Committee succeeded in enacting virtually every pro-war amendment they considered and how this was accomplished through an alliance between Liz Cheney and her neocon GOP allies on the one hand, and pro-war, Raytheon-funded Democrats on the other:

Tyler Durden Sun, 05/16/2021 - 11:30
Published:5/16/2021 10:34:32 AM
[Quick Takes] Prof Allegedly Fired for Reading Racial Slur From Anti-Slavery Novel by Mark Twain

“I apologize if I made anyone uncomfortable in the class by using a slur when quoting from and discussing the text”

The post Prof Allegedly Fired for Reading Racial Slur From Anti-Slavery Novel by Mark Twain first appeared on Le·gal In·sur·rec·tion.
Published:5/16/2021 10:34:32 AM
[Politics] Israel has ‘SMOKING GUN’ proof of Hamas working in AP building and BIDEN KNOWS IT On Sunday, Israeli officials said that they had the smoking gun on Hamas hanging out with the AP and Al Jazeera, using the media building as a shield to hide their terror . . . Published:5/16/2021 10:34:32 AM
[Politics] Israel has ‘SMOKING GUN’ proof of Hamas working in AP building and BIDEN KNOWS IT On Sunday, Israeli officials said that they had the smoking gun on Hamas hanging out with the AP and Al Jazeera, using the media building as a shield to hide their terror . . . Published:5/16/2021 10:34:32 AM
[3fd28836-5c01-5ed2-b27c-b8d500c71f0c] Robert De Niro updates fans on the leg injury he suffered on set: 'The pain was excruciating' Robert De Niro is on the mend after suffering a serious leg injury on set. Published:5/16/2021 10:06:00 AM
[Letters] We Hear You: Biden, the Border Crisis, and Flights for Illegal Immigrants

Editor’s note: The Daily Signal’s exclusive on illegal immigrants allowed on a commercial flight out of Texas made some in our audience see red, as... Read More

The post We Hear You: Biden, the Border Crisis, and Flights for Illegal Immigrants appeared first on The Daily Signal.

Published:5/16/2021 10:06:00 AM
[Markets] Soros Bought $375MM Of The Shares That Archegos Was Liquidating Soros Bought $375MM Of The Shares That Archegos Was Liquidating

An interesting thing happened in late March as news spread that Bill Hwang's Archegos family office was liquidating after being hit with the biggest margin call since Lehman: George Soros, or rather his investment firm Soros Fund Management, was loading up on all the shares that Hwang was forced to liquidating.

According to the latest 13F filed by the family office shows that Soros bought some $375 Million of the most prominent Archegos holdings just as they were being forcibly liquidated by the likes of Hwang's Prime Brokers including Morgan Stanley and Goldman Sachs. These were Soros' holdings as of March 31, or just day after the Archegos liquidation began in earnest:

  • ViacomCBS $194.3MM (4.31MM shares)
  • Baidu $77MM (353.8K shares)
  • Tencent $46.4MM (1.55MM shares)
  • Discovery Class C $14.8MM (400K shares)
  • DIscovery Class A $8.7MM (200K shares)

A look at the prior 13F shows that the fund did not own any of these stocks before the end of the first quarter.

As a reminder, Archegos was wiped out and Hwang's fortune evaporated in just a few days after the stock prices of ViacomCBS and Discovery tumbled, triggering margin calls from numerous prime brokers (some of which have leftover exposure to this day), who then sold the stocks in the big block trades. In total, the Archegos blow up which saw the $10BN fund levered as much as 10x as Prime Brokers failed to do any homework on their total exposure, is expected to cost the finance industry about $10 billion, has prompted an investigation by the U.S. Securities and Exchange Commission and caused heads to roll at Credit Suisse Group AG, where the hit exceeds $5 billion.

As Bloomberg,  which was the first to note the increase in Archegos-linked positions at Soros notes, "the 13F filing provides one of the first examples of how a hedge fund attempted to capitalize on the distressed remains of Archegos. It also offers an insight into Soros’s investment firm, which is run by Chief Investment Officer Dawn Fitzpatrick."

In March, Fitzpatrick told Bloomberg in March that she was willing to jump on dislocations in the market, investing $4 billion during the pandemic-induced swoon a year ago, including buying residential mortgages on the cheap. Soros returned almost 30% in the 12 months through February and manages $27 billion across a range of strategies.

“When there’s a dislocation, we’re prepared to not just double down but triple down when the facts and circumstances support that,” Fitzpatrick, 51, said in a “Front Row” interview on Bloomberg TV.

Separately, the latest 13F also shows that Soros increased its bet in Amazon.com and homebuilder DR Horton Inc., which is now its second-largest public equity position; in total the filing showed that Soros held $4.5 billion of U.S. equities, down $77 million from the prior quarter. The biggest exit in the quarter was Palantir Technologies Inc. Soros sold 18.5 million shares valued at about $435 million. The firm originally revealed it owned a stake in the controversial data-mining company controlled by Peter Thiel in November, but rapidly issued a statement saying the original investment was made in 2012 and it regretted the decision.

Tyler Durden Sun, 05/16/2021 - 11:03
Published:5/16/2021 10:06:00 AM
[Entertainment] How to Watch the 2021 MTV Movie & TV Awards on TV and Online Sofia Carson, 2020 MTV Movie & TV Awards, how to watchWhenever Leslie Jones collides with pop culture, you know it's going to be a wild night, as the upcoming 2021 MTV Movie & TV Awards is sure to prove on Sunday, May 16. Awards...
Published:5/16/2021 9:35:12 AM
[eaa848c9-6d1c-5795-8afb-0bcbf4a86932] Victor Davis Hanson: Biden flirting with disaster – here's where division at home, weakness abroad will lead Human nature stays the same across time and space. That is why there used to be predictable political, economic and social behavior that all countries understood. Published:5/16/2021 9:35:12 AM
[topics:places/middle-east] Video: Pope Francis calls for end to fighting in Israel and Gaza Published:5/16/2021 9:35:12 AM
[Markets] Why Wage Inflation Will Accelerate Why Wage Inflation Will Accelerate

Authored by Charles Hugh Smith via OfTwoMinds blog,

The Fed has created trillions out of thin air to boost the speculative wealth of Wall Street, but it can't print experienced workers willing to work for low wages.

The Federal Reserve is reassuring us daily that inflation is temporary, but allow me to assure you that wage inflation is just getting started and will accelerate rapidly. As I noted yesterday, the Fed can create currency out of thin and funnel it to financiers, but the Fed can't create experienced, motivated workers out of thin air or entrepreneurs with the chops to launch and sustain real-world enterprises.

Let's start with a funny little thing called competition, which has been pushing wages down for the past 50 years. Globalization means you're competing with every other worker on the planet for jobs in tradable goods and services, and mass immigration and relatively high birth rates means there have been more potential workers than secure jobs.

Competition for paid work has been wonderful for global corporations, whose profits have soared five-fold thanks to labor arbitrage, also known as offshoring, where companies can pick and choose locales with the lowest cost labor.

There's also been fierce competition for campaign contributions, as the cost of securing re-election has soared into the millions or tens of millions for congressional seats, and the bottom 90% can't compete with the top 0.1% in terms of lavishing millions on politicians who have become keenly attuned to the "needs" of their corporate handlers.

Thanks to global labor arbitrage and the outright purchase of our pay-to-play political system, capital has skimmed $50 trillion from labor over the past 45 years. It's all quantified in the RAND Corporation's 2020 report Trends in Income From 1975 to 2018 that documents the $50 trillion that's been transferred to the Financial Aristocracy from the bottom 90% of American households in the past 45 years.

Time magazine's article The Top 1% of Americans Have Taken $50 Trillion From the Bottom 90% -- And That's Made the U.S. Less Secure lays out the key role played by our political leadership:

No, this upward redistribution of income, wealth, and power wasn't inevitable; it was a choice-- a direct result of the trickle-down policies we chose to implement since 1975.

We chose to cut taxes on billionaires and to deregulate the financial industry. We chose to allow CEOs to manipulate share prices through stock buybacks, and to lavishly reward themselves with the proceeds. We chose to permit giant corporations, through mergers and acquisitions, to accumulate the vast monopoly power necessary to dictate both prices charged and wages paid. We chose to erode the minimum wage and the overtime threshold and the bargaining power of labor. For four decades, we chose to elect political leaders who put the material interests of the rich and powerful above those of the American people.

So now The Bill for America's $50 Trillion Gluttony of Inequality Is Overdue (9/21/21). Consider the minimum wage as a reflection of the structural stripmining of labor. According to the BLS inflation calculator, the $1.65 per hour minimum wage I earned in 1970 on Dole's pineapple plantation now equals $11.66 per hour--hence the calls for $12 per hour minimum wage.

But we all know the Consumer Price Index (CPI) has been gamed for decades to understate inflation, and in terms of the goods and services that could be bought with $1.65 in 1970, it would take at least $18 in today's money to buy the same basket of goods and services--if you include real-world prices for healthcare, childcare, higher education, rent, etc.

In terms of competition, the worm has turned, as the number of people who are competent, reliable and willing to work for lousy pay has dwindled. While our educational system was busy trying to make every student into an engineer, coder or at least a college graduate, all the real-world skills needed to keep the real world functioning were given short shrift and denigrated in the media as unworthy compared to the fantasy of coding something and selling it to Facebook, Apple or Google for millions.

The discussion about the decline of competence and reliability is one worth pursuing, but for now the point is that the decline is real, and so the competition for the competent, reliable and willing to work is heating up.

As I explained yesterday in The 'Take This Job and Shove It' Recession, a consequential percentage of the workforce is re-thinking trading their lives for Neofeudal Debt-Serfdom. Workers in all sectors and pay scales are seeking ways to escape the meaninglessness and dead-end nature of "work" in a neofeudal economy that taxes productive labor but lets Big Tech escape taxes and regulation.

There are two other dynamics in play in wages ratcheting higher: one is that wages, like taxes, ratchet higher but resist dropping back to previous levels. Once someone earns $15 an hour, they're less inclined to accept $12 an hour, just as local governments are never inclined to lower property taxes, excise taxes, etc. to previous levels.

Another is that when you have to pay one warehouse worker more money to fill the position, word gets out and every other worker in the warehouse will demand the same wage as the new hire. This is how pricing on the margins of the labor market ends up increasing the wages of the entire workforce.

Corporations love to demand everyone keep their salary secret to avoid this ratcheting up from the margins (and mask various biases in pay scales), but the political winds protecting corporations at all costs are finally shifting, and it's going to be more difficult to retain workers at $12 an hour after they heard the new employee is getting $15 an hour for the same work.

If we can risk a moment of honesty here, let's stipulate that real-world inflation has gutted the purchasing power of wages for 50 years while capital rigged the system to skim $50 trillion from those who work rather than speculate. A consequential percentage of the potential workforce simply doesn't have what it takes to work full-time in demanding jobs, and the blame-game about why this is so is fun but pointless.

An increasingly consequential percentage of the potential workforce is opting out of working for Corporate America or the government, preferring lower earnings and fewer hours.

Another consequential percentage of the potential workforce has gone on informal strike and refuses to work for wages so low that they're not even close to a living wage.

All of these dynamics will accelerate wage "inflation," Corporate Media-Speak for a long overdue shift back from capital to labor. The Fed has created trillions out of thin air to boost the speculative wealth of Wall Street, but it can't print experienced workers willing to work for low wages.

Now that McMansions are unaffordable, people are giving up their McMansion Dreams. And once people give up McMansion Dreams of debt-funded overconsumption, they also give up debt-serfdom and wage slavery.

*  *  *

If you found value in this content, please join me in seeking solutions by becoming a $1/month patron of my work via patreon.com.

*  *  *

My recent books:

A Hacker's Teleology: Sharing the Wealth of Our Shrinking Planet (Kindle $8.95, print $20, audiobook $17.46) Read the first section for free (PDF).

Will You Be Richer or Poorer?: Profit, Power, and AI in a Traumatized World (Kindle $5, print $10, audiobook) Read the first section for free (PDF).

Pathfinding our Destiny: Preventing the Final Fall of Our Democratic Republic ($5 (Kindle), $10 (print), ( audiobook): Read the first section for free (PDF).

The Adventures of the Consulting Philosopher: The Disappearance of Drake $1.29 (Kindle), $8.95 (print); read the first chapters for free (PDF)

Money and Work Unchained $6.95 (Kindle), $15 (print) Read the first section for free (PDF).

Tyler Durden Sun, 05/16/2021 - 10:30
Published:5/16/2021 9:35:12 AM
[Markets] The Week Ahead – Economic Data, Central Bank Policy Meeting Minutes, and Geopolitics in Focus It’s a busier week ahead on the economic calendar. Private sector PMIs will draw plenty of interest late in the week. Geopolitics will also be in focus in the week. Published:5/16/2021 9:11:20 AM
[Markets] A Word from the Experts: ‘Vaccine envy is real,’ says a Cleveland Clinic pediatrician. Here’s what she’s telling parents and teens about the COVID-19 vaccine Regulators have given the go-ahead for younger teens to begin getting Pfizer's COVID-19 shots, raising questions for some parents who want to better understand how a vaccine could affect their teenagers.
Published:5/16/2021 9:11:20 AM
[] Cops Banned From Participating in NYC Gay Pride Events to 'Create Safer Spaces' Published:5/16/2021 9:11:20 AM
[Markets] B of A: "Transitory" Inflation And Supply Chain Imbalances Are Hitting Autos Hardest B of A: "Transitory" Inflation And Supply Chain Imbalances Are Hitting Autos Hardest

The auto industry is already stuck between a rock and a hard place, as dealers struggle to get production up to speed despite an ongoing semiconductor chip shortage that has hamstrung production for some of the world's biggest manufacturers.

At the same time, the U.S. is letting the inflation genie quietly begin to slip out of the bottle. As rising prices take hold amidst supply chain imbalances, focus has turned to automobiles. With new car inventory crunched due to production constraints, used car prices have skyrocketed, as we have noted recently. 

Now, a new note from B of A called "Want to buy a car, good luck" lays out exactly what type of crunch the industry is in - most recently exemplified in the inability for consumers to even rent cars, let alone purchase one. Detailing "lean inventories" and "price pressures", the note first explains that autos are so far the biggest standout for the country's inventory to sales ratio."

The note also takes a grim tone on when things could return to some semblance of normalcy: "This is a function of both demand and supply: the stimulus and reopening-fueled burst in demand was not matched by a comparable gain in supply. Instead, production has been hampered due to COVID-related supply chain issues and labor shortages," it reads. It also says that "transitory" can feel like a long time and that the U.S. economy is still "many months" from feeling more balanced.

Speaking about the supply/demand dynamic of goods causing price spikes, the bank writes: "This highlights the nature of this cycle and the rotation towards goods spending. When producers and companies were first faced with the pandemic, they prepared for a period of weak demand by reducing production and trying to work off inventories. But they were quickly surprised by a dramatic rise in demand for goods, particularly durable goods such as autos, household appliances and electronics. The share of consumer dollars spent on goods has soared to 35.1% as of March 2021, the highest in over 15 years.

The note also points out how inflation is playing a more pronounced role in the auto sector than other sectors. "We wish you luck if you are trying to rent a car," the note dryly says.

It continues:

The CPI report highlighted these challenges, revealing a record 10% mom increase in used car prices and 16.2% spike in rental car prices, which was second only to June last year (Exhibit 2). More broadly, core CPI jumped 0.9% mom SA, the biggest monthly gain since 1981 with record increases in a number of categories. Indeed, 0.7pp of the gain in core CPI owed to just eight categories with used car/truck prices having an outsized contribution of 38bp (Exhibit 3).

"The auto sector has seen the most severe drawdown in real retail inventories," the report says. 

The imbalances - further exacerbated by whipsawing travel demand and the semi shortage affecting other goods - including electronics - has the bank predicting that core inflation will continue to be robust heading into the summer:

Considering these dynamics, we think core inflation is likely to be particularly robust through August but ease as we head into yearend, with some risk of a negative payback on a mom basis given the noise. We therefore update our core CPI trajectory as shown in Exhibit 4, which will lead the % yoy rate to surge to a high of 3.7% in June before moderating to 3.5% in December (3.4% 4Q/4Q). We view these price pressures as largely transitory, however, with core CPI cooling down to 2.5% yoy through 2022.

Recall, we noted at the end of April that the Manheim U.S. Used Vehicle Value Index continued to soar, to a new record, as a result of the worsening of a semiconductor shortage, low lot inventories, and a continuing post-Covid "boom". The index was up 6.8% in the first 15 days of April, Bloomberg noted. The index is up an astounding 52% from the same time last year to 191.4. 

The data, which is put together by Cox Automotive, "takes into account all U.S. sales through Cox’s Manheim automotive auctions that fall in to one of 20 different market classes".

Cox Chief Economist Jonathan Smoke commented about the spike:

 “Demand is perfectly stimulated from improving consumer sentiment, recovering jobs, accumulated pandemic savings, tax refund season, and American Rescue Plan cash payments.

Supply was decimated last year by COVID-19 shutdowns reducing new vehicle production, and used supply was reduced from strong demand last summer.

Production remains limited as supply chains struggle to overcome issues like the semiconductor shortages.”

Recall, we also pointed out last month that low inventories and chip shortages had prices re-accelerating in 2021 - at a stunning rate - after a brief pause from October to December. 

B of A concludes that no changes from a monetary policy standpoint are expected until the back end of summer. "We expect little signal about policy in the June FOMC meeting but perhaps some additional clarity shortly after"

In other words: take it from B of A or from us, on both inflation and supply chain imbalances, but it looks almost certain that things are going to get worse before they get better.

Tyler Durden Sun, 05/16/2021 - 09:55
Published:5/16/2021 9:11:20 AM
[Uncategorized] FBI Quietly Admits 2017 GOP Ballgame Attack By Leftist Was ‘Domestic Terrorism’

"An individual with a personalized violent ideology targeted and shot Republican members of Congress at a baseball field and wounded five people."

The post FBI Quietly Admits 2017 GOP Ballgame Attack By Leftist Was ‘Domestic Terrorism’ first appeared on Le·gal In·sur·rec·tion.
Published:5/16/2021 9:11:20 AM
[O] Retire Rich In 25 Years With These 2 REITs Published:5/16/2021 8:35:06 AM
[4310fa6d-c268-5913-a798-60d4106375ec] Paulina Porizkova opens up about her new relationship with Aaron Sorkin: 'He’s a great kisser' Paulina Porizkova’s new beau is a “great kisser.” Published:5/16/2021 8:35:06 AM
[Markets] Diverse Birmingham Set To Remove "Problematic" Street-Signs And Statues Diverse Birmingham Set To Remove "Problematic" Street-Signs And Statues

Authored by Paul Joseph Watson via Summit News,

Birmingham City Council is set to remove “extremely problematic” street names and statues to satiate BLM supporters after a dubious poll found that a majority of residents supported the decision.

The survey, published by the Birmingham Mail, found that 63 per cent of respondents were in favor of a move to rename “road signs which glorify extremely problematic public/historical figures.”

Only 24 per cent opposed the measures, while just 26 per cent said it would be better to move the statues into museums rather than just tearing them down.

Some questioned the legitimacy of the poll results given that another survey conducted in Leeds drew less than 10 per cent in public support for similar changes.

However, Birmingham is one of the most “diverse” cities in the UK, with a 25% Muslim population. A 2018 study found that almost 50,000 of the 1.1 million inhabitants of the city cannot speak English.

The survey also found that 51 per cent of people polled would agree to mandate that people from Black, Asian, and Minority Ethnic (BAME) and female candidates are included on all council position shortlists,” writes Kurt Zindulka.

“A stunning 75 per cent went on to agree with the proposition that compulsory “equalities training” is necessary.”

The review was prompted by last year’s Black Lives Matter protests following the death of Fentanyl addict and criminal George Floyd.

As we previously highlighted, in an effort to better “reflect the diversity” of areas of the city, Birmingham City Council invited members of the public to come up with new street names for a regeneration scheme.

Winners included “Diversity Grove” and “Equality Road”.

As we document in the video below, changing street names is literally one of the first things Maoist militants did in order to seize power in China.

*  *  *

Brand new merch now available! Get it at https://www.pjwshop.com/

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In the age of mass Silicon Valley censorship It is crucial that we stay in touch. I need you to sign up for my free newsletter here. Support my sponsor – Turbo Force – a supercharged boost of clean energy without the comedown. Also, I urgently need your financial support here.

Tyler Durden Sun, 05/16/2021 - 09:20
Published:5/16/2021 8:35:06 AM
[] Israel Showed U.S. Officials 'Smoking Gun' Evidence of Hamas Operating in AP Building Published:5/16/2021 8:35:06 AM
[Quick Takes] Law Student in Scotland Faces Expulsion for Saying Women Have Vaginas

"I’m worried that my chance of becoming a lawyer, and making a positive contribution, could be ended just because some people were offended"

The post Law Student in Scotland Faces Expulsion for Saying Women Have Vaginas first appeared on Le·gal In·sur·rec·tion.
Published:5/16/2021 8:35:06 AM
[Hamas] The AP goes Sgt. Schultz (Scott Johnson) “I know nothing” was the comic catchphrase of Sgt. Schultz on Hogan’s Heroes. He occasionally expanded on it, adding “I see nothing.” In the clip below, for example, he declares, “I see nothing. I was not here. I did not even get up this morning.” After its customary warning to protect civilian life, the IDF took out the 12-story Jala Tower housing Hamas military intelligence offices as well as offices Published:5/16/2021 8:08:35 AM
[Markets] Gundlach Warns Bitcoin Has Become "Poster Child" For "Speculative Fever" Gripping Markets Gundlach Warns Bitcoin Has Become "Poster Child" For "Speculative Fever" Gripping Markets

It seems DoubleLine's Jeffrey Gundlach has had a change of heart regarding bitcoin. And while the cryptocurrency's spectacular rise has mostly converted skeptics into believers (or reluctant investors inspired by FOMO), for Gundlach, it's the other way around. In an interview with Yahoo Finance, the billionaire investor, who once said crypto could be a hedge against irresponsible monetary debasement by central banks, now fears the rally has gotten out of hand.

As bitcoin bounces back from its Elon Musk-inspired dip, Gundlach told Yahoo Finance that bitcoin and crypto is the "poster child" for out-of-control speculation in contemporary markets.

According to Gundlach, the founder and CEO of $135 billion DoubleLine Capital, crypto units have become "objects of speculation, and had a lot to do, again with the government money."

The investor told Yahoo Finance in an interview that some investors "are just playing with this funny money. And when you give people money that don't need it, which, unfortunately, we've been doing a lot, they feel like they're playing with the house's money."

He added: "So it actually does resemble a casino to them psychologically."

Gundlach was once "really bullish" on bitcoin when it was trading at lower levels. But at current prices, bitcoin and dogecoin are putting the dot-com bubble to shame.

However, "all of a sudden it blew right through $15,000, and all the sudden it was $23,000, and that's what I turned a neutral on it, too early obviously, because it's now double that. It was nearly triple that."

Gundlach added the big swings in the digital currency are "based upon speculative fever" punctuated by Musk's surprising U-turn this week.

"It's almost like every era of really highly valued markets — after they've run a lot — has some sort of a poster child if you will," Gundlach told Yahoo Finance. "It was like some of the crazy dot-coms that had no revenue that were coming to market very successfully in the year 1999. Here, it's I think it's really these cryptos."

Though Treasury yields have mostly held within recent ranges, Gundlach advised that he's keeping a close eye on long-term rates.

The 61-year-old investor added that he always looks for "things that are sustained trends to get out of hand, and then quietly, without a lot of people talking about it, they roll over. It's a sign that risk would be increasing, and I'm feeling that the markets more at risk now than it was thanks to the higher interest rates."

Gundlach believes "we're one really bad day away from going to a new high yield on the 30-year" Treasury bond, where yields have been creeping up in the face of the recovery. "I think that that's something to watch out for as a risk factor."

Compared with other frothy assets, bitcoin might have more durability than the Nasdaq, which is already starting to sink while tech stocks including many stocks held by Cathie Wood's ARK funds stumble. The drop in the Nasdaq in recent weeks is just the first sign that the air is coming out of the speculative bubble as markets grow increasingly skeptical of Fed Chairman Jerome Powell's assurances that inflation will be "transitory" and that the central bank isn't even discussing pulling back its monetary policy. Gundlach has previously insisted that the Fed is "guessing" about inflation, and that the market reckoning won't be delayed for much longer.

Tyler Durden Sun, 05/16/2021 - 08:45
Published:5/16/2021 8:08:35 AM
[8d79d2fa-e99e-512a-bd1c-2aabbdb6f81c] 'Saturday Night Live' takes on CDC mask guidelines, Liz Cheney ouster in 'Weekend Update' segment “Saturday Night Live” took on the CDC and the recent ousting of Rep. Liz Cheney by House Republicans during its latest “Weekend Update” segment. Published:5/16/2021 8:08:35 AM
[Markets] NewsWatch: Don’t be a sitting duck when this stock market rally fades — here’s what to do now 6 tips for a stronger, all-weather investment portfolio.
Published:5/16/2021 8:08:35 AM
[] Sunday Morning Book Thread 05/16/2021 [All Hail Eris] [Baroque hall of the Abbey Library of Saint Gall] The Abbey Library St Gall: Welcome to one of the world's most significant historical libraries [Wiki Entry] ***** Good morning to you all from the stately Dungeon of Discord. Welcome... Published:5/16/2021 8:08:35 AM
[Markets] 10 Things We Have Learned During The COVID Coup 10 Things We Have Learned During The COVID Coup

Authored by 'Winter Oak' via Off-Guardian.org,

One potential positive from the whole Covid-19 debacle is that we have learned an incredible amount about the society in which we live. This will be crucial if we manage to stave off a descent into a nightmare future of techno-fascist slavery.

We will have a new understanding of what our world has become and what we would like it to be in the decades and centuries to come. And “we” means we. While the majority have, apparently, learnt nothing at all from what has happened, they will eventually catch up.

There is no way that knowledge gained by a wide-awake 15% or 20% of the population will not end up being shared by almost everyone. Once the truth is out, it tends to stay out. As H.R. Haldeman so wisely put it, “you can’t put the toothpaste back in the tube”.

Here are Ten Things We Have Learned During the Covid Coup.

1. Our political system is hopelessly corrupt.

Virtually all politicians are hopelessly corrupt. No political party can be trusted. They all can be, and have been, bought.

2. Democracy is a sham.

It has been a sham for a very long time. There will never be any real democracy when money and power amount to the same thing.

3. The system will stop at nothing to hold on to its power and, if possible, increase its levels of control and exploitation.

It has no scruples. No lie is too outrageous, no hypocrisy too nauseating, no human sacrifice too great.

4. So-called radical movements are usually nothing of the sort.

From whatever direction they claim to attack the system, they are just pretending to do so, and serve to channel discontent in directions which are harmless to the power clique and even useful to its agendas.

5. Any “dissident” voice you have ever heard of through corporate media is probably a fake.

The system does not hand out free publicity to its actual enemies.

6. Most people in our society are cowards.

They will jettison all the fine values and principles which they have been loudly boasting about all their lives merely to avoid the slightest chance of public criticism, inconvenience or even minor financial loss.

7. The mainstream media is nothing but a propaganda machine for the system...

...and those journalists who work for it have sold their sorry souls, placing their (often minimal) writing skills entirely at the disposition of Power.

8. Police are not servants of the public...

...but servants of a powerful and extremely wealthy minority which seeks to control and exploit the public for its own narrow and greedy interests.

9. Scientists cannot be trusted.

They will use the hypnotic power of their white coats and authoritative status for the benefit of whoever funds their work and lifestyle. He who pays the piper calls the tune.

10. Progress is a misleading illusion.

The “progress” of increasing automation and industrialisation does not go hand in hand with a progress in the quality of human life, but in fact will “progressively” reduce it to the point of complete extinction.

*  *  *

Originally published as part of Issue 65 of Winter Oak’s Acorn bulletin. Read the full bulletin here, or follow Winter oak on twitter here.

Tyler Durden Sun, 05/16/2021 - 08:10
Published:5/16/2021 7:35:01 AM
[Entertainment] The plot of ‘The Plot’ — the best thriller of the year — is too good to give away The new novel by Jean Hanff Korelitz, the author behind “The Undoing,” is a sharp and twisty tale of literary paranoia. Published:5/16/2021 7:03:57 AM
[Uncategorized] Welcome Back Carter Week at Legal Insurrection

All the news you may have missed.

The post Welcome Back Carter Week at Legal Insurrection first appeared on Le·gal In·sur·rec·tion.
Published:5/16/2021 7:03:57 AM
[Entertainment] Cheers to National Mimosa Day With These Must-Haves E-Comm: National Mimosa DayWe independently selected these products because we love them, and we hope you do too. Shop with E! has affiliate relationships, so we may get a commission if you purchase something through our...
Published:5/16/2021 6:41:54 AM
[Politics] Yes, Biden is governing as a progressive. But that shouldn't surprise you

President Biden's Republican critics charge that he has foisted a "bait and switch" on voters — that he campaigned as a moderate but veered abruptly to the left after he arrived at the White House.

Published:5/16/2021 6:41:43 AM
[Markets] Europe Leads In EV Sales, But For How Long? Europe Leads In EV Sales, But For How Long?

Despite the economic headwinds imposed by COVID-19, Visual Capitalist's Marcus Lu reports that global sales of electric vehicles (EVs) and plug-in hybrids (PHEV) surpassed 3 million for the first time in 2020.

This visualization presents a geographical breakdown of these sales, revealing that over 80% were made in either Europe or China.

The EU was the largest market by a margin of 60,000 cars, but given China’s larger population, it’s likely the two will switch places in the near future.

Government Incentives Play a Key Role

Government incentives have boosted the transition to battery power in recent years. For example, many countries offer a buyer rebate, which effectively reduces the price a consumer pays for an EV or PHEV.

In Germany, buyers can receive a subsidy of $10,800 when purchasing an EV with a list price of less than $48,000. China also offers a rebate program, where buyers of an EV with a travel range of at least 186 miles can receive a subsidy of $2,500.

Consumers should be aware that these incentives are likely to diminish over time, especially as EVs become more mainstream. In January 2021, the Chinese government announced it would reduce its existing subsidies by 20%.

Will EV Sales in America Catch Up?

In a 2020 survey, 71% of U.S. drivers said they were interested in getting an EV—so why are sales so far behind Europe and China?

In that same survey, 50% of drivers cited a lack of public charging stations as the main factor for preventing them from buying an EV. Concerns like these have led the Biden administration to propose a more aggressive EV strategy, which includes the installation of at least 500,000 charging stations by 2030.

*  *  *

If you found this post interesting, you might enjoy this graphic that compares electric vehicle highway ranges

Tyler Durden Sun, 05/16/2021 - 07:35
Published:5/16/2021 6:41:37 AM
[Markets] 60% Of French Police & Military Say They Will Support Le Pen In Presidential Election 60% Of French Police & Military Say They Will Support Le Pen In Presidential Election

Authored by Paul Joseph Watson via Summit News,

60 per cent of police and military say they will support populist Marine Le Pen in next year’s French presidential election, with the number even higher among active duty police.

A survey published by the Centre for Political Research of Sciences Po (Cevipof) found that a plurality of 44 per cent of police and military would vote for Le Pen in the first round of the election.

In a hypothetical second round run off against President Emmanuel Macron, this number rises to 60 per cent, a three per cent increase on the 57 per cent figure she achieved in 2017.

Among active duty police officers, support for the National Rally leader rises to a massive 74 per cent.

Around 48 per cent of police say Le Pen “understands the problems of people like us” compared to just 13 per cent who say the same of Macron.

“A report released by the newspaper Le Figaro this week details the extent of attacks on police as they carry out their duties, claiming that last year alone 8,719 police officers and gendarmes were injured and 11 officers killed,” reports Breitbart.

“In the first three months of 2021, the newspaper states that 727 officers have been injured during operations, and notes that an officer is assaulted on duty every hour in France, on average.”

Police, ambulance workers and fire crews are routinely attacked when they try to enter Islamist no go zones, despite the media still claiming they don’t exist.

Last weekend, a group of anonymous active duty military personnel wrote a letter warning Macron of a “civil war” in the country due to his concessions to Islamists and the far-left.

“If a civil war breaks out, the military will maintain order on its soil because it will be asked to do so,” stated the letter.

poll conducted last month found that the majority of French citizens agree that the country is headed towards civil war.

*  *  *

Brand new merch now available! Get it at https://www.pjwshop.com/

*  *  *

In the age of mass Silicon Valley censorship It is crucial that we stay in touch. I need you to sign up for my free newsletter here. Support my sponsor – Turbo Force – a supercharged boost of clean energy without the comedown. Also, I urgently need your financial support here.

Tyler Durden Sun, 05/16/2021 - 07:00
Published:5/16/2021 6:17:53 AM
[Volokh Conspiracy] [Josh Blackman] Today in Supreme Court History: May 16, 1918 5/16/1918: The Sedition Act of 1918 is enacted. The Supreme Court upheld prosecutions brought under this law in Schenck, Debs, and Abrams. Published:5/16/2021 6:17:43 AM
[2526e698-5852-53bd-a80a-69542647c178] Daniel Hoffman: Thankful for Kim – before she died, my wife lovingly prepared me and our sons to carry on In the early morning hours of Dec. 4, 2020, the doctor called to tell me my wife Kim had hours to live.  Published:5/16/2021 6:17:32 AM
[cab798c0-cb62-5c2b-afb4-0dc8ca61d6cd] Miss USA Asya Branch on representing the US at Miss Universe: ‘I’m proud to be a part of the greatest nation’ Asya Branch won Miss Mississippi USA in 2018 and then Miss USA in 2020. Published:5/16/2021 5:53:02 AM
[COP] EOG Resources: Shares Pop Higher On $1/Share Special Dividend Published:5/16/2021 5:52:47 AM
[Entertainment] Check Out the Most Surprising Celeb Transformations of the Week Jensen AcklesOh na na, RiRi's rocking a new look. Rihanna made headlines for returning to one of her iconic hairstyles that we haven't seen since 2009. But the superstar wasn't the only...
Published:5/16/2021 5:52:47 AM
[Entertainment] Q&A with Katey Sagal: Singing with Bob Dylan, playing Peg and Rebel on TV, and how she’s managed to play leads into her 60s “I still have a band and I put out records, and I do it because I really love to play music.” Published:5/16/2021 5:52:46 AM
[Politics] Second Opinion: "Grand strategy" has a bad rep. To fix it, go beyond hard power and traditional statecraft

The most visionary and effective approaches to global engagement add domestic issues to foreign affairs.

Published:5/16/2021 5:52:39 AM
[Markets] Week ahead: UK inflation and retail sales, Eurozone PMIs, Fed minutes Things are slowly returning back to normal in the UK. On Monday, England will enter the third stage of its roadmap out of lockdown, with the reopening of indoor dining, pubs, entertainment and foreign travel. Published:5/16/2021 5:52:33 AM
[structure:news] Piggyback riders: Funny photos of lazy hitchhiking animals Published:5/16/2021 5:52:31 AM
[] EMT 5/16/21 Happy Sunday!... Published:5/16/2021 5:05:38 AM
[4adbe10a-f062-500e-8b46-421d9a3c2b56] Dr. Nicole Saphier: COVID-19 and America – the state of emergency is over and it's time to declare it It's clear that the COVID-19 emergency is over. It is prudent now for our leaders and health officials to allow the country to return to pre-coronavirus activities. Published:5/16/2021 4:35:40 AM
[Culture] Not Just a Voice of Protest

I remember exactly when I first heard Bob Dylan. I was living in a first-year dorm at the University of Virginia. The UVA radio station was on. As I walked out the door, I heard this: “So long, New York. Howdy, East Orange.” I’ve been a Dylan fan since that moment. It was 1963.

The post Not Just a Voice of Protest appeared first on Washington Free Beacon.

Published:5/16/2021 4:35:40 AM
[Sunday Funnies] Sunday Funnies

The post Sunday Funnies appeared first on Flopping Aces.

Published:5/16/2021 3:34:06 AM
[topics:places/middle-east] Watch: Israel defends strike on media building, says they're 'committed' to journalists' freedom Published:5/16/2021 3:34:06 AM
[SFTBF] SoftBank Makes Bet On THG PLC Published:5/16/2021 3:02:36 AM
[Syndicated Posts] President Joe Biden’s Schedule for Sunday, May 16, 2021

By R. Mitchell -

Summary: President Joe Biden will return to the White House after another weekend in Delaware. President Biden’s Itinerary for 5/16/21: All Times EDT 9:25 PM Return to the White House – Air Force One/Marine One White House Briefing Schedule None Keep an Eye on the President at Our President’s Schedule …

President Joe Biden’s Schedule for Sunday, May 16, 2021 is original content from Conservative Daily News - Where Americans go for news, current events and commentary they can trust - Conservative News Website for U.S. News, Political Cartoons and more.

Published:5/16/2021 2:32:13 AM
[topics:in-the-news/uk-coronavirus-lockdown] Who is next on the list for Covid vaccines - and how will I be invited to book an appointment? Published:5/16/2021 2:32:13 AM
[Opinion] The Supreme Court has Taken up Residence in the Swamp

By John Green -

The Supreme Court was originally envisioned as a nonpartisan third branch of the government.  With lifetime appointments and a mission to defend the Constitution, it was believed that the Court would remain above the political fray. But about 50 years ago, the court decided that with penumbras and emanations, it could discover things …

The Supreme Court has Taken up Residence in the Swamp is original content from Conservative Daily News - Where Americans go for news, current events and commentary they can trust - Conservative News Website for U.S. News, Political Cartoons and more.

Published:5/16/2021 2:02:06 AM
[] Daily Tech News 16 May 2021 Top Story Framework's modular laptop is now available for pre-order starting at $999. (ZDNet) Or $749 for a DIY kit. (Framework) Yes, a DIY kit for a modern laptop, when these things are quite commonly glued together and unrepairable. It... Published:5/16/2021 2:02:06 AM
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