Distinction Matter - Subscribed Feeds

  1. Site: AsiaNews.it
    23 hours 6 min ago
    Francis pleads for peace again during this Wednesday general audience. Calling for a 'definitive peace', he slammed war, which 'is always a defeat. Always.' He also mentioned "tormented Ukraine", Palestine, Israel, Myanmar, and 'all peoples who suffer war". Charity is the focus of his weekly catechesis, 'for those who are not lovable, [. . .] even for one's enemy.'
  2. Site: Zero Hedge
    23 hours 6 min ago
    Author: Tyler Durden
    WTI Rebounds Off Lows After Across-The-Board Inventory Draws

    Oil prices are tumbling this morning despite lower CPI (juicing rate cut hopes), weak retail sales (but strong gas station spending), and a big draw reported overnight by API. It seems the main downside driver was IEA lowering its 2024 demand forecast.

    • World oil demand is forecast to grow by 1.1 million barrels per day this year, down 140,000 bpd from last month's projection.

    • Global crude inventories surged in March by 34.6 million barrels as trade disruptions pushed oil on water to a post pandemic high, according to the IEA.

    The question is - will the official data confirm API's big crude draw and re-energize prices.

    API

    • Crude -3.1mm (-1.1mm exp)

    • Cushing -601k

    • Gasoline -1.27mm (unch exp)

    • Distillates +349k (+300k exp)

    DOE

    • Crude -2.508mm (-1.1mm exp)

    • Cushing -341k

    • Gasoline -235k (unch exp)

    • Distillates -45k (+300k exp)

    The official data shows inventory draws across the board with crude stocks down 2.5mm barrels...

    Source: Bloomberg

    The Biden admin continued to add to the SPR, adding 593k barrels...

    Source: Bloomberg

    US Crude production remains flat near record highs at 131.mm b/d...

    Source: Bloomberg

    WTI was trading just above $77 ahead of the official print and rallied further on the across-the-board draws...

    Finally, we note that refinery utilization rates are back above 90%, the highest since January. Rates increased in all regions, with the Midwest rising for the second straight week to 90.8%, from 85.2% in the previous week, as refineries wake up from maintenance.

    Tyler Durden Wed, 05/15/2024 - 10:39
  3. Site: LifeNews
    23 hours 22 min ago
    Author: Steven Ertelt

    The Biden administration has thrown yet another pro-life American in prison for protesting abortion.

    Thanks to Joe Biden’s politicized Justice Department, pro-life advocate Herb Geraghty has been sentenced to 27 months in prison under the FACE Act just for engaging in a peaceful protest inside an abortion center.

    Like fellow pro-life advocate Lauren Handy, Geraghty found guilty on all counts the Biden administration brought against them for allegedly violating the FACE law.

    Those pro-lifers on trial conducted a rescue at the Washington Surgi-Clinic operated by the notorious late-term abortionist Cesare Santangelo who was busted by a LiveAction undercover investigator for admitting that he would not help a child with life-saving efforts if he or she survived a late-term abortion. He emphatically stated that a nearby hospital’s efforts to save the life of a child he was trying to abort was “the stupidest thing they could have done.”

    Lauren Handy and Herb Geraghty cited those videos as the reason for the rescue and protest at the abortion business because of the concern babies might be left to die. They chained themselves to the entrance of the abortion center in an attempt to stop abortions.

    The rescuers were given 115 aborted babies by the driver of a medical waste van outside Santangelo’s late-term abortion facility. The babies were well-developed – second and possibly third trimester. Their remains are still in a vault at the D.C. medical examiner’s office.

    SUPPORT LIFENEWS! If you want to help fight abortion, please donate to LifeNews.com!

    In October 2020, about two months after the remains were obtained, the nine pro-lifers blocked the entrance of the abortion facility and protesting abortion.

    However, U.S. District Judge Colleen Kollar-Kotelly, a Clinton nominee, would not allow the video to be used as evidence. She also prohibited the defendants from arguing their actions were protected by the First Amendment or were committed in defense of a third person, unborn children.

    “This is a clear abuse of power and a sign that the Biden administration is using the Department of Justice to attack political targets—particularly those of us who believe in the right to life for all human beings,” Geraghty, a member of the Progressive Anti-Abortion Uprising, told The Daily Signal late last year.

    Yesterday, another pro-life advocate who participated in the protest, John Hinshaw, was sentenced for 21 months and will get credit for 9 months served. And pro-life advocate Will Goodman was sentenced to 27 months in prison for his role in the 2020 protest.

    If the pro-life advocates were environmental activists or a leftist supporting Hamas, their sit-in at an abortion business would have earned her a misdemeanor charge and maybe a small fine. But because she is a pro-life advocate protesting abortion, the Biden administration used the FACE Act to prosecute her for supposedly blocking access to abortion.

    Even though the law, which abrogates the free speech rights of pro-life Americans, has rarely been used, the Biden administration pushed for putting several pro-life advocates in prison for over a decade for protesting abortion. Biden officials misused the law to push for the highest penalties, reserved for violent criminal behavior, to prosecute peaceful pro-life Americans who merely exercised their free speech rights.

    Handy, a Catholic, is a well-known pro-life voice on the political left. She was the primary organizer and leader of the peaceful protest sponsored by  Progressive Anti-Abortion Uprising that led to the ongoing court cases.

    In a statement before the ruling, Handy shed some perspective on being jailed for her pro-life activism.

    “It has been close to 9 months since I was abruptly ripped from my community. This has led me to think long and hard on what to say about my sentencing today in federal court. Some drafts were angry and righteous while most were just a tearstained longing for my loved ones back home. Yes, this time has been challenging but I refuse to be jaded. Why? Because life goes on… even in jail. So I might as well continue to love and cry and scream and dance. That is joy. The feeling of being fully alive without shame. Which is something no court can take from me. So today, I am at peace with myself and my future. I will go into court with my head held high and my heart open.”

    PAAU condemned the ruling today, telling LifeNews that Handy has been wrongly sentenced to 4 years &  9 months in federal prison for an act of peaceful civil disobedience to prevent federal crimes such as partial birth abortion and infanticide.

    REACH PRO-LIFE PEOPLE WORLDWIDE! Advertise with LifeNews to reach hundreds of thousands of pro-life readers every week. Contact us today.

    The condemnation of the ruling was swift.

    “Today’s outrageous 57-month sentence for a progressive pro-life activist is a stark reminder: Biden’s DOJ is fully weaponized against pro-life American citizens, and they are using the FACE Act to do it,” Rep. Chip Roy said in a statement. “House Republicans should defund the DOJ weaponization, repeal the FACE Act, and stand up for the freedoms that we campaign on.”

    Caroline Smith, Executive Director of the Progressive Anti-Abortion Uprising said, “The abortion industry wants to scare, intimidate, fear-monger, and isolate us. But what they don’t know is we have a radical hope that goes beyond the concrete walls of both prisons and abortuaries. I believe the oppression that the DOJ is expressing right now will absolutely backfire on them in the near future. Oppression always backfires, especially when your motivation is blood money. Abortion is murder, and fetuses are people, and nothing will stop Rescue.”

    PAAU Founder Terrisa Bukovinac said “Today the Biden Administration and Merrick Garland’s DOJ have reached a new level of tyranny. There is no other social justice movement in our nation who’s activists are subject to years in federal prison for nonviolent resistance. This blatant viewpoint discrimination has incalculable consequences for babies, their parents, those who defend them, and for peaceful activists across movements worldwide. I continue to stand by Lauren and the other 8 defendants who risked their freedoms to stand in defense of the least of us.”

    A total of 10 pro-life advocate face the federal criminal charges after they were arrested and indicted for allegedly violating the Freedom of Access to Clinic Entrances Act (FACE) in 2020 at the Washington Surgi-Clinic in Washington, DC. That’s a late-term abortion facility suspected of breaking federal law by performing partial birth abortions and illegally allowing babies born aluive after failed abortions to die.

    The defendants – often called “rescuers” by fellow members of the pro-life movement – partook in a 2020 peaceful protest against a notorious Washington, D.C. abortuary that performed late-term abortions.

    Last year, all nine were found guilty of violating the controversial Freedom of Access to Clinic Entrances (FACE) Act. They each face a sentence of up to 11 years in federal prison. The FACE (Freedom of Access to Clinic Entrances) Act prohibits individuals from attempting to injure, intimidate, or interfere (by use of force, threat of force, or physical obstruction) with anyone obtaining or performing an abortion.

    The indictment in the case says that on Oct. 22, 2020, 10 individuals “conspired with one another and with others known and unknown to obstruct access” to the Washington Surgi-Clinic in Washington, D.C.

    “It was the purpose of the conspiracy to create a blockade to stop the clinic from providing and patients from obtaining reproductive health services,” the indictment alleges. The indictment says the defendants used “deception” to gain access to the clinic, used “force” to enter, and barricaded themselves inside with “ropes and chains.”

    A video of the rescue shows the pro-life advocates praying and singing inside the abortion facility and refusing to leave so abortions could end the lives of unborn children.

    Stephen Crampton, senior counsel for the nonprofit legal firm Thomas More Society, says the cases are clearly political persecution.

    “They waited a year and a half to file this action,” Crampton said. “If indeed this was some sort of dire offense and the defendants ought to be incarcerated, why in the world, does the government wait a year and a half to file the charges?”

    “The climate activists were out there [in D.C.] gluing their hands to the streets, shutting down traffic and everything, you think there’s any chance the feds are going to prosecute those people or try to put them in prison for 11 years?” he asked.

    He also told Fox News that finding a fair jury was practically impossible considering that D.C. is the “most pro-abortion city in America.”

    The pro-lifers on trial conducted a rescue at the Washington Surgi-Clinic operated by the notorious late-term abortionist Cesare Santangelo who was busted by a LiveAction undercover investigator for admitting that he would not help a child with life-saving efforts if he or she survived a late-term abortion. He emphatically stated that a nearby hospital’s efforts to save the life of a child he was trying to abort was “the stupidest thing they could have done.”

    Lauren Handy and Herb Geraghty cited those videos as the reason for the rescue and protest at the abortion business because of the concern babies might be left to die. They chained themselves to the entrace of the abortion center in an attempt to stop abortions.

    A pro-life advocate says the charges are wrong because the protests were non-violent.

    Caroline Taylor Smith, executive director of PAAU told LifeNews, “This overreaching of power and authority by Biden’s DOJ is egregious and must be stopped. Nonviolent prolife actions should not be a federal crime, and peaceful people with a desire to save lives should not be jailed for over a decade. Some of these Rescuers could be facing death by incarceration. We must repeal the FACE Act now!”

    Jonathan Darnel, one of the four pro-life Americans Biden is targeting in this second trial, plead not guilty to the charges.

    “I am definitely not guilty of the charges leveled against me, which is rather ironic that I should find myself in this position,” Darnel told Fox News Digital in an interview. “Nevertheless, if a jury finds me guilty of FACE even erroneously, it would be an honor because the kids are worthy of protection.”

    Senior Judge Colleen Kollar-Kotely a Clinton nominee, is presiding over the hearings, which are slated to take place at the U.S. District Court for the District of Columbia just a few blocks from the U.S. Supreme Court. The sentencings will continue on Wednesday, May 15, with Herb (born Rosemary) Geraghty at 9:00 a.m., Jonathan Darnel at 11:00 a.m., Jean Marshall at 1:30 p.m., and Joan Andrews Bell at 3:00 p.m. On Friday, May 17, the judge is scheduled to sentence Heather Idoni at 9:30 a.m.

    Kollar-Kotely was also originally going to sentence the final defendant, Paulette Harlow, on Friday. However, Harlow’s sentencing was postponed until two weeks later on Friday, May 31, at 1:30 p.m.

    Last year, former President Donald Trump promised to support “political prisoners” if he’s elected president. During the Family Research Council’s “Pray, Vote, Stand Summit” in Washington, D.C., Trump vowed to get innocent Americans out of jail for standing up for their beliefs while criminals run rampant. 

    “I am announcing that the moment I win the election, I will appoint a special task force to rapidly review the cases of every political prisoner who has been unjustly persecuted by the Biden administration,” Trump said. 

    Trump referenced the convictions of pro-life advocates who now face as many as 11 years in prison for rescuing babies from abortions at a late-term abortion business in Washington D.C.

    “If we stand together in this fight, we’re going to defeat Crooked Joe Biden; if he runs — will he make it to the starting gate?” Trump said.

    The post Pro-Life Advocate Herb Geraghty Thrown in Prison for 27 Months for Protesting Abortion appeared first on LifeNews.com.

  4. Site: Zero Hedge
    23 hours 41 min ago
    Author: Tyler Durden
    First ATM, Now Debt-For-Equity Swap, AMC Drains Equity In Bid To Stay Alive 

    Volatility in "meme stocks" continued in premarket trading on Wednesday as AMC Entertainment Holdings announced a debt-for-equity exchange for $163.9 million in bonds maturing in 2026. This strategy mirrors management's approach that helped the struggling movie theater chain capitalize on retail day traders to boost liquidity in 2021. 

    A regulatory filing released Wednesday morning detailed how AMC reached a deal to swap about $164 million of its 10% notes due 2026 for 23.3 million shares of newly issued stock. The new stock is valued at $7.33 per share. 

    "AMC, much of whose debt trades at distressed prices, has been chipping away at its maturities through other swaps and buybacks. It exchanged around $200 million of the debt for shares last year," Bloomberg pointed out. 

    Today's news sparked a rally in AMC's high-yield bonds. The company has over $2.5 billion in outstanding bonds, most of which will mature in 2026. 

    News of the added supply sent shares down nearly 9% in premarket trading to the low $6 handle. 

    Shares were as high as $11.48 early Tuesday in the multi-day meme stock mania, triggered by a post on X from Roaring Kitty, also known as Keith Gill, on Sunday night.

    Also, on Tuesday, AMC completed a previously disclosed ATM. The deal was completed through Citigroup Global Markets, Barclays Capital, B. Riley Securities, and Goldman Sachs & Co., raising about $250 million in new capital for the struggling company. 

    The old saying goes, "Strike while the iron is hot." That's precisely what AMC's management is doing: taking advantage of retail day traders by completing ATM and debt-for-equity exchanges. Somehow, this company, which should've been dead a long time ago, continues to stay alive with help from day traders.

    Tyler Durden Wed, 05/15/2024 - 10:05
  5. Site: Mises Institute
    23 hours 46 min ago
    Author: Douglas French
    Even though people are leaving California and New York in droves due in large part to their ruinous taxes, the state authorities are tracking these emigrants down and demanding they continue to pay state taxes. Right out of Orwell.
  6. Site: Steyn Online
    23 hours 46 min ago
    Programming note: Tomorrow, Thursday, the evening repeat of Steyn's Song of the Week airs on Serenade Radio at 9pm BST - that's 4pm North American Eastern. You can listen from almost anywhere on the planet by clicking the button at top right here. The
  7. Site: Steyn Online
    23 hours 46 min ago
    Mark takes questions from Steyn Club members around the world...
  8. Site: LifeNews
    23 hours 51 min ago
    Author: McKenna Snow

    Pro-life advocate Lauren Handy has been sentenced to 57 months in prison, followed by three years of supervision for protesting the murder of late-term unborn children at a notorious abortion clinic in Washington, D.C.

    “Handy, a Catholic, is a well-known pro-life voice on the political left. She was the primary organizer and leader of the peaceful protest that led to the ongoing court cases,” CatholicVote previously reported:

    Last year, [Handy and her eight co-defendants] were found guilty of violating the controversial Freedom of Access to Clinic Entrances (FACE) Act. They each face a sentence of up to 11 years in federal prison.

    US District Court for the District of Columbia Senior Judge Colleen Kollar-Kotelly decided on Handy’s sentence on May 14.

    Handy’s attorneys from the Thomas More Society expressed their opposition to the almost five-year-long prison sentence and stated in a news release that they would be working to appeal the decision.

    Thomas More Society Senior Counsel Steve Crampton said the “57-month sentence is a miscarriage of justice, plain and simple.”

    He later added, “Ms. Handy should have been shown the same mercy that she has herself shown to countless many downtrodden throughout her young life.”

    SUPPORT LIFENEWS! If you want to help fight abortion, please donate to LifeNews.com!

    In response to the sentence, Students for Life Action President Kristan Hawkins slammed the Department of Justice for its bias against pro-life advocates.

    “After weeks of watching students & pro-terrorist activists seize and barricade themselves inside school buildings, and years of watching progressives allow squatters to take private property, a woman faces years in prison for blocking an abortion vendor door? Justice is not blind in Biden’s America – it’s biased,” Hawkins wrote. “The chaos is the point – they want this kind of anarchy.”

    Progressive Anti-Abortion Uprising (PAAU) Founder Terrisa Bukovinac also criticized the bias against pro-life advocates: “No other social justice movement in our nation has activists subject to years in federal prison for nonviolent resistance. This blatant viewpoint discrimination has incalculable consequences for babies, their parents, those who defend them.”

    Along with being accused of violating the FACE Act, the co-defendants are accused of “Conspiracy Against Rights.”

    In 2020, Handy and her co-defendants discovered the bodies of five later-term aborted babies outside the Washington Surgi-Clinic, operated by late-term abortionist Cesare Santangelo. After this shocking discovery, Handy organized a peaceful protest that blocked access to the clinic in October 2020.

    Thomas More Society’s news release added that the discovery of these dead children, who are “known as the ‘D.C. Five,’ have underscored the truth of Ms. Handy’s concerns that abortionist Cesare Santangelo has more likely than not been violating the Born Alive Infants Protection Act by reportedly refusing to provide life-saving care to infants born alive as a result of an attempted abortion.”

    On May 14, Kollar-Kotely also sentenced Handy’s 69-year-old co-defendant, John Hinshaw, to 12 months in prison. Most of the other sentences will be decided later this week.

    Eight co-defendants have already served nine months in prison, and one is under house arrest. Handy’s time already served is included in the 57-month sentencing.

    Thomas More Society Senior Counsel Martin Cannon said Handy and her co-defendants “conspired to be peaceful,” protesting with nonviolence.

    “For her efforts to peacefully protect the lives of innocent preborn human beings, Ms. Handy deserves thanks, not a gut-wrenching prison sentence,” Cannon added. “We will vigorously pursue an appeal of Ms. Handy’s conviction and attack the root cause of this injustice, that is, the FACE Act—which we believe is unconstitutional and should never again be used to persecute peaceful pro-lifers.”

    Crampton also praised Handy’s character, highlighting her commitment to pro-life work.

    “As I’ve gotten to know Ms. Handy, I’ve seen up close her unwavering passion for pro-life advocacy and resolute dedication to nonviolence. The caricature of Ms. Handy that the Biden Department of Justice fabricated flies in the face of reality,” Crampton said, later concluding:

    It is deeply disappointing that this Court did not see through Department of Justice’s the smoke and mirrors. But this fight is far from over, and we eagerly look forward to appealing for Ms. Handy and her co-defendants’ freedom, so that the FACE Act can never again be weaponized by the Department of Justice against its ideological opponents.

    In a news release received via email, Penny Nance, the CEO and president of Concerned Women for America, called Handy’s sentence “a tragic injustice.”

    Nance called for the repeal of the FACE Act, stating that “[it] is an unconstitutional breach of the states’ police power, and the Biden Administration has used it to attack political opponents most blatantly. Lauren was trying to save lives and expose this unlawful activity and has been unjustly punished. Our prayers go out to her.”

    LifeNews Note: McKenna Snow writes for CatholicVote, where this column originally appeared.

    The post Lauren Handy Will Appeal Bogus 57 Month Prison Sentence for Protesting Abortion appeared first on LifeNews.com.

  9. Site: Zero Hedge
    23 hours 55 min ago
    Author: Tyler Durden
    "Trifecta Of Dovish News... Consistent With Fed Cutting In September": Wall Street Reacts To Weaker CPI Print

    With the CPI report came in on top of expectations on 3 of the 4 closely watched metrics, with just headline CPI coming in at 0.3%, just shy of the 0.4% expected (with the retail sales print coming in far uglier and missing across the board), there has been some debate among the usual commenting suspects whether this inflation report was enough to tip the scales to an earlier rate cut or not, although the consensus seems to suggest that the print was enough to keep September, if not the July, FOMC meeting in play for a rate cut.

    Below we quote some of the most active Wall Street economists and strategists who have already manged to sneak in a bullet point or two with their kneejerk response to the CPI print.

    Neil Birrell, CIO at Premier Miton Investors:

    “The usual excitement over US inflation ended up being a damp squib, as it came in exactly as expected. However, retail sales were weaker than expected and the core rate is back to levels not seen for quite some time, which might well see optimists calling for rate cuts and markets rallying.”

    Capital Economics

    "Core CPI was even better than it looked, particularly given that we already know the PPI components that feed into the Fed’s preferred PCE deflator measure came in, on balance, weaker than expected. We estimate that core PCE increased by around 0.20%m/m. All things considered, this is consistent with the Fed cutting interest rates in September."

    David Russell, Global Head of Market Strategy at TradeStation

    "Shelter didn’t ease as hoped, but there was improvement in transportation and healthcare. The number wasn’t perfect, but we’re staggering toward lower inflation. Weaker data on retail sales and the Empire Index also suggest growth is slowing, which keeps rate cuts on the table. It was a trifecta of dovish news."

    Nick "Nikileaks" Timiraos, WSJ resident Fed leaker:

    "One good print can't offset three unfavorable ones. It may take a couple more for officials to get over the PTSD of the Q1 inflation. It reduces the risk of any shift to a neutral bias (ie, open the door to hikes)."

    Florian Lepo, Lombard Odier Asset Management

    “With this in-line inflation print, rates are likely to break the [4.4%] level, dragged down by real rates. With that, the dollar should fall, supporting most assets labeled in it.”

    Rubeela Farooqi, chief US economist at High Frequency Economics:

    “Overall, price pressures remain elevated but are moving in the right direction. We think the data support the case for a patient approach on policy decisions from the Fed going forward although the base case remains one of lower rates this year.”

    Gregory Faranello, head of US rates for AmeriVet Securities:

    “Fed friendly data for the most part with both the CPI and retail sales. Both indicate a tempering which is what the Fed is looking for. These numbers support Chair Powell’s notion of ‘higher for longer’ to potentially lower.”

    Ira Jersey, head of rates at Bloomberg

    “The relief-rally knee-jerk reaction may be more about retail sales slowing meaningfully than the close-to-expected CPI. Sales have tended to lead goods CPI by a few months. The CPI report being pretty close to consensus underlines the continuing trend of lower-volatility core CPI sectors contributing nearly 4% on a year-on-year basis, while higher-volatility ones (right now generally goods sectors) contribute nothing. So although the data was broadly in line, inflation continues to run above the Fed’s comfort level, meaning near-term rate cuts aren’t likely.”

    Source: Bloomberg

    Tyler Durden Wed, 05/15/2024 - 09:51
  10. Site: Zero Hedge
    1 day 5 min ago
    Author: Tyler Durden
    Consumer Prices Have Risen Every Month Since 'Bidenomics' Began, Up 19.5% To Record High

    After a fourth straight month of hotter than expected PPI, analysts' expectations for CPI were tightly ranged around 0.3-0.4% MoM and printed +0.3% MoM (slightly below the 0.4% expected). The YoY headline CPI fell to +3.4% as expected from +3.5% prior

    Source: Bloomberg

    Under the hood, Services slowed modestly MoM...

    On a 3m and 6m annualized basis, Energy costs are reaccelerating most...

    Source: Bloomberg

    Used car and truck prices along with Gas Utility prices plunged on a MoM basis...

    Core CPI rose 0.3% MoM (as expected) with YoY slowing to +3.6%, also as expected...

    Source: Bloomberg

    Core goods deflation continues while Core Services continue to rise...

    Source: Bloomberg

    Core CPI YoY was 3.6% in April, the lowest it's been in 3 years. The 1-month annualized fell to the same 3.6% as the YoY, which is why the YoY has been more reliable as a trend measure recently.

    • Housing (rent and OER) contributed 17.5 bps to monthly core CPI inflation in April. While still hot (2018-19 average was 11 bps), it's the lowest monthly contribution since Dec 2021. And as we show in the chart, YoY housing in CPI is cooling.

    • Virtually all of the excess core CPI inflation YoY--the part of inflation above and beyond Fed target - resulted from housing & auto insurance. Core non-housing services have heated up on a higher frequency basis but haven't weighing much (yet) on the annual print.

    • Also, while not in core, but extremely important for anyone who eats food: grocery prices actually fell -0.2% MoM in April and are running 1.1% YoY according to the Biden BLS. We doubt anyone will believe this number, which was goalseeked so that wage growth would strongly outpace grocery inflation. Relative to wages, grocery prices are back down below their 2019 levels. This, too, won't be believed by anyone.

    And one step deeper - the so-called SuperCore: Core CPI Services Ex-Shelter index - rose 0.5% MoM up to 5.05% YoY - the hottest since April 2023...

    Source: Bloomberg

    Under the hood of SuperCore CPI, Education costs rose (to pay for cleaning up all those protests?) and Transportation Services dominated on a YoY basis...

    Source: Bloomberg

    And while Shelter costs rose on a MoM basis, they continues to slow on a YoY basis...

    Source: Bloomberg

    Goods prices are deflating at the fastest pace since April 2004, while Services prices are stuck around +5.3% YoY...

    Source: Bloomberg

    We note that consumer prices have not fallen in a single month since President Biden's term began (July 2022 was the closest with 'unchanged'), which leaves overall prices up over 19.5% since Bidenomics was unleashed (compares with +8% during Trump's term). And prices have never been more expensive...

    Source: Bloomberg

    That is an average of 5.5% per annum (more than triple the 1.9% average per annum rise in price during President Trump's term).

    Finally, and most notably it was a miss... but not for the reason expected...

    It was a miss but not for the reason expected: OER catch down STILL to kick in; next few CPI print will be a dovish meltdown https://t.co/w1px0HrJN0

    — zerohedge (@zerohedge) May 15, 2024

    Which means the next few months CPI will be even bigger misses...

    Tyler Durden Wed, 05/15/2024 - 09:41
  11. Site: Ron Paul Institute - Featured Articles
    1 day 5 min ago
    Author: John W. And Nisha Whitehead

    We are caught in a vicious cycle of too many laws, too many cops, and too little freedom.

    It’s hard to say whether we’re dealing with a kleptocracy (a government ruled by thieves), a kakistocracy (a government run by unprincipled career politicians, corporations and thieves that panders to the worst vices in our nature and has little regard for the rights of American citizens), or a Nanny State Idiocracy

    Whatever the label, this overbearing despotism is what happens when government representatives (those elected and appointed to work for us) adopt the authoritarian notion that the government knows best and therefore must control, regulate and dictate almost everything about the citizenry’s public, private and professional lives.

    The government’s bureaucratic attempts at muscle-flexing by way of overregulation and overcriminalization have reached such outrageous limits that federal and state governments now require on penalty of a fine that individuals apply for permission before they can grow exotic orchids, host elaborate dinner parties, gather friends in one’s home for Bible studies, give coffee to the homeless, let their kids manage a lemonade stand, keep chickens as pets, or braid someone’s hair, as ludicrous as that may seem.

    As the Regulatory Transparency Project explains, “There are over 70 federal regulatory agencies, employing hundreds of thousands of people to write and implement regulations. Every year, they issue about 3,500 new rules, and the regulatory code now is over 168,000 pages long.”

    In his CrimeADay Twitter feed, Mike Chase highlights some of the more arcane and inane laws that render us all guilty of violating some law or other.

    As Chase notes, it’s against the law to try to make an unreasonable noise while a horse is passing by in a national park; to leave Michigan with a turkey that was hunted with a drone; to refill a liquor bottle with different liquor than it had in it when it was originally filled; to offer to buy swan feathers so you can make a woman’s hat with them; to enter a design in the Federal Duck Stamp contest if waterfowl are not the dominant feature of the design; to transport a cougar without a cougar license; to sell spray deodorant without telling people to avoid spraying it in their eyes; and to transport “meat loaf” unless it’s in loaf form.

    In such a society, we are all petty criminals.

    In fact, Boston lawyer Harvey Silvergate estimates that the average American now unknowingly commits three felonies a day, thanks to an overabundance of vague laws that render otherwise innocent activity illegal and an inclination on the part of prosecutors to reject the idea that there can’t be a crime without criminal intent. 

    The bigger the government grows, the worse the red tape becomes.

    Almost every aspect of American life today, including the job sector, is now subject to this kind of heightened scrutiny and ham-fisted control.

    Whereas 70 years ago, one out of every 20 U.S. jobs required a state license, today, almost 1 in 4 American occupations requires a license.

    According to business analyst Kaylyn McKenna, more than 41 states require that makeup artists be licensed. Twenty-eight states require a license before you can work as a residential painter. Funeral attendants, whose duties include placing caskets in visitation rooms, arranging flowers and directing mourners, have to be licensed to do so in Kansas, Maine and Massachusetts.

    The problem of overregulation has become so bad that, as one analyst notes, “getting a license to style hair in Washington takes more instructional time than becoming an emergency medical technician or a firefighter.”

    This is what happens when bureaucrats run the show, and the rule of law becomes little more than a cattle prod for forcing the citizenry to march in lockstep with the government.

    Overregulation is just the other side of the coin to overcriminalization, that phenomenon in which everything is rendered illegal, and everyone becomes a lawbreaker.

    As policy analyst Michael Van Beek warns, the problem with overcriminalization is that there are so many laws at the federal, state and local levels—that we can’t possibly know them all.

    “It’s also impossible to enforce all these laws. Instead, law enforcement officials must choose which ones are important and which are not. The result is that they pick the laws Americans really must follow, because they’re the ones deciding which laws really matter,” concludes Van Beek. “Federal, state and local regulations — rules created by unelected government bureaucrats — carry the same force of law and can turn you into a criminal if you violate any one of them… if we violate these rules, we could be prosecuted as criminals. No matter how antiquated or ridiculous, they still carry the full force of the law. By letting so many of these sit around, just waiting to be used against us, we increase the power of law enforcement, which has lots of options to charge people with legal and regulatory violations.”

    Case in point: in New Jersey, in what journalist Billy Binion describes as “yet another example of the effects of overcriminalization, which increases interactions between civilians and police with little benefit to actual public safety,” police went so far as to arrest a teenager and seize other teen’s bicycles for so-called traffic violations and a failure to register their bikes with the state.

    This is the police state’s superpower: it has been vested with the authority to make our lives a bureaucratic hell.

    “Such laws,” notes journalist George Will, “which enable government zealots to accuse almost anyone of committing three felonies in a day, do not just enable government misconduct, they incite prosecutors to intimidate decent people who never had culpable intentions. And to inflict punishments without crimes.”

    This is what happens when the American people get duped, deceived, double-crossed, cheated, lied to, swindled and conned into believing that the government and its army of bureaucrats—the people we appointed to safeguard our freedoms—actually have our best interests at heart.

    As I make clear in my book Battlefield America: The War on the American People and in its fictional counterpart The Erik Blair Diaries, the problem with these devil’s bargains is that there is always a catch, always a price to pay for whatever it is we valued so highly as to barter away our most precious possessions.

    In the end, such bargains always turn sour.

    Reprinted with permission from Rutherford Institute.

  12. Site: Zero Hedge
    1 day 7 min ago
    Author: Tyler Durden
    Despite Surging Gasoline Spending, US Retail Sales Missed Big In April

    For once, BofA's analysts 'missed' as their expectations for a small beat in retail sales was eviscerated by a huge miss across the board.

    Headline Retail sales were unchanged MoM (versus +0.4% exp) and last month's +0.7% MoM move was revised slightly lower to +0.6% MoM.

    Source: Bloomberg

    Nonstore retailers and Motor Vehicle and Parts Dealers saw the biggest MoM declines while spending at Gasoline Stations rose the most (biggest MoM rise since Aug 2023)...

    Source: Bloomberg

    Both headline and core retail sales slowed on a YoY basis (ex-Autos and Gas Stations actually declined 0.1% MoM)...

    Source: Bloomberg

    Finally, the crucial core-control group - used in GDP calculation - plunged by 0.3% MoM (vs +0.1% MoM exp) - its third big miss in the last four months...

    Source: Bloomberg

    Not a good start for Q2 GDP.

    Tyler Durden Wed, 05/15/2024 - 09:39
  13. Site: Ron Paul Institute - Featured Articles
    1 day 16 min ago
    Author: Alastair Crooke

    The core issues at the heart of release of hostages held in Gaza were two: A complete cessation to the war and full withdrawal of all Israeli forces.

    Netanyahu’s position was that whatever the hostage outcome, the IDF would return to Gaza and that the war there might continue for ten years, he said.

    These were the most sensitive words in Israeli politics – with Israeli politics electrically polarised around them. The continuation or fall of the Israeli government could hinge on them: The Right had warned that they would quit the government unless the invasion of Rafah were green-lighted; the Biden position, however, was communicated to Netanyahu by phone as not just “no Rafah light,” but rather, “Rafah zero.”

    Then these explosive words – cessation of military operations and complete Israeli withdrawal – burst forth in the final text as agreed by the mediators in Cairo; and subsequently in Doha, on Monday, taking Israel by complete surprise. CIA Chief Bill Burns had represented the US in both sessions, but Israel had chosen not to send a negotiations team.

    Multiple Israeli sources confirm that the Americans gave no “heads up” of what was coming: Hamas announced the bombshell agreement; Gaza erupted in victory celebrations, and huge protests besieged the government in Jerusalem, demanding acceptance of the Hamas terms. It was tense. There was a whiff of civil war to the huge protests.

    The Israeli government alleges that it was “played” by the Americans (i.e. by Bill Burns). It was. But to what end? Biden was adamant that a Rafah incursion must not proceed. Was this Burns’ means to achieving that objective? Using “sleight of hand” in the negotiations (inserting the “red-line” words) into the text without telling Tel Aviv in order to get to “yes” from Hamas? Or was it to precipitate a change of government in Israel? Its policy on Gaza whas beenas imposing a very heavy election campaign toll on the Democratic Party.

    In any event – after the Hamas bombshell announcement – the IDF went “Rafah light”, taking the empty Philadelphia corridor (in breach of the Camp David Accords), incurring few casualties, but keeping Netanyahu’s government intact.

    Maybe the little deception “to get Hamas to ‘yes’” was viewed in Washington as a clever ploy – but its consequences are uncertain: Netanyahu and the Right will share dark suspicions about the US role. Washington has shown itself (in their view) as an adversary. Will this episode make the Right more determined; less ready to compromise?

    In this context, the base division within current Israeli politics is salient. A small plurality of Israelis (54%) believe that there is legitimacy in comparisons between the holocaust and the events of 7 October. And we can see that the conflation of Hamas with the Nazi party is increasingly common amongst Israeli (and US) leaders – with Netanyahu describing Hamas as “the new Nazis.”

    Whether we agree or not, what is being said here through this categorisation is that a plurality of Israelis harbour existential fears that the gathering storm surrounding them is the start to a “new holocaust” – which, in turn, implies that the “Never Again” amorphism translates into a binary kill or be killed injunction (drawing on Biblical texts for Talmudic validation).

    To understand this is to understand why those few words inserted into the negotiation proposal were so explosive. They implied (in the view of half of Israelis) that they would have no option but to “live” or “die” under the threat of renewed holocaust (with Hamas predominant in Gaza and Hizbullah in the north).

    The other portion to Israeli opinion is less apocalyptic: They believe that some return to Occupation and the status quo ante might be possible, especially were the US to succeed in persuading Arab States – jointly with Israel – to eliminate Hamas from Gaza, and to agree to police a de-militarised and de-radicalised Strip.

    Cynically viewed, perhaps the practice of “mowing the lawn” (as the periodic IDF incursions to kill militants are euphemistically known) might be less frightening than the notion for Israelis of having to fight an existential war. In this context, 7 October would be viewed as an outsized “lawn mow,” but not something requiring a more radical shift of Life-Style.

    That the representatives of this current in the Israeli War Cabinet did not resign from government on learning of Netanyahu’s subsequent rejection of the Hamas proposal – may be connected to the fact that Saudi normalisation with Israel is now not in prospect – Saudi normalisation being the pillar from which some return to the status quo ante might be achieved.

    All of which calls into question the motive of War Cabinet members who call for Israel to accept Hamas’ terms. Whilst empathy for hostage families is understandable, it does not address the underlying crises – beyond wishful thinking about the Arab world joining together in an anti-Iranian unity, and digging Israel out from its occupation conundrum.

    This might give consolation to the White House facing its own electoral difficulties, but it is hardly a sustainable strategy.

    The Hamas agreement bombshell likely has fed into two other factors that are colouring sentiment in Israel: Netanyahu, renowned for his political soothsaying, and holding up his intuitive finger to the wind, detects, he says, the Israeli electorate sliding to the Right. He is becoming more confident that he can win the next Israeli general election.

    The first factor is the student protests unfolding across the West; and the second is the threat that the ICC might issue arrest warrants for the PM and other prominent leaders.

    David Horovitz, the editor of Times of Israel, writes that:

    the underlying goal of the encampments and marches at Columbia, Yale, NYU and the other campuses is to render Israel indefensible — in both senses of the word – and thus deprive Israel of the diplomatic and military means to survive the ongoing effort at its destruction – as effected by Iran and its allies and proxies. At the root of this strategy is, of course, the oldest of hatreds.

    In other words, Horovitz is identifying a majority of the student protestors not so much as having human empathy for the plight of Gazans, but as being purveyors “soft-power” holocaust. Horovitz concludes that “if those enemy states, terrorist armies and their facilitators get done with Israel – they’ll be coming for Jews everywhere.”

    The last element concerns the putative arrest warrant being issued by the ICC. Netanyahu has a huge ego, perhaps more than most politicians; yet there is no doubt that in spite of the anger directed at him for the errors of 7 October, he is indisputably the standard-bearer for that segment of the Israeli electorate that believes – like Horovitz – that Israel is facing a concerted effort to destroy the Zionist state.

    The arrest warrant, therefore, is perceived as more than just an attack on an individual, but more as a part of that wider effort (per Horovitz) to misrepresent Israel and to deprive it of the diplomatic means to defend itself.

    Needless to add that this is not the view across the rest of the world – yet it serves to point out how inward-looking, how isolated and fearful the Israeli public is becoming. These are warning signs. Desperate people do desperate things.

    The reality is that Israel has attempted to establish a late-era settler-colonisation on lands with indigenous population. The first phase of revolt versus colonialism errupted in the post-WW2 era. We are now living the second stage of global radical anti-colonial sentiment (manifesting strategically as BRICS), but targeting today financialised colonialism posing as the “Rules-Based Order.”

    Israelis habitually hang out two flags on special occasions: The Israeli flag and next to it, the US flag. “We are American too: We are the 51st state,” Israelis would say.

    “No,” the young American generation of today says: We will not identify with suspect genocidal tendencies against an indigenous people.

    No wonder some of the ruling élites are desperate to outlaw the critical narratives. If Israel is the target today, might tomorrow the narratives be critiquing Washington’s facilitation of colonial massacre? Did they (the Biden Team), perchance, toy with pulling the rug from under Netanyahu – to preserve the status quo in Israel a little longer (until at least after the US Elections)?

    Reprinted with permission from Strategic Culture Foundation.

  14. Site: The Orthosphere
    1 day 18 min ago
    Author: JMSmith

    I yesterday visited a Houston shopping mall to purchase a pair of trousers.  It is a large mall in a prosperous district, but it feels empty and past its prime.

    Adjacent to the food-court is a large and splendid carrousel or merry-go-round.  When this carnivalesque contraption revolves, recorded calliope music plays.  It is revolving as I pass, and on it revolves one mother and her child.  South Asian by appearance.  The operator and ticket-taker is an old white man.  He slumps, as old men generally slump, in a frugal straight-backed chair.  He wears a paper respiration mask, the fit unsuited to filtration.  I reflect that retirement is for many old white men penurious, boring, lonely, and slightly mad.

    A sign beside the carrousel reminds mall patrons that they are not allowed to carry weapons on premises.  It helpfully provides the examples of guns and knives.  I think of hand grenades.   The sign admonishes scofflaws that the mall is patrolled by weapon-sniffing dogs.

    Outside the restrooms there is what might be called a lounge.  It is furnished with large and heavily upholstered easy-chairs that, for a fee, will prod and vibrate a customer’s back and buttocks.  Two of these chairs are occupied by androgynes who appear to have come from Sumatra or the Celebes.   They have not paid the fee to set the chairs in motion but are engrossed by their cell-phones.

    A sign at the entrance to a jeweler advertises engagement rings.  It is illustrated with a photograph of masculine black hands slipping one such ring onto a dainty white finger.   Shoppers are not numerous, but more than one promenading couples could have modeled that photograph.

    The haberdasher’s clerk sports a topknot or “man-bun.”  He shakes his head (and topknot) sadly when I point to the trousers I am wearing and ask for another pair just the same.  He suggests an alternative that resembles the trousers I am wearing insofar as it has a zipper and two legs.  This clerk is not kempt or knowledgeable, but he has yet to affect the hauteur to which haberdasher’s clerks are prone.

    A sign in the show window of a clothier that caters to youth encourages all who read it to “choose your own color.”  The slogan is illustrated with a rainbow and explained in a paragraph that advertises the clothier’s broadmindedness on questions of sex and sexuality.

    Through the show window of a tattoo parlor I see a woman reclined in what looks like a barber’s chair with gynecologist’s stirrups.   The attending tattooist is intent, like a jeweler fixing a watch.  Two small children play on the floor.

    I purchase an ordinary short-sleeved shirt for sixty-four dollars, nervously thinking that I may soon need to supplement the  income of my looming retirement with the salary of a carrousel operator, or perhaps a tattooist.

    Two young women who have made themselves up to look as if they do not wash give squeals of delight and dive into a shop that supplies young women like that.

    The entrance to a department store is serrated with sensors that detect exiting shoplifters.  Just inside this mercantile maw there is the usual perfumery, and over the perfumery counters are the usual posters of gorgeous gals.  One appears to be snarling and about to bite.  Another appears to be experiencing an orgasm.  Yet another appears to be astonished by a question she cannot answer.  There is no one at or behind the counters.  There are, however, countless amber vials bathed in light, encased by glass.

    A perfectly symmetrical splatter of creamed coffee decorates the white tiles of an aisle in menswear.  This reminds me of the Big Bang, or rather of illustrations of the Big Bang.  I am wearing tried-on trousers and am in stocking feet, so I step around it.  Why do wives wander off when their men try on trousers?  Why do husbands stay put under parallel circumstances?  These deep questions take my mind off the Big Bang and the sadness of old age.

    A man in the adjacent fitting-room cubicle is talking loudly on his cell phone.  He informs his friend (and me) that he is about to fly to Japan and get drunk on sake-bombs.

    I settle on trousers that will suffice.

  15. Site: Zero Hedge
    1 day 26 min ago
    Author: Tyler Durden
    Russia Is About To Overrun Ukraine's Defenses – Why Are There No Peace Negotiations?

    Authored by Brandon Smith via Alt-Market.us,

    There are two classic propaganda narratives used by governments when it comes to keeping the public invested in any war campaign that does nothing to advance their national interests:

    • First, there’s the “commitment” lie, which says that once you step in to support a war effort you then must stay exponentially committed, even if that war effort is exposed as pointless. Anytime the public pulls back from that war in a bid to reconsider what purpose it serves they are ridiculed for potentially “risking lives” and setting the stage for defeat. In other words, you must support the effort blindly. You’re not allowed to examine the conflict rationally, because who wants to be blamed for losing a war?

    • Second, there’s the “domino effect” lie, which says that if you allow a particular “enemy” to win in one conflict, they will automatically be emboldened to invade other countries until they own the entire planet. It’s the same claim used to trick the American populace into supporting the war in Vietnam and it rarely turns out to be true. In fact, nations that engage in regional wars tend to be so weakened by the fighting that they don’t have the means to move on to another country even if they wanted to.

    In the US we heard both of these narratives heading into the recent congressional vote for billions more in monetary and logistical aid to Ukraine. Neocons and Democrats worked together to force the bill through with a percentage of true conservatives fighting to stop it. Those conservatives were attacked relentlessly by the media for “helping the Russians”, but the reality that no one in the mainstream wants to talk about is that Ukraine has already lost the war.

    No amount of additional funding or arms shipments are going to help them, and it has nothing to do with conservatives questioning the validity of war spending. Anyone who has a basic understanding of military strategy knows that the key to winning is ALWAYS manpower first, logistics second. Not superior technology or armaments, not superior cash and certainly not popular support from foreign interests.

    This is especially true in a war of attrition, and attrition is in fact the method being used by Russia to systematically whittle down Ukraine’s forces. However, the western media refuses to discuss what’s really happening and has been acting as a hype machine for Ukraine instead.

    In September of 2022 I noted that the Russian pullback to the Donbas was not the “retreat” the western media made it out to be. Many establishment talking heads claimed that this was the beginning of the end for Vladimir Putin and that Ukrainian forces would be taking Crimea in the near future.

    I argued that Russia was likely trying to consolidate its position as western artillery and tanks flooded into Ukraine. I also suggested that Russia wanted to avoid urban combat in major cities while tens-of-thousands of seasoned mercenaries were rushing to the front from the US and Europe. I predicted that the Russian pullback was in preparation for surgical strikes on western Ukraine’s resources and grid infrastructure.

    With Ukraine’s grid heavily damaged, a large portion of the population would leave the cities and head for Europe until the war played out. Putin has specifically avoided major fighting within larger urban centers for a reason. Driving civilians out of metropolitan areas would make it easier for Russia to strike Ukraine in a secondary offensive without risking extensive collateral damage in the form of civilian casualties. This is exactly what has happened.

    Almost 7 million Ukrainians left the country outright in the past 2 years, with another 6 million displaced (mostly from larger cities). Currently, Russia is moving to push civilians out of Kharkiv, Ukraine’s second biggest city, and they will probably be successful given their momentum and the destruction of water and power resources. With civilians out of the way a more aggressive attack can then be initiated.

    Russia has been using an “artillery bubble” as a tool to protect ground forces as they push an advance. Meaning, troops will only attack as far as the artillery can reach. Artillery is vital to a large scale offensive. Coincidentally, Russia doubled its importation of explosive materials commonly used for artillery in the past several months. They are now reportedly producing triple the amount of artillery that NATO is providing to Ukraine.

    Mainstream analysts claim the push towards Kharkiv move might be a feint, allowing Russia to increase the size of its buffer zone. They continue to assert that Russia doesn’t have the forces necessary for a major offensive. I would say it depends on how weak Ukraine’s defensive lines actually are. Russia has been consistently using large scale Pincer movements to envelop defensive positions and destroy them.

    In the past two weeks alone Russia has gained considerable ground. Russian troops recently made confirmed advances northwest of Svatove (Luhansk Oblast), near Avdiivka (Donetsk Oblast), in Robotyne (Zaporizhzhya Oblast), and in east (left) bank Kherson Oblast, U.S.-based think tank Institute for the Study of War reported on May 6th. The reason for this is relatively simple – Ukraine lacks the manpower to effectively establish defense in-depth. All the reports coming from the front support this theory.

    That is to say, Ukraine’s defensive lines are a facade with no secondary positions or trenches to stall Russian breakthroughs. Once the Russians cut the main line there’s nothing much stopping them from gaining large stretches of ground. Some analysts have blamed this development on a lack of Ukrainian foresight or strategic preparedness, but I would argue that they just don’t have enough people to defend more than a single forward line.

    My position is backed by numerous reports of the government’s desperate struggles with conscription. For the past six months the average age of Ukraine recruits is 43 years old. Meaning, youth recruitment is waning, either because younger people don’t want to fight and are avoiding the draft by leaving the country, or too many have died.

    The conscription problem has been hidden by the western media for many months now, but even corporate news platforms are starting to admit that there is a severe lack of new recruits. Front line fighters have been complaining for months that they need to be cycled away from the trenches and given rest.

    Another bad sign is the fact that Ukraine has been using Special Forces soldiers for trench duty. These units are trained specifically for asymmetric hit-and-run warfare, not sitting in mud holes waiting for artillery strikes to rain down on their fixed and exposed positions. It seems like pure stupidity, but it makes sense if Ukraine is actually running out of people to hold their only defensive line.

    The cover-up of massive casualties is something I mentioned in past articles on the war and I think it bears repeating: Western warhawks continue to claim that it will be “cheaper” to use Ukrainian soldiers to fight Russia than to fight a larger war down the road with American and European lives.

    The sociopathy behind this rationale is disturbing. The lack of manpower in Ukraine cannot be solved. It is a product of endless death paid for with our tax dollars. NATO has prolonged the fighting with funding and arms, but not to win, only to sacrifice more people in a bloody conflict Ukraine is destined to lose.

    Their argument also assumes that Americans and Europeans are going to jump blindly into military service in a war against Russia. I don’t know about Europeans, but I do know for a fact that most Americans are not going to buy in and will refuse a draft. The majority of the US public doesn’t even want to send further aid to Ukraine; they certainly aren’t going to go die for Ukraine. The arrogance of the warhawks is mind boggling.

    The bottom line is this: Ukraine is about to be overrun. They didn’t have the manpower to effectively launch a counteroffensive. They don’t have the manpower to establish defense in-depth. And, they are using their most seasoned soldiers as cannon fodder in the trenches.

    This dynamic demands that diplomatic solutions be entertained, but no one seems to be talking about that. Why?

    As I theorized in my article ‘World War III Is Now Inevitable – Here’s Why It Can’t Be Avoided’, the underlying plan may very well be to try to force Americans and Europeans to accept an expanding war with Russia. The western public has been bombarded with lies about Ukraine’s ability to win; when they lose people will be shocked and incensed by the outcome.

    Maybe the elites hope that the populace will be so angry about the loss that they will rally around a larger war effort by NATO? The French government has already asserted that they are willing to send troops to Ukraine in direct confrontation with Russia, while Lithuania and Poland have said they will not rule out the possibility.

    Now is the time for peace negotiations, BEFORE Ukraine is overrun. Will this happen? Probably not. But when diplomacy is removed from the table completely the only conclusion we can come to is that a greater war is desired. And when greater war is desired, we also have to conclude that our leadership has something substantial to gain by putting the world at risk.

    You might be on the side of Ukraine, you might be on the side of Russia, you might not care about either side, but there’s no denying that this war is being escalated by special interests and we need to ask why?

    *  *  *

    If you would like to support the work that Alt-Market does while also receiving content on advanced tactics for defeating the globalist agenda, subscribe to our exclusive newsletter The Wild Bunch Dispatch.  Learn more about it HERE.

    Tyler Durden Wed, 05/15/2024 - 09:20
  16. Site: Zero Hedge
    1 day 34 min ago
    Author: Tyler Durden
    Stocks, Bonds, Gold, & Crypto Soar As Rate-Cut Hopes Rise On Small CPI Miss

    A 0.1% MoM miss in Headline CPI and continued slowing in Core CPI was all the algos needed to 'buy all the things'.

    The initial reaction to this morning's data was a surge in rate-cut expectations - two cuts fully priced back in for 2024 and more than three more cuts priced in for 2025...

    Source: Bloomberg

    That sent stocks soaring...

    ...and TSY yields tumbling with 10Y erasing all of its increase since the last CPI print...

    Source: Bloomberg

    Gold is rising - from its pre April CPI level...

    Source: Bloomberg

    As the dollar dived back towards pre-April CPI...

    Source: Bloomberg

    Bitcoin rose on the cool CPI...

    Source: Bloomberg

    Of course, it's still early in the day...

    Tyler Durden Wed, 05/15/2024 - 09:11
  17. Site: LifeNews
    1 day 35 min ago
    Author: Steven Ertelt

    In a commencement speech to students at Franciscan University, a Catholic college based in Ohio, Justice Samuel Alito urged them to defend religious liberty and free speech.

    “The framers foresaw that troublous times would arise when rulers and people would become restive and the principles of constitutional liberty would be in peril unless established by irreparable law,” Alito said.

    “The Constitution of the United States applies to all classes of men at all times and under all circumstances,” he added. “This same fundamental idea that there are certain principles that we cannot compromise without paying a fearsome price applies to our personal lives.”

    He continued: “There are certain moral principles that are true and immutable. These principles of right and wrong are not relative or circumstantial. They are not of our making, and it is not within our power to change them even though at times we might find that convenient.”

    “Our Constitution has survived and flourished because it was designed to accommodate change. We are a nation of change. When Alexis de Tocqueville toured the United States in the 1840s he marveled at the restlessness of Americans. And since Tocqueville’s day, Americans have never stopped racing towards the future,” he said.

    Click here to sign up for pro-life news alerts from LifeNews.com

    “The first is respect for reason and civil discourse. Our legal system is built on the premise that it is possible for fair and open-minded people to solve their problems by reasoning together by a process of rational and respectful argumentation. I hope you will take that approach in your lives,” Alito continued.

    In June 2022, the Supreme Court overturned Roe v. Wade, with a 6-3 majority ruling in the Dobbs case that “The Constitution does not confer a right to abortion.”

    “We hold that Roe and Casey must be overruled. The Constitution does not prohibit the citizens of each State from regulating or prohibiting abortion. Roe and Casey arrogated that authority. We now overrule those decisions and return that authority to the people and their elected representatives,” Justice Samuel Alito wrote for the majority.

    “The Constitution makes no reference to abortion, and no such right is implicitly protected by any constitutional provision, including the one on which the defenders of Roe and Casey now chiefly rely—the Due Process Clause of the Fourteenth Amendment,” Justice Samuel Alito wrote in the majority opinion. “That provision has been held to guarantee some rights that are not mentioned in the Constitution, but any such right must be ‘deeply rooted in this Nation’s history and tradition’ and ‘implicit in the concept of ordered liberty.’”

    “Abortion presents a profound moral question. The Constitution does not prohibit the citizens of each State from regulating or prohibiting abortion. Roe and Casey arrogated that authority. We now overrule those decisions and return that authority to the people and their elected representatives,” Alito wrote.

    “Roe was egregiously wrong from the start. Its reasoning was exceptionally weak, and the decision has had damaging consequences,” Alito wrote. “And far from bringing about a national settlement of the abortion issue, Roe and Casey have enflamed debate and deepened division.”

    Although technically voting with the majority, Chief Justice John Roberts issued a concurrence saying he supports upholding the 15-week ban at issue in the case but not overturning Roe.

    The post Justice Samuel Alito Tells Students to Defend Freedom of Speech and Religious Liberty appeared first on LifeNews.com.

  18. Site: PaulCraigRoberts.org
    1 day 43 min ago
    Author: pcr3

    Does Western Civilization Any Longer Exist?

    Paul Craig Roberts

    Western Civilization has long been under attack by its own intellectuals and professors. Is there anything left of it?

    I defend Western Civilization, but Is there any civilization left to defend when the leaders of Western governments endorse Genocide not only of the Palestinians but of their own white ethnicities and brand criticism of Palestinian Genocide as anti-semitism and criticism of white replacement as a hate crime? Even Donald Trump, whose own right to speak is being throttled, wants to deport those who protest Israel’s Palestinian Genocide. The question increasingly before me is: Is there anything left of the West to defend? How can we make America Great Again when there is nothing left with which to work? Even the leader who wants to make us great again opposes free speech. How can he possibly take the oath of office to defend the Constitution?

    “When I’m president, we will not allow our colleges to be taken over by violent radicals, and if you come here from a violent country and try to bring jihadism, or anti-Americanism, or antisemitism to our campuses, we will immediately deport you. You’ll be out of that school.” — Donald Trump

    Trump’s supporters cheered. Not even those who are for us understand that without free speech there is no accountability.

    I defend Christianity. Yet, Christian evangelicals and Christian Zionists support genocide.

    Western morality has been inverted. We now live in moral inversion. How can the indefensible be defended?

    Former British ambassador Craig Murray concludes that all that remains of the West is an Israeli colony: “The only possible conclusion is that the Zionist political and media classes in the West, including Biden, Blinken, Trudeau, Macron, Sunak, Starmer, Scholtz, von der Leyen and all, are active and willing participants in a programme of genocide.” The West is on its moral high horse about a Russian “invasion” of Ukraine, but fully supports Israel’s invasion of Gaza. https://www.craigmurray.org.uk/archives/2024/05/shameless-2/

    Politicians such as Senator Marco Rubio have redefined protests against genocide to be “anti-semitic pro-Hamas, pro-terrorist protests.” Why do our elected representatives shame us in this way?

    How is it that we can defend Israel but not our own whiteness? Why does Israel have a right to exist, but not white ethnic nations? https://www.paulcraigroberts.org/2024/04/29/the-shieldmaiden-takes-the-field-against-the-destroyers-of-the-west/

    Vladek Filler, a legal immigrant from Kiev, Soviet Union, and a successful US citizen, wonders why feminists side with immigrant rape gangs against raped European women. https://vladekfiller.substack.com/p/feminists-silent-as-germany-allows

    What is left when feminists refuse to defend women?

  19. Site: PaulCraigRoberts.org
    1 day 46 min ago
    Author: pcr3

    Three Decades Ago Clint Eastwood Presented Us With a Picture of Justice Prevailing over Authority

    Paul Craig Roberts

    In Washington, D.C., in 1992 a friend called and said there was a new Clint Eastwood western movie out, “The Unforgiven,” that the Washington Post reviewer said was anti-gun. In lieu of Eastwood’s former movies, we found this hard to believe. My friend insisted we see the movie.

    We arrived only to find that the next showing was sold out. My friend insisted that we could buy tickets for a later showing and spend the time in a nearby restaurant with good food and drinks. I was more or less captured and reluctantly agreed.

    When the time came, we reappeared at the theater to find a long line. Taking our place, I was struck by the expressions of the liberal men and women exiting the movie to which they had gone to see Clint Eastwood renounce “gun violence.” They were shaken people. I asked one woman, “Was it as bad as that,” and she burst into tears.

    My hopes for the movie went up.

    It was difficult for the Washington Post morons to hold on to their delusion that Eastwood had joined their anti-gun ranks. One of the morons wrote that Eastwood’s film de-glamorized the Western genre in which right prevails over wrong. (A prostitute’s face is slashed by cowboys, thus ruining her livelihood as a “sex worker” to use the WP’s euphemism. The sheriff, Little Bill, refuses to do anything. The women in the brothel put up a reward for the cowboys execution, and William Munny, played by Eastwood, sees in the reward rescue from failing efforts to provide for two children.

    What the movie is really about is the view of the great British jurist, Blackstone, who created liberty for the English and the Americans, with his emphasis that the whole of society should protect all of its parts. Otherwise, it was impossible that protection could be extended to any.

    Little Bill shows that a person deprived of his guns, his self protection, is beaten and humiliated and has zero protection from law. Munny comes into town sick and suffers the same brutal beating.

    His parter, a black man, who is no longer willing to kill, turns away from the task and leaves. Guiltless, he is captured and tortured to death by the law administered by Little Bill.

    Munny rides into town, a killer of men, women, children and “everything that walks or crawls at one time or another.” Little Bill is organizing a posse to go after Munny, but Munny walks into the Salon and kills Little Bill and his deputies. A reporter on the scene is delighted with the story of multiple deaths that he has lucked upon, and begins questioning Munny about who he killed first, reciting a formula given him by Little Bill. Munny tells him he can only tell him who will be last, and the reporter flees the scene.

    The truth in the movie is above the heads of the people at the Washington Post, NY Times, NPR, CNN, who tell us Americans how to think and how to perceive the world.

    The rule of law failed. The sheriff does nothing about the assault on the prostitute. The women in the brothel find this unacceptable. They collect up their earnings and offer a bounty for justice. Munny accepts it and delivers justice.

    Eastwood’s movie is a rare statement of accountability in our time. Today when the massive sufferings of the American people are ignored while the secret agendas of the elite are supported, one man removed tyranny from a western town.

    This is not what the American elite, hell-bent on imposing tyranny on Americans and the world, want to hear. And so the excrement that rules us has created its own explanation.

    Eastwood’s movie is guilty of having justice prevail over authority. In the Western world today this is unacceptable.

  20. Site: PaulCraigRoberts.org
    1 day 55 min ago
    Author: pcr3
  21. Site: Zero Hedge
    1 day 56 min ago
    Author: Tyler Durden
    OpenAI Co-Founder & Chief Scientist Departs AI Firm

    Authored by Jesse Coghlan via CoinTelegraph.com,

    Ilya Sutskever, the co-founder and chief scientist of OpenAI’s for-profit arm who helped briefly oust CEO Sam Altman last year, is leaving the artificial intelligence firm.

    “After almost a decade, I have made the decision to leave OpenAI,” Sutskever wrote in a May 14 X post saying he was going to work on a “personally meaningful” project. He added he was confident the firm would build an artificial general intelligence (AGI) that is “safe and beneficial.”

    Altman posted on X that Sutskever and OpenAI would “part ways” and the former chief scientist “has something personally meaningful he is going to go work on.”

    Source: Ilya Sutskever

    pic.twitter.com/qyPMIcvcsY

    — Ilya Sutskever (@ilyasut) May 14, 2024

    OpenAI announced Jakub Pachocki as its new chief scientist. Pachocki has been the firm’s director of research since 2017 and led the development of its GPT-4 large language model.

    Sutskever was part of an effort that successfully saw OpenAI’s board briefly push out Altman as CEO in November last year before he was later re-hired to the role after backlash from employees.

    The Information reported at the time that Sutskever — who was one of six board members for the nonprofit OpenAI, Inc. — told employees Altman’s ouster was the board doing its duty to ensure OpenAI “builds AGI that benefits all of humanity.”

    Sutskever later wrote in a November X post:

    “I deeply regret my participation in the board’s actions.“

    After Altman was rehired, Sutskever stepped down from OpenAI’s board and it’s been unclear what role he had at the firm which sparked the meme template “Where is Ilya?” that speculated what position he had at OpenAI.

    Source: Elon Musk

    AGI is a term for a hypothetical artificial intelligence that can perform the same as or better than humans on a range of tasks.

    Altman said last month he doesn’t care how much it costs to make an AGI, even if he spends $50 billion a year.

    Others, such as Ethereum co-founder Vitalik Buterin, have called for a measured approach to developing a possible intelligent AI saying it poses unknown risks.

    Tyler Durden Wed, 05/15/2024 - 08:50
  22. Site: PaulCraigRoberts.org
    1 day 57 min ago
    Author: pcr3
  23. Site: PaulCraigRoberts.org
    1 day 58 min ago
    Author: pcr3
  24. Site: AsiaNews.it
    1 day 1 hour ago
    The situation is reported in a study by the Philippine Statistics Authority (PSA), which matters worse in the southern part of the country, especially in Bangsamoro. About 51.3 per cent are male, and 48.7 per cent are female. Through its educational establishments and institutes, the Church helps young people enter the labour force.
  25. Site: Zero Hedge
    1 day 1 hour ago
    Author: Tyler Durden
    Maybe Everyone's Got The Same Model For Guessing CPI

    Authored by Simon White, Bloomberg macro strategist,

    A simple model projects April’s month-on-month CPI to come in at 0.4%. Problem is most other estimates are 0.4%, leaving markets particularly exposed to a miss in either direction. The long gamma position in stocks could get unwound pretty quickly if the inflation outturn is big enough.

    The chart below shows a simple regression of month-on-month CPI and PPI final demand (from 2009 to 2022, and running out of sample since then). As we can see the model seems to persistently underestimate CPI. For April’s CPI based on today’s latest final demand PPI data, it projects 0.36%, i.e. 0.4% rounded.

    It suggests a lot of people are perhaps looking at it similarly. If we use the estimate for PPI final demand (0.3%) or the actual outturn (0.5%), we get 0.3% or 0.4% for April CPI. Just like everyone else.

    Even if analysts aren’t using PPI to estimate CPI, there’s a remarkable lack of variance in these forecasts. A print lower than 0.3% or more than 0.4% could move markets quite significantly in either direction (revisions notwithstanding).

    Tyler Durden Wed, 05/15/2024 - 08:20
  26. Site: non veni pacem
    1 day 1 hour ago
    Author: Mark Docherty

    Excerpted from

    …The site Firearms Owners Against Crime lists some of the genocidal results of 20th century governments disarming their own citizens:

    • 1911: Turkey; citizens disarmed – 1.5 million Armenians were slaughtered
    • 1929: Russia; citizens disarmed – 20 million Russians murdered
    • 1935: China; citizens disarmed – 20 million Chinese killed
    • 1938: Germany; citizens disarmed – 6 million Jews murdered
    • 1956: Cambodia; citizens disarmed – 1 million “intellectuals” killed
    • 1964: Guatemala; citizens disarmed – 100,000 Mayan Indians massacred
    • 1970: Uganda; citizens disarmed – 300,000 … put to death

    But the next may be us, as the website Bearing Arms just reported a court case last week:  “In his ruling, Obama-appointed U.S. District Judge Frank P. Geraci, Jr agreed that ammunition should be considered ‘arms’ that are protected by the language of the Second Amendment, but still found the law in question to be constitutional because it’s meant to keep ‘dangerous’ people from acquiring guns and ammunition.”

    The ruling then continues with this shocking explanation in reference to an 18th century law against Catholics: “The government offers several historical examples of laws that were enacted to disarm dangerous individuals, but the Court will discuss only one of the many analogues offered. In colonial Virginia, the legislature dictated that no Catholics ‘shall, or may have, or keep in his house or elsewhere, or in the possession of any other person to his use, or at his disposition, any arms, weapons, gunpowder or ammunition‘ because it was determined that ‘it is dangerous at this time to permit [Catholics] to be armed.’”

    (In case it needs made clear, this judge cited an 18th Century anti-Catholic colonial law as PRECEDENT to rule on a case in 2024 . -nvp)

    Now it begins to make sense why the FBI admitted in 2023 to targeting Traditional Latin Mass (TLM) Catholics.  Mr. Kyle Seraphim wrote last year at UncoverDC:   “The FBI’s Richmond Division would like to protect Virginians from the threat of ‘white supremacy,’ which it believes has found a home within Catholics who prefer the Latin Mass. An intelligence analyst within the Richmond Field Office of the FBI released in a new finished intelligence product dated January 23, 2023, on Racially or Ethnically Motivated Violent Extremists (RMVE) and their interests in ‘Radical-Traditionalist Catholics’ or RTCs… The acronym, new to many in the Domestic Counterterrorism field, comes with a footnote by the writer explaining RTCs are ‘typically characterized by the rejection of the Second Vatican Council.’”

    It turns out that “rejecting the Second Vatican Council” has nothing to do with “white supremacy” after all!  Rather, the left fears potential armed resistance to their totalitarian state.  This is why the Obama/Biden Administration proposes disarmament of specific citizens, namely, traditional Catholics who value the Second Amendment

    Don’t take my word for it.  Put all of the above website links together and the conclusion becomes very obvious:  The US government does not want conservative Catholics to have weapons because disarmament of undesirable citizens is always the precursor to the eradication of those exact same undesirable citizens. Again, the US government has admitted to not only using the FBI to specifically target TLM Catholics in 2023, but now even admits “it is dangerous at this time to permit [Catholics] to be armed.”  

    The leftist Administration in this country has no right to disarm Catholic families as the communists did everywhere across the world in the 20th century from Croatia to Cambodia (before killing millions of them.)  Keep in mind that the disarming and genocide of the exact same civilians always came faster than the victims expected…

    https://padreperegrino.org/2024/05/catholics-shall-have-no-weapons/

  27. Site: Zero Hedge
    1 day 1 hour ago
    Author: Tyler Durden
    Yields Tumble, Set For Bigger Plunge If CPI Comes In Cool

    Perhaps taking a cue from our CPI commentary last week in which we explained why today's inflation print will likely come in on the dovish side after beating estimates for 5 months in a row...

    ... moments ago 10Y yields plumbed fresh multi-week lows, sliding to just above 4.40% (from a high of 4.65% two weeks ago), ironically the lowest lowest since the last CPI release five weeks ago....

    ... as traders of Treasury options are positioning for a sharp bond rally in the aftermath of crucial inflation data on Wednesday, according to Bloomberg's Ed Bolingbroke (European bonds posted even stronger gains, with benchmark German and UK rates both falling as much as seven basis points).

    According to the Bloomberg strategist, heavy option buying over the past week has centered on options that would stand to benefit from US 10-year yields dropping to roughly 4.3%, the lowest in more than a month. One high-risk trade stood out: it stood to make $15 million windfall by risking just $150,000 should the 10-year benchmark fall even further to 4.25% by May 24.

    Open interest, or the amount of new positioning, surged recently in options tied to the so-called 110.00 call strike, which pairs with a roughly 4.3% 10-year yield level, according to CME data. Buying was concentrated in the June tenor expiring May 24, capturing this week’s big economic news including the reports on producer and consumer prices.

    "There’s been a lot of positioning both ways, but most recently there’s been a lot more leaning toward the possibility of easing, and conceivably the chance of aggressive easing,” said Alex Manzara, a derivatives broker at R.J. O’Brien & Associates. The market is clearly concerned about something going bad that could lead to rapid easing.”

    But it's not just the expectation that something will break: “There seems to be an expectation that the data will cool from last month and the market does seem to be somewhat set up that way,” said Samuel Zief, head of global FX strategy at JPMorgan Chase Bank.

    Indeed, a majority now agrees with our recent take: a survey conducted by 22V Research showed 49% of investors expect the market reaction to the CPI report to be “risk-on” — while only 27% said “risk-off.”

    Meanwhile, asset managers continued to add to long bets in futures, adding to bullish positions for a fourth week in a row, data from the CFTC shows.

    Agreeing with the general setup, Bloomberg commentator Ven Ram writes that "the recent bullish mood in Treasuries is likely to extend if today’s inflation and retail-sales data for April prove to be soft" and he points out that on Tuesday, 10-year bonds made the most of higher-than-forecast PPI numbers. With Chair Jerome Powell describing the data as “mixed,” the markets ran ahead with the idea that components from the data that feed into the Fed’s own PCE gauge weren’t all pointing northward.

    To Ram, that mindset suggests that barring a shock, above-forecast inflation readings today, Treasuries will more likely extend their nascent rally, however tenuous that may be. A reading that matches the median expectation for 0.4% on month will spur the markets to move in the direction of pricing 50 basis points of interest rate cuts for the year (current pricing is about 44 basis points). Based on correlations that we have seen this year, that would suggest a 10-year yield at 4.3592%.

    A double whammy of soft inflation and weak retail sales would kindle the markets’ imagination afresh, spurring traders to fully price in a first cut in September and more than 50 basis points of policy reduction by the end of the year. That would send the two-year yield toward 4.6809% in the coming days and the 10-year toward 4.30%.

    His conclusion is that "whether or not the rally has endurance is a different matter, but the market’s mood seems to be decidedly one of a bullish tactical bias heading into the all-important data sets today."

    Finally, it's not just bonds that will rip higher (in price, not yield) if CPI comes in soft: “An in-line-with-consensus US core CPI read is discounted and in the price, but that may be enough to promote relief buyers and see the index push higher,” said Perpperstone's head of research Chris Weston.

    A core CPI read below 0.25% month-on-month and I certainly wouldn’t want to be short.”

    Tyler Durden Wed, 05/15/2024 - 08:00
  28. Site: Novus Motus Liturgicus
    1 day 1 hour ago
    Here is another interesting discovery from the endless treasure trove of one of my favorite websites, that of the Bibliothèque nationale de France. This sacramentary was made for the Benedictine abbey of Saint Winnoc, in a town called Bergues in the northernmost part of the modern state of France (less than six miles south of Dunkirk, where the famous evacuation took place in 1940.) It dates to Gregory DiPippohttp://www.blogger.com/profile/13295638279418781125noreply@blogger.com0
  29. Site: LES FEMMES - THE TRUTH
    1 day 2 hours ago
    Author: noreply@blogger.com (Mary Ann Kreitzer)
  30. Site: Zero Hedge
    1 day 2 hours ago
    Author: Tyler Durden
    US Futures Coiled Tightly Ahead Of Key CPI Print

    Equity futures were set to hold yesterday's gains ahead of today's CPI report, but will move violently either higher or lower after today's CPI number is released, which will either validate or reject Jerome Powell’s latest signals that interest rates will be higher for longer (our CPI preview is here). European and Asian stocks also gained, and the MSCI All Country World Index extended its longest run of gains since January. At 7:15am ET, futures contracts on the S&P 500 were little changed with small-caps catching a bid, while the MSCI All Country World Index extended its longest run of advances since January. Nasdaq 100 futures were also flat after the underlying index hit an all time high on Tuesday.  Bond yields are down 1-2bps across the curve with the USD seeing some weakness. Commodities are higher, led by Energy and Precious Metals. On the macro front, both CPI and Retail Sales at 8.30am ET (previews here and here).

    Activity in the premarket is muted with even the meme names up "only" low single digits and Mag7 seeing small moves ex-TSLA which is +0.8%. Here are the most prominent pre-market movers:

    • Arcutis Biotherapeutics shares soar 24% after the company reported first-quarter sales that exceeded expectations, citing growth in demand for its prescription medications for skin conditions.
    • Dlocal shares slide 27% after the Uruguayan fintech reported net income for the first quarter that missed the average analyst estimate.
    • Meme stocks extend their rally into a third day, leading a frenzy affecting other high-risk and heavily shorted companies. GameStop +11%, AMC Entertainment +10%
    • New York Community Bancorp shares rise 5.9% after the lender agreed to sell about $5 billion in mortgage warehouse loans to JPMorgan. Analysts were positive on the sale, saying that it will boost capital and liquidity and is in keeping with management’s new strategy.
    • Nextracker shares rise 14% after it provided a fiscal 2025 adj. Ebitda forecast that beat estimates. Given the backlog-driven nature of the business, the growing +$4 billion in backlog “should substantially de-risk 2025 outlooks,” according to analysts at KeyBanc.
    • Nu Holdings shares gain 6.49% after the parent of Nubank reported record revenue and net income for the first quarter that beat the average analyst estimate. The Brazil-based digital bank has an “open-ended growth opportunity” with a large addressable market, according to KeyBanc analysts.

    In other news, overnight China vowed to take “resolute measures” after the Biden administration’s move to increase US tariffs on a wide range of Chinese imports; Bloomberg also reported that China was preparing a soft nationalization of the real estate sector by buying unsold houses to prop up the property market. In other news, Boeing faces possible criminal prosecution after the Justice Department found it violated a deferred-prosecution agreement tied to two fatal crashes half a decade ago.

    In the run-up to US consumer price index data, the S&P 500 advanced despite Jerome Powell’s signals that interest rates will be higher for longer and a mixed reading on producer inflation, amid speculation that today's CPI print will come in below estimates: core CPI, which excludes volatile food and energy costs, is seen slowing to 0.3% month-on-month, from 0.4%; the core CPI reading is expected to show the lowest annual increase yet this year, in which case the core PCE deflator, the Fed’s preferred inflation gauge, could also register its lowest reading in 2024. Into the data, Fed-dated OIS price in around 42bp of rate cuts for the year with the first 25bp fully priced in for the November policy meeting (see our preview here for why a lower than expected number seems likely).

    “An in-line-with-consensus US core CPI read is discounted and in the price, but that may be enough to promote relief buyers and see the index push higher,” said Chris Weston, head of research at Pepperstone Group Ltd. “A core CPI read below 0.25% month-on-month and I certainly wouldn’t want to be short.”

    A survey conducted by 22V Research showed 49% of investors expect the market reaction to the CPI report to be “risk-on” — while only 27% said “risk-off.”

    “A downside surprise seems needed,” said Michael Leister, head of rates strategy at Commerzbank AG. “For one, break-evens have already corrected notably and thus should provide less support for the long-end from here. At the same time, the Fed will remain reluctant to give the all-clear considering the lack of disinflation progress.”

    European stocks rallied, led by real estate, telecoms and utilities. The IBEX 35 outperformed while the CAC 40 was flat, lagging peers.  In individual stocks, Burberry Group Plc declined after reporting a slump in sales, dragging the consumer goods sector lower. ABN Amro Bank NV dropped more than 5% after unchanged guidance, while Finnish refiner Neste Oyj slumped on a downward revision on sales margins for its renewable products. Here are all the notable European movers:

    • Merck KGaA shares climb as much as 4.6% after the Germany company reported adjusted Ebitda for the first quarter that beat analyst expectations and forecast a return to organic sales and earnings growth for 2024.
    • LEG Immobilien shares rise as much as 3.3% after the German real estate firm’s first-quarter results show what analysts describe as a solid start to the year.
    • Hunting shares surge as much as 23% after the oil field services provider said Ebitda will be at the top-end of its current guidance range thanks to a bumper order from the Kuwait Oil Co.
    • Keller rises as much as 15% to a record high after the British ground-engineering specialist reported a better-than-expected start to the year and said its annual results will be “materially ahead” of the board’s initial expectations.
    • InPost shares jump as much as 10% to hit their highest level since September 2021 following a 1Q earnings beat. That was aided by a 22% rise in parcel volumes and guidance for further volume growth in 2Q is seen positive by analysts, as it confirms that the Polish automated parcel locker operator is gaining further market share.
    • Lundbeck shares gain as much as 7.7%, the most in more than 15 months, after the Danish pharmaceutical group reported better-than-expected results for the first quarter.
    • SoftwareONE shares rally as much as 6.6% after the Swiss software provider posted solid margin expansion, offsetting slightly below-consensus Ebitda, according to Baader.
    • Thyssenkrupp drops as much as 8.1%, the most since Feb. 14, after the steel producer reduced its expectations for a second time in three months amid lower steel prices and carbon dioxide trading losses.
    • ABN Amro shares decline as much as 6.5% after the Dutch bank’s first-quarter results showed a capital ratio that missed analyst estimates, overshadowing more positive aspects of the earnings report.
    • Burberry shares fall as much as 4.6% after the British luxury-goods maker’s adjusted pretax profit for the full year missed estimates amid a tough backdrop for high-end goods.
    • Allianz slips as much as 2.2% despite reporting operating profit for the first quarter that beat estimates. Analysts note misses on accident year loss and solvency ratios, amid otherwise in-line results.
    • Neste shares decline as much as 15% to the lowest level since 2018, after it posted a big downward revision of its renewable products sales margin guidance, which implies cuts to the Finnish refiner’s consensus and signals weaker market conditions, according to analysts.
    • HelloFresh shares fall as much as 7.2% to a record intraday low Wednesday after JPMorgan downgraded the meal-kit company to neutral from overweight, saying its North America business is still “far from stabilizing.”

    The euro-zone economy started the year on a stronger footing than anticipated, growing 0.3% in the three months through March following a shallow recession in the latter half of 2023, data Wednesday confirmed. Yet inflation is likely to backpedal more quickly than previously anticipated, with growth picking up next year, according to the European Commission. In contrast to the likely US path for interest rates, Bank of France Governor Francois Villeroy de Galhau said that the European Central Bank is very likely to start easing policy at its next policy meeting in June.

    Earlier in the session, Asian stocks closed at the highest level since April 2022, as technology shares were lifted by key earnings reports and gains in US peers overnight. The MSCI Asia Pacific Index climbed as much as 0.6%, with Sony providing the biggest boost after announcing strong results and a buyback. Taiwan stocks led gains among regional equity gauges, with shares also rising in Australia. Markets were closed for holidays in Hong Kong and South Korea.

    In FX, the dollar extended declines; Norwegian krone and yen outperformed as all G-10 FX rose. US equity futures were steady while

    In rates, major global bonds rallied, led by gilts. US 10-year yields dropped to a five-week low of around 4.42% before US CPI data as treasuries were slightly richer across the curve, following wider gains in core European rates where German yields are lower by 4bp to 7bp, outperforming peers. Gains in Treasuries extend Tuesday’s rally as traders set up for Wednesday’s April CPI and retail sales reports. US yields richer by up to 2bp across belly of the curve which outperforms slightly, steepening 5s30s spread by almost 1bp on the day; 10-year yields around 4.42% with bunds and gilts outperforming by 5bp and 3.5bp in the sector.

    In commodities,  oil held gains after an industry report showed shrinking US stockpiles, overshadowing a softer demand growth outlook by the International Energy Agency for the rest of the year.  WTI traded within Tuesday’s range, adding 0.5% to near $78.42.  Most base metals trade in the green. Copper futures in New York rallied to a record high after a short squeeze that’s prompted a scramble to divert metal in other regions to US shores. Spot gold was up roughly $15 to trade near $2,373/oz.

    Looking at today's calendar, US economic data slate includes May Empire manufacturing, April CPI and retail sales (8:30am New York time), March business inventories and May NAHB housing market index (10am) and March TIC flows (4pm). Fed officials’ scheduled speeches include Barr (10am), Kashkari (12pm) and Bowman (3:20pm)

    Market Snapshot

    • S&P 500 futures little changed at 5,271.50
    • STOXX Europe 600 up 0.4% to 523.60
    • MXAP up 0.6% to 179.55
    • MXAPJ up 0.6% to 562.20
    • Nikkei little changed at 38,385.73
    • Topix little changed at 2,730.88
    • Hang Seng Index down 0.2% to 19,073.71
    • Shanghai Composite down 0.8% to 3,119.90
    • Sensex down 0.2% to 72,945.92
    • Australia S&P/ASX 200 up 0.3% to 7,753.70
    • Kospi up 0.1% to 2,730.34
    • German 10Y yield little changed at 2.49%
    • Euro up 0.1% to $1.0834
    • Brent Futures up 0.6% to $82.87/bbl
    • Gold spot up 0.5% to $2,369.50
    • US Dollar Index down 0.19% to 104.82

    Top Overnight News

    • China is considering buying millions of unsold homes to support the property market, people familiar said. Local governments would be asked to purchase units from distressed developers at steep discounts using loans provided by state banks. The offshore yuan strengthened. BBG
    • The IEA lowered its outlook for crude demand growth this year amid an economic slowdown and mild weather in Europe. Still, annual consumption remains on track to reach a record of more than 103 million barrels a day. The agency kept its estimates for 2025. BBG
    • The ECB is very likely to start cutting interest rates at its next policy meeting in June, Bank of France Governor Francois Villeroy de Galhau said. Barring surprise shocks, the ECB remains committed to bringing inflation to its 2% goal by next year from 2.4% currently, he said in an interview on RTL radio on Wednesday. BBG
    • The Biden administration is encouraging Arab states to participate in a peacekeeping force that would deploy in Gaza once the war ends, in the hope of filling a vacuum in the strip until a credible Palestinian security apparatus is established. FT
    • The Biden administration notified Congress on Tuesday that it was moving forward with more than $1 billion in new weapons deals for Israel, U.S. and congressional officials said, a massive arms package less than a week after the White House paused a shipment of bombs over a planned Israeli assault on Rafah. WSJ
    • CPI: We expect a 0.28% increase in April core CPI (vs. 0.3% consensus), corresponding to a year-over-year rate of 3.61% (vs. 3.6% consensus); We think an upward pressure from Car Insurance, a neutral impact from health insurance, and see rent inflation slowing, while OER should remain strong. SPX implied moving into the event is 95bps. GIR
    • A top official at the Federal Reserve said it was too soon to say that progress bringing down inflation had stalled and said it was appropriate for the Fed to hold rates steady as it awaits evidence that price pressures are easing further. “It’s too early to really conclude that we stalled out or that inflation is going to reverse,” said Cleveland Fed President Loretta Mester in an interview Tuesday. “I kind of always suspected that we wouldn’t be able to make as quick progress as we got in the second half last year.” WSJ
    • Washington is increasingly concerned about Russia’s momentum in Ukraine, although the Pentagon still hopes that once American weapons begin arriving (around July), many of Moscow’s recent gains can be reversed. NYT
    • Brazil’s President Luiz Inacio Lula da Silva fired Petrobras CEO Jean Paul Prates following a dispute over dividend payments. The government is proposing Magda Chambriard to replace him.

    A more detailed look at global markets courtesy of Newsquawk

    APAC stocks traded mostly higher following the momentum from the US where the major indices ultimately gained and the Nasdaq posted a fresh record close with two-way price action seen following PPI data. ASX 200 was led by the mining, materials and healthcare sectors, while participants also digested the recent budget announcement with the government planning to boost spending next year ahead of an election. Nikkei 225 gained but was well off today's best levels with newsflow dominated by earnings releases including from Sony and Sharp, while the Japanese megabanks are also scheduled to announce their results today. Shanghai Comp was pressured after the recent US tariff announcement and with Stock Connect trade shut owing to the holiday closure in Hong Kong, although the real estate industry found solace from news that China is mulling purchases of unsold homes to ease the glut.

    Top Asian News

    • PBoC conducted CNY 125bln (CNY 125bln maturing) in 1-year MLF with the rate kept unchanged at 2.50%.
    • China mulls government purchases of millions of unsold homes from distressed developers at steep discounts to ease the glut, while Beijing is seeking feedback on the preliminary proposal, according to Bloomberg sources.

    European bourses, Stoxx600 (+0.2%) are mostly firmer, continuing the positive sentiment seen in APAC trade overnight. European sectors hold a strong positive tilt; Real Estate is the clear outperformer, lifted by post-earning gains in Leg Immobilien (+2.9%). Basic Resources is lifted by broader strength in underlying metals prices. Consumer Products & Services is weighed on by losses in the Luxury sector, namely Burberry (-3.1%). US Equity Futures (ES U/C, NQ U/C, RTY +0.3%) are modestly firmer, attempting to build on the prior session’s advances, though still mindful of the upcoming US CPI & Retail Sales.

    Top European News

    • CB's Rehn says if the confidence that inflation is approaching its target in a sustainable manner continues to strengthen, the restrictiveness of monpol can be reduced.
    • European Commission Forecasts (Spring 2024): A gradual expansion amid high geopolitical risks.
    • Riksbank Minutes: Floden said "Monetary policy will remain contractionary even after a policy rate cut to 3.75 per cent. If these developments continue, it will therefore be appropriate to continue to cut the rate by a few more steps".

    FX

    • DXY has continued its descent below the 105 mark and is approaching its 100DMA at 104.78 ahead of today's US CPI & Retail Sales.
    • EUR/USD is on firmer footing vs. USD and now above the 1.08 mark, with its 100DMA at 1.0822. EZ-specific updates have been non-incremental for today's session.
    • GBP is a touch firmer vs. peers with nothing in the way of UK-specific drivers. As such, the dollar side of the equation will likely prove more pivotal. A dovish CPI print could see GBP/USD test the May high at 1.2634.
    • Antipodeans are both performing well vs. the USD with some support seen after reports that China is mulling purchases of unsold homes to ease the glut; has helped prop up metals prices. AUD/USD has printed a new high for the month at 0.6651.
    • A two-way reaction for the SEK post-CPI. Initially, EUR/SEK moved lower from 11.6760 to 11.6520 with the focus likely on the hot ex-energy M/M. However, this swiftly retraced with EUR/SEK surpassing pre-release levels and going as high as 11.7035 given the slight uptick in the headline Y/Y was less than expected.

    Fixed Income

    • USTs are firmer by a handful of ticks at a fresh WTD peak of 109-07+, with the complex continuing to build on the post-PPI gains; data which whilst is hawkish at first-glance, contained some softer components relevant to the US PCE.
    • Gilts are the modest outperformer as the complex continues to pick up from Wednesday's PPI-induced downside, alongside broader fixed benchmarks, and as the dovish commentary from Pill remains the main development for the Gilt market in recent sessions. Gilts holding above 98.0 at a fresh WTD peak of 98.18.
    • Bund price action is in-fitting with peers, but less-so than Gilts. Bunds are holding just above the 131.00 mark and matching the 131.13 double-top from Monday & Tuesday; price action was little reactive to the dual-tranche 30yr Bund auction, which was strong.

    Commodities

    • Crude is in the green with magnitudes comparable to equity performance as the complex appears to be following the overall risk tone and perhaps taking some impetus from USD downside into CPI. Brent July currently holds around USD 82.80/bbl, whilst WTI hovers USD 76.50.
    • Gas benchmarks outperform after commentary from the QatarEnergy and TotalEnergies CEO around significant gas demand and there being no chance of a LNG surplus currently.
    • Precious metals are supported given the cooler-take from PPI for CPI/PCE and after Chair Powell's comments on the readings. XAU around USD 2372/oz, just shy of last week's USD 2378/oz peak.
    • Base metals are entirely in the green with sentiment lifted amid reports of further Chinese support measures.
    • IEA OMR: cuts 2024 oil demand growth forecast by 140k BPD to 1.1mln BPD, 2025 demand expected to grow by 1.2mln BPD (vs. prev. forecast of 1.1mln BPD). 2024 demand forecast lowered due to weak deliveries, notably in Europe, shifted Q1 OECD demand into contraction. World oil supply to rise by 580k BPD in 2024 to a record 102.7mln BPD. Oil market looks more balanced in 2024. Even in the event that OPEC+ voluntary production cuts were to remain, global oil supply could rise by 1.8mln BPD in 2025 compared to the 580k BPD rise in 2024.
    • US Energy Inventory Data (bbls): Crude -3.1mln (exp. -0.5mln), Cushing -0.6mln, Gasoline -1.3mln (exp. +0.5mln), Distillate +0.3mln (exp. +0.8mln).
    • Explosion was reported after a drone attack at Russia's Rostov fuel depot, according to Russian agencies.

    Geopolitics: Middle East

    • A Hezbollah commander was killed in an Israeli airstrike targeting a car in southern Lebanon's Tyre, according to two Lebanese security sources cited by Reuters.
    • Iraqi armed factions targeted an Israeli military target in Eilat with drones, according to Sky News Arabia.
    • US President Biden would veto the Israeli bill on the floor this week, according to Punchbowl citing the White House. It was separately reported that the US State Department moved USD 1bln weapons aid for Israel to a congressional review process, according to a senior official cited by Reuters.
    • Israel's Defence Minister Galliant set to to give security briefing to press at 16:00 BST/11:00ET.

    Geopolitics: Other

    • Ukrainian officials are making a new push to get the Biden administration to lift its ban on using US-made weapons to strike inside Russia, according to POLITICO.
    • France and Netherlands seek EU sanctions on global financial institutions that help Russia's military, according to a proposal seen by Reuters.
    • Russian President Putin said Russia and China are promoting the prosperity of both nations through expanded equal and mutually beneficial cooperation, as well as noted that Russian-Chinese economic ties have great prospects. Furthermore, Putin said China clearly understands the roots of the Ukraine crisis and its global geopolitical impact, while he is open to a dialogue on Ukraine, but added that such negotiations must take into account the interests of all countries involved in the conflict, including theirs, according to Xinhua.
    • North Korean leader Kim oversaw a tactical missile weapon system on Tuesday, according to KCNA.

    US Event Calendar

    • 08:30: April CPI MoM, est. 0.4%, prior 0.4%
    • 08:30: April CPI YoY, est. 3.4%, prior 3.5%
    • 08:30: April CPI Ex Food and Energy MoM, est. 0.3%, prior 0.4%
    • 08:30: April CPI Ex Food and Energy YoY, est. 3.6%, prior 3.8%
    • 08:30: April Retail Sales Advance MoM, est. 0.4%, prior 0.7%
    • 08:30: April Retail Sales Ex Auto MoM, est. 0.2%, prior 1.1%
    • 08:30: April Retail Sales Control Group, est. 0.1%, prior 1.1%
    • 08:30: May Empire Manufacturing, est. -10.0, prior -14.3
    • 10:00: March Business Inventories, est. -0.1%, prior 0.4%
    • 10:00: May NAHB Housing Market Index, est. 50, prior 51
    • 16:00: March Total Net TIC Flows, prior $51.6b

    DB's Jim Reid concludes the overnight wrap

    Markets had been on course to continue their quiet holding pattern ahead of today's CPI but a late positive burst powered the S&P 500 (+0.48%) to within a whisker of its all-time high and the NASDAQ (+0.75%) to a new peak, while the 10yr treasury yield (-4.7bps) fell to its lowest level since the last CPI print on April 10. There weren’t obvious drivers, but perhaps the absence of bad news was enough to inject some relief into markets. Y esterday’s PPI data didn't really move the needle much with a notable beat balanced by some notable down revisions and some of the details being neutral for core PCE. So the focus will now shift to April's CPI after 3 upside surprises in a row for core CPI. Don't forget US retail sales as well, released at the same time.

    For now at least, the Fed continue to stick to their recent message with Chair Powell yesterday saying that “we’ll need to be patient and let restrictive policy do its work”. So there was little acknowledgement that rate cuts were happening anytime soon, but Powell also didn’t dial up the hawkishness either. That narrative was supported by the PPI print for April, which was a distinctly mixed bag. On the negative side, headline PPI came in at a monthly +0.5% (vs. +0.3% expected), and the measure excluding food, energy and trade was also up +0.4% (vs. +0.2% expected). But in more positive news, the previous month’s headline PPI was revised down three-tenths to show a -0.1% decline. And on top of that, the components that feed into the Fed’s target measure of PCE were more neutral. For instance, portfolio management services were up +3.9%, but domestic airfares came down -4.7%.

    For today, our US economists are expecting headline CPI to come in at +0.37%, and core CPI to be at +0.29%The last three core CPI prints each came in at +0.4%, so this would be a deceleration. But even if those forecasts are realised, the 3m annualised rate for core CPI would still be running at +4.1%, so not the sort of territory where the Fed would ordinarily be cutting rates. For the year-on-year numbers, those forecasts would push the headline CPI rate down to 3.4%, and the core CPI rate to 3.6%. Click here for our US economists’ full preview, along with how to sign up for their webinar immediately afterwards.

    Ahead of that, markets turned more upbeat yesterday, with the S&P 500 (+0.48%) closing within two tenths of a percent of its all-time high on March 28. Tech stocks outperformed, with the Magnificent 7 (+1.01%) reaching a new all-time high, led by Tesla (+3.29%) and Nvidia (+1.06%). But the equity rally was broad-based, with the small-cap Russell 2000 up +1.14%. The advance of the S&P 500 was earlier held back by several defensive sectors, with energy stocks (-0.13%) one of the weaker performers as Brent crude oil prices (-1.18%) closed at a 2-month low of $82.38/bbl. Meanwhile in Europe, the STOXX 600 (+0.15%) just about made it up to an all-time high, as the index posted an 8th consecutive advance for the first time since 2021.

    The other notable story in the equity space came from several meme stocks, with GameStop up +60.1% on the day, building on its +74.4% advance on Monday. It's now up to $48.75 having traded as low as $10 in late April. Similarly, AMC Entertainment was up +31.98%, whilst Blackberry gained +11.94%.

    For sovereign bonds, there was a divergent performance yesterday, with Treasuries rallying whilst most of Europe sold off. Yields on 10yr Treasuries fell by -4.7bps to 4.44%. By contrast, yields on 10yr bunds (+3.8bps), OATs (+3.9bps) and BTPs (+2.6bps) all moved a bit higher on the day. Those moves came in spite of comments from the ECB’s Knot that “June will be a good opportunity to make a first move in removing restriction”, which helped to cement the view that the ECB are moving towards a rate cut at their next meeting. In the UK, gilts saw a relative outperformance, with the 10yr yield down -0.1bps, which came as the unemployment rate ticked up a tenth to 4.3% over the three months to March. Moreover, BoE chief economist Pill sounded open to a rate cut, saying that it was “not unreasonable to believe that through the summer we will begin to see enough confidence in the decline in persistence that bank rate will come under consideration”.

    In other news yesterday, we had confirmation that the US were imposing fresh tariffs on $18bn of Chinese imports, including steel and aluminium, semiconductors, and EVs. In fact, the t ariff on EVs will go up from 25% to 100%. Some of the new tariffs will take effect this year, but others won’t happen until 2026. The move comes ahead of November’s presidential election, but both parties have taken a much tougher stance on China over recent years, and Biden has kept most of Trump’s previous tariffs in place. Indeed, Trump himself said at a rally on Saturday that “I will put a 200% tax on every car that comes in from those plants”. So the direction has been towards a more protectionist stance on trade from both parties. Our China economist has written about the potential impact on the domestic macro landscape here.

    Asian equity markets are mixed this morning with the Nikkei (+0.18%) and the S&P/ASX 200 (+0.47%) trading higher while Chinese markets are lagging with the CSI (-0.27%) and the Shanghai Composite (-0.17%) both trading slightly lower after the new US tariffs announced yesterday on an array of Chinese imports. Elsewhere, stock markets in South Korea and Hong Kong are shut for a public holiday. US equity futures are slightly higher with Treasuries fairly flat.

    In monetary policy action, the PBOC kept the one-year medium-term lending facility (MLF) unchanged at 2.50%. This came despite weaker money supply numbers than expected overnight although Bloomberg are running a story suggesting China are working on a plan to buy up unsold homes to shore up the property sector. Moving ahead, markets will move their focus to China’s industrial production and retail sales data due on Friday.

    Looking at yesterday’s other data, the German ZEW survey improved in May, with the expectations component up to 47.1 (vs. 46.4 expected), whilst the current situation reading moved up to -72.3 (vs. -75.9 expected). For the current situation that’s a 9-month high, and for the expectations component, that’s a 2-year high, which was last surpassed in February 2022.

    To the day ahead now, and data releases include the US CPI report for April, along with retail sales for April and the NAHB’s housing market index for May. From central banks, we’ll hear from the ECB’s Rehn, Muller, Villeroy and Makhloufi, along with the Fed’s Kashkari and Bowman.

    Tyler Durden Wed, 05/15/2024 - 07:31
  31. Site: Mises Institute
    1 day 2 hours ago
    Author: Lipton Matthews
    Contrary to the drumbeat from political, media, and academic elites, capitalism improves the lives of ordinary people. Socialism receives favorable publicity but fails wherever it is implemented.
  32. Site: Zero Hedge
    1 day 2 hours ago
    Author: Tyler Durden
    Fiscal Bazooka: China Considers Buying Millions Of Homes To Save Property Market

    In April's politburo meeting, the Chinese government's newfound focus on an oversupplied housing market was setting the stage to usher in new rescue policies to stabilize the economy. Weeks later, Bloomberg reported that the government was considering a plan for local governments to purchase millions of unsold homes to clear the excess supply. 

    According to sources familiar with government discussions, the State Council requests feedback from various provinces and government entities on the home-buying plan.

    Here's more color on the plan via Bloomberg: 

    Local state-owned enterprises would be asked to help purchase unsold homes from distressed developers at steep discounts using loans provided by state banks, according to two of the people. Many of the properties would then be converted into affordable housing.

    Officials are still debating details of the plan and its feasibility, the people said, adding that it could take months to be finalized if China's leaders decide to go ahead. The housing ministry didn't respond to a request for comment.

    In a note earlier, Goldman's Peter Sheren told clients that this news is nothing new and "has been speculated for 3-4 weeks." 

    "This was one of the initial catalysts for the China Property Sector (GSXACNRE) to rally 21% in the past month," Sheren said. 

    Housing prices in China have already fallen 25-30% from the peak and presented a dark cloud of economic uncertainty over China's financial system stability and continued risk for China's macroeconomic backdrop. If authorities do proceed with the plan, in a separate note, Goldman's Wang Yi believes "this new initiative might help to stabilize housing prices." 

    Here's more commentary from Goldamn's Sheren this morning: 

    "Wang Yi and team think if the coming measures focus on clearing "saleable inventory" (which includes both completed and uncompleted but unsold units, and that are less than 3 years of last year sales volume) or about 1/4 of the entire inventory backlog, property price stabilization might be achievable.

    "Wang Yi estimates that there was Rmb30tn (US$4tn) in residential inventory by end-2023. If fully built-up, this will be about 10X what the market sold in 2023, or 1/4 of total housing stock as of end-2023. The required capital investment for completing such inventory could be 5X the construction CAPEX in 2023."

    In terms of what's needed in this fiscal bazooka to bottom China's ailing residential housing market, Shujin Chen, head of China financial and property research at Jefferies Financial Group, estimated at least 2 trillion yuan ($277 billion). 

    Bloomberg Economics pointed out that the property sector "is unlikely to stabilize until the gap between housing supply and demand closes." 

    Government data shows that about 3.6 billion square feet of unsold housing inventory linger on the market, the highest level since 2016.

    Meanwhile, Tianfeng Securities estimates the new plan could cost 7 trillion yuan to absorb the inventory in 18 months. 

    One major problem local governments face in reducing the housing surplus is the need to increase debt levels. Banks would also face mounting pressure as rising bad loans and contracting margins have weakened their balance sheets.

    From a market perspective, this is terrific news, as the CSI 300 Real Estate Index initially jumped 5% after the report. 

    However, deep, alarming structural problems persist in the world's second-largest economy. 

    Tyler Durden Wed, 05/15/2024 - 06:55
  33. Site: Zero Hedge
    1 day 3 hours ago
    Author: Tyler Durden
    "They Left Us No Choice": Woman With Vaccine Injury In Clinical Trial Sues AstraZeneca

    Authored by Zachary Stieber via The Epoch Times (emphasis ours),

    A vial of AstraZeneca vaccine is seen at a mass COVID-19 vaccination clinic in Calgary, Alta., on April 22, 2021. (The Canadian Press/Jeff McIntosh)

    An American woman who suffered an injury from AstraZeneca’s COVID-19 vaccine sued the company on May 13, alleging the company breached a contract by not paying for the medical care she requires to deal with the injury.

    They left us no choice,” Brianne Dressen, a preschool teacher in Utah, told The Epoch Times in an email.

    Ms. Dressen has paid tens of thousands of dollars to drugs to treat the nervous system disorder and other issues she’s experiencing, according to the complaint, filed in federal court in her home state.

    Ms. Dressen chose to participate in AstraZeneca’s clinical trial in 2020 because she wanted to help the company develop its COVID-19 vaccine. The consent form she signed stated in part that AstraZeneca would “cover the costs of research injuries” and “pay the costs of medical treatment.”

    With these reassurances should something go wrong, Bri signed the form, rolled up her sleeve, and let the drug company inject the experimental product into her arm. Her mind was at peace, as Bri believed she was doing the right thing for her country, her students, and her family,” the suit states.

    Ms. Dressen soon started experiencing problems, including blurred vision, tinnitus, and vomiting. She later became extremely sensitive to light and suffered spikes in her heart rate.

    Ms. Dressen went to see numerous doctors as she attempted to figure out what was wrong with her, and seek treatment.

    In 2021, U.S. National Institutes of Health doctors diagnosed Ms. Dressen as having “post-vaccine neuropathy,” according to records reviewed by The Epoch Times.

    Bills for the doctors’ visits and drugs they prescribed began piling up quickly. The immunoglobulin recommended by government doctors alone costs $9,909.82 a month.

    Ms. Dressen and her husband, a chemist with the U.S. Army, kept AstraZeneca and Velocity, which ran the trial for the company, apprised of the accumulating costs, according to the suit.

    The family messaged Velocity on Jan. 15, 2021, with the first set of payment records for treatment but received no response, according to the suit. “Checking on updates for this. . . . When may we expect payment?” Brian Dressen, Ms. Dressen’s husband, wrote several weeks later.

    I am sorry you have not heard anything as of yet. Hopefully I get an answers [sic] soon. I will reach out again today,” a Velocity official responded.

    No funds came to the family, forcing them to refinance their home.

    “I’d like to know when we can expect the first payment on Brianne Dressen’s medical bills? Two months since submitting...“ Mr. Dressen wrote on March 18, 2021. The Velocity official said that she was ”forwarding on” the payment records.

    “Hey this is Brianne Dressen. Can you advocate a bit for us here help us get a timeline for payment? I am still not doing well, we have had to hire for after school childcare. We really need this money,“ Ms. Dressen wrote on March 24, 2021. The official said the following day she would be escalating the issue and did not understand ”why it is taking so long.”

    The back-and-forth continued for months with no reimbursement paid to Ms. Dressen.

    Brianne Dressen in New York on Jan. 6, 2023. (Jack Wang/The Epoch Times)

    After a local television station reported on Ms. Dressen’s case on July 13, 2021, Velocity contacted the Dressens and said a payment of $590.20 was forthcoming.

    The company issued the payment and said it was in touch with AstraZeneca regarding the approval of additional funds.

    In December 2021, the official sent a statement for Ms. Dressen to sign that said in part that Ms. Dressen would accept $1,243 in exchange for dropping any additional claims to payment.

    The Dressens declined the offer, describing it as insulting.

    In March 2022, AstraZeneca representatives began directly contacting the Dressens, requesting billing and medical records.

    One representative wrote on Aug. 12, 2022, that the company was waiting on medical records from providers to assess the claims. The representative said on Sept. 26, 2022, that all of the medical records had been received.

    AstraZeneca and Velocity never contacted the Dressens again, according to the suit.

    “I did everything they asked of me. I honored my obligations to them. They have not honored any. When they needed me, I was there, I cooperated. When I needed them, they were nowhere to be found,” Ms. Dressen said in a statement.

    The suit acknowledges that COVID-19 vaccines are and were covered by the Public Readiness and Emergency Preparedness Act, which gives manufacturers immunity to liability in most cases. The suit accuses the companies of breach of contract and breach of duty. It asks for damages for medical expenses, emotional fallout, loss of income, and other expenses, as well as attorney fees and prejudgment interest.

    Ms. Dressen is seeking a jury trial.

    Velocity did not respond to a request for comment. AstraZeneca did not return an inquiry.

    AstraZeneca’s vaccine was never cleared for use outside clinical trials in the United States.

    The UK-based company announced earlier this month it is withdrawing the vaccine, citing limited demand. The announcement came several months after it acknowledged the shot can cause blood clots and low levels of platelets, a combination known as thrombosis with thrombocytopenia syndrome.

    Johnson & Johnson’s shot, which was cleared in the United States and also causes the syndrome, was pulled from the market in 2023.

    Tyler Durden Wed, 05/15/2024 - 06:30
  34. Site: AsiaNews.it
    1 day 3 hours ago
    After leading the National Seminary he had been auxiliary of Colombo and secretary of the Episcopal Conference. He is credited with founding the magazine Living Faith for the country's clergy and religious. Sr. Deepa Fernando: "He encouraged us sisters to deepen our studies in economics and political science.
  35. Site: AsiaNews.it
    1 day 3 hours ago
    The 83-year-old Meshal al-Ahmad al-Jaber al-Sabah has given the green light to the new executive. He suspended the assembly (only two precedents in 1976 and 1986) and parts of the Constitution. Behind the decision is the clash between the leadership and the 'pro-Islamist' opposition. Analysts and activists fear an authoritarian drift, priority to the issues of 'national development and stability'.
  36. Site: Real Investment Advice
    1 day 4 hours ago
    Author: Michael Lebowitz

    Since the pandemic-related bazooka of fiscal stimulus, the outstanding Federal debt has risen appreciably. In nominal dollar terms, the recent debt surge is mindboggling. However, the increase is on par with the government’s negligent ways over the last fifty years.

    The red bars show the percentage increase in debt starting in 1966. The bars reset to zero every time they hit 50%. The numbers to the left of each series of bars correspond to the number of quarters it took for every 50% increase.

    growth of federal debt

    Over the last sixteen quarters, 2020 through 2023, the outstanding federal debt has risen by 46%. Of the 11 times the debt has increased by 50% since 1966, five occurred over 15 quarters or less.

    That said, the repercussions of relying on stimulus for economic growth and growing debt faster than the ability to pay for it have significant economic consequences. The recent surge in debt will only further handicap our economy and prosperity in the future.

    There are predominantly two ways our growing debt load negatively impacts economic growth, as we will share. 

    Ad for financial planning services. Need a plan to protect your hard earned savings from the next bear market? Click to schedule your consultation today.

    #1 Manipulated Interest Rates Cripple Capitalism

    Growing debt faster than one’s income is a Ponzi scheme. No matter how politicians sugarcoat fiscal stimulus, there are no two ways around such a characterization. Individuals and corporations that run such a scheme ultimately end up bankrupt. The same holds for governments, but they tend to have much longer runways.

    The Federal Reserve allows the government to perpetuate its Ponzi scheme. The Fed keeps borrowing costs lower than they should be through lower-than-market interest rates and asset purchases.

    Not only is the growing ratio of debt to income problematic, but it is also a sure sign that the debt in aggregate is used for unproductive purposes. In other words, the debt costs more than the financial benefits it provides. If it were productive debt, income or GDP would rise more than the debt.

    In the long run, unproductive debt reduces a nation’s productivity, aka economic potential.

    Negative Real Rates And QE

    A lender or investor should never accept a yield below the inflation rate. If they do, the loan or investment will reduce their purchasing power.

    Regardless of what should happen in an economics classroom, the Fed has forced a negative real rate regime upon lenders and investors for the better part of the last 20+ years. The graph below shows the real Fed Funds rate (black). This is Fed Funds less CPI. The gray area shows the percentage of time over running five-year periods in which real Fed Funds were negative. Negative real Fed Funds have become the rule, not the exception.

    real fed funds rate

    Starting in 2008, with QE, the Fed began using its balance sheet to manipulate interest rates further. Currently, the Fed holds $8 trillion in Treasury and mortgage-backed securities. Their Treasury holdings account for almost 25% of all Treasury securities outstanding to the public.

    By reducing the supply of bonds on the market, they effectively lower interest rates below where the free market would price them. This makes fiscal stimulus more appetizing for politicians and, by default, encourages even greater federal debt loads.

    Like the Fed’s negative real rate interest rate policy, QE also reduces interest rates, allowing for more unproductive federal and private sector debt.

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    #2 Negative Multiplier

    As we note, debt increasing faster than economic growth proves that borrowing and spending are unproductive. Unproductive government debt or private sector debt also results in a negative economic multiplier. Essentially, the ultimate expense of the debt outstrips its benefits over the long run.

    Economists define the multiplier effect as the change in income divided by the change in spending. Over an extended period, if the change in spending is more significant than the change in income, the effect of said spending is negative. Replace GDP for income and government debt for spending to compute the government’s spending multiplier.

    Multiplier = Change Income / Change Spending

    Government Multiplier = Change GDP / Change Debt Outstanding

    To help appreciate the negative multiplier, let’s consider the two rounds of stimulus checks sent to the public during the pandemic. Consumers and businesses spent a large percentage of the funds on goods or services that no longer provide economic benefit. The initial result of the direct stimulus was a massive boost to economic activity. Three to four years later, the economic growth spurt is finished, and the debt and its annual interest costs remain. The interest on the debt is capital that will not be put to productive use.

    Yesterday’s tailwind is slowly becoming tomorrow’s headwind.

    There are other economic considerations as well.

    Ricardian Equivalence

    This economic theory states that when individuals anticipate tax increases to finance current and future government spending, they increase their savings to offset the expected tax burden. Therefore, any increase in government spending financed by debt may not stimulate consumption and investment, potentially resulting in a negative multiplier effect.

    Crowding Out

    High levels of government borrowing can lead to crowding out of private investment. This occurs when government borrowing forces higher interest rates, making it more expensive for businesses and individuals to borrow for investment. Further, as banks are asked to hold more government debt, they have less ability to lend to the private sector. Consequently, private investment, likely to be more productive than government spending, may decline.

    Capitalism Is Eroding

    The graph below shows why capitalism matters. It plots the Heritage Foundation’s Index of Economic Freedom, a measure of capitalism, versus the average family wealth for 137 countries. As shown, economic freedom and wealth have a strong positive correlation.

    capitalism is eroding  economic freedom index and wealth

    With that relationship in mind, government spending is a key component of the economic freedom index. Massive government stimulus spending reduces our index score. Further, while not a part of the score, manipulation of free market interest rates also detracts from the benefits of capitalism. As our index score falls, denoting the retreat from capitalism, so does our wealth.

    Ad for SimpleVisor. Get the latest trades, analysis, and insights from the RIA SimpleVisor team. Click to sign up now.

    Summary

    Nothing is free, it’s just a question of how it’s paid for. While the government spends like there is no tomorrow and the Fed does everything in its power to help them, we must understand that the longer-term consequences of their actions are weaker economic growth and growing wealth disparity, as we discuss in Fed Policies Turn The Wealth Gap Into A Chasm. To wit:

    QE may have served as an emergency way to add bank reserves to the system and boost confidence. However, its continued use, even during economic prosperity periods, only makes the wealth gap wider.

    We should take the matter personally because, as we have shown, there is a strong link between government borrowing and our prosperity. While the cost of deficits may not be higher taxes, it does show up invisibly in lesser wages and wealth than we otherwise could attain. Any wonder why millennials are on track to be the first generation to fail to exceed their parents in income?

    The post Stimulus Today Costs Dearly Tomorrow appeared first on RIA.

  37. Site: Zero Hedge
    1 day 4 hours ago
    Author: Tyler Durden
    Should You Believe Faulty U.S. Crime Stats Or Your Own Lying Eyes?

    Authored by James Varney via RealClearInvestigations,

    Americans can be forgiven for suffering from whiplash regarding law and order. 

    In recent weeks the Biden administration and many news outlets, including USA Today and The Hill, have touted declines in violent crime statistics to argue that America is becoming a safer place. 

    “Right now, with 2023 figures and early 2024, the trends are all pointing down, in a positive direction,” Jeff Asher, whose New Orleans-based AH Datalytics is developing his own “Real-Time Crime Index,” told RealClearInvestigations. 

    Conservative outlets, including City Journal and the editorial page of the Wall Street Journal, assert that minor declines in headline grabbers like homicides fail to capture what is really happening in the U.S. 

    From 2017 to 2019, the U.S. had an average of 16,641 homicides a year. In 2021 and 2022, however, the country saw considerably more bloodshed, with an average of more than 22,000 annual homicides. Even if the 2023 number drops slightly, it will still represent a large increase over the recent past, before the pandemic and racial upheaval set in motion in 2020.

    Many criminologists say this illlustrates one of the problems with the official numbers that are at the center of public debate: They give a distorted impression of true levels of crime. They note that crime stats have become notoriously incomplete in recent years. In some years many big cities did not report their numbers to the FBI, and there are such wide discrepancies in these tallies that the picture they provide has more blur than clarity.

    Declining arrest rates and slowing police response times to 911 calls also help explain why polls show Americans believe crime is rising. The experts say the numbers only give some sense of lawbreaking, while most Americans – the vast majority of whom are not crime victims in a given year – are influenced by their largely media-driven perception of whether society feels orderly. 

    “There are social media videos of people walking into a CVS and walking out with a shopping cart full and there seems to be no consequences – that’s part of the problem,” said Jay Town, former U.S. Attorney for the Northern District of Alabama. “And then you have people arrested a dozen times and they’re out with no bail. There are no consequences, and thus there are more criminals in the street.”

    Americans may fall back on such perceptions in part because the official reports are incomplete and rife with error. “I don’t think with any crime statistics we can ever be precise,” said Asher.

    For decades, the traditional gold standard for criminologists was the FBI’s Uniform Crime Reports, annual compilations by the Bureau of stats provided to it by state and local law enforcement agencies. The FBI’s data, which currently show declines in several criminal categories, especially homicide, provide the basis for many of the stories arguing that, in terms of crime, the U.S. situation is improving.

    But the FBI statistics aren't what they used to be, according to several criminologists who pointed to gaps in coverage and apparent errors. The problem began in 1988 when the bureau began to move toward a complex new system of reporting – the National Incident-Based Reporting System (NIBRS). It promised to provide more comprehensive detail and enable authorities to pinpoint high-crime areas, criminals, and victims more accurately.

    But the transition proved to be a herculean task, so much so that the FBI allowed departments to delay their full adherence to the program even after the feds doled out $120 million to agencies to assist with compliance. Still, in 2020, 2021 and 2022, either all or some of the biggest police forces in the U.S. -- New York City, Chicago and Los Angeles -- did not provide data.

    There have also been problems with the data that was submitted, including the news in 2022 of major problems with the St. Louis Police Department data, and more recent revelations that figures for sexual crimes provided by the New Orleans Police Department were wrong.

    In Baltimore, the Police Department and various news reports put the total for 2022 homicides between 332 and 336, but the FBI’s dataset puts the number at 272. Baltimore police officials did not reply to RCI’s inquiries about the wide spread in the reported numbers, and if anyone in the city’s police department had brought the matter to the FBI’s attention.

    The Baltimore department acknowledges its numbers may not be the same as those it submits to the FBI, but states on its website that “any comparisons are strictly prohibited.” 

    Similarly, the police departments in Milwaukee and Nashville did not respond to questions about divergences between their stats on robberies and those from the federal bureau. Milwaukee police reported a 7 percent increase in robberies in 2023, but the FBI recorded a 13 percent decline. 

    An FBI spokesperson told RCI, “It is the responsibility of each state UCR [Uniform Crime Reports] program or contributing law enforcement agency to submit accurate statistics and correct existing data that are in error.”

    Criminologists cite other discrepancies in the official measurements they use to assess the situation. While FBI stats show declines in violent categories, the Department of Justice’s survey reports more people saying they have been victims of such crimes. The Centers for Disease Control figures for homicides, which have long moved in the same direction as the FBI’s, started exceeding the FBI’s in 2020 and the gap has widened since then.

    “I wouldn’t say the FBI is cooking the books, but that the data they are putting out is half-baked,” said Sean Kennedy, the executive director of the Coalition for Law, Order and Security, which has pushed back against recent media reports that crime is falling noticeably in the U.S. 

    So it’s not a conspiracy but a rush job, and it’s giving people a false picture,” he told RCI. “They infer something is true, and then because it’s politically expedient they don’t bother correcting it.”

    A Sharp Decline in Arrests

    Some criminologists say there is another, hidden dynamic within the crime statistics that helps explain why most Americans think crime is on the rise – the dramatic decline in arrests. Scouring FBI data, John Lott, the founder of the Crime Prevention Research Center, found that arrests for reported violent crimes in major cities fell 20 percent in 2022, from 42.5 percent in 2019 – the year before the COVID pandemic and BLM protests in response to George Floyd’s death while in police custody. 

    The percentage of murder and rapes cleared by arrests fell to 40.6 percent from 67.3 percent in those years; for rapes from 33.8 percent to 17.4 percent, and arrests for reported property crimes in major cities dropped to 4.5 percent in 2022 from 11.6 percent in 2019.

    It is not clear how much of this decline is due to reductions in the size of many departments – New Orleans, for example, reportedly lost 20% of its force between 2020 and 2022.

    “There are lots of issues here, and I’m in disbelief about some of them,” said Lott. “It’s mind-boggling to me – we already know many crimes have always been underreported and now it seems to be, ‘Why bother reporting a property crime’ to the police? The bottom line is our law enforcement system seems in some ways to be falling apart, especially in the big cities.”

    Calling the Cops ... and Then Waiting  

    The plummeting arrest rates contribute to the general sense of lawlessness, a feeling compounded by surging increases in response times to calls. Comparing data for 15 law enforcement agencies from 2019-2022, Asher found only one city – Cincinnati – that reduced its response time, and that by 0.7 minutes. In New Orleans, the average response time nearly doubled, from 50.8 to 145.8 minutes, while Nashville saw a rise from 44.2 minutes to 73.8 minutes and New York City a 33-minute increase.

    Some cities are even worse.

    “If it’s not a shooting or a stabbing we’re up to about two hours for responding to property calls,” Jared Wilson, president of the San Diego Police Officers Association, told RCI. “As a result, we’ve seen a significant problem with reporting of crime right now.

    Wilson said auto thefts better capture the state of crime and perceptions of it: As thefts of essential registered property, they tend to be reported. In San Diego, Wilson said, those have risen year-to-year, with a whopping 27% jump in 2021, all of which contribute to people’s perception of increased criminal activity.

    Betsy Branter Smith, a retired cop and spokeswoman for the National Police Association, said such issues contribute to a deteriorating relationship between citizens and the police. That unraveling, along with increasing hostility between police departments and district attorneys in some big cities like Philadelphia and Los Angeles, has made some cops less pro-active on the job.

     “It’s not so much hostility’’ toward cops, but frustration and resignation,” she said. “It’s time-consuming to be a crime victim, and if prosecutors aren’t going to do anything, why report it?”

    Smith said many police officers, in turn, are frustrated by bail reform and other efforts that put many alleged lawbreakers back on the streets quickly. Yes, she said , many officers have almost certainly become less pro-active. “We know it, we see it. It’s a sad state of affairs for law enforcement. Cops represent the government, basically, and we’re losing faith in the government we’re supposed to represent.”

    Then there is media coverage. Although “if it bleeds, it leads” journalism is not new, the steady flow of stories in traditional and social media of mass shootings, smash-and-grab crime sprees, cops beaten on the streets of Manhattan and young women punched in the face for no apparent reason spawn a sense of disorder. So too do migrants pouring across the southern border, students taking over campus quads, squatters commandeering other people’s homes, the rise of homeless encampments and open-air drug use in several major cities. 

    “There is this tension there - this reality of visible signs of lawlessness and disorder that generate a feeling of unease,” said Rafael Mangual, a fellow at the Manhattan Institute of Policy Research.

    Asher agreed: “People are inundated by pictures of lawlessness and there’s no doubt that contributes to a lack of a full awareness among Americans about what might actually be happening.

    Tyler Durden Wed, 05/15/2024 - 05:45
  38. Site: Voice of the Family
    1 day 4 hours ago
    Author: Maria Madise

    Obviously both parties are by and large proceeding from a world-view drawn from false religious premises. The level of falsity differs greatly between the two but proximity to the truth does not necessarily make an error less problematic, often the reverse. Unlike other disputes between states, one is faced in this case with the oddity […]

    The post What should a Catholic think about the Israeli Palestinian conflict? appeared first on Voice of the Family.

  39. Site: Voice of the Family
    1 day 4 hours ago
    Author: Peter Newman

    “Bowing down in blind credulity, as is my custom, before mere authority and the tradition of the elders, superstitiously swallowing a story I could not test at the time by experiment or private judgment, I am firmly of opinion that I was born on the 29th of May, 1874, on Campden Hill, Kensington.”1 It is […]

    The post G K Chesterton, Joan of Arc and the merry month of May appeared first on Voice of the Family.

  40. Site: Voice of the Family
    1 day 4 hours ago
    Author: Peter Newman

    “If anyone love me, he will keep my word.” From this Sunday’s epistle, we can see that even before the coming of the Holy Spirit upon the Church, there was already a feast called Pentecost. What did this Old Testament feast of Pentecost celebrate? Among other things, it was the day when the Jews commemorated […]

    The post Keeping the commandments: sermon on Pentecost Sunday appeared first on Voice of the Family.

  41. Site: Mundabor's blog
    1 day 4 hours ago
    Author: Mundabor
    Many of you probably don’t know the Eurovision contest. It is, or it was, a European competition with a system ( if I understand it correctly) of both viewers and “jurors” vote. This contest has – many years ago already – degenerated into a freak show, where the most astonishing nutcases try to get the […]
  42. Site: Crisis Magazine
    1 day 4 hours ago
    Author: Daniel B. Gallagher

    Legendary mutual fund manager Peter Lynch teaches that investors should “let their winners pay for their losers.” In other words, hold on to companies that show good financials and reasonable prospects for growth, regardless of the share price. If you see a stock go up 20-30 percent, don’t necessarily conclude that it’s time to sell. You have to forget about the price and reexamine the…

    Source

  43. Site: Padre Peregrino
    1 day 4 hours ago
    Author: Father David Nix
    Cum his qui oderant pacem, eram pacificus.—Psalm 119:7. Today is the 14th anniversary of my ordination to the priesthood.  I am often reminded there is only One High Priest, Jesus Christ.  We ministerial priests share in that priesthood both ontologically and by suffering as Christ suffered. The above picture was taken before or after a [...]
  44. Site: Crisis Magazine
    1 day 4 hours ago
    Author: Scott Ventureyra

    On Saturday, May 4, 2024, devout Christian, noted philosopher of science, and prominent proponent of Intelligent Design (ID) Dr. Stephen C. Meyer appeared on Piers Morgan Uncensored, in an episode titled “Can This Man PROVE That God Exists? Piers Morgan vs Stephen Meyer” (more about this interview below). In July of 2023, Meyer also appeared on arguably the most popular podcast in the world…

    Source

  45. Site: Zero Hedge
    1 day 4 hours ago
    Author: Tyler Durden
    Rail Union Warns German Train System Turning Into "Battleground" Thanks To Male Migrants

    Authored by Paul Joseph Watson via Modernity.news,

    The head of a German rail union warns that the country’s train system is turning into a “battleground” thanks to a wave of violence and intimidation being unleashed by male asylum seekers against female staff.

    In an interview with Focus Online, Steffi Recknagel, the head of the Railway and Transport Union (EVG) in Thuringia, says that the average day is “sometimes life-threatening” for employees due to the sheer amount of abuse being dished out by migrants.

    “I have an average of three employees sitting in my Erfurt office every week for legal advice. They were attacked, spat on, insulted, threatened or pushed,” said Recknagel, adding that female employees are being slapped, kicked, spat at and threatened with being stabbed by the ‘refugees’.

    “The worst case was that a train attendant was threatened with a knife,” said Recknagel, adding that another was physically attacked from behind and “the air was knocked out of her.”

    The union boss said that one stretch of the network was particularly bad, specifically the one frequented by Syrian, Afghan, and Turkish migrants from the local asylum center.

    “I drive the Erfurt-Suhl route every day,” said Recknagel.

    “And unfortunately, I have to say it like this: It is mostly young men from the initial reception center who misbehave completely on our trains. They always travel in groups and feel strong together.”

    Instead of intervening when the migrants engage in violent or threatening behavior towards other passengers, train staff look the other way or even run and hide in locked compartments to avoid becoming the next victim.

    Our people are afraid, very afraid. We have employees who say: If these groups are on the train, then I won’t check tickets. Then, they say they’ll stay at the front with the train driver or lock themselves in their cabin until they get to a safe station and they get out,” said Recknagel.

    She noted that nothing ever happens to the migrants who behave in such a manner, with the police largely powerless to step in.

    A four page letter sent to Thuringia Prime Minister Bodo Ramelow (Left Party) complains that female workers have been subjected to “sexist insults and spit on in a disgusting manner,” which includes migrants flashing their genitals.

    The letter notes that the chaos is almost entirely the responsibility of “people with a migration background,” including one incident where rival migrants fought a running battle, leaving an entire train compartment covered in blood.

    “Our colleague had to continue the journey to the Suhl train station in fear of death and with a railcar that was heavily contaminated with human blood,” states the letter. “We don’t need to talk at this point about the psychological consequences for our still very young colleague and the passengers, given the scenes that could have come from a civil war zone!”

    The letter goes on to vent fury about how Germans are being told to embrace “tolerance towards migrants” while being violently attacked by migrants.

    “How can you expect citizens of this country to be open to the refugee policy that is being practiced when it happens — practically every day, and not just on public transport! — that we have to witness such violence, brutalization and absolute contempt for our laws and society?”

    The Alternative for Germany (AfD), the country’s leading anti-mass migration party which the establishment is trying to ban, responded to the story by asserting, “The railway and transport union in Thuringia is sounding the alarm: Train attendants and railway employees are regularly attacked, spat on, insulted, threatened or beaten.”

    As we recently highlighted, foreign migrant suspects are responsible for nearly 6 in 10 violent crimes in Germany according to new figures released by the federal government.

    Despite comprising roughly 14.6 per cent of the population, foreign migrants were responsible for 58.5 per cent of all violent crimes.

    *  *  *

    Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

    Tyler Durden Wed, 05/15/2024 - 05:00
  46. Site: Zero Hedge
    1 day 5 hours ago
    Author: Tyler Durden
    Emergency Blackouts Introduced Across Ukraine As Temperatures Dip

    Following several weeks of stepped-up Russian aerial attacks which have pummeled Ukraine's energy and electrical grid, state power operator Ukrenergo on Tuesday announced that rolling emergency blackouts have gone into effect across the country.

    It comes amid a drop in temperatures which has served to further strain the grid. "From 21:00 to 24:00 (1800-2100 GMT), Ukrenergo is forced to introduce controlled emergency shutdowns in all regions of Ukraine," it stated on Telegram.

    "The reason for this is a significant shortage of electricity in the system as a result of Russian strikes and increased consumption due to a cold snap," Ukrenergo added. 

    The Kiev region has for example seen the temperature drop into the 40s this week, and during the day has been in the 50s.

    While likely there's been greater impact in harder hit parts of the war-ravaged country, especially in the east and south, the capital of Kiev saw at least 10% of households get disconnected Tuesday.

    Reuters described that "Footage shared on social media from the western city of Lviv showed buildings in complete darkness in the city center and street lights switched off."

    International report have further indicated blackouts hit Kharkiv and Donetsk and many other places, with predictions of increased disruptions throughout the late evening hours. Currently fighting is heaviest in these oblasts, and Russian forces are trying to establish a 10km deep buffer zone along the border in Kharkiv region.

    The below video shows an area of Lviv in complete darkness as cars travel through the city center...

    After massive attacks in Ukraine, there is a shortage of electricity power, outages are occurring and emergency schedules are being introduced
    ▪️In the video, the Lviv Center is without light, the traffic lights are not working.
    ▪️In Lviv, Sumy, Volyn and Ivano-Frankivsk… pic.twitter.com/vViHJzl868

    — DeepState Illuminate (@TheDeep_State6) May 14, 2024

    Authorities are scrambling to find any way possible to meet demand:

    Ukraine plans record electricity imports from five European countries on Monday after reporting significant energy infrastructure damage from Russian strikes, the energy ministry said.

    Imports are expected to rise to 19,484 megawatt hours (Mwh), beating the record of 18,649 Mwh at the end of March after the first wave of Russian attacks on Ukraine's energy sector.

    Ukraine forces have been keeping up their cross-border mortar and drone attacks, especially targeting Russia's own energy depots and oil facilities. Putin has vowed to hit back, and Russian strikes on Ukrainian cities have increased over the last month.

    Tyler Durden Wed, 05/15/2024 - 04:15
  47. Site: AsiaNews.it
    1 day 5 hours ago
    The appointment at the Ministry of Defence in Moscow of the economist Belousov (master of ceremonies of the Orthodox Church) in place of Šojgu seems to indicate a willingness to make the war industry the main engine of increasingly protracted conflicts. While the new energy minister - on whose activities 70% of Russia's GDP depends - is now Sergei Tsivilev, husband of Putin's niece.
  48. Site: AsiaNews.it
    1 day 5 hours ago
    Today's news: Pyongyang laundered $147.5 million in stolen cryptocurrencies in March alone; Rosewood trade from Mozambique to China finances Islamic State militants;YouTube blocks "Glory to Hong Kong" videos as requested by local government;Israel and Egypt blame each other for closing the Rafah crossing and blocking aid.
  49. Site: Zero Hedge
    1 day 6 hours ago
    Author: Tyler Durden
    NATO's Newest Member Open To Hosting Nuclear Weapons

    Via The Libertarian Institute

    The Swedish Prime Minister has said his country would be willing to host nuclear weapons during a war. The North Atlantic Alliance has a nuclear sharing program that has US nuclear weapons deployed in five countries. The Polish leader recently said he hopes Warsaw can one day join the program. 

    Swedish Prime Minister Ulf Kristersson said on Swedish public radio that Stockholm would be willing to do this only during wartime. "In a war situation it’s a completely different matter. It would depend entirely on what would happen," he explained "In the absolute worst-case scenario, the democratic countries in our part of the world must ultimately be able to defend themselves against countries that could threaten us with nuclear weapons."

    Kristersson’s remarks came as Sweden hosted the leaders of Germany, Denmark, Finland, Norway, and Iceland to discuss deepening military ties.

    "For decades, we have lived very peacefully and without very big threats to Europe. Personally, I think these times are over," Danish Prime Minister Mette Frederiksen said during the summit. "With all that we see from the Russian side, we are at the beginning of a new era. It would be wrong if we, as a government, said that you don’t have to deal with this in your everyday life."

    Sweden is the newest member of NATO. When Stockholm first requested NATO membership, Russian President Vladimir Putin said Russia would not object to the move unless more weapons were deployed to Swedish territory. 

    "We do not have such problems with Sweden and Finland, which, unfortunately, we have with Ukraine. We have no territorial issues… no disputes… we have nothing that could bother us from the point of view of Finland’s or Sweden’s membership in NATO." Putin continued, "Only they should plainly and clearly realize that there were no threats before, now, if military contingents and infrastructure are deployed there, we will have to respond in a mirror manner and create the same threats to the territories from which threats are created to us."

    The alliance has three nuclear weapon states, and the US stores weapons in five additional countries, including Italy, Turkey, Germany, Belgium, and the Netherlands. President Andrzej Duda expressed his willingness to make Poland the sixth country to host nuclear weapons.

    "I must admit that when asked about [hosting nuclear weapons], I declared our readiness. Recently, [Russia] has been relocating its nuclear weapons to Belarus," he said. "If our allies decide to deploy nuclear weapons as part of nuclear-sharing also on our territory to strengthen the security of NATO’s eastern flank, we are ready for it."

    You will find more infographics at Statista

    At the time, a Russian government spokesman said the Kremlin would respond if NATO moved forward with Duda’s proposal. "The military will, of course, analyze the situation if such plans are implemented, and in any case will do everything necessary, [will take] all the necessary retaliatory steps to guarantee our safety," Dmitry Peskov explained. 

    Tyler Durden Wed, 05/15/2024 - 03:30
  50. Site: Zero Hedge
    1 day 7 hours ago
    Author: Tyler Durden
    Where Wealth Is Concentrated In Africa

    56 percent of Africa’s millionaires and over 90 percent of its billionaires lived in just five countries in 2023 - South Africa, Egypt, Nigeria, Kenya, and Morocco, according to The Africa Wealth Report 2024 published by Henley & Partners and New World Wealth. There were 135,200 people who owned wealth of 1 million U.S. dollars or more living in the continent that year, as well as 342 centi-millionaires worth $100 million or more and 21 billionaires.

    As Statista's Anna Fleck shows in the following chart, South Africa had the highest number of so-called high net worth individuals (HNWIs) with 37,400 millionaires, 102 centi-millionaires and 5 billionaires. It was followed by Egypt with 15,600 millionaires, 52 centi-millionaires, and 7 billionaires, while Nigeria placed 3rd on the continent with 8,200 HNWIs. Rounding up the top ten were Kenya (7,200 millionaires), Morocco (6,800), Mauritius (5,100), Algeria (2,800), Ethiopia (2,700), Ghana (2,700), and Namibia (2,300).

     Where Wealth is Concentrated in Africa | Statista

    You will find more infographics at Statista

    Looking at the data in terms of cities, then South Africa’s Johannesburg comes first as the place with most HNWIs in Africa, with 12,300 millionaires, 25 centi-millionaires, and 2 billionaires, followed by Cape Town with 7,400 millionaires, 28 centi-millionaires, and 1 billionaire. Cairo in Egypt (7,200 millionaires), Nairobi in Kenya (4,400), and Lagos in Nigeria (4,200) also rank high on this basis.

    According to Andrew Amoils, Head of Research at New World Wealth, another pattern in recent years is that a large number of high net worth individuals are moving abroad.

    According to our latest figures, approximately 18,700 high-net-worth individuals have left Africa over the past decade (2013 to 2023). There are currently 54 African born billionaires in the world, including one of the world’s richest, Elon Musk, but only 21 of them still live on the continent”, he said.

    “Most of these individuals have relocated to the UK, the USA, Australia, and the UAE. Significant numbers have also moved to France, Switzerland, Monaco, Portugal, Canada, New Zealand, and Israel.”

    Despite this, the report writers state that Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda, and Rwanda are all expected to experience 80 percent millionaire growth, if not more, in the coming decade.

    Tyler Durden Wed, 05/15/2024 - 02:45

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