Distinction Matter - Subscribed Feeds

Authored by Brandon Smith via Alt-Market.us,

The concept of mass starvation has not been in the forefront of American society for a very long time. Even during the Great Depression the US was majority agrarian and most people knew how to live off the land. In fact, the US has never suffered a true national famine. There have been smaller regional instances of famine (such as during the Dust Bowl in the 1930s), but nothing coming remotely close to the kinds of famines we have seen in Asia, the Eastern Bloc, Africa or the Middle East in the past 100 years.

Even Western Europeans dealt with major famines during the World Wars (like the Dutch Famine) and that experience has left an imprint on their collective consciousness. Most Americans, on the other hand, don’t get it. Because we have lived in relative security and economic affluence for so long the idea of ever having to go without food seems “laughable” to many people. When the notion of economic collapse is brought up they jeer and call it “conspiracy theory.”

Compared to the Great Depression, the US population today is completely removed from agriculture and has no idea what living off the land means. These are not things that can be learned in a few months from books and YouTube videos; they require years of experience to master.

I will say that things have changed dramatically in the past two decades I have been writing for the liberty media. When I started back in 2006 the preparedness movement was incredibly small and often people were afraid to broach such topics in public forums.

In the past several years preparedness culture has EXPLODED in popularity. Millions of Americans are now dedicated survival experts with extensive preps and firearms training. Prepping and shooting is no longer the realm of tinfoil hat “crazies”, now it’s considered cool.

The credit crash of 2008-2009 certainly helped wake people up to the reality of economic instability in the US. Then the covid pandemic, the lockdowns and the attempts at medical tyranny really shocked Americans out of their stupor. Everything we “conspiracy theorists” have been warning about was suddenly confirmed in the span of a couple of years. Every time globalists and governments create a crisis they only inspire more preppers.

The greater problem in terms of famine is not that individual Americans are not aware of the threat; many of them are. The problem is that our infrastructure and logistical systems are designed to fail and there’s not much the average citizen can do about it.

The just-in-time freight system is perhaps one of the worst ever devised in terms of community redundancy. Any disruption no matter how minor could cut off supplies to a town or city for days or weeks. Then there’s the interdependency that comes with food being produced outside most states. If your state does not have a solid agricultural base then it will be reliant on outside food sources during a crisis. What guarantees are there that your region will be able to secure food from elsewhere?

Furthermore, most of the populace, even those that are preparing, have never experienced large scale starvation events before. It’s difficult to adapt mentally to a threat that one has never seen.

I suggest people who want to know what starvation feels like practice it from time to time. Try fasting for 24 hours, then try fasting for 48 hours. See how many days you can go without eating (just be sure to drink plenty of water). My maximum was seven days (after months of practice), and what I found was that after day three the hunger pangs actually stop altogether. You don’t go crazy, you don’t get violent; at most you might get tired, but you will also be surprised at how heightened your thinking becomes and how much energy you still have.

The human body can survive for three weeks or more without a single bite of food. My suspicion is that initial panic over potential hunger is the thing that causes the most violence during famines. People encounter starvation and lose their minds within the first three days. First-stage stomach pains and fogginess causes them to react without thinking and this leads to the widespread riots and other crisis events we are used to seeing in history during food shortages.

Fasting is a way to educate yourself on what it means to starve; it’s not as bad as it seems as long as you have some fat stores in your body. When you hit the point of muscle loss and organ deprivation, that’s when things change and the possibility of death arises. Having some familiarity with the feeling of true hunger will help you to avoid panic should the real thing ever occur in the future.

The greater problem is not what you can endure, though. Watching people you care about starve is much more difficult. This is not something you can practice for and it could be a far more powerful motivator when it comes to looting and crime during a crash.

The goal of course is to avoid famine altogether. Food storage is the foundation of any survival plan. Anyone who claims that jumping right into agriculture and hunting and wild edibles is the solution has never actually had to survive off the land in their lives. The reality is, finding enough food and growing enough food to live on is difficult for most people even in normal times.

During collapse, crops are often difficult to plant safely. They can be stolen or destroyed easily and require large communities of people to maintain and protect. Even smaller gardens can draw attention from undesirables and are hard to hide.

Hunting might be useful initially if you live in a rural area, but you won’t be the only person with the same idea and animals will move out of a region quickly if they are being hunted on a daily basis. You’ll have to go further and further out to find them and that’s risky during a crisis.

Wild edibles are nice in spring and summer when they are plentiful, but then again, if you’re hiking around expending more calories that you can get from these plants then the entire exercise is pointless. I tend to find that wild edibles proponents are the most delusional when it comes to the logistics of survival. Survivalists who think they’re going to run to the woods and live off of the random plants they find will probably die.

Growing food, hunting food and foraging food are all supplemental measures, especially in the first years of any crisis event. Without a primary emergency supply most people will not make it. Food storage has been a mainstay of civilization for thousands of years for a reason – It works. When larger secure communities are established then agriculture can return and self sustaining production makes food storage less important. Until then, what you have in your basement or your garage is the only thing that’s going to keep you alive.

Unfortunately, there are some people out there who think they don’t need to store supplies because they plan to take from other people. Firstly, anyone who makes this their Plan A is probably a psychopath and I have zero empathy for them. Secondly, such people won’t stay alive very long. With every violent encounter the risk of injury or death increases; looters and raiders will be whittled down rather quickly as they get picked off by people defending their resources.

It’s not like the movies, folks; marauders will disappear swiftly during a crash. After the first year I would be surprised if any of these individuals or groups still exist.

In the meantime, the initial stages of collapse are going to be a shock for many Americans. It could be a grid down event, an economic collapse, a supply chain collapse, etc., but the panic associated with hunger will be ever present. People who understand the nature of famine can avoid panic and organize for safety. They will survive and thrive. People who don’t understand famine will freak out in the first week without food and make detrimental mistakes.

Mental preparedness is just as important as physical preparedness. Keep that in mind as we move forward into uncertain times.

*  *  *

One survival food company, Prepper All-Naturals, has proactively dropped prices to allow Americans to stock up ahead of projected hikes in beef prices. Their 25-year shelf life steaks currently come at a 25% discount with promo code “invest25”.

While not quite a duopoly, Apple and Samsung have long been known to produce the most popular smartphones from a global perspective. Over the past years, however, Chinese tech companies have started catching up and, at times, even overtaking Apple's iPhone product lines.

In the following chart, based on data from the IDC Quarterly Mobile Phone Tracker,  Statista's Florian Zandt shows that between January and March 2024, roughly one out of five of the 289 million smartphones shipped were Samsung devices, while Apple commanded a market share of 17.3 percent. Xiaomi, however, wasn't far behind with a 14.1 percent share in the market translating to around 41 million smartphones shipped in the first quarter of the year.

You will find more infographics at Statista

Rounding out the four smartphone vendors with the highest amount of devices shipped is Transsion, which produced every tenth smartphone sold in the first three months of 2024. Although the Chinese company entered IDC's top 5 for the first time in the second quarter of 2023, it's been around since 2006. Its devices have become increasingly popular in emerging markets like the African continent.

Looking at smartphone vendor market share over time, Apple and Samsung have been on top for most of the first quarters since 2014. The notable exception is Huawei, which rose to prominence in the latter half of the 2010s and even managed to overtake Samsung for the best-selling smartphone brand worldwide in the second quarter of 2020 after already coming within 3.3 percentage points in the three months prior.

Huawei's rise was abruptly halted by the end of 2020, reportedly due to the increasing pressure of U.S. sanctions on the company. Its shoes were quickly filled by its Chinese competitors Xiaomi and Oppo, which had combined market shares ranging from 22 to 25 percent in the first quarters of 2021, 2022, 2023 and 2024.

Authored by Monica O'Shea via The Epoch Times (emphasis ours),

The Australian government has paid out $20.5 million (US$13.2 million) in COVID-19 vaccine injury claims to people who experienced harm from the jab.

(Karn Buppunhasamai/Shutterstock)

Services Australia data provided to The Epoch Times reveals 6.82 percent of claims have been compensated so far, that is 286 out of 4,191.

“As at 31 March 2024, the COVID-19 Vaccine Claims Scheme has received 4,191 claims and paid 286 claims to the value of around $20.5 million,” a spokesperson said.

“Services Australia expects to receive new claims until the COVID-19 Vaccine Claims Scheme’s end date of 30 September 2024.”

The updated figures up to the end of March, follow a submission to the government’s COVID-19 Inquiry, revealing it had paid $16.9 million worth of claims up to the end of November 2023.

The federal government is due to deliver a budget for 2024/2025 covering all government agencies in the evening on May 14.

How Does the Vaccine Claims Scheme Work?

Australia’s COVID-19 vaccine claims scheme allows individuals to claim losses above $1,000 in relation to “moderate to severe adverse reactions to COVID-19 vaccines.”

It covers vaccines approved by the Therapeutic Goods Administration (TGA) including the AstraZeneca, Pfizer, Moderna, and Novavax jabs.

Services Australia administers the scheme on behalf of the Department of Health and Aged Care (DHAC). In April, the Department updated the policy to include more claimable conditions, based on advice from the TGA.

In order to make a compensation claim, individuals must meet the definition of harm, be admitted to hospital as an inpatient, or have a waiver if seen in outpatient care.

Further, those who suffered harm need to have experienced losses or expenses of more than $1,000 due to the vaccine.

The conditions included range from anaphylactic reaction to erythema multiforme (major), myocarditis, pericarditis and thrombosis with thrombocytopenia syndrome.

Also included, are shoulder injuries from the vaccine, or other moderate to significant physical injuries that caused permanent impairment or need an extended period of medical treatment.

“In both cases, the injuries must have been sustained during the physical act of being given the vaccine. You must also have been admitted to hospital as an in-patient,” Services Australia explains.

“Presenting to an emergency department is not recognised as being admitted to hospital.”

Lockdown Lead to Surge in Demand for Government Services

Services Australia revealed it had processed 1.3 million JobSeeker claims in 55 days in 2020, an amount that equates to the claim volume normally processed within two and a half years.

“At the peak, more than 53,000 claims were completed in a single day. Within the same 55 day period, the Agency also received and monitored approximately 3.7 million phone calls, 1.9 million service centre walk-ins, and 250,000 social media interactions,” the department said (pdf).

During Victoria’s lockdown in 2021, demand for COVID-related claims also surged.

“In less than 4 months, between 1 July and 26 October 2021, Services Australia processed over 5.1 million COVID-related claims alone—more than the full-year total of 3.5 million claims across all social security and welfare payments in the year prior to COVID (2018-19).”

Not Enough Focus on Mental Health, Psychologists

Meanwhile, the Australian Association of Psychologists Incorporated (AAPi) has raised concerns that there was not enough focus on mental health support during the pandemic.

“Particularly during times of crisis, such as snap lockdowns, crisis support lines should have been prominently displayed along with the urging of people to reach out for support and the continuation of psychological treatment,” they said.

The Foundation for Alcohol Research and Education (FARE) also raised concerns that alcohol companies and retailers taking advantage of the situation.

“Alcohol companies invested significantly in digital marketing and in expanding their capacity to deliver alcohol, outpacing privacy and marketing regulation,” FARE said.

Authored by Lawrence Wilson via The Epoch Times (emphasis ours),

A November election decades ago produced a clear winner in a hotly contested presidential race. Yet the popular vote immediately came under scrutiny in several states. In one, auditors discovered clear errors in tabulating vote totals. In others, credible evidence of election fraud was uncovered.

(Illustration by The Epoch Times, Shutterstock, Getty Images)

With a court challenge underway, electors from both parties met at a state capitol and conducted the electoral vote. Two certifications were forwarded to Washington, one declaring the Democratic candidate to be the victor, the other naming the Republican.

The Republican vice president—also a candidate in the race—convened a joint session of Congress on Jan. 6. Without fanfare, he moved to accept the Democratic slate of electors and set the Republican electors aside.

So ended the presidential election of 1960.

The state in question was Hawaii. The vice president was Richard Nixon, who ran against Democrat John F. Kennedy, and would have won if as few as 11,000 votes spread over five battleground states had gone the other way.

Sixty years later, history nearly repeated itself as Republican electors from seven states sent alternative electoral certifications to Washington amid allegations of election fraud.

This time the alternate slates were rejected. On Jan. 6, 2021, in a joint session presided over by Republican Vice President Mike Pence, also a candidate in the race, Congress certified Democratic candidate Joe Biden the winner over President Donald Trump.

Many Americans have no memory of the 1960 election, and few are likely aware of the striking similarities between it and the 2020 election. The Hawaii election provided the rationale for the alternate elector plan promoted by some associates of President Trump following the 2020 election.

Since last year, criminal prosecutions have been levied against Republicans who took part in the plan in Michigan, Georgia, Nevada, New Mexico, and Arizona. President Trump is facing related charges in a Washington federal court.

The two elections have much in common, yet the cases exhibit key differences that spelled success for the alternate electors in 1960 and defeat in 2020.

Recount in Progress

The first tally of votes in Hawaii during the 1960 election showed Kennedy had won by 92 votes. After a second tabulation of the totals—not a recount of the ballots themselves—Nixon led by 141 votes.

Democrats petitioned a state circuit court for a recount. But Republican Lt. Gov. James Kealoha, who was acting governor at the time, had no legal authority to reopen the ballots or invalidate the results. So he certified Nixon as the winner.

Supporters of Democratic presidential candidate John F. Kennedy and reporters await the results of the second round of the presidential election, in Hyannis Port, Mass., on Nov. 8, 1960. (-/AFP via Getty Images)

After an initial audit, a judge ordered a full recount of the state’s ballots on Dec. 13, 1960, just six days before the electoral vote.

That court order was crucial to the success of Hawaii’s dual elector plan because it placed the outcome of the popular vote in legal limbo. While a winner had been certified, a state court had taken action that might lead to a different result.

Lawsuits were also filed to challenge aspects of the 2020 election. One was pending in Georgia, and one remained under appeal in Michigan, though the Michigan Supreme Court refused to halt certification of the popular vote on Dec. 9, 2020.

However, there was no court order in any state and no action by a state legislature to mandate a recount or to delay the certification of the election.

State-Certified Electors

In 1960 the ongoing recount created a dilemma for Hawaii’s acting governor. If only the Republican electors voted, Nixon would carry Hawaii even if Kennedy was later found to have won the most votes.

Yet federal law establishes the date for the electoral vote as “the first Monday after the second Wednesday in December” following the election. If there were no vote on Dec. 19, 1960, the brand-new state of Hawaii would miss out on its first presidential election.

So with the recount in progress, both sets of Hawaii electors met at Iolani Palace, the seat of the Hawaiian government. They voted for their respective candidates one minute apart. Kealoha signed two certificates of ascertainment and sent them to Washington.

A certificate of ascertainment states the elector candidates pledged to a presidential candidate and the total number of votes received. The electors for the candidate who received the most votes are “elected” as presidential electors from their state.

A separate document, the electoral ballot, states the outcome of the electoral vote for that state.

The certificate of ascertainment is a second important difference between the 1960 and 2020 cases.

To be sure, some of the 2020 electors knew about the Hawaii case and used it as a rationale for their efforts. The Pennsylvania Republican Party issued a press release stating as much.

“Today’s move by the Republican Party electors is fashioned after the 1960 Presidential election, in which President Nixon was declared the winner in Hawaii,” the Dec. 14, 2020, release stated.

Michigan Lt. Gov. Garlin Gilchrist opens the state's electoral college session at the state Capitol in Lansing on Dec. 14, 2020. (Carlos Osorio-Pool/Getty Images)

“While Democrat legal challenges were pending, Democratic presidential electors met to cast a conditional vote for John F. Kennedy to preserve their intent in the event of future favorable legal outcomes.”

In 2020, Republican electors in Pennsylvania and New Mexico added conditional language to their vote certifications, saying they were filed “on the understanding that it might later be determined that we are the duly elected and qualified Electors for President and Vice President of the United States of America” from their respective states.

Read the rest here...

Authored by Bill Pan via The Epoch Times (emphasis ours),

Target has announced that its LGBT-themed merchandise will only be sold online and at select stores this June, a decision made after last year’s Pride Month marketing campaign divided customers and dragged down sales.

A sign is posted in front of a Target store that is slated for closure in Oakland, Calif., on Sept. 29, 2023. (Justin Sullivan/Getty Images)

In a statement on its website, Target said that instead of prominently displaying its Pride Month collection in all its stores, it will be “offering a collection of products including adult apparel, home, food, and beverage items, curated based on consumer feedback.”

“The collection will be available on Target.com and in select stores, based on historical sales performance,” the company added, noting that it will also join Pride Month events in “our hometown of Minneapolis and around the country” over the summer.

A spokesperson for the retailer didn’t specify the number of brick-and-mortar stores where Pride Month merchandise will be sold, although a report by Bloomberg indicated that about half would do so.

“Target is committed to supporting the LGBTQIA+ community during Pride Month and year-round,” Target told The Epoch Times in an emailed statement. “Most importantly, we want to create a welcoming and supportive environment for our LGBTQIA+ team members, which reflects our culture of care for the over 400,000 people who work at Target.”

Last summer, Target came under heavy criticism on social media following the release of its LGBT-themed collection, which featured a range of clothing, including what was dubbed a “tuck-friendly” female-style swimsuit designed to help men who identify as transgender conceal their genitalia. Some products were also labeled as being able to “thoughtfully fit on multiple body types and gender expressions.”

Shoppers who disagreed with Target’s promotion of what they saw as “woke” transgender ideology posted videos and images on social media showing rainbow-colored onesies for infants as well as swimsuits that offer “extra crotch coverage” that many viewers mistakenly believed were aimed at children. The swimwear in question was available in adult sizes extra-small through extra-large and were not in the kid’s section.

Other products that received backlash from conservative shoppers included apparel and accessory items for adults with pro-LGBT messages, such as “We Belong Everywhere,” “Too Queer for Here,” and “Cure Transphobia” from British designer Erik Carnell, who identifies as a gay transgender man. The designer’s brand Abprallen also includes clothing sporting Satanist imagery, although the designs in question weren’t available for sale in Target.

Since the controversy and ensuing backlash, the retailer announced it would remove some of the Pride merchandise from its shelves. Some rural Target stores in more socially conservative Southern states were also forced to move the items away from front-of-store displays due to customer backlash.

“Given these volatile circumstances, we are making adjustments to our plans, including removing items that have been at the center of the most significant confrontational behavior,” the company said at the time, alleging violent threats that were “impacting our team members’ sense of safety and well-being” on the job.

But the backlash didn’t stop there. Target’s reaction to conservative outrage by scaling back its LGBT merchandise and displays then prompted complaints from progressive advocacy groups, who questioned the company’s stated support of their cause.

“The LGBTQ+ community has celebrated Pride with Target for the past decade. Target needs to stand with us and double-down on their commitment to us,” Kelley Robinson, president of the Human Rights Campaign, wrote on X.

The backlash coming from customers on both sides appears to have taken a toll on the brand. In August 2023, Target’s own earnings report unveiled its first quarterly sales decline in six years, with net sales down 4.9 percent from the same quarter the previous year.

In a full-year earnings report released this March, Target reported a total 2023 revenue fall of 1.6 percent to $107.4 billion, down from $109.1 billion a year earlier. Comparable sales for the 2023 fiscal year also declined nearly 4 percent, although operating income rose 48 percent to $5.7 billion.

While the company partly blamed the dip in sales on the post-COVID shift in consumer trends, it also said it would be reevaluating how it celebrates Pride Month in the future.

“As we navigate an ever-changing operating and social environment, we’re committed to staying close to our guests and their expectations,” Target chief executive Brian Cornell said in last August’s corporate earning call, defending the decision to adjust the chain’s Pride Month assortment in the face of negative customer reaction.

“Specific to Pride and Heritage months, we’re focused on building assortments that are celebratory and joyous with wide-ranging relevance, being mindful of timing, placement and presentation,” he told investors.

“Our goal is to ensure we continue to celebrate moments that are special to our guests while acknowledging that, every day, for millions of people, they want Target to serve as a refuge in their daily lives.”

Authored by Tom Ozimek via The Epoch Times (emphasis ours),

Goldman Sachs CEO David M. Solomon is the latest business leader to sound the alarm on the Biden administration’s deficit spending, which comes as the cost of making interest payments on America’s ballooning government debt has exceeded spending in both the critical sectors of defense and Medicare.

“I think the level of debt in the United States [and] the level of spending is something that we need a sharper focus on and more dialogue around than what we’ve seen,” the investment banking chief told Bloomberg Television on Monday, adding that if something isn’t done to rein it the spending, it could create problems.

U.S. President Joe Biden, flanked by Secretary of State Antony Blinken (L) and Treasury Secretary Janet Yellen (R), hosts a meeting inside the Cabinet Room at the White House in Washington on Oct. 20, 2023. (Tom Brenner/Pool/Getty Images)

His remarks come as the cost of servicing America’s ballooning government debt reached $514 billion for the first seven months of the current fiscal year, becoming the second largest line item in the budget, and surpassing both the bills for national defense and Medicare spending.

The latest monthly statement from the U.S. Treasury—released on May 8—shows that the $514 billion spent on net interest so far this fiscal year has surpassed spending on both national defense ($498 billion) and Medicare ($465 billion).

Interest spending—now the fastest growing part of the budget—is currently greater than all the money spent on education ($128 billion), transportation ($70 billion), and veterans ($183 billion) combined.

The nonpartisan Committee for a Responsible Federal Budget (CRFB) predicts that, by 2051, spending on interest will be the largest line item in the budget. Currently, only Social Security spending ($837 billion) is greater than what’s being forked over to service the nation’s growing debt.

“Rising debt will continue to put upward pressure on interest rates. Without reforms to reduce the debt and interest, interest costs will keep rising, crowd out spending on other priorities, and burden future generations,” CRFB said in a statement.

It comes as a number of economists, business leaders, and lawmakers have issued warnings about out-of-control deficit spending that adds to the debt load.

House Speaker Mike Johnson (R-La.) said in October—the first month of the 2024 fiscal year—that it was already well past time to establish a bipartisan commission to tackle the federal government’s $34.6 trillion debt.

“The consequences if we don’t act now are unbearable,” he said at the time. Despite his calls for such a commission, the project remains stuck in limbo.

Many Democrats and left-leaning groups oppose the commission because they fear it would recommend cuts to Social Security, while some Republicans have expressed reluctance out of concern it would be a backdoor way to raise taxes.

No Longer a Pandemic

In his remarks to Bloomberg Television on Monday, Mr. Solomon said that some of the U.S. government’s massive debt-fueled spending in recent years may have been justified to prevent the economy from crashing during the COVID-19 lockdowns. However, he decried the fact that even though the pandemic is no longer a factor, the spending spree continues.

“The spending levels … are continuing at a pace that I think is raising our debt level and creating issues for us down the road,” he warned.

President Joe Biden in March unveiled a sweeping $7.3 trillion budget blueprint, which includes raising the corporate income tax rate to 28 percent from 21 percent, and forcing those with wealth of $100 million to pay at least 25 percent of their income in taxes.

The blueprint was panned by Mr. Johnson, who said it reflected an “insatiable appetite for reckless spending.”

Deficit spending in the United States hit $1.7 trillion in 2023, or 6.3 percent of gross domestic product (GDP), according to a recent report from the Congressional Budget Office (CBO). The agency estimated that deficit spending would grow to 8.5 percent of GDP by 2054.

At the same time, CBO projected that America’s debt-to-GDP ratio, which in the 1980s was around 35 percent of GDP, will grow to 166 percent by 2054, while warning that this would pose “significant risks” to America’s fiscal and economic outlook.

Mr. Solomon said that America’s deficit spending is an issue that “deserves a lot of attention.”

“Hopefully, there will be a lot more discussion as we move through the election and into the next administration,” he said, adding that, “we need to deal with the debt and the deficits.”

‘Dollar Will Be Worth Nothing’

Tesla CEO Elon Musk recently sounded the alarm on massive government spending, warning that unless steps are taken to slow down the growth of the U.S. national debt, the dollar will become worthless.

“We need to do something about our national debt or the dollar will be worth nothing,” Mr. Musk said in a post on X.

The billionaire tech mogul was reacting to a post about Gen. H.R. McMaster’s warning that the world is on the cusp of World War III while calling for a doubling in defense spending to prepare for potential threats.

Mr. Musk has repeatedly advocated for a negotiated end to the conflict in Ukraine to put a halt to the loss of life.

Like Mr. Musk, billionaire investor Warren Buffett has also warned about the “important” consequences of deficit spending. However, the Berkshire Hathaway founder predicted that, when push comes to shove, the government would opt to raise taxes rather than reduce spending.

“I think higher taxes are likely,” Mr. Buffett said on May 4 at Berkshire Hathaway’s annual shareholder meeting in Omaha.

“They may decide that some day, they don’t want the fiscal deficit to be this large because that has some important consequences. So they may not want to decrease spending and they may decide they’ll take a larger percentage of what we own, and we’ll pay it,” he said.

Warren Buffett (C), CEO of Berkshire Hathaway, speaks to the press as he arrives at the 2019 annual shareholders meeting in Omaha, Nebraska, May 4, 2019. (Johannes Eisele/AFP via Getty Images)

Analysts at the University of Pennsylvania estimate that when the debt-to-GDP ratio hits around 200 percent, it will hit the point of no return—when no amount of future tax increases or spending cuts could prevent the government from defaulting on its debt.

JPMorgan CEO Jamie Dimon has predicted that America’s debt-to-GDP ratio would “hockey stick” upward at some point, meaning rise sharply and become unsustainable after a period of relatively gradual increase.

“It is a cliff. We see the cliff. It’s about 10 years out. We’re going 60 miles an hour,” Mr. Dimon said, speaking on a panel at the Bipartisan Policy Center in Washington at the end of January 2024.

The International Monetary Fund (IMF) has also sounded the alarm on the Biden administration’s fiscal stance, warning that its massive deficit spending and ballooning public debt threaten to stoke inflation and—potentially—even spark financial chaos.

OpenAI, maker of ChatGPT, has recently disclosed plans that could revolutionize its technology’s applications, signaling a potential shift in its traditionally stringent content policies. According to draft documentation released last week, the company is exploring how to 'responsibly' introduce not-safe-for-work (NSFW) content through its platforms. The new policy is highlighted in a commentary note within the extensive Model Spec document, sparking a complex discussion about the future of AI in generating sensitive content, Wired reports.

Unstable Diffusion is a NSFW AI image generator with minimal content restrictions. Unstable Diffusion

"We’re exploring whether we can responsibly provide the ability to generate NSFW content in age-appropriate contexts through the API and ChatGPT," the note reads. "We look forward to better understanding user and societal expectations of model behavior in this area."

Current usage policies prohibit the generation of sexually explicit or even suggestive materials. However, the document suggests a nuanced consideration: the possibility of allowing NSFW content in age-appropriate contexts. This potential pivot is not about promoting explicit content indiscriminately but rather understanding societal and user expectations to guide model behavior responsibly.

OpenAI is considering how its technology could responsibly generate a range of different content that might be considered NSFW, including slurs and erotica. But the company is particular about how sexually explicit material is described.

In a statement to WIRED, company spokesperson Niko Felix said "we do not have any intention for our models to generate AI porn." However, NPR reported that OpenAI's Joanne Jang, who helped write the Model Spec, conceded that users would ultimately make up their own minds if its technology produced adult content, saying "Depends on your definition of porn." -Wired

The concern extends beyond the direct implications of NSFW content. Danielle Keats Citron, a law professor at the University of Virginia, has emphasized the broader societal repercussions, noting that intimate privacy violations can severely impact targeted individuals’ lives, restricting their opportunities and personal safety.

Of course, there are already a lot of NSFW AI content generators using things like Stable Diffusion, many of which border on (or worse) virtual child exploitation that we're sure this guy would defend.

"Intimate privacy violations, including deepfake sex videos and other nonconsensual synthesized intimate images, are rampant and deeply damaging," she said. "We now have clear empirical support showing that such abuse costs targeted individuals crucial opportunities, including to work, speak, and be physically safe." According to Citron, OpenAI's potential embrace of NSFW content is "alarming."

OpenAI’s announcement addresses an ongoing debate about the balance between technological innovation and ethical responsibility - particularly when it comes to setting precedents for how AI technologies might handle sensitive content in the future. The engagement with various stakeholders, as OpenAI spokesperson Grace McGuire told the outlet, noting that the Model Spec was an attempt to "bring more transparency about the development process and get a cross section of perspectives and feedback from the public, policymakers, and other stakeholders."

Earlier this year, OpenAI’s chief technology officer, Mira Murati, told The Wall Street Journal that she was “not sure” if the company would in future allow depictions of nudity to be made with the company’s video generation tool Sora.

AI-generated pornography has quickly become one of the biggest and most troubling applications of the type of generative AI technology OpenAI has pioneered. So-called deepfake porn—explicit images or videos made with AI tools that depict real people without their consent—has become a common tool of harassment against women and girls. In March, WIRED reported on what appear to be the first US minors arrested for distributing AI-generated nudes without consent, after Florida police charged two teenage boys for making images depicting fellow middle school students. -Wired

While OpenAI's usage policies prohibit impersonation without permission, the decisions made by OpenAI could have far-reaching effects. Of course, they also realize that if they don't compete in this space, someone else's AI will simply dominate, leaving OpenAI as the gimp.

Authored by Ben Weingarten via RealClearPolitics,

The House Oversight Committee is probing a controversial Biden administration executive order tasking the federal government with mobilizing voting groups it says are underrepresented.

In a letter obtained by RealClearPolitics, Chairman James Comer (R-Ky.) has requested that Office of Management and Budget Director Shalanda Young produce a slew of documents and information concerning the development and implementation of Biden’s sweeping “Executive Order on Promoting Accessing to Voting” no later than May 28, and a staff-level briefing by May 20.

The demand by the chairman of the House Oversight Committee signals an escalation in Republican lawmakers’ efforts to combat an effort they say may be unlawful, if not unconstitutional.

The administration characterizes its efforts as a remedy to “discriminatory policies and other obstacles … disproportionally affect[ing]” black, non-English-speaking, handicapped, and other minority voters. EO 14019 calls on all federal agencies to develop and execute corrective plans to “promote voter registration and voter participation.”

It instructs officials government-wide to consider “soliciting and facilitating approved, nonpartisan third-party organizations … to provide voter registration services on agency premises.”

Seeing the order as potentially enabling “the executive branch to circumvent the legislative process,” Comer is asking Young to clarify the “constitutional or statutory authority the President relied on,” as well as all “White House and OMB documents and communications” pertaining to the drafting of it.

In past oversight letters, including ones delivered in June 2022 by then-ranking Republicans on various committees, including Comer, members have also raised concerns that officials could violate the Hatch Act prohibiting their engagement in political activities in carrying out the order.

Senate Republicans have also questioned whether the act violates the Antideficiency Act, which precludes federal agencies from using funds “for a purpose that Congress did not explicitly authorize” – namely “voter mobilization.”

“Overreach by the federal government often leads to confusion and inconsistencies,” Comer also stated. He cites a recent letter from Mississippi Secretary of State Michael Watson to Attorney General Merrick Garland to illustrate this issue.

The order mandates that relevant agencies seek to ensure “access to voter registration for eligible individuals in federal custody.”

To satisfy that charge, the Magnolia State official notes that the U.S. Marshals Service is modifying contracts and/or intergovernmental agreements with jails “to provide voter registration materials and facilitate voting by mail,” and likewise that the Justice Department is working to “facilitate voter registration and mail voting for individuals in the custody of the Bureau of Prisons.”

He says these efforts create “numerous opportunities for ineligible prisoners to be registered to vote in Mississippi.” Illegal aliens, Secretary Watson warns, may be among those receiving information on how to register to vote.

The Biden administration issued EO 14019 in March 2021. Despite a raft of oversight requests from House Republicans of agencies within their respective committee jurisdictions, those agencies have largely withheld the strategic plans they were tasked with crafting and implementing, and information regarding the putatively non-partisan groups with which they have coordinated.

The White House has rebuffed RealClearInvestigations in its efforts to solicit details about an order that Republicans characterize as little more than a taxpayer-funded Democrat get-out-the-vote effort.

As RCI has previously reported, the Biden administration has sought to drive voter registration through agencies as diverse as the Departments of Labor, Housing and Urban Development via job training centers, public housing authorities, and child nutrition programs. U.S. Citizenship and Immigration Services has issued guidance calling for the agency to register voters at naturalization ceremonies.

The Department of Education has blessed the use of “federal work-study funds to pay students for “supporting broad-based get-out-the-vote activities, voter registration,” and other activities.

In January, over two dozen Pennsylvania legislators filed a federal lawsuit challenging the executive order. The Foundation for Government Accountability (FGA) – which has litigated with the Biden administration to pry loose documents concerning the order – submitted an amicus brief supportive of the suit, asserting that the agencies’ efforts have one thing in common: “They provide government welfare benefits and other services to groups of voters the vast majority of which have historically voted Democrat.”

Republicans’ concerns over the order extend to the involvement of the third-party groups with which agencies were to consider coordinating. The order itself was built on a blueprint from progressive think-tank Democrats. In a since-deleted but still archived analysis, the outfit estimates that if fully implemented, the order could generate 3.5 million new or updated voter registrations annually – a significant figure given that recent presidential elections have been determined by thousands of votes across a few states.

Dems as well as the American Civil Liberties Union have reportedly worked to implement the directive. Documents obtained by the Heritage Foundation’s Oversight Project and released earlier this month show that at a July 2021 listening session convened by the Biden administration, left-leaning activist groups encouraged some of the practices federal agencies would ultimately implement to carry out the directive, for example in targeting prospective voters in prisons and at naturalization ceremonies.

“Every participant whose party affiliation or political donation history could be identified by the Oversight Project was identified as a Democrat except for one Green Party member,” the report noted.

While the participants suggested efforts to target constituencies including criminals, immigrants, low-income families including those in public housing, and Native Americans, the Oversight Project observed that “There is no corresponding evidence of efforts [to] increase voter access and education in likely Republican constituencies.”

As RCI has also recently reported, Democrats have made purportedly non-partisan voter registration targeting groups that vote disproportionately Democrat a linchpin of their plans to prevail in recent election cycles.

“If the Biden Administration wants to use taxpayer-funded buildings to allow ‘nonpartisan third-party organizations’ to engage in voter registration,” Comer writes, “then the American people deserve to know who these organizations are.”

The Oversight Committee’s pursuit of information regarding the order comes in the wake of the House Small Business Committee’s recent escalation of its own probe of the order.

It recently subpoenaed two members of the Small Business Administration who refused to sit for transcribed interviews regarding an unprecedented partnership the agency inked with the Michigan Department of State. Under the relevant memorandum of understanding, among other things, state officials may conduct in-person voter registration at administration small business outreach events.

Fox News reported that the Small Business Committee found that nearly all – “22 out of 25 such outreach events have taken place in counties with the highest population of Democratic National Committee target demographics.”

In March, a federal judge dismissed the Pennsylvania legislators’ case challenging the executive order on grounds of standing.

In late April, the legislators took their case to the Supreme Court, filing a petition for writ of certiorari and motioning for expedited consideration of their request in hopes the nation’s highest court will rule favorably on the matter of standing prior to the 2024 election.

Ben Weingarten is a fellow of the Claremont Institute, senior contributor at The Federalist, and 2019 recipient of The Fund for American Studies' Robert Novak Journalism Fellowship, under which he is currently working on a book on U.S.-China policy.

Authored by Victor Davis Hanson,

Joe Biden’s personal approval rating is at historic lows; almost all his policies do not poll fifty percent. He is behind Trump in almost all the swing states. And now he lies serially even to sympathetic interviewers. In short, finally Biden has been exposed for what he always was and represented.

Senator and Vice President Joe Biden was always sort of a buffoon. He is by nature a grandstander who handsomely profited from his office while posing as good ole Joe from Scranton.

He is a blowhard meddler, one who proverbially has been “wrong on nearly every major foreign policy and national security issue over the past four decades (Robert Gates),” from dissenting on the Bin Laden raid to his trisection of Iraq scheme.

He is a fabulist who believes that the more animated he misleads and slurs (“semi-fascists” “fat”, “lying dog-faced pony soldier”, “chumps”, “dregs of society”, etc), the more likely he is to get away with it. He is a confessed plagiarist. And he has also invented much of his biography, from would be star, college-scholarship athlete and brilliant law student to semi-truck driver and jailed civil rights activist. His uncle, we are instructed, was eaten by cannibals. Joe assures us that he was the first in his family to go to college.

And he is a racist with a repertory of racial taunts and smears unrivaled among modern politicians (“junkie”, “boy”, “you ain’t black”, “the first mainstream African-American who is articulate and bright and clean and a nice-looking guy”, “put y’all back in chains”, the Corn Pop and golden-leg hairs sagas, the “racial jungle” memes, the strange brag about Delaware as a “slave state” (e.g., "You don't know my state. My state was a slave state. My state is a border state.”), and his encomia for the old Democratic racists of the Senate from former Klansman Robert Byrd (Biden’s self-described “mentor” and “guide”) to segregationist James Eastland (“never called me boy”).

Biden has always had a mean streak that explains why for years he lied about the tragic, fatal auto accident of his first wife and child, using it to libel the truck driver, who was neither drunk nor culpable but smeared publicly for years by Biden as intoxicated and guilty. For years he ignored the pleas of the trucker’s family to please stop libeling an innocent driver.

Biden just told his greatest whopper that inflation was at 9 percent (actually 1.4 percent) when he took office and yet soon spiked to 9 percent due to his reckless deficit spending and money printing spree.

But recently Biden has reached a nadir and even the Left is resigned to him as a mere construct. After bragging after October 7 that his support for Israel was rock-solid he is now cutting off military aid as it attempts finally to end the Hamas murderous threat—a reversion to old Joe Biden who in his long past has previously threatened to cut off Israel while boasting later that anyone who did so was reprehensible. (Leveraging congressional mandated aid for political advantage is precisely the (false) allegation of politicking that the Democrats demagogued to impeach Trump—to the then cheers of Biden himself).

But his sell out of Israel is but a small tessera in his election pandering mosaic. He will again begin drawing down the strategic petroleum reserve to lower gas prices during the campaign. He has badgered Ukraine not to hit Russian oil facilities. He has illegally forgiven billions in student loan aid to regain the elite youth vote. And as the campaign season begins, so too Biden suddenly poses as a border enforcer—after letting in nearly 10-million illegal aliens.

Biden has always put the agendas of his own and his family above the national interest. We witnessed that when he bragged that he fired the Ukrainian prosecutor looking into his son’s Burisma skullduggery. The Biden consortium is corrupt and was enriched with over $25 million through foreign interests’ assurance that Senator and Vice President Joe Biden would deliver on their quid pro quo investments in him.

Any other major politician who habitually invaded the private space of women and preteens to blow on their hair, gobble their necks, squeeze and hug far too long, and be accused of sexual assault would have long since been cancelled by the left.

Add the old disturbing narrative of a naked Vice President Joe Biden exiting his pool in front of female secret service agents, the showering with his pre-teen daughter, the Frank Biden and Hunter naked selfies, and there seems something eerie among the Biden family.

Despite fierce denials, the entire lawfare scheme directed at Trump originated with the White House. Biden was always said to have been exasperated with Merrick Garland for not hastily enough going after Trump.

The misadventurous Georgia prosecutor Nathan Wade met with and was tutored by the White House counsel’s office. One of the top Biden DOJ prosecutors was dispatched to rescue the bungling Alvin Bragg farce.

Jack Smith, appointed by the Biden DOJ to go after Biden’s 2024 presidential rival, timed his indictments to coincide with the campaign season, even as Smith’s office mishandled classified files taken at Mar-a-Lago to bolster its prosecution—and then lied about it.

Hard-won American deterrence was destroyed by the humiliation in Afghanistan and the lies surrounding the disaster, the Chinese balloon flight and the misinformation about it, the wars in Ukraine, Gaza, and on the Red Sea, and the accompanying disinformation from the White House.

Such recklessness abroad is the bookend to the home front where massive borrowing, the destruction of the border, crippling inflation, spiraling crime, and the epidemic of “progressive” anti-Semitism on campuses have made American almost unrecognizable.

Again, at the heart of this Biden catastrophe is the Faustian bargain of 2020 when unelectable leftist candidates dropped out in unison to use a fumbling Biden as their more presentable veneer. So he was foisted upon the nation to serve as “moderate” cover to advance a radical, veritable Obama third-term. In that sense, his duties were ceremonial—as the hard-left channeled through him the most radical agenda in U.S. history, and found his debility and dementia advantageous—the country be damned.

If Biden makes it to and through the convention, he and his record remain indefensible. And so expect his campaign largely to be waged through lawfare against Trump, and massive infusions of leftist cash to ensure record mail-in and early voting. In the campaign Biden will become an afterthought, a ghost, vapor, as his party seeks to construct the entire election one of leftwing, blue-city prosecutors, judges, and juries versus serial defendant Trump.

But will Nemesis first catch up to Biden’s long record of hubris and dishonesty?

Hot PPI initially spooked markets (yields and dollar up, stocks down) but that faded fast (on lower revisions) - but the stag-flation trend continues this week...

Source: Bloomberg

Powell did briefly spook stocks around 1030ET with the following comment:

"it's a possibility - but I dont think it will be the case - that the next action we take will be a rate hike... most likely we will stay the course...."

Between that comment (basically jawboning away any rate hikes) and the CPI-related components within PPI actually looking positive (well actually not positive and thus implying CPI may come softer), we actually saw rate-cut expectations rise today. 2024 now pricing in almost two cuts and 2025 now pricing in just over three cuts...

Source: Bloomberg

Goldman's John Flood noted that trading volumes finally tracking higher +31% vs the 20dma, with ETF’s capturing 25% of the overall tape.

Floor skews +106bps better to buy with HFs +100bps better to buy (squeezes in consumer discretionary + ETF buying driving this) while LOs -300bps better for sale (selling tech + industrials), but overall flows here feel muted.

Another big day for the 'meme stocks'...

Source: Bloomberg

...with AMC and SunPower (among others) joining GameStop

Source: Bloomberg

All of which means that 'indicative' hedge funds were clubbed like a baby seal for the second straight day - down a stunning 15% at the lows of the day...

And that meant several crowded longs (ABDE, V, SHOP) were hit as the squeeze in shorts forced de-grossing overall...

Source: Bloomberg

Small Caps were the winners today (and Dow was the laggard) but all the majors ended higher on the day. The Nasdaq closed at a record high...

The basket of MAG7 stocks broke out to new record highs today...

Source: Bloomberg

Treasury yields kneejerked higher on the PPI print then swiftly reversed to all end lower on the day by 3-4bps...

Source: Bloomberg

The dollar drifted back to the week's lows - after a brief spike higher on PPI...

Source: Bloomberg

The dollar's loss was gold's gain...

Source: Bloomberg

Bitcoin erased yesterday's gains which erased Friday's losses...

Source: Bloomberg

The roller-coaster in crude prices continues - today was back down again, with WTI finding support at $78...

Source: Bloomberg

Copper closed at a record high today...

Source: Bloomberg

Finally, spot the odd one out - Nasdaq at record highs while US macro data at its weakest in two years...

Source: Bloomberg

Financial Conditions are as easy as they've been in years...and Fed Funds are at 23 year highs...

Source: Bloomberg

...will you be the greater fool?