Tuesday, March 22, 2022

Pale Blue Dot or World War 3? Mike Maloney

from GoldSilver (w/ Mike Maloney): TRUTH LIVES on at https://sgtreport.tv/
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No Survivors Found At Chinese Plane Crash Site As Hunt For Black Box Continues

No Survivors Found At Chinese Plane Crash Site As Hunt For Black Box Continues After combing through the wreckage of China Eastern Airlines Flight MU5735, Chinese authorities said early Tuesday that they hadn't found any survivors from the devastating crash, which marked the end of a 12-year streak without any passenger airline crashes in China. Authorities also haven't been able to locate the black box from the downed Boeing 737, which could lead to serious obstacles with the investigation. The plane crashed in the mountains of Guangxi Province in Southern China on Monday with 132 people on board (123 passengers and nine crew). Footage of the crash that circulated on social media showed the plane nosediving out of the sky in a manner that aviation experts said was "highly unusual"...even within the context of deadly aviation accidents. But rescue workers did recover some items from the wreckage, including ID cards and a wallet, among other items that may have belonged to the passengers, according to footage from state broadcaster China Central Television. Scraps and broken components from the plane were scattered on dirt paths and amid fallen branches, as shown by a video by the Chinese Communist Party’s flagship publication People’s Daily. Wreckage from the crash was strewn across a mountainous, heavily forested region, making finding the "black box" exceedingly difficult. Investigators are also hoping to find a copy of the cockpit recorder, which they hope will also provide some clues. The crash ignited a fire big enough to be seen by satellite imagining, and authorities are using drones and other high-tech solutions to continue hunting for the black box (and for any potential survivors, although based on the nature of the accident, experts expect that all of the passengers and crew were likely lost). To try and clear a path to the debris, China employed excavators, which were shown moving dirt and debris to try and make the wreckage more accessible. Footage of the effort was shown on Chinese TV. Video of the crash showed the plane nosedive at an angle of about 35 degrees, which is extremely steep. Assuming all 132 on board have died, Monday's accident ranks as the deadliest for Chinese aviation in nearly three decades. The Boeing 737-800 was traveling from the southwestern city of Kunming to the southern metropolis of Guangzhou was at cruising altitude on Monday before nosediving at 1420 local time, according to flight-tracking data. Rescue efforts are being overseen by China’s Vice Premier Liu He and an official from Beijing's cabinet. They're leading a team at Wuzhou, a city in Guangxi near the crash site. Chinese President Xi Jinping, who ordered the search-and-rescue mission, has said he was "shocked" by the accident. Meanwhile, details about the people who were lost in the crash have started to emerge. Dinglong Culture Company, a Shenzhen-listed firm based in Guangzhou whose businesses include titanium-ore mining and entertainment, said that its chief financial officer, a woman named Fang Fang, was on the flight, according to WSJ. Zhongxinghua Certified Public Accountants, a Beijing-based accounting firm, said two people working for the firm in its Guangdong branch were on board the plane. They expressed their condolences. The Civil Aviation Administration of China is leading its own investigation into Monday’s crash, while the American National Transportation Safety Board has appointed a senior air-safety investigator to act as a US representative. Representatives from Boeing, engine maker CFM International and the FAA will also act as technical advisers during the course of the investigation (which is typical when a Boeing plane crashes outside the US). A checkpoint was set up by authorities not far from the crash site, and no journalists were allowed to pass. Chinese authorities said they will hold a briefing on the crash Tuesday evening, but it's unclear what they might say (other than to perhaps confirm that everybody on board the doomed flight perished). Tyler Durden Tue, 03/22/2022 - 07:12
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Peter Boockvar: Recession Near As Fed Hikes Rates While Economy Slows

Peter Boockvar: Recession Near As Fed Hikes Rates While Economy Slows As the Russian invasion into Ukraine continues into its 3rd week, despite the world’s hopes for resolution, uncertainty continues to grow. * What will the geopolitical situation look like after a cease-fire is declared? (IF one is declared) * How badly will the trade disruptions with Russia worsen inflation, given Russia’s role as a top exporter for many key commodities? * Are we weakening the US dollar’s role as the global reserve currency by giving other nations cause to accelerate their efforts to de-dollarize?   Meanwhile, the cost of capital is increasing as interest rates are on the rise — right as we anticipate the Federal Reserve will kick off a new era of Quantitative Tightening at its meeting this week. Are a further correction in the markets and possibly a recession now more likely as a result? Money manager Peter Boockvar concludes “yes”. He expects a recession within the next 6 months, and shares with us his top recommendations for where capital should go now, in advance See more here at Adam Taggart’s Wealthion... Tyler Durden Tue, 03/22/2022 - 05:45
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Monday, March 21, 2022

From the Silver Screen to a Gold Mine?

by Michael Maharrey, Schiff Gold: AMC Theaters bought a gold mine last week. A literal gold mine. The movie theater company invested $27.9 million to purchase 22% of Hycroft Mining Holding Corporation and its 71,000-acre Hycroft Mine in northern Nevada. The mine has an estimated 15 million ounces of gold deposits and some 600 million […]
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The Takeover Of America's Legal System

The Takeover Of America's Legal System Authored by Aaron Sibarium via Common Sense with Bari Weiss, If you are a Common Sense reader, you are by now highly aware of the phenomenon of institutional capture. From the start, we have covered the ongoing saga of how America’s most important institutions have been transformed by an illiberal ideology—and have come to betray their own missions. Medicine. Hollywood. Education. The reason we exist is because of the takeover of newspapers like The New York Times. Ok, so we’ve lost a lot. A whole lot. But at least we haven’t lost the law. That’s how we comforted ourselves. The law would be the bulwark against this nonsense. The rest we could work on building anew. But what if the country’s legal system was changing just like everything else? Today, Aaron Sibarium, a reporter who has consistently been ahead of the pack on this beat, offers a groundbreaking piece on how the legal system in America, as one prominent liberal scholar put it, is at risk of becoming “a totalitarian nightmare.” This is a long feature on a subject we think deserves your time. Save it, share it, or print it to read in a quiet moment And please support stories like this one by subscribing today. (Tom Williams/CQ Roll Call) In 2017, the super lawyer David Boies was at a corporate retreat at the Ritz-Carlton in Key Biscayne, Florida, hosted by his law firm, Boies, Schiller and Flexner. Boies was a liberal legend: He had represented Al Gore in Bush v. Gore, and, in 2013, successfully defended gay marriage in California, in Hollingsworth v. Perry, paving the way for the landmark Supreme Court ruling two years later.   On the last day of the retreat, Boies gave a talk in the hotel ballroom to 100 or so attorneys, according to a lawyer who was present at the event. Afterwards, Boies’s colleagues were invited to ask questions. Most of the questions were yawners. Then, an associate in her late twenties stood up. She said there were lawyers at the firm who were “uncomfortable” with Boies representing disgraced movie maker Harvey Weinstein, and she wanted to know whether Boies would pay them severance so they could quit and focus on applying for jobs at other firms. Boies, who declined to comment for this article, said no. That lawyers could be tainted by representing unpopular clients was hardly news. But in times past, lawyers worried about the public—not other lawyers. Defending communists, terrorists, and cop killers had never been a crowd pleaser, but that’s what lawyers had to do sometimes: Defend people who were hated.  When congressional Republicans attacked attorneys for representing Guantanamo detainees, for example, the entire profession rallied around them. The American Civil Liberties Union noted that John Adams took pride in representing British soldiers accused of taking part in the Boston Massacre, calling it “one of the best pieces of service I ever rendered to my country.” But that’s not how the new associates saw Boies’s choice to represent Weinstein. They thought there were certain people you just did not represent—people so hateful and reprehensible that helping them made you complicit. The partners, the old-timers—pretty much everyone over 50—found this unbelievable. That wasn’t the law as they had known it. That wasn’t America. “The idea that guilty people shouldn’t get lawyers attacks the legal system at its root,” Andrew Koppelman, a prominent liberal scholar of constitutional law at Northwestern University, said. “People will ask: ‘How can you represent someone who’s guilty?’ The answer is that a society where accused people don’t get a defense as a matter of course is a society you don’t want to live in. It’s a totalitarian nightmare.” --- ‘Operating in a Panopticon’ The adversarial legal system—in which both sides of a dispute are represented vigorously by attorneys with a vested interest in winning—is at the heart of the American constitutional order. Since time immemorial, law schools have tried to prepare their students to take part in that system. Not so much anymore. Now, the politicization and tribalism of campus life have crowded out old-fashioned expectations about justice and neutrality. The imperatives of race, gender and identity are more important to more and more law students than due process, the presumption of innocence, and all the norms and values at the foundation of what we think of as the rule of law. Critics of those values are nothing new, of course, and certainly they are not new at elite law schools. Critical race theory, as it came to be called in the 1980s, began as a critique of neutral principles of justice. The argument went like this: Since the United States was systemically racist—since racism was baked into the country’s political, legal, economic and cultural institutions—neutrality, the conviction that the system should not seek to benefit any one group, camouflaged and even compounded that racism. The only way to undo it was to abandon all pretense of neutrality and to be unneutral. It was to tip the scales in favor of those who never had a fair shake to start with. But critical race theory, until quite recently, only had so much purchase in legal academia. The ideas of its founders—figures like Derrick Bell, Alan David Freeman, and KimberlĂ© Crenshaw—tended to have less influence on the law than on college students, who by 2015 seemed significantly less liberal (“small L”) than they used to be. There was the Yale Halloween costume kerfuffle. The University of Missouri president being forced out. Students at Evergreen State patrolling campus with baseball bats, eyes peeled for thought criminals. At first, the conventional wisdom held that this was “just a few college kids”—a few spoiled snowflakes—who would “grow out of it” when they reached the real world and became serious people. That did not happen. Instead, the undergraduates clung to their ideas about justice and injustice. They became medical students and law students. Then 2020 happened.  All of sudden, critical race theory was more than mainstream in America’s law schools. It was mandatory.  Starting this Fall, Georgetown Law School will require all students to take a class “on the importance of questioning the law’s neutrality” and assessing its “differential effects on subordinated groups,” according to university documents obtained by Common Sense. UC Irvine School of Law, University of Southern California Gould School of Law, Yeshiva University’s Cardozo School of Law, and Boston College Law School have implemented similar requirements. Other law schools are considering them.  As of last month, the American Bar Association is requiring all accredited law schools to “provide education to law students on bias, cross-cultural competency, and racism,” both at the start of law school and “at least once again before graduation.” That’s in addition to a mandatory legal ethics class, which must now instruct students that they have a duty as lawyers to “eliminate racism.” (The American Bar Association, which accredits almost every law school in the United States, voted 348 to 17 to adopt the new standard.) Trial verdicts that do not jibe with the new politics are seen as signs of an inextricable hate—and an illegitimate legal order. At the Santa Clara University School of Law, administrators emailed students that the acquittal of Kyle Rittenhouse—the 17-year-old who killed two men and wounded another during a riot, in Kenosha, Wisconsin—was “further evidence of the persistent racial injustice and systemic racism within our criminal justice system.” At UC Irvine, the university’s chief diversity officer emailed students that the acquittal “conveys a chilling message: Neither Black lives nor those of their allies’ matter.” (He later apologized for having “appeared to call into question a lawful trial verdict.”)  Professors say it is harder to lecture about cases in which accused rapists are acquitted, or a police officer is found not guilty of abusing his authority. One criminal law professor at a top law school told me he’s even stopped teaching theories of punishment because of how negatively students react to retributivism—the view that punishment is justified because criminals deserve to suffer. “I got into this job because I liked to play devil’s advocate,” said the tenured professor, who identifies as a liberal. “I can’t do that anymore. I have a family.” Other law professors—several of whom asked me not to identify their institution, their area of expertise, or even their state of residence—were similarly terrified. Nadine Strossen, the first woman to head the American Civil Liberties Union and a professor at New York Law School, told me: “I massively self-censor. I assume that every single thing that is said, every facial gesture, is going to be recorded and potentially disseminated to the entire world. I feel as if I am operating in a panopticon.”  This has all come as a shock to many law professors, who had long assumed that law schools wouldn’t cave to the new orthodoxy. At a Heterodox Academy panel discussion in December 2020, Harvard Law School Professor Randall Kennedy said that, until recently, he’d thought that fears of law schools becoming illiberal—shutting down unpopular views or voices—had been overblown. “I’ve changed my mind,” said Kennedy, who, in 2013, published a book called “For Discrimination: Race, Affirmative Action, and the Law.” “I think that there really is a big problem.” The problem has come not just from students, but from administrators, who often foment the forces they capitulate to. Administrators now outnumber faculty at some universities—Yale employs 5,066 administrators and just 4,937 professors—and law schools haven’t been spared the bloat. Several law professors bemoaned the proliferation of diversity, equity, and inclusion offices, which, they said, tend to validate student grievances and encourage censorship.  The distinction between DEI and the rest of the administration is often wafer thin. At Yale Law School, the Office of Student Affairs told students in an email last week that they could “swing by” the office to grab a “Critical Race Theory T-Shirt!” The T-shirt repeated the phrase “reparations & prison abolition” five times, Bart Simpson-style, before delivering the kicker: “critical race theory & yale law school.” Law school deans have further entrenched this culture. In 2020, 176 of them petitioned the American Bar Association to require “education around bias, cultural competence, and anti-racism” at all accredited law schools, which led to the new ABA standards this February.  As the new ideology has been institutionalized, the costs of disobeying it have grown steeper, both for faculty and for students. ​​ At the University of Illinois Chicago, for example, a law professor’s classes were cancelled and his career threatened for including a bleeped out “‘n____’” on an exam in a hypothetical scenario about employment discrimination. (He had used the same scenario for years without incident.) A Harvard Law professor told me that students face “social death” if they buck the consensus. Students at other law schools—including Yale, NYU, Boston College, Georgetown, and Northwestern—told me much the same thing. “You want to have friends, so you don’t want to say anything controversial,” one Georgetown Law student explained.  At Boston College Law School this semester, a constitutional law professor asked students: “Who does not think we should scrap the constitution?” According to a student in the class, not a single person raised their hand. Those students and organizations who do dissent often encounter a tsunami of hate. When members of Northwestern University Pritzker School of Law’s Federalist Society chapter invited the conservative writer Josh Hammer to campus in October 2021, the law school’s all-student listserv lit up with invective.  “I’d be completely unsurprised (and in fact, willing to bet) that Joshie Hammer fucks (or at least tries to fuck—he probably was rejected repeatedly) we the trannies in his free time,” one student emailed. “Or—more likely—he just wants (and needs) to get just fucked in the ass . . . Maybe our lovely, idiotic FedSoc board is experiencing a similar dilemma within their own psychosexual selves.” That was nothing compared to what happened at Yale Law School earlier this month, when the school’s chapter of the Federalist Society hosted a bipartisan panel on civil liberties. More than 100 law students disrupted the event, intimidating attendees and attempting to drown out the speakers. When the professor moderating the panel, Kate Stith, told the protesters to “grow up,” they hurled abuse at her and insisted their disturbance was “free speech.” The fracas caused so much chaos that the police were called. After it ended, the protesters pressured their peers to sign an open letter endorsing their actions and condemning the Federalist Society, which they claimed had “​​profoundly undermined our community's values of equity and inclusivity.” “I’m sure you realize that not signing the letter is not a neutral stance,” one student told her class group chat. She was upset that the panel had included Kristen Waggoner of the Alliance Defending Freedom, a conservative legal nonprofit that’s won a slew of religious liberty cases at the Supreme Court. As similar messages clogged listservs and Discord forums, nearly two-thirds of Yale Law’s student body wound up signing the letter. Stith, the professor who was lambasted for telling students to “grow up,” doesn’t see the pile-on as an isolated incident.  “Law schools are in crisis,” she told me. “The truth doesn’t matter much. The game is to signal one’s virtue.” --- The Associates Want to ‘Burn the Place Down’ We don’t need to speculate about how temper tantrums in New Haven will reshape American institutions. The ideas underlying these outbursts have already spread to boardrooms and government agencies.  Last year, NASDAQ demanded that companies listing shares on its exchanges meet racial and gender quotas. Uber and Postmates waived delivery fees from black-owned restaurants. Montana and Vermont gave non-white residents priority access to Covid-19 vaccines.  Some high-profile initiatives have been blocked—for example, the Biden administration’s attempt to prioritize minority-owned restaurants while doling out pandemic relief. But the legal guardrails that once ensured against this sort of tipping of the scales are coming undone. That was the lesson of Rebecca Slaughter, one of the five commissioners who run the Federal Trade Commission. In a Twitter thread in September 2020, Slaughter declared: “#Antitrust can and should be #antiracist.” Then she added: “There’s precedent for using antitrust to combat racism. E.g., South Africa considers #racialequity in #antitrust analysis to reduce high economic concentration & balance racially skewed business ownership.” Here was a prominent government official—educated at Yale Law School, formerly senior counsel for Senator Chuck Schumer—proposing that a federal agency jettison its mandate (protecting consumers, ensuring competition) in the service of a political goal (narrowing the racial wealth gap) that no one had debated or voted on.  In practice, several attorneys said, that meant a company with a majority-white board could be penalized for something that a company with a majority-black board might not be. The government might even block a merger if the resulting conglomerate would be insufficiently diverse—something that has actually happened in South Africa, the country Slaughter held up as a model. Jobs, plants, investments, market share: all of it was on the line. “That’s hugely corrosive,” said a corporate lawyer in Virginia, who, like most attorneys contacted for this article, would not go on the record for fear of losing his job. “You see it in all of the worst things we see in Donald Trump. ‘The law means what I say it means. The election was stolen because I lost.’ Once you depart from the idea that we’re all people under the law, it really matters who is in power. That starts to feel like the rule of man, not the rule of law.”  Two weeks after posting her thread, Slaughter appeared on CNBC. “I want to be working to promote equity, rather than reinforce inequity,” she said. She had come to the conclusion that “it isn’t possible to really be actually neutral, nor should we be neutral in the face of systemic racism and structural racism.”  Slaughter’s statement was not a one-off. It captured the zeitgeist not just of post-Floyd progressivism, but of an increasingly large chunk of the legal profession. The idea that lawyers can’t be neutral, that confronting injustice must supersede all else, has eroded the norm that legal representation—like the ability to obtain medical care or buy a train ticket—is something every American deserves. “Partners are being blindsided by associates who they think are liberals in their own image,” an attorney in Washington, D.C., told me. “But they’re not. The associates want to burn the place down.” Lawyers at top law firms in New York, Washington, D.C., and Los Angeles said they fret constantly about saying the wrong thing—or taking on the wrong client. “It’s much worse than McCarthyism,” Alan Dershowitz, a professor emeritus at Harvard Law, told me. “McCarthyism was a reflection of dying, old views. They were not the future. But the people today who are imposing litmus tests for who they represent—they are the future.” When Dershowitz was accused, in 2014, of sexual relations with an underage girl at Jeffrey Epstein’s various residences, he said he had trouble finding representation. (A federal judge eventually struck the allegations from the record.) Law firms have been known to avoid unpopular clients—Big Tobacco, for example—but the scope and frequency of these evasions have increased, dozens of lawyers interviewed for this story agreed. That’s partly because young lawyers, like the one who accosted David Boies, see representing someone as tantamount to endorsing them.  ​​“It used to be that most lawyers could work for Catholic hospital system even if they were pro-choice,” a recently retired lawyer told me. “But now people just say, ‘I oppose this client, so I can’t work for them.’” (The lawyer had planned to stay at his law firm—one of the largest in the US—for a long time. He told me he retired in 2020 after the firm’s culture became “simply unbearable,” with younger associates excoriating him for being “old and white, and part of the reason we have systemic racism in America.”) Law firms also worry about losing their corporate clients, which, like many American institutions, have grown more stridently ideological in recent years. “I knew of and heard of clients protesting cases we were taking,” the recently retired lawyer said. “If you were going to do a gun rights case, you would incur the wrath of other clients.” Since 2011, law firms have been pressured to drop or turn down a long list of clients: fossil fuel companies, foreign universities, a GOP-controlled House of Representatives, employers challenging Biden’s vaccine mandate, and, of course, Donald Trump. These pressures—both internal and external—have had a chilling effect. If defending anti-vaxxers can cost you business, law firms reason, imagine the blowback of defending a transphobe or a racist.  “It doesn’t even occur to people to take controversial cases,” one lawyer in Washington, D.C., said. Religious liberty cases, for example, are “totally off the table. I wouldn’t even think to bring it up.”  Another lawyer, who specializes in First Amendment litigation, described being forced to turn away a client with far-right views because the firm thought that any association with the client—even if the claims advanced were meritorious—would be bad for business. The problem, Strossen said, is that rights mean nothing without representation. “ANYONE who doesn’t have access to counsel in defending a right, as a practical matter, doesn’t have a meaningful opportunity to exercise that right,” the former ACLU chief told me in an email. “Hence, undermining representation for any unpopular speaker or idea endangers freedom for ANY speaker or idea, because the tides of popularity are constantly shifting.” Ken Starr, the former solicitor general who led the 1998 investigation of Bill Clinton, agreed. “At a time when fundamental freedoms are under assault around the globe, it is all the more imperative that American lawyers boldly stand up for the rule of law,” Starr said. “In our country, that includes—especially now—the representation of controversial causes and unpopular clients.” --- Undermining the Impartial Judiciary  Another cornerstone of the rule of law is an impartial judiciary. Some judges, however, have begun to see themselves not as impartial adjudicators, but as agents of social change—believing, like Slaughter, that they cannot be neutral in the midst of moral emergencies. During the Black Lives Matter protests in 2020, for example, Massachusetts Superior Court judge Shannon Frison vowed on Facebook to “never be silent or complicit again, in any courtroom or any context.” “As the very keepers of justice,” she said, judges “not only stand with the protesters—we fall with them.”  The Washington State Supreme Court put out a statement recognizing “the role we have played in devaluing black lives,” and encouraged judges to strike down “even the most venerable precedent” if it is “incorrect and harmful.” Such statements are not mere virtue signaling. They reflect sincerely held beliefs with real-world consequences.  Case in point: the case of Montez Terriel Lee, Jr. On May 28, 2020, Lee, Jr., then 25 years old, broke into the MaX it PAWN Shop, in Minneapolis. It had been three days since George Floyd had been murdered by a white police officer, about ten blocks south, and the city had been engulfed by riots. As looters grabbed whatever they could find, Lee poured lighter fluid all over the pawn shop. Then, he set it on fire. Outside, Lee raised his arm and clenched his fist. In a video, he can be seen saying, “Fuck this place. We’re gonna burn this bitch down.” At the time, Lee was unaware that Oscar Stewart, Jr., a 30-year-old father of five, was trapped inside and that he would die of smoke inhalation and excessive burns. A little over two weeks later, police arrested Lee, who pleaded guilty to arson.  Usually, this sort of crime, according to federal sentencing guidelines, would have landed Lee in prison for up to 20 years. But the prosecutor, Assistant U.S. Attorney Thomas Calhoun-Lopez, only asked for 12 years.  In his pre-sentence filing, Calhoun-Lopez portrayed Lee not as a rioter but a protester. “Mr. Lee was terribly misguided, and his actions had tragic, unthinkable consequences. But he appears to have believed that he was, in Dr. King’s eloquent words, engaging in ‘the language of the unheard.’” The judge, Wilhelmina Wright, appeared to buy that argument. On January 14, she handed down a sentence of just 10 years—even fewer than the prosecution had asked for.  “Motivation is a relevant factor in sentencing, and it was appropriate for the prosecutor and judge to consider the fact that the defendant did not intend to kill anyone when he set fire to the store,” Rebecca Roiphe, a professor of legal ethics at New York Law School, said in an email. But, she added, “Rewarding someone for having the correct beliefs is almost as bad as punishing someone for having the wrong ones. More importantly, a criminal justice system that does the former likely does the latter as well.” Strossen was more pointed: “For anyone who might applaud the Minneapolis situation, I would ask: ‘How would you feel about a judge who has religious objections to abortion giving a lighter sentence to a pro-life crusaders who attacks clinic property or personnel?’” Judge Wright’s willingness to tip scales didn’t come out of nowhere. When she was a student at Harvard Law School, she’d taken a class with Derrick Bell, the founder of critical race theory, who asked students to submit written reflections on the assigned readings.  Bell published many of the reflections—including Wright’s—in a 1989 article for UCLA Law Review: “Racial Reflections: Dialogues in the Direction of Liberation.”  In one reflection, Wright said that “American liberalism”—especially the liberal “notion that property is neutral”—was “equally” as “damaging” as overt “racial supremacy.” Her chambers are eight miles away from the MaX it PAWN Shop, one of 1,500 businesses—many minority-owned—that were damaged or destroyed in the record-setting riots of 2020. --- ‘The Anti-Innocence Project’ Minneapolis is a microcosm of a larger trend. As progressives have set about repurposing the law, they seem to have lost sight of the people they insist they’re saving: the poor, the vulnerable, the indigent—including many racial minorities. Consider the movement to abolish the right to eliminate members of a jury pool.  The so-called peremptory strike allows attorneys, in a trial case, to toss out potential jurors they deem biased. Peremptories, as criminal-defense attorneys see it, offer their least sympathetic clients—those against whom all the cards have been stacked—a glimmer of hope.  The problem, as progressives see it, is peremptory strikes have also been used to disproportionately exclude potential black jurors. Supreme Court Justice Steven Breyer was among the most prominent to call for an end to peremptories, arguing in a 2005 opinion that they magnify racial bias in the legal system. But it wasn’t until the last year or so that the cause gained momentum.  In August, the Arizona Supreme Court announced that the state would no longer allow peremptory challenges at civil and criminal trials. This came after a pair of Arizona judges launched a petition arguing that peremptories perpetuate “discrimination.” The New Jersey Supreme Court is considering a similar move. It hasn’t gone over well with defense attorneys. “This is the stupidest fucking thing in the world,” Ambrosio Rodriguez, a criminal-defense attorney in Los Angeles, said. “Is my voice clear just how pissed off I am about this thing?” Rodriguez noted that the peremptory is one of the few tools at his disposal to help “level the playing field.” “Suppose a woman married to a police officer says she can be fair,” Josh Kendrick, a criminal-defense attorney in Columbia, South Carolina, told me. “I won’t be able to strike her from the jury, even though we all know she can’t really be fair.”   Then there’s the erosion of the principle that one is innocent until proven guilty beyond a reasonable doubt. “The Anti-Innocence Project,” one criminal-defense attorney in San Francisco joked. ​​Progressive lawyers have become more determined to turn a blind eye to certain defendants while cracking down with even greater than usual fervor on certain crimes. “The same people who are anti-incarceration for some defendants will support life plus cancer for others,” said Scott Greenfield, a criminal-defense attorney in New York. “Good people—which in practice means blacks and Hispanics, regardless of what they did—should be free. Bad people—which in practice means sex offenders and financial criminals—should go to jail.”  In 2019, for example, the American Bar Association nearly passed a motion urging state legislatures and courts to adopt a new definition of “consent” in cases of sexual misconduct that would flip the burden of proof from the accuser to the accused—despite fierce criticism of the standard from legal scholars, and despite some evidence that it has unfairly hurt black, male students on college campuses. The motion was expected to pass but failed at the last minute, after key attorneys withdrew their support. Even so, nearly 40 percent of ABA delegates voted for it.  This sort of progressive carceralism isn’t confined to sexual assault. After the Rittenhouse verdict, in November, some left-wing legal scholars zeroed in on the definition of “self-defense.” Changing that definition—insisting that whoever was the first to point his gun was the presumptive aggressor—would have made it harder for Rittenhouse to have been acquitted. It would also preempt future Rittenhouses.  Kendrick, the criminal defense attorney, was skeptical. “These reforms aren’t going to be weaponized against white males or the GOP,” he said. “They’re going to be weaponized against criminal defendants.” Criminal defendants like Stephen Spencer. In July 2017, Spencer, a black man, endured a series of racist taunts at a bar. When he went outside, a group of white men followed him and shouted: “We’re going to get you, n—–!” Taking them at their word, Spencer turned around, pulled out his gun, and fired, killing one of his pursuers.  A jury acquitted Spencer on all counts. But under a different definition of self-defense—one reverse engineered to put the Rittenhouses of the world in jail—the case could easily have gone another way. “There’s a real risk Stephen Spencer would be a convicted murderer instead of a free man, because he displayed a lawfully possessed firearm when he was menaced by a racist mob,” a prominent second-amendment lawyer told me. --- Brave New World The old-school liberals, those who have been around for three or four decades, say that none of this was supposed to happen. Several attorneys called FTC commissioner Rebecca Slaughter’s thread—and her almost off-the-cuff reference to South Africa—deeply unsettling. Of all places, they said, South Africa? Did she know what was going on there? (Slaughter and her assistant did not return calls and text messages.)  In July, there had been rioting, looting, Molotov cocktails, people pulled from their cars and families hacked to death in their homes. The demonstrations had been sparked by the arrest of former President Jacob Zuma, now serving a 15-month sentence for contempt of court. But the real causes had been percolating for decades: a faltering economy, corruption, and the deeply divisive policies of the ruling African National Congress, which Slaughter held up as a model of “#racialequity.” It started in 1998 with the Competition Act, an antitrust law that effectively required businesses to be partly black-owned. The act was an early example of “Black Economic Empowerment”—race-conscious policies aimed at lifting black South Africans out of poverty. It was a disaster. Soon, companies were being forced to cede large chunks of their equity to black shareholders, many of whom were well-connected to the ANC. Foreign investment dried up—the regulations imposed huge costs on businesses—and corruption and unemployment soared.  By 2009, Moeletsi Mbeki, a black South African political economist, was warning that South Africa’s race-conscious policies would “collapse” the country. By 2021, South Africa’s unemployment rate was 44%, the highest in the world.  All this had culminated in the riots that killed 300 people and destroyed scores of businesses. This was the country a U.S. antitrust official wanted to emulate.  At stake, said Noah Phillips, also an FTC commissioner, was not just trade or competition but the American justice system itself. How we govern ourselves. What we mean by democracy and the rule of law. “We should strive to meet the promise that is literally chiseled into the stone of the Department of Justice and courthouses across the country,” Phillips told me. “That is: the law should be applied equally. Deliberately attempting to apply the law in an unequal fashion, based on the preferences of those in power, is inimical to the rule of law.” On November 12, the FTC released a draft strategic plan for the next five years. One of its main objectives: use the agency’s power to “advance racial equity.” Tyler Durden Mon, 03/21/2022 - 23:00
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PUTIN’S HYPERSONIC MISSILE DESTROYS HALF BILLION IN US WEAPONS IN UKRAINE

from The Salty Cracker: TRUTH LIVES on at https://sgtreport.tv/
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Buffett's Berkshire Hathaway Buys Insurer Alleghany For $11.6 Billion

Buffett's Berkshire Hathaway Buys Insurer Alleghany For $11.6 Billion Berkshire Hathaway Inc. announced on Monday it entered into a "definitive agreement" to purchase insurance company Alleghany for $11.6 billion, or $848.02 per share, in cash. This deal would strengthen the insurance arm of Warren Buffett's investment vehicle. "The acquisition price represents a multiple of 1.26 times Alleghany's book value at December 31, 2021, a 29% premium to Alleghany's average stock price over the last 30 days and a 16% premium to Alleghany's 52-week high closing price," a Berkshire press release read.  Berkshire, whose underwriting businesses includes: GEICO, Berkshire Hathaway GUARD Insurance Companies, Berkshire Hathaway Specialty Insurance, Gateway Underwriters Agency, MedPro Group, and General RE, among others, said it expects to close the Alleghany deal by the end of the year.  "Berkshire will be the perfect permanent home for Alleghany, a company that I have closely observed for 60 years," Buffett said.  Alleghany CEO Joseph Brandon, who was previously the CEO at Berkshire-owned General Re, praised the deal as a "terrific transaction for Alleghany's owners, businesses, customers, and employees," noting that "the value of this transaction reflects the quality of our franchises and is the product of the hard work, persistence, and determination of the Alleghany team over decades." This morning's announcement may surprise some as Buffett's right-hand man, vice chairman Charlie Munger, recently expressed frustration in his search for finding the next big acquisition. On page eight of Berkshire's latest shareholder letter, Buffett and Munger discussed, "today, though, we find little that excites us," referring to their ability to find a deal.  Well, they found Alleghany...      Tyler Durden Mon, 03/21/2022 - 07:02
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CONFIRMED: Additional Data Corroborates Excess Deaths Among Millennials Since the Experimental Vaccines Were Mandated – Confirms Covid is Not the Cause

by Julian Conradson, The Gateway Pundit: As the Gateway Pundit reported earlier today, the most recent data from the CDC shows that U.S. millennials, aged 25-44, experienced a record-setting 84% increase in excess mortality during the final four months of 2021, according to the analysis of financial expert and Blackrock whistleblower, Edward Dowd, who appeared on Steve Bannon’s War Room this […]
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Sunday, March 20, 2022

Official Government of Canada data is truly terrifying; it suggests the Triple Vaccinated have developed AIDS & are now 5.1x more likely to die of Covid-19 than the Unvaccinated

from Daily Expose: The latest official Covid-19 figures from the Government of Canada are truly terrifying. They show that the double vaccinated population across Canada have now lost on average 74% of their immune system capability, and the triple vaccinated population across Canada have now lost on average 73% of their immune system capability compared […]
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Lyn Alden: The Russian Impact On Commodities

by John Rubino, Dollar Collapse: Excerpted from Lyn Alden’s March 2022 Newsletter: The global economy, in a blank-sheet-of-paper naĂŻve design that disregards the complicating factors of geopolitics, basically says this: we’ll take Chinese labor and logistics infrastructure, Russian and Brazilian commodities, and developed market institutions and capital, and combine them (and resources from similar countries […]
http://dlvr.it/SM3nGR

Banks Are Restocking Gold at Fastest Pace in Years

by Peter Schiff, Schiff Gold: Banks are in the process of restocking gold at a pace not seen in years. This analysis focuses on gold and silver within the Comex/CME futures exchange. See the article What is the Comex? for more detail. The charts and tables below specifically analyze the physical stock/inventory data at the Comex to […]
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Germany & Netherlands Sending Three Patriot Missile Systems To Slovakia

Germany & Netherlands Sending Three Patriot Missile Systems To Slovakia Authored by Dave DeCamp via AntiWar.com, Dutch Defense Minister Kajsa Ollongren said Friday that the Netherlands is sending a Patriot missile defense system to Slovakia and that Germany is also sending two Patriot systems as NATO looks to bolster its forces near Ukraine. The Dutch will send a small contingent of 150-200 troops along with the Patriots. Ollongren’s announcement comes after Slovak Defense Minister Jaroslav Nad said on Thursday that Slovakia was ready to “immediately” send its Soviet-designed S-300 missile system to Ukraine if it receives a “proper replacement.” Via The National Interest/US Army Ukrainian President Volodymyr Zelensky asked for the S-300 air defense system in a plea to Congress on Wednesday. When it comes to advanced weaponry, Ukraine’s forces are only trained to operate Russian-made equipment, which many NATO countries that are former Soviet states possess. Germany and the Netherlands decided to send Patriots earlier in the month before Slovakia floated the idea of sending its S-300s to Ukraine. But the deployments could fast-track the plan to get the missile systems in Ukraine’s hands. Any delivery of S-300s to Ukraine would likely need the approval of the US. So far, the Pentagon has resisted a plan to send Russian-made MiG-29 fighter jets that are in Poland to Ukraine, but the US has been sending a whole slew of other weapons into the warzone, including shoulder-fired anti-tank and anti-aircraft missiles. Sending more weapons into Ukraine risks provoking Russia as Moscow is warning that arms deliveries entering Ukrainian territory would be considered legitimate military targets. "We clearly said that any cargo moving into the Ukrainian territory which we would believe is carrying weapons would be fair game,” FM Sergey Lavrov said to RT on Friday, as reported in ABC News.  Tyler Durden Sun, 03/20/2022 - 07:00
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Media Fail to Retract ‘Russian Disinformation’ Claim About Hunter’s Laptop

by Wendell Husebo, Breitbart: The establishment media on Friday failed to retract reporting that Hunter’s “laptop from hell” was “Russian disinformation.” Specifically, the Huffington Post, The Intercept, and MotherJones have failed to retract reporting on a now-debunked Politico story from 2020 that claimed Hunter’s laptop was “Russian disinfo,” according to “dozens of former intel officials.” TRUTH LIVES on at https://sgtreport.tv/ It’s been […]
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Saturday, March 19, 2022

Chris Hedges: Waltzing To Armageddon

Chris Hedges: Waltzing To Armageddon Authored by Chris Hedges via ConsortiumNews.com, The Dr. Strangeloves, like zombies rising from the mass graves they created around the globe, are once again stoking new campaigns of industrial mass slaughter. The Cold War, from 1945 to 1989, was a wild Bacchanalia for arms manufacturers, the Pentagon, the C.I.A., the diplomats who played one country off another on the world’s chess board, and the global corporations able to loot and pillage by equating predatory capitalism with freedom. In the name of national security, the Cold Warriors, many of them self-identified liberals, demonized labor, independent media, human rights organizations, and those who opposed the permanent war economy and the militarization of American society as soft on communism.  That is why they have resurrected it. The decision to spurn the possibility of peaceful coexistence with Russia at the end of the Cold War is one of the most egregious crimes of the late 20th century. The danger of provoking Russia was universally understood with the collapse of the Soviet Union, including by political elites as diverse as Henry Kissinger and George F. Kennan, who called the expansion of NATO into Central Europe “the most fateful error of American policy in the entire post-Cold War era.”  This provocation, a violation of a promise not to expand NATO beyond the borders of a unified Germany, has seen Poland, Hungary, the Czech Republic, Bulgaria, Estonia, Latvia, Lithuania, Romania, Slovakia, Slovenia, Albania, Croatia, Montenegro and North Macedonia inducted into the Western military alliance. This betrayal was compounded by a decision to station NATO troops, including thousands of U.S. troops, in Eastern Europe, another violation of an agreement made by Washington with Moscow. The Russian invasion of Ukraine, perhaps a cynical goal of the Western alliance, has now solidified an expanding and resurgent NATO and a rampant, uncontrollable militarism. The masters of war may be ecstatic, but the potential consequences, including a global conflagration, are terrifying.  Peace has been sacrificed for U.S. global hegemony. It has been sacrificed for the billions in profits made by the arms industry. Peace could have seen state resources invested in people rather than systems of control. It could have allowed us to address the climate emergency. But we cry peace, peace, and there is no peace. Nations frantically rearm, threatening nuclear war. They prepare for the worst, ensuring that the worst will happen.  “The Butcher’s Cut,” illustration by Mr. Fish. So, what if the Amazon is reaching its final tipping point where trees will soon begin to die off en masse? So what if land ice and ice shelves are melting from below at a much faster rate than predicted? So what if temperatures soar, monster hurricanes, floods, droughts, and wildfires devastate the earth? In the face of the gravest existential crisis to beset the human species, and most other species, the ruling elites stoke a conflict that is driving up the price of oil and turbocharging the fossil fuel extraction industry. It is collective madness. The march towards protracted conflict with Russia and China will backfire. The desperate effort to counter the steady loss of economic dominance by the U.S. will not be offset by military dominance. If Russia and China can create an alternative global financial system, one that does not use the U.S. dollar as the world’s reserve currency, it will signal the collapse of the American empire. The dollar will plummet in value. Treasury bonds, used to fund America’s massive debt, will become largely worthless. The financial sanctions used to cripple Russia will be, I expect, the mechanism that slays Americans, if not immolation in thermonuclear war. Washington plans to turn Ukraine into Chechnya or the old Afghanistan, when the Carter administration, under the influence of the Svengali-like National Security Advisor Zbigniew Brzezinski, equipped and armed the radical jihadists that would morph into the Taliban and al Qaeda in the fight against the Soviets. It will not be good for Russia. It will not be good for the United States. It will not be good for Ukraine, as making Russia bleed will require rivers of Ukrainian blood. Pandora’s Box of Evils The decision to destroy the Russian economy, to turn the Ukrainian war into a quagmire for Russia and topple the regime of Vladimir Putin will open a Pandora’s box of evils. Massive social engineering — look at Afghanistan, Iraq, Syria, Libya or Vietnam — has its own centrifugal force. It destroys those who play God. The Ukrainian war has silenced the last vestiges of the Left. Nearly everyone has giddily signed on for the great crusade against the latest embodiment of evil, Vladimir Putin, who, like all our enemies, has become the new Hitler. The United States will give $13.6 billion in military and humanitarian assistance to Ukraine, with the Biden administration authorizing an additional $200 million in military assistance. The 5,000-strong EU rapid deployment force, the recruitment of all Eastern Europe, including Ukraine, into NATO, the reconfiguration of former Soviet bloc militaries to NATO weapons and technology have all been fast tracked. Germany, for the first time since World War II, is massively rearming. It has lifted its ban on exporting weapons. Its new military budget is twice the amount of the old budget, with promises to raise the budget to more than 2 percent of GDP, which would move its military from the seventh largest in the world to the third, behind China and the United States. German Chancellor Olaf Scholz, left, visits NATO Secretary General Jens Stoltenberg, on right, Dec. 11, 2021. (NATO) NATO battlegroups are being doubled in size in the Baltic states to more than 6,000 troops. Battlegroups will be sent to Romania and Slovakia. Washington will double the number of U.S. troops stationed in Poland to 9,000. Sweden and Finland are considering dropping their neutral status to integrate with NATO. This is a recipe for global war. History, as well as all the conflicts I covered as a war correspondent, have demonstrated that when military posturing begins, it often takes little to set the funeral pyre alight. One mistake. One overreach. One military gamble too many. One too many provocations. One act of desperation.  Russia’s threat to attack weapons convoys to Ukraine from the West; its air strike on a military base in western Ukraine, 12 miles from the Polish border, which is a staging area for foreign mercenaries; the statement by Polish President Andrzej Duda that the use of weapons of mass destruction, such as chemical weapons, by Russia against Ukraine, would be a “game-changer” that could force NATO to rethink its decision to refrain from direct military intervention — all are ominous developments pushing the alliance closer to open warfare with Russia. Polish President Andrzej Duda, left, and NATO Secretary General Jens Stoltenberg at the Lask air base in Poland on March 1. (NATO) Once military forces are deployed, even if they are supposedly in a defensive posture, the bear trap is set. It takes very little to trigger the spring. The vast military bureaucracy, bound to alliances and international commitments, along with detailed plans and timetables, when it starts to roll forward, becomes unstoppable. It is propelled not by logic but by action and reaction, as Europe learned in two world wars. Staggering Hypocrisy The moral hypocrisy of the United States is staggering. The crimes Russia is carrying out in Ukraine are more than matched by the crimes committed by Washington in the Middle East over the last two decades, including the act of preemptive war, which under post-Nuremberg laws is a criminal act of aggression. Only rarely is this hypocrisy exposed as when U.S. Ambassador to the United Nations Linda Thomas-Greenfield told the body:  “We’ve seen videos of Russian forces moving exceptionally lethal weaponry into Ukraine, which has no place on the battlefield. That includes cluster munitions and vacuum bombs which are banned under the Geneva Convention.” Hours later, the official transcript of her remark was amended to tack on the words “if they are directed against civilians.” This is because the U.S., which like Russia never ratified the Convention on Cluster Munitions treaty, regularly uses cluster munitions. It used them in Vietnam, Laos, Cambodia, and Iraq. It has provided them to Saudi Arabia for use in Yemen. Russia has yet to come close to the tally of civilian deaths from cluster munitions delivered by the U.S. military. The Dr. Strangeloves, like zombies rising from the mass graves they created around the globe, are once again stoking new campaigns of industrial mass slaughter. No diplomacy. No attempt to address the legitimate grievances of our adversaries. No check on rampant militarism. No capacity to see the world from another perspective. No ability to comprehend reality outside the confines of the binary rubric of good and evil. No understanding of the debacles they orchestrated for decades. No capacity for pity or remorse. March 24, 1986: President Ronald Reagan, right,  meeting with Elliott Abrams, center, about a trip to Central America. John Whitehead on left. (Reagan White House, Wikimedia Commons) Elliott Abrams worked in the Reagan administration when I was reporting from Central America. He covered up atrocities and massacres committed by the military regimes in El Salvador, Guatemala, Honduras and by the U.S.-backed Contra forces fighting the Sandinistas in Nicaragua. He viciously attacked reporters and human rights groups as communists or fifth columnists, calling us “un-American” and “unpatriotic.” He was convicted for lying to Congress about his role in the Iran-Contra affair. During the administration of George W. Bush, he lobbied for the invasion of Iraq and tried to orchestrate a U.S. coup in Venezuela to overthrow Hugo Chávez. Jan. 25, 2019: Elliott Abrams, left, with U.S. Secretary of State Mike Pompeo, addressing the media on Venezuela. (State Department) “There will be no substitute for military strength, and we do not have enough,” writes Abrams for the Council on Foreign Relations, where he is a senior fellow: “It should be crystal clear now that a larger percentage of GDP will need to be spent on defense. We will need more conventional strength in ships and planes. We will need to match the Chinese in advanced military technology, but at the other end of the spectrum, we may need many more tanks if we have to station thousands in Europe, as we did during the Cold War. (The total number of American tanks permanently stationed in Europe today is zero.) Persistent efforts to diminish even further the size of our nuclear arsenal or prevent its modernization were always bad ideas, but now, as China and Russia are modernizing their nuclear weaponry and appear to have no interest in negotiating new limits, such restraints should be completely abandoned. Our nuclear arsenal will need to be modernized and expanded so that we will never face the kinds of threats Putin is now making from a position of real nuclear inferiority.”  Putin played into the hands of the war industry. He gave the warmongers what they wanted. He fulfilled their wildest fantasies. There will be no impediments now on the march to Armageddon. Military budgets will soar. The oil will gush from the ground. The climate crisis will accelerate. China and Russia will form the new axis of evil. The poor will be abandoned. The roads across the earth will be clogged with desperate refugees. All dissent will be treason. The young will be sacrificed for the tired tropes of glory, honor and country. The vulnerable will suffer and die. The only true patriots will be generals, war profiteers, opportunists, courtiers in the media and demagogues braying for more and more blood. The merchants of death rule like Olympian gods.  And we, cowed by fear, intoxicated by war, swept up in the collective hysteria, clamor for our own annihilation. *  *  * Chris Hedges is a Pulitzer Prize–winning journalist who was a foreign correspondent for 15 years for The New York Times, where he served as the Middle East bureau chief and Balkan bureau chief for the paper. He previously worked overseas for The Dallas Morning News, The Christian Science Monitor and NPR. He is the host of the Emmy Award-nominated RT America show “On Contact.”  This column is from Scheerpost, for which Chris Hedges writes a regular column. Click here to sign up for email alerts. Tyler Durden Sat, 03/19/2022 - 23:30
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You Better DO THIS with Your Store Bought Beans!

from ThePatriotNurse: TRUTH LIVES on at https://sgtreport.tv/
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Saudi Arabia Considers Accepting Yuan for Oil

by Martin Armstrong, Armstrong Economics: Russia is not the only country turning to the yuan. Beijing is in talks with Saudi Arabia to begin purchasing oil with their own currency opposed to the USD. Saudi Arabia has long had a volatile relationship with the US, and seeing the harsh sanctions imposed on Russia is only […]
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The West's Russia Sanctions Could Lead To Many Unpredictable And Unpleasant Outcomes

The West's Russia Sanctions Could Lead To Many Unpredictable And Unpleasant Outcomes Authored by Brendan Brown via The Mises Institute, Global supply shocks are historically rare events. All the more extraordinary to have two such shocks in quick succession - the second arriving even before the first has entirely faded away. That is what the world now experiences in the form of the Great Pandemic followed by the Great West-Russia economic war. The most visible symptom of the supply disruption is the sky-high price of energy and a range of other commodities. What Is the Effect of Sanctions? The waging of a long and all-out military war usually, if not always, exerts a toll in terms of surging prices. But what about economic war waged through Western sanctions by states not simultaneously engaged in direct military conflict? The laboratory of history for such warfare is small. Indeed, there is no experience with which usefully to compare the West’s economic war against Russia in the present. There are grounds to think that there will be serious long-term price-inflation-fueled damage on the perpetrators. (The consequences of price increases for the country on the receiving end of sanctions is a subject for another day). Let’s take one step back to consider what is new about the nature of this economic war. First, it started as a clear threat by the USA and its main European allies. Spelled out in all its menacing detail, albeit with some ambiguity at the start, aimed at deterring a Russian invasion of Ukraine. It failed in that first objective. Both the economic war and the military war are now in a “dig-in” phase. A snapshot of the dominant view at present in the marketplace is that the Russia’s military campaign will reach a “permanent ceasefire stage” long before the effective end of the economic war. Sanctions Are Very Broad Second, this economic war’s scope is unbounded. The campaign plan in the present dig-in phase is apparently to “close down” large parts of the world’s seventh- or eighth-largest economy (around the same size as Canada’s). There is no historical parallel. Yes, in the mid- and late 1930s, various sanctions were imposed against Italy, Japan, and Germany by Western powers acting separately. But these sanctions did not prevent Polish troops finding in the German onslaught of September 1939 that most of the German motorized transport had been made by GM and Ford; and they did not stop the Bank of England delivering the Czech holdings of gold in London to the Reichsbank (the central bank of Germany, now the “protector” of Prague) as late as spring 1939. Much of the World Remains Neutral in Terms of Trade In considering scope, though, we should recognize that in the West’s economic war against Russia, much of the world is neutral - including China, India, Latin America, and Middle Eastern nations. So what appears initially as a cutoff of trade and financial intermediation might quickly mutate into something more like geographical diversions on a large scale. The media is understandably full of the workarounds which Russia might find, whether front companies in the neutral world; financial institutions there who can hide its operations from or are untouchable by US regulators and prosecutors; or the use of gold, crypto, or yuan for making international payments. There has been no statement of economic war aims—whether regime change in Moscow or Russian military withdrawal from Ukraine. But we can assume that an armistice agreement in which Russia takes over large corridors of Ukrainian territory in the East and South would not bring the economic war to an end. In the meantime, we should note that Russia’s rearranging of its trade and international business relationships away from North America and Western Europe to the neutral world would amount to a substantial negative demand shock for Europe (most of all Germany and the eastern European countries). That comes on top of the negative effects of the energy shock (which to some extent the neutral world avoids, thanks to Russian energy supplies diverted to them at far below Western market price). Direct Negative Economic Impacts of Sanctions in the West In assessing the price-increase implications of the dig-in and mutating economic war, a starting point is the efforts of governments (together with their monetary authorities) to work against the negative economic impact on much of the voting public. The squeeze on real incomes from energy and wider commodity price hikes, and the loss of incomes and employment (as in Europe) caused directly by loss of export business and other joint economic activity emanating from Russia, hit overall prosperity. And there is the possibility that the waging of economic war will become the catalyst to some unwind in asset inflation. That unwind can add to perceived present economic woes. Hence, the monetary authorities in the West might well back away from “policy normalization.” One could say that the recessionary influence of the events described would provide some breathing space for normalization to be delayed. But in the economic rebound after the shock, we can well imagine that the recessionary interlude will mean the monetary authorities are even more prone to delaying and treading gingerly when it comes to the subject of normalization. There is so much potential for the authorities to overreact to the recessionary downturn and asset deflation. The danger of the economic war in terms of price growth extends further. The waging of economic war enhances the statist nature of Western money. In the pursuance of efforts to dislocate and indeed disable financial transactions by Russians, Western governments and their armies of regulators intrude even further into every aspect of the payments process and financial transfers. Surveillance capitalism advances further. The ostensible justification is to ensure that clandestine operations are not taking place with banned Russian counterparts. The intensification of these intrusions works against the right to privacy and stifles competition including innovation. Gold and Bitcoin Anyone who was optimistic prewar about the dawning of a new age of monetary competition that would discipline the monetary inflationists can think again. One big plausible enabler of competition, a spread of blockchain technology (such as financial institutions issuing their own digital coins, whether in dollars or gold), is now stymied by the economic war. Surely, the Russian would-be evaders of sanctions would gain from this; therefore, it is forbidden. One lesson of the continuing economic war, certainly not new, and well known to Moscow before the conflict, will likely loom large in investor consciousness. Outside the international banking system, gold bars and coins, sales or purchases against cryptocurrency of which are possible for the purpose of effecting transactions, are safer than US Treasurys. We might therefore expect global demand for Treasury bonds, hitherto regarded as the premier reserve asset, to become much less robust, at least on the part of large present dollar-reserve holders. Higher yields on Treasury paper would weigh on US public finances. An increasing debt servicing cost would mean a political climate even more favorable to the Fed holding down the real costs of borrowing by stimulating monetary inflation. Tyler Durden Sat, 03/19/2022 - 07:00
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The real US-Russian connection looks like this

by Jon Rappoport, No More Fake News: Hate Russia. The campaign builds. But because history matters, let’s look behind the curtain. It could give us clues about what’s going on now that we don’t know about… The late great author and researcher, Antony Sutton (1925-2002), labored for many years to unearth US-Russian collusion at the […]
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Friday, March 18, 2022

Russia Pipeline Gas Flows To China Have Increased Since The Ukraine War

Russia Pipeline Gas Flows To China Have Increased Since The Ukraine War Russia has increased gas supply to China via its Power of Siberia pipeline after its invasion of Ukraine began, ENN Energy CFO Liu Jianfeng said on the company's earnings call.  ENN is one of China’s largest city gas utlities and purchases gas from oil majors including China National Petroleum Corp, which operates the import pipeline on its side of the border. The Power of Siberia pipeline ships gas from eastern Russia into northern China, and is ramping up over several years to maximum capacity of 38 bcm/year. The Power of Siberia pipeline began pumping supplies in 2019; Russia is also shipping liquefied natural gas (LNG) to China. It exported 16.5 billion cubic metres (bcm) of gas to China in 2021. The Power of Siberia network is not connected to pipelines that send gas to Europe, which has faced surging gas prices due to tight supplies, one of several points of tension with Moscow. Under plans previously drawn up, Russia aimed to supply China with 38 bcm of gas by pipeline by 2025. Meanwhile, Gazprom, which has a monopoly on Russian gas exports by pipeline and which operates the Russian side of the pipeline, said Tuesday that exports to China continue to grow under its bilateral long-term agreement with CNPC. Flows had been increasing before the invasion, as well, with Gazprom saying in mid-February it had just set a daily record for exports to China on the pipeline. One month ago, Russia agreed a 30-year contract to supply gas to China via a new pipeline and will settle the new gas sales in euros, bolstering an energy alliance with Beijing amid Moscow's strained ties with the West over Ukraine and other issues. Gazprom agreed to supply Chinese state energy major CNPC with 10 billion cubic metres of gas a year, the Russian firm and a Beijing-based industry official said. First flows through the pipeline, which will connect Russia's Far East region with northeast China, were due to start in two to three years, the source said in comments that were later followed by an announcement of the deal by Gazprom.  The new deal, which coincided with a visit by Russian President Vladimir Putin to the Beijing Winter Olympics, would add a further 10 bcm, increasing Russian pipeline sales under long-term contracts to China. Russian gas from its Far East island of Sakhalin will be transported via pipeline across the Japan Sea to northeast China's Heilongjiang province, reaching up to 10 bcm a year around 2026, said the Beijing source, who asked not to be identified. The deal would be settled in euros, the source added, in line with efforts by the two states to diversify away from U.S. dollars. Discussions between the two firms began several years ago after the start-up of Power of Siberia, a 4,000-km (2,500-mile)pipeline sending gas to China. Talks accelerated more recently after Beijing set its 2060 carbon neutral goal, the source said. "China's coal shortage last year served as another wake-up call that natural gas has its special value, that's why CNPC decided to top up with the new pipeline deal," the source said. The pricing of the new gas deal will be similar to that of Power of Siberia, the source said, adding that both were "fairly satisfied" with that arrangement. The deal is expected to weigh on China's LNG import outlook. "Piped gas from Russia can be supplied to northern China at prices that are competitive when compared with LNG," said Ken Kiat Lee, analyst at consultancy FGE. Meanwhile, as Russian gas exports to China increase, those headed for Europe have slowed, and in some cases such as the Yamal-Europe pieline, been largely shut for much of 2022. Tyler Durden Fri, 03/18/2022 - 23:20
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China Wins A Little, Loses A Lot From Russia’s War On Ukraine

China Wins A Little, Loses A Lot From Russia’s War On Ukraine Authored by Charles Lipson via RealClear Politics (emphasis ours), The unfolding mayhem unleashed on Ukraine by Vladmir Putin carries one major benefit for China and two much larger losses, plus a boatload of secondary effects. The main benefit is geostrategic: The United States must now keep more scarce military resources in Europe, instead diverting them to the Pacific, as it had been hoping. (AP Photo/Ng Han Guan) That diversion would be costly for any president, but it is particularly costly for a Democrat, whose party habitually scales back military budgets to spend more on social programs. Biden’s budget, submitted before the war in Eastern Europe, certainly did. He proposed a 16% rise in social spending but only a 2% increase for defense, far less than the inflation rate. Those priorities are now imperiled. Also endangered is any reorientation of America’s defense posture, to focus almost exclusively on China. That focus, shared by Barack Obama, Donald Trump, and now Joe Biden, remains the country’s principal long-term challenge. But Putin’s aggression makes clear that the United States does not have the luxury of focusing on only one hostile (and nuclear-armed) power at a time. Russia’s war on Ukraine significantly raises the threat level in Europe and forces the Pentagon to avoid any drawdown there to fund increases in Asia. That’s true even though many of our NATO partners have finally agreed to spend 2% of their GDP on defense – a long-standing American demand. This renewed concern for Europe’s security is a potential gain for China. Yet, any advantage to Beijing is offset by two costs that may be as just as important. The first is that China’s only major ally is now badly damaged, economically and militarily – and a pariah in the eyes of much of the world. Putin’s position may be more vulnerable, as well. And while Beijing can drive harder bargains for Russian oil, raw materials, and capital credit, Russia’s self-inflicted damage makes Moscow a much less valuable partner as long as the crushing sanctions remain in place and Putin remains in charge. The second, far larger cost to China may be the deterrent effect of crippling economic sanctions. Communist party leaders, determined to seize Taiwan, must have been shocked by the scale, comprehensiveness, and devastating impact of sanctions imposed on Russia. They must have been shocked, too, by the West’s surprising unanimity in imposing them and by Germany’s swift about-face despite its dependence on Russian energy and decades of concessionary policies. As the CCP watches the Russian economy implode, Chinese leaders must shudder at the thought of what could happen to their own economy if it faced a similar onslaught. Although the communist regime would likely survive, given its tight control over the army and internal security services and its more robust and diverse economy, it would have to withstand a sustained, destabilizing shock with uncertain consequences. Moreover, it would face some erosion of its legitimacy, the public’s acceptance of its right to rule. The CCP’s two main sources of legitimacy are its reassertion of China’s central role in the world and, since Deng Xiaoping’s reforms, the party’s ability to grow the economy and significantly increase the living standard of most Chinese families. Any fundamental threats to that economy, now deeply embedded in world markets, would pose a significant political challenge. Until Russia’s economy withered under sanctions, Beijing had little reason to fear similar punishment for invading Taiwan. After all, the world’s major economies did nothing when Beijing seized Hong Kong, in clear violation of its treaty commitments. They did nothing when they learned of the Uighurs’ mass imprisonment, “reeducation,” and deaths. They did nothing to sanction China for its role in spreading the COVID pandemic, and lying endlessly about it afterward. Based on that track record, Beijing must have figured the world would do little if it seized Taiwan. No more. Xi and his aides will need to recalibrate after seeing Russia hit with swift, draconian sanctions and largely excluded from world financial markets, despite the costs to countries imposing those sanctions. Foreign business entities operating in China are also recalibrating. Their assessment of political risks is bound to be higher, their search for alternative sources of supply more urgent. These companies saw how quickly their Russian investments became worthless after Putin’s invasion of Ukraine. While they would lobby hard against sanctions from Washington, Brussels, Berlin, and Tokyo, regardless of China’s actions, they can’t be sure they will succeed. The most vulnerable are foreign companies that rely on the Chinese market. They will adapt to the riskier environment by trying to diversify their final markets and minimizing any fixed assets within China. The prospect of economic sanctions will not, in itself, block Beijing invading Taiwan. Only a military deterrent can do that. But the net effect of Russia’s troubles is to show China, with terrible clarity, that it would face grim economic costs on top of the military calculations. Russia’s catastrophic experience in Ukraine also underscores the oldest lesson in strategy. The best-laid plans and most optimistic projections can go horribly wrong. Taiwan and its allies will drive home that enduring lesson. Taiwan will continue buying and building defensive weapons, as many as it can afford. The U.S. will continue sending its navy through the Taiwan Straits, and the Quad (the U.S., Japan, India, and Australia) will continue strengthening their security partnership. That’s the emerging shape of a new Cold War, with dangerous, nuclear-armed fronts in both Eastern Europe and the western Pacific. Charles Lipson is the Peter B. Ritzma Professor of Political Science Emeritus at the University of Chicago, where he founded the Program on International Politics, Economics, and Security. He can be reached at charles.lipson@gmail.com. Tyler Durden Fri, 03/18/2022 - 22:20
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Forbes Fires Journalist Who Revealed Fauci’s Finances

by Martin Armstrong, Armstrong Economics: Adam Andrzejewski reported that Dr. Anthony Fauci became America’s highest-paid public employee amid the pandemic, and that report cost him his job at Forbes. The war on journalism is on. Everything Andrzejewski reported is public record — Fauci earned $1.7 million in 2020, and his wife Christine, who also works at […]
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400 Bulletproof Vests Destined For Ukraine Stolen In NYC: Officials

400 Bulletproof Vests Destined For Ukraine Stolen In NYC: Officials Authored by Jack Phillips via The Epoch Times, Thieves stole about 400 bulletproof vests that were supposed to be sent to humanitarian workers in Ukraine, officials said. The bulletproof vests were stolen from the Ukrainian Congress Committee of America, a nonprofit organization based in Manhattan, the New York Police Department confirmed to news outlets on Wednesday. “People right now in our community, they’re either in church praying or everyone is feeling disenfranchised. They have no power right now, and then this happens, and that absolutely affects people,” Ukrainian Congress Committee of America spokesman Andrij Dobriansky told NBC 4. Police responded to a call of a burglary at around 9:15 a.m. before they  “were informed that approximately 400 bulletproof vests were removed from the location,” NYPD Sergeant Edward Riley told the outlet. He said that those vests were meant to be sent to medics, aid workers, and others—but not Ukrainian military members. “Who isn’t being supplied are territorial defenses, the people who are getting humanitarian supplies across. So these kinds of donations—whether they come from Suffolk County, we have a lot of police precincts in New Jersey and upstate New York also donating, these are why it’s important,” said Dobriansky. “As far as we can tell, maybe about three-quarters of that supply was taken last night,” added Dobriansky. New York’s Suffolk County Sheriff’s Office told the New York Post that it donated vests to the group but wouldn’t confirm the 400 vests that were stolen were the ones that it had donated. “While we cannot confirm that the items the Suffolk County Sheriff’s Office donated are the items in question, it is despicable that someone would break into a building and steal supplies and materials intended to aid those affected by this humanitarian crisis,” a spokesperson told the paper. “We offer the NYPD any assistance it needs in locating these stolen items.” Vicki DiStefano, another spokesperson for the Suffolk County Sheriff’s Office, told local media that it is “despicable that someone would break into a building to steal supplies and materials intended to aid” individuals who were affected during a humanitarian crisis. Since the start of the Feb. 24 conflict, a number of NATO countries, including the United States, have also deployed weapons, ammunition, and other military supplies to Ukraine’s military. The White House and NATO, however, have said that no troops will be deployed, and establishing a no-fly zone over the country is not being considered. Other details about the incident were not provided. It’s not clear if anything else was stolen. Tyler Durden Fri, 03/18/2022 - 06:30
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HUGE EXCLUSIVE: A British Operative Inserted Himself into President Trump’s White House to Tarnish Trump and Derail the 2020 Election Audit

by Joe Hoft, The Gateway Pundit: A British operative was inserted into President Trump’s White House in an effort to tarnish President Trump’s image and then derail the 2020 Election audit efforts. We’ve previously reported that an individual named Don Berlin inserted a document into President Trump’s inner circle days before Jan 6 in an […]
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Thursday, March 17, 2022

New Hampshire House Approves Over-The-Counter Ivermectin

New Hampshire House Approves Over-The-Counter Ivermectin Authored by Alice Giordano via The Epoch Times (emphasis ours), New Hampshire took a giant step closer to becoming the first U.S. state to offer Ivermectin without a prescription on March 16. A health worker shows a box containing a bottle of Ivermectin, a medicine authorized by the National Institute for Food and Drug Surveillance (INVIMA) to treat patients with mild, asymptomatic or suspicious COVID-19, as part of a study of the Center for Pediatric Infectious Diseases Studies, in Cali, Colombia, on July 21, 2020. (Luis Robayo/AFP via Getty Images) By a 183 to 159 vote, New Hampshire’s Republican-dominated House of Representatives approved HB1022, which would allow pharmacists to dispense Ivermectin under a standing order, meaning anyone can go to a pharmacist and get the human-grade of the medication. NH Republican lawmaker Leah Cushman, a nurse, and the bill’s sponsor, told The Epoch Times in January that she “had absolutely no doubt lives will be saved if human grade Ivermectin was available to COVID patients.” “House Republicans sent a clear message today that we support expanding options for the treatment of COVID,” Cushman told The Epoch Times. She said its approval by the House also means people will not have to resort to buying human-grade Ivermectin from a foreign country in order to exercise their right to use the medication to treat their symptoms. Cushman added that the provision in the bill that safeguards doctors from any potential discipline—or an investigation by the state’s licensing board—for prescribing Ivermectin for COVID-19 takes “some of the political pressure” off them. The bill still has to win final approval from the Senate, but that is also Republican-controlled and so far its GOP lawmakers have shown they believe in the state’s Live Free or Die motto when it comes to treatment choices about COVID-19. Similar bills are pending legislative approval in Oklahoma, Missouri, Indiana, Arizona, and Alaska. In New Hampshire, the Ivermectin bill is one of several COVID-related proposals led by Republicans. The House Health, Human Services, and Elderly Affairs Committee, which narrowly voted “ought to pass” on the Ivermectin bill,  also approved a proposed ban on the enforcement of any federal vaccine mandate and rejected a bill that would have added the COVID-19 vaccine to immunization requirements for public school students. There has been a divide between NH Republicans and the state’s Gov. Chris Sununu, himself a Republican, over the COVID-19 virus with 13 protesters arrested last year after objecting to his push for the state to accept a total of $27 million in federal money to promote the COVID vaccine. Sununu, however, who gets the final say over the bill, has steadfastly remained an opponent to mandating the vaccine and was the only governor in the northeast to join a gubernatorial lawsuit against the Biden administration over its federal vaccine mandate directive. That called for anyone who worked at a company with 100 or more employees to be vaccinated against the virus. The U.S. Supreme Court blocked the directive but left in place Biden’s mandatory vaccine requirement for healthcare workers. It has also refused to decide the argument that religious exemptions should be a constitutional guarantee to the vaccine. Alternative treatments like Ivermectin have caused their share of controversy in New England. In Maine, a close neighbor to New Hampshire, the state suspended the medical license of one of the region’s—if not the nation’s—most prominent doctors for prescribing Ivermectin, Hydroxychloroquine, and other alternative treatments to the vaccine. Dr. Meryl Nass, a national expert on vaccine-induced illnesses, was also initially ordered to undergo psychiatric treatment, but the state’s medical licensing board withdrew that request. Like the NH bill, other state bills seeking to make Ivermectin available over the counter, call for a ban of such retaliation by state licensing boards against doctors or nurse practitioners who prescribe patients Ivermectin and other alternative treatments. In addition to Ivermectin, Oklahoma Senate Bill 1525 also proposes making Hydroxychloroquine available over the counter. “It’s incredible to me that the sole focus of the current administration and the Capitol’s ‘Science’ is on a vaccine that isn’t quite as ‘safe and effective’ as they make it out to be,” said Nathan Dahm (R-Broken Arrow), the bill’s primary sponsor.  The Food and Drug Administration along with many doctors remain opposed to the use of Ivermectin against COVID-19, arguing it has not yet been proven as an effective treatment for the virus. Tyler Durden Thu, 03/17/2022 - 23:05
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Siege And Squeeze: The Mainstream Media In The West Doesn’t Understand Russian Military Tactics In Ukraine

by Michael Snyder, End Of The American Dream: The Russians are employing the exact same tactics that we witnessed in Syria and during the two Chechen wars, but the mainstream media doesn’t seem to understand this.  Up to this point, the mainstream media has used the fact that many major Ukrainian cities have not yet […]
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Americans Who Understand Secret Societies Will Fight Hard Against The ‘New World Order’ And ‘Great Reset’ While ‘The Oblivious Masses’ Are Indoctrinated Into Them Like A Cult

by Alan Barton, All News Pipeline: Secret Societies; we have all heard that term, but just what are they?  Some smart acres say, “well, if I heard of them then they ain’t so secret are they?”   Well, I say just because you have heard of them does not mean you know neither all of their […]
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World Bank Warns Against Hoarding and Russia Turns to the Yuan

by Martin Armstrong, Armstrong Economics: There will be a run on gas and food, the World Bank inadvertently reported. World Bank President David Malpass is warning people not to hoard essentials amid runaway inflation and monetary policies that continue to worsen every variable of the situation. Malpass simply said he expects nations to begin or continue resourcing […]
http://dlvr.it/SLs27z

Anti-Russia? Try this on for size

by Jon Rappoport, No More Fake News: The prodigious author and researcher, Antony Sutton (1925-2002), wrote about hidden men behind momentous events. In 1999, Kris Millegan, researcher and head of TrineDay publishers, wrote: “Antony C. Sutton, 74, has been persecuted but never prosecuted for his research and subsequent publishing of his findings. His mainstream career […]
http://dlvr.it/SLrf17

Wednesday, March 16, 2022

CHINA RESORTS TO LOCKDOWNS ONCE AGAIN AS OMICRON “RAGES”

by Mac Slavo, SHTF Plan: Even though omicron is supposedly mild, China has locked people and factories down again in an effort to keep it from spreading. China’s totalitarian zero-tolerance approach has shuttered factories and placed some 51 million people into some form of lockdown. The global economy and worldwide supply chains are already being devastated […]
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CEO Of Top Consumer Investment Firm Warns 1970s-Style Stagflation To Return

CEO Of Top Consumer Investment Firm Warns 1970s-Style Stagflation To Return The invasion of Ukraine and the events that have followed, especially in commodity markets, have triggered a downward revision in growth expectations amid an inflationary shock. It appears the reflation narrative has quickly shifted to stagflation as one of the most recognizable consumer-goods brands warned how the dark days of 1970s-style inflation could be imminent.  Following the far-hotter-than-expected CPI print last week, soaring to levels in February not seen since January 1982, along with Tuesday's Producer Prices last month hitting double-digits for the first time since Bloomberg data began, JAB Holding Company, a German conglomerate that includes investments in companies operating in the areas of consumer goods, forestry, coffee, luxury fashion, animal health, and fast food, among others, published an investor letter on Wednesday warning about continuing inflation.  JAB might know a thing or two about inflationary pressure better than anyone else because they're a consumer-centric investment firm with a portfolio of companies that includes Coty Inc., Panera Brands (Caribou Coffee Company, Panera Bread, Einstein Bros. Bagels), Keurig Green Mountain, and Krispy Kreme, Inc., among other brands.  "We believe we are now seeing a tectonic shift to a completely different macroeconomic and investment environment that most leaders and investors of today have not seen or experienced in their professional lives. We see the rise of inflation which, in our view, is not transitory as a major threat to the economy and the returns of global equities," Olivier Goudet, the chief executive officer of JAB, told investors in the letter.  He said, "We saw this phenomenon early on across our supply chain and inside our companies with rising input costs and salaries upon re-opening post-pandemic. Furthermore, major energy and labor shortages will drive longer-term inflation trends, accentuated by the serious geopolitical turmoil such as war and threats." "The world where the cost of capital is zero is rapidly fading, and we believe the next decade will prove substantially more challenging from a return standpoint, but also from a credit and liquidity risk standpoint. Successful equity investments will be in resilient companies able to sustain their financing with quality growth," Goudet continued.  And warned: "We expect the inflation trend to continue, reaching levels not seen since the 1970s, fueled by structurally rising energy and commodity prices, as well as labor cost increases. We believe our resilient growth investment strategy is well suited for periods like these, which unfortunately tend to be forgotten during long bullish markets." Jab's assets under management are $34 billion and could be poised for outperformance even in times of turmoil as the consumer-centric portfolio was designed with an "all-weather" approach.  Confirming Goudet's warning is Goldman's Alex Fidanza, who recently told clients, "Global financial conditions have tightened materially, shifting the growth narrative from reflation to stagflation."  * * *  Here's Jab Holding's complete investment letter:            Tyler Durden Wed, 03/16/2022 - 22:00
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The Insanity of the Biden Administration – Decline & Fall of the West

by Martin Armstrong, Armstrong Economics: The Biden Administration has been fully subordinated to the Great Reset. It is highly debatable if Joe is really doing anything. During an international crisis, he still takes off weekends and heads to Delaware. Gee, perhaps I should run for President and get weekends off instead of having to work […]
http://dlvr.it/SLnjnV

Who Is Going to Buy All The European Bonds?

Who Is Going to Buy All The European Bonds? By Michael Read, Bloomberg Markets Live commentator and analyst Despite the fact that German 10y yields have risen ~55bps YTD, this period of euro-area bond pain may only be beginning. We’ve had another hit to bond prices after the ECB’s surprise 2Q tapering and “de-linking” of rate hikes and asset purchases last week: PEPP will be wrapped up in a few weeks and APP will be wound down, essentially leaving 3Q “purchase-free” unless there is a “significant disruption to financial markets”. This halt, in-essence, removes what was a resting bid in the European bond market, with the new taper schedule effectively eliminating what would have otherwise been EUR150bn worth of purchases of euro-area bonds by the central bank. Yikes... Given that eurogovies are rather accustomed to having their hands held by the ECB, the market fall-out shouldn’t be that surprising. That said, Monday’s bond market gyrations were particularly interesting: we saw a broad bear steepening move across Europe, with core, semi-core and peripheral bonds essentially moving in lockstep across tenors, alongside what was only a very modest tightening in long-dated peripheral spreads. When viewed through the lens of the PEPP and PSPP bond purchase weighting, dictated by the ECB’s capital key, markets moves post-ECB meeting make a bit more sense. It certainly does not rule out the potential for the peripheral complex to have it’s own moment of pain in the future. The crux of the matter remains the same: European bonds will have to find a natural buyer of debt much sooner than expected - one that is far more price sensitive than the ECB. What’s potentially worse is that European banks might not be that interested in filling the gap. The latest European Banking Authority data shows that, in aggregate, European banks increased both their total gross carrying amount of domestic sovereign exposure (from 51% in Dec ‘20 to 53% in Jun ‘21) as well as the aggregate sovereign exposure to long maturity debt (from 22% to 24%). In short, they hold more debt, of a higher weighted average maturity. It’s perhaps not a surprising move under the extraordinary monetary and fiscal conditions related to the pandemic. It does however, imply that the “right price” is much lower than the current market, and that we have a lot more bear steepening to do between now and the end of QE. Tyler Durden Wed, 03/16/2022 - 06:15
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NATO Moves Ahead With Military Drills In Europe, Deploys 30,000 Troops

NATO Moves Ahead With Military Drills In Europe, Deploys 30,000 Troops Authored by Jack Phillips via The Epoch Times, NATO started scheduled military drills this week in Norway, involving 30,000 troops, 220 aircraft, and 50 warships, according to a statement from the military alliance on Tuesday. While no mention of the Russia–Ukraine conflict was made, the drills involve “tens of thousands of troops from across Europe and North America [who] are training together in harsh climatic conditions as part of Norwegian exercise Cold Response 2022,” according to the alliance. Non-NATO states Sweden and Finland,  a nation that shares a large border with Russia, partook in the drills, the statement said. “Around 30,000 troops from 27 nations, including NATO’s close partners Finland and Sweden, are taking part in the exercise, as well as about 220 aircraft and more than 50 vessels,” NATO also wrote. Cold Response 2022 was planned long before Moscow’s invasion of Ukraine on Feb. 24, and it aims to show how Norway would manage reinforcements. The naval, air, and ground drills are held every two years over large areas across Norway, including above the Arctic Circle. “It’s a defensive exercise,” said General Yngve Odlo, the official in charge of Cold Response, on Monday. “It’s not a military operation with an offensive purpose,” he added, according to Norwegian broadcaster TV2. NATO said that it offered an invitation to Russia to observe the drills, but Moscow declined to attend. “Any build-up of NATO military capabilities near Russia’s borders does not help to strengthen security in the region,” Russia’s embassy in Norway told AFP last week about the exercises. But Russia “has the capacity out there to follow (the exercise) in an entirely legitimate manner,” Odlo told TV2. “I really hope they respect existing agreements,” he added. Russian President Vladimir Putin has cited NATO’s expansion east in recent years for why he decided to invade Ukraine last month, describing the development as a threat to Russian sovereignty. Following the start of the Ukraine–Russia conflict, polls have shown that an increasing number of citizens of Finland and Sweden—who are members of the European Union and considered NATO partners—are considering joining NATO. But earlier in March, Sweden’s Prime Minister Magdalena Andersson issued a statement saying that a near-term bid to join NATO isn’t planned, describing it as a move that would escalate tensions in Europe. Over the past weekend, Sergei Belyaev, the head of the Second European Department of Russia’s Foreign Ministry, told news agency Interfax that Sweden and Finland could face consequences for joining the alliance. The two nations’ non-participation in NATO is “an important factor in ensuring security and stability in northern Europe,” he said. Tyler Durden Wed, 03/16/2022 - 03:30
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