GOV/MIL Main "Great Reset" Thread

marsh

On TB every waking moment

The Northern Miner Podcast – episode 322: Trust, multipolarity, energy, war and gold—takeaways from 2022 with Paul from the Sirius Report​


POSTED BY: ADRIAN POCOBELLI DECEMBER 20, 2022

This week’s episode features geopolitical and natural resource commentator Paul from the Sirius Report in conversation with host Adrian Pocobelli. Paul discusses the major themes of 2022, including the global move towards multipolarity, the EU’s energy crisis, the war in Ukraine, the increasing importance of gold, and further developments in BRICS+. He also discusses the diminishing sense of trust between the West and the Global South.

All this and more with host Adrian Pocobelli.

Audio 2:00:43 min
 

marsh

On TB every waking moment

Are We at the End of Progress?​

BY PAUL FRIJTERS, GIGI FOSTER, MICHAEL BAKER DECEMBER 21, 2022

The upheavals in the West over the last 33 months or so months were powered by tensions that pre-dated March 2020. In fact they had been building steadily for a number of years until they culminated in a covid-induced earthquake. Does this earthquake in our times signal the end of progress? If so, is this a good or bad thing, and how should Team Sanity react?

These questions were posed recently on Brownstone by Aaron Vandiver in an excellent piece offering a nuanced perspective that many share. Vandiver confesses to having been strongly influenced by the arguments of the ‘Club of Rome,’ an organisation founded in 1968 that brought out learned reports in the 1970s about how finite natural resources will inevitably mean a limit on growth, and thus that humanity must learn to share what there is in a sustainable manner.

We too grew up in intellectual environments infused with negative attitudes towards the idea of continuous material progress, with several of our extended family members proclaiming regularly that humans’ ‘growth fetish’ was bringing environmental doom to the world, apart from being fundamentally immoral and selfish.

Vandiver laments the devastation wrought by a super-rich elite that has abandoned the idea of progress. He sees them trying to secure their own power and wealth at the expense of everyone else. Yet, Vandiver also fundamentally agrees with the basic argument that humanity must adapt to the end of growth via some great moral reimagining of our societies, also a core argument (incidentally) in the ‘Great Reset’ and other books. He just thinks someone else, rather than the present elite, should lead the reimagining.

As we used to share this belief, we feel we understand where Vandiver is coming from and the seductive nature of what he asks us to imagine: a great Kumbaya-style fraternising among the world’s peoples as they learn to share what there is, rather than engage in a chaotic competitive dash for more and more. But is this inevitable or even feasible, and what does it mean for humanity’s future and for what we should do right now?

If not growth, then what?​

Abandoning the idea of growth would leave a gaping hole in the motivational soul of humanity. Where would this lead us?

Abandoning growth as humanity’s target inevitably means a return to a feudal system, in which history tells us that humanity stalled for thousands of years. People in feudal systems were stuck with no growth per capita, but with enough technology to make enslavement possible. Once the size of the pie is believed to be fixed but the means to force others into submission are available, all the energy in the political system is yoked to the cart of helping the powerful secure their share of the pie and minimise the share allocated to others.

A negative equilibrium emerges in which the vast majority are enslaved by a tiny minority, coupled with a supporting ideology to pacify the vast majority by reassuring them that the situation is fair. Such a system also typically features a group of brutal middleman enforcers to keep the non-elite in line. This is exactly what is emerging right now in the West.

The picture we paint above was the reality of life for many centuries in the empires of China, Russia, medieval Europe, India, Latin America, and elsewhere. The supporting ideology and the names of the elites varied, but the politics was pretty much the same: a situation of servitude for the vast majority, with no say over their own bodies or their own time. The subjugated peoples in Roman, Arab, and colonial societies were slaves.

The medieval European underlings were called “serfs” or “vassals.” In India they were called “untouchables.” In a reality in which progress stops, with apologies to Klaus Schwab, the weak ‘will own nothing, be unhappy, and be frequently beaten and raped.’

The reality we have ‘enjoyed’ during covid times is eerily similar to this depiction. The elites’ hoarding orientation and brutal assaults on others’ personal freedoms are exactly the dynamics described by Vandiver when he writes of rich people musing about how to keep their guards in check once the growth runs out. He tells of their fantasies in which they, as masters, get to put neck collars on their key enforcers to keep them in line.

This consequence of abandoning growth was not articulated by the Club of Rome, nor by the scientists of the IPCC reports that ran the same line, nor by the authors of the Great Reset, nor to our knowledge by any modern guru singing a ‘growth must end’ tune. In the place of a viable instruction manual telling us how things would run without growth sits the weak deus ex machina of some great fraternisation.

Yet, as we saw with the authors of the Great Reset, the purveyors of the no-growth ideology don’t complain when enslavement emerges. We conclude that those who pose the solution of a moral revival following an end to growth are really faking it. They want us to see them as great moral saviours who should be trusted with the power to lead us to a land of harmony and sharing. And unicorns, probably.

In contrast to this great fraternity of man, our assessment of the politics of the no-growth mindset is that it will lead to large-scale enslavement and human misery. We had come to this assessment and wrote about it extensively for well over a decade before the covid era.

The final frontier?​

Leaving aside the likely political fallout of abandoning growth as a target, there is the more basic question of whether there truly are hard limits to growth that will be reached in our lifetimes. If a technological frontier has now been reached, then the political disaster of no-growth enslavement becomes inevitable, no matter how strongly we may resist it. Is this the bleak reality we face?

Limits to growth have been predicted for ages. The Club of Rome was one in a long line of groups making similar prophecies, perhaps the most famous of which is the idea of the Malthusian trap. In “An essay on the principle of population” (1798), Thomas Malthus argued that any growth would quickly be eaten up by a population explosion, meaning that dire poverty was humanity’s inescapable lot. To Malthus’ eye it was the lower-ability, sicker people (‘the poor’) who bred faster because they had less to lose, resulting in a downward spiral in the quality of life for everyone.

The fear of the rich that the ‘wrong people’ will breed most and will thereby inherit the earth is an ongoing theme in history. The solution to this, from the elite perspective? Deliberate depopulation, making it harder for the ‘wrong people’ to breed, or ensuring that they themselves would outbreed others. One may think that actually trying such solutions is a thing of the past, but just as peasants had to ask their lords permission to be married in feudal times, barriers to marriages were normal during lockdowns, at the whim of “health” bureaucrats.

However, Malthus and his many copycat thinkers have been proven wrong for two centuries, thanks to continued technological advances and improvements in social organisation.

Humanity has managed to get more and more out of Earth’s finite physical resources and out of ourselves. The increased fraction of life spent in education has both improved productivity and greatly limited fertility levels such that, of its own volition, humanity is no longer on a trajectory of population explosion.

Is Malthus still wrong today?​

In terms of income per capita and rates of poverty, humanity was on a rapid trajectory of improvement right up until early 2020. China was still growing, India was catching up, Southeast Asia was booming, and education and food security were increasing among the peoples of Africa and Latin America. Far more than half of the world’s population were escaping from poverty, ignorance, and food insecurity.

Overall human life expectancy was increasing almost everywhere before 2020. Judging from the most basic human well-being statistics in 2019 (health, income, education, food-production potential), there was no end to growth in sight in 2019, with plenty of improvement still available for the vast majority of the world population. The sense of rapid progress in the new centres of power (e.g., Shanghai and New Delhi) was palpable.

Overall, growth was not ending at all, either in reality or in terms of its tug on people’s internal ideology. This was in spite of Western elites and a substantial supporting chorus of pearl-clutchers regularly making themselves miserable about growth, which is a major reason why the modern Western ideology is now being abandoned by many countries in favour of the Shanghai coalition that is firmly rooted in a growth ideology.

Looking more closely at the technological frontier, the story is more nuanced. Tremendous technological improvement has plainly been made in every recent decade in fields including AI, the internet, robotics, food technology, transportation systems, and many others. Yet, technological improvement is not really ‘progress’ unless it is capable of improving the lot of humanity. While the potential of technological advances is huge, the translation of this potential into improvement in human thriving is not immediate.

Many a slip between cup and lip​

In fact, it is doubtful if improved technology was benefiting populations in the most advanced countries at the start of 2020. Over the prior 30 years, medical discoveries had been plentiful but largely ineffective in improving the overall health of the population. Each year’s medical advances were mainly aimed at treating specific acute conditions or keeping sick old rich people alive for a few more months at huge expense, thereby perpetuating the employment of masses of medics without moving the dial much on average population health.

Average health was and still is much better served by mass access to basic, cheap health services, something systematically destroyed by the profit motive in public health that sees ‘basic and cheap’ as its enemy. At the start of 2020, life expectancy had almost plateaued in much of the West and had even begun regressing in the US, with many health indicators worsening, such as levels of obesity and the quality of food consumed. When you can make a bank out of health, it pays to tell everyone they are ill, and it is better yet if they really are ill.

Even discounting the commercial sabotage of public health in the US and elsewhere, essentially no progress has been made over the past generation on increasing the maximum age people can attain. The oldest age reliably recorded to have been reached by any human is 122, and that person died 25 years ago. The current oldest person is 118. So much for the prophecies of people living to the ripe old age of 200.

Furthermore, the odds of dying once you reach old age whisper no promise that individual humans can last for centuries: at the age of about 95, one has a 1 in 4 chance of dying that year. When 107, the chance is 1 in 2. At 117, 4 in 5. So even if we managed to see a million people to their 100th birthdays, fewer than one of those on average will make it to 120.

Our bodies just gradually break down and there is nothing we have found so far to prevent our demise, with no realistic prospects on the table either, though there is no shortage of snake-oil salesmen promising the rich that they can deliver on endless life. Nothing new about that fantasy either.

The same lack of actual progress despite the development of fancy new technology can be seen in average productivity levels in the West, which have been largely stagnant for the past 30 years. AI, robotics, miniaturisation, and so on have had their benefits for humans, but these have been counteracted by negatives, such as dopiness from compulsive mobile phone use.

At the individual level, IQ scores and the ability to focus on complex abstractions have both decreased in the West since the end of the 1990s, which to our minds is likely related to the constant distractions of mobile phones, social media, and email, and the growing presence of mindless bureaucracy. Other negative social factors include congestion in our cities and reduced organisational intelligence in industry. With its real-world impacts on our quality of life mediated by the societal and political forces of the past three decades, new technology has proven roughly a wash in terms of global productivity.

Several variations on this theme are apparent looking across countries and cultures. In the ‘best run’ places in the world (Scandinavia, South Korea, Singapore, Taiwan), progress did happen over the last 20 years, while the US has stagnated and even gone backwards, with the bottom 50 percent of the American population unhealthier, fatter, and poorer, with lower intelligence to boot.

Many indicators of social mobility have also deteriorated in Western countries, such as the chances of the new generation earning more than their parents or having a house of their own. The ladders of success have been well and truly removed for the younger generations, which is exactly what would be expected in a society becoming more feudal. Our youngsters then find themselves dumber, poorer, more anxious, more alone, more belittled, and more dependent on their parents and on the neo-feudal bureaucracy than were previous generations.

Is all lost?​

We do not think that the bleak picture painted above our present reality holds for the potential of humanity. The use of new technologies within our current political and social system may have made us dumber, more enslaved, and less healthy in many countries, but that outcome is not inevitable.

It is possible to have the benefits of mobile phones and the internet without suffering the debilitating effects of constant distractions, for example: all we need to do is to learn how we as collectives can better limit our exposure to these distractions, allowing us to relearn how to focus and think deeply. Social experimentation along those lines is already happening, with families and companies learning how to restrict the use of emails and mobile phones to appropriate types and times.

Given the huge loss created by current ‘normal usage,’ this experimentation will likely lead to successful models that will be taken up by society as a whole. Our social systems may be slow at figuring out the uses and pitfalls of technology, but we are highly adaptive creatures and we do figure things out gradually, and then copy the successes of those among us who have figured it out. We do this especially when the gains to be had are great, as they are in this case.

Health care in the coming 50 years in the West is unlikely to get much better than what was seen in Scandinavia and Japan in 2019, but we do think it possible to have better health for the bottom half of society in the US and many other countries simply by rediscovering what works well. We can also figure out how to have active lifestyles, eat healthily, and better caretake our mental health. Many improvements in such areas were already being implemented in various places in 2019.

The reason for our optimism is that healthy behaviours, social warmth, and economic productivity go together, forming a winning package in the field of social competition, and one moreover that has already been found. That recipe must eventually win out against the inferior packages we have seen become dominant over the past 50 years. It is ‘merely’ a matter of the forces of competition and jealousy winning out against the more short-term forces of corruption and neo-feudal fascism that are so dominant today in the US and many European countries.

Part 1 of 2
 

marsh

On TB every waking moment

Part 2 of 2​

Advances to come​

When it comes to productivity and material progress in the environmental sphere, we think huge progress is possible. We are not just thinking about improvements in water and air quality, which many Western countries have already implemented using technology that can be spread to other countries. We are also extremely optimistic about the potential of ‘Nature’ as a whole, as gauged by the volume and diversity of plants and animals.

Consider the potential. Large areas of the Earth, such as much of Canada and Siberia, are quite fertile but not used much today. Technology exists that can transform other large areas, such as deserts, into lush green places. Some 71% of the surface of the Earth is covered by oceans that provide a potentially rich habitat, but with comparatively little actually living in them currently. With our directed efforts, all of these places could contain much more life.

To our minds, a truly ‘green agenda’ can and likely will emerge in the future wherein humankind enthusiastically takes up the challenge of creating more Nature. Instead of just moaning about problems, humanity will eventually set itself to proactively expanding Nature.

Seen in this light, the problem with the environment is not that we have run out of options for growth, but that there is not enough of a growth mindset. Many people who care about the environment have been transfixed by today’s sin-oriented ‘green’ ideology in which humans and their pursuit of growth are upheld as the main problem. Once they break free of this paralysing spell, they will discover how to be part of the solution rather than part of the problem.

Take Saudi Arabia as an example. This is a place with a strong and unapologetic growth mindset, where the authorities are seriously considering planting 10 billion trees using desalinated water generated with the help of solar power. Those trees would transform the country from a desert into a tropical paradise, changing its climate and increasing the amount of Nature it contains by a huge multiple. We applaud such thinking and experimentation.

In terms of social organisation too, far more progress is available to humanity. The more egalitarian structures of Singapore and Scandinavia have proven to be far more productive than the authoritarian models that have strengthened in recent decades in Anglo-Saxon countries. By emulating the social organisational structures and norms of Denmark or Switzerland, the US population would live 5 years longer on average, increase its native human capital, improve all indicators of local environmental health, reduce crime, have far fewer foreign conflicts, and enjoy many other benefits.

Oour societies can get a lot more out of the genius of their own populations by mobilising people into citizen juries that appoint leaders and media communities that add diverse perspectives. Limits to how much humanity can improve in such areas do exist, but we don’t think we are anywhere close to them. Growth for a few generations is still on the table. In the US and much of the West, which have regressed in terms of politics and social organisation over the last 30 years, progress is still easy pickings.

Even beyond a few generations from today, we see bountiful continued growth potential once we figure out how to use AI to increase the pace of technological change. Things that now seem impossible, like constructing large living structures deep in the ocean, might be figured out by AI rather than by us. Space exploration, cleaner energy, reusing all the waste that we now bury or burn, clean mining, and so on are all technological challenges for which AI might well provide the answers.

In sum, we are so far away from any ‘hard limit’ environmentally, technologically, or socially that we can easily have a growth orientation for generations to come. There is no need to acquiesce to the slavery that inherently accompanies a ‘no growth’ situation.

Why would the West want to become the ‘misery outlier’ in the international community, shunned by the rest? Those who truly want what is best for the peoples of the West should be guided not by self-flagellatory sin stories, but by the Enlightenment idea of progress.

Two questions remain: where does the present self-defeating pessimism in Western culture come from, and what do we advocate as a guiding vision for those who see and agree with our analysis?

Why are we getting in our own way?​

We see two distinct reasons for the current pessimism in Western culture. One is the actual experience of large groups in the West that have seen their living standards deteriorate relative to those of their parents, something particularly evident in the US. The reason for that experience does not matter for its consequence, which is a generation of people who have become naturally pessimistic about their own futures and the future of their society, and are looking for places to lay the blame. This disheartened, vulnerable mindset is the ‘real’ consequence of the rise of fascist feudalism in our societies over the last 50 years.

This first reason has a deeply religious and even spiritual element to it. Simply as a means of coping with a reality of little hope and being constantly reminded of their own ‘failure,’ many people find psychological succour within the idea of an apocalypse. If the world is coming to an end, then one’s own failures become less important. If deep, dark forces are dragging the world down, then at least the disappointments they have witnessed are not the result of personal failures.

This is the deep logic of feudal ideology. In order to cope with being a slave, a slave wants to believe that it is not possible to do better, and that in fact being a slave is a natural part of the fated or divine order of things. In a perverse manner, the raped and belittled slave gets comfort out of pessimism and fatalism. Such ideologies trap slaves into a slave mentality, in which believing in hope costs a huge and often unaffordable effort.

Worse, the hope of others becomes suspicious and painful. Slaves trying to cope with their ‘fate’ do not want to be told that they could do better, and that they should take all the real risks of rising up. The mantra becomes “Keep your head down, do as you’re told, and don’t complain when mentally or physically raped. Pick on the rebel who is endangering us.” This is the mindset that allowed humanity to survive thousands of years of feudalism. Western culture is rapidly going back to that mindset now that the underlying economic reality of feudalism (i.e., no growth) has reared its ugly head for a few decades.

This first reason for our paralysis creates a large psychological hurdle that would have to be scaled by a society if it is to get out of the feudal trap by means of a self-starting uprising.

The more likely trajectory in the modern era of free movement is that other societies do well, and over time absorb the more hopeful ‘slaves’ who travel there to make a better life. We have seen this phenomenon already in the covid era as people have relocated from California to Florida and from Germany to Denmark. More efficient societies win in the long run, but to benefit from them as an individual, one has to move there.

Just as the oppressed masses of Europe moved to the US at the end of the 19th century, so too might we see large movements of Americans away from feudalism, though with some luck they will only have to move states within their country, rather than across continents.

The loss that such movements bring to the parasites in left-behind regions means that they eventually get worked out of their livelihoods and forced to find something more useful, or at least less damaging, to do.

The second reason for the pessimism in Western society is that pessimism suits the business model of parasites. This is seen plainly in pithy summaries of tactical strategies for manipulation, such as “Scare ‘em and fleece ‘em,” “If it bleeds it leads,” and “Thy doom is nigh, but buy this and you may be saved.” In the modern age, looking for scare stories has become the basic business model of the media. Even the basic business model of many scientific disciplines has become one of arguing for societal resources by predicting doom unless they are given more subsidies.

The basic business model of many parasitic layers of modern bureaucracies is to accentuate fears and then argue for an increase in their own powers. A good example is a recent self-serving paper by the World Bank and World Health Organization prepared for the G20 summit, which touted ‘pandemic preparedness’ and suggested that the trivial sum of $10 billion was all that was needed to fund it. The recent move to establish an Australian CDC is another example.

All those dreaming of control like to believe that they should rule the world in order to save it from some great danger. At the end of the day, this is simply a selfish fascist fantasy. The West is now encumbered by huge layers of parasites whose living is made out of exaggerating fears and stealing from people under the guise of saving them. The EU Commission is a particularly glaring example of such a group, but they are everywhere today: people just trying to make a buck, but costing their society dearly.

Both reasons for the dispiritedness of today’s Western populations have strong lock-in effects. Layers of society that have become psychologically or economically dependent on the pessimism have good reasons to work to keep it going.

What breaks that grip is not a golden moment of revelation, but rather market forces. Within these new slave societies, breakaway groups can be happier and more productive than those still yoked to modern sin stories and the control of parasites. Across societies, there is real choice.

The long-run market pressure is towards efficient structures. The slave model is not efficient for societies fueled by human capital investments, and hence by a belief in progress through growth in knowledge. In that deeper sense, the news is still good: production and wealth creation in our societies are still dependent on human capital and the scientific progress that it creates.

This means that feudal fascism cannot win in the longer run, because the ‘slaves’ can simply run away, taking their capital with them in their heads. Feudalism lost to dynamic markets centuries ago and fascism lost to separation of powers some 80 years ago. Both will inevitably lose again. The only question is how quickly, and after what level of damage done by the fanaticism engendered by ‘no growth’ leaders.

What to aim for​

In light of the above, what is the job of Team Sanity in the coming years?

Our job is to create positive parallel societies within the new slave societies, to join and help those countries and regions that have already escaped the fascist feudalism now dominant in much of the West, and to develop and debate a package of reform ideas to implement when the time is right.

We should not abandon the idea of progress. Progress – both in perception and in reality – is central to science, freedom, and a thriving society. Without it, we are slaves.
 

marsh

On TB every waking moment
Todd Bensman: Nothing Triggers Forward Movement To The Border Like Talks Of Amnesty 6:10 min

Todd Bensman: Nothing Triggers Forward Movement To The Border Like Talks Of Amnesty​

Bannons War Room Published December 21, 2022

(No summary given. Did not watch.)

^^^^^
Oscar Ramirez: Huge Influx Of Migrants In Key Border Towns 9:14 min

Oscar Ramirez: Huge Influx Of Migrants In Key Border Towns​

Bannons War Room Published December 21, 2022

(No summary given. Did not watch.)

^^^^^
Steve Cortes: A Human Tsunami Of Trespassers Is Coming Across The Border And We’re Funding It 1:56 min

Steve Cortes: A Human Tsunami Of Trespassers Is Coming Across The Border And We’re Funding It​

Bannons War Room Published December 21, 2022

(No summary given. Did not watch.)

^^^^^
Todd Bensman: The NGO’s Don’t Believe You Should Have A Country 6:59 min

Todd Bensman: The NGO’s Don’t Believe You Should Have A Country​

Bannons War Room Published December 21, 2022

(No summary given. Did not watch.)
 

marsh

On TB every waking moment
View: https://www.youtube.com/watch?v=ePFvZQOK_RE
18:52 min

Border Crisis (El Paso/Ciudad Jaurez) Wednesday 12/21/22​

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1st Responders Media
Streamed 42 minutes ago

^^^^^
View: https://www.youtube.com/watch?v=vNhRpdXtoI8
5:04 min

Border Crisis (El Paso/Ciudad Jaurez) Wednesday 12/21/22​

tRT7sgWFLFXmRQn3n87RxKCpBtzyd_bGocm60zv3b_wou4WUEVCh_sXxXXYQ3_xbNjCqsGgV=s88-c-k-c0x00ffffff-no-rj

1st Responders Media
Streamed live 17 minutes ago

(Letting groups enter and load on busses. One group at a time.)

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marsh

On TB every waking moment
4:07 min

Mike Howell: This Bill Is Kneecapping The American People​

Bannons War Room Published December 21, 2022

(No summary given. Have not watched)

^^^^
Steve Bannon: The Omnibus Bill Is A Disgrace To The American People 5:07 min

Steve Bannon: The Omnibus Bill Is A Disgrace To The American People​

Bannons War Room Published December 21, 2022

(No summary given. Have not watched)
 

marsh

On TB every waking moment
Thomas Massie Reveals Why The Legislative Branch Is The Most Powerful According To Justice Scalia 3:37 min

[Rep.] Thomas Massie Reveals Why The Legislative Branch Is The Most Powerful According To Justice Scalia​

Red Voice Media Published December 21, 2022

"Absolutely. That's a great Christmas present for me, Congressman, because I had not heard that story before." - Rob Maness

We are in the lame duck session of Congress now and a lot of important issues are being discussed, or not! My special guest today is the most Constitutional member of the U.S. House. He does what our elected federal representatives are supposed to do – defend liberty. He accomplishes his mission by various means, all of which include holding our elected officials and the unelected government accountable. They don’t like him and you know what, any swamp creature shouldn’t because this man is in their face every day calling them out and holding accountable in committee and on the floor of the house. He also lives what he protects, in liberty. Congressman Thomas Massie of Kentucky’s 4th District is the most free American in congress because he and his family live out their freedoms like the second amendment and using innovative ideas and methods to have a home that produces its own needs like power and water.

(Scalia: "You have all the power you need...You all are complaining about things you don't like. If you don't like them, just quit funding them."

Now, with the Omnibus bill, they are all funded into the next year and the House has just lost its leverage.)
 

marsh

On TB every waking moment

marsh

On TB every waking moment
2:17 min

Kurt Schlichter on the Omnibus Bill: Where's the Oversight?​

RealAmericasVoice Published December 21, 2022

"The idea that we should just shut up and write checks — is just crazy."

Kurt Schlichter joins Charlie Kirk to discuss the $45 Billion in Ukraine aid in the $1.7 Trillion 'must-pass' government funding bill.
 

marsh

On TB every waking moment
America On The Edge 19:50 min

America On The Edge​

The New American Published December 21, 2022

Most people refuse to believe this. Not because it's false, but because they want to live like it is not happening, so they pretend it's not happening. Deep down, they know what I am saying is true.

(Did not watch)
 

marsh

On TB every waking moment
Game Over for Big Pharma: 90% of Americans Are Saying No to COVID Vaccines 1:33 min

Game Over for Big Pharma: 90% of Americans Are Saying No to COVID Vaccines​

The Vigilant Fox Published December 21, 2022

According to V-Safe data, 1 in 13 people reported needing emergency care or hospitalization after taking the vaccine. And 22% of Americans know somebody who died or was seriously injured after taking the vaccine.

"That 22% talks to other people, so it's rare now that you'd ever encounter anybody who says they haven't heard something."

Dr. Peter A. McCullough is a world-renowned MD — fighting against censorship and reprisal. He has teamed up with The Wellness Company, where he now serves as Chief Scientific Officer.
 

marsh

On TB every waking moment
Dr. Robert Malone: Understanding and Resisting Fifth Generation Warfare 1:04:29 min

Dr. Robert Malone: Understanding and Resisting Fifth Generation Warfare​

The New American Published December 21, 2022
For the past three years of the Covid pandemic, the United States government, supranational organizations, and virtually all western regimes have been deploying highly refined, military-grade fifth generation warfare (5GW) technologies against everyday people to advance their anti-freedom agenda. As sophisticated as they are, these technologies can and must be counteracted.

In this interview with The New American, Dr. Robert Malone offers a deep dive into the strategies and objectives of the 5GW as well as the actors behind it. The most notable of the latest is the Chinese Communist Party (CCP) which has strong ties not just with globalist organizations such as the World Economic Forum (WEF) and the World Health Organization (WHO), but, evidently, with the Biden administration and members of both the Democratic and Republican parties as well.

One of the most dangerous features of the 5GW is its goal to destroy the cultural and moral codes of the Western societies, for which various tactics are used, including black propaganda and controlled opposition. Sadly, as described by Dr. Malone, there are, as with any movement, strong indications of self-serving and outright destructive developments happening in the freedom movement that undermine it from within. Moreover, the adaptation of the moral fallacy that "ends justify the means" into the tactics used and advocated for by some in the freedom movement is intrinsically dangerous in terms of the movement losing its integrity and credibility, radicalizing its supporters, and actually becoming as bad as its opponents. "For the sake of our children, our culture, and civilization, we must resist that," urged the doctor.

To fight the 5GW, one should start by arming oneself with knowledge of its tenets and tricks and strive to think critically and independently.
 

marsh

On TB every waking moment
View: https://www.youtube.com/watch?v=XeOPPV2bfGY
7:41 min

Home Sales Are About To Do This In January 2023​

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Real Estate Ninja
29 minutes ago

^^^^^

Home sales tumbled more than 7% in November, the 10th straight month of declines​

PUBLISHED WED, DEC 21 202210:00 AM
Diana Olick
  • Home sales declined 7.7% on a monthly basis in November.
  • Sales were down 35.4% year over year, marking the tenth straight month of declines.
  • The median sales price rose 3.5% to $370,700 from a year ago.
November existing home sales fall — 10th consecutive monthly drop

Sales of existing homes fell 7.7% in November compared with October, according to the National Association of Realtors.

The seasonally adjusted annualized pace was 4.09 million units. That is weaker than the 4.17 million units housing analysts had predicted, and it was a much deeper fall than usual monthly declines.

Sales were down 35.4% year over year, marking the tenth straight month of declines. That was the weakest pace since November 2010, with the exception of May 2020, when sales fell sharply, albeit briefly, during the early days of the Covid pandemic. In November 2010, the nation was mired in the great recession as well as a foreclosure crisis.

These counts are based on closings, so the contracts were likely signed in September and October, when mortgage rates last peaked before coming down slightly last month. Rates are now about one percentage point lower than they were at the end of October, but still a little more than twice what they were at the start of this year.

“In essence, the residential real estate market was frozen in November, resembling the sales activity seen during the Covid-19 economic lockdowns in 2020,” said Lawrence Yun, NAR’s chief economist. “The principal factor was the rapid increase in mortgage rates, which hurt housing affordability and reduced incentives for homeowners to list their homes. Plus, available housing inventory remains near historic lows.”

At the end of November there were 1.14 million homes for sale, which is an increase of 2.7% from November of last year, but at the current sales pace it represents a still-low 3.3 month supply.

Low supply kept prices higher than a year ago, up 3.5% to a median sale price of $370,700, but those annual gains are shrinking fast, well off the double digit gains seen earlier this year.

It is still the highest November price the Realtors have ever recorded, and, at 129 straight months, it is the longest running streak of year-over-year price gains since the realtors began tracking this in 1968. Roughly 23% of homes sold above list price, due to tight supply.

“We have seen home prices come down from their summer peaks over the past five months.

At the same time, we have also seen rent growth retreat for 10 consecutive months,” wrote George Ratiu, senior economist at Realtor.com in a release. “However, the cost of real estate remains challenging for many households looking for a place to call home, especially as high inflation and still-elevated interest rates have been eroding purchasing power.”

Sales decreased in all regions but fell hardest in the West, where prices are the highest, down nearly 46% from a year ago.

Homes sat on the market longer in November, an average 24 days, up from 21 days in October and 18 days in November 2021. Despite the slower market, 61% of homes went under contract in less than a month.

With prices still high and mortgage rates hitting a cyclical peak, first-time buyers remained on the sidelines. They were responsible for 28% of sales in November, which was unchanged from October, and up slightly from 26% in November 2021. Historically first-time buyers make up about 40% of the market. A separate survey from the Realtors put the annual share at 26%, the lowest since they began tracking.

Sales fell across all price categories, but took the steepest dive in the luxury million-dollar-plus category, dropping 41% year-over-year. That sector had seen the biggest gain in the first years of the pandemic.

Mortgage rates have come off their recent highs, but it remains to be seen if it will be enough to offset higher prices.

“The market may be thawing since mortgage rates have fallen for five straight weeks,” Yun added. “The average monthly mortgage payment is now almost $200 less than it was several weeks ago when interest rates reached their peak for this year.”
 

marsh

On TB every waking moment
View: https://www.youtube.com/watch?v=yZpEvABx8rQ
11:20 min

Emergency Margin Call Today (Get Ready For Bank Collapse) - Japan

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The Economic Ninja
Dec 21, 2022
It appears that a Japanese Fund is experiencing a margin call today as this is more than likely a reaction to the Bank Of Japan ( BOJ ) changing their Yield Curve Control Policy. This may keep the dollar low and the treat of Japan selling our US Bonds.

^^^^^

Bank of Japan shocks global markets with bond yield shift​

Story by Elliot Smith • Yesterday 1:23 AM

IN THIS ARTICLE

  • The Bank of Japan caught markets off guard by tweaking its yield curve control policy to allow the yield on the 10-year Japanese government bond to move 50 basis points either side of its 0% target.
  • In its policy statement, the BOJ said the move is intended to "improve market functioning and encourage a smoother formation of the entire yield curve, while maintaining accommodative financial conditions."
Citi: 'Absolutely nothing stunning' about Bank of Japan yield tweak despite market reaction

Global markets were jolted overnight after the Bank of Japan unexpectedly widened its target range for 10-year Japanese government bond yields, sparking a sell-off in bonds and stocks around the world.

The central bank caught markets off guard by tweaking its yield curve control (YCC) policy to allow the yield on the 10-year Japanese government bond (JGB) to move 50 basis points either side of its 0% target, up from 25 basis points previously, in a move aimed at cushioning the effects of protracted monetary stimulus measures.

In a policy statement, the BOJ said the move was intended to "improve market functioning and encourage a smoother formation of the entire yield curve, while maintaining accommodative financial conditions."

The central bank introduced its yield curve control mechanism in September 2016, with the intention of lifting inflation toward its 2% target after a prolonged period of economic stagnation and ultralow inflation.

The BOJ — an outlier compared with most major central banks — also left its benchmark interest rate unchanged at -0.1% on Tuesday and vowed to significantly increase the rate of its 10-year government bond purchases, retaining its ultra-loose monetary policy stance. In contrast, other central banks around the world are continuing to hike rates and tighten monetary policy aggressively in an effort to rein in sky-high inflation.

The YCC change prompted the yen and bond yields around the world to rise, while stocks in Asia-Pacific tanked. Japan's Nikkei 225 closed down 2.5% on Tuesday afternoon. The 10-year JGB yield briefly climbed to more than 0.43%, its highest level since 2015.

The Bank of Japan on Tuesday shocked global markets by widening the target range for its 10-year government bond yield.© Provided by CNBC

By midafternoon in Europe, the U.S. dollar was down 3.3% against the surging yen. The yen's rally saw the currency notch the biggest single-day gain against the U.S. dollar since March 1995 (27 years, eight months, 20 days), according to FactSet currency data.

U.S. Treasury yields spiked, with the 10-year note climbing by around 7 basis points to just below 3.66% and the 30-year bond rising by more than 8 basis points to 3.7078%. Yields move inversely to prices.

Shares in Europe retreated initially, with the pan-European Stoxx 600 shedding 1% in early trade before recovering most of its losses by late morning. European government bonds also sold off, with Germany's 10-year bund yield up almost 7 basis points to trade at 2.2640%, having slipped from its earlier highs.

'Testing the water'​

"The decision is being read as a sign of testing the water, for a potential withdrawal of the stimulus which has been pumped into the economy to try and prod demand and wake up prices," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.

"But the Bank is still staying firmly plugged into its bond purchase program, claiming this is just fine tuning, not the start of a reversal of policy."
That sentiment was echoed by Mizuho Bank, which said in an email Tuesday that the market moves reflect a sudden flurry of bets on a hawkish policy pivot from the BOJ, but argued that the "popular bet does not mean that is the policy reality, or the intended policy perception."

"Fact is, there is nothing in the fundamental nature of the move or the accompanying communique that challenges our fundamental view that the BoJ will calibrate policy to relieve JPY pressures, but not turn overtly hawkish," said Vishnu Varathan, head of economics and strategy for the Asia and Oceania Treasury Department at Mizuho.

"For one, there was every effort made to emphasize that policy accommodation is being maintained, whether this was in reference to intended as well as potential step-up in bond purchases or suggesting no further YCC target band expansion (for now)."

Spikes in volatility​

The Bank of Japan noted in its statement that since early spring, market volatility around the world had risen, "and this has significantly affected these markets in Japan."

"The functioning of bond markets has deteriorated, particularly in terms of relative relationships among interest rates of bonds with different maturities and arbitrage relationships between spot and futures markets," it added.

The central bank said if these market conditions persisted, it could have a "negative impact on financial conditions such as issuance conditions for corporate bonds."

Luis Costa, head of CEEMEA strategy at Citi, indicated on Tuesday that the market move may be an overreaction, telling CNBC there was "absolutely nothing stunning" about the BOJ's decision.

"You have to take this BOJ measure in the context of a positioning in dollar-yen that was obviously not expecting this tweak. It's a tweak," he said.

Japanese inflation is projected to come in at 3.7% annually in November, according to a Reuters poll last week — a 40-year high, but still well below the levels seen in comparable Western economies.

Costa said the Bank of Japan's move was not geared toward combating inflation but addressing the "infrastructure and the dynamics of JGB trading" and the gap in volatility between the trade in JGBs and the rest of the market.
 

marsh

On TB every waking moment
View: https://www.youtube.com/watch?v=efLnCv5rw8c
32:23 min

Elon Musk Warns TWITTER ABOUT TO DIE, Says Its A Plane Crashing, Corporate Press COVERS UP FBI PsyOp​

AMLnZu-r6oSrkSDkHGMt3Ql1sSpEKQjV3avfqvWOoXm3Tg=s88-c-k-c0x00ffffff-no-rj

Tim Pool
Dec 21, 2022
Elon Musk Warns TWITTER ABOUT TO DIE, Says Its A Plane Crashing, Corporate Press COVERS UP FBI PsyOp. FBI Agents DENIES PsyOp despite evidence proving it. Democrats and the intelligence agencies are working hard against Elon Musk and Twitter could implode. Republicans arent doing much either to stop this but if Elon Musk steps down as CEO or the platform collapses we would suffer a huge defeat in the culture war.

1671660482065.jpeg
 

marsh

On TB every waking moment
View: https://www.youtube.com/watch?v=8BqogiIEE0Y
6:15 min

THIS lawyer proves the FBI is FAR TOO FRIENDLY with Big Tech​

AMLnZu_JigBhSNHU1jYzFG0VQvXSee-mCSe60pw87sA6OA=s88-c-k-c0x00ffffff-no-rj

Glenn Beck
Dec 21, 2022
Thanks to Elon Musk releasing the ‘Twitter Files,’ conservatives now know that everything we thought was once happening inside Twitter actually WAS happening…despite what the mainstream media once claimed. But this story actually gets even WORSE. In this clip, Glenn introduces you to James Baker. He’s a former FBI lawyer — and now a former Twitter lawyer — who demonstrates just how ASTOUNDING the revolving door between the FBI and Big Tech truly is…
 

marsh

On TB every waking moment
View: https://www.youtube.com/watch?v=m-Z87LdD_0Y
13:18 min

Japan Approves Biggest Military Buildup Since WWII Against China​

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China Uncensored
Dec 21, 2022
Japan is building up its military capabilities in a big way, and that's largely because of the threat emanating from its western neighbor—no not Russia or North Korea—China. In this episode of China Uncensored, we discuss how controversial a move this is for Japan, how Japan's military buildup is also more widely accepted than it used to be, and the challenges Japan faces in building up its military.
 

marsh

On TB every waking moment
View: https://www.youtube.com/watch?v=Ux1s7QwKJGY
25:13 min

Neil Oliver Wakes up with Eva Vlaardingerbroek – part 2​

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Neil Oliver
Dec 21, 2022
Part 2 of Neil's latest ‘waking up’ interview with Eva Vlaardingerbroek – packed with subjects from the plight of farmers, the climate crisis, covid and the Ukraine to depopulation, transhumanism and neural links.
 

marsh

On TB every waking moment
View: https://www.youtube.com/watch?v=5P8v-bS7pTc
5:19 min

Gov. Abbott: This alone should be Biden's 'wake-up' call​

https://yt3.ggpht.com/ytc/AMLnZu_64n1WvB5AW__6tdA7RqqQiX73ix5yeF****iK1AI=s88-c-k-c0x00ffffff-no-rj
Fox News
Dec 21, 2022
Texas Gov. Greg Abbott (R) joined 'America's Newsroom' to discuss the latest on the migrant surge and how the White House has responded to the crisis.
 

marsh

On TB every waking moment
Market Falls Mirror Great Depression; Unemployment Numbers Doctored 40:52 min

Market Falls Mirror Great Depression; Unemployment Numbers Doctored​

Crossroads with Joshua Philipp Published December 21, 2022

The United States is seeing economic trends not witnessed since the Great Depression, including with its falling GDP. While there are various estimates on the crisis, it’s projected to last for years before real improvements are seen, and early estimates didn’t take into account unforeseen events such as ongoing lockdowns in China or Russia’s war with Ukraine.

Meanwhile, President Joe Biden has been tweeting about rising employment and improvements in the economy. But emerging data suggests the numbers may not be accurate. This includes a recent admission by the Philadelphia Fed that it overstated US jobs by at least 1.1 million.
 

marsh

On TB every waking moment

Kyle Bass: China's Xi Intentionally Crashing Property Market, Preparing For War

TUESDAY, DEC 20, 2022 - 09:05 PM
Authored by Liam Cosgrove via The Epoch Times,

Dallas-based hedge fund manager Kyle Bass is predicting big economic issues for China throughout 2023, stemming from an overleveraged financial system, collapsing property market, and unsustainable birth rates.

China, a nation accustomed to greater than 7 percent real GDP growth for the past 10 years, is seeing signs of economic sluggishness. “The volume of exports could actually shrink by 6 percent on average in 2022 and 2023,” predicted the BlackRock Investment Institute in an October report.

Bass, founder of the asset management firm Hayman Capital and prominent China hawk, claimed the Chinese are in a financial conundrum of their own making. “They have architectural problems,” the fund manager said in a Dec. 17 interview on the podcast Forward Guidance.

View: https://youtu.be/dTLjgth4cnI
54:02 min

Blaming the Chinese Communist Party’s (CCP) incentives and monetary policies for creating an environment of “riverboat gambling in their property sector,” Bass warned of real estate’s burgeoning share of Chinese GDP. Estimates of the property market’s share in the nation’s economy vary, but economist and Harvard professor Kenneth Rogoff estimated it to be around 30 percent, as of September 2021.

The growth of the property sector has ushered in an unprecedented drop in housing affordability.

Last year, according to Bass, the median home price-to-income ratio in tier-one Chinese cities exceeded 36—meaning it would take more than three decades for the working class to accumulate the necessary income to purchase a home. The fund manager juxtaposed these figures to those of the U.S. housing bubble in 2008.

“Just to put these into perspective, in the United States, median home prices got to be just over six times median income when our subprime crisis collapsed.”

A commercial housing community is seen under construction in Nanjing, Jiangsu Province, China, on April 15, 2022. Since March, due to weakening market demand, banks in more than 100 cities across the country have voluntarily lowered mortgage interest rates. (Costfoto/Future Publishing via Getty Images)

Xi’s War on Housing
Despite its lofty heights, the Chinese property is cooling off. National home prices have declined for the preceding 16 months, according to data from the National Bureau of Statistics in China.

Property developers are feeling the sting. S&P Global Ratings estimated in September that the Chinese real estate market needs a bailout of almost $100 billion to ensure projects can continue.

These real estate pains are intentional, said Bass. They are part of CCP leader Xi Jinping’s mission to solve the country’s worsening demographic crisis.

“What Xi figured out is the average birth rate of the average Chinese woman has dropped from over 2.1 to now 1.2,” the fund manager explained. Bass connected birth rates to house prices by pointing out that home ownership is essential to family formation.

“They can’t marry in the basement of their parent’s house, so they don’t,” he added. “The birth rate started collapsing, and we all know the demographic curve of China looks terrible because of the one-child policy, but this supercharged the problem.”

The “one-child policy” refers to China’s population curbing initiative, implemented in 1980 by former Chinese leader Deng Xiaopeng, which punished parents for having more than one child. The policy drastically reduced the country’s younger population, led to a stark gender imbalance, and was repealed in 2015.

According to Bass, Xi recognizes the severity of China’s demographic problem and has decided to reverse the trend at all costs.

“Xi decided to squash real estate. He knows it has to come down and stay down.”

Taiwan Invasion Risk Factor
The Texan fund manager has long been sounding the alarm about the communist regime’s plans to invade Taiwan and has warned western capital allocators to divest from China while they still can. Such an invasion is a matter of “when” not “if,” as Bass sees it.

“If you listen to Xi … He is battening down the hatches,” Bass said in the interview. “There’s no question that he moves on Taiwan.”

Bass sits on the board of the Quadrilateral Security Dialogue (Quad) fund, a newly launched investment fund founded by insiders from Washington, Australia, Japan, and India. The goal of Quad is to advance initiatives that give the West competitive advantages over China.

If China were to invade Taiwan, Bass believes the United States should not hold any punches, specifically advocating for their removal from the SWIFT system—a move taken against several Russian banks earlier this year. “We can collapse their economy in a matter of months or maybe even weeks,” the fund manager said.

Some economists disagree that the United States has the upper hand in an all-out trade war scenario as they believe Beijing can weaponize its U.S. Treasury bonds by dumping them. China owns just over $900 billion in U.S. Treasury bonds as of October, according to data from the Treasury Department.

However, Bass believes China cannot sell bonds all at once, since doing so would cause economic distress for Beijing.

“You need dollars running your economy … 86 percent of their settlements are in dollars, so they desperately need dollars to deal with the rest of the world,” Bass said.
 

marsh

On TB every waking moment

It's Wholesale Robbery Of The American People

WEDNESDAY, DEC 21, 2022 - 10:00 AM
Authored by Jeffrey Tucker via DailyReckoning.com,

The latest inflation news was glorious, they said. The whole media told us so!
It’s easing, improving, better than it has been and headed in the right direction. So stop your kvetching and get out there and make (and spend) money. For that matter, throw around the credit card a bit and stop trying to save money.

Inflation is all but done! It’s pretty interesting because they have been saying this for the better part of 18 months.

In reality, the consumer price index rose 7.1% from a year ago. That’s terrible. Yes, not as terrible as last month, but look at the breakdown in detail.

Food at home is up 10% while food at restaurants is up 12%. Fuel oil is up 65.7 % and transportation services are up 14.2%!

So on it goes, and each month we get a report, and the intensity shifts from one sector to another. The perception that this is cooling is based mostly on the weighting scheme that yields the final number. This is no world in which we are watching the problem gradually disappear.

Wholesale Robbery of the American People

You can see the scale of the problem by looking at the so-called sticky rate of price increases over 14 years. This reveals which part of the overall index is truly embedded and less subject to exigencies of temporary market change.

This is wholesale robbery of the American people. That the thief stole a full place setting of silver last month but this month left the dessert spoon is hardly an improvement and a case for leaving the doors unlocked.

They’ve told us for 18 months that it’s not so bad and we should all stop kvetching about it. But it keeps being bad. The inflation is embedded and clearly has a long way to go before the momentum runs out of steam.

Five Years of This?

This is all having a devastating effect on the budgets of individuals. In fact, we see catastrophe brewing. The personal savings rate is a mere 2.3%. We have never seen anything so terrible in the entire postwar period but this is hardly a surprise. Why save money when it means losing 5%-plus each year?

And couple that with soaring credit card debt with interest rates that are running 20% and higher for typical plans. This is completely unsustainable. Something has to give.

The last time we dealt with such a devaluation was 40 years ago and it lasted fully five years before being tamed. The taming last time required federal funds rates in the double-digit range. We are nowhere close to that.

The idea that people are begging the Fed to stop the tightening lest the whole economy gets tanked is completely ridiculous. If the Fed is serious — and it appears to be for now — it has a very long way to go before the thief stops the steal.

(Which occurs to me: A good trending hashtag against inflation might be #stopthesteal. Just throwing it out there).

How We Got Here

The new age of inflation kicked off in March 2020, when the Fed made the fateful decision to accommodate any and all spending by Congress in the name of virus control. Congress authorized the spending out of debt, the Treasury issued the debt and backed it with the full faith and credit of the U.S. government and the Fed got busy pushing it into its balance sheet, buying it all with newly created money.

Things seemed fine for a while. Indeed, it was better than fine! Checks were flying out of Washington straight into the bank accounts of individuals and businesses. What a world it seemed to be! No work, no productivity and yet real income was soaring. So were savings.

And millions paid off their credit card debt, bought cryptocurrency and kept delivery services operating at maximum amounts and online streaming services saw their profits soar.

Things weren’t so hot for the kids, who had no school, and for millions of businesses forced to close. Workers in industries that could not rely on online magic — there is no app that cuts your hair or does your nails — found themselves bored out of their minds, and turned to food and other substances that added in poundage what many people started calling the “COVID 19.”

Those days also saw the reversal of an attempt by the Fed finally to fix its balance sheet problems dating back from 2008. For 14 years, the Fed kept the federal funds rate running at less than 0% return. That meant a serious punishment to anyone who wanted to save money and set off a mad scramble for return somewhere along the yield curve.

They found it in wildly speculative investments in media and tech, industries that became bloated beyond any plausibly sustainable size.

Profits Without Profits

And with that came a weird feature of the profitable businesses in those days. They were so profitable that they could stop caring about profitability! Instead, corporate America shifted its concern from serving customers and stockholders toward very strange managerial and financial exotica like ESG, DEI and spying and censoring for the federal government. Their idle hands were indeed doing the devil’s work.

There is absolutely a relationship between this extended business boom funded by the Federal Reserve and the rise of woke ideology in the further reaches of the borrowing curve. This is precisely how corporate America turned toward leftist ideology while abandoning its traditional attachment to old-style free enterprise partisanship.

This is how it came to be that the Democrats enjoyed such a vast amount of support from businesses. This proved to be a disaster for American culture and politics.

If you have a look at all the Twitter 1.0 revelations pouring out, you see the essence of the problem. These privileged brats who were running Twitter cared not a whit about profits. Their only interest was in blocking and deboosting based on political ideology in ways that would go undetected.

Liars

And this runs completely counter to the promises made by the CEO and staff under oath. They had sworn in hearings that nothing of the sort was going on. We are finding out now that this was the main thing going on! This is also why Elon Musk was able to fire over 50% of workers and cause the platform to become better than ever before.

Twitter is but one example but it makes the point. A world of easy money is a world without restraint in which every cockamamie ideology can ride high. The Fed was in the process of fixing this problem in 2019 but reversed course under the guise of supporting the pandemic response.

Of course, the only result of that was to prolong lockdowns: When you subsidize something, you get more of it and longer.

The right takeaway: This was all a preventable disaster. No virus and no act of nature robbed you of your money. It was the direct effect of egregious public policy. It began under the leadership of Ben Bernanke, who actually won a Nobel Prize for his efforts.

No End in Sight

The currency regime at the Fed is now being forced into finding a fix but they are a long way from solving the problem. At the end of this, the pandemic response might end up slicing off a quarter or more from every dollar.

The only plus side is watching the puffed-up sectors of Big Tech and Big Media be cut down to size. We’re now in a position of finding out ever more about the outrages that were going on at these companies, and how they all cooperated with the government to end our privacy and speech rights.

Are people angry? If they are not, they should be.

Don’t let the major media troll you. This is a systematic pillaging taking place. I wish I could say that there is an end in sight, but I’m not seeing it yet.
 

marsh

On TB every waking moment

Giant Bitcoin Miner Core Scientific Files For Bankruptcy​

WEDNESDAY, DEC 21, 2022 - 08:40 AM

Update (0925ET): Nasdaq-listed Core Scientific filed for bankruptcy in the U.S. early Wednesday, confirming late Tuesday reports that the miner would seek Chapter 11 protection on the following day.

The company said in a statement that the decision followed "a comprehensive review of potential alternatives and exhaustive discussions with various company stakeholders."
Core Scientific added that it expects to enter into a restructuring support agreement with the Ad Hoc Noteholder Group, representing more than 50% of the holders of its convertible notes.

"The filing of these cases was necessitated by a decline in the Company's operating performance and liquidity suffering from the prolonged decrease in the price of bitcoin, the increase in electricity costs necessary to power the Company's data centers, and the failure by certain of its hosting customers to honor their payment obligations," per the statement.

"In response to these factors, the Company has actively taken steps to decrease monthly costs, delay construction expenses, reduce and delay capital expenditures and increase hosting profitability."

Core Scientific said it is "committed to operating normally" as it moves "swiftly through the process" of restructuring.

"During this process and upon emergence, the Company will continue to operate its existing self-mining and hosting operations, which remain significantly cash flow positive on a debt-free basis," per the statement.

"The Company remains dedicated to providing hosting services and self-mining in its state-of-the-art data centers."

* * *

As CoinTelegraph's Arijit Sarkar detailed earlier, just days after a creditor offered to help Core Scientific avoid possible bankruptcy, reports have emerged confirming the Bitcoin mining company’s fate. Core Scientific is reportedly filing for Chapter 11 bankruptcy protection in Texas owing to falling revenue and low BTC prices.

On Dec. 14, financial services platform B. Riley offered to provide Core Scientific with $72 million in non-cash financing - $40 million with zero contingencies and $32 million with conditions - to retain value for stakeholders. The decision was made after Core’s valuation fell from $4.3 billion in July 2021 to $78 million at the time of reporting.

As a direct result of an extended bear market, Core Scientific had to sell 9,618 BTC in April to stay operational. A CNBC report quoted a person familiar with the company’s finances as saying that the Bitcoin mining company would file for Chapter 11 bankruptcy early on Dec. 21.

While the company continues to generate positive cashflows, the income is not sufficient to cover the operational costs, which involve repaying the lease for its Bitcoin mining equipment.

The report also suggests that Core Scientific will continue its mining operations and has no plans to liquidate. When B. Riley offered a lending hand, the company’s stocks momentarily surged nearly 200%, but has since seen a steady decline.

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On Oct. 26, a Core Scientific filing with the United States Securities and Exchange Commission indicated financial distress. According to the company, the primary reasons for this situation were low Bitcoin prices, increased electricity costs, an increase in the global Bitcoin hash rate and the bankruptcy of crypto lender Celsius, which wiped out the debts owed to Core Scientific.

Core Scientific has not yet responded to Cointelegraph's request for comment.

Tech giant Microsoft recently restricted its cloud users from mining cryptocurrencies as a measure to increase the stability of its cloud services.

As Cointelegraph reported, Microsoft updated its acceptable use policy on Dec. 1 to clarify that “mining cryptocurrency is prohibited without prior Microsoft approval.”

The company said its intent was to protect customers by reducing the risk of disruption or impairedservices in the Microsoft Cloud.
 

marsh

On TB every waking moment

WTI Extends Gains After Bigger Than Expected Crude Draw; SPR Hits 1983 Lows.​


WEDNESDAY, DEC 21, 2022 - 07:37 AM

Oil prices are higher for a third straight day ahead of this morning's official inventory data (following API's reported crude draw). Trading volumes remain dismally low.
  • Crude -3.069mm (-167k exp)
  • Cushing +840k
  • Gasoline +4.510mm
  • Distillates +830k
DOE
  • Crude -5.895mm (-2.1mm exp)
  • Cushing +853k
  • Gasoline +2.53mm
  • Distillates -242k
After last week's huge crude build, analysts expected a small draw this week (confirmed by API) but the official data showed a considerable crude drawdown of 5.895mm barrels.

Inventories at Cushing rose 853k (2nd straight week) while Gasoline stocks rose for the 6th week in a row (distillates inventories drew down a small 242k barrels)


Source: Bloomberg

While the increase in refined-product stockpiles has muted fears of shortages on the East Coast this winter, it was mainly due to a decline in consumption, possibly a sign of slowing economic activity, which may ultimately pressure crack spreads further. Exports have been a critical component in lessening the pace of inventory additions, but as Bloomberg notes, may drop if a recession hits Latin America.

The SPR saw a 3.647mm barrel drain last week (so total Crude inventory draw was 9.5mm barrels), which pushed the SPR down to its lowest level since Dec 1983...


Source: Bloomberg

US Crude production was steady last week while rig counts begin to decline...


Source: Bloomberg

WTI hovered around $77.75 ahead of the official print this morning and extended gains after the crude draw...



"After an extended bout of long liquidation, and with positioning much more balanced, bullish sentiment is creeping back into oil traders' purview, primarily based on China's reversal of its zero-COVID policy," said Stephen Innes, managing director of SPI Asset Management, in emailed comments.

"And despite all the economic fear and recession hype, oil continues to find buyers on dips, proving itself as one of the most needful commodities in the world."

Crude is also finding underlying support from the Biden administration's plan, announced Friday, to buy 3 million barrels of crude in February to replenish the Strategic Petroleum Reserve.
 

marsh

On TB every waking moment

Here's What's In The 'Ugliest' Omnibus Bill Ever​


WEDNESDAY, DEC 21, 2022 - 07:25 AM

This week, while Democrats still (barely) have enough power to pass it, the 117th Congress is about to rush through a 4,155-page, $1.7 trillion omnibus spending bill that the WSJ Editorial Board has called the "worst in history."



"This is no way to govern in a democracy, but here we are," the board writes.

The final bill was quietly dropped Monday in the 'dead of night' - and by Thursday, if all goes to plan, it will get rushed through for a vote.

"I brought with me the omni, 4,155 pages. When was it produced? In the dead of night. 1:30 in the morning it was released," said Sen. Rand Paul (R-KY) during a press conference with Sens. Mike Braun, Ron Johnson, Mike Lee and Rick Scott - the only dissenting Senate Republicans.

View: https://twitter.com/i/status/1605295030305816576
2:35 min

Overall, the bill contains $858 billion for defense - an increase of 9.7%, and $45 billion more than President Biden sought. It will, among other things, give military members a 4.6% raise and help replenish dwindling weapons stocks. $45 billion has also been earmarked for new military and economic aid for Ukraine.

"What is more dangerous to the country? $1.1 Trillion in new debt or as Republican leadership likes to say, “Oh, it is a win! It is a big win. We’re getting $45 billion for the military,”" said Paul. "So which is more important? Which threatens the country more? Are we at risk of being invaded by a foreign power if we don’t put $45 billion into the military? Are we more at risk by adding to a $31 trillion debt?"

View: https://twitter.com/i/status/1605258708316917760
.35 min

There's also a symbolic $275 million cut to the IRS's annual budget... (out of $80 billion), which the GOP is doing a victory lap over.

It also removes the Vice President's ability to void an election via the Electoral Count Act Reform, and clarifies that the role of the VP in the process is purely ceremonial.

For more details of the swamp money grab, Rep. Dan Bishop (R-NC)'s office has been digging through the text and has found quite a few gems.

1671663875278.png

The omnibus bill also includes;

One reporter asked Senate Majority Leader Chuck Schumer how the bill was "functional," to require legislators to read a bill of that size in such a short period of time.

"How is it functional process to drop a 4,100 page bill this morning and expect a vote on it tomorrow?" asked a reporter, adding "Most of Congress hasn’t had a chance to review this."

View: https://twitter.com/i/status/1605298127438860309
.31 min

To which Schumer replied: "The bill has been carefully worked on by the appropriations committee for a very, very long time. Most of the provisions were well known weeks and weeks in advance. Getting this bill done for the American people, which really matters, is the most important thing."

Indeed.

View: https://twitter.com/i/status/1605341754458525702
4:08 min
 

marsh

On TB every waking moment

US Existing Home Sales "Frozen" In November, Biggest Annual Drop 'Since Lehman'​

WEDNESDAY, DEC 21, 2022 - 07:08 AM

Following yesterday's dismal housing starts and building permits prints (which followed an ugly homebuilder sentiment signal), analysts expected US existing home sales to tumble 5.2% MoM in November. In fact, things were worse with a 7.7% MoM plunge (the biggest drop since Feb 22 and the 10th straight monthly decline). This is the biggest YoY drop since Lehman and the longest streak of sales declines since 1999...


Source: Bloomberg

Absent the COVID-Lockdown collapse, this is the lowest existing home sales SAAR since Nov 2010 at 4.09mm...


Source: Bloomberg

This disappointing drop in existing home sales happened despite the fact that mortgage rates have now fallen for 5 straight weeks...


Source: Bloomberg

Under the hood, the West saw the biggest drop in sales...

  • Existing-home sales in the Northeast trailed off 6.6% from September to an annual rate of 570,000 in October, a decline of 23.0% from October 2021. The median price in the Northeast was $408,700, an increase of 8.0% from the previous year.
  • Existing-home sales in the Midwest retracted 5.3% from the previous month to an annual rate of 1,080,000 in October, falling 25.5% from the prior year. The median price in the Midwest was $274,500, up 5.9% from October 2021.
  • In the South, existing-home sales declined 4.8% in October from September to an annual rate of 1,980,000, a 27.2% decrease from this time last year. The median price in the South was $346,300, an increase of 8.0% from one year ago.
  • Existing-home sales in the West waned 9.1% from September to an annual rate of 800,000 in October, down 37.5% from one year ago. The median price in the West was $588,400, a 5.3% increase from October 2021.
But prices remain higher as there appears no pressure to cut (i.e. few liquidations yet).

The number of homes for sale fell to 1.14 million in the month, the NAR data showed. While there tends to be fewer listings of homes in November and through the winter months, Yun said inventory remains near historic lows.

Given the slower sales pace, it would take 3.3 months to sell all the homes on the market, up from 2.1 months a year earlier. Realtors see anything below five months of supply as indicative of a tight market.

The median selling price was up 3.5% from a year earlier to $370,700. That’s the weakest appreciation since 2020.

The most expensive end of the housing market saqw the biggest sales declines...



The residential real estate market was frozen in November, resembling the sales activity seen during the Covid-19 economic lockdowns in 2020,” Lawrence Yun, NAR’s chief economist, said in a statement.

“The principal factor was the rapid increase in mortgage rates, which hurt housing affordability and reduced incentives for homeowners to list their homes.”


Properties are remaining on the market for longer - 24 days in November compared with 21 days in October and 18 days a year ago. Some 61% of homes sold were on the market for less than a month.
 

marsh

On TB every waking moment

$1.7 Trillion Omnibus Pitches House Republicans Vs Senate RINOs​


WEDNESDAY, DEC 21, 2022 - 06:30 AM
By Philip Marey, Senior US Strategist at Rabobank

Last Man Standing
The S&P500 gained 0.10% yesterday, after four sessions of decline. Energy and materials stocks rose, but consumer staples and consumer discretionary fell. Meanwhile, the yen held on to its gains against the US dollar, euro and sterling, after the surprise move by the Bank of Japan.

Yesterday, US housing starts deteriorated less than expected with only a 0.5% decline in November, after a 2.1% fall in October. In contrast, building permits plummeted by 11.2% after a 3.3% decrease a month earlier. Since building permits are forward-looking, this suggests that homebuilding activity still has some rough patches ahead. Although mortgage rates may have peaked this year, they are still very high and the Fed does not anticipate cutting policy rates before 2024.

Earlier on Tuesday, US lawmakers unveiled a spending bill for fiscal year 2023, which started on October 1, 2022. Rejection of this proposal would lead to a partial government shutdown after December 23 (Friday). The bipartisan bill contains $858 billion in military spending and $772.5 billion in nondefense discretionary spending. This includes an additional $44.9 billion to support Ukraine’s military effort, and an update of the 1887 Electoral Count Act to try to make it harder to block the certification of a presidential election, which the lawmakers think would avoid a repeat of the January 6, 2021, insurrection.

The Senate is expected to vote first, followed by the House of Representatives. The interim funding bill expires after December 23.

Note that the old Congress is still in session, with Democratic majorities in both chambers.

The Republican takeover of the House of Representatives – the consequence of the midterm elections held in November – does not take place until January. The Republican leadership in the House, including minority Leader McCarthy, urges their rank-and-file to oppose the proposed package in order to push the negotiations into 2023, when they become the majority party in the House. However, the Republicans cannot block the bill on their own, as only a simple majority is needed to pass the bill in the House.

In contrast, in the Senate a majority of 60 votes is needed, which requires some Republicans to cross the isle. The Republican leadership in the Senate is calling for passage of the bill because they limited non-defense spending on domestic programs.

It remains to be seen whether there are enough Republican senators willing to delay the bill beyond December 23, because that would set off a partial government shutdown. Adoption of this week’s spending bill will avert a government shutdown next week, however, as we explained in Midterm implications, the changing balance of power in Washington DC is likely to lead to a return of fiscal standoffs between Democrats and Republicans in 2023.

Day Ahead
Today, we get US existing home sales and consumer confidence. As we discussed yesterday, the Fed’s tightening has been affecting the housing sector for most of this year, but consumer spending has remained solid due to the strong labor market and the personal savings from the generous COVID-relief programs by the Trump and Biden administrations.

Therefore, after a technical recession in 2022, we are still waiting for an NBER-approved recession in 2023.

This explains why the Bloomberg consensus expectation is for another decline in existing home sales in November, by 5.2% after a 5.9% fall in October. Existing home sales peaked at 6.49 million in January 2022, and has been falling ever since. In October, existing home sales reached 4.43 million. The consensus expectation for November of 4.20 million would get us even closer to the COVID-era low of 4.07, recorded in million May 2020.

Meanwhile, consumer confidence, as measured by the Conference Board, has been on a downward trend since it peaked at 128.90 in June 2021 and now at 100.2 it is around levels seen during the pandemic, when the index hovered between 85.70 and 101.4. Despite their foul mood, consumers have been able to continue spending, showing 1.7% growth in Q3 (at an annualized rate). Meanwhile, gross private domestic investment contracted by 9.1% in Q3, due to the severe decline in residential investment. Once business investment heads south, which is only a matter of time, with high interest rates and possible expectations of a recession, the US consumer may be the last person standing before the economy falls into (an NBER-approved) recession. The labor market remains tight and there are still large savings from the COVID-era, but the latter are likely to be depleted during the course of 2023 and the Fed will keep interest rates high until there is sufficient slack in the labor market to ease wage and price pressures. This means that sooner or later, our forecast is the second half of 2023, consumers will surrender and the economy will slip into a recession.
 

marsh

On TB every waking moment

Time To Get Out Of Dodge?

WEDNESDAY, DEC 21, 2022 - 05:15 AM
Authored by Charles Hugh Smith via OfTwoMinds blog,

In my analysis, this is a fatally flawed misreading of structural trends and cycles.

Is it time to get out of the stock market? It depends on the time frame of reference, of course. The market excels at throwing Bulls and Bears alike off the bus with counter-trend rallies and cliff-dives, so the short-term answer may be different from the weekly answer or the monthly answer.

So let's stipulate a longer time frame of quarters or even years: is it time to get out of the stock market?

There's a solid case for the answer being "yes."

There are two primary dynamics in play:

1) the end of hyper-financialization and hyper-globalization, both of which drove speculation and goosed profits for decades, and

2) the end of central-bank free money for financiers, i.e. ZIRP (zero interest rate policy) a.k.a. historically low cost of capital.

The bullish case for stocks and bonds boils down to this one claim: the Federal Reserve will have to "pivot" from raising rates and reducing financial liquidity free money for financiers to reducing rates and "printing" money again (increasing liquidity).

This claim is based on two assumptions:

1) inflation was driven solely by Covid-lockdown stimulus and supply-chain disruptions, and these are dissipating. Inflation will drop dramatically going forward, so the Fed can "pivot" away from fighting inflation.

2) The 2020s are a continuation of the Bull Market that started in 1981, a multi-decade era in which Big Tech leads the market ever higher, and low interest rates, low inflation, low commodity prices, hyper-financialization and hyper-globalization drive stable growth of credit, consumption and profits.

In my view, both assumptions are false.

The trend / cycle has turned, and inflation is systemic due to structural scarcities / depletion, the higher costs of reshoring, friend-shoring, re-industrializing, etc., and the decline of globalization's deflationary impulse: there are no more pools of cheap labor and materials that can be readily exploited.

The Fed has very little control of these structural sources of systemically higher costs. Their only lever of control is to increase the cost of capital / credit, which adds an inflationary source to the other structural sources.

As I've endeavored to explain, no cycle or trend lasts forever, and the 40-year uptrend has ended. Now a different cycle and trend is developing.

The basic reason is diminishing returns: a little credit injected into a credit-starved economy can have a dramatic impact on growth and prosperity.

But shoving more credit into a debt-saturated economy will have no positive effect at all. Rather, since all debt accrues interest, it has a negative effect by reducing disposable income via bigger interest payments.

Introducing some globalization (competition and new products) into a stagnant, sclerotic economy can boost growth and prosperity, but pushing hyper-globalization in an economy already hollowed out by globalization won't have any positive effect at all.

That's where we are: the status quo "solutions" remain financialization (The Fed Will Save Us) and globalization (find a cheaper pool of labor to exploit and a no-environmental-standards place to stripmine the Earth).

Due to diminishing returns, financialization and globalization are now problems, not solutions. We can't indebt / exploit our way out of the holes dug by financialization and globalization.

The Bear case is based on the fundamentals of a slowing global economy that can't be saved by increasing financialization and globalization and the impacts of higher costs due to scarcities, depletion, higher costs of capital and de-globalization / reshoring.

The 40-year long Bull market was based on costs continually dropping due to technology, financialization (declining interest rates and ever-expanding credit and money supply), globalization, and expanding workforces, production and consumption.

These trends have reversed. Costs are rising, technology is no longer leading growth, globalization is ebbing, workforces are shrinking and consumption is constrained by scarcities, depletion and higher costs.

The status quo (growth at any cost) has no solutions. Its "solutions" (doing more of what's failed) only exacerbate The End of Growth. (But trading carbon credits will save us by skimming billions in profits from a shrinking economy! Uh, yeah, sure.)

The Bear case also has a technical-analysis facet.

Many analysts have noted discrepancies in various financial indicators. For example, the VIX is the "fear indicator," and it hasn't spiked to levels that reflect capitulation / liquidation--i.e., a tradeable bottom.

Sentiment is supposedly bearish but few have actually sold.

Speculative fever is still running hot. As a friend pointed out, when speculations such as dogecoin (with no utility other than speculation) are still worth billions of dollars, the collapse of speculative frenzy that marks market bottoms is nowhere in sight.

Consumers have borrowed money to fund their spending as inflation chewed up the purchasing power of their earnings, and this eventually forces a reduction in spending when they run out of credit and/or more of their income is devoted to higher interest payments.

The "money creation machine" of the housing bubble has popped due to the return of mortgage rates to historic norms (6.5% to 7.5%).

Labor shortages due to demographics are pushing wages and benefits higher.

How can companies increase profits as sales slow, costs soar and consumers are tapped out? The short answer is they can't.

Their only response is to lay off workers to reduce costs or in the case of small business, close their doors. This reduces earnings and consumption.

Other that bloated Big Tech, corporations have already cut their staffing to the bone and hollowed out their training. There's very little left to trim without eroding functionality and utility. Once those decay, the rot spreads quickly to revenues and then to profits.

A factor that I see as woefully under-appreciated is the End of Speculative Fever. Much of the stock market gains of the past two decades have flowed not to real improvements in productivity but speculations founded on the recruitment of a "greater fool" to pay more for an asset than the current owner.

Speculation dependent on extreme leverage and mismatches of duration, liquidity and risk are just as prone to collapse as fraudulent leverage (cough, FTX, cough).

Once the herd mood shifts from greed / complacency to fear, liquidity dries up and sellers can no longer find buyers.

This was Alan Greenspan's mea culpa after the 2008 Global Financial Meltdown. He admitted the Fed assumed markets would always remain liquid. But in panics, few are willing to buy on the way down, and those who try are quickly wiped out.

Once buyers get skittish, they vanish. With liquidity gone, markets crash.

Complacency and speculative fever remain firmly in place. The classic signals of a tradeable bottom--a spike in VIX to 90 or 100, a capitulation that reflects speculative fever has downshifted into fearful caution--have not happened.

That's the fundamental case for exiting the stock market.

The Bullish case rests entirely on the assumption that the Fed can flip a switch and the 40+-year Bull market will resume.

In my analysis, this is a fatally flawed misreading of structural trends and cycles.
 

marsh

On TB every waking moment

VP Harris Demands Social Media Companies "Cooperate And Work With Us" On "Protecting Our Democracy"


WEDNESDAY, DEC 21, 2022 - 05:50 AM
Authored by Katabella Roberts via The Epoch Times,

Vice President Kamala Harris said on Monday that she expects and “would require” social media companies to work with the Biden administration to prevent so-called misinformation and disinformation, and to “protect democracy.”

During an interview with NPR that aired on Monday, Harris was asked for her thoughts regarding the changes made at Twitter since Elon Musk took over the platform.

“I think about this issue a bit differently, which is my deep and profound concern about how misinformation and disinformation have infiltrated information streams in our country,” Harris said.

The vice president pointed to her four years as a member of the Senate Intelligence Committee, during which she was actively involved in the investigation into alleged Russian interference with the 2016 elections.

Harris said that reports on the matter, both classified and public, showed that there was a “profound amount of intentional disinformation and misinformation targeting specific demographics to take advantage of what might be preexisting disparities and skepticism about the role and importance of government.”

She added that this was allegedly done to weaken American democracy.

Big Tech Must ‘Cooperate’ With Government
“When I see how social media is used in that way, it causes me a very deep level of concern,” Harris said. “So, what I would say about any social media site is this: I fully expect and would require that leaders in that sector cooperate and work with us who are concerned about national security, concerned about upholding and protecting our democracy, to do everything in their power to ensure that there is not a manipulation that is allowed or overlooked that is done with the intention of upending the security of our democracy and our nation.”

The vice president’s comments come amid reports of federal government collusion with Big Tech companies to censor users. White House officials have denied claims that the administration colluded with social media companies to censor free speech on multiple topics, including COVID-19.

Rep. Jim Jordan (R-Ohio) on Dec. 14 wrote to the five largest tech giants—Apple, Amazon, Alphabet, Meta, and Microsoft—demanding documents relating to their alleged censorship practices and the “nature and extent of your companies’ collusion with the Biden Administration.”

“Big Tech is out to get conservatives, and is increasingly willing to undermine First Amendment values by complying with the Biden Administration’s directives that suppress freedom of speech online,” Jordan wrote.

“This approach undermines fundamental American principles and allows powerful government actors to silence political opponents and stifle opposing viewpoints. Publicly available information suggests that your companies’ treatment of certain speakers and content may stem from government directives or guidance designed to suppress dissenting views,” he added.

Then Twitter CEO Jack Dorsey addresses students during a town hall at the Indian Institute of Technology (IIT) in New Delhi, India, on Nov. 12, 2018. (Anushree Fadnavis/Reuters)

Dorsey Says Government Seeking to Control Public Conversation
That letter came as Twitter CEO Elon Musk has taken to the platform in recent weeks to unveil the so-called “Twitter Files,” which detail how conservative commentators had their tweets censored by the platform and how staffers worked to suppress a New York Post article about Hunter Biden’s laptop ahead of the 2020 election.

Following the release of the files, former Twitter CEO Jack Dorsey wrote in a blog post that social media must “be resilient to corporate and government control.”

Dorsey added that governments seek to control and shape the public conversation and will use “every method at their disposal” to do so, which the businessman said includes the media.

“It’s critical that the people have tools to resist this, and that those tools are ultimately owned by the people. Allowing a government or a few corporations to own the public conversation is a path toward centralized control,” Dorsey added.
 

marsh

On TB every waking moment

Kremlin Reacts To Patriot Missiles For Ukraine

WEDNESDAY, DEC 21, 2022 - 06:10 AM

In its first reaction to widespread reports that the White House is moving forward with plans to send Patriot anti-air missile defense systems to Ukraine, the Kremlin said the move will only serve to aggravate the conflict and warned against it, while Putin in new remarks teased more advanced Russian weapons to be deployed, including hypersonic missiles.

"Weapon supplies (by the U.S.) continue, the assortment of supplied weapons is expanding. All this, of course, leads to an aggravation of the conflict and, in fact, does not bode well for Ukraine," Kremlin spokesman Dmitry Peskov said.

Patriot missile batteries, US Army file image.

A formal White House announcement confirming that Ukraine will get Patriots is expected Wednesday while Ukraine's President Volodymyr Zelensky is meeting with President Biden to discuss the war, and ahead of Zelensky's expected 7:30pm EST address to Congress.

Ukraine sees the more advanced anti-air defenses as vital if it hopes to survive the now constant barrage of strikes targeting its national energy infrastructure, which has left millions without power amid freezing temperatures. At one point early this week, some 80% of the Kyiv region was without power, as rolling emergency blackouts continue nation-wide.

The Patriot missiles could be a game-changer given they have a maximum range of some 100 miles and are capable of downing ballistic missiles. Zelensky has long demanded that the US and NATO help "close the skies" over Ukraine.

Putin for his part in Wednesday statements vowed to see the military operation through until all goals are achieved in Ukraine, also pledging to continue giving the military anything it needs. Just as headlines of the White House approving Patriots for Ukraine spread internationally, he indicated readiness to deploy the hypersonic Sarmat missile to Ukraine:

He also said Russia needed to take special note of the importance of drones in the 10-month conflict and said Russia's hypersonic Sarmat missile - dubbed "Satan II" would be ready for deployment in the near future.

For Kiev, Putin's new threats will only underscore the need to keep the anti-air defenses and longer range missiles flowing from the West. As a Wednesday Reuters headlines reads, Mr. Zelensky is coming to Washington seeking "weapons, weapons, and more weapons."

Meanwhile, given Zelensky's dramatic D.C. visit is happening during the holidays, mainstream journalists and pundits are unironically encouraging more "Christmas presents" for the Ukrainians...

1671664741502.png

It is likely to take some time to deploy the Patriots, given Ukrainians are expected to be trained on operating the sophisticated systems at the US Army base in Grafenwoehr, Germany, per officials cited by CNN. There's also the "option" of NATO personnel manning the systems.

Moscow will likely as a result unleash more intense and escalatory airstrikes on Ukrainian cities and command and control bases in the interim, given the clock is ticking before the more effective Patriots get deployed.
 
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