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Long-Awaited State Dept Review 'Absolves' Israel Of War Crimes

Zero Hedge -

Long-Awaited State Dept Review 'Absolves' Israel Of War Crimes

Via The Cradle

A US State Department report on Israel’s conduct in the Gaza Strip will be submitted to Congress on Friday and stop short of concluding Tel Aviv has "violated terms for the use of US weapons," according to US officials who spoke with Axios

The report, based on a months-long probe that assessed whether or not Israel has violated international law or stifled Gaza aid efforts, has triggered "contentious internal debate in the State Department."

Image: Associated Press

President Joe Biden agreed in February to issue a national security memorandum to examine the use of US weaponry by Israel in Gaza. The report set out to examine the use of weapons by Israel and six other states, according to Axios

US Secretary of State Anthony Blinken has been pressured by the US ambassador to Israel, Jack Lew, and the outgoing US humanitarian envoy to Gaza, David Satterfield, to conclude that Israel is not hindering aid efforts, despite recommendations to do so by USAID and the Bureau of Democracy, Human Rights, and Labor. 

The two told Blinken in a memo that while Israel restricted aid in the past, it has since changed its policy after pressure from Biden. "Blinken's report is going to list a series of incidents that took place during the war in Gaza and note that they raised serious concerns about violations of international law by Israel," three US officials told Axios

They added that the report will be "very critical" and state that the State Department is still investigating specific incidents; however, "at the same time, Blinken will stop short of concluding that Israel has violated international law in the context of the national security memorandum."

"Blinken's report also adopted the conclusions of Lew and Satterfield and certifies that Israel isn't currently violating the national security memorandum when it comes to facilitating the delivery of US-supported humanitarian aid," another official confirmed. 

Some Republican lawmakers have criticized the national security memorandum and the upcoming report. Last week, 88 Democratic lawmakers wrote to Biden saying there is "sufficient evidence" of Israeli restriction of aid into Gaza. 

Politico reported earlier this week that the release of the State Department report was delayed by several days at the last minute. Friday's report comes a day after Biden warned that his government would not support or provide weapons for an expanded Israeli assault on Gaza’s southernmost city of Rafah

Back in November, there was a scathing 5-page 'dissent memo' circulated in the State Dept:

Israel seized control of the Rafah border crossing on Tuesday morning and has been relentlessly bombarding the east of the city, killing dozens of civilians, including children. 

A US arms shipment to Israel has already been delayed over concerns about Rafah. Had the report corroborated the overwhelming evidence of Israeli war crimes and hampering humanitarian aid efforts, US military aid for Tel Aviv was at risk of drying up. As a result, supporters of Israel in Washington have pressured the State Department against such a conclusion

Tyler Durden Sat, 05/11/2024 - 07:30

Racist Secession? Conservatives Escape Democrat-Run Baton Rouge With Creation Of New City

Zero Hedge -

Racist Secession? Conservatives Escape Democrat-Run Baton Rouge With Creation Of New City

The battle started a decade ago with conservative parents in the eastern areas of Baton Rouge, Louisiana seeking the right to send their children to better public schools.  Their requests for a redistricting to build a new school in their area was denied by the city.  Year after year Louisiana public schools have been rated some of the worst performing schools in the US, not just in education but also in safety. 

Then there was the ongoing threat of rising crime combined with persistent Democrat controlled leadership; the policies of progressives directly contributed to repeat offenders being released onto the streets.  Conservative residents, feeling that Baton Rouge leaders had no intention of representing their interests or listening to their concerns, decided they had to take drastic measures to make a change.

The result was an effort of citizens in the east to break away from Baton Rouge entirely and create their own city, called St. George.  The problem for Democrats was that citizen proponents of the new city would be taking away access to their money, their businesses and their children.  This was apparently unacceptable.

The corporate media and elements of the Democratic Party immediately launched a propaganda effort to paint the breakaway community (and other movements like it) as "white flight" and a new form of segregation.  Their argument was that the petitions for St. George were racially motivated and a return to the Jim Crow era of Louisiana politics. 

Keep in mind, the St.George movement started in 2014, well before the full bore institution of woke propaganda in Democrat run public schools districts.  In hindsight, the people in eastern Baton Rouge timed their efforts perfectly and there are a lot of reasons to leave, as the city has only become worse in the past ten years.

Advocates for St. George argue that the move was never racially motivated, only policy motivated.  Everything Democrats touch eventually turns to rot.  This has been consistently proven with the top most violent cities in the US being managed by Democrats and the top worst cities for school safety in the US managed by Democrats.  Progressives have tried to deny this for years but they can't argue with the numbers; their only retort is that the issue is "more nuanced" than conservatives believe.

Racially speaking (if Democrats really want to go there), it's fair to point out that the worst hit areas for crime in cities like Baton Rouge are consistently in neighborhoods with a black demographic.  It's not racist to say this, it's just a reality.  Politically speaking, it makes sense that conservatives would want to protect their children from far-left ideological narratives now permeating public schools within progressive areas, as well as keep them safe from random violence.  The leftist position is essentially this: 

"You aren't allowed to shield your children from Diversity, Equity and Inclusion training.  To try is bigotry and you must be stopped.  Woke ideology is not optional, it's a requirement." 

In other words, separation based on preference is considered "wrong" by Democrats.  This has been the underlying motivation for the progressive war on school voucher programs and public choice across the country.  Leftists are only able to survive when they can force people to participate in their systems.  Whenever individuals are given an alternative and an option to walk away most of them do.  Leftists don't like it because it makes them look bad and it moves delicious tax dollars out of their reach.  Democrats see taxes as a form of wealth redistribution rather than communities investing in their own infrastructure, and this often leads to egregious mismanagement of city funds.   

Let's not forget, these are the same people that constantly cry about conservatives supposedly threatening democracy, yet they are quick to criticize when democracy doesn't work to their benefit.  

Luckily, a majority in the Louisiana Supreme Court has ruled in favor of the creation of St. George and the residents there have been given a chance to go their own way.  The media is calling it an attempt at "secession" and maybe it is, but is that really a bad thing?  Shouldn't different communities and people with different ideals be allowed to break away if they want and manage their own affairs in the way they prefer?  As long as they follow basic constitutional principles then there's no reason for Democrats to object, unless the issue is really all about control.  

Tyler Durden Sat, 05/11/2024 - 07:00

10 Weekend Reads

The Big Picture -

The weekend is here! Pour yourself a mug of  coffee, grab a seat outside, and get ready for our longer-form weekend reads:

The wild rise of Zillow Gone Wild: Samir Mezrahi posted his first outrageous house in 2020. Now he has 4 million followers and an HGTV show on the way. (Washington Post)

Big Fridge: The hot business of cold storage: Diets, demographics, desertification: what trends aren’t growing the global cold chain? (Sherwood)

The Price of Oil: The history of control and decontrol in the oil market: (Phenomenal World)

I Wish I’d Never Become The NFL Weed Guy. There is a reason that ex-NFL players are four times more likely than the average American male to become addicted to opioids. “And you think weed was better than pills for recovery?” “I do. I weeded as needed.” I was proud of this quip, and it made it onto the show. Like Gore Vidal once said, never pass up an offer to be on TV. But for a kid who had spent his life chasing one dream—the NFL—I had just officially lost the plot. I was the NFL Weed Guy. (Defector)

Meet the Woman Who Showed President Biden ChatGPT—and Helped Set the Course for AI: Arati Prabhakar has the ear of the US president and a massive mission: help manage AI, revive the semiconductor industry, and pull off a cancer moonshot. (Wired) see also The Art of Work in the Age of AI Production. Ezra Klein’s podcast conversation with Nilay Patel. “As the flood of A.I. comes to our distribution networks, the value of having a powerful individual who curates things for people…will go up.” (kottke.org)

Why We Love Music: Researchers are discovering how music affects the brain, helping us to make sense of its real emotional and social power. (Greater Good Magazine)

How ‘feelings about thinking’ help us navigate our world: The pleasant feeling of knowing, the frustration of forgetting, and other ‘metacognitive feelings’ serve as unsung guides. (Psyche)

Brad Parscale helped Trump win in 2016 using Facebook ads. Now he’s back, and an AI evangelist. “You’re going to see some of the most amazing new technology in artificial intelligence that’s going to replace polling in the future across the country,” said Brad Parscale in a dimly lit promotional video accentuated by hypnotic beats. (AP)

New particle at last! Physicists detect the first “glueball” Glueballs are an unusual, unconfirmed Standard Model prediction, suggesting bound states of gluons alone exist. We just found our first one. (Big Think) see also Tiny, entangled universes that form or fizzle out – a theory of the quantum multiverse: cosmic inflation theory has largely settled the once-daunting existential question of ‘How did the Universe begin?’ for most physicists. That is to say that, from a singular hot, dense and small starting point, the just-right conditions for the emergence of the Universe were met. This set the stage for the unfathomably rapid expansion of the Big Bang and the emergent laws of physics that we observe today. the first fraction of a second of the Universe, just before the Big Bang, is still a wide-open scientific frontier. (Aeon)

He Sang ‘What a Fool Believes.’ But Michael McDonald Is in on the Joke. The singer and songwriter with a silky-smooth voice has written a memoir with Paul Reiser that recounts his story of pain and redemption with dashes of humor. (New York Times)

Be sure to check out our Masters in Business this week with Savita Subramanian, Head of US Equity and Quantitative Strategy, Bank of America Merrill Lynch. She was Institutional Investor All America Research Team for the past 11 years.


The CapEx spending at MSFT, META, GOOG will eclipse $150 billion this year alone


Source: Base Hit Investing

 

Sign up for our reads-only mailing list here.

~~~

To learn how these reads are assembled each day, please see this.

 

The post 10 Weekend Reads appeared first on The Big Picture.

World’s Largest Floating Solar Farm Wrecked By A Storm Just Before Launch

Zero Hedge -

World’s Largest Floating Solar Farm Wrecked By A Storm Just Before Launch

Authored by Eric Worrall via Watts Up With That,

h/t Dr. Willie Soon; Who could have predicted acres of fragile floating structures would be vulnerable to bad weather?

Madhya Pradesh: Summer Storm Damages World’s Largest Floating Solar Plant at Omkareshwar Dam (Watch Video)

Indore: A summer storm on Tuesday damaged a floating solar plant at Madhya Pradesh’s Omkareshwar dam. The floating solar plant, situated in the backwater of the dam, is the biggest of its kind in the world. A joint venture between  Madhya Pradesh Govt and National Hydroelectric Power Corporation (NHPC), the project was nearly completed and ready for its launch. A part of the project became operational last week.

The project near the village of Kelwa Khurd, aimed at generating 100 MW of electricity, with additional capacities of 88MW at Indawadi and 90 MW at Ekhand village. However, on Tuesday, summer storms with the speed of 50kmph hit the project and threw the solar panels all around the place. No employee was fortunately injured.

Read more: https://www.lokmattimes.com/national/madhya-pradesh-summer-storm-damages-worlds-largest-floating-solar-plant-at-omkareshwar-dam-watch-video-a514/

A video of the disaster;

Anyone who has ever owned a boat, particular a large boat which gets left in the water, knows what a harsh environment the sea can be. Some kind of failure was inevitable. If it hadn’t been a storm, there are plenty of other things which could have gone wrong.

Greens keep telling us we can expect more frequent and extreme superstorms – so what is the point of building vulnerable floating structures?

Plastics tend to disintegrate under tropical sunlight, especially when in contact with water or water spray. Ultraviolet from the sun drives exotic chemical reactions, which leads to chemical breakdown.

Metal sitting in water is difficult to manage, even stainless steel is not immune to corrosion. All metal structures in contact with water need to be protected with sacrificial anodes or comparable protective measures. Electricity and metal are an especially bad combination, any electrical fault which causes a current to run through metal in contact with water can cause corrosion to occur thousands of times faster than normal.

Let us hope developers and politicians take the hint, and stop throwing our money at inherently flawed ideas like floating solar arrays.

Tyler Durden Sat, 05/11/2024 - 06:30

IPO Nearing? Elon Musk's Starlink In Hyper-Growth, Surprises Analysts With $6.6 Billion Revenue Projection 

Zero Hedge -

IPO Nearing? Elon Musk's Starlink In Hyper-Growth, Surprises Analysts With $6.6 Billion Revenue Projection 

We've asked the question: 

Followed by:

A new report from Quilty Space, first reported by SpaceNews, shows SpaceX's Starlink could be closer than ever to an initial public offering. The space internet company's 2024 forecasted revenue will top $6.6 billion. 

"Starlink's achievements over the past three years are mind-blowing," the report said, adding,  "We're projecting a revenue jump from $1.4 billion in 2022 to $6.6 billion in 2024."

To give you an idea of scale, SES and Intelsat, the two biggest geostationary satellite operators that just announced a merger, have a combined revenue of about $4.1 billion.

In 2019, SpaceX launched the first 60 Starlink satellites on the company's Falcon 9 rocket. Fast-forward to today, and Starlink has a constellation of nearly 6,000 satellites, over 5,200 operational, and nearly 3 million terminals across 75 countries. 

In November, Elon Musk posted on X, "Excited to announce that @SpaceX @Starlink has achieved breakeven cash flow!" 

Quilty expects "Starlink to achieve positive free cash flow for the first time in 2024." 

Achieving positive free cash flow could be one of the major milestones Musk needs before debuting a Starlink IPO. He previously stated in 2022, "I'm not sure exactly when that [IPO] is, but maybe it will be like — I don't know, just guessing — three or four years from now." 

Last year, billionaire investor Ron Baron told CNBC's Andrew Ross Sorkin that SpaceX plans to IPO Starlink in 2027. 

Baron said, "We think that by the time they go public with SpaceX, with Starlink … in 2027 or so, four years, the company will be worth $250 billion to $300 billion."

CNBC reported that the latest valuation figure for SpaceX was around $180 billion in December. 

Tyler Durden Sat, 05/11/2024 - 06:00

World's Oldest Central Bank Keeps Sounding Alarm On Fragility Of Cashless Economies

Zero Hedge -

World's Oldest Central Bank Keeps Sounding Alarm On Fragility Of Cashless Economies

Authored by Nick Corbishley via naked capitalism,

At a time when the dominant narrative around cash is that its demise is all but inevitable, as well as broadly desirable, the 2024 payment report by Sweden’s Riksbank may offer a cautionary tale. 

In October last year, in More Good News for Cash in Europe, More Bad News for Digital Dollar in US, we reported that recent developments suggest that the trend away from cash and toward purely digital-only payment systems may not be quite as smooth or as seamless as some may have wished or expected. One of the developments we highlighted in that report was growing concern among central bankers and politicians in Sweden, one of Europe’s most cashless economies, about the unintended consequences of driving cash out of the economy:

Even by late 2020, Sweden had less cash in circulation than just about anywhere else in the world, at around 1% of gross domestic product, according to the latest available data. That compares with 8% in the U.S. and more than 10% in the euro area. As a recent piece in Interesting Engineering notes, Sweden is already “officially cashless”:

Cash is never needed, not even for small purchases like hot chocolate at a Christmas market in Stockholm. All vendors have a mobile payment chip-and-PIN card reader like the one offered by Stockholm-based mobile payments company iZettle, or they accept payments through the mobile application Swish. Swishing is perhaps the easiest way of payment for everyone.

The Risks of Going Fully Cashless

But now the country is beginning to realise that an almost exclusively digital payments system comes with significant risks, especially at a time of heightened geopolitical tensions. In time-honoured fashion, the article in the UK Telegraph began with a spot of fearmongering about Vladimir Putin.

“People started to realise that it is very easy for Vladimir Putin to switch everything off,” Björn Eriksson, a retired police chief, former head of Interpol and leading cash advocate, told the Telegraph.  “At first we were arguing for vulnerable people, the elderly, women in abusive relationships who rely on cash… Now we are talking about national security. And it’s not only Putin, it could also be organised crime.”

In 2021, the Riksbank, Sweden’s central bank (and the world’s oldest), introduced a new directive obliging the country’s six largest credit institutions to continue providing their customers with certain basic cash services.

But while that may have meant that people in Sweden can continue to access cash from their local branch, it is becoming increasingly difficult to use it as fewer and fewer retail businesses accept notes and coins.

This is partly due to the greater convenience of handling digital payments while the card processing fees are substantially lower than the US. But it is also because most Swedes, including many pensioners, prefer to use cards or mobile payments. As a baker in Stockholm told the Telegraph, “the only people who bring cash to the shop are tourists. I feel bad for them because they just take the krona home, where it is useless.”

But even that trend may be reversing. According to Eriksson, a growing number of young people are joining the pro-cash movement — and mainly over privacy concerns.

Rediscovering the Benefits of Cash

Earlier this week, Heise Online, a German online news service that covers IT, telecommunications, and technology sectors, published a long, in-depth report about the Riksbank’s apparent rediscovery of some of the benefits of cash. The article also explores some of the Riksbank’s concerns about the potential fragility of a fully cashless payment system, as outlined in its 2024 Payments Report, published in March.

At a time when the dominant narrative around cash — as espoused by senior bankers, central bankers, big tech and fintech executives, politicians and economists, and of course, their ever-faithful servants in the media — is that its demise is all but inevitable, even in countries where cash is still King (Germany, Spain, Austria, Mexico, Thailand, Japan…), the Riksbank’s report may offer a cautionary tale. From the Heise Online piece (machine translated):

“The Swedish payments market has been digitized rapidly,” states the Riksbank. Cash and manual payment services have been replaced by cards, mobile phones and internet services. “As a result, payments have become faster, smoother and cheaper overall,” which the institute points out is “a positive development.” However, there are groups in society “who do not have access to digital payment services or find it difficult to use them and are therefore marginalized”. There are also “serious fraud problems that could undermine trust in the payment system.”

Digitalization also makes payments “more vulnerable to cyber attacks and disruptions to the power grid and data communication,” the bank points out. At the same time, the geopolitical developments of the past few years required “Sweden to have strong civil defense.” The developments suggested “that we should concentrate more than before on the challenges of digitalization.”

Put another way, cash does not crash. It does not fail in a power cut or seize up during a cyber attack (though, of course, ATMs might). By contrast, digital payment systems need a stable and continuous internet connection to process transactions. When these connections fail, the result is often chaos. Digital payment outages have caused significant disruption in a host of countries in recent years, including the US, the UK, Australia, Indonesia, Germany, Canada, Spain and Norway. Generally speaking, the more cashless the country, the greater the disruption.

Sweden’s Cashless Journey

Sweden is one of the world’s most cashless economies. In large part, its abandonment of cash was the result of technological and generational shifts. As payment technologies began to change in the first two decades of this century, most Swedish citizens began to prefer the speed, ease and convenience of digital payments.

They were also nudged heavily in that direction by commercial banks, which by 2016 had made 60% of their branches cashless, as a 2019 Riksbank working paper documents. This made it much more difficult for citizens to access cash and for businesses to deposit it, which in turn accelerated the uptake of digital payments and the abandonment.

Sweden’s legal tender laws also made it possible for the Riksbank to withdraw many of Sweden’s large denomination notes in circulation. For instance, the value of 1,000-krona notes (worth just over $90) in circulation declined gradually from SEK 48.4 billion in 2001 to SEK 21.4 billion in December 2012. Beginning in 2013, this decline accelerated, plunging to SEK 9.7 billion by December 2013.

After playing a part in the wholesale removal of cash from Sweden’s economy, the Riksbank is now trying to reverse some of the damage it has caused. It is not the only Scandinavian central bank to have flagged up the fragility risks of exclusively digital payment systems. In 2022, the Bank of Finland recommended that the use of cash payments be guaranteed by law. Like all Nordic countries, Finland is a largely cash-free economy. But like Sweden, it has begun to see the risks of going too far, too soon.

In March 2022, the central bank initiated a proposal for legislation to ensure a minimal level of cash-paid services. In October of that year, the Head of the Payment Systems Department and Chief Cashier at the Bank of Finland, Päivi Heikkinen, even advised households to make sure they have some cash on hand, just in case the country’s payments system were to go down. At the time, Finland had just applied to become a NATO member and the government was fretting about the risk of cyber attacks from Russia. In an interview with the national broadcaster, Heikkinen said her intention was not to ”fabricate catastrophic scenarios” — before saying that in the worst case scenario, the payments system could go down for a period of weeks.

In Sweden, the Riksbank is already taking countermeasures to try to guarantee a steady supply of cash, the Heise Online article notes:

It is improving the cash supply by setting up new offices where companies can collect and deposit cash. Having such cash depots in more locations across the country would reduce both the costs for businesses and the risk that cash would no longer be usable in the event of a disruption.

This is the only way to ensure “that everyone can pay”. In general, “stronger legal protection for cash” is necessary. Banks should be required to “accept cash deposits, including coins, from individuals.”

The Riksbank supports its demands with reference to an annual representative survey on the payment habits of Swedes. According to this, “cash is being used more frequently than before”. Almost half of respondents reported using cash in the past month, an increase of 15 percentage points compared to 2022.

This pro-active approach to bolstering the cash system contrasts sharply with what some central banks and governments are saying and doing in other Western or Western-adjacent countries. As we reported in August, Brazil’s Chamber of Deputies is mulling a number of legislative proposals calling for an end to the printing, minting and circulation of physical notes and coins. As the World Economic Forum trumpeted in 2022, Brazilians are adopting digital payments faster than anyone else.

In Australia, the government refuses to legally protect the use of cash in retail settings. The Governor of the Reserve Bank of Australia, Michele Bullock, has even warned that as the running costs of processing cash for banks and businesses mount as a result of the declining share of consumer payments made using cash, it may become necessary to begin charging people for using cash in retail settings.

Granted, Australia is significantly larger and more sparsely populated than Sweden, making it much harder and more costly to transport money securely to all parts of the country, including remote parts of Queensland, Northern Territory and Western Australia. But whereas the Riksbank is talking about taking on a proactive role, together with other authorities and banks, to ensure that cash can be transported to and from retail outlets at reasonable prices, the RBA is talking about making consumers pay for the privilege of using cash. Meanwhile, Armaguard, Australia’s largest currency transport business, servicing around 90% of the cash-in-transit market, is warning of bankruptcy — unless the banks agree to pay more for its services.

Predictably, Bullock’s suggestion that citizens may one day have to fork over extra fees for the privilege of paying with cash — to protect the banks and retailers from the exorbitant costs of maintaining cash infrastructure — did not go down well with many Australians. While most citizens are using digital payments for most, if not all, of their purchases, millions still depend on cash in their daily lives.

What’s more, the very same Big Four banks Bullock wants to protect from having to part with extra money to fortify Australia’s cash network have posted record or near-record profits in recent times, in part because of surging interest rates but also because of the rising fees they charge on card payments. Those same banks received huge sums of cheap debt to tide them over during the COVID-19 pandemic while at the same time closing hundreds of branches and ATMs across the country.

In Sweden, as Heisse Online notes, more and more Swedes see the decline in cash consumption as a negative development — 44 percent in 2023 compared to 36 percent in the previous year:

The proportion of respondents who believe that they cannot get by without cash in today’s society has also increased compared to 2022. This could also be “an effect of increased crisis awareness due to the war in Ukraine,” the bankers speculate.

The need to pay in cash in certain situations such as at clubs, in corner shops and at flea markets is also mentioned, the report goes on to say. Some also emphasized that using cash made it easier for them to keep track of their finances. Older people generally find it much more difficult to get by without cash than younger people. In the 2023 survey, half of respondents said they wanted to pay cash but the store did not accept it. In 2022 the corresponding value was only 37 percent…

These numbers suggest that cash may be experiencing a mini-renaissance in Sweden, which would echo similar trends seen in other heavily cashless economies. For example, a recent survey down under by fintech company Waave revealed that as many as 71% of Australians are worried about the economy becoming completely cashless. Those most concerned include Baby Boomers (82%), regional Australians (77%), and lower income households earning less than $100k (75%) — a reminder of the oft-ignored class-war element of the War on Cash.

It’s not hard to see why concerns about the future of cash are on the rise down under. In recent months, three of Australia’s Big Four banks have removed over-the-counter cash withdrawals from some of their branches while increasing numbers of businesses, both large and small, are choosing to reject cash payments altogether. In Australia, it is perfectly legal for businesses to refuse to accept cash as long as they inform consumers of their stance before any “contract” for the supply of goods or services is entered into.

Aussie cash lovers recently expressed their displeasure with these trends through a “Draw Out Some Cash Day” on April 2. According to news.com.au, hoards of people were seen lining up to withdraw cash:

The movement, led by the Cash is King Facebook group, aimed to show banks and retailers there is still a demand for cash amid warnings the country will be “functionally cashless” by 2025.

Social media posts show “massive queues” of people, both young and old, lining up at various banks around the country, with one woman sharing she waited for up to an hour to get her hands on bank notes.

“All banks I passed today had queues out the door,” one person wrote on Facebook alongside a picture of people lining up outside a Commonwealth Bank branch.

Governments in other countries, including Ireland, Spain, Slovakia and Austria, are taking pro-active steps to protect the use of cash. Even the European Central Bank has called for a regulatory crackdown on all businesses and public bodies in the Euro Area that refuse to accept cash. At the same time, the ECB is proceeding in its digital euro project from the “investigation phase” to the “preparation phase.”

As I noted at the time, cash is still the most frequently used payment method in the Euro Area, though it is losing ground to cards. Even if, or when, the digital euro is launched, it will presumably coexist with cash for some time, at least until the digital euro gains a strong enough foothold. ECB President Lagarde has said that “cash is here to stay,” adding that European citizens “will have both options: cash and digital cash.” How long it stays that way will remain to be seen. My guess is that if the digital euro does gain a strong foothold, the ECB will begin financially incentivising its use while decentivising the use of cash.

In the UK, meanwhile, cash may even be staging a comeback of sorts after ten consecutive years of falling use. According to both UK Finance, the country’s largest bank association, and the British Retail Consortium Group, the most influential retail lobbying group, cash use increased in 2022, for the first time in a decade. Whether this rebound represents a genuine trend reversal or merely a dead cat bounce (apologies, as always, to feline lovers) remains to be seen. But the mere fact that cash use is growing at all despite concerted efforts by the government, banks and retailers to reduce its use is noteworthy.

So, too, is the fact that Sweden’s Riksbank is expressing reservations about the resilience of a fully cashless society. After all, the Riksbank was one of the first central banks in Europe to begin aggressively undermining the role of cash in the economy. That said, its U-turn on cash it is not as novel a development as is suggested by the Heise Online article. The Riksbank, the article claims in its introduction, “is suddenly emphasising the indispensable role of cash in secure, widely available payment systems. This is a change in strategy.”

That is somewhat misleading. As the German financial journalist Norbert Häring notes (in German) on his blog, while there has definitely been a sea change in strategy at the Riksbank, that change did not begin just now but rather eight years ago, “after the central bank, together with Sweden’s commercial banks, had done everything they could to undermine the use of cash.” Since early 2016 Sweden’s central bank has slowed the march towards a cashless society, as Häring reported at the time.

Now, the Riksbank is not just questioning the wisdom of moving to a fully cashless economy at this current moment in time; it is explicitly warning about the potential risks such a move might entail. At the same time, it is working on developing a CBDC — the so-called e-krona, now in its fourth and final pilot phase, looking at “how an e-Krona can be used offline for payments if electricity and telecommunications are not working.” Which begs the question: once the e-krona is ready to launch, which will presumably be sooner than most other CBDCs in the West, how will it co-exist with cash? That will have to be the subject of a future article, though readers’ suggestions are more than welcome in the meantime.

Tyler Durden Sat, 05/11/2024 - 05:30

Mapping Life Expectancy Around The World

Zero Hedge -

Mapping Life Expectancy Around The World

Over the last two centuries there has been significant progress in human health and longevity. Initially, in the early 19th century, life expectancy did not surpass 40 years globally, reflecting harsh conditions like extreme poverty, limited medical care, and poor sanitation. By 1950, this figure had seen notable improvements, especially in regions like Europe, North America, and parts of South America, with averages rising above 60 years. Countries such as Norway boasted a life expectancy of 72 years, while others like Mali lagged at 26 years.

From 1950 to 2000, substantial strides were made particularly in Asia and Latin America, reflecting global efforts to improve health and living standards. According to the UN World Population Prospects 2022, these trends are expected to continue, projecting that by 2050, life expectancy at birth will surpass 80 years in most global regions. This infographic captures these transformative changes, presenting a hopeful outlook on the future of global health.

Visualizing this is Marcus Lu and Bruno Venditti of Visual Capitalist:

Continued:

The improvement in life expectancy can be attributed to various factors such as advancements in medical technology, better healthcare infrastructure, improved sanitation, access to clean water, and increased awareness about health and nutrition.

In Perspective With History

Although today it seems like rising life expectancy is a given, for much of history it’s worth noting that the situation was much more static.

As shown in the above chart, for most of human history life expectancy at birth actually sat in the 20-30 year range. It’s only since the mid-19th century that the aforementioned improvements (sanitation, clean water, etc.) allowed for the exponential and regular progress we see today.

Tyler Durden Sat, 05/11/2024 - 05:00

Egypt Building A Militia Force To Handle Rafah Refugee Influx

Zero Hedge -

Egypt Building A Militia Force To Handle Rafah Refugee Influx

Via Middle East Eye

In a grand procession last week, Sinai militia leader Ibrahim al-Organi arrived at a ceremony to inaugurate the Arab Tribes Union, a new paramilitary entity that brings together five tribal groups from across Egypt. The celebration named President Abdel Fattah el-Sisi as the union’s "honorary president", while also announcing plans to build Sisi City on the site of al-Arjaa, a village in Rafah near the Egypt-Israel border.

The formation of this alliance comes at a critical time and place, as Israel this week launched a long-threatened ground offensive against the Palestinian city of Rafah, just a short distance from where the Egyptian ceremony was held. Around 1.4 million displaced Palestinians have been sheltering in Rafah since Israel launched its war on Gaza last October.

Soldier at the Rafah-Gaza border, AFP

Israel’s assault on Rafah is likely to cause further mass displacement of Palestinians in Gaza, potentially pushing them towards Egyptian territory. At least 80,000 have already fled Rafah, according to UNRWA, the UN Palestinian refugee agency.

It was thus no coincidence that the union’s founding statement noted its aim to "adopt national issues and connect with all Arab tribes to find common ground within the framework of the state, to serve its objectives, and to support the Egyptian president who seeks to protect Egypt’s national security and its Arab nation against the displacement plans aimed at resolving the Palestinian issue at Egypt’s expense."

Since the outbreak of the Gaza war on October 7, Egyptian officials have repeatedly expressed concerns over the potential displacement of Palestinians to the Sinai. They have even threatened to freeze the country’s peace treaty with Israel.

The historical experiences of Palestinian displacement, along with Israel’s goal to empty historic Palestine of its people, prevent their return and seize their lands, are well known to the Egyptian state.

At the same time, the Palestinian people’s attachment to their land and insistence on their right of return, no matter how long it takes, has made each area of Palestinian displacement - whether in LebanonSyria or Jordan - a focal point for resisting the occupation, something Egypt does not want.

All options for dealing with this matter, it seems, are bitter, from the emergence of pockets of Palestinian resistance in the Sinai akin to what happened in Lebanon in the 1970s, to a confrontation of the kind that occurred in Jordan during Black September.

Yet Egypt cannot stop the Israeli military operation, nor halt its tanks from invading the tents of displaced Palestinians in Rafah. The Egyptian regime will not deviate from the US perspective in dealing with the recklessness of Israeli Prime Minister Benjamin Netanyahu, which means it will have to deal directly with the massive crowds of displaced people likely headed towards Egyptian territory.

Early on, Egypt started taking precautions for this scenario, overlooking many humanitarian details. It reinforced the fences and barriers along its border with the Gaza Strip, tightened border security, and mobilised support and funding for alternative camps within Gaza itself.

In the event of a mass displacement into its territory, Egypt appears to be planning to confine displaced Palestinians in a high-security, isolated area along the border, allowing the state to maintain tight control and apply pressure to hasten their return to Gaza.

But there are a couple of issues with this plan. For one, many displaced Palestinians have family and tribal ties in the northern Sinai. The Egyptian and Palestinian cities of Rafah were once united as a single city, until Israel’s withdrawal from the Sinai and the demarcation of borders in 1982. Many tribes are still divided, with some members in Palestinian Rafah and others in Egyptian Rafah

Tribal customs compel hospitality and reception, which will weaken the ability of the Egyptian state to contain all displaced people in a single area. This could also open the door to fresh confrontations and disputes between state agencies and Sinai tribes.

Simmering public anger

In addition, a wave of displacement would raise significant challenges for Egypt from a military and security perspective. The last thing the Egyptian regime wants is an image of an Egyptian soldier firing at displaced Palestinians, or in any way treating them improperly, amid the unprecedented tragedy in Gaza - especially considering the simmering public anger over the Sisi regime’s handling of the Gaza genocide so far.

Through the newly minted Arab Tribes Union, the regime might have found its only option for handling this situation, while avoiding the direct involvement of state soldiers.

This hypothesis is supported by the union’s founding statement, which notes that its inception "comes in response to the current stage requirements, by creating a national popular framework that includes the sons of the Arab tribes, aimed at unifying the ranks and integrating all tribal entities into a single framework in support of the national state priorities, and facing the challenges that threaten its security and stability."

Organi is a prime choice to lead this task after his previous successes in organizing the Union of Sinai Tribes, which worked alongside the Egyptian army to fight an Islamic State affiliate, and in running companies that manage the movement of people and goods between Gaza and Egypt. But Organi’s companies have also faced allegations of exploitative behavior, including charging millions of dollars from Palestinian refugees fleeing war.

And there are significant risks that under difficult humanitarian conditions, his forces could become involved in smuggling operations, financial extortion, or other types of corruption - not to mention the inherent dangers of forming armed militias, which can prove disastrous to the security and stability of states, sometimes even playing a role in their disintegration.

Tyler Durden Sat, 05/11/2024 - 04:15

The Escalating Threat Of Avian Influenza H5N1 And The Ethical Quandary Of Gain-of-Function Research

Zero Hedge -

The Escalating Threat Of Avian Influenza H5N1 And The Ethical Quandary Of Gain-of-Function Research

Since the Highly Pathogenic Avian Influenza (HPAI) H5N1 virus was first identified in humans in 2003, approximately 600 cases have been reported worldwide, with a laboratory-confirmed case-fatality rate (CFR) of 60%.

The recent death of a woman in southwest China who had no contact with poultry signals a potentially alarming shift in the virus's transmission dynamics, raising the specter of human-to-human transmission, according to a report by the Federation of American Scientists.

Health authorities in Guiyang, Guizhou province concluded that two patients, including the woman who died, did not have contact with poultry before showing symptoms of the illness. Currently, the public health community remains cautious as H5N1 influenza viruses continue to evolve and potentially gain the ability to be transmitted efficiently to humans.

The evolution of H5N1 over two decades necessitates an urgent and strategic response from the global health community. Scientific efforts are primarily focused on understanding the genetic shifts that facilitate the virus’s leap among species, aiming to forestall a possible pandemic. This has led to the controversial practice of gain-of-function (GoF) research, wherein viruses are deliberately engineered to be more potent or transmissible.

And of course, as we all know - a bunch of over-educated idiots cobbling together chimeric viruses that can better-infect humans may have led to the COVID-19 pandemic - as GoF research is fraught with ethical, biosafety, and biosecurity dilemmas.

The dual-use nature of this research—where scientific advances could potentially be misused to cause harm—places it under intense scrutiny. The debate is not just about managing the risks of accidental release but also about the moral implications of potentially providing a blueprint for bioterrorism. This precarious balance between advancing human knowledge and safeguarding public health was thrown into relief in 2012 when a moratorium was placed on H5N1 GoF studies following experiments that showed increased transmissibility in ferrets, an established model for human influenza transmission.

Biosafety risks include laboratory-acquired infections or accidental release of the virus, which are major threats for public health. In fact, last year, researchers around the world took the remarkable step of imposing a moratorium on “gain-of-function” experiments due to concerns about public health risks. The following provides answers to basic questions about the risks of this type of research, the status of the moratorium, and what steps are being taken to mitigate future public health risks. -FAS

This isn't the first time scientists have policed themselves over security concerns. In 1974, scientists self-imposed a moratorium on recombinant DNA (rDNA) technology due to emerging bioethical concerns, resonates with today’s GoF debates. Like their predecessors, modern scientists are deeply entwined in discussions about the bounds and oversight of high-stakes research. In 1975, scientists at the Asilomar Conference on Recombinant DNA set out with a goal of considering whether to lift the voluntary moratorium - and if so, under what circumstances could the research proceed safely.

The moratorium was enacted by scientists and governments to protect laboratory personnel, the general public, and the environment from potential hazards that might be directly generated from rDNA experiments. During the conference, recommendations were established for how to safely conduct experiments using rDNA. The debate on potential biohazards was the primary focus of the conference, which is still a continued discussion in biotechnology today.

More via the Federation of American Scientists;

How many researchers/countries are involved in “gain-of-function” experiments?

The letter that announced the voluntary moratorium on H5N1 transmission research, published in Science and Nature, was signed by 40 leading influenza researchers from the United States, China, Japan, Britain, the Netherlands, Hong Kong, Germany, Italy, and Canada. Everyone, in some way, may be affected by “gain-of-function” experiments. The “gain-of-function” experiments have a plethora of stakeholders within the international community. In December 2012, the United States hosted the “Gain-of-Function Research on Highly Pathogenic Avian Influenza H5N1 Viruses: An International Consultative Workshop.” This workshop integrated experts in various fields, including: influenza and other infectious diseases, bioethics, public health surveillance, biosafety, national and global public health, biosecurity, epidemiology, national security, agriculture and veterinary sciences, global public health law and those specifically involved with developing the WHO International Health Regulations and the Pandemic Influenza Preparedness Framework, and medical countermeasures to disease outbreak. While the purpose of the moratorium was primarily to take time to discuss risk/benefit analysis of gain-of-function experiments, another important consideration was how to educate the public and gain their acceptance for continued research.

What new steps are being taken to minimize the risk of H5N1 research to public health?

The RAC of the National Institutes of Health (NIH) has called for additional precautions on H5N1 “gain-of-function” experiments that are conducted strictly in biosafety level 3 (BSL-3) laboratories, which have been used in recent studies on H5N1 transmissibility. The committee has rejected the option of restricting research to facilities designated as BSL-4 – the highest level of biosafety laboratories – because only a few laboratories around the world would meet this standard. Limiting H5N1 research to only these labs would slow the pace of discovery. Additionally, many experts argue H5N1 experiments can safely be done in BSL-3 with enhanced safeguardsExisting BSL-3 laboratory requirements include: powered air purifying respirators (PAPRS), donning a protective suit, wrap-back disposable gowns, double gloving, shoe covers, and a shower before exiting the laboratory. The recommended steps are aimed at reducing the risk of laboratory-acquired infections and the accidental release of the dangerous pathogens. The additional requirements devised recently by the RAC include: increased personal protective equipment (PPE), a “buddy system” for all personnel, maintaining baseline serum samples, providing a licensed H5N1 vaccine, and requiring personnel to avoid contact with susceptible bird species for five days after working with the viruses. The RAC also recommended proper training of lab personnel would be essential and recommended that personnel be required to sign a statement confirming that they understand the safety and incident-reporting requirements. Additionally, the RAC recommended that all incidents that have the potential to be harmful to personnel and/or the public be reported to institutional authorities immediately and to public health officials within 24 hours.

What are the recommended next steps for the United States concerning the recent moratorium?

Although the H5N1 international research moratorium was lifted in January 2013, the United States has yet to resume research involving gain-of-function experiments on the H5N1 virus and is currently designing a framework for the Department of Health and Human Services (HHS) to make judgments about funding for this type of research. This framework will provide HHS’ funding agencies with guidance on how to classify potentially high-risk gain-of-function projects at the funding proposal stage and make determinations as to whether they are acceptable for HHS funding. For the proposals that are deemed acceptable for funding, the framework will also establish a basis for HHS’ funding agencies to designate any additional biosafety, biosecurity, and DURC risk mitigation measures that they will require of researchers.

With China’s February report of two new human cases of H5N1, the debate of moving forward with “gain-of-function” research remains of upmost importance for global public health. In light of the new cases, researchers are insistent to resume experimentation on the deadly virus in hopes to produce results for prevention or new countermeasures. But the dangerousness of the virus underscores the importance of prioritizing safety when carrying out this research, even if it means pausing for a moment to make sure experimentation does not inadvertently create more problems than it solves.

Malerie Briseno is a Biosecurity Intern at the Federation of American Scientists. She graduated from Georgetown University’s School of Medicine with a M.S. in Biohazardous Threat Agents and Emerging Infectious Diseases.

Christina England is currently a Masters Candidate from the University of Maryland School of Public Policy, specializing in International Security and Economic Policy.  She is serving as a biosecurity intern at the Federation of American Scientists, overseeing its Virtual Biosecurity Center.  She graduated from the United States Air Forces Academy as distinguished graduate, receiving her BS in Biochemistry.

Tyler Durden Sat, 05/11/2024 - 03:30

Asia Embraces Coal As The U.S. Rejects It

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Asia Embraces Coal As The U.S. Rejects It

Authored by Vijay Jayaraj via RealClear Wire,

Vietnam and other Asian countries are on a coal spree! Given the dynamics of energy use in the rapidly developing industrial sector there, it is no surprise that these nations have backpedaled on big promises made at international climate conferences to reduce emissions of carbon dioxide from fossil fuels. 

Vietnam's projected 2024 growth rate for Gross Domestic Product (GDP) stands at 5.8%, the sixth highest in Asia. Among the biggest contributors to GDP is the industrial sector (38 percent), especially manufacturing. S&P Global has noted a considerable improvement in Vietnam’s manufacturing sector in the fourth quarter of 2023 and is expecting Vietnam to perform well this year

Electricity is a cornerstone of manufacturing operations in Vietnam. In 2023, coal produced more than 40% of all electricity in the country, while the country’s abundant hydro reserves contributed around 30%. Natural gas accounted for about 10%. 

However, 2024 is expected to see a shortfall in hydroelectric generation because of less rainfall. Simultaneously, electricity production with natural gas is being complicated by forecasts of higher gas prices. Bloomberg reports that state-run PetroVietnam Gas “recently decided not to purchase a cargo for June due to high offer prices.”

So, the heavy lifting to meet power demand must now come from coal. The country is urging coal miners to maximize production before demand reaches peak in the summer months. The country’s prime minister has asked for an increase in coal exploration as well, signaling a sustained interest in the medium to long-time reliance on coal. 

Vietnam’s move to increase coal use was inevitable. It cannot continually risk a huge demand-supply gap whenever dams go dry or gas prices skyrocket. The growth rate of power demand from expanding industries is increasing at a fair pace, and energy security is critical in ensuring manufacturing’s positive trend. 

Similar patterns across Asia

Across Asia, a similar phenomenon is unfolding. The regional coal resurgence can be attributed to the rapid economic growth in these countries. China, the world's largest coal consumer, witnessed a rise in consumption in 2024. Earlier this year, reports showed the construction of dozens of new coal plants in China. In 2023, the country accounted for 95% of the construction of the world's new coal power plants. There are a total of 1,142 operating coal-fired plants in China, which is five times more than in the U.S.

India, another major player in the Asian energy market, also saw an increase in coal imports and production. India has increased its spending on infrastructure, with an expected rebound in demand for coal-based steel and raw material manufacturing. Indonesia has 254 operational coal-fired power plants and 40 new plants under construction. Japan, too, is a big consumer of coal, being the top importer of Australian coal in recent years.

Like Australia, the U.S. has been a top source of coal imports for these Asian countries. S&P Global says, “U.S. metallurgical coal exports have seen growth fueled by Asian demand over the past few years. The potential for seaborne volumes to grow hinge on expansions in blast furnace steelmaking and met coke production in India, China, and Southeast Asia.” New mines such as Arch Resource's Leer South and the AMCI, POSCO, and Itochu-led Allegheny Met's Longview mine will play a role in meeting this demand from Asia.

Ironically, U.S. miners can meet Asian needs while their government rejects them as a fuel source for cheap electricity!

The advancement of recent emission-reduction targets for U.S. industry, as well as restrictions on the export capacity of natural gas by the Biden administration, is quite astonishing in light of the ongoing expansions in fossil fuel capacity by various Asian nations.

The quality of life for millions of Americans could very well decline in return for zero environmental benefits as that of Asians improves.

Vijay Jayaraj is a Research Associate at the CO2 Coalition, Arlington, Virginia. He holds a master’s degree in environmental sciences from the University of East Anglia, U.K.

Tyler Durden Sat, 05/11/2024 - 02:45

Israel & US Fume As UN Votes To Elevate Palestine's Status

Zero Hedge -

Israel & US Fume As UN Votes To Elevate Palestine's Status

There were fireworks at the United Nations General Assembly (UNGA) on Friday as Israel tried to fight back against a Palestinian bid to become a full UN member.

The assembly adopted a new resolution which puts the 'State of Palestine' on the pathway to future full membership in a vote of 143 to 9, with the US and Israel on the 'no' side. The resolution recognizes Palestine as "qualified to join" and the resolution text was described as essentially a global survey on the open question of full membership

The move formally recommends to the UN Security Council that it "reconsider the matter favorably." Since 2012 Palestine has been a non-member observer state. But now the General Assembly "determines that the State of Palestine…should therefore be admitted to membership" and it “recommends that the Security Council reconsider the matter favorably," according to the resolution text.

A few extra procedural rights were also granted by Friday's vote: "The General Assembly resolution adopted on Friday does give the Palestinians some additional rights and privileges from September 2024 — like a seat among the UN members in the assembly hall — but they will not be granted a vote in the body," Times of Israel writes.

Israel is of course fuming, and the below spectacle played out before the UN General Assembly, complete with an interesting prop...

Foreign Minister Israel Katz also chimed in, describing the upgrade in status of Palestinians in the UN a "prize for Hamas" in a statement released by his office.

"The absurd decision taken today at the UN General Assembly highlights the structural bias of the UN and the reasons why, under the leadership of UN Secretary-General [Antonio] Guterres, it has turned itself into an irrelevant institution," Katz said.

US Ambassador to the UN Linda Thomas-Greenfield agreed that it was unnecessary and does nothing to advance peace:

"Since the attacks of October 7, President Biden has been clear that sustainable peace in the region can only be achieved through a two-state solution, with Israel’s security guaranteed, where Israelis and Palestinians can one day live side by side with equal measures of freedom and dignity. It remains the US view that unilateral measures at the UN and on the ground will not advance this goal. The General Assembly resolution being debated today is no exception and so the United States will be voting “no” and encourages other Member States to do the same,” the US mission said.

"Efforts to advance this resolution do not change the reality that the Palestinian Authority does not currently meet the criteria for UN membership under the UN Charter," she added.

In Europe, Spain and Ireland are the latest countries which are set to bestow recognition on a Palestinian state in a controversial move. The US has very consistently voted no when such efforts are presented at the UN and at the Security Council.

Below is a breakdown of Friday's UNGA vote...

Tyler Durden Sat, 05/11/2024 - 02:00

Ohio Postal Worker Hit 100MPH In Mail Van While Racing Mustang

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Ohio Postal Worker Hit 100MPH In Mail Van While Racing Mustang

“Is there a reason you’re going over 100?” is something most people thought they'd never heard anyone asking of a United States Postal Service van.

“I didn’t realize I was going that fast," the postal worker replied. 

Body camera footage captures a traffic stop in Ohio where a deputy pulled over a U.S. Postal Service mail van for speeding at over 100 mph in a 60 mph zone. The incident occurred just before 2 p.m. on April 21 on Route 20, west of Fremont, according to KKTV.

According to the traffic report, the van had no plates, and the driver appeared to be racing a Ford Mustang.

In the body camera video, the deputy states, "Yeah. I mean, that Mustang took off. He caught my attention, and then you blew by him, and I was pacing you at like 105."

Court records identified the driver as 28-year-old Drew Brown, who told officials she worked for the Fremont post office.

The KKTV report noted that Brown waived the case, paid a $50 fine for the traffic violation, and received a verbal warning for racing.

The Post Office commented: “Drew Brown is an employee. It is under investigation and as a matter of policy, we are unable to comment further on a specific individual personnel matter.”

You can watch the bodycam footage of the stop here

Tyler Durden Fri, 05/10/2024 - 23:35

Common Laxatives Linked To Serious Behavioral Issues In Children, Warn Experts

Zero Hedge -

Common Laxatives Linked To Serious Behavioral Issues In Children, Warn Experts

Authored by Sheramy Tsai via The Epoch Times (emphasis ours),

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

Bradley Koehler resembled any four-year-old, always on the move and eager to explore the world around him. Healthy and well-adjusted, he began having episodes of bed-wetting, despite being successfully potty-trained.

Alarmed by this regression, his parents sought medical advice. Doctors found that Bradley was suffering from constipation. The retained stool was exerting pressure on his bladder, inadvertently resulting in the nighttime incidents. His medical team prescribed daily doses of Miralax to alleviate the condition.

Over the next few years, shifts in Bradley’s behavior alarmed his parents. At soccer practice, he began to lash out, his small legs delivering kicks to his peers in bursts of unprovoked aggression. School assignments, which previously captured his interest, were now met with outright defiance—papers crumpled and thrown on the classroom floor. His parents were concerned but chalked his behavior up to him just “being a boy.”

During this time, his struggles with bowel movements continued. At the age of eight, Bradley began having seizures leading to a diagnosis of temporal lobe epilepsy. Bradley’s distress escalated to saying he “wanted to die,” attempting to leap from the family’s deck and grabbing for kitchen knives. In response, his family turned to UW Madison Children’s Hospital for psychiatric support.

“In third grade, the wheels really began falling off the bus,” Bradley’s father, Mike Koehler, shared with The Epoch Times. His parents, teachers, administrators, and behavioral interventionists came together to address Bradley’s worsening behavior, which had deteriorated to the point that he required more support than a traditional classroom could offer.

Mike and Bradley Koehler. (Courtesy of Mike Koehler) The Laxative Connection

It was during a hospital visit in 2015 with Bradley, then aged 9, that a breakthrough came in an unexpected form. A family friend mentioned an article from the New York Times to Mr. Koehler, highlighting concerns over MiraLAX. This prompted Bradley’s parents to consider the possibility that the laxative could be responsible for their son’s significant shifts in behavior and health. “It was like a lightbulb went off,” Mr. Koehler remarked. Their growing suspicions found resonance with numerous other families who reported similar issues following their children’s use of the laxative.

The U.S. Food and Drug Administration (FDA) allocated nearly a million dollars to investigate the potential adverse effects of MiraLAX on children despite the drug not being approved for those under 17. A decade later, this research, assigned to the Children’s Hospital of Philadelphia (CHOP), remains incomplete.

Children’s Hospital of Philadelphia in the King of Prussia, Pennsylvania, USA, November 5, 2023. (JHVEPhoto/Shutterstock)

The Epoch Times attempted to contact Dr. Robert Heuckeroth, lead researcher and Dr. Matthew Hodgson, vice president of research compliance and regulatory affairs, for updates and insights on MiraLAX and childhood constipation. The reply came only from Emily DiTomo, director of public relations, who stated, “Neither Bob nor Matthew is available to speak with you for your article.” When probed further, Ms. DiTomo stated, “Children’s Hospital of Philadelphia does not have any information to share.”

Meanwhile, families like Bradley’s, potentially affected by the adverse effects of a widely used treatment, have been left to resolve the problem themselves.

The Constipation Crisis in Children

Nearly one in 10 children worldwide suffer from constipation, contributing to 3 percent of U.S. pediatric clinic visits—a number that escalates to 25 percent in pediatric gastroenterology clinics.

“Functional constipation is common in childhood and is associated with geographical location, lifestyle factors, and stressful life events,” notes research published in The Journal of Pediatrics.

Lisa Santo Domingo, director of the Pediatric Multidisciplinary Chronic Constipation Clinic at Johns Hopkins Children’s Center, suggests the reported figures for constipation in children are too low. “Some parents may underreport or dismiss mild or intermittent symptoms, leading to an underestimation of prevalence rates,” she explained to The Epoch Times in an email. She added that trends indicate an increasing prevalence of constipation among children in recent years.

Annual health care costs for children with constipation are triple that of children without constipation, $3430 compared to $1099. (The Epoch Times)

Treating constipation is not cheap. Children with constipation incur increased annual medical costs of $3.9 billion, according to The Journal of Pediatrics. Health care expenses for children with constipation are threefold higher compared to those without, and one out of four children carry this issue into adulthood.

Practitioners diagnose constipation using the Rome IV criteria, identifying symptoms such as infrequent bowel movements, hard stools, and fecal incontinence. Factors contributing to this condition range from diets rich in processed foods and low in fiber, sedentary habits, toilet training methods, anxiety, medications, and conditions like obesity and irritable bowel syndrome.

Constipation’s toll goes beyond physical pain, deeply affecting psychological health. Research indicates that children dealing with constipation report a lower quality of life than their peers, encountering greater challenges in relationships and academics and heightened levels of anxiety and depression.

“Children experiencing constipation may feel embarrassed, frustrated, or anxious about their symptoms, especially if they result in accidents or social stigma,” Ms. Santo Domingo said. “Persistent symptoms may lead to absenteeism, decreased academic performance, and social withdrawal.”

MiraLAX: Doctor Preferred

Physicians often treat constipated children with laxatives. Their preferred choice is polyethylene glycol (PEG 3350), or MiraLAX, despite the drug not being approved for those under 17. Praised for its effectiveness, safety, and user-friendly format, MiraLAX powder dissolves in water or other drinks. It pulls water into the intestines to ease bowel movements. PEG 3350 is also present in several other laxatives and bowel preps, including GaviLAX, GlycoLax, ClearLax, and GoLytely, to name a few.

Miralax, is an over-the-counter drug that, along several generic versions, uses PEG 3350 as its active ingredient. (JHVEPhoto/Shutterstock)

According to Ms. Santo Domingo, “MiraLAX is commonly used as a first-line or adjunctive treatment for constipation in children and is generally considered safe and effective when used appropriately.” She highlighted its effectiveness for a spectrum of issues, from mild to moderate constipation to stool leakage, stressing its vital role in treatment and prevention for affected children.

In an email to The Epoch Times, a representative from Bayer, the company behind MiraLAX, shared the laxative’s journey from its initial introduction as a prescription medication in February 1999 to its FDA approval for over-the-counter sales in 2006, specifically for “adults and children 17 years and older for up to 7 days unless otherwise directed by a doctor.”

Despite official recommendations, Bayer references “many independent clinical studies” that affirm PEG 3350’s safety in younger patients, bolstering their support for its pediatric use.

Doctors commonly prescribe MiraLAX off-label for children, supported by organizations such as the North American Society for Pediatric Gastroenterology, Hepatology, and Nutrition. “In clinical practice ... it is common for pediatric gastroenterologists to prescribe PEG 3350 for chronic use and there have been no reports of serious, long-term side effects in the medical literature,” they write.

The FDA's Adverse Events Reporting System (FAERS) has recorded thousands of potential incidents stemming from PEG3350-based drugs. (The Epoch Times)

According to a search by The Epoch Times of the FDA’s Adverse Events Reporting System, around 39,715 adverse reactions to PEG 3350 have been logged, including 2,607 cases involving children under 18. Experts caution that this may be the tip of the iceberg, suggesting widespread underreporting.

Bayer reassures patients and practitioners, stating, “As part of Bayer’s ongoing commitment to consumer well-being, we regularly track, analyze, and report all adverse event data related to the use of the product.” This vigilance, they argue, reinforces the “continued safe use of MiraLAX.”

“Before recommending MiraLAX or any laxative therapy, we conduct a thorough evaluation,” explains Ms. Santo Domingo. “We also provide education and guidance to parents and caregivers on the appropriate use.”

Read more here...

Tyler Durden Fri, 05/10/2024 - 23:05

Visualizing How Americans Feel About Various Federal Agencies

Zero Hedge -

Visualizing How Americans Feel About Various Federal Agencies

With the 2024 election season heating up, which should translate translate to our elected officials paying close attention to voter preferences, Americans have mixed feelings about various parts of the government.

To that end, Visual Capitalist's Pallavi Rao and Sam Parker have taken the results of a recent opinion poll conducted by the Pew Research Center between March 13-19, in which 10,701 adults were asked whether they felt favorably or unfavorably towards 16 different federal agencies?

More via Visual Capitalist:

Americans Love the Park Service, Are Divided Over the IRS

Broadly speaking, 14 of the 16 federal government agencies garnered more favorable responses than unfavorable ones.

Of them, the Parks Service, Postal Service, and NASA all had the approval of more than 70% of the respondents.

Only the Department of Education and the IRS earned more unfavorable responses, and between them, only the IRS had a majority (51%) of unfavorable responses.

There are some caveats to remember with this data. Firstly, tax collection is a less-friendly activity than say, maintaining picturesque parks. Secondly, the survey was conducted a month before taxes were typically due, a peak time for experiencing filing woes.

Nevertheless, the IRS has come under fire in recent years. As per a New York Times article in 2019, eight years of budget cuts have stymied the agency’s ability to scrutinize tax filings from wealthier and more sophisticated filers.

At the same time poorer Americans are facing increasing audits on wage subsidies available to low income workers. According to a Transactional Records Access Clearinghouse report, this subset of filers was audited five-and-a-half more times the average American.

See below:

Tyler Durden Fri, 05/10/2024 - 22:35

Hospitals Turn To Pay In Advance, In Full

Zero Hedge -

Hospitals Turn To Pay In Advance, In Full

By Mish Shedlock of MishTalk

If you are in the hospital emergency room, and that’s where most people without insurance go, then you get treated. Otherwise, many hospitals are turning to pay in advance for services.

Please Pay in Advance

The Wall Street Journal reports Hospitals Are Refusing to Do Surgeries Unless You Pay in Full First

For years, hospitals and surgery centers waited to perform procedures before sending bills to patients. That often left them chasing after patients for payment, repeatedly sending invoices and enlisting debt collectors.

Now, more hospitals and surgery centers are demanding patients pay in advance.

Advance billing helps the facilities avoid hounding patients to settle up. Yet it is distressing patients who must come up with thousands of dollars while struggling with serious conditions.

Those who can’t come up with the sums have been forced to put off procedures. Some who paid up discovered later they were overcharged, then had to fight for refunds.

Among the procedures that hospitals and surgery centers are seeking prepayments for are knee replacements, CT scans and births.

Federal law requires hospitals to take care of people in an emergency. Hospitals say they don’t turn away patients who need medical care urgently for lack of prepayment.

They are seeking advance payment for nonemergencies, they say, because chasing unpaid bills is challenging and costly. Roughly half the debt hospitals wrote off last year was owed by patients with insurance, the Kodiak analysis found.

Finding money for treatment is a challenge for many American households. Half of adults say they can’t afford to spend more than $500 on medical care should they be suddenly sick or injured, a survey by health policy nonprofit KFF found. They would need to borrow.

No Skin in the Game

It’s interesting to note that hospitals want payment in advance for births. Most illegals just walk in and never pay for anything.

Nonpayment is one of the reasons costs are soaring for everyone who does pay. Medicare for all is not the answer. When consumers have no skin in the game, no one is interested in reducing costs.

Pets Treated Better Than Humans

Much money is wasted on keeping people alive who have less than a year to live.

We treat our pets in pain better than we treat humans. I just went through that myself. Our 15-year-old dog lost his eyesight due to ruptured eyes and was running into walls. He was in pain and could not see.

The total bill for that crying experience was only $232.

Right to Die

If what happened to our dog happened to me, I would want to go. Someone else might not.

But for those who cannot pay for services and don’t have insurance, I suggest they should be given painkillers only, or select a right to die.

We need to prioritize. And the only way for that to happen is for people to have some skin in the game.

Something Wrong Somewhere

Something is wrong somewhere when half of adults do not have $500 dollars to any emergency (auto repairs, medical, and home repairs).

Inflation is certainly a problem. Thank Biden, the Fed, and Congress (both parties) for that.

Ridiculous regulations are part of the cost. Medical malpractice insurance and lawsuits are a problem.

The minute someone tries to discuss these things, the Right starts screaming about “death squads”.

With millions of aging boomers, this problem is only going to get worse.

Tyler Durden Fri, 05/10/2024 - 22:05

Only Half Of Adults Say They Could Afford Their Childhood Home Today

Zero Hedge -

Only Half Of Adults Say They Could Afford Their Childhood Home Today

There's an old saying that you can never go home again, yet nearly half of all adults would do just that... if they could only afford it.

A survey from Zillow had found that 44% of Americans would buy their childhood home if cost were not an issue, yet only half of all adults say they could afford it at today's prices. An even larger share of millennials and Gen Z adults would buy their childhood home today. It suggests that the nostalgia craze that has swept pop culture, social media, fashion and marketing has reached housing.  

"It appears younger generations aren't just nostalgic for low-rise jeans and Barbie, but for a simpler time in their lives when home was a place of comfort and safety," said Manny Garcia, a senior population scientist at Zillow who conducted this research. "They may associate positive memories with their childhood home, having lived there without the burdens of rent, mortgage payments, maintenance, insurance or other housing hurdles. Today, a comparable home can feel out of reach, especially for younger adults who aspire to buy, but face steep affordability challenges." 

Children of the 1980s and 1990s are the most likely to say they would buy their childhood home today — 62% and 55% respectively. Yet almost half of those born in the '80s (47%) and nearly two-thirds of those born in the '90s (62%) say they couldn't afford it at today's prices.

Those would-be buyers now need to earn a six-figure income to afford the typical U.S. home. Younger generations may long for the housing market of their youth when prices were lower, but their parents likely faced similar, if not worse, affordability challenges in the early 1980s. In 1981, mortgage rates soared above 18%, taking the typical monthly mortgage payment amount up to 55% of a median income at the time. Today, a new mover's mortgage burden represents nearly 40% of a typical income — still well beyond the 30% threshold considered affordable.  

Buyers today have easier access to affordability resources. Home shoppers can see down payment assistance programs they may be eligible for on for-sale listings on Zillow. They can tap into online affordability tools to better understand how much they can comfortably spend on a home, and then shop for homes by monthly payment, instead of by purchase price. 

While many adults aspire to buy their childhood home today, they likely envisioned a very different dream home in childhood. The largest shares of adults say that, as a child, their dream home included a pool (77%) and/or a home theater (73%). Today, 72% of adults would still include a pool, and 76% would include a home theater in their current dream home, suggesting some dreams never die.

When reality sets in, practical features prevail. A vast majority of adults now dream of a home with air conditioning (89%), a walk-in closet (89%) and a laundry room (85%). However, that inner child lives within a significant share of adults, who still want a bowling alley (43%), a frozen yogurt or soft serve machine (34%), and a soda vending machine (24%) in their present-day dream home.  

Not all generations grew up pining for the same dream home features. Elevators reveal the largest generational divide: 58% of those born in the '90s say their childhood selves dreamed of having a lift in their home versus only 21% of those born in the '50s and earlier. There is an almost equally large 35-point gap for Jacuzzis and hot tubs. Conversely, 38% of children of the '50s and earlier dreamed of a home with a white picket fence in their childhood, while only 21% of those born in the '90s say the same.

Tyler Durden Fri, 05/10/2024 - 21:35

Is The End Near? Victor Davis Hanson Ponders Threat Of Annihilation

Zero Hedge -

Is The End Near? Victor Davis Hanson Ponders Threat Of Annihilation

Authored by Rob Bluey via The Epoch Times (emphasis ours),

Victor Davis Hanson tackles a topic related to military history in his new book, “The End of Everything: How Wars Descend into Annihilation.” (Courtesy of The Heritage Foundation)

Victor Davis Hanson is well known for his intelligent commentary and astute analysis of current events. But for his latest book, he tackles a topic related to his work on military history. It’s called “The End of Everything: How Wars Descend Into Annihilation.”

Mr. Hanson studied four historical examples of wartime extinction that he features in the book. Then he applies those lessons to contemporary society to examine our own vulnerabilities. The book is on sale now, and Mr. Hanson spoke with The Daily Signal to share his observations along with some advice about what’s at stake for the United States in the short term.

Listen to the full interview on “The Daily Signal Podcast” or read the transcript—edited for length and clarity—below.

Rob Bluey: Could you share with our listeners your motivation for doing this book?

Victor Davis Hanson: I’ve written a lot of books on military history and I’ve come across cases where the defeated didn’t just become occupied or surrender unconditionally or have change of governments or suffer grievous losses, but they were completely wiped out.

And by that, I mean it wasn’t just their physical space, their populations—of course, in the ancient world, they enslaved anybody they didn’t kill—but their language, their culture, their civilization, their religion disappeared within a generation. So, for today, we don’t know much about Punic culture in North Africa or the Aztecs in Mexico.

It didn’t happen frequently, but what were the conditions under which it occurred? And then, I have a long epilogue trying to speculate if that could still happen given that the agents of annihilation—nuclear, bio, chemical, AI (artificial intelligence)—are much easier to use than muscular labor of the past.

Mr. Bluey: In what ways are we today vulnerable to the threat of extinction?

Mr. Hanson: I tried to look at a pattern—if there was a pattern. In all these cases, these societies did not realize they were in decline. They did not realize that, in the past, when they had wars, there were usually negotiations between the victor and the defeated, they had no idea who Cortés was, who Scipio was, who Mehmed II was, or Alexander, that these were killers, and they were different sorts than they had encountered before.

They also had this kind of naive egocentric idea that allies would come to their rescue—the Spartans will come and save us, the Venetians will come to Constantinople, the Macedonians will attack the Romans from the rear. And they didn’t really understand that all allies are self-interested.

And then, finally, they didn’t understand that these killers, the destroyers, were not like Genghis Khan or Tamerlane, they were men of education. Alexander was tutored by Aristotle. Scipio Aemilianus had Polybius at his side, the great Roman historian, when he destroyed the city. Mehmed had the largest library in the Islamic world. Cortés was a man of letters.

So they didn’t realize that they had thought deeply about how to destroy. They didn’t just come in, kill, rape women, and leave. They really had an existential plan to erase these cities.

And when you look at today, there’s the same idea that no one would ever do that, it couldn’t happen here, this is in the past.

So I went through in the epilogue and looked at all the threats of extinction that we have seen in, say, the last 15 years. I was shocked.

It wasn’t just Kim Jong Un saying that he wanted to wipe out South Korea, and he would, but it was people like [Turkish President] Recep Erdogan. He has threatened, he said not too long ago, about eight months ago, that the Athenians, the modern Athenians, would wake up one morning and there would be a barrage of rockets to wipe them out. That was anger over his attempt to take back islands that are Greek off the coast of Turkey.

He said to the Armenians at Nagorno-Karabakh—a year ago, they ethnically cleansed every Armenian out of Azerbaijan. And they had been there for a thousand years. And he said, “We are going to deal with Armenia itself in the way that our grandfathers did.” And that was, of course, the destruction of Armenian culture in Turkey.

We know what the Iranians have said. There was a very controversial statement by [Former Iran President Akbar Hashemi] Rafsanjani about 20 years ago, but more that’s been reiterated lately, in a variety of contexts, that the idea of Israel as the home of devout Jews is actually a gift to Iran because it concentrates devout Jews in one place.

Half the world’s Jewry is now in Israel, but more importantly, these are the observant Jews, and they are at what Rafsanjani called a one-bomb state, that one nuclear weapon could erase Jewish civilization itself.

[Russian President Vladimir] Putin, of course, says that Ukraine is an aberration that doesn’t really exist, it was a province of the Soviet Union, and the language should be obliterated, it should be reincorporated into Russia. I’ve counted about 16 statements in the press that Russian generals, Russian media, or Russian government officials have said if the war were to continue, they would use nuclear weapons.

In the case of China, they have threatened to wipe out Taiwan and destroy the bastard idea of a Taiwanese civilization; they say it doesn’t exist. And they’ve threatened to nuke, as well, Japan if it aids Taiwan.

I only mentioned that because I’ve had pretty good luck with Chinese publishers buying books on military history. I wrote a book on World War II they purchased, but they sent a letter to my publisher and basically said if I didn’t take that sentence out of the book, then they were going to cancel the publication agreement. And, of course, I couldn’t take it out. Instead, I sent back not just one threat of Taiwan, I found about 15 others, and I said, “This is ridiculous, you’ve done this more than—” And so they’ve canceled the Chinese translation. But it’s pretty prevalent.

And also, the denial. People on the walls of Constantinople said: “We can work with a sultan. He won’t kill everybody.” And people said, “Alexander the Great is a philosopher; he won’t obliterate us like Philip did,” ... or something like that.

And when you see the same denial, people get very angry when you mention Putin’s threats, they say: “Oh, he’s just bluster. He would never do that.” And, “Kim Jong Un would never do that.” And, “I’m not sure that’s true.” History says that the odds are they won’t, but it’s happened and there’s no second chances when that happens.

https://www.youtube.com/watch?v=RLMLGbQYhyo

Mr. Bluey: What role do you think technology is playing in either facilitating or even [exacerbating] the potential for these actors to destroy other societies?

Mr. Hanson: I think we learned with COVID gain-of-function research that the technology was accelerating much more rapidly than the social, political, economic, cultural analysis of how to handle it. And there were people who were freelancing, like EcoHealth, for example, that was giving expertise to the Wuhan lab. I think the same thing is true of AI.

Unfortunately, I work at Stanford right next to Silicon Valley, so when I go out and eat dinner at night, I often listen to conversations of techies and I know people who give to Stanford, et cetera. I have very little confidence on their moral sense. I have a great deal of confidence that they’re very adept in high-tech research like AI.

So my point is that when we see things like the FBI hiring Twitter contractors to suppress news about a laptop in the last election, these are the same people, the same mentalities that will be in charge of AI.

And there was, I mentioned in the book, a Pentagon simulation in which they used a computer launch completely directed by an AI program. And so, they sent a missile on a computer and they programmed every defense mechanism in it possible. So as it went into the computer, they launched computer simulations of air attacks from aircraft, from anti-ballistic missile systems, weather problems, et cetera. And then, when it was almost over, they had the computer kill the launch because it was over.

Well, the launch didn’t kill, it turned around and went back at the launch person because it had been programmed to think spontaneously about a threat. So the person who launched the missile had never thought that the missile would attack him.

And so, they shut down the entire experiment because they realized that they didn’t have the capability in the real world of ensuring that an AI couldn’t reason or analyze a threat, including the person who launched the missile, which would be the greatest threat of all if he canceled the missile and aborted it.

So things like that are pretty scary, just like the COVID and the biochemical, et cetera.

And I think if you look at what these people said in the past, I was just shocked about the denial.

Montezuma said, “We’re going to be here forever.” He had visions of the Cortés were some type of deities maybe, but he thought he could appease them.

And the same thing was true of the Carthaginians, they said: “You know what? We will give up our elephant. We’ll do everything. The Romans won’t do this.” And they had no intention of doing anything else other than destroying them.

So I do think there’s people—like the Chinese Communist government, like the government in North Korea, like the government in Turkey, like the government in Iran—who are in a whole different moral universe than what we think they’re in.

Mr. Bluey: Do you think that some of that denial exists here in the United States today?

Mr. Hanson: Absolutely.

I don’t think the average American understands that the Chinese are producing four ships per year to our one ship. Or that if you took any of our $15 billion carriers and you put them in the straits between Taiwan and China, they wouldn’t last more than an hour given the Chinese have developed missile batteries where they could launch 5,000 or 6,000 small missiles that would go about 6 inches above the water and hit the waterline at night. And you couldn’t stop that.

They are building nuclear weapons at a phenomenal rate. They’re working on anti-missile defense. They’re back up to probably 250,000 students in the United States; if 1 percent are engaged in espionage—and the FBI says it’s more than that—you’ve got thousands of people who are appropriating technology.

I don’t think anybody understands that it’s going to take us six years to replenish Javelin stocks and maybe we can’t. North Korea is producing more 155-mm shells than we are. At least they sent 2 million of them to the Russians.

So we are not armed, and yet, our strategic responsibilities, our strategic confidence, our arrogance has not lessened commensurately with our reduced defense capacity.

We’re 40,000 recruits short now in the military—never happened before. And when you analyze who is not joining the military, it’s not blacks, it’s not Latinos, it’s not gays, it’s not women, it’s not trans people, all of those numbers are the same … the largest group are white males from the lower and middle classes whose families fought in Vietnam, first Gulf War, Afghanistan, but this third and fourth generation are not joining up.

And unfortunately, for the military, if you look at the casualty or the fatality rates in Afghanistan and Iraq, that demographic dies at twice their demographics—72 percent to 74 percent of all the dead in Afghanistan, in Iraq are white males from the middle and lower classes.

And yet, this is the very demographic that [retired Gen.] Mark Milley, chairman of the Joint Chiefs of Staff, and [Defense Secretary] Lloyd Austin, in testimonies, have suggested suffer from white rage or white privilege. And the Pentagon was investigating just those kind of slanders about that demographic, and they found, of course, in December, they quietly issued a report, there was no cabal of white supremacists.

But the point is, you can’t really have a successful military when you’re 40,000 recruits short in just a year.

Mr. Bluey: What do you suggest that societies today, including the United States, learn from those historical examples you gave us earlier in the interview to maybe mitigate some of the risks that we might find ourselves in in the future?

Mr. Hanson: I would not put much confidence in international bodies or even in so-called close allies. The Spartans came all the way up to the Thebans and they heard the Macedonians, they turned right back. On the last day of the existence of Constantinople, they were looking out at the walls at the Hellespont thinking that Venetian galleys en masse would come up and save them.

So … I support NATO. I don’t really think the U.N. (United Nations) is of much value. The only thing that will save the United States is a deterrent military, and we don’t have that now, an overwhelmingly large, successful, smart military. And if we don’t have that, we’re going to see more of what we saw in Afghanistan, what we saw with the Chinese balloon, what we see in Gaza.

And I think Americans don’t realize that we’re on a back of a tiger and we can’t get off because we set up the postwar world, and we had the pretensions of saying to the world, “You can go in the Red Sea, you can go in the Black Sea, you can go in the Strait of Hormuz, you can do all that and you won’t be injured.” That was a wonderful thing to do. But if you’re going to have those pretensions that you’re going to have a postwar order, you have to have a military that, from time to time, takes care of the Houthis or gets rid of Soleimani.

And it doesn’t mean you’re going to be a neocon interventionist, but I think under [former President Donald] Trump and [former State Secretary Mike] Pompeo, they had a, I guess you would call it a Jacksonian idea that there would be no better friend than United States and no worse enemy. And we did not want to get involved in optional military adventures, but we would be very, very tough on our enemies. And then, the tougher we were, the less we would have to do it once we reestablished deterrence.

So, we’ve lost deterrence, and that can be achieved militarily, economically, politically, but we’ve lost it in every category and it’s going to be very, very dangerous to reestablish it.

Mr. Bluey: How much is at stake this year as it pertains to the future of this great country?

Mr. Hanson: Everybody says each election is the most important, but I can tell you that this election is more important than 2016 and 2020 because, in my lifetime, we’ve never seen the Democratic Party—they always say the Republican Party was taken over by MAGA, but you look at 90 percent of the MAGA agenda, and it’s traditionally low taxes, small government, strong defense, closed borders.

But the Democratic Party, as we’re seeing with Columbia [University] and all these student protests, they are a revolutionary party. It’s not that they believe in a porous border; they believe in no border. It’s not that they believe in light sentencing; they don’t want to sentence anybody. They don’t want to have bail. They don’t believe that there is such a thing as deterrence, the way we got out of Afghanistan. They believe in radical climate change. You can show them data, you can show them all sorts, they don’t care, they want to ban combustible engines, they don’t want fossil.

So this is a group of people, as we’re seeing in this split screen with Donald Trump charged with these ridiculous misdemeanors bootstrapped onto felonies. At the same time, people are entering with violence into a Columbia building. And as one of them said the other night, “They will be out in 24 hours.” I don’t think they’re even in jail as we speak, they’re already out.

I guess what I’m saying is we’re in a revolutionary Jacobin period, kind of a Reign of Terror. And I don’t see it stopping unless—I don’t think the election of Donald Trump will be enough. You’ll have to elect the Senate, Donald Trump, and enlarge the House majority. And then they’re going to have to act very quickly to stop it, to restore the border, to restore deterrence, to restore deterrence against criminals, to get back our preeminent position economically, to stop this $1 trillion borrowing every 100 days.

We’re in bad shape in every category. And I think, whether we like it, I know there’s a lot of Never-Trumpers out there, but whatever problem they have with Trump’s temperament, it just pales in comparison with the ideological revolutionaries that are in there now...

If [President Joe] Biden is reelected, what we saw the first term will be nothing, it’ll be enhanced to a magnitude, it’ll be so much greater. So I’m really worried about this election, especially the integrity of the balloting and turnout and all of those other issues.

Reprinted by permission from The Daily Signal, a publication of The Heritage Foundation.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.

Tyler Durden Fri, 05/10/2024 - 21:05

Bidenomics At Work: Ford Slashing Battery Orders As Losses Per EV Approach $100,000

Zero Hedge -

Bidenomics At Work: Ford Slashing Battery Orders As Losses Per EV Approach $100,000

Ford is cutting battery orders in yet another sign that the EV market, despite a constant tailwind from the U.S. taxpayer, is starting to slow. 

The company is cutting the orders to curb electric-vehicle losses as it scales back its EV strategy in a slowing plug-in market, according to insiders who spoke to Bloomberg.

Ford CEO Jim Farley has said the company's EV unit “is the main drag on the whole company right now" and CAT said its “cooperation with Ford is moving forward as normal”. 

The company responded by saying it wouldn't comment on relationships with suppliers. 

Bloomberg notes that with plummeting EV prices and weakening demand, Ford's losses per electric vehicle exceeded $100,000 in the first quarter, doubling last year's deficit.

Bloomberg Intelligence estimates that Ford's projected EV unit losses this year will nearly offset profits from its Ford Blue division, which produces traditional internal combustion engine vehicles like the Bronco SUV and gas-electric hybrids such as the Maverick truck.

BI analysts said of the results: “That raises questions about the prudence of investing heavily in EVs.”

Ford's order reductions highlight industry challenges as U.S. automakers face weaker-than-expected EV demand and battery makers in South Korea, China, and beyond struggle with unsold inventory.

This has affected prices for key metals like lithium, cobalt, and nickel, leading to multiyear lows and stalling new projects. Ford has reduced EV production costs but had to cut prices to stay competitive with Tesla.

Ford CFO John Lawler said in April: “We’ve seen prices coming down quite dramatically and that’s why we haven’t been able to keep up from a cost reduction standpoint.”

He continued: “But we’re targeting to take out as much cost this year as we can on Model e and all in the spirit of driving toward that contribution margin positive.”

He concluded: “Model e has to stand on its own. It needs to be profitable and it has to provide a return on the capital we’re investing.”

Thus, its no surprise to us (or to our readers, we're sure) why, exactly Ford is cutting back on its EV investments.

Recall we noted from the Epoch Times just days ago that on April 24, Ford reported it lost $132,000 for each of its 10,000 electric vehicles sold in the first quarter of 2024, according to CNN. The sales were down 20 percent from the first quarter of 2023 and would “drag down earnings for the company overall.”

The losses include “hundreds of millions being spent on research and development of the next generation of EVs for Ford. Those investments are years away from paying off.” Ford is the only major carmaker breaking out EV numbers by themselves. But other marques likely suffer similar losses.

Tyler Durden Fri, 05/10/2024 - 20:35

The Top 10% Are The Main Beneficiaries Of Globalization, Says Study

Zero Hedge -

The Top 10% Are The Main Beneficiaries Of Globalization, Says Study

By Linda Schadler of PhysOrg

The income of many people around the world has considerably increased due to the economic globalization of the last 50 years. However, these income gains are unevenly distributed. A study by Dr. Valentin Lang, junior professor of political economy at the University of Mannheim, and his co-author Marina M. Tavares of the International Monetary Fund shows that the top 10% of the national income distributions, in particular, have benefited from this development.

In their study, published in The Journal of Economic Inequality, the researchers tried to answer the questions if and how the globalization of the last 50 years has affected inequalities between people worldwide.

Their research found that globalization has led to greater income inequalities within many countries. The gap between rich and poor has widened particularly in countries that have become more integrated into the global economy, such as China, Russia and some Eastern European countries. At the same time, globalization has reduced inequality between countries. The differences between countries therefore play an increasingly minor role in the global inequality rate.

"The influence of globalization on income inequalities worldwide was greater than we had expected," summarizes Valentin Lang, junior professor of International Political Economy at the University of Mannheim and author of the study. "We were particularly surprised that these differences were mainly due to the gains of the richest and that the lower income groups benefited little or not at all."

Increasing skepticism towards globalization

The study also shows that globalization in its early and middle stages led to considerable income increases in the individual countries but that the growth effects diminish as the degree of globalization increases. "The benefits of globalization become smaller during the integration process, while the costs of distribution become higher. This matches the increasing skepticism towards globalization which can be observed in countries with a high level of economic integration," Lang concludes.

For analyzing economic globalization, the authors used a new empirical approach: They combined data on trade, financial flows and regulation from the past 50 years and related these to the different speeds and regional concentrations of economic liberalization measures in the individual countries.

Tyler Durden Fri, 05/10/2024 - 20:05

Netanyahu Vows To 'Stand Alone' & 'Fight With Fingernails' After Biden's Arms Supply Warning

Zero Hedge -

Netanyahu Vows To 'Stand Alone' & 'Fight With Fingernails' After Biden's Arms Supply Warning

Prime Minister Benjamin Netanyahu's latest reaction to President Biden earlier in the week threatening that the US could withhold offensive weapons from Israel if its military escalates a ground offensive against Rafah has been to vow that his country is ready to "stand alone" and "fight with fingernails" in Gaza.

"If we must, we shall fight with our fingernails. But we have much more than our fingernails, and with that strength of spirit, with God’s help, together we shall be victorious," he said. Netanyahu is vowing to move forward with the ground offensive against the southern Gaza city where some 1.3 Palestinian refugees are located. Washington has long warned that there are not adequate enough civilian evacuation plans in place. The Rafah offensive is now official, per Axios

Amid growing U.S. concerns about the humanitarian situation in Rafah, the Israeli security cabinet approved last night the "expansion of the area of ​​operation" of the Israel Defense Forces in the southern Gaza city, according to three sources with knowledge of the details.

Image via Associated Press

The prime minister in his latest remarks described that the country largely stood alone in the 1948 war that established Israel when it was "victorious" despite that it was fought by a "few against the many…and did not have weapon."

Defense Minister Yoav Gallant echoed something similar: "We will stand strong, we will achieve our goals," he said. He asserted that "enemies as well as ... best of friends" must know that Israel "cannot be subdued".

Already the US has paused a shipment of 2,000- and 500-pound bombs to Israel, but officials say there is still ample defense aid still in the pipeline. Perhaps Biden's 'threats' are just political posturing in order to keep more Democratic voters from jumping ship over his Gaza policy ahead of November? 

A fresh Times of Israel headline issued Friday reads: Despite Biden’s pause, billions of dollars in US arms for Israel still in pipeline...

Billions of dollars worth of US weaponry remains in the pipeline for Israel, despite the delay of one shipment of bombs and a review of others by US President Joe Biden’s administration, which says it’s concerned the Israel Defense Forces could use them in densely populated Rafah, as is has in other parts of Gaza.

So the current paused shipment is likely merely symbolic, or a show of 'doing something' without actually doing it in any meaningful way, and in the end Israel's military will have whatever it needs to continue its offensive on Rafah.

"A wide range of other military equipment is due to go to Israel, including joint direct attack munitions (JDAMS), which convert dumb bombs into precision weapons; and tank rounds, mortars and armored tactical vehicles, Senator Jim Risch, the top Republican on the Senate Foreign Relations Committee, told reporters," Times of Israel continues.

"Risch said those munitions were not moving through the approval process as quickly as they should be, noting some had been in the works since December, while assistance for Israel more typically sails through the review process within weeks."

Again, it's more likely that this talk of halting defense aid is a ruse to get the political pressure turned down on the Biden White House, amid ongoing pro-Palestinian protests across US college campuses and Progressive outrage.

Senator Bernie Sanders in a recent CNN interview aptly stated that "This may be Biden's Vietnam" which both could cost him the election and be a black stain on his legacy.

"I understand that a lot of people in this country are less than enthusiastic about Biden for a number of reasons and I get that. And I strongly disagree with him, especially on what’s going on in Gaza," he commented on the president's waning popularity even among Dems.

Meanwhile Israel's Security Cabinet has just approved a strategy of the IDF's "measured expansion" of the Rafah operation. This seems to simply mean that Israel will push the offensive up to the extent where Washington can still comfortably stomach it on a public and international level.

Tyler Durden Fri, 05/10/2024 - 19:35

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