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China At The Crossroads

China At The Crossroads Authored by Charles Hugh Smith via OfTwoMinds blog, Watch where capital is flowing. That's pretty much all you need to know to predict the future. The word "China" evokes strong emotions, so let's set it aside in favor of a simple syllogism: 1. Certain things matter in all economies. 2. China is an economy. 3. Therefore these certain things matter in China. Four things matter to all economies: 1. The flow of capital and talent in or out of an economy. 2. The productivity of that capital and talent. 3. The availability and cost of energy. 4. The stability of the primary foundation of the majority's wealth. Capital and talent flowing into an economy and being productively invested generates prosperity. Capital and talent squandered on unproductive speculation generates bubbles of phantom wealth that eventually pop, destroying the illusion of wealth. Capital and talent fleeing an economy generates stagnation and collapse. Capital and talent are democratic in the most basic form: both vote with their feet. Dictators can strut around ordering everyone to wear their underwear on the outside of their clothing, but if people can vote with their feet, he soon finds he's talking to himself and a handful of clueless cronies. The cliche is that capital goes where it's well-treated. What does that actually mean? It turns out capital and talent both want what the average citizen / participant in the economy wants: stability and predictability. Every participant wants the rules to be visible and predictable, so they can make decisions about where to invest their capital and talent with some confidence that the rules won't change tomorrow. If everything you've worked for can be taken from you or you're no longer able to sell and deploy your capital and talent elsewhere, then why gamble your capital and talent in such an unstable, unpredictable economy at all? The more restrictions that are applied to keep capital and talent from fleeing, the greater the incentives for capital and talent to flee. Those that can't flee just give up and lay down, doing the minimum to survive. Capital and talent invested in unproductive bridges to nowhere and speculative bubbles generate a brief explosion of illusory wealth. The workers and enterprises building the bridges to nowhere spend their earnings, boosting consumption, and the incoming tide of capital chasing speculative gains boosts the value of the assets being chased. But bridges to nowhere and speculative frenzies don't actually boost the productivity of capital or labor; they are mal-investments that bleed the economy dry behind a flimsy facade of phantom wealth, a facade generated by the enormous tide of capital gushing into the economy. Once the tide recedes as capital votes with its feet, the facade of phantom wealth collapses. When energy is cheap and abundant, all sorts of things become possible. When energy becomes scarce and costly, all sorts of things are no longer financially viable. Economies that only function if energy is cheap and abundant unravel when energy becomes scarce and costly. People want to become wealthier, and they will follow whatever trails are open to them to do so. If the economy is structured to funnel most of the majority's wealth into one asset class, that economy becomes highly dependent on the stability of that asset class for its financial, social and political stability. If, for example, the people's wealth is channeled into real estate to the degree that owning empty flats is considered a form of secure savings as well as a stake in an investment bubble that will never pop, then that economy is extremely vulnerable to the resulting speculative excess collapsing under its own weight. When an asset class owned solely by the super-wealthy collapses under its own weight--for example, fine art--the damage to the economy is limited. But when an asset class that is the primary foundation of the majority's wealth collapses, that is extremely consequential because too much of the economy's capital has been sunk in an unproductive speculative bubble. As strategist Edward Luttwak observed, the funny thing about force is how limited it is in actual efficacy. Forcing capital and talent to stay put doesn't make people productive. It simply forces a choice: find a way to flee or just give up and stop working hard. After all, what's the point? Every economy in which capital and talent can no longer count on predictability is an economy at the crossroads. As Luttwak explained, force is not the same as power, though many confuse the two. Power attracts capital and talent because they're being offered stability and predictability. Force tries to shove instability and unpredictability down everyone's throat and compels then to declare their undying loyalty for instability and unpredictability. But capital and talent vote with their feet. If they can't vote with their feet, they just give up. Any economy in which capital and talent either flee or give up has only one possible end-point: stagnation and collapse. In other words, watch where capital is flowing. That's pretty much all you need to know to predict the future. *  *  * My new book is now available at a 10% discount this month: When You Can't Go On: Burnout, Reckoning and Renewal. If you found value in this content, please join me in seeking solutions by becoming a $1/month patron of my work via patreon.com. Tyler Durden Fri, 08/05/2022 - 17:40.....»»

Category: worldSource: nytAug 5th, 2022

China At The Crossroads

China At The Crossroads Authored by Charles Hugh Smith via OfTwoMinds blog, Watch where capital is flowing. That's pretty much all you need to know to predict the future. The word "China" evokes strong emotions, so let's set it aside in favor of a simple syllogism: 1. Certain things matter in all economies. 2. China is an economy. 3. Therefore these certain things matter in China. Four things matter to all economies: 1. The flow of capital and talent in or out of an economy. 2. The productivity of that capital and talent. 3. The availability and cost of energy. 4. The stability of the primary foundation of the majority's wealth. Capital and talent flowing into an economy and being productively invested generates prosperity. Capital and talent squandered on unproductive speculation generates bubbles of phantom wealth that eventually pop, destroying the illusion of wealth. Capital and talent fleeing an economy generates stagnation and collapse. Capital and talent are democratic in the most basic form: both vote with their feet. Dictators can strut around ordering everyone to wear their underwear on the outside of their clothing, but if people can vote with their feet, he soon finds he's talking to himself and a handful of clueless cronies. The cliche is that capital goes where it's well-treated. What does that actually mean? It turns out capital and talent both want what the average citizen / participant in the economy wants: stability and predictability. Every participant wants the rules to be visible and predictable, so they can make decisions about where to invest their capital and talent with some confidence that the rules won't change tomorrow. If everything you've worked for can be taken from you or you're no longer able to sell and deploy your capital and talent elsewhere, then why gamble your capital and talent in such an unstable, unpredictable economy at all? The more restrictions that are applied to keep capital and talent from fleeing, the greater the incentives for capital and talent to flee. Those that can't flee just give up and lay down, doing the minimum to survive. Capital and talent invested in unproductive bridges to nowhere and speculative bubbles generate a brief explosion of illusory wealth. The workers and enterprises building the bridges to nowhere spend their earnings, boosting consumption, and the incoming tide of capital chasing speculative gains boosts the value of the assets being chased. But bridges to nowhere and speculative frenzies don't actually boost the productivity of capital or labor; they are mal-investments that bleed the economy dry behind a flimsy facade of phantom wealth, a facade generated by the enormous tide of capital gushing into the economy. Once the tide recedes as capital votes with its feet, the facade of phantom wealth collapses. When energy is cheap and abundant, all sorts of things become possible. When energy becomes scarce and costly, all sorts of things are no longer financially viable. Economies that only function if energy is cheap and abundant unravel when energy becomes scarce and costly. People want to become wealthier, and they will follow whatever trails are open to them to do so. If the economy is structured to funnel most of the majority's wealth into one asset class, that economy becomes highly dependent on the stability of that asset class for its financial, social and political stability. If, for example, the people's wealth is channeled into real estate to the degree that owning empty flats is considered a form of secure savings as well as a stake in an investment bubble that will never pop, then that economy is extremely vulnerable to the resulting speculative excess collapsing under its own weight. When an asset class owned solely by the super-wealthy collapses under its own weight--for example, fine art--the damage to the economy is limited. But when an asset class that is the primary foundation of the majority's wealth collapses, that is extremely consequential because too much of the economy's capital has been sunk in an unproductive speculative bubble. As strategist Edward Luttwak observed, the funny thing about force is how limited it is in actual efficacy. Forcing capital and talent to stay put doesn't make people productive. It simply forces a choice: find a way to flee or just give up and stop working hard. After all, what's the point? Every economy in which capital and talent can no longer count on predictability is an economy at the crossroads. As Luttwak explained, force is not the same as power, though many confuse the two. Power attracts capital and talent because they're being offered stability and predictability. Force tries to shove instability and unpredictability down everyone's throat and compels then to declare their undying loyalty for instability and unpredictability. But capital and talent vote with their feet. If they can't vote with their feet, they just give up. Any economy in which capital and talent either flee or give up has only one possible end-point: stagnation and collapse. In other words, watch where capital is flowing. That's pretty much all you need to know to predict the future. *  *  * My new book is now available at a 10% discount this month: When You Can't Go On: Burnout, Reckoning and Renewal. If you found value in this content, please join me in seeking solutions by becoming a $1/month patron of my work via patreon.com. Tyler Durden Fri, 08/05/2022 - 17:40.....»»

Category: worldSource: nytAug 5th, 2022

White House stands by Inflation Reduction Act after CBO warns inflation won"t drop as a result

The White House defended the Inflation Reduction Act on Friday following a report from the Congressional Budget Office suggesting the legislation would not lower inflation. The White House is defending the Inflation Reduction Act against a report from the nonpartisan Congressional Budget Office that suggests the legislation will not meaningfully lower inflation in the coming years.  "Could you address the new CBO analysis about the Inflation Reduction Act that says it would have almost no impact or negligible impact on inflation in 2022 and 2023," White House press secretary Karine Jean-Pierre was asked during a Friday briefing. Jean-Pierre responded, "You know, leading economists have said that this Inflation Reduction Act that's been analyzed by them, that's been looked at by these economists, will indeed reduce inflation." Jean-Pierre was then asked if her answer means she is "dismissing" the CBO report and whether it is fair to call the legislation the "Inflation Reduction Act" when the CBO is saying inflation will not be meaningfully reduced.  SOARING INFLATION DRIVES MORE AMERICANS TO LIVE PAYCHECK TO PAYCHECK DESPITE 5.1% INCREASE IN WAGES "Well, if you think about the Inflation Reduction Act, it will have an effect also on drug costs," she explained. "Lowering prices on pharmaceutical costs, which is going to make a difference in a big way to seniors to families." Jean-Pierre went on to say that the legislation will lower energy costs, the cost of utility bills and Medicare, while also putting $300 billion toward lowering the deficit.  JULY JOBS BREAKDOWN: WHICH INDUSTRIES HIRED THE MOST WORKERS LAST MONTH? "That is going to make a difference," Jean-Pierre said. "That is going to fight inflation, and so it should be called the Inflation Reduction Act, because that's exactly what it's going to do." Jean-Pierre was reacting to a report this week from the CBO that said the bill would have a "negligible" effect on inflation.  "In calendar year 2022, enacting the bill would have a negligible effect on inflation, in CBO’s assessment," the office said. In calendar year 2023, inflation would probably be between 0.1 percentage point lower and 0.1 percentage point higher under the bill than it would be under current law, CBO estimates. Jean-Pierre's defense of the legislation comes the same day Senate Majority Leader Chuck Schumer, D-N.Y., said that a group of 230 economists who are warning that the legislation will increase inflation are "wrong." GET FOX BUSINESS ON THE GO BY CLICKING HERE "They’re wrong..I don’t know who that list was… it’s as plain as the nose on your face," Schumer told reporters. The economists wrote in the letter that the U.S. economy is at a "dangerous crossroads" and the "inaptly named ‘Inflation Reduction Act of 2022’ would do nothing of the sort and instead would perpetuate the same fiscal policy errors that have helped precipitate the current troubling economic climate." U.S. job growth unexpectedly accelerated in July, defying fears of a slowdown in hiring even as the labor market confronts the twin threats of inflation and rising interest rates......»»

Category: topSource: foxnewsAug 5th, 2022

Over 230 economists warn Manchin"s spending bill will perpetuate inflation

230 economists are warning congressional leaders in the House and Senate that Manchin's tax and spending bill will actually cause more inflation nationwide, despite claims otherwise. A letter sent to House and Senate leadership from 230 economists argue that the Infrastructure Reduction Act is expected to contribute to skyrocketing inflation and will burden the U.S. economy, contrary to President Biden and Democrats' claims. The economists wrote in the letter first obtained by Fox News Digital that the U.S. economy is at a "dangerous crossroads" and the "inaptly named ‘Inflation Reduction Act of 2022’ would do nothing of the sort and instead would perpetuate the same fiscal policy errors that have helped precipitate the current troubling economic climate." Sen. Joe Manchin, D-W.Va., announced last week he reached an agreement with Senate Majority Leader Chuck Schumer, D-N.Y., on the $739 billion reconciliation package after more that a year of negotiations among Democrats. The economic experts point out the $433 in proposed government spending, which the experts argue "would create immediate inflationary pressures by boosting demand, while the supply-side tax hikes would constrain supply by discouraging investment and draining the private sector of much-needed resources." They also write that of "particular concern" is the corporate minimum tax that they say will undercut efforts to restore functioning supply chains. In addition, the bill's prescription drug provisions "would impose price controls that threaten healthcare innovation, creating a human health toll that would add to the financial woes that Americans are already experiencing." A few of the notable signers include Nobel laureate Vernon Smith, former Chair of the Council of Economic Advisers Kevin Hassett, former Director of the Office of Management and Budget Jim Miller and Robert Heller, former president of the Federal Reserve Board 1986-1989. In addition, professors from the University of Chicago, Princeton University, Duke University, University of Virginia, Columbia University and the University of Notre Dame, among others, were listed on the letter dated Aug. 3.  The experts conclude that although they agree with an "urgent" need to address inflation, Manchin's bill is a "misleading label" applied to legislation that would achieve the "opposite effect." The letter was sent to Schumer, Senate Minority Leader Mitch McConnell, R-Ky., House Speaker Nancy Pelosi, D-Calif., and House Minority Leader Kevin McCarthy, R-Calif. WHITE HOUSE SLAMS REPUBLICANS FOR TRYING TO 'OBSTRUCT' THE PASSAGE OF THE $739B 'ANTI-INFLATION PLAN' Schumer has touted the Inflation Reduction Act as an immediate solution to inflation, which reached a new 40-year high last month. "The Inflation Reduction Act will lower inflation, lower the costs of prescription drugs, close loopholes long exploited by big business who pay no or little taxes," Schumer said on the Senate floor Thursday. In addition, Biden urged Congress to pass the bill during a virtual roundtable Thursday. "My message to Congress is this: Listen to the American people," Biden said.  "This is the strongest bill you can pass to lower inflation, continue to cut the deficit, reduce health care costs, tackle a climate crisis and promote America’s energy security and reduce the burdens facing working-class and middle-class families," Biden continued. However, Republicans are less enthusiastic about the over $700 billion spending and tax package. McCarthy told Fox News Wednesday that "Democrats have no plans to solve all the problems they created" and Manchin's bill is not the solution. In the Senate, McConnell stated this week that most of his colleagues were "somewhat shocked" about Manchin's reversal of previous positions. He continued, telling Fox News that the bill raises taxes and "calling it an inflation reduction bill is rather laughable." "Democrats are catastrophically out of touch with what American families actually care about. Their approval ratings show it. And their reckless taxing and spending spree proves it, as well," said McConnell in a statement this week. The Senate is set to convene over the weekend on Saturday to vote on a procedural motion to move the bill forward. It is still unclear if Sen. Kyrsten Sinema, D-Ariz., will support the legislation, and her vote is necessary for final passage of the bill under reconciliation rules that would allow a majority to pass. Democrats previously touted a letter from 126 economists supporting Manchin's bill......»»

Category: topSource: foxnewsAug 4th, 2022

8 companies that could be interested in buying WWE, according to financial analysts

Since Vince McMahon retired from WWE, the company's stock price has gone up. An analyst says this could mean investors are betting it could be bought. Vince McMahon, former WWE boss.Photo by Getty Images Veteran pro wrestling promoter Vince McMahon retired from the WWE on July 22. CNBC said the retirement and scandals "heighten sale speculation." Here are eight companies that are speculatively linked with a bid for the WWE — valued at $5 billion. Vince McMahon stepped down as the longtime CEO and chairman of pro wrestling market leader WWE on July 22.The 76-year-old's resignation followed reports of federal investigations into allegations that the veteran promoter paid millions of dollars in hush money to cover up claims of sexual misconduct, per The Wall Street Journal.The Journal added that these investigations hastened McMahon's departure.Despite the industry-shaking development, stock in WWE rose 8% on a single day last week to levels not seen since 2019.WWE ticker as of Monday.Photo by GoogleAs of Monday, it is trading at $70.93 per share.Wrestling Inc. reported last week that this could mean investors are speculating on a possible sale.CNBC also said that WWE is at a "crossroads," as McMahon's retirement and scandals "heighten sale speculation."It referenced WWE's new co-CEO Nick Khan, who said earlier this year — before McMahon stepped down — that "we're open for business," when discussing selling the business during an episode of The Ringer's 'The Town' podcast.Nick Khan, WWE co-CEO.Photo by YouTube / CNBCCNBC also cited "a source familiar with the matter" said that the company isn't currently in sale talks.Regardless, that doesn't mean that a number of big American companies might not consider making a move for the $5 billion WWE, multiple reports suggest.Here are five of the companies speculatively linked with a bid.Comcast — a $194.3 billion conglomerateMike Blake/File PhotoCNBC wrote this week that Khan talked about Comcast's NBCUniversal as a potential buyer.WWE recently sold exclusive live streaming rights to NBCUniversal's Peacock service, suggesting it could be a good fit.Khan said that what Comcast lacks is the "intellectual property that some other companies have," like Disney's "treasure trove of IP."Khan said: "I think they look at us as an entity that has a treasure trove of intellectual property. A lot of it has not been exploited yet."Now it's up to us to monetize it properly and show the community exactly what we have."In a note to clients, MKM Partners analyst Eric Handler also said Comcast, amongst other companies, makes sense as an acquirer, CNBC reported.Alan Gould of Loop Capital told Deadline, though, that Comcast may be loathe to commit to such a deal after spending $39 billion on its acquisition of Sky.Disney — a $188.5 billion mass media companyIn this photo illustration, a hand holding a TV remote control in front of the Disney Plus logo on a TV screen.Rafael Henrique/SOPA Images/LightRocket via Getty ImagesIn Handler's note to MKM Partners clients, the analyst also referenced Disney as a potential WWE buyer.Through ESPN's broadcast deals with UFC, PFL MMA, and Top Rank boxing, Disney already has a hulking combat sports portfolio.Adding WWE, Deadline observes, could be a logical companion to broaden its offerings in those sports. Gould of Loop Capital said Disney, like Comcast, may be loathed to commit to another acquisition, having already bought 20th Century Fox and Hulu.Amazon — a $1.23 trillion technology companyAn Amazon logo is displayed on a fulfillment center. Being the world's largest online retail company, Amazon operates more than 175 fulfillment centers worldwide, totaling in over 166 million square feet.Gabe Ginsberg/SOPA Images/LightRocket via Getty ImagesThe MKM Partners analyst Handler also listed Amazon as a potential acquirer — something longtime media analyst Gould, of Loop Capital, agreed with.Deadline noted that Amazon has been buying the rights to sports programming.The streamer has tennis deals in place to air ATP World Tour events in the UK, exchanged terms with MLB giant New York Yankees, and has the exclusive rights to "Thursday Night Football" with the NFL.Being so bullish on sports rights, it may not balk at the WWE's estimated $5 billion valuation.Netflix — a $100 billion subscription streaming serviceStreaming service Netflix (NFLX) carries thousands of movies and TV showsPhoto Illustration by Mateusz Slodkowski/SOPA Images/LightRocket via Getty ImagesAnother company that both Gould and Holding agree could be interested in making a play for WWE is Netflix.Deadline, though, reports Netflix is not as likely a suitor as the aforementioned juggernauts as it typically airs films and TV shows. "It has avoided sports and event programming," Deadline said.However, the publication noted that WWE is unlike most sports companies as it is a blend of entertainment and sports. This could work in its favor.Handler lists 3 other companies — one of them is AppleApple logo at an Apple store on May 31, 2022 in Berlin, Germany.Thomas Trutschel/Photothek via Getty ImagesIn his note to clients, Handler listed three other companies that could be interested in making a play for WWE.Here they are:Apple — a $2.5 trillion technology companyWarner Bros. Discovery — a $36.7 billion media giantParamount Global — a $16 billion mass media firmGould's final pick was:Fox — an $18 billion mass media companyAccording to Deadline, Fox may not be able to justify the likely $5 billion purchase of WWE as its valuation is not too much higher.Likewise, Paramount Global could run into a similar issue; its market cap on Thursday was around $15.5 billion.WWE will look attractive right now, an analyst saidWWE belt.Photo by Getty Images"This is a challenging environment with the equities of most of the logical buyers depressed, but there is demand for live event programming, and it is the first time that one could realistically think that WWE could be for sale," Loop Capital's Gould told Deadline.CNBC, meanwhile, reported that there are very few global entertainment companies that come up for sale with a seemingly attractive price tag.WWE may well be one of those few companies.Though CNBC said WWE isn't currently in sale talks, "flood gates" may soon open and an offer could become too good to turn down, the publication said.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderAug 1st, 2022

JLL represents landlord in relocation to one of NJ’s premier office properties

Theta Holding Company, LP, and JLL announced that law firm Scarinci Hollenbeck, LLC has leased 18,529 square feet of office space at the amenity-rich Overlook Corporate Center in Little Falls, NJ. One of New Jersey’s largest law firms, Scarinci Hollenbeck will relocate its headquarters office from 1100 Valley Brook Avenue... The post JLL represents landlord in relocation to one of NJ’s premier office properties appeared first on Real Estate Weekly. Theta Holding Company, LP, and JLL announced that law firm Scarinci Hollenbeck, LLC has leased 18,529 square feet of office space at the amenity-rich Overlook Corporate Center in Little Falls, NJ. One of New Jersey’s largest law firms, Scarinci Hollenbeck will relocate its headquarters office from 1100 Valley Brook Avenue in Lyndhurst, to a recently renovated 9th floor space in the 415,000 square foot corporate center that sits atop Great Notch Hill and offers panoramic views of New Jersey. A JLL agency team led by executive managing director Frank D. Recine, senior vice president Derek DeMartino, and associate Nicholas DeCotiis, represented the landlord. Avison Young principal Drew Persson and principal Jeff Heller represented the tenant. Theta Holding completed a multi-million-dollar repositioning that elevated Overlook Corporate Center’s status among New Jersey’s trophy office properties. Comprised of two connected towers — an 11-story main tower and a three-story convention center – it features a luxurious lobby that was recently updated as well as a cafeteria, executive conference room, fitness center, exterior terraces, covered parking, Wi-Fi access and onsite ownership and management. The facility has 24-hour gated security and a security guard booth monitoring tenant-controlled gated access to parking decks. It also features independent computer monitoring of HVAC, life safety generator, building access and security. “Theta Holding Company is a forward-thinking property owner that has positioned Overlook Corporate Center to support tenants seeking to provide their employees with a superior working experience in a well-located, trophy suburban office building,” said Recine. “The property offers spaces with fantastic views and offer an abundant mix of new and updated amenities that support tenants’ ability to attract and retain top talent in a highly competitive marketplace.” Located on 18-acres of landscaped grounds at 150 Clove Road in Little Falls, the property sits at the crossroads of three major thoroughfares, providing fast access to all points in northern New Jersey and Manhattan, and Newark International Airport. The Montclair State University train station and other mass transportation options are located within walking distance and a complementary shuttle service is offered to tenants for added convenience. The JLL leasing team is currently marketing availabilities at Overlook Corporate Center catering to small and mid-size companies ranging from 1,500 square feet to 50,000 square feet. The post JLL represents landlord in relocation to one of NJ’s premier office properties appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyJul 30th, 2022

Inflation, Recession Or Both?

Inflation, Recession Or Both? Submitted by QTR's Fringe Finance Perhaps more than anything else, the one question that is going to determine whether or not people make money in the market in the second half of this year is whether or not bad news is once again good news. So, let’s discuss the setup: what the macro picture looks like to me, and what I see as possible outcomes going forward. Heading into the inflationary crisis that we are in, back on December 17, 2021, I wrote an article talking about why the “bad news” of inflation was simply just bad news. In other words, it couldn’t once again be a prompt for the Fed to swoop in and save markets, as they have done over the last several decades. In that article, I called the taper a non-sugar coated directional negative for markets. The day prior, CNBC led with the headline: Dow futures up nearly 200 points following Fed decision to aggressively wind down asset purchases My article ridiculed market participants, analysts and financial media for suggesting that inflation wasn’t going be a problem and that winding down asset purchases was somehow going to magically propel stocks higher. Since then, the S&P has seen an -11.57% plunge, the Russell has fallen about -13.63% and the NASDAQ, as I first predicted would happen back in November 2021, has been pasted to the tune of -19.4%. Since then, inflation has spiked out of control. Sadly, the only piece of “good news” we have gotten recently is that CPI blew through the roof last month with a 9.1% YOY print - a number so high and so inconceivable that I felt forced to postulate that we may have seen the peak. That prediction is not to say that inflation is over, but rather that comps are going to get “easier” (which is what happens when you have a year of nosebleed growth and you’re comparing year-over-year). Drawdowns in some commodities over the past month should help, acting as temporary headwinds. On the month, crude is down about -9%, metals are down between -3% and -12%, wheat and lumber are down -12% and -16%, respectively and, while food has bucked the trend and risen for the month, the CRB commodity index basket is down about -3.8%.   Zero Hedge readers can get 70% off a subscription to QTR's Fringe Finance, for life, by using this link: GIVE ME 70% OFF!   The saying “bad news is good news”, of course, comes from the fact that shitty macroeconomic news often prompts central bankers, Pavlovian-style, to start or accelerate quantitative easing and other easy money policies. This, in turn, usually boosts the stock market regardless of actual underlying economic activity. This was essentially how we got the freakishly indecent and obscene rally off the March 2020 pandemic lows. Over the last week, it has become clear that the market seems to think that the Fed raising by 75bps and GDP confirming that we are in a recession, as expected, are both bullish pieces of news. This is what has sparked the rally in both equities and precious metals over the last couple of days, as I predicted would happen in my July 2022 portfolio update: I think it’s likely the 9.1% print is the peak, for a little while at least, based on current spot prices. Used cars are down, new cars are down, home prices are starting to come down as more inventory comes on the market, oil has sold off over the last 2 weeks, etc. This doesn’t mean inflation is over, not does it mean stocks won’t still move lower in the longer term once the effect of rate hikes put into place in 1H 2022 finally surface in credit markets, but it means we could be at a lull for the time being (1-2 quarters). I think equities are going to rally on this sentiment (the fact that stocks didn’t crash spectacularly in the last 48 hours on that 9.1% print says something to me). The market is forward looking and the inflation numbers are backward looking, as much as I absolutely hate to admit it. The key questions from here become: How long will this rally last? What type of an impact will these macro factors have on Fed policy? There’s certainly seems to be a growing case for allowing inflation to just take hold and run rampant. For example, Bernstein said on Thursday that a “policy pivot” from the Fed would be “completely appropriate”. Those comments were echoed by Senator Elizabeth Warren, who was busy lobbing grenades at Fed Chair Powell via Twitter. But inflation, even if it comes down from 9% and starts to subside on a year-over-year basis heading into 2023, is still going to be elevated no matter what direction we go in. The objective idea of a successful soft landing by the Fed, as defined by a sane person looking from the outside in, would be for real rates to once again go positive and for inflation to head back down to the Fed’s arbitrary, totally dumbass, 2% “target”. What I’m predicting is far more likely, however, is that inflation backs off only slightly, real rates stay negative and the Fed declares success heading into the second half of the year anyways, beginning to ease its hawkish posture. In other words, for now, it looks as though between letting inflation run rampant and crashing the economy, I’m leaning more towards the Fed allowing inflation to run rampant going forward. The Fed will have the perfect excuse to do it as CPI moves lower, maybe to 7% or 6%. It will in no way be a “win” in the war against inflation, but that won’t prevent the Fed from conjuring up a word salad of bullshit talking points to make the everyday American believe that it is. Simultaneously, and likely most important to the FOMC, it’ll get the Central Bank out from the crosshairs of politicians.   And so, as I’ve said, forecasting which way the scales are going to tip is going to be key to navigating markets over the next year. While I am not claiming that the Fed is going to take the inflationary course of action as a certainty, I wanted to lay out my thoughts in terms of how I would position in either scenario. If the Fed does decide to declare victory and let inflation run, despite real rates being negative, I definitely want to stay long gold and silver, as well as risk assets like cash flow generative tech companies that have been beaten down significantly over the last 8 to 10 months. If the Fed decides to hold course and continue defiling the corpse of the economy through planned rate hikes, I would hedge a bit more by selecting my favorite cash burning tech ShitCo “story stocks” (i.e. they don’t generate cash, so they survive just off hope and narrative - like the Treasury). I’d also focus more on buying dividend paying value stocks and staples that I’ve already pointed out as they plunge. The scales obviously tip more towards value in the event of a prolonged recession and more towards growth and risk in the event of the Fed allowing inflation to run  rampant. Additionally, there are a few names that I’ve outlined in my most recent portfolio update that I want to own, no matter what. A conversation with my FinTwit friend @FredMcFeely days ago reminded me of one sector I have been bullish on for a year now: Aerospace and Defense. While I’ve often talked about Lockheed LMT 1.63%↑ and Maxar MAXR 3.49%↑, both of which I own, other names in this sector include RTX 0.40%↑, LDOS 1.99%↑, NOC 3.66%↑ and GD 0.99%↑ , as well as small caps like RADA -0.20%↓. Along the same lines, I continue to absolutely love cybersecurity names like IHAK -0.27%↓ and PANW 0.67%↑. While there isn’t as much deep value in cybersecurity, there are still marquee names like Palo Alto Networks that I think, despite their growth profile, will still be in great demand going forward. The next major geopolitical conflict will be fought not only in person, but also online. And for better or for worse, it still feels like we’re tiptoeing around World War III. I’d love to be able to tell you that I know exactly what the Fed is going to do, but we are at an unprecedented crossroads, for which there is no historical precedent. We have never had so much outstanding gross federal debt relative to GDP and our Fed has never faced this type of inflationary crisis before.   We don’t have the luxury of moving rates like Paul Volcker did. In fact, we haven’t even felt the brunt of the last several rate hikes in my opinion, the aftershocks of which will likely take another couple months to make their way through the financial system. Put it this way: if the market crashes again, like it did around Christmas in 2018, I won’t be surprised. The key question is: what will the Fed do when this happens? Rather than try to guess the outcome of this unprecedented situation, the only thing that I can do is try to accurately frame what I believe the problem and the potential outcomes to be. For now, it seems the likelihood of going inflationary crisis instead of recession is at about 60% to 40%. I’ll try to keep my readers updated on my thoughts on this as they change, but be aware that, like anything else, I am just a lagging indicator to how the Fed decides that they randomly want to posture themselves this week. Treasury Secretary Janet Yellen is out there telling people that the recession is transitory, the White House and economists are lying to people and telling them that this week’s GDP print doesn’t mean that we are in a recession and President Biden is blaming inflation on Vladimir Putin. Let’s be honest: you absolutely can’t fucking reason with these people and they exist in such a distorted field of twisted reality that trying to predict their next move, and then how the market will respond to it, is like trying to figure out what a drunk crackhead at stumbling around at the Market-Frankford subway station is going to yell out next. Even in the one-in-a-million chance that you guess it right, it’s still going to be completely incoherent. Welcome to the current state of the market and the economy. Zero Hedge readers can get 70% off a subscription to QTR's Fringe Finance, for life, by using this link: GIVE ME 70% OFF! Disclaimer: I own positions as disclosed above. This is not a recommendation to buy or sell any stocks or securities. I own or may own all crypto/stocks I mentioned or linked to in this piece. I often lose money on positions I trade/invest in. I may add any name mentioned in this article and sell any name mentioned in this piece at any time, without further warning. None of this is a solicitation to buy or sell securities. These positions can change immediately as soon as I publish this, with or without notice. You are on your own. Do not make decisions based on my blog. I exist on the fringe. The publisher does not guarantee the accuracy or completeness of the information provided in this page. These are not the opinions of any of my employers, partners, or associates. I did my best to be honest about my disclosures but can’t guarantee I am right; I write these posts after a couple beers sometimes. Tyler Durden Sat, 07/30/2022 - 11:30.....»»

Category: worldSource: nytJul 30th, 2022

17K lease

Theta Holding Company, LP, and JLL announced that law firm Scarinci Hollenbeck, LLC has leased 18,529 square feet of office space at the amenity-rich Overlook Corporate Center in Little Falls, NJ. One of New Jersey’s largest law firms, Scarinci Hollenbeck will relocate its headquarters office from 1100 Valley Brook Avenue... The post 17K lease appeared first on Real Estate Weekly. Theta Holding Company, LP, and JLL announced that law firm Scarinci Hollenbeck, LLC has leased 18,529 square feet of office space at the amenity-rich Overlook Corporate Center in Little Falls, NJ. One of New Jersey’s largest law firms, Scarinci Hollenbeck will relocate its headquarters office from 1100 Valley Brook Avenue in Lyndhurst, to a recently renovated 9th floor space in the 415,000 square foot corporate center that sits atop Great Notch Hill and offers panoramic views of New Jersey. A JLL agency team led by executive managing director Frank D. Recine, senior vice president Derek DeMartino, and associate Nicholas DeCotiis, represented the landlord. Avison Young principal Drew Persson and principal Jeff Heller represented the tenant. Theta Holding completed a multi-million-dollar repositioning that elevated Overlook Corporate Center’s status among New Jersey’s trophy office properties. Comprised of two connected towers — an 11-story main tower and a three-story convention center – it features a luxurious lobby that was recently updated as well as a cafeteria, executive conference room, fitness center, exterior terraces, covered parking, Wi-Fi access and onsite ownership and management. The facility has 24-hour gated security and a security guard booth monitoring tenant-controlled gated access to parking decks. It also features independent computer monitoring of HVAC, life safety generator, building access and security. “Theta Holding Company is a forward-thinking property owner that has positioned Overlook Corporate Center to support tenants seeking to provide their employees with a superior working experience in a well-located, trophy suburban office building,” said Recine. “The property offers spaces with fantastic views and offer an abundant mix of new and updated amenities that support tenants’ ability to attract and retain top talent in a highly competitive marketplace.” Located on 18-acres of landscaped grounds at 150 Clove Road in Little Falls, the property sits at the crossroads of three major thoroughfares, providing fast access to all points in northern New Jersey and Manhattan, and Newark International Airport. The Montclair State University train station and other mass transportation options are located within walking distance and a complementary shuttle service is offered to tenants for added convenience. The JLL leasing team is currently marketing availabilities at Overlook Corporate Center catering to small and mid-size companies ranging from 1,500 square feet to 50,000 square feet. The post 17K lease appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyJul 29th, 2022

Canadian Pastor Arrested For Holding Church Services During COVID Wins Legal Victory

Canadian Pastor Arrested For Holding Church Services During COVID Wins Legal Victory Most of the narratives surrounding the covid pandemic and the lockdowns were illogical and faulty, based in propaganda rather than science and fear instead of reason.  One key issue that was never addressed by lockdown proponents was the question of “risk.”  Doesn't every individual have a natural right to take whatever risks they see as acceptable when it comes to their own health?  If a group of people want to go to a church service and take the risk that they might get covid, don't they have the right to do that? Of course, lockdown supporters will claim that those refusing to comply with mandates don't have a right to put “other people at risk,” but how much risk from covid is there really? According to dozens of independent and peer reviewed studies from around the world, the actual “risk” of death from covid is limited.  Studies indicate that the median Infection Fatality Rate (or Ratio) of covid is between 0.23% and 0.27% of the population.  This is the contrary mainstream science that the media rarely talks about. So, 99.7% of all people (according to the science) on average face no mortal risk from the worst variants of covid.  IFR is in most cases the most accurate statistic on the death rate of a virus because it accounts for asymptomatic cases.  Case Fatality Rate (CFR), the stat often used more by the mainstream media, does not.  Even the World Health Organization notes on its website that:  “The true severity of a disease can be described by the Infection Fatality Ratio...” When comparing covid to a virus like the Spanish Flu, which killed over 50 million people worldwide according to the CDC, one would think that there would be a measure of apprehension when it comes to violating the freedoms of the public.  Nope.  The relatively low level of risk associated with covid made no difference to governments or global institutions.  They charged forward like bulls in a china shop breaking everything in their path and treating unilateral “mandates” as if they were laws.  Luckily, the tide has been slowly turning back and resistance to lockdowns and vaccine passports has been more pervasive than many officials seem to have expected.  In most conservative states within the US, the lockdowns ended quickly, within a few months in many cases, once it was realized that covid was not the population killer that the media, the CDC and the WHO had made it out to be.  Leftist blue states and countries like Canada were not so lucky.   Canadian Pastor Artur Pawlowski experienced the full brunt of medical authoritarianism first hand when, on May 9, 2021, he sought to hold a church service for his congregants only to be arrested along with his brother Dawid Pawlowski for “inciting an in-person gathering.”   In October of 2021, a Judge ruled that the Pastor was in violation of a covid health order.  The punishment was bizarre and Orwellian; he was heavily fined, and whenever he spoke publicly about covid he would be required to recite a government-approved statement saying that "most medical experts support social distancing, face masks, and vaccines."  When the court says “most experts,” they are of course referring to government paid “experts.”  There are many medical experts that disagree with the efficacy of the lockdowns and other mandates.   Researchers, with over 18,000 studies and after four levels of screening, found 24 papers that would provide a stringent comparison of lockdown effects. They found that lockdowns reduced covid mortality in the United States and Europe by only 0.2 percent on average. They also looked at forced shelter-in-place, which reduced mortality by only 2.9 percent on average. The researchers had this final conclusion: “While this meta-analysis concludes that lockdowns have had little to no public health effects, they have imposed enormous economic and social costs where they have been adopted. In consequence, lockdown policies are ill-founded and should be rejected as a pandemic policy instrument.” This week an appeals court ruled that the Alberta Health Agency’s order prohibiting “illegal public gatherings” was “not sufficiently clear and unambiguous” in connection to the Pawlowskis. “The Pawlowskis’ appeals are allowed. The finding of contempt and the sanction order are set aside. The fines that have been paid by them are to be reimbursed,” the three-member panel proclaimed in a 16-page ruling.  Pawlowski grew up under communist rule in Poland and this is likely the root of his refusal to comply.  He's seen all of this before, including the typical religious persecution inherent in communist societies.  The legal victory is a clear reminder that the fear surrounding potential crisis events is often exploited and abused by governments to erase personal freedoms and legal protections.  It is these moments in history when individual rights are MORE important, not less, because whenever there is a crisis the worst types of tyrants tend to come out of the woodwork.  Tyler Durden Mon, 07/25/2022 - 18:25.....»»

Category: blogSource: zerohedgeJul 25th, 2022

Meet Karrin Taylor Robson, the Pence-endorsed Republican who could stop Trump-endorsed Kari Lake from winning the Arizona GOP gubernatorial nomination

"I have a lifetime of executive experience and getting results, and she has a lifetime of reading a teleprompter," Robson says of opponent Kari Lake. Arizona GOP gubernatorial candidates Karrin Taylor Robson and Kari Lake.Rebecca Noble/Reuters The Arizona GOP gubernatorial primary has turned into a proxy war between Donald Trump and Mike Pence. Karrin Taylor Robson says she has the electability, experience, and temperament that Kari Lake doesn't. But ahead of the August 2 primary, the race has turned ugly. CHANDLER, Arizona — When the four Republican candidates running for governor of Arizona finally met for their first and only televised debate at the end of June, chaos ensued."I feel like I'm on an SNL skit here," remarked Kari Lake, a former news anchor for Fox 10 Phoenix who's been endorsed by former President Donald Trump, during the hour-long event full of cross-talk and head-scratching non-sequiturs.But perhaps the most significant moment of that debate — a clip of which was widely shared and mocked online — came when Lake challenged the other candidates to raise their hands if they believed Arizona had a "corrupt, stolen election" in 2020.While Lake and the two other minor candidates promptly raised their hands, one candidate did not: Lake's main competitor, Karrin Taylor Robson.—Enda O'Dowd (@endajodowd) July 1, 2022 "It was a debate in name only, really," Robson told Insider during a phone interview on Sunday. "I think it was quite unfortunate, because the voters of Arizona deserve better."Robson, a business-minded Republican who's worked in real estate development and land use consulting, is now the one person standing between Lake and the GOP nomination — and perhaps even the governorship itself. She's poured more than $13 million of her own money into the effort, accounting for more than 80% of the $16.5 million raised by her campaign ahead of the August 2 primary.She comes from a political family: Her father, Carl Kunasek, served as president of the Arizona Senate during the late 1980s, while her brother Andy Kunasek served for 20 years on the Maricopa County Board of Supervisors.Robson is also an ally of Doug Ducey, the state's term-limited incumbent governor: He appointed Robson in 2017 to the Arizona Board of Regents, the governing board that oversees the state's major public universities including Arizona State University, Northern Arizona University, and University of Arizona.But it's her first time running for office, and the otherwise traditional, Ronald Reagan-loving Republican finds herself seeking the nomination of a party that's fixated on cultural issues and remains under the shadow of Trump.Meanwhile, Lake may be one of the most Trump-like candidates running this year. A broadcast journalist in Arizona for nearly three decades before making a hard-right political turn in recent years, Lake opened up an early lead in the race by securing Trump's endorsement in September 2021.And much like Trump, Lake is a former Democrat who's embraced illiberal and extreme rhetoric in her first quest for political office."Frankly, I think she should be locked up," Lake has said of the likely Democratic gubernatorial nominee, current Secretary of State Katie Hobbs.Lake also fervently pushes the idea that the 2020 election was stolen, has said that she would not have certified her own state's election results, and has attracted fringe figures at some of her campaign events. She's also — like Trump — liable to get into Twitter fights, most recently with Meghan McCain, the daughter of the state's long-serving late Republican Sen. John McCain.A yard sign for Kari Lake featuring the image of President Donald Trump in Phoenix, Arizona.Bryan Metzger/InsiderBut despite that early lead, Lake and Robson are now polling neck-and-neck. And in the race's final weeks, it's become something of a national GOP proxy war.While Lake has long been endorsed by a variety of Trump-world figures, Robson now has the backing of former Vice President Mike Pence, Arizona Gov. Doug Ducey. She also has the backing of a constellation of other stalwart GOP figures, including both critics and allies of Trump, such as Arkansas Gov. Asa Hutchinson, former New Jersey Gov. Chris Christie, and former House Speaker Newt Gingrich.'I'm not a fake, I'm not an actress'On policy matters, there's relatively little that separates the two candidates; it would be a mistake to cast Robson as a moderate, at least based on how she's running her campaign.Rather, Robson contends that she has everything that Lake lacks: experience, electability, and the temperament to govern her state."I am who I say I am. I'm not a fake, I'm not an actress," Robson told Insider when asked to name the biggest difference between her and Lake. "I have a lifetime of executive experience and getting results, and she has a lifetime of reading a teleprompter."It's the same argument that many of Trump's 2016 Republican primary opponents unsuccessfully made against him, even as he outflanked them on high-salience issues like immigration and trade. Now, it's Robson arguing that Lake is not a real conservative, even as Lake stakes out a base-friendly position on the 2020 election — 2022's hot-button topic de jure among the party faithful.A yard sign for Karrin Taylor Robson in Phoenix, Arizona.Bryan Metzger/InsiderFor her part, Robson stops short of calling the election stolen. At the debate, she said the 2020 election was "absolutely not fair" before Lake interjected to tout her endorsement from Dinesh D'Souza, the director of the widely-debunked film "2000 Mules" that purports to reveal rampant fraud in the 2020 election.To support her claim that the election "wasn't fair," Robson gestured towards Republican conspiracy theories about Facebook CEO Mark Zuckerberg's election-related philanthropic contributions and pandemic-era changes to voting procedures."You look at the media suppressing the news," she said at the debate. "I don't need to say anything more than 'Hunter Biden' or Big Tech suppressing — silencing conservative voices."Asked by Insider why an election-denying Republican should support her over Lake, Robson argued that she was more electable than her opponent while alluding to partisan control over the state's vote certification process."We must maintain the Republican governorship in Arizona, because Arizona is a battleground state," she said. "The last thing this country needs is a battleground state like Arizona being led by a Democrat."Long a Republican strong-hold, the state now has two Democratic senators and in 2020 voted Democratic at the presidential level for the first time since 1996, raising the sense of urgency for Republicans.Meanwhile, the primary between the two women has grown nasty and personal, with Lake insinuating that middle-aged Robson — who's married to 91-year-old real estate developer Ed Robson — is "wasting her inheritance on a failed vanity project." "This lady has spent MILLIONS of her husband's money and has nothing to show for it!" Lake wrote in one tweet.Lake has also hammered Robson over the use of the phrase "female-identifying restroom" at a stadium named after her husband in Colorado, saying her opponent "supports Trans Bathrooms."But Lake's own past has muddled her ability to appeal to voters on cultural grounds. After she began criticizing drag queens, a drag performer who used to be friends with Lake came forward and released photos of the two together.—azcentral (@azcentral) June 28, 2022 'The fake crazy or the real crazy'As part of Robson's campaign to brand her opponent as "Fake Lake," hundreds, if not thousands, of yard signs have been placed along roadsides across the state noting that Lake donated to former President Barack Obama.At an event for Senate candidate Jim Lamon in Prescott, Pat Newbert, 66, told Insider that Lake's background proved she was a liberal, chiding Trump for endorsing the former journalist."What makes him think that all of a sudden, now, she's gonna be a Republican?" said Newbert. "He's backing people that — come on, Trump! You know, you're smarter than that. And these liberals, they get in there, and then they go right back to being a liberal."Lake doesn't shy away from the fact that she's a former Democrat, pointing to both Trump and Ronald Reagan as prior examples while embracing the so-called #WalkAway movement.A yard sign highlighting Lake's past support for President Barack Obama paid for by Robson's campaign in Phoenix, Arizona.Bryan Metzger/InsiderAsked about the signs, a spokesperson for the Lake campaign chided Robson for spending "a mountain of her Billionaire Husband's money" on signs "across Arizona with Kari and Obama's face on them.""The Kari Lake Campaign extends our thanks to Robson for getting a head start on helping us in the General," said the spokesperson.Lake has also countered Robson's attacks by pointing to the businesswoman's prior contributions to Democratic Rep. Ruben Gallego, who Lake has called the "AOC of Arizona."Insider asked Gallego — who's joked that Robson is "my best donor" — about what he made of her past contributions."The reason she did that is because, you know, she needed access to Democrats in power, because a lot of what they needed in terms of land development had to go through Democratic hands," said Gallego at the US Capitol on Tuesday. "Largely she was doing it, I think, to try to have influence."Robson made the same point when asked about the contributions, which amounted to just $1000 in 2015."Ruben Gallego was already elected," said Robson, noting the deep-blue hue of his Phoenix-area district. She then pivoted, noting her history as a major source of GOP money, "including well over a million dollars to Donald Trump while Kari Lake was calling Joe Biden the duly elected president."But Gallego had more to say about Robson, suggesting that she, rather than Lake, was the one being inauthentic in the race."Karrin Taylor Robson was a very moderate businesswoman when it was helpful to her," said Gallego, adding that when he knew her, she would "look down and talk bad about conservatives in Arizona."Arizona Democrats have also seized on the contributions, sending an email release that back-handedly thanks Robson for her past contributions to other Democrats in a likely effort to boost Lake, who is seen as potentially easier to defeat.But when asked who he thought would be a more favorable opponent for Democrats, Gallego — who is himself mulling a primary challenge to sitting Democratic Sen. Kyrsten Sinema in 2024 — demurred."I mean, like, the crazy train will get derailed no matter who does it," said Gallego. "Whether it's the fake crazy or the real crazy, so it doesn't really matter."'I'm kind of passionate about civil discourse'While Robson may represent a more genteel kind of Republican, she's also currently competing for primary votes against a candidate who's been endorsed by Trump.To compensate, Robson is having to lean into demagogic rhetoric to win over potentially skeptical conservatives, even as she conceded during the gubernatorial debate that she would not be radically different than Ducey, the current Republican governor.At an event last Thursday with her campaign's Asian-American Coalition in a Chandler dim sum restaurant, the contradictions of that kind of message were on full display. Matt Salmon, a former long-time Republican congressman who recently dropped out of the governor's race to endorse Robson, gave an opening speech on her behalf."We're not at a crossroads. We were at a crossroads many, many years ago," said Salmon just moments after pleasing the crowd with his ad-libbed Mandarin skills. "We took the wrong turn, and we're about to fall off the cliff."When it was Robson's turn to speak, she opened her address by suggesting that the "left" wants to turn states like Arizona and Utah into California, relaying an anecdote from an attendee at another event about how "Utah's already gone" because so many out-of-staters have moved in."So, we are on the frontlines of keeping our country safe and free," said Robson, her father sitting in the audience.But she seemed most at ease discussing her desire to turn Arizona into the "small business capital of America" and talking about how her upbringing taught her the "exceptional nature of this country, and that if you work hard, you treat people well, you can achieve anything." Karrin Taylor Robson speaks to a group of supporters at Phoenix Palace restaurant in Chandler, Arizona on July 13, 2022.Bryan Metzger/InsiderIt was a pitch that might have been more typical of a Republican politician prior to Trump's ascent to the top of the party.Robson also spoke glowingly of her father's friendship with Art Hamilton, a Democratic state legislator, which she said was a model for her. "That's the beauty of America," she said. "We can be different. We can come together and respect one another, and work together to solve complex problems.""I'm kind of passionate about civil discourse, and civics and civic education," she remarked. Attendees, representing communities ranging from Chinese, Japanese, and Korean to even Assyrian and Lebanese, were largely already Robson supporters. At one point, attendees from each represented community were asked to speak about why they were supporting Robson. One middle-aged woman who identified herself as being from the Filipino-American community praised Robson for her executive experience before bashing Lake."The woman who's running against you, she looks like… I'm not very politically correct, so let me call her a space cadet," said the woman, prompting laughter. "To me, she's an airhead."Read the original article on Business Insider.....»»

Category: smallbizSource: nytJul 24th, 2022

EV Adoption Spurred by Real Estate & Transportation Sector Alliance

By Michael Stein While the impact of the real estate and transportation industries on the environment has been well known for some time, there has been a notable push from these industries in the past decade to explore and implement methods of reducing emissions. Becoming net-zero is a stated goal... The post EV Adoption Spurred by Real Estate & Transportation Sector Alliance appeared first on Real Estate Weekly. By Michael Stein While the impact of the real estate and transportation industries on the environment has been well known for some time, there has been a notable push from these industries in the past decade to explore and implement methods of reducing emissions. Becoming net-zero is a stated goal by numerous corporations that includes ever increasing buy-in from various players in the real estate industry at large. The recent rise in both electric vehicles (EVs) and their charging stations’ inclusion in modern development projects underscore efforts between these two industries in working together to promote more environmentally conscious lifestyles in pursuit of the future. Addressing the Roadblocks New real estate development and especially new multifamily and urban housing development projectsresulting from pandemic migratory movement and relocations present a unique opportunity to increasethe availability of new charging stations that encourage adoption of EVs. New residential development, atthe crossroads of post pandemic trends and shifting demographics, is an ideal opportunity to introducenew ways of life in terms of providing new and more convenient options as well as partnering withsustainable efforts in reducing carbon emissions. In a questionable housing and even commercialmarkets where CAP rates are of concern, adding EV options and charging stations only serve to increaseproperty values as a highly valued amenity. The trend will also encourage re-zoning in neighborhoodswith older building codes who are yet to begin initiating and making room for widespread EV adoption. As an unintended catalyst for the future of EV in residential neighborhoods, many cities and states haveadopted legislation requiring them to reduce overall emissions. Among these is New York City, whoseambitious Local Law 97 aims to reduce emissions by 80 percent by 2050. As regulatory proceedingsincrease nationwide and especially in urban and suburban areas, multifamily and other real estatedevelopment will follow with more environmentally conscious plans in pursuit of compliance. Undoubtedly electric charging stations will be included to meet future expectations in residential housing. Preparing to Meet Milestones This in mind, states such as California have taken additional measures to help foster the growth of EVsand their infrastructure. In addition to the state’s own legislation requiring its emissions to be reduced by40 percent by 2030, the state is also requiring that 100 percent of its electricity must come from carbon-free sources by 2045. In 2020, California also became the first state to propose a Zero-Emissions Vehiclemandate for large trucks. Taken together, these goals and initiatives will significantly encourage electricutility investment in EV charging stations. Real Estate Industry Going Green Leaders in the real estate industry have also taken steps to ensure that the road to increased EVadoption is as smooth as possible. As an example, Pensam, one of the largest private real estateinvestors and capital providers specializing in the multi-housing sector, has worked with propertymanagement partner BH Management to include EV stations at 35 of their properties as part of theircompany’s Go Green efforts. With each of these properties containing roughly 85 stations, Pensam’s GoGreen initiative was highly successful throughout 2021, saving over 51 million kilowatt-hours (kWh); forreference, one kWh is roughly the amount of energy needed to keep an appliance such as an airconditioner or heater running for one hour. In this way, Pensam’s Go Green initiative was instrumental inhelping achieve significant efficiencies, cost savings and emissions reductions.   The past few years suggest that widespread adoption of EVs can be achieved. Already, we seecollaborative efforts and synergy between regulatory bodies and the transportation and real estateindustries. Fortunately, these bodies and sectors appear to have come to an understanding, making progress in EV adoption. By doing so, real estate developers are making major strides in reimaginingfuture development projects to include EV and other environmentally friendly options and lifestyles. The post EV Adoption Spurred by Real Estate & Transportation Sector Alliance appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyJul 21st, 2022

Stunning Setback Or Not

S&P 500 gave up opening gains, a bit too easily. The 3,880s didn‘t hold, and bonds lost their risk-on posture. Yields rose, but the dollar declined – and the greenback doesn‘t look to be out of the woods even though I‘m looking for it to top out and roll over later than in July still. […] S&P 500 gave up opening gains, a bit too easily. The 3,880s didn‘t hold, and bonds lost their risk-on posture. Yields rose, but the dollar declined – and the greenback doesn‘t look to be out of the woods even though I‘m looking for it to top out and roll over later than in July still. Apart from bonds, one good reason why stocks bulls aren‘t yet done, is the good performance of value (in spite of the darkening clouds in financials). More thoughts regarding the immediate stock market are reserved for premium subscribers. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get Our Activist Investing Case Study! Get the entire 10-part series on our in-depth study on activist investing in PDF. Save it to your desktop, read it on your tablet, or print it out to read anywhere! Sign up below! (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more Keeping in mind the key macro thoughts from yesterday‘s extensive analysis: (…) Wednesday‘s very hot CPI print means that the pressure on the Fed to keep hiking aggressively, is on. Indeed no pause in inflation, and if PPI is anything to go by (it is) then there is a lot more in the pipeline – and I‘m not bringing up owners‘ equivalent rent, which would continue driving inflation ahead (it‘ll be now service driven as opposed to goods driven). With 50bp obviously not being enough to recoup some of the Fed‘s badly damaged credibility, the question is by how much they hike actually. There is chatter about a full 1%, but another 75bp one looks most probable to me. And should we see signs of inflation moderating (gasoline and heating oil topped in June, which would help the July figures, and with inflation expectations pointing lower now, odds are that we would then get 25bp in September, and that‘s it – midterms next, justifying Fed‘s wait and see posture. True, economic growth is slowing, and we are likely to get a slightly negative Q2 GDP reading, but given the way GDP is constructed (this setback would be driven by inventories and trade balance), I don‘t see NBER as likely to declare the U.S. to be in a recession. Europe, that‘s another story entirely – in the worst case that the Fed doesn‘t succeed in its soft landing, we‘re looking at an early 2023 U.S. recession – regardless of the housing turmoil gathering steam, the States are largely insulated from the darkening clouds worldwide. I‘m looking for a quite good Q4 of S&P 500 gains, but at the same time, remember that the current bottoming is a process, and I view the approaching washout (give it 2 weeks to start roughly) as the likeliest scenario still. So, enjoy the positive seasonality of a few good weeks of July still ahead. Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article features good 6 ones.. S&P 500 and Nasdaq Outlook S&P 500 is at a crossroads, the fate of which would be decided in the first half of today‘s session. I‘m looking for moderate degree of optimism, paring back a great deal of yesterday‘s setback. It would be highly encouraging should value again do better than tech. Copper Copper isn‘t surprising on the upside, and little wonder – I would personally wait for the dust to settle, and load up the truck on the next wave of capitulation. Bitcoin and Ethereum Cryptos aren‘t looking bad at all – we are likely to see increased volume with downswing rejection aka indecision today. So far so good. Thank you for having read today‘s free analysis, which is a small part of the premium Monica's Trading Signals covering all the markets you're used to (stocks, bonds, gold, silver, oil, copper, cryptos), and of the premium Monica's Stock Signals presenting stocks and bonds only. Both publications feature real-time trade calls and intraday updates. While at my homesite, you can subscribe to the free Monica‘s Insider Club for instant publishing notifications and other content useful for making your own trade moves. Thanks for subscribing & all your support that makes this endeavor possible! Thank you, Monica Kingsley Stock Trading Signals Gold Trading Signals Oil Trading Signals Copper Trading Signals Bitcoin Trading Signals www.monicakingsley.co mk@monicakingsley.co All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice. Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind. Futures, stocks and options are financial instruments not suitable for every investor. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make. Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and/or sales of those securities without notice. Updated on Jul 19, 2022, 10:44 am (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkJul 19th, 2022

Twitter, Tesla, And Netflix Earnings All On Tap This Week

Oil prices and existing home sales also touchstones this week Investors are prepped for an accelerating corporate earnings flow this week and will look for clues about what results say for the economy’s recent performance and how stiff the headwinds it faces. Goldman Sachs (NYSE:GS), Johnson & Johnson (NYSE:JNJ) and Tesla (NASDAQ:TSLA), Bank of America (NYSE:BAC), […] Oil prices and existing home sales also touchstones this week Investors are prepped for an accelerating corporate earnings flow this week and will look for clues about what results say for the economy’s recent performance and how stiff the headwinds it faces. Goldman Sachs (NYSE:GS), Johnson & Johnson (NYSE:JNJ) and Tesla (NASDAQ:TSLA), Bank of America (NYSE:BAC), Netflix (NASDAQ:NFLX), and Twitter (NYSE:TWTR) all report earnings this week. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more Find A Qualified Financial Advisor Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you're ready to be matched with local advisors that can help you achieve your financial goals, get started now. Investors are keen to see how company margins resist pressure to raise prices after last week's Consumer Price Index rose to 9.1%. The Producer Price Index, which measures wholesale inflation, topped a 10% annual rate. Analysts generated Netflix (NASDAQ:NFLX) consensus estimates of $8.0B in revenue. $2.96 a share profit and a 1.9 million subscriber drop. Economic data on tap includes housing starts, existing home sales, and the Philadelphia Fed Manufacturing Index. In the boardroom-related news, Nikola (NASDAQ:NKLA) shareholders will vote on a plan to issue new shares, which would dilute the current owners' holdings. Watch GameStop's (NYSE:GME) shares, too. They'll be trading after a previously announced four-for-one stock split kicked in last week. Avgeeks and aerospace investors will be checking YouTube videos in the coming days for the latest news from the industry's blowout at the UK's annual Farnborough Air Show, including a flight display of Boeing's (NYSE:BA) 737 MAX 10. Also cool, Boeing is demonstrating developments with sustainable, autonomous flight and its eVTOL Wisk Aero partnership. Airbus is set to fly its A350-900 widebody in performance this week, and some analysts expect it to reveal an agreement to sell Delta (NYSE:DAL) more A220 narrow-body planes. Lockheed Martin (NYSE:LMT), Rolls-Royce (OTCMKTS:RYCEY, LON:RR), and BAE Systems (LON:BAA) will be too. Bloomberg is hosting its New York City Crypto Summit on Wednesday and will include presentations from FTX, Tezos, Ripple, Binance, and Coinbase Global (NASDAQ:COIN). Energy shares and crude prices fell in the past weeks amid concerns about a recession and signs of at least temporary demand destruction driven by several factors. Banks, which to date reported mixed results, also stand to lose in a recession as consumer and commercial client defaults rise. Oil prices fell to start the week in Asia, taking back some of Friday's gains amid fears that the rising COVID spread in china could slow that nation's demand. US West Texas Intermediate (WTI) crude CLc1 futures for Aug. delivery dropped $1.54, or 1.6%, to $96.05 a barrel at 0055 GMT after climbing 1.9% on Friday. Brent crude futures for Sept. settlement fell $1.47, or 1.5%, to $99.69 a barrel, paring a 2.1% gain from Friday. President Biden's visit to Saudi Arabia failed to win commitments to pump more crude. However, senior US State Department adviser for energy security  Amos Hochstein massaged the snub on Sunday on CBS' Face the Nation, saying that the exporters would take "a few more steps" to boost supply. The Organization of the Petroleum Exporting Countries (OPEC), plus Russia and a few other nonmembers, next meet to discuss output on Aug. 3. Barron's, the investor, weekly mentioned several stocks in their weekend edition. Stocks covered in the reports often react to the news the following open. This week the magazine said apartment REITs are trading at a 21% discount to underlying assets versus 3% a year ago. The report says to watch for industry players with solid management, strong earnings and secure dividends. Its recommended list included AvalonBay Communities (NYSE:AVB), Equity Residential (NYSE:EQR), Camden Property Trust (NYSE:CPT), Mid-America Apartment Communities (NYSE:MAA), Apartment Income REIT (NYSE:AIRC), and UDR (NYSE:UDR). Article by Greg Morcroft, Fintel Updated on Jul 18, 2022, 4:28 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkJul 18th, 2022

Escobar: In Eurasia, The War Of Economic Corridors Is In Full Swing

Escobar: In Eurasia, The War Of Economic Corridors Is In Full Swing Authored by Pepe Escobar via The Cradle, Mega Eurasian organizations and their respective projects are now converging at record speed, with one global pole way ahead of the other. The War of Economic Corridors is now proceeding full speed ahead, with the game-changing first cargo flow of goods from Russia to India via the International North South Transportation Corridor (INSTC) already in effect. Very few, both in the east and west, are aware of how this actually has long been in the making: the Russia-Iran-India agreement for implementing a shorter and cheaper Eurasian trade route via the Caspian Sea (compared to the Suez Canal), was first signed in 2000, in the pre-9/11 era. The INSTC in full operational mode signals a powerful hallmark of Eurasian integration – alongside the Belt and Road Initiative (BRI), the Shanghai Cooperation Organization (SCO), the Eurasian Economic Union (EAEU), and last but not least, what I described as “Pipelineistan” two decades ago. Caspian is key Let’s have a first look on how these vectors are interacting. The genesis of the current acceleration lies in Russian President Vladimir Putin’s recent visit to Ashgabat, Turkmenistan’s capital, for the 6th Caspian Summit. This event not only brought the evolving Russia-Iran strategic partnership to a deeper level, but crucially, all five Caspian Sea littoral states agreed that no NATO warships or bases will be allowed on site. That essentially configures the Caspian as a virtual Russian lake, and in a minor sense, Iranian – without compromising the interests of the three “stans,” Azerbaijan, Kazakhstan and Turkmenistan. For all practical purposes, Moscow has tightened its grip on Central Asia a notch. As the Caspian Sea is connected to the Black Sea by canals off the Volga built by the former USSR, Moscow can always count on a reserve navy of small vessels – invariably equipped with powerful missiles – that may be transferred to the Black Sea in no time if necessary. Stronger trade and financial links with Iran now proceed in tandem with binding the three “stans” to the Russian matrix. Gas-rich republic Turkmenistan for its part has been historically idiosyncratic – apart from committing most of its exports to China. Under an arguably more pragmatic young new leader, President Serdar Berdimuhamedow, Ashgabat may eventually opt to become a member of the SCO and/or the EAEU. Caspian littoral state Azerbaijan on the other hand presents a complex case: an oil and gas producer eyed by the European Union (EU) to become an alternative energy supplier to Russia – although this is not happening anytime soon. The West Asia connection Iran’s foreign policy under President Ebrahim Raisi is clearly on a Eurasian and Global South trajectory. Tehran will be formally incorporated into the SCO as a full member in the upcoming summit in Samarkand in September, while its formal application to join the BRICS has been filed. Purnima Anand, head of the BRICS International Forum, has stated that Turkey, Saudi Arabia and Egypt are also very much keen on joining BRICS. Should that happen, by 2024 we could be on our way to a powerful West Asia, North Africa hub firmly installed inside one of the key institutions of the multipolar world. As Putin heads to Tehran next week for trilateral Russia, Iran, Turkey talks, ostensibly about Syria, Turkish President Recep Tayyip Erdogan is bound to bring up the subject of BRICS. Tehran is operating on two parallel vectors. In the event the Joint Comprehensive Plan of Action (JCPOA) is revived – a quite dim possibility as it stands, considering the latest shenanigans in Vienna and Doha – that would represent a tactical victory. Yet moving towards Eurasia is on a whole new strategic level. In the INSTC framework, Iran will make maximum good use of the geostrategically crucial port of Bandar Abbas – straddling the Persian Gulf and the Gulf of Oman, at the crossroads of Asia, Africa and the Indian subcontinent. Yet as much as it may be portrayed as a major diplomatic victory, it’s clear that Tehran will not be able to make full use of BRICS membership if western – especially US – sanctions are not totally lifted. Pipelines and the “stans” A compelling argument can be made that Russia and China might eventually fill the western technology void in the Iranian development process. But there’s a lot more that platforms such as the INSTC, the EAEU and even BRICS can accomplish. Across “Pipelineistan,” the War of Economic Corridors gets even more complex. Western propaganda simply cannot admit that Azerbaijan, Algeria, Libya, Russia’s allies at OPEC, and even Kazakhstan are not exactly keen on increasing their oil production to help Europe. Kazakhstan is a tricky case: it is the largest oil producer in Central Asia and set to be a major natural gas supplier, right after Russia and Turkmenistan. More than 250 oil and gas fields are operated in Kazakhstan by 104 companies, including western energy giants such as Chevron, Total, ExxonMobil and Royal Dutch Shell. While exports of oil, natural gas and petroleum products comprise 57 percent of Kazakhstan’s exports, natural gas is responsible for 85 percent of Turkmenistan’s budget (with 80 percent of exports committed to China). Interestingly, Galkynysh is the second largest gas field on the planet. Compared to the other “stans,” Azerbaijan is a relatively minor producer (despite oil accounting for 86 percent of its total exports) and basically a transit nation. Baku’s super-wealth aspirations center on the Southern Gas Corridor, which includes no less than three pipelines: Baku-Tblisi-Erzurum (BTE); the Turkish-driven Trans-Anatolian Natural Gas Pipeline (TANAP); and the Trans-Adriatic (TAP). The problem with this acronym festival – BTE, TANAP, TAP – is that they all need massive foreign investment to increase capacity, which the EU sorely lacks because every single euro is committed by unelected Brussels Eurocrats to “support” the black hole that is Ukraine. The same financial woes apply to a possible Trans-Caspian Pipeline which would further link to both TANAP and TAP. In the War of Economic Corridors – the “Pipelineistan” chapter – a crucial aspect is that most Kazakh oil exports to the EU go through Russia, via the Caspian Pipeline Consortium (CPC). As an alternative, the Europeans are mulling on a still fuzzy Trans-Caspian International Transport Route, also known as the Middle Corridor (Kazakhstan-Turkmenistan-Azerbaijan-Georgia-Turkey). They actively discussed it in Brussels last month. The bottom line is that Russia remains in full control of the Eurasia pipeline chessboard (and we’re not even talking about the Gazprom-operated pipelines Power of Siberia 1 and 2 leading to China). Gazprom executives know all too well that a fast increase of energy exports to the EU is out of the question. They also factor the Tehran Convention – that helps prevent and control pollution and maintain the environmental integrity of the Caspian Sea, signed by all five littoral members. Breaking BRI in Russia China, for its part, is confident that one of its prime strategic nightmares may eventually disappear. The notorious “escape from Malacca” is bound to materialize, in cooperation with Russia, via the Northern Sea Route, which will shorten the trade and connectivity corridor from East Asia to Northern Europe from 11,200 nautical miles to only 6,500 nautical miles. Call it the polar twin of the INSTC. This also explains why Russia has been busy building a vast array of state-of-the-art icebreakers. So here we have an interconnection of New Silk Roads (the INSTC proceeds in parallel with BRI and the EAEU), Pipelineistan, and the Northern Sea Route on the way to turn western trade domination completely upside down. Of course, the Chinese have had it planned for quite a while. The first White Paper on China’s Arctic policy, in January 2018, already showed how Beijing is aiming, “jointly with other states” (that means Russia), to implement sea trade routes in the Arctic within the framework of the Polar Silk Road. And like clockwork, Putin subsequently confirmed that the Northern Sea Route should interact and complement the Chinese Maritime Silk Road. Russia-China Economic cooperation is evolving on so many complex, convergent levels that just to keep track of it all is a dizzying experience. A more detailed analysis will reveal some of the finer points, for instance how BRI and SCO interact, and how BRI projects will have to adapt to the heady consequences of Moscow’s Operation Z in Ukraine, with more emphasis being placed on developing Central and West Asian corridors. It’s always crucial to consider that one of Washington’s key strategic objectives in the relentless hybrid war against Russia was always to break BRI corridors that crisscross Russian territory. As it stands, it’s important to realize that dozens of BRI projects in industry and investment and cross-border inter-regional cooperation will end up consolidating the Russian concept of the Greater Eurasia Partnership – which essentially revolves around establishing multilateral cooperation with a vast range of nations belonging to organizations such as the EAEU, the SCO, BRICS and ASEAN. Welcome to the new Eurasian mantra: Make Economic Corridors, Not War. Tyler Durden Sat, 07/16/2022 - 23:30.....»»

Category: worldSource: nytJul 17th, 2022

How Elon Musk went from being a trusted Donald Trump advisor to a bitter adversary

Former President Donald Trump once called Elon Musk "one of our great geniuses." Now he's turned on the Tesla billionaire. Donald Trump (right) on Tuesday escalated his feud with Elon Musk in a Truth Social post belittling the billionaire.Andrew Kelly and Gaelen Morse/Reuters Elon Musk and former President Donald Trump are going at it online.  Musk said Trump should "sail away into the sunset." Trump called Musk a "bullshit artist." Their relationship wasn't always so rocky. Here's how it's evolved over time.  Former President Donald Trump and Elon Musk, the world's richest person, are in the midst of a fiery online feud.Most recently, Musk said Trump shouldn't run for president again in 2024. In response, the former president bashed what he called Musk's "electric cars that don't drive long enough, driverless cars that crash, or rocketships to nowhere."But their history goes back farther than this latest spat. November 2016: Musk says Trump is 'not the right guy' for the jobYasin Ozturk/Anadolu Agency via Getty ImagesJust before the 2016 presidential election, Musk told CNBC he didn't think Trump should be president. "I feel a bit stronger that he is not the right guy. He doesn't seem to have the sort of character that reflects well on the United States," Musk said. The billionaire added that Hillary Clinton's economic and environmental policies were the "right ones."December 2016: Musk appointed to Trump's advisory councilsDonald Trump on Tuesday escalated his feud with Elon Musk in a series of Truth Social posts belittling the billionaire.Evan Vucci/AP PhotoAfter he won the presidency, Trump appointed Musk to two economic advisory councils, along with other business leaders like Uber CEO Travis Kalanick. Musk got flack for working with the controversial president, but defended his choice by saying he was using the position to lobby for better environmental and immigration policies. —Elon Musk (@elonmusk) February 3, 2017June 2017: Musk cut ties with the White House in protest of Trump's environmental policiesTesla and SpaceX CEO Elon Musk and former President Donald TrumpAP Photo/Alex BrandonOn June 1, 2017, after Trump announced the US would pull out of the Paris Agreement on climate change, Musk resigned from his roles on presidential advisory boards. "Climate change is real. Leaving Paris is not good for America or the world," Musk said in a tweet announcing his departure.—Elon Musk (@elonmusk) June 1, 2017Musk's goal for Tesla is to curb dependence on fossil fuels through electric vehicles, solar power, and stationary energy storage. January 2020: 'One of our great geniuses'Former President Donald Trump speaks during a "Save America" rally in Anchorage, Alaska, on July 9, 2022.Justin Sullivan/Getty ImagesDuring a January 2020 interview with CNBC, Trump praised Musk's accomplishments and intelligence. "You have to give him credit," the former president said, referring to Tesla becoming more valuable than Ford and General Motors. "He's also doing the rockets. He likes rockets. And he's doing good at rockets too, by the way." Trump went on to call Musk "one of our great geniuses" and likened him to Thomas Edison. May 2020: Trump backs up Musk in feud with California covid rulesElon Musk meets Donald Trump at NASA's Kennedy Space Center in Cape Canaveral, Florida, U.S. May 30, 2020.REUTERS/Jonathan ErnstAs the pandemic gripped the US in early 2020, Musk clashed with California public-health officials who forced Tesla to temporarily shut down its factory there. Trump voiced his support for Musk. "California should let Tesla & @elonmusk open the plant, NOW," Trump tweeted in May 2020. "It can be done Fast & Safely!""Thank you!," Musk replied. May 2022: Musk said he would reinstate Trump's Twitter accountTesla CEO Elon Musk.Chris Saucedo/Getty Images for SXSWIn May, before Musk pulled out of his deal to buy Twitter, he said he would unban Trump as the social network's new owner. Musk called the ban a "morally bad decision" and "foolish to the extreme" in an interview with the Financial Times. Twitter kicked Trump off of its platform following the January 6, 2021 attack on the US Capitol. The Tesla billionaire has called himself a "free speech absolutist," and one of his key goals for taking Twitter private was to loosen content moderation. July 2022: Trump calls Musk a 'bullshit artist'Former US President Donald Trump speaks during a "Save America" in Anchorage, Alaska on July 9, 2022Patrick T. Fallon/AFP via Getty ImagesLast week, Trump took aim at Musk, claiming the businessman voted for him but later denied it. "You know [Musk] said the other day 'Oh, I've never voted for a Republican,'" Trump said during a Saturday rally in Anchorage, Alaska. "I said 'I didn't know that.' He told me he voted for me. So he's another bullshit artist."On Monday, Musk tweeted that Trump's claim was "not true."July 2022: Musk says Trump shouldn't run againElon Musk.Alexi Rosenfeld / Contributor / gettyOn Monday, Musk stopped short of attacking Trump personally, but said he shouldn't run for president again. "I don't hate the man, but it's time for Trump to hang up his hat & sail into the sunset. Dems should also call off the attack – don't make it so that Trump's only way to survive is to regain the Presidency," he tweeted. He continued: "Do we really want a bull in a china shop situation every single day!? Also, I think the legal maximum age for start of Presidential term should be 69." Trump is 76 years old. July 2022: Trump lashes outFormer President Donald Trump gives the keynote address at the Faith and Freedom Coalition during their annual conference on June 17, 2022, in Nashville, Tennessee.Seth Herald/Getty ImagesTrump went on the offensive on Tuesday, posting a lengthy attack on Musk on Truth Social, the social media company he founded. "When Elon Musk came to the White House asking me for help on all of his many subsidized projects, whether it's electric cars that don't drive long enough, driverless cars that crash, or rocketships to nowhere, without which subsidies he'd be worthless, and telling me how he was a big Trump fan and Republican, I could have said, 'drop to your knees and beg,' and he would have done it," Trump said in a post that criticized two of Musk's ventures, Tesla and the rocket company SpaceX. "Lmaooo," Musk responded on Twitter. Read the original article on Business Insider.....»»

Category: personnelSource: nytJul 15th, 2022

"Time For Trump To Hang Up His Hat" For DeSantis 2024, Says Musk

"Time For Trump To Hang Up His Hat" For DeSantis 2024, Says Musk Authored by Gary Bai via The Epoch Times (emphasis ours), Elon Musk has taken to Twitter after former U.S. President Donald Trump criticized the Tesla CEO at a rally over the weekend. Tesla head Elon Musk (L) talks to the press near Berlin on September 03, 2020. Former U.S. President Donald Trump (R) arrives to give remarks during a Save America Rally in Illinois on June 25, 2022. (Maja Hitij/Getty Images; Michael B. Thomas/Getty Images) Trump called Musk “another bull—t artist,” saying that Musk had once told him privately he had won Musk’s vote in 2016, which would conflict with Musk’s public statement in mid-June about having just voted Republican for the first time in the midterm primaries. “You know what he said the other day? ‘Oh, I’ve never voted for a Republican,’” Trump said to a full house at the Alaska Airlines Center on Saturday. “I said, ‘I didn’t know that.’ He told me he voted for me. So he’s another bull—t artist.” [Musk replied "Not true" to Trump's claim] Not true — Elon Musk (@elonmusk) July 12, 2022 Trump made the comments as a side-note while talking about Musk’s recent decision to not acquire Twitter, which is pending a showdown in. “I don’t hate the man, but it’s time for Trump to hang up his hat & sail into the sunset,” Musk wrote on Monday night in response to a video of Trump’s comments. “[Democrats] should also call off the attack—don’t make it so that Trump’s only way to survive is to regain the Presidency.” I don’t hate the man, but it’s time for Trump to hang up his hat & sail into the sunset. Dems should also call off the attack – don’t make it so that Trump’s only way to survive is to regain the Presidency. — Elon Musk (@elonmusk) July 12, 2022 Yeah, but too much drama. Do we really want a bull in a china shop situation every single day!? Also, I think the legal maximum age for start of Presidential term should be 69. — Elon Musk (@elonmusk) July 12, 2022 Trump-DeSantis Ticket On the same night, Musk shared his thoughts about a potential Trump-DeSantis ticket in 2024. “Trump would be 82 at end of term, which is too old to be chief executive of anything, let alone the United States of America,” Musk wrote in another post, replying to a suggestion from another Twitter user about a potential Trump-DeSantis run in 2024 and two terms of DeSantis presidency in 2028 and 2032. But on a potential DeSantis 2024 run, Musk echoed his earlier comments that he would lean towards supporting the Florida governor. “If DeSantis runs against Biden in 2024, then DeSantis will easily win—he doesn’t even need to campaign.” the billionaire said. Musk’s Monday comments continue a series of high-profile political statements the billionaire has made in 2022, which included describing the Democratic Party as the party of “division & hate” and identifying himself as a part of a “massive red wave in 2022” by revealing his vote for Republican candidate Mayra Flores (R-Texas). Trump: ‘I Think I Would Win’ While Trump has not explicitly announced his intention to run for commander-in-chief in 2024, he has teased it enough for spectators—including Musk—to consider it a serious prospect. “I ran twice, I won twice … And now with the approval of the great people of Alaska, we may have to do it again,” Trump said over the weekend in Alaska, claiming that he received “many millions more votes” in 2020 than he did in 2016 when he defeated Hillary Clinton. When asked about how well he would perform against Florida Gov. Ron DeSantis in a presidential race, the former president was confident. “I don’t know if Ron is running, and I don’t ask him. It’s his prerogative … I think I would win.” Trump told The New Yorker in June. He told Newsmax later in the month that he would not rule out DeSantis as a running mate while saying that he “was very responsible for [DeSantis’s] success.” Meanwhile, Republican figures have been positive that Trump’s political influence in the GOP is nothing close to insignificant. “I don’t delude myself into thinking I have a big swath of the Republican Party,” Trump critic Mitt Romney (R-Utah) told Politico in May about his thoughts on Trump. “It’s hard to imagine anything that would derail his support.” “So if he wants to become the nominee in [2024], I think he’s very likely to achieve that,” Romney said. Tyler Durden Tue, 07/12/2022 - 09:01.....»»

Category: blogSource: zerohedgeJul 12th, 2022

Here’s why entrepreneurism is thriving in Florida’s Hollywood

Hollywood is a business-friendly destination strategically located in the heart of South Florida, along the Atlantic Ocean at the crossroads of the Florida Turnpike, Interstate 95, US1, State Road 7, and both the CSX and FEC railways. Situated between Fort Lauderdale and Miami — a hub for international trade — Hollywood is adjacent to the Fort Lauderdale-Hollywood International Airport (FLL) and it’s within a 30-minute drive to Miami International Airport and offers convenient access to nearby….....»»

Category: topSource: bizjournalsJul 11th, 2022

Escobar: The Empire Is Not Done Torturing Afghanistan

Escobar: The Empire Is Not Done Torturing Afghanistan Authored by Pepe Escobar via The Cradle, Despite its resounding defeat, NATO is not quite done with inflicting misery on the land of the Afghans... Once upon a time, in a galaxy not far away, the Empire of Chaos launched the so-called “War on Terror” against an impoverished cemetery of empires at the crossroads of Central and South Asia. In the name of national security, the land of the Afghans was bombed until the Pentagon ran out of targets, as their chief Donald Rumsfeld, addicted to “known unknowns,” complained at the time. Operation ‘Enduring Captivity’ Civilian targets, also knows as “collateral damage,” was the norm for years. Multitudes had to flee to neighboring nations to find shelter, while tens of thousands were incarcerated for unknown reasons, some even dispatched to an illegal imperial gulag on a tropical island in the Caribbean. War crimes were duly perpetrated – some of them denounced by an organization led by a sterling journalist who was subsequently subjected to years of psychological torture by the same Empire, obsessed with extraditing him into its own prison dystopia. All the time, the smug, civilized ‘international community’ – shorthand for the collective west – was virtually deaf, dumb and blind. Afghanistan was occupied by over 40 nations – while repeatedly bombed and droned by the Empire, which suffered no condemnation for its aggression; no package after package of sanctions; no confiscation of hundreds of billions of dollars; no punishment at all. The first casualty of war At the peak of its unipolar moment, the Empire could experiment with anything in Afghanistan because impunity was the norm. Two examples spring to mind: Kandahar, Panjwayi district, March 2012: an imperial soldier kills 16 civilians and then burns their bodies. While in Kunduz, April 2018: a graduation ceremony receives a Hellfire missile greeting, with over 30 civilians killed. The final act of the imperial “non-aggression” against Afghanistan was a drone strike in Kabul that did not hit “multiple suicide bombers” but instead eviscerated a family of 10, including several children. The “imminent threat” in question, identified as an “ISIS facilitator” by US intelligence, was actually an aid worker returning to meet his family. The ‘international community’ duly spewed imperial propaganda for days until serious questions started to be asked. Questions also keep emerging on the conditions surrounding the Pentagon training of Afghan pilots to fly the Brazilian-built A-29 Super Tucano between 2016 and 2020, which completed over 2,000 missions providing support for imperial strikes. During training at Moody Air Force base in the US, more than half of the Afghan pilots actually went AWOL, and afterward, most were quite uneasy with the pile up of civilian ‘collateral damage.’ Of course the Pentagon has kept no record of Afghan victims. What was extolled instead by the US Air Force is how the Super Tucanos dropped laser bombs on ‘enemy targets:’ Taliban fighters who “like to hide in towns and places” where civilians live. Miraculously, it was claimed that the “precision” strikes never “hurt the local people.” That’s not exactly what an Afghan refugee in Britain, sent away by his family when he was only 13, revealed over a month ago, talking about his village in Tagab: “All the time there was fighting over there. The village belongs to the Taliban (…) My family is still there, I do not know if they are alive or died. I don’t have any contact with them.” Drone diplomacy One of the first foreign policy decisions of the Obama administration in early 2009 was to turbo-charge a drone war over Afghanistan and the tribal areas in Pakistan. Years later, a few intelligence analysts from other NATO nations started to vent off the record, about CIA impunity: drone strikes would get a green light even if killing scores of civilians was a near certainty – as it happened not only in ‘AfPak’ but also across other war theaters in West Asia and North Africa. Nevertheless, imperial logic is ironclad. The Taliban were by definition “terra-rists” – in trademark Bush drawl. By extension, villages in Afghan deserts and mountains were aiding and abetting “terra-rists,” so eventual drone victims would never raise a ‘human rights’ issue. When Afghans – or Palestinians – become collateral damage, that’s irrelevant. When they become war refugees, they are a threat. Yet Ukrainian civilian deaths are meticulously recorded and when they become refugees, they are treated as heroes. A massive ‘data-driven defeat’ As former British diplomat Alastair Crooke has remarked, Afghanistan was the definitive showcase for technical managerialism, the test bed for “every single innovation in technocratic project management” encompassing Big Data, Artificial Intelligence and military sociology embedded in ‘Human Terrain Teams’ – this experiment helped spawn Empire’s ‘rules-based international order.’ But then, the US-backed puppet regime in Kabul collapsed not with a bang, but a whimper: a spectacular “data-driven defeat.” Hell hath no fury like Empire scorned. As if all the bombing, droning, years of occupation and serial collateral damage was not misery enough, a resentful Washington topped its performance by effectively stealing $7 billion from the Afghan central bank: that is, funds that belong to roughly 40 million battered Afghan citizens. Now, exiled Afghans are getting together trying to prevent relatives from 9/11 victims in the US to seize $3.5 billion of these funds to pay off debts allegedly owed by the Taliban – who have absolutely nothing to do with 9/11. Unlawful does not even begin to qualify the confiscation of assets from an impoverished nation afflicted by a currency in free fall, high inflation and a terrifying humanitarian crisis, whose only ‘crime’ was to defeat the imperial occupation on the battleground fair and square. By any standards, would that persist, the qualification of international war crime applies. And collateral damage, in this case, will mean the termination of any “credibility” still enjoyed by the “indispensable nation.” The full amount of foreign reserves should be unequivocally returned to the Afghan Central Bank. Yet everyone knows that’s not going to happen. At best, a limited monthly installment will be released, barely enough to stabilize prices and allow average Afghans to buy essentials such as bread, cooking oil, sugar and fuel. The west’s own ‘Silk Road’ was dead on arrival No one remembers today that the US State Department came up with its own New Silk Road idea in July 2011, formally announced by then-Secretary of State Hillary Clinton in a speech in India. Washington’s aim, at least in theory, was to re-link Afghanistan with Central/South Asia, yet privileging security over the economy. The spin was to “turn enemies into friends and aid into trade.” The reality, however, was to prevent Kabul from falling into the Russia/China sphere of influence – represented by the Shanghai Cooperation Organization (SCO) – after the tentative withdrawal of US troops in 2014 (the Empire ended up formally being expelled only in 2021). The American Silk Road would eventually allow the go-ahead for projects such as the TAPI natural gas pipeline, the CASA-1000 electricity line, the Sheberghan thermal power facility and a national fiber optic ring in the telecom sector. There was much talk about  “development of human resources;” building infrastructure – railways, roads, dams, economic zones, resource corridors; promotion of good governance; building the capacity of “local stakeholders.” A zombie of an empire In the end, the Americans did less than nothing. The Chinese, playing the long game, will be leading Afghanistan’s resurgence, after patiently waiting for the Empire to be expelled. Afghanistan for its part will be welcomed into the real New Silk Roads: the Belt and Road Initiative (BRI), complete with financing by the Silk Road Bank and the Asian Infrastructure Investment Bank (AIIB), and interconnecting with the China-Pakistan Economic Corridor (CPEC), the Central Asian BRI corridor, and eventually the Russian-led Eurasia Economic Union (EAEU) and the Iran-India-Russia-led International North South Transportation Corridor (INSTC). Now compare and contrast with imperial minions NATO, whose “new” strategic concept boils down to expanded warmongering against the Global South, and beyond – including the outer galaxies. At least we know that should NATO ever be tempted back into Afghanistan, then another ritual, excruciating humiliation awaits. Tyler Durden Thu, 07/07/2022 - 02:00.....»»

Category: blogSource: zerohedgeJul 7th, 2022

Escobar: You"re Either With Us, Or You"re A "Systemic Challenge"

Escobar: You're Either With Us, Or You're A "Systemic Challenge" Authored by Pepe Escobar, After all we’re deep into the metaverse spectrum, where things are the opposite of what they seem... Fast but not furious, the Global South is revving up. The key takeaway of the BRICS+ summit in Beijing,  held in sharp contrast with the G7 in the Bavarian Alps, is that both West Asia’s Iran and South America’s Argentina officially applied for BRICS membership. The Iranian Foreign Ministry has highlighted how BRICS has “a very creative mechanism with broad aspects”. Tehran – a close partner of both Beijing and Moscow – already had “a series of consultations” about the application: the Iranians are sure that will “add value” to the expanded BRICS. Talk about China, Russia and Iran being sooooo isolated. Well, after all we’re deep into the metaverse spectrum, where things are the opposite of what they seem. Moscow’s obstinacy in not following Washington’s Plan A to start a pan-European war is rattling Atlanticist nerves to the core. So right after the G7 summit significantly held at a former Nazi sanatorium, enter NATO’s, in full warmongering regalia. So welcome to an atrocity exhibition featuring total demonization of Russia, defined as the ultimate “direct threat”; the upgrading of Eastern Europe into “a fort”; a torrent of tears shed about the Russia-China strategic partnership; and as an extra bonus, the branding of China as a “systemic challenge”. There you go: for the NATO/G7 combo, the leaders of the emerging multipolar world as well as the vast swathes of the Global South that want to join in, are a “systemic challenge”. Turkiye under the Sultan of Swing – Global South in spirit, tightrope walker in practice – got literally everything it wanted to magnanimously allow Sweden and Finland to clear their paths on the way of being absorbed by NATO. Bets can be made on what kind of shenanigans NATO navies will come up with in the Baltics against the Russian Baltic Fleet, to be followed by assorted business cards distributed by Mr. Khinzal, Mr. Zircon, Mr. Onyx and Mr. Kalibr, capable of course of annihilating any NATO permutation, including “decision centers”. So it came as a sort of perverse comic relief when Roscosmos released a set of quite entertaining satellite images pinpointing the coordinates of those “decision centers”. The “leaders” of NATO and the G7 seem to enjoy performing a brand of lousy cop/clownish cop routine. The NATO summit told coke comedian Elensky (remember, the letter “Z” is verboten) that the Russian combined arms police operation – or war – must be “resolved” militarily. So NATO will continue to help Kiev to fight till the last Ukrainian cannon fodder. In parallel, at the G7, German Chancellor Scholz was asked to specify what “security guarantees” would be provided to what’s left of Ukraine after the war. Response from the grinning Chancellor: “Yes … I could” (specify). And then he trailed off. Illiberal Western liberalism Over 4 months after the start of Operation Z, zombified Western public opinion completely forgot – or willfully ignores – that Moscow spent the last stretch of 2021 demanding a serious discussion on legally binding security guarantees from Washington, with an emphasis on no more NATO eastward expansion and a return to the 1997 status quo. Diplomacy did fail, as Washington emitted a non-response response. President Putin had stressed the follow-up would be a “military technical” response (that turned out to be Operation Z) even as the Americans warned that would trigger massive sanctions. Contrary to Divide and Rule wishful thinking, what happened after February 24 only solidified the synergistic Russia-China strategic partnership – and their expanded circle, especially in the context of BRICS and the SCO. As Sergey Karaganov, head of Russia’s Council on Foreign and Defense Policy noted earlier this year, “China is our strategic cushion (…) We know that in any difficult situation, we can lean on it for military, political and economic support.” That was outlined in detail for all the Global South to see by the landmark February 4th joint statement for Cooperation Entering a New Era – complete with the accelerated integration of BRI and the EAEU in tandem with military intelligence harmonization under the SCO (including new full member Iran), key foundation stones of multipolarism. Now compare it with the wet dreams of the Council on Foreign Relations or assorted ravings by armchair strategic “experts” of “the top national security think tank in the world” whose military experience is limited to negotiating a can of beer. Makes one yearn for those serious analytic days when the late, great Andre Gunder Frank penned ” a paper on the paper tiger” , examining American power at the crossroads of paper dollar and the Pentagon. The Brits, with better imperial education standards, at least seem to understand, halfway, how Xi Jinping “has embraced a variant of integral nationalism not unlike those that emerged in interwar Europe”, while Putin “skillfully deployed Leninist methods to resurrect an enfeebled Russia as a global power.” Yet the notion that “ideas and projects originating in the illiberal West continue to shape global politics” is nonsense, as Xi in fact is inspired by Mao as much as Putin is inspired by several Eurasianist theoreticians. What’s relevant is that in the process of the West plunging into a geopolitical abyss, “Western liberalism has itself become illiberal.” Much worse: it actually became totalitarian. Holding the Global South hostage The G7 is essentially offering to most of the Global South a toxic cocktail of massive inflation, rising prices and uncontrolled dollarized debt. Fabio Vighi has brilliantly outlined how “the purpose of the Ukrainian emergency is to keep the money printer switched on while blaming Putin for worldwide economic downturn. The war serves the opposite aim of what we are told: not to defend Ukraine but to prolong the conflict and nourish inflation in a bid to defuse cataclysmic risk in the debt market, which would spread like wildfire across the whole financial sector.” And if it can get worse, it will. At the Bavarian Alps, the G7 promised to find “ways to limit the price of Russian oil and gas”: if that doesn’t work according to “market methods”, then “means will be imposed by force”. A G7 “indulgence” – neo-medievalism in action – would only be possible if a prospective buyer of Russian energy agrees to strike a deal on the price with G7 representatives. What this means in practice is that the G7 arguably will be creating a new body to “regulate” the price of oil and gas, subordinated to Washington’s whims: for all practical purposes, a major twist of the post-1945 system. The whole planet, especially the Global South, would be held hostage. Meanwhile, in real life, Gazprom is on a roll, making as much money from gas exports to the EU as it did in 2021, even though it’s shipping much smaller volumes. About the only thing this German analyst gets right is that were Gazprom forced to cut off supplies for good, that would represent “the implosion of an economic model that is over-reliant on industrial exports, and therefore on imports of cheap fossil fuels. Industry is responsible for 36% of Germany’s gas use.” Think, for instance, BASF forced to halt production at the world’s biggest chemicals plant in Ludwigshafen. Or Shell’s CEO stressing it’s absolutely impossible to replace Russian gas supplied to the EU via pipelines with (American) LNG. This coming implosion is exactly what Washington neocon/neoliberalcon circles want – removing a powerful (Western) economic competitor from the world trading stage. What’s truly astonishing is that Team Scholz can’t even see it coming. Virtually no one remembers what happened a year ago when the G7 struck a pose of trying to help the Global South. That was branded as Build Back Better World (B3W). “Promising projects” were identified in Senegal and Ghana, there were “visits” to Ecuador, Panama and Colombia. The Crash Test Dummy administration was offering “the full range” of US financial tools: equity stakes, loan guarantees, political insurance, grants, technical expertise on climate, digital technology and gender equality. The Global South was not impressed. Most of it had already joined BRI. B3W went down with a whimper. Now the EU is promoting its new “infrastructure” project for the Global South, branded as Global Gateway, officially presented by European Commission (EC) Fuhrer Ursula von der Leyen and – surprise! – coordinated with the floundering B3W. That’s the Western “response” to BRI, demonized as – what else – “a debt trap”. Global Gateway in theory should be spending 300 billion euros in 5 years; the EC will come up with only 18 billion from the EU budget (that is, financed by EU taxpayers), with the intention of amassing 135 billion euros in private investment. No Eurocrat has been able to explain the gap between the announced 300 billion and the wishful thinking 135 billion. In parallel, the EC is doubling down on their floundering Green Energy agenda – blaming, what else, gas and coal. EU climate honcho Frans Timmermans has uttered an absolute pearl: “Had we had the green deal five years earlier, we would not be in this position because then we would have less dependency on fossil fuels and natural gas.” Well, in real life the EU remains stubbornly on the road to become a fully de-industrialized wasteland by 2030. Inefficient solar or wind-based Green Energy is incapable of offering stable, reliable power. No wonder vast swathes of the EU are now Back to Coal. The right kind of swing It’s a tough call to establish who’s The Lousiest in the NATO/G7 cop routine. Or the most predictable. This is what I published about the NATO summit . Not now: in 2014, eight years ago. The same old demonization, over and over again. And once again, if it can get worse, predictably it will. Think of what’s left of Ukraine – mostly eastern Galicia – being annexed to the Polish wet dream: the revamped Intermarium, from the Baltic to the Black Sea, now dubbed as a bland “Three Seas Initiative” (with the added Adriatic) and comprising 12 nation-states. What that implies long-term is a EU breakdown from within. Opportunist Warsaw just profits financially from the Brussels system’s largesse while holding its own hegemonic designs. Most of the “Three Seas” will end up exiting the EU. Guess who will guarantee their “defense”: Washington, via NATO. What else is new? The revamped Intermarium concept goes back all the way to the late Zbig “Grand Chessboard” Brzezinski. So Poland dreams of becoming the Intermarium leader, seconded by the Three Baltic Midgets, enlarged Scandinavia, plus Bulgaria and Romania. Their aim is straight from Comedy Central: reducing Russia into “pariah state” status – and then the whole enchilada: regime change, Putin out, balkanization of the Russian Federation. Britain, that inconsequential island, still invested in teaching Empire to the American upstarts, will love it. Germany-France-Italy much less. Lost in the wilderness Euro-analysts dream of a European Quad (Spain added), replicating the Indo-Pacific scam, but in the end it will all depend which way Berlin swings. And then there’s that unpredictable Global South stalwart led by the Sultan of Swing: freshly rebranded Turkiye. Soft neo-Ottomanism seems to be on a roll, still expanding its tentacles from the Balkans and Libya to Syria and Central Asia. Evoking the golden age of the Sublime Porte, Istanbul is the only serious mediator between Moscow and Kiev. And it’s carefully micromanaging the evolving process of Eurasia integration. The Americans were on the verge of regime-changing the Sultan. Now they have been forced to listen to him. Talk about a serious geopolitical lesson to the whole Global South: it don’t mean a “systemic challenge” thing if you’ve got the right kind of swing. Tyler Durden Sat, 07/02/2022 - 07:00.....»»

Category: blogSource: zerohedgeJul 2nd, 2022

Apply Lessons Of Ukraine - Send Weapons To Taiwan "Earlier" In Face Of China Threat: UK"s Truss

Apply Lessons Of Ukraine - Send Weapons To Taiwan "Earlier" In Face Of China Threat: UK's Truss UK Foreign Secretary Liz Truss has made her perhaps most provocative comments yet aimed at both Russia and China. It's sure to result in swift protest and condemnation from Beijing, given she invoked the Taiwan comparison while expressing regret over not sending more weapons to beleaguered Ukraine sooner. She said Wednesday that the West needs to learn the lessons of Putin's Ukraine invasion and apply them to Taiwan: "We should have done things earlier, we should have been supplying the defensive weapons into Ukraine earlier. We need to learn that lesson for Taiwan."  British Secretary for Foreign Affairs Liz Truss, AFP Her words before MPs strongly suggested that Russia's "special operation" in neighboring Ukraine has emboldened Xi Jinping in pursuing a military invasion and occupation of Taiwan. China's government has consistently and forcefully rejected any comparisons between the Ukraine and Taiwan situations. In the briefing she delivered before the Foreign Affairs Committee, Truss continued, "There’s always a tendency, and we’ve seen this prior to the Ukraine war, there’s always a tendency of wishful thinking, to hope that more bad things won’t happen and to wait until it’s too late." Part of her rationale was the lengthy and costly amount time it takes from the moment the decision is made to send in weapons, to the time they can actually get deployed by the Ukrainians on the battlefield: "Every piece of equipment we have sent takes months of training, so the sooner we do it the better," she said. This week UK Prime Minister Boris Johnson appeared to argue something similar, however without wading into the controversy of Taiwan independence:  Speaking to reporters on the plane to the Nato summit in Madrid, Boris Johnson said: “I just think it’s very important that countries around the world should not be able to read across from events in Europe and draw the conclusion that the world will simply stand idly by if boundaries are changed by force. "That’s one of the most important lessons that we pick up from Ukraine." Some Britons on social media angrily sounded off as Truss is apparently eyeing military aid to Taiwan at a moment the UK's own stockpiles are already being shipped overseas in large numbers and depleted, in order to prop up Ukraine's defenses: Boris just Pledged another £496 Million to Ukraine. Now Liz Truss wants the UK Taxpayer to 'Arm Taiwan' in case china invades. These LUNATICS are Destroying this Country as every day passes! pic.twitter.com/mtxIP1P35K — Holly Christmas (@HollyChristma1) June 29, 2022 Like the US, the UK at least officially holds to the 'One China' policy and thus doesn't have diplomatic or defense pacts with Taipei. Beijing officials are more than likely to see these latest ultra-provocative Taiwan comparisons as a severe violation of the spirit of One China. As for the Russia-Ukraine conflict, it remains anything but certain whether if the West armed Kiev earlier this would have made a significant difference in the trajectory of the war. There's lately been increasing acknowledgement among Western pundits and the clear momentum is with Russia as it slowly gobbles up Donbas territory. President Zelensky is asking billions more in aid from the West as a summit of NATO heads gather in Madrid this week. Tyler Durden Thu, 06/30/2022 - 05:45.....»»

Category: blogSource: zerohedgeJun 30th, 2022

The Inflation Solutions Are Even Worse Than The Problem

The Inflation Solutions Are Even Worse Than The Problem Authored by Michael Maharrey via SchiffGold.com, As Americans labor under the burden of inflation, the Biden administration keeps telling us the economy is just fine. White House press secretary Karine Jean-Pierre recently said we are “transitioning” to “steady and stable growth.” As a result, she claims the American people are in a place where they can “take on inflation.” Americans aren’t buying it. In fact, they’re buying less of everything as rising prices squeeze their wallets. Consumer confidence has plunged to historically low levels. But as bad as things are, the worst could still be yet to come because the proposed solutions are worse than the problem. In the first place, it’s important to understand that the impacts of inflation are far worse than the official numbers indicate. The government uses a cooked CPI formula that understates rising prices. Back in 1998, the government significantly revised the CPI metrics. Even the Bureau of Labor Statistics (BLS) admitted the changes were “sweeping.” Measured using the old formula, CPI would be running closer to 17%. For instance, we’ve seen a staggering increase in housing prices over the last year or so. The average price of an existing home topped $400,000 for the first time ever in May. Rent has also gone through the roof. But the CPI doesn’t capture the full impact of rising home prices. The government uses a made-up number known as “owner’s equivalent rent” to calculate housing prices. This number understates the cost of housing and it makes up about 1/3 of the CPI calculation. Actual home prices are up about 20%. Rent is up over 15%. The CPI calculation for shelter is only up about 5.5%. It simply doesn’t reflect reality. No matter how the talking heads spin it, we know the economy is a mess. We live it every day. More distressing, it’s probably going to get worse because the plans to tackle inflation are more of what caused it in the first place. Solutions Worse than the Problem So, what is the plan to tame inflation? Senate Finance Committee Chair Ron Wyden (D) plans to introduce legislation to impose a surtax on “excessive” oil company profits. According to one popular narrative coming out of the Democratic Party, oil company price gouging is causing inflation. But this doesn’t stand up to scrutiny. And while punishing “greedy” oil companies certainly has populist appeal, it won’t do anything to solve the problem. You could confiscate all of the oil company profits and hand them out to the American people and they would hardly notice the difference. Furthermore, if you take the profit out of drilling for oil, nobody will drill for oil. It would ultimately create an even bigger supply problem than we have right now. The inflation-fighting plan announced by the White House mostly involves spending more money. In a Wall Street Journal op-ed, President Biden claimed, “We can lower the cost of child and elder care to help parents get back to work.” Lowering the cost of childcare is code for government-subsidized childcare. He also alluded to the stalled “Build Back Better” bill, which is basically a $2.2 trillion spending plan. Biden wrote, “We can also reduce the cost of everyday goods by fixing broken supply chains, improving infrastructure…” But government spending isn’t the solution. It’s the problem. The White House press secretary lauded the “American Rescue Plan” as the first step toward recovery. But in reality, Americans need rescuing from that rescue plan. In effect, governments shut down the economy and handed out money for people to spend. Supplies were squeezed because nobody was producing goods and services. But demand never dropped because everybody had their pocket stuffed with stimulus money. In effect, the government flooded the economy with money even as it starved it of goods. Of course, prices went through the roof. This was entirely predictable. Now the Biden administration wants spend more – the exact policy that got us in this inflation mess to begin with. The Federal Reserve appears equally feckless. It took a more aggressive stance during the last FOMC meeting, raising interest rates by 75 basis points. But it remains so far behind the inflation curve that it can’t even see it. To truly tame inflation, real interest rates need to rise above the level of inflation. Paul Volker raised rates to 20% in order to slay the inflation dragon. The current 1.5% rate is spitting into the wind in the face of an 8.6% CPI (which is understating inflation.) Given all of the debt in the economy, the Fed can’t possibly raise rates to that level without popping the bubbles and toppling the house of cards economy. The Fed is at a crossroads – either continue the inflation fight and plunge us into a deep recession or surrender to inflation and destroy the dollar. Neither scenario is particularly desirable. So brace yourself because things will likely get worse before they get better. Tyler Durden Thu, 06/23/2022 - 08:45.....»»

Category: blogSource: zerohedgeJun 23rd, 2022