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Cultivating tomorrow’s leaders in health care

Almost all clinicians will take on leadership responsibilities during their career, yet most of their training focuses on patient care rather than building leadership skills. To fill this gap, the Wake Forest Interprofessional Leaders in Health Care (ILHC) program helps students identify their personal leadership and communication styles and build the confidence and esteem they will need as practicing clinicians. The program, now in its fifth year, serves about 30 medical, physician assistant and….....»»

Category: topSource: bizjournalsAug 14th, 2022

Futures Slide As Hawkish Rikshock Sends Dollar, Yields Higher Again Ahead Of Fed

Futures Slide As Hawkish Rikshock Sends Dollar, Yields Higher Again Ahead Of Fed Market sentiment was quite cheerful heading into the overnight session, with futures hitting a third-day high of 3,936 thanks to yesterday' late day delta squeeze (plunge in VIX as both calls and especially puts were sold) but then it quickly soured after first German PPI came in at a mindblowing 45.8% (vs expectations of 37.1%) the highest on record since World War II... ...but what really spooked futures was the record hike by the Swedish central bank, the Riksbank, which pushed the repo rate higher by a more than expected 100bps to 1.75%, and even though the central bank eased back on terminal rate expectations, the market still saw the Riksbank surprise as potentially indicative of what the BOE and Fed may do in the coming hours. As such, European stocks fell with US equity futures, giving up early gains, as traders braced for another supersized US rate hike amid rising anxiety the Federal Reserve could overtighten and raise the odds of a hard landing. Europe' Stoxx 600 Index dropped 0.8%, paced by losses on real estate and miners as US equity futures also stumbled those the tech-heavy and rate-sensitive Nasdaq 100 underperforming S&P 500 peers. As of 730am, S&P futures were down 0.4% and Nasdaq contracts were down 0.5%. 10Y yields hit a fresh 11 year high as the dollar surged and gold resumed its slide. In premarket trading, Ford shares dropped 5.2% after the carmaker said 3Q supply costs were running $1b above expectations and warned that EBIT could be in the $1.4b -$1.7b range, below what was previously foreseen. General Motors stock also slid 2.3% in premarket trading. Here are some other notable premarket movers: Change Healthcare shares rise 7.1% in premarket trading after winning court approval for the $7.8b acquisition by UnitedHealth, defeating a Justice Department lawsuit that had sought to block the deal US- listed Macau casino stocks rise in premarket trading, on the possibility that Hong Kong would ease Covid restrictions such as mandatory hotel quarantine. Las Vegas Sands and Wynn Resorts gain about 3% in US premarket trading; Keep an eye on Melco (MLCO US) and MGM Resorts (MGM US) when trading volume picks up Western Digital shares slid 1.7% in premarket trading as Deutsche Bank cut the recommendation on the stock to hold from buy, saying it’s difficult to see meaningful upside in the next six to nine months as oversupply in the flash memory market persists Watch Cognex shares after the company boosted its revenue guidance for the third quarter; and the guidance beat the average analyst estimate The Fed kicks off its meeting today and is expected to again hike rates by 75 basis points Wednesday - now that Timiraos has taken off 100bps off the table - signal rates are heading above 4% and will then pause. Market participants have dialed back expectations of an even larger increase and only two of 96 economists in a Bloomberg survey now predict a full-point move. “The Federal Reserve is likely tightening policy straight into the teeth of a recession,” Danielle DiMartino Booth, CEO and chief strategist of Quill Intelligence, wrote in an email.  “The stock market’s addiction to Fed easing when stocks decline may be what Jerome Powell is aiming to quash by aggressively hiking rates, in addition to inflation.” Meanwhile in rates, Treasury 10-year yields topped 3.5% rising to a fresh 11.5 year high, while yields on the more policy-sensitive two-year rate hit the highest since 2007 and are poised to crack above 4%, reflecting hard-landing fears. In a worrying trend for stocks, real rates - Treasury yields adjusted for inflation - rose to the highest level since 2011. When they were pinned in negative territory during a decade of easy-money policies, real rates had been a key driver of risk-asset rallies. Markets have fairly priced in yield on the two-year Treasury inching closer to 4% and “it might scratch a bit higher, but not an awful lot at this point,” Peter Kinsella, head of foreign exchange strategy at Union Bancaire Privee Ubp SA, said on Bloomberg Television. It would still be reasonable for the 10-year Treasury yield to go towards 3.5% or 3.7%, “but there’s probably not a lot more juice in that trade,” he said. In Europe the Stoxx 50 fell 0.5%, reversing earlier gains with the UK's FTSE 100 flat but outperforms peers, IBEX lags, dropping 0.8%. Real estate, retailers and miners are the worst-performing sectors. Earlier in the session, Asian stocks advanced, on track to snap a five-day losing streak, amid signals that Hong Kong will move toward easing Covid restrictions.  The MSCI Asia-Pacific Index gained as much as 1% as Tencent, Alibaba and TSMC provided the most support. Benchmarks across the region rose.  Indexes in Hong Kong gained at least 1.2%, with one key gauge climbing from the edge of a bear market. Hong Kong’s chief executive said the city wants to relax Covid travel curbs after nearly three years of restrictions. The Hang Seng Tech Index added 2%.  Australia’s main gauge rose more than 1%, led by the materials sector. Japan’s stock market advanced despite high inflation data, after being closed Monday. “China’s reopening has helped revive sentiment in Asia this week,” said Charu Chanana, a senior strategist at Saxo Capital Markets. “There’s some level of positioning there ahead of a slew of central bank meetings this week, but volatility will likely remain elevated.” Despite Tuesday’s rally, Asia’s benchmark is still close to its lowest level since the middle of 2020 amid concerns over higher US interest rates and the dollar’s strength.  Investors are betting that the Federal Reserve will hike interest rates by 75-basis-point at a policy meeting on Wednesday. Investors are also awaiting other central bank decisions this week from nations including the Philippines, Indonesia, Taiwan and Japan Some more details: Japanese stocks advanced, tracking a rebound in US shares, as investors continued to weigh the market impact of further interest rate hikes from the Federal Reserve. Tokyo’s stock market was closed Monday for a holiday.  The Topix Index rose 0.5% to 1,947.27 as of market close Tokyo time, while the Nikkei advanced 0.4% to 27,688.42. Keyence Corp. contributed the most to the Topix Index gain, increasing 2.2%. Out of 2,169 stocks in the index, 1,481 rose and 582 fell, while 106 were unchanged. “Assuming it is 75bps, the thing to consider is where it will go from there, as I think that the rate hike will remain hawkish as far as the Jackson Hole and economic indicators are concerned,” said Naoki Fujiwara, chief fund manager at Shinkin Asset Management. “A comment that accelerates the rate hike would be negative, while a comment that takes the economy into consideration would be positive for the stocks.”  Traders are betting the Fed will hike by 75 basis points Wednesday.  India stock indexes rose for the second day, driven by a continuing rally in consumer goods makers and a surge in healthcare stocks. The S&P BSE Sensex gained 1% to 59,719.74 in Mumbai, while the NSE Nifty 50 Index rose 1.1%. The main indexes rose as much as 1.6% and 1.7%, respectively but failed to hold the advance.  “Intraday volatility could be the ongoing theme for markets as investors world over are bracing for a stiff interest rate hike by the US Federal Reserve to weigh on rising inflation,” said Prashanth Tapse, an analyst with Mehta Securities.   All of the 19 sector sub-indexes traded higher, led by a gauge of healthcare companies. Banking and consumer goods stocks continued their climb on expectations of a demand surge during the upcoming festive season. ICICI Bank contributed the most to the Sensex’s gain, increasing 2%. Out of 30 shares in the Sensex index, 26 rose and 4 fell. In rates, the Treasury curve bear-flattened and yields rose by 4-5bps as Treasuries extend Monday’s session slide. Supply pressure in the form of 20-year bond auction awaits for Tuesday’s session, before Fed meeting Wednesday where OIS has eased slightly, pricing in 78bp of hikes for the meeting, following WSJ report that a three-quarter point move is expected. Core European rates underperform, led by gilts catching up from Monday UK’s holiday.  Bunds fell, led by the belly of the curve, with yields rising up to 10bps as money markets continued to add to ECB tightening. UK bonds lead the wider market lower, headed by the short end and belly of the curve, and underperforming bunds and USTs as they catch up after Monday’s holiday. Curves bear-flatten as money markets up their ECB and BOE rate-hike bets. Swedish front-end bond yields rose more than their German peers, in response to the front-loaded rate increase. Australia’s dollar and bond yields declined after minutes from the RBA’s September meeting showed the central bank is getting closer to “normal settings.” In FX, the Bloomberg Dollar Spot Index reversed a modest Asia session loss as the greenback advanced versus all of its Group-of-10 peers, with GBP and DKK the strongest performers in G-10 FX, NZD and NOK underperform. and yet as Bloomberg notes, options bets in the dollar are the least bullish they have been this year before the Federal Reserve was expected to announce an interest-rate increase. Some more details: The euro gave up gains to touch parity against the dollar, despite a record German PPI print (the highest since WWII) Sweden’s krona erased gains after initially rallying on the Riksbank’s surprise jumbo hike, as the market had priced in a more aggressive profile for the rate path, with a peak at around 3.5%. The pound was supported by growing speculation that the Bank of England may raise interest rates by 75 basis points later this week. Markets were also anticipating a speech by the UK’s finance minister, who is expected to outline details for a big spending plan to help households through an energy crisis in coming months Gilts dropped, catching up with Monday’s bond tumble when UK markets were closed for a holiday In commodities, WTI drifts 0.5% higher to trade near $86.19. Spot gold falls roughly $8 to trade near $1,668/oz. Spot silver loses 1.3% near $19. European natural gas benchmark futures drop much as 6.8% for a fourth session of declines, the longest run since July. Elsewhere, Bitcoin struggled to return to the $20,000 level. Oil slipped below $86 per barrel and gold fell. To the day ahead now. In data we have US August housing starts, building permits, Germany August PPI, Italy July current account balance, July ECB current account, Canada August CPI, while the ECB’s Muller will give remarks. Market Snapshot S&P 500 futures fell 0.2% to 3,911.50 STOXX Europe 600 fell 0.5% to 405.78 MXAP up 0.7% to 150.68 MXAPJ up 1.0% to 493.17 Nikkei up 0.4% to 27,688.42 Topix up 0.4% to 1,947.27 Hang Seng Index up 1.2% to 18,781.42 Shanghai Composite up 0.2% to 3,122.41 Sensex up 1.5% to 60,021.83 Australia S&P/ASX 200 up 1.3% to 6,806.43 Kospi up 0.5% to 2,367.85 German 10Y yield little changed at 1.86% Euro down 0.2% to $1.0007 Gold spot down 0.4% to $1,669.80 U.S. Dollar Index little changed at 109.80 Top Overnight News from Bloomberg Treasury two-year yields are poised to crack above 4% for the first time since 2007 as the Federal Reserve’s steepest tightening cycle in a generation drives them higher ECB Governing Council member Madis Muller said interest rates remain far from levels that would restrict economic expansion in the euro zone The German government released another 2.5 billion euros ($2.5 billion) of credit lines to secure gas supplies, as it writes off Russia as a reliable energy supplier Hungary said it was prepared to meet EU demands that it take action to curb fraud and corruption after the bloc threatened to freeze 7.5 billion euros ($7.5 billion) of funds that have been earmarked for the country A more detailed look at global markets courtesy of Newsquawk Asian stocks followed suit to the improved risk appetite stateside but with the advances capped ahead of this week’s risk events. ASX 200 was led higher by strength in the commodity-related sectors and with resilience in nearly all industries aside from healthcare, while the RBA minutes provided little in the way of new information but continued to point to a future slowdown in the hiking cycle. Nikkei 225 gained on return from the extended weekend but was off its highs after the mostly firmer-than-expected Japanese inflation data. Hang Seng and Shanghai Comp conformed to the upbeat mood with Hong Kong boosted by outperformance in tech stocks and as authorities consider adjusting COVID restrictions, while the advances in the mainland were contained after the PBoC maintained its 1-Year and 5-Year Loan Prime Rates as expected. "Investors should not be pessimistic about the (Chinese) stock market, as multiple signs emerge that bode well for equities", according to the Securities Daily cited by SCMP. Top Asian News China's Shanghai unvels RMB 1.8trln (around USD 257bln) worth of inftrastructure investments, has launched eight of them. Hong Kong Chief Executive Lee said they are exploring further adjustments to COVID policy and aim to make an announcement soon with the details to be announced in one go. Lee added they would like to facilitate events for Hong Kong and bring back activities to the city, while they would want to stay connected with the world and allow an orderly opening up. Japan's Ministry of Finance said the government is to spend JPY 3.48tln in budget reserves to manage price hikes and COVID-19, while Finance Minister Suzuki said they will create an additional budget in addition to the reserve fund and for the time being, reserve money will be used for essential output. There were also comments from LDP Secretary-General Motegi that a stimulus package of at least JPY 15tln is needed to fill the output gap. Bourses across Europe have been dipping from best levels, with sentiment somewhat sullied by a marked and unexpected acceleration in German PPI, coupled with a larger-than-forecast Riksbank rate hike to kick off the myriad of G10 central banks this week. The bias across sectors has titled more towards the defensive side, with Food & Beverages, Personal Goods, and Healthcare making their way up the ranks. US equity futures have slipped into negative territory, but the breadth of the market remains shallow as the clock ticks down to the FOMC tomorrow. German Gov't draft law re. gas levy says Co's receiving it may not see any notable profits, manager slaries must be limited. Restriction on profits to those with a market share above 1.0%, via Reuters sources. Top European News Traders Wager BOE Will Join Fed With Two Jumbo Hikes by Year- End Germany to Spend Another $2.5 Billion on LNG to Ease Crisis UBS’s Khan ‘Confident’ on Asset Target Despite Market Rout Russia to Flood Asia With Fuel as Europe Ramps Up Sanctions Riksbank Kicks Off Global Hiking With 100 Basis-Point Move Central Banks WSJ's Timiraos writes "Fed’s Third Straight 0.75-Point Interest-Rate Rise Is Anticipated" and signaling intentions to raise and hold the benchmark above 4.0% in the months ahead, via WSJ. Riksbank hikes its Rate by 100bps to 1.75% (exp. 75bps hike to 1.50%); Forecast indicates rate will be raised further in the coming six months. Full details, reaction & newsquawk analysis available here. ECB's Muller says rates are far from the level that would slow the economy; rates are still low in the historical context. PBoC set USD/CNY mid-point at 6.9468 vs exp. 6.9483 (prev. 6.9396). PBoC 1-Year Loan Prime Rate (Sep) 3.65% vs. Exp. 3.65% (Prev. 3.65%) PBoC 5-Year Loan Prime Rate (Sep) 4.30% vs. Exp. 4.30% (Prev. 4.30%) RBA September meeting minutes stated members saw the case for a slower pace of rate increase as becoming stronger as the level of the Cash Rate increases, while the board expects to increase rates further over months ahead but is not on a pre-set path. RBA Board is committed to doing what is necessary to ensure inflation returns to target over time and members noted that inflation in Australia was at its highest level in several decades which was expected to increase further over the months ahead with inflation expected to peak later this year and then decline back towards the 2-3% target range. Furthermore, the Board acknowledged that monetary policy operates with a lag and interest rates had been increased quite quickly and were getting closer to normal settings. FX DXY remains towards the top of today's intraday parameter but under the 110.00 mark. SEK was flagging near recent lows against the Euro and Dollar before the Riksbank delivered a hawkish surprise by raising rates a bigger than expected 100 bp (vs +75 bp consensus). NZD remained under pressure and extended its decline against the Greenback to the low 0.5900 zone, while sliding through 1.1300 vs the Aussie. JPY failed to glean much impetus from firmer than Japanese inflation metrics on the premise that the BoJ is unlikely to budge from its accommodative stance this week. Fixed Income Debt futures continue to plunge amidst fleeting bouts of consolidation and lame rebounds - the latest catalyst came via Sweden's Riksbank. Bunds have been down to 141.08 for a 154 tick loss on the day, Gilts to 104.33, 91 ticks below par. US 10-year T-note fell to 114-01+, with corresponding yields soaring towards 3.55%. Commodities WTI and Brent front-month futures hold onto modest gains, but the upside remains capped by the cautious risk tone in early European trade. Overnight, the complex was relatively uneventful as it took a breather from the recent volatility. Russia's government wants to collect about RUB 1.4tln from raw material exporters next year to cover the budget deficit and proposed to raise the export duty on gas to 50% among other measures, according to Kommersant. Gazprom says it will halt power of Siberia gas pipeline to China on Sept 22-29, citing maintenance, via Reuters. Aramco CEO says the response to the global energy crisis thus far shows a deep misunderstanding of how we got there, increases in oil/gas investment are "too little too late" in the short term; when the global economy recovers, can expect demand to rebound further - eliminating the little spare oil production capacity available. Spot gold is subdued by the Dollar but in recent ranges after hitting multi-year lows last week as the yellow metals look ahead to the Fed. LME futures resumed trade following the long weekend, with 3M copper flat at the time of writing under the USD 7,800/t, mimicking the risk tone and awaiting the next catalyst. US Event Calendar 08:30: Aug. Building Permits MoM, est. -4.8%, prior -1.3%, revised -0.6% 08:30: Aug. Housing Starts MoM, est. 0.3%, prior -9.6% 08:30: Aug. Building Permits, est. 1.6m, prior 1.67m, revised 1.69m 08:30: Aug. Housing Starts, est. 1.45m, prior 1.45m DB's Jim Reid concludes the overnight wrap It was an extraordinary day here in the UK yesterday for the Queen's funeral. The vast majority of the world's leaders and dignitaries were present, hundreds of thousands lined the streets of London, and it was broadcast to an estimated global TV audience of four billion. It was hard not to get swept up in the emotion, pageantry, and enormity of the event. It's also hard to imagine that the world will see a similar type of event again in our lifetime. With all this going on, markets started the week on a quiet note, with the UK closed, Japan on holiday, and the data docket light. Yields took another leg higher though and curves flattened on the prospect of another round of global central bank tightening this week. Meanwhile, global equity markets were looking for direction, with European equities slightly lower, and US equities tracking flat for most of the day until a strong late rally (S&P +0.69%) changed the complexion of the day a bit. The central bank focus remains the main game in town. With Fed pricing for Wednesday (79.8bps of hikes implied by the close, our US economics full preview here) still incorporating some premium of a 100 basis point hike, markets were watching for any blackout period communications from the Fed. A prominent Fed watcher from the WSJ did have a piece that garnered attention, but it was focused more on the previously-recognised pivot from Chair Powell to focus more on fighting inflation rather than providing a strong signal about Wednesday’s potential policy action one way or another. In turn, implied policy pricing for Wednesday was perfectly flat on the day. Farther out the curve, however, rates markets priced in tighter Fed policy for longer, with the entire Treasury curve selling off, driving a bear flattening. 2yr Treasury yields increased +6.9bps to 3.94%, their highest levels since 2007, while 10yrs were +4.1bps higher to 3.49%, the highest since 2011, leaving the yield curve at -45.0bps and just short of its most inverted levels reached this summer (-49.6bps). Yields have pulled back a touch in Asia though, with 10yr USTs (-1.95 bps) at 3.47% and 2yr yield trading -1bps lower at 3.93% as we go to press. In line with the tighter expected policy path, real yields are bearing the brunt of the recent selloff, with 10yr real yields increasing +6.5bps to 1.14%, their highest since 2018. The selloff and curve move was replicated in bunds, where 2yrs increased +8.8bps to 1.59% and 10yrs climbed +4.7bps to 1.80%, its highest since early 2014. 10yr OATs were in line with bunds, increasing +4.6bps, while BTPs marginally underperformed, increasing +5.8bps. The STOXX 600 was as much as -1.0% lower intraday, but climbed through the afternoon to finish just in the red at -.09%, while the CAC marginally underperformed, falling -0.26% whilst the DAX managed to eke out a +0.49% gain. Elsewhere out of Germany, regulators reported that German gas storage levels were at 89.67% as of yesterday, something to keep an eye on as we head into winter. The gas build has been very impressive but with the strong possibility of there being no more Russian gas flowing this winter, unless temperatures are mild, it's likely that rationing, in some shape or form, is likely. US equities, opened nearly -1.0% lower, but quickly rallied to flat where it oscillated around most of the day before the late rally send it up +0.69%. 9 out of 11 S&P sectors ended in the green, with sectoral dispersion pointing toward a cyclical over defensives day – materials (+1.63%), discretionary (+1.34%) and industrials (+1.33%) led while health care (-0.54%) and real estate lagged (-0.22%). The NASDAQ was slightly stronger, increasing +0.76%, but very much followed the same intraday price action as the S&P. In terms of data, the NAHB Housing Market Index declined to 46 (vs. 47 expectations and 49 prior), but didn’t necessarily tell us anything we didn’t already know: housing market sentiment is bad. It remains one of the sectors where the impacts of Fed tightening has already been acutely felt. Asian equity markets are broadly higher this morning following the late rally on Wall Street overnight. As I type, the Hang Seng (+1.44%) is leading gains across the region, rebounding from two consecutive sessions of losses while Chinese shares are also higher with the Shanghai Composite (+0.46%) and CSI (+0.33%) both up in early trade after the lifting of Covid-19 lockdowns in both Chengdu and Dalian yesterday. Elsewhere, the Nikkei (+0.42%) as well as the Kospi (+0.33%) have held on to their gains. DMs stock futures are pointing to a positive start with contracts on the S&P 500 (+0.20%), NASDAQ 100 (+0.23%) and DAX (+0.53%) are edging higher. Early morning data showed that Japan’s core consumer inflation quickened to +2.8% y/y in August (v/s +2.7% expected), notching its fastest annual pace in nearly eight years as pressures from higher raw material costs and a weak yen broadened. Markets were expecting a +2.7% gain compared to July’s +2.4% rise. Meanwhile, headline inflation hit 3.0% y/y in August, the highest since 1991. The data will be slightly uncomfortable for the BoJ as they meet on Thursday but they are not expected to change direction yet from their increasingly outlier zero rates policy stance on the global stage. Elsewhere, the People’s Bank of China (PBOC) kept its main lending rates unchanged leaving the 1-year loan prime rate (LPR) intact at 3.65% and the 5-year rate, a reference for mortgages, at 4.3% after a 15bps cut in August. The latest minutes from the Reserve Bank of Australia (RBA) indicate that the board members “saw the case for a slower pace of increase in interest rates as becoming stronger” over the months ahead but reiterated that the policy is not on a pre-set path considering the uncertainties surrounding the outlook for inflation and growth. Actually our economists have upgraded their RBA call to a 50bps hike in October (from 25bps) in line with the global direction of travel. They don't think the RBA will step down to 25bps hikes until November and December. To the day ahead now. In data we have US August housing starts, building permits, Germany August PPI, Italy July current account balance, July ECB current account, Canada August CPI, while the ECB’s Muller will give remarks. Tyler Durden Tue, 09/20/2022 - 07:44.....»»

Category: blogSource: zerohedgeSep 20th, 2022

The Greatest Trick Ever Played, And How Bitcoin Shatters The Illusion

The Greatest Trick Ever Played, And How Bitcoin Shatters The Illusion Authored by Andrew Axelrod via BitcoinMagazine.com, Centralized planners could not have dreamed of a more obfuscating and power-concentrating system than that of fiat money... "The devil's finest trick is to persuade you that he does not exist."  — Charles Baudelaire “The second greatest trick was convincing the world he is good.”  — Ken Ammi Throughout history, people have always been blinded by the cathedral of their times. Ideas of chivalry, caste systems and royal bloodlines were all incredibly powerful constructs that towered above any possible scrutiny, let alone rebuke. Today is no different. Just as fish cannot perceive the water they swim in, it is also difficult for people to recognize the cathedrals for what they truly are. Grandiose narratives, fanciful myths, and seductive lies make for invisible chains. They are the walls of Plato’s Cave. They are the scrolling green code of the Matrix. And no prisoner can break free from shackles that remain hidden. Such illusions are shattered by bitcoin — like waves breaking against solid rock. This is because bitcoin unveils the three most powerful and enduring illusions of our time — those of the competent central planner, the common good, and fiat money. Let us now step through the looking glass and dissect these magic tricks one by one, starting with the competence of central planners. Ah yes, central planners. They aspire to positions of power in the guise of charismatic figureheads, lofty intellectuals, the spiritually enlightened or impressive polymaths who’s vast knowledge spans the fields of economics, finance, healthcare, engineering, infrastructure, energy policy and oooohhhh so many more. Even better, they are packaged and sold as benevolent leaders that strive for a better tomorrow, acting only out of altruism and for love of the common good. Truth and justice are their names. Intellect, wisdom and hearts of gold? Sign me up! Of the three, this is perhaps the easiest illusion to dispel. At its best, politics is often described as the act of jumping in front of a moving parade while claiming credit. And at its worst, central planners get drunk on the myth of their own competence which inevitably turns the parade into a chain gang shuffle. This is because central planning at its heart must rely on coercion. Voluntary actions occur organically, bottom up, and on the individual level. By definition, they do not need to be centrally orchestrated. Next, putting aside the laughable notion that an individual mortal could possess any meaningful level of mastery across so many complex domaines and ignoring the fact that these are flesh and blood humans, naturally prone to self-interest and subject to all the usual dark appetites, it is equally insane to think that an abstraction such as the “common good” could ever be agreed on let alone achieved. But that, of course, is the entire point. The common good has always been in the eye of the beholder and is therefore highly susceptible to every possible perversion. It is ideally malleable — custom tailored camouflage for the central planner. In the name of the common good, central planners then take upon themselves the right to decide on the conflicts of nations, on conscription in war, on the hollowing out of industry, on the allocation of rations, on the burden of tax (either directly at gunpoint or discretely through inflation) and, most importantly, on who gets to be first in line at the money printer’s trough. Bitcoin of course flips this on its head. More on that later. But how does such a ludicrous belief in central planning perpetuate itself — the deranged idea that a miniscule group of people, or oftentimes even a sole individual, should with the flick of a pen decide the wellbeing and economic fate of millions? It all comes back to the delusion of the common good. It is precisely this belief in the common good taken to its extreme, a belief in paradise on earth, that justifies the greatest abuses. This is the corrosive narrative which central planners always draw on for legitimacy and which they use to feed their lust for control. Because ideas of eutopia justify any means to accomplish their end, central planners can use them to maximum effect. Not only do they make dubious claims of a eutopia, but also insist on possessing knowledge of the righteous path that leads to it. Why go through the trouble of building such a cathedral? Contrary to the common cynic’s belief, the vast majority of people want to be perceived as doing good and aren’t prone to extremism — a benefit of normal distributions. Therefore, evil has to cloak itself in the mantle of virtue or else be rejected. After all, the road to perdition is famously paved with good intentions. And what could be more well intentioned than the pursuit of heaven on earth. This is what lifted the Communists into power, perhaps the most outspoken central planners of them all. It is also what gives the jihadis credibility in the eyes of the faithful and what fueled the rise of Nazi Germany. The common good is the perfect narrative for central planners to seize the reins of power and gives their followers the iron conviction to follow through on even the most heinous of acts. And who would dare speak out against them? Who would be so cruel as to deny paradise. Because when it comes to bringing about heaven on earth — no price is too steep, no sacrifice sufficient and no body count too high. What do another million dead matter if paradise awaits just around the corner. It is never enough, the bloodlust cannot be slaked. The nameless mass graves of 80 million killed at the hands of Mao, the 40 million under Stalin, the 20 million under Hitler, the 3.5 million under the Kims and the 3 million under Pol Pot … they all attest to this — slaughtered in the name of this most depraved of fantasies. The sad irony is that although paradise is an illusion, hell on earth is very real. One need look no further than North Korea, where people are publicly executed for the crime of making unauthorized phone calls. In fact, utopia and dystopia aren't opposites — they're synonyms. And the surest way to arrive at this terrible destination is to concentrate ultimate power in the hands of a few, in the hands of central planners. The carrot of utopia combined with the stick of an emergency — whether it be a classless and plentiful society threatened by the greedy bourgeoisie, or the promise of a thousand year Aryan rule to crush the corrupting globalists or the establishment of a glorious caliphate as a stronghold against the aggressing infidels — these narratives are all designed to rally a core group of true believers and convince the wider public to enshrine in central planners extraordinary powers. But how then do the actual mechanics of coercion work at scale and how is the average person ensnared beyond just turning a blind eye? How does the narrative actually transmit into reality? Through fiat money. In the words of Henry Kissinger: “Who controls money, controls the world.” This is the greatest trick ever played. If the competent central planner and the common good can be called illusions, fiat money makes these look like cheap parlor tricks by comparison. Most civilized societies have concluded that central planning of the economy is generally a bad idea. A committee of central planners overriding the free market by setting the prices of commodities, goods and services has always lead to great misery and starvation. But when it comes to money, suddenly the rules seem to magically change. At the center of every modern economy sits a central bank who’s explicit mandate is to control the supply of money through its balance sheet and set its price through interest rate fixing. How can this contradiction be rationalized? Jordan Peterson famously remarked that only half the lesson of World War II had been learnt. By this he meant that we’d grappled with the snakepit of national socialism but not the communist den of vipers — a tragic consequence of the Allies’ expedient alignment with the Soviets against the Third Reich. One key consequence of this was that central planners were allowed to nest in the corridors of power and permitted to desecrate once hallowed institutions. For example, it is now perfectly acceptable for academics to self-identify as Marxists, which nearly 20% of professors in the social sciences do. But even still, the notion that at least half the lesson was learnt is hopelessly optimistic. The lessons of the past have been reduced to a wild goose chase for the modern day equivalent of an angry-sounding German man in leather boots and a silly-looking mustache. It’s a stultifying distraction from the underlying culprit of fiat money which allowed such madmen to rule in the first place. While society is preoccupied with a frenzied scavenger hunt for goose-stepping fascists, literal central banks have been put in charge of the money. As we will see, this is a clear pattern. The money printer allows central planners to override free market choices. What instrument of control could possibly be more perfect. Endless wars can now be financed with just the push of a button, destructive policies can be pursued no matter the cost and when challenged, central planners can bribe their opposition into compliance with promises of a universal basic income, of “free” education and health care, and of subsidized housing for the needy. And all of this they can deliver, if only given the power of the printer. Fiat money lets central planners hide the true cost of their destructive decisions by papering over them. And when society inevitably collides with the walls of reality, this provides central planners with the perfect emergency to centralize even more. In their greatest time of need, people blinded by panic will turn to the arsonists and beg them to extinguish the fire. As the black hole of money printing distorts price signals, misallocates assets, and debases society’s savings, people will actually blame “late stage capitalism” for the deterioration. Not recognizing the caustic effects of fiat money and centralized power, people will instead cry out for more of the same poison that ails them. When decades of loose monetary policy and insatiable money printing drove America into the Great Depression of the 1930s, the remedy was more centralization. What followed was the outlawing of gold with Executive Order 6102, the last bulwark against fiat, and thereafter an unprecedented nationalization of private industry that fed the war machine. In fact, FDR was able to centralize so much power that he became de facto president for life and died while serving his fourth term in office — the only president to ever do so. After his death, a 22nd amendment was hastily added to the constitution, setting a two-term limit on the presidency. The massive military industrial complex that was erected during this time and has since grown by orders of magnitude, gorging itself on money printing, is something Americans are still contending with — unable to extricate themselves from multiplying conflicts. When Weimar Germany collapsed under the hyperinflationary fires of the papiermark, the answer was again to centralize. Only this time, the Führer used fiat to turn Germany into a giant weapons manufacturer and burnt Europe to the ground. And when Lenin’s Soviet Union was ravaged by three successive hyperinflations due to Communist profligacy, Stalin seized the mantle of power, then turned around and brutally butchered the Russian people. In fact, Soviet Russia burnt through a total of seven versions of the fiat ruble and endured seven painful resets. The central planner’s fiat trick became so routine that Soviet workers would famously joke: “We pretend to work and they pretend to pay.” But of course, every fiat money must find a point of exhaustion, when the money printer’s ink runs dry. It is for this reason, that the seemingly opposite Eastern communist and Western capitalist systems were at least similar in this way: Both ultimately believed in top-down control through fiat money. Only the communists, spurred on by a more rabid fanaticism, made the fatal mistake of centralizing every nut and bolt of their economy, involving the government in decisions ranging from the harvesting of crops to the manufacturing of shoes and the production of cars. This ended in incomprehensible human suffering. Central planners in the West took a more tactful approach by first allowing their economies to self organize and fatten up before milking them dry via centralized money. And so, fiat is the greatest trick ever played. It is also the ultimate heist, allowing central planners to siphon off a population’s entire productivity and exhaust its every resource through the counterfeiting of money. Fiat money is watermelon socialism — capitalist green on the outside and communist red at its core. As justification, central planners must contort themselves into impressive mental pretzels and invert the truth. Some of these brazen lies famously include: That the constant manipulation of money is productive and necessary. That Keynesianism is a legitimate school of thought which every economics major must be indoctrinated with. That money printing does not cause price inflation. That price inflation, which invariably follows, is actually good because it also inflates GDP. For some reason, less affordable prices of goods and services are claimed as positives by this twisted logic. That the financialization of economies and stripping of their real assets through deindustrialization are actually markers of prosperity. That recessions no longer exist and employment is full because these terms can be easily re-defined to suit, in true Orwellian fashion. That the fiat driven credit boom and bust cycles which lead to great depressions and war are natural and good. That central banks are staples of a free market economy. And of course, the slandering of bitcoin as a mere toy for criminals and plaything of fringe anarchists. That’s right. War is peace. Slavery is freedom. Ignorance is strength. But what if money could not be printed at will? If money bore an actual cost, then central planners’ maleficence would become almost instantly and laughably obvious. The people’s pocket could no longer be picked with inflation and the central planner’s incompetence would incur an immediate and tangible cost. Want to wage wars? You’ll need to pay for them. Want to fund wasteful government programs? You’ll need to justify them. Want to bankrupt your citizens and leave them destitute? You’ll need to face them. Central planners could no longer destroy the world on credit and would be required to close out their tab. The cost of unproductive and wrongheaded action would come to bear immediately and allow society to course correct. This is what bitcoin does by separating money and state. It takes the central planner’s favorite tool of coercion and snaps it in half like a brittle twig. Once money can no longer be printed, what good are moral posturing and illusions of grandeur. Bitcoin strips the lie of the common good down to the hollow and empty shell that it really is and exposes any shred of unearned competence the central planners have left. Their trick revealed, central planners will finally be forced to take a bow — they just shouldn’t expect any applause. Tyler Durden Mon, 09/12/2022 - 16:20.....»»

Category: dealsSource: nytSep 12th, 2022

Cultivating tomorrow’s leaders in health care

Almost all clinicians will take on leadership responsibilities during their career, yet most of their training focuses on patient care rather than building leadership skills. To fill this gap, the Wake Forest Interprofessional Leaders in Health Care (ILHC) program helps students identify their personal leadership and communication styles and build the confidence and esteem they will need as practicing clinicians. The program, now in its fifth year, serves about 30 medical, physician assistant and….....»»

Category: topSource: bizjournalsAug 14th, 2022

Jan. 6 live updates: Trump rattles off a dozen livid social media posts as ex-aide gives explosive testimony to Jan. 6 panel

The House select committee is investigating the Capitol riot and the role Donald Trump and his allies played in trying to overturn the 2020 election. Lawmakers listen as an image of a Trump campaign donation banner is shown behind them during a House January 6 committee hearing.Susan Walsh/AP The House committee investigating the Capitol riot held a surprise hearing on Tuesday. Cassidy Hutchinson, an aide under former White House Chief of Staff Mark Meadows, testified. Hutchinson said that Trump knew supporters were armed and even tried to get to the Capitol himself. Trump rattles off a dozen livid social media posts as ex-aide gives explosive testimony to Jan. 6 panelA trailer for a documentary that centers on Trump and January 6 was released by Discovery Plus.Seth Herald/Getty ImagesFormer President Donald Trump on Tuesday unleashed a dozen social media posts in the wake of the testimony of a former top White House aide before the January 6 committee, calling the staffer a "total phony," "third rate social climber' and suggesting she was a "whacko" because of her handwriting."There is no cross examination of this so-called witness. This is a Kangaroo Court!" Trump wrote on his social media platform.In another post, he said that her "body language is that of a total bull…. artist. Fantasy Land!"Read MoreA former Trump White House chief of staff says the latest January 6 hearing provided 'stunning' new evidence of potential criminalityWASHINGTON, DC - DECEMBER 05: U.S. President Donald Trump (R) and Acting chief of staff Mick Mulvaney (L) listen to comments during a luncheon with representatives of the United Nations Security Council, in the Cabinet Room at the White House on December 5, 2019 in Washington, DC.Mark Wilson/Getty ImagesTuesday's congressional hearing on the insurrection was a "very, very bad day" for the former president, former Trump White House chief of staff Mick Mulvaney said.The hearing featured a former White House aide testifying that Donald Trump knew some protesters were armed before they marched to the US Capitol — and that his own top advisors asked for pardons after the January 6 riot."A stunning 2 hours," Mulvaney, a onetime Trump loyalist, posted on Twitter following the testimony of Cassidy Hutchinson, a former aide to Mark Meadows, who succeeded Mulvaney as Trump's White House chief of staff.Keep ReadingA Capitol Police officer injured on January 6 said 'our own president set us up'US Capitol Police Sgt. Aquilino Gonell wipes his eye as he watches a video being displayed during a House select committee hearing on the Jan. 6 attack on Capitol Hill in Washington, Tuesday, July 27, 2021.Jim Bourg/Pool via APA US Capitol Police officer injured during the January 6, 2021, attack on the Capitol told HuffPost's Igor Bobic "our own president set us up" during the sixth public hearing of the House commitee investigating the Capitol riot. Sgt. Aquilino Gonell, an Army veteran who was in the room during Tuesday's hearing, testified before Congress last year about the injuries he suffered while defending the Capitol. Gonell underwent surgery and was moved to desk duty as a result of the injuries he sustained to his foot and shoulder while being physically attacked by rioters during the Capitol siege."I just feel betrayed," Gonell told Bobic on Tuesday. "The president should be doing everything possible to help us and he didn't do it. He wanted to lead the mob and wanted to lead the crowd himself ... he wanted to be a tyrant." Read MoreCongressman says Trump sent police to the Capitol to be 'potentially slaughtered'Trump supporters clash with police and security forces as people try to storm the US Capitol on January 6, 2021.Brent Stirton/Getty ImagesDemocratic Rep. Ruben Gallego said US Capitol cops were 'sent to be potentially slaughtered' on January 6 after a former White House staffer gave stunning testimony that former President Donald Trump knew that protesters were armed and heading to the Capitol. "If it wasn't because of this brave 25-year-old woman, we wouldn't even know what was happening," the Arizona lawmaker told reporters at the hearing on Thursday, referring to Cassidy Hutchinson. "This is a very sad moment in our country right now."Read Full StoryFormer top White House aide says Trump's attacks on Pence 'disgusted' herFormer Trump White House aide Cassidy HutchinsonJacquelyn Martin/APFormer top Trump White House aide Cassidy Hutchinson said ex-President Donald Trump's attacks on then-Vice President Mike Pence during the Capitol riot "disgusted" her."I remember feeling frustrated, disappointed, and really, it felt personal, I was really sad," she testified when asked for her reaction to Trump's praise of the rioters on January 6, 2021. "As an American, I was disgusted. It was unpatriotic, it was un-American. We were watching the Capitol building get defaced over a lie." Read Full StoryLiz Cheney shares evidence of witness tampering at Jan. 6 hearingUS Representative Liz CheneyPhoto by OLIVIER DOULIERY/POOL/AFP via Getty ImagesJanuary 6 panel vice chair and GOP Rep. Liz Cheney shared two messages purportedly received by witnesses before their testimony that she said are signs of witness tampering.Cheney shared two messages that she said witnesses had received ahead of their depositions. The witnesses, who Cheney didn't name, subsequently shared the messages with the committee.In one, a witness received a phone call: "[A person] let me know you have your deposition tomorrow. He wants me to let you know that he's thinking about you. He knows you're loyal, and you're going to do the right thing when you go in for your deposition," the caller allegedly said.Witness tampering is a federal crime.Read MoreEx-White House aide said she wanted Mark Meadows to 'snap out of it' during Capitol riotFormer White House chief of staff Mark Meadows.AP Photo/Andrew HarnikTrump White House chief of staff Mark Meadows' former top aide testified that she wanted him to "snap out it" and pay attention to the chaos unfolding at the Capitol building on January 6, 2021.During her testimony before the January 6 committee, Cassidy Hutchinson said she saw Meadows on his couch on his phone as rioters stormed the Capitol building and fought with police.Hutchinson said she asked Meadows: "The rioters are getting really close. Have you talked with the president?"Meadows allegedly replied: "No, he wants to be alone right now."Read Full StoryRudy Giuliani and Mark Meadows both sought pardons from TrumpRudy Guiliani and Mark MeadowsGetty ImagesDonald Trump's lawyer and ex-mayor Rudy Giuliani as well as the president's Chief of Staff Mark Meadows both sought pardons after the Capitol riot on January 6, 2021.That's according to explosive testimony from Meadows' aide during a House hearing investigating the insurrection.Read Full Story Trump threw dishes and flipped tablecloths 'several times' while at the White House: former aideCassidy Hutchinson, a former top aide to Trump White House Chief of Staff Mark Meadows, testifies before the January 6 committee in Washington, DC, on June 28, 2022.Brandon Bell/Getty ImagesFormer President Donald Trump's temper flared "several times" in the White House, a former top aide says, recounting how he threw dishes and flipped tablecloths in the White House dining room."There were several times throughout my tenure with the chief of staff that I was aware of him [Trump] either throwing dishes or flipping the tablecloth to let all the contents of the table go onto the floor and likely break or go everywhere," said former aide Cassidy Hutchinson.After one outburst, Hutchinson said she had to wipe ketchup off the wall.KEEP READINGFox News host: Trump throwing his lunch isn't 'wholly out of character'Fox News host Martha MacCallum downplayed new revelations about former President Donald Trump's violent outbursts while he attempted to overturn the 2020 election.Former White House aide Cassidy Hutchinson testified that Trump threw a plate in the White House dining room after he found out former Attorney General Bill Barr publicly said there was no evidence of widespread voter fraud, leaving "ketchup dripping down the wall."MacCallum said the alleged outburst didn't sound "wholly out of character," even as a Fox News colleague called the revelations "stunning."Read Full StoryDonald Trump says he 'hardly' knows the former top aide who gave damning testimony against himDonald TrumpChet Strange/Getty ImagesFormer President Donald Trump called the ex-White House aide who gave damning testimony about his actions on January 6 "bad news" and said he "hardly" knew her."I hardly know who this person, Cassidy Hutchinson, is, other than I heard very negative things about her (a total phony and "leaker") ...," Trump wrote in part on his social media platform, Truth.Read Full StoryMike Flynn pleaded the 5th when asked whether the violence on January 6 was justifiedFormer National Security Advisor Michael Flynn at a campaign event in Brunswick, Ohio on April 21, 2022.Dustin Franz/Getty ImagesMike Flynn, a former 3-star general and Trump's national security advisor, waited over a minute before pleading the Fifth Amendment when asked if violence during the Capitol riot was justified.During a House panel on the insurrection, committee vice chair Rep. Liz Cheney of Wyoming aired a clip of Flynn appearing to struggle with the question.Flynn also refused to say whether he supported the peaceful transition of power.Read MoreTrump threw his lunch at the wall after Barr said there wasn't widespread voter fraud: ex-aideCassidy Hutchinson, a top former aide to Trump White House Chief of Staff Mark Meadows, testifies during the sixth hearing by the House Select Committee on the January 6th insurrection in the Cannon House Office Building on June 28, 2022 in Washington, DC.Andrew Harnik-Pool/Getty ImagesA former top White House aide testified that ex-President Donald Trump threw his lunch at a wall after then-Attorney General Bill Barr told him there was no evidence of widespread voter fraud."There was ketchup dripping down the wall and there was a shattered porcelain plate on the floor," Cassidy Hutchinson testified on Tuesday before a House panel investigating the Captiol riot on January 6, 2021.Read Full StoryTrump said Mike Pence 'deserves it' as Capitol rioters chanted that he should be hung: ex-aideDonald Trump and former US Vice President Mike Pence in the Brady Briefing Room at the White House on April 2, 2020, in Washington, DC.MANDEL NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty ImagesFormer President Donald Trump defended Capitol rioters who were chanting to hang Vice President Mike Pence during the Capitol riot, a top White House aide testified."Mike deserves it," Trump allegedly said, according to testimony from ex-aide Cassidy Hutchinson.Donald Trump also said that the rioters storming the Capitol building "weren't doing anything wrong." Read Full StoryEx-aide says top GOP Rep. Kevin McCarthy warned White House officials that Trump shouldn't go to the Capitol on January 6President Donald Trump (R) speaks as he joined by House Minority Leader Rep. Kevin McCarthy (R-CA) (L) in the Rose Garden of the White House on January 4, 2019 in Washington, DC.Alex Wong/Getty ImagesFormer White House aide Cassidy Hutchinson testified that top House Republican Kevin McCarthy called White House advisors on January 6, 2021, warning that then-president Donald Trump should not come to the US Capitol.Hutchinson told a House panel that she got a call from McCarthy after Trump's speech on the Ellipse that day. McCarthy wasn't convinced that Trump wasn't planning to make his way to the Capitol building."Well, he just said it on stage, Cassidy. Figure it out. Don't come up here," she testified he said in the call.Read Full StoryTrump lunged at his driver and demanded to be taken to the Capitol on January 6.Former President Donald Trump.AP Photo/Joe MaioranaFormer President Donald Trump lunged at his driver and tried to grab the steering wheel on January 6, 2021, as he demanded to be taken to the Capitol building as his supporters were marching away from his speech that morning, a former aide testified.Cassidy Hutchinson, a former top aide to the then-White House chief of staff, told a House panel investigating the Capitol riot that a Secret Service agent relayed the story of what happened to her.Hutchinson said that Trump "said something to the effect of 'I'm the effing president, take me up to the Capitol now.' "Read Full StoryTrump knew the January 6 crowd was armed, but said 'they're not here to hurt me,' aide testifiesDonald TrumpSeth Herald/Getty ImagesA former White House aide said Donald Trump knew that his supporters were armed on January 6 hours before they stormed the Capitol building."I don't fucking care that they have weapons. They're not here to hurt me," Trump said the morning of the insurrection at the US Capitol, according to former White House aide Cassidy Hutchinson.Hutchinson said Trump was incensed that there were gaps in the crowd of his speech on January 6.Read Full StoryTrump was 'fucking furious' armed supporters couldn't get to his speech: former aideFormer White House aide Cassidy Hutchinson.Brandon Bell/Getty ImagesAn ex-White House aide testified that President Donald Trump was "fucking furious" that people in the MAGA crowd weren't able to get to his speech on January 6, 2021 because they were carrying weapons.Trump was insistent that security remove the metal detectors outside the White House so more people with weapons could get into the grounds, former White House aide Cassidy Hutchinson told the House panel investigating the insurrection.She also quoted the president as saying: "Take the fucking mags away. Let my people in. They can march to the Capitol from here."READ FULL STORY Feds seized John Eastman's phoneJohn Eastman testifies before the House Ways and Means Committee hearing on Capitol Hill in Washington, Tuesday, June 4, 2013.Charles Dharapak/APAnother big development emerged Monday in the widening federal criminal probe into Donald Trump's efforts to overturn the 2020 presidential election.This one involves federal agents who seized the phone of John Eastman, a conservative lawyer who advised Trump during his failed bid to stop the inauguration of Joe Biden. Eastman made the feds' move public in a filing with a New Mexico federal court, seeking the return of property from the government.According to his filing, FBI agents acting on behalf of DOJ's internal watchdog stopped Eastman as he was leaving a restaurant in New Mexico on June 22, taking his phone.Read Full StoryCassidy Hutchinson in the spotlightCassidy Hutchinson’s testimony is shown during the fifth January 6 committee hearing on June 23, 2022.Demetrius Freeman-Pool/Getty ImagesCassidy Hutchinson is the surprise lead witness for Tuesday's sixth hearing of the House select committee investigating the January 6 insurrection.The former top aide under then-White House Chief of Staff Mark Meadows is a direct witness to many of the events and discussions of interest to the panel.She's given the committee several important pieces of information, including the six GOP House members who sought pardons from Trump and that the president told Meadows he agreed with rioters demands to "hang" Vice President Mike Pence.Read Full Story Select committee announces surprise hearing.January 6 committee chair Rep. Bennie Thompson of Mississippi speaks to reporters following the committee’s fifth hearing on June 23, 2022.Brandon Bell/Getty ImagesThe Jan. 6 select committee announced it would hold a sixth hearing to start Tuesday at 1 p.m. ET during the congressional recess and despite previous statements that it would hold its next hearings in July.A committee advisory said it would present "recently obtained evidence" and feature witnesses, whom it did not name.Read Full StoryKamala Harris said she commended her vice presidential predecessor Mike Pence for 'courage' in certifying Biden as president despite Trump's pressureVice President Kamala Harris.Al Drago-Pool/Getty ImagesVice President Kamala Harris said Monday that she commended former Vice President Mike Pence for certifying Joe Biden as president on January 6 despite him facing tremendous pressure by former President Donald Trump to overturn the election. "I think that he did his job that day," Harris said in a CNN interview after reporter Dana Bash asked her whether her opinion of Pence had changed. "And I commend him for that because clearly it was under extraordinary circumstances that he should have not had to face. And I commend him for having the courage to do his job."This month the House Select Committee probing the January 6 Capitol attack has detailed how Trump tried to push Pence not to recognize Biden's victory in the days leading up to January 6, 2021. Trump wanted Pence to "send back" slates of electors for Biden back to their states in order to overturn his election loss. But Pence put out an open letter saying he didn't have the authority to take such actions, and his role in the certification process was largely ceremonial.Read Full StoryKevin McCarthy says it's 'all good' between him and Trump as the former president fumes about the lack of Republicans on the Jan. 6 committee: 'The right decision was the decision I made'Rep. Kevin McCarthy (R-CA) and President Donald Trump.Anna Moneymaker/The New York Times/POOL/Getty ImagesHouse Minority Leader Kevin McCarthy said on Monday that everything is good between him and Donald Trump as the former president publicly questions whether it was wise to keep more Republicans off of the House January 6 committee."The right decision was the decision I made," McCarthy told Fox News' Dana Perino. "If other people change their opinion, read the rules and I think they'll come back to the same conclusion." The former president and McCarthy have talked recently, according to the top House Republican. When Perino asked if things were "all good?" McCarthy responded, "Oh, all good. Yes."McCarthy repeated his long-held defense of the decision, arguing that House Speaker Nancy Pelosi would have only selected Republicans that would have fit her views. The California Republican then named three of the 10 Republicans who voted to impeach Trump as examples of people Pelosi would have supported.Read Full StoryHow to watch the House January 6 committee hearings on the Capitol attackVideo featuring former President Donald Trump’s White House senior adviser and son-in-law Jared Kushner is played during a hearing by the Select Committee to Investigate the January 6th Attack on the U.S. Capitol in the Cannon House Office Building on June 13, 2022 in Washington, DC. Stepien, who was scheduled to testify in person, was unable to attend due to a family emergency. The bipartisan committee, which has been gathering evidence for almost a year related to the January 6 attack at the U.S. Capitol, will present its findings in a series of televised hearings. On January 6, 2021, supporters of former President Donald Trump attacked the U.S. Capitol Building during an attempt to disrupt a congressional vote to confirm the electoral college win for President Joe Biden.Photo by Alex Wong/Getty ImagesThe House Select Committee Investigating the January 6 Insurrection at the US Capitol is bringing to light its findings from a year's worth of work with a series of public hearings this summer. The select committee, formed in May 2021, has nine members, seven Democrats, including Chairman Rep. Bennie Thompson, and two Republicans, Reps. Liz Cheney and Adam Kinzinger. Its members and staff have spent the past year conducting hundreds of closed-door interviews, poring over hundreds of thousands of documents, and parsing phone and email records to reconstruct how President Donald Trump and his allies sought to overturn his 2020 election loss before a mob of pro-Trump rioters breached the US Capitol in an effort to stop the final certification of the 2020 election. Five public hearings, including one in primetime, have already taken place, and one more hearing is scheduled for Tuesday, June 28. Read Full StoryJanuary 6 hearing takeaways: Pardon pleas, more Bill Barr, and a riveting account of how Trump turned to the Justice Department and a loyal lawyer to 'help legitimize his lies'TheBill Clark/CQ-Roll Call, Inc via Getty Images)Spanning more than two hours in the late afternoon, the House January 6 committee's fifth public hearing captured the drama that unfolded inside the Justice Department and White House as Trump looked to some of the country's most senior and important law enforcement officials to help him remain in power.READ FULL STORYMatt Gaetz 'personally' pushed for a pardon from Trump 'from the beginning of time up until today, for any and all things,' Trump officials testifyRepublican Rep. Matt Gaetz of Florida at the White House on May 8, 2020.Anna Moneymaker-Pool/Getty ImagesThe January 6 committee aired a series of video testimonies from former Trump administration officials detailing which Republican members of Congress sought pardons from former President Donald Trump at the end of his term as he and his allies exhausted different avenues to stay in power.Most prominently featured: Republican Rep. Matt Gaetz of Florida.According to various officials who spoke with the committee, Gaetz began pushing for a pardon well before other Republicans who were involved in the attempt to overturn the 2020 election."Mr. Gaetz was personally pushing for a pardon, and he was doing so since early December," said Cassidy Hutchinson, a former aide to White House Chief of Staff Mark Meadows, in testimony aired by the committee on Thursday.READ FULL STORYFox News cut away from the Jan. 6 hearing minutes before testimony by Trump aides about GOP lawmakers who sought pardonsPlaque at the entrance to Fox News headquarters in New YorkErik McGregor/LightRocket via Getty ImagesJust as former Department of Justice Officials were detailing how they threatened to resign en masse if former President Donald Trump went ahead with his efforts to overturn the 2020 election results, Fox News cut away to air its previously scheduled talk show, "The Five."CNN and MSNBC aired the hearings in full, which ended with Rep. Adam Kinzinger listing six GOP lawmakers whom Trump aides testified sought pardons in the administration's final weeks.Other than the first of the five hearings so far, Fox News has carried the proceedings without commercial breaks, save for recesses during the proceedings.READ FULL STORYDOJ officials threatened to resign if Jeffrey Clark was appointed Attorney GeneralJeff ClarkYuri Gripas-Pool/Getty ImagesTop officials at the US Department of Justice threatened to resign if former President Donald Trump succeeded in making loyalist Jeff Clark the acting Attorney General, per testimony before the January 6 committee on Thursday.Richard Donoghue, former acting deputy attorney general, said that the pledge to resign was made on a phone call in the wake of reports that Trump was considering installing Clark, who at the time was promoting unfounded conspiracy theories about the 2020 election."They would resign en masse if the president made that change," Donoghue told the committee. "All without hesitation said they would resign."At least six GOP members of Congress sought pardons after January 6, 2021, per testimony from a former White House aideRep. Marjorie Taylor Greene, R-Ga., joined from left by Rep. Louie Gohmert, R-Texas, and Rep. Matt Gaetz, R-Fla., speaks at a news conference about the treatment of people being held in the District of Columbia jail who are charged with crimes in the Jan. 6 insurrection, at the Capitol in Washington, Tuesday, Dec. 7, 2021.J. Scott Applewhite/APCassidy Hutchinson, a former aide to former White House Chief of Staff Mark Meadows, testified Wednesday before the January 6 House panel that at least six House members asked the White House for a pardon following the Capitol siege.According to Hutchinson, Republican Reps. Matt Gaetz of Florida, Marjorie Taylor Greene of Georgia, Mo Brooks of Alabama, Andy Biggs of Arizona, Louie Gohmert of Texas, and Scott Perry of Pennsylvania requested pardons.The former White House aide added that GOP Rep. Jim Jordan of Ohio asked for an "update on whether the White House is going to pardon members of Congress" but did not personally ask for one.Keep Reading Trump suggested sending letter to states alleging 2020 election fraud, a former acting Attorney General Jeff Rosen testifiedFormer acting Attorney General Jeff Rosen has already testified about Trump's efforts to pressure DOJ.Yuri Gripas-Pool/Getty ImagesFormer acting Attorney General Jeff Rosen said on Thursday that then-President Donald Trump suggested that the Justice Department send letters to state legislatures in Georgia and other states alleging that there was voter fraud in the 2020 presidential election despite knowing there was no such evidence.Rosen told lawmakers on the House select committee investigating the January 6 insurrection that during Trump's final days in office, the former president and his campaign suggested several strategies for the Justice Department to overturn the presidential election results. These tactics included filing a lawsuit with the Supreme Court, making public statements, and holding a press conference."The Justice Department declined all of those requests that I was just referencing because we did not think they were appropriate based on the facts and the law, as we understood," Rosen said.Read MoreA former Trump DOJ official testified that former President Donald Trump urged him and other officials to 'just say the election was corrupt'Notes from Richard Donoghue displayed at the January 6 committee's hearing on June 23, 2022.Screenshot / C-SPANThe January 6 committee on Thursday displayed scans of notes taken by Richard Donoghue, then the acting deputy attorney general serving out the final days of the Trump administration.One note, displayed as Republican Rep. Adam Kinzinger of Illinois led the committee's questioning, included an apparent plea from then-President Donald Trump to "just say the election was corrupt" and "leave the rest to me and the [Republican] congressmen."Read Full StoryBill Barr says he's 'not sure we would have had a transition at all' to Biden if DOJ hadn't investigated Trump's baseless voter fraud claimsFormer Attorney General Bill Barr and former President Donald TrumpDrew Angerer/Getty ImagesFormer Attorney General William Barr said he was "not sure we would have had a transition at all" if the Justice Department had not investigated Donald Trump's claims of widespread voter fraud and found them baseless.In a closed-door deposition, Barr suggested to the House committee investigating the January 6 attack that Trump might not have left office voluntarily if DOJ had not proactively examined the election fraud claims ahead of Joe Biden's inauguration. Read Full Story'You would be committing a felony'Eric Herschmann spoke to the Jan. 6 committee on Thursday.Senate Television via APFormer White House attorney Eric Herschmann told the committee that he brutally mocked a plan from a Trump loyalist to hijack control of the Justice Department in a last-ditch effort to overturn the 2020 election."And when he finished discussing what he planned on doing, I said, 'good, fucking, excuse me, f-ing, a-hole, congratulations you just admitted that your first step or act you would take as attorney general would be committing a felony and violating rule 6c," Herschmann told the panel, per an excerpt of his previously private deposition that was released on Thursday.Read Full Story  Fast times in the CapitolActor Sean Penn and DC Metropolitan Police Department officer Daniel Hodges at the January 6 committee hearing on Capitol Hill on June 23, 2022.AP Photo/Jacquelyn MartinSean Penn is in the House.The actor and well known Hollywood activist made an unexpected appearance at the fifth hearing of the House select committee investigating the January 6 insurrection. "I'm just here to observe — just another citizen," Penn told a CNN reporter. "I think we all saw what happened on January 6 and now we're looking to see if justice comes on the other side of it."Read Full StoryLiz Cheney is mailing instructions to Democrats on how to change parties and vote for her in Wyoming's GOP primaryU.S. Rep. Liz Cheney (R-WY) Vice Chairwoman of the Select Committee to Investigate the January 6th Attack on the U.S. Capitol, delivers remarks during a hearing on the January 6th investigation on June 9, 2022.Win McNamee/Getty ImagesAs Rep. Liz Cheney faces a tough reelection battle in Wyoming, she's turning to Democrats in her home state to help her chances in the August 16 Republican primary.Cheney's campaign has mailed instructions to Wyoming Democrats on how to change their party affiliation to vote for the incumbent congresswoman, The New York Times reported on Thursday. Under Wyoming law, voters must be registered as a Democrat or a Republican in order to vote in that party's primary election. Read Full StoryFeds search home of former top Trump DOJ officialJeff ClarkYuri Gripas-Pool/Getty ImagesWe've got a major development that surfaced Thursday into what appears to be a widening federal investigation into Donald Trump's bid to overturn the 2020 presidential election.Federal investigators on Wednesday searched the Northern Virginia home of Jeff Clark, a former top Justice Department official who became the go-to Trump ally trying to push DOJ into backing the then-president's baseless claims about voter fraud.ABC News first reported this, and a DOJ spokesperson has since confirmed to Insider's Ryan Barber that law enforcement activity did indeed happen in the Washington DC suburb where Clark lives. The spokesperson wouldn't comment on the nature of the activity or about any specific individuals.Expect to hear Clark's name a couple times or more during Thursday's House select committee hearing as the panel examines Trump's efforts to use DOJ in his bid to stop Joe Biden from being sworn in as the country's 46th president.Read Full Story#unprecedentedA trailer for a documentary that centers on Trump and January 6 was released by Discovery Plus.Seth Herald/Getty ImagesHere's something that doesn't show up on the internet very often: a 30-second trailer for a new three-part documentary taking people behind the scenes of Donald Trump's presidency and the January 6 insurrection.But that's exactly what landed online late Wednesday via Discovery+, which shows footage of the new series titled "Unprecedented." The clip features Trump and his adult children Ivanka, Donald Trump Jr., and Eric Trump and closes with the ex-president himself agreeing to discuss the riot at the US Capitol. —discovery+ (@discoveryplus) June 23, 2022House January 6 investigators have the documentary footage too, courtesy of a subpoena that Politico reported about. And Trump allies were apparently in the dark about the filming, with one texting Rolling Stone: "what the fuck is this?"Read Full Story Hearings to resume at 3 p.m. ET Thursday with testimony expected from former DOJ officialsFormer Acting Attorney General Jeffrey Rosen.Yuri Gripas-Pool/Getty ImagesThe January 6 commission's fifth hearing is expected to start at 3 p.m. Thursday, with testimony expected from former Trump-administration Justice Department officials. They are:Jeffrey Rosen, former acting attorney generalRichard Donoghue, former acting deputy attorney generalSteven Engel, former assistant attorney general for the Office of Legal CounselRosen served as acting attorney general in the final weeks of Trump's presidency. He previously told the committee how he came under persistent pressure from Trump to have the DOJ back Trump's efforts to overturn the 2020 election, as Insider's C. Ryan Barber reported.Toward the end of his presidency, Trump considered ousting Rosen and installing Jeffrey Clark, a supporter of the bogus voter-fraud claims, in his place, but ultimately decided not to after officials threatened to resign if he went through.Analysis: Trump shot himself in the foot by opposing a bipartisan Jan. 6 commission because now he has no allies to defend him in scathing public hearingsLawmakers listen as an image of a Trump campaign donation banner is shown behind them during a House January 6 committee hearing.Susan Walsh/APAs the House's January 6 committee lays out in devastating detail Donald Trump's effort to overturn his defeat in the 2020 election, the former president is turning his anger on House Minority Leader Kevin McCarthy. Trump has complained about McCarthy's decision to boycott the panel, with the former president telling the Punchbowl newsletter on Wednesday: "Republicans don't have a voice. They don't even have anything to say."But Trump has no one but himself to blame for the situation, one of his Republican critics pointed out, as he was the one who opposed the formation of a bipartisan commission equally split between Republicans and Democrats to investigate the riot. Read Full StoryTrump is hate-watching every Jan. 6 hearing and almost screams at the TV because he feels nobody is defending him, report saysDonald TrumpJoe Raedle/Getty ImagesFormer President Donald Trump is hate-watching the January 6 committee hearings, incensed because he believes nobody is defending him, according to The Washington Post.Trump is at "the point of about to scream at the TV" as he tunes in to each hearing, one unnamed close advisor told the paper. Another in his circle, also unnamed, told the paper that Trump continually complains that "there's no one to defend me" at the hearings, which have attracted huge amounts of media coverage.Per The Post, Trump's anger centers on House Minority Leader Kevin McCarthy, who boycotted the committee at its formation, passing up the chance to put pro-Trump figures on the panel.Read Full StoryDOJ issued subpoenas to alleged fake Trump electors and a Trump campaign official, reports sayA general view shows a House January 6 committee hearing on Capitol Hill on June 9, 2022.Mandel Ngan/POOL/AFP via Getty ImagesThe Justice Department expanded its investigation into the Capitol riot after issuing subpoenas to a would-be Trump elector in Georgia and a Trump campaign official who worked in Arizona and New Mexico, The Washington Post and The New York Times reported Wednesday.Arizona, Georgia, and New Mexico are among the seven battleground states where a failed effort to overturn the election took place by appointing pro-Trump electors.The news comes after Rep. Adam Schiff said the House select committee investigating the January 6 insurrection obtained evidence that former President Donald Trump was involved in the aforementioned scheme.Read Full StoryTrump aides didn't know someone was filming Trump on January 6 until the House committee got the footage: reportsPresident Donald Trump listens as Jared Kushner speaks in the Oval Office of the White House on September 11, 2020.Andrew Harnik/AP PhotoAides to Donald Trump had no idea a documentary maker filmed the former president on January 6, 2021, until the House committee investigating that day subpoenaed the footage, reports said. The existence of the footage by UK documentarian Alex Holder was first reported by Politico on Tuesday.The outlet said that Holder complied with the House committee request and handed over several months of footage of Trump up to and including January 6. The New York Times reported that many top Trump advisors were surprised by news of the project, which was known to only a small circle of close Trump aides.Read Full StoryIvanka Trump claimed to believe Trump's false voter-fraud theories but later told Jan. 6 panel she didn't, report saysIvanka Trump.Drew Angerer/Getty ImagesIvanka Trump claimed to believe former President Donald Trump's false voter-fraud theories in a December 2020 interview, directly contradicting her testimony to congressional investigators earlier this year, a new report says.In April 2022, Trump had told the House committee investigating the Capitol riot that she had "accepted" former Attorney General Bill Barr's assessment that Donald Trump's claims of election fraud were wrong.But according to The New York Times, Ivanka Trump told the documentary filmmaker Alex Holder on December 10, 2020 — nine days after Barr made the assessment that supposedly swayed her — that she supported her father's efforts to challenge the 2020 election results.She said Trump should "continue to fight" the 2020 election results because Americans were questioning the "sanctity of our elections."Read Full StoryElection worker testifies that conspiracy theorists tried to citizen's arrest her grandmother after lies from Trump, GiulianiWandrea "Shaye" Moss, a former Georgia election worker, is comforted by her mother Ruby Freeman, right, during the House January 6 committee's hearing.AP Photo/Jacquelyn MartinA Georgia election worker testified that her grandmother faced a citizen's arrest by a group of election deniers who tried pushing their way into her house due to election lies told by former President Donald Trump and former personal lawyer Rudy Giuliani.Wandrea "Shaye" Moss, an election worker in Fulton County, Georgia, told lawmakers during a January 6 select committee hearing that she and her mother Ruby Freeman, who worked as a short-term election worker in 2020, were among the workers counting ballots at State Farm Arena in Atlanta. When Giuliani and Trump accused those workers of orchestrating election fraud, Moss said her family faced death threats and were pushed out of town, living in Airbnbs for two months around January 6 at the FBI's recommendation.Moss said she endured racist harassment as well, adding that a group of people influenced by the election conspiracies showed up to her grandmother's house and tried to perform a citizen's arrest.Read Full StoryWhere's Pat Cipollone?Former White House Counsel Pat CipolloneAlex Wong/Getty ImagesPaging Pat Cipollone.The former White House counsel under then-President Donald Trump is now front and center as a top witness the House committee investigating the January 6 insurrection still wants to hear from.That's according to Rep. Liz Cheney, who publicly called Tuesday for Cipollone to testify about evidence the committee has collected showing that he "tried to do what was right" as  Trump pushed to overturn the 2020 election.Cheney also noted that the House panel is also "certain" Trump doesn't want Cipollone to testify. His previous job as Trump's top White House attorney could complicate the matter, though as Insider's Ryan Barber points out in his story, Bill Barr did participate in its investigation.Read Full StorySexualized texts, a break-in and doxxingsGeorgia Secretary of State Brad Raffensperger is sworn in to testify on Tuesday before the House select committee investigating the January 6 attack on the US Capitol.Jacquelyn Martin/AP PhotoTuesday's House select committee featured jaw-dropping testimony from election officials who detailed the threats they faced after refusing to go along with then President Donald Trump's bid to overturn the 2020 election results.One big dose of it came from Georgia Secretary of State Brad Raffensperger, who explained how he received texts from all over the US and eventually his wife became a target of harassment too. "My wife started getting the texts and hers typically came in as sexualized texts, which were disgusting," Raffensperger said during his testimony before the January 6 committee. "You have to understand that Trish and I met in high school and we have been married over 40 years now. They started going after her I think to probably put pressure on me: 'Why don't you just quit and walk away?'" Raffensperger also testified about Trump supporters who broke into the home of his daughter-in-law, a widow with two children. And he said his phone and email were doxxed, meaning that someone had posted the number and email publicly so that people would message him. Read Full StoryDeath threatsWandrea ArShaye “Shaye” Moss, a former Georgia election worker, is sworn in before January 6 committee on June 21, 2022.Kevin Dietsch/Getty ImagesA Black former Georgia election worker delivered stark testimony on Tuesday about the racist and deadly threats that came when President Donald Trump publicly attacked her and her mother amid his drive to overturn the 2020 election results.Insider's Bryan Metzger has more on the remarks from Wandrea ArShaye "Shaye" Moss, a veteran election official in Fulton County who ended up on the receiving end of myriad threats after Rudy Giuliani specifically named her and her mom when speaking to the Georgia state Senate."They included threats, a lot of threats wishing death upon me," Moss said. "Telling me that, you know, I'll be in jail with my mother, and saying things like, 'Be glad it's 2020 and not 1920.'" Read Full Story'We were just kind of useful idiots'Former President Donald Trump speaks during a rally in Delaware, Ohio, on April 23, 2022.Drew Angerer/Getty Images"We were just kind of useful idiots, or rubes at that point."That's a quote from former Donald Trump 2020 campaign staffer Robert Sinner describing to the House January 6 investigators his displeasure with a scheme to overturn now-President Joe Biden's 2020 victory in Georgia.Sinner's remarks were broadcast in a video recording shown during Tuesday's select committee hearing, Insider's John Dorman reports.Read Full Story Suspicious package found outside House hearing roomThe House panel investigating the January 6 insurrection.Photo by Jabin Botsford-Pool/Getty ImagesThe House select committee investigating the January 6 insurrection kept on going Tuesday despite a suspicious package being found right outside the hearing room where the panel was meeting.Insider's Lauren Frias reported that the US Capitol Police officials did issue an all-clear about an hour after first sending out its alert. The police advised staff and visitors on the premises to stay away from the area during the incident. A Fox News producer tweeted that the package appeared to be an unattended backpack on top of a walker outside of the House building.Read Full Story'Do not give that to him'Republican Sen. Ron Johnson of Wisconsin and former Vice President Mike Pence.Drew Angerer and Erin Schaff-Pool/Getty ImagesGOP Sen. Ron Johnson sought to deliver a slate of "alternate" electors to then-Vice President Mike Pence ahead of the counting of votes during a Joint Session of Congress on January 6, 2021.That's according to a series of eye-catching text messages first displayed by the January 6 committee on Tuesday, Insider's Bryan Metzger reported."Johnson needs to hand something to VPOTUS please advise," Sean Riley, Johnson's chief of staff, wrote of the materials that were related to "alternate" electors from two contested Midwestern states that Democratic nominee Joe Biden had narrowly carried: Michigan and Wisconsin. "What is it?" replied Chris Hodgson, a legislative aide to Pence."Alternate slate of elector for MI and WI because archivist didn't receive them," Riley replied."Do not give that to him," Hodgson replied.Read Full StoryRudy admitted to not having election fraud evidenceRudy Giuliani, former lawyer for President Donald Trump.William B. Plowman/NBC/NBC Newswire/NBCUniversal via Getty ImagesRudy Giuliani admitted to not having any evidence of election fraud after the 2020 presidential election despite repeatedly claiming he did, according to the Republican speaker of the Arizona state House."My recollection, he said, 'We've got lots of theories, we just don't have the evidence,'" Russell "Rusty" Bowers, the Arizona official, said in describing a conversation with then-President Donald Trump's personal attorney.Bowers, a Trump supporter, was testifying on Tuesday before the House January 6 select committee to recount his interactions with Giuliani and the Trump legal team surrounding the events of the last presidential election.He called the Trump team "a tragic parody" and compared them to the 1971 comedy "The Gang Who Couldn't Shoot Straight."Read Full Story A very real threat to the 2022 midtermsCouy Griffin, a central figure in a New Mexico county's refusal to certify recent election results based on debunked conspiracy theories about voting machines, has avoided more jail time for joining the mob that attacked the US Capitol.AP Photo/Gemunu AmarasingheThe House select committee's January 6 hearings have spotlighted the very real threat to future US elections, including the midterms coming up this November.That's the big takeaway from a story by Insider's Grace Panetta published Tuesday that looks at how a court had to intercede after New Mexico county commission initially refused to certify results from the state's June 7 primary."The election denial movement pushed by Trump and his allies that spurred so many to attack the Capitol on January 6 has now fanned out to county commissions, town halls, and polling places around the country, presenting wholly novel burdens on election officials and new threats to the health of American democracy," Grace wrote.Read Full StoryTrump is ready to abandon attorney John Eastman after he was criticized in committee hearings, report saysJohn Eastman at a pro-Trump rally on January 6, 2021.Jim Bourg/ReutersFormer President Donald Trump sees no reason to defend the conservative attorney John Eastman, Rolling Stone reported.The decision the outlet relayed came in light of the heavy scrutiny of Eastman in the Congressional Jan. 6 committee hearings, which detailed his role helping Trump try to overturn the 2020 election.Eastman wrote a memo detailing a last-ditch plan for Vice President Mike Pence to block Joe Biden's certification as president on January 6, 2021, at the Congressional proceeding which was interrupted by the Capitol riot.Citing two sources close to Trump, the outlet reported that the committee's focus on Eastman in its public hearings had bothered Trump, and that Trump has started distancing himself from the attorney.READ FULL STORYFull list of witness testifying on June 21Arizona House Speaker Rusty Bowers is among those scheduled to testify in the committee's June 21 hearing.AP Photo/Ross D. Franklin, FileInsider's Warren Rojas has a roster of those scheduled to appear in the committee's public hearings. See the full list below.Read Full StoryJan. 6 committee subpoenas filmmaker who interviewed Trump before and after the riotTrump speaks to supporters from the Ellipse near the White House on January 6, 2021, in Washington, DC.Brendan Smialowski/AFP via Getty ImagesThe January 6 committee sent a subpoena to Alex Holder, a documentary filmmaker who interviewed Trump before and after the Capitol riot, Politico's Playbook newsletter reported Tuesday.The existence of this footage had never been reported before, and Holder is expected to fully cooperate with the panel, Playbook reported.Holder also spent several months interviewing members of Trump's family, including his children Donald Trump Jr., Ivanka Trump, and Eric Trump, and his son-in-law Jared Kushner, Playbook reported.The subpoena asked Holder to provide any raw footage he might have from the Capitol riot and interviews with Trump, his family, and former Vice President Mike Pence, as well as any footage he has of discussions about voter fraud in the 2020 election.Trump boasts he's been impeached twice and screams 'nothing matters!' amid ongoing January 6 hearingsFormer 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 ImagesFormer President Donald Trump on Friday bragged that he was impeached twice, while recycling his false claims about the 2020 election and attacking former Vice President Mike Pence and former Attorney General William Barr.Delivering a speech to the Faith and Freedom Coalition in Nashville, the former president said Pence didn't have the courage to embrace his effort to overturn the election and mocked Barr for being "afraid" of getting impeached."What's wrong with being impeached? I got impeached twice and my poll numbers went up," Trump said.Read Full StoryGinni Thomas says she 'can't wait' to talk to Jan. 6 committee after it asks for interview over her efforts to overturn 2020 electionGinni ThomasChip Somodevilla/Getty ImagesGinni Thomas, the wife of Supreme Court Justice Clarence Thomas, said she "can't wait' to talk to the House January 6 commission after it asked to interview her over her efforts to overturn the 2020 election."I can't wait to clear up misconceptions. I look forward to talking to them," Thomas told the right-wing news site The Daily Caller. She did not say what those misconceptions might be.Her comments come after the House Select Committee investigating the Capitol riot announced that it had requested an interview with her. Rep. Bennie Thompson, the committee's chairman, said the panel wanted to talk to her "soon," Axios reported.Thomas faces scrutiny over her connections to former President Donald Trump's attempts to overturn the 2020 election. Read Full StoryEven on the day of the Capitol riot, Rudy Giuliani was still doubtful if Mike Pence had the power to overturn the election, says ex-Trump lawyerRudy Giuliani.Jacquelyn Martin/APEric Herschmann, a former Trump White House lawyer, revealed on Thursday that even on the morning of the Capitol riot, Rudy Giuliani was still debating whether then-Vice President Mike Pence had the power to overturn the votes in the 2020 election. Herschmann's testimony was aired on Thursday during the third of six public hearings organized by the January 6 committee investigating the Capitol riot. Thursday's session centered on the pressure exerted by the Trump camp in a bid to get Pence to overturn the vote.Herschmann said he received a call "out of the blue" from Giuliani on the morning of January 6, 2021, concerning what Pence's role would be that day."And, you know, he was asking me my view and analysis and then the practical implications of it," Herschmann said, who described the call as an "intellectual discussion." "And when we finished, he said, like, 'I believe that, you know, you're probably right.'" Read Full StoryMike Pence's former lawyer said he warned Trump's camp that overturning votes would lead to the 2020 election being 'decided in the streets'Then-US President Donald Trump arrives with then- Vice President Mike Pence for a "Make America Great Again" rally in Michigan on November 2, 2020.PhoPhoto by Brendan Smialowski / AFP via Getty ImagesA lawyer for former Vice President Mike Pence said that he strongly disagreed with conservative lawyer John Eastman about the Trump camp's plan to overturn the 2020 election result and warned Eastman that it might lead to violence in the streets.Testifying on Thursday before the January 6 panel investigating the Capitol riot, Greg Jacob said he had spoken to Eastman on January 5, 2021. During their conversation, Jacob said he expressed his "vociferous disagreement" with the plan for Pence to overturn the electoral vote on behalf of former President Donald Trump and send the votes back to their respective states. "Among other things, if the courts did not step in to resolve this, there was nobody else to resolve it," Jacob testified. Read Full StoryDemocracy on the brinkPeople arrive before a hearing of the House select committee investigating the Jan. 6, 2021, attack on the Capitol at the Capitol in Washington, Thursday, June 16, 2022.Drew Angerer/Pool Photo via APAmerican democracy was on the brink like no time ever before.That's the lede paragraph from Insider's Grace Panetta in her story that sums up the biggest takeaways from Thursday's historic and marathon third public hearing of the House select committee investigating the January 6, 2021, insurrection at the US Capitol.Grace writes that the two lead witnesses, Greg Jacob and Michael Luttig, were steeped in legal expertise and constitutional scholarship as they explained at a granular and methodical level why neither the Electoral Count Act nor the 12th Amendment permitted then-Vice President Mike Pence to unilaterally reject Electoral College votes for President-elect Joe Biden.Then-President Donald Trump and one of his personal legal advisors, John Eastman, were pushing the vice president to do exactly that in a break with all of US history. Read Full StoryMAGA world a "clear and present danger to American democracy"Michael Luttig, a retired federal judge who was an adviser to former Vice President Mike Pence, looks at Greg Jacob, former counsel to Vice President Mike Pence, as he testifies before the House select committee investigating the Jan. 6, 2021 attack on the Capitol at the Capitol in Washington, Thursday, June 16, 2022.J. Scott Applewhite/AP PhotoFormer President Donald Trump and his supporters remain a "clear and present danger to American democracy."Those were the startling words of Michael Luttig, a retired federal judge who has long been championed by Republicans. He made them near the end of Thursday's marathon House select committee hearing into the January 6, 2021, insurrection at the US Capitol.Luttig, who advised then-Vice President Mike Pence about his ceremonial role on January 6, also went on to say Trump world is being more than blunt about its plans to manipulate the results of the next election for the White House. "The former president and his allies are executing that blueprint for 2024 in open and plain view of the American public," Luttig testified, per Insider's Warren Rojas. Read Full Story'1 more relatively minor violation' of election law...please?Former Trump legal adviser John EastmanAP Photo/Susan WalshIt's perhaps one of the biggest bombshells to come out of Thursday's House select committee hearing on the Capitol insurrection: a Trump lawyer putting in writing a request to break the law.The no-no came from John Eastman, who sent an email at 11:44 p.m. on the night of January 6, 2021, repeated his demand that Vice President Mike Pence halt the proceedings to certify the 2020 election and send it back to the states for a period of 10 days."So now that the precedent has been set that the Electoral Count Act is not quite so sacrosanct as was previously claimed, I implore you to consider one more relatively minor violation and adjourn for 10 days to allow the legislatures to finish their investigations, as well as to allow a full forensic audit of the massive amount of illegal activity that has occurred here," Eastman wrote to Pence lawyer Greg Jacob.Insider's Jake Lahut writes that the Eastman email was sent after Jacob and the then-vice president's staff and family, had been sheltering in place in a secure location during the riot.Read Full StoryEastman asked Giuliani to be added to Trump's pardon listJohn Eastman appeared onstage with Rudy Giuliani at the pro-Trump rally that preceded the January 6 attack on the Capitol.Jim Bourg/ReutersThe House panel investigating the January 6, 2021, insurrection at the Capitol made some news on Thursday by disclosing evidence that conservative lawyer John Eastman wanted to get added to lame-duck President Donald Trump's pardon list.Eastman was pushing to overturn the 2020 election, and as Insider's Oma Seddiq reports, his efforts prompted an email to personal Trump lawyer Rudy Giuliani. "I've decided I should be on the pardon list, if that is still in the works," Eastman wrote  to Giuliani, according to Rep. Pete Aguilar, a lawmaker on the January 6 panel who read the email during Thursday's hearing. Eastman ultimately did not receive a pardon. Read Full StoryAides say Trump called Pence 'P-word' and 'wimp' on Jan. 6 callTrump and Pence at a White House event on July 13, 2020.AP Photo/Evan VucciThe language got pretty profane in the White House on the morning of January 6, 2021, Insider's Bryan Metzger reports.That's according to former aides who testified to the House select committee investigating the Capitol insurrection about a call then-President Donald Trump made to Mike Pence, his vice president."I remember hearing the word 'wimp'. Either he called him a wimp — I don't remember if he said, 'you are a wimp, you'll be a wimp' — wimp is the word I remember," said Nicholas Luna, a former assistant to Trump.Julie Radford, who served as Ivanka Trump's chief of staff, told the committee that Ivanka told her that the president "just had an upsetting conversation with the Vice President" in which he called Pence "the P-word."Read Full Story'Secret' MAGA back channel Jan. 6 investigators are teasing is also Oath Keepers' legal defenseStewart Rhodes, founder of the citizen militia group known as the Oath Keepers speaks during a rally outside the White House in Washington, on June 25, 2017.Susan Walsh/APThe House January 6 investigators keep on teasing how there'll soon be upcoming testimony that reveals secret coordination between Trumpworld and extremist groups.But as Insider's Laura Italiano points out in a new story, the Oath Keepers have long boasted of such a back channel.In fact, leader and founder Elmer Stewart Rhodes and other members of the pro-Trump militia are staking their seditious-conspiracy defense case on these yet-described communications with rally organizers.Read Full StoryCruz wanted the ex-judge testifying against Trump as a SCOTUS justiceRepublican Sen. Ted Cruz of Texas and retired Judge Michael Luttig.AP Photos/Manuel Balce Ceneta and Susan WalshThere's an interesting twist to the retired conservative federal Judge Michael Luttig testifying as a key witness in Thursday's January 6 committee hearing.Insider's Bryan Metzger dug up video from the 2016 GOP presidential primary debates showing Luttig was once named by Republican Sen. Ted Cruz of Texas as an ideal Supreme Court nominee.—bryan metzger (@metzgov) June 16, 2022 Bryan writes that it was "yet another example of just how much former President Donald Trump's efforts to overturn the 2020 presidential election results has divided the conservative legal world."Read Full Story   DOJ: House's 'failure' to share transcripts hurting Jan. 6 investigationsTrump supporters clash with police and security forces as people try to storm the Capitol on January 6, 2021 in Washington.Brent Stirton/Getty ImagesMore public tension is emerging between the Justice Department and the House panel investigating the January 6, 2021, insurrection at the US Capitol.Insider's Ryan Barber has the details on a new letter sent Wednesday from the top US attorney in Washington DC to the House panel. There, the DOJ official says that the House panel has complicated criminal cases with its 'failure' to turn over interview transcripts to prosecutions.DOJ is looking for access to more than 1,000 interviews the congressional panel has conducted during its months-long examination of the Capitol attack and former President Donald Trump's effort to overturn the 2020 election.Read Full StoryJudge Luttig: If Pence tossed valid electoral votes it would have been 'a revolution'Michael Luttig, a retired federal judge who was an adviser to former Vice President Mike Pence, testifies Thursday to the House select committee investigating the Jan. 6, 2021, attack on the Capitol.AP Photo/Susan WalshSome really powerful testimony to start Thursday's January 6 select committee hearing from former federal judge J. Michael Luttig.In his opening remarks, he told the panel investigating the insurrection at the US Capitol that Vice President Mike Pence overturning the 2020 election would've pushed the country into 'the first constitutional crisis since the founding of the republic.'"That declaration of Donald Trump as the next president would have launched America into what I believe would have been tantamount to a revolution within a constitutional crisis in America which in my view would have been the first constitutional crisis since the founding of the Republic," Luttig told lawmakers during a hearing Thursday. Read Full StoryFormer Pence counsel says 'the law is not a plaything' for presidentsVice President Mike PenceScott J. Applewhite/APMike Pence's former counsel Greg Jacob is a lead witness in Thursday's third public hearing for the House select committee investigating the January 6 insurrection at the US Capitol.In his written statement submitted before the hearing, Jacob called serving the vice president "the honor of a lifetime," while also warning that the rule of law is "not a plaything" for political leaders to bend per their whim."The law is not a plaything for presidents or judges to use to remake the world in their preferred image," he wrote. "Our Constitution and our laws form the strong edifice within which our heartfelt policy disagreements are to be debated and decided."Insider's Grace Panetta has more on Jacob's testimony and spells out why he was a key figure in rebuffing the intense pressure campaign and efforts to compel Pence to obstruct or meddle with the count. Read Full StoryJanuary 6 committee says it will 'soon' seek interview with Ginni ThomasConservative activist Ginni Thomas and January 6 committee chair Rep. Bennie Thompson of Mississippi.AP Photos/Susan Walsh and J. Scott ApplewhiteConservative activist Ginni Thomas, the wife of conservative Supreme Court Justice Clarence Thomas, should be expecting an interview request soon from the House select committee investigating the January 6 insurrection at the US Capitol."We think it's time that we, at some point, invite her to come talk to the committee," Rep. Bennie Thompson, the Democratic chair of the panel, told Axios' Andrew Solender. He added that the invitation would come "soon."Thomas has recently come under scrutiny for her role in seeking to overturn the 2020 election, including emailing Trump lawyer John Eastman and pressuring 29 state legislators in Arizona to overturn the state's 2020 election results.Read Full Story  Meet the former Trump attorney starring in the January 6 hearingEric Herschmann, former White House attorney, speaks with the House select committee investigating the Jan. 6 attack on the U.S. Capitol on June 13, 2022.(House Select Committee via APAnyone remember Eric Herschmann? The White House attorney burst into the national spotlight defending President Donald Trump during his first Senate impeachment trial way back in the early pre-pandemic days of 2020.Now he's back, but for a very different reason.That's the story that Oma Seddiq just delivered for Insider readers ahead of Thursday's House January 6 hearing profiling Herschmann. He's been in the news as video clips make the rounds of his testimony where he talks about warning Trump and his allies after the presidential election that there was no proof the race was rigged and stolen, and their efforts may be illegal. In addition to his colorful language, Herschmann has drawn notice because he gave his deposition in a room with a baseball bat hanging on the wall and the word "JUSTICE" inscribed on it in bold, white letters. Observers also have noted a large painting behind him of a panda, by the artist Rob Pruitt, is similar to one that appeared in the 2015 erotic drama "50 Shades of Grey."Read Full StoryNick Quested explains how it felt to testify before the January 6 committeeBritish filmmaker Nick Queste.....»»

Category: topSource: businessinsiderJun 28th, 2022

What Corning CEO Wendell P. Weeks Learned From Steve Jobs About Risk

TIME spoke with Wendell P. Weeks for this week's Leadership Brief. (To receive weekly emails of conversations with the world’s top CEOs and business decisionmakers, click here.) Wendell P. Weeks, Corning’s long-serving leader, says he rapidly ramped up production of its new medical glass vials for COVID-19 vaccines last year based on critical lessons from his late acquaintance Steve Jobs. The Apple co-founder “changed the way I thought about risk,’’ explains Weeks, who has served as chief executive of the storied glassmaker since 2005. Corning exceeded its 2021 expectations by churning out more than 150 million vaccine vials—enough to hold more than 1.2 billion doses. The company can now produce 500 million such vials annually, thanks to a new manufacturing plant it opened about six months ahead of schedule. [time-brightcove not-tgx=”true”] Weeks stands 6 ft. 5 in. tall but prefers a low profile. No wonder few people know how extensively Corning, founded in 1851, has shaped our lives. His employer pioneered numerous innovations since developing the glass for Thomas Edison’s first lightbulb. Weeks keeps the 1880 initial Edison order on his office wall to remind him “how small things can become great.’’ Corning also invented Pyrex cookware, glass to encase TV tubes, hair-thin glass strands that formed the internet’s backbone and damage-resistant Gorilla Glass for Apple’s iPhone screens. It’s currently used in more than 8 billion devices worldwide. Weeks, a Lehigh accounting major, joined Corning in 1983 as a restructuring controller, a professional position. He later became its youngest ever vice president. The 62-year-old executive holds 34 U.S. patents. TIME recently spoke with Weeks about Corning’s growing involvement in cars and the broadband network, his view of hands-on leadership, and why CEOs should craft a 150-year strategic framework. The interview has been condensed and edited for clarity. (For coverage of the future of work, visit TIME.com/charter and sign up for the free Charter newsletter.) Why isn’t there greater public awareness of Corning’s pivotal role in so many arenas for decades? We deliberately tend to be pretty low-key. We use our core capabilities to help solve problems and make the world just a little bit better. We believe approaching that work very humbly and quietly and allowing customers to have the primary success is probably the best way. A duality is why we’ve been able to survive for 171 years. You want to evolve the way the world is going. On the other hand, you want to become a better version of yourself. In each of our areas, we’re bringing distinct expertise that has lasted for generations. You’ve previously said Corning focuses on problems that matter, such as cleaner air, safety, and more effective medicine plus fast, reliable communication. What three areas will the company focus on in coming years? Your car is going through more change than it has in 100 years. We’re helping make that car safer, cleaner, and more connected. Another area going through another huge spurt of innovation is our communication system. With the speed of information that people want today, 5G is a big thing. Cloud is a momentous event, too. We’ll also continue to bring our technology to bear in the health area, especially pharmaceutical packaging. All three areas will start to really grow by the end of three years from now. The U.S. recently enacted a $1 trillion infrastructure law that includes a $65 billion program to expand the broadband network, mostly through optic cable projects. When and how will this new program benefit Corning? It’ll start as early as 2023. These civil works projects could add a billion dollars a year of additional sales for us in serving the broadband network. Your optical communications business had sales of $4.3 billion in 2021. So, increasing its annual sales by $1 billion seems like a big deal, right? It’s significant but not huge for us company-wide because we’re so big. It’s who the program serves that matters. There has been so much fiber deployed. Yet we still have a substantial percentage of the U.S. population not touched by the state-of-the-art communication systems that fiber represents. Some are rural. But some are in the inner city. We have enough issues that divide us that there’s no reason to have us not all be able to be on the same network. We put networks in place to help do this. On June 7, the U.S. Treasury announced initial state awards from a separate $10 billion initiative also aimed at improving broadband network access in underserved communities. How will this additional program affect Corning? Access to broadband means access to opportunity—from education to health care to quality of life. Our largest segment by sales is optical communications, and we expect significant growth to continue. We are energized by momentum building from recently announced public sector investments and customers like AT&T and Verizon who are making long-term commitments with Corning to expand U.S. manufacturing capacity and prepare the future workforce. You enjoy rolling up your sleeves. In fact, you and three colleagues share the patent on Corning’s medical glass container that protects COVID-19 vaccines. Why should other business leaders be hands-on, too? I spend 40% of my time working with small teams on innovations that really matter, such as inventing and making products. It brings joy into my life, and I am good at it. It is pretty common in the tech community among chief executives who think of themselves more like founders and never want to lose touch with their products. If you want to have employees follow you, you actually have to occasionally do the work your people are engaged in. I try to set that example. Last year, Corning added two more goals for reducing its greenhouse gas emissions. Will you next set net zero carbon emission goals? And what challenges delay achieving goals that help save our planet? We’ve always tried to apply our technologies to get a more harmonious relationship with the environment. We set science-based targets. We have real goals that show a dramatic improvement in our carbon footprint. We know precisely how we’re going to get there because we’re engineering folks. We haven’t set net zero carbon emission goals covering a short time period. The biggest challenge we face is energy grids in places that we operate. We have a big manufacturing footprint in Asia, where availability of renewable energy is low. How do we help get renewable energy built there? We’ve been a big part of helping build that in the U.S. In February 2007, Steve Jobs asked you to provide 5 million square feet of Gorilla Glass by the end of May, just before Apple’s first iPhone went on sale. You initially resisted, but ultimately delivered on time. You subsequently forged strong ties with Jobs. How did his quick decision-making style influence your command of Corning? He definitely impacted me. He was trying to get me to do the iPhone cover and I was like, ‘I just don’t think we can get that many done.’ He took time to explain that I was afraid. He goes, ‘You’re basically letting your fear of embarrassment if you fail get in the way of the needs of a lot of people. You’re passing up the opportunity to be great. Look at all the people you’re speaking for at Corning who also have that opportunity.’ Steve Jobs helped me realize that ‘I’ is the wrong word to view risk. When you start to think about the pros and cons for the ‘we,’ you view risk differently and become much more of a well-balanced judge of risk. That little advice enabled a lot of better decisions than I would’ve otherwise made. It’s why I made the risky move to rapidly ramp up our production of vials for COVID-19 vaccines. Based on what Steve Jobs taught you about taking risks, how should business leaders minimize their potential downsides when they must move fast? Jeff Bezos distinguishes between a two-way door and a one-way door. Two-way doors represent reversible decisions because they swing two ways. Most doors you face as a CEO are two-way. You save time on two-way doors. You don’t over-examine risk. But one-way door decisions can almost never be reversed. If I go through, I can’t go back. If you kill a capability, it takes a long time to undo that. I overstudy one-way doors. I’m very slow, thoughtful, and careful. Years ago, you tackled huge setbacks that threatened Corning’s survival. The telecom bubble burst in 2001 while you were running its fiber optics business. Corning rang up record losses. Promoted to president in 2002, you spearheaded a painful restructuring and extensive layoffs. What was your best leadership lesson from those difficult days? The biggest thing I learned was humility—and how easy it is to be wrong. Being wrong as a leader carries implications for many beyond you. Humility sort of unlocked the second piece: How much the people around you love the same company that you do and are willing to sacrifice to help and get in the fight to turn it around. If people are willing to do that, it will always turn out well. We tackled all the hard things and tried to figure out how to be a better version of ourselves. We’ve been on that journey ever since. (For coverage of the future of work, visit TIME.com/charter and sign up for the free Charter newsletter.) Corning was among the first U.S. companies to establish its own research center. What does your R&D spending look like today as you try to develop innovative products for tomorrow? Back in the dot-com era, we set out to double the percentage of our revenue that we invest in R&D—and have done ever since. We now spend about a billion dollars a year. We invest about twice as much in our DNA as our peers, not just in glass. Even after that investment, we have a significantly higher profitability because we get distinctive inventions. We invest in areas that we can always reuse and repurpose. That ability makes that investment core and critical, and we’re going to do it for as long as I’m here. We’re investing for the next generation of our leaders, our people, our communities, and even our investors. That idea of sacrifice today for tomorrow is one of our core values that make us different. There are years when that difference makes us look bad, and years when that difference makes us look amazingly brilliant. Everybody is wrong both times. It’s just a steady approach. Your predecessor James Houghton once urged you and other top executives to craft a 150-year strategy for Corning. Are you still executing that blueprint? And should other chief executives also consider a 150-year strategy? We developed a framework rather than an actual strategy for 150 years ahead. I still use the terminology by now saying, ‘We’re here to do another 171 years of innovation and independence.’ It is a good exercise for other CEOs, too, especially if they have a founder mentality. A founder brings this deep attachment to the company. It represents him or her. We’re all mortal. One way you can beat death is by running a company where your approach and impact last beyond your lifespan. You become part of an institution that lasts longer than you. We stand on the shoulders of the people that came before. Let us give good, strong shoulders for those people who come after us to stand on......»»

Category: topSource: timeJun 15th, 2022

What Corning CEO Wendell P. Weeks Learned from Steve Jobs About Risk

TIME spoke with Wendell P. Weeks for this week's Leadership Brief. (To receive weekly emails of conversations with the world’s top CEOs and business decisionmakers, click here.) Wendell P. Weeks, Corning’s long-serving leader, says he rapidly ramped up production of its new medical glass vials for COVID-19 vaccines last year based on critical lessons from his late acquaintance Steve Jobs. The Apple co-founder “changed the way I thought about risk,’’ explains Weeks, who has served as chief executive of the storied glassmaker since 2005. Corning exceeded its 2021 expectations by churning out more than 150 million vaccine vials—enough to hold more than 1.2 billion doses. The company can now produce 500 million such vials annually, thanks to a new manufacturing plant it opened about six months ahead of schedule. [time-brightcove not-tgx=”true”] Weeks stands 6 ft. 5 in. tall but prefers a low profile. No wonder few people know how extensively Corning, founded in 1851, has shaped our lives. His employer pioneered numerous innovations since developing the glass for Thomas Edison’s first lightbulb. Weeks keeps the 1880 initial Edison order on his office wall to remind him “how small things can become great.’’ Corning also invented Pyrex cookware, glass to encase TV tubes, hair-thin glass strands that formed the internet’s backbone and damage-resistant Gorilla Glass for Apple’s iPhone screens. It’s currently used in more than 8 billion devices worldwide. Weeks, a Lehigh accounting major, joined Corning in 1983 as a restructuring controller, a professional position. He later became its youngest ever vice president. The 62-year-old executive holds 34 U.S. patents. TIME recently spoke with Weeks about Corning’s growing involvement in cars and the broadband network, his view of hands-on leadership, and why CEOs should craft a 150-year strategic framework. The interview has been condensed and edited for clarity. (For coverage of the future of work, visit TIME.com/charter and sign up for the free Charter newsletter.) Why isn’t there greater public awareness of Corning’s pivotal role in so many arenas for decades? We deliberately tend to be pretty low-key. We use our core capabilities to help solve problems and make the world just a little bit better. We believe approaching that work very humbly and quietly and allowing customers to have the primary success is probably the best way. A duality is why we’ve been able to survive for 171 years. You want to evolve the way the world is going. On the other hand, you want to become a better version of yourself. In each of our areas, we’re bringing distinct expertise that has lasted for generations. You’ve previously said Corning focuses on problems that matter, such as cleaner air, safety, and more effective medicine plus fast, reliable communication. What three areas will the company focus on in coming years? Your car is going through more change than it has in 100 years. We’re helping make that car safer, cleaner, and more connected. Another area going through another huge spurt of innovation is our communication system. With the speed of information that people want today, 5G is a big thing. Cloud is a momentous event, too. We’ll also continue to bring our technology to bear in the health area, especially pharmaceutical packaging. All three areas will start to really grow by the end of three years from now. The U.S. recently enacted a $1 trillion infrastructure law that includes a $65 billion program to expand the broadband network, mostly through optic cable projects. When and how will this new program benefit Corning? It’ll start as early as 2023. These civil works projects could add a billion dollars a year of additional sales for us in serving the broadband network. Your optical communications business had sales of $4.3 billion in 2021. So, increasing its annual sales by $1 billion seems like a big deal, right? It’s significant but not huge for us company-wide because we’re so big. It’s who the program serves that matters. There has been so much fiber deployed. Yet we still have a substantial percentage of the U.S. population not touched by the state-of-the-art communication systems that fiber represents. Some are rural. But some are in the inner city. We have enough issues that divide us that there’s no reason to have us not all be able to be on the same network. We put networks in place to help do this. On June 7, the U.S. Treasury announced initial state awards from a separate $10 billion initiative also aimed at improving broadband network access in underserved communities. How will this additional program affect Corning? Access to broadband means access to opportunity—from education to health care to quality of life. Our largest segment by sales is optical communications, and we expect significant growth to continue. We are energized by momentum building from recently announced public sector investments and customers like AT&T and Verizon who are making long-term commitments with Corning to expand U.S. manufacturing capacity and prepare the future workforce. You enjoy rolling up your sleeves. In fact, you and three colleagues share the patent on Corning’s medical glass container that protects COVID-19 vaccines. Why should other business leaders be hands-on, too? I spend 40% of my time working with small teams on innovations that really matter, such as inventing and making products. It brings joy into my life, and I am good at it. It is pretty common in the tech community among chief executives who think of themselves more like founders and never want to lose touch with their products. If you want to have employees follow you, you actually have to occasionally do the work your people are engaged in. I try to set that example. Last year, Corning added two more goals for reducing its greenhouse gas emissions. Will you next set net zero carbon emission goals? And what challenges delay achieving goals that help save our planet? We’ve always tried to apply our technologies to get a more harmonious relationship with the environment. We set science-based targets. We have real goals that show a dramatic improvement in our carbon footprint. We know precisely how we’re going to get there because we’re engineering folks. We haven’t set net zero carbon emission goals covering a short time period. The biggest challenge we face is energy grids in places that we operate. We have a big manufacturing footprint in Asia, where availability of renewable energy is low. How do we help get renewable energy built there? We’ve been a big part of helping build that in the U.S. In February 2007, Steve Jobs asked you to provide 5 million square feet of Gorilla Glass by the end of May, just before Apple’s first iPhone went on sale. You initially resisted, but ultimately delivered on time. You subsequently forged strong ties with Jobs. How did his quick decision-making style influence your command of Corning? He definitely impacted me. He was trying to get me to do the iPhone cover and I was like, ‘I just don’t think we can get that many done.’ He took time to explain that I was afraid. He goes, ‘You’re basically letting your fear of embarrassment if you fail get in the way of the needs of a lot of people. You’re passing up the opportunity to be great. Look at all the people you’re speaking for at Corning who also have that opportunity.’ Steve Jobs helped me realize that ‘I’ is the wrong word to view risk. When you start to think about the pros and cons for the ‘we,’ you view risk differently and become much more of a well-balanced judge of risk. That little advice enabled a lot of better decisions than I would’ve otherwise made. It’s why I made the risky move to rapidly ramp up our production of vials for COVID-19 vaccines. Based on what Steve Jobs taught you about taking risks, how should business leaders minimize their potential downsides when they must move fast? Jeff Bezos distinguishes between a two-way door and a one-way door. Two-way doors represent reversible decisions because they swing two ways. Most doors you face as a CEO are two-way. You save time on two-way doors. You don’t over-examine risk. But one-way door decisions can almost never be reversed. If I go through, I can’t go back. If you kill a capability, it takes a long time to undo that. I overstudy one-way doors. I’m very slow, thoughtful, and careful. Years ago, you tackled huge setbacks that threatened Corning’s survival. The telecom bubble burst in 2001 while you were running its fiber optics business. Corning rang up record losses. Promoted to president in 2002, you spearheaded a painful restructuring and extensive layoffs. What was your best leadership lesson from those difficult days? The biggest thing I learned was humility—and how easy it is to be wrong. Being wrong as a leader carries implications for many beyond you. Humility sort of unlocked the second piece: How much the people around you love the same company that you do and are willing to sacrifice to help and get in the fight to turn it around. If people are willing to do that, it will always turn out well. We tackled all the hard things and tried to figure out how to be a better version of ourselves. We’ve been on that journey ever since. (For coverage of the future of work, visit TIME.com/charter and sign up for the free Charter newsletter.) Corning was among the first U.S. companies to establish its own research center. What does your R&D spending look like today as you try to develop innovative products for tomorrow? Back in the dot-com era, we set out to double the percentage of our revenue that we invest in R&D—and have done ever since. We now spend about a billion dollars a year. We invest about twice as much in our DNA as our peers, not just in glass. Even after that investment, we have a significantly higher profitability because we get distinctive inventions. We invest in areas that we can always reuse and repurpose. That ability makes that investment core and critical, and we’re going to do it for as long as I’m here. We’re investing for the next generation of our leaders, our people, our communities, and even our investors. That idea of sacrifice today for tomorrow is one of our core values that make us different. There are years when that difference makes us look bad, and years when that difference makes us look amazingly brilliant. Everybody is wrong both times. It’s just a steady approach. Your predecessor James Houghton once urged you and other top executives to craft a 150-year strategy for Corning. Are you still executing that blueprint? And should other chief executives also consider a 150-year strategy? We developed a framework rather than an actual strategy for 150 years ahead. I still use the terminology by now saying, ‘We’re here to do another 171 years of innovation and independence.’ It is a good exercise for other CEOs, too, especially if they have a founder mentality. A founder brings this deep attachment to the company. It represents him or her. We’re all mortal. One way you can beat death is by running a company where your approach and impact last beyond your lifespan. You become part of an institution that lasts longer than you. We stand on the shoulders of the people that came before. Let us give good, strong shoulders for those people who come after us to stand on......»»

Category: topSource: timeJun 12th, 2022

Live updates: GOP plans abortion strategy after Roe v. Wade leak

The campaign arm of the Senate GOP told Republicans to be "the compassionate, consensus-builder on abortion policy." Pro-choice demonstrators hold signs in front of the US Supreme Court in Washington, DC, on May 3, 2022.Photo by BRENDAN SMIALOWSKI/AFP via Getty Images The GOP is advising members on abortion communications after the SCOTUS leak, Axios reported. It called Democrats "extreme" and said Republicans should be the "compassionate, consensus-builder." Politico also said it is adding security measures after publishing the leaked draft opinion on Roe v. Wade. The GOP told lawmakers to portray themselves as 'the compassionate, consensus-builder' on abortion policy after SCOTUS leak, Axios reportsSenate Minority Leader Mitch McConnell.Tom Williams/CQ-Roll Call, Inc via Getty ImagesA leaked GOP memo obtained by Axios told Republican lawmakers to portray themselves as the "compassionate consensus-builder" on abortion policy after the leak.The memo by the National Republican Senatorial Committee (NRSC), which is the campaign arm of the Senate GOP, said: "Be the compassionate, consensus-builder on abortion policy ... While people have many different views on abortion policy, Americans are compassionate people who want to welcome every new baby into the world."It also Republicans should "expose the Democrats for the extreme views they hold," claiming that "Joe Biden and the Democrats have extreme and radical views on abortion that are outside of the mainstream of most Americans," Axios reported.Read Full Story Phone location data from people who visited abortion clinics, including Planned Parenthood, is legally on sale for $160, Vice reportsThe outside of the Planned Parenthood Reproductive Health Services Center is seen in St. Louis, Missouri.Saul Loeb/Getty ImagesVice found that location data from Planned Parenthood branches can be legally sold.Vice paid a broker $160 for a dataset that included a week's worth of phone location data for 600 Planned Parenthoods in the US, including some that provide abortions.Data from such brokers is aggregated, which means individuals are not singled out, but it is possible to de-anonymize the data and idenfify people from the datasets.Read Full StoryPolitico told its employees to watch out for strangers trying to enter their office after it published the leaked SCOTUS draft, The Daily Beast reportsProtests erupt after a leaked opinion favors abortion bans.Getty ImagesPolitico told employees to watch out for strangers trying to enter their office after they published the leaked draft opinion, The Daily Beast reported.Politico's Chief Talent Officer Traci Schweikert said new security measures would be put in place after the report.The Daily Beast did not report the specifics of any new measures, but reported that Schweikert told staff to be aware of potential threats."Be aware of anyone accessing our elevators with you and the possibility of 'tailgating' to your floor," Schweikert said.The email also urged employees to delete private information from their social media accounts, The Daily Beast reported.Read Full Story  Women on TikTok say hookup culture will be 'decimated' if Roe V. Wade is overturnedThe landmark 1973 Roe v. Wade case provided the legal precedent that makes abortion legal in the US.TikTokSome women say they will deny casual sex if they do not have abortion rights after news broke that the Supreme Court is poised to overturn the landmark Roe V. Wade case. "In case you're a man who doesn't care about roe v wade just know that if abortion gets banned hookup culture will be absolutely decimated," TikTok user @moneymollusk wrote in a video, which has received more than 1.2 million views in a single day."What women would have mediocre sex with a drunk rando if he could potentially father their child," she continued, noting that the video is directed at "all the pro-life men who love Plan B."Read Full StoryReasoning behind leaked draft decision could lead to anti-feminist laws nationwide, says Rep. Jamie RaskinProtesters at a pro-choice rally outside the Supreme Court on November 1, 2021.AP Photo/Jacquelyn MartinMaryland Rep. Jamie Raskin said this week that if Roe v. Wade were to be overturned based on Justice Samuel Alito's reasoning, it might be an invitation for other laws to be overturned. Raskin was discussing the bombshell leak of the Supreme Court's draft majority opinion on Roe v. Wade during an interview with MSNBC host Rachel Maddow on Monday.Read Full StoryOverturning Roe v. Wade is 'not what a majority of Americans want,' says Elizabeth WarrenSen. Elizabeth Warren.Tom Williams/CQ-Roll Call, Inc via Getty ImagesA video taken on Tuesday showed Sen. Elizabeth Warren fuming over a leaked Supreme Court opinion written by Justice Samuel Alito which appeared to show that the Supreme Court's conservative judges have lined up to overturn Roe v. Wade.The 1973 Supreme Court decision codified the right to an abortion into law, but the memo leaked by Politico on Monday showed that the court's five conservative judges all shared their opposition to the law in February.A furious Warren ripped into the lawmakers who approved the conservative judges while speaking with reporters on Tuesday, appearing shaken with anger as an aide helped escort her away from the courthouse.Read Full StoryAs Roe v. Wade faces being overturned, communities of color continue to fight for their rightsFor decades, women of color have been on the front line of the fight for abortion rights.Whitney Curtis/Getty ImagesAbortion advocates say that communities of color will bear the brunt of the overturning of the decades-long precedence of Roe v. Wade."We know this imminent ruling will have a dramatic impact on all people seeking to end a pregnancy and its consequences will reverberate nationwide," Lupe M. Rodríguez, the executive director at the National Latina Institute for Reproductive Justice, wrote in a statement to Insider.Read Full StorySupreme Court's leaked decision gives Democrats a fresh shot at the culture warsBoth pro- and anti-abortion demonstrators gathered in front of the US Supreme Court in Washington, DC, on May 3.Photo by BRENDAN SMIALOWSKI/AFP via Getty ImagesRepublicans planned to ride to electoral victory this fall on a wave of parental fears and dissatisfaction with schools, teachers' unions, and COVID restrictions.The Supreme Court was poised over the summer to weigh in on one of the most polarizing issues of all, overturning abortion rights. But now that an authentic draft of the conservative majority's opinion has been leaked ahead of schedule, it has accelerated concerns, and a decision to gut Roe v. Wade could supersede all other culture wars when Americans go to the polls in November.Democrats are counting on it.Read Full StorySchumer blasts McConnell for not discussing Supreme Court draft opinionSenate Majority Leader Chuck Schumer; Senate Minority Leader Mitch McConnell.Alex Wong/Getty Images; Tom Williams/CQ-Roll Call, Inc via Getty ImagesSenate Majority Leader Chuck Schumer on Tuesday ripped into Senate Minority Leader Mitch McConnell after the top Republican avoiding talking about his longtime push to overturn Roe v. Wade, the landmark ruling that granted women the constitutional right to an abortion nearly 50 years ago.McConnell earlier on Tuesday criticized the release of a draft opinion from the Supreme Court — an unprecedented leak related to a major abortion rights case that's still pending. The top Republican focused his outrage on the nature of the leak, and avoided speaking on the substance of the draft opinion, which would overturn Roe."It is utterly amazing that Mitch McConnell did not want to say he supports repealing Roe v. Wade," Schumer said during a press conference. "All he did was talk about the leaks."Read Full StoryRepublican senators won't say if they support rape and incest exceptions to abortion bansRepublican Sens. Rick Scott of Florida and Joni Ernst of IowaJim Lo Scalzo/Pool/AFP via Getty Images; Caroline Brehman/CQ-Roll Call, Inc via Getty; Anna Moneymaker/GettyEvery Republican president since Ronald Reagan has stood behind anti-abortion views with exceptions in the cases of rape, incest, and protecting the life of the pregnant person.But some Senate Republicans refused to tell Insider whether they support such exceptions in the wake of the publication of a draft Supreme Court opinion that would overturn Roe v. Wade, the landmark ruling protecting abortion rights.Read Full StoryConservative media talking heads play defense on overturning Roe v. WadeSenate Minority Leader Mitch McConnell.Drew Angerer/Getty ImagesThe conservative legal movement appears to be on the cusp of achieving a nearly 50-year dream of overturning Roe v. Wade, the 1973 Supreme Court decision protecting abortion.But so far, conservative media appearances show the party and its most loyal pundits holding off on taking a victory lap.Read Full StoryDemocrats want to make Roe v. Wade the law of the landSenate Majority Leader Chuck Schumer discusses efforts to codify Roe v. Wade into law this past February.Win McNamee/Getty ImagesDemocrats have promised to vote on a bill that would protect abortion rights after a leaked draft showed the Supreme Court is poised to overturn Roe v. Wade. "Every American is going to see which side every senator stands on," Senate Majority Leader Chuck Schumer said Tuesday on the steps of the US Capitol, adding that a vote would happen "soon" on the Women's Health Protection Act. Read Full StoryJustice Samuel Alito quoted Ruth Bader Ginsburg in leaked draft opinionUS Supreme Court Associate Justices Ruth Bader Ginsburg and Samuel Alito, Jr. sit next to each other for a group portrait on November 30, 2018.Jim Young/ReutersAssociate Supreme Court Justice Samuel Alito cited the late Justice Ruth Bader Ginsburg in his leaked draft opinion that would reverse landmark abortion rights. Ginsburg was a famously strong defender of women's rights during her 27-year tenure on the court before her death in 2020. "Roe...halted a political process that was moving in a reform direction and thereby, I believed, prolonged divisiveness and deferred stable settlement of the issue," Alito quoted Ginsburg on the third page of his 98-page opinion.Read Full StoryScrapping of Roe v. Wade would hurt women's personal and financial securityProtesters, demonstrators, and activists gather in front of the US Supreme Court as the justices hear arguments in Dobbs v. Jackson Women's Health, a case about a Mississippi law that bans most abortions after 15 weeks, on December 01, 2021.Chip Somodevilla/Getty ImagesOver the last few years, women and trans Americans have seen their economic, physical, and personal security imperiled, and policy hasn't stepped up to address those challenges.A Supreme Court decision striking down Roe v. Wade would be yet another big setback, Insider's Juliana Kaplan and Joseph Zeballos-Roig write.Read Full StoryThe draft leak was Chief Justice John Roberts' worst 'nightmare'Chief Justice John Roberts ordered an investigation into the leak of a draft opinion.Andrew Harnik/AFP via Getty ImagesChief Justice John Roberts has a pattern of warning Supreme Court clerks and staff to maintain confidentiality in court dealings. Roberts would highlight to the clerks that leaking information could mean blows to their careers, clerks told Insider.Legal experts called the breach — which is almost unprecedented — "highly disturbing." Roberts has instructed the court marshal to start an investigation into the leak. He called it a "betrayal of the confidences of the court."Read Full StoryOklahoma Gov. Kevin Stitt signs Texas-style bill that bans abortions around the six-week pregnancy mark—Governor Kevin Stitt (@GovStitt) May 3, 2022Stitt signed SB 1503 — a bill that mirrors the highly restrictive Texas abortion ban — on Tuesday saying he wants Oklahoma "to be the most pro-life state in the country."The "Oklahoma Heartbeat Act" would make it illegal for any pregnant individual to obtain an abortion passed the point when a heartbeat can be detected in the fetus. This typically occurs around the sixth week of pregnancy — though most people are unaware that they are pregnant at this point. The bill leaves out exceptions including rape or incest and only allows the procedure if the impregnated person's life is at risk.It also enables private citizens to sue others who induce or provide an abortion for up to $10,000, just like the Texas law. The bill immediately goes into effect since Stitt signed.Oklahoma lawmakers passed another abortion law in April forbidding medical professionals from performing the procedure except in medical emergencies — punishable by up to 10 years in prison and $100,000 in fines. This bill would go into effect in the summer unless courts stop it.Some companies are covering travel costs for employees seeking abortion in different statesSarah Goggans (C) holds her daughter Lilith Centola in front of the US Supreme Court as demonstrators gather in Washington, DC, on May 3, 2022.Photo by BRENDAN SMIALOWSKI/AFP via Getty ImagesSome US companies are taking steps in response to increasing restrictions on abortion access.  Amazon, Apple, and Citi, for example, are covering travel costs for employees seeking abortion in different states.At least half of US states are "certain or likely" to ban abortion if the landmark Roe v. Wade ruling is struck down, according to analysis by the Guttmacher Institute.Read Full StoryAOC calls Sen. Kyrsten Sinema 'an obstructionist' and rips on the Arizona lawmakerSen. Kyrsten Sinema, D-Ariz.; Rep. Alexandria Ocasio-Cortez, D-N.Y.Tom Williams/CQ-Roll Call, Inc/Getty Images; J. Scott Applewhite, File/Associated PressRep. Alexandria Ocasio-Cortez called Sen. Kyrsten Sinema "an obstructionist" and slammed the Arizona lawmaker for refusing to support changes to the Senate filibuster to codify abortion protections."We could protect Roe tomorrow, but Sinema refuses to act on the filibuster. Until that changes she can take a seat talking about 'women's access to health care,'" Ocasio-Cortez said, calling for Sinema to be primaried. Read Full StoryRepublican Sen. Lisa Murkowski said her "confidence" in SCOTUS has been rockedRepublican Sen. Lisa Murkowski said her "confidence" in the Supreme Court has been rocked after the leaked draft opinion suggesting Roe v. Wade would be overturned. "Roe is still the law of the land. We don't know the direction that this decision may ultimately take, but if it goes in the direction that this leaked copy has indicated I will just tell you that it rocks my confidence in the court right now," she told reporters. Murkowski, who supports abortion rights, voted to approve Conservatives Neil Gorsuch and Amy Coney Barrett to the Supreme Court.Read Full StoryKamala Harris says the 'rights of all Americans are at risk' after leaked draft opinionVice President Kamala Harris and Second Gentleman Doug Emhoff disembark from Air Force 2 at San Francisco International Airport on April 21, 2022 in California.Kent Nishimura / Los Angeles Times via Getty ImagesVice President Kamala Harris said in a statement that "the rights of all Americans are at risk" as the Supreme Court seems set to overturn Roe v. Wade. "If the right to privacy is weakened, every person could face a future in which the government can potentially interfere in the personal decisions you make about your life," Harris said.She added: "Republican legislators in states across the country are weaponizing the use of the law against women."Read Full StorySen. Elizabeth Warren rips Republicans for 'plotting' to get a conservative Supreme CourtU.S. Sen. Elizabeth Warren (D-MA) speaks to pro-choice demonstrators outside of the U.S. Supreme Court Building on May 03, 2022 in Washington, DC.Photo by Anna Moneymaker/Getty ImagesSen. Elizabeth Warren slammed Republicans for "plotting" to get a conservative Supreme Court and overturn Roe v. Wade. "The Republicans have been working toward this day for decades," Warren told reporters Tuesday. "They have been out there plotting, carefully cultivating these Supreme Court justices so they could have a majority on the bench who would accomplish something that the majority of Americans do not want."She said she's "angry and upset and determined," after the leaked draft opinion appearing to signal the landmark Roe v. Wade ruling will be overturned. Read Full StorySen. Kyrsten Sinema stands by her support of the Senate filibusterSen. Kyrsten Sinema, D-Ariz., speaks during a Senate Homeland Security and Governmental Affairs Committee hearing on Feb. 1, 2022 in Washington.Al Drago/Bloomberg via AP, FileSen. Kyrsten Sinema is standing by her support of the Senate filibuster, busting Democrats' hopes of codifying Roe v. Wade into law.  "Protections in the Senate safeguarding against the erosion of women's access to health care have been used half-a-dozen times in the past ten years, and are more important now than ever," she said in a Tuesday statement.The filibuster requires most legislation to get a three-fifths majority to head to debate, meaning Democrats can't pass many policy items in an evenly divided Senate.  Read Full StoryRep. Cori Bush said she's 'broken up' by the Roe v. Wade draft opinionDemocratic Rep. Cori Bush — who previously revealed she got an abortion after being raped as a teen — said she was "broken up" after the leaked draft opinion suggesting the Supreme Court would overturn the constitutional right to abortion."I'm pretty broken up," the 45-year-old Missouri congresswoman told The New York Times in an interview on Tuesday.She added: "Whether you have an abortion, or whether you have the child, no one is on that table with you. No one is on that bed with you."Read Full StorySupreme Court confirms authenticity of leaked draft opinion gutting abortion rightsU.S. Supreme Court Police officers set up barricades on the sidewalk as pro-choice and anti-abortion activists demonstrate in front of the U.S. Supreme Court Building on May 03, 2022 in Washington, DC.Photo by Anna Moneymaker/Getty ImagesThe Supreme Court confirmed the authenticity of a leaked draft opinion that would overturn the landmark 1973 Roe v. Wade ruling guaranteeing abortion rights."Although the document described in yesterday's reports is authentic, it does not represent a decision by the Court or the final position of any member on the issues in the case," the court said in a statement.Chief Justice John Roberts announced the court will investigate to find out who leaked the document.Read Full StorySusan Collins slams Justices Neil Gorsuch and Brett Kavanaugh after leaked draft opinionSusan CollinsGreg Nash-Pool/Getty ImagesRepublican Sen. Susan Collins slammed conservative Justices Neil Gorsuch and Brett Kavanaugh in the wake of the leaked draft opinion that would overturn the right to an abortion."If this leaked draft opinion is the final decision and this reporting is accurate, it would be completely inconsistent with what Justice Gorsuch and Justice Kavanaugh said in their hearings and in our meetings in my office," Collins said in a statement.Collins — who supports abortion rights — has previously defended her decision to vote for Gorsuch and Kavanaugh's Supreme Court confirmations. Read Full StoryMajority Leader Schumer says the Senate will vote on an abortion rights billSenate Majority Leader Chuck Schumer promised to hold a vote that would codify federal abortion rights into law."A vote on this legislation is not an abstract exercise. This is as urgent and real as it gets," Schumer said during a speech on the Senate floor. "We will vote to protect a woman's right to choose and every American is going to see on which side every American stands."Read Full StoryBiden says it's up to 'voters to elect pro-choice officials' after leaked SCOTUS draft opinionBiden at former Vice President Walter Mondale’s memorial service in Minneapolis, Minnesota, on May 1, 2022.Nicholas Kamm / AFP via Getty ImagesPresident Joe Biden urged voters to elect pro-choice lawmakers in the wake of a leaked draft opinion seemingly suggesting that the Supreme Court would overturn Roe v. Wade. Biden in a Tuesday statement said at a federal level, the country needs "more pro-choice Senators and a pro-choice majority in the House" so he can pass legislation to codify Roe v. Wade. "If the Court does overturn Roe, it will fall on our nation's elected officials at all levels of government to protect a woman's right to choose," the president added. "And it will fall on voters to elect pro-choice officials this November." Read Full StoryMcConnell lashes out at Democrats over reactions to Roe v. Wade leakSenate Minority Leader Mitch McConnell (R-KY) departs the US Capitol on April 27, 2022.STEFANI REYNOLDS/AFP via Getty ImagesSenate Minority Leader Mitch McConnell slammed Democrats over their reactions to the leaked draft opinion showing the Supreme Court is set to undo abortion rights. "By every indication, this was yet another escalation in the radical left's ongoing campaign to bully and intimidate federal judges and substitute mob rule for the rule of law," McConnell said in a statement.He also called the leak "an attack on the independence of the Supreme Court." Read Full StoryCalifornia Gov. Gavin Newsom proposes to build a statewide constitutional 'firewall' around abortion rightsCalifornia Gov. Gavin Newsom on Tuesday proposed building a statewide constitutional "firewall" around abortion rights."California will build a firewall around this right in our state constitution," Newsom said in a joint statement with California's State Senate President Toni Atkins and State Assembly Speaker Anthony Rendon.The statement said California lawmakers will propose a constitutional amendment to "enshrine the right to choose."Read Full StoryDemocrats plan to make abortion rights a huge midterm issueAbortion rights advocates and anti-abortion protesters demonstrate in front of the U.S. Supreme Court, Wednesday, Dec. 1, 2021, in Washington, as the court hears arguments in a case from Mississippi, where a 2018 law would ban abortions after 15 weeks of pregnancy, well before viability.(AP Photo/Andrew Harnik)Democrats plan to make abortion a main talking point ahead of the fall midterm elections if the Supreme Court overturns existing protections for women's reproductive rights.If the landmark Roe v. Wade ruling is overturned, pro-choice groups say outrage could help inspire people to vote. "The reality is abortion is absolutely going to be on the ballot in 2022, no ifs, ands, or buts about it," Kristin Ford, vice president of communications at NARAL Pro-Choice America, told Insider in March.Read Full StoryDemocrats are worried that same-sex marriage and civil rights could be targeted next after SCOTUS leakDemocratic lawmakers are concerned that same-sex marriage and civil rights could be undone next in the wake of a leaked draft opinion showing the Supreme Court is set to overturn abortion rights.The Supreme Court "isn't just coming for abortion - they're coming for the right to privacy Roe rests on, which includes gay marriage + civil rights," Rep. Alexandria Ocasio-Cortez tweeted on Monday.Legal scholar Laurence Tribe wrote on Twitter that next steps may include a "nationwide abortion ban, followed by a push to roll back rights to contraception, same-sex marriage, sexual privacy, and the full array of textually unenumerated rights long taken for granted." Read Full StorySCOTUS leaked draft opinion is unprecedented, but details about Court deliberations have been made public beforeCaroline McDonald, left, a student at Georgetown University, Lauren Morrissey, with Catholics for Choice, and Pamela Huber, of Washington, join a pro-choice rally outside the Supreme Court, Monday, Nov. 1, 2021, as arguments are set to begin about abortion by the court, on Capitol Hill in Washington.AP Photo/Jacquelyn MartinThe leaked draft opinion seemingly showing that the Supreme Court is poised to overturn Roe v. Wade is certainly unprecedented. An entire draft opinion has never been leaked like this before. But details about justices' deliberations have been made public before — for example a 1972 memo about Roe that was leaked to the Washington Post before it became public. Read Full StoryBiden has been reluctant to say the word 'abortion' throughout his termPresident Joe Biden has been reluctant to publicly say the word "abortion" since he took office in January 2021.According to CNN, he has never said the word "abortion" out loud and used it a few times in some written statements. During his presidential campaign, Biden promised to codify the landmark 1973 ruling in Roe v. Wade.Read Full StoryDemocrats want to 'codify Roe,' but it's unlikely to succeedSenate Majority Leader Chuck Schumer discusses efforts to codify Roe v. Wade into law this past February.Win McNamee/Getty ImagesIn the wake of the leaked draft Supreme Court opinion, Democrats have quickly organized to codify Roe v. Wade and make it a law.One thing stopping Democrats' efforts, however, is the Senate filibuster. Democrats are currently focusing on the Women's Health Protection Act as a way to protect women's' federal right to abortion. Read Full StoryA constitutional amendment protecting abortion rights is nearly impossible to get throughThe First Printing of the Final Text of the United States Constitution is on display during a press preview at Sotheby's on September 17, 2021 in New York City.Photo by Alexi Rosenfeld/Getty ImagesAmending the Constitution is extremely difficult and rare. An amendment protecting abortion rights is nearly impossible.Abortion rights amendments have previously been proposed by both supporters and opponents. In the 233-year-long lifespan of the Constitution, it has only been amended 27 times — most recently in 1992 — and would require massive support in Congress and among states.  Read Full StoryLegal experts are shocked the drafted decision leakedSeated from left: Samuel Alito, Clarence Thomas, John Roberts, Stephen Breyer and Sonia Sotomayor, Standing from left: Brett Kavanaugh, Elena Kagan, Neil Gorsuch and Amy Coney Barrett.Erin Schaff-Pool/Getty ImagesLegal experts have expressed shock at the fact that a draft opinion from the Supreme Court was leaked to Politico. "The fact that it leaked is, to me, the most surprising thing," Harvard Law School professor I. Glenn Cohen told Insider.Mark Kende, a law professor at Drake University, told Insider that it's "highly disturbing that the opinion was improperly leaked in an unprecedented way, presumably by someone at the Court."Read Full StoryTop Democrats slam SCOTUS justices for 'one of the worst' decisions in historySenate Minority Leader Chuck Schumer and House Speaker Designate Nancy Pelosi.AP Photo/J. Scott ApplewhiteHouse Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer slammed the potential Supreme Court ruling as  "one of the worst and most damaging decisions in modern history."Their remarks came in response to a leaked draft opinion published by Politico that appears to show the Supreme Court is set to overturn the landmark Roe v. Wade case. "If the report is accurate, the Supreme Court is poised to inflict the greatest restriction of rights in the past fifty years – not just on women but on all Americans," Pelosi and Schumer said in a joint statement. Read Full StoryProtesters in support of Roe v. Wade gathered outside Supreme CourtPro-choice and anti-abortion activist rally outside of the U.S. Supreme Court on May 02, 2022 in Washington, DC. In an initial draft majority opinion obtained by Politico, Supreme Court Justice Samuel Alito allegedly wrote that the cases Roe v. Wade and Planned Parenthood of Southeastern v. Casey should be overruled, which would end federal protection of abortion rights across the country.Kevin Dietsch/Getty ImagesHundreds of protestors gathered outside the Supreme Court in Washington, DC, late on Monday night after Politico published a leaked draft opinion suggesting that Roe v. Wade was poised to be overturned. "I got down here early, right, cause I got home from a long day kicked off shoes my shoes, opened Twitter, saw that Roe v. Wade was trending to be overturned, put my shoes back on, and came right back from east of the river," Rev. Wendy Hamilton, a Democratic congressional candidate from DC, told Insider. Read Full StoryLeaked draft opinion shows SCOTUS set to overturn Roe v. WadeThe U.S. Supreme Court building is seen at sunset in Washington on Thursday, Dec. 2, 2021.Bill Clark/CQ-Roll Call, Inc via Getty ImagesA leaked draft opinion obtained by Politico appears to show that the Supreme Court is poised to overturn the 1973 landmark Roe v. Wade ruling that granted women the constitutional right to an abortion.Politico late Monday published the 98-page initial draft majority opinion, purportedly authored by Justice Samuel Alito who said Roe was "egregiously wrong from the start.""We hold that Roe and Casey must be overruled," the draft opinion says, labeled as the "Opinion of the Court," according to the report.The decision — if finalized — would mark a momentous shift in constitutional rights. Over a dozen GOP states have laws that would immediately restrict abortion access if Roe v. Wade is overturned. Read Full StoryRead the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 4th, 2022

Live updates: Overturning Roe v Wade is "not what a majority of Americans want," says Sen. Elizabeth Warren

Over a dozen GOP-led states have laws that would immediately restrict abortion access if the Supreme Court throws out Roe v. Wade. Pro-choice demonstrators hold signs in front of the US Supreme Court in Washington, DC, on May 3, 2022.Photo by BRENDAN SMIALOWSKI/AFP via Getty Images A video shows Sen. Elizabeth Warren furious about the leaked memo regarding Roe v. Wade. "The Republicans have been working toward this day for decades," Warren said. If finalized, the ruling would throw out a woman's constitutional right to have an abortion. Reasoning behind leaked draft decision could lead to anti-feminist laws nationwide, says Rep. Jamie RaskinProtesters at a pro-choice rally outside the Supreme Court on November 1, 2021.AP Photo/Jacquelyn MartinMaryland Rep. Jamie Raskin said this week that if Roe v. Wade were to be overturned based on Justice Samuel Alito's reasoning, it might be an invitation for other laws to be overturned. Raskin was discussing the bombshell leak of the Supreme Court's draft majority opinion on Roe v. Wade during an interview with MSNBC host Rachel Maddow on Monday.Read Full StoryOverturning Roe v. Wade is 'not what a majority of Americans want,' says Elizabeth WarrenSen. Elizabeth Warren.Tom Williams/CQ-Roll Call, Inc via Getty ImagesA video taken on Tuesday showed Sen. Elizabeth Warren fuming over a leaked Supreme Court opinion written by Justice Samuel Alito which appeared to show that the Supreme Court's conservative judges have lined up to overturn Roe v. Wade.The 1973 Supreme Court decision codified the right to an abortion into law, but the memo leaked by Politico on Monday showed that the court's five conservative judges all shared their opposition to the law in February.A furious Warren ripped into the lawmakers who approved the conservative judges while speaking with reporters on Tuesday, appearing shaken with anger as an aide helped escort her away from the courthouse.Read Full StoryAs Roe v. Wade faces being overturned, communities of color continue to fight for their rightsFor decades, women of color have been on the front line of the fight for abortion rights.Whitney Curtis/Getty ImagesAbortion advocates say that communities of color will bear the brunt of the overturning of the decades-long precedence of Roe v. Wade."We know this imminent ruling will have a dramatic impact on all people seeking to end a pregnancy and its consequences will reverberate nationwide," Lupe M. Rodríguez, the executive director at the National Latina Institute for Reproductive Justice, wrote in a statement to Insider.Read Full StorySupreme Court's leaked decision gives Democrats a fresh shot at the culture warsBoth pro- and anti-abortion demonstrators gathered in front of the US Supreme Court in Washington, DC, on May 3.Photo by BRENDAN SMIALOWSKI/AFP via Getty ImagesRepublicans planned to ride to electoral victory this fall on a wave of parental fears and dissatisfaction with schools, teachers' unions, and COVID restrictions.The Supreme Court was poised over the summer to weigh in on one of the most polarizing issues of all, overturning abortion rights. But now that an authentic draft of the conservative majority's opinion has been leaked ahead of schedule, it has accelerated concerns, and a decision to gut Roe v. Wade could supersede all other culture wars when Americans go to the polls in November.Democrats are counting on it.Read Full StorySchumer blasts McConnell for not discussing Supreme Court draft opinionSenate Majority Leader Chuck Schumer; Senate Minority Leader Mitch McConnell.Alex Wong/Getty Images; Tom Williams/CQ-Roll Call, Inc via Getty ImagesSenate Majority Leader Chuck Schumer on Tuesday ripped into Senate Minority Leader Mitch McConnell after the top Republican avoiding talking about his longtime push to overturn Roe v. Wade, the landmark ruling that granted women the constitutional right to an abortion nearly 50 years ago.McConnell earlier on Tuesday criticized the release of a draft opinion from the Supreme Court — an unprecedented leak related to a major abortion rights case that's still pending. The top Republican focused his outrage on the nature of the leak, and avoided speaking on the substance of the draft opinion, which would overturn Roe."It is utterly amazing that Mitch McConnell did not want to say he supports repealing Roe v. Wade," Schumer said during a press conference. "All he did was talk about the leaks."Read Full StoryRepublican senators won't say if they support rape and incest exceptions to abortion bansRepublican Sens. Rick Scott of Florida and Joni Ernst of IowaJim Lo Scalzo/Pool/AFP via Getty Images; Caroline Brehman/CQ-Roll Call, Inc via Getty; Anna Moneymaker/GettyEvery Republican president since Ronald Reagan has stood behind anti-abortion views with exceptions in the cases of rape, incest, and protecting the life of the pregnant person.But some Senate Republicans refused to tell Insider whether they support such exceptions in the wake of the publication of a draft Supreme Court opinion that would overturn Roe v. Wade, the landmark ruling protecting abortion rights.Read Full StoryConservative media talking heads play defense on overturning Roe v. WadeSenate Minority Leader Mitch McConnell.Drew Angerer/Getty ImagesThe conservative legal movement appears to be on the cusp of achieving a nearly 50-year dream of overturning Roe v. Wade, the 1973 Supreme Court decision protecting abortion.But so far, conservative media appearances show the party and its most loyal pundits holding off on taking a victory lap.Read Full StoryDemocrats want to make Roe v. Wade the law of the landSenate Majority Leader Chuck Schumer discusses efforts to codify Roe v. Wade into law this past February.Win McNamee/Getty ImagesDemocrats have promised to vote on a bill that would protect abortion rights after a leaked draft showed the Supreme Court is poised to overturn Roe v. Wade. "Every American is going to see which side every senator stands on," Senate Majority Leader Chuck Schumer said Tuesday on the steps of the US Capitol, adding that a vote would happen "soon" on the Women's Health Protection Act. Read Full StoryJustice Samuel Alito quoted Ruth Bader Ginsburg in leaked draft opinionUS Supreme Court Associate Justices Ruth Bader Ginsburg and Samuel Alito, Jr. sit next to each other for a group portrait on November 30, 2018.Jim Young/ReutersAssociate Supreme Court Justice Samuel Alito cited the late Justice Ruth Bader Ginsburg in his leaked draft opinion that would reverse landmark abortion rights. Ginsburg was a famously strong defender of women's rights during her 27-year tenure on the court before her death in 2020. "Roe...halted a political process that was moving in a reform direction and thereby, I believed, prolonged divisiveness and deferred stable settlement of the issue," Alito quoted Ginsburg on the third page of his 98-page opinion.Read Full StoryScrapping of Roe v. Wade would hurt women's personal and financial securityProtesters, demonstrators, and activists gather in front of the US Supreme Court as the justices hear arguments in Dobbs v. Jackson Women's Health, a case about a Mississippi law that bans most abortions after 15 weeks, on December 01, 2021.Chip Somodevilla/Getty ImagesOver the last few years, women and trans Americans have seen their economic, physical, and personal security imperiled, and policy hasn't stepped up to address those challenges.A Supreme Court decision striking down Roe v. Wade would be yet another big setback, Insider's Juliana Kaplan and Joseph Zeballos-Roig write.Read Full StoryThe draft leak was Chief Justice John Roberts' worst 'nightmare'Chief Justice John Roberts ordered an investigation into the leak of a draft opinion.Andrew Harnik/AFP via Getty ImagesChief Justice John Roberts has a pattern of warning Supreme Court clerks and staff to maintain confidentiality in court dealings. Roberts would highlight to the clerks that leaking information could mean blows to their careers, clerks told Insider.Legal experts called the breach — which is almost unprecedented — "highly disturbing." Roberts has instructed the court marshal to start an investigation into the leak. He called it a "betrayal of the confidences of the court."Read Full StoryOklahoma Gov. Kevin Stitt signs Texas-style bill that bans abortions around the six-week pregnancy mark—Governor Kevin Stitt (@GovStitt) May 3, 2022Stitt signed SB 1503 — a bill that mirrors the highly restrictive Texas abortion ban — on Tuesday saying he wants Oklahoma "to be the most pro-life state in the country."The "Oklahoma Heartbeat Act" would make it illegal for any pregnant individual to obtain an abortion passed the point when a heartbeat can be detected in the fetus. This typically occurs around the sixth week of pregnancy — though most people are unaware that they are pregnant at this point. The bill leaves out exceptions including rape or incest and only allows the procedure if the impregnated person's life is at risk.It also enables private citizens to sue others who induce or provide an abortion for up to $10,000, just like the Texas law. The bill immediately goes into effect since Stitt signed.Oklahoma lawmakers passed another abortion law in April forbidding medical professionals from performing the procedure except in medical emergencies — punishable by up to 10 years in prison and $100,000 in fines. This bill would go into effect in the summer unless courts stop it.Some companies are covering travel costs for employees seeking abortion in different statesSarah Goggans (C) holds her daughter Lilith Centola in front of the US Supreme Court as demonstrators gather in Washington, DC, on May 3, 2022.Photo by BRENDAN SMIALOWSKI/AFP via Getty ImagesSome US companies are taking steps in response to increasing restrictions on abortion access.  Amazon, Apple, and Citi, for example, are covering travel costs for employees seeking abortion in different states.At least half of US states are "certain or likely" to ban abortion if the landmark Roe v. Wade ruling is struck down, according to analysis by the Guttmacher Institute.Read Full StoryAOC calls Sen. Kyrsten Sinema 'an obstructionist' and rips on the Arizona lawmakerSen. Kyrsten Sinema, D-Ariz.; Rep. Alexandria Ocasio-Cortez, D-N.Y.Tom Williams/CQ-Roll Call, Inc/Getty Images; J. Scott Applewhite, File/Associated PressRep. Alexandria Ocasio-Cortez called Sen. Kyrsten Sinema "an obstructionist" and slammed the Arizona lawmaker for refusing to support changes to the Senate filibuster to codify abortion protections."We could protect Roe tomorrow, but Sinema refuses to act on the filibuster. Until that changes she can take a seat talking about 'women's access to health care,'" Ocasio-Cortez said, calling for Sinema to be primaried. Read Full StoryRepublican Sen. Lisa Murkowski said her "confidence" in SCOTUS has been rockedRepublican Sen. Lisa Murkowski said her "confidence" in the Supreme Court has been rocked after the leaked draft opinion suggesting Roe v. Wade would be overturned. "Roe is still the law of the land. We don't know the direction that this decision may ultimately take, but if it goes in the direction that this leaked copy has indicated I will just tell you that it rocks my confidence in the court right now," she told reporters. Murkowski, who supports abortion rights, voted to approve Conservatives Neil Gorsuch and Amy Coney Barrett to the Supreme Court.Read Full StoryKamala Harris says the 'rights of all Americans are at risk' after leaked draft opinionVice President Kamala Harris and Second Gentleman Doug Emhoff disembark from Air Force 2 at San Francisco International Airport on April 21, 2022 in California.Kent Nishimura / Los Angeles Times via Getty ImagesVice President Kamala Harris said in a statement that "the rights of all Americans are at risk" as the Supreme Court seems set to overturn Roe v. Wade. "If the right to privacy is weakened, every person could face a future in which the government can potentially interfere in the personal decisions you make about your life," Harris said.She added: "Republican legislators in states across the country are weaponizing the use of the law against women."Read Full StorySen. Elizabeth Warren rips Republicans for 'plotting' to get a conservative Supreme CourtU.S. Sen. Elizabeth Warren (D-MA) speaks to pro-choice demonstrators outside of the U.S. Supreme Court Building on May 03, 2022 in Washington, DC.Photo by Anna Moneymaker/Getty ImagesSen. Elizabeth Warren slammed Republicans for "plotting" to get a conservative Supreme Court and overturn Roe v. Wade. "The Republicans have been working toward this day for decades," Warren told reporters Tuesday. "They have been out there plotting, carefully cultivating these Supreme Court justices so they could have a majority on the bench who would accomplish something that the majority of Americans do not want."She said she's "angry and upset and determined," after the leaked draft opinion appearing to signal the landmark Roe v. Wade ruling will be overturned. Read Full StorySen. Kyrsten Sinema stands by her support of the Senate filibusterSen. Kyrsten Sinema, D-Ariz., speaks during a Senate Homeland Security and Governmental Affairs Committee hearing on Feb. 1, 2022 in Washington.Al Drago/Bloomberg via AP, FileSen. Kyrsten Sinema is standing by her support of the Senate filibuster, busting Democrats' hopes of codifying Roe v. Wade into law.  "Protections in the Senate safeguarding against the erosion of women's access to health care have been used half-a-dozen times in the past ten years, and are more important now than ever," she said in a Tuesday statement.The filibuster requires most legislation to get a three-fifths majority to head to debate, meaning Democrats can't pass many policy items in an evenly divided Senate.  Read Full StoryRep. Cori Bush said she's 'broken up' by the Roe v. Wade draft opinionDemocratic Rep. Cori Bush — who previously revealed she got an abortion after being raped as a teen — said she was "broken up" after the leaked draft opinion suggesting the Supreme Court would overturn the constitutional right to abortion."I'm pretty broken up," the 45-year-old Missouri congresswoman told The New York Times in an interview on Tuesday.She added: "Whether you have an abortion, or whether you have the child, no one is on that table with you. No one is on that bed with you."Read Full StorySupreme Court confirms authenticity of leaked draft opinion gutting abortion rightsU.S. Supreme Court Police officers set up barricades on the sidewalk as pro-choice and anti-abortion activists demonstrate in front of the U.S. Supreme Court Building on May 03, 2022 in Washington, DC.Photo by Anna Moneymaker/Getty ImagesThe Supreme Court confirmed the authenticity of a leaked draft opinion that would overturn the landmark 1973 Roe v. Wade ruling guaranteeing abortion rights."Although the document described in yesterday's reports is authentic, it does not represent a decision by the Court or the final position of any member on the issues in the case," the court said in a statement.Chief Justice John Roberts announced the court will investigate to find out who leaked the document.Read Full StorySusan Collins slams Justices Neil Gorsuch and Brett Kavanaugh after leaked draft opinionSusan CollinsGreg Nash-Pool/Getty ImagesRepublican Sen. Susan Collins slammed conservative Justices Neil Gorsuch and Brett Kavanaugh in the wake of the leaked draft opinion that would overturn the right to an abortion."If this leaked draft opinion is the final decision and this reporting is accurate, it would be completely inconsistent with what Justice Gorsuch and Justice Kavanaugh said in their hearings and in our meetings in my office," Collins said in a statement.Collins — who supports abortion rights — has previously defended her decision to vote for Gorsuch and Kavanaugh's Supreme Court confirmations. Read Full StoryMajority Leader Schumer says the Senate will vote on an abortion rights billSenate Majority Leader Chuck Schumer promised to hold a vote that would codify federal abortion rights into law."A vote on this legislation is not an abstract exercise. This is as urgent and real as it gets," Schumer said during a speech on the Senate floor. "We will vote to protect a woman's right to choose and every American is going to see on which side every American stands."Read Full StoryBiden says it's up to 'voters to elect pro-choice officials' after leaked SCOTUS draft opinionBiden at former Vice President Walter Mondale’s memorial service in Minneapolis, Minnesota, on May 1, 2022.Nicholas Kamm / AFP via Getty ImagesPresident Joe Biden urged voters to elect pro-choice lawmakers in the wake of a leaked draft opinion seemingly suggesting that the Supreme Court would overturn Roe v. Wade. Biden in a Tuesday statement said at a federal level, the country needs "more pro-choice Senators and a pro-choice majority in the House" so he can pass legislation to codify Roe v. Wade. "If the Court does overturn Roe, it will fall on our nation's elected officials at all levels of government to protect a woman's right to choose," the president added. "And it will fall on voters to elect pro-choice officials this November." Read Full StoryMcConnell lashes out at Democrats over reactions to Roe v. Wade leakSenate Minority Leader Mitch McConnell (R-KY) departs the US Capitol on April 27, 2022.STEFANI REYNOLDS/AFP via Getty ImagesSenate Minority Leader Mitch McConnell slammed Democrats over their reactions to the leaked draft opinion showing the Supreme Court is set to undo abortion rights. "By every indication, this was yet another escalation in the radical left's ongoing campaign to bully and intimidate federal judges and substitute mob rule for the rule of law," McConnell said in a statement.He also called the leak "an attack on the independence of the Supreme Court." Read Full StoryCalifornia Gov. Gavin Newsom proposes to build a statewide constitutional 'firewall' around abortion rightsCalifornia Gov. Gavin Newsom on Tuesday proposed building a statewide constitutional "firewall" around abortion rights."California will build a firewall around this right in our state constitution," Newsom said in a joint statement with California's State Senate President Toni Atkins and State Assembly Speaker Anthony Rendon.The statement said California lawmakers will propose a constitutional amendment to "enshrine the right to choose."Read Full StoryDemocrats plan to make abortion rights a huge midterm issueAbortion rights advocates and anti-abortion protesters demonstrate in front of the U.S. Supreme Court, Wednesday, Dec. 1, 2021, in Washington, as the court hears arguments in a case from Mississippi, where a 2018 law would ban abortions after 15 weeks of pregnancy, well before viability.(AP Photo/Andrew Harnik)Democrats plan to make abortion a main talking point ahead of the fall midterm elections if the Supreme Court overturns existing protections for women's reproductive rights.If the landmark Roe v. Wade ruling is overturned, pro-choice groups say outrage could help inspire people to vote. "The reality is abortion is absolutely going to be on the ballot in 2022, no ifs, ands, or buts about it," Kristin Ford, vice president of communications at NARAL Pro-Choice America, told Insider in March.Read Full StoryDemocrats are worried that same-sex marriage and civil rights could be targeted next after SCOTUS leakDemocratic lawmakers are concerned that same-sex marriage and civil rights could be undone next in the wake of a leaked draft opinion showing the Supreme Court is set to overturn abortion rights.The Supreme Court "isn't just coming for abortion - they're coming for the right to privacy Roe rests on, which includes gay marriage + civil rights," Rep. Alexandria Ocasio-Cortez tweeted on Monday.Legal scholar Laurence Tribe wrote on Twitter that next steps may include a "nationwide abortion ban, followed by a push to roll back rights to contraception, same-sex marriage, sexual privacy, and the full array of textually unenumerated rights long taken for granted." Read Full StorySCOTUS leaked draft opinion is unprecedented, but details about Court deliberations have been made public beforeCaroline McDonald, left, a student at Georgetown University, Lauren Morrissey, with Catholics for Choice, and Pamela Huber, of Washington, join a pro-choice rally outside the Supreme Court, Monday, Nov. 1, 2021, as arguments are set to begin about abortion by the court, on Capitol Hill in Washington.AP Photo/Jacquelyn MartinThe leaked draft opinion seemingly showing that the Supreme Court is poised to overturn Roe v. Wade is certainly unprecedented. An entire draft opinion has never been leaked like this before. But details about justices' deliberations have been made public before — for example a 1972 memo about Roe that was leaked to the Washington Post before it became public. Read Full StoryBiden has been reluctant to say the word 'abortion' throughout his termPresident Joe Biden has been reluctant to publicly say the word "abortion" since he took office in January 2021.According to CNN, he has never said the word "abortion" out loud and used it a few times in some written statements. During his presidential campaign, Biden promised to codify the landmark 1973 ruling in Roe v. Wade.Read Full StoryDemocrats want to 'codify Roe,' but it's unlikely to succeedSenate Majority Leader Chuck Schumer discusses efforts to codify Roe v. Wade into law this past February.Win McNamee/Getty ImagesIn the wake of the leaked draft Supreme Court opinion, Democrats have quickly organized to codify Roe v. Wade and make it a law.One thing stopping Democrats' efforts, however, is the Senate filibuster. Democrats are currently focusing on the Women's Health Protection Act as a way to protect women's' federal right to abortion. Read Full StoryA constitutional amendment protecting abortion rights is nearly impossible to get throughThe First Printing of the Final Text of the United States Constitution is on display during a press preview at Sotheby's on September 17, 2021 in New York City.Photo by Alexi Rosenfeld/Getty ImagesAmending the Constitution is extremely difficult and rare. An amendment protecting abortion rights is nearly impossible.Abortion rights amendments have previously been proposed by both supporters and opponents. In the 233-year-long lifespan of the Constitution, it has only been amended 27 times — most recently in 1992 — and would require massive support in Congress and among states.  Read Full StoryLegal experts are shocked the drafted decision leakedSeated from left: Samuel Alito, Clarence Thomas, John Roberts, Stephen Breyer and Sonia Sotomayor, Standing from left: Brett Kavanaugh, Elena Kagan, Neil Gorsuch and Amy Coney Barrett.Erin Schaff-Pool/Getty ImagesLegal experts have expressed shock at the fact that a draft opinion from the Supreme Court was leaked to Politico. "The fact that it leaked is, to me, the most surprising thing," Harvard Law School professor I. Glenn Cohen told Insider.Mark Kende, a law professor at Drake University, told Insider that it's "highly disturbing that the opinion was improperly leaked in an unprecedented way, presumably by someone at the Court."Read Full StoryTop Democrats slam SCOTUS justices for 'one of the worst' decisions in historySenate Minority Leader Chuck Schumer and House Speaker Designate Nancy Pelosi.AP Photo/J. Scott ApplewhiteHouse Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer slammed the potential Supreme Court ruling as  "one of the worst and most damaging decisions in modern history."Their remarks came in response to a leaked draft opinion published by Politico that appears to show the Supreme Court is set to overturn the landmark Roe v. Wade case. "If the report is accurate, the Supreme Court is poised to inflict the greatest restriction of rights in the past fifty years – not just on women but on all Americans," Pelosi and Schumer said in a joint statement. Read Full StoryProtesters in support of Roe v. Wade gathered outside Supreme CourtPro-choice and anti-abortion activist rally outside of the U.S. Supreme Court on May 02, 2022 in Washington, DC. In an initial draft majority opinion obtained by Politico, Supreme Court Justice Samuel Alito allegedly wrote that the cases Roe v. Wade and Planned Parenthood of Southeastern v. Casey should be overruled, which would end federal protection of abortion rights across the country.Kevin Dietsch/Getty ImagesHundreds of protestors gathered outside the Supreme Court in Washington, DC, late on Monday night after Politico published a leaked draft opinion suggesting that Roe v. Wade was poised to be overturned. "I got down here early, right, cause I got home from a long day kicked off shoes my shoes, opened Twitter, saw that Roe v. Wade was trending to be overturned, put my shoes back on, and came right back from east of the river," Rev. Wendy Hamilton, a Democratic congressional candidate from DC, told Insider. Read Full StoryLeaked draft opinion shows SCOTUS set to overturn Roe v. WadeThe U.S. Supreme Court building is seen at sunset in Washington on Thursday, Dec. 2, 2021.Bill Clark/CQ-Roll Call, Inc via Getty ImagesA leaked draft opinion obtained by Politico appears to show that the Supreme Court is poised to overturn the 1973 landmark Roe v. Wade ruling that granted women the constitutional right to an abortion.Politico late Monday published the 98-page initial draft majority opinion, purportedly authored by Justice Samuel Alito who said Roe was "egregiously wrong from the start.""We hold that Roe and Casey must be overruled," the draft opinion says, labeled as the "Opinion of the Court," according to the report.The decision — if finalized — would mark a momentous shift in constitutional rights. Over a dozen GOP states have laws that would immediately restrict abortion access if Roe v. Wade is overturned. Read Full StoryRead the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 4th, 2022

Live updates: Chief Justice John Roberts has warned Supreme Court clerks, staff to maintain confidentiality in court dealings

Over a dozen GOP-led states have laws that would immediately restrict abortion access if the Supreme Court throws out Roe v. Wade. Pro-choice demonstrators hold signs in front of the US Supreme Court in Washington, DC, on May 3, 2022.Photo by BRENDAN SMIALOWSKI/AFP via Getty Images The Supreme Court confirmed a leaked draft decision overturning Roe v. Wade is authentic. The ruling — which hasn't been finalized — would throw out a woman's constitutional right to have an abortion. President Joe Biden urged voters to elect pro-choice lawmakers during the upcoming midterms.  The draft leak was Chief Justice John Roberts' worst 'nightmare'Chief Justice John Roberts ordered an investigation into the leak of a draft opinion.Andrew Harnik/AFP via Getty ImagesChief Justice John Roberts has a pattern of warning Supreme Court clerks and staff to maintain confidentiality in court dealings. Roberts would highlight to the clerks that leaking information could mean blows to their careers, clerks told Insider.Legal experts called the breach — which is almost unprecedented — "highly disturbing." Roberts has instructed the court marshal to start an investigation into the leak. He called it a "betrayal of the confidences of the court."Read Full StoryOklahoma Gov. Kevin Stitt signs Texas-style bill that bans abortions around the six-week pregnancy mark—Governor Kevin Stitt (@GovStitt) May 3, 2022Stitt signed SB 1503 — a bill that mirrors the highly restrictive Texas abortion ban — on Tuesday saying he wants Oklahoma "to be the most pro-life state in the country."The "Oklahoma Heartbeat Act" would make it illegal for any pregnant individual to obtain an abortion passed the point when a heartbeat can be detected in the fetus. This typically occurs around the sixth week of pregnancy — though most people are unaware that they are pregnant at this point. The bill leaves out exceptions including rape or incest and only allows the procedure if the impregnated person's life is at risk.It also enables private citizens to sue others who induce or provide an abortion for up to $10,000, just like the Texas law. The bill immediately goes into effect since Stitt signed.Oklahoma lawmakers passed another abortion law in April forbidding medical professionals from performing the procedure except in medical emergencies — punishable by up to 10 years in prison and $100,000 in fines. This bill would go into effect in the summer unless courts stop it.Some companies are covering travel costs for employees seeking abortion in different statesSarah Goggans (C) holds her daughter Lilith Centola in front of the US Supreme Court as demonstrators gather in Washington, DC, on May 3, 2022.Photo by BRENDAN SMIALOWSKI/AFP via Getty ImagesSome US companies are taking steps in response to increasing restrictions on abortion access.  Amazon, Apple, and Citi, for example, are covering travel costs for employees seeking abortion in different states.At least half of US states are "certain or likely" to ban abortion if the landmark Roe v. Wade ruling is struck down, according to analysis by the Guttmacher Institute.Read Full StoryAOC calls Sen. Kyrsten Sinema 'an obstructionist' and rips on the Arizona lawmakerSen. Kyrsten Sinema, D-Ariz.; Rep. Alexandria Ocasio-Cortez, D-N.Y.Tom Williams/CQ-Roll Call, Inc/Getty Images; J. Scott Applewhite, File/Associated PressRep. Alexandria Ocasio-Cortez called Sen. Kyrsten Sinema "an obstructionist" and slammed the Arizona lawmaker for refusing to support changes to the Senate filibuster to codify abortion protections."We could protect Roe tomorrow, but Sinema refuses to act on the filibuster. Until that changes she can take a seat talking about 'women's access to health care,'" Ocasio-Cortez said, calling for Sinema to be primaried. Read Full StoryRepublican Sen. Lisa Murkowski said her "confidence" in SCOTUS has been rockedRepublican Sen. Lisa Murkowski said her "confidence" in the Supreme Court has been rocked after the leaked draft opinion suggesting Roe v. Wade would be overturned. "Roe is still the law of the land. We don't know the direction that this decision may ultimately take, but if it goes in the direction that this leaked copy has indicated I will just tell you that it rocks my confidence in the court right now," she told reporters. Murkowski, who supports abortion rights, voted to approve Conservatives Neil Gorsuch and Amy Coney Barrett to the Supreme Court.Read Full StoryKamala Harris says the 'rights of all Americans are at risk' after leaked draft opinionVice President Kamala Harris and Second Gentleman Doug Emhoff disembark from Air Force 2 at San Francisco International Airport on April 21, 2022 in California.Kent Nishimura / Los Angeles Times via Getty ImagesVice President Kamala Harris said in a statement that "the rights of all Americans are at risk" as the Supreme Court seems set to overturn Roe v. Wade. "If the right to privacy is weakened, every person could face a future in which the government can potentially interfere in the personal decisions you make about your life," Harris said.She added: "Republican legislators in states across the country are weaponizing the use of the law against women."Read Full StorySen. Elizabeth Warren rips Republicans for 'plotting' to get a conservative Supreme CourtU.S. Sen. Elizabeth Warren (D-MA) speaks to pro-choice demonstrators outside of the U.S. Supreme Court Building on May 03, 2022 in Washington, DC.Photo by Anna Moneymaker/Getty ImagesSen. Elizabeth Warren slammed Republicans for "plotting" to get a conservative Supreme Court and overturn Roe v. Wade. "The Republicans have been working toward this day for decades," Warren told reporters Tuesday. "They have been out there plotting, carefully cultivating these Supreme Court justices so they could have a majority on the bench who would accomplish something that the majority of Americans do not want."She said she's "angry and upset and determined," after the leaked draft opinion appearing to signal the landmark Roe v. Wade ruling will be overturned. Read Full StorySen. Kyrsten Sinema stands by her support of the Senate filibusterSen. Kyrsten Sinema, D-Ariz., speaks during a Senate Homeland Security and Governmental Affairs Committee hearing on Feb. 1, 2022 in Washington.Al Drago/Bloomberg via AP, FileSen. Kyrsten Sinema is standing by her support of the Senate filibuster, busting Democrats' hopes of codifying Roe v. Wade into law.  "Protections in the Senate safeguarding against the erosion of women's access to health care have been used half-a-dozen times in the past ten years, and are more important now than ever," she said in a Tuesday statement.The filibuster requires most legislation to get a three-fifths majority to head to debate, meaning Democrats can't pass many policy items in an evenly divided Senate.  Read Full StoryRep. Cori Bush said she's 'broken up' by the Roe v. Wade draft opinionDemocratic Rep. Cori Bush — who previously revealed she got an abortion after being raped as a teen — said she was "broken up" after the leaked draft opinion suggesting the Supreme Court would overturn the constitutional right to abortion."I'm pretty broken up," the 45-year-old Missouri congresswoman told The New York Times in an interview on Tuesday.She added: "Whether you have an abortion, or whether you have the child, no one is on that table with you. No one is on that bed with you."Read Full StorySupreme Court confirms authenticity of leaked draft opinion gutting abortion rightsU.S. Supreme Court Police officers set up barricades on the sidewalk as pro-choice and anti-abortion activists demonstrate in front of the U.S. Supreme Court Building on May 03, 2022 in Washington, DC.Photo by Anna Moneymaker/Getty ImagesThe Supreme Court confirmed the authenticity of a leaked draft opinion that would overturn the landmark 1973 Roe v. Wade ruling guaranteeing abortion rights."Although the document described in yesterday's reports is authentic, it does not represent a decision by the Court or the final position of any member on the issues in the case," the court said in a statement.Chief Justice John Roberts announced the court will investigate to find out who leaked the document.Read Full StorySusan Collins slams Justices Neil Gorsuch and Brett Kavanaugh after leaked draft opinionSusan CollinsGreg Nash-Pool/Getty ImagesRepublican Sen. Susan Collins slammed conservative Justices Neil Gorsuch and Brett Kavanaugh in the wake of the leaked draft opinion that would overturn the right to an abortion."If this leaked draft opinion is the final decision and this reporting is accurate, it would be completely inconsistent with what Justice Gorsuch and Justice Kavanaugh said in their hearings and in our meetings in my office," Collins said in a statement.Collins — who supports abortion rights — has previously defended her decision to vote for Gorsuch and Kavanaugh's Supreme Court confirmations. Read Full StoryMajority Leader Schumer says the Senate will vote on an abortion rights billSenate Majority Leader Chuck Schumer promised to hold a vote that would codify federal abortion rights into law."A vote on this legislation is not an abstract exercise. This is as urgent and real as it gets," Schumer said during a speech on the Senate floor. "We will vote to protect a woman's right to choose and every American is going to see on which side every American stands."Read Full StoryBiden says it's up to 'voters to elect pro-choice officials' after leaked SCOTUS draft opinionBiden at former Vice President Walter Mondale’s memorial service in Minneapolis, Minnesota, on May 1, 2022.Nicholas Kamm / AFP via Getty ImagesPresident Joe Biden urged voters to elect pro-choice lawmakers in the wake of a leaked draft opinion seemingly suggesting that the Supreme Court would overturn Roe v. Wade. Biden in a Tuesday statement said at a federal level, the country needs "more pro-choice Senators and a pro-choice majority in the House" so he can pass legislation to codify Roe v. Wade. "If the Court does overturn Roe, it will fall on our nation's elected officials at all levels of government to protect a woman's right to choose," the president added. "And it will fall on voters to elect pro-choice officials this November." Read Full StoryMcConnell lashes out at Democrats over reactions to Roe v. Wade leakSenate Minority Leader Mitch McConnell (R-KY) departs the US Capitol on April 27, 2022.STEFANI REYNOLDS/AFP via Getty ImagesSenate Minority Leader Mitch McConnell slammed Democrats over their reactions to the leaked draft opinion showing the Supreme Court is set to undo abortion rights. "By every indication, this was yet another escalation in the radical left's ongoing campaign to bully and intimidate federal judges and substitute mob rule for the rule of law," McConnell said in a statement.He also called the leak "an attack on the independence of the Supreme Court." Read Full StoryCalifornia Gov. Gavin Newsom proposes to build a statewide constitutional 'firewall' around abortion rightsCalifornia Gov. Gavin Newsom on Tuesday proposed building a statewide constitutional "firewall" around abortion rights."California will build a firewall around this right in our state constitution," Newsom said in a joint statement with California's State Senate President Toni Atkins and State Assembly Speaker Anthony Rendon.The statement said California lawmakers will propose a constitutional amendment to "enshrine the right to choose."Read Full StoryDemocrats plan to make abortion rights a huge midterm issueAbortion rights advocates and anti-abortion protesters demonstrate in front of the U.S. Supreme Court, Wednesday, Dec. 1, 2021, in Washington, as the court hears arguments in a case from Mississippi, where a 2018 law would ban abortions after 15 weeks of pregnancy, well before viability.(AP Photo/Andrew Harnik)Democrats plan to make abortion a main talking point ahead of the fall midterm elections if the Supreme Court overturns existing protections for women's reproductive rights.If the landmark Roe v. Wade ruling is overturned, pro-choice groups say outrage could help inspire people to vote. "The reality is abortion is absolutely going to be on the ballot in 2022, no ifs, ands, or buts about it," Kristin Ford, vice president of communications at NARAL Pro-Choice America, told Insider in March.Read Full StoryDemocrats are worried that same-sex marriage and civil rights could be targeted next after SCOTUS leakDemocratic lawmakers are concerned that same-sex marriage and civil rights could be undone next in the wake of a leaked draft opinion showing the Supreme Court is set to overturn abortion rights.The Supreme Court "isn't just coming for abortion - they're coming for the right to privacy Roe rests on, which includes gay marriage + civil rights," Rep. Alexandria Ocasio-Cortez tweeted on Monday.Legal scholar Laurence Tribe wrote on Twitter that next steps may include a "nationwide abortion ban, followed by a push to roll back rights to contraception, same-sex marriage, sexual privacy, and the full array of textually unenumerated rights long taken for granted." Read Full StorySCOTUS leaked draft opinion is unprecedented, but details about Court deliberations have been made public beforeCaroline McDonald, left, a student at Georgetown University, Lauren Morrissey, with Catholics for Choice, and Pamela Huber, of Washington, join a pro-choice rally outside the Supreme Court, Monday, Nov. 1, 2021, as arguments are set to begin about abortion by the court, on Capitol Hill in Washington.AP Photo/Jacquelyn MartinThe leaked draft opinion seemingly showing that the Supreme Court is poised to overturn Roe v. Wade is certainly unprecedented. An entire draft opinion has never been leaked like this before. But details about justices' deliberations have been made public before — for example a 1972 memo about Roe that was leaked to the Washington Post before it became public. Read Full StoryBiden has been reluctant to say the word 'abortion' throughout his termPresident Joe Biden has been reluctant to publicly say the word "abortion" since he took office in January 2021.According to CNN, he has never said the word "abortion" out loud and used it a few times in some written statements. During his presidential campaign, Biden promised to codify the landmark 1973 ruling in Roe v. Wade.Read Full StoryDemocrats want to 'codify Roe,' but it's unlikely to succeedSenate Majority Leader Chuck Schumer discusses efforts to codify Roe v. Wade into law this past February.Win McNamee/Getty ImagesIn the wake of the leaked draft Supreme Court opinion, Democrats have quickly organized to codify Roe v. Wade and make it a law.One thing stopping Democrats' efforts, however, is the Senate filibuster. Democrats are currently focusing on the Women's Health Protection Act as a way to protect women's' federal right to abortion. Read Full StoryA constitutional amendment protecting abortion rights is nearly impossible to get throughThe First Printing of the Final Text of the United States Constitution is on display during a press preview at Sotheby's on September 17, 2021 in New York City.Photo by Alexi Rosenfeld/Getty ImagesAmending the Constitution is extremely difficult and rare. An amendment protecting abortion rights is nearly impossible.Abortion rights amendments have previously been proposed by both supporters and opponents. In the 233-year-long lifespan of the Constitution, it has only been amended 27 times — most recently in 1992 — and would require massive support in Congress and among states.  Read Full StoryLegal experts are shocked the drafted decision leakedSeated from left: Samuel Alito, Clarence Thomas, John Roberts, Stephen Breyer and Sonia Sotomayor, Standing from left: Brett Kavanaugh, Elena Kagan, Neil Gorsuch and Amy Coney Barrett.Erin Schaff-Pool/Getty ImagesLegal experts have expressed shock at the fact that a draft opinion from the Supreme Court was leaked to Politico. "The fact that it leaked is, to me, the most surprising thing," Harvard Law School professor I. Glenn Cohen told Insider.Mark Kende, a law professor at Drake University, told Insider that it's "highly disturbing that the opinion was improperly leaked in an unprecedented way, presumably by someone at the Court."Read Full StoryTop Democrats slam SCOTUS justices for 'one of the worst' decisions in historySenate Minority Leader Chuck Schumer and House Speaker Designate Nancy Pelosi.AP Photo/J. Scott ApplewhiteHouse Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer slammed the potential Supreme Court ruling as  "one of the worst and most damaging decisions in modern history."Their remarks came in response to a leaked draft opinion published by Politico that appears to show the Supreme Court is set to overturn the landmark Roe v. Wade case. "If the report is accurate, the Supreme Court is poised to inflict the greatest restriction of rights in the past fifty years – not just on women but on all Americans," Pelosi and Schumer said in a joint statement. Read Full StoryProtesters in support of Roe v. Wade gathered outside Supreme CourtPro-choice and anti-abortion activist rally outside of the U.S. Supreme Court on May 02, 2022 in Washington, DC. In an initial draft majority opinion obtained by Politico, Supreme Court Justice Samuel Alito allegedly wrote that the cases Roe v. Wade and Planned Parenthood of Southeastern v. Casey should be overruled, which would end federal protection of abortion rights across the country.Kevin Dietsch/Getty ImagesHundreds of protestors gathered outside the Supreme Court in Washington, DC, late on Monday night after Politico published a leaked draft opinion suggesting that Roe v. Wade was poised to be overturned. "I got down here early, right, cause I got home from a long day kicked off shoes my shoes, opened Twitter, saw that Roe v. Wade was trending to be overturned, put my shoes back on, and came right back from east of the river," Rev. Wendy Hamilton, a Democratic congressional candidate from DC, told Insider. Read Full StoryLeaked draft opinion shows SCOTUS set to overturn Roe v. WadeThe U.S. Supreme Court building is seen at sunset in Washington on Thursday, Dec. 2, 2021.Bill Clark/CQ-Roll Call, Inc via Getty ImagesA leaked draft opinion obtained by Politico appears to show that the Supreme Court is poised to overturn the 1973 landmark Roe v. Wade ruling that granted women the constitutional right to an abortion.Politico late Monday published the 98-page initial draft majority opinion, purportedly authored by Justice Samuel Alito who said Roe was "egregiously wrong from the start.""We hold that Roe and Casey must be overruled," the draft opinion says, labeled as the "Opinion of the Court," according to the report.The decision — if finalized — would mark a momentous shift in constitutional rights. Over a dozen GOP states have laws that would immediately restrict abortion access if Roe v. Wade is overturned. Read Full StoryRead the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 3rd, 2022

Live updates: Supreme Court confirms leaked draft overturning Roe v. Wade is real, but noted the ruling isn"t final

Over a dozen GOP-led states have laws that would immediately restrict abortion access if the Supreme Court throws out Roe v. Wade. Pro-choice demonstrators hold signs in front of the US Supreme Court in Washington, DC, on May 3, 2022.Photo by BRENDAN SMIALOWSKI/AFP via Getty Images The Supreme Court confirmed a leaked draft decision overturning Roe v. Wade is authentic. The ruling — which hasn't been finalized — would throw out a woman's constitutional right to have an abortion. President Joe Biden urged voters to elect pro-choice lawmakers during the upcoming midterms.  Some companies are covering travel costs for employees seeking abortion in different statesSarah Goggans (C) holds her daughter Lilith Centola in front of the US Supreme Court as demonstrators gather in Washington, DC, on May 3, 2022.Photo by BRENDAN SMIALOWSKI/AFP via Getty ImagesSome US companies are taking steps in response to increasing restrictions on abortion access.  Amazon, Apple, and Citi, for example, are covering travel costs for employees seeking abortion in different states.At least half of US states are "certain or likely" to ban abortion if the landmark Roe v. Wade ruling is struck down, according to analysis by the Guttmacher Institute.Read Full StoryAOC calls Sen. Kyrsten Sinema 'an obstructionist' and rips on the Arizona lawmakerSen. Kyrsten Sinema, D-Ariz.; Rep. Alexandria Ocasio-Cortez, D-N.Y.Tom Williams/CQ-Roll Call, Inc/Getty Images; J. Scott Applewhite, File/Associated PressRep. Alexandria Ocasio-Cortez called Sen. Kyrsten Sinema "an obstructionist" and slammed the Arizona lawmaker for refusing to support changes to the Senate filibuster to codify abortion protections."We could protect Roe tomorrow, but Sinema refuses to act on the filibuster. Until that changes she can take a seat talking about 'women's access to health care,'" Ocasio-Cortez said, calling for Sinema to be primaried. Read Full StoryRepublican Sen. Lisa Murkowski said her "confidence" in SCOTUS has been rockedRepublican Sen. Lisa Murkowski said her "confidence" in the Supreme Court has been rocked after the leaked draft opinion suggesting Roe v. Wade would be overturned. "Roe is still the law of the land. We don't know the direction that this decision may ultimately take, but if it goes in the direction that this leaked copy has indicated I will just tell you that it rocks my confidence in the court right now," she told reporters. Murkowski, who supports abortion rights, voted to approve Conservatives Neil Gorsuch and Amy Coney Barrett to the Supreme Court.Read Full StoryKamala Harris says the 'rights of all Americans are at risk' after leaked draft opinionVice President Kamala Harris and Second Gentleman Doug Emhoff disembark from Air Force 2 at San Francisco International Airport on April 21, 2022 in California.Kent Nishimura / Los Angeles Times via Getty ImagesVice President Kamala Harris said in a statement that "the rights of all Americans are at risk" as the Supreme Court seems set to overturn Roe v. Wade. "If the right to privacy is weakened, every person could face a future in which the government can potentially interfere in the personal decisions you make about your life," Harris said.She added: "Republican legislators in states across the country are weaponizing the use of the law against women."Read Full StorySen. Elizabeth Warren rips Republicans for 'plotting' to get a conservative Supreme CourtU.S. Sen. Elizabeth Warren (D-MA) speaks to pro-choice demonstrators outside of the U.S. Supreme Court Building on May 03, 2022 in Washington, DC.Photo by Anna Moneymaker/Getty ImagesSen. Elizabeth Warren slammed Republicans for "plotting" to get a conservative Supreme Court and overturn Roe v. Wade. "The Republicans have been working toward this day for decades," Warren told reporters Tuesday. "They have been out there plotting, carefully cultivating these Supreme Court justices so they could have a majority on the bench who would accomplish something that the majority of Americans do not want."She said she's "angry and upset and determined," after the leaked draft opinion appearing to signal the landmark Roe v. Wade ruling will be overturned. Read Full StorySen. Kyrsten Sinema stands by her support of the Senate filibusterSen. Kyrsten Sinema, D-Ariz., speaks during a Senate Homeland Security and Governmental Affairs Committee hearing on Feb. 1, 2022 in Washington.Al Drago/Bloomberg via AP, FileSen. Kyrsten Sinema is standing by her support of the Senate filibuster, busting Democrats' hopes of codifying Roe v. Wade into law.  "Protections in the Senate safeguarding against the erosion of women's access to health care have been used half-a-dozen times in the past ten years, and are more important now than ever," she said in a Tuesday statement.The filibuster requires most legislation to get a three-fifths majority to head to debate, meaning Democrats can't pass many policy items in an evenly divided Senate.  Read Full StoryRep. Cori Bush said she's 'broken up' by the Roe v. Wade draft opinionDemocratic Rep. Cori Bush — who previously revealed she got an abortion after being raped as a teen — said she was "broken up" after the leaked draft opinion suggesting the Supreme Court would overturn the constitutional right to abortion."I'm pretty broken up," the 45-year-old Missouri congresswoman told The New York Times in an interview on Tuesday.She added: "Whether you have an abortion, or whether you have the child, no one is on that table with you. No one is on that bed with you."Read Full StorySupreme Court confirms authenticity of leaked draft opinion gutting abortion rightsU.S. Supreme Court Police officers set up barricades on the sidewalk as pro-choice and anti-abortion activists demonstrate in front of the U.S. Supreme Court Building on May 03, 2022 in Washington, DC.Photo by Anna Moneymaker/Getty ImagesThe Supreme Court confirmed the authenticity of a leaked draft opinion that would overturn the landmark 1973 Roe v. Wade ruling guaranteeing abortion rights."Although the document described in yesterday's reports is authentic, it does not represent a decision by the Court or the final position of any member on the issues in the case," the court said in a statement.Chief Justice John Roberts announced the court will investigate to find out who leaked the document.Read Full StorySusan Collins slams Justices Neil Gorsuch and Brett Kavanaugh after leaked draft opinionSusan CollinsGreg Nash-Pool/Getty ImagesRepublican Sen. Susan Collins slammed conservative Justices Neil Gorsuch and Brett Kavanaugh in the wake of the leaked draft opinion that would overturn the right to an abortion."If this leaked draft opinion is the final decision and this reporting is accurate, it would be completely inconsistent with what Justice Gorsuch and Justice Kavanaugh said in their hearings and in our meetings in my office," Collins said in a statement.Collins — who supports abortion rights — has previously defended her decision to vote for Gorsuch and Kavanaugh's Supreme Court confirmations. Read Full StoryMajority Leader Schumer says the Senate will vote on an abortion rights billSenate Majority Leader Chuck Schumer promised to hold a vote that would codify federal abortion rights into law."A vote on this legislation is not an abstract exercise. This is as urgent and real as it gets," Schumer said during a speech on the Senate floor. "We will vote to protect a woman's right to choose and every American is going to see on which side every American stands."Read Full StoryBiden says it's up to 'voters to elect pro-choice officials' after leaked SCOTUS draft opinionBiden at former Vice President Walter Mondale’s memorial service in Minneapolis, Minnesota, on May 1, 2022.Nicholas Kamm / AFP via Getty ImagesPresident Joe Biden urged voters to elect pro-choice lawmakers in the wake of a leaked draft opinion seemingly suggesting that the Supreme Court would overturn Roe v. Wade. Biden in a Tuesday statement said at a federal level, the country needs "more pro-choice Senators and a pro-choice majority in the House" so he can pass legislation to codify Roe v. Wade. "If the Court does overturn Roe, it will fall on our nation's elected officials at all levels of government to protect a woman's right to choose," the president added. "And it will fall on voters to elect pro-choice officials this November." Read Full StoryMcConnell lashes out at Democrats over reactions to Roe v. Wade leakSenate Minority Leader Mitch McConnell (R-KY) departs the US Capitol on April 27, 2022.STEFANI REYNOLDS/AFP via Getty ImagesSenate Minority Leader Mitch McConnell slammed Democrats over their reactions to the leaked draft opinion showing the Supreme Court is set to undo abortion rights. "By every indication, this was yet another escalation in the radical left's ongoing campaign to bully and intimidate federal judges and substitute mob rule for the rule of law," McConnell said in a statement.He also called the leak "an attack on the independence of the Supreme Court." Read Full StoryCalifornia Gov. Gavin Newsom proposes to build a statewide constitutional 'firewall' around abortion rightsCalifornia Gov. Gavin Newsom on Tuesday proposed building a statewide constitutional "firewall" around abortion rights."California will build a firewall around this right in our state constitution," Newsom said in a joint statement with California's State Senate President Toni Atkins and State Assembly Speaker Anthony Rendon.The statement said California lawmakers will propose a constitutional amendment to "enshrine the right to choose."Read Full StoryDemocrats plan to make abortion rights a huge midterm issueAbortion rights advocates and anti-abortion protesters demonstrate in front of the U.S. Supreme Court, Wednesday, Dec. 1, 2021, in Washington, as the court hears arguments in a case from Mississippi, where a 2018 law would ban abortions after 15 weeks of pregnancy, well before viability.(AP Photo/Andrew Harnik)Democrats plan to make abortion a main talking point ahead of the fall midterm elections if the Supreme Court overturns existing protections for women's reproductive rights.If the landmark Roe v. Wade ruling is overturned, pro-choice groups say outrage could help inspire people to vote. "The reality is abortion is absolutely going to be on the ballot in 2022, no ifs, ands, or buts about it," Kristin Ford, vice president of communications at NARAL Pro-Choice America, told Insider in March.Read Full StoryDemocrats are worried that same-sex marriage and civil rights could be targeted next after SCOTUS leakDemocratic lawmakers are concerned that same-sex marriage and civil rights could be undone next in the wake of a leaked draft opinion showing the Supreme Court is set to overturn abortion rights.The Supreme Court "isn't just coming for abortion - they're coming for the right to privacy Roe rests on, which includes gay marriage + civil rights," Rep. Alexandria Ocasio-Cortez tweeted on Monday.Legal scholar Laurence Tribe wrote on Twitter that next steps may include a "nationwide abortion ban, followed by a push to roll back rights to contraception, same-sex marriage, sexual privacy, and the full array of textually unenumerated rights long taken for granted." Read Full StorySCOTUS leaked draft opinion is unprecedented, but details about Court deliberations have been made public beforeCaroline McDonald, left, a student at Georgetown University, Lauren Morrissey, with Catholics for Choice, and Pamela Huber, of Washington, join a pro-choice rally outside the Supreme Court, Monday, Nov. 1, 2021, as arguments are set to begin about abortion by the court, on Capitol Hill in Washington.AP Photo/Jacquelyn MartinThe leaked draft opinion seemingly showing that the Supreme Court is poised to overturn Roe v. Wade is certainly unprecedented. An entire draft opinion has never been leaked like this before. But details about justices' deliberations have been made public before — for example a 1972 memo about Roe that was leaked to the Washington Post before it became public. Read Full StoryBiden has been reluctant to say the word 'abortion' throughout his termPresident Joe Biden has been reluctant to publicly say the word "abortion" since he took office in January 2021.According to CNN, he has never said the word "abortion" out loud and used it a few times in some written statements. During his presidential campaign, Biden promised to codify the landmark 1973 ruling in Roe v. Wade.Read Full StoryDemocrats want to 'codify Roe,' but it's unlikely to succeedSenate Majority Leader Chuck Schumer discusses efforts to codify Roe v. Wade into law this past February.Win McNamee/Getty ImagesIn the wake of the leaked draft Supreme Court opinion, Democrats have quickly organized to codify Roe v. Wade and make it a law.One thing stopping Democrats' efforts, however, is the Senate filibuster. Democrats are currently focusing on the Women's Health Protection Act as a way to protect women's' federal right to abortion. Read Full StoryA constitutional amendment protecting abortion rights is nearly impossible to get throughThe First Printing of the Final Text of the United States Constitution is on display during a press preview at Sotheby's on September 17, 2021 in New York City.Photo by Alexi Rosenfeld/Getty ImagesAmending the Constitution is extremely difficult and rare. An amendment protecting abortion rights is nearly impossible.Abortion rights amendments have previously been proposed by both supporters and opponents. In the 233-year-long lifespan of the Constitution, it has only been amended 27 times — most recently in 1992 — and would require massive support in Congress and among states.  Read Full StoryLegal experts are shocked the drafted decision leakedSeated from left: Samuel Alito, Clarence Thomas, John Roberts, Stephen Breyer and Sonia Sotomayor, Standing from left: Brett Kavanaugh, Elena Kagan, Neil Gorsuch and Amy Coney Barrett.Erin Schaff-Pool/Getty ImagesLegal experts have expressed shock at the fact that a draft opinion from the Supreme Court was leaked to Politico. "The fact that it leaked is, to me, the most surprising thing," Harvard Law School professor I. Glenn Cohen told Insider.Mark Kende, a law professor at Drake University, told Insider that it's "highly disturbing that the opinion was improperly leaked in an unprecedented way, presumably by someone at the Court."Read Full StoryTop Democrats slam SCOTUS justices for 'one of the worst' decisions in historySenate Minority Leader Chuck Schumer and House Speaker Designate Nancy Pelosi.AP Photo/J. Scott ApplewhiteHouse Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer slammed the potential Supreme Court ruling as  "one of the worst and most damaging decisions in modern history."Their remarks came in response to a leaked draft opinion published by Politico that appears to show the Supreme Court is set to overturn the landmark Roe v. Wade case. "If the report is accurate, the Supreme Court is poised to inflict the greatest restriction of rights in the past fifty years – not just on women but on all Americans," Pelosi and Schumer said in a joint statement. Read Full StoryProtesters in support of Roe v. Wade gathered outside Supreme CourtPro-choice and anti-abortion activist rally outside of the U.S. Supreme Court on May 02, 2022 in Washington, DC. In an initial draft majority opinion obtained by Politico, Supreme Court Justice Samuel Alito allegedly wrote that the cases Roe v. Wade and Planned Parenthood of Southeastern v. Casey should be overruled, which would end federal protection of abortion rights across the country.Kevin Dietsch/Getty ImagesHundreds of protestors gathered outside the Supreme Court in Washington, DC, late on Monday night after Politico published a leaked draft opinion suggesting that Roe v. Wade was poised to be overturned. "I got down here early, right, cause I got home from a long day kicked off shoes my shoes, opened Twitter, saw that Roe v. Wade was trending to be overturned, put my shoes back on, and came right back from east of the river," Rev. Wendy Hamilton, a Democratic congressional candidate from DC, told Insider. Read Full StoryLeaked draft opinion shows SCOTUS set to overturn Roe v. WadeThe U.S. Supreme Court building is seen at sunset in Washington on Thursday, Dec. 2, 2021.Bill Clark/CQ-Roll Call, Inc via Getty ImagesA leaked draft opinion obtained by Politico appears to show that the Supreme Court is poised to overturn the 1973 landmark Roe v. Wade ruling that granted women the constitutional right to an abortion.Politico late Monday published the 98-page initial draft majority opinion, purportedly authored by Justice Samuel Alito who said Roe was "egregiously wrong from the start.""We hold that Roe and Casey must be overruled," the draft opinion says, labeled as the "Opinion of the Court," according to the report.The decision — if finalized — would mark a momentous shift in constitutional rights. Over a dozen GOP states have laws that would immediately restrict abortion access if Roe v. Wade is overturned. Read Full StoryRead the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 3rd, 2022

Is The Great Resignation Something Bosses Should Address?

Companies the world over are going through a phenomenon dubbed ‘the great resignation.’ It is a trend of large swaths of employees leaving that kicked off during COVID-19. Many people reevaluated their situations, priorities, and lives due to the pandemic. Q3 2021 hedge fund letters, conferences and more With the job market hotter than ever, […] Companies the world over are going through a phenomenon dubbed ‘the great resignation.’ It is a trend of large swaths of employees leaving that kicked off during COVID-19. Many people reevaluated their situations, priorities, and lives due to the pandemic. 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); Q3 2021 hedge fund letters, conferences and more With the job market hotter than ever, others chose to seek out new opportunities while they were available. Workers have never been in a better bargaining position than now as employers struggle to find people with the skills needed to get the job done. According to the World Economic Forum, 41% of workers globally are thinking about changing jobs. What Is The Great Resignation? The great resignation was coined by Texas A&M University's Professor Anthony Klotz. In his study of workforce trends, he predicted that many employees would leave their jobs after the pandemic. While he predicted that this would occur once the pandemic ends, we already see it unfold while the pandemic continues. Employees are dealing with the aftershocks that the seismic shifts the pandemic caused. The New York Times highlights more open positions in the US than ever, with four million Americans quitting in July of 2021. Official data shows that over four million more left their jobs in September. Moreover, the rate of resignations was the highest in healthcare and technology for mid-career workers and the service sector. What Are The Causes Of The Great Resignation? Burnout from working through the pandemic is a big one. However, the sector that has experienced the most significant departure is the service industry, whether food service, retail, or hospitality. These workers were deemed essential through the pandemic, working extra hours, and dealing with untold stress. This wasn't helped by the number of dine-in restaurants that were forced to shut by local regulations, as well as cruise ships, airlines, and events staff. It's the nature of these business models, and it has a knock-on effect on the employees' motivation and wellbeing. While many employers have increased wages, it hasn't been enough to entice people. One of the primary reasons for this could be how everything reopened following the pandemic. Employees are tired of unprepared, ill-equipped managers who don't listen — lack flexibility, poor communication, and no emotional intelligence factor. Rigid workplace policies. A lack of constructive feedback. Wages aren't the only issue, and ultimately, it is a culmination of things that started bubbling over when the pandemic hit. “Many employees are also grappling with return-to-work mandates because of health and safety concerns the pandemic has brought, especially as new variants continue to pop up and reignite uncertainty. Technology, however, offers solutions that office owners and commercial landlords can take advantage of that ease these anxieties and keep people safe. For example, access control that offers touchless access for doors, elevators, and turnstiles is a great way to minimize germ-spread and eliminate common touch-points throughout offices,” said James Segil, vice president of Access Control at Openpath, a Motorola solutions company. Why Has The Future Of Work Changed? Today, it is far easier to create your own business. With knowledge at our fingertips, many workers are up-skilling themselves, which opens a whole new world of opportunities. Side hustles are also more common, and a semi-successful one may tide workers over between jobs. Jason Smith, the founder of Courses for Success, sheds light on this, “In addition to better wages, employees want healthcare, dental, hybrid/flexible working, and improved working environments. Moreover, they care about the company's sustainability message and social impact.” Attrition Versus Attraction Attrition is a term generally used for natural labor turnover, but what we have seen in the last 18 months is anything but ordinary. Volen Vulkov, Cofounder of Enhancv says, “Given the fact that the majority of people are leaving companies that offer little to no future growth to employees, it’s the boss’ job to find new ways for their employees to grow.” Experts predict that it is only going to get worse. Research from McKinsey shows that up to 40% of employees may quit their jobs in the coming six months. With job openings on the rise, and many workers looking for new positions, there's an opportunity to flip the script and focus on attraction. What steps do you need to take if you want to be part of the great attraction rather than the great attrition? There are a variety of strategies business leaders can use to retain and attract talent. Strategies Business Leaders Can Use To Retain And Attract Talent Employees want opportunities to grow, and they have shown they are willing to leave their positions to find companies that will provide them with those opportunities. If your best employee quit tomorrow, what would you do to change their mind? You have to get ahead of things by asking your employees how they would shape their dream job if given the opportunity. The most successful organizations have held retention interviews to find out what employees need to stay, and you should do the same. In terms of wages, you can incentivize loyalty with the right package. It isn't just base salary; it's bonuses, loan help, stipends, and benefits. It all plays a role, and many companies are offering departed employees these things to bring them back. This includes mental health services, recognition, acknowledgment, and family support. What is the point of your business? What is your purpose? Is that something you frequently and accurately communicate to your team to imprint a strong culture at work? It's something both consumers and employees expect now. It should shape everything you do. You can't afford to ignore the great resignation. You can take steps right now to solidify your team, make yourself an attractive prospect for job searchers, and attract new and exciting talent. As with anything, future-proofing your business will keep you ahead of your competition. Updated on Dec 17, 2021, 12:02 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: valuewalkDec 17th, 2021

Futures Jump In Volatile Session Dragged By Latest Twists In Omicron Saga

Futures Jump In Volatile Session Dragged By Latest Twists In Omicron Saga Much of the overnight session was a snooze fest with stocks drifting first higher then lower after surging on Tuesday, as the narrative meandered from "omicron fears ease" optimism to "vaccines won't work" pessimism, before futures took a sudden leg lower, dropping into the red just after 530am ET, following news that UK's Boris Johnson would introduce new restrictions in England to curb Omicron spread, sparking fears that Omicron is more dangerous that expected (and than futures reflected). However, this episode of pessimism proved short-lived because just an hour later, the WSJ confirmed that Omicron is really just a pitch for covid booster shots when it reported that even though the covid vaccine loses significant effectiveness against Omicron in an early study, this is miraculously reversed with a booster shot as three doses of the vaccine were able to neutralize the variant in an initial laboratory study, and the companies said two doses may still protect against severe disease. Futures quickly shot up on the news, spiking above the gamma "all clear" level of 4,700 in a move best summarized with the following chart. And so, after going nowhere, S&P futures climbed for a third day, last seen 12 points, or 0.3% higher, just around 4,700 after rising the most since March on Tuesday. Europe’s Stoxx 600 Index rose following the biggest jump in more than a year. In addition to the omicron soap opera, which as we noted yesterday turns out was just one staged covid booster shot advertisement (because Pfizer and Moderna can always do with a bigger yacth), sentiment was also lifted by Chinese authorities' reversal to "easing mode" and aggressive efforts to limit the fallout from property market woes which lifted risk assets in Asia even as key debt deadlines at China Evergrande Group and Kaisa Group Holdings Ltd. passed without any sign of payment. "Clearly in the very short term uncertainty has risen over the Omicron virus... but overall at this stage we do not believe it will derail the macro picture in the medium-term," said Jeremy Gatto, multi-asset portfolio manager at Unigestion. Treasury yields were little changed after rising across the curve Tuesday. The VIX spiked first on the FT news, then dropped back into the red, while the dollar was flat and crude rose after turning red. Besides macro, micro was also in play and here are some other notable premarket movers Apple (AAPL US) ticks 1% higher in premarket trading following a Nikkei report that the tech giant told suppliers to speed up iPhone output for Nov.-Jan, citing people it didn’t identify. Amazon.com (AMZN US) shares in focus after an Amazon Web Services outage is wreaking havoc on the e-commerce giant’s delivery operation Stitch Fix (SFIX US) tumbles 25% in U.S. premarket trading after a 2Q forecast miss that analysts called “surprising,” while customer additions also disappointed Pfizer (PFE US) shares drop 2% in U.S. premarket trading after an early study showed that the company’s vaccine provides less immunity to the omicron variant Dare Bioscience (DARE US) soars 41% in premarket trading after Xaciato gets FDA approval for treating bacterial vaginosis EPAM Systems (EPAM US) soars 8% in premarket after S&P Dow Jones Indices said co. will replace Kansas City Southern in the S&P 500 effective prior to the opening of trading on Dec. 14 Goodyear Tire & Rubber (GT US) upgraded to buy from hold and target boosted to Street-high $32 from $29 at Deutsche Bank with the company seen as a major beneficiary from the shift to electric vehicles. Shares up 4.3% in premarket trading NXP Semiconductor (NXPI US) shares slide 2.2% in U.S. premarket trading after the chipmaker got a new sell rating at UBS Dave & Buster’s (PLAY US) gained 3.5% postmarket after the dining and entertainment company reported EPS that beat the average analyst estimate and authorized a $100 million share buyback program "Every day that passes without a wave of severe cases driven by Omicron is offering more hope that this won't be the curveball to throw the recovery off course," wrote Deutsche Bank strategist Jim Reid in a note to clients. In Europe, the Stoxx Europe 600 Index initially drifted both higher and lower then bounced 0.3% on the favorable Pfizer and BioNTech news one day after posting its bigger surge in a year. European benchmark index earlier rose as much as 2%, dropped 2.1%. Health care sub-index leads gains, rising 1.2%, followed by travel stocks. The Stoxx 600 closed 2.5% higher on Tuesday, biggest gain since November 2020 Earlier in the session, Asia stocks also rose for a second day as concerns about the omicron variant and China’s economic slowdown eased. The MSCI AsiaPacific Index climbed as much as 0.9% after capping its biggest one-day gain in more than three months on Tuesday. Technology and health-care shares provided the biggest boosts. Benchmarks in New Zealand and India -- where the central bank held rates at a record low -- were among the day’s best performers. “The biggest point appealing to investors is that the Omicron variant doesn’t seem to be too fatal,” which is encouraging to those who had been going short to close out their positions, said Tomoichiro Kubota, a senior market analyst at Matsui Securities in Tokyo. “Worry that the Chinese economy will lose its growth momentum has subsided quite a bit.” Thus far, Omicron cases haven’t overwhelmed hospitals while vaccine developments indicate some promise in dealing with the variant. While vaccines like the one made by Pfizer and BioNTech SE may be less powerful against the new strain, protection can be fortified with boosters. The two-day rally in the Asian stock benchmark marks a sharp turnaround following weeks of declines since mid-November. Stocks in China also climbed for a second day. The nation’s central bank said Monday it will cut the amount of cash most banks must keep in reserve from Dec. 15, providing a liquidity boost and helping restore investor confidence In FX, news on the Omicron variant rippled through G-10 currencies after a report the Pfizer vaccine could neutralize the Omicron variant boosted risk appetite. The pound underperformed other Group-of-10 peers, extending declines after reports that the U.K. government is poised to introduce new Covid-19 restrictions.  A gauge of the dollar’s strength fluctuated as Treasuries pare gains and stocks rally after a report that said Pfizer and BioNTech claim three vaccine doses neutralize the omicron variant. EUR/USD rose 0.1% to 1.1277; USD/NOK falls as much as 0.8% to 8.9459, lowest since Nov. 25 Sterling fell against the euro and the dollar, as traders pare bets on the path of Bank of England rate hikes following reports that the U.K. could introduce fresh Covid-19 restrictions such as working from home and vaccine passports for large venues. Money markets pare rate hike bets, with just six basis points of interest rate hikes priced in for the BOE meeting next week. GBP/USD falls as much as 0.6% to 1.3163, testing the key level of 1.3165, the 38.2% Fibonacci retracement of gains since March 2020. EUR/GBP gains as much as 0.7% to 0.85695, the highest since Nov. 11. “The market will probably see this as more U.K. specific and therefore an issue for the pound at least in the short term,” said Stuart Bennett, FX strategist at Santander. In rates, Treasuries were mixed with markets reacting in a risk-on manner to the Dow Jones report that Pfizer and BioNTech claim three vaccine doses neutralize the omicron variant. Yields remain richer by less than 1bp across long-end of the curve while front-end trades cheaper on the day, flattening curve spreads. Session’s focal points include $36b 10-year note reopening at 1pm ET, following Tuesday’s strong 3-year note auction. Treasury 10-year yields around 1.475%, near flat on the day; gilts outperform slightly after Financial Times report that further Covid restrictions will be announced imminently to curb the variant’s spread. U.S. 2-year yields were cheaper by 1bp on the day, rose to new 2021 high following Pfizer vaccine report; 2s10s spread erased a flattening move In commodities, crude futures turned red, WTI falling 0.8%, popping back below $72. Spot gold holds Asia’s modest gains, adding $8 to trade near $1,792/oz. Looking at the day ahead, and Olaf Scholz is expected to become German Chancellor in a Bundestag vote today. From central banks, the Bank of Canada will be deciding on rates, and we’ll also hear from ECB President Lagarde, Vice President de Guindos and the ECB’s Schnabel. Finally, data releases include the JOLTS job openings from the US for October. Market Snapshot S&P 500 futures up 0.2% to 4,693.75 STOXX Europe 600 little changed at 480.55 MXAP up 0.7% to 194.84 MXAPJ up 0.6% to 632.78 Nikkei up 1.4% to 28,860.62 Topix up 0.6% to 2,002.24 Hang Seng Index little changed at 23,996.87 Shanghai Composite up 1.2% to 3,637.57 Sensex up 1.8% to 58,654.25 Australia S&P/ASX 200 up 1.3% to 7,405.45 Kospi up 0.3% to 3,001.80 Brent Futures down 0.5% to $75.04/bbl Gold spot up 0.3% to $1,790.33 U.S. Dollar Index down 0.17% to 96.20 German 10Y yield little changed at -0.38% Euro up 0.2% to $1.1286 Brent Futures down 0.5% to $75.04/bbl Top Overnight News from Bloomberg The omicron variant of Covid-19 must inflict significant damage on the euro-area economy for European Central Bank Governing Council member Martins Kazaks to back additional stimulus “The current phase of higher inflation could last longer than expected only some months ago,” ECB vice president Luis de Guindos says at event The earliest studies on omicron are in and the glimpse they’re providing is cautiously optimistic: while vaccines like the one made by Pfizer Inc. and BioNTech SE may be less powerful against the new variant, protection can be fortified with boosters U.K. Prime Minister Boris Johnson is set to announce new Covid-19 restrictions in England, known as “Plan B,” to stop the spread of the Omicron variant, the Financial Times reported, citing three senior Whitehall officials familiar with the matter. French economic activity will continue to rise in December, despite another wave of the Covid-19 pandemic and fresh uncertainty over the omicron variant, according the Bank of France The Kingdom of Denmark will sell a sovereign green bond for the first time next month to help the Nordic nation meet one of the world’s most ambitious climate targets Tom Hayes, the former UBS Group AG and Citigroup Inc. trader who became the face of the sprawling Libor scandal, has lost his bid to appeal his U.K. criminal conviction Poland is poised for a hefty increase in interest rates after a spike in inflation to a two- decade high convinced central bankers that spiraling price growth isn’t transitory. Of 32 economists surveyed by Bloomberg, 20 expect a 50 basis-point hike to 1.75% today and 10 see the rate rising to 2%. The other two expect a 25 basis-point increase Australia is weighing plans for a central bank-issued digital currency alongside the regulation of the crypto market as it seeks to overhaul how the nation’s consumers and businesses pay for goods and services Bank of Japan Deputy Governor Masayoshi Amamiya dropped a strong hint that big firms are in less need of funding support, a comment that will likely fuel speculation the BOJ will scale back its pandemic buying of corporate bonds and commercial paper A detailed summary of global markets courtesy of Newsquawk Asian equity markets traded positively as the region took impetus from the global risk momentum following the tech-led rally in the US, where Apple shares rose to a record high and amid increased optimism that Omicron could be less dangerous than prior variants. This was after early hospitalisation data from South Africa showed the new variant could result in less severe COVID and NIH's Fauci also suggested that Omicron was 'almost certainly' not more severe than Delta, although there were some slight headwinds in late Wall Street trade after a small study pointed to reduced vaccine efficacy against the new variant. The ASX 200 (+1.3%) was underpinned in which tech led the broad gains across sectors as it found inspiration from the outperformance of big tech stateside, and with energy bolstered by the recent rebound in underlying oil prices. The Nikkei 225 (+1.4%) conformed to the upbeat mood although further advances were capped after USD/JPY eased off the prior day’s highs and following a wider-than-expected contraction to the economy with the final annualised Q3 GDP at -3.6% vs exp. -3.1%. The Hang Seng (+0.1%) and Shanghai Comp. (+1.2%) were less decisive and initially lagged behind their peers as sentiment was mired by default concerns due to the failure by Evergrande to pay bondholders in the lapsed 30-day grace period on two USD-denominated bond payments and with Kaisa Group in a trading halt after missing the deadline for USD 400mln in offshore debt which didn’t bode well for its affiliates. Furthermore, China Aoyuan Property Group received over USD 650mln in repayment demands and warned it may not be able to meet debt obligations, while a subdued Hong Kong debut for Weibo shares which declined around 6% from the offer price added to the glum mood for Hong Kong’s blue-chip tech stocks, as did reports that China is to tighten rules for tech companies seeking foreign funding. Finally, 10yr JGBs languished after spillover selling from T-notes and due to the heightened global risk appetite, but with downside stemmed by support at the key psychological 152.00 level and amid the presence of the BoJ in the market today for over JPY 1.0tln of JGBs. Top Asian News China Clean Car Sales Spike as Consumers Embrace Electric Gold Edges Higher as Traders Weigh Vaccine Efficacy, Geopolitics Paint Maker Avia Avian Falls in Debut After $763 Million IPO Tokyo Prepares to Introduce Same-Sex Partnerships Next Year Equities in Europe shifted to a lower configuration after a mixed open (Euro Stoxx 50 -0.7%; Stoxx 600 -0.1%) as sentiment was dented by rumours of tightening COVID measures in the UK. Markets have been awaiting the next catalyst to latch onto for direction amidst a lack of fresh fundamentals. US equity futures have also been dented but to a lesser extent, with the YM (-0.1%) and ES (Unch) straddling behind the NQ (+0.2%) and RTY (+0.2%). Sources in recent trade suggested an 85% chance of the UK implementing COVID Plan B, according to Times' Dunn; reports indicate such restrictions could be implemented on Thursday, with the potential for an announcement today. In terms of the timings, the UK cabinet is penciled in for 15:45GMT and presser for 17:30GMT on Plan B, according to BBC's Goodall. Note, this will not be a formal lockdown but more so work-from-home guidance, vaccine passports for nightlife and numerical restrictions on indoor/outdoor gatherings. APAC closed in the green across the board following the tech-led rally in the US. The upside overnight was attributed to a continuation of market optimism after early hospitalisation data from South Africa showed the new variant could result in less severe COVID, albeit after a small study pointed to reduced vaccine efficacy against the new variant. Participants will be closely watching any updates from the vaccine-makers, with the BioNTech CEO stating the drugmaker has data coming Wednesday or Thursday related to the new COVID-19 variant, thus markets will be eyeing a potential update this week ahead of the Pfizer investor call next Friday. Back to European, the UK’s FTSE 100 (Unch) and the Swiss SMI (+0.8%) are largely buoyed by their defensive stocks, with sectors seeing a defensive formation, albeit to a slightly lesser extent vs the open. Healthcare retains its top spot closely followed by Food & Beverages, although Personal & Household Goods and Telecoms have moved down the ranks. On the flip side, Retail, Banks and Travel & Leisure trade at the bottom of the bunch, whilst Tech nursed some earlier losses after opening as the lagging sector. In terms of individual movers, Nestle (+1.8%) is bolstered after announcing a CHF 20bln share repurchase programme alongside a stake reduction in L'Oreal (+1.0%) to 20.1% from 23.3% - worth some EUR 9bln. L’Oreal has shrugged off the stake sale and conforms to the firm sectoral performance across the Personal & Household Goods. Meanwhile, chip names are under pressure after Nikkei sources reported that Apple (+0.8% pre-market) was forced to scale back the total output target for 2021, with iPhone and iPad assembly halted for several days due to supply chain constraints and restrictions on the use of power in China, multiple sources told Nikkei. STMicroelectronics (-1.7%) and Infineon (-5.0%) are among the losers, with the latter also weighed on by a broker downgrade at JPM. Top European News ECB’s Kazaks Sets High Bar for Omicron-Driven Extra Stimulus Biden Is Left Guessing Over Putin’s Ultimate Aim in Ukraine Byju’s Buys Austria’s GeoGebra to Bolster Online Math Courses Scholz Elected by Parliament to Take Charge as German Chancellor In FX, the Dollar index continues to hold above 96.000, but bounces have become less pronounced and the range so far today is distinctly narrower (96.285-130) in fitting with the generally restrained trade in pairings within the basket and beyond, bar a few exceptions. Price action suggests a relatively muted midweek session unless a major game-changer arrives and Wednesday’s agenda does not bode that well in terms of catalysts aside from JOLTS and the BoC policy meeting before the second leg of this week’s refunding in the form of Usd 36 bn 10 year notes. AUD/EUR - Notwithstanding the largely contained currency moves noted above, the Aussie is maintaining bullish momentum on specific factors including strength in iron ore prices and encouraging Chinese data plus PBoC easing that should have a positive knock-on effect for one of its main trading partners even though diplomatic relations between the two nations are increasingly strained. Aud/Usd has also cleared a couple of technical hurdles on the way up to circa 0.7143 and Aud/Nzd is firmer on the 1.0500 handle ahead of the RBA’s latest chart pack release and a speech by Governor Lowe. Elsewhere, the Euro has regained composure after its sub-1.1250 tumble on Tuesday vs the Buck and dip through 0.8500 against the Pound, but still faces psychological resistance at 1.1300 and the 21 DMA that comes in at 1.1317 today, while Eur/Gbp needs to breach the 100 DMA (0.8513) convincingly or close above to confirm a change in direction for the cross from a chart perspective. CHF/CAD/JPY/GBP/NZD - All sitting tight in relation to their US counterpart, with the Franc paring some declines between 0.9255-30 parameters and the Loonie straddling 1.2650 in the run up to the aforementioned BoC that is widely seen as a non-event given no new MPR or press conference, not to mention the actual changes in QE and rate guidance last time. Nevertheless, implied volatility is quite high via a 63 pip breakeven for Usd/Cad. Meanwhile, Sterling lost grip of the 1.3200 handle amidst swirling speculation about the UK reverting to plan B and more Tory MPs calling for PM Johnson to resign, the Yen is rotating around 113.50 eyeing broad risk sentiment and US Treasury yields in context of spreads to JGBs, and the Kiwi is lagging after touching 0.6800 awaiting independent impetus from NZ manufacturing sales for Q3. SCANDI/EM - The Nok extended its advantage/outperformance against the Sek as Brent rebounded towards Usd 76/brl in early trade and Riksbank’s Jansson retained reservations about flagging a repo rate hike at the end of the forecast horizon, while the Mxn and Rub also initially derived some support from oil with the latter also taking on board latest hawkish talk from the CBR. However, the Cny and Cnh are outpacing their rivals again with some assistance from a firmer PBoC midpoint fix to hit multi-year peaks vs the Usd and probe 6.3500 ahead of option expiry interest at 6.3000 and a Fib retracement at 6.2946, in stark contrast to the Try that is unwinding recent recovery gains with no help from the latest blast from Turkish President Erdogan - see 10.00GMT post in the Headline Feed for more. Conversely, the Czk has taken heed of CNB’s Holub underscoring tightening signals and expectations for the next rate convene and the Pln and Brl are anticipating hikes from the NBP and BCB. In commodities, crude futures have been hit on the prospect of imminent COVID-related measures in the UK, albeit the measures do not involve lockdowns. Brent and WTI front month futures slipped from European highs to breach APAC lows. The former dipped below USD 74.50/bbl from a USD 76.00/bbl European peak while its WTI counterpart tested USD 71.00/bbl from USD 72.50/bbl at best. Overnight the benchmarks traded on either side the USD 75/bbl mark and just under USD 72/bbl after the weekly Private Inventories printed a larger-than-expected draw (-3.6mln vs exp. -3.1mln), albeit the internals were less bullish. Yesterday also saw the release of the EIA STEO, cut its 2021 world oil demand growth forecast by an insignificant 10k BPD but raised the 2022 metric by 200k BPD – with the IEA and OPEC monthly reports poised to be released next week. On the vaccine front, a small preliminary study of 12 people showed a 40x reduction in neutralization capacity of the Pfizer vaccine against Omicron, but early hospitalisation data from South Africa showed the new variant could result in less severe COVID. BioNTech CEO said they have data coming in on Wednesday or Thursday related to the new Omicron variant. The geopolitical space is also worth keeping on the radar, with US President Biden yesterday warning Russian President Putin that gas exports via Nord Stream 2 will be targeted and more troops will be deployed if he orders an invasion of Ukraine. Further, reports suggested, an Indian army helicopter crashed in Tamil Nadu, with Chief of Defence staff reportedly on board, according to Sputnik. Note, Tamil Nadu is located towards the south of the country and away from conflict zones. Elsewhere spot gold was supported by the overnight pullback in the Dollar, but the recent risk aversion took the yellow metal above the 100 DMA around USD 1,790/oz, with nearby upside levels including the 200 DMA (1,792/oz) and the 50 DMA (1,794/oz). Copper prices meanwhile consolidated within a tight range, with LME copper holding onto a USD 9,500/t handle (just about). Dalian iron ore extended on gains in a continuation of the upside seen in recent trade. US Event Calendar 7am: Dec. MBA Mortgage Applications, prior -7.2% 10am: Oct. JOLTs Job Openings, est. 10.5m, prior 10.4m DB's Jim Reid concludes the overnight wrap A reminder that we are currently conducting our special 2022 survey. We ask about rates, equities, bond yields and the path of covid in 2022, amongst other things, and also return to a festive question we asked in 2019, namely your favourite ever Christmas songs. The link is here and it’ll be open until tomorrow. All help filling in very much appreciated. My optimism for life has been shattered this morning. Not from the markets or the virus but just as I woke this morning England cricketers finally surrendered and collapsed in a heap on the first day of the Ashes - one the oldest international rivalries in sport. It was all I could do not to turn round and go back to bed. However out of duty I’m soldering on. After the twins nativity play went without incident yesterday, this morning it’s Maisie’s turn. Given she’s in a wheelchair at the moment she can’t get on stage so they’ve given her a solo singing spot at the start. I’m going so I can bring a bucket for all my wife’s tears as she sings!! If I shed a tear I’ll pretend it’s because of the cricket. The global market rebound continued to gather strength yesterday as investors became increasingly optimistic that the Omicron variant wouldn’t prove as bad as initially feared. To be honest, it was more the absence of bad news rather than any concrete good news helping to drive sentiment. Late in the US session we did see some headlines suggesting that the Pfizer vaccine may provide some defence against Omicron but also that the new variant does evade some of the immunity produced by this vaccine. This report of the small study (12 people!!) from South Africa lacked substance but you could take positives and negatives from it. More information is clearly needed. For the markets though, every day that passes without a wave of severe cases driven by Omicron is offering more hope that this won’t be the curveball to throw the recovery off course. Indeed, to get a sense of the scale of the market rebound, both the S&P 500 and the STOXX 600 in Europe have now clocked in their strongest 2-day performances of 2021 so far, with the indices up by +3.27% and +3.76% respectively since the start of the week. Meanwhile, the VIX fell below 25 for the first time in a week. On the day, the S&P 500 (+2.07%) put in its strongest daily performance since March, whilst the STOXX 600 (+2.45%) saw its strongest daily performance since the news that the Pfizer vaccine was successful in trials back in November 2020. Once again the gains were incredibly broad-based, albeit with cyclical sectors leading the way. The Nasdaq (+3.03%) outperformed the S&P 500 for the first time in a week as tech shares led the rally. Small cap stocks also had a strong day, with the Russell 2000 up +2.28%, on the back of Omicron optimism. This recovery in risk assets was also seen in the bounceback in oil prices, with Brent crude (+3.23%) and WTI (+3.68%) now both up by more than $5.5/bbl since the start of the week, which puts them well on the way to ending a run of 6 consecutive weekly declines. For further evidence of this increased optimism, we can also look at the way that investors have been dialling back up their estimates of future rate hikes from the Fed, with yesterday seeing another push in this direction. Before the Omicron news hit, Fed fund futures were fully pricing in an initial hike by the June meeting, but by the close on the Monday after Thanksgiving they’d moved down those odds to just 61% in June, with an initial hike not fully priced until September. Fast forward just over a week however, and we’re now not only back to pricing in a June hike, but the odds of a May hike are standing at +78.8%, which is actually higher than the +66.1% chance priced before the Omicron news hit. A reminder that we’re just a week away now from the Fed’s next decision, where it’s hotly anticipated they could accelerate the pace at which they’ll taper their asset purchases. With investors bringing forward their bets on monetary tightening, front-end US Treasury yields were hitting post-pandemic highs yesterday, with the 2yr Treasury yield up +5.8bps to 0.69%, a level we haven’t seen since March 2020. Longer-dated yield increases weren’t as large, with the 10yr yield up +3.9bps to 1.47%, and the 5s30s curve flattened another -1.8bps to 54.4bps, just above the post-pandemic low of 53.7bps. Over in Europe there was similarly a rise in most countries’ bond yields, with those on 10yr bunds (+1.4bps), OATs (+1.0bps) and BTPs (+4.4bps) all moving higher, though incidentally, the 5s30s curve in Germany was also down -2.2bps to its own post-pandemic low of 50.0bps. One pretty big news story that markets have been relatively unperturbed by so far is the rising tensions between the US and Russia over Ukraine. Yesterday saw a video call between US President Biden and Russian President Putin. The US readout from the call did not offer much in the way of concrete details, but if you’re looking for any optimistic news, it said that both sides tasked their teams with following up. Setting the background for the call, there were reports immediately beforehand that the US was considering evacuating their citizens and posturing to stop Nord Stream 2 if Russia invaded Ukraine. The Ruble appreciated +0.42% against the dollar, and is now only slightly weaker versus the dollar on the week. Overnight in Asia stocks are trading mostly higher led by the Nikkei (+1.49%), CSI (+1.11%), Shanghai Composite (+0.86%) and the KOSPI (+0.78%) as markets respond positively to the Pfizer study mentioned at the top. The Hang Seng (-0.12%) is lagging though. In Japan, the final Q3 GDP contracted -3.6% quarter on quarter annualised against consensus expectations of -3.1% on lower consumer spending than initially estimated. In India, the RBI left the key policy rate unchanged for the ninth consecutive meeting today while underscoring increasing headwinds from the Omicron variant. Futures markets indicate a positive start in the US and Europe with S&P 500 (+0.41%) and DAX (+0.12%) futures trading in the green. Back on the pandemic, despite the relative benign news on Omicron, rising global case counts mean that the direction of travel is still towards tougher restrictions across a range of countries. In fact here in the UK, we saw the 7-day average of reported cases move above 48,000 for the first time since January. In terms of fresh restrictions, yesterday saw Canada announce that they’d be extending their vaccine mandate, which will now require employees in all federally regulated workplaces to be vaccinated, including road transportation, telecommunications and banking. In Sweden, the government is preparing a bill that would see Covid passes introduced for gyms and restaurants, while Poland put further measures in place, including remote schooling from December 20 until January 9, while vaccines would become mandatory for health workers, teachers and uniformed services from March 1. One move to ease restrictions came in Austria, where it was confirmed shops would be reopening on Monday, albeit only for those vaccinated, while restaurants and hotels would reopen the following week. If you see our daily charts you’ll see that cases in Austria have dropped sharply since the peaks a couple of weeks ago, albeit still high internationally. In DC, Congressional leaders apparently agreed to a deal that would ultimately lead to the debt ceiling being increased, after some procedural chicanery. Senate Majority Leader McConnell voiced support for the measure, which is a good sign for its ultimate prospects of passing, but it still needs at least 10 Republican votes in the Senate to pass. McConnell indicated the votes would be there when the Senate ultimately takes it up, which is reportedly set to happen this week. The House passed the measure last night. Yields on Treasury bills maturing in December fell following the headlines. Looking ahead, today will mark the end of an era in Germany, as Olaf Scholz is set to become Chancellor in a Bundestag vote later on, marking an end to Chancellor Merkel’s 16-year tenure. That vote will simply be a formality given the three parties of the incoming coalition (the centre-left SPD, the Greens and the liberal FDP) have a comfortable majority between them, and the new cabinet will feature 7 SPD ministers, 5 Green ministers, and 4 from the FDP. Among the positions will include Green co-leader Robert Habeck as Vice Chancellor, Green co-leader Annalena Baerbock as foreign minister, and FDP leader Christian Lindner as finance minister. Running through yesterday’s data, the US trade deficit narrowed to $67.1bn in October (vs. $66.8bn expected), marking its smallest level since April. Meanwhile in the Euro Area, the latest Q3 growth estimate was left unchanged at +2.2%, but both Q1 and Q2’s growth was revised up a tenth. Over in Germany, industrial production grew by a stronger-than-expected +2.8% in October (vs. +1.0% expected), with the previous month’s contraction also revised to show a smaller -0.5% decline. In addition, the expectations component of the December ZEW survey fell by less than expected to 29.9 (vs. 25.4 expected), but the current situation measure fell to a 6-month low of -7.4 (vs. 5.7 expected). To the day ahead now, and Olaf Scholz is expected to become German Chancellor in a Bundestag vote today. From central banks, the Bank of Canada will be deciding on rates, and we’ll also hear from ECB President Lagarde, Vice President de Guindos and the ECB’s Schnabel. Finally, data releases include the JOLTS job openings from the US for October. Tyler Durden Wed, 12/08/2021 - 07:58.....»»

Category: blogSource: zerohedgeDec 8th, 2021

Futures Surge After Powell-Driven Rout Proves To Be "Transitory"

Futures Surge After Powell-Driven Rout Proves To Be "Transitory" Heading into yesterday's painful close to one of the ugliest months since March 2020, which saw a huge forced liquidation rebalance with more than $8 billion in Market on Close orders, we said that while we are seeing "forced selling dump into the close today" this would be followed by "forced Dec 1 buying frontrunning after the close." Forced selling dump into the close today. Forced Dec 1 buying frontrunning after the close — zerohedge (@zerohedge) November 30, 2021 And just as expected, despite yesterday's dramatic hawkish pivot by Powell, who said it was time to retire the word transitory in describing the inflation outlook (the same word the Fed used hundreds of times earlier in 2021 sparking relentless mockery from this website for being clueless as usual) while also saying the U.S. central bank would consider bringing forward plans for tapering its bond buying program at its next meeting in two weeks, the frontrunning of new monthly inflows is in full force with S&P futures rising over 1.2%, Nasdaq futures up 1.3%, and Dow futures up 0.9%, recovering almost all of Tuesday’s decline. The seemingly 'hawkish' comments served as a double whammy for markets, which were already nervous about the spread of the Omicron coronavirus variant and its potential to hinder a global economic recovery. "At this point, COVID does not appear to be the biggest long-term Street fear, although it could have the largest impact if the new (or next) variant turns out to be worse than expected," Howard Silverblatt, senior index analyst for S&P and Dow Jones indices, said in a note. "That honor goes to inflation, which continues to be fed by supply shortages, labor costs, worker shortages, as well as consumers, who have not pulled back." However, new month fund flows proved too powerful to sustain yesterday's month-end dump and with futures rising - and panic receding - safe havens were sold and the 10-year Treasury yield jumped almost 6bps, approaching 1.50%. The gap between yields on 5-year and 30-year Treasuries was around the narrowest since March last year. Crude oil and commodity-linked currencies rebounded. Gold remained just under $1,800 and bitcoin traded just over $57,000. There was more good news on the covid front with a WHO official saying some of the early indications are that most Omicron cases are mild with no severe cases. Separately Merck gained 3.8% in premarket trade after a panel of advisers to the U.S. Food and Drug Administration narrowly voted to recommend the agency authorize the drugmaker's antiviral pill to treat COVID-19. Travel and leisure stocks also rebounded, with cruiseliners Norwegian, Carnival, Royal Caribbean rising more than 2.5% each. Easing of covid fears also pushed airlines and travel stocks higher in premarket trading: Southwest +2.9%, Delta +2.5%, Spirit +2.3%, American +2.2%, United +1.9%, JetBlue +1.3%. Vaccine makers traded modestly lower in pre-market trading after soaring in recent days as Wall Street weighs the widening spread of the omicron variant. Merck & Co. bucked the trend after its Covid-19 pill narrowly gained a key recommendation from advisers to U.S. regulators. Moderna slips 2.1%, BioNTech dips 1.3% and Pfizer is down 0.2%. Elsewhere, Occidental Petroleum led gains among the energy stocks, up 3.2% as oil prices climbed over 4% ahead of OPEC's meeting. Shares of major Wall Street lenders also moved higher after steep falls on Tuesday. Here are some of the other biggest U.S. movers today: Salesforce (CRM US) drops 5.9% in premarket trading after results and guidance missed estimates, with analysts highlighting currency-related headwinds and plateauing growth at the MuleSoft integration software business. Hewlett Packard Enterprise (HPE US) falls 1.3% in premarket after the computer equipment maker’s quarterly results showed the impact of the global supply chain crunch. Analysts noted solid order trends. Merck (MRK US) shares rise 5.8% in premarket after the company’s Covid-19 pill narrowly wins backing from FDA advisers, which analysts say is a sign of progress despite lingering challenges. Chinese electric vehicle makers were higher in premarket, leading U.S. peers up, after Nio, Li and XPeng reported strong deliveries for November; Nio (NIO US) +4%, Li (LI US ) +6%, XPeng (XPEV US) +4.3%. Ardelyx (ARDX US) shares gain as much as 34% in premarket, extending the biotech’s bounce after announcing plans to launch its irritable bowel syndrome treatment Ibsrela in the second quarter. CTI BioPharma (CTIC US) shares sink 18% in premarket after the company said the FDA extended the review period for a new drug application for pacritinib. Allbirds (BIRD US) fell 7.5% postmarket after the low end of the shoe retailer’s 2021 revenue forecast missed the average analyst estimate. Zscaler (ZS US) posted “yet another impressive quarter,” according to BMO. Several analysts increased their price targets for the security software company. Shares rose 4.6% in postmarket. Ambarella (AMBA US) rose 14% in postmarket after forecasting revenue for the fourth quarter that beat the average analyst estimate. Emcore (EMKR US) fell 9% postmarket after the aerospace and communications supplier reported fiscal fourth-quarter Ebitda that missed the average analyst estimate. Box (BOX US) shares gained as much as 10% in postmarket trading after the cloud company raised its revenue forecast for the full year. Meanwhile, the omicron variant continues to spread around the globe, though symptoms so far appear to be relatively mild. The Biden administration plans to tighten rules on travel to the U.S., and Japan said it would bar foreign residents returning from 10 southern African nations. As Bloomberg notes, volatility is buffeting markets as investors scrutinize whether the pandemic recovery can weather diminishing monetary policy support and potential risks from the omicron virus variant. Global manufacturing activity stabilized last month, purchasing managers’ gauges showed Wednesday, and while central banks are scaling back ultra-loose settings, financial conditions remain favorable in key economies. “The reality is hotter inflation coupled with a strong economic backdrop could end the Fed’s bond buying program as early as the first quarter of next year,” Charlie Ripley, senior investment strategist at Allianz Investment Management, said in emailed comments. “With potential changes in policy on the horizon, market participants should expect additional market volatility in this uncharted territory.” Looking ahead, Powell is back on the Hill for day 2, and is due to testify before a House Financial Services Committee hybrid hearing at 10 a.m. ET. On the economic data front, November readings on U.S. private payrolls and manufacturing activity will be closely watched later in the day to gauge the health of the American economy. Investors are also awaiting the Fed's latest "Beige Book" due at 2:00 p.m. ET. On the economic data front, November readings on U.S. private payrolls and manufacturing activity will be closely watched later in the day to gauge the health of the American economy. European equities soared more than 1.2%, with travel stocks and carmakers leading broad-based gain in the Stoxx Europe 600 index, all but wiping out Tuesday’s decline that capped only the third monthly loss for the benchmark this year.  Travel, miners and autos are the strongest sectors. Here are some of the biggest European movers today: Proximus shares rise as much as 6.5% after the company said it’s started preliminary talks regarding a potential deal involving TeleSign, with a SPAC merger among options under consideration. Dr. Martens gains as much as 4.6% to the highest since Sept. 8 after being upgraded to overweight from equal- weight at Barclays, which says the stock’s de-rating is overdone. Husqvarna advances as much as 5.3% after the company upgraded financial targets ahead of its capital markets day, including raising the profit margin target to 13% from 10%. Wizz Air, Lufthansa and other travel shares were among the biggest gainers as the sector rebounded after Tuesday’s losses; at a conference Wizz Air’s CEO reiterated expansion plans. Wizz Air gains as much as 7.5%, Lufthansa as much as 6.8% Elis, Accor and other stocks in the French travel and hospitality sector also rise after the country’s government pledged to support an industry that’s starting to get hit by the latest Covid-19 wave. Pendragon climbs as much as 6.5% after the car dealer boosted its outlook after the company said a supply crunch in the new vehicle market wasn’t as bad as it had anticipated. UniCredit rises as much as 3.6%, outperforming the Stoxx 600 Banks Index, after Deutsche Bank added the stock to its “top picks” list alongside UBS, and Bank of Ireland, Erste, Lloyds and Societe Generale. Earlier in the session, Asian stocks also soared, snapping a three-day losing streak, led by energy and technology shares, as traders assessed the potential impact from the omicron coronavirus variant and U.S. Federal Reserve Chair Jerome Powell’s hawkish pivot. The MSCI Asia Pacific Index rose as much as 1.3% Wednesday. South Korea led regional gains after reporting strong export figures, which bolsters growth prospects despite record domestic Covid-19 cases. Hong Kong stocks also bounced back after falling Tuesday to their lowest level since September 2020. Asia’s stock benchmark rebounded from a one-year low, though sentiment remained clouded by lingering concerns on the omicron strain and Fed’s potentially faster tapering pace. Powell earlier hinted that the U.S. central bank will accelerate its asset purchases at its meeting later this month.  “A faster taper in the U.S. is still dependent on omicron not causing a big setback to the outlook in the next few weeks,” said Shane Oliver, head of investment strategy and chief economist at AMP Capital, adding that he expects the Fed’s policy rate “will still be low through next year, which should still enable good global growth which will benefit Asia.” Chinese equities edged up after the latest economic data showed manufacturing activity remained at relatively weak levels in November, missing economists’ expectations. Earlier, Chinese Vice Premier Liu He said he’s fully confident in the nation’s economic growth in 2022 Japanese stocks rose, overcoming early volatility as traders parsed hawkish comments from Federal Reserve Chair Jerome Powell. Electronics and auto makers were the biggest boosts to the Topix, which closed 0.4% higher after swinging between a gain of 0.9% and loss of 0.7% in the morning session. Daikin and Fanuc were the largest contributors to a 0.4% rise in the Nikkei 225, which similarly fluctuated. The Topix had dropped 4.8% over the previous three sessions due to concerns over the omicron virus variant. The benchmark fell 3.6% in November, its worst month since July 2020. “The market’s tolerance to risk is quite low at the moment, with people responding in a big way to the smallest bit of negative news,” said Tomo Kinoshita, a global market strategist at Invesco Asset Management in Tokyo. “But the decline in Japanese equities was far worse than those of other developed markets, so today’s market may find a bit of calm.” U.S. shares tumbled Tuesday after Powell said officials should weigh removing pandemic support at a faster pace and retired the word “transitory” to describe stubbornly high inflation In rates, bonds trade heavy, as yield curves bear-flatten. Treasuries extended declines with belly of the curve cheapening vs wings as traders continue to price in additional rate-hike premium over the next two years. Treasury yields were cheaper by up to 5bp across belly of the curve, cheapening 2s5s30s spread by ~5.5bp on the day; 10-year yields around 1.48%, cheaper by ~4bp, while gilts lag by additional 2bp in the sector. The short-end of the gilt curve markedly underperforms bunds and Treasuries with 2y yields rising ~11bps near 0.568%. Peripheral spreads widen with belly of the Italian curve lagging. The flattening Treasury yield curve “doesn’t suggest imminent doom for the equity market in and of itself,” Liz Ann Sonders, chief investment strategist at Charles Schwab & Co., said on Bloomberg Television. “Alarm bells go off in terms of recession” when the curve gets closer to inverting, she said. In FX, the Turkish lira had a wild session, offered in early London trade before fading. USD/TRY dropped sharply to lows of 12.4267 on reports of central bank FX intervention due to “unhealthy price formations” before, once again, fading TRY strength after comments from Erdogan. The rest of G-10 FX is choppy; commodity currencies retain Asia’s bid tone, havens are sold: the Bloomberg Dollar Spot Index inched lower, as the greenback traded mixed versus its Group-of-10 peers. The euro moved in a narrow range and Bund yields followed U.S. yields higher. The pound advanced as risk sentiment stabilized with focus still on news about the omicron variant. The U.K. 10-, 30-year curve flirted with inversion as gilts flattened, with money markets betting on 10bps of BOE tightening this month for the first time since Friday. The Australian and New Zealand dollars advanced as rising commodity prices fuel demand from exporters and leveraged funds. Better-than-expected growth data also aided the Aussie, with GDP expanding by 3.9% in the third quarter from a year earlier, beating the 3% estimated by economists. Austrian lawmakers extended a nationwide lockdown for a second 10-day period to suppress the latest wave of coronavirus infections before the Christmas holiday period.  The yen declined by the most among the Group-of-10 currencies as Powell’s comments renewed focus on yield differentials. 10-year yields rose ahead of Thursday’s debt auction In commodities, crude futures rally. WTI adds over 4% to trade on a $69-handle, Brent recovers near $72.40 after Goldman said overnight that oil had gotten extremely oversold. Spot gold fades a pop higher to trade near $1,785/oz. Base metals trade well with LME copper and nickel outperforming. Looking at the day ahead, once again we’ll have Fed Chair Powell and Treasury Secretary Yellen appearing, this time before the House Financial Services Committee. In addition to that, the Fed will be releasing their Beige Book, and BoE Governor Bailey is also speaking. On the data front, the main release will be the manufacturing PMIs from around the world, but there’s also the ADP’s report of private payrolls for November in the US, the ISM manufacturing reading in the US as well for November, and German retail sales for October. Market Snapshot S&P 500 futures up 1.2% to 4,620.75 STOXX Europe 600 up 1.0% to 467.58 MXAP up 0.9% to 191.52 MXAPJ up 1.1% to 626.09 Nikkei up 0.4% to 27,935.62 Topix up 0.4% to 1,936.74 Hang Seng Index up 0.8% to 23,658.92 Shanghai Composite up 0.4% to 3,576.89 Sensex up 1.0% to 57,656.51 Australia S&P/ASX 200 down 0.3% to 7,235.85 Kospi up 2.1% to 2,899.72 Brent Futures up 4.2% to $72.15/bbl Gold spot up 0.2% to $1,778.93 U.S. Dollar Index little changed at 95.98 German 10Y yield little changed at -0.31% Euro down 0.1% to $1.1326 Top Overnight News from Bloomberg U.S. Secretary of State Antony Blinken will meet Russian Foreign Minister Sergei Lavrov Thursday, the first direct contact between officials of the two countries in weeks as tensions grow amid western fears Russia may be planning to invade Ukraine Oil rebounded from a sharp drop on speculation that recent deep losses were excessive and OPEC+ may on Thursday decide to pause hikes in production, with the abrupt reversal fanning already- elevated volatility The EU is set to recommend that member states review essential travel restrictions on a daily basis in the wake of the omicron variant, according to a draft EU document seen by Bloomberg China is planning to ban companies from going public on foreign stock markets through variable interest entities, according to people familiar with the matter, closing a loophole long used by the country’s technology industry to raise capital from overseas investors Manufacturing activity in Asia outside China stabilized last month amid easing lockdown and border restrictions, setting the sector on course to face a possible new challenge from the omicron variant of the coronavirus Germany urgently needs stricter measures to check a surge in Covid-19 infections and protect hospitals from a “particularly dangerous situation,” according to the head of the country’s DIVI intensive-care medicine lobby. A more detailed breakdown of global markets courtesy of Newsquawk Asian equity markets traded mostly positive as regional bourses atoned for the prior day’s losses that were triggered by Omicron concerns, but with some of the momentum tempered by recent comments from Fed Chair Powell and mixed data releases including the miss on Chinese Caixin Manufacturing PMI. ASX 200 (-0.3%) was led lower by underperformance in consumer stocks and with utilities also pressured as reports noted that Shell and Telstra’s entrance in the domestic electricity market is set to ignite fierce competition and force existing players to overhaul their operations, although the losses in the index were cushioned following the latest GDP data which showed a narrower than feared quarterly contraction in Australia’s economy. Nikkei 225 (+0.4%) was on the mend after yesterday’s sell-off with the index helped by favourable currency flows and following a jump in company profits for Q3, while the KOSPI (+2.1%) was also boosted by strong trade data. Hang Seng (+0.8%) and Shanghai Comp. (+0.4%) were somewhat varied as a tech resurgence in Hong Kong overcompensated for the continued weakness in casinos stocks amid ongoing SunCity woes which closed all VIP gaming rooms in Macau after its Chairman's recent arrest, while the mood in the mainland was more reserved after a PBoC liquidity drain and disappointing Chinese Caixin Manufacturing PMI data which fell short of estimates and slipped back into contraction territory. Finally, 10yr JGBs were lower amid the gains in Japanese stocks and after the pullback in global fixed income peers in the aftermath of Fed Chair Powell’s hawkish comments, while a lack of BoJ purchases further contributed to the subdued demand for JGBs. Top Asian News Asia Stocks Bounce Back from One-Year Low Despite Looming Risks Gold Swings on Omicron’s Widening Spread, Inflation Worries Shell Sees Hedge Funds Moving to LNG, Supporting Higher Prices Abe Warns China Invading Taiwan Would Be ‘Economic Suicide’ Bourses in Europe are firmer across the board (Euro Stoxx 50 +1.6%; Stoxx 600 +1.1%) as the positive APAC sentiment reverberated into European markets. US equity futures are also on the front foot with the cyclical RTY (+2.0%) outpacing its peers: ES (+1.2%), NQ (+1.5%), YM (+0.8%). COVID remains a central theme for the time being as the Omicron variant is observed for any effects of concern – which thus far have not been reported. Analysts at UBS expect market focus to shift away from the variant and more towards growth and earnings. The analysts expect Omicron to fuse into the ongoing Delta outbreak that economies have already been tackling. Under this scenario, the desk expects some of the more cyclical markets and sectors to outperform. The desk also flags two tails risks, including an evasive variant and central bank tightening – particularly after Fed chair Powell’s commentary yesterday. Meanwhile, BofA looks for an over-10% fall in European stocks next year. Sticking with macro updates, the OECD, in their latest economic outlook, cut US, China, Eurozone growth forecasts for 2021 and 2022, with Omicron cited as a factor. Back to trade, broad-based gains are seen across European cash markets. Sectors hold a clear cyclical bias which consists of Travel & Leisure, Basic Resources, Autos, Retail and Oil & Gas as the top performers – with the former bolstered by the seemingly low appetite for coordination on restrictions and measures at an EU level – Deutsche Lufthansa (+6%) and IAG (+5.1%) now reside at the top of the Stoxx 600. The other side of the spectrum sees the defensive sectors – with Healthcare, Household Goods, Food & Beverages as the straddlers. In terms of induvial movers, German-listed Adler Group (+22%) following a divestment, whilst Blue Prism (+1.7%) is firmer after SS&C raised its offer for the Co. Top European News Wizz Says Travelers Are Booking at Shorter and Shorter Notice Turkey Central Bank Intervenes in FX Markets to Stabilize Lira Gold Swings on Omicron’s Widening Spread, Inflation Worries Former ABG Sundal Collier Partner Starts Advisory Firm In FX, the Dollar remains mixed against majors, but well off highs prompted by Fed chair Powell ditching transitory from the list of adjectives used to describe inflation and flagging that a faster pace of tapering will be on the agenda at December’s FOMC. However, the index is keeping tabs on the 96.000 handle and has retrenched into a tighter 95.774-96.138 range, for the time being, as trade remains very choppy and volatility elevated awaiting clearer medical data and analysis on Omicron to gauge its impact compared to the Delta strain and earlier COVID-19 variants. In the interim, US macro fundamentals might have some bearing, but the bar is high before NFP on Friday unless ADP or ISM really deviate from consensus or outside the forecast range. Instead, Fed chair Powell part II may be more pivotal if he opts to manage hawkish market expectations, while the Beige Book prepared for next month’s policy meeting could also add some additional insight. NZD/AUD/CAD/GBP - Broad risk sentiment continues to swing from side to side, and currently back in favour of the high beta, commodity and cyclical types, so the Kiwi has bounced firmly from worst levels on Tuesday ahead of NZ terms of trade, the Aussie has pared a chunk of its declines with some assistance from a smaller than anticipated GDP contraction and the Loonie is licking wounds alongside WTI in advance of Canadian building permits and Markit’s manufacturing PMI. Similarly, Sterling has regained some poise irrespective of relatively dovish remarks from BoE’s Mann and a slender downward revision to the final UK manufacturing PMI. Nzd/Usd is firmly back above 0.6800, Aud/Usd close to 0.7150 again, Usd/Cad straddling 1.2750 and Cable hovering on the 1.3300 handle compared to circa 0.6772, 0.7063, 1.2837 and 1.3195 respectively at various fairly adjacent stages yesterday. JPY/EUR/CHF - All undermined by the aforementioned latest upturn in risk appetite or less angst about coronavirus contagion, albeit to varying degrees, as the Yen retreats to retest support sub-113.50, Euro treads water above 1.1300 and Franc straddles 0.9200 after firmer than forecast Swiss CPI data vs a dip in the manufacturing PMI. In commodities, WTI and Brent front month futures are recovering following yesterday’s COVID and Powell-induced declines in the run-up to the OPEC meetings later today. The complex has also been underpinned by the reduced prospects of coordinated EU-wide restrictions, as per the abandonment of the COVID video conference between EU leaders. However, OPEC+ will take centre stage over the next couple of days, with a deluge of source reports likely as OPEC tests the waters. The case for OPEC+ to pause the planned monthly relaxation of output curbs by 400k BPD has been strengthening. There have been major supply and demand developments since the prior meeting. The recent emergence of the Omicron COVID variant and coordinated release of oil reserves have shifted the balance of expectations relative to earlier in the month (full Newsquawk preview available in the Research Suite). In terms of the schedule, the OPEC meeting is slated for 13:00GMT/08:00EST followed by the JTC meeting at 15:00GMT/10:00EST, whilst tomorrow sees the JMMC meeting at 12:00GMT/07:00EST; OPEC+ meeting at 13:00GMT/08:00EST. WTI Jan has reclaimed a USD 69/bbl handle (vs USD 66.20/bbl low) while Brent Feb hovers around USD 72.50/bbl (vs low USD 69.38/bbl) at the time of writing. Elsewhere, spot gold and silver trade with modest gains and largely in tandem with the Buck. Spot gold failed to sustain gains above the cluster of DMAs under USD 1,800/oz (100 DMA at USD 1,792/oz, 200 DMA at USD 1,791/oz, and 50 DMA at USD 1,790/oz) – trader should be aware of the potential for a technical Golden Cross (50 DMA > 200 DMA). Turning to base metals, copper is supported by the overall risk appetite, with the LME contract back above USD 9,500/t. Overnight, Chinese coking coal and coke futures rose over 5% apiece, with traders citing disrupted supply from Mongolia amid the COVID outbreak in the region. US Event Calendar 7am: Nov. MBA Mortgage Applications, prior 1.8% 8:15am: Nov. ADP Employment Change, est. 525,000, prior 571,000 9:45am: Nov. Markit US Manufacturing PMI, est. 59.1, prior 59.1 10am: Oct. Construction Spending MoM, est. 0.4%, prior -0.5% 10am: Nov. ISM Manufacturing, est. 61.2, prior 60.8 2pm: U.S. Federal Reserve Releases Beige Book Nov. Wards Total Vehicle Sales, est. 13.4m, prior 13m Central Banks 10am: Powell, Yellen Testify Before House Panel on CARES Act Relief DB's Jim Reid concludes the overnight wrap If you’re under 10 and reading this there’s a spoiler alert today in this first para so please skip beyond and onto the second. Yes my heart broke a little last night as my little 6-year old Maisie said to me at bedtime that “Santa isn’t real is he Daddy?”. I lied (I think it’s a lie) and said yes he was. I made up an elaborate story about how when we renovated our 100 year old house we deliberately kept the chimney purely to let Santa come down it once a year. Otherwise why would we have kept it? She then asked what about her friend who lives in a flat? I tried to bluff my way through it but maybe my answer sounded a bit like my answers as to what will happen with Omicron. I’ll test both out on clients later to see which is more convincing. Before we get to the latest on the virus, given it’s the start of the month, we’ll shortly be publishing our November performance review looking at how different assets fared over the month just gone and YTD. It arrived late on but Omicron was obviously the dominant story and led to some of the biggest swings of the year so far. It meant that oil (which is still the top performer on a YTD basis) was the worst performer in our monthly sample, with WTI and Brent seeing their worst monthly performances since the initial wave of market turmoil over Covid back in March 2020. And at the other end, sovereign bonds outperformed in November as Omicron’s emergence saw investors push back the likelihood of imminent rate hikes from central banks. So what was shaping up to be a good month for risk and a bad one for bonds flipped around in injury time. Watch out for the report soon from Henry. Back to yesterday now, and frankly the main takeaway was that markets were desperate for any piece of news they could get their hands on about the Omicron variant, particularly given the lack of proper hard data at the moment. The morning started with a sharp selloff as we discussed at the top yesterday, as some of the more optimistic noises from Monday were outweighed by that FT interview, whereby Moderna’s chief executive had said that the existing vaccines wouldn’t be as effective against the new variant. Then we had some further negative news from Regeneron, who said that analysis and modelling of the Omicron mutations indicated that its antibody drug may not be as effective, but that they were doing further analysis to confirm this. However, we later got some comments from a University of Oxford spokesperson, who said that there wasn’t any evidence so far that vaccinations wouldn’t provide high levels of protection against severe disease, which coincided with a shift in sentiment early in the European afternoon as equities begun to pare back their losses. The CEO of BioNTech and the Israeli health minister expressed similar sentiments, noting that vaccines were still likely to protect against severe disease even among those infected by Omicron, joining other officials encouraging people to get vaccinated or get booster shots. Another reassuring sign came in an update from the EU’s ECDC yesterday, who said that all of the 44 confirmed cases where information was available on severity “were either asymptomatic or had mild symptoms.” After the close, the FDA endorsed Merck’s antiviral Covid pill. While it’s not clear how the pill interacts with Omicron, the proliferation of more Covid treatments is still good news as we head into another winter. The other big piece of news came from Fed Chair Powell’s testimony to the Senate Banking Committee, where the main headline was his tapering comment that “It is appropriate to consider wrapping up a few months sooner.” So that would indicate an acceleration in the pace, which would be consistent with the view from our US economists that we’ll see a doubling in the pace of reductions at the December meeting that’s only two weeks from today. The Fed Chair made a forceful case for a faster taper despite lingering Omicron uncertainties, noting inflation is likely to stay elevated, the labour market has improved without a commensurate increase in labour supply (those sidelined because of Covid are likely to stay there), spending has remained strong, and that tapering was a removal of accommodation (which the economy doesn’t need more of given the first three points). Powell took pains to stress the risk of higher inflation, going so far as to ‘retire’ the use of the term ‘transitory’ when describing the current inflation outlook. So team transitory have seemingly had the pitch taken away from them mid match. The Chair left an exit clause that this outlook would be informed by incoming inflation, employment, and Omicron data before the December FOMC meeting. A faster taper ostensibly opens the door to earlier rate hikes and Powell’s comment led to a sharp move higher in shorter-dated Treasury yields, with the 2yr yield up +8.1bps on the day, having actually been more than -4bps lower when Powell began speaking. They were as low as 0.44% then and got as high as 0.57% before closing at 0.56%. 2yr yields have taken another leg higher overnight, increasing +2.5bps to 0.592%. Long-end yields moved lower though and failed to back up the early day moves even after Powell, leading to a major flattening in the yield curve on the back of those remarks, with the 2s10s down -13.7bps to 87.3bps, which is its flattest level since early January. Overnight 10yr yields are back up +3bps but the curve is only a touch steeper. My 2 cents on the yield curve are that the 2s10s continues to be my favourite US recession indicator. It’s worked over more cycles through history than any other. No recession since the early 1950s has occurred without the 2s10s inverting. But it takes on average 12-18 months from inversion to recession. The shortest was the covid recession at around 7 months which clearly doesn’t count but I think we were very late cycle in early 2020 and the probability of recession in the not too distant future was quite high but we will never know.The shortest outside of that was around 9 months. So with the curve still at c.+90bps we are moving in a more worrying direction but I would still say 2023-24 is the very earliest a recession is likely to occur (outside of a unexpected shock) and we’ll need a rapid flattening in 22 to encourage that. History also suggests markets tend to ignore the YC until it’s too late. So I wouldn’t base my market views in 22 on the yield curve and recession signal yet. However its something to look at as the Fed seemingly embarks on a tightening cycle in the months ahead. Onto markets and those remarks from Powell (along with the additional earlier pessimism about Omicron) proved incredibly unhelpful for equities yesterday, with the S&P 500 (-1.90%) giving up the previous day’s gains to close at its lowest level in over a month. It’s hard to overstate how broad-based this decline was, as just 7 companies in the entire S&P moved higher yesterday, which is the lowest number of the entire year so far and the lowest since June 11th, 2020, when 1 company ended in the green. Over in Europe it was much the same story, although they were relatively less affected by Powell’s remarks, and the STOXX 600 (-0.92%) moved lower on the day as well. Overnight in Asia, stocks are trading higher though with the KOSPI (+2.02%), Hang Seng (+1.40%), the Nikkei (+0.37%), Shanghai Composite (+0.11%) and CSI (+0.09%) all in the green. Australia’s Q3 GDP contracted (-1.9% qoq) less than -2.7% consensus while India’s Q3 GDP grew at a firm +8.4% year-on-year beating the +8.3% consensus. In China the Caixin Manufacturing PMI for November came in at 49.9 against a 50.6 consensus. Futures markets are indicating a positive start to markets in US & Europe with the S&P 500 (+0.73%) and DAX (+0.44%) trading higher again. Back in Europe, there was a significant inflation story amidst the other headlines above, since Euro Area inflation rose to its highest level since the creation of the single currency, with the flash estimate for November up to +4.9% (vs. +4.5% expected). That exceeded every economist’s estimate on Bloomberg, and core inflation also surpassed expectations at +2.6% (vs. +2.3% expected), again surpassing the all-time high since the single currency began. That’s only going to add to the pressure on the ECB, and yesterday saw Germany’s incoming Chancellor Scholz say that “we have to do something” if inflation doesn’t ease. European sovereign bonds rallied in spite of the inflation reading, with those on 10yr bunds (-3.1bps), OATs (-3.5bps) and BTPs (-0.9bps) all moving lower. Peripheral spreads widened once again though, and the gap between Italian and German 10yr yields closed at its highest level in just over a year. Meanwhile governments continued to move towards further action as the Omicron variant spreads, and Greece said that vaccinations would be mandatory for everyone over 60 soon, with those refusing having to pay a monthly €100 fine. Separately in Germany, incoming Chancellor Scholz said that there would be a parliamentary vote on the question of compulsory vaccinations, saying to the Bild newspaper in an interview that “My recommendation is that we don’t do this as a government, because it’s an issue of conscience”. In terms of other data yesterday, German unemployment fell by -34k in November (vs. -25k expected). Separately, the November CPI readings from France at +3.4% (vs. +3.2% expected) and Italy at +4.0% (vs. +3.3% expected) surprised to the upside as well. In the US, however, the Conference Board’s consumer confidence measure in November fell to its lowest since February at 109.5 (vs. 110.9 expected), and the MNI Chicago PMI for November fell to 61.8 9vs. 67.0 expected). To the day ahead now, and once again we’ll have Fed Chair Powell and Treasury Secretary Yellen appearing, this time before the House Financial Services Committee. In addition to that, the Fed will be releasing their Beige Book, and BoE Governor Bailey is also speaking. On the data front, the main release will be the manufacturing PMIs from around the world, but there’s also the ADP’s report of private payrolls for November in the US, the ISM manufacturing reading in the US as well for November, and German retail sales for October. Tyler Durden Wed, 12/01/2021 - 07:47.....»»

Category: blogSource: zerohedgeDec 1st, 2021

Risk Cracks After Moderna CEO Comments Spark Global Stock Rout

Risk Cracks After Moderna CEO Comments Spark Global Stock Rout Ask a drug dealer if methadone helps cure a cocaine addition and - shockingly - you will hear that the answer is "hell no", after all an affirmative response would mean the fixer needs to get a real job. Just as shocking was the "admission" of Moderna CEO, Stéphane Bancel, who in the latest stop on his media whirlwind tour of the past 48 hours gave the FT an interview in which he predicted that existing vaccines will be much less effective at tackling Omicron than earlier strains of coronavirus and warned it would take months before pharmaceutical companies could manufacture new variant-specific jabs at scale. “There is no world, I think, where [the effectiveness] is the same level . . . we had with [the] Delta [variant],” Bancel told the Financial Times, claiming that the high number of Omicron mutations on the spike protein, which the virus uses to infect human cells, and the rapid spread of the variant in South Africa suggested that the current crop of vaccines may need to be modified next year. Here, the self-serving CEO whose sell-mode was fully engaged - after all what else would the maker of a vaccine for covid say than "yes, the world will need more of my product" - completely ignored the earlier comments from Barry Schoub, chairman of South Afruca's Ministerial Advisory Committee on Vaccines, who over the weekend said that the large number of mutations found in the omicron variant appears to destabilize the virus, which might make it less “fit” than the dominant delta strain. As such, it would be a far less virulent strain... but of course that would also reduce the need for Moderna's mRNA therapy and so Bancel failed to mention it. What is grotesque is that the Moderna CEO’s comments on existing vaccines’ effectiveness against the omicron variant is “old news so should be a fade,” says Prashant Newnaha, a senior Asia-Pacific rates strategist at TD Securities in Singapore. Indeed as Bloomberg notes, Bancel reiterated comments made by Moderna’s Chief Medical Officer Paul Burton during the weekend. Alas, the last thing algos care about is nuance and/or reading between the lines, and so moments after Bancel's interview hit, markets hit risk off mode on Tuesday, and yesterday’s bounce in markets immediately reversed amid fresh worries about the efficacy of currently available vaccines with U.S. equity futures dropping along with stocks in Europe. Bonds gained as investors sought havens. After dropping as much as 1.2%, S&P futures pared losses to -0.7%, down 37 points just above 4,600. Dow Eminis were down 339 points or 1% and Nasdaq was down -0.8%. Adding to concerns is Fed Chair Jerome Powell who today will speak, alongside Janet Yellen, at the Senate Banking Committee in congressional oversight hearings related to pandemic stimulus. Last night Powell made a dovish pivot saying the new variant poses downside risks to employment and growth while adding to uncertainty about inflation. Powell's comments dragged yields lower and hit bank stocks overnight. “The market’s reaction to reports such as Moderna’s suggest the ball is still very much in the court of proving that this will not escalate,” said Patrick Bennett, head of macro strategy for Asia at Canadian Imperial Bank of Commerce in Hong Kong. “Until that time, mode is to sell recoveries in risk and not to try and pick the extent of the selloff” U.S. airline and cruiseliner stocks dropped in premarket trading Tuesday, after vaccine maker Moderna’s top executives reiterated that the omicron variant of the coronavirus may require new vaccines. Most U.S. airline stocks were down: Alaska Air -5%, United -3.2%, American -3%, Spirit -2.7%, Delta -2.6%, JetBlue -2.6%, Southwest -1.7%. Here are some other notable movers today: U.S. banks decline in premarket trading following comments from Federal Reserve Chair Jerome Powell that may push back bets on when the central bank will raise rates. Citigroup (C US) -2.4%, JPMorgan (JPM US) -2.2%, Morgan Stanley (MS US) -2.6% Vaccine manufacturers mixed in U.S. premarket trading after rallying in recent days and following further comments from Moderna about treating the new omicron Covid-19 variant. Pfizer (PFE US) +1.6%, Novavax  (NVAS US) +1.3%, Moderna (MRNA US) -3.8% U.S. airline and cruiseliner stocks dropped in premarket trading Tuesday, after vaccine maker Moderna’s top executives reiterated that the omicron variant of the coronavirus may require new vaccines. Alaska Air (ALK US) -5%, United (UAL US) -3.2%, American (AAL US) -3% Krystal Biotech (KRYS US) jumped 4.3% in postmarket trading on Monday, extending gains after a 122% jump during the regular session. The company is offering $200m of shares via Goldman Sachs, BofA, Cowen, William Blair, according to a postmarket statement MEI Pharma (MEIP US) gained 8% postmarket after the cancer-treatment company said it will hold a webcast Tuesday to report on data from the ongoing Phase 2 Tidal study evaluating zandelisib in patients with relapsed or refractory follicular lymphoma Intuit (INTU US) declined 3.4% postmarket after holder Dan Kurzius, co-founder of Mailchimp, offered the stake via Goldman Sachs In Europe, the Stoxx 600 index fell to almost a seven-week low. Cyclical sectors including retail, travel and carmakers were among the biggest decliners, while energy stocks tumbled as crude oil headed for the worst monthly loss this year; every industry sector fell led by travel stocks. Earlier in the session, the Asia Pacific Index dropped 0.6% while the Hang Seng China Enterprises Index lost 1.5% to finish at its weakest level since May 2016. Asian stocks erased early gains to head for a third day of losses on fresh concerns that existing Covid-19 vaccines will be less effective at tackling the omicron variant. The MSCI Asia Pacific Index extended its fall to nearly 1% after having risen as much as 0.8% earlier on Tuesday. The current crop of vaccines may need to be modified next year, Moderna Chief Executive Officer Stephane Bancel said in an interview with the Financial Times, adding that it may take months before pharmaceutical firms can manufacture new variant-specific jabs at scale. U.S. futures also reversed gains. Property and consumer staples were the worst-performing sectors on the regional benchmark. Key gauges in Hong Kong and South Korea were the biggest losers in Asia, with the Kospi index erasing all of its gains for this year. The Hang Seng China Enterprises Index lost 1.5% to finish at its weakest level since May 2016. The fresh bout of selling offset early optimism spurred by data showing China’s factory sentiment improved in November. “With the slower vaccination rate and more limited health-care capacity in the region, uncertainty from the new omicron variant may seem to bring about higher economic risks for the region at a time where it is shifting towards further reopening,” said Jun Rong Yeap, a market strategist at IG Asia Pte. Asia’s stock benchmark is now down 3.5% for the month, set for its worst performance since July, as nervousness remains over the U.S. Federal Reserve’s tapering schedule and the potential economic impact of the omicron variant. “Moderna is one of the primary mRNA vaccines out there, so the risk-off sentiment is justified,” said Kelvin Wong, an analyst at CMC Markets (Singapore) Pte. Liquidity is thinner going into the end of the year, so investors are “thinking it’s wise to take some money off the table,” he added Japanese equities fell, reversing an earlier gain to cap their third-straight daily loss, after a report cast doubt on hopes for a quick answer to the omicron variant of the coronavirus. Telecoms and electronics makers were the biggest drags on the Topix, which dropped 1%, erasing an earlier gain of as much as 1.5%. Fast Retailing and SoftBank Group were the largest contributors to a 1.6% loss in the Nikkei 225. The yen strengthened about 0.4% against the dollar, reversing an earlier loss. Japanese stocks advanced earlier in the day, following U.S. peers higher as a relative sense of calm returned to global markets. Tokyo share gains reversed quickly in late afternoon trading after a Financial Times report that Moderna’s Chief Executive Officer Stephane Bancel said a new vaccine may be needed to fight omicron. “The report of Moderna CEO’s remarks has bolstered an overall movement toward taking off risk,” said SMBC Trust Bank analyst Masahiro Yamaguchi. “Market participants will probably be analyzing information on vaccines and the new virus variant for the next couple of weeks, so shares will likely continue to fluctuate on these headlines.” In FX, the dollar dropped alongside commodity-linked currencies while the yen and gold climbed and bitcoin surged as safe havens were bid. The yen swung to a gain after Moderna Inc.’s chief executive Stephane Bancel was quoted by the Financial Times saying existing vaccines may not be effective enough to tackle the omicron variant. Commodity-linked currencies including the Aussie, kiwi and Norwegian krone all declined, underperforming the dollar In rates, treasuries held gains after flight-to-quality rally extended during Asia session and European morning, when bunds and gilts also benefited from haven flows. Stocks fell after Moderna CEO predicted waning vaccine efficacy. Intermediates lead gains, with yields richer by nearly 6bp across 7-year sector; 10-year Treasuries are richer by 5.6bp at 1.443%, vs 2.5bp for German 10-year, 4.7bp for U.K. Long-end may draw support from potential for month-end buying; Bloomberg Treasury index rebalancing was projected to extend duration by 0.11yr as of Nov. 22. Expectations of month-end flows may support the market, and Fed Chair Powell is slated to testify to a Senate panel.       In commodities, crude futures are off their late-Asia lows but remain in the red. WTI trades close to $68.30, stalling near Friday’s lows; Brent is off over 2.5% near $71.50. Spot gold rises ~$11 near $1,796/oz. Base metals are mixed: LME zinc outperforms, rising as much as 1.6%.  To the day ahead now, and the main central bank highlight will be Fed Chair Powell’s appearance before the Senate Banking Committee, alongside Treasury Secretary Yellen. In addition, we’ll hear from Fed Vice Chair Clarida, the Fed’s Williams, the ECB’s Villeroy and de Cos, and the BoE’s Mann. On the data side, we’ll get the flash November CPI reading for the Euro Area today, as well as the readings from France and Italy. In addition, there’s data on German unemployment for November, Canadian GDP for Q3, whilst in the US there’s the Conference Board’s consumer confidence measure for November, the FHFA house price index for September, and the MNI Chicago PMI for November. Market Snapshot S&P 500 futures down 1.2% to 4,595.00 STOXX Europe 600 down 1.4% to 460.47 MXAP down 0.5% to 190.51 MXAPJ down 0.6% to 620.60 Nikkei down 1.6% to 27,821.76 Topix down 1.0% to 1,928.35 Hang Seng Index down 1.6% to 23,475.26 Shanghai Composite little changed at 3,563.89 Sensex down 0.2% to 57,122.74 Australia S&P/ASX 200 up 0.2% to 7,255.97 Kospi down 2.4% to 2,839.01 German 10Y yield little changed at -0.36% Euro up 0.6% to $1.1362 Brent Futures down 3.0% to $71.26/bbl Brent Futures down 3.0% to $71.26/bbl Gold spot up 0.7% to $1,796.41 U.S. Dollar Index down 0.65% to 95.72 Top Overnight News from Bloomberg Euro-area inflation surged to a record for the era of the single currency and exceeded all forecasts, adding to the European Central Bank’s challenge before a crucial meeting next month on the future of monetary stimulus. If the drop in government bond yields on Friday signaled how skittish markets were, fresh declines are leaving them looking no less nervous. One of Germany’s most prominent economists is urging the European Central Bank to be more transparent in outlining its exit from unprecedented monetary stimulus and argues that ruling out an end to negative interest rates next year may be a mistake. The Hong Kong dollar fell into the weak half of its trading band for the first time since December 2019 as the emergence of a new coronavirus variant hurt appetite for risk assets. A more detailed look at global markets courtesy of Newsquawk Asian equities traded mixed with early momentum seen following the rebound on Wall Street where risk assets recovered from Friday’s heavy selling pressure as liquidity conditions normalized post-Thanksgiving and after some of the Omicron fears abated given the mild nature in cases so far, while participants also digested a slew of data releases including better than expected Chinese Manufacturing PMI. However, markets were later spooked following comments from Moderna's CEO that existing vaccines will be much less effective against the Omicron variant. ASX 200 (+0.2%) was underpinned by early strength across its sectors aside from utilities and with gold miners also hampered by the recent lacklustre mood in the precious metal which failed to reclaim the USD 1800/oz level but remained in proximity for another attempt. In addition, disappointing Building Approvals and inline Net Exports Contribution data had little impact on sentiment ahead of tomorrow’s Q3 GDP release, although the index then faded most its gains after the comments from Moderna's CEO, while Nikkei 225 (-1.6%) was initially lifted by the recent rebound in USD/JPY but then slumped amid the broad risk aversion late in the session. Hang Seng (-1.6%) and Shanghai Comp. (Unch) were varied in which the mainland was kept afloat for most the session after a surprise expansion in Chinese Manufacturing PMI and a mild liquidity injection by the PBoC, with a central bank-backed publication also suggesting that recent open market operations demonstrates an ample liquidity goal, although Hong Kong underperformed on tech and property losses and with casino names pressured again as shares in junket operator Suncity slumped 37% on reopen from a trading halt in its first opportunity to react to the arrest of its Chairman. Finally, 10yr JGBs were initially contained following early momentum in stocks and somewhat inconclusive 2yr JGB auction which showed better results from the prior, albeit at just a marginal improvement, but then was underpinned on a haven bid after fears of the Omicron variant later resurfaced. Top Asian News China’s Biggest Crypto Exchange Picks Singapore as Asia Base SoftBank-Backed Snapdeal Targets $250 Million IPO in 2022 Omicron Reaches Nations From U.K. to Japan in Widening Spread Slump in China Gas Shows Spreading Impact of Property Slowdown Major European bourses are on the backfoot (Euro Stoxx 50 -1.5%; Stoxx 600 -1.5%) as COVID fears again take the spotlight on month-end. APAC markets were firmer for a large part of the overnight session, but thereafter the risk-off trigger was attributed to comments from Moderna's CEO suggesting that existing vaccines will be much less effective against the Omicron COVID strain. On this, some caveats worth keeping in mind - the commentary on the potential need for a vaccine does come from a vaccine maker, who could benefit from further global inoculation, whilst data on the new variant remains sparse. Meanwhile, WSJ reported Regeneron's and Eli Lilly's COVID antiviral cocktails had lost efficacy vs the Omicron variant - however, the extent to which will need to be subject to further testing. Furthermore, producers appear to be confident that they will be able to adjust their products to accommodate the new variant, albeit the timeline for mass production will not be immediate. Nonetheless, the sullied sentiment has persisted throughout the European morning and has also seeped into US equity futures: the cyclically bias RTY (-1.7%) lags the ES (-1.0%) and YM (-1.3%), whilst the tech-laden NQ (-0.5%) is cushioned by the slump in yields. Back to Europe, broad-based losses are seen across the majors. Sectors tilt defensive but to a lesser extent than seen at the European cash open. Travel & Leisure, Oil & Gas, and Retail all sit at the bottom of the bunch amid the potential implications of the new COVID variant. Tech benefits from the yield play, which subsequently weighs on the Banking sector. The retail sector is also weighed on by Spanish giant Inditex (-4.3%) following a CEO reshuffle. In terms of other movers, Glencore (-0.9%) is softer after Activist investor Bluebell Capital Partners called on the Co. to spin off its coal business and divest non-core assets. In a letter seen by the FT, Glencore was also asked to improve corporate governance. In terms of equity commentary, analysts at JPM suggest investors should take a more nuanced view on reopening as the bank expects post-COVID normalisation to gradually asset itself over the course of 2022. The bank highlights hawkish central bank policy shifts as the main risk to their outlook. Thus, the analysts see European equities outperforming the US, whilst China is seen outpacing EMs. JPM targets S&P 500 at 5,050 (closed at 4,655.27 yesterday) by the end of 2022 with EPS at USD 240 – marking a 14% increase in annual EPS. Top European News Omicron Reaches Nations From U.K. to Japan in Widening Spread ECB Bosses Lack Full Diplomatic Immunity, EU’s Top Court Says Adler Keeps Investors Waiting for Answers on Fraud Claims European Gas Prices Surge Above 100 Euros With Eyes on Russia In FX, the Greenback may well have been grounded amidst rebalancing flows on the final trading day of November, as bank models are flagging a net sell signal, albeit relatively weak aside from vs the Yen per Cit’s index, but renewed Omicron concerns stoked by Moderna’s CEO casting considerable doubt about the efficacy of current vaccines against the new SA strain have pushed the Buck back down in any case. Indeed, the index has now retreated further from its 2021 apex set less than a week ago and through 96.000 to 95.662, with only the Loonie and Swedish Krona underperforming within the basket, and the Antipodean Dollars plus Norwegian Crown in wider G10 circles. Looking at individual pairings, Usd/Jpy has reversed from the high 113.00 area and breached a Fib just below the round number on the way down to circa 112.68 for a marginal new m-t-d low, while Eur/Usd is back above 1.1350 having scaled a Fib at 1.1290 and both have left decent option expiries some distance behind in the process (1.6 bn at 113.80 and 1.3 bn between 1.1250-55 respectively). Elsewhere, Usd/Chf is eyeing 0.9175 irrespective of a slightly weaker than forecast Swiss KoF indicator and Cable has bounced firmly from the low 1.3300 zone towards 1.3375 awaiting commentary from BoE’s Mann. NZD/AUD/CAD - As noted above, the tables have turned for the Kiwi, Aussie and Loonie along with risk sentiment in general, and Nzd/Usd is now pivoting 0.6800 with little help from a deterioration in NBNZ business confidence or a decline in the activity outlook. Similarly, Aud/Usd has been undermined by much weaker than forecast building approvals and a smaller than anticipated current account surplus, but mostly keeping hold of the 0.7100 handle ahead of Q3 GDP and Usd/Cad has shot up from around 1.2730 to top 1.2800 at one stage in advance of Canadian growth data for the prior quarter and month of September as oil recoils (WTI to an even deeper trough only cents off Usd 67/brl). Back down under, 1 bn option expiry interest at 1.0470 in Aud/Nzd could well come into play given that the cross is currently hovering near the base of a 1.0483-39 range. SCANDI/EM - The aforementioned downturn in risk appetite after Monday’s brief revival has hit the Sek and Nok hard, but the latter is also bearing the brunt of Brent’s latest collapse to the brink of Usd 70/brl at worst, while also taking on board that the Norges Bank plans to refrain from foreign currency selling through December having stopped midway through this month. The Rub is also feeling the adverse effect of weaker crude prices and ongoing geopolitical angst to the extent that hawkish CBR rhetoric alluding to aggressive tightening next month is hardly keeping it propped, but the Cnh and Cny continue to defy the odds or gravity in wake of a surprise pop back above 50.0 in China’s official manufacturing PMI. Conversely, the Zar is struggling to contain losses sub-16.0000 vs the Usd on SA virus-related factors even though Gold is approaching Usd 1800/oz again, while the Try is striving to stay within sight of 13.0000 following a slender miss in Turkish Q3 y/y GDP. In commodities, WTI and Brent front month futures are once again under pressure amid the aforementioned COVID jitters threatening the demand side of the equation, albeit the market remains in a state of uncertainty given how little is known about the new variant ahead of the OPEC+ confab. It is still unclear at this point in time which route OPEC+ members will opt for, but seemingly the feasible options on the table are 1) a pause in output hikes, 2) a smaller output hike, 3) maintaining current output hikes. Energy journalists have suggested the group will likely be influenced by oil price action, but nonetheless, the findings of the JTC and JMMC will be closely watched for the group's updated forecasts against the backdrop of COVID and the recently coordinated SPR releases from net oil consumers – a move which the US pledged to repeat if needed. Elsewhere, Iranian nuclear talks were reportedly somewhat constructive – according to the Russian delegate – with working groups set to meet today and tomorrow regarding the sanctions on Iran. This sentiment, however, was not reciprocated by Western sources (cited by WSJ), which suggested there was no clarity yet on whether the teams were ready for serious negotiations and serious concessions. WTI Jan resides around session lows near USD 67.50/bbl (vs high USD 71.22/bbl), while Brent Feb dipped under USD 71/bbl (vs high USD 84.56/bb). Over to metals, spot gold remains underpinned in European trade by the cluster of DMA's under USD 1,800/oz – including the 100 (USD 1,792/oz), 200 (USD 1,791/oz) and 50 (1,790/oz). Turning to base metals, LME copper is modestly softer around the USD 9,500/t mark, whilst Dalian iron ore futures meanwhile rose over 6% overnight, with traders citing increasing Chinese demand. US Event Calendar 9am: 3Q House Price Purchase Index QoQ, prior 4.9% 9am: Sept. FHFA House Price Index MoM, est. 1.2%, prior 1.0% 9am: Sept. Case Shiller Composite-20 YoY, est. 19.30%, prior 19.66%; S&P/CS 20 City MoM SA, est. 1.20%, prior 1.17% 9:45am: Nov. MNI Chicago PMI, est. 67.0, prior 68.4 10am: Nov. Conf. Board Consumer Confidenc, est. 111.0, prior 113.8 10am: Nov. Conf. Board Present Situation, prior 147.4 10am: Nov. Conf. Board Expectations, prior 91.3 Central Banks 10am: Powell, Yellen Testify Before Senate Panel on CARES Act Relief 10:30am: Fed’s Williams gives remarks at NY Fed food- insecurity event 1pm: Fed’s Clarida Discusses Fed Independence DB's Jim Reid concludes the overnight wrap Just as we go to print markets are reacting negatively to an interview with the Moderna CEO in the FT that has just landed where he said that with regards to Omicron, “There is no world, I think, where (the effectiveness) is the same level... we had with Delta…… I think it’s going to be a material drop (efficacy). I just don’t know how much because we need to wait for the data. But all the scientists I’ve talked to . . . are like ‘this is not going to be good’.”” This is not really new news relative to the last 3-4 days given what we know about the new mutation but the market is picking up on the explicit comments. In response S&P futures have gone from slightly up to down just over -0.5% and Treasury yields immediately dipped -4bps to 1.46%. The Nikkei has erased gains and is down around -1% and the Hang Seng is c.-1.8%. This is breaking news so check your screens after you read this. In China the official November PMI data came in stronger than expected with the Manufacturing PMI at 50.1 (49.7 consensus vs 49.2 previous) and the non-manufacturing PMI at 52.3 (51.5 consensus vs 52.4 previous). The negative headlines above as we go to print followed a market recovery yesterday as investors hoped that the Omicron variant wouldn’t prove as bad as initially feared. In reality, the evidence is still incredibly limited on this question, and nothing from the Moderna CEO overnight changes that. However the more positive sentiment was also evident from the results of our flash poll in yesterday’s EMR where we had 1569 responses so very many thanks. The poll showed that just 10% thought it would still be the biggest topic in financial markets by the end of the year, with 30% instead thinking it’ll largely be forgotten about. The other 60% thought it would still be an issue but only of moderate importance. So if that’s correct and our respondents are a fair reflection of broader market sentiment, then it points to some big downside risks ahead if we get notable bad news on the variant. For the record I would have been with the majority with tendencies towards the largely forgotten about answer. So I will be as off-side as much as most of you on the variant downside risk scenario. When I did a similar poll on Evergrande 2 and a half months ago, only 8% thought it would be significantly impacting markets a month later with 78% in aggregate thinking limited mention/impact, and 15% thinking it would have no impact. So broadly similar responses and back then the 15% were most correct although the next 78% weren’t far off. In terms of the latest developments yesterday, we’re still waiting to find out some of the key pieces of information about this new strain, including how effective vaccines still are, and about the extent of any increased risk of transmission, hospitalisation and death. Nevertheless, countries around the world are continuing to ramp up their own responses as they await this information. President Biden laid out the US strategy for tackling Omicron in a public address yesterday, underscoring the variant was a cause for concern rather than panic. He noted travel bans from certain jurisdictions would remain in place to buy authorities time to evaluate the variant, but did not anticipate that further travel bans or domestic lockdowns would be implemented, instead urging citizens to get vaccinated or a booster shot. Over in Europe, Bloomberg reported that EU leaders were discussing whether to have a virtual summit on Friday about the issue, and Poland moved to toughen up their own domestic restrictions, with a 50% capacity limit on restaurants, hotels, gyms and cinemas. In Germany, Chancellor Merkel and Vice Chancellor Scholz will be meeting with state premiers today, whilst the UK government’s vaccination committee recommended that every adult be eligible for a booster shot, rather than just the over-40s at present. Boosters have done a tremendous job in dramatically reducing cases in the elder cohort in the UK in recent weeks so one by product of Omicron is that it may accelerate protection in a wider age group everywhere. Assuming vaccines have some impact on Omicron this could be a positive development, especially if symptoms are less bad. Markets recovered somewhat yesterday, with the S&P 500 gaining +1.32% to recover a large portion of Friday’s loss. The index was driven by mega-cap tech names, with the Nasdaq up +1.88% and small cap stocks underperforming, with the Russell 2000 down -0.18%, so the market wasn’t completely pricing out omicron risks by any means. Nevertheless, Covid-specific names performed how you would expect given the improved sentiment; stay-at-home trades that outperformed Friday fell, including Zoom (-0.56%), Peloton (-4.35%), and HelloFresh (-0.8%), while Moderna (+11.80%) was the biggest winner following the weekend news that a reformulated vaccine could be available in early 2022. Elsewhere, Twitter (-2.74%) initially gained after it was announced CEO and co-founder Jack Dorsey would be stepping down, but trended lower throughout the rest of the day. The broader moves put the index back in positive territory for the month as we hit November’s last trading day today. Europe saw its own bounceback too, with the STOXX 600 up +0.69%. Over in rates, the partial unwind of Friday’s moves was even smaller, with yields on 10yr Treasuries moving up +2.6bps to 1.50%, driven predominantly by real rates, as inflation breakevens were a touch narrower across the curve. One part of the curve that didn’t retrace Friday’s move was the short end, where markets continued to push Fed rate hikes back ever so slightly, with the first full hike now being priced for September (though contracts as early as May still price some meaningful probability of Fed hikes). We may see some further movements today as well, with Fed Chair Powell set to appear before the Senate Banking Committee at 15:00 London time, where he may well be asked about whether the Fed plans to accelerate the tapering of their asset purchases although it’s hard to believe he’ll go too far with any guidance with the Omicron uncertainty. The Chair’s brief planned testimony was published on the Fed’s website last night. It struck a slightly more hawkish tone on inflation, noting that the Fed’s forecast was for elevated inflation to persist well into next year and recognition that high inflation imposes burdens on those least able to handle them. On omicron, the testimony predictably stated it posed risks that could slow the economy’s progress, but tellingly on the inflation front, it could intensify supply chain disruptions. The real fireworks will almost certainly come in the question and answer portion of the testimony. The bond moves were more muted in Europe though, with yields on 10yr bunds (+2.0bps), OATs (+1.0bps) and BTPs (+0.4bps) only seeing a modest increase. Crude oil prices also didn’t bounce back with as much rigor as equities. Brent gained +0.99% while WTI futures increased +2.64%. They are back down -1 to -1.5% this morning. Elsewhere in DC, Senator Joe Manchin noted that Democrats could raise the debt ceiling on their own through the reconciliation process, but indicated a preference for the increase not to be included in the build back better bill, for which his support still seems lukewarm. We’re approaching crucial deadlines on the debt ceiling and financing the federal government, so these headlines should become more commonplace over the coming days. There were some further developments on the inflation front yesterday as Germany reported that inflation had risen to +6.0% in November (vs. +5.5% expected) on the EU-harmonised measure, and up from +4.6% in October. The German national measure also rose to +5.2% (vs. +5.0% expected), which was the highest since 1992. Speaking of Germany, Bloomberg reported that the shortlist for the Bundesbank presidency had been narrowed down to 4 candidates, which included Isabel Schnabel of the ECB’s Executive Board, and Joachim Nagel, who’s currently the Deputy Head of the Banking Department at the Bank for International Settlements. Today we’ll likely get some further headlines on inflation as the flash estimate for the entire Euro Area comes out, as well as the numbers for France and Italy. There wasn’t much in the way of other data yesterday, though UK mortgage approvals fell to 67.2k in October (vs. 70.0k expected), which is their lowest level since June 2020. Separately, US pending home sales were up +7.5% in October (vs. +1.0% expected), whilst the Dallas Fed’s manufacturing activity index for November unexpectedly fell to 11.8 (vs. 15.0 expected). Finally, the European Commission’s economic sentiment indicator for the Euro Area dipped to 117.5 in November as expected, its weakest level in 6 months. To the day ahead now, and the main central bank highlight will be Fed Chair Powell’s appearance before the Senate Banking Committee, alongside Treasury Secretary Yellen. In addition, we’ll hear from Fed Vice Chair Clarida, the Fed’s Williams, the ECB’s Villeroy and de Cos, and the BoE’s Mann. On the data side, we’ll get the flash November CPI reading for the Euro Area today, as well as the readings from France and Italy. In addition, there’s data on German unemployment for November, Canadian GDP for Q3, whilst in the US there’s the Conference Board’s consumer confidence measure for November, the FHFA house price index for September, and the MNI Chicago PMI for November. Tyler Durden Tue, 11/30/2021 - 07:50.....»»

Category: blogSource: zerohedgeNov 30th, 2021

The truth behind the Great Resignation: Americans are sick of low-paying, dangerous jobs and they"re fighting for better

"If employers really wanted to end the Great Resignation, they could raise wages and make their businesses a more humane place to work," says Paul Constant. A Now Hiring sign hangs near the entrance to a Winn-Dixie Supermarket on September 21, 2021 in Hallandale, Florida.Joe Raedle/Getty Images Paul Constant is a writer at Civic Ventures and cohost of the "Pitchfork Economics" podcast. In this piece, he breaks down several underlying issues influencing the current labor shortage.  If employers really wanted to hire people, they'd raise wages and improve working conditions, Constant says.  The signs, posted at fast food restaurants and shared all over social media, have practically become a cliche by now: "WE ARE SHORT-STAFFED. PLEASE BE PATIENT WITH THE STAFF THAT DID SHOW UP. NO ONE WANTS TO WORK ANYMORE." Variations of the signs include additional complaining about "government handouts" or the government "paying people to stay home," but the gist is this: Employers are unable to find labor to staff their jobs, and as is often the case, they're eager to blame anyone but themselves for the shortage.Of course, everyone knows that the truth about the so-called labor shortage is that nobody wants to work for the low wages and lousy work conditions those employers are offering. That's why many of the fast-food restaurants that post "no one wants to work anymore" signs also have signs up encouraging teenagers as young as 14 years old to apply for the jobs. (Many states allow sub-minimum wages for teen workers that go as low as $4.25 per hour.) At the same time, union workers around the country are going on strike to demand better wages, more humane schedules, and some say in the direction of their workplaces. Because there are so many open positions in the job market right now, wages are climbing higher than at any point in the last two decades. And white-collar workers are leaving their good-paying office jobs in huge numbers, too, in what is now referred to as the Great Resignation.Read more: Fewer adults see their job as a source of life's meaning, and it shows how the pandemic has changed America's relationship with workThis is the first time in the 21st century that American workers have held the upper hand over employers. But why are so many positions open? Those fast-food workers can't all be migrating to better-paying jobs, can they? Several converging issues are at play.Because women are still expected to be the primary childcare provider in many American homes, and because the pandemic wiped out whole swaths of the child care sector, women left the workforce at up to four times the rate of male workers during the pandemic to care for their kids.Economic commentator Noah Smith points out that immigration to the United States has basically dropped by half since Donald Trump won the White House on a racist, anti-immigration platform in 2016. That amounted to two million fewer immigrants than were originally projected to arrive in America in 2020 — and many of those immigrants worked the low-wage jobs that "nobody wants to work anymore."   And we can't ignore the horrific truth that more than three-quarters of a million Americans have died from COVID-19 since March of 2020, a significant share of the population of working-age Americans. Additionally, many Americans (including those in high-risk health categories) likely don't feel safe enough to rejoin the workforce with the pandemic still surging out of control in regions around the country.If employers really wanted to end the Great Resignation tomorrow, they could raise wages and make their businesses a more humane place to work. That would have the additional effect of giving workers more money and time to invest in their local economies, further increasing job growth. But they should also support candidates who champion policies that would get more Americans back to work — policies like affordable childcare, better and more welcoming immigration standards, and sensible public health policies that would allow more people to safely participate in the economy without frequent eruptions of deadly COVID outbreaks. Read more: Childcare centers say they're turning down desperate parents because they don't have enough staff to look after more kidsHowever, the news isn't all great for American workers, either. Though paychecks are rising, so are prices. As Civic Ventures President Zach Silk notes in "The Pitch," the sister newsletter of the Pitchfork Economics podcast, when you take the international spike in inflation into account, the average American paycheck has actually decreased by 1.2% since last October. "If I were an economic advisor to the Biden Administration," Silk wrote, "I would emphasize the importance of raising wages in conjunction with all the other policies that might help with supply-chain issues and global inflation."Silk concluded, "Rising prices don't have as big an impact on your life if your paycheck is growing faster." The Great Resignation needs to continue in order for American workers to thrive, and our leaders must make it easier for them to get the raise that they so desperately need.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 20th, 2021

Bitcoin & The US Fiscal Reckoning

Bitcoin & The US Fiscal Reckoning Authored by Avik Roy via NationalAffairs.com, Cryptocurrencies like bitcoin have few fans in Washington. At a July congressional hearing, Senator Elizabeth Warren warned that cryptocurrency "puts the [financial] system at the whims of some shadowy, faceless group of super-coders." Treasury secretary Janet Yellen likewise asserted that the "reality" of cryptocurrencies is that they "have been used to launder the profits of online drug traffickers; they've been a tool to finance terrorism." Thus far, Bitcoin's supporters remain undeterred. (The term "Bitcoin" with a capital "B" is used here and throughout to refer to the system of cryptography and technology that produces the currency "bitcoin" with a lowercase "b" and verifies bitcoin transactions.) A survey of 3,000 adults in the fall of 2020 found that while only 4% of adults over age 55 own cryptocurrencies, slightly more than one-third of those aged 35-44 do, as do two-fifths of those aged 25-34. As of mid-2021, Coinbase — the largest cryptocurrency exchange in the United States — had 68 million verified users. To younger Americans, digital money is as intuitive as digital media and digital friendships. But Millennials with smartphones are not the only people interested in bitcoin; a growing number of investors are also flocking to the currency's banner. Surveys indicate that as many as 21% of U.S. hedge funds now own bitcoin in some form. In 2020, after considering various asset classes like stocks, bonds, gold, and foreign currencies, celebrated hedge-fund manager Paul Tudor Jones asked, "[w]hat will be the winner in ten years' time?" His answer: "My bet is it will be bitcoin." What's driving this increased interest in a form of currency invented in 2008? The answer comes from former Federal Reserve chairman Ben Bernanke, who once noted, "the U.S. government has a technology, called a printing press...that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation...the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to...inflation." In other words, governments with fiat currencies — including the United States — have the power to expand the quantity of those currencies. If they choose to do so, they risk inflating the prices of necessities like food, gas, and housing. In recent months, consumers have experienced higher price inflation than they have seen in decades. A major reason for the increases is that central bankers around the world — including those at the Federal Reserve — sought to compensate for Covid-19 lockdowns with dramatic monetary inflation. As a result, nearly $4 trillion in newly printed dollars, euros, and yen found their way from central banks into the coffers of global financial institutions. Jerome Powell, the current Federal Reserve chairman, insists that 2021's inflation trends are "transitory." He may be right in the near term. But for the foreseeable future, inflation will be a profound and inescapable challenge for America due to a single factor: the rapidly expanding federal debt, increasingly financed by the Fed's printing press. In time, policymakers will face a Solomonic choice: either protect Americans from inflation, or protect the government's ability to engage in deficit spending. It will become impossible to do both. Over time, this compounding problem will escalate the importance of Bitcoin. THE FIAT-CURRENCY EXPERIMENT It's becoming clear that Bitcoin is not merely a passing fad, but a significant innovation with potentially serious implications for the future of investment and global finance. To understand those implications, we must first examine the recent history of the primary instrument that bitcoin was invented to challenge: the American dollar. Toward the end of World War II, in an agreement hashed out by 44 Allied countries in Bretton Woods, New Hampshire, the value of the U.S. dollar was formally fixed to 1/35th of the price of an ounce of gold. Other countries' currencies, such as the British pound and the French franc, were in turn pegged to the dollar, making the dollar the world's official reserve currency. Under the Bretton Woods system, foreign governments could retrieve gold bullion they had sent to the United States during the war by exchanging dollars for gold at the relevant fixed exchange rate. But enabling every major country to exchange dollars for American-held gold only worked so long as the U.S. government was fiscally and monetarily responsible. By the late 1960s, it was neither. Someone needed to pay the steep bills for Lyndon Johnson's "guns and butter" policies — the Vietnam War and the Great Society, respectively — so the Federal Reserve began printing currency to meet those obligations. Johnson's successor, Richard Nixon, also pressured the Fed to flood the economy with money as a form of economic stimulus. From 1961 to 1971, the Fed nearly doubled the circulating supply of dollars. "In the first six months of 1971," noted the late Nobel laureate Robert Mundell, "monetary expansion was more rapid than in any comparable period in a quarter century." That year, foreign central banks and governments held $64 billion worth of claims on the $10 billion of gold still held by the United States. It wasn't long before the world took notice of the shortage. In a classic bank-run scenario, anxious European governments began racing to redeem dollars for American-held gold before the Fed ran out. In July 1971, Switzerland withdrew $50 million in bullion from U.S. vaults. In August, France sent a destroyer to escort $191 million of its gold back from the New York Federal Reserve. Britain put in a request for $3 billion shortly thereafter. Finally, that same month, Nixon secretly gathered a small group of trusted advisors at Camp David to devise a plan to avoid the imminent wipeout of U.S. gold vaults and the subsequent collapse of the international economy. There, they settled on a radical course of action. On the evening of August 15th, in a televised address to the nation, Nixon announced his intention to order a 90-day freeze on all prices and wages throughout the country, a 10% tariff on all imported goods, and a suspension — eventually, a permanent one — of the right of foreign governments to exchange their dollars for U.S. gold. Knowing that his unilateral abrogation of agreements involving dozens of countries would come as a shock to world leaders and the American people, Nixon labored to re-assure viewers that the change would not unsettle global markets. He promised viewers that "the effect of this action...will be to stabilize the dollar," and that the "dollar will be worth just as much tomorrow as it is today." The next day, the stock market rose — to everyone's relief. The editors of the New York Times "unhesitatingly applaud[ed] the boldness" of Nixon's move. Economic growth remained strong for months after the shift, and the following year Nixon was re-elected in a landslide, winning 49 states in the Electoral College and 61% of the popular vote. Nixon's short-term success was a mirage, however. After the election, the president lifted the wage and price controls, and inflation returned with a vengeance. By December 1980, the dollar had lost more than half the purchasing power it had back in June 1971 on a consumer-price basis. In relation to gold, the price of the dollar collapsed — from 1/35th to 1/627th of a troy ounce. Though Jimmy Carter is often blamed for the Great Inflation of the late 1970s, "the truth," as former National Economic Council director Larry Kudlow has argued, "is that the president who unleashed double-digit inflation was Richard Nixon." In 1981, Federal Reserve chairman Paul Volcker raised the federal-funds rate — a key interest-rate benchmark — to 19%. A deep recession ensued, but inflation ceased, and the U.S. embarked on a multi-decade period of robust growth, low unemployment, and low consumer-price inflation. As a result, few are nostalgic for the days of Bretton Woods or the gold-standard era. The view of today's economic establishment is that the present system works well, that gold standards are inherently unstable, and that advocates of gold's return are eccentric cranks. Nevertheless, it's important to remember that the post-Bretton Woods era — in which the supply of government currencies can be expanded or contracted by fiat — is only 50 years old. To those of us born after 1971, it might appear as if there is nothing abnormal about the way money works today. When viewed through the lens of human history, however, free-floating global exchange rates remain an unprecedented economic experiment — with one critical flaw. An intrinsic attribute of the post-Bretton Woods system is that it enables deficit spending. Under a gold standard or peg, countries are unable to run large budget deficits without draining their gold reserves. Nixon's 1971 crisis is far from the only example; deficit spending during and after World War I, for instance, caused economic dislocation in numerous European countries — especially Germany — because governments needed to use their shrinking gold reserves to finance their war debts. These days, by contrast, it is relatively easy for the United States to run chronic deficits. Today's federal debt of almost $29 trillion — up from $10 trillion in 2008 and $2.4 trillion in 1984 — is financed in part by U.S. Treasury bills, notes, and bonds, on which lenders to the United States collect a form of interest. Yields on Treasury bonds are denominated in dollars, but since dollars are no longer redeemable for gold, these bonds are backed solely by the "full faith and credit of the United States." Interest rates on U.S. Treasury bonds have remained low, which many people take to mean that the creditworthiness of the United States remains healthy. Just as creditworthy consumers enjoy lower interest rates on their mortgages and credit cards, creditworthy countries typically enjoy lower rates on the bonds they issue. Consequently, the post-Great Recession era of low inflation and near-zero interest rates led many on the left to argue that the old rules no longer apply, and that concerns regarding deficits are obsolete. Supporters of this view point to the massive stimulus packages passed under presidents Donald Trump and Joe Biden  that, in total, increased the federal deficit and debt by $4.6 trillion without affecting the government's ability to borrow. The extreme version of the new "deficits don't matter" narrative comes from the advocates of what has come to be called Modern Monetary Theory (MMT), who claim that because the United States controls its own currency, the federal government has infinite power to increase deficits and the debt without consequence. Though most mainstream economists dismiss MMT as unworkable and even dangerous, policymakers appear to be legislating with MMT's assumptions in mind. A new generation of Democratic economic advisors has pushed President Biden to propose an additional $3.5 trillion in spending, on top of the $4.6 trillion spent on Covid-19 relief and the $1 trillion bipartisan infrastructure bill. These Democrats, along with a new breed of populist Republicans, dismiss the concerns of older economists who fear that exploding deficits risk a return to the economy of the 1970s, complete with high inflation, high interest rates, and high unemployment. But there are several reasons to believe that America's fiscal profligacy cannot go on forever. The most important reason is the unanimous judgment of history: In every country and in every era, runaway deficits and skyrocketing debt have ended in economic stagnation or ruin. Another reason has to do with the unusual confluence of events that has enabled the United States to finance its rising debts at such low interest rates over the past few decades — a confluence that Bitcoin may play a role in ending. DECLINING FAITH IN U.S. CREDIT To members of the financial community, U.S. Treasury bonds are considered "risk-free" assets. That is to say, while many investments entail risk — a company can go bankrupt, for example, thereby wiping out the value of its stock — Treasury bonds are backed by the full faith and credit of the United States. Since people believe the United States will not default on its obligations, lending money to the U.S. government — buying Treasury bonds that effectively pay the holder an interest rate — is considered a risk-free investment. The definition of Treasury bonds as "risk-free" is not merely by reputation, but also by regulation. Since 1988, the Switzerland-based Basel Committee on Banking Supervision has sponsored a series of accords among central bankers from financially significant countries. These accords were designed to create global standards for the capital held by banks such that they carry a sufficient proportion of low-risk and risk-free assets. The well-intentioned goal of these standards was to ensure that banks don't fail when markets go down, as they did in 2008. The current version of the Basel Accords, known as "Basel III," assigns zero risk to U.S. Treasury bonds. Under Basel III's formula, then, every major bank in the world is effectively rewarded for holding these bonds instead of other assets. This artificially inflates demand for the bonds and enables the United States to borrow at lower rates than other countries. The United States also benefits from the heft of its economy as well as the size of its debt. Since America is the world's most indebted country in absolute terms, the market for U.S. Treasury bonds is the largest and most liquid such market in the world. Liquid markets matter a great deal to major investors: A large financial institution or government with hundreds of billions (or more) of a given currency on its balance sheet cares about being able to buy and sell assets while minimizing the impact of such actions on the trading price. There are no alternative low-risk assets one can trade at the scale of Treasury bonds. The status of such bonds as risk-free assets — and in turn, America's ability to borrow the money necessary to fund its ballooning expenditures — depends on investors' confidence in America's creditworthiness. Unfortunately, the Federal Reserve's interference in the markets for Treasury bonds have obscured our ability to determine whether financial institutions view the U.S. fiscal situation with confidence. In the 1990s, Bill Clinton's advisors prioritized reducing the deficit, largely out of a conern that Treasury-bond "vigilantes" — investors who protest a government's expansionary fiscal or monetary policy by aggressively selling bonds, which drives up interest rates — would harm the economy. Their success in eliminating the primary deficit brought yields on the benchmark 10-year Treasury bond down from 8% to 4%. In Clinton's heyday, the Federal Reserve was limited in its ability to influence the 10-year Treasury interest rate. Its monetary interventions primarily targeted the federal-funds rate — the interest rate that banks charge each other on overnight transactions. But in 2002, Ben Bernanke advocated that the Fed "begin announcing explicit ceilings for yields on longer-maturity Treasury debt." This amounted to a schedule of interest-rate price controls. Since the 2008 financial crisis, the Federal Reserve has succeeded in wiping out bond vigilantes using a policy called "quantitative easing," whereby the Fed manipulates the price of Treasury bonds by buying and selling them on the open market. As a result, Treasury-bond yields are determined not by the free market, but by the Fed. The combined effect of these forces — the regulatory impetus for banks to own Treasury bonds, the liquidity advantage Treasury bonds have in the eyes of large financial institutions, and the Federal Reserve's manipulation of Treasury-bond market prices — means that interest rates on Treasury bonds no longer indicate the United States' creditworthiness (or lack thereof). Meanwhile, indications that investors are growing increasingly concerned about the U.S. fiscal and monetary picture — and are in turn assigning more risk to "risk-free" Treasury bonds — are on the rise. One such indicator is the decline in the share of Treasury bonds owned by outside investors. Between 2010 and 2020, the share of U.S. Treasury securities owned by foreign entities fell from 47% to 32%, while the share owned by the Fed more than doubled, from 9% to 22%. Put simply, foreign investors have been reducing their purchases of U.S. government debt, thereby forcing the Fed to increase its own bond purchases to make up the difference and prop up prices. Until and unless Congress reduces the trajectory of the federal debt, U.S. monetary policy has entered a vicious cycle from which there is no obvious escape. The rising debt requires the Treasury Department to issue an ever-greater quantity of Treasury bonds, but market demand for these bonds cannot keep up with their increasing supply. In an effort to avoid a spike in interest rates, the Fed will need to print new U.S. dollars to soak up the excess supply of Treasury bonds. The resultant monetary inflation will cause increases in consumer prices. Those who praise the Fed's dramatic expansion of the money supply argue that it has not affected consumer-price inflation. And at first glance, they appear to have a point. In January of 2008, the M2 money stock was roughly $7.5 trillion; by January 2020, M2 had more than doubled, to $15.4 trillion. As of July 2021, the total M2 sits at $20.5 trillion — nearly triple what it was just 13 years ago. Over that same period, U.S. GDP increased by only 50%. And yet, since 2000, the average rate of growth in the Consumer Price Index (CPI) for All Urban Consumers — a widely used inflation benchmark — has remained low, at about 2.25%. How can this be? The answer lies in the relationship between monetary inflation and price inflation, which has diverged over time. In 2008, the Federal Reserve began paying interest to banks that park their money with the Fed, reducing banks' incentive to lend that money out to the broader economy in ways that would drive price inflation. But the main reason for the divergence is that conventional measures like CPI do not accurately capture the way monetary inflation is affecting domestic prices. In a large, diverse country like the United States, different people and different industries experience price inflation in different ways. The fact that price inflation occurs earlier in certain sectors of the economy than in others was first described by the 18th-century Irish-French economist Richard Cantillon. In his 1730 "Essay on the Nature of Commerce in General," Cantillon noted that when governments increase the supply of money, those who receive the money first gain the most benefit from it — at the expense of those to whom it flows last. In the 20th century, Friedrich Hayek built on Cantillon's thinking, observing that "the real harm [of monetary inflation] is due to the differential effect on different prices, which change successively in a very irregular order and to a very different degree, so that as a result the whole structure of relative prices becomes distorted and misguides production into wrong directions." In today's context, the direct beneficiaries of newly printed money are those who need it the least. New dollars are sent to banks, which in turn lend them to the most creditworthy entities: investment funds, corporations, and wealthy individuals. As a result, the most profound price impact of U.S. monetary inflation has been on the kinds of assets that financial institutions and wealthy people purchase — stocks, bonds, real estate, venture capital, and the like. This is why the price-to-earnings ratio of S&P 500 companies is at record highs, why risky start-ups with long-shot ideas are attracting $100 million venture rounds, and why the median home sales price has jumped 24% in a single year — the biggest one-year increase of the 21st century. Meanwhile, low- and middle-income earners are facing rising prices without attendant increases in their wages. If asset inflation persists while the costs of housing and health care continue to grow beyond the reach of ordinary people, the legitimacy of our market economy will be put on trial. THE RETURN OF SOUND MONEY Satoshi Nakamoto, the pseudonymous creator of Bitcoin, was acutely concerned with the increasing abundance of U.S. dollars and other fiat currencies in the early 2000s. In 2009 he wrote, "the root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust." Bitcoin was created in anticipation of the looming fiscal and monetary crisis in the United States and around the world. To understand how bitcoin functions alongside fiat currency, it's helpful to examine the monetary philosophy of the Austrian School of economics, whose leading figures — especially Hayek and Ludwig von Mises — greatly influenced Nakamoto and the early developers of Bitcoin. The economists of the Austrian School were staunch advocates of what Mises called "the principle of sound money" — that is, of keeping the supply of money as constant and predictable as possible. In The Theory of Money and Credit, first published in 1912, Mises argued that sound money serves as "an instrument for the protection of civil liberties against despotic inroads on the part of governments" that belongs "in the same class with political constitutions and bills of rights." Just as bills of rights were a "reaction against arbitrary rule and the nonobservance of old customs by kings," he wrote, "the postulate of sound money was first brought up as a response to the princely practice of debasing the coinage." Mises believed that inflation was just as much a violation of someone's property rights as arbitrarily taking away his land. After all, in both cases, the government acquires economic value at the expense of the citizen. Since monetary inflation creates a sugar high of short-term stimulus, politicians interested in re-election will always have an incentive to expand the money supply. But doing so comes at the expense of long-term declines in consumer purchasing power. For Mises, the best way to address such a threat is to avoid fiat currencies altogether. And in his estimation, the best sound-money alternative to fiat currency is gold. "The excellence of the gold standard," Mises wrote, is "that it renders the determination of the monetary unit's purchasing power independent of the policies of governments and political parties." In other words, gold's primary virtue is that its supply increases slowly and steadily, and cannot be manipulated by politicians. It may appear as if gold was an arbitrary choice as the basis for currency, but gold has a combination of qualities that make it ideal for storing and exchanging value. First, it is verifiably unforgeable. Gold is very dense, which means that counterfeit gold is easy to identify — one simply has to weigh it. Second, gold is divisible. Unlike, say, cattle, gold can be delivered in fractional units both small and large, enabling precise pricing. Third, gold is durable. Unlike commodities that rot or evaporate over time, gold can be stored for centuries without degradation. Fourth, gold is fungible: An ounce of gold in Asia is worth the same as an ounce of gold in Europe. These four qualities are shared by most modern currencies. Gold's fifth quality is more distinct, however, as well as more relevant to its role as an instrument of sound money: scarcity. While people have used beads, seashells, and other commodities as primitive forms of money, those items are fairly easy to acquire and introduce into circulation. While gold's supply does gradually increase as more is extracted from the ground, the rate of extraction relative to the total above-ground supply is low: At current rates, it would take approximately 66 years to double the amount of gold in circulation. In comparison, the supply of U.S. dollars has more than doubled over just the last decade. When the Austrian-influenced designers of bitcoin set out to create a more reliable currency, they tried to replicate all of these qualities. Like gold, bitcoin is divisible, unforgeable, divisible, durable, and fungible. But bitcoin also improves upon gold as a form of sound money in several important ways. First, bitcoin is rarer than gold. Though gold's supply increases slowly, it does increase. The global supply of bitcoin, by contrast, is fixed at 21 million and cannot be feasibly altered. Second, bitcoin is far more portable than gold. Transferring physical gold from one place to another is an onerous process, especially in large quantities. Bitcoin, on the other hand, can be transmitted in any quantity as quickly as an email. Third, bitcoin is more secure than gold. A single bitcoin address carried on a USB thumb drive could theoretically hold as much value as the U.S. Treasury holds in gold bars — without the need for costly militarized facilities like Fort Knox to keep it safe. In fact, if stored using best practices, the cost of securing bitcoin from hackers or assailants is far lower than the cost of securing gold. Fourth, bitcoin is a technology. This means that, as developers identify ways to augment its functionality without compromising its core attributes, they can gradually improve the currency over time. Fifth, and finally, bitcoin cannot be censored. This past year, the Chinese government shut down Hong Kong's pro-democracy Apple Daily newspaper not by censoring its content, but by ordering banks not to do business with the publication, thereby preventing Apple Daily from paying its suppliers or employees. Those who claim the same couldn't happen here need only look to the Obama administration's Operation Choke Point, a regulatory attempt to prevent banks from doing business with legitimate entities like gun manufacturers and payday lenders — firms the administration disfavored. In contrast, so long as the transmitting party has access to the internet, no entity can prevent a bitcoin transaction from taking place. This combination of fixed supply, portability, security, improvability, and censorship resistance epitomizes Nakamoto's breakthrough. Hayek, in The Denationalisation of Money, foresaw just such a separation of money and state. "I believe we can do much better than gold ever made possible," he wrote. "Governments cannot do better. Free enterprise...no doubt would." While Hayek and Nakamoto hoped private currencies would directly compete with the U.S. dollar and other fiat currencies, bitcoin does not have to replace everyday cash transactions to transform global finance. Few people may pay for their morning coffee with bitcoin, but it is also rare for people to purchase coffee with Treasury bonds or gold bars. Bitcoin is competing not with cash, but with these latter two assets, to become the world's premier long-term store of wealth. The primary problem bitcoin was invented to address — the devaluation of fiat currency through reckless spending and borrowing — is already upon us. If Biden's $3.5 trillion spending plan passes Congress, the national debt will rise further. Someone will have to buy the Treasury bonds to enable that spending. Yet as discussed above, investors are souring on Treasurys. On June 30, 2021, the interest rate for the benchmark 10-year Treasury bond was 1.45%. Even at the Federal Reserve's target inflation rate of 2%, under these conditions, Treasury-bond holders are guaranteed to lose money in inflation-adjusted terms. One critic of the Fed's policies, MicroStrategy CEO Michael Saylor, compares the value of today's Treasury bonds to a "melting ice cube." Last May, Ray Dalio, founder of Bridgewater Associates and a former bitcoin skeptic, said "[p]ersonally, I'd rather have bitcoin than a [Treasury] bond." If hedge funds, banks, and foreign governments continue to decelerate their Treasury purchases, even by a relatively small percentage, the decrease in demand could send U.S. bond prices plummeting. If that happens, the Fed will be faced with the two unpalatable options described earlier: allowing interest rates to rise, or further inflating the money supply. The political pressure to choose the latter would likely be irresistible. But doing so would decrease inflation-adjusted returns on Treasury bonds, driving more investors away from Treasurys and into superior stores of value, such as bitcoin. In turn, decreased market interest in Treasurys would force the Fed to purchase more such bonds to suppress interest rates. AMERICA'S BITCOIN OPPORTUNITY From an American perspective, it would be ideal for U.S. Treasury bonds to remain the world's preferred reserve asset for the foreseeable future. But the tens of trillions of dollars in debt that the United States has accumulated since 1971 — and the tens of trillions to come — has made that outcome unlikely. It is understandably difficult for most of us to imagine a monetary world aside from the one in which we've lived for generations. After all, the U.S. dollar has served as the world's leading reserve currency since 1919, when Britain was forced off the gold standard. There are only a handful of people living who might recall what the world was like before then. Nevertheless, change is coming. Over the next 10 to 20 years, as bitcoin's liquidity increases and the United States becomes less creditworthy, financial institutions and foreign governments alike may replace an increasing portion of their Treasury-bond holdings with bitcoin and other forms of sound money. With asset values reaching bubble proportions and no end to federal spending in sight, it's critical for the United States to begin planning for this possibility now. Unfortunately, the instinct of some federal policymakers will be to do what countries like Argentina have done in similar circumstances: impose capital controls that restrict the ability of Americans to exchange dollars for bitcoin in an attempt to prevent the digital currency from competing with Treasurys. Yet just as Nixon's 1971 closure of the gold window led to a rapid flight from the dollar, imposing restrictions on the exchange of bitcoin for dollars would confirm to the world that the United States no longer believes in the competitiveness of its currency, accelerating the flight from Treasury bonds and undermining America's ability to borrow. A bitcoin crackdown would also be a massive strategic mistake, given that Americans are positioned to benefit enormously from bitcoin-related ventures and decentralized finance more generally. Around 50 million Americans own bitcoin today, and it's likely that Americans and U.S. institutions own a plurality, if not the majority, of the bitcoin in circulation — a sum worth hundreds of billions of dollars. This is one area where China simply cannot compete with the United States, since Bitcoin's open financial architecture is fundamentally incompatible with Beijing's centralized, authoritarian model. In the absence of major entitlement reform, well-intentioned efforts to make Treasury bonds great again are likely doomed. Instead of restricting bitcoin in a desperate attempt to forestall the inevitable, federal policymakers would do well to embrace the role of bitcoin as a geopolitically neutral reserve asset; work to ensure that the United States continues to lead the world in accumulating bitcoin-based wealth, jobs, and innovations; and ensure that Americans can continue to use bitcoin to protect themselves against government-driven inflation. To begin such an initiative, federal regulators should make it easier to operate cryptocurrency-related ventures on American shores. As things stand, too many of these firms are based abroad and closed off to American investors simply because outdated U.S. regulatory agencies — the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission, the Treasury Department, and others — have been unwilling to provide clarity as to the legal standing of digital assets. For example, the SEC has barred Coinbase from paying its customers' interest on their holdings while refusing to specify which laws Coinbase has violated. Similarly, the agency has refused to approve Bitcoin exchange-traded funds (ETFs) without specifying standards for a valid ETF application. Congress should implement SEC Commissioner Hester Peirce's recommendations for a three-year regulatory grace period for decentralized digital tokens and assign to a new agency the role of regulating digital assets. Second, Congress should clarify poorly worded legislation tied to a recent bipartisan infrastructure bill that would drive many high-value crypto businesses, like bitcoin-mining operations, overseas. Third, the Treasury Department should consider replacing a fraction of its gold holdings — say, 10% — with bitcoin. This move would pose little risk to the department's overall balance sheet, send a positive signal to the innovative blockchain sector, and enable the United States to benefit from bitcoin's growth. If the value of bitcoin continues to appreciate strongly against gold and the U.S. dollar, such a move would help shore up the Treasury and decrease the need for monetary inflation. Finally, when it comes to digital versions of the U.S. dollar, policymakers should follow the advice of Friedrich Hayek, not Xi Jinping. In an effort to increase government control over its monetary system, China is preparing to unveil a blockchain-based digital yuan at the 2022 Beijing Winter Olympics. Jerome Powell and other Western central bankers have expressed envy for China's initiative and fret about being left behind. But Americans should strongly oppose the development of a central-bank digital currency (CBDC). Such a currency could wipe out local banks by making traditional savings and checking accounts obsolete. What's more, a CBDC-empowered Fed would accumulate a mountain of precise information about every consumer's financial transactions. Not only would this represent a grave threat to Americans' privacy and economic freedom, it would create a massive target for hackers and equip the government with the kind of censorship powers that would make Operation Choke Point look like child's play. Congress should ensure that the Federal Reserve never has the authority to issue a virtual currency. Instead, it should instruct regulators to integrate private-sector, dollar-pegged "stablecoins" — like Tether and USD Coin — into the framework we use for money-market funds and other cash-like instruments that are ubiquitous in the financial sector. PLANNING FOR THE WORST In the best-case scenario, the rise of bitcoin will motivate the United States to mend its fiscal ways. Much as Congress lowered corporate-tax rates in 2017 to reduce the incentive for U.S. companies to relocate abroad, bitcoin-driven monetary competition could push American policymakers to tackle the unsustainable growth of federal spending. While we can hope for such a scenario, we must plan for a world in which Congress continues to neglect its essential duty as a steward of Americans' wealth. The good news is that the American people are no longer destined to go down with the Fed's sinking ship. In 1971, when Washington debased the value of the dollar, Americans had no real recourse. Today, through bitcoin, they do. Bitcoin enables ordinary Americans to protect their savings from the federal government's mismanagement. It can improve the financial security of those most vulnerable to rising prices, such as hourly wage earners and retirees on fixed incomes. And it can increase the prosperity of younger Americans who will most acutely face the consequences of the country's runaway debt. Bitcoin represents an enormous strategic opportunity for Americans and the United States as a whole. With the right legal infrastructure, the currency and its underlying technology can become the next great driver of American growth. While the 21st-century monetary order will look very different from that of the 20th, bitcoin can help America maintain its economic leadership for decades to come. Tyler Durden Tue, 10/19/2021 - 23:25.....»»

Category: worldSource: nytOct 20th, 2021

Futures Slide On Evergrande, Stagflation, Energy Crisis Fears

Futures Slide On Evergrande, Stagflation, Energy Crisis Fears Stock futures ticked lower on Monday, hurt by weakening sentiment in Asia and Europe amid growing worries about economic stagflation, the global energy crisis and renewed fears about property developer China Evergrande whose stock was halted overnight in Hong Kong, while Tesla shares rose after reporting a record number of electric vehicle deliveries. At 715 a.m. ET, Dow e-minis were down 114 points, or 0.33%, S&P 500 e-minis were down 16.25 points, or 0.37%, and Nasdaq 100 e-minis were down 73.75 points, or 0.5%. “The global chip and energy shortage is getting worse, the inflation is rising, the recovery may be slowing, and that puts central banks between a rock and a hard place,” Ipek Ozkardeskaya, a senior analyst at Swissquote, wrote in a note. “The best they could do is to do nothing, or to tighten their monetary policy to avoid losing control on the economy.” The most notable overnight event was the suspension of trading in shares of debt-laden Evergrande which unsettled markets further about any fallout from its troubles even as media reports said the company would sell a stake in its property management unit for over $5 billion. Wall Street’s main indexes were battered in September, hit by worries about the U.S. debt ceiling, the fate of a massive infrastructure spending bill and the meltdown of heavily indebted China Evergrande Group. On the second trading day of October, investors took a defensive stance, with a cautious approach to riskier assets as a spreading energy crunch meets concerns over the duration of broader rising prices and the tapering of economic stimulus efforts. Investors also kept close watch on rising U.S. Treasury yields after data last week showed increased consumer spending, accelerated factory activity and elevated inflation growth, which could help push the Federal Reserve towards tightening its accommodative monetary policy sooner than expected. Among individual stocks, Merck & Co. extended its gains from Friday on the results of its experimental Covid pill. The stock climbed 2.6% premarket. 3M shares fell 1.5% after J.P. Morgan cut its rating on the industrial conglomerate’s stock to “neutral” from “overweight”.  Here are some of the other notable premarket movers today: Tesla (TSLA  US) shares climb 2.6% higher in U.S. premarket trading after the electric car maker reported record 3Q deliveries that easily beat estimates Amplify Energy (AMPY US) shares plummet 33% in premarket trading after California beaches in northern Orange County were closed and wetlands contaminated by a huge oil spill caused by a broken pipeline off the coast DHT Holdings (DHT US) shares rose as much as 3.7% in Friday extended trading after the company said it bought 1.23m of its own shares Offerpad Solutions (OPAD US) was down 3.1% Friday postmarket after registering shares for potential sale Adverum Biotechnologies (ADVM US) shares rose as much as 23% in Friday extended trading after co. reported new long-term data from the OPTIC clinical trial of ADVM-022 single, in-office intravitreal injection gene therapy Markets also awaited U.S. Joe Biden’s new plan on China trade strategy, with U.S. Trade Representative Katherine Tai set for new talks with Beijing later in the day over its failure to keep promises made in a “Phase 1” trade deal struck with former President Donald Trump. Biden's new plan follows a top-to-bottom review of import tariffs and other measures imposed by the Trump administration; reports also said that USTR will today say that China is not complying with the Phase 1 deal. Europe's Stoxx 600 Index trades flat, erasing earlier losses of as much as 0.6%, helped by gains in health care and basic resources shares. The healthcare sub index rose 0.8% after AstraZeneca’s Enhertu got a breakthrough therapy designation while basic resources sub-index up 0.3% as iron ore rallies. Euro Stoxx 50 is down 0.2% having declined as much as 1% at the open. FTSE MIB lags on the recovery; FTSE 100 trades flat. Autos, banks and travel names are the weakest sectors. Here are some of the biggest European movers today: Adler Group shares jump as much as 18%, briefly erasing the previous week’s declines, after the firm said it’s reviewing strategic options that may result in a sale of assets Wm Morrison declines as much as 3.8% after the offer terms from winning bidder CD&R disappointed investors Sainsbury rises as much as 5.9% and Tesco gains 1.7% on speculation that CD&R’s Morrison deal may drive further interest in Britain’s grocery sector at a time when cash-rich buyout funds are stalking undervalued U.K. companies; also, a report says Tesco will announce a share buyback program this week Plus500 gains as much as 6.1% after the contracts-for-difference trading firm says full-year profit will beat market expectations Bewi rises as much as 9.9% after the owner of 50% of building products company Jackon Holding accepted Bewi’s offer BT slumps as much as 7.8% to a six-month low following a Telegraph report that Sky is closing in on a broadband investment deal with Virgin Media O2, raising worries over competition Azelio falls as much as 22% after newspaper Dagens Industri raised questions about orders for the renewable energy equipment developer Aryzta tumbles as much as 13% after results, halting a four-day winning streak Frasers falls as much as 12%, the most since December. Bank of America cut the owner of the Sports Direct retail chain to underperform from buy Asia stocks also declined, with Hong Kong shares a drag, after debt-ridden China Evergrande Group’s trading was suspended while investors also sold health care-related names and appeared wary heading into the final quarter of 2021. The MSCI Asia Pacific Index slipped as much as 0.8%. Vaccine maker CanSino Biologics and Shanghai Fosun Pharmaceutical Group were the biggest decliners on the measure as Merck & Co. said its experimental Covid-19 antiviral pill cuts the risk of hospitalization and death in half. “Investors will need to take a sell-first ask-later stance given current elevated valuation levels of vaccine stocks,” said Justin Tang, head of Asian research at United First Partners. Also weighing on traders’ minds is the global energy crisis, which has spread to India and is stoking inflation concerns. Speculation about the potential restructuring of China Evergrande Group, which has suspended trading of its Hong Kong shares, is also affecting sentiment at a time liquidity is thinner. The mainland Chinese market is closed through Thursday for Golden Week holidays. Singapore’s benchmark Straits Times Index was among the top-performing gauges in Asia Pacific as the country takes steps toward further reopening. Measures across the cyclicals-heavy Southeast Asian markets also rose, while tech stocks including Alibaba and Meituan took a hit. Asian assets will be sold alongside global peers in the short term, said Tai Hui, chief Asia market strategist at JPMorgan Asset Management. “But we think cyclical sectors, especially exporters, should also perform well for the rest of the year, especially as more Asian economies are seeing a rising level of vaccination,” he added. Japanese equities fell for a sixth-straight day, as investor concerns deepened over contagion from China’s real-estate sector woes on the suspension of trading in shares of Evergrande and its property management unit. Electronics makers were the biggest drag on the Topix, which declined 0.6%, capping its worst losing streak since February 2020. Tokyo Electron and Fanuc were the largest contributors to a 1.1% drop in the Nikkei 225. “It’s possible Evergrande news flow is impacting Japan stocks, the issues surrounding the property firm aren’t resolved,” said Mamoru Shimode, chief strategist at Resona Asset Management. “It’s also important to keep in mind markets overall have been in risk-off mood since the latter half of September.” Travel and retail stocks gained, following U.S. peers higher after promising results for Merck’s experimental Covid-19 pill and amid signs of a pick-up in Japanese department-store sales. Meanwhile, Fumio Kishida was appointed prime minister by parliament Monday, and was set to reveal a new cabinet lineup as he seeks to revive support for his ruling party ahead of a general election that could likely come this month. In rates, Treasuries are near session lows, the 10Y TSY pushing on 1.50% cheaper by ~3.5bp on the day and near middle of last week’s 1.44%-1.565% range in early U.S. session after erasing gains that pushed yields to lowest levels in a week. 5s30s curve at ~111.7bp is steeper by nearly 2bp, probing 50-DMA and approaching last week’s high. Gilts led the selloff during European morning as regional stocks recovered from a weak open. Curve steepens, with long-end yields cheaper by around 4bp vs Friday’s close.  Peripheral spreads widen with long end Italy underperforming. Semi-core spreads tighten at the margin. In FX, Bloomberg dollar index is little changed; NOK, CAD and CHF are the best performers in G-10, JPY lags but trading ranges are narrow. Crude futures hold slightly in the red in choppy trade. The Bloomberg Dollar Spot Index was steady and the greenback traded in tight ranges against its Group-of-10 peers. The euro reversed a modest decline to trade above $1.16, while the pound hovered after touching its highest level in nearly a week during the Asia session. Expected volatility is now at the highest in five months. The currency fell to a year-to-date low last week amid concerns over soaring energy prices, falling business confidence and the end of the government’s furlough scheme. The Aussie dollar was flat and option markets aren’t expecting the RBA’s policy decision Tuesday to be an eventful one for spot. The yen inched lower after earlier touching a one-week high when concern over potential contagion from indebted Chinese developer Evergrande weighed on Japanese stocks. In commodities, WTI is down 0.25% near $75.70, Brent just 0.1% lower near $79.20 ahead of today’s OPEC+ virtual gathering. Spot gold drops ~$10 to test Friday’s low near $1,750/oz. Base metals trade well with LME aluminum and zinc rising over 1% to outperform peers. Bitcoin and cryptos dropped after a burst higher late on Sunday, following the China Evergrande suspension even though i) the news appears to be positive and is in relation to the latest asset sale and ii) China has banned trading in cryptos, so it wasn't exactly clear why any mainlanders would be selling to meet margin calls. On today's calendar, we get August factory orders, and the final August durable goods orders, core capital goods orders. We also get more central bank speakers including Fed's Bullard, BoE’s Ramsden, ECB Vice President de Guindos and ECB’s Makhlouf. Market Snapshot S&P 500 futures down 0.4% to 4,324.25 STOXX Europe 600 little changed at 453.24 MXAP down 0.5% to 194.02 MXAPJ down 0.3% to 629.26 Nikkei down 1.1% to 28,444.89 Topix down 0.6% to 1,973.92 Hang Seng Index down 2.2% to 24,036.37 Shanghai Composite up 0.9% to 3,568.17 Sensex up 1.1% to 59,391.71 Australia S&P/ASX 200 up 1.3% to 7,278.54 Kospi down 1.6% to 3,019.18 Brent Futures little changed at $79.22/bbl Gold spot down 0.5% to $1,752.29 U.S. Dollar Index little changed at 93.96 German 10Y yield rose 1.4 bps to -0.210% Euro up 0.1% to $1.1613 Top Overnight News from Bloomberg China Evergrande Group and its property-services arm were halted in Hong Kong stock trading amid a report that the developer agreed to sell a controlling stake in the unit to raise much- needed cash U.K. Prime Minister Boris Johnson said he won’t fall back on immigration to solve the U.K.’s truck driver shortage, as he presented supply chain troubles that have left supermarket shelves bare and gas stations dry as a “period of adjustment” in the wake of Brexit and the pandemic House Speaker Nancy Pelosi reset the clock on Saturday, giving lawmakers until Halloween to strike a deal on both the bipartisan $550 billion infrastructure deal and a broader, signature package of social spending, health care and tax measures they must pass with only Democratic votes Germany’s Social Democrats under chancellor-in-waiting Olaf Scholz signaled progress in talks with the Greens on forming a coalition government with the Free Democrats, while Angela Merkel’s bloc kept the door ajar for a conservative-led alliance Japan’s Fumio Kishida was appointed prime minister by parliament Monday, and is set to reveal a new cabinet lineup as he seeks to revive support for his ruling party ahead of a general election that could likely come this month. A more detailed look at global markets courtesy of Newsquawk Asian equity markets traded mixed as ongoing Evergrande default concerns clouded over the initial optimism following Friday’s rebound on Wall St where all major indices found some reprieve from last week’s downturn, although the S&P 500 still suffered its worst weekly performance since February and US equity futures also failed to hold on to opening gains with this week’s upcoming risk events adding to the cautiousness including the OPEC+ meeting later today, a bout of Asia-Pac central bank policy decisions from Tuesday and Friday’s NFP job data. The ASX 200 (+1.3%) outperformed, with the index unfazed by the absence of key market participants with mainland China away for Golden Week, South Korea closed due to National Foundation Day, and amid the quasi-holiday conditions in Australia as New South Wales observed Labour Day. Nonetheless, the local benchmark was propped up by the top-weighted financials sector with shares in Australia’s largest bank CBA boosted following a AUD 6.0bln off-market buyback and with reopening stocks, especially those in the travel industry, among the biggest gainers. The Nikkei 225 (-1.1%) wiped out its opening advances despite the lack of significant news catalyst for the reversal which was spearheaded by exporter names, while the focus in Japan turned to PM Kishida’s confirmation in parliament and for details of the new Cabinet members. The Hang Seng (-2.2%) was heavily pressured by losses in health and biotech stocks, while property names also suffered amid the current Evergrande fears after a USD 260mln note from Jumbo Fortune Enterprises matured on Sunday which was guaranteed by China Evergrande Group and its unit Tianji Holding Ltd, while there is no grace period for the payment but five days will be allowed for administrative or technical errors. Furthermore, shares of Evergrande, its property services unit and structured products have all been halted which reports circulating that Hopson Development is to acquire a 51% stake in Evergrande Property Services for HKD 40bln. Finally, 10yr JGBs tracked recent upside in T-notes and with support also from the negative mood in Japanese stocks, as well as the BoJ’s presence in the market for over JPY 1tln of JGBs mostly concentrated in 1yr-5yr maturities. Top Asian News Singapore Eyes More Vaccinated Travel Lanes in Cautious Reopen India Farm Protests Gather Momentum After 4 Demonstrators Killed U.S. Natural Gas Jumps Amid Strong Overseas Demand for Fuel Suzuki Takes Japan Finance Reins as Election, Stimulus Loom Major bourses in Europe have adopted somewhat of a mixed picture (Euro Stoxx 50 Unch; Stoxx 600 -0.2%), following on from the broad-based downbeat cash open seen as Europe picked up the baton from APAC. US equity futures see modest losses across the board but have again drifted off worst levels. Nonetheless, the NQ (-0.5%) remains the slight laggard vs its RTY (-0.1%), ES (-0.2%) and YM (-0.4%) counterparts. Sectors are now mixed with a slight defensive tilt, with Healthcare and Food & Beverages among the top gainers, whilst financials bear the brunt of the yield decline on Friday, with Banks at the foot of the bunch. In terms of individual movers, Morrisons (-3.8%) has accepted CD&R’s takeover offer, which has left Fortress empty-handed but has fanned speculation that the group may look towards Sainsbury’s (+5.9%), Tesco (+1.7%) or Marks & Spencer (+1.5%) as potential targets, with the former being the best suitor, according to reports. Elsewhere BT (-7%) plumbed the depths with some citing reports that Sky is to partner with Virgin Media-O2 in a move set to intensify the challenge to BT’s infrastructure builder Openreach. Top European News U.K.’s Fuel Crisis Has at Least a Week to Run as Army Steps In Adler Group Weighs Asset Sales to Cut Debt After Multiple Bids Amazon Rival Noon to Raise $2 Billion From Backers Including PIF Romanian Billionaire Petrescu Dies in Plane Crash Near Milan In FX, the broader Dollar and index remain caged to a tight range, with the latter within a narrow 93.900-94.104 band after last week printing a new YTD peak at 94.504. The Dollar remains on standby as risk events are abundant this coming week, including deliberations on Capitol Hill and Friday’s NFP. In terms of the developments in Washington, congressional leaders set a new unofficial month-end deadline to pass the infrastructure bill, and USD 3.5tln spending package, and House progressives were reported to offer to reduce spending to save the bill and are willing to compromise on the USD 3.5tln amount with limits but rejected moderate Democrat Senator Manchin’s USD 1.5tln offer. Over to the Fed and a story to keep on the radar - Fed’s Clarida (seen as the nucleus of the Fed) reportedly shifted out of a bond fund into a stock fund last year, which occurred a day prior to Fed Chair Powell issuing a statement of potential policy action due to the pandemic. A spokesperson passed this off as “pre-planned” balancing, but a similar situation led to the early resignation of Kaplan and Rosengren. Elsewhere, USTR Tai is to today unveil the China trade policy following a top-to-bottom review of the Trump admin’s tariffs and other measures. The pre-release noted that the US would begin a process to exempt certain products from tariffs on Chinese imports, with the US also seeking a meeting on Phase 1. That being said, officials noted that all tools remain on the table when asked about further tariffs. Net-net, the release was constructive and, as such, provided tailwinds to the CNH, whereby USD/CNH dipped from 6.4560 to a low of 6.4385. AUD, NZD, CAD - The non-US Dollars somewhat vary with the Loonie attached to price action in the oil complex heading into the OPEC+ meeting later today. The NZD outperforms in the G10 bunch, with the AUD on the other side of the spectrum in what is a busy central bank week for the antipodeans. The AUD/NZD cross will likely take some focus as the RBNZ is poised to hike its OCR, whilst the RBA is seen holding policy steady. AUD/NZD has made its way back towards 1.4050 from its 1.0485 overnight high. NZD/USD meanders around 0.6950 (0.6927-53 range) whilst AUD/USD hovers around the 0.7250 mark (where AUD 1bln of OpEx resides), with the 21 DMA at 0.7295 and the 50 at 0.7311. EUR, GBP - Both European majors trade relatively flat in the European morning, but Brexit rhetoric has ramped up with UK Brexit Minister Frost warning the EU that the UK is prepared to trigger Article 16 unless the EU agrees to replace the Northern Ireland Protocol. There were separate reports that ministers will be given a deadline of the end of next month to decide on whether to suspend the Northern Ireland Brexit deal unilaterally, and senior sources warned that unless the EU was prepared to engage in a “serious negotiation” during the coming weeks, the government would have no choice but to suspend the deal by December. EUR/GBP topped its 100 and 21 DMAs (both at 0.8566) after finding a floor at its 100 DMA (0.8546). EUR/USD is back above 1.1600 (vs 1.1588 base) with EUR 1bln options expiring at the figure. GBP/USD hovers mid-range between 1.3534-77. In commodities, WTI and Brent front-month futures have clambered off worst levels but remain tentative ahead of the OPEC+ confab later today (full preview in the Newsquawk Research Suite). In terms of the long and short of it, markets expect OPEC+ to stick to its plan of raising monthly oil output by +400k BPD; albeit, some look for a larger-than-planned hike. Oil journalists have said this morning that despite the noise surrounding a greater-than-planned hike, ministers expect the current plan to be maintained, although drama in the meeting cannot be omitted. Upside during the European session coincided with headlines suggesting “OPEC+ is seen keeping output policy unchanged”, citing sources, although this was poorly phrased as it incorrectly intimates production being unchanged as opposed to plans for the 400k BPD hike being unchanged. Other things to be aware of aside from OPEC, BioNTech CEO expects the virus to likely mutate and that a new vaccine formulation could be required by the middle of next year, according to the FT, whilst the Gulf of Oman has seen cyclone Shaheen hit the area, although exports are not expected to be impacted yet aside from a delay in loadings. WTI Nov resides just under 76/bbl (75.30-76.20 range) whilst Brent Dec hovers sub USD 79.50/bbl (78.75-79.50/bbl range.) Elsewhere, spot gold and silver have been drifting lower in tandem with the rise in yields seen throughout the morning, with the former briefly dipping under USD 1,750/oz whilst spot silver fell under USD 22.40/oz. Turning to base metals, LME copper posts modest gains and remains north of USD 9,000/t, with some dip-buying being cited. US Event Calendar 10am: Aug. Cap Goods Ship Nondef Ex Air, prior 0.7% 10am: Aug. Cap Goods Orders Nondef Ex Air, prior 0.5% 10am: Aug. -Less Transportation, prior 0.2% 10am: Aug. Factory Orders Ex Trans, est. 0.4%, prior 0.8% 10am: Aug. Factory Orders, est. 1.0%, prior 0.4% 10am: Aug. Durable Goods Orders, est. 1.8%, prior 1.8% 10am: Fed’s Bullard Takes Part in Panel Discussion on the Economy DB's Jim Reid concludes the overnight wrap It’s certainly an odd financial world at the moment. The negatives are obvious and revolve mostly around delta, weaker than expected growth, the energy crisis, ever higher inflation and tighter central bank policy. The positives are that the base effects with numerous lockdowns imposed in Q4 2020 to at least the start of Q3 2021 mean that it won’t be that difficult for growth to still be numerically healthy for a few more quarters. So once the disappointment of growth not being as high as was hoped at this stage fades we should still be left with decent growth. Famous last words but covid should play less and less part in our lives over the year ahead as vaccines and better treatments (eg Merck antiviral pill news on Friday) become more and more widespread. In addition, stimulus and excess savings remain high and financial conditions are still very loose. While regular readers will know I’ve long been beating the drum on higher inflation and will continue to do so, I’m not convinced that growth is rolling over enough for stagflation to be the best description of the outlook for the next 12 months. However I suppose much depends on how you define it. Whilst on the topic of the energy crisis, the world is full of pictures of the UK population queuing for petrol because of a perceived shortage of HGV drivers. We’ll never know if there was actually a shortage that would have threatened fuel supplies as when the story broke 10 days ago panic set in and we had a fuel run (not as shocking as a bank run but formed from the same cloth) as the population desperately tried to refuel. My wife decided to hold out thinking the situation would resolve itself. However by Saturday night we had 10 miles left in the tank and during the day she had passed 6-7 petrol stations with either no fuel or huge queues. As we were putting the kids to bed she announced that she was getting desperate and stressed about it and was going to go out now as she was worried she wouldn’t be able to take the kids to school this week if she didn’t go out to the local area to try to find petrol. I said she was crazy to go at peak time (partly as I didn’t want to put the kids to bed alone - tough on crutches) and urged her to go very early Sunday morning instead. She ignored me and ventured out on what I thought was a suicide mission. 20 minutes later she was back with a full tank! I’ve no idea how and I won’t ask! I apologised! Outside of all the ongoing energy and stagflation chatter, all roads this week point to payrolls Friday as unless there is a marked deterioration across the whole sweep of labour market indicators within the report, this will likely be the catalyst to cement the November taper barring an exogenous or market shock. Investors will also be increasingly focused on the US debt ceiling deadline, whilst Congress simultaneously grapples with the infrastructure bill and the reconciliation package. Elsewhere on the political scene, coalition negotiations in Germany will be important to look out for, as the parties seek to form a government after the election. Before we look ahead, markets have started the week with a risk-off tone, with Asian equities including the Hang Seng (-2.17%), Kospi (-1.62%), the Nikkei (-0.95%) all moving lower while markets in China remain closed. Stocks pared gains on the news that Evergrande’s trading had been suspended in Hong Kong, with a filing from the Hong Kong Stock Exchange saying that this was “pending the release by the Company of an announcement containing inside information about a major transaction.” Meanwhile Bloomberg reported earlier that Evergrande had guaranteed a dollar note worth $260m with an official due date of Oct 3 by Jumbo Fortune Enterprises, making the effective due date today since maturity was on a Sunday. Elsewhere in Asia, NHK reported that Japan’s incoming Prime Minister, Fumio Kishida, planned to hold a general election on October 31, and looking forward, US equity futures are also pointing lower, with those on the S&P 500 down -0.32%. Looking ahead, the US jobs report will be one of the main macro highlights this week, and follows last month’s release that strongly underwhelmed expectations, with nonfarm payrolls growth of just +235k in August being the slowest since January. So another poor release would not be welcome news even if it did reflect labour shortages. In terms of what to expect this time around, our US economists are forecasting a pickup in September, with nonfarm payrolls growing by +400k, and the unemployment rate ticking down to a post-pandemic low of 5.1%. Remember in the weak report last month, yields rose on the day as markets focused on the wage increases rather than the poor headline number. As we said at the time the bond reaction to last month’s report probably helped signal the end of the extreme positive technicals and short positioning in treasuries. Over the summer strong inflation and decent data couldn’t help treasuries sell off, indicating bullet proof technicals but the period around last month’s release seemed to turn the tide the other way a bit. The other important data release this week will be the global services and composite PMIs out tomorrow, which will give an indication of how the economy has fared into the end of Q3. That said, the flash readings we’ve already had have indicated slowing growth momentum across the major economies, so it will be interesting to see where things progress from here. Turning to the US, negotiations in Congress will be in focus as legislators face the debt ceiling deadline this month (expected to be breached around October 18th according to Treasury Secretary Yellen last week), just as the Democrats are also seeking to pass a $550bn bipartisan infrastructure bill and a reconciliation package. On Saturday, Speaker Pelosi seemed to suggest that the new deadline was October 31st for the bipartisan bill which highlights how much difference there still is between the progressives and moderates on the reconciliation package. Will they eventually find a compromise for a lower amount than the original $3.5tn (maybe around $2tn) that makes nether side happy but gets the legislation through? Staying on the political scene, there’ll also be a focus on coalition negotiations in Germany, where exploratory talks have now begun between the parties. The Greens and the liberal FDP will be key to forming a majority in the new Bundestag, with 210 seats between them, as both the centre-left SPD and the conservative CDU/CSU bloc still hope to lead the next coalition. Initial exploratory talks began with the SPD yesterday, and the FDP have also spoken to the CDU/CSU, with the Greens set to follow tomorrow. On the central bank side it’s a quieter week ahead, with the two G20 policy decisions expected from the Reserve Bank of Australia (tomorrow) and the Reserve Bank of India (Friday). In Australia, our economist is expecting no change in policy and a reaffirmation of their dovish policy outlook. And in India, our economist also expects the MPC to keep all key policy rates unchanged, with our base case remaining for a reverse repo rate liftoff starting from December. The day-by-day calendar is at the end as usual. Back to last week, and global equity markets slid for the third week out of the last four as the S&P 500 fell -2.21%, with a +1.15% increase on Friday not stopping the index from having its worst week since the end of February. The losses were primarily led by growth and technology stocks as the NASDAQ declined -3.20% on the week, while cyclicals such as banks (+1.92%) and energy (+5.78%) stocks outperformed. European equities similarly fell back, as the STOXX 600 ended the week -2.24% lower after Friday’s -0.42% loss came prior to a late US rally. Global sovereign bonds sold off for a sixth straight week, though most of that selling came in the first two days as the global risk-off tone caused investors to search for havens. US 10yr Treasury yields still ended the week up +1.1bps, despite Friday’s -2.6bp decline. Bond yields in Europe moved higher as well, with those on 10yr bunds increasing +0.4bps, to trade at their highest levels since early-July. And 10yr yields on French OATs (+1.2bps) and Italians BTPs (+3.1bps) also rose further. UK gilts underperformed them all with yields increasing +7.7bps. The major driver of the move in global yields was rising inflation expectations with US 10yr breakevens increasing +4.5bps, while 10yr bund and breakevens rose +9.3bps to reach their highest level since 2013 and gilt breakevens (+3.5bps) rose to their highest level since 2008 even though they were much higher mid-week. The US September ISM manufacturing survey rose to 61.1 from 59.9 in the prior month even as supply bottlenecks intensified. This along with strong demand readings from businesses and consumers have led to higher prices which are mostly being passed onto consumers. This was seen in the PCE deflator data from Friday which showed prices rose 4.3% (4.2% expected) y/y with the core reading increasing 3.6% (3.5% expected) y/y. The University of Michigan survey showed respondents’ inflation expectations in a year dropped slightly from the initial reading 4.6% (4.7% initial , 4.8% exp), which was in-line with last month. 5-10yr expectations remain elevated at 3.0%. Overall the sentiment reading of 72.8 (71.0 prior) was better than the initial survey but still was the fifth worst reading in a decade, with only last month and the early months of the pandemic having been lower. Separately, Euro-area inflation reached its highest level since September 2008 on Friday as the headline September CPI print registered at 3.4% y/y (3.3% expected) in September, fuelled by the cost of energy and travel. Meanwhile, in Europe the manufacturing PMI readings were largely in-line with the preliminary readings with the Euro Area print sitting at 58.6 (58.7 prior) with Germany (58.4) and France (55.0) both just under their prior readings. Tyler Durden Mon, 10/04/2021 - 07:55.....»»

Category: dealsSource: nytOct 4th, 2021

Pfizer CEO On Providing 500 Million Vaccines To Low Income Countries

Following is the unofficial transcript of a CNBC interview with Pfizer Inc. (NYSE:PFE) Chairman and CEO Albert Bourla on CNBC’s “Squawk Box” (M-F, 6AM-9AM ET) today, Wednesday, September 22. Following is a link to video on CNBC.com: Q2 2021 hedge fund letters, conferences and more Pfizer CEO On Providing 500 Million Vaccines To Low Income […] Following is the unofficial transcript of a CNBC interview with Pfizer Inc. (NYSE:PFE) Chairman and CEO Albert Bourla on CNBC’s “Squawk Box” (M-F, 6AM-9AM ET) today, Wednesday, September 22. Following is a link to video on CNBC.com: 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 2021 hedge fund letters, conferences and more Pfizer CEO On Providing 500 Million Vaccines To Low Income Countries MEG TIRRELL: That special guest is Albert Bourla, the CEO of Pfizer. Albert, thanks for being with us this morning. Let's start with the news of the day, at least 500 million doses add to a previous agreement for the same number. They started shipping last month and will continue over the next year we understand. Tell us about your expectation for what these agreements will do for the course of the pandemic. ALBERT BOURLA: I think they will enable way more equitable access to our vaccines. When we started, Meg, more than a year, we're going to begin with the pandemic. It was always in our minds that we need to have a vaccine that will be available to all and the first thing that we had to do was to develop the vaccine because now it's considered given but the months ago, nobody thought that this could be done. The second was to manufacture enough so that everybody will have and we are gearing up our manufacturing capacity. Right now, at the end of the month, we will have manufactured 2 billion doses, 500 of which will be gone to the low- and middle-income countries. By the end of the quarter 3 billion doses, 1 billion of which will go to the low- and middle-income countries. And the third was to set the price that will enable everybody to access. As you know the price from the high-income countries is the cost of takeaway meal and this price for the government because their citizens are paying nothing. But for the middle-income countries, we are charging half of this price and the low-income countries we are charging basically at non-for-profit. The US government stepping once more 1 billion doses will be donated to the poorest of the countries, not to the middle and low but to the poorest countries, and that will not be given to them at the non-for-profit price, it will be given free because US is covering the cost. So, I think it is a great news for humanity and frankly it is great news for us because we are very proud that our vaccine will save the lives of people around the world. TIRRELL: How do you respond then to criticisms like from former CDC Director Dr. Tom Frieden, who has been pointing out on Twitter over the last week that he thinks this inequity is quote, “shameful.” He says, “While focusing on selling expensive vaccines to rich countries, Moderna and Pfizer are doing next to nothing to close the global gap in vaccine supply.” How do you respond to criticisms like that? BOURLA: Well I respond that already we have seen 500 million doses to low- and middle-income countries, that we will see a billion doses by the end of this year, not in the near future, by the end of this year. And we will do at least 1 billion doses next year and I think the facts are speaking for themselves. TIRRELL: Is there more that Pfizer could do? There's also some focus on the infrastructure in developing countries and there's been criticisms of the Biden administration for delivering perhaps vaccines but then not delivering the sort of cold chain functionality to be able to store and move those vaccines around or helping get vaccinators to be able to help roll out these vaccines. What more do you think can be done to expedite all of this? BOURLA: Clearly there's more that can be done in terms of infrastructure in the poorest countries so that they can absorb vaccines so this kind of technology that they need special conditions like ultra-cold chain, etc. I think this is something that WHO is doing and this is something that was ourselves, we are working very intensively to help, although it is not let’s say our direct responsibility is to provide the vaccine but we are working also on the last mile, how we can assist, so that they can move eventually this vaccine to the citizens. TIRRELL: There's also been a big focus on ramping up production of mRNA vaccines in these developing countries so that they're not dependent on manufacturers elsewhere providing them. You do say or Uğur Şahin, your partner at BioNTech, says in your release today that you are exploring how to build the sustainable mRNA production infrastructure in low-income countries over the mid- and long-term. It seems like that is not a near term goal necessarily just because does it take that long to build this up, could scaling up happen in these countries any faster than it's happening already? BOURLA: Well yes, it will take a very long time to be able to build infrastructure that it is able to handle this higher level of technology. This is not easy. This is not making, you know, any type of goods so this is really, really high-end, regard not only sophisticated investments but thousands of people that they are highly skilled to do that. I don't say that it is impossible to be done but it will take time. TIRRELL: And of course, here in the United States, we're all focused on boosters, who's going to get their third shot and when. We're expecting an FDA decision on that today or tomorrow and CDC will, will vote. How do you in this position of deciding, where to take orders from and where to deliver things, respond to the pressures you get from the World Health Organization which is saying people shouldn't get boosters until the end of the year until more people have gotten their first doses. How do you weigh all those pressures coming in? BOURLA: Look, I think there's, as a whole that the decision to provide a booster should be made on the merits of the science. This is not correct to say that I will not give boosters to one because I prefer to give primary dose to someone else. The second is as I said that we should not be in, we should not resolve it with a “or,” we should resolve it with an “and.” Boosters should be given and other doses should be given to the other countries and this is the meaning of this agreement that we're doing today with the United States. And the third I would say that they, doses for this year have been allocated long ago. Everybody has placed their orders and with the first orders placed, first deliveries are coming out and so that will not change even if the boosters are approved which I expect will be. We will not give more to the countries that are approving boosters so that they can do the boosters. We will give the quantities to everyone that we have committed to give this year, and then as I said, this year, we're going to do a billion doses to the lower, middle-income countries. BECKY QUICK: Hey, Albert, on that point, it just, we know that the FDA panel that met last week voted no on the original question was that booster shots would be available for anyone ages 16 and up. They did vote yes on a more qualified picture, people ages 65 and up, people who have comorbidities and, and people who were maybe exposed at work because of the jobs that they do, but that still leaves a big gap if the FDA eventually goes through and approves the ladder question, not the opening. On that first question, they said they didn't have enough science to prove it. The science that was put in front of them didn't prove that those ages 16 and up needed boosters. When will we see more science, what's the next step or are people just kind of left to fend for themselves at this point? BOURLA: I think time will bring data because everybody's collecting data and I’m sure pretty soon they will have more data so that they can reevaluate their recommendations. It is clear from the data that we have seen that we support it to the need to give broad recommendations. The majority of the committee clearly thought that this is not the right time for people to receive in earlier phases. So, they, I guess they will expect to see when is the right time. What I want to say is in pandemic typically, it's very difficult to come to the right time. You're coming either too early or too late. ANDREW ROSS SORKIN: Albert, when you think about efficacy, there seems to be different definitions of efficacy in the United States versus Israel and people are measuring it differently. In some cases, it's hospitalization and death. In others, it's simply infection upfront. Do we have to redefine what efficacy really is and what it should be and what we're trying to avoid? BOURLA: I think science is to measure everything so and we should be very clear when you speak about efficacy, if you refer to efficacy against severe disease, or if we speak about efficacy in general in disease or infection, and the data for example for me is coming from all three categories is not that they're coming only for mild infections. They had seen drop in the protection against severe disease as well. SORKIN: Do you have a view on why it appears that the efficacy of the Pfizer vaccine seems to be lesser, at least at the moment, based on some of the numbers than the, than the Moderna vaccine. It appears that in the case of Moderna, it has a higher efficacy or at least more durable efficacy, is that a function of the fact that, it's that there's more of it, more vaccine, actually that's put in the arm? Is it a function of the fact that between the first and second dose, there's a longer wait period, four weeks rather than three weeks, what do you, or is it simply the timing of what we've seen in the studies? A lot of people got Pfizer earlier. BOURLA: I think that it is the wrong thing to start comparing vaccines, particularly in public and I don't think I would like to do it. But nevertheless, given your, your question, I'm not convinced that one is better than the other or it lasted longer than the other because of the reasons that we just said that when those studies compare, they don't exhaust from the time of the second dose and also they don't adjust from the fact that Pfizer was given way earlier to elder, high risk people. And so, we are comparing more months of since the first dose from Pfizer and very different population. But again, I said that the both of them are wonderful vaccines, I don't want to make comparisons and those that make comparisons, they are wrong. QUICK: Albert, can you give us an update on where things stand for the vaccine approval at least emergency use authorization for kids ages five to 11. We've heard a lot and the latest that we've gotten is maybe available by Halloween. But what does that actually mean? Does it really mean that our kids might actually get to the shots by then, will it be fully distributed? Is it going to be hard to find this because I know you have to give different vial sizes so as a result it's kind of gearing up the entire process again like we did at the beginning of the year. BOURLA: We are going to be ready once FDA approves the vaccine, provided that they will approve it, to be able to distribute it. And I know that we will submit our data pretty soon. The data are very positive, but I cannot comment when FDA will approve it. This is absolutely up to them to take their time to do their review and do the approval, the time that they're comfortable if they approve it. TIRRELL: And Albert, you actually got data I think a little earlier than people expected in that age group five to 11. What are you expecting in terms of younger kids asking completely unbiased as a parent of a two-and-a-half-year-old? BOURLA: Meg, as you know, we are always coming ahead of people's expectations so I hope that we will not disappoint them. TIRRELL: So, your CFO Frank D’Amelio had suggested perhaps you're about a month behind for younger children. Is that the timeline you're looking at for down to age two, or down to age six months? BOURLA: Well yeah, that's one to two months I would say, somewhere there. TIRRELL: Okay, and just to go back to that booster discussion that that Becky was talking about. Were you surprised that the panel voted to narrow the recommendation for, for whom, who should get boosters here in the US as we're seeing them given so broadly in Israel and even to everybody over the age of 50 in the UK? BOURLA: Yes, I was surprised but you know this is not about me being surprised. This is about the committee which is composed by renowned scientists. They have very high integrity. They have high expertise and they came to this conclusion. Our scientists also have very high integrity and they have very high expertise and they came to different conclusion. Israel scientists, UK scientists is different from German scientists also they have high expertise, but this is the role of committees. They have responsibility to recommend and then the administration has the responsibility to implement health care policies that they are important. And, you know, I think we should let the system work. QUICK: With all of the countries that you just mentioned, is there one Albert that has been the easiest to work with or the most difficult to work with and maybe the administration maybe the bureaucracy that you deal with. What, what would you say? BOURLA: I would say that all the candidates have stepped up and they are wonderful and frankly, I had the opportunity because of that, to, to connect personally with state leaders and with administration of many countries and I understand there are going to do the best for their people and they have to deal with very tough decisions and sometimes they get it right. Sometimes they get it wrong. But they are all having the best of intentions so I wouldn’t separate anyone on this. TIRRELL: Alright, Albert. I think that's all the time we've got. We really appreciate you being with us this morning and we look forward to all of these updates coming up. Thanks so much. BOURLA: Thank you very much. Thank you very much, Meg. Thank you. Updated on Sep 22, 2021, 9:35 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: valuewalkSep 22nd, 2021

Multipolar World Order – Part 1

Multipolar World Order – Part 1 Authored by Iain Davis via OffGuardian.org, Russia’s war with Ukraine is first and foremost a tragedy for the people of both countries, especially those who live—and die—in the battle zones. The priority for humanity, though apparently not for the political class, is to encourage Moscow and Kyiv to stop killing men, women and children and negotiate a peace deal. Beyond the immediate confines of the conflict, the war is also seen by some as representative of an alleged clash between great powers and, perhaps, between civilisations. All wars are momentous, but the ramifications of Ukrainian war are already global. Consequently, there is a perception that it is the focal point of a confrontation between two distinct models of global governance. The NATO-led alliance of the Western nations continues to push the unipolar, G7, international rules-based order (IRBO). It is opposed, some say, by the Russian and Chinese-led BRICS and the G20-based multipolar world order. In this 3 part series we will explore these issues and consider if it is tenable to place our faith in the emerging multipolar world order. There are very few redeeming features of the unipolar world order, that’s for sure. It is a system that overwhelmingly serves capital and few people other than a “parasite class” of stakeholder capitalist eugenicists. This has led many disaffected Westerners to invest their hopes in the promise of the multipolar world order: Many have increasingly come to terms with the reality that today’s multipolar system led by Russia and China has premised itself upon the defense of international law and national sovereignty as outlined in the UN Charter. [. . .] Putin and Xi Jinping have [. . .] made their choice to stand for win-win cooperation over Hobbesian Zero Sum thinking. [. . .] [T]heir entire strategy is premised upon the UN Charter. If only that were so! Unfortunately, it doesn’t appear to be the case. But even if it were true, Putin and Xi Jinping basing “their entire strategy” upon the UN Charter, would be cause for concern, not relief. For the globalist forces that see nation-states as squares on the grand chessboard and that regard leaders like Putin, Biden and Xi Jinping as accomplices, the multipolar world order is manna from heaven. They have spent more than a century trying to centralise global power. The power of individual nation-states at least presents the possibility of some decentralisation. The multipolar world order finally ends all national sovereignty and delivers true global governance. World Order We need to distinguish between the ideological concept of “world order” and the reality. This will help us identify where “world order” is an artificially imposed construct. Authoritarian power, wielded over populations, territory and resources, restricted by physical and political geography, dictates the “world order.” The present order is largely the product of hard-nosed geopolitics, but it also reflects the various attempts to impose a global order. The struggle to manage and mitigate the consequences of geopolitics is evident in the history of international relations. For nearly 500 years nation-states have sought to co-exist as sovereign entities. Numerous systems have been devised to seize control of what would otherwise be anarchy. It is very much to the detriment of humanity that anarchy has not been allowed to flourish. In 1648, the two bilateral treaties that formed the Peace of Westphalia concluded the 30 Years War (or Wars). Those negotiated settlements arguably established the precept of the territorial sovereignty within the borders of the nation-state. This reduced, but did not end, the centralised authoritarian power of the Holy Roman Empire (HRE). Britannica notes: The Peace of Westphalia recognized the full territorial sovereignty of the member states of the empire. This isn’t entirely accurate. That so-called “full territorial sovereignty” delineated regional power within Europe and the HRE, but full sovereignty wasn’t established. The Westphalian treaties created hundreds of principalities that were formerly controlled by the central legislature of the HRE, the Diet. These new, effectively federalised principalities still paid taxes to the emperor and, crucially, religious observance remained a matter for the empire to decide. The treaties also consolidated the regional power of the Danish, Swedish, and French states but the Empire itself remained intact and dominant. It is more accurate to say that the Peace of Westphalia somewhat curtailed the authoritarian power of the HRE and defined the physical borders of some nation states. During the 20th century, this led to the popular interpretation of the nation-state as a bulwark against international hegemonic power, despite that never having been entirely true. Consequently, the so-called “Westphalian model” is largely based upon a myth. It represents an idealised version of the world order, suggesting how it could operate rather than describing how it does. Signing of the Peace of Westphalia, in Münster 1648, painting by Gerard Ter Borch If nation-states really were sovereign and if their territorial integrity were genuinely respected, then the Westphalian world order would be pure anarchy. This is the ideal upon which the UN is supposedly founded because, contrary to another ubiquitous popular myth, anarchy does not mean “chaos.” Quite the opposite. Anarchy is exemplified by Article 2.1 of the UN Charter: The Organization is based on the principle of the sovereign equality of all its Members. The word “anarchy” is an abstraction of the classical Greek “anarkhos,” meaning “rulerless.” This is derived from the privative prefix “an” (without) in conjunction with “arkhos” (leader or ruler). Literally translated, “anarchy” means “without rulers”—what the UN calls “sovereign equality.” A Westphalian world order of sovereign nation-states, each observing the “equality” of all others while adhering to the non-aggression principle, is a system of global, political anarchy. Unfortunately, that is not the way the current UN “world order” functions, nor has there ever been any attempt to impose such an order. What a shame. Within the League of Nations and subsequent UN system of practical “world order,”—a world order allegedly built upon the sovereignty of nations—equality exists in theory only. Through empire, colonialism, neocolonialism—that is, through economic, military, financial and monetary conquest, coupled with the debt obligations imposed upon targeted nations—global powers have always been able to dominate and control lesser ones. National governments, if defined in purely political terms, have never been the only source of authority behind the efforts to construct world order. As revealed by Antony C. Sutton and others, private corporate power has aided national governments in shaping “world order.” Neither Hitler’s rise to power nor the Bolshevik Revolution would have occurred as they did, if at all, without the guidance of the Wall Street financiers. The bankers’ global financial institutions and extensive international espionage networks were instrumental in shifting global political power. These private-sector “partners” of government are the “stakeholders” we constantly hear about today. The most powerful among them are fully engaged in “the game” described by Zbigniew Brzezinski in The Grand Chessboard. Brzezinski recognised that the continental landmass of Eurasia was the key to genuine global hegemony: This huge, oddly shaped Eurasian chess board—extending from Lisbon to Vladivostok—provides the setting for “the game.” [. . .] [I]f the middle space rebuffs the West, becomes an assertive single entity [. . .] then America’s primacy in Eurasia shrinks dramatically. [. . .] That mega-continent is just too large, too populous, culturally too varied, and composed of too many historically ambitious and politically energetic states to be compliant toward even the most economically successful and politically pre-eminent global power. [. . .] Ukraine, a new and important space on the Eurasian chessboard, is a geopolitical pivot because its very existence as an independent country helps to transform Russia. Without Ukraine, Russia ceases to be a Eurasian empire. [. . .] [I]t would then become a predominantly Asian imperial state. The “unipolar world order” favoured by the Western powers, often referred to as the “international rules-based order” or the “international rules-based system,” is another attempt to impose order. This “unipolar” model enables the US and its European partners to exploit the UN system to claim legitimacy for their games of empire. Through it, the transatlantic alliance has used its economic, military and financial power to try to establish global hegemony. In 2016, Stewart Patrick, writing for the US Council on Foreign Relations (CFR), a foreign policy think tank, published World Order: What, Exactly, are the Rules? He described the post-WWII “international rules-based order” (IRBO): What sets the post-1945 Western order apart is that it was shaped overwhelmingly by a single power [a unipolarity], the United States. Operating within the broader context of strategic bipolarity, it constructed, managed, and defended the regimes of the capitalist world economy. [. . .] In the trade sphere, the hegemon presses for liberalization and maintains an open market; in the monetary sphere, it supplies a freely convertible international currency, manages exchange rates, provides liquidity, and serves as a lender of last resort; and in the financial sphere, it serves as a source of international investment and development. The idea that the aggressive market acquisition of crony capitalism somehow represents the “open markets” of the “capitalist world economy” is risible. It is about as far removed from free market capitalism as it is possible to be. Under crony capitalism, the US dollar, as the preferred global reserve currency, is not “freely convertible.” Exchange rates are manipulated and liquidity is debt for nearly everyone except the lender. “Investment and development” by the hegemon means more profits and control for the hegemon. The notion that a political leader, or anyone for that matter, is entirely bad or good, is puerile. The same consideration can be given to nation-states, political systems or even models of world order. The character of a human being, a nation or a system of global governance is better judged by their or its totality of actions. Whatever we consider to be the source of “good” and “evil,” it exists in all of us at either ends of a spectrum. Some people exhibit extreme levels of psychopathy, which can lead them to commit acts that are judged to be “evil.” But even Hitler, for example, showed physical courage, devotion, compassion for some, and other qualities we might consider “good.” Nation-states and global governance structures, though immensely complex, are formed and led by people. They are influenced by a multitude of forces. Given the added complications of chance and unforeseen events, it is unrealistic to expect any form of “order” to be either entirely good or entirely bad. That being said, if that “order” is iniquitous and causes appreciable harm to people, then it is important to identify to whom that “order” provides advantage. Their potential individual and collective guilt should be investigated. This does not imply that those who benefit are automatically culpable, nor that they are “bad” or “evil,” though they may be, only that they have a conflict of interests in maintaining their “order” despite the harm it causes. Equally, where systemic harm is evident, it is irrational to absolve the actions of the people who lead and benefit from that system without first ruling out their possible guilt. Since WWII, millions of innocents have been murdered by the US, its international allies and its corporate partners, all of whom have thrown their military, economic and financial weight around the world. The Western “parasite class” has sought to assert its IRBO by any means necessary— sanctions, debt slavery or outright slavery, physical, economic or psychological warfare. The grasping desire for more power and control has exposed the very worst of human nature. Repeatedly and ad nauseam. Of course, resistance to this kind of global tyranny is understandable. The question is: Does imposition of the multipolar model offer anything different? Signing the UN Charter – 1948 Oligarchy Most recently, the “unipolar world order” has been embodied by the World Economic Forum’s inappropriately named Great Reset. It is so malignant and forbidding that some consider the emerging “multipolar world order” salvation. They have even heaped praise upon the likely leaders of the new multipolar world: It is [. . .] strength of purpose and character that has defined Putin’s two decades in power. [. . .] Russia is committed to the process of finding solutions to all people benefiting from the future, not just a few thousand holier-than-thou oligarchs. [. . .] Together [Russia and China] told the WEF to stuff the Great Reset back into the hole in which it was conceived. [. . .] Putin told Klaus Schwab and the WEF that their entire idea of the Great Reset is not only doomed to failure but runs counter to everything modern leadership should be pursuing. Sadly, it seems this hope is also misplaced. While Putin did much to rid Russia of the CIA-run, Western-backed oligarchs who were systematically destroying the Russian Federation during the 1990s, they have subsequently been replaced by another band of oligarchs with closer links to the current Russian government. Something we will explore in Part 3. Yes, it is certainly true that the Russian government, led by Putin and his power bloc, has improved the incomes and life opportunities for the majority of Russians. Putin’s government has also significantly reduced chronic poverty in Russia over the last two decades. Wealth in Russia, measured as the market value of financial and non-financial assets, has remained concentrated in the hands of the top 1% of the population. This pooling of wealth among the top percentile is itself stratified and is overwhelmingly held by the top 1% of the 1%. For example, in 2017, 56% of Russian wealth was controlled by 1% of the population. The pseudopandemic of 2020–2022 particularly benefitted Russian billionnaires—as it did the billionaires of every other developed economy. According to the Credit Suisse Global Wealth Report 2021, wealth inequality in Russia, measured using the Gini coefficient, was 87.8 in 2020. The only other major economy with a greater disparity between the wealthy and the rest of the population was Brazil. Just behind Brazil and Russia on the wealth inequality scale was the US, whose Gini coefficient stood at 85. In terms of wealth concentration however, the situation in Russia was the worst by a considerable margin. In 2020 the top 1% owned 58.2% of Russia’s wealth. This was more than 8 percentage points higher than Brazil’s wealth concentration, and significantly worse than wealth concentration in the US, which stood at 35.2% in 2020. Such disproportionate wealth distribution is conducive to creating and empowering oligarchs. But wealth alone doesn’t determine whether one is an oligarch. Wealth needs to be converted into political power for the term “oligarch” to be applicable. An oligarchy is defined as “a form of government in which supreme power is vested in a small exclusive class.” Members of this dominant class are installed through a variety of mechanisms. The British establishment, and particularly its political class, is dominated by men and women who were educated at Eton, Roedean, Harrow and St. Pauls, etc. This “small exclusive class” arguably constitutes a British oligarchy. The UK’s new Prime Minister, Liz Truss, has been heralded by some because she is not a graduate of one of these select public schools. Educational privilege aside, though, the use of the word “oligarch” in the West more commonly refers to an internationalist class of globalists whose individual wealth sets them apart and who use that wealth to influence policy decisions. Bill Gates is a prime example of an oligarch. The former advisor to the UK Prime Minister, Dominic Cummings, said as much during his testimony to a parliamentary committee on May 2021 (go to 14:02:35). As Cummings put it, Bill Gates and “that kind of network” had directed the UK government’s response to the supposed COVID-19 pandemic. Gates’ immense wealth has bought him direct access to political power beyond national borders. He has no public mandate in either the US or the UK. He is an oligarch—one of the more well known but far from the only one. CFR member David Rothkopf described these people as a “Superclass” with the ability to “influence the lives of millions across borders on a regular basis.” They do this, he said, by using their globalist “networks.” Those networks, as described by Antony C. Sutton, Dominic Cummings and others, act as “the force multiplier in any kind of power structure.” This “small exclusive class” use their wealth to control resources and thus policy. Political decisions, policy, court rulings and more are made at their behest. This point was highlighted in the joint letter sent by the Attorneys General (AGs) of 19 US states to BlackRock CEO Larry Fink. The AGs observed that BlackRock was essentially using its investment strategy to pursue a political agenda: The Senators elected by the citizens of this country determine which international agreements have the force of law, not BlackRock. Their letter describes the theoretical model of representative democracy. Representative democracy is not a true democracy—which decentralises political power to the individual citizen—but is rather a system designed to centralise political control and authority. Inevitably, “representative democracy” leads to the consolidation of power in the hands of the so-called “Superclass” described by Rothkopf. There is nothing “super” about them. They are ordinary people who have acquired wealth primarily through conquest, usury, market rigging, political manipulation and slavery. “Parasite class” is a more befitting description. Not only do global investment firms like BlackRock, Vanguard and State Street use their immense resources to steer public policy, but their major shareholders include the very oligarchs who, via their contribution to various think tanks, create the global political agendas that determine policy in the first place. There is no space in this system of alleged “world order” for any genuine democratic oversight. As we shall see in Part 3, the levers of control are exerted to achieve exactly the same effect in Russia and China. Both countries have a gaggle of oligarchs whose objectives are firmly aligned with the WEF’s Great Reset agenda. They too work with their national government “partners” to ensure that they all arrive at the “right” policy decisions. US President Joe Biden, left, and CFR President Richard N. Haass, right. The United Nations’ Model of National Sovereignty Any bloc of nations that bids for dominance within the United Nations is seeking global hegemony. The UN enables global governance and centralises global political power and authority. In so doing, the UN empowers the international oligarchy. As noted previously, Article 2 of the United Nations Charter declares that the UN is “based on the principle of the sovereign equality of all its Members.” The Charter then goes on to list the numerous ways in which nation-states are not equal. It also clarifies how they are all subservient to the UN Security Council. Despite all the UN’s claims of lofty principles—respect for national sovereignty and for alleged human rights—Article 2 declares that no nation-state can receive any assistance from another as long as the UN Security Council is forcing that nation-state to comply with its edicts. Even non-member states must abide by the Charter, whether they like it or not, by decree of the United Nations. The UN Charter is a paradox. Article 2.7 asserts that “nothing in the Charter” permits the UN to infringe the sovereignty of a nation-state—except when it does so through UN “enforcement measures.” The Charter states, apparently without reason, that all nation-states are “equal.” However, some nation-states are empowered by the Charter to be far more equal than others. While the UN’s General Assembly is supposedly a decision-making forum comprised of “equal” sovereign nations, Article 11 affords the General Assembly only the power to discuss “the general principles of co-operation.” In other words, it has no power to make any significant decisions. Article 12 dictates that the General Assembly can only resolve disputes if instructed to do so by the Security Council. The most important function of the UN, “the maintenance of international peace and security,” can only be dealt with by the Security Council. What the other members of the General Assembly think about the Security Council’s global “security” decisions is a practical irrelevance. Article 23 lays out which nation-states form the Security Council: The Security Council shall consist of fifteen Members of the United Nations. The Republic of China, France, the Union of Soviet Socialist Republics [Russian Federation], the United Kingdom of Great Britain and Northern Ireland, and the United States of America shall be permanent members of the Security Council. The General Assembly shall elect ten other Members of the United Nations to be non-permanent members of the Security Council. [. . .] The non-permanent members of the Security Council shall be elected for a term of two years. The General Assembly is allowed to elect “non-permanent” members to the Security Council based upon criteria stipulated by the Security Council. Currently the “non-permanent” members are Albania, Brazil, Gabon, Ghana, India, Ireland, Kenya, Mexico, Norway and the United Arab Emirates. Article 24 proclaims that the Security Council has “primary responsibility for the maintenance of international peace and security” and that all other nations agree that “the Security Council acts on their behalf.” The Security Council investigates and defines all alleged threats and recommends the procedures and adjustments for the supposed remedy. The Security Council dictates what further action, such as sanctions or the use of military force, shall be taken against any nation-state it considers to be a problem. Article 27 decrees that at least 9 of the 15 member states must be in agreement for a Security Council resolution to be enforced. All of the 5 permanent members must concur, and each has the power of veto. Any Security Council member, including permanent members, shall be excluded from the vote or use of its veto if they are party to the dispute in question. UN member states, by virtue of agreeing to the Charter, must provide armed forces at the Security Council’s request. In accordance with Article 47, military planning and operational objectives are the sole remit of the permanent Security Council members through their exclusive Military Staff Committee. If the permanent members are interested in the opinion of any other “sovereign” nation, they’ll ask it to provide one. The inequality inherent in the Charter could not be clearer. Article 44 notes that “when the Security Council has decided to use force” its only consultative obligation to the wider UN is to discuss the use of another member state’s armed forces where the Security Council has ordered that nation to fight. For a country that is a current member of the Security Council, use of its armed forces by the Military Staff Committee is a prerequisite for Council membership. The UN Secretary-General, identified as the “chief administrative officer” in the Charter, oversees the UN Secretariat. The Secretariat commissions, investigates and produces the reports that allegedly inform UN decision-making. The Secretariat staff members are appointed by the Secretary-General. The Secretary-General is “appointed by the General Assembly upon the recommendation of the Security Council.” Under the UN Charter, then, the Security Council is made king. This arrangement affords the governments of its permanent members—China, France, Russia, the UK and the US—considerable additional authority. There is nothing egalitarian about the UN Charter. The suggestion that the UN Charter constitutes a “defence” of “national sovereignty” is ridiculous. The UN Charter is the embodiment of the centralisation of global power and authority. UN Headquarters New York – Land Donated by the Rockefellers The United Nations’ Global Public-Private Partnership The UN was created, in no small measure, through the efforts of the private sector Rockefeller Foundation (RF). In particular, the RF’s comprehensive financial and operational support for the Economic, Financial and Transit Department (EFTD) of the League of Nations (LoN), and its considerable influence upon the United Nations Relief and Rehabilitation Administration (UNRRA), made the RF the key player in the transformation of the LoN into the UN. The UN came into being as a result of public-private partnership. Since then, especially with regard to defence, financing, global health care and sustainable development, public-private partnerships have become dominant within the UN system. The UN is no longer an intergovernmental organisation, if it ever was one. It is a global collaboration between governments and a multinational infra-governmental network of private “stakeholders.” In 1998, then-UN Secretary-General Kofi Annan told the World Economic Forum’s Davos symposium that a “quiet revolution” had occurred in the UN during the 1990s: [T]he United Nations has been transformed since we last met here in Davos. The Organization has undergone a complete overhaul that I have described as a “quiet revolution”. [. . .] [W]e are in a stronger position to work with business and industry. [. . .] The business of the United Nations involves the businesses of the world. [. . .] We also promote private sector development and foreign direct investment. We help countries to join the international trading system and enact business-friendly legislation. In 2005, the World Health Organisation (WHO), a specialised agency of the UN, published a report on the use of information and communication technology (ICT) in healthcare titled Connecting for Health. Speaking about how “stakeholders” could introduce ICT healthcare solutions globally, the WHO noted: Governments can create an enabling environment, and invest in equity, access and innovation. The 2015, Adis Ababa Action Agenda conference on “financing for development” clarified the nature of an “enabling environment.” National governments from 193 UN nation-states committed their respective populations to funding public-private partnerships for sustainable development by collectively agreeing to create “an enabling environment at all levels for sustainable development;” and “to further strengthen the framework to finance sustainable development.” In 2017, UN General Assembly Resolution 70/224 (A/Res/70/224) compelled UN member states to implement “concrete policies” that “enable” sustainable development. A/Res/70/224 added that the UN: [. . .] reaffirms the strong political commitment to address the challenge of financing and creating an enabling environment at all levels for sustainable development [—] particularly with regard to developing partnerships through the provision of greater opportunities to the private sector, non-governmental organizations and civil society in general. In short, the “enabling environment” is a government, and therefore taxpayer, funding commitment to create markets for the private sector. Over the last few decades, successive Secretary-Generals have overseen the UN’s formal transition into a global public-private partnership (G3P). Nation-states do not have sovereignty over public-private partnerships. Sustainable development formally relegates government to the role of an “enabling” partner within a global network comprised of multinational corporations, non-governmental organisations (NGOs), civil society organisations and other actors. The “other actors” are predominantly the philanthropic foundations of individual billionaires and immensely wealthy family dynasties—that is, oligarchs. Effectively, then, the UN serves the interests of capital. Not only is it a mechanism for the centralisation of global political authority, it is committed to the development of global policy agendas that are “business-friendly.” That means Big Business-friendly. Such agendas may happen to coincide with the best interests of humanity, but where they don’t—which is largely the case—well, that’s just too bad for humanity. Kofi Annan (8 April 1938 – 18 August 2018) Global Governance On the 4th February 2022, a little less then three weeks prior to Russia launching its “special military operation” in Ukraine, Presidents Vladimir Putin and Xi Jinping issued an important joint statement: The sides [Russian Federation and Chinese People’s Republic] strongly support the development of international cooperation and exchanges [. . .], actively participating in the relevant global governance process, [. . .] to ensure sustainable global development. [. . .] The international community should actively engage in global governance[.] [. . .] The sides reaffirmed their intention to strengthen foreign policy coordination, pursue true multilateralism, strengthen cooperation on multilateral platforms, defend common interests, support the international and regional balance of power, and improve global governance. [. . .] The sides call on all States [. . .] to protect the United Nations-driven international architecture and the international law-based world order, seek genuine multipolarity with the United Nations and its Security Council playing a central and coordinating role, promote more democratic international relations, and ensure peace, stability and sustainable development across the world. The United Nations Department of Economic and Social Affairs (UN-DESA) defined “global governance” in its 2014 publication Global Governance and the Global Rules For Development in the Post 2015 Era: Global governance encompasses the totality of institutions, policies, norms, procedures and initiatives through which States and their citizens try to bring more predictability, stability and order to their responses to transnational challenges. Global governance centralises control over the entire sphere of international relations. It inevitably erodes a nation’s ability to set foreign policy. As a theoretical protection against global instability, this isn’t necessarily a bad idea, but in practice it neither enhances nor “protects” national sovereignty. Domination of the global governance system by one group of powerful nation-states represents possibly the most dangerous and destabilising force of all. It allows those nations to act with impunity, regardless of any pretensions about honouring alleged “international law.” Global governance also significantly curtails the independence of a nation-state’s domestic policy. For example, the UN’s Sustainable Development Agenda 21, with the near-time Agenda 2030 serving as a waypoint, impacts nearly all national domestic policy—even setting the course for most domestic policy—in every country. National electorates’ oversight of this “totality” of UN policies is weak to nonexistent. Global governance renders so-called “representative democracy” little more than a vacuous sound-bite. As the UN is a global public-private partnership (UN-G3P), global governance allows the “multi-stakeholder partnership”—and therefore oligarchs—significant influence over member nation-states’ domestic and foreign policy. Set in this context, the UN-DESA report (see above) provides a frank appraisal of the true nature of UN-G3P global governance: Current approaches to global governance and global rules have led to a greater shrinking of policy space for national Governments [. . . ]; this also impedes the reduction of inequalities within countries. [. . .] Global governance has become a domain with many different players including: multilateral organizations; [. . .] elite multilateral groupings such as the Group of Eight (G8) and the Group of Twenty (G20) [and] different coalitions relevant to specific policy subjects[.] [. . .] Also included are activities of the private sector (e.g., the Global Compact) non-governmental organizations (NGOs) and large philanthropic foundations (e.g., Bill and Melinda Gates Foundation, Turner Foundation) and associated global funds to address particular issues[.] [. . .] The representativeness, opportunities for participation, and transparency of many of the main actors are open to question. [. . .] NGOs [. . .] often have governance structures that are not subject to open and democratic accountability. The lack of representativeness, accountability and transparency of corporations is even more important as corporations have more power and are currently promoting multi-stakeholder governance with a leading role for the private sector. [. . .] Currently, it seems that the United Nations has not been able to provide direction in the solution of global governance problems—perhaps lacking appropriate resources or authority, or both. United Nations bodies, with the exception of the Security Council, cannot make binding decisions. A/Res/73/254 declares that the UN Global Compact Office plays a vital role in “strengthening the capacity of the United Nations to partner strategically with the private sector.” It adds: The 2030 Agenda for Sustainable Development acknowledges that the implementation of sustainable development will depend on the active engagement of both the public and private sectors[.] While the Attorneys General of 19 states might rail against BlackRock for usurping the political authority of US senators, BlackRock is simply exercising its power as valued a “public-private partner” of the US government. Such is the nature of global governance. Given that this system has been constructed over the last 80 years, it’s a bit too late for 19 state AGs to complain about it now. What have they been doing for the last eight decades? The governmental “partners” of the UN-G3P lack “authority” because the UN was created, largely by the Rockefellers, as a public-private partnership. The intergovernmental structure is the partner of the infra-governmental network of private stakeholders. In terms of resources, the power of the private sector “partners” dwarfs that of their government counterparts. Corporate fiefdoms are not limited by national borders. BlackRock alone currently holds $8.5 trillion of assets under management. This is nearly five times the size of the total GDP of UN Security Council permanent member Russia and more than three times the GDP of the UK. So-called sovereign countries are not sovereign over their own central banks nor are they “sovereign” over international financial institutions like the IMF, the New Development Bank (NDB), the World Bank or the Bank for International Settlements. The notion that any nation state or intergovernmental organisation is capable of bringing the global network of private capital to heel is farcical. At the COP26 Conference in Glasgow in 2021, King Charles III—then Prince Charles—prepared the conference to endorse the forthcoming announcement of the Glasgow Financial Alliance for Net Zero (GFANZ). He made it abundantly clear who was in charge and, in keeping with UN objectives, clarified national governments role as “enabling partners”: The scale and scope of the threat we face call for a global systems level solution based on radically transforming our current fossil fuel based economy. [. . .] So ladies and gentleman, my plea today is for countries to come together to create the environment that enables every sector of industry to take the action required. We know this will take trillions, not billions of dollars. [. . .] [W]e need a vast military style campaign to marshal the strength of the global private sector, with trillions at [its] disposal far beyond global GDP, and with the greatest respect, beyond even the governments of the world’s leaders. It offers the only real prospect of achieving fundamental economic transition. Unless Putin and Xi Jinping intend to completely restructure the United Nations, including all of its institutions and specialised agencies, their objective of protecting “the United Nations-driven international architecture” appears to be nothing more than a bid to cement their status as the nominal leaders of the UN-G3P. As pointed out by UN-DESA, through the UN-G3P, that claim to political authority is extremely limited. Global corporations dominate and are currently further consolidating their global power through “multi-stakeholder governance.” Whether unipolar or multipolar, the so-called “world order” is the system of global governance led by the private sector—the oligarchs. Nation-states, including Russia and China, have already agreed to follow global priorities determined at the global governance level. The question is not which model of the global public-private “world order” we should accept, but rather why we would ever accept any such “world order” at all. This, then, is the context within which we can explore the alleged advantages of a “multipolar world order” led by China, Russia and increasingly India. Is it an attempt, as claimed by some, to reinvigorate the United Nations and create a more just and equitable system of global governance? Or is it merely the next phase in the construction of what many refer to as the “New World Order”? Tyler Durden Sat, 09/24/2022 - 19:40.....»»

Category: blogSource: zerohedgeSep 24th, 2022

Hiding In Plain Sight: The Looming Health Care Cost Fight

Hiding In Plain Sight: The Looming Health Care Cost Fight Authored by Donald Trigg & Jarrett Lewis via RealClear Wire, In the 1992 campaign, the always colorful James Carville hung a sign in Bill Clinton’s Little Rock headquarters with three key messages. And if “It’s the Economy, Stupid” became the iconic election-cycle takeaway, Carville’s third dictate bears a 30th anniversary reminder: “Don’t Forget Health Care.”    The Conference Board’s closely watched gauge of consumer sentiment released on August 30th  found that consumer expectations for the next 6 months were 75.1. While the data showed month-over-month improvement, the index remained well below 80, suggesting as the Conference Board wrote last week that “a recession risk persists.” Rising inflation has been at the heart of declining consumer expectations. Over the course of election-year 2022, it also has been a tactical focus for both political parties ranging from the Democratic push to pass the Inflation Reduction Act earlier this month to a flood of Republican advertisements in key swing districts blaming President Biden and Congressional leaders for fueling inflation. If this political posturing is unsurprising, a surprising election-year consensus in both parties is: health care is only a modest concern for voters this fall. Nothing arguably tells that story more than the most recent CBS News survey. The nonpartisan poll conducted July 27-29 did not even ask voters about health care as a top issue. It was missing from the “most important issue facing the country” list altogether. But alas, as Carville admonished, “Don’t Forget Health Care.” Declining health care affordability will be a defining political issue this decade. It is hiding in plain sight —and very few in Washington are positioning to solve it. When asked specifically about health care costs, the saliency of the issue jumps from the page. A Pew Research Center survey in April found 55% believe “affordability of health care” is a very big problem – receiving a higher share than all other issues tested except for inflation. A Public Opinion Strategies (POS) survey in March found 52% believe “health insurance costs and coverage” is “extremely important” to determining which candidate to support this November. Beyond the Beltway, health care cost concerns have driven voters to act. Since 2017, six Republican states have expanded Medicaid through ballot initiatives. South Dakota is set to vote on expansion in November. Moreover, voter concerns on health care also have spurred legislative action. In 2019, Virginia legislators voted to approve Medicaid expansion; and efforts to expand coverage are afoot in North Carolina, with the state Senate voting overwhelmingly 44-2 in June in favor of expansion. The political opportunity for the party that effectively tackles the cost curve is a generational one. Leadership success is grounded in a single question that must be asked about every potential statute or regulatory rulemaking: does this change hold the promise to decrease costs for individuals and families? If you are on the right side of that question, you are working on solving the number one health care concern for voters. Importantly, as we look beyond the off-year election cycle, there is sound reason to believe health care costs will move materially higher. Health care pricing is typically a laggard. Government programs like Medicare are set on an annual basis. Commercial rates are tied to a plan or calendar year. As a result, increased costs elsewhere in the economy around things like labor costs and supplies have not yet been reflected in the health care pricing structure. As former Clinton Treasury Secretary Larry Summers wrote last month, “large nursing shortages, COVID burdens, deferred elective procedures and financial problems for hospitals” should set an expectation that medical inflation will accelerate going forward. Rising medical inflation will further challenge families already struggling with the cost of care. A Kaiser Family Foundation survey from March found 43% of Americans live in a household where someone has postponed receiving medical care over the past year due to cost. Two-thirds of Americans express concern that an illness or medical emergency in their family would force them into bankruptcy. The latter number alone represents more than 130 million voters. And yet, just 6% of voters across the country express confidence their member of Congress will take action to lower the cost of health care over the next 12 months. During the Clinton-era debate on health care reform, James Carville said, “I like being on the side of the health care consumer.” The individual is the decision-maker on issues of health and care, accelerated by the experience of Covid-19. Health care affordability is their great challenge. Neither Republicans nor Democrats can afford to forget that as they navigate the fall campaign. Donald Trigg is the CEO of apree health and co-author of ‘The New Health Economy: Ground Rules for Leaders’ (Georgetown University Press). Jarrett Lewis is a Partner at national opinion research firm Public Opinion Strategies (POS). Tyler Durden Fri, 09/23/2022 - 22:25.....»»

Category: smallbizSource: nytSep 24th, 2022