Why Tom Brady was overlooked in the NFL Draft and why it was more than luck that led him to the Patriots

Withholding raises or no longer getting invited to meetings could be a sign that you're getting "quiet fired." ljubaphoto/Getty Images There are different ways companies push out employees without conducting layoffs. One way, per Ben Wigert of Gallup, is taking away benefits and perks. Another way, per Vicki Salemi of job site Monster, could be overlooking someone for a career advancement opportunity. If you've been excluded from meetings or asked to draft up documents detailing your duties, you could be getting quietly fired.According to a Wall Street Journal article, white-collar workers are having to say goodbye to their roles not just because of job cuts. Chip Cutter of The Wall Street Journal wrote that company "moves," such as remote work limitations, "though not labeled as layoffs, can at times have a similar effect in thinning a company's ranks."The kinds of moves Cutter is describing are examples of a growing workplace trend of "quiet firing." Instead of being overtly fired or laid off, some workers are seeing more subtle moves from their bosses that are, intentionally or not, making the job less appealing and encouraging them to leave."Quiet firing happens when managers fail to adequately provide clear expectations, feedback, support, career development, and recognition for an employee in a way that makes them feel ignored and pushes them out of an organization," Ben Wigert, director of research and strategy for workplace management at Gallup, told Insider.Wigert added that "quiet firing happens unintentionally more often than intentionally."Vicki Salemi, career expert for Monster, also told Insider that quiet firing happens when a company isn't "necessarily terminating you" but instead "they're often pushing you to the point where it could be a toxic work environment" which ultimately leads to the worker leaving.Two reasons a company might be quiet firing, Salemi said, could be because "their budgets are stagnant or there are performance issues and rather than addressing them, they're kind of quietly pushing the employee out the door.""Economic conditions can certainly spur more quiet firing," Wigert said. He later noted that "if they have fears about difficult financial times ahead, they may be being tougher on performance or tougher on employees who may not fit or may not be progressing because they would rather encourage the people who aren't working out to leave rather than laying off the people they want to keep."Below are six ways companies might be quietly firing their employees.Restrictions on where and how people get work doneSome people may quit if they are required to work in person. Cutter's Wall Street Journal story noted that there are places that have put limits on remote work or companies needing people to relocate."That would be one way to put pressure on employees to see if they really want to stay with the organization," Wigert told Insider about companies requiring people to work in person more than they would prefer. Another way could be having to work "more structured hours."However, Wigert advises these restrictions might not be ideal."Rigid policies that simply require people to come to the office to check a box and be compliant aren't effective and miss the point," Wigert told Insider. "Similarly, using office requirement policies to intentionally reduce head count and avoid lay-offs will likely back fire because they're punitive rather than a constructive strategy for improving how people work together."Saying goodbye to work benefits and perksA company may also push out a worker through quiet firing by getting rid of their job benefits or perks, according to Wigert who noted this as an example of "systematically quiet firing employees.""If organizations are offering fewer incentives or taking away benefits packages, whether that's something related to wellness, flexibility, access to gym memberships, or contributions to their retirement funds, or other things that matter to them that would be another way to push people out," Wigert said.But Wigert cautions against limiting benefits, compensation, or perks."We don't recommend this approach because it erodes your employee value proposition and dissatisfies your people who stay," Wigert said. "Instead, I would try offering reduced hours and flexible arrangements for roles facing budgetary constraints."An increased emphasis on performanceAnother thing that shows some indication of quiet firing could be performance reviews or performance plans that could intimidate workers and persuade those judged as "low-performing" to quit. Cutter wrote that there are employers who are "stepping up scrutiny in performance reviews."This can be seen in some recent reviews at Meta, where roughly 10% of workers got a "meets most" rating, which a Wall Street Journal article reported is the second-lowest rating of five ratings. Cutter said that "people familiar with the matter" think this will mean more exits.One action that kind of relates to quiet firing according to Wigert is when managers "require certain improvements" from an employee or put them on a performance improvement plan to see if they can improve."It's kind of quiet firing in the way they're not saying that we're asking you to leave or we're firing you, but they're raising the bar on performance in a way that shows them they either need to quickly improve or find a different position," Wigert said. "So that's pretty common with low performers, but it may be more common now when employers are feeling the pressure to rightsize their workplace."No salary increases or career advancementSalemi said that someone who is being quietly fired may be overlooked for a "promotion or job advancement despite producing excellent work and being a leader and a collaborator." This could be happening while colleagues are seeing career advancement.Yt could also be the case that your pay suffers along with this in quiet firing."It usually happens where you feel like you're being singled out where it's not necessarily where, you get a message from your boss or communication from your boss saying, 'Hey everyone, I tried and no one is getting a raise this year,'" Salemi said. "Typically with quiet firing, you are the person who's being impacted. It's not really a large number of people at once. It's simply you."Being neglected at workWhile some quiet firing tactics may be unintentional, Wigert said the "most common" way managers intentionally quiet fire someone is through "simply neglecting them or excluding them from important work that's happening or advancement opportunities.""This would most typically be done in a passive aggressive way where they're showing the person either that they don't fit or they're not going to progress in the company and lead them instead to decide whether they want to continue on that path," Wigert said.Another sign related to this could be not being invited to go to or lead a meeting or a company event, according to Salemi."You're still working, you're still available, but you're not being invited to join," Salemi said. "You're basically being shut out at a seat at the table."Salemi said you may also be given a lot more work without support."Maybe your boss is not available and you're not being given any support and it's basically you're reaching the point of burnout," Salemi said.Being asked to write down what you doSalemi also said some of your work duties may be going to a colleague, making you question your job security. Additionally, you may be asked to write a job description about your work or a "standard operating procedures manual almost as if you're being replaced.""You're still working there, but you're basically being asked to provide a training manual for your job," Salemi said.Salemi said the job description would entail things like who you work with and about your duties. In other words, it's "an overview of your current job and how you do it," Salemi said.Read the original article on Business Insider.....»»

"Things Could Get Worse In Hours, Days, Or Weeks" By Michael Every of Rabobank Fed minutes. And years more of this Yesterday’s Fed minutes had a few key takeaways. Obviously, the majority of the FOMC voted for a 25bps hike – but some wanted to go 50bps; and that was at a time when US data was looking weaker than it is now. Second, the FOMC care that financial conditions have been easing, and they don’t want them to; which means higher yields, please, and lower stocks, thanks. We got the latter but not the former yesterday. Third, the FOMC don’t see CPI back to 2% until 2025. “Transitory” sure lasts a long time - and perhaps for even more years if you look round you. The White House is considering releasing the intelligence it has garnered showing China is considering supplying lethal aid to Russia – perhaps within hours(?) To say this escalates geopolitical and geoeconomic risks is an understatement. Tomorrow sees the China peace plan for Ukraine. On that note, look at this quote from the Global Times: “Since Kiev is deeply influenced by Washington, which is not interested in an immediate cease-fire but prefers a prolonged conflict to keep undermining Moscow and change the status quo by force, it is really hard to see a feasible formula for peace that both sides can accept. Peace may arrive only after more casualties and damage in the battlefields make at least one side change their mind.” Is that an implied threat to help Russia or resignation? Foreign Minister Wang Yi just underlined China-Russia ties are “rock solid”, and “no matter how the international situation changes, China is willing to maintain the sound development momentum on the new model of major-country relationship with Russia”. The Russians said the two countries favour building “a more just world order, and welcome the rise of the number of states which choose the path of free, sovereign development based on their identity and traditions.” On which, Iraq will now use CNY to settle trade with China - except Anas Alhaji claims this does not include oil. Even if it did, ‘netting out’ was covered in 2022’s ‘Why Bretton Woods 3 won’t work’ and 2023’s ‘War and pieces of gold can't derail the dollar’, which underline it would not be a game-changer. Nonetheless, one can see how Beijing-Moscow-Tehran would like the game to change; and that will require a US response, including higher Fed funds. Elsewhere, alongside leaked plans for a Russia-Belarus merger, Dr. Pippa Malmgren warns Abkhazia, Artsakh, South Ossetia, Serbia, Nagorno-Karabakh, Transnistria, Moldova, Norway, Denmark, Poland, and Romania are flashpoints for Russian actions; and these may include sabotaging Norway’s oil and gas supplies to the EU. (Unless the CIA and Norway are going to do it to themselves, which Sy Hersh may soon allege.) The Israeli press quotes Prime Minister Netanyahu saying any attack on Iran gets harder the longer one waits, and reports he has held five cloistered meetings with his defence staff on that topic, and warned the US and France that he will act alone if necessary. Yes, these are all hard-to-price binary, fat-tail risks - but there are ever more of them; we had one such shock a year ago, showing they do happen; and the fact we are where we are now was predictable – just not by markets. Yet some still aren’t taking this into their inflation projections. And I include the FOMC in that: 2025 is likely to be optimistic against the above background. Even if one only wants to only look at the economy, we live in a bifurcating world of K-shaped data where aggregates we are used to mentally mapping don’t work the way they once did. Yes, goods deflation is evident in some places as demand cools post-Covid, helping unreformed supply chains look more efficient than they actually are – until eggs, vegetables, or baby formula disappear from shelves, exposing structural vulnerabilities again. And let’s not forget to mention the surge in US used car prices. Yet services inflation is soaring as that sector overheats as much as goods did during Covid. This is not supply-driven, but a global phenomenon of ‘revenge’ services spending - although the lack of supply of staff is making things worse. If you want a low-end services worker in the US, or anywhere, good luck trying to find one without a huge pay bump; but if you want a high-end US tech worker servicing DEI, you can take your pick as they get bumped. Which one do we have more of in the economy, and which matter for overall inflation and demand? If you can’t work that out then, like DEI workers, wait for the tap on the shoulder as you sip your latte. What if the K-shaped oligopolistic nature of corporate power means price hikes can be passed on because there is literally nowhere else to buy? As Ben Picton notes this morning following a 2.2% rise in Australia’s Q4 private capex, stronger than the expected 1.1%, businesses are feeling happy despite rising rates and rising CPI, whereas consumers are the gloomiest they have been since the 1991 “recession we had to have”. Perhaps because the question is also ‘what if nowhere else to go?’ In Australia, higher mortgage rates are being passed on directly into higher rents by leveraged property investors: after all, why should that tax-privileged class face any pain? So, with housing supply stalling, and net immigration about to surge again, rates and inflation are rising in tandem. Unless and until demand collapses for everything but housing – which is about a K-shaped as it gets. Of course, that’s also a neo-feudal model of the economy, not capitalism. Then again, the geopolitical backdrop is one of war and imperialism, so the shoe fits. The simple point is this: we arguably have years of hawkish inflation ‘surprises’ in the likes of the Fed minutes because of structural factors still being deliberately overlooked 12 months after the Ukraine war started. And things could get worse in hours, days, or weeks. Tyler Durden Thu, 02/23/2023 - 10:09.....»»

Use of generative AI is having real-life impacts on the workplace. Critics have expressed concerns about ethics, plagiarism, and bias. Use of generative AI has boomed and it's already having real-life impacts on the workplace.Getty Images An IT director used ChatGPT to research vaping detectors and told the WSJ it "completely blew my mind." He'd already spent hours calling people and looking on Google for solutions, without much luck. Critics have expressed concerns about the ethics of AI, including the risk of plagiarism and bias. An IT director who used the AI chatbot ChatGPT for research said it "completely blew my mind."Telmo Gomes, the co-founder and IT director of LiveSense, an Australian tech company that monitors temperature and other conditions in offices, labs, and hotels, told The Wall Street Journal that he had spent hours calling people and looking on Google to find which sensors could detect vaping.Companies which already had solutions didn't want to share their trade secrets with him, so he The Journal that he turned to ChatGPT instead.He said it gave him several answers, including some solutions he'd found during his research, as well as a warning to consider the ethics of behavior monitoring."It completely blew my mind," Gomes told The Journal. "We're a small company. It will let us do more with less."In the space of just a few months, use of generative AI has boomed and it's already having real-life impacts on the workplace. ChatGPT, owned by OpenAI, creates text responses to user-submitted prompts based on huge amounts of data.Jeff Maggioncalda, the CEO of online course company Coursera, told The Journal that he started using ChatGPT to draft company letters and notes and asked his assistant to draft email replies using it, too. Maggioncalda edits the responses before sending them."I spend way more time thinking and way less time writing," he told The Journal. "I don't want to be the one who doesn't use it, because someone who is using it is going to have a lot of advantages."Maggioncalda previously told Insider that he uses ChatGPT daily as a "writing assistant" and "blog partner." The chatbot is a "game changer," he added.Generative AI platforms have been used to write news articles, homework, college essays, job applications, and even novels. Advocates say the services can help workers save time on manual tasks and assist people with dyslexia. But critics have expressed concerns about the ethics of AI, including worries that it could plagiarize material, develop bias, and even argue with users.Some schools and colleges are banning students from using ChatGPT or are otherwise changing the nature of their assignments to reflect the surge in use of the technology. Companies are creating policies around their use of AI-generated content, including when it should and shouldn't be used, and there is a growing push for text written by AI to be clearly labelled as so.Read the original article on Business Insider.....»»

Throughout Russia's 11-month-long war, Ukraine has repeatedly lobbied for US-made fighter jets like the F-15 and F-16. Soon there may be a new push. A US Air Force F-16 Fighting FalconUS Air Force photo by Staff Sgt. Trevor T. McBride Ukraine is finally getting the tanks it wants, but there's more on the wishlist. Ukraine has been asking for Western fighters, but with no luck thus far. One former French diplomat told Insider that he expects aircraft deliveries to be the next big debate. Ukraine is finally getting the Western-made tanks that it wants, but there's still a few big items on its wishlist. Kyiv says the next thing it wants is fighter jets. "We have new tasks ahead: Western-type fighter jets, sanctions, Peace Formula implementation," Ukrainian Foreign Minister Dmytro Kuleba said after Germany announced on Wednesday it would send Leopard 2 main battle tanks, a decision that followed weeks of mounting pressure by European countries.Yuriy Sak, an advisor to the Ukrainian defense minister, concurred, telling Reuters that "the next big hurdle will now be the fighter jets." Some others, however, have pointed to long-range missiles.Throughout Russia's 11-month-long war, Ukraine has repeatedly pressed the US and other partners to provide Western fighter jets. As early as March of last year, Ukraine's air force lobbied on social media for NATO countries to send F-15 and F-16 fighter jets able to provide a better defense of its skies than the Soviet-era aircraft that it has been operating. Those requests have lately taken a backseat to other demands though.Sending these highly capable jets to Ukraine would likely be a massive undertaking for the US. Top US Air Force officials have not ruled out sending aircraft to Ukraine, but nothing has been sent.There have been discussions about America's A-10 Warthogs, slow but powerful tank killers, but a Ukrainian military advisor argued previously that what is really needed is fast fighters like the F-16.Experts have have said that the best Western jet to provide Ukraine might actually be the overlooked Swedish-made Gripen, given that it has a lower operational cost than its American counterparts.  Should Western jets eventually make their way to Ukraine, it would mark the latest instance where Ukraine has asked the US and allies for weapons and, after some time, got what it requested. This pattern has been seen with rocket artillery, high-profile air defense systems, armored fighting vehicles, and, most recently, tanks.  Gérard Araud, the former French ambassador to the US and the United Nations, described Western security assistance to Ukraine over the nearly one-year-long war as "piecemeal" — partial steps taken over time."Every three months there is a debate about a new type of weaponry. Now, it's tanks. I can bet that in the next three months it'll be planes," Araud told Insider. He said "every time we are squabbling and squabbling," but at the end of the day, countries end up green lighting the military hardware.  US defense officials have said that security assistance tends to focus on Ukraine's short-term battlefield requirements. However, Pentagon Press Secretary Air Force Brig. Gen. Pat Ryder said this week that while Washington continues to assess Ukraine's "immediate" battlefield needs, it is also holding discussions on what Kyiv needs in the "medium- to long-term." There's been no word on aircraft though.Read the original article on Business Insider.....»»

Despite growing challenges, leaders at Google, Yelp, Bank of America, and more are working to bring diverse voices to workplaces. Kea Taylor/Imagine Photography; Alyssa Powell/Insider Insider is proud to present its third-annual list of diversity trailblazers in corporate America.  These leaders, ranging from execs at Bank of America to Google, are advancing equity in business.  Their work is important in an increasingly politicized environment around social issues.  Being a chief diversity officer was never easy, but it seems the job has been getting more difficult over the past year. Inflation, worker shortages, and worries about potential recession are topping corporate leaders' lists of concerns. One result could be that diversity slips off the list of boardroom priorities, executives working in this area told Insider.At the same time, some conservative political leaders are waging war against what they call "woke culture" in corporate America, putting pressure on CEOs — and their staff — who advocate on issues like LGBTQ rights. Despite these and other challenges, chief diversity officers across industries in the US have been working to advance the notions of diversity, equity, and inclusion in business and society over the past year. These leaders — often women of color — are working in an environment that could become even more fractious as the country gears up for the 2024 presidential election. Insider is pleased to present its third-annual list of notable diversity officers changing their companies. Collectively, these executives are helping break barriers for an untold number of workers while also pushing their fellow corporate leaders to make their businesses more inclusive.Alan Bowser, partner and chief diversity officer at Bridgewater AssociatesBridgewater's Alan Bowser.Courtesy of BridgewaterKey accomplishments: In addition to increasing racial and gender diversity at Bridgewater Associates, the world's largest hedge fund, Bowser launched the firm's Rising Fellows program, a three-week virtual curriculum aimed at expanding access to the financial services industry for students in their first year of college. He also worked with leaders at Barnard College to create mentorship and internship opportunities to encourage more women to join the investment industry. Encouraging leadership within employee-resource groups was also a big focus for Bowser. In 2021, Bridgewater compensated 16 employees for their impact on and leadership of the company's employee-affinity networks. On average, the size of the bonus that leaders received was $8,750, a company spokesperson said. In their own words: Bowser previously told Insider that increasing diversity was part of building a true "idea meritocracy," the term Ray Dalio, the founder of Bridgewater, uses to describe an environment where people disagree thoughtfully and ultimately reach better outcomes than they could individually. "That's rooted in bringing lots of diverse perspectives together," Bowser said.Keyla Cabret-Lewis, director of diversity, equity, and inclusion at AflacAflac's Keyla Cabret-Lewis.AflacKey accomplishments: Cabret-Lewis was a key player in the insurer's $25 million investment in the Black Economic Development Fund, an investment vehicle that seeks to help close the racial-wealth gap. The fund targets Black-led financial institutions and Black-led businesses.   Cabret-Lewis also had a role in the decision by Dan Amos, the CEO of Aflac, to sign onto CEO Action for Diversity & Inclusion, a pledge started by PwC's US Chair, Tim Ryan, among others. The business chiefs who are signatories commit to advance diversity and inclusion within their companies.  In their own words: "I'm excited to see the investments we are making in our internal talent-development area come to fruition. We have expanded our inclusive efforts into the LGTBQ+ arena this year and hope to see more of that in the future."Demetris Cheatham, senior director of diversity, inclusion, belonging, and strategy at GitHubGitHub's Demetris Cheatham.GitHubKey accomplishments: Cheatham has been working to expand diversity in the world of open-source coding, data, and technology. Over the past year, Cheatham helped create All In for Students, a program that provides mentorship, training, and internship opportunities in coding to students from historically Black colleges and universities. Under the program, 30 students complete a 10-week open-source-coding training program. GitHub, which makes software-development tools, then places the students in summer internships within GitHub or at other companies including Cisco, Microsoft, Fidelity, and Intel. Cheatham also created educational materials and gathered data on harassment that occurs at computer-science conferences in order to help prevent it.In their own words: "I came from a rural area, grew up on a dirt road with no Internet access, raised by a single mom who didn't have a lot of financial resources. I went to a minority-serving institution, majored in computer science although never had access to a computer until I got there, and applied to and was accepted into the same types of diversity programs that I try to create. I know what it's like to be overlooked, overworked, and othered. And on the flip side, I know what it's like to have someone see you, believe in you, value you and your uniqueness, give you opportunities, mentor you and sponsor you."Robert Childs, executive vice president of enterprise inclusion, diversity, and business engagement at American ExpressAmerican Express' Robert Childs.American ExpressKey accomplishments: Childs helped with American Express' issuance of its first-ever ESG bond, valued at $1 billion. An ESG bond is a debt instrument that comes with environmental, social, or governance objectives, including financing environmentally friendly buildings and sustainable-energy projects. Childs also helped develop the credit-card company's "Preferred First Name" initiative for US customers, which allows them to specify a preferred name they want to use on the phone without a legal name-change process, making the customer-service experience more inclusive. In their own words: "As we look ahead, it will be important for companies to place more emphasis on how they do things in a more inclusive way versus just generating a list of what they did. I believe that's how we'll get to more meaningful and sustained change to improve our world."Eloiza Domingo, vice president of HR and chief inclusive-diversity and equity officer at AllstateAllstate's Eloiza Domingo.AllstateKey accomplishments: Under Domingo's leadership, Allstate worked with OneTen, a nonprofit that aims to help one million Black people who don't have a four-year degree attain what the group describes as well-paying jobs.Under the partnership, Allstate removed the four-year-degree requirement from dozens of job postings. In 2021, 54% of new hires did not have a college degree. In addition, the insurer increased its spending with businesses owned by people of color, women, people who identify as LGBTQ, veterans, and people with disabilities. Spending rose from $366 million in 2020 to $371 million in 2021. In their own words: "The role of the chief diversity officer is more critical now than ever. To optimize on that thought-leadership, it's critical that they are proactively pulled in and have fluid engagement with their C-level peers."Latasha Gillespie, head of global diversity, equity, and inclusion at Amazon StudiosAmazon's Latasha Gillespie.Amazon StudiosKey accomplishments: Gillespie's work focuses on making sure the content and operations at Amazon Studios — the retailer's streaming-production company behind hits like "Lord of the Rings: The Rings of Power" and "The Marvelous Mrs. Maisel" — are diverse and inclusive. Gillespie launched the studio's first inclusion policy guide and playbook, establishing rules and guidelines to make sure all content creators the platform works with continue to seek stories that amplify voices across race, ethnicity, nationality, sexual orientation, age, religion, disability — including mental health — body size, gender, gender identity, and gender expression. In addition, Gillespie also grew Amazon Studios' Howard Entertainment Program, an internship pipeline for students from Howard University, a historically Black institution, to enter the entertainment industry.In their own words: "I can't say enough about the camaraderie between the diversity, equity, inclusion, and accessibility professionals in our business. It played a major part in our decision to make the Inclusion Policy and Playbook an open-source document. I am excited to learn how other networks and studios iterate and expand on what we started."Kara Helander, managing director and chief diversity, equity, and inclusion officer at CarlyleCarlyle's Kara Helander.CarlyleKey accomplishments: Helander oversees diversity-and-inclusion efforts at Carlyle, a global investment firm with some $369 billion in assets under management and dozens of portfolio companies.In March, she started the DEI Leadership Network, a group comprised of CEOs at the firm's portfolio companies. The goal of this network is to advance diversity, equity, and inclusion. The group is slated to meet annually and develop resources on topics like unconscious bias and psychological safety. Helander also collaborated with The Milken Institute, a think tank, to launch the DEI in Asset Management Program. The initiative researches diversity in private equity and asset management, creates materials for leaders in the industry, and hosts roundtable discussions on diversity. In their own words: "Smart leaders and smart companies will not take their foot off the gas. They know that inclusive leadership is not a 'nice to have,' it is core to being a successful, modern leader and organization."Telva McGruder, chief diversity, equity, and inclusion officer at General MotorsGM's Telva McGruder.GMKey accomplishment: McGruder was instrumental in General Motors' decision to remove college-degree requirements from dozens of technical positions. In addition, McGruder was a key creator of the automaker's "work appropriately" philosophy, which gives workers remote-work flexibility so long as their duties permit. McGruder credits this policy with helping recruit and retain women, parents, and other caregivers. McGruder also helped expand funding for GM's employee-resource groups and worked with the nonprofit Human Rights Campaign to sign its public statement opposing what the group labeled anti-LGBTQ legislation.In their own words: "I am grateful to have the global platform to make inroads and drive meaningful progress toward being a truly inclusive and equitable organization and am excited to do so as we add amazing electric vehicles, delivery services, and many more product offerings to the market. This requires particular attention to the people on our teams and the communities we impact as we skillfully transition our business with equity and access in mind."Elizabeth Morrison, chief diversity, inclusion, and belonging officer at Levi Strauss & Co.Levi Strauss & Co.'s Elizabeth Morrison.Levi Strauss & Co.Key accomplishments: Under Morrison's leadership, Levi Strauss worked with leaders at Harlem's Fashion Row, a nonprofit that supports and features work by Black and Hispanic designers, to create an education-and-mentorship program for students at Clark Atlanta University, a historically Black institution. As part of the initiative, 38 students studying fashion design had mentorship meetings with Levi Strauss executives.Morrison is working to expand the partnership with the goal of having 15% of all hires come from Clark Atlanta University by 2025.Also under Morrison's leadership, the clothing company published its first diversity report in 2022. In their own words: "Diversity, equity, and inclusion has never been easy, it's historically been underfunded, underresourced, and underprioritized. While the exact conditions may have evolved, challenges are challenges, and as we've done before, we will find ways to continue to strive for equity, inclusion, and equality."Melonie Parker, chief diversity officer at GoogleGoogle's Melonie Parker.GoogleKey accomplishments: Paying particular attention to neurodiversity, Parker created a program for existing Google Cloud employees and new hires on the autism spectrum to help improve their work and onboarding experiences. She also helped develop a program for managers of employees who are on the autism spectrum; 350 managers participated.Parker, who made Insider's list for the second straight year, also led conferences and tailored mentorship programs aimed at fostering a sense of community for specific subsets of employees, including Black directors, Black men, and women at Google. Parker has also increased Google's recruiting efforts at historically Black colleges and universities and at Hispanic-serving institutions. She has been vocal about racially motivated violence in America, speaking with Insider shortly after a May shooting in Buffalo, New York, that left 10 Black people dead.  In their own words: "As a Black woman who has navigated corporate America, there were moments where I found myself shrinking in order to fit in. But I now see diversity as a superpower. My guiding purpose professionally has been to create spaces that better reflect the full diversity of the world we live in, and to lead by serving and lifting others so that diversity, equity, and inclusion are not lofty ideals, but part of the very fabric of our society." Kathy Sayko, chief diversity, equity, and inclusion officer at PGIMPGIM's Kathy Sayko.PGIMKey accomplishments: At PGIM, the asset-management arm of the insurer Prudential Financial, Sayko and her team started an initiative that directed more than $30 million in grants to support various historically Black colleges and universities.PGIM executives and recruiters also mentored dozens of students at Hampton University. Sayko is now working to create a similar partnership with Florida A&M University.In 2018, PGIM set the goal to increase the presence of people from underrepresented backgrounds in senior leadership positions by 5% over five years. The firm is on track to meet that goal in 2023. In their own words: "For me, this role is much harder work than any of my previous banking and markets jobs. But the ROI is greater," she said, referring to return on investment. Ebony Thomas, senior vice president and racial equality and economic opportunity initiatives executive at Bank of America and president of the Bank of America FoundationBank of America's Ebony Thomas.Bank of AmericaKey accomplishments: Thomas oversees Bank of America's $1.25 billion, five-year commitment to advance racial equality and economic opportunity. As part of that, she led the investment of $300 million to more than 100 private-equity funds to provide capital to diverse entrepreneurs and small-business owners.Thomas also helped develop the bank's $25 million initiative to create jobs for students at historically Black colleges and universities, Hispanic-serving institutions, and community colleges across the country.In their own words: "A new generation of talent expects organizations to use their voices and resources to maintain and advance progress — I am optimistic."Erin L. Thomas, head of diversity, inclusion, and belonging at UpworkUpwork's Erin L. Thomas.UpworkKey accomplishments: Thomas spearheaded multiple programs around the hiring, advancement, and retention of talent from underrepresented backgrounds. One of the initiatives she started is called RiseUP, a sponsorship program for directors of color. The program aims to increase these staffers' visibility within the company, the opportunities they get, and the likelihood that they'll receive a promotion.In addition, Thomas worked with the consultancy McKinsey & Company to implement the McKinsey Management Accelerator at Upwork. The monthslong program gives early-to-mid-career leaders of color management skills with the goal of helping them get promoted.  In their own words: "The economy, the spikes in hate, and the revocation of basic human rights are connected. We are operating from a place of scarcity and fear and I think we'll be here for a few years. With that, most companies will focus on short-term profitability, which DEI simply does not yield. I'm not sweepingly optimistic about DEI through 2025, but I'm confident in orgs like Upwork that strategize with a long-range view and I trust that DEI will rebound."Miriam Warren, chief diversity officer at YelpYelp's Miriam Warren.YelpKey accomplishments: Warren has been one of the most outspoken business leaders on the topic of reproductive rights in America. In April, before the draft memo of the Supreme Court's decision overturning Roe v. Wade leaked, Warren rolled out Yelp's benefit covering travel costs for employees seeking abortions. After the Supreme Court decision came down, dozens of industry leaders contacted Warren asking her for advice on how to provide travel benefits for employees seeking abortions, according to a Yelp spokesperson. In March, Warren denounced what she described as anti-trans and anti-LGBTQ bills in Florida and Texas. For a month, the company matched and then doubled donations from its employees to LGBTQ nonprofits.Warren also helped drive engagement in employee-resource groups over the last year. Yelp now has 22 such groups, comprising nearly half of its 4,400 workers. Among the groups are those for people who are neurodiverse, people of color, parents, and members of the LGBTQ community.In their own words: "The nature of diversity, inclusion, and belonging work remains as crucial as ever in the face of an increasingly and unpredictable partisan regulatory environment. It's also become increasingly clear that workers care deeply about the mission and values of their employers and will go to great lengths to seek alignment with a workplace that shares those values. This poses an unprecedented opportunity for organizations —especially fully-remote companies that can hire anywhere — to attract high-quality talent by being clear and outspoken about the causes they stand for."Read the original article on Business Insider.....»»

The Rise And Fall Of Inflation Risk Factors By Peter Tchir of Academy Securities This week we will all focus on CPI on Tuesday and the Fed on Wednesday. What Chair Powell says and does on Wednesday will reverberate through the markets. For the record, I expect 50 bps and he will keep a rate hike on the table for the February 1 st announcement. Rather than attempting to estimate this week’s CPI data (which will be important), today’s report will focus on what will drive inflation (and the economy/markets) after the Fed decision. We have seven weeks between this FOMC decision and the next one. Seven weeks feels like  a lifetime in a market that is prone to large daily and weekly swings. Even the views on the economy are shifting rapidly as more economists seem to be heading in our direction, which is that the recession will start sooner (Q1) and be deeper than most people previously thought. If anything, the market is pricing in a Squishy Landing. That report tried to define a “squishy” landing and also tried to figure out why markets may misinterpret data as indicating a “soft” landing when the worst is yet to come. Finally, we re-iterated our more pessimistic outlook in that report. Inflation Factors versus Inflation Rather than just trying to “estimate” inflation, we examine the factors that “drive” inflation. While we could just estimate various inflation components such as rent, in this report, we will try something different. We will lay out the factors that drive inflation. We believe that these factors do a good job of predicting where inflation and the economy are headed In theory this is what many do, but we hope that today’s analysis makes it clear how these factors have been behaving (and how they will behave). That will go a long way in explaining why our current outlook is more pessimistic and is strongly in the camp that “the Fed has gone too far already.” We will address the individual components that go into this model. This model shows the highest inflationary pressures were from Q2 2021 to Q4 2021. It remained elevated for that extended period of time due to a variety of factors (the importance of which changed within that period). The factors have been pointing to steadily declining inflation and growth pressures ever since. If anything, the factors point to deflationary pressures in Q1 and Q2 next year – which is another way of reaching our conclusion that the economy and markets are in jeopardy of a large “risk-off” trade that will break 2022’s lows on stocks (while yields plummet). The Inflation Factors We will use 5 factors. The factors are somewhat broad and the influence that they have on inflation is just an estimate. Yes, inflation and the economy are closely linked. No, our model is not tested and is both arbitrary and subjective. Nonetheless, it seems logical and almost elegant. The explanation fits the narrative of what has been going on, and some version of this “model” has been influencing my thoughts on inflation, the economy, and markets. It is a good starting point for this overall discussion and what to expect in terms of economic data and corporate reporting over the next seven weeks. The factors that we use are: The Fed. This is primarily focused on rates and the balance sheet. Lower rates are stimulative and higher rates act as a headwind. Balance sheet expansion (QE) is stimulative while balance sheet reduction (QT) is contractionary. Other “extraordinary” measures are included as well. Stimulus. This includes a range of items such as checks sent to individuals, moratoriums on rent/student loans, PPP, and government spending programs like the “Inflation Reduction” Act. Supply Chains. This attempts to broadly incorporate supply chain issues from the actual inability to produce goods to the costs of shipping and transporting. It is difficult to get an exact definition, but we all know it when we see it. War. Russia’s invasion of Ukraine and the sanctions are also factors. Disruptive. Another broad topic and not only is it extremely important, but it has been overlooked by many. It does not just include the wealth gained and lost by investors or the impact on the economy. The spending generated by “disruptive” companies (and even units of larger/more “traditional” organizations) was quite simply massive. This segment can easily include crypto as well as disruptive companies (some of which were already public or recently went public, and others largely benefitted from PE/VC investments). This may be the most contentious factor, which likely makes it the most important in terms of explaining why our outlook remains so pessimistic. We did not treat wage inflation as an inflation factor. This is a tricky and almost circular issue. Is wage inflation a factor? Certainly, the Fed focuses on wage inflation because it could potentially create “sticky” (or rather “non-transitory”) inflation. From that perspective, it is a factor rather than an output. However, we will treat wage inflation as another output (wage inflation will respond to the other factors, making it okay to ignore in the factor model). It is somewhat circular, which is why we highlight it. The Fed The Fed did everything it could in the immediate aftermath of COVID and the COVID lockdowns. They bought corporate bonds/ETFs, backstopped money markets and corporate new issuance, expanded their balance sheet, and cut rates to zero. Over time they pulled back on that support. By Q3 of 2022 we saw them acting as a moderate headwind. We should not just expect higher rates for now because the Fed is telegraphing higher rates into the future (while ramping up QT) as well. By early 2023 the Fed will be a deflationary pressure. That will start to reverse course as the Fed backpedals (likely smaller QT before rate cuts). In any case, on a standalone basis this might be the right policy, but given how the other factors are behaving, it may be a mistake. Stimulus Stimulus started slowly, ramped up, tailed off, ramped back up again, and is now in the process of declining. We’ve left it as a small positive factor for much of this year and next year. The bump in Q2 2021 may have been the most awkward of the inflation drivers as yet another stimulus package was passed long after there was an obvious need for it (the very nature of inflationary). We didn’t get a “bounce” in the factor when the so-called “Inflation Reduction Act” was passed, because it wasn’t heavily front loaded, but it is why we leave stimulus as a positive factor going forward. Supply Chain The supply chain issues didn’t manifest themselves right away. In Q2 2020 oil (WTI) futures briefly traded negative. Yes, there were all sorts of weird shortages and mismatches during that time. You could get rolls and rolls of industrial grade toilet paper if you could figure out where to go, but it was virtually impossible to get high quality toilet paper (I’m sure there were other initial issues, but that one sticks out). It was only over time as we re-opened and inventories got whittled down that supply chain issues started to mount. Add to that the fact that there weren’t enough workers at the docks to unload (let alone ship) things. Supply chain constraints were off the charts (as was the cost of shipping). However, those costs have since come down. There are still some supply chain issues. Shipping isn’t great, but other issues are much smaller now. Offsetting that pressure further are the inventory builds that we’ve seen across so many industries. It is still a moderately inflationary factor, but should go away by Q2 War Russia invaded Ukraine in Q1 2022, but as troops were building up before that, we started to see some pressure on commodity prices that could be attributed to the war risk. That escalated post invasion as sanctions took hold. It abated a little in the summer on the energy front (seasonal) and as some deals were attempted on the commodity front. It has ramped back up and that will continue into Q1 of next year and then it should subside into the summer again. Disruptive This doesn’t exactly follow the chart of bitcoin, ARKK, or SPAC issuance, but it is probably somewhat linked. Were those just a factor of the other factors, or a factor in their own right? The wealth created and spent in this subset of the universe (which was unique to this period) is its own driver. It ties into my argument that jobs lost will NOT be the metric of this recession, rather it will be jobs lost multiplied by average pay that will define this recession. I’m hearing this from programmers, software and hardware sellers, and event planners. The wealth created and spent was enormous, concentrated, and inflationary. The Whole Picture This chart might be a little bit messy, but it is a useful illustration of how these various factors have worked to drive inflation. Thinking about these factors and when they started to turn down (and how inflation/the economy have followed) sends a somewhat chilling message if they are correct. We are seeing little to no inflationary (growth) pressures in the economy in Q1, yet we are behaving as though fighting inflation is still job number 1. Bottom Line Look for growth and inflation to slow, regardless of what the Fed does going forward. Inflation was driven by many factors, most of which are receding on their own. We have seven weeks of data after this Fed meeting and will be entering into Q4 earnings. I have little reason to be optimistic unless something about these risk factors change. It would be great to have discussions on the appropriateness of these factors and their relative importance. This model may have many errors, but I welcome the opportunity to discuss/refine it and hopefully it gives you some food for thought on why our inflation and growth projections are on the pessimistic side of consensus. Good luck on Wednesday and get ready for the next 7 weeks! Tyler Durden Sun, 12/11/2022 - 15:30.....»»

Futures Reverse Losses, Hit Session HIghs Alongside Oil Despite China Covid Curbs After trading in the red for much of the overnight session, US futures inched higher shortly after the European open after a volatile session in Asia marked by rising Covid cases in China, while a Fed president turned dovish and showed openness to slowing the path of rate hikes. Futures on the S&P 500 traded near session highs, up 0.4% to 3,972 by 8:00 a.m. in New York, while Nasdaq 100 futures gained 0.1% after struggling for direction.  Stocks in Hong Kong and Mainland China slipped as China’s daily virus infections climbed to near the highest on record, although a bounce in Japanese stocks pushed overall Asian markets higher. Europe’s Stoxx 600 Index rose, led by energy shares. The dollar weakened against all major currencies and Treasury yields declined. Crude oil prices rose after Saudi Arabia pushed back against reports of a potential OPEC+ production increase. Bitcoin's gradual, methodic slide continued interrupted by occasional bouts of ungradual, unmethodic panic liquidations. In premarket trading, Zoom Video dropped after the firm reported its slowest quarterly sales growth on record and trimmed full-year revenue forecasts. Chinese stocks listed in US fell after a ramp-up in Covid restrictions to curb a spike in virus cases across China. Pinduoduo -2.4%, Trip.com -0.6%, Bilibili -2.8%, Nio -2.5%, Li Auto -3.9%. Here are some other notable premarket movers: Blackstone shares fall 2.5% in US premarket trading as Credit Suisse cut its rating to underperform from neutral and said that it is awaiting a better entry point for US alternative asset manager stocks. Alibaba shares pare losses in US premarket trading after Reuters reported that Chinese authorities are set to hand down a fine of over $1 billion for Jack Ma’s Ant Group, an event market watchers see as an end to Beijing’s prolonged investigation into the fintech firm and a first step to restarting its IPO. GameStop shares swing between slight gains and losses in US premarket trading, following a Bloomberg report that billionaire investor Carl Icahn was said to hold a large short position in the video-game retailer. Dell Technologies stock slipped 2% in postmarket trading on Monday as the computer company’s revenue forecasts for the current quarter missed estimates, as economic uncertainty begins to affect information technology customers. Keep an eye on Amazon.com after its price target was cut at Piper Sandler as AWS revenue decelerates along with an industry-wide slowdown at major cloud computing firms. The brokerage notes, however, that while “industry growth ticks down, AWS leadership remains.” Watch Activision Blizzard as Baird raised the recommendation on the stock to outperform from neutral, while downgrading Airbnb, Carvana and Vroom all to neutral since these companies are exposed to pullbacks in discretionary “high ticket” purchases. Keep an eye on software stocks, including Workday and Coupa Software as Morgan Stanley cuts price targets across the sector, with analyst saying that consensus estimates for 2023 are likely too high while customer IT budgets are set to be reduced. "Market sentiment remains toneless for the second trading day of the week as most investors are still struggling to assess the short- to mid-term outlook for risky assets," said Pierre Veyret, technical analyst at ActivTrades. “Despite the market starting to price in a potential slowing in rate hikes, some Fed officials have moved to temper these anticipations by reiterating their will to tackle inflation, and that this goal was far from being achieved.” Fed officials continued to highlight the need to curb inflation but hinted that a slower pace of hikes could be possible. On Monday, San Fran Fed President Mary Daly said officials need to be mindful of the lags with which monetary policy works, while repeating that she sees interest rates rising to at least 5%. Separately, Cleveland Fed President Loretta Mester said she has no problem with slowing down the central bank’s rapid rate increases when officials meet next month. “Markets get jittery whenever the Federal Reserve is due to speak or issue important information,” said Russ Mould, investment director at AJ Bell. “With the central bank set to publish the minutes from its November meeting tomorrow, equity investors need to brace themselves for the Fed to say it is likely to keep raising rates to tame inflation, even though October’s consumer prices figure was below expectations.” After this quarter’s 10% rally in the S&P 500, Goldman strategists expressed skepticism about US stocks returns next year, setting a 4000 points target for the benchmark by Dec. 2023 as earnings growth stalls. “Zero earnings growth will match zero appreciation in the S&P 500,” strategists led by David Kostin wrote in a note on Tuesday. Then again, the same David Kostin said excatly one year ago that the S&P would close 2022 at 5,100 so expect him to be dead wrong again. In Europe,  Stoxx Europe 600 Index climbed 0.2%, with energy stocks the best-performing sector as crude advanced after Saudi Arabia denied report of discussion about OPEC+ oil-output hike. BP rose 5.3% and Repsol was 6% higher after both stocks got analyst upgrades. Hong Kong stocks slid as China’s daily virus infections climbed to near the highest on record. Covid-control restrictions now affect a fifth of China’s economy. Still, the eventual easing by China of its curbs to counter the virus are likely to mean that European profits will hold up relatively well because of the benefits to luxury and mining companies, according to strategists at Goldman Sachs. Here are some of the notable European movers: AO World shares jumped as much as 17%, to the highest since early July, after the online appliances retailer raised its FY adjusted Ebitda forecast. Verbund rose as much as 8.2% after Stifel upgraded the utility company to buy from hold, saying conditions of Austria’s price cap are “much better” than had been anticipated. Allfunds shares fell as much as 11% after a discounted share offering by holders LHC3 and BNP Paribas in the mutual-fund distributor. Shares in digital price-tag maker SES- imagotag fell as much as 6%, before paring the drop, after majority shareholder BOE Smart Retail offered 1.5 million shares at a 7.3% discount to the last close. ThyssenKrupp declined as much as 5.9% after holder Cevian offered ~23.4m shares via UBS with price guidance of €5.15 apiece, representing a 4.7% discount to last close. Vodafone shares fell as much as 3.4% after the telecoms group was double-downgraded to underperform from outperform at Credit Suisse, which cited a growing risk to the dividend and elevated costs weighing on its outlook. Earlier in the session, Asian stocks advanced as the yen’s recent weakness boosted Japanese exporters, offsetting losses in Chinese tech shares. The MSCI Asia Pacific Index gained as much as 0.7%, with Japanese firms Toyota, Sony and Mitsubishi helping lift the gauge along with Taiwan’s TSMC. Up more than 10% this month, the MSCI Asian stock benchmark has outperformed its US or European peers in November thanks to China’s rally.  Among sectors, energy and industrials advanced the most, while communication services and consumer discretionary shares edged lower. Chinese stocks in Hong Kong fell for another day, as a worsening outbreak on the mainland raised doubts as to whether authorities can hold on to their softer Covid Zero stance. A rally this month fueled by reopening hopes has now come to a halt as investors come to terms with China’s Covid reality.  “As we’ve seen in the Covid issues in China, it’s going to be stop-go sort of news flow in terms of the lockdowns et cetera and that’s going to add volatility to markets,” Lorraine Tan, director of equity research at Morningstar, said in an interview with Bloomberg TV. Japan equities climbed as the yen’s retreat over the past four days supported exporters’ shares in the face of concerns over China’s Covid Zero policy and the Federal Reserve’s hawkish stance.   The Topix rose 1.1% to 1,994.75 as of the market close in Tokyo, while the Nikkei 225 advanced 0.6% to 28,115.74. Toyota Motor contributed the most to the Topix’s gain, increasing 2.3%. Out of 2,165 stocks in the index, 1,737 rose and 366 fell, while 62 were unchanged. “There is an impression that the market will be quiet with no major selloffs ahead of the Japanese and US holidays,” said Hirokazu Kabeya, chief global strategist at Daiwa Securities. “In some aspects, it is difficult for the stock market to fall as investors find it hard to make a move.”  Stocks in Malaysia fell for a second day after Saturday’s election produced the country’s first-ever hung parliament. Australia’s equity benchmark rose to a five-month high buoyed by miners.The S&P/ASX 200 index rose 0.6% to close at 7,181.30, its highest since June 6, driven by a rebound in mining and energy shares.  In New Zealand, the S&P/NZX 50 index fell 0.2% to 11,420.42. New Zealand’s central bank is poised to raise interest rates by an unprecedented 75 basis points on Wednesday, accelerating its monetary tightening to get inflation under control. Elsewhere, markets were mixed with moderate gains or losses.  In FX, the Bloomberg Dollar Spot Index fell as the greenback fell against all of its Group-of-10 peers. Risk-sensitive Antipodean currencies and the Norwegian krone were the top performers. CFTC data showed that speculative and institutional traders turned their back to the dollar yet again last week as the currency stayed under pressure. At the same time, one-month risk reversals in the Bloomberg Dollar Spot Index rallied in favor of the topside. The euro rose versus the greenback but underperformed most of its major peers. Bunds slipped and Italian bonds inched lower. The pound rose against a broadly weaker dollar and was steady against the euro. Data showed UK government borrowing grew less than forecast in October, ahead of a testimony in Parliament by officials from the Office for Budget Responsibility. The yen rose for the first time in five days after remarks from some Federal Reserve officials solidified bets for smaller US rate hikes. Japan’s yield curve steepened a tad ahead of a local holiday. One-week risk reversals in dollar-yen traded earlier at 24 basis points in favor of the Japanese currency, which marked the least bearish sentiment for the greenback in more than a month. In rates, Treasuries ground higher leaving yields near session lows into the early US session with 10-year at around 3.79%. Bunds and gilts both lag Treasuries, trading slightly cheaper over early London session. US session focus is on Fed speakers and conclusion of this week’s auctions with a 7-year sale at 1pm.  Treasury 10-year yields outperforming bunds and gilts by ~5bp on the day. Long-end of the Treasuries curve underperforms, steepening 10s30s spread by 2.5bp on the day.  This week’s auctions conclude with $35b 7-year note sale at 1pm, follows Monday’s double auction of 2- and 5-year notes. In commodities, it has been a contained session for the crude complex after yesterday’s WSJ fake news-prompted rollercoaster, with benchmarks higher by around 1% amid further pushback to the production increase report. Kuwait Oil Minister has pushed back against reports of any discussions over OPEC+ raising production at its next meeting, according to the State news agency; Iraq's SOMO says no discussions have taken place over an increase at the next OPEC meeting. China has reportedly paused the purchase of some Russian oil, awaiting details of the price cap to see if it provides a better price. Spot gold and silver are firmer, with the yellow metal at session highs just below the USD 1750/oz mark as risk sentiment struggles to find firm direction and the USD continues to pullback. For reference, the current spot gold peak of USD 1748/oz is shy of the 10-DMA at USD 1755/oz and still some way from the 200-DMA at USD 1801/oz. Cryptocurrency prices were mixed, with investors braced for more ructions as further digital-asset sector bankruptcies loom following the demise of Sam Bankman-Fried’s FTX empire. Looking to the day ahead now, and central bank speakers include the Fed’s Mester, George and Bullard, along with the ECB’s Holzmann, Rehn and Nagel. Data releases include Euro Area consumer confidence for November, as well as the US Richmond Fed manufacturing index for November. Lastly, the OECD will be releasing their Economic Outlook. Market Snapshot S&P 500 futures up 0.2% to 3,964.00 STOXX Europe 600 up 0.6% to 435.56 MXAP up 0.4% to 151.12 MXAPJ down 0.1% to 486.08 Nikkei up 0.6% to 28,115.74 Topix up 1.1% to 1,994.75 Hang Seng Index down 1.3% to 17,424.41 Shanghai Composite up 0.1% to 3,088.94 Sensex up 0.4% to 61,380.15 Australia S&P/ASX 200 up 0.6% to 7,181.30 Kospi down 0.6% to 2,405.27 German 10Y yield little changed at 1.99% Euro up 0.3% to $1.0272 Brent Futures up 0.7% to $88.04/bbl Gold spot up 0.5% to $1,745.92 U.S. Dollar Index down 0.35% to 107.46 Top Overnight News from Bloomberg More than six years after voting to leave the EU, the UK is facing a prolonged recession, a deep cost-of-living crisis and a shortage of workers. Last week’s Autumn Statement heralded years of higher taxes and cuts to public spending The ECB needs to maintain the pace of rate increases at its next meeting on Dec. 15 to demonstrate policy makers are “serious” about taming inflation, Financial Times reports, citing an interview with Robert Holzmann, governor of the National Bank of Austria and member of the ECB’s governing council Germany will introduce a cap on gas and electricity prices for companies and households as Europe’s largest economy seeks to contain the fallout from Russia’s moves to slash energy supplies. Large parts of German industry will no longer be able to avoid production cuts if companies need to further reduce natural gas consumption, according to a survey Italy has signed off on a €35 billion ($36 billion) budget law for next year which will raise a windfall tax on energy companies in order to expand aid to families and businesses hit by higher prices Spain announced a series of steps to shield mortgage-holders on lower incomes from rising costs, stepping up efforts to cushion the economic blow from high inflation and surging interest rates The premium investors pay for German two-year bonds over equivalent swaps has dropped to levels last seen in July in recent days, down more than 40 basis points from a record high in September. It comes after the German finance agency and the European Central Bank took steps to increase the supply of debt available to borrow in repo markets An FTX Group bankruptcy filing showed that the fallen cryptocurrency exchange and a number of affiliates had a combined cash balance of $1.24 billion A new currency trading algorithm developed by a Dutch fund threatens to wrest away millions of euros of fees from investment banks if it gains traction in the pension industry China’s overnight repo rate plunged to its lowest level in nearly two years, an indication that a liquidity squeeze seen last week has eased following measures by the central bank A more detailed look at global markets courtesy of Nesquawk Asia-Pac stocks were mostly positive as the regional bourses attempted to recover from the recent China COVID woes but with price action contained amid quiet newsflow and a lack of fresh macro drivers. ASX 200 was positive amid strength in the commodity-related sectors in which energy led the advances after oil prices rebounded following Saudi’s denial that it was considering a production increase. Nikkei 225 higher and reclaimed the 28,000 level with early outperformance in Shionogi after its COVID-19 therapeutic drug was presumed effective by Japan’s PMDA. Hang Seng and Shanghai Comp traded mixed with Hong Kong pressured by weakness in the tech sector, while losses in the mainland were reversed after the latest policy support pledges by China including measures to sustain the recovery momentum of the industrial economy and with the PBoC to release CNY 200bln worth of loan support for commercial banks to ensure near-term delivery of homes. Top Asian News US Defence Secretary Austin met with Chinese Defence Minister Wei Fenghe in Cambodia, according to a US official cited by Reuters. US Defence Secretary Austin discussed the need for dialogue on reducing risk and improving communication with his Chinese counterpart, according to a Pentagon spokesperson. Furthermore, Austin raised concern about increasingly dangerous behaviour by Chinese aircraft which increases the risk of an accident and he reiterated that the US remains committed to the longstanding Once China Policy. Chinese Defence Ministry spokesman said the main reason for the current situation faced by China and the US is because the US made the wrong strategic judgement. In relevant news, Global Times' Hu Xijin tweeted that the meeting between the two defence ministers must be supported and that no matter how many frictions, China and the US cannot fight militarily which is the bottom line and the two sides’ due responsibility to the world. EU is poised to renew sanctions on Chinese officials accused of human rights violations in Xinjiang for an additional year, according to SCMP. RBA's Lowe say the Bank is not on a pre-set path and could return to 50bps increase or keep rates unchanged for a time. The Board expects to increase interest rates further over the period ahead. Understand that many people are finding the rise in interest rates difficult. It is necessary, though, to ensure that the current period of higher inflation is only temporary. Beijing City reports 634 (prev. 274) COVID infections on November 22nd as of 3pm, according to a health official, via Reuters. Subsequently, Beijing will tighten COVID testing requirements as of November 24th, according to an official; COVID tests within 48 hours will be required to enter public venues. European bourses are modestly firmer, Euro Stoxx 50 +0.2%, though fresh developments have been limited and the upside itself is tentative at best. Sectors are mixed with the likes of Energy outperforming after yesterday's noted pressure, no overarching bias present in the European morning. Stateside, US futures are near the unchanged mark but have, similar to European peers, been modestly firmer/softer throughout the morning, ES +0.1%. Samsung Electronics (005930 KS) is to jointly develop 3nm chips with five-six fabless clients for large quantity supply as soon as 2023, via Korea Economic Daily citing sources. Top European News ECB's Centeno sees conditions for rate hikes to be less than 75bps in December and said they "really have to reverse" the trend of rising inflation to have greater visibility on monetary policy, according to Bloomberg. ECB's Holzmann said he supports a 75bps hike in December and noted there are no signs that price pressures are easing, according to FT. ECB's Rehn says they will probably hike rates again, pace depends on how the economy develops. ECB's Nagel says a 50bp rate hike is "strong", rates are still "relatively far" from restrictive territory, via Reuters; calls for commencing a gradual APP unwind in Q1-2023. Italy approved a EUR 35bln budget law for next year which plans to increase an energy windfall tax, according to Bloomberg. FX Dollar loses recovery momentum as risk appetite picks up, DXY drifts between 107.810-300 bounds and retests a Fib retracement level just over 107.500 Kiwi rebounds to top 0.6150 vs Buck irrespective of worrying NZ trade data, as RBNZ looms amidst expectations of a larger 75bp hike in the OCR Aussie recovers alongside Yuan and amidst comments from RBA Governor Lowe reaffirming guidance for further tightening, AUD/USD eyes 0.6650 from around 0.6600 at the low Loonie regains poise in tandem with oil and probes 1.3400 against its US rival pre-Canadian data and remarks from BoC's Rogers Yen, Franc, Euro and Pound all take advantage of Greenback fade plus yield convergence to Treasuries as USD/JPY reverses from 142.00+ and USD/CHF from almost 0.9600, while EUR/USD eyes 1.0300 and Cable 1.1900 vs sub-1.0250 and 1.0825. Fixed Income Rangebound trade for core fixed income, though intraday boundaries have extended on both sides throughout the European morning as the complex struggles for firm direction. Bund unreactive to a well-received Bobl auction while USTs are a handful of ticks firmer ahead of the week's last US auction, with volumes currently fairly light. Note, final orders for the UK's 0.125% 2073 Gilt I/L exceed GBP 16.8bln, according to a bookrunner, with pricing set 20bp below the 2068 comparable. Commodities Comparably contained session for the crude complex after yesterday’s pronounced OPEC+ related price action; benchmarks currently firmer by around 0.5% amid further pushback to the production increase report. White House Press Secretary said President Biden is committed to further lowering gasoline prices. Kuwait Oil Minister has pushed back against reports of any discussions over OPEC+ raising production at its next meeting, according to the State news agency; Iraq's SOMO says no discussions have taken place over an increase at the next OPEC meeting. China has reportedly paused the purchase of some Russian oil, awaiting details of the price cap to see if it provides a better price, via Bloomberg citing sources. German gas price break will apply retroactively from January, via der Spiegel; reduction in gas and heat prices is not expected to take effect until March 1st. European Commission proposes to introduce a gas price correction mechanism for one-year from January 1st 2023, via Reuters citing draft legislation; proposal leaves the actual price cap blank for now. Diplomats say that EU gov'ts want the gas price cap at EUR 159-180/MWh, vs the much higher cap expected to be proposed by the Commission. UK officials visited Brazil in October to assess the regions beef standards, via Politico; a visit which has fuelled hopes in Brazil of a future trade deal. Spot gold and silver are firmer, with the yellow metal at session highs just below the USD 1750/oz mark as risk sentiment struggles to find firm direction and the USD continues to pullback For reference, the current spot gold peak of USD 1748/oz is shy of the 10-DMA at USD 1755/oz and still some way from the 200-DMA at USD 1801/oz. Geopolitics Moscow considers a search necessary for a peaceful solution to the Kurdish issue after Turkey's strikes in Syria and believes Turkey should restrain from the use of excessive military force, according to RIA citing Moscow's Syria envoy. N. Korea will take an ultra strong response to anyone that interferes with its sovereign rights, via KCNA; US will face a greater security crisis the more it insists on taking hostile actions. US Event Calendar 10am: U.S. Richmond Fed Index, Nov., est. -8, prior -10 Central bank speakers 11am: Fed’s Mester Discusses Wages and Inflation 11:45am: Bank of Canada’s Carolyn Rogers Speaks on Financial Stability 2:15pm: Fed’s George Takes Part in Policy Panel 2:45pm: Fed’s Bullard Discusses Heterogeneity in Macroeconomics DB's Jim Reid concludes the overnight wrap A decent slug of yesterday was spent debating whether England's 6-2 win at the World Cup was a performance to scare the world of football into submission or whether Iran's 20th spot in the FIFA World rankings may slightly flatter them. As ever, your opinions are welcome! Good luck to all your teams as the WC introduces a few big hitters today! I'm not sure if it was the World Cup but markets had a rather slow and lacklustre start to the week yesterday. The S&P 500 (-0.39%) fell back amidst concerns about rising Covid cases in China and ongoing fears about a US recession next year. The effects were evident across multiple asset classes, and WTI oil prices fell below their start of 2022 levels briefly intra-day (-6.24% on the day at the lows) as investors grappled with the prospect of lower Chinese demand alongside speculation about an OPEC+ output increase, which was eventually denied. WTI rallied back hard on a Saudi denial of the story to close just -0.44% lower, while Brent futures were -6.06% lower before closing down only -0.19%. In Asia trading, WTI prices (+0.74%) have climbed back above the start of week levels and are trading just above $80/bbl while Brent futures (+0.49%) are fractionally higher as we go to print. In terms of what’s coming out of China, there are growing concerns among investors that there’ll be a return to lockdowns following the weekend news that they’d had their first Covid death in six months. The overall rise in case numbers now makes this the third-largest outbreak of the pandemic so far, behind only the Shanghai lockdowns in Q2 and the Wuhan outbreak in early 2020. Beijing has increased its restrictions, and now requires arrivals to take three PCR tests within the first three days and to stay at home until they get a negative result. In the Haidian district of Beijing, schools have now switched to online learning as well. This has all served to dampen the speculation of recent weeks that China might be moving gradually away from its zero-Covid strategy, and the city of Shijiazhuang has even asked residents to stay at home for 5 days. China recorded 27,307 new local Covid cases nationally yesterday, almost close to the record high of 28k seen in March. The irony is that the China reopening story has been a big positive driver of China-related risk and overall markets over the last couple of weeks, so we are trading between feast and famine on this story. Both could of course be ultimately right. There might be many more restrictions in the near term but stronger more durable reopenings by the spring. Markets are struggling to price this at the moment though. For now, the effects were apparent among Chinese stocks listed in the US, with companies like Alibaba (-4.41%), JD.com (-6.37%) and Bilibili (-8.15%) underperforming the broader equity moves. The Chinese Yuan (-0.64%) also weakened against the US Dollar, although to be fair this was partly a function of dollar strength. Overnight in Asia, China risk has bounced a bit. The Shanghai Composite (+0.75%) and the CSI (+0.77%) are both up alongside the Nikkei (+0.72%). The Hang Seng (-0.39%) and KOSPI (-0.35%) are both lower. US equity futures are just above flat as we type. Staying with equities, the earlier plunge in oil prices was bad news for energy stocks, which were among the biggest sectoral underperformers on both sides of the Atlantic. By the close of trade, the S&P 500 was down -0.39%, with energy down -1.39%, rallying midday from -4.64% to beat out consumer discretionary shares which were -1.41% lower. A number of other cyclical industries underperformed as well, and the NASDAQ fell -1.09% on the day, whilst the small-cap Russell 2000 fell -0.57%. In Europe, the performance was marginally better, but that still wasn’t enough to stop the STOXX 600 posting a very marginal -0.06% decline, with energy (-3.02%) far and away the underperformer as shares closed near the nadir of Brent and WTI futures pricing. There clearly should be a bounce this morning. The more negative tone out of China yesterday has only added to existing fears about a US recession over the coming months, which the latest moves in the Treasury yield curve did little to dispel. The 2s10s yield curve flattened another -2.2bps to -73bps taking it beneath the 1982 low of -71.65bps to a level unseen since 1981. This came as the 10yr tracked intraday pricing in oil as well, having fallen as much as -7.1bps intraday before finishing the day more or less unchanged. This morning in Asia, 10yr UST yields (-1.12 bps) are slightly lower, trading at 3.82%. There have been a few Fed speakers over the last 24 hours to impact treasury pricing. SF Fed President Daly warned against the two-sided risks of over-tightening, but hinted that her estimate of terminal may have risen to around 5.1% since the November meeting. Meanwhile, Cleveland Fed President Mester supported downshifting to a 50bps hike in December, but noted the Fed was not “anywhere near to stopping”, echoing Chair Powell’s tone from the November FOMC presser. There's quite a bit of Fed speak today as you'll see in the day ahead at the end. Whilst it’s widely expected that the Fed will slow down the pace of hikes to 50bps in December, there’s somewhat more doubt about the ECB’s next move the following day, who it seems are still weighing up another 75bps hike or slowing down to 50bps. Yesterday, we heard from Austria’s Holzmann (a hawk), who said he’d only favour a 50bps hike if there was a “major reduction” in inflation this month. But Portugal’s Centeno (a dove) said that the conditions were in place for a hike beneath 75bps next month. Separately, Slovenia’s Vasle talked about the need for restrictive policy, saying that the ECB needs to “keep gradually raising rates, even into the territory where monetary policy won’t be just neutral, but will become more restrictive.” European sovereigns seemed unfazed by this debate, trading in line with the broader global moves. Yields on 10yr bunds (-2.1bps) and OATs (-1.8bps) moved lower, but there was an underperformance among southern European countries, with yields on Italian BTPs up +4.3bps. Interestingly, there was a notable downside surprise in the latest German PPI reading, which came in at +34.5% in October (vs. +42.1% expected). Now it’s worth noting that the decline was driven by energy, but at -4.2% on the month, that was the first monthly decline in the index since mid-2020. To the day ahead now, and central bank speakers include the Fed’s Mester, George and Bullard, along with the ECB’s Holzmann, Rehn and Nagel. Data releases include Euro Area consumer confidence for November, as well as the US Richmond Fed manufacturing index for November. Lastly, the OECD will be releasing their Economic Outlook. Tyler Durden Tue, 11/22/2022 - 08:02.....»»

Ken Miyamoto taught himself to write scripts before taking an apartment across the street from Sony Pictures so he could get his foot in the door. Ken Miyamoto.Courtesy of Kevin Sparrow Ken Miyamoto was a security guard at Sony, and worked his way up to story analyst for the studio. A self-taught screenwriter, Miyamoto was later offered a development deal at Lionsgate. He was able to continue paid work as screenwriter after a recession, despite living in Wisconsin. This as-told-to essay is based on a conversation with Ken Miyamoto, a screenwriter based in Belleville, Wisconsin. It has been edited for length and clarity.I learned everything about screenwriting inside a Barnes and Noble. I read every screenwriting book that I could — some were good, some were bad — along with the few published scripts that were available.This was the mid-to-late 1990s, before the internet took hold.In 1996, I took one University of Wisconsin screenwriting class, and that was the extent of my screenwriting education. Beyond that, I'm self-taught. I moved to California from Wisconsin with my wife in late 1999 to pursue a career in screenwriting. While she was busy with grad school, I did whatever I could to get onto Hollywood sets. I wanted to understand how movies were made — and the easiest way I could do that at the time was to become a movie extra, so I signed with some background actor agencies.I loved being an extra, even though I was only making $50 a day. I even made it into the final cut of Steven Soderberg's "Traffic." I was a stand-in for one of the FBI agents (and later in the background of the pool scene). I spent 12 hours in a hotel suite with Soderbergh and Benicio Del Toro. Del Toro was in character the whole time, and Soderbergh was completely hands-on — he was the cameraman, cinematographer, and director for these scenes. It was amazing to be in the same room as both of them.The whole time I was working as an extra, I was writing and honing my screenwriting. Then in 2002, my wife and I moved to Culver City. We picked an apartment online and made an appointment to go see it, only to learn upon arrival that it was right across the street from Sony Pictures Studios — on the old MGM lot. The apartment was way overpriced and much smaller than others we looked at, but we signed the lease that day. I just knew that being that close to Sony would be my best opportunity to somehow break into the industry. We moved in soon after, and nearly every day I jogged around the studio and peered through the gates.After months of trying to find a job at Sony, I became frustrated. I walked up to a security guard and asked him how I could get a job there. He gave me a number to the security company's corporate office. I called it, went to the hiring office, and was hired right away. Two weeks later I was a Sony security guard. Security work isn't that glamorous. Most of the guards don't want to be there. But when I was first assigned to the Sony lot, I worked the side gate details, sitting at a post doing nothing. I hated it. However, one day while sitting at my post, an expensive sports car was being revved behind me — I turned around and saw Harrison Ford. He was shooting what would eventually be entitled "Hollywood Homicide" on a nearby stage, and was on a coffee break in between camera setups. I could smell the coffee on his breath — that's how close he was. We exchanged small talk and he smiled that crooked smile and went off to work. It hit me that I'd just met one of my childhood idols — Han Solo. Indiana Jones. Jack Ryan.That wouldn't be my last encounter with Hollywood icons. I talked my way into a promotional position working the VIP gate. Each day, I met and conversed with icons like Arnold Schwarzenegger, Bruce Willis, and Stan Lee, to name just a few. I also welcomed the then-studio head Amy Pascal every morning. I worked my way up from security guard to story analyst at SonyMy new post at the VIP gate allowed me to broaden my reach throughout the studio. I now had my own golf cart to ride around the studio lot. I was given a free membership to the Sony Athletic Club. I had opportunities to meet a lot of studio and production company executives. One day, I was making a studio ID card for an incoming development executive. We had a good rapport. I took a chance and said to him, "Hey, if you need any script readers, I have experience." It turns out he was looking for a new reader. It was kismet. He asked for some sample script coverage (screenplay summaries that executives often rely on to save time reading entire scripts). I sent him some coverage I'd done at a previous internship, and he hired me as a script reader & story analyst for Sony Pictures. That job was my greatest education in screenwriting — reading scripts and writing coverage for them was an outstanding way to learn what worked and what didn't. I became a stay-at-home dad to focus on my writing — and it paid offIn 2005, we had our first son. My wife suggested that I stay home with him to focus on my screenwriting. It was a great opportunity to write and be with my son, but I kept my story analyst job part-time. At this point I knew I needed to write a marquee script — something that was high concept and would catch people's attention. I started to develop concepts that would have the best odds of breaking through. The one I landed on was a script entitled "The Doomsday Order," which made the rounds in Hollywood and got me a manager. I had meetings at Sony, Universal, Warner Brothers, Dreamworks, and Disney, but sadly, it didn't sell. I had major momentum in my writing career though, finally, after years of struggle. Around this time, my family and I visited our hometown in Wisconsin for the holidays. I realized that this was where we should be as a family. I told my wife, and we decided we wanted to leave LA and move back home to Wisconsin. I told my manager — and he said I didn't have to be in LA to write, as long as I could come back for meetings. It wasn't the ideal situation for a screenwriter with some momentum, but we wanted to raise our kids close to family.It was hard for me to leave my Sony job though. The night before I left to drive cross-country from Los Angeles to Wisconsin, I spent one more night on the Sony lot, riding around after-hours on my golf cart.After that, I got in my car, turned on Green Day's "Time of Your Life," drove past the security shack I used to man years prior, waved to the guard, and cried like a baby as I drove away. The stigma of being a stay-at-home dad was difficult at times Once we made the move, I found myself sitting at home in Wisconsin with my baby son, feeling like my dream had slipped away a little. The momentum I had was dying down, and I was far away from Hollywood.I was a proud stay-at-home dad, but it came with a lot of baggage and insecurity. My wife was supporting us with her successful career. I wasn't earning any money towards our daily needs, so the stigma of being a stay-at-home dad was difficult at times. I felt out of place amidst the moms at parks and coffee shops. I used my late nights to work on the next script I would send to my manager, and within a few months, I had another marquee script. It was an action thriller script called "One Shot to Kill." The pitch was basically "Top Gun," with snipers. My manager sent it out to studios and production companies, and the response was great. Hollywood players were talking about my script — they were calling me a rockstar. Then I found out Lionsgate wanted to option the script with some development money. I was so happy. Knowing that I finally had my first offer to do what I had always dreamed of doing for a living — telling cinematic stories — it was an amazing feeling. And it happened after moving 2,000 miles away from Hollywood.Most screenwriters see the trades and read about million-dollar deals for spec scripts. That doesn't happen too often, and it's usually for established writers. My Lionsgate deal wasn't a huge amount of money, but it was worthwhile for sure. The deal fell through — but it opened the door to more paid screenwriting workSadly, the deal expired before the film could go into production. The one-two punch of the economic disaster and the Writers Guild strike hit in 2007 and 2008. It sent shockwaves throughout the industry — the results of which are still felt to this day. Deals were dropped everywhere, and mine was one of them.In 2010, I was approached by a Hollywood producer and executive with Wisconsin connections. He grew up just an hour away from where I was living. I was president of a local screenwriters group, and he had reached out to see if he could help. I took the opportunity to pitch some of my work. He read "Doomsday Order" and "One Shot One Kill" and loved my writing — he wanted to hire me to write a miniseries for him entitled "Blackout." The catch was that they needed it written quickly. I signed a contract and wrote it in two and a half weeks. They loved it. It was the most I ever made as a professional screenwriter at that point — low-to-mid five figures, which was a huge haul for a new screenwriter. Big names were attached to the project — like the late Anne Heche, James Brolin, and Haylie Duff. I even had a chance to fly back to Los Angeles to be on set. It was a dream come true seeing my words come to life.Today, I've found success writing thrillers for Lifetime. They're formulaic and designed for the intended audience and their expectations, but they're damn fun to write. The fans love those movies. And it's actually helping me hone my craft. I'm making more money as a screenwriter than I ever haveI'm learning so much about writing on the fly and making crazy deadlines because the projects at Lifetime can go into production fast. My deals with Lifetime thrillers usually take a few months. They really crank out those movies, so it's cool to see a more quick, streamlined process. The way it works is that I pitch my take on a project, and then it goes through the executive producer, and on to Lifetime for notes and approval. I write the script pretty fast — usually three to four weeks for the first draft, and then a few days of rewrites. It takes only a few months on average for them to go into pre-production, and a little longer for them to actually come out.I don't have a doubt in my mind that I'll eventually make the jump to studio stuff. I have samples to showcase my writing. But I'm loving the regular gigs, the outstanding collaboration, and seeing my words produced as written. Here's what I've learned about succeeding in the industry as a screenwriterDon't put too much stock into getting representation. Focus on writing amazing scripts — stack your deck with three to five outstanding ones. Don't rush into trying to find representation with your first or second scripts. Generally speaking, they're your worst scripts. You haven't honed your craft. You're still learning.Once you have a stack of great scripts, then you should go out and try to find representation. Managers want writers with a good body of work — not just one or two beginner scripts. When you do start marketing to reps, never try to get an agent. Agents don't really come until they see a hot script they can sell. Managers are the go-to.Beyond that, make your own luck. You can market your scripts on your own. Go to IMDBPro and find similar movies. Find out who made them. Don't market to the studios that distribute them — market to the production companies listed. That's the in. Send them simple and short query emails with your logline. I've represented myself for over 10 years. It's possible. I handle contract negotiations and sign contracts on my own — but that's after being in the business for 20 years.Lastly, don't write for free. It's okay to do a draft for a manager here or there. But don't get caught in the industry trap of writing endless drafts for free. Don't be afraid to say that you need to justify the time by getting paid. Too many novice screenwriters fall into that. It's not worth it and often leads nowhere.That first deal with Lionsgate legitimized my dream. Every assignment contract since has offered me the chance to get paid to do what I love. How many people in this world can say that? Plenty, I'm sure — but certainly not the majority. Read the original article on Business Insider.....»»

The Israel-Lebanon Agreement Could Be A Game Changer For Natural Gas Markets Authored by Felicity Bradstock via OilPrice.com, Earlier this month, Lebanon and Israel came to an agreement over their maritime border that will open up natural gas fields to both countries and improve stability in the region. With the world dealing with a natural gas shortage, Israel’s ability to produce natural gas from the Karish field provides some much-needed positive news for energy markets. It will take Lebanon a significant amount of time to explore and develop the Qana field, but establishing the maritime border is an important first step for a country in an economic crisis. Israel and Lebanon announced earlier this month that they had come to an agreement over their maritime border, a historic step in diplomacy that should help boost the natural gas output of both countries. As the world battles gas shortages going into the winter months, this deal provides a ray of hope for global energy markets in the future.  The most recent negotiations, led by the U.S., had been taking place over several months, with the impetus for a deal beginning in 2020. The final agreement is expected to “strengthen Israel’s security, inject billions into Israel’s economy, and ensure the stability of our northern border”, according to Israeli Prime Minister Yair Lapid. Meanwhile, Lebanon’s president, Michel Aoun, stated that the deal “satisfies Lebanon, meets its demands, and preserves its rights to its natural resources.” It appeared last minute as if the deal might not pass as Israel was prepared to reject Lebanon’s final draft of the agreement. However, due to mounting pressure to pass a deal before Aoun steps down at the end of October, and elections take place in Israel on 1st November, the two rival states came to an agreement. Lebanon’s powerful Shia group, Hezbollah, is also backing the agreement due to the country’s dire economic situation. However, the maritime border agreement should not be conflated with a peace agreement, which still appears a long way off.  Israel will now be able to produce natural gas from the Karish maritime reservoir, which, along with the Tanin field, is believed to hold 2 to 3 trillion cubic feet of natural gas and 44 million barrels of liquids. This is a shift, as Lebanon previously held claim to part of the Karish field. European and North American powers are eager for Israeli production to begin in the field, to alleviate the pressures of global gas shortages. Meanwhile, Lebanon will exploit Qana, the neighboring field. Several TotalEnergies representatives have traveled to Beirut to discuss the immediate exploration and development of the gas field.  Maha Yahya, director of the Beirut-based Carnegie Middle East Centre is hopeful of what the deal represents, “The agreement means that both countries now have vested economic interests in maintaining calm along their common border regions.” Prime Minister Lapid is also optimistic that the deal will promote greater regional stability. Heiko Wimmen, project director for Iraq, Syria, and Lebanon at Crisis Group, explained the significant change the agreement has brought about for Israel, “If it had come to conflict, their entire [gas field] infrastructure would have been under threat.” He added, “This scenario is now off the table. So of course, that's a significant win in security terms.” While the deal marks significant progress in the relations between the two countries, experts have been quick to criticize the deal due to certain undefined terms leaving space for ambiguity. While Lebanon will be given production rights in the Qana field, Israel will be entitled to a share of the royalties through an agreement with TotalEnergies, as the field crosses the maritime border into Israeli waters. The agreement does not stipulate the share of profit distribution that Israel will receive from Qana, which could lead to further disagreements in the future. The deal states: “Israel shall work with the Bloc 9 Operator in good faith to ensure that this agreement is resolved in a timely fashion.” Essentially, Lebanon’s development of Qana requires Israel to come to an agreement with Total before it can proceed. This comes at a time when Lebanon is facing severe energy shortages that have led to long blackout periods as it tackles a major financial crisis. While the development of a Lebanese gas field is expected to support financial recovery, it will take a significant amount of time to explore and develop Qana, with revenues unlikely to be seen until around 2030, and at nowhere near the amount needed to pull Lebanon out of its $100 billion debt. There is no clear picture of how much gas is in Qana but estimates value it at around $3 billion, which could bring Lebanon revenues of between $100 and $200 million a year.  Mike Azar, an analyst and former lecturer at John Hopkins, believes the deal “was ultimately much more profitable for Israel. What Lebanon got was avoiding problems it can't afford to deal with right now.” Based on Lebanon’s precarious political and economic situation at present, security is something that should not be overlooked, even if its oil and gas profits may come further down the road. The new Israel-Lebanon maritime border deal has enabled the two powers to set clear boundaries and better understand the potential for their energy industries going forward. While Israel may be the winner in the short term, the agreement provides a better roadmap for Lebanese gas and the potential for greater foreign investment in the country. Tyler Durden Sun, 10/30/2022 - 09:45.....»»

Advancing Donlin Gold to Prepare the Project for the Next Phase of Development; Robust Treasury of $132 Million in Cash and Term Deposits, with $25 Million of Receivables in 2023 The 42,334-meter drill program is wrapping-up for the year. The joint release issued by NOVAGOLD, Barrick and Donlin Gold on July 28, 2022 reported further encouraging assays, with more high-grade gold intercepts that demonstrated good grade continuity. Additional results will be issued in the coming weeks. With Donlin Gold's largest budget in over a decade, our focus is on the path forward, subject to Donlin Gold LLC Board approval, toward the preparation of an updated feasibility study. To this end, the drill program is providing the data for the geologic modelling and interpretation work for the updated resource model while we engage in engineering studies, as well as pursue our comprehensive environmental and community relations activities. NOVAGOLD's strong cash position of $132 million as of August 31, 2022, with additional funds of $25 million due in July 2023 from Newmont Corporation, should be sufficient to advance Donlin Gold to a construction decision. VANCOUVER, British Columbia, Oct. 04, 2022 (GLOBE NEWSWIRE) -- NOVAGOLD RESOURCES INC. ("NOVAGOLD" or "the Company") ((NYSE American, TSX:NG) today released its 2022 third quarter financial results and an update on its Tier One1 gold development project, Donlin Gold, which NOVAGOLD owns equally with Barrick Gold Corporation ("Barrick"). Details of the financial results for the quarter ended August 31, 2022 are presented in the consolidated financial statements and quarterly report filed on Form 10-Q on October 4, 2022 that is available on the Company's website at www.novagold.com, on SEDAR at www.sedar.com, and on EDGAR at www.sec.gov. All amounts are in U.S. dollars unless otherwise stated. In the third quarter 2022, the following milestones were achieved at Donlin Gold: The drill program wrapped-up with 141 holes and 42,334 meters completed for the year. The drilling focused on tight-spaced grid drilling and also included in-pit and ex-pit exploration. Additional assay results will be issued in the coming weeks, with the final results expected to be released by early 2023. On July 14, 2022, the Alaska Department of Environmental Conservation (ADEC)'s Commissioner granted the request for an adjudicatory hearing review on the State's Clean Water Act Section 401 certification of the Federal CWA Section 404 permit. The briefing process is underway, and we expect the hearing process to be completed in the next six months. Donlin Gold worked with our dedicated community partners in Alaska and in the Yukon-Kuskokwim (Y-K) region to execute the largest drill program at Donlin since 2007, while protecting the health and safety of Donlin Gold's employees and contractors. Most of the site crew for the program have been local hires from 24 different communities in the Y-K region. Donlin Gold continued its collaboration with Calista Corporation ("Calista") and The Kuskokwim Corporation ("TKC") in all aspects of outreach and engagement throughout the Y-K region in areas spanning education, health and safety, cultural traditions, and environmental initiatives, including: Creating a subsistence committee comprised of independent regional stakeholders with varying views on development initiatives in recent years; Signing two additional Shared Value Statements with villages in the Y-K region for a total of 11 to date (Akiak, Sleetmute, Kalskag, Napaimute, Crooked Creek, Napaskiak, Nikolai, Tuluksak, Stony River, Pilot Station, and Toksook Bay). These agreements comprise educational, environmental, and social initiatives to help support villages; Contributing to and participating in the fifth annual "In It for the Long Haul" Backhaul Project to collect, remove, and safely dispose of household hazardous and electronic waste from 30 remote villages throughout the Y-K region; Promoting and sponsoring youth education and health-focused activities in the Y-K region through "Alaska EXCEL", a non-profit organization providing life-changing educational and professional opportunities for rural Alaska students and young adults, as well as the Alaska School Activities Association; and Encouraging community well-being and cultural awareness across Alaska through the Bethel Community Services Foundation partnership and sponsorship of the Alaska Native Heritage Center. Calista and Donlin Gold continued their proactive, bipartisan outreach in Alaska and Washington, D.C. to highlight the thoroughness of the project's environmental review and permitting processes, as well as the benefits that the project would deliver to Native Alaskans. ________________1 NOVAGOLD defines a Tier One gold development project as one with a projected production life of at least 10 years, annual projected production of at least 500,000 ounces of gold, and average projected cash costs over the production life that are in the lower half of the industry cost curve. President's Message Donlin Gold's Outstanding Drill Results and Engagement Activities Lay a Solid Foundation for the Path Forward The NOVAGOLD management team's commitment to the Donlin Gold project has been unwavering for more than 10 years because we — and all our stakeholders — recognize the unique potential of this future operation. The extensive and cumulative work invested in the Donlin Gold project has substantially enhanced its value to Alaskans as well as our shareholders. It has also consistently validated the attractiveness of continuing to responsibly advance this excellent gold asset up the value chain. This year alone, the combination of an ambitious drill program with our geological modelling and interpretation work for the updated resource model, engineering studies, environmental activities, and vast community relations and government affairs efforts with our Native Corporation partners, Calista and TKC, have all contributed toward multiple achievements to date. We refer to Donlin as "the gift that keeps on giving". Unsurprisingly, therefore, we continue to be most encouraged by the outstanding drill results of the ACMA and Lewis pits. The assay results released to date have returned significant high-grade intercepts and demonstrated good grade continuity. They shall further inform and support the global resource estimate, recent modelling concepts, and strategic mine planning work. Examples of high-grade drill-hole intercepts include DC22-2040 that intersected 52.27 m grading 14.63 g/t gold; drill-hole DC22-2040 that intersected 18.65 m grading 10.78 g/t gold; and drill-hole DC22-2056 that intersected 73.98 m grading 4.21 g/t gold. For a more extensive description of recent drill results, please refer to the joint release from NOVAGOLD, Barrick and Donlin Gold dated July 28, 2022. With the receipt of these excellent results, the Donlin Gold LLC Board approved an increase in the 2022 drill program in the third quarter from 34,000 meters to 42,000 meters. The drilling at site recently wrapped-up with a total of 141 holes, which included an additional 43 holes and some 8,000 meters more than the original 2022 planned work. To date, the Donlin Gold project reported assay results for approximately 9,870 meters of the 2022 drilling program with additional assays expected to be released in the coming weeks and the final results by early 2023. The drill program included tight spaced grid drilling in structural domains, in-pit and below-pit exploration in sparsely drilled areas, platform mapping to further confirm mineralization continuity and key geological controls in representative areas of the deposit, waste rock facility condemnation drilling, and 14 geotechnical drill holes for the Alaska Dam Safety certificates. With this additional drilling, the Donlin Gold 2022 expenditures are now anticipated to stand at $64 million (of which NOVAGOLD's portion is 50%). The budget also supports the advancement of numerous environmental activities, and finances community and external affairs efforts. The success of our drill program in the third quarter — and for the first nine months of the year — is due to the exceptional dedication of the Donlin Gold team in Anchorage and at site, the majority of which are local hires from 24 different communities in the Y-K region, who all share the goal of protecting the health and safety of their colleagues. That goal, both at NOVAGOLD and at Donlin Gold, is indeed our top priority. As part of Donlin Gold's largest budget in over a decade, efforts in 2022 have focused on drilling to wrap-up the geologic modelling and interpretation work for an updated resource model, updating and advancing engineering studies, and continuing our extensive environmental and community relations activities, as together we determine the path forward toward an updated feasibility study, subject to a formal approval by the Donlin Gold LLC Board. A Federally Permitted Project on Private Land with Excellent and Longstanding Native Corporation Partnerships Permitting in Alaska has represented a substantial undertaking over several years — and in fact a tremendous achievement — to ensure a diligent, thorough, transparent, and inclusive process for all involved, including stakeholders from the Y-K region. Donlin Gold, working closely with its Native Corporation partners, provides support to the State of Alaska as authorities advance various permits and certificates required for the project. For instance, Donlin Gold continues to support the ADEC in its efforts regarding the State's Clean Water Act (CWA) Section 401 certification (the "401 Certification") of the Federal CWA Section 404 permit. On July 14, 2022, the ADEC Commissioner granted the request for an adjudicatory hearing review related to potential water temperature effects in Crooked Creek. The briefing process is underway, and we expect the hearing process to be completed in the next six months. The inherent value of having a federally permitted project on private land designated by law for mining should not be overlooked. As with all mining projects in the developed world, we have always prepared and organized ourselves for challenges. Our management team is intimately familiar with the processes that need to be followed. Donlin Gold and its owners, alongside the steadfast advocacy of Calista and TKC, shall continue to support the State in its defense of what constitutes an exceptionally thorough and diligent permitting process. It should also be noted that all appeals challenging Donlin Gold permits to date have been unsuccessful, often multiple times. And we have confidence in the process. Nevertheless, objecting to mining happens to be a business in itself. On September 20, 2021, the Alaska Department of Natural Resources' (ADNR) issuance of the Right-of-Way (ROW) lease for the portions of the natural gas pipeline on State lands was separately appealed in Alaska Superior Court by two parties: (1) Earthjustice representing Orutsararmiut Native Council (ONC), the native villages of Eek, Chevak, and Kwigillingok, and Cook InletKeeper; and (2) Robert Fithian, an adventure business owner who operates near the ROW. The two appeals have now been consolidated into a single case that is pending before the Alaska Superior Court based in Anchorage, Alaska. Legal briefings are being prepared by the parties and we anticipate a decision on both appeals in 2023. In 2021, the State of Alaska's issuance of water rights for the mine and transportation facilities was appealed to the Commissioner of the ADNR. On April 25, 2022, the ADNR Commissioner denied the appeal; however, Earthjustice, ONC and five villages appealed the Commissioner's decision in Alaska Superior Court on May 25, 2022. ADNR filed the Administrative Record with the Court on September 12, 2022, and the appellants are preparing their initial brief. A decision is expected in 2023. Donlin Gold applied for a new air quality permit from ADEC, which is expected to be in place when the current permit expires in mid-2023. The Donlin Gold air quality permit renewal is required in order to ascertain that emissions controls reflect best technology and to re-confirm that air quality standards will be met. A draft permit is expected to be issued for public comment by the end of 2022. Donlin Gold is also preparing an updated Alaska Pollutant Discharge Elimination System application for a regularly scheduled renewal by ADEC, for which we anticipate a decision by mid-2023. Furthermore, Donlin Gold is working with Calista, TKC, ADNR, and the U.S. Bureau of Land Management on re-locating easements and public ROWs in the project area. ADNR issued the proposed re-location plan for public comment in the summer of 2022 and a final decision is expected to be announced by the end of the year. Lastly, the field work related to the issuance of the Alaska Dam Safety certificates resumed during the third quarter of 2022. Extensive Engagement in Partnership with Regional Stakeholders… With Consistent, Long-Term Support from Alaska's U.S. Senators for the Donlin Gold Project Donlin Gold is enormously fortunate to enjoy time-tested partnerships with Calista and TKC, owners of the mineral and surface rights, respectively. Donlin Gold's location on private land specially designated for mining activities following the 1971 Alaska Native Claims Settlement Act (ANCSA) represents a key differentiating factor from most other mining assets in Alaska. We deeply appreciate the critical value of having engaged Native Corporation partners and meaningful Tribal input that provide valuable insight about their land and support efforts for responsible and sustainable economic development through every phase of the Donlin Gold project. Donlin Gold continues to work with Calista and TKC in all aspects of outreach and engagement throughout the Y-K region in the areas of education, health and safety, cultural traditions, and environmental initiatives, including creating a subsistence committee comprised of independent regional stakeholders reflecting diverse views on development initiatives, among other activities. In the third quarter, Donlin Gold and NOVAGOLD contributed to and participated in the Backhaul Project – "In It for the Long Haul". This was the fifth annual backhaul project to collect, remove, and safely dispose of household hazardous and electronic waste from 30 remote villages throughout the Y-K region. Over the past five years, nearly 400,000 lbs. of waste was removed that would otherwise have ended up in landfills and waterways. Sustained efforts are also underway to promote youth education and healthy activities in the Y-K region through programs such as Alaska EXCEL, which provides life-changing educational and professional opportunities for rural Alaska students and young adults, and the Alaska School Activities Association. Other important initiatives that took place during the third quarter included sponsoring the Alaska Native Heritage Center which encourages cultural awareness across Alaska and our partnership with the Bethel Community Services Foundation which is dedicated to the development, growth, continuance and enhancement of community-based programs and services. In the third quarter, Donlin Gold signed two additional Shared Value Statements with villages in the Y-K region for a total of 11 (Akiak, Sleetmute, Napaimute, Crooked Creek, Napaskiak, Nikolai, Tuluksak, Upper Kalskag, Stony River, Pilot Station, and Toksook Bay). These agreements formalize current engagement with key local communities, expand upon the long-term relationships already established with them, and address specific community needs including: water, sewer, and solid waste projects; the ice road that connects remote villages in the Y-K region; salmon and other aquatic life studies; and suicide and public safety prevention programs. Calista and Donlin Gold also continued their proactive, bipartisan outreach in Alaska and Washington, D.C. to highlight the thoroughness of the project's environmental review and permitting processes, in addition to ...Full story available on Benzinga.com.....»»

Blain: Prepare For A Winter Of Discontent Authored by Bill Blain via MorningPorridge.com, “Bang, Bang, on the door.. we can’t hear you” As summer wends towards its end, a winter of populist discontent from left and right will make Europe increasingly fraxious. While the US economy will likely be on path to recovery – Europe will still be trending down. Today the market is on tenterhooks, waiting to hear words of wisdom from Jerome Powell and his thoughts on Life, Death, the Meaning of Everything, and US interest rates. (The answer, BTW, is probably 42.) Every market player, watcher, and fretter is set to make a nuanced response to whatever he says. Simples – rates go up, but only till we’ve licked inflation, or something similar. Next week we will know.. Yawn… Can I hold my attention long enough to listen to a day of Jackson Hole? There is a mellow mist on the river, burning off as the sun rises. It’s the end of a long hot summer. We have a bank holiday in the UK on Monday, and next week is Labour Day in the US.. We should enjoy it while we can. I would skive off for a swim, sail or paddleboard – but I’ve scored a winning lottery ticket! Yep, I’ve got an actual, real, proper 10 min consultation with my GP this morning – to notionally check my dodgy ticker. He will look up and nod as I come in, tell me to lose weight, and scribble something on his screen. Most importantly, he will hopefully sign a referral to go see a private cardiac consultant. It will be the same consultant I would see under the NHS, but with the advantage I will get to speak to him this decade. I am a fortunate. Life and markets are going to get terribly serious in the next few months. Winter is Coming, social unrest approaches, White Walkers and Putin’s Energy Games promise us a Fimblewinter of stress before the ultimate Ragnarök of economic crisis. (Overly dramatic perhaps.) I’m wondering if it’s even worth planting spring bulbs this autumn…. (OK – I admit it – a few too many Game of Thrones quotes this week. That’s because I watched the new House of the Dragon… and thought it ok. Anything with Dragons  is likely to be good. Opinion does seem divided on Matt Smith, former Dr Who and Prince Philip (from The Crown). He looks the part of an inbred mad prince, but is he villainous enough? We shall see..) Meanwhile, back in the fantasy world of Yoorp… There is a very scary comment in the Times about how Germany is set for an outbreak of radical protest this autumn – “Extremists plan “autumn of rage” to exploit cost of living crisis in Germany.” Speaking to a French chum yesterday, he was warning me to stay clear of Paris – the Gillet Jaune are being superseded by a far more radical left and younger protest base. The German protests have been infiltrated by the extreme right. The French by the left. You can just imagine what happens when they clash. You have to wonder, what hand Moscow has played in fermenting crisis and revolt across social media – it can’t be underestimated as a threat. All the signs point to escalating unrest across Europe this autumn into Winter. Inflation, cost of living, energy costs, power outages, cold snaps, recession, jobs, immigration, populist politics, the failure of conventional politics, and overlay it all with increasing Russian fake-news and Kremlin Troll-bots… something is going to break this winter. The Times thinks it will be East Germany as the Epicentre. My Paris chum says Paris. I reckon Eastern Europe. The politics of Autumn in Europe could be a massive no-see-um market shock. There are a couple of things to make me fear it’s going to be even worse than we fear.. Liz Truss is going to start her UK Presidency by declaring war on Europe over the Northern Ireland protocols, and picking President Macron of France as her first target. I am assured she is also thinking about the other stuff, like addressing the consumer cost of living crisis, or government support on stratospheric energy bills, but the advantage of blaming the EU for the Norn Irn confustabilation is: it looks tough, considered, and Maggie-like – or so Lord Mogg has told her. I despair. Meanwhile, there may be some hope.  Some politicians have been thinking outside the box. Surprisingly, it was in Germany. The Germans, curiously, actually tried to do something about the miserable state of their economy this summer. Through August they slashed the price of rail transport to Euro 9 per month for unlimited train and bus travel – and it was a stunning, spectacular success. Naturally, being Germans, they are now abandoning the policy. The monthly season ticket giveaway resulted in a huge number of Germans jumping on trains to go see their country. I know German trains – anything is better than UK trains – and they are good if not perfect. The cheap tickets resulted in over 30 mm Germans travelling, many catching a train for the first time. There were inevitable problems – many trains were packed, causing consternation for regular travellers. Some say car use actually increased to get people to stations! It was also costly – €14 bln per annum, the Government said. So, they closed the initiative after a month. They are going to spend the money on “modernising Germany’s crumbling rail network and expanding capacity” says the FT, quoting some German politician. The German experiment is fascinating. Yes, the trains were packed, busy and difficult for a month – but the entertainment/novelty value would soon wear off. It would be good to see how long-term cheap fares would impact the German economy. Would a €14 bln Government ticket subsidy increase economic activity in terms of long-term increased domestic travel and spend, or from increased commuting to work? Regular readers here in the UK will know rail is my ultimate bug-bear… My commute used to be a doddle. When first I moved out of London many years ago, the train from Southampton to London was 1 hour, reliable and very comfortable. I wrote the Porridge sitting at a nice comfy table, arriving refreshed into Waterloo. I was happy spending 2 hours working on the train each day – there and back. Not a problem. It was expensive – £400 per month, but it was a decent trade off to live out of London. Then we bought a flat in London. Commuted up on a Monday and back on Friday. Then it became back on a Thursday, and eventually three days a week in London.. And I missed the weekdays at home. Living in a London flat – even though it overlooked the river was limiting. Here, I can go for walks, sail, swim and all the good stuff. In London I could go for a walk and get mugged. It’s just easier not living in London. Post pandemic I am commuting again. But the train service is a travesty. In order “to improve the customer experience” the one-hour train is now one-hour twenty minutes. It’s no longer an express, but stops, meaning it gets very busy. It’s no longer comfortable seats with tables – its tiny little seats my arse doesn’t fit. And it now costs me over £80 per day for a return ticket. The two hours I used to write the Porridge in are now 3 hours of travelling purgatory on rolling stock almost my age, and pot-luck whether the air-con works. Forget about improving the service, or improving the infrastrucuture – there is no government interest or incentive to improve trains. Which means the potential economic benefits of expanding the London commuter belt with comfortable, green transport to boost its commercial mass is simply never going to happen. I am never going back to live in London – even though I know my business would benefit from being in London more often. It was possible 10 years ago, but neglect and underinvestment mean’s it’s impossible today. Enough ranting about rail, but think about it this way.. Planned government infrastructure spending could benefit the economy long term and short-term stimulate recovery. If we can’t make the railways work because of bureaucratic and government disinterest… how are we going to fix the NHS, the broken education system, our broken power infrastructure, the leaking public water utilities (owned by US private equity)? etc etc.. And on that note.. its just over a week till the next Tory premier takes power… My guess is Liz Truss will embark on an all-out series of populist give-aways before an early election. It will probably work because the UK opposition Labour party looks about as organised as a Russian invasion… Tyler Durden Fri, 08/26/2022 - 10:15.....»»

IRS Hiring Spree Is The Biggest Police-State Expansion In US History Authored by David Harsanyi via The Epoch Times (emphasis ours), The Democrats’ new reconciliation bill isn’t just going to be the largest-ever expansion of a government agency. It’s going to be the largest expansion of the domestic police state in American history. Only a statist could believe that a federal government, which already collects $4.1 trillion every year—or $12,300 for every citizen—supposedly needs 80 battalions of new IRS cops. White House press secretary Karine Jean-Pierre answers questions during the daily briefing at the White House in Washington on Aug. 5, 2022. (Win McNamee/Getty Images) The average American has less reason to be concerned about cops with guns—though the IRS is looking for special agents who can “carry a firearm and be willing to use deadly force, if necessary”—than they do bureaucrats armed with pens who are authorized to sift through their lives. If you pay your taxes you have nothing to worry about, Democrats claim. But most law-abiding citizens know they have something to fear from a state agency that doesn’t concern itself with your due process, has no regard for your privacy, and is empowered to target anyone it wants without any genuine oversight. And, please, spare us this nonsense about the IRS expansion focusing exclusively on “high earners.” White House press secretary Karine Jean-Pierre promised that the IRS wouldn’t engage in new audits of anyone making under $400,000—a claim she has no authority to make and could not possibly predict even if she did. Connecticut Sen. Chris Murphy also said that the bill was passed to stop an “epidemic of tax cheating amongst the millionaires and billionaires” and promised that “audit rates won’t increase for anyone making under $400K.” This is a lie. Nothing in the bill that Democrats passed through the Senate limits audits. Murphy, along with every other Democrat in the Senate, voted against a Republican amendment that would have prevented new agents from auditing individuals and small businesses with less than $400,000 of taxable income. Not long ago, Democrats passed the American Rescue Plan Act—which had as much to do with rescuing as the Inflation Reduction Act has to do with reducing inflation—and changed tax code so that mobile payment apps like Venmo and Cash App were now required to report transactions totaling $600 or more per year to the IRS. Does that sound like a party aiming fire exclusively at high-earning Americans? Indeed, poor and middle-class Americans are far more likely to do their own taxes, and thus more prone to making mistakes. In 2021, those making $25,000 or less (often the young and elderly) were audited at a rate five times higher than everyone else. The wealthier you are the more likely it is that you can hire lawyers and accountants to work within the system. There aren’t enough millionaires and billionaires in the world to keep a potential new 87,000 IRS employees busy. There are other overlooked aspects of the Democrats’ IRS expansion. The bill, for instance, strengthens the federal public-sector union monopoly that funds Democrats’ political aspirations. IRS and Treasury Department employees spent 353,820 hours engaged in union activism—their PAC gives every cent to the Democrats—in 2019. One can imagine what another 87,000 employees would do for that effort. In the real world, laundering taxpayer funds through unions and using them on political campaigns is called racketeering. None of this is to say that everyone who works for IRS is corrupt or power-hungry or an ideologue. The unassailable rules of giant bureaucracies, however, are that they always experience mission creep, they always do enough to justify their funding, and sooner or later, their leaders become political operatives. With that said, it’s worth remembering that the IRS doesn’t simply collect taxes. It enforces speech codes. This is what empowered former IRS official Lois Lerner to target conservative groups—“crazies” and “a–holes”—who used words like “Tea Party” or “patriots” in their names. But, even at the time, leftists at The New York Times editorial board praised the IRS for going after conservative groups because they did not “primarily” engage in “social welfare,” and so did not deserve an exemption under Section 501(c)(4) of the tax code. Has anything in the evolution of the Democratic Party given you confidence that such power would not be abused or that an engorged IRS would be immune from political pressure? Wrestling with an insanely complex tax code—nearly 8 million words—costs Americans billions every year. Rather than flattening and simplifying this astonishingly convoluted code, which not only would have saved citizens but the government money, Democrats decided we needed up to another 87,000 people to enforce it. Views expressed in this article are the opinions of the author and do not necessarily reflect the views of The Epoch Times or Zero Hedge Tyler Durden Thu, 08/25/2022 - 22:20.....»»

Is The Ethereum Merge Priced In? By Hal Press, founder of North Rock Digital, first published in Bankless What’s Up With The Merge? As we approach the Merge, we wanted to provide a write-up on how we are thinking about the Ethereum ecosystem and specifically Merge-related investments. This is meant as a follow-up to the prior article we wrote on Ethereum, which can be found here.  Since I published the original article in January much has transpired, some assumptions have changed and the outlook for the future has been altered. Despite this, the core thesis remains, Ethereum is set to undergo the largest structural shift in the history of crypto. Back in January, the path to the Merge was extremely uncertain. Now, that path has crystalized. The final testnet, Goerli, was recently completed successfully and a Mainnet target date has been set for Sep 15/16.  So where do we stand? The Biggest Structural Shift in Crypto History Regarding the Merge the thesis has not changed, Ethereum is set to undergo a massive structural shift as expenses will effectively be reduced to zero. The shift will give rise to the first large-scale structural demand asset in crypto history. As we have stated in our core thesis many times, this paper will address what has changed and new topics not discussed in the prior article. First, it is useful to highlight aspects of the core Ethereum model to get a sense of some of the key fundamentals such as supply reduction and the post-Merge staking rate.  The largest shift since last December is that ETH-denominated fees have fallen significantly. However, there is an interesting dynamic at play here. Although fees have declined, active users have experienced a steady uptrend since late June.  This may seem inconsistent as more users should lead to higher gas. However, we believe this dynamic is caused by recent efficiency optimizations of various popular Ethereum applications. The best and most significant example is Opensea, which in migrating Seaport (from Wyvern) increased gas efficiency by 35%. This has led to a reduction in gas that doesn’t correlate to a decline in activity.  In fact, multiple indicators suggest that despite the low gas readings activity has been increasing recently (more on the specifics here later). This raises an interesting question: what is the optimal fee run rate for Ethereum? Higher fees mean more ETH is burned and post-Merge also correlates to a higher staking rate, but these higher fees also limit adoption.  As we saw in ’21, when fees are too high, some users get pushed to other L1 ecosystems. After roll-ups scale appropriately, Ethereum should be able to achieve both high fees and continued adoption. In the current environment though, it is interesting to think about the optimal mix. We believe the optimal point is approximately the point at which fees are high enough to burn all new issuance. This will enable ETH supply to be stable while also keeping fees low enough not to inhibit adoption. Interestingly, of late, fees have found an equilibrium near this point. Lower fees also seem to be having a positive impact on adoption as active users have begun to increase after a long downtrend.  Despite the fact that we seem to be near an optimal fee run rate, the reduced fees do negatively impact various model outputs. This impact is not critical as at the current run rate the burn would still be still large enough for ETH to be slightly deflationary post-Merge. Importantly, the current run rate would continue to drive structural demand as the majority of issuance is unlikely to be sold, while fees that are used must be purchased off the open market.  The staking rate will increase post-Merge by ~100 bps from 4.2% to 5.2%. However, this does not properly illustrate the true impact. To fully appreciate the shift, we must evaluate the real yield rather than the nominal yield. While the current nominal yield is ~4.2%, the real yield is close to zero, as 4.4% of new ETH is issued every year. In this context, the real yield is currently ~0% but will increase to ~5% post-Merge. This is an enormous shift and will create the highest real yield in crypto by a large margin. The only other comparable yield is BNB with a 1% real yield. ETH’s 5% yield will be a market-leading figure. What is the significance of this yield? Stakers will receive a net ~5% rate, which equates to 100/5= ~20x earnings. This multiple is considerably cheaper than the revenue multiple because the staking participation rate is quite low, meaning stakers receive an outsized share of total rewards. This is one of the key advantages of ETH from an investment standpoint.  As there are so many other uses for ETH, throughout the crypto ecosystem, most ETH ends up locked in those applications rather than staked. This in turn allows stakers to receive an outsized real yield.  In terms of the flows, ETH will transition from enduring structural outflows of ~$18mm/day to structural inflows of ~$0.3mm/day. While the demand side of the flow equation has softened, the complete reduction of the supply side remains the most important variable. Our estimate for the ETH-denominated supply reduction is actually larger than it was previously. This is due to the fact that the price declines from the highs have not been accompanied by a corresponding hash rate reduction. As a result, miner profitability has decreased dramatically, and they are likely selling close to 100% of mined ETH. For calculation’s sake, I have assumed 80% of miner issuance is being sold. In this context, ETH has found an equilibrium in which miners sell roughly 10.8k ETH ($18mm USD) per day. Given that fees have been averaging ~$2mm this yields a net outflow of ~$16mm. Post Merge this sell pressure will reduce to zero, and it is projected that there will be a structural inflow of ~$0.3mm/day post-Merge.  To conclude, while many of the numbers have shifted meaningfully in the last eight months, the conclusion remains roughly the same, ETH will shift from requiring ~$18mm of new money entering the asset to keep the price from declining to requiring ~$0.3mm exiting to keep the price from increasing.  To summarize, the staking rate and structural demand are lower than they were 6 months ago. However, this is to be expected in a period of slower activity, and if activity continues to rebound these rates will increase. The primary investment case remains the same, there is an enormous opportunity to front-run the largest structural shift in the history of crypto.  Another point that I think is often overlooked here is that the Merge is more than a shift in supply and demand. It is also a massive fundamental upgrade for Ethereum as the network becomes much more efficient and secure in many ways. This is part of what differentiates the Merge from prior BTC halvings.  It is 3x as large of a supply reduction combined with a massive improvement in fundamentals compared to a decline in fundamentals in the case of BTC halvings (reduced security).  Finally, there are two additional dynamics worth discussing. 1. Time Harvesting Before addressing how this relates to ETH it is important to lay some contextual groundwork.  Why is it that the SPX (or virtually any US/Global equity index) has been such a profitable and consistent investment vehicle over the long term? Most people think this dynamic has been driven almost entirely by earnings growth and multiple expansion. They would posit that if growth slows or the multiple stops expanding these investments would be unlikely to have positive returns going forward. This is incorrect.  The primary and most reliable source of growth for the price of these indices has been the passage of time.  Here is an example to illustrate this somewhat unintuitive point. A lemonade stand, LEMON (LEMON = The Enterprise, $LEMON = LEMON shares), earns $1 each year. There are 10 shares of $LEMON outstanding. LEMON has no cash or debt on its balance sheet. The market currently values $1 of ex-growth equity earnings at a 10x multiple. What is LEMON worth today? What about each share of $LEMON?  If we assume that next year LEMON will continue to earn $1 annually while the market applies the same multiple, what will LEMON/$LEMON be worth in a year? Take a minute and come to an answer.  If you answered $10/$1 for the first pair of questions you are correct. If you answered $10/$1 for the second pair, you are not. For part 1, LEMON is worth $10 as the market applies a 10x multiple to its $1 of earnings and assigns 0 value to its balance sheet. For part 2, the market continues to apply a 10x multiple to the $1 of earnings, but importantly, it also assigns $1 to the $1 of cash that now sits on LEMON’s balance sheet. LEMON is now worth $11 and each share is worth $1.10. When companies earn money, the money doesn’t disappear, it flows to the company’s balance sheet and the value of it accrues to the owners of the business (the equity holders). $LEMON has appreciated 10% in a year due to the earnings they have generated, despite 0 growth and 0 multiple expansion.  This is the power of earnings yield paired with the passage of time.  Crypto hasn’t benefited from this dynamic at all. In fact, crypto actually suffers from the reverse effect. Since almost all crypto projects’ expenses are greater than their revenues, they must dilute their holders to generate the funds necessary to cover their negative net income. As a result, unless earnings grow or their multiple expands, the price of each individual token will decline. The most notable exception I can think of is BNB, which is the sole current L1 to generate more revenue than expenses. It is no surprise the chart of BNB/BTC is essentially up only and recently broke an ATH. ETH will enter this exclusive class the moment it transitions to PoS. Post-merge ETH will generate a real yield of approximately 5%. This yield will be very different from virtually every other (non-BNB) L1 where the staking yield simply comes from inflation that offsets the yield. All else equal ETH holders will earn 5% each year. Time will become a tailwind rather than the headwind it is for 99.9% of other projects.  This will also change the psychology of holders and incentivize a stronger long-term buy and hold approach, effectively locking up more illiquid supply. Additionally, the “real yield” thesis and the fact that ETH will be the first large-scale real yield crypto asset will be particularly appealing to many institutions and should help accelerate institutional adoption. 2. The Wall of Worry Throughout the last few months, investors have been extremely skeptical about technical risks, edge cases, and timing risks.  The latest edge case that has generated attention is the potential for PoW forks of Ethereum that live on after the Merge. Some PoW maximalists (miners etc.) would prefer to use PoW ETH and think that a forked version of the current ETH is superior to ETC, which already exists as a PoW alternative. We do not believe there is much value in the fork, but our opinion on this matter is not particularly relevant.  The important point is that this fork will have no impact on post-Merge PoS ETH. All of the potential risks are either easily managed or not risks in the first place. For example, replay attacks will most probably not be an issue as the PoW chain is unlikely to use the same chain ID. Furthermore, even if they maliciously choose to use the same chain ID, this can be managed by either not interacting with the PoW chain or first sending the assets to a splitter contract.  Finally, even if a user does get replay attacked, it will only impact that individual user’s assets and not the overall health of the chain. What the PoW fork does do is provide a dividend to ETH holders, further adding to the value of the Merge. If the fork has any value, ETH holders will be able to send it to an exchange and sell it for additional capital, much of which will then be recycled back into PoS ETH. While we view this as a positive for the Merge-related investment case, many are worried about the potential risks and a litany of other edge cases. We have weighed each risk and concluded the upside far outweighs the downside.  Nonetheless, these concerns are keeping many long-term believers sidelined.  As we approach the Merge many of these issues will be addressed. Eventually, many of these skeptics will be converted, creating fueling continued inflows as we approach the event and culminating with a large set of buyers who will purchase ETH the day the Merge occurs successfully. This should help offset any “sell the news” dynamic.  Just last month, less than 1/3 of people thought the Merge would occur before October. Now the date has been confirmed for mid-September and still, the market is only pricing in two-thirds chance of it occurring before October. Given this backdrop how should we expect prices to move as we approach the Merge? This is the central question. First, we acknowledge the reality that macro will continue to have a large impact on absolute price levels despite the Merge. However, it is still reasonable to think through how Merge related alpha will evolve over the coming weeks. In our opinion, the path gets harder to predict the further out you look but then at some point when you’ve gone far enough it starts to become easier again. Short-Term Despite the narrative that has already been building around the Merge, positioning is still quite light within the more discretionary pockets of the market. Perpetual funding has remained negative for most of the rally since June, indicating that there are more shorts than longs in the perp market. Recently, Bitfinex longs, another notable discretionary pocket of ETH exposure, were reduced back to the lows. IMO, this light positioning is likely due to many larger participants viewing this move as a “bear market rally” and therefore wanting to put hedges on as we have continued higher. Historically, there is a large contingent of investors, who lean in the direction of BTC maximalism and will always look to fade the Merge narrative. Their theses primarily revolve around one of two central points.  The first is: “the Merge has been 6 months away for 6 years.” The second concern is around technical/execution risk. After evaluating the timing and execution risk, we have become comfortable with both. After the final testnet, Goerli, was successfully Merged earlier this week, the core developers set a target for the Mainnet Merge for September 15/16. All that remains is coordination. While many are concerned about the execution risk, the upgrade has been tested extremely rigorously over the years and cross-checked by many teams. Furthermore, one of the core pillars of Ethereum is resilience. This is the reason there are so many different clients–the redundancy acts as a safety net to protect against singular edge cases or bugs. Multiple, usually well over two, unrelated fluke events occurring simultaneously would be required to affect the protocol. This built-in resilience, the most accomplished developer team in the space, and many years of preparation have given us comfort that a technical issue, though a risk, is unlikely.  Given the cautious positioning and constant desire to “fade” the trade, I expect the next four weeks to follow a similar path as the prior four. There will be periods of pronounced fear as people overanalyze extremely unlikely edge cases. However, I expect the price declines around these periods to be shallow as there are many underexposed parties looking to add exposure on any weakness. Furthermore, almost everyone selling ETH over these next few weeks is only selling it tactically and planning to buy it back at some point before, or immediately after the Merge occurs.  This dynamic means net outflows are measured. On the flip side, I expect the hype around the Merge to magnify significantly as the date comes into focus and the narrative is picked up by the mainstream media. As I believe the thesis is extremely compelling and digestible by both institutional and retail capital, I expect inflows to accelerate as we approach the Merge creating a higher high, higher low dynamic as we approach the date.  What happens once the Merge actually occurs? Normally, you would think there would be risk of a “sell the news” reaction; many investors concerned about technical risk, plan to buy post-Merge. They believe they will capture the structural effect of the Merge without the technical risks. The post-Merge period will also depend on how much FOMO is generated as we approach the Merge and positioning when we actually get there.  We do expect significant buy flows and follow-through directly after the Merge as it is effectively “de-risked.” Medium-Term We expect a period of range trading as short-term traders sell, and this sell flow will be digested by the structural demand and larger slower moving institutional accounts. Price action in this period is less predictable and depends on the macro environment. As I have said previously, macro is incredibly hard to predict, but I will offer a few thoughts, nonetheless.  The crypto macro environment is driven by one core metric: whether adoption is growing, stable, or declining. This metric is somewhat impacted by the broader macro environment, but ultimately what matters most is this adoption metric. The reason this metric affects prices is because adoption also drives the long-term flow of funds into or out of the space. Simply put, when users are adopting crypto, they are generally also investing new money into the crypto ecosystem, and this is what drives the macro. When adoption is declining macro is hostile, when it is flat, macro is neutral and when it is growing, macro is accommodating. So how does the macro look today?  For the majority of the last 8-9 months, we have been in a declining adoption environment with a net outflow of users departing the ecosystem.   From May ’21 until the end of June daily active users have experienced a declining trend. Over the last ~6 weeks, we have seen a nascent recovery as users have steadily been increasing. This is a green shoot and indicates a potential thawing of the macro environment. We had been in a declining adoption phase, and we have now, at least, entered a stable adoption phase and potentially an increasing adoption phase. There are other green shoots that have been sprouting recently as well. After many weeks of redemptions, Tether has started to slowly mint new coins. After a long period of outflows, new money has started to enter the space again.  This impact is not unique to the Ethereum ecosystem, AVAX has also recently seen daily active users increase. NFT users and transactions have been stable recently. And certain web searches have started to positively inflect, while others are more stable. These are not dramatic increases, nothing like the exponential increases we saw at the start of the ’21 bull market. This is why I label them green shoots. They are still young and fragile. If they are smothered, they will likely wither and die, but if nurtured they could grow into something material.  We think the broader macro environment will play a key role in determining whether these green shoots live or die. To us, inflation is by far the most important macroeconomic variable; therefore, we believe that if inflation moderates and allows the fed to pivot and ease monetary policy there is a good chance these green shoots will grow stronger. However, if inflation remains high and the fed is forced to continue tightening policy they will likely be smothered and die. Predicting the course of inflation is not our primary domain, however, due to its significance in markets today, we studied it closely. After review, we feel moderating inflation is the most likely outcome, which should give these green shoots a chance to blossom.  Another advantage, in favor of a more sustained bottom, is the fact that an enormous amount of vesting from project launches in the last 24 months has now been absorbed. Furthermore, as most of the projects are down 70-95%, the USD notional size of all future vesting is also vastly reduced. Together, these two dynamics help meaningfully reduce the overall daily supply the space must absorb.   Lastly, the final variable that we think will impact this equation is none other than the Merge. Investors underestimate the impact the Merge will have on the macro environment of the entire space. There is some uncertainty about how much the supply reduction caused by prior BTC halvings has fueled the ensuing price action rather than coincidentally aligning with the natural cycles of human emotion and monetary policy.  We sympathize with these uncertainties and think there has been an element of luck in the timing. However, we think the supply reductions also had an impact and the truth likely lies somewhere in the middle. Another common criticism is that supply changes don’t drive price and all that matters are demand changes. We are not in accord with this thinking. A supply reduction is not different than a demand addition. Let’s say miners sell 10k ETH/day, and instead of getting rid of this sell pressure we simply add 10k ETH/day of buy pressure. This would have the exact same impact as eliminating the miners’ sell pressure but would be a demand change rather than a supply change. It is obvious these two options would have the same impact and it, therefore, makes no sense to us why one would matter more than another.  If we then believe that BTC halvings have impacted crypto’s macro, then it stands to reason that the Merge should do the same. While ETH dominance is significantly lower than BTC dominance at the time of the last halving, the impact from the Merge is nearly as large as the prior BTC halving as a % of total crypto market cap and significantly larger on an absolute basis.  Post-Merge crypto will be relieved of ~$16mm of daily supply. This is not an insignificant amount. To recognize this, it is useful to consider the cumulative impact. We think a TWAP of 70k ETH per week would have a market impact. That is effectively the impact the Merge will have except it doesn’t stop after a year; it continues into perpetuity. This has the potential to positively influence the entire space as the positive flow impact trickles into other parts of the market. This should provide an added macro tailwind to help nurture the green shoots we referenced earlier and increases their odds of survival. To conclude, if macro moderates at all, there is a real chance that what began as a bounce off of a capitulation bottom morphs into a more sustainable and organic recovery and the Merge should help aid this process. Long-Term In the long-term, the future becomes easier to predict, as structural flows are most important over this time horizon and easier to forecast. This is where the Merge’s impact is most pronounced. As long as Ethereum’s network adoption continues, which we deem likely, structural demand will remain and further inflows will also exist. This should result in sustainable and consistent appreciation, especially compared to other tokens, over many years (hopefully decades) to come. We expect Ethereum to surpass Bitcoin as the largest cryptocurrency within the next few years as we believe flows are the most important variable in crypto. Ethereum will forever have a flow tailwind post-Merge. Bitcoin will forever have a flow headwind. To get a sense for how things may look, the BNB/BTC chart is a good place to start.  BNB/BTC has steadily increased and made multiple new ATHs during this bear market despite little narrative momentum. We believe this is primarily due to the fact that BNB is the only L1 with structural demand. Post-Merge Ethereum will have greater structural demand than BNB both on an absolute and market cap weighted basis. Investment Strategies to Win the Merge 1. ETH/BTC Before evaluating the ETH/BTC trade it is necessary to provide some more general context on the PoW vs PoS debate. Much of the following is paraphrased from the appendix of the first article but it is worth reiterating. We believe PoS is a fundamentally more secure system for a variety of reasons. Firstly, each unit of security costs less with PoS. To understand why PoS provides more efficient security than PoW we first need to explore how these consensus mechanisms generate security in the first place. A consensus mechanism is as secure as the cost to 51% attack it. The efficiency of the system can then be measured by the cost (issuance) required to generate a unit amount of security.  In other words, how many dollars the network has to pay out to receive $1 of protection from a 51% attack. For PoW, the cost of a 51% attack is primarily the hardware required to obtain 51% of the hash rate. The relevant metric is how much money miners require to invest $1 in mining hardware. The math tends to work out close to 1 to 1 meaning miners require 100% annual rate of return on their investment or in other words $1 of annual issuance for each $1 they spend on hardware and utilities. In this context, the network needs to issue roughly $1 of supply each year to generate $1 of security. In the case of PoS, stakers are not required to purchase hardware, so the question becomes what return do stakers demand to lock up their stake in the PoS consensus mechanism? In general, stakers require a significantly lower rate of return than the 100% miners typically demand. The primary reason for this is that there is no incremental cost outlay and their assets do not depreciate (mining hardware typically depreciates close to 0 after a few years). The required rate should generally fall in the 3-10% range. As we calculated earlier, the current estimated post-Merge staking rate of 5% falls right in the middle of this range. This means that to gain $1 of security a PoS needs to issue $0.03-$0.10 of issuance. This is 10x-33x more efficient than PoW (20x more in the case of Ethereum’s PoS).  To conclude, this means that a PoS network can issue ~1/20th the issuance of a PoW network and be just as secure. In the case of ETH, they will actually issue about 1/10th of the issuance and the network will be twice as secure as it was during PoW. This efficiency is not the only advantage. Both consensus mechanisms share a common issue, which is that the security of the chain is correlated to the price of the token. This has the potential to create a self-reinforcing negative feedback loop whereby the reduction in token price causes a reduction in security, which therefore causes a decrease in confidence and drives a further decrease in token price and then repeats. PoS has a natural defense against this dynamic, PoW doesn’t. The attack vector for PoS is much more secure than PoW. First, to attack a PoS system you must control a majority of the stake. To do this you must purchase at least as many tokens as are staked from the market. However, not all tokens are available for sale. In fact, much of the supply is never traded and is effectively illiquid. Furthermore, and most importantly, with each token acquired the next token becomes harder and more expensive to acquire.  In the case of Ethereum, only ~1/3 of tokens are liquid (moved in the last 90 days). This means that once a steady state staking participation rate of closer to 30% has been reached it will be extremely difficult no matter the amount of money possessed, to attack the network. An attacker would need to purchase the entire liquid supply, which is impractical and nearly impossible. Another important feature of this defense mechanism is that it is relatively unaffected by price. Because the limiting factor to attack is liquid supply rather than money it does not get much easier to attack the network with lower prices. If there is not enough liquid supply (measured as a % of total tokens) to purchase, it doesn’t matter how cheap each token becomes because the limiting factor is not price. This price-insensitive defense mechanism is incredibly important to deter the potential negative feedback loop that declining prices could otherwise create. In the case of PoW, in addition to being 20x less efficient, there is no such defense mechanism. Each hardware unit may be marginally harder to acquire than the next, but there is no direct relationship, and if there is a correlation that does exist, it is weak at best. Importantly, it also becomes significantly easier to attack at lower prices as the number of hardware units required decreases linearly with price and the supply of hardware units does not change. It is not reflexive in the manner the PoS liquid supply defense is.  Other advantages of PoS such as better energy efficiency and better healing mechanisms are articulated clearly elsewhere, therefore we will not focus on them in this piece.  Another misconception about PoS is that it drives centralization by rewarding large stakers more than small stakers. We believe this to be incorrect. While large stakers receive more staking rewards than smaller stakers, this does not drive centralization. Centralization is the process by which large stakeholders increase their percentage of the stake over time. This is not what occurs in the PoS system. As large stakers have a larger stake to begin with, the larger rewards do not increase their percentage of the pool. For example, if 10 ETH is staked between two counterparties, Counterparty X has 9 ETH and counterparty Z has 1 ETH. X controls 90% of the stake. A year later X will have received 0.45 ETH and Z will have received .05 ETH. X has received 9 times the amount of rewards as Z. However, X still controls 90% of the stake and Z still controls 10%. The proportions have not been altered and therefore no centralization has occurred.  These inherent differences impact the debate around ETH/BTC. Most consider ETH a totally different asset to BTC as they do think is designed to be a decentralized SoV (replace gold), while BTC is. We believe in many important ways Ethereum is better suited to be a long-term SoV than Bitcoin. Before we compare the two, it is first necessary to evaluate Bitcoin’s current security model and how it may evolve over time. As discussed earlier, a system’s security is derived from the cost of a 51% attack. As a PoW network, this cost is determined by the amount of money it would take to purchase enough hardware rigs and other equipment/electricity necessary to control 51% of the hash power. This is roughly equivalent to the cost necessary to recreate the current mining hash rate that exists on the network. In an efficient market (mostly an accurate assumption over the medium/long term), the total hash rate is a product of the value of the issuance that miners receive. Bitcoin is as secure as the value of its issuance. As discussed earlier, this security is both inefficient and importantly lacks the reflexive defense of a PoS system. What happens when Bitcoin halves its issuance every four years? The system fundamentally becomes 50% less secure assuming all other variables are held constant. Historically, this has not been a large problem as the value of the issuance (and therefore the security) is a function of two variables: the number of tokens issued and the value of each token. As the price of the tokens has more than doubled around every halving cycle, this has more than compensated for the issuance reduction on an absolute basis. The absolute security of the network has increased through each cycle despite the number of tokens being issued halving. However, this is not a sustainable dynamic long-term for multiple reasons. First, it is not realistic to expect the value of each token to continue to more than double with each cycle. An exponential price increase is mathematically impossible to sustain over long periods of time. To illustrate this point, if BTC price doubled every halving cycle it would exceed global M2 after ~7 more halving cycles. Eventually, BTC price will stop increasing at this rate; when it does each halving cycle will drastically cut into its security. If the BTC price declines around the halving cycle, the security reduction will be even more significant and could trigger the negative feedback loop referred to earlier. This security system is fundamentally unsustainable so long as prices are capped, which they are. The only way to counter this issue is to generate meaningful fee revenue. This fee revenue could then replace some of the issuance and continue providing an incentive for miners and therefore provide security even after issuance is reduced. The issue for Bitcoin is that fee revenue has been negligible, and also declining, over a long period of time. In our opinion, the only practical way to generate security over the long term is through significant fee revenue. Therefore, to function as a sustainable SoV a system must generate fees. The alternative is tail emissions, which guarantees inflation compromising the SoV utility. Long-term security represents the most important property of an SoV. For example, gold has captured the majority of the SoV market for so long as nearly all market participants are confident that it will remain legitimate long into the future. For a crypto asset to become an adopted and successful SoV, it too must convince the market that it is extremely secure and that its legitimacy is guaranteed. This can only be possible if the protocol’s security budget is sustainable for the long term, inherently favoring a PoS system that has a large and durable fee pool. We believe the most likely candidate for this system is ETH. It is one of only two L1s with a significant fee pool. The other, BNB, is extremely centralized.  Credible neutrality is the second critically important characteristic of a successful SoV. Gold has no allegiance or reliance on anything. This independence creates its success as an SoV. For another asset to be widely adopted as an SoV it must also be credibly neutral. For a cryptocurrency credible neutrality is accomplished through decentralization. Today, the most decentralized cryptocurrency is undoubtedly Bitcoin. This is primarily because Bitcoin has very little development effort, and the protocol is mainly ossified, but nonetheless, the fact remains that it is by far the most decentralized protocol today. If you tried to kill Bitcoin today, it would be extremely hard. If you tried to kill ETH today, it would still be extremely hard, but likely easier than BTC.  However, we believe it is more important to look at the end state than the current state so long as there is a realistic path to achieve this end state. Ethereum has a clear roadmap ahead of it. We believe that while we are currently only in the middle of this roadmap, eventually (I’d estimate ~8-12 years) this roadmap will be complete, and the significance of the core developer team will fade. At this point, ETH will have a compelling case that it is more decentralized than BTC in addition to possessing far superior long-term security.  Contrary to popular belief, PoS naturally promotes decentralization more than PoW. Larger PoW miners receive a clear benefit from economies of scale, which drives centralization. Scale is much less relevant for PoS as the cost of setting up a node is vastly lower than a PoW rig and there is no real benefit to large-scale electricity as the electricity required for PoS is 99%+ lower. The economy of scale is a large factor for PoW but is not for PoS. 400,000 unique ETH validators exist today and the top 5 holders only control 2.33% of the stake (excluding smart contract deposit). This level of decentralization and diversity separates ETH from all other PoS L1s. Furthermore, this compares to BTC favorably as the top 5 mining pools today control 70% of the hashrate. While some critics will point out that liquid staking providers control an overwhelming portion of Ethereum’s stake, we believe these concerns are overblown. Additionally, we expect these concerns to be addressed by the liquid staking protocols and expect additional checks to be put in place to further protect against these concerns.  In summary, PoS is a fundamentally better consensus mechanism for a crypto SoV. This is the reason the Merge will represent a major milestone on Ethereum’s roadmap, marking a critical juncture in its journey to become the most appealing cryptographic SoV. The fundamental reasons discussed above are the reason we favor the ETH/BTC trade long-term and specifically around the Merge. However, flows, and specifically structural flows, are most important in determining price. It is the structural shift in flows that the Merge triggers that makes this trade so appealing and why the Merge is such a large catalyst for it. Historically, the structural flow for both BTC and ETH have been quite similar. Although ETH has had a smaller market cap its issuance has been ~3x larger on a market cap weighted basis. This larger issuance has made it extremely difficult for ETH to ever surpass Bitcoin in market cap as it would require ETH to absorb 3x the daily USD denominated supply. An interesting exercise is to think about the chart above and what the inputs are as clearly there has been a strong relationship (stronger than normal correlation would imply). The charted values are a product of tokens issued and token price. What happens if you reduce the tokens issued variable but want to retain the relationship? You must increase token price. So what should we expect to happen when we reduce the token issued variable for Ethereum by 90%? This is not to say that price should 10x to offset this reduction as the impacts are not necessarily linear, but the relationships are worth considering.  To conclude, post-Merge the passage of time will forever be a flow tailwind for Ethereum while for Bitcoin it will always be a headwind. Ultimately, this straightforward reality is what we believe will be the primary driver of the eventual flippening. 2. Staking Derivatives As Ethereum is such a large ecosystem many other areas will be tangentially affected by the Merge. As an investor, it is often interesting (and profitable) to consider the second and third-order effects of certain catalysts to search for opportunities that may be inefficiently priced in the market. Regarding the Merge, there are many options such as L2s, DeFi, and Liquid Staking Derivative (LSD) protocols. After a comprehensive review of the different alternatives, we have concluded that the liquid staking protocols are set to be the largest fundamental beneficiaries of the Merge (even more so than ETH).  The thesis is simple. The LSD protocols’ revenues are directly impacted by the price of ETH plus multiple other Merge related tailwinds that compound each other.  Additionally, their largest expense, the cost of subsidizing the liquidity pool between their staking derivate token and native ETH, declines, effectively to zero, shortly after the Merge. At a high level, I expect a 4-7x Merge driven increase in ETH protocol revenue (assuming only modest a ETH price increase) and a 60-80% reduction in their largest expense. This is a uniquely powerful fundamental impact.  We must examine the revenue and expense model of these protocols to fully comprehend this thesis. Using Lido as an example, as it is the largest of the LSD protocols, let’s examine the model. Note that these principles also apply to the other players as they are generally quite similar. Lido generates revenue as a percentage of the staking rewards that accrue to their liquid staking derivatives, stETH. Lido receives 5% of all staking rewards generated. If a user deposits 10 ETH for 10 stETH and generates an additional 0.4 stETH over the course of a year. The user keeps 90% of 0.4, the validator keeps 5% and Lido keeps the other 5%. As can be seen, Lido’s revenue is purely a function of the staking rewards generated on its LSD.  These staking rewards are a function of four separate variables: total ETH staked, ETH staking rate, LSD market share, and ETH price. Importantly, the staking rewards are the product of all four variables. If multiple variables are impacted their effect on the output compounds. In other words, if you double one and triple the other the impact on the staking rewards is 600%. All the variables, except market share, are directly impacted by the Merge. Total ETH staked will likely increase dramatically from the current 12% to closer to ~30% a 150% increase. As discussed earlier, the staking rate is likely to increase from 4% to ~5%, a 25% increase. There is no reason to think the Merge will significantly impact LSD market share so we can assume this is held constant and has no impact. Lastly, for the sake of this exercise let’s assume a 50% increase in the price of ETH. The aggregate effect of these different variables is 250%*118%*150%= 444% or a ~4.4x increase in revenue.  Expenses also meaningfully drop. The largest expense of these LSD protocols is incentivizing the liquidity pools between their LSD and native ETH. Given there are no withdrawals yet, it is extremely important to create deep liquidity to manage large flows between the LSD and native ETH. However, once withdrawals are enabled these incentives will no longer be required. As there will then be an arbitrage if the two ever differ materially, natural market forces will keep them relatively pegged as arbitrageurs buy the LSD on any dips.  This will allow the LSD protocols to drastically reduce their issuance (expenses), which will also materially reduce the sell pressure on the tokens.  LDO is trading at ~144x revenue on a pre-Merge number but this declines to ~31x when you look at it on a post-Merge number. While not overly cheap by traditional measures, this is attractive for a high-growth strategic asset in the crypto space where valuations are typically elevated. Importantly, this is real revenue that will accrue to the protocol.  A common concern among LDO critics is that this revenue does not get returned to holders. They often compare the protocol to Uniswap for this reason. While it is true the revenue is not passed through to token holders at current, we do not think this is a legitimate concern nor do we think the Uniswap comparison is correct—just because token holders do not receive cash flow today does not mean they will not in the future. We believe there will be a time when these returns are enabled. We also know that multiple large stakeholders agree on this issue. Furthermore, we do not think Lido should return cash today and would actually be very concerned with management’s competence if they did. This is an extremely early-stage business (~1.5 years old) that is still in its infancy growth phase. They require regular cash raises and are burning cash on a run rate basis today (this will change post-Merge). It would not be sensible to raise money from investors to cover the burn and then distribute protocol revenue to token holders, in turn increasing the burn. This would be akin to a startup paying out investor distributions with early revenue despite not generating enough revenue to cover expenses. This would never happen in the traditional capital markets because it is not rational.  Many crypto participants are also concerned about Lido’s dominant market share. They have 90% share of the LSD market and stETH makes up ~31% of total staked ETH. While we think the concerns around centralization are overstated, we still believe Lido should remain below 33% share of staked ETH to eliminate any doubt about Ethereum’s credible neutrality. As far as the investment case for the protocol we do not think a 33% market share cap is concerning. In our opinion, there are many other growth vectors Lido can pursue other than market share, and the investment is already quite compelling with its current share.  To conclude, Lido is a key piece of infrastructure in the Ethereum ecosystem that has established product market fit and dominant market share in what will remain an incredibly fast-growing portion of the market. In our opinion, the frequently cited concerns around the protocol are either misplaced or misrepresented. Furthermore, it is reasonably priced considering its past and expected future growth prospects and therefore represents one of the most investable assets in the space. While Lido is the market leader and largest player there are two other LSD protocols, Rocketpool and Stakewise, that also merit consideration. There are many unique aspects of each LSD and intricate detail that could be expanded upon. However, for the sake of digestibility, we will focus primarily on the high-level differences and expand upon the finer points in future discussions. Both RPL and SWISE should benefit from any share that Lido cedes due to the centralization concerns. While we think any Lido share losses will be modest, even modest losses for Lido would equate to outsized gains for the smaller players. For example, if LDO loses 4% market share, RPL gains 2.5% of that, and SWISE gains 1.5%, LDO will lose ~12% of their market share but RPL will gain ~50% and SWISE ~125%.   The 2nd largest player in the market, Rocketpool (RPL), has a unique staking mechanism and tokenomics. To stake through RPL, validators must pair RPL with native ETH and are required to maintain a minimum ratio between the two. This dynamic creates predictable and guaranteed demand for RPL as the ETH staking participation rises and more validators adopt the solution. Another benefit of RPL is the practice of validators pooling with other users, allowing the required ETH to set up a staking node to be reduced from the normal 32 ETH to only 16 ETH. This reduced minimum allows for smaller operators to set up nodes and further incentivizes decentralization. This makes RPL a perfect complementary player to LDO, which should act as a tailwind for RPL’s market share as they will be a primary beneficiary of Lido’s effective market share cap.  Lastly, Stakewise is another interesting alternative to LDO. Their model is very similar to LDO’s but they are focused increasingly on institutional adoption, which should position them well for a post-Merge marketplace. They also benefit from a highly driven and professional team that has continued to execute well. Notably, they have discussed plans to eventually implement token-holder-friendly tokenomics that would see token holders directly receive excess protocol revenue. Additionally, SWISE has been gaining notable traction with larger accounts looking to diversify their staking products (one proposal alone was recently approved by Nexus Mutual which would increase their TVL by 20-25%). As they are the smallest player with the highest valuation, they are likely the highest risk/reward investment in the category.  To conclude, it’s hard to differentiate between value within the group. LDO is the cheapest and most secure, but with the least market share upside. SWISE is the most expensive, but with the most market share upside and RPL is in between with the added benefit of unique tokenomics and a decentralizing staking mechanism. Relative valuations are rational which suggests to us the market is efficiently pricing the different opportunities. We have elected to own all three. We believe the LSD tokens are the highest EV Merge-related investments! They will likely outperform ETH, but investors should expect higher volatility and lower liquidity. The Merge Is Coming The Ethereum Merge is coming. There’s no doubt about it. With the date locked in for September 15th or 16th, this will be the biggest structural change in the history of crypto. There are a lot of dynamics at play that investors need to consider. Hopefully, this report helps you parse through all the information. What’s the key takeaway? The Merge is not priced in. * * * Tyler Durden Fri, 08/19/2022 - 09:58.....»»

Sometimes It Pays To Be Lucky Authored by Jack Raines via Young Money, In 1962, Yale economics student Fred Smith wrote an undergraduate research paper about the automation of society and the transportation of goods. Nine years later, after a stint in the Marine Corps, Smith took the ideas first outlined in this research paper to found Federal Express. Initially funded by a $4M inheritance and $80M in debt and equity investments, FedEx quickly grew from an eight-plane operation to a logistics network spanning the continental US. While business was booming, the company struggled to keep pace with rising fuel costs. Suffocating in debt, FedEx resorted to extreme measures such as pilots using personal credit cards for fuel and uncashed paychecks to stay afloat. It didn't matter, nothing could stop the bleeding. In 1973, FedEx had just $5,000 left in the bank. Fred Smith pitched one of their investors, General Dynamics, for additional funding, but his appeal was rejected. FedEx wasn't going to have enough cash to fuel their planes for another week, and the business would soon shut down. What does one do when they need to create thousands of dollars out of thin air?  Take a trip to Sin City and roll the dice. Instead of flying home after his meeting with General Dynamics, Smith withdrew the company's remaining cash and headed to Las Vegas for a night. His game of choice? Blackjack. Fortune favors the bold, and Smith had a hot hand that night. 24 hours and $27,000 later, Fred wired all of the funds back to FedEx's bank account, and they were able to keep the lights on for another week. After his Vegas detour, Smith successfully raised $11M in additional capital, and they turned profitable in 1976. In the aftermath of this Vegas trip, Roger Frock, a former senior vice president of operations at FedEx, asked Smith, "You mean you took our last $5,000 — how could you do that?" Smith simply replied, "What difference does it make? Without the funds for the fuel companies, we couldn't have flown anyway." 44 years after his infamous trip to Sin City, Smith didn't regret a thing. In an essay published by Forbes, Smith wrote, "No business school graduate would recommend gambling as a financial strategy, but sometimes it pays to be a little crazy early in your career." Sources for the story can be found here and here. FedEx, a $60B global logistics behemoth, only exists today because 50 years ago, with his company's last $5,000 on the table, Fred Smith was dealt an Ace - 10. Obviously, management execution played an outsized role in FedEx's success, but none of that execution would have mattered had Smith instead been dealt a 10 - 17. Shocking, isn't it? That one small event, a single card drawn by a Las Vegas dealer, could be worth $60B 40 years later. But this shocking anecdote is more common than you would think. The truth is, every massive success story is one lucky (or unlucky) draw away from failure. Tesla, now the world's most valuable automaker, was a month away from bankruptcy while trying to mass-produce the Model 3 before they raised $2B in 2019. In 1997, with Apple in deep financial trouble, Steve Jobs struck a deal with Bill Gates for Microsoft to invest $150M in its competitor. Gates likely only made this investment to appease the Department of Justice's antitrust inquiries about his company. In early 2000, just one month before the Dot Com crash, Amazon sold $672M in convertible bonds on the European markets. Then-CFO Warren Jenson wanted a stronger cash position to hedge against suppliers requesting quicker payments. Had the e-commerce giant waited just two weeks later, it would likely be remembered as another Pets.com. One hiccup in Tesla's production, a bit of pettiness from Bill Gates, or a week's hesitation by Warren Jenson, and we could live in a world with no Teslas, no iPhones, and no Amazon Prime. Instead, these three companies are worth trillions of dollars. A lot of credit is given to Jobs, Musk, and Bezos, and that credit is well-deserved. But all three of their companies were one roll of the dice away from failure. From companies to individuals, luck and skill both play roles in success and failure. The problem is that we cannot weigh the importance of either trait. The unknown importance of luck is overlooked when we study and emulate winners. Case studies on Amazon focus on Bezos's bias towards experimenting with different ideas. The former CEO called Amazon "the best place in the world to fail," as he believed that failures like the Fire Phone were an inevitable ingredient when you are swinging for home runs like Amazon Web Services. And Bezos is correct, but none of those home runs would have been possible without a timely capital raise in 2000. For the last 20 years, Tiger Global was championed as the king of venture capital, and Tiger earned that title. After all, they earned their investors a record-setting $10.4B in 2020. They were early investors in Alibaba, Facebook, Coinbase, Linkedin, and Spotify, among other tech giants. Tiger Global's hedge fund also suffered a 52% decline in the first half of 2022 alone, after a lackluster 2021. Obviously, Chase Coleman and company are phenomenal investors; how else would they have done so well over the past two decades? But Tiger's tech-heavy bets also coincided with a decade-long period of valuation expansion coupled with the mass global adoption of internet technologies. How much of their success was investor prowess? How much of it was a favorable market? Maybe their investor prowess allowed them to foresee the coming bull run in technology companies, but it didn't help them avoid the 2022 downturn. On the opposite end of the spectrum, we have Benjamin Graham. The "father of value investing," Graham took a strict, value-heavy approach to investing. No position would be greater than 5% of his portfolio, and no position would be held once it outgrew his threshold for "value investments." Graham broke this rule one time when an insurance company called "GEICO" became a 20% holding in his portfolio. And he held for a long time. GEICO generated greater returns than the rest of his investments combined. If the NASDAQ's average PE ratio doesn't climb from 9 in 2011 to 29 in 2022, how does Tiger Global perform? If Graham didn't hold an outsized position in GEICO, would we still be talking about him today? Luck vs. skill. It's impossible to weigh the two. Not every failure is one roll of the dice away from being a success, but every single success was, at one time, a single roll of the dice away from being a failure. When evaluating "winners," it is important to study what they did well just as much as what they luckily avoided. The thing is, it's pretty hard to study what didn't happen, isn't it? - Jack If you liked this piece, make sure to subscribe! Tyler Durden Thu, 07/21/2022 - 06:30.....»»

The Supreme Court has overturned the 1973 landmark Roe v. Wade ruling that granted a nationwide, constitutional right to an abortion. Abortion rights and anti-abortion rights activists fill the street in front of the U.S. Supreme Court during a protest in the wake of the decision overturning Roe v. Wade outside on June 25, 2022, in Washington, DC.Photo by Anna Moneymaker/Getty Images) The Supreme Court overturned Roe v. Wade on last week. The 1973 landmark ruling established the constitutional right to an abortion. Over a dozen states have laws meant to immediately outlaw abortion upon a reversal of Roe. The Supreme Court last week overturned the 1973 landmark Roe v. Wade ruling that established the constitutional right to an abortion. The opinion in the case Dobbs v. Jackson Women's Health Organization threw out the ruling as the nation's highest court sided with Mississippi and other states, which passed restrictive anti-abortion laws.Immediately after last week's ruling, politicians on both sides of the aisle issued statements — with Republicans praising the Supreme Court and Democrats slamming the decision. Over a dozen states have "trigger laws" meant to ban abortion immediately upon the overturning of Roe, as the legality of abortion is now left up to state legislatures. Olivia Rodrigo calls out SCOTUS justices who voted to overturn Roe v. Wade with a rendition of 'F--- You'Olivia Rodrigo performing at the Glastonbury Festival on Saturday.Shirlaine Forrest/WireImage via Getty ImagesPop star Olivia Rodrigo on Saturday sent a message to the Supreme Court justices responsible for overturning Roe v. Wade, calling them out during her set at the Glastonbury music festival. Rodrigo invited her guest, British singer Lily Allen, on stage and the pair performed Allen's 2009 song, "Fuck You" — but not before Rodrigo named all five SCOTUS justices who helped gut the landmark ruling that protected abortion rights in America."Today is a very, very special day. This is actually my first Glastonbury," Rodrigo said. "But I'm also equally as heartbroken over what happened in America yesterday." Rodrigo told the crowd that the SCOTUS decision infringed on a woman's ability to secure a safe abortion, which she called a basic human right. Read Full StoryAfter Roe fell, Steve Bannon called for an 'army of the awakened' to 'shatter' DemocratsIn a Gettr post, Steve Bannon urged "patriots" to take advantage of the "Roe momentum" to win the MAGA movement a "massive victory" at the midterm elections.Tom Williams/CQ-Roll Call, Inc via Getty ImagesRight-wing figure Steve Bannon has called for an "army of the awakened" to "shatter" the Democratic party in post-Roe America. Bannon made a post on Gettr on Saturday lauding the Supreme Court's overturning of Roe v. Wade, a controversial decision that has led to abortion being halted in some states.In his post, Bannon called on "the army of the awakened" to rally and capitalize on the verdict. "This is the key take-away for MAGA … the pro-abortion movement is shattered and is now turning in on itself — because for 50 years they didn't have to work— the Courts and Regime Media covered for them — now The Abyss," Bannon wrote."That's the Democratic Party in November— we have a once-in-a-lifetime opportunity to shatter it into a million small pieces," Bannon added, referring to the upcoming midterm elections.Read Full StoryTexas abortion clinic staff describe how patients 'begged for help' when Roe v. Wade was overturned: reportA patient at the Alamo Women's Reproductive Services Clinic in San Antonio, Texas, is informed by a staff member on Friday that the clinic can no longer provide her with an abortion.Gina Ferazzi / Los Angeles Times via Getty ImagesStaff at an abortion clinic in Texas said they had to turn away people seeking abortions away just minutes after the Supreme Court overturned Roe v. Wade on Friday.Speaking to The 19th, an independent news organization, clinic administrator Andrea Gallegos described how she had to turn away a dozen patients waiting in the lobby of the Alamo Women's Reproductive Services clinic in San Antonio, Texas. Gallegos told The 19th that she and the clinic's staff had to tell the people gathered that, because of the ruling, "unfortunately, your geographical location affects your bodily autonomy." Per the outlet, Gallegos described the scene at the clinic as being one of "complete despair," with people screaming, crying, and begging for help.Read Full Story'Full House' star Jodie Sweetin was thrown to the ground by LAPD during freeway protest for abortion rightsJodie Sweetin told People that she was "proud" of those who showed up to protest.Matt Winkelmeyer/Getty ImagesLos Angeles Police Department officers shoved Jodie Sweetin onto the ground of a freeway in Los Angeles on Saturday during an abortion rights protest, video shows.The "Full House" and "Fuller House" star, wearing all black with a black backpack, can be seen in a video of the incident with a megaphone in hand when a couple of LAPD officers shove her to the ground. Protesters can be heard yelling "Jodie, you good?" and  "What the f*** is wrong with you guys?"Sweetin is then picked up and the crowd immediately begins to chant "no justice, no peace."Read Full StorySince the Roe ruling a gynecology clinic in Texas has received increased requests for permanent sterilization: 'I sense that they're scared'Protesters march during an abortion-rights rally on June 25, 2022 in Austin, Texas.Sergio Flores/Getty ImagesA women's health clinic in Austin, Texas, has received dozens of requests for permanent sterilizations after Friday's decision by the Supreme Court to overturn Roe v. Wade, the landmark decision that established a constitutional right to an abortion. After the Women's Health Domain closed on Friday evening for the weekend, it received 109 new patient requests, the majority of which were requesting tubal ligation, or permanent sterilization. Read Full StoryThe impact of Kavanaugh's confirmation on the 2018 elections may reveal how the reversal of Roe v. Wade could impact this year's midtermsU.S. Supreme Court Associate Justice Brett Kavanaugh.Chip Somodevilla/Getty ImagesAs political analysts seek to understand the possible impact of Roe v. Wade being overturned on this year's midterm elections, some suggest that data from 2018 may reveal possible trends. In 2018, following the contentious confirmation hearings of Supreme Court Justice Brett Kavanaugh — who was accused of sexual assault by Christine Ford — 40 Republican US House seats flipped to Democratic candidates. GOP candidates led in polls taken prior to the hearings and went on to lose in November in 27 of those races, indicating increased mobilization among partisan voters following the hearings.  Read Full StoryLindsey Graham said Alito's abortion opinion was correct for distinguishing Roe from same-sex marriage and contraception rulingsRepublican Sen. Lindsey Graham.J. Scott Applewhite/APRepublican South Carolina Senator Lindsey Graham said Sunday that Justice Samuel Alito, unlike Justice Clarence Thomas, was correct for saying same-sex marriage and contraception would not be affected by the Supreme Court decision to overturn Roe v. Wade. In his concurring opinion on the ruling, Thomas wrote "we should reconsider all of this Court's substantive due process precedents" for cases regarding contraceptive access, same-sex relationships, and same-sex marriage.Read Full StoryAOC says Supreme Court justices who lied under oath must face consequences for 'impeachable offense'U.S. Rep. Alexandria Ocasio-Cortez (D-NY).Alex Wong/Getty ImagesRep. Alexandria Ocasio-Cortez on Sunday said she believes it's an "impeachable offense" for a Supreme Court justice to lie under oath. Following the overturn of Roe v. Wade, Sens. Susan Collins and Joe Manchin said they felt misled by Justices Brett Kavanaugh and Neil Gorsuch during their individual confirmation hearings. The two senators, both pro-choice, voted to confirm Kavanaugh and Gorsuch because they assured them that they believed Roe v. Wade, the 1973 landmark Supreme Court decision that made abortion a constitutional right nationwide, was law. Both Gorsuch and Kavanaugh, however, voted to strike down Roe earlier this week.Ocasio-Cortez, speaking in an interview with NBC News' "Meet the Press," said she believes the court is facing a "crisis of legitimacy" and justices must face consequences if they lie under oath. "If we allow Supreme Court nominees to lie under oath and secure lifetime appointments to the highest court of the land and then issue, without basis," she said, "we must see that through. There must be consequences for such a deeply destabilizing action and a hostile takeover of our democratic institutions."Read Full StoryElizabeth Warren: Supreme Court 'set a torch' to the last of its legitimacySen. Elizabeth Warren.Tom Williams/CQ-Roll Call, Inc via Getty ImagesSen. Elizabeth Warren said the US Supreme Court has lost all legitimacy following the rollback of Roe v. Wade, the 1973 landmark decision that made abortion a constitutional right nationwide.Speaking on ABC News' "This Week" on Sunday, Warren suggested that Republicans have tried to stack the Supreme Court with justices who would be against abortion. "The Republicans have been very overt about trying to get people through the court who didn't have a published record on Roe, but who they knew — wink wink nod nod — were going to be extremist on the issue of Roe v. Wade." Warren said. "And that is exactly what we have ended up with.""This court has lost legitimacy. They have burned whatever legitimacy they may still have had," Warren continued. "They just took the last of it and set a torch to it with the Roe v. Wade opinion."Read Full StoryAn abortion clinic in North Dakota has raised more than $500,000 in two days to fund its move to MinnesotaActivists march along Constitution Avenue to the US Supreme Court on May 14, 2022.Astrid Riecken for The Washington Post via Getty ImagesAn abortion clinic based in North Dakota has raised more than $550,000 to fund its move in the two days since the Supreme Court's decision to roll back Roe v. Wade. The Red River Women's Clinic of Fargo, North Dakota, set up a GoFundMe to assist with a planned move to Moorhead, Minnesota. North Dakota is one of the at least 13 states that has a "trigger" law, which immediately bans abortions following the overturn of Roe v. Wade. But moving out of North Dakota means there will no longer be an operating abortion clinic in the state. READ FULL STORYThe overturning of Roe v. Wade will 'exacerbate the mental health crisis' in the US, American Psychological Association saysRear view of an unrecognizable abused woman sitting on her bed looking out the window. - stock photoAlvaro Medina Jurado/ Getty ImagesThe American Psychological Association warned on Friday that the decision to overturn Roe v. Wade will exacerbate mental health in the United States.Research suggests that "adding barriers to accessing abortion services may increase symptoms of stress, anxiety, and depression," APA President Frank C. Wornell said in a statement."We are alarmed that the justices would nullify Roe despite decades of scientific research demonstrating that people who are denied abortions are more likely to experience higher levels of anxiety, lower life satisfaction and lower self-esteem compared with those who are able to obtain abortions," Wornell added. READ FULL STORYTrump congratulated his conservative Supreme Court justice picks for their 'courage' amid the overturn of Roe v. WadeFormer President Donald Trump.AP Photo/Joe MaioranaFormer President Donald Trump on Saturday thanked his three conservative justice picks on the Supreme Court, all of whom voted to overturn Roe v. Wade."Yesterday the court handed down a victory for the Constitution, a victory for the rule of law, and above all, a victory for life," Trump said during a rally in Mendon, Illinois. "Thanks to the courage found within the United States Supreme Court, this long divisive issue will be decided by the states and by the American people," he added.He congratulated his three picks — Neil Gorsuch, Brett Kavanaugh, and Amy Coney Barrett — and praised the decision.READ FULL STORYAOC recalls thanking God she had the choice to get an abortion when she took a pregnancy test after being rapedRep. Alexandria Ocasio-Cortez of New York.Drew Angerer/Getty ImagesRep. Alexandria Ocasio-Cortez on Friday shared a personal sexual assault story during a pro-abortion rights rally, saying she felt grateful she had the freedom to obtain an abortion if she needed one in that moment. "I myself, when I was about 22 or 23 years old, was raped while I was living here in New York City," she told a crowd in New York's City Union Square Park. "I was completely alone. I felt completely alone. In fact, I felt so alone that I had to take a pregnancy test in a public bathroom in midtown Manhattan.""When I sat there waiting for what the result would be, all I could think was thank God I have, at least, a choice," she continued. "Thank God I could, at least, have the freedom to choose my destiny."READ FULL STORYGloria Steinem slams Roe v. Wade repeal, says 'there is no democracy' without the right to choseGloria Steinem was one of the most important activists of the Women's Movement.Mike Coppola/Getty ImagesJournalist and feminist leader Gloria Steinem has slammed the impact of repealing Roe v. Wade will have on democracy, in an email to AP."Obviously, without the right of women and men to make decisions about our own bodies, there is no democracy," she said. She has called for action to fight the Supreme Court ruling overturning Roe v. Wade, protecting US abortion rights."Banning abortions does not stop the need. It just bans their safety."Read Full StoryGOP privately worrying overturning Roe v. Wade could impact midterms: 'This is a losing issue for Republicans,' report saysProtests outside of the Supreme Court after it overturned Roe v. WadeCamila DeChalusWhile Republicans are publicly celebrating the overturning of Roe v. Wade, some are privately worrying that the timing could negatively impact the November midterms. Some Republicans fear the abortion ruling could give Democrats ammunition to attack them and mobilize voters, Politico reported, based on interviews with more than a dozen GOP strategists and officials."This is not a conversation we want to have," Republican strategist John Thomas told Politico. "We want to have a conversation about the economy. We want to have a conversation about Joe Biden, about pretty much anything else besides Roe. This is a losing issue for Republicans."Read Full StoryPlanned Parenthood sues Utah to stop trigger law that makes abortion a felony punishable by up to 15 years in prisonPro-choice supporters and staff of Planned Parenthood hold a rally outside the Planned Parenthood Reproductive Health Services Center in St. Louis, Missouri, May 31, 2019.SAUL LOEB/AFP via Getty ImagesThe Planned Parenthood Association of Utah is suing to stop the state's "trigger law" abortion ban that took effect on Friday following the overturning of Roe v. Wade.The Utah law makes abortions, with limited exceptions, a second-degree felony punishable by up to 15 years in prison. Read Full StoryMany Republicans rejoiced at Roe being overturned but these 4 GOP governors want to protect the right to abortionGov. Chris Sununu of New Hampshire.AP Photo/Charles Krupa, FileAfter Friday's Supreme Court Roe v. Wade ruling, which revoked the constitutional right to abortion, many Republicans celebrated it as a win. The GOP has long been at the forefront of the fight to restrict abortion access and many Republican-led states have enacted or will enact abortion bans as a result of the decision.Read Full StoryGeorgia Democratic nominee for Governor Stacey Abrams explains the change in her position on abortion: There is 'no place in that medical decision for ideology or for politicians'Democratic gubernatorial candidate Stacey Abrams speaks to the media during a press conference, May 24, 2022Joe Raedle/Getty ImagesGeorgia Democratic nominee for Governor Stacey Abrams explained in a Friday interview with CNN how her perspective on abortion rights has evolved over the years and how she came to support the right to abortion services after being raised in a religious household. "I was very much on the side of anti-abortion, through much of my upbringing. I grew up in Mississippi, in a very religious family, in a religious community," Abrams told CNN host Sara Sidner. "And I was raised to have a very uncritical eye to this question."Read Full StoryWhat is the Hyde Amendment and how is it related to the Supreme Court decision to overturn Roe v. Wade?People protest the Supreme Court decision to overturn Roe v Wade abortion decision in New York City, New York, U.S., June 24, 2022.REUTERS/Caitlin OchsFollowing the Supreme Court's Friday decision to overturn Roe v. Wade, there have been renewed calls from lawmakers and activists to abandon the Hyde Amendment, a legislative provision preventing federal funds from being used on abortion services. The Hyde Amendment, named for anti-abortion Congressman Henry Hyde who introduced the provision, was passed in 1976, just four years after the landmark Roe vs. Wade ruling that established the right to an abortion. The amendment, which prevents federal funds from services such as Medicaid to be used to provide abortions, was mired in legal challenges for its first years, leading to the Supreme Court case Harris v. McRae. Read Full StoryAfter calls from AOC and other Dems to expand the court, White House says Biden 'does not agree' with the movePresident Joe Biden.Getty ImagesAs calls for remedies to restrictions on abortion access grow, White House Press Secretary Karine Jean-Pierre said Saturday that President Joe Biden "does not agree with" expanding the Supreme Court. "I was asked this question yesterday, and I've been asked it before... about expanding the Court. That is something that the President does not agree with. That is not something that he wants to do," Jean-Pierre said during a press briefing on Air Force One.Read Full StoryVirginia Gov. Glenn Youngkin pushes state lawmakers for a 15-week abortion banRepublican Gov. Glenn Youngkin of Virginia.AP Photo/Steve HelberRepublican Gov. Glenn Youngkin of Virginia on Friday said he would push for a ban on most abortions after 15 weeks in the wake of the Supreme Court ruling overturning Roe v. Wade.Youngkin, who took office earlier this year, said in a statement that the court's decision was an "appropriate" return of power "to the people and their elected representatives in the states.""Virginians do want fewer abortions as opposed to more abortions," the governor said in a meeting at The Washington Post shortly after the decision was made public. "I am not someone who is going to jump in and try to push us apart … There is a place we can come together."Youngkin assembled four Republican legislators to help write legislation that could potentially attract bipartisan support in a legislature. In the state, the GOP has a 52-48 majority in the House of Delegates while Democrats have a 21-19 edge in the Senate.Read Full StoryMan uses truck to repeatedly block entrance to Mississippi's only abortion clinic as tensions run high after Roe v. Wade rulingA man blocked the entrance to the Jackson Women's Health Organization, Mississippi's only abortion clinic, with his truck on June 25, 2022 after the Supreme Court overturned Roe V. Wade earlier in the week.Kenneth NiemeyerJACKSON, MS — A man used his truck to block the entrance to Mississippi's only abortion clinic on Saturday as tensions continue to run high at the clinic after the Supreme Court overturned Roe V. Wade earlier in the week.The Jackson Women's Health Organization, the only abortion clinic in Mississippi, has vowed to remain open for at least nine more days after the Supreme Court voted 5-4 to overturn Roe V. Wade, a landmark decision that legalized abortion nationally. Mississippi has a trigger law that requires the state attorney general to certify the Supreme Court's decision and allows for the clinic to remain open for 10 days after the certification.Pro-life demonstrators continued to clash with clinic volunteer escorts, who call themselves Pink House Defenders, on Saturday. The clinic, housed in a large pink building, is commonly referred to locally as the Pink House.A man in a white truck blocked the entrance to the clinic at least twice on Saturday.Read Full StoryDemocratic lawmakers urge FTC to investigate Apple and Google over mobile tracking data practices targeting abortion seekersDaniil Dubov/Getty ImagesFour Democratic lawmakers on Friday urged the Federal Trade Commission to investigate Apple and Google's mobile tacking practices regarding abortion seekers. Sens. Elizabeth Warren of Massachusetts, Cory Booker of New Jersey, Ron Wyden of Oregon, and Sara Jacobs of California wrote a letter to FTC Chair Lina Khan — accusing Apple and Google of collecting and selling "Hundreds of millions of mobile phone users' data." The lawmakers argued that for individuals seeking abortion services in states where abortion would be illegal it is essential that their data won't fall into the wrong hands.Read Full StorySens. Susan Collins and Joe Manchin, who voted to confirm justices Kavanaugh and Gorsuch, say they were misled on Roe v. WadeSen. Joe Manchin (D-WV) and Sen. Susan Collins (R-ME).Drew Angerer/Getty ImagesCentrist Senators Susan Collins and Joe Manchin criticized Friday's landmark Supreme Court ruling overturning Roe v. Wade, suggesting they felt misled by Justices Brett Kavanaugh and Neil Gorsuch.Collins, a Maine Republican, and Manchin, a West Virginia Democrat, both voted to confirm Kavanaugh and Gorsuch. Both senators are pro-choice and said that the justices had assured them they believed Roe v Wade was settled law."I trusted Justice Gorsuch and Justice Kavanaugh when they testified under oath that they also believed Roe v. Wade was settled legal precedent. I am alarmed they chose to reject the stability the ruling has provided for two generations of Americans," Manchin said in a statement.Manchin, a self-described centrist, was one of three Democrats to vote to confirm Gorsuch in 2017 and the only Democrat who voted to confirm Kavanaugh in 2018. Kavanaugh's 50-48 confirmation vote was historically close.Manchin said that while he is personally pro-life, he would "support legislation that would codify the rights Roe v. Wade previously protected."Read Full StorySenators Elizabeth Warren and Tina Smith call on Biden to 'declare a public health emergency' now that Roe v Wade 'is gone'Sen. Elizabeth Warren, D-Mass., right, and Sen. Tina Smith, D-Minn.Photo By Tom Williams/CQ Roll Call)US Senators Elizabeth Warren of Massachusetts and Tina Smith of Minnesota are calling on President Joe Biden to  "declare a public health emergency," following the Supreme Court's decision to overturn Roe v. Wade.In an op-ed for the New York Times on Saturday, the Democratic senators said that "with the release of the Dobbs decision," the US is facing " a perilous time that threatens millions of women across this nation.""We urge the president to declare a public health emergency to protect abortion access for all Americans, unlocking critical resources and authority that states and the federal government can use to meet the surge in demand for reproductive health services. The danger is real, and Democrats must meet it with the urgency it deserves," Warren and Smith wrote. The senators blamed the reversal of Roe v. Wade on "right-wing politicians and their allies" who they said "have spent decades scheming."Read Full StorySearches for how to move to Canada from the US spike by over 850% after Roe v. Wade rulingMary Meisenzahl/InsiderSearches for how to move to Canada spiked over 850% on Google after the Supreme Court ruled to overturn Roe v Wade, Axios reported. Citing Simon Rogers' Google Trends newsletter, Axios reported that searches for  "How to become a Canadian citizen" also rose by 550% as of Friday evening.In a 5-4 majority opinion, the Supreme Court on Friday overturned the 50-year-old landmark ruling that legalized abortion nationwide.Read Full StoryA pickup truck driver in Iowa ploughed into pro-choice protesters opposing the overturning of Roe v. Wade abortion rightsProtesters approach a pickup truck that attempted to run over abortion-rights protesters in Cedar Rapids, Iowa.Isacc Davis via ReutersA truck drove into a group of pro-choice protesters in Cedar Rapids, Iowa, on Friday, leading to at least one woman being hospitalized. The group of mostly women protesters was demonstrating against the landmark Supreme Court ruling overturning Roe v. Wade when an unidentified man driving a black Ford truck drove into them.In videos of the incident, protesters can be seen trying to stand in the car's way and shouting at the driver to stop. He accelerates and a protester is knocked to the ground.Read Full StoryBill Gates and George Soros among billionaires denouncing Roe v. Wade decisionBill Gates voiced opposition to the Roe v. Wade decision, while Warren Buffett is reportedly planning a big investment in abortion rights.Spencer Platt/Getty ImagesSome of America's most prominent billionaires have denounced the overturning of Roe v. Wade, as Warren Buffett reportedly sets in motion plans for big donations to reproductive rights.Bill Gates, Melinda French Gates, and George Soros all tweeted their opposition to the Supreme Court decision to roll back abortion rights nationally, overturning a near-50-year precedent. Bill Gates tweeted: "This is a sad day. Reversing Roe v. Wade is an unjust and unacceptable setback. And it puts women's lives at risk, especially the most disadvantaged."Read Full StoryMeta bans staff from open discussion of Roe v. Wade decision and is deleting internal messages that mention abortion: reportMeta has disallowed employees to discuss abortion on internal messaging system.Joan Cros/Getty ImagesMeta has warned employees not to discuss the Supreme Court's decision to overturn Roe v. Wade on its internal system and deleting messages that do so, The New York Times reported.Managers cited a policy that put "strong guardrails around social, political and sensitive conversations" in the workplace, according to company insiders, the newspaper reported. Read Full StoryVatican praises US Supreme Court for overturning Roe v. Wade, says it 'challenges the whole world'Pope Francis gestures, during his weekly general audience in the Paul VI Hall, at the Vatican, Wednesday, March 23, 2022.Alessandra Tarantino/Associated PressThe Vatican's Pontifical Academy for Life has praised the US Supreme Court's decision to overturn Roe v Wade which protected abortion rights for women. They also called that legislation ensures that those giving birth are given the support needed to keep and care for their children. In a statement released on Twitter, the Catholic organization said "The fact that a large country with a long democratic tradition has changed its position on this issue also challenges the whole world."Read Full Story The Arizona State Senate had to be evacuated after tear gas police deployed on protesters spread into the buildingArizona State Capitol Building at sunrise, features Winged Victory statue and was modeled after Greek statue Nike of Samothrace.Joe Sohm/Visions of America/Universal Images GroupThe Arizona State Senate Building in Phoenix was evacuated on Friday after police deployed tear gas at demonstrators.A video posted on social media by Republican State Senator Michelle Ugenti-Rita shows dozens of people protesting outside the government building in response to the Supreme Court's decision to overturn Roe v. Wade. Read Full StoryObergefell, the plaintiff in the SCOTUS same-sex marriage ruling, said it's 'quite telling' Clarence Thomas omitted the case that legalized interracial marriage after saying the courts should go after other right to privacy casesAssociate Supreme Court Justice Clarence Thomas and his wife and conservative activist Virginia Thomas arrive at the Heritage Foundation on October 21, 2021.Drew Angerer/Getty ImageJim Obergefell, the plaintiff behind the Supreme Court's landmark ruling on same-sex marriage, said Friday that Justice Clarence Thomas omitted Loving v. Virginia on his list of  Supreme Court decisions to "reconsider" because it "affects him personally." "That affects him personally, but he doesn't care about the LGBTQ+ community," Obergefell said on MSNBC's "The Reid Out."Read Full StoryStanding among protestors after the fall of Roe vs. Wade, AOC calls on Biden to create abortion clinics on federal landRep. Alexandria Ocasio-Cortez (D-NY) speaks to abortion-rights activists in front of the U.S. Supreme Court after the Court announced a ruling in the Dobbs v Jackson Women's Health Organization case on June 24, 2022 in Washington, DC.Nathan Howard/Getty ImagesRep. Alexandria Ocasio-Cortez on Friday called on President Biden to create abortion clinics on federal land, following the landmark Supreme Court ruling which overturned Roe v. Wade and removed federal abortion protections. Speaking to a crowd of protestors gathered in New York's Union Square, Rep. Ocasio-Cortez encouraged people to "be relentless to restore and guarantee all of our rights." She detailed her own experience after sexual assault in her 20s, when she was grateful that abortion would have been an option for her if she needed it, and pushed for federal action to preserve access to reproductive healthcare.  Read Full StoryThe states passing strict abortion bans have some of the highest maternal and infant mortality rates in the countryPRODUCTION - 17 April 2021, Berlin: A midwife listens to the heart tones of an unborn child with an ultrasound device. The woman is in her 2nd trimester of pregnancy and is lying on a bed in the midwife's office. 5.5.2021 is International Midwifery Day, which is intended to draw attention to the importance of the profession.Annette Riedl/picture alliance via Getty ImagesWith Friday's Supreme court ruling overturning Roe v. Wade – the landmark case guaranteeing a right to abortion – 13 states with automatic trigger laws enacted total or near-total bans on abortions. The surge of new abortion bans and clinic closures has highlighted the recent rise in America's maternal mortality rates that are disproportionately affecting women of color and have placed the US first in maternal deaths among all developed nations.Read Full StoryPro-choice advocates come out in force vowing to continue the fight after the Supreme Court strikes down Roe v. WadeA massive crowd gathered in New York's Washington Square Park, hours after the Supreme Court struck down Roe v. Wade.Anna Watts for InsiderHours after the Supreme Court announced it had struck down the landmark Roe v. Wade decision, throngs of pro-choice Americans took to the streets vowing to continue the fight. In New York's Washington Square Park, a somber and angry crowd began assembling at 5 p.m. ET. They held handwritten signs with words like "Betrayed" or "My corpse has more rights." Some were smeared with red paint.Read Full StoryWhich Supreme Court justices voted to overturn Roe v. Wade? Here's where all 9 judges standReproductive rights activists hold cut out photos of the Supreme Court justices as oral arguments in Dobbs v. Jackson Womens Health Organization case are held on Wednesday, December 1, 2021.Bill Clark/CQ-Roll Call, Inc via Getty ImagesThe Supreme Court on Friday overturned Roe v. Wade in a 5-4 majority opinion that guts federal abortion rights protections previously upheld by the nearly 50-year-old landmark ruling.The conservative majority voted to uphold the Mississippi law at the heart of the case which seeks to ban abortion after 15 weeks of pregnancy, a contradiction to the standard set by Roe, which allowed abortions until about 24 weeks of pregnancy, at which point a fetus could feasibly survive outside the womb. Six justices ruled in favor of upholding Mississippi's 15-week ban, but it was the majority opinion of five judges that ultimately led to the total overhaul of Roe v. Wade. Read the full story to find out how each justice voted. READ FULL STORYThis map shows where abortion is illegal, protected, or under threat across all 50 US statesPro-life and abortion-rights advocates crowd the Supreme Court building after Roe v. Wade was overturned Friday morning.Brandon Bell/Getty ImagesOn Friday, the Supreme Court overturned Roe v. Wade, the near 50-year-old court ruling that legalized abortion across all 50 US states.Some states have been preparing for years for the possibility that Roe could be overturned.A handful of states had trigger laws designed to immediately ban abortions within their borders once the decision was reversed. Some "sanctuary states," like New York, put in place legal framework that would protect abortion, even if Roe were overturned. In other areas of the country, it isn't totally clear what happens next — abortion isn't legally protected, but it's also not expressly forbidden.Read Full StoryThe Supreme Court just overturned Roe v. Wade, but the vast majority of Americans don't even know who the court's justices areSeated 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 ImagesThe Supreme Court on Friday overturned Roe v. Wade, the nearly 50-year-old landmark ruling that protected abortion rights nationwide.But recent polling suggests that the vast majority of American voters don't even know who these influential justices are, highlighting an apparent disconnect between the nation's top court and the very people affected by its rulings.Ahead of Judge Ketanji Brown Jackson's Senate confirmation earlier this year, C-SPAN and Pierrepont Consulting & Analytics surveyed more than 1,000 likely voters to gauge the public's interest in and awareness of the Supreme Court's work and relevance. While 84% of voters said the Supreme Court's decisions affect their everyday life, far fewer respondents could provide basic details about the court's history or inner workings.Keep ReadingWisconsin patients who were scheduled to receive abortions were turned away in the waiting room after Roe v. Wade was overturnedA volunteer escort outside Affiliated Medical Services, a Milwaukee abortion clinic, on Wednesday, May 28, 2014, in Milwaukee.AP Photo/Dinesh Ramde FileIn Wisconsin, Planned Parenthood clinics had been scheduling patients through Saturday, June 25, but had stopped scheduling for next week in anticipation of the Supreme Court ruling that would overturn Roe v. Wade, which was leaked in May.When the news broke Friday morning that the court had rendered its opinion, Tanya Atkinson, president of Planned Parenthood of Wisconsin, said her clinics had patients waiting to receive services."Our team had to go out into the lobby and let those individuals know that they would not be able to access the healthcare that they needed," Atkinson told the local PBS station.Keep ReadingProtestors planning to protest on Justice Clarence Thomas' streetProtestors are planning to head over to Justice Clarence Thomas' house on Friday night after the Supreme Court overturned Roe v. Wade."Enraged? Devastated? Pissed the fuck off? So are we," Our Rights DC tweeted on Friday afternoon."Meet us at 5711 Burke Centre Pkwy. 6:30 PM we meet, 7 PM we carpool to the Thomas's street. WEAR A MASK," the human rights organization added. Read Full StoryThe sports world is speaking out against Friday's Supreme Court rulingPro-choice activists protest in response to the leaked Supreme Court draft decision to overturn Roe v. Wade in front of the US Supreme Court May 3, 2022 in Washington, DC.Alex Wong/Getty ImagesSome of the biggest names in sports — from tennis to basketball — are speaking out after the Supreme Court ruled to overturn Roe v. Wade on Friday.The Minnesota Lynx's Natalie Achonwa wrote on Twitter that she's "feeling sick & heartbroken" after hearing about the decision. Tennis legend and feminist icon Billie Jean King said on Twitter that it's a "sad day" in the US. The WNBA's Seattle Storm tweeted that they are "furious and ready to fight."Orlando Magic point guard Devin Cannady tweeted that the "country needs to be better," adding in a follow-up note that the ruling is "a POWER grab over WOMEN."Read Full StoryThese organizations are asking for donations after Roe v. Wade was overturnedIn the wake of the Supreme Court's decision to overturn Roe v. Wade, organizations fighting for abortion rights are calling on supporters to donate.Click the link below for some organizations that are asking for help to either fight the ruling or provide access to abortion for women in states where it will be banned. Read Full StoryAttorney General says states can't ban abortion pills that are approved by FDAUS Attorney General Merrick Garland said states can't ban abortion medication mifepristone "based on disagreement" with the US Food and Drug Administration.Garland said on Friday that the FDA already ruled on the pill's "safety and efficacy," so the decision can't be overturned by states that want to restrict abortion access."Women who reside in states that have banned access to comprehensive reproductive care must remain free to seek that care in states where it is legal," Garland said, after the Supreme Court overturned Roe v. Wade earlier.He continued: "Moreover, under fundamental First Amendment principles, individuals must remain free to inform and counsel each other about the reproductive care that is available in other states."Read Full Story House Democrats sang 'God Bless America' on Capitol steps as crowds protested at Supreme CourtHouse Speaker Nancy Pelosi leads a rally celebrating the passage of gun safety legislation as protesters swarm the court just yards away on June 24, 2022.Chip Somodevilla/Getty ImagesHouse Democrats gathered outside the Capitol on Friday to celebrate passing new gun safety legislation, and cheerfully sang "God Bless America."Across the street, however, protesters swarmed the Supreme Court after the decision to overturn Roe v. Wade. Read Full StoryVideos show police in riot gear head to Supreme Court after decisionCapitol Police in riot gear could be seen marching towards the Supreme Court earlier on Friday after Roe v. Wade was overturned. A video shared to Twitter by CNN correspondent Manu Raju showed dozens of officers march from the Capitol building and to the Court.Law enforcement also closed streets around the high court, where peaceful protesters gathered by the hundreds after the decision. —Manu Raju (@mkraju) June 24, 2022 Read Full StoryMassive protests erupt outside Supreme Court after Roe v. Wade rulingProtesters outside of Supreme CourtCamila DeChalusHundreds of people gathered outside the Supreme Court on Friday to protest the ruling that overturns Roe v. Wade. Abortion-rights advocates waived green and black signs and shouted "my body, my choice."Across from the abortion-rights protesters, a group of abortion opponents wore red shirts with white letters that read: "The pro-life generation votes."Read Full StoryThe 13 states with abortion-ban 'trigger laws' are not prepared to enforce themThirteen states with abortion "trigger laws" — where the practice could become illegal — are not prepared for how to go about implementing a ban.An Insider investigation over the last few months found that, through over 100 records requests and reaching out to nearly 80 state and local officials, just one agency could detail any sort of plan. This story is part of an investigative series from Insider examining the demise of abortion rights in so-called "trigger law" states. It was originally published on May 7, 48 days before the Supreme Court ruled in Dobbs v. Jackson Women's Health Organization that abortion is no longer a constitutionally protected right. Read all the stories from "The First 13" here.Read Full StoryStates where abortion access will be on the ballot in 2022Abortion-rights supporters chant their objections at the Kentucky Capitol on Wednesday, April 13, 2022, in Frankfort, Ky., Kentucky is one of at least four states with abortion-related ballot measures in 2022.AP Photo/Bruce Schreiner, FileAbortion policy will be on the ballot in at least four states during the upcoming 2022 midterm elections — the highest number of abortion-related ballot measures to appear in a year since 1986. Kansas and Kentucky will vote on constitutional amendments to establish no right to an abortion, while Montana will vote on a "born-alive" amendment that would extend personhood to infants "born alive" at any stage.On the other side, voters in Vermont will decide on an amendment that will enshrine the right to an abortion in the state's constitution.Read Full StoryBiden says Americans can have 'the final word' after the Supreme Court overturns Roe v. WadePresident Joe BidenStefani Reynolds/AFP/Getty ImagesPresident Joe Biden said Friday was a "sad day" for the nation after the Supreme Court overturned Roe v. Wade, and vowed his administration would do everything it can to protect women."With this decision, the conservative majority of the Supreme Court shows how extreme it is, how far removed they are from the majority of the country," Biden said during an address to the nation. He continued: "But this decision must not be the final word," urging Americans to vote.Read Full StoryGetting an abortion is going to get a lot more expensive for many AmericansParticipants hold signs during the Women's March at the US Supreme Court.Leigh Vogel/Getty Images for Women's March IncExperts told Insider that the cost of getting an abortion is all but guaranteed to rise after the Supreme Court on Friday overturned Roe v. Wade. Many who live in states where abortion will become mostly, or entirely, illegal will have to face travel costs if they want a procedure in a different state where it is legal. Wage loss for taking time off to get a procedure is another issue. "You might be salaried and I might be salaried, and you can take time off," said Anna Rupani, executive director of Fund Texas Choice (FTC), a nonprofit organization that pays for low-income Texans' associated abortion costs. "A lot of our clients are living paycheck to paycheck, they're not in salaried positions… they're experiencing wage loss."Read Full StoryPelosi warns 'Republicans are plotting a nationwide abortion ban'House Speaker Nancy Pelosi warned that congressional Republicans want to pass a federal abortion ban into law after the Supreme Court overturned Roe v. Wade.Be aware of this: the Republicans are plotting a nationwide abortion ban," Pelosi said during her weekly press briefing. "They cannot be allowed to have a majority in the Congress to do that. But that's their goal."She continued: "What this means to women is such an insult. It's a slap in the face to women about using their own judgment to make decisions about their reproductive freedom."Read Full StoryTrump reportedly believes overturning Roe v. Wade is 'bad for Republicans'Trump stands with now-Justice Amy Coney Barrett at the White House after she was sworn in on October 26, 2020.Brendan Smialowski / AFP via Getty ImagesFormer President Donald Trump praised the Supreme Court for overturning Roe v. Wade on Friday."This is following the Constitution, and giving rights back when they should have been given long ago," he told Fox News.Privately, Trump has said that overturning Roe would be "bad for Republicans," according to The New York Times' Maggie Haberman and Michael C. Bender.Read Full StoryLead plaintiff in case that made same-sex marriage legal slams Justice Thomas' call for case to be reconsideredThe lead plaintiff in the case that made same-sex marriage legal slammed Justice Clarence Thomas' call for the case to be reconsidered.Thomas said the Supreme Court should reconsider rulings that protect same-sex marriage, in the wake of Friday's decision to overturn nationwide access to abortions."The millions of loving couples who have the right to marriage equality to form their own families do not need Clarence Thomas imposing his individual twisted morality upon them. If you want to see an error in judgment, Clarence Thomas, look in the mirror," Jim Obergefell said in a statement obtained by HuffPost.Read Full StoryMichelle Obama said she is 'heartbroken' after the Supreme Court's decisionFormer first lady Michelle ObamaJae C. Hong/Associated PressFormer First Lady Michelle Obama said she is "heartbroken" after the Supreme Court overturned Roe v. Wade on Friday.She said before Roe was established, women "risked their lives getting illegal abortions.""That is what our mothers and grandmothers and great-grandmothers lived through, and now here we are again," Obama wrote in her statement. "So yes, I am heartbroken — for the teenage girl full of zest and promise, who won't be able to finish school or live the life she wants because her state controls her reproductive decisions," she added.Read Full StoryAG Merrick Garland said the Supreme Court dealt 'a devastating blow' to abortion rightsAttorney General Merrick Garland said the Supreme Court dealt a "devastating blow to reproductive freedom in the United States" by eliminating the constitutional right to an abortion.Garland said in a statement that the Justice Department disagreed with the decision and predicted that it "will have an immediate and irreversible impact on the lives of people across the country.""And it will be greatly disproportionate in its effect – with the greatest burdens felt by people of color and those of limited financial means," he added.Read Full StorySenate announces hearing 'to explore the grim reality of a post-Roe America'The chairman of the Senate Judiciary Committee announced a hearing to explore the "grim reality" of life in the US in the aftermath of Friday's Supreme Court ruling."Today's decision eliminates a federally protected constitutional right that has been the law for nearly half a century," said Democratic Sen. Dick Durbin in a statement.He continued: "As a result, millions of Americans are waking up in a country where they have fewer rights than their parents and grandparents."The hearing is set for July 12, a day after the Senate returns from a two-week July 4 recess.Read Full StoryBiden to deliver remarks on Supreme Court's decision to overturn Roe v. WadePresident Joe Biden will deliver remarks at 12:30 p.m. local time on Friday about the Supreme Court's decision to overturn Roe v. Wade. The White House told reporters that he plans to speak about "the Supreme Court decision on Dobbs v. Jackson Women's Health Organization to overturn Roe v. Wade."Read Full StoryVarious politicians react to Friday's Supreme Court decision to overturn RoeCurrent and former politicians from both sides of the aisle are reacting to the Supreme Court's decision to overturn Roe v. Wade.Sen. Lindsey Graham said the decision is "a long overdue constitutional correction allowing for elected officials in the states to decide issues of life." Roe was "constitutionally unsound from its inception," he said. Senate Majority Leader Chuck Schumer called Friday "one of the darkest days our country has ever seen." "Millions upon millions of American women are having their rights taken from them by five unelected Justices on the extremist MAGA court," he said in a statement shared with Insider.  Read Full StoryNancy Pelosi and other Democrats are using the Supreme Court decision as a fundraising opportunity for the 2022 midtermsUS Speaker of the House Nancy Pelosi speaks in front of the steps to the House of Representatives with congressional members to speak on the Roe v. Wade issue May 13, 2022 in Washington, DC.Win McNamee/Getty ImagesHouse Speaker Nancy Pelosi and fellow Democrats are using the Supreme Court's decision to overturn Roe v. Wade as a fundraising opportunity ahead of the fall midterms. "Can you chip in $15 so we can WIN these midterms and finally codify reproductive rights into law?" Pelosi wrote supporters."Our ONLY option is to marshal a response so historic — 100,000 gifts before midnight — that we DEFEAT every anti-choice Republican that made this happen, EXPAND our Majorities, and FINALLY codify our reproductive rights into law. So, can I expect to see your name on my "Pro-Choice Champion" list tomorrow morning?"Read Full StoryPlanned Parenthood president slams Supreme Court decisionAlexis McGill Johnson, president of Planned Parenthood, addresses abortion-rights supporters at the "Bans Off Our Bodies Abortion Rally" at Los Angeles City Hall, Saturday, May 14, 2022.AP Photo/Damian DovarganesPlanned Parenthood Action Fund President Alexis McGill Johnson said the Supreme Court gave politicians "permission to control what we do with our bodies" after the Friday decision to overturn Roe v. Wade. "Due to centuries of racism and systemic discrimination, we already know who will feel the consequences of this horrific decision most acutely: Black, Latino and Indigenous communities, people with disabilities, those living in rural areas, young people, immigrants and those having difficulties making ends meet," she said. "All of our freedoms are on the line," she added. Read Full StoryDC police are fully activated in response to protests from the Supreme Court decisionPro-choice signs hang on a police barricade at the U.S. Supreme Court Building in Washington, DC, on May 3, 2022.Anna Moneymaker/Getty ImagesThe Washington, D.C. Police Department has been fully activated after protests broke out over the Supreme Court's decision to overturn Roe v. Wade. The Metropolitan Police Department said in an alert that it would "be fully activated to support expected First Amendment demonstrations," and added that "all members should be prepared to work extended tours as necessary" through Tuesday, June 28. A heavy police presence could be seen outside the Supreme Court Friday morning.Read Full StoryBarack Obama says overturning Roe v. Wade is an attack on 'essential freedoms of millions of Americans'Former president Barack Obama slammed the Supreme Court's decision to overturn Roe v. Wade, and urged people to vote and "join with the activists who've been sounding the alarm on abortion access for years.""Today, the Supreme Court not only reversed nearly 50 years of precedent, it relegated the most intensely personal decision someone can make to the whims of politicians and ideologues — attacking the essential freedoms of millions of Americans," he wrote on Twitter. He continued: "Join with the activists who've been sounding the alarm on abortion access for years — and act. Stand with them at a local protest. Volunteer with one of their organizations. Knock on doors for a candidate you believe in. Vote on or before November 8 and in every other election. Because in the end, if we want judges who will protect all, and not just some, of our rights, then we've got to elect officials committed to doing the same."Read Full StoryStoking fears of violence, Marjorie Taylor Greene credits Trump for the end of RoeFar-right Rep. Marjorie Taylor Greene praised former President Donald Trump and demonized Democrats in her live reaction to the Supreme Court overturning Roe v. Wade."Thank you President Trump," Greene said to a pro-Trump YouTube channel. "God bless you. This got overturned today because of your great work as president, and we want him back.""I do fear for the safety of people here in D.C.," she said, speculating without citing any evidence that Democrats will riot. Read Full StoryHillary Clinton says decision to overturn Roe will 'live in infamy' and is a 'step backward' for women's rightsExecutive Producer Hillary Rodham Clinton speaks on stage during "Below The Belt" New York Premiere at Museum of Modern Art on May 24, 2022 in New York City.Cindy Ord/Getty ImagesHillary Clinton said Friday's Supreme Court ruling is a "step backward" for women's rights."Most Americans believe the decision to have a child is one of the most sacred decisions there is, and that such decisions should remain between patients and their doctors," she tweeted after the decision. She continued: "Today's Supreme Court opinion will live in infamy as a step backward for women's rights and human rights."Read Full StoryFriday's decision could undo much of women's economic progress since the 1970sAbortion 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)Friday's decision to overturn Roe v. Wade will have enormous consequences for women's economic progress.Experts told Insider before the ruling that research points to the fact that abortion legalization has greatly contributed to women's progress in many ways, like reducing rates of teen motherhood and maternal mortality, increasing rates of workforce participation, earnings, and educational attainment."This is going to create just a perfect storm of concentrated human misery," said Kimberly Kelly, a sociology professor focused on abortion politics at a Mississippi college, before Friday's decision, adding that overturning Roe means "abortion is going to become a function of class privilege."Read Full StorySupreme Court's liberal justices warn more rights are at stake with the end of Roe v. WadeThe Supreme Court's three liberal justices warned in a dissent that other rights could be on the line after Friday's decision to overturn Roe v. Wade. "Whatever the exact scope of the coming laws, one result of today's decision is certain: the curtailment of women's rights, and of their status as free and equal citizens," read the dissenting opinion authored by Justices Stephen Breyer, Sonia Sotomayor, and Elena Kagan."No one should be confident that this majority is done with its work," they wrote. "The right Roe and Casey recognized does not stand alone."Read Full StoryChief Justice John Roberts says Supreme Court went too far in taking 'the dramatic step' of overturning Roe v. WadeChief Justice John Roberts.Drew Angerer/Getty ImagesChief Justice John Roberts said he felt the Supreme Court's five other conservatives went too far in their decision to overturn Roe v. Wade."The Court's decision to overrule Roe and Casey is a serious jolt to the legal system — regardless of how you view those cases," Roberts wrote in his concurring opinion that was released on Friday along with the majority opinion.He continued: "A narrower decision rejecting the misguided viability line would be markedly less unsettling, and nothing more is needed to decide this case."Read Full StoryPence says the overturning of Roe v. Wade has 'righted a historic wrong'Former Vice President Mike Pence said the Supreme Court "righted a historic wrong" when it undid nearly 50 years of abortion rights nationwide on Friday."Now that Roe v. Wade has been consigned to the ash heap of history, a new arena in the cause of life has emerged and it is incumbent on all who cherish the sanctity of life to resolve that we will take the defense of the unborn and support for women in crisis pregnancies to every state Capitol in America," Pence said in the statement, in one of the first reactions from a politician. Read Full StoryJustice Thomas says Supreme Court should reconsider rulings that protect contraception and same-sex marriageJustice Clarence ThomasDrew Angerer/Getty ImagesJustice Clarence Thomas said the Supreme Court should reconsider rulings that protect contraception, same-sex relationships, and same-sex marriage, in a concurring opinion with the ruling to overturn the precedent set in Roe v. Wade."For that reason, in future cases, we should reconsider all of this Court's substantive due process precedents, including Griswold, Lawrence, and Obergefell," the conservative justice wrote. Read Full StorySupreme Court overturns 1973 landmark Roe v. Wade rulingThe Supreme Court has overturned the 1973 landmark Roe v. Wade ruling that established the constitutional right to an abortion.The opinion in the case Dobbs v. Jackson Women's Health Organization threw out the decades-old ruling by siding with Mississippi and other states that had passed restrictive anti-abortion laws."The Constitution does not confer a right to abortion; Roe and Casey are overruled; and the authority to regulate abortion is returned to the people and their elected representatives," the Friday ruling said. The ruling now leaves the legality of abortion up to state legislatures. Over a dozen states have "trigger laws" meant to ban abortion immediately upon the overturning of Roe.A leaked draft majority opinion obtained by Politico last month seemed to show the court was set to overturn Roe — immediately galvanizing nationwide protests along with condemnation by Democratic lawmakers.Read Full StoryRead the original article on Business Insider.....»»

The Supreme Court has overturned the 1973 landmark Roe v. Wade ruling that granted a nationwide, constitutional right to an abortion. Abortion rights and anti-abortion rights activists fill the street in front of the U.S. Supreme Court during a protest in the wake of the decision overturning Roe v. Wade outside on June 25, 2022, in Washington, DC.Photo by Anna Moneymaker/Getty Images) The Supreme Court overturned Roe v. Wade on last week. The 1973 landmark ruling established the constitutional right to an abortion. Over a dozen states have laws meant to immediately outlaw abortion upon a reversal of Roe. The Supreme Court last week overturned the 1973 landmark Roe v. Wade ruling that established the constitutional right to an abortion. The opinion in the case Dobbs v. Jackson Women's Health Organization threw out the ruling as the nation's highest court sided with Mississippi and other states, which passed restrictive anti-abortion laws.Immediately after last week's ruling, politicians on both sides of the aisle issued statements — with Republicans praising the Supreme Court and Democrats slamming the decision. Over a dozen states have "trigger laws" meant to ban abortion immediately upon the overturning of Roe, as the legality of abortion is now left up to state legislatures. Olivia Rodrigo calls out SCOTUS justices who voted to overturn Roe v. Wade with a rendition of 'F--- You'Olivia Rodrigo performing at the Glastonbury Festival on Saturday.Shirlaine Forrest/WireImage via Getty ImagesPop star Olivia Rodrigo on Saturday sent a message to the Supreme Court justices responsible for overturning Roe v. Wade, calling them out during her set at the Glastonbury music festival. Rodrigo invited her guest, British singer Lily Allen, on stage and the pair performed Allen's 2009 song, "Fuck You" — but not before Rodrigo named all five SCOTUS justices who helped gut the landmark ruling that protected abortion rights in America."Today is a very, very special day. This is actually my first Glastonbury," Rodrigo said. "But I'm also equally as heartbroken over what happened in America yesterday." Rodrigo told the crowd that the SCOTUS decision infringed on a woman's ability to secure a safe abortion, which she called a basic human right. Read Full StoryAfter Roe fell, Steve Bannon called for an 'army of the awakened' to 'shatter' DemocratsIn a Gettr post, Steve Bannon urged "patriots" to take advantage of the "Roe momentum" to win the MAGA movement a "massive victory" at the midterm elections.Tom Williams/CQ-Roll Call, Inc via Getty ImagesRight-wing figure Steve Bannon has called for an "army of the awakened" to "shatter" the Democratic party in post-Roe America. Bannon made a post on Gettr on Saturday lauding the Supreme Court's overturning of Roe v. Wade, a controversial decision that has led to abortion being halted in some states.In his post, Bannon called on "the army of the awakened" to rally and capitalize on the verdict. "This is the key take-away for MAGA … the pro-abortion movement is shattered and is now turning in on itself — because for 50 years they didn't have to work— the Courts and Regime Media covered for them — now The Abyss," Bannon wrote."That's the Democratic Party in November— we have a once-in-a-lifetime opportunity to shatter it into a million small pieces," Bannon added, referring to the upcoming midterm elections.Read Full StoryTexas abortion clinic staff describe how patients 'begged for help' when Roe v. Wade was overturned: reportA patient at the Alamo Women's Reproductive Services Clinic in San Antonio, Texas, is informed by a staff member on Friday that the clinic can no longer provide her with an abortion.Gina Ferazzi / Los Angeles Times via Getty ImagesStaff at an abortion clinic in Texas said they had to turn away people seeking abortions away just minutes after the Supreme Court overturned Roe v. Wade on Friday.Speaking to The 19th, an independent news organization, clinic administrator Andrea Gallegos described how she had to turn away a dozen patients waiting in the lobby of the Alamo Women's Reproductive Services clinic in San Antonio, Texas. Gallegos told The 19th that she and the clinic's staff had to tell the people gathered that, because of the ruling, "unfortunately, your geographical location affects your bodily autonomy." Per the outlet, Gallegos described the scene at the clinic as being one of "complete despair," with people screaming, crying, and begging for help.Read Full Story'Full House' star Jodie Sweetin was thrown to the ground by LAPD during freeway protest for abortion rightsJodie Sweetin told People that she was "proud" of those who showed up to protest.Matt Winkelmeyer/Getty ImagesLos Angeles Police Department officers shoved Jodie Sweetin onto the ground of a freeway in Los Angeles on Saturday during an abortion rights protest, video shows.The "Full House" and "Fuller House" star, wearing all black with a black backpack, can be seen in a video of the incident with a megaphone in hand when a couple of LAPD officers shove her to the ground. Protesters can be heard yelling "Jodie, you good?" and  "What the f*** is wrong with you guys?"Sweetin is then picked up and the crowd immediately begins to chant "no justice, no peace."Read Full StorySince the Roe ruling a gynecology clinic in Texas has received increased requests for permanent sterilization: 'I sense that they're scared'Protesters march during an abortion-rights rally on June 25, 2022 in Austin, Texas.Sergio Flores/Getty ImagesA women's health clinic in Austin, Texas, has received dozens of requests for permanent sterilizations after Friday's decision by the Supreme Court to overturn Roe v. Wade, the landmark decision that established a constitutional right to an abortion. After the Women's Health Domain closed on Friday evening for the weekend, it received 109 new patient requests, the majority of which were requesting tubal ligation, or permanent sterilization. Read Full StoryThe impact of Kavanaugh's confirmation on the 2018 elections may reveal how the reversal of Roe v. Wade could impact this year's midtermsU.S. Supreme Court Associate Justice Brett Kavanaugh.Chip Somodevilla/Getty ImagesAs political analysts seek to understand the possible impact of Roe v. Wade being overturned on this year's midterm elections, some suggest that data from 2018 may reveal possible trends. In 2018, following the contentious confirmation hearings of Supreme Court Justice Brett Kavanaugh — who was accused of sexual assault by Christine Ford — 40 Republican US House seats flipped to Democratic candidates. GOP candidates led in polls taken prior to the hearings and went on to lose in November in 27 of those races, indicating increased mobilization among partisan voters following the hearings.  Read Full StoryLindsey Graham said Alito's abortion opinion was correct for distinguishing Roe from same-sex marriage and contraception rulingsRepublican Sen. Lindsey Graham.J. Scott Applewhite/APRepublican South Carolina Senator Lindsey Graham said Sunday that Justice Samuel Alito, unlike Justice Clarence Thomas, was correct for saying same-sex marriage and contraception would not be affected by the Supreme Court decision to overturn Roe v. Wade. In his concurring opinion on the ruling, Thomas wrote "we should reconsider all of this Court's substantive due process precedents" for cases regarding contraceptive access, same-sex relationships, and same-sex marriage.Read Full StoryAOC says Supreme Court justices who lied under oath must face consequences for 'impeachable offense'U.S. Rep. Alexandria Ocasio-Cortez (D-NY).Alex Wong/Getty ImagesRep. Alexandria Ocasio-Cortez on Sunday said she believes it's an "impeachable offense" for a Supreme Court justice to lie under oath. Following the overturn of Roe v. Wade, Sens. Susan Collins and Joe Manchin said they felt misled by Justices Brett Kavanaugh and Neil Gorsuch during their individual confirmation hearings. The two senators, both pro-choice, voted to confirm Kavanaugh and Gorsuch because they assured them that they believed Roe v. Wade, the 1973 landmark Supreme Court decision that made abortion a constitutional right nationwide, was law. Both Gorsuch and Kavanaugh, however, voted to strike down Roe earlier this week.Ocasio-Cortez, speaking in an interview with NBC News' "Meet the Press," said she believes the court is facing a "crisis of legitimacy" and justices must face consequences if they lie under oath. "If we allow Supreme Court nominees to lie under oath and secure lifetime appointments to the highest court of the land and then issue, without basis," she said, "we must see that through. There must be consequences for such a deeply destabilizing action and a hostile takeover of our democratic institutions."Read Full StoryElizabeth Warren: Supreme Court 'set a torch' to the last of its legitimacySen. Elizabeth Warren.Tom Williams/CQ-Roll Call, Inc via Getty ImagesSen. Elizabeth Warren said the US Supreme Court has lost all legitimacy following the rollback of Roe v. Wade, the 1973 landmark decision that made abortion a constitutional right nationwide.Speaking on ABC News' "This Week" on Sunday, Warren suggested that Republicans have tried to stack the Supreme Court with justices who would be against abortion. "The Republicans have been very overt about trying to get people through the court who didn't have a published record on Roe, but who they knew — wink wink nod nod — were going to be extremist on the issue of Roe v. Wade." Warren said. "And that is exactly what we have ended up with.""This court has lost legitimacy. They have burned whatever legitimacy they may still have had," Warren continued. "They just took the last of it and set a torch to it with the Roe v. Wade opinion."Read Full StoryAn abortion clinic in North Dakota has raised more than $500,000 in two days to fund its move to MinnesotaActivists march along Constitution Avenue to the US Supreme Court on May 14, 2022.Astrid Riecken for The Washington Post via Getty ImagesAn abortion clinic based in North Dakota has raised more than $550,000 to fund its move in the two days since the Supreme Court's decision to roll back Roe v. Wade. The Red River Women's Clinic of Fargo, North Dakota, set up a GoFundMe to assist with a planned move to Moorhead, Minnesota. North Dakota is one of the at least 13 states that has a "trigger" law, which immediately bans abortions following the overturn of Roe v. Wade. But moving out of North Dakota means there will no longer be an operating abortion clinic in the state. READ FULL STORYThe overturning of Roe v. Wade will 'exacerbate the mental health crisis' in the US, American Psychological Association saysRear view of an unrecognizable abused woman sitting on her bed looking out the window. - stock photoAlvaro Medina Jurado/ Getty ImagesThe American Psychological Association warned on Friday that the decision to overturn Roe v. Wade will exacerbate mental health in the United States.Research suggests that "adding barriers to accessing abortion services may increase symptoms of stress, anxiety, and depression," APA President Frank C. Wornell said in a statement."We are alarmed that the justices would nullify Roe despite decades of scientific research demonstrating that people who are denied abortions are more likely to experience higher levels of anxiety, lower life satisfaction and lower self-esteem compared with those who are able to obtain abortions," Wornell added. READ FULL STORYTrump congratulated his conservative Supreme Court justice picks for their 'courage' amid the overturn of Roe v. WadeFormer President Donald Trump.AP Photo/Joe MaioranaFormer President Donald Trump on Saturday thanked his three conservative justice picks on the Supreme Court, all of whom voted to overturn Roe v. Wade."Yesterday the court handed down a victory for the Constitution, a victory for the rule of law, and above all, a victory for life," Trump said during a rally in Mendon, Illinois. "Thanks to the courage found within the United States Supreme Court, this long divisive issue will be decided by the states and by the American people," he added.He congratulated his three picks — Neil Gorsuch, Brett Kavanaugh, and Amy Coney Barrett — and praised the decision.READ FULL STORYAOC recalls thanking God she had the choice to get an abortion when she took a pregnancy test after being rapedRep. Alexandria Ocasio-Cortez of New York.Drew Angerer/Getty ImagesRep. Alexandria Ocasio-Cortez on Friday shared a personal sexual assault story during a pro-abortion rights rally, saying she felt grateful she had the freedom to obtain an abortion if she needed one in that moment. "I myself, when I was about 22 or 23 years old, was raped while I was living here in New York City," she told a crowd in New York's City Union Square Park. "I was completely alone. I felt completely alone. In fact, I felt so alone that I had to take a pregnancy test in a public bathroom in midtown Manhattan.""When I sat there waiting for what the result would be, all I could think was thank God I have, at least, a choice," she continued. "Thank God I could, at least, have the freedom to choose my destiny."READ FULL STORYGloria Steinem slams Roe v. Wade repeal, says 'there is no democracy' without the right to choseGloria Steinem was one of the most important activists of the Women's Movement.Mike Coppola/Getty ImagesJournalist and feminist leader Gloria Steinem has slammed the impact of repealing Roe v. Wade will have on democracy, in an email to AP."Obviously, without the right of women and men to make decisions about our own bodies, there is no democracy," she said. She has called for action to fight the Supreme Court ruling overturning Roe v. Wade, protecting US abortion rights."Banning abortions does not stop the need. It just bans their safety."Read Full StoryGOP privately worrying overturning Roe v. Wade could impact midterms: 'This is a losing issue for Republicans,' report saysProtests outside of the Supreme Court after it overturned Roe v. WadeCamila DeChalusWhile Republicans are publicly celebrating the overturning of Roe v. Wade, some are privately worrying that the timing could negatively impact the November midterms. Some Republicans fear the abortion ruling could give Democrats ammunition to attack them and mobilize voters, Politico reported, based on interviews with more than a dozen GOP strategists and officials."This is not a conversation we want to have," Republican strategist John Thomas told Politico. "We want to have a conversation about the economy. We want to have a conversation about Joe Biden, about pretty much anything else besides Roe. This is a losing issue for Republicans."Read Full StoryPlanned Parenthood sues Utah to stop trigger law that makes abortion a felony punishable by up to 15 years in prisonPro-choice supporters and staff of Planned Parenthood hold a rally outside the Planned Parenthood Reproductive Health Services Center in St. Louis, Missouri, May 31, 2019.SAUL LOEB/AFP via Getty ImagesThe Planned Parenthood Association of Utah is suing to stop the state's "trigger law" abortion ban that took effect on Friday following the overturning of Roe v. Wade.The Utah law makes abortions, with limited exceptions, a second-degree felony punishable by up to 15 years in prison. Read Full StoryMany Republicans rejoiced at Roe being overturned but these 4 GOP governors want to protect the right to abortionGov. Chris Sununu of New Hampshire.AP Photo/Charles Krupa, FileAfter Friday's Supreme Court Roe v. Wade ruling, which revoked the constitutional right to abortion, many Republicans celebrated it as a win. The GOP has long been at the forefront of the fight to restrict abortion access and many Republican-led states have enacted or will enact abortion bans as a result of the decision.Read Full StoryGeorgia Democratic nominee for Governor Stacey Abrams explains the change in her position on abortion: There is 'no place in that medical decision for ideology or for politicians'Democratic gubernatorial candidate Stacey Abrams speaks to the media during a press conference, May 24, 2022Joe Raedle/Getty ImagesGeorgia Democratic nominee for Governor Stacey Abrams explained in a Friday interview with CNN how her perspective on abortion rights has evolved over the years and how she came to support the right to abortion services after being raised in a religious household. "I was very much on the side of anti-abortion, through much of my upbringing. I grew up in Mississippi, in a very religious family, in a religious community," Abrams told CNN host Sara Sidner. "And I was raised to have a very uncritical eye to this question."Read Full StoryWhat is the Hyde Amendment and how is it related to the Supreme Court decision to overturn Roe v. Wade?People protest the Supreme Court decision to overturn Roe v Wade abortion decision in New York City, New York, U.S., June 24, 2022.REUTERS/Caitlin OchsFollowing the Supreme Court's Friday decision to overturn Roe v. Wade, there have been renewed calls from lawmakers and activists to abandon the Hyde Amendment, a legislative provision preventing federal funds from being used on abortion services. The Hyde Amendment, named for anti-abortion Congressman Henry Hyde who introduced the provision, was passed in 1976, just four years after the landmark Roe vs. Wade ruling that established the right to an abortion. The amendment, which prevents federal funds from services such as Medicaid to be used to provide abortions, was mired in legal challenges for its first years, leading to the Supreme Court case Harris v. McRae. Read Full StoryAfter calls from AOC and other Dems to expand the court, White House says Biden 'does not agree' with the movePresident Joe Biden.Getty ImagesAs calls for remedies to restrictions on abortion access grow, White House Press Secretary Karine Jean-Pierre said Saturday that President Joe Biden "does not agree with" expanding the Supreme Court. "I was asked this question yesterday, and I've been asked it before... about expanding the Court. That is something that the President does not agree with. That is not something that he wants to do," Jean-Pierre said during a press briefing on Air Force One.Read Full StoryVirginia Gov. Glenn Youngkin pushes state lawmakers for a 15-week abortion banRepublican Gov. Glenn Youngkin of Virginia.AP Photo/Steve HelberRepublican Gov. Glenn Youngkin of Virginia on Friday said he would push for a ban on most abortions after 15 weeks in the wake of the Supreme Court ruling overturning Roe v. Wade.Youngkin, who took office earlier this year, said in a statement that the court's decision was an "appropriate" return of power "to the people and their elected representatives in the states.""Virginians do want fewer abortions as opposed to more abortions," the governor said in a meeting at The Washington Post shortly after the decision was made public. "I am not someone who is going to jump in and try to push us apart … There is a place we can come together."Youngkin assembled four Republican legislators to help write legislation that could potentially attract bipartisan support in a legislature. In the state, the GOP has a 52-48 majority in the House of Delegates while Democrats have a 21-19 edge in the Senate.Read Full StoryMan uses truck to repeatedly block entrance to Mississippi's only abortion clinic as tensions run high after Roe v. Wade rulingA man blocked the entrance to the Jackson Women's Health Organization, Mississippi's only abortion clinic, with his truck on June 25, 2022 after the Supreme Court overturned Roe V. Wade earlier in the week.Kenneth NiemeyerJACKSON, MS — A man used his truck to block the entrance to Mississippi's only abortion clinic on Saturday as tensions continue to run high at the clinic after the Supreme Court overturned Roe V. Wade earlier in the week.The Jackson Women's Health Organization, the only abortion clinic in Mississippi, has vowed to remain open for at least nine more days after the Supreme Court voted 5-4 to overturn Roe V. Wade, a landmark decision that legalized abortion nationally. Mississippi has a trigger law that requires the state attorney general to certify the Supreme Court's decision and allows for the clinic to remain open for 10 days after the certification.Pro-life demonstrators continued to clash with clinic volunteer escorts, who call themselves Pink House Defenders, on Saturday. The clinic, housed in a large pink building, is commonly referred to locally as the Pink House.A man in a white truck blocked the entrance to the clinic at least twice on Saturday.Read Full StoryDemocratic lawmakers urge FTC to investigate Apple and Google over mobile tracking data practices targeting abortion seekersDaniil Dubov/Getty ImagesFour Democratic lawmakers on Friday urged the Federal Trade Commission to investigate Apple and Google's mobile tacking practices regarding abortion seekers. Sens. Elizabeth Warren of Massachusetts, Cory Booker of New Jersey, Ron Wyden of Oregon, and Sara Jacobs of California wrote a letter to FTC Chair Lina Khan — accusing Apple and Google of collecting and selling "Hundreds of millions of mobile phone users' data." The lawmakers argued that for individuals seeking abortion services in states where abortion would be illegal it is essential that their data won't fall into the wrong hands.Read Full StorySens. Susan Collins and Joe Manchin, who voted to confirm justices Kavanaugh and Gorsuch, say they were misled on Roe v. WadeSen. Joe Manchin (D-WV) and Sen. Susan Collins (R-ME).Drew Angerer/Getty ImagesCentrist Senators Susan Collins and Joe Manchin criticized Friday's landmark Supreme Court ruling overturning Roe v. Wade, suggesting they felt misled by Justices Brett Kavanaugh and Neil Gorsuch.Collins, a Maine Republican, and Manchin, a West Virginia Democrat, both voted to confirm Kavanaugh and Gorsuch. Both senators are pro-choice and said that the justices had assured them they believed Roe v Wade was settled law."I trusted Justice Gorsuch and Justice Kavanaugh when they testified under oath that they also believed Roe v. Wade was settled legal precedent. I am alarmed they chose to reject the stability the ruling has provided for two generations of Americans," Manchin said in a statement.Manchin, a self-described centrist, was one of three Democrats to vote to confirm Gorsuch in 2017 and the only Democrat who voted to confirm Kavanaugh in 2018. Kavanaugh's 50-48 confirmation vote was historically close.Manchin said that while he is personally pro-life, he would "support legislation that would codify the rights Roe v. Wade previously protected."Read Full StorySenators Elizabeth Warren and Tina Smith call on Biden to 'declare a public health emergency' now that Roe v Wade 'is gone'Sen. Elizabeth Warren, D-Mass., right, and Sen. Tina Smith, D-Minn.Photo By Tom Williams/CQ Roll Call)US Senators Elizabeth Warren of Massachusetts and Tina Smith of Minnesota are calling on President Joe Biden to  "declare a public health emergency," following the Supreme Court's decision to overturn Roe v. Wade.In an op-ed for the New York Times on Saturday, the Democratic senators said that "with the release of the Dobbs decision," the US is facing " a perilous time that threatens millions of women across this nation.""We urge the president to declare a public health emergency to protect abortion access for all Americans, unlocking critical resources and authority that states and the federal government can use to meet the surge in demand for reproductive health services. The danger is real, and Democrats must meet it with the urgency it deserves," Warren and Smith wrote. The senators blamed the reversal of Roe v. Wade on "right-wing politicians and their allies" who they said "have spent decades scheming."Read Full StorySearches for how to move to Canada from the US spike by over 850% after Roe v. Wade rulingMary Meisenzahl/InsiderSearches for how to move to Canada spiked over 850% on Google after the Supreme Court ruled to overturn Roe v Wade, Axios reported. Citing Simon Rogers' Google Trends newsletter, Axios reported that searches for  "How to become a Canadian citizen" also rose by 550% as of Friday evening.In a 5-4 majority opinion, the Supreme Court on Friday overturned the 50-year-old landmark ruling that legalized abortion nationwide.Read Full StoryA pickup truck driver in Iowa ploughed into pro-choice protesters opposing the overturning of Roe v. Wade abortion rightsProtesters approach a pickup truck that attempted to run over abortion-rights protesters in Cedar Rapids, Iowa.Isacc Davis via ReutersA truck drove into a group of pro-choice protesters in Cedar Rapids, Iowa, on Friday, leading to at least one woman being hospitalized. The group of mostly women protesters was demonstrating against the landmark Supreme Court ruling overturning Roe v. Wade when an unidentified man driving a black Ford truck drove into them.In videos of the incident, protesters can be seen trying to stand in the car's way and shouting at the driver to stop. He accelerates and a protester is knocked to the ground.Read Full StoryBill Gates and George Soros among billionaires denouncing Roe v. Wade decisionBill Gates voiced opposition to the Roe v. Wade decision, while Warren Buffett is reportedly planning a big investment in abortion rights.Spencer Platt/Getty ImagesSome of America's most prominent billionaires have denounced the overturning of Roe v. Wade, as Warren Buffett reportedly sets in motion plans for big donations to reproductive rights.Bill Gates, Melinda French Gates, and George Soros all tweeted their opposition to the Supreme Court decision to roll back abortion rights nationally, overturning a near-50-year precedent. Bill Gates tweeted: "This is a sad day. Reversing Roe v. Wade is an unjust and unacceptable setback. And it puts women's lives at risk, especially the most disadvantaged."Read Full StoryMeta bans staff from open discussion of Roe v. Wade decision and is deleting internal messages that mention abortion: reportMeta has disallowed employees to discuss abortion on internal messaging system.Joan Cros/Getty ImagesMeta has warned employees not to discuss the Supreme Court's decision to overturn Roe v. Wade on its internal system and deleting messages that do so, The New York Times reported.Managers cited a policy that put "strong guardrails around social, political and sensitive conversations" in the workplace, according to company insiders, the newspaper reported. Read Full StoryVatican praises US Supreme Court for overturning Roe v. Wade, says it 'challenges the whole world'Pope Francis gestures, during his weekly general audience in the Paul VI Hall, at the Vatican, Wednesday, March 23, 2022.Alessandra Tarantino/Associated PressThe Vatican's Pontifical Academy for Life has praised the US Supreme Court's decision to overturn Roe v Wade which protected abortion rights for women. They also called that legislation ensures that those giving birth are given the support needed to keep and care for their children. In a statement released on Twitter, the Catholic organization said "The fact that a large country with a long democratic tradition has changed its position on this issue also challenges the whole world."Read Full Story The Arizona State Senate had to be evacuated after tear gas police deployed on protesters spread into the buildingArizona State Capitol Building at sunrise, features Winged Victory statue and was modeled after Greek statue Nike of Samothrace.Joe Sohm/Visions of America/Universal Images GroupThe Arizona State Senate Building in Phoenix was evacuated on Friday after police deployed tear gas at demonstrators.A video posted on social media by Republican State Senator Michelle Ugenti-Rita shows dozens of people protesting outside the government building in response to the Supreme Court's decision to overturn Roe v. Wade. Read Full StoryObergefell, the plaintiff in the SCOTUS same-sex marriage ruling, said it's 'quite telling' Clarence Thomas omitted the case that legalized interracial marriage after saying the courts should go after other right to privacy casesAssociate Supreme Court Justice Clarence Thomas and his wife and conservative activist Virginia Thomas arrive at the Heritage Foundation on October 21, 2021.Drew Angerer/Getty ImageJim Obergefell, the plaintiff behind the Supreme Court's landmark ruling on same-sex marriage, said Friday that Justice Clarence Thomas omitted Loving v. Virginia on his list of  Supreme Court decisions to "reconsider" because it "affects him personally." "That affects him personally, but he doesn't care about the LGBTQ+ community," Obergefell said on MSNBC's "The Reid Out."Read Full StoryStanding among protestors after the fall of Roe vs. Wade, AOC calls on Biden to create abortion clinics on federal landRep. Alexandria Ocasio-Cortez (D-NY) speaks to abortion-rights activists in front of the U.S. Supreme Court after the Court announced a ruling in the Dobbs v Jackson Women's Health Organization case on June 24, 2022 in Washington, DC.Nathan Howard/Getty ImagesRep. Alexandria Ocasio-Cortez on Friday called on President Biden to create abortion clinics on federal land, following the landmark Supreme Court ruling which overturned Roe v. Wade and removed federal abortion protections. Speaking to a crowd of protestors gathered in New York's Union Square, Rep. Ocasio-Cortez encouraged people to "be relentless to restore and guarantee all of our rights." She detailed her own experience after sexual assault in her 20s, when she was grateful that abortion would have been an option for her if she needed it, and pushed for federal action to preserve access to reproductive healthcare.  Read Full StoryThe states passing strict abortion bans have some of the highest maternal and infant mortality rates in the countryPRODUCTION - 17 April 2021, Berlin: A midwife listens to the heart tones of an unborn child with an ultrasound device. The woman is in her 2nd trimester of pregnancy and is lying on a bed in the midwife's office. 5.5.2021 is International Midwifery Day, which is intended to draw attention to the importance of the profession.Annette Riedl/picture alliance via Getty ImagesWith Friday's Supreme court ruling overturning Roe v. Wade – the landmark case guaranteeing a right to abortion – 13 states with automatic trigger laws enacted total or near-total bans on abortions. The surge of new abortion bans and clinic closures has highlighted the recent rise in America's maternal mortality rates that are disproportionately affecting women of color and have placed the US first in maternal deaths among all developed nations.Read Full StoryPro-choice advocates come out in force vowing to continue the fight after the Supreme Court strikes down Roe v. WadeA massive crowd gathered in New York's Washington Square Park, hours after the Supreme Court struck down Roe v. Wade.Anna Watts for InsiderHours after the Supreme Court announced it had struck down the landmark Roe v. Wade decision, throngs of pro-choice Americans took to the streets vowing to continue the fight. In New York's Washington Square Park, a somber and angry crowd began assembling at 5 p.m. ET. They held handwritten signs with words like "Betrayed" or "My corpse has more rights." Some were smeared with red paint.Read Full StoryWhich Supreme Court justices voted to overturn Roe v. Wade? Here's where all 9 judges standReproductive rights activists hold cut out photos of the Supreme Court justices as oral arguments in Dobbs v. Jackson Womens Health Organization case are held on Wednesday, December 1, 2021.Bill Clark/CQ-Roll Call, Inc via Getty ImagesThe Supreme Court on Friday overturned Roe v. Wade in a 5-4 majority opinion that guts federal abortion rights protections previously upheld by the nearly 50-year-old landmark ruling.The conservative majority voted to uphold the Mississippi law at the heart of the case which seeks to ban abortion after 15 weeks of pregnancy, a contradiction to the standard set by Roe, which allowed abortions until about 24 weeks of pregnancy, at which point a fetus could feasibly survive outside the womb. Six justices ruled in favor of upholding Mississippi's 15-week ban, but it was the majority opinion of five judges that ultimately led to the total overhaul of Roe v. Wade. Read the full story to find out how each justice voted. READ FULL STORYThis map shows where abortion is illegal, protected, or under threat across all 50 US statesPro-life and abortion-rights advocates crowd the Supreme Court building after Roe v. Wade was overturned Friday morning.Brandon Bell/Getty ImagesOn Friday, the Supreme Court overturned Roe v. Wade, the near 50-year-old court ruling that legalized abortion across all 50 US states.Some states have been preparing for years for the possibility that Roe could be overturned.A handful of states had trigger laws designed to immediately ban abortions within their borders once the decision was reversed. Some "sanctuary states," like New York, put in place legal framework that would protect abortion, even if Roe were overturned. In other areas of the country, it isn't totally clear what happens next — abortion isn't legally protected, but it's also not expressly forbidden.Read Full StoryThe Supreme Court just overturned Roe v. Wade, but the vast majority of Americans don't even know who the court's justices areSeated 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 ImagesThe Supreme Court on Friday overturned Roe v. Wade, the nearly 50-year-old landmark ruling that protected abortion rights nationwide.But recent polling suggests that the vast majority of American voters don't even know who these influential justices are, highlighting an apparent disconnect between the nation's top court and the very people affected by its rulings.Ahead of Judge Ketanji Brown Jackson's Senate confirmation earlier this year, C-SPAN and Pierrepont Consulting & Analytics surveyed more than 1,000 likely voters to gauge the public's interest in and awareness of the Supreme Court's work and relevance. While 84% of voters said the Supreme Court's decisions affect their everyday life, far fewer respondents could provide basic details about the court's history or inner workings.Keep ReadingWisconsin patients who were scheduled to receive abortions were turned away in the waiting room after Roe v. Wade was overturnedA volunteer escort outside Affiliated Medical Services, a Milwaukee abortion clinic, on Wednesday, May 28, 2014, in Milwaukee.AP Photo/Dinesh Ramde FileIn Wisconsin, Planned Parenthood clinics had been scheduling patients through Saturday, June 25, but had stopped scheduling for next week in anticipation of the Supreme Court ruling that would overturn Roe v. Wade, which was leaked in May.When the news broke Friday morning that the court had rendered its opinion, Tanya Atkinson, president of Planned Parenthood of Wisconsin, said her clinics had patients waiting to receive services."Our team had to go out into the lobby and let those individuals know that they would not be able to access the healthcare that they needed," Atkinson told the local PBS station.Keep ReadingProtestors planning to protest on Justice Clarence Thomas' streetProtestors are planning to head over to Justice Clarence Thomas' house on Friday night after the Supreme Court overturned Roe v. Wade."Enraged? Devastated? Pissed the fuck off? So are we," Our Rights DC tweeted on Friday afternoon."Meet us at 5711 Burke Centre Pkwy. 6:30 PM we meet, 7 PM we carpool to the Thomas's street. WEAR A MASK," the human rights organization added. Read Full StoryThe sports world is speaking out against Friday's Supreme Court rulingPro-choice activists protest in response to the leaked Supreme Court draft decision to overturn Roe v. Wade in front of the US Supreme Court May 3, 2022 in Washington, DC.Alex Wong/Getty ImagesSome of the biggest names in sports — from tennis to basketball — are speaking out after the Supreme Court ruled to overturn Roe v. Wade on Friday.The Minnesota Lynx's Natalie Achonwa wrote on Twitter that she's "feeling sick & heartbroken" after hearing about the decision. Tennis legend and feminist icon Billie Jean King said on Twitter that it's a "sad day" in the US. The WNBA's Seattle Storm tweeted that they are "furious and ready to fight."Orlando Magic point guard Devin Cannady tweeted that the "country needs to be better," adding in a follow-up note that the ruling is "a POWER grab over WOMEN."Read Full StoryThese organizations are asking for donations after Roe v. Wade was overturnedIn the wake of the Supreme Court's decision to overturn Roe v. Wade, organizations fighting for abortion rights are calling on supporters to donate.Click the link below for some organizations that are asking for help to either fight the ruling or provide access to abortion for women in states where it will be banned. Read Full StoryAttorney General says states can't ban abortion pills that are approved by FDAUS Attorney General Merrick Garland said states can't ban abortion medication mifepristone "based on disagreement" with the US Food and Drug Administration.Garland said on Friday that the FDA already ruled on the pill's "safety and efficacy," so the decision can't be overturned by states that want to restrict abortion access."Women who reside in states that have banned access to comprehensive reproductive care must remain free to seek that care in states where it is legal," Garland said, after the Supreme Court overturned Roe v. Wade earlier.He continued: "Moreover, under fundamental First Amendment principles, individuals must remain free to inform and counsel each other about the reproductive care that is available in other states."Read Full Story House Democrats sang 'God Bless America' on Capitol steps as crowds protested at Supreme CourtHouse Speaker Nancy Pelosi leads a rally celebrating the passage of gun safety legislation as protesters swarm the court just yards away on June 24, 2022.Chip Somodevilla/Getty ImagesHouse Democrats gathered outside the Capitol on Friday to celebrate passing new gun safety legislation, and cheerfully sang "God Bless America."Across the street, however, protesters swarmed the Supreme Court after the decision to overturn Roe v. Wade. Read Full StoryVideos show police in riot gear head to Supreme Court after decisionCapitol Police in riot gear could be seen marching towards the Supreme Court earlier on Friday after Roe v. Wade was overturned. A video shared to Twitter by CNN correspondent Manu Raju showed dozens of officers march from the Capitol building and to the Court.Law enforcement also closed streets around the high court, where peaceful protesters gathered by the hundreds after the decision. —Manu Raju (@mkraju) June 24, 2022 Read Full StoryMassive protests erupt outside Supreme Court after Roe v. Wade rulingProtesters outside of Supreme CourtCamila DeChalusHundreds of people gathered outside the Supreme Court on Friday to protest the ruling that overturns Roe v. Wade. Abortion-rights advocates waived green and black signs and shouted "my body, my choice."Across from the abortion-rights protesters, a group of abortion opponents wore red shirts with white letters that read: "The pro-life generation votes."Read Full StoryThe 13 states with abortion-ban 'trigger laws' are not prepared to enforce themThirteen states with abortion "trigger laws" — where the practice could become illegal — are not prepared for how to go about implementing a ban.An Insider investigation over the last few months found that, through over 100 records requests and reaching out to nearly 80 state and local officials, just one agency could detail any sort of plan. This story is part of an investigative series from Insider examining the demise of abortion rights in so-called "trigger law" states. It was originally published on May 7, 48 days before the Supreme Court ruled in Dobbs v. Jackson Women's Health Organization that abortion is no longer a constitutionally protected right. Read all the stories from "The First 13" here.Read Full StoryStates where abortion access will be on the ballot in 2022Abortion-rights supporters chant their objections at the Kentucky Capitol on Wednesday, April 13, 2022, in Frankfort, Ky., Kentucky is one of at least four states with abortion-related ballot measures in 2022.AP Photo/Bruce Schreiner, FileAbortion policy will be on the ballot in at least four states during the upcoming 2022 midterm elections — the highest number of abortion-related ballot measures to appear in a year since 1986. Kansas and Kentucky will vote on constitutional amendments to establish no right to an abortion, while Montana will vote on a "born-alive" amendment that would extend personhood to infants "born alive" at any stage.On the other side, voters in Vermont will decide on an amendment that will enshrine the right to an abortion in the state's constitution.Read Full StoryBiden says Americans can have 'the final word' after the Supreme Court overturns Roe v. WadePresident Joe BidenStefani Reynolds/AFP/Getty ImagesPresident Joe Biden said Friday was a "sad day" for the nation after the Supreme Court overturned Roe v. Wade, and vowed his administration would do everything it can to protect women."With this decision, the conservative majority of the Supreme Court shows how extreme it is, how far removed they are from the majority of the country," Biden said during an address to the nation. He continued: "But this decision must not be the final word," urging Americans to vote.Read Full StoryGetting an abortion is going to get a lot more expensive for many AmericansParticipants hold signs during the Women's March at the US Supreme Court.Leigh Vogel/Getty Images for Women's March IncExperts told Insider that the cost of getting an abortion is all but guaranteed to rise after the Supreme Court on Friday overturned Roe v. Wade. Many who live in states where abortion will become mostly, or entirely, illegal will have to face travel costs if they want a procedure in a different state where it is legal. Wage loss for taking time off to get a procedure is another issue. "You might be salaried and I might be salaried, and you can take time off," said Anna Rupani, executive director of Fund Texas Choice (FTC), a nonprofit organization that pays for low-income Texans' associated abortion costs. "A lot of our clients are living paycheck to paycheck, they're not in salaried positions… they're experiencing wage loss."Read Full StoryPelosi warns 'Republicans are plotting a nationwide abortion ban'House Speaker Nancy Pelosi warned that congressional Republicans want to pass a federal abortion ban into law after the Supreme Court overturned Roe v. Wade.Be aware of this: the Republicans are plotting a nationwide abortion ban," Pelosi said during her weekly press briefing. "They cannot be allowed to have a majority in the Congress to do that. But that's their goal."She continued: "What this means to women is such an insult. It's a slap in the face to women about using their own judgment to make decisions about their reproductive freedom."Read Full StoryTrump reportedly believes overturning Roe v. Wade is 'bad for Republicans'Trump stands with now-Justice Amy Coney Barrett at the White House after she was sworn in on October 26, 2020.Brendan Smialowski / AFP via Getty ImagesFormer President Donald Trump praised the Supreme Court for overturning Roe v. Wade on Friday."This is following the Constitution, and giving rights back when they should have been given long ago," he told Fox News.Privately, Trump has said that overturning Roe would be "bad for Republicans," according to The New York Times' Maggie Haberman and Michael C. Bender.Read Full StoryLead plaintiff in case that made same-sex marriage legal slams Justice Thomas' call for case to be reconsideredThe lead plaintiff in the case that made same-sex marriage legal slammed Justice Clarence Thomas' call for the case to be reconsidered.Thomas said the Supreme Court should reconsider rulings that protect same-sex marriage, in the wake of Friday's decision to overturn nationwide access to abortions."The millions of loving couples who have the right to marriage equality to form their own families do not need Clarence Thomas imposing his individual twisted morality upon them. If you want to see an error in judgment, Clarence Thomas, look in the mirror," Jim Obergefell said in a statement obtained by HuffPost.Read Full StoryMichelle Obama said she is 'heartbroken' after the Supreme Court's decisionFormer first lady Michelle ObamaJae C. Hong/Associated PressFormer First Lady Michelle Obama said she is "heartbroken" after the Supreme Court overturned Roe v. Wade on Friday.She said before Roe was established, women "risked their lives getting illegal abortions.""That is what our mothers and grandmothers and great-grandmothers lived through, and now here we are again," Obama wrote in her statement. "So yes, I am heartbroken — for the teenage girl full of zest and promise, who won't be able to finish school or live the life she wants because her state controls her reproductive decisions," she added.Read Full StoryAG Merrick Garland said the Supreme Court dealt 'a devastating blow' to abortion rightsAttorney General Merrick Garland said the Supreme Court dealt a "devastating blow to reproductive freedom in the United States" by eliminating the constitutional right to an abortion.Garland said in a statement that the Justice Department disagreed with the decision and predicted that it "will have an immediate and irreversible impact on the lives of people across the country.""And it will be greatly disproportionate in its effect – with the greatest burdens felt by people of color and those of limited financial means," he added.Read Full StorySenate announces hearing 'to explore the grim reality of a post-Roe America'The chairman of the Senate Judiciary Committee announced a hearing to explore the "grim reality" of life in the US in the aftermath of Friday's Supreme Court ruling."Today's decision eliminates a federally protected constitutional right that has been the law for nearly half a century," said Democratic Sen. Dick Durbin in a statement.He continued: "As a result, millions of Americans are waking up in a country where they have fewer rights than their parents and grandparents."The hearing is set for July 12, a day after the Senate returns from a two-week July 4 recess.Read Full StoryBiden to deliver remarks on Supreme Court's decision to overturn Roe v. WadePresident Joe Biden will deliver remarks at 12:30 p.m. local time on Friday about the Supreme Court's decision to overturn Roe v. Wade. The White House told reporters that he plans to speak about "the Supreme Court decision on Dobbs v. Jackson Women's Health Organization to overturn Roe v. Wade."Read Full StoryVarious politicians react to Friday's Supreme Court decision to overturn RoeCurrent and former politicians from both sides of the aisle are reacting to the Supreme Court's decision to overturn Roe v. Wade.Sen. Lindsey Graham said the decision is "a long overdue constitutional correction allowing for elected officials in the states to decide issues of life." Roe was "constitutionally unsound from its inception," he said. Senate Majority Leader Chuck Schumer called Friday "one of the darkest days our country has ever seen." "Millions upon millions of American women are having their rights taken from them by five unelected Justices on the extremist MAGA court," he said in a statement shared with Insider.  Read Full StoryNancy Pelosi and other Democrats are using the Supreme Court decision as a fundraising opportunity for the 2022 midtermsUS Speaker of the House Nancy Pelosi speaks in front of the steps to the House of Representatives with congressional members to speak on the Roe v. Wade issue May 13, 2022 in Washington, DC.Win McNamee/Getty ImagesHouse Speaker Nancy Pelosi and fellow Democrats are using the Supreme Court's decision to overturn Roe v. Wade as a fundraising opportunity ahead of the fall midterms. "Can you chip in $15 so we can WIN these midterms and finally codify reproductive rights into law?" Pelosi wrote supporters."Our ONLY option is to marshal a response so historic — 100,000 gifts before midnight — that we DEFEAT every anti-choice Republican that made this happen, EXPAND our Majorities, and FINALLY codify our reproductive rights into law. So, can I expect to see your name on my "Pro-Choice Champion" list tomorrow morning?"Read Full StoryPlanned Parenthood president slams Supreme Court decisionAlexis McGill Johnson, president of Planned Parenthood, addresses abortion-rights supporters at the "Bans Off Our Bodies Abortion Rally" at Los Angeles City Hall, Saturday, May 14, 2022.AP Photo/Damian DovarganesPlanned Parenthood Action Fund President Alexis McGill Johnson said the Supreme Court gave politicians "permission to control what we do with our bodies" after the Friday decision to overturn Roe v. Wade. "Due to centuries of racism and systemic discrimination, we already know who will feel the consequences of this horrific decision most acutely: Black, Latino and Indigenous communities, people with disabilities, those living in rural areas, young people, immigrants and those having difficulties making ends meet," she said. "All of our freedoms are on the line," she added. Read Full StoryDC police are fully activated in response to protests from the Supreme Court decisionPro-choice signs hang on a police barricade at the U.S. Supreme Court Building in Washington, DC, on May 3, 2022.Anna Moneymaker/Getty ImagesThe Washington, D.C. Police Department has been fully activated after protests broke out over the Supreme Court's decision to overturn Roe v. Wade. The Metropolitan Police Department said in an alert that it would "be fully activated to support expected First Amendment demonstrations," and added that "all members should be prepared to work extended tours as necessary" through Tuesday, June 28. A heavy police presence could be seen outside the Supreme Court Friday morning.Read Full StoryBarack Obama says overturning Roe v. Wade is an attack on 'essential freedoms of millions of Americans'Former president Barack Obama slammed the Supreme Court's decision to overturn Roe v. Wade, and urged people to vote and "join with the activists who've been sounding the alarm on abortion access for years.""Today, the Supreme Court not only reversed nearly 50 years of precedent, it relegated the most intensely personal decision someone can make to the whims of politicians and ideologues — attacking the essential freedoms of millions of Americans," he wrote on Twitter. He continued: "Join with the activists who've been sounding the alarm on abortion access for years — and act. Stand with them at a local protest. Volunteer with one of their organizations. Knock on doors for a candidate you believe in. Vote on or before November 8 and in every other election. Because in the end, if we want judges who will protect all, and not just some, of our rights, then we've got to elect officials committed to doing the same."Read Full StoryStoking fears of violence, Marjorie Taylor Greene credits Trump for the end of RoeFar-right Rep. Marjorie Taylor Greene praised former President Donald Trump and demonized Democrats in her live reaction to the Supreme Court overturning Roe v. Wade."Thank you President Trump," Greene said to a pro-Trump YouTube channel. "God bless you. This got overturned today because of your great work as president, and we want him back.""I do fear for the safety of people here in D.C.," she said, speculating without citing any evidence that Democrats will riot. Read Full StoryHillary Clinton says decision to overturn Roe will 'live in infamy' and is a 'step backward' for women's rightsExecutive Producer Hillary Rodham Clinton speaks on stage during "Below The Belt" New York Premiere at Museum of Modern Art on May 24, 2022 in New York City.Cindy Ord/Getty ImagesHillary Clinton said Friday's Supreme Court ruling is a "step backward" for women's rights."Most Americans believe the decision to have a child is one of the most sacred decisions there is, and that such decisions should remain between patients and their doctors," she tweeted after the decision. She continued: "Today's Supreme Court opinion will live in infamy as a step backward for women's rights and human rights."Read Full StoryFriday's decision could undo much of women's economic progress since the 1970sAbortion 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)Friday's decision to overturn Roe v. Wade will have enormous consequences for women's economic progress.Experts told Insider before the ruling that research points to the fact that abortion legalization has greatly contributed to women's progress in many ways, like reducing rates of teen motherhood and maternal mortality, increasing rates of workforce participation, earnings, and educational attainment."This is going to create just a perfect storm of concentrated human misery," said Kimberly Kelly, a sociology professor focused on abortion politics at a Mississippi college, before Friday's decision, adding that overturning Roe means "abortion is going to become a function of class privilege."Read Full StorySupreme Court's liberal justices warn more rights are at stake with the end of Roe v. WadeThe Supreme Court's three liberal justices warned in a dissent that other rights could be on the line after Friday's decision to overturn Roe v. Wade. "Whatever the exact scope of the coming laws, one result of today's decision is certain: the curtailment of women's rights, and of their status as free and equal citizens," read the dissenting opinion authored by Justices Stephen Breyer, Sonia Sotomayor, and Elena Kagan."No one should be confident that this majority is done with its work," they wrote. "The right Roe and Casey recognized does not stand alone."Read Full StoryChief Justice John Roberts says Supreme Court went too far in taking 'the dramatic step' of overturning Roe v. WadeChief Justice John Roberts.Drew Angerer/Getty ImagesChief Justice John Roberts said he felt the Supreme Court's five other conservatives went too far in their decision to overturn Roe v. Wade."The Court's decision to overrule Roe and Casey is a serious jolt to the legal system — regardless of how you view those cases," Roberts wrote in his concurring opinion that was released on Friday along with the majority opinion.He continued: "A narrower decision rejecting the misguided viability line would be markedly less unsettling, and nothing more is needed to decide this case."Read Full StoryPence says the overturning of Roe v. Wade has 'righted a historic wrong'Former Vice President Mike Pence said the Supreme Court "righted a historic wrong" when it undid nearly 50 years of abortion rights nationwide on Friday."Now that Roe v. Wade has been consigned to the ash heap of history, a new arena in the cause of life has emerged and it is incumbent on all who cherish the sanctity of life to resolve that we will take the defense of the unborn and support for women in crisis pregnancies to every state Capitol in America," Pence said in the statement, in one of the first reactions from a politician. Read Full StoryJustice Thomas says Supreme Court should reconsider rulings that protect contraception and same-sex marriageJustice Clarence ThomasDrew Angerer/Getty ImagesJustice Clarence Thomas said the Supreme Court should reconsider rulings that protect contraception, same-sex relationships, and same-sex marriage, in a concurring opinion with the ruling to overturn the precedent set in Roe v. Wade."For that reason, in future cases, we should reconsider all of this Court's substantive due process precedents, including Griswold, Lawrence, and Obergefell," the conservative justice wrote. Read Full StorySupreme Court overturns 1973 landmark Roe v. Wade rulingThe Supreme Court has overturned the 1973 landmark Roe v. Wade ruling that established the constitutional right to an abortion.The opinion in the case Dobbs v. Jackson Women's Health Organization threw out the decades-old ruling by siding with Mississippi and other states that had passed restrictive anti-abortion laws."The Constitution does not confer a right to abortion; Roe and Casey are overruled; and the authority to regulate abortion is returned to the people and their elected representatives," the Friday ruling said. The ruling now leaves the legality of abortion up to state legislatures. Over a dozen states have "trigger laws" meant to ban abortion immediately upon the overturning of Roe.A leaked draft majority opinion obtained by Politico last month seemed to show the court was set to overturn Roe — immediately galvanizing nationwide protests along with condemnation by Democratic lawmakers.Read Full StoryRead the original article on Business Insider.....»»

If The Streets Of America Are This Chaotic Now, What Will They Be Like When Things Really Start Hitting The Fan? Authored by Michael Snyder via The End of The American Dream blog, If you are not alarmed by what is happening to our largest cities, you should check to see if you still have a pulse.  Once upon a time, the beautiful new cities that our forefathers constructed were the envy of the entire planet, but now many of them have degenerated into crime-infested hellholes that are absolutely teeming with violent predators.  Shoplifting has essentially become a national pastime, open air drug markets operate freely right under the noses of indifferent authorities, and addicts pull down their pants and take a dump whenever and wherever they feel like doing so.  Thanks to record levels of illegal immigration, gang membership is absolutely exploding, and human trafficking has reached truly frightening levels.  Of course our steadily thinning police forces are overwhelmed at this point.  In fact, police in Seattle are stretched so thin that they often are not able “to take reports from rape victims”.  And if you are the victim of a non-violent crime in Seattle, good luck ever getting a police officer to pay attention to your case.  From coast to coast, communities are descending into a state of utter lawlessness.  So if things are this bad already, what will conditions be like when things really start hitting the fan? Continuing a trend that we have seen for the last couple of years, crime rates all over the nation just keep going higher and higher. For example, auto theft, grand larceny and transit crime are all up by more than 50 percent in New York City so far this year… Data released by the New York City Police Department showed Grand Larceny Auto increased by 51.1% with 5,420 incidents as of June 5 compared to just 3,587 incidents by the same time in 2021. That category had one of the largest upticks during the most recent crime statistic report covering May 30 to June 5. Grand larceny incidents spiked by 50.1% from 20,659 incidents reported to NYPD as of June 5, compared to the 13,713 reported during the same period last year. Meanwhile, overall transit crime surged by 53.6% so far this year. I thought that the new mayor was elected to end the crime wave. Instead, it appears that it has been supersized. One way to hide the rapid rise in crime is to decriminalize things that used to be major offenses. In Portland, voters decided to decriminalize hard drugs, but that just turned the city into an “open air drug market”… The streets of Portland resemble an ‘open air drug market’ after state officials’ scheme to decriminalize hard drugs led to a surge in overdose deaths, critics claim. Law enforcement agents say that the streets of Portland are full of homeless addicts openly buying and selling drugs and that signs of drug addiction are actually increasing statewide, Fox News reported. Photos show the desperate situation in the liberal Pacific Northwest city, where people can be seen shooting up drugs or passed out in broad daylight. At one time, Portland was one of the most magnificent cities in the entire world. Now it is a horror show. On top of all the ordinary crime that is going on, now we are witnessing a very alarming rise in politically-motivated violence. The Supreme Court decision that will overturn Roe v. Wade is expected to be released this month, and a group known as “Jane’s Revenge” has announced that it is “open season” on those with pro-life views… The pro-abortion group Jane’s Revenge is declaring it “open season” on pro-life groups and crisis pregnancy centers. The group has a history of damaging property during their protests, and they took credit for the vandalization of a pregnancy resource center in Des Moines, Iowa earlier this month. In a message posted to social media, the group said they broke windows and left graffiti political messages all over the clinic. “It was easy and fun,” the message read. Sadly, even though the official Supreme Court decision has not even been released yet, there has already been quite a bit of violence. In fact, it is being reported that there have been more than three dozen attacks on pro-life groups, churches and crisis pregnancy centers in recent weeks… An armed would-be assassin’s alleged attempt on the life of Supreme Court Justice Brett Kavanaugh last week is part of a wave of violence, arson, vandalism, and intimidation targeting pro-life groups and government officials since the leak last month of a draft Supreme Court opinion that would overturn Roe v. Wade. There have been more than three dozen such incidents directed at crisis pregnancy centers and churches in at least 20 states and Washington, D.C., according to a tally maintained by LifeNews.com, an anti-abortion site. The thin veneer of civilization that we all take for granted on a daily basis is rapidly dissipating, and our streets are becoming more uncivilized with each passing day. If this is happening while economic conditions are still relatively stable, what will happen once things start getting really crazy out there? In some parts of the world, the food crisis has already reached critical levels.  For example, the government of Sri Lanka has actually shortened the work week so that workers will have more time to grow their own food… Sri Lanka’s federal government on Monday approved a proposal that would shorten the work week of most public sector staff to four days so that workers will have time to farm their own crops, Reuters reported Tuesday, noting the measure aims to combat Sri Lanka’s worsening food shortages caused by a recent economic crisis. “Sri Lanka’s Cabinet late on Monday approved a proposal for public sector workers to be given leave every Friday for the next three months, partly because the fuel shortage made commuting difficult and also to encourage them to farm,” Reuters reported on June 14. Over in Africa, the United Nations has stopped feeding approximately 1.7 million citizens of South Sudan because they simply do not have enough funding to feed the rapidly growing throngs of desperately hungry people… The World Food Programme has been forced to stop providing food aid to around 1.7 million people in South Sudan, because of a lack of funding. The UN-run organization will still reach 4.5 million people, but many will miss out on vital resources. According to BBC News, over half the population of South Sudan is currently facing hunger due to floods, localized drought, continuing conflict, and rising food prices. Marwa Awad is from the World Food Programme and is in the northern town of Bentiu in South Sudan, where she has been talking to people about the effects the cuts to aid are having. All of the experts are telling us that the global food crisis is going to get a lot worse as the months roll along. If the UN has already reached the limit of what they are able to do, who is going to help the millions upon millions of hungry people that will soon need help in order to survive? Here in the U.S., food production has been affected by a bizarre series of disasters, and we are being warned that much less will be produced this year than originally anticipated.  I think that one expert summed up the current situation very well when he warned that “we are teetering on the edge right now”… Pennsylvania farmers are being “crushed” by the record cost of diesel – so much so, that questions about a food crisis are starting to loom, the Morning Call reported. One farmer in Lehigh County is quoted as saying: “I’ve got a tractor hooked up to my corn planter out here, no diesel fuel, and I can’t afford to get any.” That farmer was airing his gripes to Kyle Kotzmoyer, a legislative affairs specialist for the Pennsylvania Farm Bureau. Kotzmoyer then turned around and testified to state lawmakers: “We have reached that point to where it is very close to being a sinking ship. We are teetering on the edge right now.” If we eventually get to a point where food prices spiral completely out of control and there are widespread shortages, do you think that those living in our core urban areas will respond with grace and patience? Of course not. Instead, people will go absolutely nuts. We got a small preview of what is to come during the Arab Spring of 2011.  There were serious food shortages around the world that year, and that resulted in tremendous civil unrest. Here in the United States, most people do not have large amounts of food stored up, and that is especially true in our largest cities. So we better hope that the rapidly growing global food crisis does not affect us too severely, because the truth is that we are definitely not equipped to handle such a scenario. *  *  * It is finally here! Michael’s new book entitled “7 Year Apocalypse” is now available in paperback and for the Kindle on Amazon. Tyler Durden Sat, 06/18/2022 - 15:30.....»»

Greenwald Opines On Biden's "Submissive - And Highly Revealing - Embrace Of Saudi Despots" Authored by Glenn Greenwald via greenwald.substack.com, In 2018, President Trump issued a statement reaffirming the U.S.'s long-standing relationship with the Saudi royal family on the ground that this partnership serves America's “national interests.” Trump specifically cited the fact that “Saudi Arabia is the largest oil producing nation in the world” and has purchased hundreds of billions of dollars worth of weapons from U.S. arms manufacturers. Trump's statement was issued in the wake of widespread demands in Washington that Trump reduce or even sever ties with the Saudi regime due to the likely role played by its Crown Prince, Mohammed bin Salman, in the brutal murder of Washington Post columnist Jamal Khashoggi. Then-Saudi Foreign Minister Prince Saud al-Faisal (2nd R) welcomes then-US Vice President Joe Biden (C) at the Riyadh airbase on October 27, 2011, upon his arrival in the Saudi capital with a US official delegation to offer condolences to the King Abdullah bin Abdul Aziz following the death of his brother, Crown Prince Sultan. AFP PHOTO/STR (Credit: AFP via Getty Images) What made these Trump-era demands somewhat odd was that the Khashoggi murder was not exactly the first time the Saudi regime violated human rights and committed atrocities of virtually every type. For decades, the arbitrary imprisonment and murder of Saudi dissidents, journalists, and activists have been commonplace, to say nothing of the U.S./UK-supported devastation of Yemen which began during the Obama years. All of that took place as American presidents in the post-World War II order made the deep and close partnership between Washington and the tyrants of Riyadh a staple of U.S. policy in the Middle East. Yet, as was typical for the Trump years, political and media commentators treated Trump's decision to maintain relations with the Saudis as if it were some unprecedented aberration of evil which he alone pioneered — some radical departure of long-standing, bipartisan American values — rather than what it was: namely, the continuation of standard bipartisan U.S. policy for decades. In an indignant editorial following Trump's statement, The New York Times exclaimed that Trump was making the world "more [dangerous] by emboldening despots in Saudi Arabia and elsewhere,” specifically blaming “Mr. Trump’s view that all relationships are transactional, and that moral or human rights considerations must be sacrificed to a primitive understanding of American national interests.” The life-long Eurocrat, former Swedish Prime Minister Carl Bildt, lamented what he described as Trump's worldview: “if you buy US weapons and if you are against Iran - then you can kill and repress as much as you want.” CNN published an analysis by the network's White House reporter Stephen Collinson— under the headline: “Trump's Saudi support highlights brutality of 'America First' doctrine” — which thundered: “Refusing to break with Saudi strongman Mohammed bin Salman over the killing in the Saudi consulate in Istanbul, Trump effectively told global despots that if they side with him, Washington will turn a blind eye to actions that infringe traditional US values." Trump's willingness to do business with the Saudis, argued Collinson, “represented another blow to the international rule of law and global accountability, concepts Trump has shown little desire to enforce in nearly two years in office.” Perhaps the most vocal critic of Trump's ongoing willingness to maintain ties with the Saudi regime were then-Democratic presidential candidates Joe Biden and Kamala Harris. As a recent CNN compilation of those statements demonstrates: “In the years prior to taking office, President Joe Biden, Vice President Kamala Harris, and many of their administration's top officials harshly criticized President Donald Trump's lack of action against Saudi Arabia and Crown Prince Mohammed bin Salman for the 2018 murder of Saudi journalist and Washington Post columnist Jamal Khashoggi.” In a 2019 Democratic primary debate, Biden vowed: “We were going to in fact make them pay the price, and make them in fact the pariah that they are,” adding that there is “very little social redeeming value in the present government in Saudi Arabia.” Harris similarly scolded Trump for his ongoing relationship with the Saudis, complaining on Twitter in October, 2019, that "Trump has yet to hold Saudi officials accountable," adding: "Unacceptable—America must make it clear that violence toward critics and the press won't be tolerated." That Joe Biden was masquerading as some sort of human rights crusader who would sever ties with the despotic regimes that have long been among America's most cherished partners was inherently preposterous. As Obama's Vice President, Biden was central to that administration's foreign policy which was driven by an embrace of the world's most barbaric tyrants. So devoted was Obama to the U.S.'s long-standing partnership with Riyadh that, in 2015, he deeply offended India — the world's largest democracy — by abruptly cutting short his visit to that country in order to fly to Saudi Arabia, along with leaders of both U.S. political parties, to pay homage to Saudi King Salman upon his death. Adding insult to injury, Obama, as The Guardianput it, boarded his plane to Riyadh “just hours after lecturing India on religious tolerance and women’s rights.” The Guardian, Jan. 27, 2015 The unstinting support of the Saudi regime by the Obama/Biden White House was not limited to obsequious gestures such as these. Their devotion to strengthening the despotic Saudi ruling family was far more substantial — and deadly. Obama's administration played a vital role in empowering the Saudi attack on Yemen, which created the world's worst humanitarian crisis: far worse than what has been taking place in Ukraine since the Russian invasion on February 24. In order to assuage the Saudis over his Iran deal, “Obama’s administration has offered Saudi Arabia more than $115 billion in weapons, other military equipment and training, the most of any U.S. administration in the 71-year U.S.-Saudi alliance,” reported Reuters in late 2016, just months before Obama and Biden left office. Beyond the enormous cache of sophisticated weapons Obama/Biden transferred to the Saudis to use against Yemen and anyone else they decided to target, the Snowden archive revealed that Obama ordered significant increases in the amount and type of intelligence technologies and raw intelligence provided by the NSA to the Saudi regime. That intelligence was — and is — used by Saudi autocrats not only to identify Yemeni bombing targets but also to subject its own domestic population to rigid, virtually ubiquitous, surveillance: a regime of monitoring used to brutally suppress any dissent or opposition to the Saudi regime. In sum, no hyperbole is required to observe that the Obama/Biden White House — along with their junior British counterparts — was singularly responsible for the ability of the Saudi regime to survive and to wage this devastating war in Yemen. But that is nothing new. The centerpiece of U.S. policy in the Middle East for decades has been to prop up Saudi despots with weapons and diplomatic protection in exchange for the Saudis serving U.S. interests with their oil supply and ensuring the use of the American dollar as the reserve currency on the oil market. That is what made the hysterical reaction to Trump's reaffirmation of that relationship so nonsensical and deliberately deceitful. Trump was not wildly deviating from U.S. policy by embracing Saudi tyrants but simply continuing long-standing U.S. policy of embracing all sorts of savage despots all over the world whenever doing so advanced U.S. interests. Indeed, what angered the permanent ruling class in Washington was not Trump's policy of embracing the ruling Saudi monarchs, but rather his honesty and candor about why he was doing so. American presidents are not supposed to admit explicitly that they are overlooking the human rights abuses of their allies due to the benefits that relationship provides, even though that amoral, self-interested approach is and for decades has been exactly the foundational ideological premise of the bipartisan U.S. foreign policy class. But this has been the core propagandistic framework employed by the DC ruling class since Trump was inaugurated. They routinely depicted him as an unprecedentedly monstrous figure who has vandalized American values in ways that would have been unthinkable for prior American presidents when, in fact, he was doing nothing more than affirming decades-old policy, albeit with greater candor, without the obfuscating mask used by American presidents to deceive the public about how Washington functions. Reuters, Sept. 7, 2016 Beyond the Saudi example, this same manipulative media scam could be seen most vividly when Trump welcomed the brutal Egyptian dictator Abdel Fattah el-Sisi to the White House. As I reported at the time, the mainstream Washington commentariat depicted Trump's meeting with and praise for the Egyptian strongman as some sort of shocking violation of bedrock American principles. In fact, the U.S. has been by far the largest benefactor of Egyptian tyranny for decades. It armed and supported the Mubarak regime up until the very moment it was overthrown. Obama's Secretary of State, John Kerry, praised the military coup engineered by Gen. Sisi against the country's first democratically elected leader, as an attempt to protect democracy. And shortly before the Arab Spring began, Kerry's predecessor, Hillary Clinton, declared her personal affection for Sisi's predecessor, the monstrous dictator who ruled Egypt for three decades: “I really consider President and Mrs. Mubarak to be friends of my family, so I hope to see him often here in Egypt and in the United States,” Clinton gushed in 2009, while Obama ensured that the flow of money and weapons to Mubarak never ceased. While the bipartisan political and media class has spent decades insisting, and still insists, that the core foreign policy goal of the U.S. is to defend freedom and democracy and fight tyranny around the world, the indisputable reality is the exact opposite: propping up the world's most brutal dictators who serve U.S. interests has been a staple of U.S. foreign policy since at least the end of World War II. The only attribute that differentiated Trump from his predecessors and the rest of the mainstream D.C. ruling class was not his willingness to do business and partner with despots. There are few policies official Washington loves more than that. It was his honesty about admitting that he was doing this and his clarity about the reasons for it: namely, that the real goal of U.S. foreign policy is to generate benefits for the U.S. (or, more accurately, ruling American elites), not to crusade for democracy and human rights. To the extent that one attempted to isolate any other difference between Trump and official Washington, it was that he was often insistent that “American interests” be defined not by "what benefits a small sliver of U.S. arms manufacturers and the U.S. Security State” but rather “what benefits the American people generally” (hence his eagerness, and his ultimate success, to be the first U.S. president in decades to avoid involving the U.S. in new wars). In sum, the U.S. always has been, and continues to be, not just willing but eager to support and embrace foreign dictators whenever doing so serves those interests. They are just as willing and eager to overthrow or otherwise undermine and destabilize democratically elected leaders who are judged to be insufficiently deferential to American decrees. What determines U.S. support or opposition toward a foreign country is not whether they are democratic or despotic, but whether they are deferential. Thus, it was not Trump's embrace of long-standing U.S. partnerships with Saudi and Egyptian despots that represented a radical departure from the American tradition. The radical departure was Biden's pledge during the 2020 presidential campaign to turn the Saudis into "pariahs” and to isolate them as punishment for their atrocities. But few people in Washington were alarmed by Biden's campaign vow because nobody believed that Joe Biden — with his very long history of supporting the world's worst despots — ever intended to follow through on his cynical campaign pledge. It took no prescience or cleverness to see it as nothing more than a manipulative attempt to demonize Trump for what official Washington, and Obama and Biden themselves, have always done with great gusto and glee. This is why it comes as absolutely no surprise, repellent as it may be, that Joe Biden aggressively abandoned this core 2020 campaign foreign policy vow regarding Saudi Arabia the first chance he got. Far from turning them into a "pariah” state as he pledged, Biden has seamlessly continued — and even escalated — the U.S. tradition of propping up and strengthening what is quite plausibly the world's single most despotic and murderous regime. Just one month after Biden's inauguration, the Director of National Intelligence made public a long-secret report that announced: “We assess that Saudi Arabia's Crown Prince Muhammad bin Salman approved an operation in Istanbul, Turkey to capture or kill” Jamal Khashoggi. Yet the White House, while imposing some mild sanctions on some Saudi individuals, adamantly refused to impose punishments on Crown Prince bin Salman himself, dispatching anonymous officials to friendly media outlets to explain that they were unwilling to jeopardize the significant benefits that come from the U.S./Saudi partnership. That was exactly the argument Trump made in 2018 in defense of his identical decision which caused so much faux indignation. One would, needless to say, be very hard-pressed to find similarly vehement condemnations of Biden for vandalizing sacred U.S. principles by refusing to sever or even meaningfully reduce the American partnership with the Saudis due to their murder of Khashoggi. But this was merely the start of Biden's embrace of the Saudi regime. Last November, “the U.S. State Department approved its first major arms sale to the Kingdom of Saudi Arabia under U.S. President Joe Biden with the sale of 280 air-to-air missiles valued at up to $650 million.” Just a few weeks later, the U.S. Senate, reported Politico, “gave a bipartisan vote of confidence to the Biden administration’s proposed weapons sale to Saudi Arabia, blunting criticisms from progressives and some Republicans over the kingdom’s involvement in Yemen’s civil war and its human rights record.” A group of dissenters — led by Sens. Rand Paul (R-KY), Bernie Sanders (I-VT), and Mike Lee (R-UT) — argued that the arms sales would fuel the war in Yemen and embolden the Saudi regime, but they were easily swept aside by a status-quo-protecting bipartisan majority led by the two party's leaders, Sen. Chuck Schumer (D-NY) and Mitch McConnell (R-KY). And it was during that same time — long before the Russian invasion of Ukraine — when Biden had all but abandoned any pretense of weakening ties with the Saudis, let alone turning them into the "pariah” state he promised during the campaign against Trump. “Mr. Biden was already prepared to end the isolation of Prince Mohammed as far back as October when he expected to encounter the Saudi leader at a meeting of the Group of 20 leaders and most likely would have shaken hands,” explainedThe New York Times last week (bin Salman was a no-show at the meeting). And now, it appears that Biden is planning a pilgrimage to Riyadh to visit his Saudi partners in person. Last week, The New York Times reported that Biden “has decided to travel to Riyadh this month to rebuild relations with the oil-rich kingdom at a time when he is seeking to lower gas prices at home and isolate Russia abroad.” During the trip, “the president will meet with” bin Salman himself, who Biden's own DNI said oversaw the murder of Khashoggi. The rationale offered by The New York Times for Biden's planned trip was virtually identical to the arguments Trump used in 2018: “the visit represents the triumph of realpolitik over moral outrage, according to foreign policy experts.” Indeed, the explanation offered by Biden's Secretary of State for the president's ongoing embrace of the Saudis is virtually indistinguishable from the rationale offered by Trump that sparked so many outraged denunciations about the fall of American ideals supposedly caused by his willingness to do business with undemocratic regimes: “Saudi Arabia is a critical partner to us in dealing with extremism in the region, in dealing with the challenges posed by Iran, and also I hope in continuing the process of building relationships between Israel and its neighbors both near and further away through the continuation, the expansion of the Abraham Accords,” Secretary of State Antony J. Blinken said on Wednesday at an event marking the 100th anniversary of Foreign Affairs magazine. He said human rights are still important but “we are addressing the totality of our interests in that relationship.” Despite Biden's clear abandonment from the start of his campaign pledge to distance the U.S from the Saudis, this trip is being justified by the need to plead with the Saudis to make more oil available on the market in order to compensate for U.S.-led sanctions on Russia. As The Times put it: “Russia and Saudi Arabia are close to tied as the world’s second-largest oil producers, meaning that as Biden administration officials sought to cut off one, they concluded they could not afford to be at odds with the other.” After the Times report, Biden officials said the trip had been postponed to July, but did not deny that it was happening. What cogent moral argument can be advanced that it is preferable to buy Saudi oil as a means of avoiding the purchase of Russian oil? Whatever one's views are on the extent of autocracy under Putin's rule in Russia, there is no minimally credible argument that it is worse than the systemic tyranny long imposed by the Saudi ruling family. Indeed, it is virtually impossible to contest that, at least prior to the Russian invasion of Ukraine, civil freedoms were more abundant in Russia than in Saudi Arabia. And while one can certainly contend that Russia's three-month war in Ukraine has been more a moral atrocity, there is no basis — none — for arguing that it is worse on any level than the indiscriminate violence and destruction the Saudis have been unleashing for seven years in Yemen (unless one values the lives of European Ukrainians more than non-European Yemenis). And even if one did insist upon the view that absolutely nothing on the planet is worse than the Russian invasion of Ukraine and that everything must therefore be done to maintain the sanctions regime imposed on Russia, how would that dubious moral claim justify overlooking Saudi atrocities and sending Biden, on his knees, to beg bin Salman for more oil? If suffocating and punishing Russia is the highest moral and strategic priority, why would it not be more prudent and more moral for the U.S. to lift Biden's restrictions on its own domestic drilling as a means of replacing Russian oil, especially if that would avoid the need to further strengthen the Saudi regime? But herein lies the unique truth-providing value of the U.S. partnership with Saudi Arabia. Of course U.S. foreign policy is not devoted to spreading freedom and democracy and fighting despotism and tyranny in the world. How can a country that counts the Saudi monarchs, the Egyptian military junta, the Qatari slave owners, and the Emirati dictators as its closest partners and allies possibly claim with a straight face that it opposes tyranny and fights wars in order to protect democracy? The U.S. does not care, at all, whether a foreign country is ruled by democracy or tyranny. It cares about one question and one question only: whether the government of that country serves or hinders U.S. interests. Donald Trump's sin was admitting this obvious fact. This has been the central deceit shaping the virtually closed propaganda system imposed by the West around the U.S./NATO role in the war in Ukraine. If Western leaders had simply acknowledged from the start the obvious truth about their role — that they regard Russia as a geopolitical adversary and seek to exploit the war in Ukraine to weaken or even break that country — at least an honest debate would have been possible. Instead, they and their corporate media allies did what they always do whenever a new war is newly marketed: they draped it in fabricated moral fairy tales about freedom-fighting and opposition to tyranny. Thus, the popular Western moralistic narrative imposed a series of claims about U.S. motives that should not have even passed the laugh test, yet became virtually obligatory articles of faith. The U.S. is not involved in this war in Ukraine because it sees an opportunity to advance its own interests by sacrificing Ukraine in order to weaken Russia (a truth they began admitting in private: their goal is not to end the war but prolong it). Nor is the U.S. motivated by an opportunity to enrich the weapons manufacture industry which lost its primary weapons market after the U.S. withdrawals from Iraq and Afghanistan and which wields enormous power in Washington. Nor does the U.S. government, with its posture of Endless War, seek to justify the ever-increasing budget and power of the U.S. Security State and the sprawling Pentagon bureaucracy. Perish these thoughts. The massive benefits conferred on those powerful sectors by every new war are always just happy coincidences. Only a deranged conspiracy theorist would believe that profit and power for these factions — whose unrestrained growth was the target of Dwight Eisenhower's grave warnings when leaving office in 1961: long before their power exploded even more due to Vietnam, the ongoing Cold War and especially 9/11 — is ever a factor in shaping U.S. war policy. Good American patriots view the military-industrial complex as just a chronic lottery winner: they just keep hitting the jackpots purely through immense strokes of luck. To sustain popular support for the expenditure of hundreds of billions of dollars in new foreign wars, the population must be fed a morally uplifting framework, a sense of righteous purpose that leads them — at least at the start — to believe these new wars are moral necessities. Thus, rather than self-interest in Ukraine, the U.S. is acting benevolently, with the noblest of motives, with nothing but a desire to help others. The United States, you see, is a country that cares deeply that the peoples of the world remain free, that they enjoy the right of democratic rule and self-determination, and that they should never suffer under the repressive thumb of despotism — and we are so magnanimously devoted to these values that we are even willing to expend our our vast resources to ensure the prosperity of others. Those kinds of grandiose morality tales are always deployed to secure American support for new wars (hence, the war in Vietnam was about defending our South Vietnamese democratic allies from aggression and invasion by North Vietnamese Communists; the war in Afghanistan would liberate oppressed Afghan women from the Taliban; the first war in Iraq, beyond “liberating” Kuwait, was to stop a tyrant who tore babies out of incubators, while the second war in Iraq, beyond WMDs, was about freeing Iraqis from Saddam's tyranny; the wars in Libya and Syria would rid their long-suffering populations from the brutal thumb of Gadaffi and Assad, etc. etc.). It is the great enduring mystery of American and British discourse that the U.S. and UK Governments can still have employees of media corporations genuinely believe that their governments fight wars not to advance their own interests but to defend democracy and fight tyranny — even as these very same media figures watch those very same governments prop up the most repressive tyrannies on the planet and lavish them with weapons, intelligence technologies, and diplomatic protection. Somehow, without the U.S. press batting an eye, Joe Biden can deliver a speech righteously touting his commitment to protect democracy in Ukraine and stop Russian autocracy, and then board a plane the very next minute to go visit Mohammed bin Salman and General Sisi, heralding them as vital American partners, and announce new aid military and intelligence packages to each. Somehow, this severest cognitive dissonance — watching a government insisting with one hand that it fights wars in order to protect democracy and vanquish tyranny and then, with the other, send aid to the world's most repressive tyrants — eludes these savvy journalistic gurus. Perhaps this cheap, repetitive, and transparent propaganda works with the journalistic in-group because the officials inside the U.S. Government who disseminate these fraudulent tales are the friends, colleagues, neighbors and vital sources for the country's wealthiest and most prominent journalists, who therefore see the world the way they see it and want to assume the best about the intentions of their socioeconomic and professional comrades. Perhaps it is due to the great career benefits that are inevitably conferred on journalists who uncritically cheer and help sell the lies behind U.S. war propaganda (the path that led Jeffrey Goldberg from writing full-on Iraq War agitprop for The New Yorker in 2002 to becoming editor-in-chief of The Atlantic today). Perhaps it is because bolstering U.S. war propaganda fosters widespread elite applause, while doubting it fosters attacks on one's patriotism, loyalty, competence and sanity. Perhaps American journalists feel a sense of jingoistic pride and psychological pleasure by believing that their government, unlike most in the world, involves itself in an endless stream of new wars due to magnanimity rather than more craven motives. When it comes to the uniquely gullible and herd-like U.S. and British press corps and their unyielding faith in the noble motives of U.S. war planners, all of those dynamics are likely at play. Notably, this self-evidently manipulative propaganda — U.S. foreign policy is devoted to spreading freedom and fighting despotism — works only in the U.S., the UK and various parts of Western Europe. The rest of the world — especially those regions whose democracies have been on the receiving end of the CIA's violence and destabilization efforts — react to such claims not with gullible credulity but scornful laughter. This is why, as The New York Times reported this week, the Biden administration has been encountering increasing levels of resistance around the world for his Ukraine war policies, because most countries understand that what the Western press refuses to acknowledge: namely, that the U.S's motives in Ukraine — whatever they might be — have nothing to do with safeguarding democracy and fighting despotism. The same dynamic was vividly apparent with Biden's failed attempt to summon Latin American countries to Los Angeles for his so-called “Summit of the Americas.” After the Biden administration announced the exclusion of Cuba, Venezuela and Nicaragua on the ground that those countries are insufficiently democratic, numerous other Latin American nations, led by Mexican President Andrés Manuel López Obrador, announced they were likely to refuse to participate. Mexico ultimately boycotted the event, whereas Brazil attended only after Biden acceded to the demands of its president, Jair Bolsonaro, to hold a one-on-one meeting with him and refrain from criticizing Brazil over environmental policies in the Amazon. Again, nobody outside of the U.S. and British media takes seriously the claim that the U.S. — loyal patron to the Saudis, Emiratis and Egyptians and countless CIA coups in their region — is so offended by authoritarianism in the three excluded Latin American countries that they cannot abide participating in a conference with them. Such a claim is particularly unsustainable in light of reports that Biden officials were all but begging Venezuelan leader Nicolas Maduro to sell oil on the market to compensate for sanctions on Russia in exchange for the lifting of U.S. sanctions on Venezuela (indeed, why is it more moral to buy oil from the Saudis than the Venezuelans)? The reason for the U.S.'s shunning of those countries has nothing to do with America's antipathy to autocracy and everything to do with the political importance of rapidly growing immigrant communities in Florida and other key swing states who fled those Latin American countries due to contempt for those governments. What possible cogent moral argument holds that it is permissible to maintain relations with the Saudis and Egyptians due to geo-strategic benefits around oil and international competition but not countries in the U.S.'s own hemisphere such as Venezuela, Cuba and Nicaragua? If American interests compel the U.S. to “overlook” or even sanction grave human rights abuses in their close Gulf-State-dictatorship-partners, why do the benefits for American citizens from relations with these Latin American countries not compel the same? The undeniable reality is that Kissingerian realism — the question of what is in the self-interest of the United States, or at least what is in the interests of a small sliver of American elites — is and long has been the core, animating, overarching ideology of U.S. foreign policy, as is true of the foreign policy of all great powers. The bit about crusading for human rights and democracy and battling tyranny and despotism is just the propagandistic packaging for domestic media consumption. That is why both presidents Obama and Trump, and every president before them, were willing to embrace many of the world's most repressive regimes: because they perceived that doing so would produce tangible benefits for “American interests,” however that might be defined. It is that same mindset that caused both of those presidents, for instance, to view Ukraine as a vital interest of Russia, but not the United States, and therefore not a country worth risking war with Moscow in order to defend. The core deceit about U.S. foreign policy — that it is designed to spread democracy and vanquish tyranny — serves no purpose other than to manipulate the American public, through the government tool known as the U.S. corporate media, to support whatever new wars, obscene spending packages, or authoritarian powers are demanded in its name. And therein lies the real value of the long-standing U.S./Saudi partnership, the reason that Biden's immediate abandonment of his campaign pledge to scorn the Saudis, is so illuminating. For any rational person, watching Joe Biden continue and even escalate the decades-long love affair between Washington and the murderous despots in Riyadh should dispel these myths once and for all and illuminate the reality, the actual motivational scheme, that drives the role that the United States plays in the world, both generally and in Ukraine. To support the independent journalism we are doing here, please subscribe, obtain a gift subscription for others and/or share the article Tyler Durden Sun, 06/12/2022 - 14:30.....»»

From classics like "Pride and Prejudice" to newer hits like "Beach Read," these are some of the best enemies-to-lovers books. Prices are accurate at the time of publication.Some of the best enemies-to-lovers books include "Pride and Prejudice," "The Hating Game," and "Red, White & Royal Blue."Amazon; Rachel Mendelson/InsiderWhen you buy through our links, Insider may earn an affiliate commission. Learn more. Enemies-to-lovers is one of the most popular romance tropes. Readers love witnessing bitter rivalries dissolve into a sweet love. You might recognize classic enemies-to-lovers stories like "Pride and Prejudice." The romance genre is full of unique and adorable love stories but with so many different facets of the genre, subgenres or "tropes" have emerged such as "fake dating," "forced proximity," or "enemies-to-lovers." Tropes offer an outline for the plot from which exciting plots and memorable characters emerge and allow readers to find their favorite romance style again and again. "Enemies-to-lovers" is one of the best and most popular tropes that you might recognize from classics like "Pride and Prejudice" or bestsellers like "Red, White & Royal Blue." Whether they're set on a fabulous island or a darkly magical land, here are some of readers' favorite enemies-to-lovers romance reads.The 32 best enemies-to-lovers books in 2022:Descriptions are provided by Amazon and lightly edited for length."Pride and Prejudice" by Jane AustenAmazonAvailable on Amazon and Bookshop from $6.99When Elizabeth Bennet first meets eligible bachelor Fitzwilliam Darcy, she thinks him arrogant and conceited; he is indifferent to her good looks and lively mind. When she later discovers that Darcy has involved himself in the troubled relationship between his friend Bingley and her beloved sister Jane, she is determined to dislike him more than ever. Jane Austen's best-loved novel is an unforgettable story about the inaccuracy of first impressions, the power of reason, and above all, the strange dynamics of human relationships and emotions."Dating Dr. Dil" by Nisha SharmaGoodreadsAvailable on Amazon and Bookshop from $13.60Simone Larkspur loves her job as a pastry expert for a cookbook publisher until the company pivots to video and Simone finds herself stumbling and failing to create great content. When Simone's new kitchen test manager effortlessly and infuriatingly becomes a viral sensation, Simone is forced to work with Ray and their obnoxious personality in close quarters. In "Chef's Kiss", everything gets even more complicated when Ray comes out as nonbinary to a swell of mixed reactions — and Simone must choose between her career and the person who's been slowly melting her heart."Chef's Kiss" by TJ AlexanderAmazonAvailable on Amazon and Bookshop from $13.60Simone Larkspur is a perfectionist pastry expert with a dream job at The Discerning Chef, a venerable cookbook publisher in New York City. But when The Discerning Chef decides to bring their brand into the 21st century by pivoting to video, Simone is thrust into the spotlight and finds herself failing at something for the first time in her life.To make matters worse, Simone has to deal with Ray Lyton, the new test kitchen manager, whose obnoxious cheer and outgoing personality are like oil to Simone's water. But the more they work together, the more Simone realizes her heart may be softening like butter for Ray.Things get even more complicated when Ray comes out at work as nonbinary to mixed reactions—and Simone must choose between the career she fought so hard for and the person who just might take the cake (and her heart)."West Side Love Story" by Priscilla OliverasGoodreadsAvailable on Amazon and Bookshop from $11.66Having grown up in the nurturing household of Casa Capuleta, Mariana will do anything for familia. To solve her adoptive parents' financial problems amid their rapidly changing San Antonio comunidad, Mariana and her younger sisters are determined to win the Battle of the Mariachi Bands. That means competing against Hugo Montero, their father's archnemesis, and his band and escalating a decades-old feud. To Angelo Montero's familia, Mariana is also strictly off-limits. But that doesn't stop him from pursuing her. As their secret affair intensifies and the competition grows fierce, they're swept up in a brewing storm of betrayals, rivalries, and broken ties. "She Gets the Girl" by Rachael Lippincott and Alyson DerrickAmazonAvailable on Amazon and Bookshop from $14.32Alex Blackwood is a little bit headstrong, with a dash of chaos and a whole lot of flirt. Molly Parker has everything in her life totally in control, except for her complete awkwardness with just about anyone besides her mom. She knows she's in love with the impossibly cool Cora Myers. She just…hasn't actually talked to her yet.When Alex, fresh off a bad (but hopefully not permanent) breakup, discovers Molly's hidden crush as their paths cross the night before classes start, they realize they might have a common interest after all. Because maybe if Alex volunteers to help Molly learn how to get her dream girl to fall for her, she can prove to her ex that she's not a selfish flirt. As the two embark on their five-step plans to get their girls to fall for them, though, they both begin to wonder if maybe they're the ones falling…for each other."The Stand-In" by Lily ChuAmazonAvailable on Amazon and Bookshop from $11.99Gracie Reed is doing just fine. Sure, she was fired by her overly "friendly" boss, and yes she still hasn't gotten her mother into the nursing home of their dreams, but she's healthy, she's (somewhat) happy, and she's (mostly) holding it all together.But when a mysterious SUV pulls up beside her, revealing Chinese cinema's golden couple Wei Fangli and Sam Yao, Gracie's world is turned on its head. The famous actress has a proposition: due to their uncanny resemblance, Fangli wants Gracie to be her stand-in. The catch? Gracie will have to be escorted by Sam, the most attractive―and infuriating―man Gracie's ever met."Beach Read" by Emily HenryAmazonAvailable on Amazon and Bookshop from $7.36A romance writer who no longer believes in love and a literary writer stuck with their respective writer's blocks engage in a summer-long challenge that may just upend everything they believe about happily ever afters. They strike a deal designed to force them out of their creative ruts: Augustus will spend the summer writing something happy, and January will pen the next Great American Novel. Everyone will finish a book, and no one will fall in love. Really."The Spanish Love Deception" by Elena ArmasAmazonAvailable on Amazon and Bookshop from $17.99A wedding. A trip to Spain. The most infuriating man. And three days of pretending. Or, in other words, a plan that will never work.Four weeks wasn't a lot of time to find someone willing to cross the Atlantic — from NYC and all the way to Spain — for a wedding. Let alone someone eager to play along with my charade. But that didn't mean I was desperate enough to bring the 6'4 blue-eyed pain in my ass standing before me: Aaron Blackford. The man whose main occupation was making my blood boil had just offered himself to be my date, right after inserting his nose in my business and calling me delusional and himself my best option. Was it worth the suffering to bring my colleague and bane of my existence as my fake boyfriend to my sister's wedding? Or was I better off coming clean and facing the consequences?"Poison Study (The Chronicles of Ixia Book 0)" by Maria V. SnyderAmazonAvailable on Amazon and Bookshop from $11.59About to be executed for murder, Yelena is offered an extraordinary reprieve. She'll eat the best meals, have rooms in the palace — and risk assassination by anyone trying to kill the Commander of Ixia.And so, Yelena chooses to become a food taster. But the chief of security, leaving nothing to chance, deliberately feeds her Butterfly's Dusté, and only by appearing for her daily antidote will she delay an agonizing death from the poison.As Yelena tries to escape her new dilemma, disasters keep mounting. Rebels plot to seize Ixia, and Yelena develops magical powers she can't control. Her life is threatened again, and choices must be made. But this time, the outcomes aren't so clear."A Touch of Darkness" by Scarlett St. ClairAmazonAvailable on Amazon and Bookshop from $14.54Persephone is the Goddess of Spring by title only. The truth is, since she was a little girl, flowers have shriveled at her touch. After moving to New Athens, she hopes to lead an unassuming life disguised as a mortal journalist. Hades, God of the Dead, has built a gambling empire in the mortal world, and his favorite bets are rumored to be impossible. After a chance encounter with Hades, Persephone finds herself in a contract with the God of the Dead, and the terms are impossible: Persephone must create life in the Underworld or lose her freedom forever. The bet does more than expose Persephone's failure as a goddess, however. As she struggles to sow the seeds of her freedom, love for the God of the Dead grows — and it's forbidden."The Hating Game" by Sally ThorneAmazonAvailable on Amazon and Bookshop from $9.19Lucy Hutton and Joshua Templeman hate each other. Not dislike. Not begrudgingly tolerate. Hate. And they have no problem displaying their feelings through a series of ritualistic passive aggressive maneuvers as they sit across from each other, executive assistants to co-CEOs of a publishing company. Lucy can't understand Joshua's joyless, uptight, meticulous approach to his job. Joshua is clearly baffled by Lucy's overly bright clothes, quirkiness, and Pollyanna attitude.Now up for the same promotion, their battle of wills has come to a head, and Lucy refuses to back down when their latest game could cost her her dream job… But the tension between Lucy and Joshua has also reached its boiling point, and Lucy is discovering that maybe she doesn't hate Joshua. And maybe, he doesn't hate her either. Or maybe this is just another game."Red Queen" by Victoria AveyardAmazonAvailable on Amazon and Bookshop from $6.98Mare Barrow's world is divided by blood — those with common, Red blood serve the Silver-blooded elite, who are gifted with superhuman abilities. Mare is a Red, scraping by as a thief in a poor, rural village until a twist of fate throws her in front of the Silver court. Before the king, princes, and all the nobles, she discovers she has an ability of her own.To cover up this impossibility, the king forces her to play the role of a lost Silver princess and she is betrothed to one of his sons. As Mare is drawn further into the Silver world, she risks everything and uses her new position to help the Scarlet Guard — a growing Red rebellion — even as her heart tugs her in an impossible direction."Beautiful Disaster" by Jamie McGuireAmazonAvailable on Amazon and Bookshop from $9.90The new Abby Abernathy is a good girl. She doesn't drink or swear, and she has the appropriate number of cardigans in her wardrobe. Abby believes she has enough distance from the darkness of her past, but when she arrives at college with her best friend, her path to a new beginning is quickly challenged by Eastern University's Walking One-Night Stand.Travis Maddox, lean, cut, and covered in tattoos, is exactly what Abby wants — and needs — to avoid. He spends his nights winning money in a floating fight ring and his days as the ultimate college campus charmer. Intrigued by Abby's resistance to his appeal, Travis tricks her into his daily life with a simple bet. If he loses, he must remain abstinent for a month. If Abby loses, she must live in Travis's apartment for the same amount of time. Either way, Travis has no idea that he has met his match. "Red, White & Royal Blue" by Casey McQuistonAmazonAvailable on Amazon and Bookshop from $9.97What happens when America's First Son falls in love with the Prince of Wales?When his mother became President, Alex Claremont-Diaz was promptly cast as the American equivalent of a young royal. Handsome, charismatic, genius ― his image is pure millennial-marketing gold for the White House. There's only one problem: Alex has a beef with the actual prince, Henry, across the pond. And when the tabloids get hold of a photo involving an Alex-Henry altercation, U.S./British relations take a turn for the worse.Heads of family, state, and other handlers devise a plan for damage control: Staging a truce between the two rivals. What at first begins as a fake, Instragramable friendship grows deeper  and more dangerous than either Alex or Henry could have imagined. Soon Alex finds himself hurtling into a secret romance with a surprisingly unstuffy Henry that could derail the campaign and upend two nations and begs the question: Can love save the world after all? Where do we find the courage, and the power, to be the people we are meant to be? "The Shadows Between Us" by Tricia LevensellerAmazonAvailable on Amazon and Bookshop from $10.99Alessandra is tired of being overlooked, but she has a plan to gain power:1) Woo the Shadow King.2) Marry him.3) Kill him and take his kingdom for herself.No one knows the extent of the freshly crowned Shadow King's power. Some say he can command the shadows that swirl around him to do his bidding. Others say they speak to him, whispering the thoughts of his enemies. Regardless, Alessandra knows what she deserves, and she's going to do everything within her power to get it.But Alessandra's not the only one trying to kill the king. As attempts on his life are made, she finds herself trying to keep him alive long enough for him to make her his queen ― all while struggling not to lose her heart. After all, who better for a Shadow King than a cunning, villainous queen?"The Viscount Who Loved Me: Bridgerton (Bridgerton Book 2)" by Julia QuinnAmazonAvailable on Amazon and Bookshop from $9.19This time the gossip columnists have it wrong. London's most elusive bachelor Anthony Bridgerton hasn't just decided to marry — he's even chosen a wife! The only obstacle is his intended's older sister, Kate Sheffield — the most meddlesome woman ever to grace a London ballroom. The spirited schemer is driving Anthony mad with her determination to stop the betrothal, but when he closes his eyes at night, Kate's the woman haunting his increasingly erotic dreams...Contrary to popular belief, Kate is quite sure that reformed rakes do not make the best husbands — and Anthony Bridgerton is the most wicked rogue of them all. Kate's determined to protect her sister — but she fears her own heart is vulnerable. And when Anthony's lips touch hers, she's suddenly afraid she might not be able to resist the reprehensible rake herself..."The Cruel Prince" by Holly BlackAmazonAvailable on Amazon and Bookshop from $10.99Of course, I want to be like them. They're beautiful as blades forged in some divine fire. They will live forever. And Cardan is even more beautiful than the rest. I hate him more than all the others. I hate him so much that sometimes when I look at him, I can hardly breathe.Jude was seven years old when her parents were murdered, and she and her two sisters were stolen away to live in the treacherous High Court of Faerie. 10 years later, Jude wants nothing more than to belong there, despite her mortality. But many of the fey despise humans — especially Prince Cardan, the youngest and wickedest son of the High King.To win a place at the Court, she must defy him — and face the consequences."Wuthering Heights" by Emily BronteAmazonAvailable on Amazon and Bookshop from $7.36Lockwood, the new tenant of Thrushcross Grange, situated on the bleak Yorkshire moors, is forced to seek shelter one night at Wuthering Heights, the home of his landlord. There he discovers the history of the tempestuous events that took place years before. What unfolds is the tale of the intense love between the foundling Heathcliff and Catherine Earnshaw. Catherine, forced to choose between passionate, tortured Heathcliff and gentle, well-bred Edgar Linton, surrendered to the expectations of her class. As Heathcliff's bitterness and vengeance at his betrayal are visited upon the next generation, their innocent heirs must struggle to escape the legacy of the past."The Unhoneymooners" by Christina LaurenAmazonAvailable on Amazon and Bookshop from $8.44Olive Torres is used to being the unlucky twin: From inexplicable mishaps to a recent layoff, her life seems to be almost comically jinxed. By contrast, her sister Ami is an eternal champion… she even managed to finance her entire wedding by winning a slew of contests. Unfortunately for Olive, the only thing worse than constant bad luck is having to spend the wedding day with the best man (and her nemesis), Ethan Thomas.Olive braces herself for wedding hell — determined to put on a brave face. But when the entire wedding party gets food poisoning, the only people who aren't affected are Olive and Ethan. Suddenly there's a free honeymoon up for grabs, and Olive will be damned if Ethan gets to enjoy paradise solo.Agreeing to a temporary truce, the pair head for Maui. After all, 10 days of bliss is worth having to assume the role of loving newlyweds, right? But the weird thing is… Olive doesn't mind playing pretend. In fact, the more she pretends to be the luckiest woman alive, the more it feels like she might be."If I Never Met You" by Mhairi McFarlaneAmazonAvailable on Amazon and Bookshop from $10.72When her partner of over a decade suddenly ends things, Laurie is left reeling — not only because they work at the same law firm, and she has to see him every day. Her once perfect life is in shambles, and the thought of dating again in the age of Tinder is nothing short of horrifying. When news of her ex's pregnant girlfriend hits the office grapevine, taking the humiliation lying down is not an option. Then a chance encounter in a broken-down elevator with the office playboy opens up a new possibility.Jamie Carter doesn't believe in love, but he needs a respectable, steady girlfriend to impress their bosses. Laurie wants a hot new man to give the rumor mill something else to talk about. It's the perfect proposition: a fauxmance played out on social media, with strategically staged photographs and a specific end date in mind. With the plan hatched, Laurie and Jamie begin to flaunt their new couple status, to the astonishment — and jealousy — of their friends and colleagues. But there's a fine line between pretending to be in love and actually falling for your charming, handsome fake boyfriend..."Serpent & Dove (Serpent & Dove, #1)" by Shelby MahurinAmazonAvailable on Amazon and Bookshop from $10.59Two years ago, Louise le Blanc fled her coven and took shelter in the city of Cesarine, forsaking all magic and living off whatever she could steal. There, witches like Lou are hunted. They are feared. And they are burned.As a huntsman of the Church, Reid Diggory has lived his life by one principle: Thou shalt not suffer a witch to live. But when Lou pulls a wicked stunt, the two are forced into an impossible situation — marriage.Lou, unable to ignore her growing feelings yet powerless to change what she is, must make a choice. And love makes fools of us all."The Wicked King (The Folk of the Air, #2)" by Holly BlackAmazonAvailable on Amazon and Bookshop from $10.99You must be strong enough to strike and strike and strike again without tiring. The first lesson is to make yourself strong.Jude must keep her younger brother safe. To do so, she has bound the wicked king, Cardan, to her, and made herself the power behind the throne. Navigating the constantly shifting political alliances of Faerie would be difficult enough if Cardan were easy to control. But he does everything in his power to humiliate and undermine her even as his fascination with her remains undiminished.When it becomes all too clear that someone close to Jude means to betray her, threatening her own life and the lives of everyone she loves, Jude must uncover the traitor and fight her own complicated feelings for Cardan to maintain control as a mortal in a Faerie world."Six of Crows (Six of Crows, 1)" by Leigh BardugoAmazonAvailable on Amazon and Bookshop from $7.99Ketterdam: A bustling hub of international trade where anything can be had for the right price ― and no one knows that better than criminal prodigy Kaz Brekker. Kaz is offered a chance at a deadly heist that could make him rich beyond his wildest dreams. But he can't pull it off alone...A convict with a thirst for revenge. A sharpshooter who can't walk away from a wager. A runaway with a privileged past. A spy known as the Wraith. A Heartrender using her magic to survive the slums. A thief with a gift for unlikely escapes.Six dangerous outcasts. One impossible heist. Kaz's crew is the only thing that might stand between the world and destruction ― if they don't kill each other first."Bully (Fall Away, #1)" by Penelope DouglasAmazonAvailable on Amazon and Bookshop from $14.40My name is Tate. He doesn't call me that, though. He would never refer to me by a friendly nickname. No, he'll barely even speak to me. But he still won't leave me alone.We were best friends once. Then he turned on me and made it his mission to ruin my life. I was humiliated, shut out, and gossiped about all through high school. His pranks and rumors got worse as time wore on, and I made myself sick trying to stay out of his way. I even went away for a year just to avoid him.But I'm done hiding from him now, and there's no way I'll allow him to ruin another year. He might not have changed, but I have. It's time to fight back."A Court of Thorns and Roses (A Court of Thorns and Roses, #1)" by Sarah J. MaasAmazonAvailable on Amazon and Bookshop from $10.80When 19-year-old huntress Feyre kills a wolf in the woods, a terrifying creature arrives to demand retribution. Dragged to a treacherous magical land she knows about only from legends, Feyre discovers that her captor is not truly a beast, but one of the lethal, immortal faeries who once ruled her world.At least, he's not a beast all the time.As she adapts to her new home, her feelings for the faerie, Tamlin, transform from icy hostility into a fiery passion that burns through every lie she's been told about the beautiful, dangerous world of the Fae. But something is not right in the faerie lands. An ancient, wicked shadow is growing, and Feyre must find a way to stop it or doom Tamlin-and his world-forever."To Kill a Kingdom" by Alexandra ChristoAmazonAvailable on Amazon and Bookshop from $9.89Princess Lira is siren royalty and the most lethal of them all. With the hearts of 17 princes in her collection, she is revered across the sea. Until a twist of fate forces her to kill one of her own. To punish her daughter, the Sea Queen transforms Lira into the one thing they loathe most ― a human. Robbed of her song, Lira has until the winter solstice to deliver Prince Elian's heart to the Sea Queen or remain a human forever.The ocean is the only place Prince Elian calls home, even though he is heir to the most powerful kingdom in the world. Hunting sirens is more than an unsavory hobby ― it's his calling. When he rescues a drowning woman in the ocean, she's more than what she appears. She promises to help him find the key to destroying all of sirenkind for good ― but can he trust her? And just how many deals will Elian have to barter to eliminate mankind's greatest enemy?"Punk 57" by Penelope DouglasAmazonAvailable on Amazon and Bookshop from $13.99Misha: I can't help but smile at the lyrics in her letter. She misses me. In fifth grade, my teacher set us up with pen pals from a different school. Thinking I was a girl, with a name like Misha, the other teacher paired me up with her student, Ryen. My teacher, believing Ryen was a boy like me, agreed. It didn't take long for us to figure out the mistake. And in no time at all, we were arguing about everything. The best take-out pizza. Android vs. iPhone. Whether or not Eminem is the greatest rapper ever… And that was the start. For the next seven years, it was us. We only had three rules: No social media, no phone numbers, no pictures. We had a good thing going. Why ruin it? Until I run across a photo of a girl online. Name's Ryen, loves Gallo's pizza, and worships her iPhone. What are the chances? F*ck it. I need to meet her. I just don't expect to hate what I find. Ryen: He hasn't written in three months. Something's wrong. Did he die? Get arrested? Knowing Misha, neither would be a stretch. Without him around, I'm going crazy. I need to know someone is listening. It's my own fault. I should've gotten his phone number or picture or something. He could be gone forever. Or right under my nose, and I wouldn't even know it."From Lukov with Love" by Mariana ZapataAmazonAvailable on Amazon and Bookshop from $18.99If someone were to ask Jasmine Santos to describe the last few years of her life with a single word, it would definitely be a four-letter one. After 17 years — and countless broken bones and broken promises — she knows her window to compete in figure skating is coming to a close. But when the offer of a lifetime comes in from an arrogant idiot she's spent the last decade dreaming about pushing in the way of a moving bus, Jasmine might have to reconsider everything. Including Ivan Lukov."From Blood and Ash (Blood and Ash, #1)" by Jennifer L. ArmentroutAmazonAvailable on Amazon and Bookshop from $18.65Chosen from birth to usher in a new era, Poppy's life has never been her own. The life of the Maiden is solitary. Never to be touched. Never to be looked upon. Never to be spoken to. Never to experience pleasure. Waiting for the day of her Ascension, she would rather be with the guards, fighting back the evil that took her family than preparing to be found worthy by the gods. But the choice has never been hers.The entire kingdom's future rests on Poppy's shoulders. But when Hawke, a golden-eyed guard, honor-bound to ensure her Ascension, enters her life, destiny and duty become tangled with desire and need. He incites her anger, makes her question everything she believes in, and tempts her with the forbidden."These Violent Delights (These Violent Delights, #1)" by Chloe GongAmazonAvailable on Amazon and Bookshop from $14.98The year is 1926, and Shanghai hums to the tune of debauchery.A blood feud between two gangs runs the streets red, leaving the city helpless in the grip of chaos. At the heart of it all is 18-year-old Juliette Cai, a former flapper who has returned to assume her role as the proud heir of the Scarlet Gang — a network of criminals far above the law. Their only rivals in power are the White Flowers, who have fought the Scarlets for generations. And behind every move is their heir, Roma Montagov, Juliette's first love… and first betrayal.But when gangsters on both sides show signs of instability, the people start to whisper. Of a contagion, a madness. Of a monster in the shadows. As the deaths stack up, Juliette and Roma must set their guns — and grudges — aside and work together, for if they can't stop this mayhem, then there will be no city left for either to rule."The Bridge Kingdom (The Bridge Kingdom, #1)" by Danielle L. JensenAmazonAvailable on Amazon and Bookshop from $13.49The only route through a storm-ravaged world, the Bridge Kingdom enriches itself and deprives its rivals, including Lara's homeland. So when she's sent as a bride under the guise of peace, Lara is prepared to do whatever it takes to fracture its impenetrable defenses. And the defenses of its king.Yet as she infiltrates her new home and gains a deeper understanding of the war to possess the bridge, Lara begins to question whether she's the hero or the villain. And as her feelings for Aren transform from frosty hostility to fierce passion, Lara must choose which kingdom she'll save... and which kingdom she'll destroy."Paper Princess (The Royals, #1") by Erin WattAmazonAvailable on Amazon and Bookshop from $16.14Ella Harper is a survivor ― a pragmatic optimist. She's spent her whole life moving from town to town with her flighty mother, struggling to make ends meet and believing that someday she'll climb out of the gutter. After her mother's death, Ella is truly alone.Until Callum Royal appears, plucking Ella out of poverty and tossing her into his posh mansion among his five sons, who all hate her. Each Royal boy is more magnetic than the last, but none as captivating as Reed Royal, the boy who is determined to send her back to where she came from.Reed doesn't want her. He says she doesn't belong with the Royals. He might be right.Read the original article on Business Insider.....»»

Futures Slide After Dismal Target Earnings, Plunging Mortgage Apps The brief bear market rally in US stocks was set to end with a whimper following Tuesday’s strong dead cat bounce, after Fed Chair Jerome Powell gave his most hawkish remarks to date. Hope that China lockdowns would soon end turned to skepticism, as the yuan slumped after its biggest gain since October, while dismal guidance from Target - which warned that inflation was crushing margins - confirmed what Walmart said yesterday, namely that the US consumer is running on fumes. An 11% plunge in the latest weekly mortgage applications only reaffirmed that a hard-landing is inevitable and just a matter of time. Nasdaq 100 futures dropped 1%, while S&P 500 futures slipped 0.7% after US stocks surged on Tuesday. Treasury yields hit session highs, rising back to 3.0%, and the dollar snapped a three-day losing streak. Bitcoin got hammered again, sliding back under $30k. Among the biggest premarket movers, Target crashed 22% with Vital Knowledge calling its margin shortfall “more dramatic” than what Walmart posted on Tuesday, citing industry-wide macro problems. The retailer reduced its full-year forecast on operating income margin to about 6% of sales this year. It also reported first-quarter adjusted earnings per share that came in below expectations. Food and gas inflation is drawing money away from discretionary and general merchandise spending, forcing “aggressive” discounting to clear out product in the latter category, Vital’s Adam Crisafulli said in a note. Elsewhere in US premarket trading, Tesla slipped 1% after its price target was cut at Piper Sandler. Meanwhile, Twitter Inc. also traded slightly lower even as the social media platform’s board said it plans to enforce its $44 billion agreement to be bought by Elon Musk. Here are some other notable premarket movers: US tech hardware stocks may be in focus as Jefferies Group LLC strategists have turned bullish on the likes of IBM (IBM US), Cisco Systems (CSCO US) and Microchip Technology (MCHP US) after this year’s steep declines for US information technology shares National CineMedia (NCMI US) shares jump as much as 33% in US premarket trading after AMC Entertainment (AMC US) reported a 6.8% stake in the cinema advertising company. AMC shares gain 1.2% in premarket trading. DLocal Ltd. (DLO US) shares gain as much as 15% in US premarket trading after the Uruguay-based payment platform posted 1Q revenue that doubled from the year-earlier period and topped expectations. Doximity (DOCS US) shares fall as much as 19% in US premarket trading, after the online healthcare platform provider’s forecast for 1Q revenue missed the average analyst estimate, prompting analysts to slash their price targets on the stock. Penn National (PENN US) may be active on Wednesday as Jefferies raised the recommendation to buy from hold. The company’s shares rose 4% in premarket trading. On Tuesday, Powell said the Fed will keep raising interest rates until there is “clear and convincing” evidence that inflation is in retreat, which initially pushed stocks lower but then was faded as risk closed near session highs as nothing Powell said was actually new. The S&P 500 is emerging from the longest weekly slump since 2011 as investors have been gripped by fears of hawkish monetary policy and surging inflation driving the economy into a recession. As also discussed yesterday, Bank of America’s survey published yesterday showed that fund managers are the most underweight equities since May 2020 and are piling into cash. “This is one of the most challenging markets I have been in in my career,” Henry Peabody, fixed income portfolio manager at MFS Investment Management, said on Bloomberg Television. “I suspect at a certain point of time we’re going to have the liquidity of the markets challenged. They really haven’t been thus far.” As the Fed embarks on interest-rate hikes, frothy growth shares, including the tech sector, have suffered in particular as higher rates mean a bigger discount for the present value of future profits. This marks a major shift in investor outlook after tech stocks had been some of the market’s best performers for years. “Investor sentiment and confidence remain shaky, and as a result, we are likely to see volatile and choppy markets until we get further clarity on the 3Rs — rates, recession, and risk,” Mark Haefele, chief investment officer at UBS Global Wealth Management, wrote in a note. Rebounds in risk sentiment are proving fragile amid tightening monetary settings, Russia’s war in Ukraine and China’s Covid lockdowns. In what’s seen as his most hawkish remarks to date, Powell said that the US central bank will raise interest rates until there is “clear and convincing” evidence that inflation is in retreat. “We’ll have this kind of volatility as people jump in and look at opportunities to buy as markets decline,” Shana Sissel, director of investments at Cope Corrales, said on Bloomberg Television, referring to the Wall Street bounce. The Fed is going to struggle to achieve a soft economic landing, she added. In Europe, the Stoxx 600 Index was little changed, with energy stocks outperforming. Spain's IBEX outperformed, adding 0.5%. ABN Amro slumped almost 10% after the Dutch lender reported first-quarter results burdened by rising costs.  The Stoxx Europe 600 Basic Resources sub-index drops, underperforming other sectors in the broader regional benchmark on Wednesday as base metals ended a three-day rebound and as iron ore declined. Base metals paused a recovery from this year’s lows, with copper and aluminum stalling after hawkish remarks from Federal Reserve Chair Jerome Powell. Iron ore futures declined as investors weighed China’s faltering economy and the prospect of support measures amid a mixed outlook for steel demand. Basic resources index -0.6%, halting three days of gains; broader benchmark little changed. Siemens Gamesa jumped as much as 15% as Siemens Energy weighs a bid for the shares of the troubled Spanish wind-turbine maker it doesn’t already own. Here are the most notable movers: European oil and gas stocks rise amid higher crude prices and broker upgrades, while renewables rallied after Siemens Energy confirmed it was considering a buyout offer for Siemens Gamesa. Shell gains as much as 1.8%, BP +1.8%, Equinor +3.4%, Gamesa +15%, Vestas +7.7% Air France-KLM shares rise as much as 7.5% in Paris on news that container line CMA CGM intends to take a stake of up to 9% in the French carrier following the signing of a long-term strategic partnership in the air cargo market. Rockwool shares gain as much as 8.3%, most since Feb. 15, as the company boosts its sales in local currencies forecast for the full year. British Land shares rise as much as 4.2%, as the company’s results show a strong recovery and a good performance in the UK landlord’s portfolio, analysts say. Vistry shares climb as much as 8% with analysts saying the UK homebuilder’s trading update looks positive, particularly the robust momentum in its sales rate. The Stoxx Europe 600 Basic Resources sub-index drops, underperforming other sectors in the broader regional benchmark on Wednesday as base metals ended a three-day rebound and as iron ore declined. Rio Tinto slips as much as 1.5%, Antofagasta -2.7%, Anglo American -1.5% Prosus shares fall as much as 4.2% and Naspers sinks as much as 6.7% after Tencent reported first- quarter revenue and net income that both missed analyst expectations. TUI shares drop as much as 13% in London after the firm announced an equity raise in order to repay a chunk of government aid that helped see it through the coronavirus crisis. ABN Amro shares declined as much as 11% after the lender reported 1Q earnings that showed higher costs related to money laundering. Experian shares fall as much as 5.1% after the consumer-credit reporting company reported full-year results, with Citi saying organic growth missed consensus. Meanwhile, UK inflation rose to its highest level since Margaret Thatcher was prime minister 40 years ago, adding to pressure for action from the government and central bank. The pound weakened and gilt yields fell as traders speculated that the Bank of England will struggle to rein in inflation and avoid a recession. Elsewhere, the Biden administration is poised to fully block Russia’s ability to pay US bondholders after a deadline expires next week, a move that could bring Moscow closer to a default. Sri Lanka, meantime, is on the brink of reneging on $12.6 billion of overseas bonds, a warning sign to investors in other developing nations that surging inflation is set to take a painful toll. Earlier in the session, Asian stocks advanced for a fourth session as strong US economic data allayed worries about the global growth outlook, while Chinese equities slipped. The MSCI Asia-Pacific Index rose as much as 1%, extending its rebound from an almost two-year low reached last Thursday. Materials shares led the gains, with Australia’s BHP Group climbing 3.2%. Benchmarks in most markets were in the black, with Indonesia, Taiwan and Singapore chalking up gains of at least 1%.  Upbeat retail sales and industrial production data from the US underpinned sentiment, so much so that investors barely reacted to hawkish comments from Federal Reserve Chair Jerome Powell. He indicated that policy makers won’t hesitate to raise interest rates beyond neutral levels to contain inflation. Equities in China bucked the trend. Property shares paced the drop after data showed the decline in China’s new home prices accelerated in April, while tech shares also lost steam ahead of Tencent’s earnings which missed expectations and slumped. Local investors may be underwhelmed by a lack of details from Chinese Vice Premier Liu He’s fresh vow to support tech firms. Liu said the government will support the development of digital economy companies and their public listings, in remarks reported by state media after a symposium with the heads of some the nation’s largest private firms. Lee Chiwoong, chief economist at Mitsubishi UFJ Morgan Stanley Securities, said Liu’s comments point to an easing of the crackdown on internet firms. “The Chinese government is stepping up measures to support the economy following the slowdown,” Lee said.  “As bottlenecks stemming from lockdowns in Shanghai ease, that impact will gradually show up in the economy,” Lee added. “We should be able to clearly see an economic recovery in the second half of this year.” Japanese equities gained as investors assessed strong US economic data and comments by Federal Reserve Chair Jerome Powell on the outlook for interest rate hikes.  The Topix Index rose 1% to close at 1,884.69. Tokyo time, while the Nikkei advanced 0.9% to 26,911.20. Sony Group Corp. contributed the most to the Topix gain, increasing 2.9%. Out of 2,172 shares in the index, 1,345 rose and 749 fell, while 78 were unchanged. Chinese stocks erased losses intraday after earlier disappointment over a much-anticipated meeting between Vice Premier Liu He and some of the nation’s tech giants. Overnight, data showed US retail sales grew at a solid pace in April, while factory production rose at a solid pace for a third month. Australia's stocks also gained, with the S&P/ASX 200 index rising 1% to close at 7,182.70, extending its winning streak to a fourth day. Miners contributed the most to its advance. All sectors gained, except for consumer staples and financials. Eagers slumped after saying that its 1H profit will be lower than it was a year ago and flagged reduced new vehicle deliveries. Wage data was also in focus. Australian wages advanced at less than half the pace of consumer-price gains in the first three months of the year, reinforcing the RBA’s signal that it will stick to quarter-point hikes.  In New Zealand, the S&P/NZX 50 index rose 1.1% to 11,258.28 India’s benchmark equities index fell, snapping two sessions of gains, weighed by declines in engineering company Larsen & Toubro Ltd.    The S&P BSE Sensex dropped 0.2% to close at 54,208.53 in Mumbai, after rising as much as 0.9% earlier in the session. The NSE Nifty 50 Index fell 0.1% to 16,240.30.  Larsen & Toubro slipped 2% and was the biggest drag on the Sensex, which saw 17 of its 30 member stocks decline. Sixteen of 19 sectoral sub-indexes compiled by BSE Ltd. dropped, led by a gauge of realty shares.   State-run Life Insurance Corporation, which debuted Tuesday, rose 0.1% to 876 rupees, still below the issue price of 949 rupees. In earnings, of the 34 Nifty 50 firms that have announced results so far, 20 have either met or exceeded analyst estimates, while 14 have missed. Consumer goods company ITC Ltd. is scheduled to announce results on Wednesday. In FX, the Bloomberg Dollar Spot Index reversed an early loss and the greenback advanced versus all of its Group-of-10 peers apart from the yen. The pound was the worst G-10 performer, tracking Gilt yields lower and paring the previous day’s gains. A widely expected jump in UK inflation prompted investors to pare back bets on BOE rate hikes. Money markets are pricing around 120bps of BOE rate hikes by December, down from 130bps from the previous day. UK inflation rose to its highest level since Margaret Thatcher was prime minister 40 years ago, adding to pressure for action from the government and central bank. Consumer prices surged 9% in the year through April. The euro fell for the first day in four and weakened beyond $1.05. The Bund curve has twist flattened as traders bet on a faster pace of ECB tightening after Bank of Finland Governor Olli Rehn said there’s broad agreement among members of the Governing Council that policy rates should exit sub-zero terrain “relatively quickly.” That’s to prevent inflation expectations from becoming de- anchored, he said. The Aussie swung between gains and losses while Australia’s bonds trimmed earlier declines after a report showed wage growth last quarter was less than economists forecast. The wage price index climbed an annual 2.4% last quarter, trailing economists’ expectations and coming in well below headline inflation of 5.1%. The yen rose as US yields declined amid fragile risk sentiment. Japanese government bonds were mixed, with a decent five-year auction lending support while an overnight rise in global yields weighed on super-long maturities. In rates, Treasuries were under pressure, though most benchmark yields remained within 1bp of Tuesday’s closing levels. 10-year yields rose just shy of 3.00%, higher by less than 1bp with comparable bund yield +3.3bp and UK 10-year flat. TSY futures erased gains amid a series of block trades in 5- and 10-year note contracts starting at 5:20am ET, apparently selling flow. According to Bloomberg, six 5-year block trades and two 10-year block trades -- all 5,000 lots -- have printed since 5:20am, apparently seller-initiated as cash yields concurrently rebounded from near session lows. Wednesday’s $17b 20-year new-issue auction at 1pm ET may also weigh on the market. 20-year bond auction is this week’s only nominal coupon sale; WI yield ~3.37% exceeds all 20-year auction stops since then tenor was reintroduced in 2020, is ~27.5bp cheaper than last month’s result. Elsewhere, the UK yield curve bull-steepened with the short end richening ~5bps, while pound falls after inflation surged to a four-decade high. Money markets pare BOE rate-hike wagers. Bund curve bear-flattens while money markets bet on a faster pace of ECB tightening after ECB’s Rehn said the central bank needs to move quickly from negative rates. In commodities, WTI trades within Tuesday’s range, adding 1.6% to around $114. Most base metals are in the red; LME tin falls 1.5%, underperforming peers, LME aluminum outperforms, adding 1%. Spot gold is little changed at $1,815/oz. Looking to the day ahead now, and data releases include the UK and Canadian CPI readings for April, along with US data on housing starts and building permits for the same month. Central bank speakers include the Fed’s Harker and the ECB’s Muller. Earnings releases include Cisco, Lowe’s, Target and TJX. Finally, G7 finance ministers and central bank governors will be meeting in Germany. Market Snapshot S&P 500 futures down 0.5% to 4,065.50 STOXX Europe 600 down 0.2% to 438.11 MXAP up 0.8% to 164.43 MXAPJ up 0.7% to 539.81 Nikkei up 0.9% to 26,911.20 Topix up 1.0% to 1,884.69 Hang Seng Index up 0.2% to 20,644.28 Shanghai Composite down 0.2% to 3,085.98 Sensex up 0.3% to 54,469.39 Australia S&P/ASX 200 up 1.0% to 7,182.66 Kospi up 0.2% to 2,625.98 German 10Y yield little changed at 1.03% Euro down 0.4% to $1.0505 Brent Futures up 1.5% to $113.66/bbl Gold spot down 0.0% to $1,815.04 U.S. Dollar Index up 0.33% to 103.70 Top Overnight News from Bloomberg Sweden’s biggest pension company has begun buying government bonds amid a “paradigm shift” in the market that pushed yields to their highest level since 2018. The CIO views Treasuries as “quite attractive” after a prolonged period of razor-thin yields that forced the company into alternative and riskier asset classes to preserve returns across its $117 billion portfolio While outright China bulls may be hard to find, shifts in positioning at least point to improving sentiment. Bearish bets on stocks are being abandoned in Hong Kong, expectations for yuan volatility are falling, domestic equity traders have stopped unwinding leverage and foreigners have slowed their once-record exit from government bonds The EU is set to unveil a raft of measures ranging from boosting renewables and LNG imports to lowering energy demand in its quest to cut dependence on Russian supplies. The 195 billion-euro ($205 billion) plan due Wednesday will center on cutting red tape for wind and solar farms, paving the way for renewables to make up an increased target of 45% of its energy needs by 2030, according to draft documents seen by Bloomberg that are still subject to change A more detailed look at global markets courtesy of Newsquawk Asia-Pac stocks traded mixed as the regional bourses only partially sustained the momentum from global peers. ASX 200 was led higher by outperformance in the mining and materials related sectors, while softer than expected wage price data reduced the prospects of a more aggressive RBA rate hike next month. Nikkei 225 briefly reclaimed the 27,000 level but retreated off its highs as participants digested GDP data which printed in negative territory, albeit at a narrower than feared contraction. Hang Seng and Shanghai Comp were subdued with large-cap tech stocks pressured in Hong Kong including JD.com despite beating earnings expectations and with Tencent bracing for the expected slowest revenue growth since its listing, while the mainland was hampered by the mixed COVID-19 situation as Shanghai registered a 4th consecutive day of zero transmissions outside of quarantine, although Beijing was said to lockdown some areas in its Fengtai district for 7 days. Top Asian News Shanghai authorities issued a new white list containing 864 financial institutions permitted to resume work, according to sources cited by Reuters. China, on May 20th, is to remove some COVID test requirements on travellers to China from the US, according to embassy. China's Foreign Ministry says the BRICS foreign ministers are to meet on May 19th. Goldman Sachs downgrades its 2022 China GDP growth forecast to 4.0% from 4.5%. European bourses are rangebound and relatively directionless, Euro Stoxx 50 U/C, taking impetus from a mixed APAC session which failed to sustain US upside. Stateside, futures are modestly softer and a firmer Wall St. close; ES -0.2%. Limited Fed speak due and near-term focus on retail earnings. Tencent (0700 HK) Q1 2022 (CNY): adj. net profit 25.5bln (exp. 26.4bln), Revenue 135.5bln (exp. 141bln). Lowe's Companies Inc (LOW) Q1 2023 (USD): EPS 3.61 (exp. 3.22/3.23 GAAP), Revenue 23.70bln (exp. 23.76bln). SSS: Lowe's Companies: -4.0% (exp. -2.5%); Lowe's Companies (US): -3.8% (exp. -3.7%). -0.2% in the pre-market Top European News UK Chancellor Sunak is reportedly mulling bringing forward the 1p income tax cut to the basic rate by one year, according to iNews citing Treasury insiders. Other reports suggest that Sunak is putting plans together to raise the warm home discount by hundreds of GBP in July ahead of lowering taxes in autumn to assist with the cost of living crisis, according to The Times. EU is to offer the UK new concessions on the Northern Ireland protocol but has threatened a trade war if UK PM Johnson refuses to agree to a compromise, according to The Telegraph. In FX Sterling slides to the bottom of the major ranks as fractionally sub-forecast UK CPI dampens BoE rate hike expectations; Cable reverses from just over 1.2500 to sub-1.2400, EUR/GBP nearer 0.8500 after dip below 0.8400 only yesterday. Hawkish Fed chair Powell helps Buck bounce ahead of US housing data, DXY towards the upper end of 103.770-180 range. Aussie hampered by softer than expected wage metrics that might convince the RBA to refrain from 40bp hike in June, AUD/USD heavy on the 0.7000 handle. Yen relatively resilient in wake of Japanese GDP showing less contraction in Q1 than feared, USD/JPY closer to 129.00 than 129.50. Euro loses momentum irrespective of comments from ECB’s Rehn echoing Summer rate hike guidance as final Eurozone HICP is tweaked down, EUR/USD fades from 1.0550+ to test support around 1.0500. Loonie treads cautiously before Canadian inflation metrics as oil prices come off the boil, USD/CAD back above 1.2800 within 1.2795-1.2852 range. In Fixed Income Gilts sharply outperform as UK CPI falls just shy pf consensus and dampens BoE tightening expectations. 10 year UK bond rebounds towards 119.50 from sub-119.00 lows, while Bunds lag below 152.50 and T-note under 119-00. Record high cover for 2052 German auction and low retention sets high bar for upcoming 20 year US offering. Central Banks ECB's Rehn says June forecasts are seen near the adverse scenario from March, first rate increase will likely take place in the summer. Many colleagues back stance for quick moves. ECB's de Cos says the end of APP should be finalised early in Q3, first hike shortly afterwards. Further rises could be made in subsequent quarters of medium-term outlook remains around target; the build-up of price pressures in EZ in recent months raises the likelihood of second-round effects, which have not strongly materialised. In commodities WTI and Brent are modestly supported after yesterday's lower settlement; currently, firmer by just over USD 1.00/bbl. Focus has been on the narrowing WTI/Brent spread, particularly going into US driving season; see link below for ING's views. US Energy Inventory Data (bbls): Crude -2.4mln (exp. +1.4mln), Cushing -3.1mln, Gasoline -5.1mln (exp. -1.3mln), Distillates +1.1mln (exp. unchanged). Spot gold and silver are modestly firmer but capped by a firmer USD, yellow metal just shy of USD 1820/oz. US Event Calendar 07:00: May MBA Mortgage Applications, prior 2.0% 08:30: April Building Permits MoM, est. -3.0%, prior 0.4%, revised 0.3% 08:30: April Housing Starts MoM, est. -2.1%, prior 0.3% 08:30: April Building Permits, est. 1.81m, prior 1.87m, revised 1.87m 08:30: April Housing Starts, est. 1.76m, prior 1.79m DB's Jim Reid concludes the overnight wrap Another reminder of my webinar replay from last week discussing our recession call for 2023 and an update on credit spreads. In it I said that while we have high conviction that HY spreads would be +850bp in H2 2023, the outlook over the next few weeks and months may actually be positive from this starting point. I would say I am nervous of that view but I still don't think that the real economic pain comes until deeper into 2023 when the lagged impact of an aggressive Fed starts to bite. Click here to view the webinar and to download the presentation. Good luck to Glasgow Rangers and Eintracht Frankfurt in tonight's Europa League final. These are not teams that any would have expected to reach this final and I will watch with stress free divided loyalties. My father's family were all from the former and supported Rangers while the latter play at the fabulously named Deutsche Bank Park. So good luck to both. I suspect I'll be less stress free in 11 days' time when Liverpool are out for revenge against Real Madrid in the Champions League Final. At the moment I’m feeling nervously optimistic. Talking of which, investor optimism has returned to markets over the last 24 hours as more positive data releases raised hopes that the US economy might be more resilient in the near-term than many have feared. The economic concerns won't go away, but stronger-than-expected numbers on retail sales and industrial production helped the S&P 500 (+2.02%) close at its highest level in over a week. Remember monetary policy acts with a lag and it would be very unusual historically if the data rolled over imminently. By this time next year it will likely be a very different story. The higher yield momentum was reinforced by a Powell speech after Europe went home but there was a steady march of slightly hawkish central bank speakers through the day. Before we review things keep an eye out for UK CPI just after this goes to press. The headline rate is expected to be a huge 9.1%. Expect a lot of headlines reporting of 40 year highs. With regards to Powell, most in focus was his claim that policy rates would rise above neutral if that was required to tame inflation. While the sentiment was not necessarily new, his explicit comment that neutral rates are “not a stopping point” garnered focus, noting that the Fed was looking for “clear and convincing evidence” that inflation was subsiding. The rates market have already priced terminal policy rates above the Fed’s estimate of neutral, but a combination of the risk on, and stronger data meant that equities could go up alongside yields. Earlier in the day we got a smattering of communications from Fed regional Presidents, none of which registered as materially but it reinforced the direction of travel after a month to date where markets have repriced the Fed lower. Indeed, even resident hawk, St Louis Fed President Bullard, reiterated Powell’s message in that the Fed was on course for 50bp hikes at the upcoming meetings and said that “I think we have a good plan for now”. Sovereign bonds had already sold off significantly ahead of all that Fedspeak, aided by the broader risk-on tone yesterday, but continued drifting higher through the US session. Yields on 10yr Treasuries closed +10.4bps to a one-week high of 2.99%, driven by a +7.9bps rise in real yields to 0.24%. The moves were more pronounced at the front-end however, and the 2yr yield rose by a larger +13.1bps as investors priced in a more aggressive path of hikes over the next 12 months after data showed the economy was performing stronger than the consensus had anticipated. In terms of the headlines, retail sales were up by +0.9% in April (vs. +1.0% expected), but the growth in March was revised up to +1.4% (vs. +0.5% previously). Retail sales excluding autos and gas were up by +1.0% as well (vs. +0.7% expected), whilst the industrial production number was another that came in above expectations at +1.1% (vs. +0.5% expected). Europe also had a large move in yields, which followed comments by Dutch central bank Governor Knot who became the first member of the Governing Council to openly float the idea of a 50bp hike. Although he said that “my preference would be to raise our policy rate by a quarter of a percentage point”, he said that “bigger increases must not be excluded” if data were to show inflation “broadening further or accumulating”. So even though he’s one of the more hawkish members of the council, that’s still a significant milestone in that larger moves are being openly discussed, and echoes what we saw with the Fed at the turn of the year when the policy trajectory became increasingly aggressive. Market pricing reflected that shift yesterday, and for the first time overnight index swaps were pricing in that the ECB would hike by more than 100bps by their December meeting and thus catching up with the DB House View. That growing belief behind additional hikes led to a fresh selloff in sovereign bonds, with those on 10yr bunds (+10.9bps), OATs (+10.5bps) and BTPs (+11.7bps) all moving higher. The biggest moves were seen from gilts (+15.0bps) however, which followed data that pointed to an increasingly tight labour market in the UK, and overnight index swaps nearly doubled the probability of a 50bp rate hike from the BoE in June, with the odds moving from 17% on Monday to 33% yesterday. Over in equities, stronger risk appetite led to a significant rebound yesterday, with the S&P 500 (+2.02%) hitting a one-week high, whilst the NASDAQ (+2.76%) saw an even larger rebound in spite of the simultaneous rise in yields. Walmart (-11.38%) was by far the worst performer in the S&P, which came as it cut its earnings per share forecast, which it now expected to decrease by 1%, relative to previous guidance that expected it to rise by the mid single-digits. But that was the exception, and every sector except consumer staples moved higher on the day, with the more cyclical areas leading the advance. Over in Europe the STOXX 600 (+1.22%) posted a strong performance of its own, bringing its advance to more than +5% since its recent closing low just over a week ago. Overnight in Asia, performance in regional stock indices is diverging partly on the back of economic data. Japan’s Q1 GDP (-1.0%) contracted less than expected (-1.8%), lifting the Nikkei (+0.50%) this morning. In China, though, rising covid cases and waning optimism about government’s support of tech companies weighed on the Shanghai composite (-0.37%) and the Hang Seng (-0.66%). New home prices (-0.30%) in the country also slid for an eighth month in a row. This slight souring of sentiment has extended to S&P 500 futures (-0.23%) with the US 10y yield edging back lower by -2.2bps. Elsewhere, tensions over Brexit ratcheted up again yesterday after UK Foreign Secretary Truss announced plans to introduce legislation that would override parts of the Northern Ireland Protocol. Truss said that the UK’s preference “remains a negotiated solution with the EU” and that the bill would contain an “explicit power to give effect to a new, revised Protocol if we can reach an accommodation”, but that “the urgency of the situation means we can’t afford to delay any longer.” Unsurprisingly the EU did not react happily, and Commission Vice President Šefčovič said in a statement that if the UK moved ahead with the bill, then “the EU will need to respond with all measures at its disposal.” Staying on the UK, the latest employment data out yesterday pointed to an increasingly tight labour market, with the unemployment rate falling to 3.7% in the three months to March (vs. 3.8% expected), which is the lowest it’s been since 1974. Furthermore, the number of vacancies was larger than the total number of unemployed for the first time, and the more up-to-date estimate of payrolled employees in April saw an increase of +121k (vs. +51k expected). Elsewhere in Europe, the latest estimate of Euro Area GDP growth in Q1 showed a bigger than expected expansion of +0.3% (vs. +0.2% previously). Elsewhere the chances of a Russian sovereign debt default increased, following the Treasury department confirming a temporary waiver that allowed Russia to pay US creditors would expire on May 25. Meanwhile, the US is reportedly considering a tariff on Russian oil in conjunction with European allies, as the saga about banning imports to Europe drags on. To the day ahead now, and data releases include the UK and Canadian CPI readings for April, along with US data on housing starts and building permits for the same month. Central bank speakers include the Fed’s Harker and the ECB’s Muller. Earnings releases include Cisco, Lowe’s, Target and TJX. Finally, G7 finance ministers and central bank governors will be meeting in Germany. Tyler Durden Wed, 05/18/2022 - 07:51.....»»