Not The Onion! Woman Designs Chair To Prevent “Manspreading”

Authored by Paul Joseph Watson via Summit.news,

A British woman has been awarded for designing a chair that prevents “manspreading” by forcing men to sit as if they don’t have any balls.

I’m not even joking.

“Manspreading,” otherwise known as ‘having a pair of testicles’ – is where men sit with their legs spread apart on public transport.

23-year-old Laila Laurel says she designed the chair “following her own experiences of ‘manspreading’”.

It came both from my own experiences of men infringing on my space in public, and also from ‘The Everyday Sexism Project’, a website founded by Laura Bates in which women self-testify about sexism they experience,” she told LadBible.

“With my chair set I hoped to draw awareness to the act of sitting for men and women and inspire discussion around this,” added Laurel, who was given the Belmond Award for emerging talent (whatever that is).

But here’s the kicker; Laurel has also designed a chair which encourages women to engage in the very same behavior she complains about the men doing.

If you’re wondering if that makes any sense whatsoever then stop because it doesn’t.

Also, from an aesthetic viewpoint, the designs look absolutely hideous.

Unfortunately, there is no chair being designed to prevent female bagspreading.

The response to the design was not very sympathetic.

“This is one of the most ridiculous things I’ve read this year. She has made a chair to prevent men from ‘manspreading’ and made one for women which encourages it?” commented one Twitter user.

“She needs to wear that device that simulates having ball(s), maybe then she would learn to have some sympathy toward men instead of feeling entitled to tell them how to sit,” added another.

“Imagine if a man designed something to stop a woman doing ANYTHING…. the feminist and sexist backlash would be unimaginable,” remarked another.

We’ve now reached the stage where identity politics has to be injected into chairs – chairs for fuck’s sake.

As we previously reported, a Transport For London ad lectured men on the tube on how to sit.

Where will the insanity end?

*  *  *

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via ZeroHedge News https://ift.tt/30B78qb Tyler Durden

Peter Thiel Explains the New ‘National Conservatism’

A group of conservatives mostly dedicated to removing the stain of individual liberty from their brand met this week for a “National Conservatism Conference.” Superwealthy tech-industrialist Peter Thiel gave one of the keynote speeches. Contemplating his remarks is helpful in assessing what these “national conservatives” are up to.

Thiel used to be roughly identified, including, at times, by me, as a libertarian. One reason was his decision to fund what started as a libertarian-rooted wild idea, Seasteading. Another indicator was his big-money support of an ultimately feckless Ron Paul-oriented SuperPac. These decisions made his warm embrace of Trump back in 2016 confusing, but he has now made it clear he has, and wants, nothing to do with the idea that human liberty is overall good and enriching.

Instead, Thiel has some interests and some enemies, and he wants to use the power of the state as a weapon to help one and harm the other. The main enemies are Google, China, and the U.S. university system. He advocated vigorous police actions against the first and third, and a trade war (at least) against China.

The general focus of his talk is that we should run all decisions through the following prism: Is this policy good for the United States? Not for free individual citizens, not for the human race, but for the United States. Thiel’s answer, at least when it comes to big tech, the current system of higher education, and free trade, is no.

Why he’s attacking Big Tech: Thiel is mad because Silicon Valley imposes a monoculture of political correctness. He didn’t get too specific here, but I think his audience and most of the world gets what he means. Silicon Valley is leftist-progressive, culturally and socially, and accepting—at least in word, if not always deed—of the “identity politics” and “cultural marxism” that Thiel believes are some of America’s biggest problems.

He also thinks it’s notable that Sen. Elizabeth Warren (D–Mass.) is getting the most political donations out of the tech sector. However, given the ideology he promoted at the conference, it’s not entirely clear why Thiel doesn’t consider Warren’s promises regarding health care reform as “good for America,” particularly since he doesn’t seem to think government spending or free-market economics have much relevance to “national conservatism.” In fact, nowhere in his long speech did Thiel decry government spending or praise free-market economics, and nothing he actually did say suggests that either idea is an unspoken underlying presumption of his ideology.

He is also mad at Google—a rival in some ways to Facebook, on whose board he sits and off of whom he made a chunk of his fortune—and he played to the crowd with a hat tip to the fact there were “reasons you might understand” he was “picking” on Google.

“Picking” is putting it mildly: Thiel suggested that the FBI and CIA should visit Google executives, who should then be “asked in a not excessively gentle manner”—a hint of violence which got laughs and claps from the crowd—about the “seemingly treasonous” behavior of not keeping the Chinese government sufficiently far from Google’s research into artificial intelligence.

Thiel pal President Donald Trump gleefully tweeted that he was going to follow Thiel’s lead on this and look into Google’s “treason.” Will this lead to the deaths, by capital punishment, of Thiel’s opponents at Google? I sure hope not.

Using his wealth and influence to conquer his enemies certainly motivates Thiel, as seen in his murder-via-defamation suit of the news and gossip website Gawker. It is more than likely that the site’s exposure of scurrilous and embarrassing facts about people and institutions, while not pleasing to the exposed, have probably on balance been good for America, although Thiel clearly disagreed.

Thiel insists he wants to deal more with “concrete particulars, not abstractions,” when he jabs at free trade: He didn’t say out loud that globalization has been bad for enough people in a significant enough way to end free trade altogether. He also did not talk about decaying industries or bringing American jobs back. He may believe that stuff, but he mostly criticized free-trade ideology because he thinks it keeps us from being tough on China.

He has a litany of complaints about the Chinese government and corporate behavior, and he thinks the proper way to deal with them is to punish any American company or citizen who wishes to do business with the Chinese. He wants tariffs of 25 percent and said that should just be a starting point.

While it’s unlikely the National Conservatism audience is all that worried about global warming or carbon in the atmosphere, Thiel suggests punitive tariffs on Americans who wish to do business with China should or could be sold as carbon taxes, since China is a heavy polluter in that regard.

Chinese companies and governments are certainly committing crimes. American companies and individuals and the U.S. government can and should consider the financial and moral implication of doing business with them, but without trying to punish the rest of America. Some things—like Chinese production practices, how they treat workers, their own internal subsidies, and intellectual property theft—aren’t things we can likely stop, tariffs or not.

Raising tariffs is more likely to harm the Americans who wish to have their products than to change the entire way China runs its economy, but again, Thiel’s vision of conservatism is that we (as in, he) should use government to punish enemies. He thinks it is vital that no one who believes strongly in free trade should be part of making U.S. trade policy.

Taxing and managing American companies’ and citizens’ production and consumption decisions in pursuit of what Thiel calls a national interest is fundamental to his “national conservativism.” In this case, the “national interest” is really the specific interests of the people and industries who can get the government to create trade policies that will benefit them. Managed trade and protectionism are not good for everybody, and nationalist talk is merely a way of disguising personal and sectional interests as somehow good for an entire nation.

Pointing out that we never thought trade barriers between U.S. states made life better for Americans is a cliche, but it’s also an important thing to remember, especially since anti-free-trade sophists are essentially in favor of using state force to help some Americans at the expense of other Americans but feel they can get away with it when it isn’t as blatant as saying “this state wins, and this state loses.”

Framing decisions about the economy and liberty in “national” terms is a cover for those who are best able to manipulate the machinery of the state to get what they want at the expense of others. Thiel’s Palantir makes money providing services that harm innocent humans to the techno-industrial state. It’s not surprising that he encourages that sort of thing, but it might be less valuable as a principle for a political movement.

National conservative types and Trumpers enjoy either appealing to, or teasing, libertarians who don’t like Trump with the declaration that Trump is great for libertarians because he’s so anti-intervention: Thiel ups the ante on this by claiming, with zero evidence, and indeed by bringing up his “libertarian friends,” that Trump has been better on the anti-intervention front than even Ron Paul would have been. He doesn’t elaborate on this, and what Ron Paul would or could actually have accomplished as president will forever remain unproven.

While it is a vital moral imperative that America not blow people up, Trump continues to do just that and has not stopped doing so anywhere. While there have been positive signs here and there, and he has not opened up any completely fresh fronts, I have to call bullshit on Thiel’s unsupported rhetorical outreach to old libertarians that Trump is the most libertarian possible person on war issues. Sanctions and tariffs and immigrant detention camps are all forms of aggression. Trump may not be bombing places that Obama didn’t bomb, but he is hurting innocent people all over the world.

Thiel certainly didn’t help shore up his antiwar bonafides, or those of the “national conservative” movement, when he said the Iraq war might have passed his litmus test had U.S. oil companies been allowed to plunder Iraq’s oil. Most libertarians, including Ron Paul, object to modern war on the grounds that it is bad to commit mass murder and turn homes and cultural legacies into rubble, not because doing those things failed to enrich companies based in the U.S.

While Thiel isn’t quite clear about why American colleges are his other great foe, a case could be made that student debt is holding back the nation as a whole: Then again, it might just be part of his general neo-reactionary sense that universities are the core of the “Cathedral” of progressivism, and hitting them in the purse is the best way to undermine American higher education’s broader progressive influence.

He’s been using his money to encourage the bright to not go to college for years, and good for him. He said outright that he wants to “stick colleges with the bill” for the burden of student loan debt, and coincidentally (or not), another person at the conference, Sen. Josh Hawley (R–Mo.), wants that idea to become law. 

Thiel also called for criminal prosecutions against colleges on the grounds of fraud, which is further evidence that unleashing state violence against people and institutions he doesn’t like or agree is the core of his own brand of “national conservativism.” Thiel is confident they will actually win the battle against higher education, and soon.

Thiel ended his speech with a declaration that the right has retired the notion of “American exceptionalism.” The next day, Trump called on people who think anything is wrong with America might want to leave, which seems to come from the same spirit of “American exceptionalism” Thiel believes Trump has helped kill.

Was there anything good in Thiel’s speech? He began his lecture by repeating an old, and likely valid, complaint that the world might be better off with more changes and improvements in the offline realm, not just the things we see and process on our computers or smartphones. To the extent regulations or taxes are slowing up physical innovation, he could be a useful voice in trying to prevent this, but he didn’t mention either obstacle.

He also seems to have more confidence in the imminent possibilities of matter teleportation, if only Google would get out of the way or concentrate on the right things. What he doesn’t say is that, even if it only has to do with bits and bytes, what Google has given us all for free is, as evidenced by the fact so many of us use Google products, making our lives better, no matter how it affects macroeconomic productivity statistics.

Contemplating a mass movement on the right arising around this speech is depressing. That the forces of the “right” might coalesce around plutocratic power to harm U.S. businesses and citizens via attacking the “abstraction” of free trade shows that libertarians have, as usual, difficult and vital work to do. Thiel’s speech and its enthusiastic reception show with clarity that liberty—yours, mine, American—is no longer particularly meaningful to the “national conservative.”

 

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Epstein Lied About Austrian Passport Under Different Name According To New Court Filing

An Austrian passport found in Jeffrey Epstein’s 21,000 square-foot Manhattan townhome, containing Epstein’s photograph but listing a different name, contains customs stamps indicating that he used it to enter at least four countries, – contradicting a defense argument that it was only on hand in the event of a hijacking.

In a late Wednesday court filing, US Attorney Geoffrey Berman writes “The defendant’s July 16, 2019 letter asserts: “[A]s for the Austrian passport the government trumpets, it expired 32 years ago. And the government offers nothing to suggest — and certainly no evidence — that Epstein ever used it.” 

Berman rebuts this claim, writing: “In fact, the passport contains numerous ingress and egress stampsincluding stamps that reflect use of the passport to enter France, Spain, the United Kingdom, and Saudi Arabia in the 1980s.” 

“The Government further notes that the defendant’s submission does not address how the defendant obtained the foreign passport and, more concerning, the defendant has still not disclosed to the Court whether he is a citizen or legal permanent resident of a country other than the United States.” 

On Wednesday, Epstein attorney Marc Fernich wrote in a supplemental filing arguing for why Epstein should be granted house arrest, telling the court that “Epstein – an affluent member of the Jewish faith – acquired the passport in the 1980s, when hijackings were prevalent, in connection to Middle East travel. The passport was for personal protection in the event of travel to dangerous areas, only to be presented to potential kidnapers, hijackers or terrorists should violent episodes occur.

This was a lie, and should weigh heavily on Judge Richard M. Berman’s Thursday decision over whether or not Epstein should live in the lap of luxury while awaiting trial on charges of sex-trafficking minors

via ZeroHedge News https://ift.tt/2Y1F3ej Tyler Durden

Peter Thiel Explains the New ‘National Conservatism’

A group of conservatives mostly dedicated to removing the stain of individual liberty from their brand met this week for a “National Conservatism Conference.” Superwealthy tech-industrialist Peter Thiel gave one of the keynote speeches. Contemplating his remarks is helpful in assessing what these “national conservatives” are up to.

Thiel used to be roughly identified, including, at times, by me, as a libertarian. One reason was his decision to fund what started as a libertarian-rooted wild idea, Seasteading. Another indicator was his big-money support of an ultimately feckless Ron Paul-oriented SuperPac. These decisions made his warm embrace of Trump back in 2016 confusing, but he has now made it clear he has, and wants, nothing to do with the idea that human liberty is overall good and enriching.

Instead, Thiel has some interests and some enemies, and he wants to use the power of the state as a weapon to help one and harm the other. The main enemies are Google, China, and the U.S. university system. He advocated vigorous police actions against the first and third, and a trade war (at least) against China.

The general focus of his talk is that we should run all decisions through the following prism: Is this policy good for the United States? Not for free individual citizens, not for the human race, but for the United States. Thiel’s answer, at least when it comes to big tech, the current system of higher education, and free trade, is no.

Why he’s attacking Big Tech: Thiel is mad because Silicon Valley imposes a monoculture of political correctness. He didn’t get too specific here, but I think his audience and most of the world gets what he means. Silicon Valley is leftist-progressive, culturally and socially, and accepting—at least in word, if not always deed—of the “identity politics” and “cultural marxism” that Thiel believes are some of America’s biggest problems.

He also thinks it’s notable that Sen. Elizabeth Warren (D–Mass.) is getting the most political donations out of the tech sector. However, given the ideology he promoted at the conference, it’s not entirely clear why Thiel doesn’t consider Warren’s promises regarding health care reform as “good for America,” particularly since he doesn’t seem to think government spending or free-market economics have much relevance to “national conservatism.” In fact, nowhere in his long speech did Thiel decry government spending or praise free-market economics, and nothing he actually did say suggests that either idea is an unspoken underlying presumption of his ideology.

He is also mad at Google—a rival in some ways to Facebook, on whose board he sits and off of whom he made a chunk of his fortune—and he played to the crowd with a hat tip to the fact there were “reasons you might understand” he was “picking” on Google.

“Picking” is putting it mildly: Thiel suggested that the FBI and CIA should visit Google executives, who should then be “asked in a not excessively gentle manner”—a hint of violence which got laughs and claps from the crowd—about the “seemingly treasonous” behavior of not keeping the Chinese government sufficiently far from Google’s research into artificial intelligence.

Thiel pal President Donald Trump gleefully tweeted that he was going to follow Thiel’s lead on this and look into Google’s “treason.” Will this lead to the deaths, by capital punishment, of Thiel’s opponents at Google? I sure hope not.

Using his wealth and influence to conquer his enemies certainly motivates Thiel, as seen in his murder-via-defamation suit of the news and gossip website Gawker. It is more than likely that the site’s exposure of scurrilous and embarrassing facts about people and institutions, while not pleasing to the exposed, have probably on balance been good for America, although Thiel clearly disagreed.

Thiel insists he wants to deal more with “concrete particulars, not abstractions,” when he jabs at free trade: He didn’t say out loud that globalization has been bad for enough people in a significant enough way to end free trade altogether. He also did not talk about decaying industries or bringing American jobs back. He may believe that stuff, but he mostly criticized free-trade ideology because he thinks it keeps us from being tough on China.

He has a litany of complaints about the Chinese government and corporate behavior, and he thinks the proper way to deal with them is to punish any American company or citizen who wishes to do business with the Chinese. He wants tariffs of 25 percent and said that should just be a starting point.

While it’s unlikely the National Conservatism audience is all that worried about global warming or carbon in the atmosphere, Thiel suggests punitive tariffs on Americans who wish to do business with China should or could be sold as carbon taxes, since China is a heavy polluter in that regard.

Chinese companies and governments are certainly committing crimes. American companies and individuals and the U.S. government can and should consider the financial and moral implication of doing business with them, but without trying to punish the rest of America. Some things—like Chinese production practices, how they treat workers, their own internal subsidies, and intellectual property theft—aren’t things we can likely stop, tariffs or not.

Raising tariffs is more likely to harm the Americans who wish to have their products than to change the entire way China runs its economy, but again, Thiel’s vision of conservatism is that we (as in, he) should use government to punish enemies. He thinks it is vital that no one who believes strongly in free trade should be part of making U.S. trade policy.

Taxing and managing American companies’ and citizens’ production and consumption decisions in pursuit of what Thiel calls a national interest is fundamental to his “national conservativism.” In this case, the “national interest” is really the specific interests of the people and industries who can get the government to create trade policies that will benefit them. Managed trade and protectionism are not good for everybody, and nationalist talk is merely a way of disguising personal and sectional interests as somehow good for an entire nation.

Pointing out that we never thought trade barriers between U.S. states made life better for Americans is a cliche, but it’s also an important thing to remember, especially since anti-free-trade sophists are essentially in favor of using state force to help some Americans at the expense of other Americans but feel they can get away with it when it isn’t as blatant as saying “this state wins, and this state loses.”

Framing decisions about the economy and liberty in “national” terms is a cover for those who are best able to manipulate the machinery of the state to get what they want at the expense of others. Thiel’s Palantir makes money providing services that harm innocent humans to the techno-industrial state. It’s not surprising that he encourages that sort of thing, but it might be less valuable as a principle for a political movement.

National conservative types and Trumpers enjoy either appealing to, or teasing, libertarians who don’t like Trump with the declaration that Trump is great for libertarians because he’s so anti-intervention: Thiel ups the ante on this by claiming, with zero evidence, and indeed by bringing up his “libertarian friends,” that Trump has been better on the anti-intervention front than even Ron Paul would have been. He doesn’t elaborate on this, and what Ron Paul would or could actually have accomplished as president will forever remain unproven.

While it is a vital moral imperative that America not blow people up, Trump continues to do just that and has not stopped doing so anywhere. While there have been positive signs here and there, and he has not opened up any completely fresh fronts, I have to call bullshit on Thiel’s unsupported rhetorical outreach to old libertarians that Trump is the most libertarian possible person on war issues. Sanctions and tariffs and immigrant detention camps are all forms of aggression. Trump may not be bombing places that Obama didn’t bomb, but he is hurting innocent people all over the world.

Thiel certainly didn’t help shore up his antiwar bonafides, or those of the “national conservative” movement, when he said the Iraq war might have passed his litmus test had U.S. oil companies been allowed to plunder Iraq’s oil. Most libertarians, including Ron Paul, object to modern war on the grounds that it is bad to commit mass murder and turn homes and cultural legacies into rubble, not because doing those things failed to enrich companies based in the U.S.

While Thiel isn’t quite clear about why American colleges are his other great foe, a case could be made that student debt is holding back the nation as a whole: Then again, it might just be part of his general neo-reactionary sense that universities are the core of the “Cathedral” of progressivism, and hitting them in the purse is the best way to undermine American higher education’s broader progressive influence.

He’s been using his money to encourage the bright to not go to college for years, and good for him. He said outright that he wants to “stick colleges with the bill” for the burden of student loan debt, and coincidentally (or not), another person at the conference, Sen. Josh Hawley (R–Mo.), wants that idea to become law. 

Thiel also called for criminal prosecutions against colleges on the grounds of fraud, which is further evidence that unleashing state violence against people and institutions he doesn’t like or agree is the core of his own brand of “national conservativism.” Thiel is confident they will actually win the battle against higher education, and soon.

Thiel ended his speech with a declaration that the right has retired the notion of “American exceptionalism.” The next day, Trump called on people who think anything is wrong with America might want to leave, which seems to come from the same spirit of “American exceptionalism” Thiel believes Trump has helped kill.

Was there anything good in Thiel’s speech? He began his lecture by repeating an old, and likely valid, complaint that the world might be better off with more changes and improvements in the offline realm, not just the things we see and process on our computers or smartphones. To the extent regulations or taxes are slowing up physical innovation, he could be a useful voice in trying to prevent this, but he didn’t mention either obstacle.

He also seems to have more confidence in the imminent possibilities of matter teleportation, if only Google would get out of the way or concentrate on the right things. What he doesn’t say is that, even if it only has to do with bits and bytes, what Google has given us all for free is, as evidenced by the fact so many of us use Google products, making our lives better, no matter how it affects macroeconomic productivity statistics.

Contemplating a mass movement on the right arising around this speech is depressing. That the forces of the “right” might coalesce around plutocratic power to harm U.S. businesses and citizens via attacking the “abstraction” of free trade shows that libertarians have, as usual, difficult and vital work to do. Thiel’s speech and its enthusiastic reception show with clarity that liberty—yours, mine, American—is no longer particularly meaningful to the “national conservative.”

 

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The Dollar, Not Crypto, Is A National Security Issue

Authored by Peter Earle via The American Institute for Economic Research,

U.S. Treasury Secretary Steve Mnuchin piled on to comments made recently by President Donald Trump by calling cryptocurrencies a “national security issue.” Bitcoin and crypto proponents more broadly have long wondered if (and how) the government of the United States would recognize the slow but steady encroachment of decentralized assets, and it appears to have begun. Facebook’s announcement of the Libra project on June 18, 2019, will likely prove the point on countless future historical timelines at which the U.S. government began a slow, ultimately ineffectiveassault upon the cryptocurrency realm.

Everything that Mnuchin attributed to Bitcoin – for one thing, that it has been used in concert with such “illicit activity [as] cyber crime, tax evasion, extortion… illicit drugs, and human trafficking” – can be said, and to degrees an order of magnitude or more larger, about the U.S. dollar. It’s an argument suitable for children. 

All of this is extremely bullish for Bitcoin and the entire cryptocurrency complex. A bipartisan political salvo against crypto assets will undoubtedly accelerate the pace of innovation as well as increasing the value proposition, and ultimately the market price, of assets that ensure privacy. Higher prices will draw more crypto developers into the market and direct more resources at capturing market share, which means — as in any market — that consumers are the ultimate beneficiaries.

Mnuchin isn’t wrong, though. There is a tremendous risk to American national security where currencies are considered: the dollar. Those who habitually cite its reserve-currency status as a reason not to worry are making an argument that stands on increasingly precarious foundations: since 2010, the U.N. and other groups have cited the dollar’s downward slide in value, urging the adoption of an alternate system of reserves. Earlier this year, the Russian government shifted $100 billion in reserves out of the dollar, into the Chinese yuan. Oil futures denominated in the yuan have been trading for just over one year now, and are steadily gaining liquidity. 

The theoretical framework by which the issuer of the reserve currency is at its most secure holds that it is or should be a creditor nation with a current account surplus, but the U.S. is a debtornation with a current account deficit. More importantly, many have pointed out that the volume of trade is a necessary foundation of reserve status, yet the current administration has both a vocal and policy affinity for interfering with international commerce; the president has famously referred to himself as a “Tariff Man.”

In August 2011 – when the U.S. had a quaint $14 trillion in debt – a crisis over the debt ceiling caused Standard & Poor’s to reduce the credit rating on debt issued by the Treasury. The reduction of the credit rating was tiny, but the knock-on effects were legion. The Dow Jones Industrial Average fell over 2,000 points in the days surrounding the negotiations; within two weeks, a number of Persian Gulf states renewed discussions about diversifying away from the U.S. dollar.

When the pound sterling lost its reserve-currency status to the U.S. dollar, the process took decades: it was an “accumulation of blows” rather than a coup de grace. This is the only realistic way in which such a shift could happen; otherwise, the costs of transacting would suddenly change radically. When the dollar became competitive with the pound, the switch was relatively painless. As the economies of both the Eurozone and China grow, the prospect that either the euro or the yuan — or, more likely, that the similarly disruptive formation of baskets of currencies that include the dollar, albeit in far smaller amounts than are currently held — will take over the dollar’s role becomes increasingly realistic. 

Add to this a 20-year war in Afghanistan with no end in sight, a U.S. military presence in over 150 countries worldwide, a mounting willingness to rattle sabers in regions far from domestic shores, and the increasing evidence that the Federal Reserve is not only not independent but highly susceptible to short-term political influence, and the decline of faith in the U.S. dollar becomes understandable. More so when one considers how many thousands of lives, and trillions of dollars, wouldn’t have been squandered under a commodity-backed or cryptocurrency-based monetary system: because it couldn’t have been. 

Mnuchin would be well advised to leave market forces to work in their inexorable march toward increasingly sound, more functional iterations of cryptocurrencies and other decentralized digital assets, and to shift his attention toward the countless political factors that are eradicating the last vestiges of faith and credit in the dollar. If the current path is maintained (and quite possibly even if it isn’t), the future belongs to truly “dependable and reliable” monetary media: cryptocurrencies and precious metals. 

via ZeroHedge News https://ift.tt/2YZuDZQ Tyler Durden

“We’re Never Going To Go Away From Zero:” Presenting Kyle Bass’ Latest Trade

Here at Zero Hedge, we’ve dedicated plenty of attention to signs of “Japanification” in European bond markets…

… with the issue taking on even more urgency now that we have influential bond strategists earnestly advocating the purchase of equities by the ECB, and the Fed in the middle of a policy U-turn that has prompted the market to price in at least three interest rate cuts by the end of the year…

Rates

…previously “conspiratorial” ideas like the Fed buying equities to turbocharge its stimulus program are beginning to look eminently plausible.

For readers who are unfamiliar with the term, “Japanification”, also known as Albert Edwards “Ice Age” concept, it involves the dawn of a new economic paradigm characterized by stagnant growth and pervasive deflation, where central bank debt monetization is needed to finance public spending to keep economies from sliding into contraction.

Bass

Already, there’s reason to believe that both the US and Europe are heading for the same monetary policy trap as Japan. Case in point: the neutral rate – or r*, as the economists at the Fed like to call it – has failed to revert back to its pre-crisis level.

Yields

And with the Fed likely to cut rates later this month and global bond yields tumbling to levels not seen in years, if ever, hedge fund manager Kyle Bass has revealed his latest trade in an interview with the  FT: Bass is betting that the Fed will slash interest rates to just above zero next year as the US economy slides into a recession, forcing the Fed to restart QE, and possibly even consider more radical alternatives like buying equities.

Though economic data in recent weeks has staged a mild recovery (which ended with Wednesday’s home-sales data), the general trend remains clear: As Powell reminded us last week, all signs point to a slower economy ahead.

Bass

To be more precise, Bass believes the longest economic expansion in US history will come to an end next year. And to be fair, this isn’t exactly a radical view: a recent survey that asked CFOs for their outlook on the economy found that two-thirds of them believe the next recession will begin by the first quarter of 2021.

But if you’re inclined to discount the ‘soft’ survey data, the NY Fed’s recession indicator, which, as Morgan Stanley  notes, has proven eerily reliable in the past, is also flashing a warning sign.

NY Fed

However, once the Fed re-launches QE and cuts rates this time, Bass suspects the US economy will become stuck in the “tractor beam” of low rates and QE, and remain stuck in easing mode – much like the BOJ – forever.

“As we have all learned, once an economy falls into the tractor beam of zero rates, it’s almost impossible to escape them,” Bass told the FT. The Heyman Capital founder said his concerns about the economic outlook are rooted in the flattening yield curve, particularly the inversion that saw long-term rates fall below the rate on the three-month T-bill.

“In the long run the US is heading the same way,” he said. “Growth numbers are going to come down and real growth might go to zero. We’re probably never going to go away from zero rates.”

Unlike his contrarian bet on the housing market, Bass is hardly alone in betting on lower interest rates. Unfortunately, if his view turns out to be correct, millions of financially insecure Americans and retirees struggling to live on a fixed income are going to be in for a rough time.

via ZeroHedge News https://ift.tt/2JE5xdG Tyler Durden

Trump’s Fight With The Fed Over Interest Rates Is A Scripted Farce

Authored by Brandon Smith via Alt-Market.com,

There is a very bizarre narrative being circulated in the mainstream economic media and it goes a little something like this:

The Federal Reserve has capitulated on liquidity tightening yet the US economy is “stronger than ever”, isn’t that weird?”

There are a couple things wrong with this statement.

First, the Fed has not yet capitulated on its tightening policy. In fact, we have been hearing since last November from the mainstream media and some alternative media that the Fed was going to lower its Fed Funds Rate and end monthly balance sheet cuts at “any moment”, yet several months later it still has not happened. Just last month the Fed cut another $38 billion in assets from its balance sheet; a move that was barely discussed in the mainstream because it does not fit with the prevailing delusion that the Fed has “already capitulated”. When the Fed cuts rates back significantly and the asset dumps stop, then and only then can anyone say with any authority that the Fed has ended its tightening cycle.

Secondly, the US economy is not “stronger than ever”, it is at its weakest since just before the credit crash of 2008.

And here is where the disconnect begins in Fed policy versus public expectations and the behavior of the Trump Administration. Almost EVERYONE, including the Federal Reserve, Donald Trump and the media are talking about how the US economy is “booming”. So why all the fuss over the Fed’s interest rates? The truth is it’s just more theater for the masses.

The battle between Trump and Fed Chairman Jerome Powell over Fed policy is a farce and always has been. Consider the facts – Trump ran his election campaign partly by taking a stance against central bank stimulus measures and ultra low rates. He explicitly attacked the notion that the US economy and stock markets were strong under Barack Obama, warning that the markets were in a bubble created by the Fed’s easing measures. Then, as soon as he entered the White House Trump flipped narratives and claimed the economy and the markets were strong, and that they were strong because of him.

Trump also said a little over a year ago that he wanted a strong US dollar, now he has reversed completely and says he wants a weaker dollar. In an indirect manner Trump has recently called for a monetary race to the bottom in competition with other nations. This display of bewildering policy gymnastics could be taken one of two ways – one, Trump is bipolar, or two, Trump is following the script that is given to him by the money elite day-to-day just like every president before him for at least the past hundred years. But what is the point of this absurd show?

As I have examined in depth in past articles, I believe the evidence shows that Trump is a pied piper for conservatives, and his attacks on the Fed are nothing more than world wrestling federation-style dramatics for the benefit of his base supporters.  Does anyone else think it’s rather strange that a supposedly fiscally conservative president is fighting for monetary easing while the Federal Reserve (the KING of easy money for the past decade) is fighting for liquidity tightening?  This only makes sense when you look at Trump’s background…

Trump’s companies have faced at least four separate bankruptcy threats since the 1990’s, yet he has been bailed out on more than one occasion by surprise investors. The most prominent of these investors was the Rothschild family through their agent Wilber Ross. Trump was saved from his vast debts tied to his Taj Mahal casino complex and three other major properties by the Rothschilds in the 1990’s, and some of these properties would go on to face bankruptcy again in 2009. The Taj Mahal would later sell for 4 cents on the dollar, yet Trump would always come out financially unscathed from these events.

Trump’s reputation and perhaps his entire current fortune is owed to the Rothschilds. This is probably the reason why, after becoming president, Trump loaded his cabinet with multiple globalists and banking elites, including Wilber Ross as his Commerce Secretary.

Trump is a perfect foil or catalyst to create the kind of chaos the banking elites need as cover for an event they sometimes refer to as “the global economic reset”. The economic reset is meant to cut a path to complete global centralization; meaning a one world monetary system controlled by the IMF, a one world currency, and ultimately a one world government. The Rothschilds (among many other elites) have publicly admitted to this plan numerous times, displaying their schemes in plain view in publications they own or control, like The Economist magazine.

Trump’s sudden shift from harsh critic of the US economic situation to taking ownership of every facet of the economy as if he is the sole cause of its supposed ascension is entirely deliberate. Trump is MEANT to take ownership of the US economy because he is MEANT to take the blame for its inevitable crash. If we look at almost every fundamental indicator a crash is already taking place now.

We now see the housing market suffering from a 7.8% overall drop in sales and an 8.1% drop in prices. We see auto market sales at the slowest pace in four years as interest rates rise on auto loans. We see historic levels of consumer debt and corporate debt. We see massive retail closures (more than 7500 closures announced so far this year), a grinding halt to shipping and freight, seven year lows in Global manufacturing PMI, the weakest U.S. manufacturing PMI since 2009, and a three month running inversion in the treasury yield curve, etc.

You will not see the Federal Reserve, the mainstream media or Donald Trump mention much about these signals of decline. The media will pay lip service at times while also promoting the notion that employment, GDP and the stock market are sure signs that the economy is “strong”.

Trump no longer argues that these indicators are rigged, even though unemployment stats do not include over 96 million working age Americans that are unemployed and are not counted on the benefits rolls. Even though GDP is calculated to include most government spending as if it is the same a wealth creation rather than wealth confiscation. Even though the stock market is entirely manipulated by unprecedented corporate stock buybacks, as well as levitated by Chinese stimulus measures flooding the global liquidity pool and investor hope that the Fed is about to reintroduce QE “at any moment”.

The Fed continues to claim that the US economy is experiencing a “strong” recovery.  The central bank’s public statements and “Beige Book” reports consistently paint a picture of financial health.  If the Fed was backing off of its tightening cycle, then why do they keep promoting the lie that the economy is stable and growing?

This is where we see the collusion between Trump and the media and the Fed. None of them will admit that the US economy is a fraudulent illusion. All of them are actively hiding the facts from the public. All of them are setting the American people up for an epic fall.

In terms of the fight over interest rates, Trump is playing his role as a bumbling villain; the guy who tried to meddle in economic affairs he did not fully comprehend and then bankrupted the country just like he bankrupted his own properties.

Many conservatives are eating up the propaganda that Trump is anti-fed, with endless stories on how Powell “had better watch out” or Trump will “have his head”. This sets up another false narrative that Trump is somehow in control of the Fed’s behavior. He is not. Trump’s own acting Chief of Staff staff has said “Trump knows he does not have the authority to fire Powell.” And, just last week Jerome Powell stated bluntly that if Trump tried to fire him he simply would not leave.Trump controls nothing when it comes to central bank policy. The Fed does whatever it wants to do.

I would point out that the Fed’s ONLY warnings surrounding the US economy have been rooted in “concerns” over Donald Trump’s policies, and more specifically the trade war.  They are already injecting the idea into the public consciousness that “everything was fine in the US economy until Trump came along”. The stage has been set for the controlled demolition of the US financial system and of conservative ideals of sovereignty.

The elites intend to use Trump as a parable, a warning to future generations. They will say – “You see, this is what happens when you allow populists and nationalists to take power. This is what happens when conservatives are allowed to propagate their crazy ideals. This is what happens when you try to interfere in the autonomy of central bankers who know better than you how to run the economy – You get a catastrophe.”

If the Fed actually does “capitulate” (one of these days), then history can blame Trump for putting political pressure on central bankers who are “supposed to be independent”. If the Fed does not capitulate and Trump continues his attacks on the institution history can still blame Trump for sowing the seeds of doubt and damaging faith in the US financial structure.

In the meantime, the Fed and other central banking institutions have created all the elements necessary to cause a devastating blow to the global economy and most of all the US economy. If Trump were a legitimate patriot and defender of US interests he would detach his administration from the stock markets and openly admit to all the factors that show our financial system is failing. But he will not do this. That is not his job. His job is to act chaotic, to confuse the public, to play shepherd to conservatives while leading them to the slaughterhouse, and to become a scapegoat for a crash the central bankers set in motion over 8 years before Trump became president.

*  *  *

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White House Kicks Turkey Out Of F-35 Program Over S-400 Deal

It’s finally ‘game over’ for Turkey and the F-35 joint strike fighter program after it received a first batch of S-400 Russian-made air defense components starting last Friday, with Russian military planes continuing deliveries into early this week.  

“Turkey’s decision to purchase Russian S-400 air defense systems renders its continued involvement with the F-35 impossible,” a White House statement read. The official statement added:

“The F-35 cannot coexist with a Russian intelligence collection platform that will be used to learn about its advanced capabilities.”

File image: US F-35 joint strike fighter

Purchased F-35 deliveries from their Lockheed Martin producer had already been held up for the past year as Washington and Ankara exchanged threats over the impending S-400 purchase. Up until today it wasn’t clear if the Trump administration would follow through on its promise to indefinitely block the transfer. 

“Turkey has been a longstanding and trusted partner and NATO Ally for over 65 years, but accepting the S-400 undermines the commitments all NATO Allies made to each other to move away from Russian systems,” the statement continued.

The Pentagon will also transfer Turkey’s industrial participation in the F-35 to other countries by 2020, which will cut major Turkish defense contractors Turkish Aerospace Industries, Roketsan and Tusas Engine Industries, and others from development on the F-35 platform  a loss of an estimated $9 billion over the life of the program.

However, according to Defense News the Pentagon hasn’t completely ruled out Turkey rejoining the program should it reverse course on acceptance of the S-400, something not at all likely to happen. 

After in the past week it canceled two press briefings related to Turkey, the Pentagon held a rare on-camera conference immediately following the White House statement. 

“Turkey cannot field a Russian intelligence collection platform in proximity to where the F-35 program makes repairs, and houses the F-35,” Undersecretary of Defense for Acquisition Ellen Lord told reporters. “Much of the F-35′s strength lies in its stealth capabilities, so the ability to detect those capabilities would jeopardize the long term security of the F-35 program. We seek only to protect the long term security of the F-35 program.”

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New York Passed Sweeping, Progressive Rental Regulations. Now It’s Getting Sued.

New York’s new rental regulations are an unconstitutional violation of landlords’ due process and property rights, argues a new lawsuit filed this week in federal court.

Late Monday, the Rent Stabilization Association (RSA) and the Community Housing Improvement Program (CHIP), two landlord trade groups, filed a lawsuit against New York City, its Rent Guidelines Board (RGB), and the state and city officials responsible for administering the state’s landmark rent stabilization law.

Essentially a form of rent control, the contested law limits how much the owners of rent-stabilized apartments can raise rents and imposes conditions on when tenants in those units can be evicted. In June, state lawmakers—led by a crop of newly elected progressive legislators who’d campaigned on a platform of “universal rent control”—passed a sweeping update to these regulations that piled on more restrictions still.

RSA and CHIP are arguing that New York’s rent stabilization law is such a poorly designed and irrational means of providing affordable housing that it violates the Fifth and Fourteenth Amendments’ due process protections. They also argue that the law prevents landlords from using their property as they see fit while reducing its value, both of which amount to an uncompensated government taking.

The June changes to the law, plaintiffs say, have only exacerbated these constitutional problems.

“Even before the draconian effects of the 2019 amendments, the New York Rent Stabilization Law was antiquated, inefficient, and unlawful,” said Jay Martin, executive director of CHIP, in a statement. “The law actually makes New York’s affordable housing shortage worse by preventing the construction of new apartments, and improvements to existing apartments.”

“The law is not constitutional and punishes hard-working tenants and small landlords alike. Allowing it to continue to harm New York is no longer acceptable,” said RSA President Joseph Strasburg in a statement.

CHIP and RSA are joined in their lawsuit by several individual property owners.

New York’s rent stabilization law, first passed in 1969, generally applies to private apartment buildings of six or more units built before 1974 in New York City and a few neighboring counties. Allowable rent increases at these buildings are capped by local regulatory bodies, including New York City’s RGB. This year the RGB allowed rent increases of between 1.5 to 2.5 percent.

Landlords are typically required to renew tenants’ leases at rent-stabilized apartments unless they plan on taking their building off the rental market, or want to move into it themselves. Even then, removing occupants can be a years-long process. In the past, developers have paid tenants millions of dollars just to get tenants to move out of their rent-stabilized apartments.

Still, the state’s older rental regulations at least gave property owners a little wiggle room. They were, for instance, allowed to “deregulate” their rent-stabilized units—meaning the rent-stabilization law would cease to apply—when they were occupied by tenants earning over $200,000 a year and allowable rent increases had pushed rents above $2,774 a month.

Even with this provision, the rent stabilization law was showering a disproportionate share of its benefits on wealthier tenants.

A June Wall Street Journal analysis found that the difference between rents at rent-stabilized units and market-rate buildings were far larger in wealthier Manhattan than in the poorer outer boroughs. The same article found that renters in the city’s top income quartile were paying 39 percent less on average to live in rent-stabilized buildings compared to their peers in market-rate apartments. Meanwhile, rent-stabilized tenants in the city’s bottom income quartile were paying only 15 percent less than their peers in unregulated units, according to the Journal.

In 2019, state lawmakers eliminated landlords’ ability to deregulate those higher-priced units occupied by well-off tenants. This years’ changes also made it more difficult for landlords to take their properties off the rental market.

Skewing the law even more in favor of wealthy tenants, argues Monday’s lawsuit, makes a badly constructed law an even worse means of helping poor tenants. Limiting landlords’ ability to remove rent-stabilized units from the rental market, the plaintiffs add, “tightly restricts owners’ ability to demolish and rebuild their own buildings to provide additional capacity,” which also negatively affects supply.

Both changes, the RSA and CHIP argue, effectively take away landlords’ property rights without compensating them or furthering any legitimate government interest. The two groups are asking the court to immediately stop the state from enforcing its rent stabilization law, as doing so “will result in increased development of rental properties, better housing for a larger universe of renters, [and] the amelioration of a constrained housing market.”

Chris Kieser, an attorney with the libertarian Pacific Legal Foundation, says that courts have proven resistant to claims that regulations can amount to a government taking of private property so long as the owner is still able to make a “reasonable return.”

A 2008 lawsuit targeting New York’s rent stabilization law as an unconstitutional property rights violation was rejected by a federal appeals court.

Tenant advocates speaking to The New York Times stressed that landlords were still making money under the state’s regulations. “Landlords’ profits are exorbitant if they are willing to waste their money on frivolous litigation such as this,” Judith Goldiner, head of the Legal Aid Society’s civil law reform unit, told the Times.

Kieser says that RSA and CHIP’s claim that New York’s rent stabilization law is irrational might stand a better chance of success, telling Reason “the irrationality argument could be a good way to go because almost no economist thinks [rent control] is a good idea. It doesn’t help the people it’s intended to help.”

While declining to make a prediction on how federal courts might rule, Kieser described the lawsuit against New York’s rental regulations as “a worthwhile fight” against a policy that’s proven so destructive to property rights.

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Why So Many Believe The Moon Landing Was A Hoax

Authored by Onar Am via LibertyNation.com,

On July 20, 1969, Apollo 11 took humans to the moon for the first time. Now, 50 years later, an increasing number of people believe that the moon landing was an elaborate hoax.

Some explain this strange conspiracy theory in psychological terms. Being a contrarian can make people feel special, producing a feeling of belonging to a uniquely wise and insightful elite. Others consider it an expression of hatred for America, grasping at any straw that can portray the US in an unfavorable light.

A rarely discussed third reason is the near-religious belief in progress as promoted by the philosophers Georg Wilhelm Friedrich Hegel and Karl Marx, who believed that history inevitably marches toward a better world. But in many areas, we have regressed. NASA no longer is capable of going to the moon, and the last time any human has set foot on our celestial neighbor was in 1972 with the Apollo 17 mission.

If progress is inevitable, why don’t we have hotels on the moon?

For some, it is easier to believe that the moon landing was fake than to accept that technological innovation has just stopped.

The Hiatus In Progress

But wait, don’t we have smartphones now, the internet, and all sorts of cool gadgets and apps that didn’t exist 50 years ago? True, the fields of electronics and telecommunications have seen enormous advances, but these few hotspots of innovation cloak the fact that, in almost all other areas, technological development has ceased. Silicon Valley investor Peter Thiel documented this decline in his book Zero to One, in which he describes several surprising facts:

  • Consider the average car speed. Due to more traffic and congestion, it takes longer to get to work today than it did in 1970. Air travel takes longer, too. We used to have supersonic airplanes, but the Concorde went out of business in 2003.

  • In 1970, a family could afford to buy a house with only one salary. Increasingly this is not true. Health care and education used to be affordable, but the prices keep going up.

  • You have perhaps heard of the growing problem of microbial resistance to antibiotics. Maybe that makes more sense if you also knew that no new antibiotic drug has been developed since the 1960s.

  • Medical innovation also is slowing down. Despite more and more money being invested in drug development, fewer drugs make it to the market, according to Thiel.

Regulations

Why has innovation nearly stopped? The simple answer is likely regulations.

Regulations slow down and prevent innovation by making every endeavor more expensive and less efficient. Today, for instance, it takes on average ten years and $100 million to get a new drug through the FDA approval process. Unlike many other countries, America has spent much of its wealth on financing bureaucrats that make life difficult for inventors. For that reason, the United States is no longer the freest country in the world.

In fact, the Scandinavian countries that Sen. Bernie Sanders (I-VT) often describes as an ideal typically score higher on economic freedom than the United States. A key factor in their success is a lean government with few and more efficient regulations. Despite being large welfare states, it is easier to do business in these countries than in America.

Great Again?

While perhaps not aware of why it was happening, a lot of Americans sensed the slowing of the US economy. That likely is why so many voters responded to President Donald Trump’s 2016 slogan, Make America Great Again.

He promised to slash regulations, and so far the economy has responded with healthy growth and record-low unemployment numbers. The Daily Wire’s new four-episode documentary Apollo 11: What We Saw featuring Bill Whittle describes a time before all those regulations.

Whittle dismantles the fake moon landing conspiracy theory by showing that before Neil Armstrong took that giant leap for mankind, hundreds of small incremental steps had to be made. Each of those steps would have been impossible if draconian health and safety regulations had been in place.

The greatest lesson of Apollo 11 may be that, once upon a time, before the slow and gradual decay into red tape and socialism, America used to be an engine of innovation and growth. Maybe it can be great again?

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