Platts: 6 Commodity Charts To Watch This Week

Platts: 6 Commodity Charts To Watch This Week

Via S&P Global Platts Inisght blog,

The spread of coronavirus outside China and the WHO’s escalation of the outbreak to emergency status last week continue to stoke fears over weaker energy demand and disruption to key mineral resource supply chains.  In this special edition of Commodity Tracker, S&P Global Platts editors take a look at the impact across a number of energy products and raw materials.

1. Key benchmarks fall

Dated Brent lost approximately 5% of its value during the course of last week (January 24-31), while copper – seen as a barometer of economic health – saw an even larger slide. However, by the end of the week market participants were seeing the metal as oversold, with some looking to take long positions in anticipation of China returning to the market.

2. No blue skies for jet

Key international airlines including British Airways, Lufthansa, American Airlines, United Airlines, Swiss International Air Lines and Austrian Airlines, suspended or reduced flights due to the outbreak. S&P Global Platts Analytics forecasts show potential for a steep drop in jet fuel demand. In the best case scenario, global demand for jet fuel could fall by 618,000 b/d in February, and in the worst case scenario, by 1 million b/d.

3. Palm oil problems

Prices of crude palm oil, commonly used in food products, fell sharply last week following a three-month long rally, correcting by 10% in a single day, on a combination of a huge selloff worries about lower demand. China, the world’s second-largest palm oil buyer, imported 6.8 million mt of the product in 2018-19 (October-September).

4. Double blow for LNG

The coronavirus outbreak has compounded an already depressed market for LNG. The JKM Asian spot LNG price has fallen below $4/MMBtu to levels not seen since May 2009 on persistent oversupply and weak demand. China has driven global LNG demand growth in recent years, so any slowdown in import growth in the country could have a significant impact. If reduced industrial activity across Hubei Province extends to end-February, S&P Global Platts Analytics estimates it would reduce Chinese LNG demand in the month by 5%-7% relative to its base case, or 11-15 million cu m/d.

5. Iron ore falls

Prices of iron ore 62% Fe fines delivered to north China (IODEX) fell 10.3% over the past week alone (January 24-31) to $81.65/dmt on Friday, after steel market demand prospects deteriorated. Some steel mills in Shandong and Shanxi provinces have reportedly reduced production by up to 20% in February. Transport restrictions to control the spread of coronavirus have made it difficult to obtain raw material supplies or export steel, while many local construction projects have been halted.

6. Emissions impact

Quantifying the impact of the coronavirus outbreak on China’s carbon emissions is a hugely complicated endeavour. However, the most obvious sector impacted is oil, which dominates China’s transport emissions at 1,094 million mt CO2 in 2017. China’s power sector – which is dominated by coal – generated 4,393 million mt CO2 in 2017, while the industrial sectors emitted 3,380 million mt. A key factor will continue to be the extent of Chinese government curbs on transport and industry. Even a 1% drop in China’s annual CO2 emissions from energy consumption would amount to 96 million mt, , equivalent to France’s annual regulated CO2 emissions.


Tyler Durden

Mon, 02/03/2020 – 13:25

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Rare Direct Clash Between Turkish & Syrian Armies Leaves Scores Dead & Wounded

Rare Direct Clash Between Turkish & Syrian Armies Leaves Scores Dead & Wounded

Turkey has accused the Syrian Army of shelling Turkish positions in Idlib, killing six troops and a civilian, and wounding an additional seven soldiers, according to Al Jazeera

Turkey’s Defense Ministry said its military immediately hit back against Syrian positions, destroying the source of fire; however, it’s unclear the extent to which the Syrian side suffered casualties. Turkey claims it’s defensive attack killed and wounded scores of Syrian troops.

Defense officials further condemned the aggression given they say Turkey gave advanced notice of their coordinates as part of a cooperative agreement with Russia. But Russia responded Monday to the criticisms by saying the Turkish positions were hit out of a lack of information. 

Turkey heavy armored units in Syria, file image.

Though disputed by Syrian sources, President Erdogan subsequently claimed the Turkish counterattack killed between 30 and 35 Syrian troops, which involved fighter jets and artillery unleashed on Syria’s military. 

“Those who test Turkey’s determination with such vile attacks will understand their mistake,” he said, suggesting further Russia authorized such defensive strikes when needed. “It is not possible for us to remain silent when our soldiers are being martyred,” Erdogan added.

However, Syrian Army statements and sources still say despite the Turkish interference they’ve advanced on the flashpoint town of Saraqeb, considered crucial to liberating Idlib.

In an alarming sign that the Syrian and Turkish armies could be on the brink of broader war in Idlib and northern Syria, the Britain-based opposition group Syrian Observatory for Human Rights, said Turkey shelled Syrian Army positions across three provinces, killing a total of eight soldiers as of Monday. 

Ankara has said Damascus’ push to take Idlib province is forcing hundreds of thousands of civilians to flee the assault towards the Turkish border, adding to Turkey’s refugee woes, which it claims has now reached 3.5 million it is hosting in its borders. 

Erdogan has threatened to act militarily against pro-Assad forces if they don’t cease their destructive offensive in war-torn Idlib. It now appears he’s making good on that threat, and we could see things escalate quickly — though it remains that Idlib is still recognized by the UN as sovereign Syrian soil (now occupied by al-Qaeda linked Hayat Tahrir al-Sham), which Assad has vowed to liberate “every inch” of.


Tyler Durden

Mon, 02/03/2020 – 13:05

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Embiggening Embarrasses: “Font Fiasco Tanks Climactic Iowa Poll”

From Axios (Rebecca Falconer & Mike Allen):

In a Saturday night stunner, the Des Moines Register and CNN scrapped the final Iowa Poll before Monday’s caucuses because of fears it was tainted….

“It appears a candidate’s name was omitted in at least one interview in which the respondent was asked to name their preferred candidate” [wrote the Register]….

A CNN source told Axios the amazing backstory: An interviewer at the poll’s call center increased the font size of the questionnaire on their screen so much that the bottom choice (which rotated between calls) wasn’t visible.

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Embiggening Embarrasses: “Font Fiasco Tanks Climactic Iowa Poll”

From Axios (Rebecca Falconer & Mike Allen):

In a Saturday night stunner, the Des Moines Register and CNN scrapped the final Iowa Poll before Monday’s caucuses because of fears it was tainted….

“It appears a candidate’s name was omitted in at least one interview in which the respondent was asked to name their preferred candidate” [wrote the Register]….

A CNN source told Axios the amazing backstory: An interviewer at the poll’s call center increased the font size of the questionnaire on their screen so much that the bottom choice (which rotated between calls) wasn’t visible.

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Gerhardt: The Entire White House Defense Team Will Face Bar Charges

Gerhardt: The Entire White House Defense Team Will Face Bar Charges

Authored by Jonathan Turley,

There have been suggestions that the White House defense team could be brought up on bar charges for their arguments in the Senate. I have previously written that such statements by Speaker Nancy Pelosi and others are vindictive and ill-informed. The White House team were effective advocates for their clients and we do not disbar lawyers for making arguments or defending individuals that we do not like. I was surprised and disappointed therefore that my fellow witness from the Trump impeachment hearing, North Carolina Law Professor and CNN Legal Analyst Michael Gerhardt joined this dubious argument on CNN yesterday. The call for ethics charges seems dangerously close to the view of Lawrence O’Donnell that Trump defenders are barred from his MSNBC program because they are all “liars.”

Obviously, Gerhardt and I have substantial disagreements. Gerhardt supported the articles of impeachment based on bribery and other crimes. I opposed those four articles, which were ultimately rejected by the Committee. The Committee went forward with the two articles that I said would be legitimate but remained unproven. We later disagreed when Gerhardt declared that this impeachment was the first time that the White House closely coordinated with his own party on the handling of the impeachment trial. Those however were academic differences over the history and interpretation of prior presidential impeachment cases.

This however is different. Proponents of the impeachment seem to be lashing out at counsel and suggesting that they were acting unethically in zealously advancing the President’s defenses. After disagreeing with me that the impeachment was not “rushed” prematurely, Gerhardt asked to make a different point about the defense team. He declared

“I think what we are seeing as well is that the lawyers who presented his case in the Senate basically misled or lied to the Senate. And so at one point – at some point we are going to see ethics charges brought against these lawyers for making false statements, which we now all know were false.”

CNN host Poppy Harlow followed up by asking Gerhardt “Do you think the D.C. Bar . . . is actually going to hold Pat Cipollone, for example, to account for this?” Gerhardt doubles down against everyone on the legal team: “I think what we are seeing as well is that the lawyers who presented his case in the Senate basically misled or lied to the Senate. And so at one point — at some point we are going to see ethics charges brought against these lawyers for making false statements, which we now all know were false.”

It is not clear what Gerhardt believes were statements “we now all know were false.” It is incumbent on an attorney to be specific about the false representation when he is saying that “we are going to see ethics charges brought against these lawyers for making false statements.” He is saying that the entire team will be charged with ethical violations – a very serious allegation against all of these lawyers. Indeed, such a statement itself can be viewed as a matter of per se slander for impugning professional ethics and conduct. Even clients have been held liable for unsupported claims.

Moreover, bar associations are equally concerned about the ethics of impugning the conduct of other lawyers without sufficient support. Various ethics opinions warn that threatening or declaring bar violations can be unethical, particularly when (if true) you are under an obligation to actually report such conduct. If there is a lack of a good faith basis or support, it can violate professional standards.

The Gerhardt charge appears to be a loose reference to the a series of leaks and newly obtained evidence that showed that Trump was involved in seeking the investigations in May 2019. It is a curious foundation. The team did not deny that Trump wanted the investigations and cited the fact that the controversy over the Biden contract had been raised in the media since the Obama Administration. Recently, discussed emails also show that Trump was communicating on the possible freeze with other officials. Again, that is not on its face proof of any intentional false statements by counsel, who argued that Trump was long concerned about foreign assistance to the country.

There is also the report that former national security adviser John Bolton claims in his forthcoming book that Trump directed him to ensure that Ukrainian President Volodymyr Zelensky would meet with Rudy Giuliani, the president’s personal attorney — a meeting allegedly attended by acting White House chief of staff Mick Mulvaney and White House counsel Pat Cipollone. Once again however that such a statement, if made, would not be materially different from what was argued. The White House released the transcript showing that Trump wanted to arrange a meeting with Giuliani. What Trump has recently denied is that he ever told Bolton that the Ukrainian aid was linked to the investigations.

Moreover, the White House team landed some haymakers themselves in showing that the House Managers misrepresented aspects in the record. House manager Adam Schiff was previously given four Pinnochios by the Washington Post for his denial of any contacts between his staff and the whistleblower. Should he join this line of counsel to be frog-marched to the bar? Such disagreements tend to be the grist of the litigation mill. Lawyers often present one-sided views of the record that the other side views as unfair or unsupported. We do not declare on national television that the entire opposing legal team “will” (not even “may be”) called before the bar.

The defense took the record of the House and did what good lawyers do: they argued the best case within that record. We cannot allow the age of rage to adopt William Shakespeare’s line from Henry VI: “The first thing we do, let’s kill all the lawyers”.

It is even worse when it is lawyers seeking to shoot lawyers.


Tyler Durden

Mon, 02/03/2020 – 12:45

via ZeroHedge News https://ift.tt/3b4bGLU Tyler Durden

Oil Bear Market Sends Tanker Rates Plunging, Hopes For Global Rebound Fade

Oil Bear Market Sends Tanker Rates Plunging, Hopes For Global Rebound Fade

The coronavirus outbreak has sent Chinese oil demand, energy prices, and tanker freight rates plunging in the last three weeks.

With more than a dozen cities locked down, 50 million people or more quarantined, and large manufacturing hubs shuttered, oil demand in China has collapsed by nearly three million barrels per day, or 20% of total consumption, as a result of the creeping economic paralysis unleashed by the coronavirus epidemic. The drop is said to be the most massive demand shock the oil market has suffered since the global financial crisis of 2008 to 2009.

China surpassed the U.S. as the world’s largest oil importer back in 2016, so any changes in consumption have a profound impact on the global energy market. That’s why Brent tumbled into a bear market Sunday night, plunging over 22% since its January 8 peak. 

And is accelerating lower this morning with WTI back below $50 for the first time since Jan 2019

The shock also has sent freight rates for very large crude carriers (VLCC) on Mideast Gulf and U.S. Gulf to Asia routes to their lowest since mid-September, shipbrokers told Reuters

“The market had gone back to what it was before the COSCO sanctions came in,” said one shipbroker referring to U.S. sanctions on the state-owned Chinese shipping firm.

The plunge in freight rates wasn’t limited to just tankers. We’ve noted that the Baltic Exchange’s main sea freight index continues to plunge as the virus outbreak shuts down about two-thirds of China’s economy, leading to an economic shock that is starting to vibrate across the world, seen mostly in commodity prices, shipping rates, bond markets, widening credit spreads, and global equity prices at the moment. 

Former Morgan Stanley Asia chairman Stephen Roach said last week that China’s economy going offline is a notable shock that is occurring at the same time the global economy continues to decelerate, which could tilt the world into recession

“With the world economy operating dangerously close to stall speed, the confluence of ever-present shocks and a sharply diminished trade cushion raises serious questions about financial markets’ increasingly optimistic view of global economic prospects,” Roach said via his op-ed in Project Syndicate.

OPEC, on Monday, said coronavirus had caused a consumption decline that will hit global oil demand and called for an emergency effort with other countries to stabilize the price. 

Iranian Oil Minister Bijan Zanganeh said Iran would agree to oil production cuts to stabilize prices in an upcoming meeting. 

“The oil market is under pressure, and prices have dropped to under $60 a barrel, and efforts must be made to balance it,” Zanganeh said.

And judging by the bear market in energy prices because of collapsing consumption in China as their economy has ground to a halt, this all suggests the global economy is headed for further deceleration, rather than a massive economic rebound. 


Tyler Durden

Mon, 02/03/2020 – 12:30

via ZeroHedge News https://ift.tt/2GP42Hx Tyler Durden

Hey Dems: Want to Help Immigrants? Stop Promising Universal Freebies

A recent Harvard study found that people in Western countries, including America, have succumbed to many restrictionist myths. The right-wing campaign against immigration has worked.

But that doesn’t mean that immigration advocates should despair. The study’s findings suggest that to the extent that they can make the case that immigrants don’t need handouts to succeed, they have a shot at turning public opinion around.

The study, conducted by economists Alberto Alesina, Armando Miano, and Stefanie Stantcheva, administered online questionnaires to 24,000 respondents in six countries: U.S., U.K., France, Germany, Italy, and Sweden. The explicit aim was to study attitudes toward legal, not illegal, immigration. That is something that everyone, except for the most hardline restrictionists, allegedly favors, especially in America.

But on literally every count—the levels of immigration, the composition and basic characteristics of immigrants—negative stereotypes abound.

About 3 percent of the world’s population lived outside its birth country in 1900. And 3 percent does so now. By any objective metric, the modern age has experienced no historic flood of immigration. But restrictionists have been beating the drum of “mass immigration” so long that people have come to believe it as true. In every country, the study found, people vastly overestimate the number of immigrants present.

The Americans in the study, for example, thought on average that 36 percent of the people in their country are immigrants. The actual figure is 10 percent for legal immigration. So the misperception is a whopping 22 percent above the total combined share of immigration—legal and illegal, the latter being about 4 percent of the population. Every group—educated, uneducated; rich, poor; liberal, conservative—has fallen for this myth.

What’s more, people also seem to have a warped idea of where immigrants come from and who they are. Americans in particular tend to overestimate the share of North African and Middle Eastern immigrants, particularly Muslim ones. Muslims are 10 percent of all immigrants (or less than 2 percent of the total U.S. population), but the study’s respondents commonly believed they were 23 percent. At the same time, the respondents underestimated the share of immigrants who are Christian, systematically exaggerating the cultural distance between themselves and immigrants.

The misperceptions extend beyond the immigrants’ cultural characteristics to their economic characteristics.

The study found that natives in all countries think they’re better qualified and better employed than immigrants, which is somewhat paradoxical given that one reason for the West’s nationalist revolt is supposedly that immigrants are outcompeting natives. American respondents especially tended to underestimate the share of highly educated immigrants, which is strange given that foreigners and their children have helped start 60 percent of the most highly valued tech companies in the U.S. and that 57 percent of the IT workforce in Silicon Valley is foreign-born. Relatedly, respondents tended to exaggerate both the share of immigrants who are unemployed and natives who are employed. Although both left-wing and right-wing respondents have a rosier view of natives’ qualifications, right-wing ones have “significantly more negative misperceptions of immigrants,” the authors note.

Where restrictionists have succeeded most spectacularly is in depicting immigrants as welfare queens.

The Harvard researchers presented respondents with a scenario in which two individuals, one with a foreign-sounding name like Mohammad or José and another with a standard native name like Jack, are identical in every respect—age, qualifications, jobs, and family size—except that Jack is a native and Mohammad or José is an immigrant who legally moved to America five years ago. The respondents were asked whether they believed Mohammad or the person with the immigrant-sounding name would pay more, the same, or less in taxes than Jack and whether he would receive more, the same, or less in government help. In America, over 25 percent of respondents said the person with the immigrant-sounding name would pay less in taxes than he collected in welfare, compared to Jack—even though immigrants are barred from collecting most means-tested federal benefits for five years. This reveals that about a quarter of the American public is outright biased against foreigners just because they are foreigners and not because they are illegal or poor or for any other objective reason.

To see if a financial incentive would have any effect in inducing the respondents to seek the right answer, the researchers told a subset of them that the first few who guessed closest to the correct response would get $10, $20, or $30. That didn’t make any difference. More depressingly, while 49 percent of the respondents were willing to pay 50 cents to get the correct information, the ones who held the most unflattering views were the least likely to volunteer to pay anything, revealing how dogmatically people want to hang on to their misconceptions.

The study’s findings pose a particular dilemma for Democrats like Sen. Elizabeth Warren (D–Mass.), who wants to combine grandiose welfare schemes like free health care, pre-K, and college for everyone with generous immigration policies, because the mere mention of immigration reduces support for such schemes. Respondents who were asked about immigration became less concerned about inequality and less supportive of soak-the-rich schemes. In fact, they became more inclined to tax the bottom 50 percent more. They even expressed less willingness to contribute to private charity.

These results confirm what other studies have also found: that support for tax-and-spend redistribution is much lower in countries with more diverse populations. That suggests that Democrats might have to choose between their commitments to immigration and the welfare state.

So what’s the good news? It’s that despite decades of anti-immigration messaging, there are some restrictionist lines that the public is not falling for, especially in America.

Americans, the study found, believe strongly that immigrants should be considered “truly American” as soon as they become citizens and that they should be able to get citizenship quickly. Moreover, once immigrants do become citizens, most Americans believe the government should care for them equally. This means that restrictionists who want to scrap birthright citizenship or force immigrants to wait longer are out of step with mainstream American sentiment. By contrast, European respondents were much less inclined both to let immigrants become citizens quickly or consider them truly part of the country when they obtained citizenship. “Overall, the U.S. is most supportive of immigration,” the study notes.

Most encouragingly, in every country the respondents attributed the economic success of immigrants to immigrants themselves and not any social advantage. Conversely, they were less inclined to attribute the success of natives to natives themselves, meaning people don’t always believe the worst of immigrants and the best of natives. They especially softened after hearing a story about an immigrant who held two jobs to support a family while also going to school.

The best news is that once respondents were told about the correct share of the immigrant population, they were less inclined to think of the current level of immigration as a problem. That means that if immigration advocates can cut through the cloud of restrictionist misinformation and correct the record on immigration levels, it may be possible to get public buy-in for more generous immigration policies—although no doubt they will have to buttress the stats with real-life examples of immigrants getting ahead. The notion that natives, even working-class ones, resent the success of immigrants is overblown. In fact, as long as immigrants are seen as succeeding through their own grit, natives may have no real objection to them.

What is most likely to sour the public on immigration are the grandiose universal freebies that Sen. Warren and other contenders for the Democratic presidential nomination want to shower on everyone. Immigrants should be wary of Democrats bearing gifts.

This column originally appeared in The Week

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via IFTTT

Hey Dems: Want to Help Immigrants? Stop Promising Universal Freebies

A recent Harvard study found that people in Western countries, including America, have succumbed to many restrictionist myths. The right-wing campaign against immigration has worked.

But that doesn’t mean that immigration advocates should despair. The study’s findings suggest that to the extent that they can make the case that immigrants don’t need handouts to succeed, they have a shot at turning public opinion around.

The study, conducted by economists Alberto Alesina, Armando Miano, and Stefanie Stantcheva, administered online questionnaires to 24,000 respondents in six countries: U.S., U.K., France, Germany, Italy, and Sweden. The explicit aim was to study attitudes toward legal, not illegal, immigration. That is something that everyone, except for the most hardline restrictionists, allegedly favors, especially in America.

But on literally every count—the levels of immigration, the composition and basic characteristics of immigrants—negative stereotypes abound.

About 3 percent of the world’s population lived outside its birth country in 1900. And 3 percent does so now. By any objective metric, the modern age has experienced no historic flood of immigration. But restrictionists have been beating the drum of “mass immigration” so long that people have come to believe it as true. In every country, the study found, people vastly overestimate the number of immigrants present.

The Americans in the study, for example, thought on average that 36 percent of the people in their country are immigrants. The actual figure is 10 percent for legal immigration. So the misperception is a whopping 22 percent above the total combined share of immigration—legal and illegal, the latter being about 4 percent of the population. Every group—educated, uneducated; rich, poor; liberal, conservative—has fallen for this myth.

What’s more, people also seem to have a warped idea of where immigrants come from and who they are. Americans in particular tend to overestimate the share of North African and Middle Eastern immigrants, particularly Muslim ones. Muslims are 10 percent of all immigrants (or less than 2 percent of the total U.S. population), but the study’s respondents commonly believed they were 23 percent. At the same time, the respondents underestimated the share of immigrants who are Christian, systematically exaggerating the cultural distance between themselves and immigrants.

The misperceptions extend beyond the immigrants’ cultural characteristics to their economic characteristics.

The study found that natives in all countries think they’re better qualified and better employed than immigrants, which is somewhat paradoxical given that one reason for the West’s nationalist revolt is supposedly that immigrants are outcompeting natives. American respondents especially tended to underestimate the share of highly educated immigrants, which is strange given that foreigners and their children have helped start 60 percent of the most highly valued tech companies in the U.S. and that 57 percent of the IT workforce in Silicon Valley is foreign-born. Relatedly, respondents tended to exaggerate both the share of immigrants who are unemployed and natives who are employed. Although both left-wing and right-wing respondents have a rosier view of natives’ qualifications, right-wing ones have “significantly more negative misperceptions of immigrants,” the authors note.

Where restrictionists have succeeded most spectacularly is in depicting immigrants as welfare queens.

The Harvard researchers presented respondents with a scenario in which two individuals, one with a foreign-sounding name like Mohammad or José and another with a standard native name like Jack, are identical in every respect—age, qualifications, jobs, and family size—except that Jack is a native and Mohammad or José is an immigrant who legally moved to America five years ago. The respondents were asked whether they believed Mohammad or the person with the immigrant-sounding name would pay more, the same, or less in taxes than Jack and whether he would receive more, the same, or less in government help. In America, over 25 percent of respondents said the person with the immigrant-sounding name would pay less in taxes than he collected in welfare, compared to Jack—even though immigrants are barred from collecting most means-tested federal benefits for five years. This reveals that about a quarter of the American public is outright biased against foreigners just because they are foreigners and not because they are illegal or poor or for any other objective reason.

To see if a financial incentive would have any effect in inducing the respondents to seek the right answer, the researchers told a subset of them that the first few who guessed closest to the correct response would get $10, $20, or $30. That didn’t make any difference. More depressingly, while 49 percent of the respondents were willing to pay 50 cents to get the correct information, the ones who held the most unflattering views were the least likely to volunteer to pay anything, revealing how dogmatically people want to hang on to their misconceptions.

The study’s findings pose a particular dilemma for Democrats like Sen. Elizabeth Warren (D–Mass.), who wants to combine grandiose welfare schemes like free health care, pre-K, and college for everyone with generous immigration policies, because the mere mention of immigration reduces support for such schemes. Respondents who were asked about immigration became less concerned about inequality and less supportive of soak-the-rich schemes. In fact, they became more inclined to tax the bottom 50 percent more. They even expressed less willingness to contribute to private charity.

These results confirm what other studies have also found: that support for tax-and-spend redistribution is much lower in countries with more diverse populations. That suggests that Democrats might have to choose between their commitments to immigration and the welfare state.

So what’s the good news? It’s that despite decades of anti-immigration messaging, there are some restrictionist lines that the public is not falling for, especially in America.

Americans, the study found, believe strongly that immigrants should be considered “truly American” as soon as they become citizens and that they should be able to get citizenship quickly. Moreover, once immigrants do become citizens, most Americans believe the government should care for them equally. This means that restrictionists who want to scrap birthright citizenship or force immigrants to wait longer are out of step with mainstream American sentiment. By contrast, European respondents were much less inclined both to let immigrants become citizens quickly or consider them truly part of the country when they obtained citizenship. “Overall, the U.S. is most supportive of immigration,” the study notes.

Most encouragingly, in every country the respondents attributed the economic success of immigrants to immigrants themselves and not any social advantage. Conversely, they were less inclined to attribute the success of natives to natives themselves, meaning people don’t always believe the worst of immigrants and the best of natives. They especially softened after hearing a story about an immigrant who held two jobs to support a family while also going to school.

The best news is that once respondents were told about the correct share of the immigrant population, they were less inclined to think of the current level of immigration as a problem. That means that if immigration advocates can cut through the cloud of restrictionist misinformation and correct the record on immigration levels, it may be possible to get public buy-in for more generous immigration policies—although no doubt they will have to buttress the stats with real-life examples of immigrants getting ahead. The notion that natives, even working-class ones, resent the success of immigrants is overblown. In fact, as long as immigrants are seen as succeeding through their own grit, natives may have no real objection to them.

What is most likely to sour the public on immigration are the grandiose universal freebies that Sen. Warren and other contenders for the Democratic presidential nomination want to shower on everyone. Immigrants should be wary of Democrats bearing gifts.

This column originally appeared in The Week

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“Historical Number Being Updated”: ISM Revises Supplier Deliveries Data, Say Jan Numbers “Valid”

“Historical Number Being Updated”: ISM Revises Supplier Deliveries Data, Say Jan Numbers “Valid”

Update: Well, unlike 2014 when the ISM revised its latest report not once but twice, it appears that today’s revision will only focus on historical numbers, because as Bloomberg reports January numbers remain valid, and only the Historical data on supplier deliveries will be adjusted.

  • ISM SAYS ITS U.S. JANUARY MANUFACTURING NUMBERS REMAIN VALID
  • ISM SAYS IT’S CORRECTING HISTORICAL DATA ON SUPPLIER DELIVERIES

For those asking, this is how the Supplier Deliveries data looked historically:

* * *

Did ISM just screw up the release of today’s solid ISM “beat”, which as a reminder printed at 50.9, far above the 48.5 contraction print expected, and the biggest monthly increase since July 2013 (and which came at a time when the Markit Mfg PMI continued to decline)? 

We ask because when loading up the ISM Manufacturing URL, what one gets now instead of the breakdown released earlier today, is the following notice…

… and nothing else. And while some have suggested this may be a historical revision, note that unlike US government agencies, the ISM does not periodically revise its historical data higher or lower, which suggests even today’s number may be subject to revision.

So is ISM about to surprise us with a new ISM report, one which actually makes sense in the context of a global economy which is suddenly grinding to a halt as a result of the coronavirus epidemic in China, and shows a far lower headline PMI.

For new readers who may be surprised by this, this wouldn’t be the first time ISM has “adjusted” data it has reported: back in June 2014, the ISM revised its reported May 2014 data not once but twice, sparking a discussion if the ISM “data” is just randomly generated and politically biased, similar to what happens in China.

Fast forward to today when we may have a similar discussion any minute now.

 


Tyler Durden

Mon, 02/03/2020 – 12:14

via ZeroHedge News https://ift.tt/2vMx2xg Tyler Durden

South London Terrorist Released Early Despite Pledging Allegiance To ISIS

South London Terrorist Released Early Despite Pledging Allegiance To ISIS

Authored by Paul Joseph Watson via Summit News,

20-year-old Islamic terrorist Sudesh Amman, who was shot dead after trying to stab people in Streatham, south London yesterday, was released halfway through his prison sentence despite pledging allegiance to ISIS, encouraging his girlfriend to behead her parents and sharing a tutorial on homemade bombs.

Amman stabbed two people during the attack in broad daylight on Sunday afternoon before he was quickly neutralized by plain clothed anti-terror police who had been monitoring him.

In November 2018, Amman was sentenced to three years and four months in jail for a string of terror offenses, which included;

  • Pledging allegiance to ISIS

  • Plotting to carry out a terror attack using a knife

  • Sharing terror manuals, including one on how to make a homemade bomb

  • Encouraging his girlfriend to behead her “kuffar” (non-believer) parents

  • Stockpiling arms

  • Inciting violence toward Yazidis and asserting the Koran permitted them to be raped

  • Encouraging an “attack” against a pro-gay rights speaker in Hyde Park.

However, despite all of this, Amman was released a few days ago, halfway through his sentence, and immediately planned to carry out a terror attack.

Amman’s case bears many similarities to that of Usman Khan, the perpetrator of the November 2019 London Bridge stabbings.

Like Amman, Khan had been released early from his prison sentence for terrorist offences, including a plot to kill Boris Johnson and bomb the London Stock Exchange. Despite being banned from entering London, Khan was given a day release to attend a course to “help offenders reintegrate into society.”

One of Khan’s victims, Jack Merritt, was a coordinator for the ‘Learning Together’ course. Merritt’s father reacted to his death by asserting his son “would not wish his death to be used as the pretext for more draconian sentences or for detaining people unnecessarily.”

Some reacted to yesterday’s attack by pointing out that Amman had left jail even more radicalized than when he went in, proving that prisons with large Muslim populations are recruiting grounds for terrorists.

Amman was being held at HMP Belmarsh, a maximum security facility described by one former inmate as being “like a jihadi training camp.” Usman Khan was also imprisoned at Belmarsh.

According to the former inmate, Belmarsh is occupied by a group of Islamists called ‘the Brothers’ (the Akhi ) who “almost have the run of the prison.”

“The problem is that Belmarsh is also a holding prison and so young people who are brainwashed and indoctrinated then go out into the wider prison system and create wider Akhi networks,” said the inmate.

Over the past five years, the Muslim percentage of the prison population has doubled to 30 per cent.

“This trend is London-wide,” reports the London Evening Standard. “At HMP Isis in Thamesmead and Feltham Young Offenders’ Institute, Muslims now comprise 42 and 34 per cent of prisoners respectively, despite Muslims amounting to just 12 per cent of London’s population.”

Meanwhile, mass immigration from Muslim countries into the UK will continue in substantial numbers, with the Muslim population set to triple within 30 years.

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Tyler Durden

Mon, 02/03/2020 – 12:10

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