Cryptos Jump, Stocks Dump As “Everything Rally” Fades Early In 2021

Cryptos Jump, Stocks Dump As “Everything Rally” Fades Early In 2021

Update (1020ET): The Wall Street Journal’s ‘speculation’ that the euphoria will continue in stocks is falling short this morning as equity markets give up anticipatory gains overnight…

Meanwhile, Bitcoin is roaring back, up over $4,000 from early morning crash lows, back above $32,000…

As we mocked overnight…

*  *  *

Framing the bubble in almost every asset class an “everything rally” is perhaps the most obvious (and most ignored by bubble-buyers) headline of the year – second maybe only to The Federal Reserve Presents… the “everything rally”.

Regardless that is the name the Wall Street Journal has bestowed on a 9 month rally that it thinks could wind up continuing, with steam, into 2021. A new article out over the weekend speculates that the euphoria heading into the end of 2020 is going to bode well for investors heading into 2021. 

The S&P finished the year up 68% from its 52 week lows. Oil dropped below $0 for the first time in April but now stands at about $50 per barrel. In fact, after the March collapse in the market as a result of the coronavirus news, everything from equities, to global stocks, to bonds, to bitcoin and raw materials have all rallied. 

Well, everything except the U.S. dollar…

But that’s apparently OK, because heading out of a rally fueled by Central Banks, investors are expecting the quashing of coronavirus to give markets yet another shot in the arm. WSJ notes that bearishness, as measured by organizations including the American Association of Individual Investors, is at “multiyear lows”.

Emily Roland, co-chief investment strategist at John Hancock Investment Management said: “Investors can’t get enough risk – whatever it is. Momentum is a powerful force, and we don’t want to fight it.”

Her firm is increasing holdings in stocks and staying neutral in bonds. Roland, like many others, expects “ultralow” interest rates to continue supporting bonds and encouraging risk. 

Meanwhile, the unknowns related to Covid-19 are slowly passing, as are political unknowns. The result of the runoff races in Georgia this week remains the one political unknown the market may not have accounted for yet. With those out of the way, potentially as early as Spring, the euphoria in the market could easily persist . PMs are adjusting their strategies accordingly, and there appears to be a bull for every part of the market still. 

Meghan Shue, head of investment strategy at Wilmington Trust, increased her holdings in U.S. stocks and said: “We’re really encouraging our clients to look beyond.”

Lee Baker, president of Apex Financial Services in Atlanta, is pushing banks and travel stocks. “The expectations about certain [other] segments are overcooked,” he said. 

Michael Kelly, global head of multiasset at PineBridge Investments has favored emerging markets. “Those markets have a lot more recovery potential,” he told the WSJ.

Finally, Victoria Fernandez, chief market strategist at Crossmark Global Investments, says she likes “faster-growing” companies tied to technology. But ultimately, even her bull case includes some obvious caveats. She concluded: “You have to be careful on some of these reopening trades that the sentiment is not already priced in.”

Maybe she didn’t get the memo that price discovery no longer exists. 

…except in Crypto?

Tyler Durden
Mon, 01/04/2021 – 10:20

via ZeroHedge News https://ift.tt/2LiU5HE Tyler Durden

Cryptos Jump, Stocks Dump As “Everything Rally” Fades Early In 2021

Cryptos Jump, Stocks Dump As “Everything Rally” Fades Early In 2021

Update (1100ET): The Wall Street Journal’s ‘speculation’ that the euphoria will continue in stocks is falling short this morning as equity markets give up anticipatory gains overnight…

Meanwhile, Bitcoin is roaring back, up over $4,000 from early morning crash lows, back above $32,000…

As we mocked overnight…

*  *  *

Framing the bubble in almost every asset class an “everything rally” is perhaps the most obvious (and most ignored by bubble-buyers) headline of the year – second maybe only to The Federal Reserve Presents… the “everything rally”.

Regardless that is the name the Wall Street Journal has bestowed on a 9 month rally that it thinks could wind up continuing, with steam, into 2021. A new article out over the weekend speculates that the euphoria heading into the end of 2020 is going to bode well for investors heading into 2021. 

The S&P finished the year up 68% from its 52 week lows. Oil dropped below $0 for the first time in April but now stands at about $50 per barrel. In fact, after the March collapse in the market as a result of the coronavirus news, everything from equities, to global stocks, to bonds, to bitcoin and raw materials have all rallied. 

Well, everything except the U.S. dollar…

But that’s apparently OK, because heading out of a rally fueled by Central Banks, investors are expecting the quashing of coronavirus to give markets yet another shot in the arm. WSJ notes that bearishness, as measured by organizations including the American Association of Individual Investors, is at “multiyear lows”.

Emily Roland, co-chief investment strategist at John Hancock Investment Management said: “Investors can’t get enough risk – whatever it is. Momentum is a powerful force, and we don’t want to fight it.”

Her firm is increasing holdings in stocks and staying neutral in bonds. Roland, like many others, expects “ultralow” interest rates to continue supporting bonds and encouraging risk. 

Meanwhile, the unknowns related to Covid-19 are slowly passing, as are political unknowns. The result of the runoff races in Georgia this week remains the one political unknown the market may not have accounted for yet. With those out of the way, potentially as early as Spring, the euphoria in the market could easily persist . PMs are adjusting their strategies accordingly, and there appears to be a bull for every part of the market still. 

Meghan Shue, head of investment strategy at Wilmington Trust, increased her holdings in U.S. stocks and said: “We’re really encouraging our clients to look beyond.”

Lee Baker, president of Apex Financial Services in Atlanta, is pushing banks and travel stocks. “The expectations about certain [other] segments are overcooked,” he said. 

Michael Kelly, global head of multiasset at PineBridge Investments has favored emerging markets. “Those markets have a lot more recovery potential,” he told the WSJ.

Finally, Victoria Fernandez, chief market strategist at Crossmark Global Investments, says she likes “faster-growing” companies tied to technology. But ultimately, even her bull case includes some obvious caveats. She concluded: “You have to be careful on some of these reopening trades that the sentiment is not already priced in.”

Maybe she didn’t get the memo that price discovery no longer exists. 

…except in Crypto?

Tyler Durden
Mon, 01/04/2021 – 10:20

via ZeroHedge News https://ift.tt/2LiU5HE Tyler Durden

Trump Fishes for Votes in Georgia as GOP Senators Fight Over Election Certification

iconphotosfive718110

President Donald Trump is making a fool of congressional Republicans who continue to back him. Days after a dozen senators said they would reject the 2020 presidential election results over allegedly sincere concerns about fraud, Trump is all but openly asking people to commit fraud to throw the election to him.

Insisting—against all evidence—that he actually beat President-elect Joe Biden in Georgia, Trump asked state officials to help him find the votes he would need to make it official. “All I want to do is this. I just want to find 11,780 votes, which is one more than we have. Because we won the state,” Trump said on a Saturday phone call with Georgia Secretary of State Brad Raffensperger and others. “So what are we going to do here, folks? I only need 11,000 votes. Fellas, I need 11,000 votes. Give me a break.”

On the call, Trump spins a number of disproved or unsubstantiated theories about voter fraud, including that “dead people voted,” “thousands and thousands, who went to the voting place on Nov. 3, were told they couldn’t vote,” out-of-state voters voted in Georgia, ballots for Biden were scanned three times, and some ballots were shredded.

The trouble: They don’t quite have the evidence yet to show it.

“What I’m hopeful for is there are some way that we can, we can find some kind of agreement to, to, to look at this a little bit more fully,” White House Chief of Staff Mark Meadows said on the call.

Trump also “issued a vague threat to both Raffensperger and Ryan Germany, the secretary of state’s general counsel, suggesting that if they don’t find that thousands of ballots in Fulton County have been illegally destroyed to block investigators — an allegation for which there is no evidence — they would be subject to criminal liability,” notes The Washington Post.

But throughout the hour-long call, Raffensperger and Germany pushed back against Trump’s claims of specific election fraud tactics and the general idea that the Georgia results are invalid. “We believe that we do have an accurate election,” said Raffensperger, a Republican.

You can read a full transcript of the call here.

Outrageously but unsurprisingly, some prominent Republicans have been faulting not Trump for making this call, but whoever recorded and leaked it. “A man does not release a private conversation he has with anyone,” tweeted television host Jesse Kelly. “You don’t repeat things said to you privately. That’s simple man code.”

But by and large, people across the political spectrum are calling this for what it is: yet another instance of Trump thinking he’s above the law and normal democratic procedures, yet more corruption and bad judgement, and the sort of thing that would provoke a much different result during normal times.

“This tape of the Trump phone call is amazing. Unless you’re drunk on the Kool Aid, it’s glaringly obvious they just want to cheat,” writes longtime conservative pundit Jonah Goldberg, now editor in chief of The Dispatch. “That’s it. Nothing clever. Nothing about patriotism or some higher calling. They’re just trying to cheat.”

“We do get numb to outrageous stuff, so it’s important to take a minute and shake four years of normalized criminous un-American morally treasonous behavior out of your head and recognize this for the lawless lowlife thuggery that it is — historically bad behavior by bad people,” tweeted constitutional lawyer Ken White, aka Popehat.

“In any other conceivable moment in US history, this tape would result in the leadership of both parties demanding the immediate resignation of the President of the United States,” suggested veteran journalist Carl Bernstein.

Trump’s little chat comes just as a gaggle of GOP lawmakers is going all in on the president’s election fraud claims. Last week, a dozen senators—including Sens. Ted Cruz (R–Tx.) and Josh Hawley (R–Mo.)—said they would not vote to certify the 2020 election results when Congress is asked to do so on January 6.

Even before the Post reported on Trump’s call to Georgia election officials, Cruz and company’s antics drew plenty of critics from their own side.

“The egregious ploy to reject electors may enhance the political ambition of some, but dangerously threatens our Democratic Republic,” said Sen. Mitt Romney (R–Utah) in a statement. He continued:

The congressional power to reject electors is reserved for the most extreme and unusual circumstances. These are far from it. More Americans participated in this election than ever before, and they made their choice. President Trump’s lawyers made their case before scores of courts; in every instance, they failed. The Justice Department found no evidence of irregularity sufficient to overturn the election. The Presidential Voter Fraud Commission disbanded without finding such evidence.

My fellow Senator Ted Cruz and the co-signers of his statement argue that rejection of electors or an election audit directed by Congress would restore trust in the election. Nonsense. This argument ignores the widely perceived reality that Congress is an overwhelmingly partisan body; the American people wisely place greater trust in the federal courts where judges serve for life. Members of Congress who would substitute their own partisan judgement for that of the courts do not enhance public trust, they imperil it.

Were Congress to actually reject state electors, partisans would inevitably demand the same any time their candidate had lost. Congress, not voters in the respective states, would choose our presidents.

Adding to this ill-conceived endeavor by some in Congress is the President’s call for his supporters to come to the Capitol on the day when this matter is to be debated and decided. This has the predictable potential to lead to disruption, and worse.

I could never have imagined seeing these things in the greatest democracy in the world. Has ambition so eclipsed principle?

Arkansas Republican Sen. Tom Cotton said voting not to certify the election results showing Biden as our next president “would essentially end presidential elections and place that power in the hands of whichever party controls Congress.”

Texas Republican Rep. Chip Roy challenged the legitimacy of congressional election results from states in contested statements, to make a point about the lack of logic or consistency in the clown show that is the stance of Cruz and Hawley.

Roy was one of seven GOP representatives—including Mike Gallagher of Wisconsin, Kelly Armstrong of North Dakota, Ken Buck of Colorado, Thomas Massie of Kentucky, Tom McClintock of California, and Nancy Mace of South Carolina—who put out a statement paying lip service to the idea that “the elections held in at least six battleground states raise profound questions” but ultimately condemning efforts not to certify the results.

“Only the states have authority to appoint electors, in accordance with state law,” they write. “Congress has only a narrow role in the presidential election process. Its job is to count the electors submitted by the states, not to determine which electors the states should have sent.”

“We must respect the states’ authority here,” they concluded. “Though doing so may frustrate our immediate political objectives, we have sworn an oath to promote the Constitution above our policy goals. We must count the electoral votes submitted by the states.”


FREE MINDS

Supreme Court to consider student’s Snapchat rant. A high school cheerleader’s “fuck”-laden rant on Snapchat got her booted from the team. Now, the girl—known in court proceedings as B.L.—is deep in case about student First Amendment rights. “They won at both the district and circuit court levels,” notes Law & Crime. But “Mahanoy Area School District asks the Supreme Court to reverse the Third Circuit’s decision or risk stripping thousands of school districts of a significant power to keep their student bodies safe. They contend that it’s a matter of schools being able to protect students from “off-campus threats or harassment.”

“When the justices reconvene after their holiday break, they will consider the case in their first conference of the new year,” writes Elura Nanos at Law & Crime:

The current reality is not likely to be lost on the justices. Millions of American students are “attending” school from their homes, using hundreds of new technological platforms and interacting with friends, peers, and teachers only electronically. The COVID-19 pandemic has (perhaps permanently) blurred the lines between home and work, as well as home and school. The Court itself has been handling its work remotely, and if it grants certiorari in the case, those arguments are likely to be held telephonically. B.L.’s Saturday afternoon out with friends now seems like a bygone tale of yesteryear, but its effects may have lasting meaning for students in years to come.


FREE MARKETS

HHS backs down on hand sanitizer penalty. The U.S. Department of Health and Human Services (HHS) is backing down on fees levied against distilleries that stepped up to produce hand sanitizer instead of booze during the early days of the pandemic.

Now, “thanks to media coverage, including here at Reason…the federal government has reversed course on what would have been a devastating blow to small businesses,” writes Jacob Grier, who first reported on the HHS fees. More on the HHS reversal here.


QUICK HITS

• “A British judge on Monday rejected the United States’ request to extradite WikiLeaks founder Julian Assange to face espionage charges, saying he was likely to kill himself if held under harsh U.S. prison conditions,” reports the Associated Press.

• The new COVID-19 variant affects people under 20 more than the original strain, according to a new study from the Imperial College London.

from Latest – Reason.com https://ift.tt/2MyF9WD
via IFTTT

US Reports Nearly 300K Cases Due To Holiday Delays; Scotland Orders New Lockdown: Live Updates

US Reports Nearly 300K Cases Due To Holiday Delays; Scotland Orders New Lockdown: Live Updates

Summary:

  • US begins 2nd doses
  • US cases top 200K
  • Global cases top 85MM
  • Officials play catch-up with vaccine rollout
  • UK to delay second vaccine doses
  • Scotland reimposes lockdown
  • Germany to extend lockdown
  • Fauci says possible vaccines become mandatory
  • Greece announced 1-week lockdown
  • Norway’s PM announces fresh restrictions
  • South Korea widens ban on private gatherings
  • Norway imposes new restrictions
  • Thailand sees 745 new cases Monday

* * *

Three weeks have passed since the US approved the Pfizer-BioNTech COVID-19 vaccine for emergency use, and on Monday, the health-care workers who received the vaccine during the first day of the rollout are scheduled to receive their second dose – even as OWS head Moncef Slaoui floats the possibility to stretch the supply of the Moderna vaccine by dividing each dose in half (trial data suggests a small group of patients who accidentally received a half-dose of the vaccine during the first jab actually saw higher efficacy rates).

Then again, the slower-than-expected rollout of the coronavirus vaccine in the US isn’t due to a dearth of supplies: For whatever reason, many US states have struggled in dispensing the vaccines – in some cases, because health-care workers and others who are first in line for the vaccine are refusing to take it. Meanwhile, in Israel, the country with the highest vaccination rate relative to its population, hundreds of patients were sickened after receiving their first dose. A California nurse in San Diego

As the vaccine rollout lags targets set around the world, governments in the UK and US are exploring decidedly incompatible strategies for alleviating the issue. In the UK, authorities have decided to delay the second round of shots in favor of trying to vaccinate as many people as possible during the first round of shots. Even as their colleagues in the US dismiss this strategy as wrong-headed. Dr. Anthony Fauci told CNN late last week that he “would not be in favor of doing that…we’re going to keep doing what we’re doing.

Having approved the first jabs for emergency use more than a week before the US, the UK is already ahead of its rivals when it comes to the number of people being vaccinated. And now that the UK has become the first country to approve the Astrazeneca-Oxford jab, millions of doses of that vaccine have already been shipped.

On Monday morning, former FDA Director Dr. Scott Gottlieb appeared on CNBC to reassure the public that there’s no need to stockpile doses of the vaccines, just before Moderna held a press briefing on Monday morning to publicly raise its year-end target for the number of vaccines that will be rolled out this year.

It’s just the latest reminder that sometimes, the “science” isn’t always clear.

In the US, the number of new cases reported Monday topped 200K again as delays in reporting figures started to alleviate. The official number for the last 24 hours was closer to 300K, but nearly 1/3rd of those cases were delayed reports from over the holiday. Deaths, however, dipped back below 2K.

As the number of confirmed COVID-19 cases tops 85MM, here’s some more COVID-19 news from overnight and Monday morning.

* * *

NIH’s Dr. Fauci said it is possible that COVID-19 vaccines will become mandatory in order to travel to other countries or attend school (Source: the New York Post).

England’s chief medical officer warned that COVID-19 vaccine shortages will be a problem for months as the government faced a revolt by GPs over cancelled second jabs for elderly patients, although other reports later noted that drug manufacturers hit back at claims by ministers regarding vaccine shortages (Source: Bloomberg).

Irish PM Martin said that Ireland will revert to Level 5 restrictions for a minimum of a month in an effort curb the spread.

Greece announced a one-week strict COVID-19 lockdown beginning on Sunday, in an effort to ease the pressure on the health system (Source: Newswires).

Norway’s PM announced last night that the country will impose fresh restrictions including a nationwide ban on serving alcohol in bars and restaurants for 2 weeks, while also calling for people to not invite guests at home (Source: Newswires).

Shenyang in northeast China suspended schools and closed businesses in areas where 100,000 people were told to stay home, after the city reported three new COVID-19 cases. Meanwhile, Beijing is to extend its quarantine period from 14 to 21 days for new arrivals to prevent imported cases (Source: Chinese press).

South Korea will widen the ban on private gatherings larger than four people nationwide and will extend social distancing rules in Seoul and neighbouring areas until January 17th (Source: Bloomberg).

NYC’s rolling seven-day average of positive tests topped 9% for the third straight day (that’s compared with just 2% in November). New hospitalizations increased to 213 and new cases rose to 3,885, based on a seven-day average, Mayor Bill de Blasio tweeted (Source: NYC/Bloomberg).

Thailand reported 745 new coronavirus cases on Monday as a surge in infections prompted authorities to impose fresh curbs in some of the most-populous regions including capital Bangkok (Source: Bloomberg).

Residents of Tokyo and 3 surrounding prefectures that will likely be subject to the government’s state of emergency order will be asked to remain at home after 8pm from Friday. Governors of Tokyo and Saitama, Chiba and Kanagawa prefectures will make final decision tonight. Like other previous Japanese restrictions, the request will not be enforced, though it will run though at least the end of January (Source: Nikkei).

* * *

Following reports over the weekend about looming lockdowns in Europe, Scotland’s leaders have just announced new lockdown measures that will take effect at midnight Tuesday morning. They said the restrictions will be similar to the March lockdown, with everything from retailers to gyms to spas to cinemas set to be closed. Meanwhile, UK PM Boris Johnson is expected to announce an expansion of Tier 4 restrictions during an address to the nation at 2000 local time.

Meanwhile, Bild reports that the German government and the 16 federal states have already agreed to extend the the current lockdown until Jan. 31 to curb the spread of the coronavirus pandemic. The anonymously sourced report landed more than 24 hours before Merkel is slated to speak with the leaders of the 16 states. Germany imposed a second hard lockdown on Dec. 16, closing schools, shops and restaurants after earlier attempts at a partial lockdown launched in early November did little to stifle new infections. It imposed a second hard lockdown on Dec. 16, closing schools, shops and restaurants after a partial lockdown introduced early November did not bring the hoped-for reduction in new infections.

Tyler Durden
Mon, 01/04/2021 – 10:00

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

Rabobank: 2021 Spookily Corresponds Exactly To….1937

Rabobank: 2021 Spookily Corresponds Exactly To….1937

By Michael Every of Rabobank

Failure Upwards

So, first day back to work in 2021. First things first: how can one summarize 2020? The first instinct is perhaps the special swearing symbols used in the Asterix comics. After careful consideration, however, the best article I have found to explain what happened last year was this, from Unherd Magazine: 2020: the year the elites failed upwards. A few choice highlights include:

Elite institutional authority is everywhere collapsing in a bonfire of self-immolation even as elite institutions become ever more powerful….The iron law of the American elite is that as long as everyone fails together, everyone fails upwards. Regime loyalty is the herd immunity of the ruling class, a protection against the consequences of their own failures. This is why the loss in authority that manifests in the “crisis of experts”, while real, doesn’t diminish their power. But it’s also why the regime has to become more ideological and nakedly coercive — for a kingdom of experts without reliable expertise falls back on propaganda and state power.

There are so many examples of this to draw from that one does not know where to begin. Yet how could we not look at markets too? How *they* continue to fail upwards! Risk could not be much more on, and the USD remains as unloved to start 2021 as it was to end 2020.

Of course, everything else is still just failing. The new UK variant of the virus is spreading at an exponential rate to the extent that lockdowns are likely to be necessary until Easter. There is even a warning that the South African variant may be immune to the vaccine. Certainly, a slow vaccine roll-out underlines the risks that nature will stay one step ahead, and consequently the global economy several steps behind.  On which, it’s curious to see how national approaches to vaccination vary.

In the UK, a 21-item list of certification, including human resource rather than medial expertise, is required before a retired medical professional can volunteer; in the US, Forbes reports over half of sampled healthcare workers are refusing the vaccine, and the New York distribution is deeply politicized; and in France a panel of 35 citizens will be chosen at random today to make up a “citizen collective” responsible for vaccine strategy(!) In short, none of these countries seem likely to be vaccinated to the required level for many months and the mutation clock is all the time ticking away. By contrast, Israel has already vaccinated 10% of its population, to the extent that it is now running out of vaccine: one anecdote is of a nurse with a spare dose left at the end of the day seeing a pizza-delivery guy walking past and giving him the shot rather than wasting it.  

Meanwhile, China is seeing more pockets of Covid outbreaks again, as is South Korea and Thailand. Regardless, markets continue to fail upwards as exponentially as the virus cases. Please don’t focus on a likely Thai lockdown; or The Australian newspaper explosively repeating a US accusation about Covid’s suspected origins; or that the hoopla around the Ant Financial IPO has gone from ‘it’s coming!’ to ‘it’s on hold’ to ‘it’s cancelled’ to ‘it’s being broken up’ to ‘Jack Ma is missing’. Just keep taking that risk!

Which is of course what the EU did at the end of 2020 when it (or rather Angela Merkel) decided to show “strategic autonomy” means snubbing the incoming Biden administration that provides its defence to agree a huge bilateral investment deal with China (the CAI). The criticism of this economic, financial, political, geostrategic, and even moral logic has been withering: as one expert bewailed to me, “We failed to prevent German big business co-opting German foreign policy, and German foreign policy co-opting EU foreign policy.” Indeed, unless the European Parliament pushes back, EU Merkelcantilism it is, and all the more so now the fly-in-the-ointment UK has finally left. At least that backs a stronger EUR short term –as in Japan, which is not a compliment– but critics suggest a far weaker EUR –and EU– are both likely over the longer term:

International trade and investment — for all the conceits that many economists and lawyers seem to have about these issues — are inherently political. And they have become even more political in the context of China’s rise: Not only because of the use and abuse of multilateral rules by non-market economies (which is what defenders of CAI tend to focus on), but also because of the fundamental difference in values that should define the goals of multilateral cooperation. Contra the inclination of technocrats to reduce values to labour and environmental standards, values include first-order principles of democracy, liberalism, pluralism, and more. And international trade and investment, especially in a world where interdependence can be weaponised, have become just too important to be left in disciplinary silos or technocratic bubbles. CAI is not “just” a matter of investment, or even standards; it is a matter that has potentially serious security implications. It begins to dramatically alter who we are as a society, community and people. China has, perhaps, more than ever in 2020, given Europe ample evidence of these differences.

Anyway, that was 2020, the year of upwards failure: what does this year hold? 2021 starts with the same fears about military action vs. Iran as 2020 did – which will likely be ignored as they were a year ago unless Iran does something very dangerous. This week will then see quite the US political show with huge consequences for 2021 and 2022. Tomorrow has Georgia’s two run-off senatorial elections that will determine who controls the senate: and then Wednesday has what is likely to be a circus in D.C., which deserves more than the space left here to cover, ahead of the end of US President Trump’s term in office on 20 January..

The future is then unwritten. However, calendar 2021 spookily corresponds exactly to….1937. A year where in the US, The Memorial Day Massacre saw ten union demonstrators shot by the police, and where President FDR tried (and failed) to pack the Supreme Court to get New Deal legislation through Congress; where in the USSR, Stalin carried out his Great Terror, which killed over a million loyal Soviet citizens; where in Germany, Hitler started to talk about building “lebensraum”, not just the new roads VW was formed to build a “people’s car” to drive on; where Japan invaded China to no major Western resistance and carried out the Massacre of Nanking; and where in the UK Neville Chamberlain became Prime Minister – the guy who a year later promised “peace in our time”. Oh, and where the Fed raised rates, wrongly, pushing the US economy back into recession again, and dragging the S&P down around 40%.

Luckily, the latter two are risks we don’t face in 2021 given our dedicated policy of elite failure upwards – so why worry about anything else, eh? Happy New Year!     

Tyler Durden
Mon, 01/04/2021 – 10:00

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

Despite Lockdowns, December Manufacturing PMI Revised To Highest Since 2014

Despite Lockdowns, December Manufacturing PMI Revised To Highest Since 2014

Despite plunging ‘hard’ economic data and viral lockdowns across the nation, December’s preliminary tumble in Manufacturing PMI has been (rather stunningly) revised to a further improvement.

From a decline to 56.5, and against expectations of a further drop to 56.3, the final Dec print for Manuacturing PMI rose to 57.1 – its highest since September 2014!

Source: Bloomberg

As Markit notes below, the shipping delays could be the reason for the surprise rise as this is embedded in their model as a positive (so much demand, they can’t keep up), when in this case it is nothing of the sort as pandemic disruptions are to blame!

Chris Williamson, Chief Business Economist at IHS Markit said:

“Manufacturers reported a strong end to 2020, with production and order books continuing to grow, albeit with the rates of expansion slowing as a result of rising virus case numbers and related restrictions. Producers of consumer goods reported a marked downturn in orders and production, reflecting weakened consumer expenditure amid the resurgence of COVID-19.

“More encouragingly, producers of machinery and equipment reported sustained strong demand, suggesting companies are increasing their investment spending. Producers of inputs to other factories also fared well, as manufacturers sought to restock their warehouses.

However, the survey also highlights how manufacturers are now not only facing weaker demand conditions due to the pandemic, but are also seeing COVID-19 disrupt supply chains further, causing shipping delays. These delays are limiting production capabilities as well as driving producers’ input prices sharply higher, adding to the sector’s woes.

Firms nevertheless remain highly positive about the outlook for the year ahead, anticipating that vaccine roll-outs will help drive a further recovery in 2021, although some of November’s post-election exuberance has been tamed by the recent rise in virus case numbers, suggesting the near-term outlook will remain challenging.

Finally, we note that the hope-filled surge in ‘soft’ survey data is rapidly falling back to the ugly reality of ‘hard’ data’s slump… and we suspect if Markit’s model interpreted the rise in shipping delays as the negative that it is… this survey data would be even worse!

Source: Bloomberg

We’re gonna need more “stimulus”….

Tyler Durden
Mon, 01/04/2021 – 09:51

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

Key Events In The Coming Action-Packed Week

Key Events In The Coming Action-Packed Week

It’s straight off to the races in the first full week of 2021, as the market euphoria from 2020 continues amid a fresh newsflow avalanche which starts with the OPEC+ alliance energy ministers holding their monthly virtual gathering Monday to decide whether to add as much as 500,000 barrels a day to production. Traders will also focus on the FOMC minutes due out Wednesday and the US payrolls report for December due on Friday. It will be very busy on the political front in the US, where Tuesday sees the state of Georgia hold a run-off election for two U.S. Senate seats which will decide control of the chamber, while on Wednesday, Congress will meet to count electoral votes and declare the winner of the 2020 Presidential election Wednesday.

Looking at the week’s key events, DB’s Henry Allen agrees that US politics will dominate the calendar, with tomorrow’s runoff elections in the state of Georgia determining which party will control the Senate over the coming 2 years. This is an important one for markets, since the results will affect how much of President-elect Joe Biden’s agenda will be able to pass through Congress, as well as the size of any fiscal stimulus package. As a reminder, in November’s election the Republicans won 50 seats in the Senate to the Democrats’ 48, but 2 seats in Georgia were left unfilled because candidates in that state have to get an outright majority of the votes to get elected, meaning a runoff election is being held. If the Democrats manage to take both seats, the chamber will be split 50-50, and since the Vice President casts the deciding vote, the Democrats will have control following the inauguration of Joe Biden and Kamala Harris on January 20. However, if the Republicans take just one seat or both, that means Biden will have to deal with a Republican-controlled Senate for at least the first two years of his term.

The polls have been on a knife-edge throughout, but the latest polling average from FiveThirtyEight indicates that the Democrats have pulled ahead in recent days with a narrow lead of +1.8pts and +2.2pts in the two races. If they did manage to win both and hence control of the Senate, our US economists think that another large fiscal stimulus package would be likely, possibly including some of the more structural priorities of the new administration such as infrastructure, and thus would represent a material upside to their GDP forecast for this year. However, if they fail to win both, then a Republican-controlled Senate would mean that they can be expected to block the vast majority of Democratic priorities. Either way, the results are unlikely to be known tomorrow, since the state can’t start counting the mail-in ballots until Election Day.

Staying on US politics, on Wednesday the joint session of Congress will take place where the electoral votes from the presidential election are formally counted. Normally this is just procedural, but this year a number of Republican senators have said that they’ll vote to challenge the certification of the results, with a group of Republican senators saying that if an election commission weren’t created to investigate claims of fraud, then they “intend to vote on January 6 to reject the electors from disputed states”. However, given the Democrats control the House and multiple Republican senators have condemned these attempts, this challenge isn’t expected to go anywhere.

Rabobank’s Eric Peters is even more laconic:

This week will then see quite the US political show with huge consequences for 2021 and 2022. Tomorrow has Georgia’s two run-off senatorial elections that will determine who controls the senate: and then Wednesday has what is likely to be a circus in D.C., which deserves more than the space left here to cover, ahead of the end of US President Trump’s term in office on 20 January..

On the data front, the two highlights this week are likely to be the December PMIs today and on Wednesday, as well as the US jobs report on Friday. Starting with the PMIs, as mentioned we’ve already had some of the manufacturing numbers from Asia overnight, with the full picture from Europe and the US expected later, before we get the services and composite numbers mid-week. Any surprises should be limited though, given we’ve already had the flash PMIs for a number of the major economies before Christmas, with the flash Euro Area composite reading still at a contractionary 49.8 reading.

Elsewhere, the final US jobs report of 2020 is expected by our economists to show just a +50k increase in nonfarm payrolls, which would be the weakest monthly job growth since the pandemic began, and coincides with renewed lockdown measures in numerous states in response to the recent surge in cases. They expect that the unemployment rate will tick up to 6.8%, in its first increase since the first wave of the pandemic back in April.

Finally, there isn’t a great deal on the central bank front, with no major monetary policy decisions this week. However, we will get the minutes of the December Fed meeting on Wednesday, and hear from a number of speakers including Fed Vice Chair Clarida and Bank of England Governor Bailey over the coming week, along with two new voting members on the FOMC in 2021, in Chicago Fed President Evans and Atlanta Fed President Bostic.

A day-by-day calendar of events, courtesy of Deutsche Bank

Monday January 4

  • Data: December manufacturing PMIs from Italy, France, Germany, Euro Area, UK, Brazil, Canada, US and Mexico, UK November mortgage approvals, US November construction spending
  • Central Banks: Fed’s Evans, Bostic and Mester and ECB’s Lane speak

Tuesday January 5

  • Data: France preliminary December CPI, Germany December unemployment change, Euro Area November M3 money supply, US December ISM manufacturing
  • Central Banks: Fed’s Evans and Williams speak
  • Politics: Georgia runoff elections to the US Senate

Wednesday January 6

  • Data: December services and composite PMIs from Japan, China, India, Italy, France, Germany, Euro Area, UK, Brazil and US, France December consumer confidence, Germany preliminary December CPI, US December ADP employment change, November factory orders, final November durable goods orders, nondefence capital goods orders ex air
  • Central Banks: FOMC December meeting minutes released, Bank of England Governor Bailey speaks
  • Politics: Joint Session of US Congress meets to count electoral votes and declare results

Thursday January 7

  • Data: Germany November factory orders, December construction PMI, UK December construction PMI, Italy preliminary December CPI, Euro Area November retail sales, December CPI estimate, final December consumer confidence, US weekly initial jobless claims, November trade balance, December ISM services index
  • Central Banks: Fed’s Harker, Bullard and Evans speak

Friday January 8

  • Data: Japan preliminary November leading index, Germany November industrial production, France November industrial production, Euro Area November unemployment rate, Italy preliminary November unemployment rate, Canada December net change in employment, US December change in nonfarm payrolls, unemployment rate, average hourly earnings, final November wholesale inventories
  • Central Banks: Fed Vice Chair Clarida speaks

Finally, looking at just the US, here is a breakdown of key events this week via Goldman, which writes that the key economic data releases this week are the ISM manufacturing report on Tuesday, the jobless claims and ISM non-manufacturing reports on Thursday, and the employment report on Friday. In addition, minutes from the December FOMC meeting will be released on Wednesday. There are several scheduled speaking engagements by Fed officials this week, including Vice Chair Clarida on Friday.

Monday, January 4

  • 09:45 AM Markit manufacturing PMI, December final (consensus 56.3, last 56.5)
  • 10:00 AM Construction spending, November (GS +1.2%, consensus +1.0%, last +1.3%): We estimate a 1.2% increase in construction spending in November, with scope for a significant increase in private residential construction.
  • 10:00 AM Chicago Fed President Evans (FOMC voter) speaks: Chicago Fed President Charles Evans will discuss the economy and monetary policy on a panel at the annual AEA/ASSA meeting. Prepared text and audience and media Q&A are expected.
  • 10:00 AM Atlanta Fed President Raphael Bostic (FOMC voter) speaks: Atlanta Fed President Raphael Bostic will discuss innovations in measuring the economic impacts of Covid-19 on a virtual panel during the AEA/ASSA meeting. Audience Q&A are expected.
  • 12:15 PM Cleveland Fed President Mester (FOMC non-voter) speaks: Cleveland Fed President Mester will discuss a paper on increasing diversity in economics at the annual AEA/ASSA meeting.
  • 06:00 PM Cleveland Fed President Mester (FOMC non-voter) speaks: Cleveland Fed President Mester will discuss the economic outlook at the annual AEA/ASSA meeting.

Tuesday, January 5

  • 10:00 AM ISM manufacturing index, December (GS 57.0, consensus 56.6, last 57.5): We expect the ISM manufacturing index to edge down by 0.5pt to 57.0 in the December report, reflecting mixed regional manufacturing surveys for the month.
  • 03:45 PM Chicago Fed President Evans (FOMC voter) speaks: Chicago Fed President Charles Evans will discuss the Fed’s actions during the pandemic at the annual AEA/ASSA meeting. Prepared text and audience Q&A are expected.
  • 03:45 PM New York Fed President John Williams (FOMC voter) speaks: New York Fed President John Williams will chair a virtual paper session on the monetary-fiscal nexus with ultra-low interest rates during the annual AEA/ASSA meeting.
  • 05:00 PM Lightweight motor vehicle sales, December (GS 16.0m, consensus 15.6m, last 15.6m)
  • 07:00 PM Polls close in Georgia for Senate runoff elections

Wednesday, January 6

  • 08:15 AM ADP employment report, December (GS -75k, consensus +50k, last 307k): We expect a 75k decline in ADP payroll employment, reflecting an increase in jobless claims and expected weakness in private payrolls in December.
  • 09:45 AM Markit services PMI, December final (consensus 55.3, last 55.3)
  • 10:00 AM Factory orders, November (GS +0.7%, consensus +0.8%, last +1.0%); Durable goods orders, November final (last +0.9%); Durable goods orders ex-transportation, November final (last +0.4%); Core capital goods orders, November final (last +0.4%); Core capital goods shipments, November final (last +0.4%): We estimate factory orders increased by 0.7% in November following a 1.0% increase in October. Durable goods orders rose by 0.9% in the November advance report, and core capital goods orders rose by 0.4%.
  • 02:00 PM Minutes from the December 15-16 FOMC meeting: At its December meeting, the FOMC left the funds rate target range unchanged at 0–0.25%, as widely expected, and provided new guidance on the timeline for tapering asset purchases, but did not announce changes to the maturity composition of its asset purchases. In the minutes, we will look for insights into the Committee’s asset purchase decisions.

Thursday, January 7

  • 08:30 AM Initial jobless claims, week ended January 2 (GS 840k, last 787k); Continuing jobless claims, week ended December 26 (last 5,219k): We estimate initial jobless claims increased to 840k in the week ended January 2.
  • 08:30 AM Trade balance, November (GS -$67.5bn, consensus -$64.5bn, last -$63.1bn): We estimate the trade deficit increased by $4.4bn in November, reflecting an increase in the goods trade deficit. Goods imports have returned to their pre-pandemic level, but monthly goods exports are still about $10bn below their pre-pandemic level. Both imports and exports of services have recovered only slightly from their Q2 troughs.
  • 09:00 AM Philadelphia Fed President Harker (FOMC non-voter) speaks: Philadelphia Fed President Patrick Harker will discuss his economic outlook during a virtual event hosted by the Philadelphia Business Journal. Prepared text and audience Q&A are expected.
  • 10:00 AM ISM non-manufacturing index, December (GS 54.0, consensus 54.5, last 55.9): We estimate the ISM non-manufacturing index declined by 1.9pt to 54.0 in December, reflecting likely weakness in leisure, food services, and other services. Our GS Non-Manufacturing Survey Tracker declined by 1.8pt to 52.0 in December and our GSAI fell.
  • 12:00 PM St. Louis Fed President Bullard (FOMC non-voter) speaks: St. Louis Fed President James Bullard will discuss the U.S. economy and monetary policy during a virtual event hosted by the Little Rock Regional Chamber of Commerce. Prepared text and audience and media Q&A are expected.
  • 01:00 PM Chicago Fed President Evans (FOMC voter) speaks: Chicago Fed President Charles Evans will speak to the Wisconsin Bankers Association Midwest Economic Forecast Forum. Audience Q&A are expected.

Friday, January 8

  • 08:30 AM Nonfarm payroll employment, December (GS -50k, consensus +50k, last +245k); Private payroll employment, December (GS -100k, consensus +50k, last +344k); Average hourly earnings (mom), December (GS +0.2%, consensus +0.2%, last +0.3%); Average hourly earnings (yoy), December (GS +4.5%, consensus +4.5%, last +4.4%); Unemployment rate, December (GS 6.8%, consensus 6.8%, last 6.7%): We estimate nonfarm payrolls declined 50k and private payrolls declined 100k in December. While job growth slowed in the November report, we believe the survey period was too early to reflect the full impact of the coronavirus resurgence, because employment in highly sensitive categories declined significantly only in Illinois (one of the earliest states implementing major restrictions). Most of the Big Data employment signals we track also indicate a decline in December payrolls. And while continuing claims continued to fall on net, most of the drop reflected the expiration of program eligibility (as opposed to reemployment). Additionally, initial claims during the payroll month rose for the first time since April. On the positive side, we expect a rise in education employment (public and private), as virtual schooling reduces the scope for seasonal downtime for support staff.
  • 11:00 AM Fed Vice Chair Clarida (FOMC voter) speaks: Fed Vice Chair Clarida will discuss the economy and monetary policy during a virtual event hosted by the Council on Foreign Relations. Prepared text and audience and moderated Q&A are expected.

Source: Deutsche Bank, Goldman

 

Tyler Durden
Mon, 01/04/2021 – 09:40

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

Trump Fishes for Votes in Georgia as GOP Senators Fight Over Election Certification

iconphotosfive718110

President Donald Trump is making a fool of congressional Republicans who continue to back him. Days after a dozen senators said they would reject the 2020 presidential election results over allegedly sincere concerns about fraud, Trump is all but openly asking people to commit fraud to throw the election to him.

Insisting—against all evidence—that he actually beat President-elect Joe Biden in Georgia, Trump asked state officials to help him find the votes he would need to make it official. “All I want to do is this. I just want to find 11,780 votes, which is one more than we have. Because we won the state,” Trump said on a Saturday phone call with Georgia Secretary of State Brad Raffensperger and others. “So what are we going to do here, folks? I only need 11,000 votes. Fellas, I need 11,000 votes. Give me a break.”

On the call, Trump spins a number of disproved or unsubstantiated theories about voter fraud, including that “dead people voted,” “thousands and thousands, who went to the voting place on Nov. 3, were told they couldn’t vote,” out-of-state voters voted in Georgia, ballots for Biden were scanned three times, and some ballots were shredded.

The trouble: They don’t quite have the evidence yet to show it.

“What I’m hopeful for is there are some way that we can, we can find some kind of agreement to, to, to look at this a little bit more fully,” White House Chief of Staff Mark Meadows said on the call.

Trump also “issued a vague threat to both Raffensperger and Ryan Germany, the secretary of state’s general counsel, suggesting that if they don’t find that thousands of ballots in Fulton County have been illegally destroyed to block investigators — an allegation for which there is no evidence — they would be subject to criminal liability,” notes The Washington Post.

But throughout the hour-long call, Raffensperger and Germany pushed back against Trump’s claims of specific election fraud tactics and the general idea that the Georgia results are invalid. “We believe that we do have an accurate election,” said Raffensperger, a Republican.

You can read a full transcript of the call here.

Outrageously but unsurprisingly, some prominent Republicans have been faulting not Trump for making this call, but whoever recorded and leaked it. “A man does not release a private conversation he has with anyone,” tweeted television host Jesse Kelly. “You don’t repeat things said to you privately. That’s simple man code.”

But by and large, people across the political spectrum are calling this for what it is: yet another instance of Trump thinking he’s above the law and normal democratic procedures, yet more corruption and bad judgement, and the sort of thing that would provoke a much different result during normal times.

“This tape of the Trump phone call is amazing. Unless you’re drunk on the Kool Aid, it’s glaringly obvious they just want to cheat,” writes longtime conservative pundit Jonah Goldberg, now editor in chief of The Dispatch. “That’s it. Nothing clever. Nothing about patriotism or some higher calling. They’re just trying to cheat.”

“We do get numb to outrageous stuff, so it’s important to take a minute and shake four years of normalized criminous un-American morally treasonous behavior out of your head and recognize this for the lawless lowlife thuggery that it is — historically bad behavior by bad people,” tweeted constitutional lawyer Ken White, aka Popehat.

“In any other conceivable moment in US history, this tape would result in the leadership of both parties demanding the immediate resignation of the President of the United States,” suggested veteran journalist Carl Bernstein.

Trump’s little chat comes just as a gaggle of GOP lawmakers is going all in on the president’s election fraud claims. Last week, a dozen senators—including Sens. Ted Cruz (R–Tx.) and Josh Hawley (R–Mo.)—said they would side would not vote to certify the 2020 election results when Congress is asked to do so on January 6.

Even before the Post reported on Trump’s call to Georgia election officials, Cruz and company’s antics drew plenty of critics from their own side.

“The egregious ploy to reject electors may enhance the political ambition of some, but dangerously threatens our Democratic Republic,” said Sen. Mitt Romney (R–Utah) in a statement. He continued:

The congressional power to reject electors is reserved for the most extreme and unusual circumstances. These are far from it. More Americans participated in this election than ever before, and they made their choice. President Trump’s lawyers made their case before scores of courts; in every instance, they failed. The Justice Department found no evidence of irregularity sufficient to overturn the election. The Presidential Voter Fraud Commission disbanded without finding such evidence.

My fellow Senator Ted Cruz and the co-signers of his statement argue that rejection of electors or an election audit directed by Congress would restore trust in the election. Nonsense. This argument ignores the widely perceived reality that Congress is an overwhelmingly partisan body; the American people wisely place greater trust in the federal courts where judges serve for life. Members of Congress who would substitute their own partisan judgement for that of the courts do not enhance public trust, they imperil it.

Were Congress to actually reject state electors, partisans would inevitably demand the same any time their candidate had lost. Congress, not voters in the respective states, would choose our presidents.

Adding to this ill-conceived endeavor by some in Congress is the President’s call for his supporters to come to the Capitol on the day when this matter is to be debated and decided. This has the predictable potential to lead to disruption, and worse.

I could never have imagined seeing these things in the greatest democracy in the world. Has ambition so eclipsed principle?

Arkansas Republican Sen. Tom Cotton said voting not to certify the election results showing Biden as our next president “would essentially end presidential elections and place that power in the hands of whichever party controls Congress.”

Texas Republican Rep. Chip Roy challenged the legitimacy of congressional election results from states in contested statements, to make a point about the lack of logic or consistency in the clown show that is the stance of Cruz and Hawley.

Roy was one of seven GOP representatives—including Mike Gallagher of Wisconsin, Kelly Armstrong of North Dakota, Ken Buck of Colorado, Thomas Massie of Kentucky, Tom McClintock of California, and Nancy Mace of South Carolina—who put out a statement paying lip service to the idea that “the elections held in at least six battleground states raise profound questions” but ultimately condemning efforts not to certify the results.

“Only the states have authority to appoint electors, in accordance with state law,” they write. “Congress has only a narrow role in the presidential election process. Its job is to count the electors submitted by the states, not to determine which electors the states should have sent.”

“We must respect the states’ authority here,” they concluded. “Though doing so may frustrate our immediate political objectives, we have sworn an oath to promote the Constitution above our policy goals. We must count the electoral votes submitted by the states.”


FREE MINDS

Supreme Court to consider student’s Snapchat rant. A high school cheerleader’s “fuck”-laden rant on Snapchat got her booted from the team. Now, the girl—known in court proceedings as B.L.—is deep in case about student First Amendment rights. “They won at both the district and circuit court levels,” notes Law & Crime. But “Mahanoy Area School District asks the Supreme Court to reverse the Third Circuit’s decision or risk stripping thousands of school districts of a significant power to keep their student bodies safe. They contend that it’s a matter of schools being able to protect students from “off-campus threats or harassment.”

“When the justices reconvene after their holiday break, they will consider the case in their first conference of the new year,” writes Elura Nanos at Law & Crime:

The current reality is not likely to be lost on the justices. Millions of American students are “attending” school from their homes, using hundreds of new technological platforms and interacting with friends, peers, and teachers only electronically. The COVID-19 pandemic has (perhaps permanently) blurred the lines between home and work, as well as home and school. The Court itself has been handling its work remotely, and if it grants certiorari in the case, those arguments are likely to be held telephonically. B.L.’s Saturday afternoon out with friends now seems like a bygone tale of yesteryear, but its effects may have lasting meaning for students in years to come.


FREE MARKETS

HHS backs down on hand sanitizer penalty. The U.S. Department of Health and Human Services (HHS) is backing down on fees levied against distilleries that stepped up to produce hand sanitizer instead of booze during the early days of the pandemic.

Now, “thanks to media coverage, including here at Reason…the federal government has reversed course on what would have been a devastating blow to small businesses,” writes Jacob Grier, who first reported on the HHS fees. More on the HHS reversal here.


QUICK HITS

• “A British judge on Monday rejected the United States’ request to extradite WikiLeaks founder Julian Assange to face espionage charges, saying he was likely to kill himself if held under harsh U.S. prison conditions,” reports the Associated Press.

• The new COVID-19 variant affects people under 20 more than the original strain, according to a new study from the Imperial College London.

from Latest – Reason.com https://ift.tt/2MyF9WD
via IFTTT

Not ‘The Onion’: Democrat Ends Prayer With “Amen… And A-Woman”

Not ‘The Onion’: Democrat Ends Prayer With “Amen… And A-Woman”

Authored by Tyler O’Neil via PJMedia.com,

On Sunday, a Democratic representative — who also happens to have been a pastor for 37 years — gave an official prayer to open the 117th Congress. With great pomp and circumstance, he closed his prayer by invoking “the monotheistic god,” Brahma, and the god who supposedly goes by many names. He then concluded with the most asinine thing I have ever heard. He ended with “amen … and a-woman.”

Yes, in a moment worthy of The Babylon Bee, Rep. Emanuel Cleaver (D-Mo.), added the nonsense neologism “a-woman” to the classic prayer ending, “amen.”

“We ask it in the name of the monotheistic god, Brahma, and god known by many names by many different faiths,” Cleaver concluded.

“Amen. … and A-woman.”

“Amen” means “so be it,” “it is so,” or “verily.” Jews and Christians have used the term to conclude prayers for thousands of years. The word appears 30 times in the Hebrew Bible and 52 times in the New Testament. There is no connection — absolutely none — between “amen” and “men,” the far later English word for plural male individuals.

This truth is so basic that it honestly strains credulity that any educated Jew, Christian, or Muslim — much less a Methodist who served as a pastor for 37 years — would feel the need to make the term of assent “amen” inclusive by adding “a-woman.” Yet Emanuel Cleaver, who served as the pastor at St. James United Methodist Church in Kansas City, Mo., from March 1972 to June 2009, did exactly that — and it seems he is proud of it.

Naturally, many conservatives rightly mocked Cleaver for this absurd virtue signaling. Rep. Guy Reschenthaler (R-Pa.) mentioned “a-woman” and added, “Amen is Latin for ‘so be it.’ It’s not a gendered word. Unfortunately, facts are irrelevant to progressives. Unbelievable.”

“Amen is a Latin word that means ‘truly’ or ‘so be it.’ Awoman is a nonsense word that means nothing. Dems find a way to make everything stupid and nonsensical. Utter clowns, all of them,” Matt Walsh tweeted.

Yet this “a-woman” fiasco should show Americans just how stupid and shallow much of Democrats’ pandering in the name of “inclusivity” really is.

Democrats have championed Marxist critical race theory, which teaches that hidden racism permeates American society so that if America’s institutions are colorblind, they must be racist in some hidden, mysterious way. That’s what “institutional racism” really means.

Democrats have trained themselves to see racism even in situations where the law clearly states that individuals are to be judged on the content of their character, rather than on the color of their skin — and this extends to other kinds of prejudice, as well. Feminists must root out any trace of “patriarchy.” Islamists must fight “Islamophobia,” which they redefine to mean any suggestion that radical Islamist terrorism has any connection to Islam.

This Marxist quest to root out hidden prejudice culminates in the transgender movement’s quest to rid the word of “white cis-hetero-patriarchy,” the supposed dominance of white males who identify as male and who wish that heterosexual relationships were the norm.

These ideologies converge to create a massive conspiratorial mindset. Behind every government building is a racist, sexist, religionist, anti-you-name-it bigot pulling the strings. How disappointed these social justice warriors will be when they discover that civilization does not exist in order to oppress them. Yet conspiracy theories have an ugly tendency to persist and even grow in the face of the truth.

It seems this poisonous thinking has convinced a former pastor who should have known better that the very term “amen” is an instrument of patriarchal oppression.

Ironically, Cleaver’s speech — which he ended with a virtue-signaling attempt to appear inclusive — addressed a very Christian God. He described God as “eternal,” a being with “sacred supremacy,” a deity “who created the world and everything in it,” and one with a “priestly presence.”

This concept of God may appear compatible with many faiths, but it is not. Neither Judaism nor Islam involves a God who is also a priest. Only in Christianity does one Person of the Trinity — Jesus Christ — make supplication to another Person of God — the Father — on behalf of humanity. While God may listen to the prayers of non-Christians, it is false to suggest that different religions all pray to the same God (Christianity and Islam provide an important example of this).

For all Cleaver’s mentioning of Brahma, his suggestion that the Christian God is “known by many names by many faiths,” and his asinine ending with “Amen. … and A-woman,” Cleaver delivered a very Christian prayer. He acknowledged humans’ “fallible nature” in contrast to God’s perfection, asking God to enable Congress to defend democracy and to overcome the divisions of tribalism and ideology.

Jews and Muslims who were listening closely in order to find something offensive will not be disappointed. Atheists will have a field day.

Cleaver was right to pray for unity amid tribalism and ideology, and he was right to acknowledge humanity’s fallible nature. Yet his attempts to be more inclusive will not satisfy those who are paying attention. Rather, his shallow inclusivity makes him a laughingstock.

Perhaps Cleaver will realize his mistake and admit that “amen” is not some deep symbol of the oppressive white cis-hetero-patriarchy. Perhaps many on the Left will even mock him for this absurdity. Yet it seems plausible that some SJWs will probably cheer the nonsensical neologism “a-woman,” and start using it to end their prayers.

Watch the “a-woman” incident below.

Tyler Durden
Mon, 01/04/2021 – 09:20

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

Only Two House Republicans Genuinely Believe Vote Counts Were Severely Compromised

Yesterday, the newly elected House of Representatives’ held its organizational session to recognize the credentials of those elected, select a Speaker, and adopt rules for the counting presidential electors, among other start-of-session matters.

During the session, Rep. Chip Roy (R-TX) filed an objection to seating those members purportedly elected in states in which the Trump Campaign and its allies are challenging the certified vote counts (Arizona, Georgia, Michigan, Nevada, Pennsylvania, and Wisconsin). Rep. Roy, who is on record opposing efforts to challenge validly appointed presidential electors, explained his objection:

I do not make this objection lightly and take no pleasure in it, but believe that I am compelled to do so because a number of my colleagues — whom I hold in high regard — have publicly stated that they plan to object to the acceptance of electors from those particular six states due to their deeply held belief that those states conducted elections plagued by statewide, systemic fraud and abuse that leaves them absolutely no way for this chamber or our constituents to trust the validity of their elections.

Such allegations – if true – raise significant doubts about the elections of at least some of the members of the United States House of Representatives that, if not formally addressed, could cast a dark cloud of suspicion over the validity of this body for the duration of the 117th Congress.  After all, those representatives were elected through the very same systems — with the same ballot procedures, with the same signature validations, with the same broadly applied decisions of executive and judicial branch officials — as were the electors chosen for the President of the United States under the laws of those states, which have become the subject of national controversy. And while the legislatures of those states have sent us no formal indication that the results of these elections should not be honored by this body, it would confound basic human reason if the presidential results were to face objection while the congressional results of the same process escaped without public scrutiny.

While the Constitution and the 12th Amendment do not make Congress the judge of the states’ presidential electors, it does require us to be the arbiters of the elections to this body. If the electors for the office of the president were not in question, neither would be the election certificates of my colleagues present here today.

Rep. Roy’s objection was rejected 371-2.

from Latest – Reason.com https://ift.tt/2L02ikf
via IFTTT