12 Years to Disaster? How Climate Activists Distort the Evidence


8114225_16x9

Many officials and climate activists claim we have only 12 years to act on global warming. Where does this figure come from? A 2018 Special Report by the Intergovernmental Panel on Climate Change (IPCC). The second sentence of that document reads, “Global warming is likely to reach 1.5 degrees C between 2030 and 2052 if it continues to increase at the current rate.” The 12-year figure comes from subtracting the year of the report, 2018, from the earliest possible date of 1.5 degrees C warming, 2030. 

The problem is that this was a statement about the past, dressed up to suggest that it’s about the future. It’s not about what will happen; it’s extrapolating from what has already happened. Actual temperatures in 2030 will depend on whether warming speeds up or slows down, and also on whether the year is warmer or colder than the long-term trend.

Why the 22-year range? The authors of the IPCC report defined the current rate using data from 1960 to 2017. Using the NASA Goddard Institute for Space Studies (GISS) land-ocean temperature series that underpins most popular reporting about warming, global excess temperatures were 0 in January 1960 and 0.94 degrees C in December 2017. So the Earth has to warm another 0.56 degrees C to reach 1.5 degrees C. Some fifth-grade math tells us that should happen in 34.55 years if warming continues at the same rate. We’d hit 1.5 degrees C on July 21, 2051. Different measurements might give a couple of years either way, but not 22 years.

The range of 2030 to 2052 is not about how warm the earth is but who’s responsible for the change in temperature. The figures reflect “anthropogenic warming,” or warming rooted in human activity. By citing a range of 2030 to 2052, the authors are indicating a high level of uncertainty. They’re not sure how much of the 0.17 degrees C per decade warming is “anthropogenic,” or rooted in human activity. They think it’s possible that humans are warming the Earth 0.3 degrees C and some unknown factor is actually cooling the Earth 0.13 degrees C. (The IPCC declined to make any of the report’s authors available for an interview).

If you think the problem with global warming is hotter temperatures (melting ice, rising sea levels, and other physical effects), then you should care about the year 2052, not 2030. But if you think the problem with global warming is that humans are tampering with something pristine—and you only consider the worst possible scenario—then 2030 is your date. Focusing on anthropogenic warming suggests that what’s happening in the real world matters less than who’s at fault.

Not all environmental change is bad. We hear about possible species extinctions, but not about the species that will thrive and diversify on a warmer planet (for example, insects and sea life may be increasing in numbers and variety due to warming to date, although this is controversial). In any event, no one knows the optimal rate of speciation and extinction. We like majestic old-growth forests and exquisite biologic specializations where the climate is stable, as well as the vibrant adaptations and innovations in fast-changing environments.

Furthermore, far more of the Earth’s surface is too cold for humans than too warm at the moment. Historically, warm periods are more prosperous than cold ones, and more people die in cold months than warm ones. In addition, destructive weather events are not concentrated in the warmest months or the warmest places, so there’s no direct reason to expect more of them in a warmer world. Carbon dioxide is good for plants, and plants are good for both people and the environment.

Granted, there is reason to prefer less change to more, because more change could tip off catastrophic cascades. We know we can live with current temperatures; we can’t be sure we’ll be happy if things get significantly warmer. And even if a warmer world is better in some ways, the benefits could be overwhelmed by the transition costs. But these are arguments to reduce the overall human environment footprint rather than to reduce the temperature by any means necessary.

This is where the 12-years-until-disaster alarmism becomes toxic. Lowering 2030 temperatures significantly requires wide-scale geoengineering—for example, scattering glass beads on arctic ice or injecting sulfur into the stratosphere to reduce the temperature immediately (the IPCC report emphasizes carbon sequestration, a possibly less risky form of geoengineering, but also says that sequestration and emission reductions are not enough). Crude, dramatic rules like banning coal or outlawing airplanes could slash emissions quickly, but the effects would not be fully felt in temperatures for up to a decade. Moreover, those approaches increase the human impact on the environment and introduce more uncertainty into future climate. They may bring down global temperatures by 2030, but at the cost of introducing greater long-term uncertainty and possibly tripping more catastrophic cascades.

Policies like a carbon tax or building nuclear power plants take years to implement, and only begin to reduce the rate of CO2 emissions. These work for planning horizons like 2 degrees C by 2050. But they have environmental benefits beyond temperature, their effects are more predictable than panic rules, and they’re more likely to be maintained as political winds change.

Even better would be long-term, sustainable, global agreements to leave fossil fuels in the ground permanently. These agreements could take decades to nurture and make sense if we focus on 2100. They could serve to address global issues, including many environmental ones, and to support world peace and prosperity. They won’t cool the Earth by 2030, possibly not even by 2050, but they could deliver a better world to our grandchildren. Alarmist panic interferes with such rational consensus building.

Which brings us back to the IPCC special report. It contains two contradictory threads, likely as a result of being written by a committee. The 2030 date relies on huge uncertainty about how much global warming has been caused by humans—a factor of three between 0.1 degrees C per decade to 0.3 degrees C. But later the report cites studies that conclude, “human-induced warming trends over the period 1905–2005” are “indistinguishable from the corresponding total observed warming.” If the latter claim is true, then we know the rate of anthropogenic warming, and it will hit 1.5 degrees C if the rate remains the same in more like 30 years than 12 years.

If we don’t understand climate to the point that we have a 3:1 uncertainty band about anthropogenic contributions to warming, it’s foolhardy to rush in with radical changes. When you don’t understand a complex system, but you do know there are powerful offsetting forces at work, you should be cautious about fooling with it. So, on one hand, if we understand climate well enough to know the amount of anthropogenic warming, the rate is not high enough to cause a crisis by 2030 if it does not accelerate. On the other hand, if we don’t understand the climate well enough to be confident of the anthropogenic contribution, we should avoid massive, rushed experiments.

Even if everything the alarmists say is true, 2030 is not a feasible planning horizon. It admits only panic solutions that increase long-term uncertainty. You don’t plan for the horizon you want to control, you plan for the horizon you can control. The climate in 2030 is already baked in—we should worry about dealing with it, not changing it. The climate in 2050 is in play, with many attractive policy choices to be implemented with sense, prudence, trial, and error.

Video credits:

Produced and edited by Justin Monticello. Written by Monticello and Aaron Brown. Camera by Zach Weissmueller. Graphics by Isaac Reese. Audio production by Ian Keyser.

Music: Aerial Cliff by Michele Nobler, Land of the Lion by C.K. Martin, Thoughts by ANBR, Flight of the Inner Bird by Sivan Talmor and Yehezkel Raz, and Run by Tristan Barton.

Photos: Alterphotos/Abaca/ZUMA Press/Newscom; Sachelle Babbar/ZUMA Press/Newscom; (EyePress Newswire/FL Wong)/Newscom; Hermann Bredehorst/Polaris/Newscom; BENOIT DOPPAGNE/BELGA/Newscom; Alterphotos/Abaca/ZUMA Press/Newscom; Kay Nietfeld/dpa/picture-alliance/Newscom; WixtrÖM Peter/Aftonbladet/Tt/ZUMA Press/Newscom; Andrea Ronchini/ZUMA Press/Newscom; Beata Zawrzel/ZUMA Press/Newscom; Gina M Randazzo/ZUMA Press/Newscom; Yichuan Cao/Sipa USA/Newscom; Roberto Almeida Aveledo/ZUMA Press/Newscom; Sachelle Babbar/ZUMA Press/Newscom; Ben Birchall/ZUMA Press/Newscom; Sadak SouiciLe Pictorium/ZUMA Press/Newscom; Gina M Randazzo/ZUMA Press/Newscom; Andrea Ronchini/ZUMA Press/Newscom; Hermann Bredehorst/Polaris/Newscom; WixtrÖM Peter/Aftonbladet/Tt/ZUMA Press/Newscom; SUSANA VERA/REUTERS/Newscom; UNclimatechange from Bonn, Germany, CC BY 2.0, via Wikimedia Commons

from Latest – Reason.com https://ift.tt/3u9GWlF
via IFTTT

“Our Warplanes Can Reach Iran”: Israeli Intelligence Minister Vows War If “Bad Deal” Reached In Vienna

“Our Warplanes Can Reach Iran”: Israeli Intelligence Minister Vows War If “Bad Deal” Reached In Vienna

A top Israeli intelligence official has warned that if the end result of the Vienna talks is a return to the JCPOA nuclear deal, then war between Iran and Israeli will very likely follow.

Israeli Intelligence Minister Eli Cohen in Thursday comments said that “A bad deal will send the region spiralling into war” while repeating Tel Aviv’s position that it will not consider itself bound politically by the terms of any future US-Iran agreement. Tel Aviv has long viewed the 2015 nuclear deal as allowing Iran’s ‘path to a bomb’ – and so deems no part of it salvageable or valid.

“Anyone seeking short-term benefits should be mindful of the longer-term,” Cohen told Reuters. “Israel will not allow Iran to attain nuclear arms. Iran has no immunity anywhere.”

And this is where his remarks became particularly bellicose and threatening, saying next that “Our planes can reach everywhere in the Middle East – and certainly Iran.”

The Likid member of Knesset and Minister of Intelligence further highlighted the Islamic Republic’s ballistic missile program which must be stopped along with its “destabilizing other countries” and funding proxy militants throughout the region, primarily a reference to Hezbollah and allied forces in Syria.

The remarks show that Israel is certainly spooked by widespread reports of progress at Vienna, and most especially by the latest reports that Biden is mulling a “wholesale rollback” in Trump-era sanctions on Iran in order to restore the nuke deal. 

Intelligence Minister Eli Cohen

Israel’s consistent position through the years has been that the Obama-brokered JCPOA would be used as cover for Tehran to secretly pursue atomic bomb capability, which the Iranians have denied, asserting the program is only for peaceful domestic energy purposes, along with the Ayatollah issuing fatwas that say nuclear weapons are “un-Islamic”. 

Mossad has been allegedly engaged in a covert sabotage campaign to derail both Iran’s uranium enrichment facilities, and the Vienna talks themselves – but so far to no avail. Instead the attacks such as at Natanz on April 11 appear to have only hardened the Islamic Republic’s resolve to strike an agreement with the Biden administration. 

Meanwhile the Israelis are lobbying hard for the Biden administration to halt the talks via meetings in Washington with Secretary of State Blinken. Mossad chief Yossi Cohen and Israel’s ambassador Gilad Erdan are currently arguing for a new stringent deal which would make Iranian pursuit of nukes an impossibility; however, Iran has long warned that any entirely “new deal” is a non-starter. But that’s precisely the point: Israeli wants to see no rapprochement between Washington and Tehran whatsoever.

Tyler Durden
Fri, 04/30/2021 – 13:35

via ZeroHedge News https://ift.tt/3u7JIrV Tyler Durden

Man Kicked Off Plane For Not Wearing Mask In Between Bites Of Food

Man Kicked Off Plane For Not Wearing Mask In Between Bites Of Food

Authored by Paul Joseph Watson via Summit News,

A man was kicked off a Southwest Airlines flight because he didn’t wear his mask in between eating bites of food, which according to the TSA is now a federal mandate.

Yes, really.

“I, Avi Mandel, just got kicked off a plane because I wasn’t wearing my mask in between bites while I was eating,” said Mandel in a video shot immediately after the incident, which occurred while the plane was waiting to take off from Thurgood Marshall Baltimore Washington International Airport.

“The way I was treated was absolutely absurd. It was crazy and it wasn’t fair,” Mandel subsequently told WJZ, explaining that he had opened a pack of Twizzlers but was then told to mask up by a flight attendant who immediately “ran away.”

A loudspeaker announcement was then made to all passengers telling them, “Everyone who’s eating has to wear masks in between bites.”

The plane then returned to the terminal and Mendel, who said he remained calm throughout the incident, was escorted off by security.

“That is so wrong. He did nothing wrong. Wow!” passenger Stephanie Misiaszek commented during Mandel’s removal.

The most stunning aspect of this story is not that flight attendants were pedantically enforcing a stupid rule made up on a whim, but that this ludicrous practice is now a federal mandate.

After Mandel emailed Southwest, he was told that it is now official TSA policy.

“According to the Transportation Security Administration, passengers may remove masks while eating, drinking or taking medications but must put them on between bites and sips — and cannot leave them off for “prolonged periods,” reports the New York Post.

“If I knew this rule ahead of time, I would have happily listened, but I had no clue,” said Mandel, who has vowed never to fly with Southwest again.

*  *  *

Brand new merch now available! Get it at https://www.pjwshop.com/

*  *  *

In the age of mass Silicon Valley censorship It is crucial that we stay in touch. I need you to sign up for my free newsletter here. Support my sponsor – Turbo Force – a supercharged boost of clean energy without the comedown. Also, I urgently need your financial support here.

Tyler Durden
Fri, 04/30/2021 – 13:15

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

George Mason University President Planning on Illegal Race Discrimination in Faculty Hiring

That’s the legal opinion from Hans Bader (Liberty Unyielding), which strikes me as basically sound.

The president of George Mason University wants to give minorities a big advantage in hiring until the faculty is as heavily minority as the school’s student body and the future, mostly non-white U.S. population. This is illegal, say lawyers and law professors….

Institutions can’t hire based on race to make their staff mirror society’s current racial composition, much less its future more heavily non-white racial composition. That would be “outright racial balancing, which is patently unconstitutional,” according to the Supreme Court….

Read Bader’s post for many more details.

from Latest – Reason.com https://ift.tt/3xEJvOK
via IFTTT

Palladium Tops Record $3,000 Amid EV-Demand Surge, Supply Chain Pressure

Palladium Tops Record $3,000 Amid EV-Demand Surge, Supply Chain Pressure

Palladium futures climbed Friday to over $3,000 an ounce for the first time as the market is worried about a shortage of the precious metal used mainly by automakers in exhaust systems and green technologies such as hydrogen power. 

Palladium briefly rose above $3,000 an ounce around 0445 ET. As of 0828 ET, palladium was up 1% at $2,981.

Prices have erupted since March 16, up more than 20% since Nornickel, a Russian nickel and palladium mining and smelting company, announced flooding at two of its mines. 

Since the COVID low in March 2020, palladium prices have jumped more than 100%.

“Many people thought palladium at $1,000 was a bubble. Wow was that wrong,” R. Michael Jones, chief executive officer at Platinum Group Metals Ltd. PLG, told MarketWatch. “As the world economy emerges from a COVID economic lockdown, personal transport will almost certainly be very popular.”

Given that, “palladium looks very good here in the short and medium-term,” Jones said.” Long term new applications for palladium and the other platinum group metals look interesting” in terms of the energy transition from hydrogen to batteries, he added.

UBS analyst Giovanni Staunovo told Reuters that palladium has been in a “structural deficit for ten years. We have seen above ground inventories falling to very low levels.” 

Lower inventories of the precious metal come as the global economy, supercharged by central banks and governments unleashing trillions of dollars into financial markets and real economies, has produced a demand surge from consumer and industrial goods.

Chris Blasi, president and chairman at Neptune Global, told MarketWatch that “increased automobile production directly drives increased demand for palladium, which is drawing on a strategic metal whose annual industrial demand has outstripped mine output for several years.”

Palladium is primarily used in catalytic converters in fossil fuel burning vehicles to help control emissions. Earlier this year, we noted catalytic converter thefts across the US skyrocketed as thieves take advantage of higher prices at scrap yards. 

Platinum is another precious metal used in catalytic converters that have seen prices soar to a six-year amid supply shortages

On a per announce basis, palladium is strongly outpacing gold in hopes that more stimulus will create a more robust industrial rebound. 

So the combination of an actual shortage of the precious metal, an artificially supercharged global economy, a green transition for hydrogen technologies, and, of course, momentum traders and anyone trying to make a quick buck has pushed Palladium prices to the moon. 

Tyler Durden
Fri, 04/30/2021 – 13:00

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

George Mason University President Planning on Illegal Race Discrimination in Faculty Hiring

That’s the legal opinion from Hans Bader (Liberty Unyielding), which strikes me as basically sound.

The president of George Mason University wants to give minorities a big advantage in hiring until the faculty is as heavily minority as the school’s student body and the future, mostly non-white U.S. population. This is illegal, say lawyers and law professors….

Institutions can’t hire based on race to make their staff mirror society’s current racial composition, much less its future more heavily non-white racial composition. That would be “outright racial balancing, which is patently unconstitutional,” according to the Supreme Court….

Read Bader’s post for many more details.

from Latest – Reason.com https://ift.tt/3xEJvOK
via IFTTT

N.Y. Police Officer Sues Protester Over Anti-Asian Insults, Alleged Spitting

The case is Cheung v. Harper, and the video of the interaction is apparently this:

The audio isn’t great, but it sounds like a lot of personal insults (“motherfucker,” “suck my dick,” etc.) coupled with allusions to Cheung’s being Asian (“soy sauce,” “fucking Asian marts last week, how they treat dogs there, motherfuckers,” “dog food eater,” “cat eater” [?]). As is common with many such taunts, they don’t make much sense on their own terms, but just seem like attempts to get Cheung mad.

The New York Times (Jonah E. Bromwich) has a long story on the case, which includes these items:

Mr. Harper said … the protest … was a weekly demonstration for transgender rights and “in solidarity with end Asian hate.” …

In interviews, [Terrell] Harper, 39, apologized for what he acknowledged were racist comments. He said the video had been taken out of context, and that he typically uses racist remarks as part of a broader explanatory monologue to demonstrate what racism looks and feels like.

“I’ve got to change my method, and I came out and apologized for that,” he said.

Obviously the lawsuit is primarily a political statement by the plaintiff; but of course that is not uncommon in similar lawsuits; so I thought I’d offer a bit of tentative legal analysis.

[1.] These sorts of personally targeted face-to-face insults generally fit within the “fighting words” exception to the First Amendment, whether they are bigoted or otherwise. New York courts do take the view that “[t]he ‘fighting words’ doctrine under the First Amendment is even more narrowly applied in cases involving police officers than in cases between ordinary citizens ‘because a properly trained officer may reasonably be expected to exercise a higher degree of restraint than the average citizen.'” But they don’t  seem to categorically preclude fighting words claims for face-to-face insults of police officers (or limit them to situations where the police officer responds by fighting). It may well be that a sustained rant such as this would qualify as fighting words even when said to an officer.

[2.] But the defendant is apparently not being prosecuted for this, and there’s no “fighting words” civil tort cause of action. Instead, the claim is that this constitutes “intentional infliction of emotional distress,” a notoriously vague (though generally narrow) cause of action:

Intentional infliction of emotional distress has the following elements: extreme and outrageous conduct; intent to cause, or disregard of a substantial probability of causing, severe emotional distress; a causal connection between the conduct and injury; and severe emotional distress. Liability for the tort is found only where the conduct has been so outrageous in character, and so extreme in degree, as to go beyond all possible bounds of decency, and to be regarded as atrocious, and utterly intolerable in a civilized community (see Howell v. New York Post Co., 81 N.Y.2d 115 [1993]). And, courts are reluctant to allow recovery under the banner of intentional infliction of emotional distress absent a deliberate, systematic and malicious campaign of harassment, intimidation, humiliation and abuse of plaintiff.

Some recent cases (such as the one I just quoted) do allow intentional-infliction-of-emotional-distress lawsuits over bigoted insults that would likely qualify as fighting words in criminal cases, at least when they are said by a business employee about a patron or by an employer about an employee. It’s not clear to me, though, whether the same would be as “so outrageous in character, and so extreme in degree, as to go beyond all possible bounds of decency, and to be regarded as atrocious, and utterly intolerable in a civilized community” outside this sort of business context.

[3.] If Cheung loses, on the grounds that this doesn’t fit within the emotional distress tort (or that it doesn’t qualify as fighting words, when said to a police officer), would he—or perhaps the police union, which appears to be backing this lawsuit—have to pay Harper’s legal fees? I’m glad you asked! The New York anti-SLAPP statute allows such recovery of fees by defendants for speech “in connection with an issue of public interest.” Query whether these sort of largely substance-free face-to-face personal insults, even if viewed as an expression of a political view (hostility to Asians) would be seen as sufficiently in connection with an issue of public interest; I doubt it, though the matter isn’t open and shut.

[4.] Cheung is also claiming that Terrell spit on him, “negligently, recklessly and carelessly, spit his saliva on the Plaintiff’s face and into the Plaintiff’s eyes”; I set that question (which I suspect is facially contested) aside in this post.

from Latest – Reason.com https://ift.tt/2R7KHtn
via IFTTT

N.Y. Police Officer Sues Protester Over Anti-Asian Insults, Alleged Spitting

The case is Cheung v. Harper, and the video of the interaction is apparently this:

The audio isn’t great, but it sounds like a lot of personal insults (“motherfucker,” “suck my dick,” etc.) coupled with allusions to Cheung’s being Asian (“soy sauce,” “fucking Asian marts last week, how they treat dogs there, motherfuckers,” “dog food eater,” “cat eater” [?]). As is common with many such taunts, they don’t make much sense on their own terms, but just seem like attempts to get Cheung mad.

The New York Times (Jonah E. Bromwich) has a long story on the case, which includes these items:

Mr. Harper said … the protest … was a weekly demonstration for transgender rights and “in solidarity with end Asian hate.” …

In interviews, [Terrell] Harper, 39, apologized for what he acknowledged were racist comments. He said the video had been taken out of context, and that he typically uses racist remarks as part of a broader explanatory monologue to demonstrate what racism looks and feels like.

“I’ve got to change my method, and I came out and apologized for that,” he said.

Obviously the lawsuit is primarily a political statement by the plaintiff; but of course that is not uncommon in similar lawsuits; so I thought I’d offer a bit of tentative legal analysis.

[1.] These sorts of personally targeted face-to-face insults generally fit within the “fighting words” exception to the First Amendment, whether they are bigoted or otherwise. New York courts do take the view that “[t]he ‘fighting words’ doctrine under the First Amendment is even more narrowly applied in cases involving police officers than in cases between ordinary citizens ‘because a properly trained officer may reasonably be expected to exercise a higher degree of restraint than the average citizen.'” But they don’t  seem to categorically preclude fighting words claims for face-to-face insults of police officers (or limit them to situations where the police officer responds by fighting). It may well be that a sustained rant such as this would qualify as fighting words even when said to an officer.

[2.] But the defendant is apparently not being prosecuted for this, and there’s no “fighting words” civil tort cause of action. Instead, the claim is that this constitutes “intentional infliction of emotional distress,” a notoriously vague (though generally narrow) cause of action:

Intentional infliction of emotional distress has the following elements: extreme and outrageous conduct; intent to cause, or disregard of a substantial probability of causing, severe emotional distress; a causal connection between the conduct and injury; and severe emotional distress. Liability for the tort is found only where the conduct has been so outrageous in character, and so extreme in degree, as to go beyond all possible bounds of decency, and to be regarded as atrocious, and utterly intolerable in a civilized community (see Howell v. New York Post Co., 81 N.Y.2d 115 [1993]). And, courts are reluctant to allow recovery under the banner of intentional infliction of emotional distress absent a deliberate, systematic and malicious campaign of harassment, intimidation, humiliation and abuse of plaintiff.

Some recent cases (such as the one I just quoted) do allow intentional-infliction-of-emotional-distress lawsuits over bigoted insults that would likely qualify as fighting words in criminal cases, at least when they are said by a business employee about a patron or by an employer about an employee. It’s not clear to me, though, whether the same would be as “so outrageous in character, and so extreme in degree, as to go beyond all possible bounds of decency, and to be regarded as atrocious, and utterly intolerable in a civilized community” outside this sort of business context.

[3.] If Cheung loses, on the grounds that this doesn’t fit within the emotional distress tort (or that it doesn’t qualify as fighting words, when said to a police officer), would he—or perhaps the police union, which appears to be backing this lawsuit—have to pay Harper’s legal fees? I’m glad you asked! The New York anti-SLAPP statute allows such recovery of fees by defendants for speech “in connection with an issue of public interest.” Query whether these sort of largely substance-free face-to-face personal insults, even if viewed as an expression of a political view (hostility to Asians) would be seen as sufficiently in connection with an issue of public interest; I doubt it, though the matter isn’t open and shut.

[4.] Cheung is also claiming that Terrell spit on him, “negligently, recklessly and carelessly, spit his saliva on the Plaintiff’s face and into the Plaintiff’s eyes”; I set that question (which I suspect is facially contested) aside in this post.

from Latest – Reason.com https://ift.tt/2R7KHtn
via IFTTT

Just In Case You Think The Fed Has A Clue

Just In Case You Think The Fed Has A Clue

Via Global Macro Monitor,

This should dispel the notion…

Can’t wait to hear the Chairman justify zero rate policy and deficit monetization with inflation roaring at > 5 percent. It would be entertaining, if it weren’t so damaging.

Where To Inflation?

Here’s a pretty good theoretical model (follow the entire thread) estimating that U.S. inflation may reach double digits by Q1 2022. One of the premises is that monetary authorities have no way out of this rabbit hole and are constrained by the risk of severely disrupting financial markets in an asset dependent economy.

Recall our view that deflation/inflation is a corner solution and Wall Street’s “Goldilocks” scenario is still just a marketing gimmick. Deflation as markets try to move back to mean valuations – a lot lower – or inflation, and lots of it.

h/t CG

Anyone with a better model, lay it on the table. Stop with the “fake news” or “don’t worry” nonsense. CPI prints > 4 percent in May and you heard it here first.

Tyler Durden
Fri, 04/30/2021 – 12:40

via ZeroHedge News https://ift.tt/3t7cgQS Tyler Durden

UK Study Finds Pfizer Vaccine Doesn’t Offer “Full Protection” From Mutant COVID Strains

UK Study Finds Pfizer Vaccine Doesn’t Offer “Full Protection” From Mutant COVID Strains

As shortages of COVID-19 vaccine supplies force more countries stretch the time between the first and second vaccine doses to try and vaccinate more people, the latest data out of a UK study of vaccination rates has stumbled on a disturbing finding: the study found that people who have had one dose are still at risk from mutated strains of the virus.

The study, published Friday afternoon in London by Imperial College London and published in the journal Science, examined the immune responses of health-care workers following their first dose of the Pfizer jab.

It found that people who had previously been infected saw significantly enhanced protection against mutant strains of the virus typically referred to as “variants”. Those who only received the jab, but weren’t previously infected, showed an immune response that was “less strong after a first dose, potentially leaving them at risk from variants.” The findings show that those who have received the Pfizer jab aren’t “fully protected” from COVID-19 variants.

Professor Rosemary Boyton, Professor of Immunology and Respiratory Medicine at Imperial College London, who led the research, said: “Our findings show that people who have had their first dose of vaccine, and who have not previously been infected with SARS-CoV-2, are not fully protected against the circulating variants of concern. This study highlights the importance of getting second doses of the vaccine rolled out to protect the population.”

Imperial College published the results in full on its website.

Meanwhile, another study released Friday came to a similar conclusion, showing that some patients who have received their first dose still wind up in the hospital with COVID symptoms.

The news appeared to weigh on US stocks, which tumbled to their lows of the session shortly after the news broke. Analysts claimed the study is a problem for the global growth outlook – which has already taken a hit thanks to to the latest data out of China – as countries like Canada aim to stagger doses by months to try and make the most out of limited supplies.

According to the latest data released on Friday, 65% of British adults have already received at least one dose, while 3,736,654 people were vaccinated in the past 7 days. More than 25% of adults in the country, meanwhile, have received both doses. 48,748,962 doses of COVID-19 vaccine have now been administered in the UK, while the US just announced that 100M Americans have now been fully vaccinated.

But the latest study data available suggests that patients who have received only one shot are still vulnerable. Researchers say the findings are reassuring because vaccines are never 100% perfect and failures are expected. But others have said that the most vulnerable patients may be letting their guard down too soon after one vaccine.

The study analyzed a quarter of all hospital patients in England, Scotland and Wales between early December and early April, and is one of the first to look at the impact of vaccinations on the numbers of people subsequently admitted to hospital.

Prof Calum Semple, study leader from the University of Liverpool, told the BBC that this data represented strong real-world evidence of few vaccine failures.

“It’s reassuring that the numbers admitted are very, very small – and mostly in those at risk of severe disease,” he said.

Meanwhile, Dr. Annemarie Docherty, a study co-author and honorary consultant in critical care, warned that this is just the latest sign that patients are assuming they’re “safe” immediately after being vaccinated, rather than weeks later.

“It’s entirely possible that elderly people will catch coronavirus again and may die,” she said.

In the study, 526 people who tested positive for coronavirus were admitted to hospital from 21 days after one vaccine dose, and 113 died – out of more than 3,500 hospitalised patients in the study. The data comes from the ISARIC/CO-CIN study, which has been presented to the government’s scientific advisers, Sage, but not yet reviewed by other experts. More complete NHS hospital data is set to be released in due course.

Tyler Durden
Fri, 04/30/2021 – 12:25

via ZeroHedge News https://ift.tt/3eC7w0c Tyler Durden