COVID “Likely Arose” From Lab Leak, US Energy Department Admits In Classified Report

COVID “Likely Arose” From Lab Leak, US Energy Department Admits In Classified Report

The argument that Covid-19 leaked from the virology lab in Wuhan, China (the only Level 4 lab in Asia) is growing louder after years of Big Tech and governments censoring the Covid debate.

Last summer, the WHO, an avid protector of the Chinese government, made a sharp change in attitude by admitting the possibility of a lab leak. A Senate Committee on Health Education, Labor, and Pensions noted last fall, “substantial evidence suggests that the COVID-19 pandemic was the result of a research-related incident associated with a laboratory in Wuhan.” The FBI and other intelligence agencies have also investigated the Wuhan Lab.

The latest US agency to embrace the lab leak idea is the Energy Department, the Wall Street Journal reported Sunday, citing a classified intelligence report provided to the White House and top members of Congress. 

Sources told WSJ, “the Energy Department has concluded that the Covid pandemic most likely arose from a laboratory leak.” 

The Energy Department had an undecided stance on the virus’ origins. The conclusion is due to new intelligence, but the department hedged itself by indicating “low confidence” in its latest opinion, according to people who have read the classified report. 

The agency joins the FBI in expressing the opinion the virus’ origins are due to a Chinese lab leak. WSJ noted four other agencies and a national intelligence panel still believe the virus was likely the result of natural transmission, and two are undecided. 

The Energy Department’s report is important because the agency supervises the US national laboratories, some of which are Level 4 labs. 

US officials wouldn’t shed more color on why the Energy Department changed its views on the origins of Covid. They said the agency and FBI have come to the same conclusions for different reasons. 

After the pandemic struck, the mainstream media and Big Tech social media platforms labeled anyone as a “conspiracy theorist” for even mentioning the lab leak origin. 

Recall Zero Hedge was banned from Twitter in February 2020 after we “published an article linking a Chinese scientist to the outbreak of the fast-spreading coronavirus.”

It was later revealed that left-wing faux-news site BuzzFeed had complained to Twitter about Zero Hedge supposedly releasing “the personal information of a scientist from Wuhan,” but all we had done was print information that was publicly available and ask questions about whether a lab leak may have been plausible than the seafood market. Three years later, our questioning appears to have been correct so far. 

A recent Twitter Files drop has shown the incestuous relationship between Big Tech and the government rigging the debate around Covid origins. 

… and even reporters have asked Anthony Fauci questions about the origins. 

The complex narrative that governments, non-governmental organizations, Big Tech, and mainstream media built around Covid with shaky assumptions and misdirections is falling apart — hence the latest pivot by the Energy Department. 

Tyler Durden
Sun, 02/26/2023 – 13:30

via ZeroHedge News https://ift.tt/fjB0IuA Tyler Durden

Governments Cannot Blame Inflation On Energy Anymore

Governments Cannot Blame Inflation On Energy Anymore

Authored by Daniel Lacalle,

At the end of February 2023, the price of oil (WTI and Brent), Henry Hub and ICE natural gas, aluminum, copper, steel, corn, wheat, and the Baltic Dry Index are below the February 2022 levels.

The Supply Chain Index and the global supply-demand balance, published by Morgan Stanley, have declined to September 2022 levels. However, the latest inflation readings are hugely concerning.

Considering the previously mentioned prices of commodities and freight, if inflation were a “cost-push” phenomenon, it would have collapsed to 2% levels already. However, both headline and core inflation measures, from the Consumer Price Index (CPI) to Personal Consumer Expenditure Prices (PCE) show extremely elevated levels and rising core inflationary pressures.

We have mentioned numerous times that there is no such thing as “cost-push” inflation. It is only more units of currency going toward relatively scarce goods and services.

The monetary aspect of inflation has been proven on the way up and in the commodity correction. The Federal Reserve’s rate hikes have deflated the price of commodities despite rising geopolitical tensions, supply challenges, and robust demand growth. Rate hikes make it more expensive to store, take long positions, and finance margin calls. Powell offset the entire supply-demand tightness impact on prices.

Governments cannot blame inflation on Putin’s war or the so-called “supply chain disruptions” anymore. Printing money above demand is the only thing that makes prices rise in unison. If a price rises due to an exogenous reason but the quantity of currency remains equal, all other prices do not rise. A PCE index of 4.5% in January 2023 with all the main commodities below the January 2022 level shows how high inflationary pressures are.

Inflation is accumulated, and the narrative is trying to convince us that bringing down inflation from 8% to 5% in 2024 will be a success. No. It will be a massive destruction of more than 20% of purchasing power of citizens from inflation in the period.

However, rate hikes are not enough. Broad-based money growth needs to come down rapidly. So far, in the United States, broad money growth is flat and has declined to more reasonable levels in December 2022. However, the latest ECB reading of broad money growth in the euro area points to a 4.1% increase, which is very high compared to modest gross domestic product (GDP) growth and certainly very high compared with the estimates for 2023.

Broad money growth was too aggressive in 2022 and it may take some time to ease the inflationary pressures to a level that does not make citizens even poorer.   

Two recent papers published by the Bank of International Settlements remind us that money growth was the main culprit for the inflation surge. Borio, Hoffmann and Zakrajzek conclude that “a link can also be seen in the recent possible transition from a low- to a high-inflation regime. An upsurge in money growth preceded the inflation flare-up, and countries with stronger money growth saw markedly higher inflation. Looking at money growth would have helped to improve post-pandemic inflation forecasts, suggesting that its information value may have been neglected” (Does money growth help explain the recent inflation surge?). Reis explains that “Inflation rose because central banks allowed it to rise. Rather than highlighting isolated mistakes in judgment, this paper points instead to underlying forces that created a tolerance for inflation that persisted even after the deviation from target became large” (The burst of high inflation in 2021–22: how and why did we get here?)

The supply chain and Ukraine war excuse has vanished, but inflation remains too high. Many market participants want rate cuts and money supply growth to see higher markets, with multiple and valuation expansion. However, rate cuts are very unlikely in this scenario and central banks know they have caused a problem that will take more time than expected to correct.

Governments cannot expect inflation to correct when public spending is rising, which means higher consumption of new monetary units via deficit and debt.

Citizens are suffering these inflationary pressures via weakening real wage growth added to much higher cost of living as the prices of non-replaceable goods and services—education, healthcare, rents, and essential purchases—are rising much faster than the headline CPI suggests.

We are all poorer, and the headline is slightly lower. CPI does not mean lower prices, just a slower pace of destruction of the purchasing power of currencies.

Someone will invent another excuse to blame inflation on anything except the only thing that causes prices to rise at the same time: printing currency well above demand.

Tyler Durden
Sun, 02/26/2023 – 13:00

via ZeroHedge News https://ift.tt/lKtUi9b Tyler Durden

Zelensky Berates, Threatens Unsupportive Americans

Zelensky Berates, Threatens Unsupportive Americans

This is an example of how not to win over the American people: shame and berate them while claiming Washington’s ‘global leadership’ is in peril.

If they do not change their opinionthey will lose NATO, they will lose the clout of the United States, they will lose the leadership position they are enjoying in the world,” Zelensky said at a press conference late last week, in reference to the US public… As if the average American struggling to get by amid soaring food and cost-of-living prices stays awake at night worrying about US global “clout”:

A reporter had asked what Zelensky would tell the “growing number of Americans” who are increasingly critical of the billions in taxpayer money being shoveled into Kiev’s coffers. Officials have lately voiced concern over “Ukraine fatigue” and waning support from the public for the Biden administration’s Ukraine policies, also amid growing GOP resistance

“The US is never going to give up on a NATO member state,” Zelensky continued as part of the response. He then claimed Russia would “enter the Baltic states, NATO member states, and then the US will have to send their sons and daughters exactly the way as we are sending their [sic] sons and daughters to war.”

“They will be dying,” he then declared dramatically, before going on to claim that interrupting the flow of aid would cause Washington to “lose the support of a country with 40 million population, with millions of children.”

Zelensky then posed: “Are American children any different from ours?” 

Republican representative from Arizona Andy Biggs was one among those who quickly rebutted the Ukrainian leader’s comments, pointing out the ridiculousness of the unusually confrontational rhetoric directed at the Western public generally…

“We don’t need Zelensky lecturing Americans on what to think and do,” Rep. Biggs said on Twitter. “We have absolutely every right to question and end all aid to Ukraine.”

Tyler Durden
Sun, 02/26/2023 – 12:30

via ZeroHedge News https://ift.tt/dcjy3AL Tyler Durden

Power-Grid Attacks Up 71% And Biden Acolytes Tell Us It’s All Those White Supremacists

Power-Grid Attacks Up 71% And Biden Acolytes Tell Us It’s All Those White Supremacists

Authored by Monica Showalter via AmericanThinker.com,

Is there anything the Biden administration can’t inject its wokester politics into?

The latest news is a disturbing report from an industry-watcher using federal data, pointing out that attacks on America’s power grid are up 71%.

According to the Wall Street Journal, which got a leaked copy of the report:

Physical attacks on the U.S. power grid rose 71% last year compared with 2021 and will likely increase this year, according to a confidential industry analysis viewed by The Wall Street Journal.

A division of the grid oversight body known as the North American Electric Reliability Corporation found that ballistic damage, intrusion and vandalism largely drove the increase. The analysis also determined that physical security incidents involving power outages have increased 20% since 2020, attributed to people frustrated by the onset of the pandemic, social tensions and economic challenges.

The NERC division, known as the Electricity Information Sharing and Analysis Center, or E-ISAC, recorded the sharp increase in incidents in 2022, driven in part by a series of clustered attacks on infrastructure in the Southeast, Midwest and Pacific Northwest. One of the most significant incidents occurred in early December when attackers targeted several substations in North Carolina with gunfire, leaving roughly 45,000 people in the dark.

CBS, which also got a copy of the leaked report, added this:

The analysis by E-ISAC is the most comprehensive and includes mandatory reporting of incidents to federal agencies or NERC, as well as voluntary disclosures made in confidence. 

And while E-ISAC has determined that “overall physical security incident sharing” has increased by 11% since 2021 and 25% since 2020, analysts assess that the spike in grid-impacting incidents “is due to an actual increase in the electric industry’s risk environment and is not just the result of fluctuations in information-sharing patterns by utilities.” 

Between 2020 and 2022, E-ISAC tracked 4,493 incidents: 502 received through mandatory reporting and 3,991 through voluntary means.

The vast majority — 97% — of the incidents “resulted in no disruption of service.” But the remaining 3% of incidents resulted in “varying levels of grid impacts.” Toplines of this study were first reported by the Wall Street Journal. 

That’s disturbing stuff, signaling that our power grid is a sitting duck for predators, and with Joe Biden in charge, we can expect a response comparable to the one that he’s demonstrated in East Palestine, Ohio.  A blown out power grid could put us into the Stone Age in a matter of seconds.

Anybody doing something about this?  There wasn’t much said about it in the reports.

There was also, where it could be found, an odd focus on “white supremacists” conducting the attacks, and yes, there have apparently been a couple, as if the Russians or Chinese or other malevolent actors, such as Mexico’s cartels, wouldn’t dream of disrupting U.S. power grids for their own purposes.  The reports seen, which were oddly coordinated, all quoted experts who cited white supremacists in one form or another as being at the root of the problem.

There also was no clear explanation as to why it’s happening from either news story, it’s just that attacks are up, and they are expected to get worse.

“It’s important to note that new fencing, cameras, or better lighting isn’t going to prevent attacks. They will continue to happen,” said Brian Harrell, former assistant secretary for infrastructure protection at the Department of Homeland Security (DHS).

“This is why we must invest in resilience, adding redundancy, and removing single points of failure. Certain attacks on critical infrastructure should be legally treated as domestic terrorism.”

Really, Brian?  Who is this guy?  According to a Google search, Harrell was appointed by President Trump to a couple of jobs within Homeland Security, which is a department famous for its NeverTrumps, and who also served as NERC director for critical infrastructure and then electricity for five years before that, according to his LinkedIn page.  Might he be part of the Washington swamp?

To the Wall Street Journal, whom Harrell also talked to, he brought up the old “chatter” argument:

Brian Harrell, former assistant secretary for infrastructure protection at the Department of Homeland Security, said there has lately been a notable increase in conversations among extremists about targeting critical infrastructure.

These groups are talking to each other, and they’re learning from each other,” he said. “It gets a lot of people’s attention when you start turning off the lights, and I think that’s what they’re craving.”

OK, fine.  But it sure as heck wasn’t specific or complete as an answer.

Other characters quoted by CBS were even more focused on white supremacists and neo-Nazis as being at the root of the attacks:

But while regulators have worried about targeting of substations for years, there is mounting concern among industry analysts that racially motivated violent extremists, lone wolves and radical environmentalists present an elevated threat, perhaps linked to more readily available information online about specific tactics, techniques and procedures. 

In January, two people were charged in connection with Christmas-Day attacks on substations in Pierce County, Washington state, impacting thousands of customers.

“We’ve seen attacks against the power grid for a number of years, and some of those attacks are simply people shooting into substations around the country for purely criminal reasons,” Kenneth Wainstein, undersecretary of the Office of Intelligence and Analysis at the Department of Homeland Security, told CBS News last week in an exclusive interview. “But some of these shootings are also being done by domestic violent extremists” who are trying to engineer a societal collapse.

This month, two people — including a known neo-Nazi — were indicted by a federal grand jury after allegedly plotting to attack five power substations in Maryland and Pennsylvania to “lay waste” to the city of Baltimore.

In the final part of the CBS report, they got to the money quote:

“The vision, in short, is that they want to take down the energy grid because if they take down the energy grid, they believe that society will then collapse,” Wainstein said.

“And out of the collapse, [they believe], will arise a white nationalist government to replace the current government. And we’ve seen this narrative online among these white nationalist groups.”

White supremacist plots targeting the grid have “dramatically increased in frequency,” according to a study released in September by The Program on Extremism at George Washington University. From 2016 to 2022, thirteen people linked to white supremacist movements have been charged in federal courts with plotting attacks on electrical infrastructure, including 11 defendants indicted after 2020.

Ah.  The old white supremacists, same as the Biden administration argues, elevating these marginal losers and lowlifes to the highest threat in the land.  Most of these dirtbags they catch are Trump-haters, but the strategy is all about Getting Trump, whom they view as the grand-daddy of white supremacism.

After all, the Bidenites have been obsessed with white supremacists, most recently targeting Catholic Latin Mass–lovers as “white supremacists” premised on Biden’s executive order to hunt them down wherever they may be as the nation’s biggest threat.  Now their allies are saying the attacks on the power grid are the work of white supremacists.  No doubt they will go hunting for them in those parts, and yes, they have turned up a few such losers.

But what’s missing here is that America has enemies.  And some of the most terrifyingly effective power grid attacks, such as the one that hit the Metcalf Station, near San Jose, in 2013, bore all the earmarks of an actual foreign enemy attack.  Mark Wauck has noted that Russia and other U.S. adversaries have plenty of motivation for retaliatory attacks against the U.S., given that many Russian infrastructure installations have gone up in flames in what one apparently credible source claims is the work of the CIA striking deep into Russian territory as part of the U.S. war effort to defend Ukraine.

So now we see an upsurge in attacks on the grid, and it’s weird stuff that only white supremacists are the focus, given the age we are in now.  We know that CBS last year brought up the possibility of Russian attacks on the grid in its February 2022 report.  This year (weird how these grid threat reports seem to happen on an annual basis each February), the possibility of Russians stepping up the attacks is absent from every news report I looked at.

The Russians couldn’t be behind any of this activity?  That would be the same Russians who launched successful grid attacks on Ukraine and Estonia in the run-up to the invasion of Ukraine?  The same Russians who have engaged in hundreds of electrical grid attacks in Ukraine since the war started?  They’d never think to take that show on the road?

The Chinese, who collect amazing amounts of data from America’s land mass, including its power stations on the grid, and from America’s individual citizens, and who have been accused of manipulating the grid already, would never dream of taking out an American power grid now?  The same China that threatened to take out India’s power grid?

No, it’s just ragtag white supremacists we need to be on the lookout for to protect the grid, based on the reports out now. 

We all know that the FBI seems to be obsessed with white supremacists — at school board meetings, in the military ranks, and at Latin Masses — while catching remarkably few actual Russian and Chinese spies and saboteurs.  The last one they caught who made headlines, Charles McGonigal, was one of their own.  Might there be just a little slacking off on the core mission as money floods into the ever-expanding agency from Biden?

It’s just strange stuff that the possibility of retaliatory sabotage from nations Biden has effectively declared war on are not named as suspects for the huge upsurge in power grid attacks because those white supremacists are just too powerful.  It sounds like a spin operation, one that might be covering up something pretty serious.

Tyler Durden
Sun, 02/26/2023 – 12:00

via ZeroHedge News https://ift.tt/C0vMtAn Tyler Durden

Leftists Furious As Woody Harrelson Sneaks Covid Vaccine Mandate Joke Onto SNL

Leftists Furious As Woody Harrelson Sneaks Covid Vaccine Mandate Joke Onto SNL

On his fifth time as guest host on the now far-leftist Saturday Night Live, Harrelson entered into a monologue which seemed to catch the New York audience off guard as the joke ended with a scathing indirect indictment of Big Pharma, lockdowns and vaccine mandates.

The progressive media is, not surprisingly, furious, accusing Harrelson of “conspiracy theory.”

The trend of celebrities and mainstream figures coming out in opposition to the draconian covid restrictions is growing along with skepticism about the vaccines, though, SNL is probably the last place we would expect to see such voices given a “platform.”

And while the old media – funded by ads from companies such as, oh, Pfizer – is losing it mind, Twitter owner Elon Musk had a quick and clear reaction to the monologue.

Tyler Durden
Sun, 02/26/2023 – 11:30

via ZeroHedge News https://ift.tt/my1dIZu Tyler Durden

They Do Not Want Peace, And So You Need To Prepare For A Horrific Global War

They Do Not Want Peace, And So You Need To Prepare For A Horrific Global War

Authored by Michael Snyder via TheMostImportantNews.com,

I knew exactly what would happen when China unveiled their peace plan for the conflict in Ukraine.  The night before, I told my wife that western leaders would immediately dismiss it.  Sadly, that is precisely what happened.  Of course any peace plan proposed by China was not going to be perfect.  But for the good of humanity our leaders should be willing to at least sit down and talk with the Russians.  Because if we stay on the path that we are currently on, eventually somebody will use nuclear weapons.  And once things go nuclear, we could be facing a nightmare scenario in which hundreds of millions of people die.

This is not a game.

At some point, peace talks may become impossible.  So if we have an opportunity to talk now, we should grab it.

But instead, our leaders made it abundantly clear that they aren’t even interested in considering China’s peace plan…

US National Security Advisor Jake Sullivan, speaking on CNN, brushed off the Chinese proposal, saying it should have ended after the first bullet point, which calls for “respecting the sovereignty of all countries.”

“This war could end tomorrow, if Russia stopped attacking Ukraine and withdrew its forces,” he said.

Asked about the proposal, NATO Secretary General Jens Stoltenberg said, “China doesn’t have much credibility” in light of its failure to condemn Putin’s war.

And Volodymyr Zelensky is completely rejecting the idea of ever negotiating with Vladimir Putin

The Ukrainian president has repeatedly rejected the idea of negotiating a peace deal that would see Ukraine lose any of its territory. Speaking on Friday, he said he would not negotiate with Putin – even though he was prepared to speak to him before the war started.

“It is not the same man. There is nobody to talk to there,” he said.

I think that Zelensky would see things quite differently if he was one of the men that was being forced into the meat grinder in eastern Ukraine.

According to a former U.S. Marine that is fighting there, the “average life expectancy of a front-line soldier in eastern Ukraine is just four hours”…

The average life expectancy of a front-line soldier in eastern Ukraine is just four hours, a former US Marine fighting alongside Ukrainian forces in the Donbas told ABC News.

“It’s been pretty bad on the ground. A lot of casualties. The life expectancy is around four hours on the front line,” American Troy Offenbecker said.

It is a really, really horrible war.

But those that are far from the front lines can afford to talk about how glorious the war is

Just one day before the one-year anniversary of the Russian invasion, the official Twitter account for the NATO military alliance has come under criticism for a post that said Ukraine is “hosting one of the great epics of this century” and compared the war to Hollywood movies.

The post, which quoted a Ukrainian soldier named Pavlo, said: “We are Harry Potter and William Wallace, the Na’vi and Han Solo. We’re escaping from Shawshank and blowing up the Death Star. We are fighting with the Harkonnens and challenging Thanos.”

The idea of comparing the war, which has claimed thousands of lives, seen widespread destruction, and destabalised the world’s food and energy supplies, to fictional characters was quickly deried by many on the social media platform.

I would like to see leaders from both sides be forced to serve on the front lines.

If that ever happened, this war would end really quick.

Sadly, a conflict with Russia is apparently not enough, and so the Biden administration is now relentlessly provoking the Chinese.

This week, a new round of sanctions that were announced by the Biden administration actually included entities located inside China

The White House has announced yet another package of sweeping sanctions targeting Russia on the one-year anniversary of its brutal invasion of Ukraine – with new efforts to target third countries including China for sanctions evasion.

And it is being reported that the U.S. will soon “quadruple” that number of U.S. troops in Taiwan…

The US is expected to quadruple the number of forces deployed to Taiwan in the coming months as tensions with Beijing continue to simmer.

The Wall Street Journal reported on Thursday that the Pentagon plans to deploy between 100 and 200 troops to the self-ruled island, up from around 30 a year ago.

Service members from the Marines and the special forces have been sent to Taiwan in the past and the number has fluctuated over the years.

The Chinese consider Taiwan to be their sovereign territory.

This is something that they believe with a passion.

And so the fact that the Biden administration will be sending more U.S. troops to the island has really pissed them off

A commentator for the Global Times, a media project of the Chinese Communist Party, issued a threat to the United States on Thursday night, intimating that China would not hesitate to engage U.S. forces stationed in Taiwan if the Chinese launched an invasion of the island nation.

Hu Xijin, formerly the editor-in-chief of the Global Times, reacted to a Wall Street Journal report about U.S. troops traveling to Taiwan by calling it “illegal” and suggesting that the Chinese would treat them as enemy combatants.

“It’s illegal for these US soldiers to go to Taiwan and Chinese mainland won’t take any responsibility for their safety,” tweeted Hu. “If we take military action when necessary, they’ll be wiped out together with the resisting Taiwan troops. They can also be eliminated first as the invading army.”

But most Americans don’t understand any of this.

Most Americans have absolutely no idea that we are literally on the verge of a war with China.

Unfortunately, such a conflict is getting a little bit closer with each passing day.  In fact, we just witnessed a very alarming incident over the South China Sea

A voice, saying it’s coming from a People’s Liberation Army (PLA) airport, crackles over the radio of the US Navy P-8 Poseidon as a CNN crew, given rare access aboard the US flight, listens in.

“American aircraft. Chinese airspace is 12 nautical miles. Not approaching any more or you bear all responsibility,” it says.

For some reason, the U.S. Navy aircraft was carrying a CNN crew, and the Chinese fighter jet got so close to them that they “could make out the red star on the tail fins and the missiles it was armed with”

In a few minutes, a Chinese fighter jet armed with air-to-air missiles intercepts the US plane, nestling in just 500 feet off its port side.

The Chinese fighter jet was so close, the CNN crew could see the pilots turning their heads to look at them – and could make out the red star on the tail fins and the missiles it was armed with.

Why does the Biden administration see the need to endlessly provoke China at a moment like this?

It is madness.

We could easily find ourselves involved in conflicts with both Russia and China at the same time, and I have been precisely warning of such a scenario for a very long time.

Unfortunately, we have a hothead in the White House that is in an advanced stage of mental decline.

And he is surrounded by irrational warmongers such as Jake Sullivan, Antony Blinken and Victoria Nuland.

They do not want peace.

So global war is coming, and I would strongly encourage you to get prepared for such an outcome.

*  *  *

It is finally here! Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.

Tyler Durden
Sun, 02/26/2023 – 11:00

via ZeroHedge News https://ift.tt/2jlVvX8 Tyler Durden

Papers Cancel ‘Dilbert’ After Adams Tells Whites To ‘Stay Away’ From Blacks

Papers Cancel ‘Dilbert’ After Adams Tells Whites To ‘Stay Away’ From Blacks

Hundreds of newspapers will no longer carry the long-running “Dilbert” office cartoon after creator Scott Adams said white people should “stay the fuck away” from blacks, a demographic he called a “hate group.”  

Those remarks in a recent episode of his “Real Coffee with Scott Adams” podcast came after he shared the unsettling results of a Rasmussen poll. When asked if they agree with the statement “It’s ok to be white,” 26% of blacks disagreed and 21% weren’t sure. 

In addition to the USA Today Network — which includes the Arizona Republic, St. Augustine Record, Courier-Journal (KY), Austin American-Statesman and hundreds more — the Washington Post, Los Angeles TimesSan Antonio Express-News, Philadelphia Inquirer, Chicago Tribune and Cleveland Plain Dealer were among other individual papers racing to drop Adams like a hot potato

“By Monday, I should be mostly canceled,” said Adams on his YouTube channel. “So most of my income will be gone by next week. My reputation for the rest of my life is destroyed. You can’t come back from this.”

Adams put forward a seemingly paradoxical attempt to clarify his intended message, saying:

  • “Everyone should be treated as an individual”    and
  • “You should also avoid any group that doesn’t respect you, even if there are people within the group who are fine” 

As they dropped Dilbert, newspapers issued statements condemning Adams. John Hiner, VP of content for Michigan’s MLive Media, said the group has “zero tolerance for racism. And we certainly will not spend our money supporting purveyors of it.” 

As is typically the case with cancellations, Hiner chose not to provide details of Adams’ remarks, and also told readers not to research them and make their own judgments: “I will not characterize Adams’ racist views or even provide a link to the video….My advice: Save yourself the poison.” 

ZeroHedge is more respectful of its readership, so here are some key excerpts of the segment that triggered a cancellation wave that’s sure to grow exponentially larger in the coming hours and days: 

“Add ’em together: That is 47% of black respondents who were not willing to say it’s ok to be white

As you know, I’ve been identifying as black for a while — years now — ’cause I like to be on the winning team and I like to help. I always thought, well if you help the black community, that’s sort of the biggest lever. You know, you can find the biggest benefit…So I thought, well, that’s the hardest thing and the biggest benefit, so I’d like to focus a lot of my life resources in helping black Americans — so much so that I started identifying as black to just be to be on the team I was helping.

But it turns out that nearly half of that team doesn’t think I’m ok to be white…I have to say, this is the first political poll that’s ever changed my activities…As of today, I’m going to re-identify as white, because I don’t want to be a member of a hate group. I’ve accidentally joined a hate group. If nearly half of all blacks are not ok with white people — according to this poll, not according to me — that’s a hate group…and I don’t want to have anything to do with it. 

And I would say, based on the current way things are going, the best advice I would give to white people is to get the hell away from black people. Just get the fuck away. Wherever you have to go, just get away.

There’s no fixing this...I think it makes no sense whatsoever as a white citizen of America to try to help black citizens anymore…I’m gonna back off from being helpful to black America, because it doesn’t seem like it pays off. I’ve been doing it all my life, and the only outcome is I get called a racist…It makes no sense to help black Americans if you’re white. It’s over. Don’t even think it’s worth trying. Totally not trying.

We should be friendly. Like, I’m not saying start a war or do anything bad…I’m just saying get away.”  

Surprisingly, as we write this, the video version (and his channel) are still accessible on YouTube: 

Tyler Durden
Sun, 02/26/2023 – 10:30

via ZeroHedge News https://ift.tt/kDWYnFg Tyler Durden

The Capex Supercycle

The Capex Supercycle

By Variant Perception Research

An old asset base + large infrastructure spending gap + negative real financing costs (financial repression) = an incoming capex supercycle. This is the final part of our 3-part series based on the insights from our “Age of Scarcity” thematic report sent to VP clients in November 2022. See here for Part 1 and Part 2.

The US’s fixed asset base is extremely old. The last time it was this old was just after WWII, which preceded a huge capex reconstruction boom. The American Society of Civil Engineers has graded the US infrastructure as C-. The Global Infrastructure Hub estimates that the infrastructure spending gap is now at 800bn USD per year (right-hand chart). The surge in net-zero commitments will also necessitate plenty of investment and capex.

Is it finally “infrastructure week”? Minsky called it “managerial welfare-state capitalism”: big government + big business + big labor. Financial repression is usually needed to keep debt servicing costs low. There are lots of successful examples:

  • France’s Les Trente Glorieuses:  1945-75. Ministry of Finance promoted growth by steering domestic savings towards investment in PPE.  Charles de Gaulle launched a second phase of industrial policy from mid-1960, rapid modernization in high tech sectors like electronics and telecoms.
  • East Asian Model: inspired by Japan, east Asian economies saw rapid development after WWII. Government intervention was critical: targeted and subsidized credit to selected industries, low deposit rates and ceilings on borrowing rates, subsidies to declining industries, the establishment and financial support of government banks.
  • US New Deal era: FDR entered office with enormous political capital. Creation of a middle class as well as the baby boom kept consumer demand high and fueled rapid spending on infrastructure.

During the New Deal era, capex-heavy stocks outperformed. (top left chart, we use the lifetime of the Reconstruction Finance Corp to define this period). Construction stocks boomed after the Federal-Aid Highway Act and were quite resilient through the 1957-58 recession.

Capex-heavy stocks have significantly underperformed over the last 10+ years (bottom chart from Goldman Sachs).  Investors have much preferred asset-light businesses, financial engineering and buybacks.

Infrastructure is in the sweet spot of being a politically-favored industry and capital scarce, and is set to benefit greatly out of the next recession.

The Kalecki-Levy profits identity shows that private sector profits are boosted when governments run fiscal deficits. Changes in savings (usually driven by counter-cyclical government policies) lead future profits growth:

  • Government Budget Balance + Household Sector Balance + Current Account Balance = Financial Profits

Infrastructure fund raising has been extremely strong in 2022 despite the bear market ($90bn raised in 1H22 in US. This is 21% of all private market fundraising vs 8% long-term average, source: Preqin).

Unlisted infrastructure funds are taking a lot of public infrastructure companies off the market (bottom-left chart).

The surge in infrastructure dry powder will intensify the demand-supply mismatch: expect higher take-private deal multiples as the listed universe shrinks. This has already happened in the Australian listed market.  There are just a small handful of pure listed infrastructure companies left after a surge in take-private deals over the last 2 years.

Do not forget about the importance of the business cycle. Liquidity leading indicators lead global listed infrastructure returns (top chart). 

All of VP’s cyclical indicators point risk-off on a 6-month horizon, so global listed infrastructure will likely offer little diversification benefit from equities (bottom-left chart).

Listed infrastructure typically trades at a premium relative to equities because of their more predictable cash flows (bottom right chart). Today EV/EBITDA multiples are at the top of their historical range. 

The solution: find capital-scarce and government-aligned infrastructure companies.  These companies are most likely to outperform after the business cycle downturn. 

Upstream industries offer a more levered way to play the capex supercycle.  Infrastructure assets offer investors inflation-linked exposure with an upside takeover / valuation catalyst.

More at Variant Perception

Tyler Durden
Sun, 02/26/2023 – 09:55

via ZeroHedge News https://ift.tt/JcL1e5i Tyler Durden

What Did They Get Right?

What Did They Get Right?

Reflecting on the last three years of terror, torment, and totalitarianism, a tweet from Justin Hart got us thinking.

He asked a simple thought-provoking question about COVID: “Did ‘they’ get a single thing right?”

We must admit we struggled to find a single thing ‘they’ got right, but here are some of Justin’s thoughts:

  • Transmission of the disease – wrong

  • Asymptomatic spread – wrong

  • PCR testing – wrong

  • Fatality rate – wrong

  • Lockdowns – wrong

  • Community triggers – wrong

  • Business closures – wrong

  • School closures – wrong

  • Quarantining healthy people – wrong

  • Impact on youth – wrong

  • Hospital overload – wrong

  • Plexiglass barriers – wrong

  • Social distancing – wrong

  • Outdoor spread – wrong

  • Masks – wrong

  • Variant impact – wrong

  • Natural immunity – wrong

  • Vaccine efficacy – wrong

  • Vaccine injury – wrong

Anything, ‘Bueller’?

As Hart so eloquently and succinctly puts it: “To repeat. They. Got. EVERYTHING. Wrong!”

Which is interesting because as we were writing this post, the world’s richest man – with access to all the ‘dissent’-crushing communications – replied to a timely question…

At his ‘Rational Ground’ Substack, Hart lays out his views on what actually happened with COVID

Every year humans endures a “flu season” – a period denoting the high-water mark of that year’s wave of respiratory viral pathogens.

Believe it or not we still have strains of the 1889 Russian flu, the 1918 Spanish flu, the 1957 Asian flu, the 1968 Hong Kong Flu, the 2009 H1N1 virus – all these various strains of nasty bugs rear their head every single year.

In late 2019, a new “novel” pathogen appeared on the scene – a bug from the “Coronavirus” family (“corona” describing the spike-like structure of the particles.)

The official title was SARS-CoV-2. SARS = “severe acute respiratory syndrome”; CoV-2 = “Coronavirus 2.” This particular virus can cause a disease called COVID-19 (“Coronavirus Disease 2019”). The disease is thought to have originated in China and found significant human-to-human transmission. It is thought to be “novel” because prior infections of other pathogens do not seem to creative anti-bodies to tackle this newfound disease within the human body.

Officials raised alarms about the potential mortality witnessed from COVID-19. Governments across the world scrambled to address and protect their populations from what quickly became a pandemic.

Efforts ranged from stringent to downright authoritarian. Results were mixed to say the least. In early 2022, it was thought that SARS-Cov-2 and COVID-19 would join the panoply of viruses and diseases we experience during the annual ebb and flow of life.

That’s the short sterile version of what transpired.

Here’s what actually happened:

  • Global elites had ramped up significant efforts to reshape the world to address a host of inequalities and imagined boogeymen like climate change.

  • These global elites were bolstered by a host of corrupt institutions which included the WHO (“World Health Organization”), big pharmaceutical companies, and world wealth and health players like Bill Gates.

  • With the emergence of a new virus these groups pounced at the vulnerable moment to put their plans into action and retool the world with a host of proposals – this was known as The Great Reset. The Coronavirus response was just the first sortie in this plan.

  • Governments across the world, under the threat of serious mortality (real or imagined), caved to the plan of action which utilized never-before imagined cram downs on individual rights, massive financial expenses, and enhanced authority overhauls to set the stage for a shift of power.

  • Free speech, right to assembly, right to bodily autonomy, representative government all fell within months of the first COVID-19 cases announced in almost every country.

Read more here…

Tyler Durden
Sun, 02/26/2023 – 07:12

via ZeroHedge News https://ift.tt/8Lrdwcz Tyler Durden

Watch: Polish Media Accidentally Captures Zelensky’s Body Double On Camera

Watch: Polish Media Accidentally Captures Zelensky’s Body Double On Camera

Six months ago Ukrainian leader Volodymyr Zelensky suggested to western media outlets that Vladimir Putin “might be dead” or that he was fighting health problems, and that the Russian government was using a body double to fool the public. 

Ironically, it is Zelensky that appears to have been caught using a body double on camera by the Polish media during Joe Biden’s surprise visit to Ukraine. 

The footage seems to have been accidental, but it does reinforce the old adage – When the establishment accuses you of doing something, it’s actually a confession of what they are doing. 

Now, if only someone can capture evidence that Biden is being controlled remotely by ChatGPT, the “Russian bot” narrative can come full circle…

Tyler Durden
Sun, 02/26/2023 – 09:20

via ZeroHedge News https://ift.tt/zkRxL8S Tyler Durden