Watch: Ukraine Unveils Terrifying Flamethrower Drone Which Spits Thermite

Watch: Ukraine Unveils Terrifying Flamethrower Drone Which Spits Thermite

Ukraine appears to have in its possession a new drone which spits fire. A viral battlefield video posted to the internet early this week shows the moment a Ukrainian ‘flamethrowing drone’ unleashed hot thermite on Russian defensive positions down below. Many commenters have compared it to a dragon upon viewing the clip.

A huge and terrifying flame rains down on a forested position, instantly catching bushes, shrubs, and trees on fire – presumably to flush out Russian soldiers reportedly using the location to conceal their location. The video was initially posted by the 108th Separate Territorial Defense Brigade to social media, and was captioned “Drakaris”in reference to the dragons in the popular series “Game of Thrones”.

Thermite, which is presumably what the UAV is shooting toward Russian positions, is a mix of iron oxide and magnesium, and is able to reach 2,400 Celsius. It can instantly set alight and melt almost anything in its path. Currently, there’s speculation that this is likely some kind of improvised home-made drone apparatus which clearly has very limited time to unleash its fiery payload. One analyst, Chay Bowes, has written that “War accelerates innovation, and the Ukrainian conflict has transformed the use of drones as weapons in particular.” Watch the ‘fire-breathing’ drone in action below:

Tyler Durden
Wed, 09/04/2024 – 07:45

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Risks Facing Bullish Investors As September Begins

Risks Facing Bullish Investors As September Begins

Authored by Lance Roberts via RealInvestmentAdvice.com,

Since the end of the Yen Carry Trade” correction in August, bullish positioning has returned with a vengeance, yet two key risks face investors as September begins. While bullish positioning and optimism are ingredients for a rising market, there is more to this story.

It is true that “a rising tide lifts all boats,” meaning that as the market rises, investors begin to chase higher stock prices, leading to a virtual buying spiral. Such leads to an improvement in market breadth and participation, which supports further price increases. Following the August decline, the chart below shows the improvement in the NYSE advance-decline line and the number of stocks trading above their respective 50-day moving averages (DMA).

Given that “for every buyer, there must be a seller,” this data confirms that buyers are increasingly willing to pay higher prices to bring sellers to market. That cycle continues until buyers willing to pay higher prices decline. While prices are rising, we are seeing a dwindling of buyers at current prices, as shown in the chart of trading volume at various price levels. As shown, buyers currently “live lower” between 5440-5480 and the recent correctional lows.

However, despite the diminishing pool of buyers at current levels, investors are becoming increasingly bullish as prices rise. As shown in our composite fear/greed gauge, based on “how investors are positioned” in the market, we are back to more “greed” based levels. While not at extreme levels, investors are becoming increasingly optimistic about higher future prices. Of course, such readings only confirm what market prices are already telling us.

However, two primary risks to the bullish advance are developing as we enter September.

Share Buyback Window Begins To Close

Over the next two months, a primary risk to bullish investors is removing a critical buyer in the market – corporations. For more on the importance of corporate share purchases on the financial markets, read the following:

Those articles support that corporations have comprised roughly 100% of net equity purchases since 2000. In other words, the market would be trading closer to 3000 rather than 5600 without corporate share buybacks.

However, these share buybacks also pose risks to the market in the short-term as well. As Michael Lebowitz noted this morning:

“Like the meteorological seasons, share buybacks also follow predictable patterns. Accordingly, as shown below, we are past the peak share buyback season. Following the peak, share buybacks will decline rapidly until early November. Declining share buybacks is not a bearish indicator per se. However, as the number of buybacks declines, the market, specifically the stocks conducting buybacks, will have less demand for their stock. Think of share buybacks as a tailwind.

The pattern is predictable because it directly relates to corporate earnings reports. For three reasons, most companies ban share buybacks about a month before their quarterly earnings report.

  • Insider Trading Concerns—Employees have access to non-public information regarding their earnings. Therefore, the ban helps eliminate the perception that the company might be trading its stock on such information.

  • Investor Perception– Similarly, investors might be suspicious if the company was actively buying its stock right before the earnings announcements. If the investors were mimicking the company’s purchases, this could create heightened volatility in the stock.

  • Regulatory Concerns—While the SEC does not regulate share buybacks before earnings, most companies want to avoid an investigation if the SEC suspects those buying back the shares have inside information.

As shown on Thursday, September 5th, the window for buybacks will begin to close. Corporate buying support will be non-existent by the beginning of October and through the end of the month. In other words, the primary buyer of equities will not be available to bid prices.

If you don’t believe that share buybacks are as crucial as we state, the following chart should answer any questions.

Unfortunately, removing that primary buyer will coincide with a secondary market risk.

Presidential Election Concerns

As we enter September and October, a secondary risk increases. Historically, these months have seen stock market declines, especially in years with a Presidential election. There are three primary reasons for this trend.

1. Uncertainty Surrounding Election Outcomes

Markets dislike uncertainty, and the outcome of a Presidential election is a significant unknown. Investors become cautious during election years, especially when the race is tight. They worry about potential policy changes impacting taxes, regulations, and government spending. That heightened uncertainty increases market volatility and often results in stock market declines as investors move to safer assets.

2. Policy Change Concerns

Depending on the election outcome, significant policy changes can occur. For instance, Harris and Trump have very different approaches to fiscal policy, regulation, and international trade this year. With the polls very tight, Wall Street may look to lock in gains before the election, fearing that new policies might negatively affect corporate profits via higher tax rates and, potentially, changes to capital gains rates.

3. Economic Data Releases

September and October are critical months for economic data releases, particularly since the Federal Reserve expects to cut rates in September. Key indicators from employment, inflation, and housing will potentially move markets over the next two months. Given the approaching election, the markets will scrutinize those releases closely as candidates try to leverage the data. Any negative surprises could result in a sharp pickup in volatility.

Conclusion

As we head into September, which already has a weak performance record, understanding these two risks can help investors navigate a potential pickup in volatility, particularly during election years.

However, the timing of such a consolidation or correction is always tricky. 

We suggest maintaining risk controls, taking profits as needed, rebalancing portfolios, and holding slightly higher cash levels.

While these actions won’t entirely shield portfolios from a near-term decline, they will buffer increased volatility, allowing for more rational and controlled portfolio management decisions.

Tyler Durden
Wed, 09/04/2024 – 07:20

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Poland Says It Has ‘Duty’ To Shoot Down Russian Missiles, NATO Leadership Warns Against

Poland Says It Has ‘Duty’ To Shoot Down Russian Missiles, NATO Leadership Warns Against

Poland’s foreign minister has sparked fresh controversy and intense discussion within the NATO military alliance by saying that member states have a ‘duty’ to shoot down incoming Russian missiles when they are in Ukraine’s skies threatening the population below.

“Membership in Nato does not trump each country’s responsibility for the protection of its own airspace – it’s our own constitutional duty,” Foreign Minister Radosław Sikorski told the Financial Times. The comments appeared to shirk off the possibility that such action risks major escalation with Russia.

“I’m personally of the view that, when hostile missiles are on course of entering our airspace, it would be legitimate self-defense [to strike them] because once they do cross into our airspace, the risk of debris injuring someone is significant,” the Polish top diplomat said.

Prior Russian strikes on the Ukrainian capital, via Reuters.

This isn’t the first time the issue has arisen, but Russia’s recent ballistic missile and drone attacks across all oblasts of Ukraine, including in the West near Lviv, have significantly stepped up, leading to more border incidents and close-calls directly impacting neighboring Poland. A large barrage just hit Monday as well. FT details:

Poland signed a bilateral security agreement with Ukraine earlier this summer in which the two countries undertook to examine “the feasibility of possible intercepting in Ukraine’s airspace missiles and UAVs fired in the direction of territory of Poland, following necessary procedures agreed by the states and organizations involved”.

Sikorski insisted on his country’s right to intercept after a suspected Russian drone crossed into Poland on August 26. Polish authorities have since been searching for the UAV, which may have landed back on Ukrainian territory after probably straying off course during a Russian mass missile attack on Ukraine.

He further explained that when a Russian missile threatens to fall in Poland, it is safer to the Polish population to shoot it down while it is at a higher altitude in Ukraine’s skies. Sikorski has said of this plan, “Ukrainians have told us: you’re welcome.”

Some Western officials have warned that this would move the red lines too rapidly, and get NATO too directly involved, likely triggering direct war with Russia. But a defense analyst in Kiev, Mykola Nazarov, pushed back against this, telling FT, “We’ve seen that some red lines can be moved.”

The ongoing Kursk operation is currently being used of Ukrainian officials to signal to the West that it doesn’t have to worry about Putin following through on his stated red lines. President Zelensky is also ramping up the pressure campaign to take all restrictions off regarding use of long-range missiles on Russian territory.

NATO Secretary General Jens Stoltenberg, who is soon expected to retire from the top post, has rejected the Polish proposal and asserted that it presents too much risk of NATO “becoming part of the conflict.” Of course, at this point this seems to be exactly what Zelensky wants (to drag the West deeper into the war on Ukraine’s behalf).

Via MSNBC/Google Maps

And NATO’s outgoing deputy secretary general Mircea Geoană also explained to the FT, “We have to do whatever we can to help Ukraine and do whatever we can to avoid escalation. And this is where the line of Nato is consistent from the very beginning of the war.”

“Of course we respect every ally’s sovereign right to deliver national security. But within Nato, we always consult before going into something that could have consequences on all of us — and our Polish allies have always been impeccable in consulting inside the alliance,” Geoană concluded.

But this debate will only intensify, especially given that on Tuesday President Zelensky said Russia mounted one of the single deadliest strikes of the entire war. A missile slammed into a military educational facility in Poltava, central Ukraine, killing at least 41 people and injuring over 180 others.

Tyler Durden
Wed, 09/04/2024 – 05:45

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Finland Unveils World’s First Deep-Earth Repository To Bury Nuclear Waste

Finland Unveils World’s First Deep-Earth Repository To Bury Nuclear Waste

By Alex Kimani of OilPrice.com

Summary

  • Currently, there are thousands of metric tons of used solid fuel from nuclear power plants worldwide and millions of liters of radioactive liquid waste from weapons production sitting in temporary storage containers.

  • Finland has built the world’s first deep-earth repository where it will bury nuclear waste for 100,000 years starting 2026.

  • About a dozen European countries, including Finland and Switzerland, are planning deep geological repositories for their nuclear waste.

For decades, nuclear energy has been treated as the black sheep of the energy universe thanks to major drawbacks including high costs, high-profile nuclear accidents and hazardous by-products of nuclear energy production. Currently, there are thousands of metric tons of used solid fuel from nuclear power plants worldwide and millions of liters of radioactive liquid waste from weapons production sitting in temporary storage containers, some of which have begun leaking their toxic contents. Nuclear waste is notorious for the fact that it can remain dangerously radioactive for many thousands of years. Thankfully, the world has just come closer to finding a permanent solution to its nuclear menace: Finland has built the world’s first deep-earth repository where it will bury nuclear waste for 100,000 years starting 2026.

Dubbed ‘‘Onkalo’’, the repository is entombed in a bedrock more than 400 meters below the forests of southwest Finland. The facility sits atop a warren of tunnels sited next to three nuclear reactors on the island of Olkiluoto, approximately 240 kilometers from the capital of Helsinki. The Onkalo project is based on the so-called “KBS-3” method developed by the Swedish Nuclear Fuel and Waste Management Company. KBS-3 is based on a multi-barrier principle whereby if one of the engineered barriers were to fail, the isolation of the radioactive waste is not compromised.

Basically, the Onkalo project is that we are building an encapsulation plant and disposal facility for spent fuel. And it’s not temporary, it’s for good,” Pasi Tuohimaa, head of communications for Posiva, told CNBC via videoconference. Posiva is tasked with the responsibility of handling the final disposal of spent nuclear fuel rods at Onkalo.

The first-of-its-kind geological disposal facility has been hailed as a game-changer that’s likely to increase the appeal of nuclear energy, “Having a solution for the final disposal of spent fuel was like the missing part of the sustainable lifecycle for nuclear energy,” Tuohimaa said. According to  Finnish Climate Minister Kai Mykkänen, Onkala provides the world with a model for sustainable nuclear waste management.

Deep Geological Repositories 

But Finland is not alone. About a dozen European countries, including Finland and Switzerland, are planning deep geological repositories for their nuclear waste. Here in the U.S., government officials have proposed storing the country’s nuclear waste in a repository beneath Yucca Mountain in Nevada about 300 m below ground level and 300 m above the water table. However, this idea has gone in and out of favor with changes in the presidency. For now, nuclear waste simply accumulates mainly where it’s generated–at the power plants and processing facilities, with some having been sitting in interim storage since the 1940s. In Hanford alone, more than 200 million liters of radioactive liquid waste–a mix of liquid, sediment, and sludge–has been sitting in tanks waiting to be processed. Obviously,  storing this kind of high-level liquid waste indefinitely is not sustainable.

Finland’s Onkalo is likely to bring nuclear energy a step closer to mainstream acceptance. According to the World Nuclear Association, nuclear energy currently provides about 9% of the world’s electricity. However, last year at the COP28 summit, 22 countries including the U.S., Canada, the UK, and France pledged to triple nuclear power capacity by 2050 (from 2020 levels). 

Onkalo is also likely to increase the appeal of small modular nuclear reactors (SMRs). SMRs are advanced nuclear reactors with power capacities that range from 50-300 MW(e) per unit, compared to 700+ MW(e) per unit for traditional nuclear power reactors. SMRs can be sited in locations not suitable for larger nuclear power plants, such as retired coal plants; offer significant savings in cost and construction time, and can also be deployed incrementally to match increasing power demand.

However, studies like these can potentially throw a spanner in the works and increase public resistance to SMRs.

Our results show that most small modular reactor designs will actually increase the volume of nuclear waste in need of management and disposal, by factors of 2 to 30 for the reactors in our case study. These findings stand in sharp contrast to the cost and waste reduction benefits that advocates have claimed for advanced nuclear technologies,” said study lead author Lindsay Krall, a former MacArthur Postdoctoral Fellow at Stanford University’s Center for International Security and Cooperation (CISAC). The study found that one of their key attractions–small size–is also their major Achilles heel because SMRs experience more neutron leakage than conventional reactors, which in turn affects the amount and composition of their waste streams. The study also discovered that spent nuclear fuel from SMRs will be discharged in greater volumes per unit of energy produced and can be far more complex compared to waste from conventional reactors.

Thankfully, the advent of deep geological repositories could improve the bull case for SMRs. 

Tyler Durden
Wed, 09/04/2024 – 05:00

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The Surprising History Of The President’s ‘Resolute’ Desk

The Surprising History Of The President’s ‘Resolute’ Desk

Authored by Walker Larson via The Epoch Times (emphasis ours),

The president’s desk bears a remarkable pedigree. Its story ties together several disparate historical threads, including a ghost ship, polar exploration, and relations between the United States and the UK. The tale begins with a certain British Admiral, Sir Edward Belch.

President Ronald Reagan sits at the Resolute desk in the Oval Office in the White House. Public Domain

A mapmaker in the British Royal Navy described Sir Edward Belcher as “a tyrannical martinet who made every ship he commanded a floating hell.” In 1854, that hell was a cold one, since Belcher and his small flotilla were sailing the frigid seas of the Arctic.

Tyrannical or not, one thing is sure: Belcher was a talented seaman, explorer, and hydrographer (someone who maps bodies of water). In 1852, he’d been assigned an important task. Belcher and his men ventured into the austere, alien waters of the Arctic on a rescue mission, searching for any trace of the lost Franklin Expedition.

An 1852 print of the HMS Resolute and HMS Intrepid in winter harbor, based on a drawing by George Frederick McDougall. Public Domain

The Franklin Expedition, headed by Sir John Franklin, was an 1845 British exploration operation that aimed to find the Northwest Passage through Canada to the Pacific. Franklin’s crew was ordered to record magnetic data as a potential aid to navigation practices. But the treacherous northern sea closed its icy fingers around the men of the expedition and never let them go. The mission proved to be one of the worst disasters in the history of polar exploration.

The two ships of the Franklin expedition—the HMS Erebus and HMS Terror—sailed from Britain in May of 1845, took on supplies in Greenland in July, were spotted in Baffin Bay, Canada, and crossed the Lancaster Sound. They were never heard from again, vanishing into the vast white void.

In the years of searching conducted by the British government after their disappearance, no trace of the ships was found. Only a few artifacts and human remains were recovered. Most of the 129 crew members and officers had simply disappeared. Forensic investigations were conducted on the recovered bodies, revealing that the men suffered from starvation, scurvy, lead poisoning, and, possibly, cannibalism, a narrative supported by the oral accounts of the expedition provided by the Inuit people. It was only in the 2010s that the Erebus and the Terror were at last discovered, wrecked off King William Island.

It was this polar tragedy that brought Sir Edward Belcher and his small fleet of ships, including the HMS Resolute, to the Arctic in 1854. Belcher’s voyage was almost as ill-fated as Franklin’s. Though the Resolute was heavily constructed to withstand the harsh Arctic environment, it became locked in the ice in 1854, along with four more of Belcher’s ships. Belcher made the difficult decision to abandon the ships and begin an overland trek to rendezvous with other vessels that could bring them back to England.

The men left behind their floating piece of home, their security and warmth, and entered the unending whiteness. They marched over the vast expanses of ice, eventually meeting up with their comrades’ ships and returning safely to England. There, Belcher was court-martialed (not for the first time) for abandoning his vessels but acquitted because his orders gave him full discretion. He never received another command.

So there, in the emptiness of the frozen North Sea, where the slowly clenching jaws of ice groaned and echoed through frigid air, the pale winds pined, and the strange lights flickered and played about the sky like ghosts, the abandoned Resolute waited. Belcher and his men had left it in good order, though they knew it would likely be broken up by the ice, in the end. But that was not to be its fate.

Months passed. Summer came, kissing even the hard northern waters with warmth. The ice thawed. Somehow, Resolute broke free. It drifted some 1,200 miles until James Buddington, captain of an American whaling ship, the George Henry, sighted it in 1855, near Baffin Island. An 1856 New York Journal article describes the moment the Americans boarded the ghost ship.

“Finally, stealing over the side, they found everything stowed away in proper order. … Everything wore the silence of the tomb. Finally reaching the cabin door they broke in and found their way in the darkness to the table … [a candle] was lit and before the astonished gaze of these men exposed a scene that appeared to be rather one of enchantment than reality. Upon a massive table was a metal teapot, glistening as if new, also a large volume of Scott’s family Bible, together with glasses and decanters filled with choice liquors. Nearby was Captain Kellett’s chair, a piece of massive furniture, over which had been thrown, as if to protect this seat from vulgar occupation, the royal flag of Great Britain.”

Buddington assigned a portion of his crew to the ghost ship, and they sailed it back to the United States. According to maritime law, the ship belonged to those who had found her (Buddington and his crew), and the British government accepted this fact when they were notified of the find. But the U.S. government had a different idea.

At this time, U.S. relations with Great Britain were strained. The War of 1812 was still alive to memory, including the moment when the British burned the U.S. capitol. The two countries continued to dispute the Canadian border. In the discovery of the Resolute, the U.S. government saw an opportunity to make a gesture of goodwill toward their adversaries across the pond. Congress authorized $40,000 to purchase the ship from Buddington and repair it.

The Americans took great care in refurbishing the sturdy old juggernaut, as described in an 1856 New York Times article:

“With such completeness and attention to detail has this work been performed, that not only has everything found on board been preserved, even to the books in the captain’s library, the pictures in his cabin, and a musical-box and organ belonging to other officers, but new British flags have been manufactured in the Navy Yard to take the place of those which had rotted during the long time she was without a living soul on board.”

With great fanfare, the Resolute was sailed back to England and presented as a gift to Queen Victoria, who visited the ship in person. The Brits took the gift to heart, and the queen remembered this gesture from the Americans for many years.

The Resolute desk in the Taft study. Public Domain

Returning the Favor

When the Resolute was removed from service and broken down in 1879, Queen Victoria ordered some of its timbers to be preserved. The heavy oak lumber, which had weathered so many storms and seen both tragedy and reconciliation, was constructed into a massive, ornate desk, weighing 1,300 pounds. Victoria sent it as a surprise gift to President Rutherford B. Hayes in 1880, returning the favor and expressing gratitude for returning Her Majesty’s Ship, the Resolute, all those years before. Most importantly, the desk became an emblem of the mutual goodwill and alliance between the United States and Great Britain, which has never wavered since.

Most U.S. Presidents used the desk since it was gifted at the end of the 19th century. Between 1951 and 1962, it was used to hold a projector in the broadcast room at the White House until it was rediscovered by First Lady Jacqueline Kennedy. She had it moved back to the Oval Office, where it has formed part of the backdrop for many landmark moments in American presidential history. There are photos of President Kennedy sitting at the desk with John Kennedy Jr. peeking out from beneath it.

John Kennedy Jr. peeks out through the kneehole panel of the Resolute desk while his father, President John F. Kennedy, works. Public Domain

The Resolute desk, as it has come to be known, bears within it the marks of struggle, abandonment, miraculous discovery, restoration, and reconciliation. It’s a fitting symbol for the resolute American spirit.

Tyler Durden
Tue, 09/03/2024 – 22:35

via ZeroHedge News https://ift.tt/Ymxak74 Tyler Durden

‘Over Ruled’: Who Guards The Guardians?

‘Over Ruled’: Who Guards The Guardians?

Authored by John Maxwell Hamilton via RealClearPolitics,

Quis custodiet ipsos custodes?” – Who guards the guardians? – is an old question that began as amusing repartee and has bedeviled democratic government from the beginning of its formation.

The phrase originated with the Roman satirical poet Juvenal, who was presented with the idea that wives should be chained to keep them faithful. Fine, the poet replied, but who will guard husbands?

The question for democracy lies at the heart of a new book by Supreme Court Justice Neil Gorsuch, “Over Ruled: The Human Toll of Too Much Law.” Too many laws and regulations administered by unaccountable government officials, he writes, have “swallowed up ordinary people.”

Gorsuch, with help from his former law clerk Janie Nitze, makes his case in a series of parables. They feature individual Americans who have been victimized by government laws that they did not know existed and that should not have been written in the first place. The courts in many stories are too aggressive in adjudicating cases that should have been considered minor infractions, at best.

In one such story, an agent from the U.S. Department of Agriculture informed a young magician, Marty Hahne, that he needed a license for using his rabbit in the act he had just performed at a local library. Hahne subsequently learned he also needed an evacuation plan for the animal in case of a hurricane or some other disaster. This requirement originated in a federal statute, the Animal Welfare Act, which regulates the treatment of dogs, cats, rabbits, and other animals for research, teaching, testing, and exhibition. Congressional lawmakers called on the USDA to apply the law to such venues as “carnivals, circuses, and zoos.” USDA regulators interpreted those exhibitions to include magic shows.

In other stories of misplaced rules and courts run amuck, people’s lives are more than inconvenienced. They are ruined. Gorsuch believes these stories show that a surfeit of laws is sucking the life out of democracy.

“Over Ruled” will be catnip for readers who fear the so-called deep state is out to subvert democracy. It also is convenient for Donald Trump, who, if elected, promises to “drain the swamp” by firing career civil servants and installing his own unelected supporters in their place.

But Gorsuch’s book should be taken seriously, both for its strengths and weaknesses. He certainly makes a valid point that the number of laws and regulations has exploded in recent years. The first federal criminal statute, written when the Republic was established, contained fewer than fifty crimes. Now the total number is, by some counts, 5,000. In the process, Congress has delegated powers to executive department agencies to write administrative laws and rules as well as apprehend suspects and judge them.

Having made the case for the problem, however, Gorsuch does not dig into the complexity of implementing workable solutions. He acknowledges that our society is much more complicated than it was at the nation’s founding, and therefore we need more measures to protect citizens. He does not tell us how we sort the good from the bad or how we regulate the regulators.

Perhaps most damaging to his argument, “Over Ruled” does not provide readers with the context needed to understand the longstanding tension between government by the people and the need for expert mediation on social, economic, and political problems.

Gorsuch, who believes judging involves close adherence to the original intent of the Constitution, takes us back to an earlier era that he characterizes as local people solving local problems. He considers this a good time for “ordinary Americans.” What he fails to say, however, is the Founding Fathers were elitists who doubted that ordinary white, male citizens, not to mention minorities and women, were up to the task of making good government decisions.

Gorsuch liberally quotes James Madison about the evils of too much law. But equally important, Madison and others hoped that elections would put the “best” in office. Only members of the House of Representatives were directly elected. Under the original Constitution, senators were elected by state legislatures. The Electoral College can “elect” a presidential candidate who did not win the popular vote – something that has happened already twice this century.

Thomas Jefferson, among many others, promoted national education schemes to create “a natural aristocracy” – what we would today call civil servants – to manage government. What Jefferson vaguely foresaw has come to pass, whether it is experts monitoring environmental degradation and food purity or ferreting out unfair trade practices.

This reliance on experts – people who have the training to determine facts – has not gone uncontested. It fueled populism in the United States in the late 19th century as well as today. Disaffected citizens feel government is not taking them into account and that the bureaucracy is an untethered fourth branch of government, a phrase Gorsuch used frequently. This mentality has given resonance to Donald Trump’s message that his intuitive common-sense ideas about interest rates are more sound than Federal Reserve System economists who have studied monetary policy all their lives.

Readers who want a fuller exploration of the longstanding social and political tension that arises from depending on experts can turn to “Democracy and Truth” by historian Sophia Rosenfeld. Or readers may choose a new volume by Stephen Breyer. The recently retired justice is an expert on administrative law and helped Sen. Ted Kennedy deregulate the airline industry. His “Reading the Constitution: Why I Chose Pragmatism, Not Textualism” thoughtfully weighs the difficulty of balancing fealty to the Constitution with the needs of modern society.

The willingness to rely on common sense over expertise is not infinitely elastic. Most people prefer to go to trained doctors when they are ill rather than consult someone they pass on the street. Most people like some aspects of government expertise and intervention. They may, for instance, place a high value on fighting animal abuse, which is the motivation behind the well-intentioned (if misused) Animal Welfare Act. Various professions require training and education in order to acquire a license to practice; in addition to adding to their credibility, this restriction reduces competition. One of Gorsuch’s examples of overreaching administrative law concerns an African American woman who was “apprehended” for braiding hair in her salon without having attended cosmetology school.

In regard to preferences, it is worth noting that Justice Gorsuch has some of his own, namely enlarging the power of presidents beyond anything the Founders conceived. Insofar as administrative power is concerned, he and other conservatives believe that the president should have more control over quasi-independent agencies.

A recent Supreme Court decision raises concerns about maintaining the protections that administrative law provides. The court found that it was unconstitutional for the Securities Exchange Commission to levy fines against a financier whom they deemed to have violated antifraud and pro-transparency rules. The court said the SEC had to pursue its case in federal court. This dramatic switch in thinking by the Supreme Court could make it difficult – and in some cases impossible – for agencies to police offenders. As law professor David Cole has noted, “some agencies’ statutes do not authorize them to sue in federal court.” It is worth asking, do we want our already flooded courts to deal with all these issues, when more efficient ways exist to get the job done?

Gorsuch has not written a legal analysis so much as a stump speech. His examples are akin to those used by political leaders to give a human dimension to policies they are promoting. Many of the stories are trivial to the point of being frivolous.

Is it really worthwhile to dwell on a law, long ago passed by Virginia legislators, to outlaw hunting bears with dogs on Sundays? A few reform-minded states have wiped laws like these from the books. At the federal level, Gorsuch notes, President Obama directed agencies to “eliminate rules that don’t make sense.”

These steps are relatively easy. The difficult part Gorsuch leaves untouched. His cases are largely cartoons. They do not demonstrate how to balance the injustice growing out of a law with the legitimate concerns it is trying to address.

The solutions he offers sound like Fourth of July speeches. His call for more civic education, as valuable as that would be (see my RCP column on the subject), emphasizes school-age children spending more time reading the Constitution.

Gorsuch argues that the expansion of laws and regulations undermines the credibility of our legal institutions. “Everyone feels like a criminal,” he told the C-SPAN audience.

The growth in law-making is a problem, but it is questionable that most Americans feel like criminals. How can they feel like criminals if they don’t know about all the laws that exist, as Gorsuch insists is the case?

If the justice is worried that we are moving “from a world in which law is revered into one in which it generates disaffection and feeds distrust,” he could profitably focus on the Supreme Court’s unwillingness to police itself. Feeble ethical standards govern justices’ behavior, which is well known and heavily criticized.

The Supreme Court has enormous power. Justices are appointed, not elected, and may serve until they die. They are given their jobs because of their expertise in nuanced application of the law. For Gorsuch, who belongs to this powerful elite, one might expect a deeper exploration of the trade-offs between too much law and too few protections.

“Who guards the guardians” is a much more profound subject than Justice Gorsuch lets on.

John Maxwell Hamilton is an RCP columnist, a professor at the Manship School of Mass Communication, Louisiana State University, and an award-winning author of eight books, including “Manipulating the Masses: The Origins of Government Propaganda,” which won the Goldsmith Prize.

Tyler Durden
Tue, 09/03/2024 – 21:45

via ZeroHedge News https://ift.tt/DZ5Leak Tyler Durden

The Big Lie Of “Skilled” Migrant Workers Saving Western Economies

The Big Lie Of “Skilled” Migrant Workers Saving Western Economies

There are a great many tall tales circulating these days in association with illegal immigration.  Possibly one of the most prevalent claims from the political left is that western economies “need illegals” in order to support the dragging economy and fill a hungry labor market. An extension of this idea is that many of these migrants are “skilled workers” that the west desperately needs for vital roles

But how much do the US and Europe really need illegal immigrants in order to keep western economies going?  And how many of them actually bring important skills to western labor markets?  Would they be sunk without these people?  Or, would they be much better off?

First and foremost it should be noted that in the US there is ample evidence to show that the Biden Administration has been engaging in statistical manipulation for the last four years, and this includes labor statistics.  While there was indeed a clear shortage of workers in the service sector during covid lockdowns (and the helicopter money supplied by covid stimulus and PPP loans), recent revisions to BLS numbers have cut at least 819,000 jobs from the books that Biden originally took credit for.  In other words, those jobs never existed.

It was these same jobs numbers that were used by the Democrats to argue in favor of open borders; asserting that without illegals this explosion in labor demand would turn into a worker shortage crisis.  While specific job sector stats (job categories) don’t usually distinguish between legal and illegal migrants, there is little evidence to indicate they fill an important role in our society.

In America, migrants flood into the low-skill service sector and health services sector.  In many cases this involves entry level nursing home care and similar employment.  The other category in which they usually work is construction.  They offer cheap labor for home building, but this has certainly not translated to lower housing costs. 

In the meantime, tens-of-millions illegal migrants drive up housing demand, in turn driving up prices on new homes and rentals.  Migrants are given access to government subsidies as long as they are under review for asylum or refugee status, in many cases they are offered more access to government aid than natural born citizens.  Both California and Oregon are currently instituting housing loan programs available to immigrants only.  

Census SIPP data from 2022 indicates that around 59% of non-citizen households in the US use one or more welfare programs, compared to 39% of US-born households.  The establishment media and Democrats will often try to dilute welfare stats by citing legal migrant numbers instead of illegal migrant numbers.

Around 47% of illegal migrants to the US never completed high school (as opposed to 8% of US-born citizens).

It is estimated that illegals cost US taxpayers at least $150 billion in public services (officially) each year while paying only $25 billion in taxes.  While some economists cite a potential $324 billion in GDP gain from migrant workers, this almost all comes from wages which illegals send to their families outside the US.  

In the UK, migrant data is rarely tracked by the government, ostensibly because they want to keep the indigenous public in the dark as much as possible.  However it is clear that, just like in the US, migrants (specifically from third-world nations) do not bring skilled labor to the table.  UK migrants overwhelmingly work in the service and health sectors, once again in low-level nursing jobs, elderly facilities, some work in tech and the rest do not work at all.  

The UK estimates that at least 1.7 million migrants are unemployed while on the dole, and they are costing taxpayers upwards of £8.5 Billion ($11 billion) annually.

In Germany, welfare costs skyrocketed in 2024 and reports show 47% of recipients for government handouts are migrants.  The total cost of $49 billion is 14.8 percent higher than in 2023, 18.4 percent higher compared to 2020, and 23 percent higher compared to 2015.   In the EU migrants from Africa and Asia are once again greatly overrepresented in health services. 

The point is, the notion of “skilled migrant workers” saving western economies with their vital labors is a complete fabrication.  Illegal migrants in particular are a net negative and a dangerous strain on the welfare system.  They also drive up housing costs by creating mass demand with not enough supply, and this same demand drives up inflation in almost every other area of the economy.  The roles they do fill can be easily adapted without them by offering minor subsidies or tax benefits for American citizens.   

Like most countries in the world today, the US and European nations should be vetting migrants and only accepting those that bring value to the table along with a willingness to assimilate.  Otherwise, they serve no useful purpose.       

Tyler Durden
Tue, 09/03/2024 – 21:20

via ZeroHedge News https://ift.tt/bu48HOa Tyler Durden

Reagan The Movie: How The Mainstream Media Can’t Help Itself

Reagan The Movie: How The Mainstream Media Can’t Help Itself

Authored by Richard Truesdell via American Greatness,

On Friday, I did something I hadn’t done since before COVID-19, I went and saw a movie premiere on the day it opened in an actual movie theater. With my childhood friend Susan, whom I’ve known for more than five decades—a dyed-in-the-wool conservative just like me—we went and saw Reagan. And unlike most critics on Rotten Tomatoes who rated it at 18% and elsewhere, we loved it along with a virtually unprecedented 98% of Rotten Tomato viewers.

Right up front, I can say that Reagan is not without flaws. The cinematography in much of the movie is quite dark, especially in the flashback scenes at the start of the film. Also, at 2 hours and 15 minutes, the film is long. While a lot of footage was likely left on the cutting room floor, getting Reagan down to two hours would likely help. When Reagan comes to streaming, I’ll watch it again.

With that out of the way, I will say that Dennis Quaid’s performance as Ronald Reagan is simply outstanding. It’s easily his best work since The Big Easy, one of my all-time favorite movies, a movie I like to say is a guilty pleasure (with equally great chemistry with co-star Ellen Barkin). When Susan and I entered the 530 PM showing, people exiting from the earlier 3 PM showing had tears in their eyes, saying to us that Reagan would pull on our emotions, which it did. Again, and to not spoil it for you, if I were writing the screenplay, the ending is exactly how I would have written it. It generated applause from everyone in the theater.

I could not find fault with any of the performances. Jon Voight as the ex-KGB operative who followed Reagan for decades and narrates the story, and especially Penelope Ann Miller as Nancy Reagan, were perfect. We both thought there was great on-screen chemistry between Quaid and Miller.

Remember that during Reagan’s presidency, Nancy was often vilified. Even four decades ago, the mainstream media showed their bias as they have done with every Republican First Lady since then, save for Laura Bush. This while idolizing narcissists like Michelle Obama and especially, until a month ago, “Dr.” Jill Biden. As I like to say, “It is what it is.”

This is what I call a small, big movie. Small in that it’s not told epically. In some ways, the Ron-Nancy love story is intimate. But it’s a big movie in that it tells the story with an all-star (Quaid, Miller, Voight, and many others) cast. The production was interrupted by the COVID lockdowns, so it took about five years from when Quaid was first cast as Ronald Reagan (he also portrayed Bill Clinton earlier in his career) to its debut last Friday.

But as I mentioned earlier, Reagan has been savaged by the critics, and the reviews fall along ideological lines. Most egregious, of course, was at the New York Times. There, Glenn Kenny couldn’t help himself. Amazingly, the bias at the New York Times permeates everything it touches, going beyond its news coverage to its best-selling books list to even its movie reviews. Kenny closed his review by saying, “It all makes for a plodding film, more curious than compelling.”

Tell that to the viewers who loved it, you jackass. You simply can’t help yourself.

(I would like to contrast how the critics loved Oppenheimer. Of course, the New York Times fell all over itself in praising Oppenheimer, a far less satisfying film, saying “Oppenheimer, Christopher Nolan’s staggering film about J. Robert Oppenheimer, the man known as “the father of the atomic bomb.”

Staggering film? Again, when the story fits its agenda, it gets a gushing review.

As I said earlier, the New York Times simply can’t help itself.

As biopics, both films have their flaws, especially in length. All films do. But as entertainment as well as telling a historic story, Oppenheimer is much more flawed than Reagan.)

As I sorted through other reviews on Rotten Tomatoes, especially the less-than-positive ones, one word kept appearing: hagiographic. Even though I have a better-than-average command of the English language and volcabulary, I had never used or even seen that word. So I went online and looked it up. The definition is “excessively flattering.” It’s as if reviewers got their reviewers’ talking points directly from the DNC. The reviews of Reagan are just like any other political commentary, like anything connected in the mainstream media to “Orange Man Bad.” Trump’s recent visit to Arlington National Cemetery on the third anniversary of Abbey Gate at the invitation of the next-of-kin of the fallen 13 is a perfect example.

This hagiography nonsense starts with Ty Burr at the Washington Post. “The faithful for whom ‘Reagan’ was made aren’t likely to see that it’s a hagiography as rosy and shallow as anything in a Kremlin May Day parade. As pop-culture propaganda—popaganda, if you will—the movie’s strictly for true believers. As history, it’s worthless.”

It’s as if Burr is channeling his inner Hillary Clinton, viewing anyone who enjoyed Reagan as deplorable.

It continues with Joshua Peinado at In Review Online, who said, “It’s one thing to go the route of hagiography and never mention the notable failures of Reagan and his presidency…but Reagan makes the stranger choice to give voice to the issues of his conservatism and then, promptly, forget all about them.”

Christopher Lloyd writing for The Film Yap, giving the film two out of five stars says, “The Gipper gets a goober of a biopic—schmaltzy, hagiographic, and ham-handed—though Dennis Quaid nails the portrait of his self-effacing charm hiding a steely resolve.”

I could go on and on, but what’s the point?

But the bottom line is that a couple that will spend $40 and up (the cost of the tickets plus a bucket of popcorn and two overpriced sodas) for a date night out will love Reagan.

Overall, I’m torn between giving it four or five stars out of five, so I’ll give it a 4.5. It’s an emotional film in many ways. For those of us who came of age during the Cold War and watched the Soviet Union disintegrate in the early 1990s, you will find Reagan an enjoyable way to spend 2 hours and 15 minutes. It’s a satisfying, emotional film. To me, it’s a far superior film (as entertainment) to the Oscar-honored but plodding Oppenheimer. Being a history person, I really wanted to like Oppenheimer but felt the earlier Fat Man and Little Boy with Paul Newman told the development of the atom bomb story far better.

To get the flavor of Reagan, here’s a link to the trailer.

So if you are looking for something to fill your time on the last day of the long Labor Day weekend, I can recommend Reagan without reservation.

Tyler Durden
Tue, 09/03/2024 – 20:55

via ZeroHedge News https://ift.tt/6Da1oHF Tyler Durden

Officials Can’t Reject Mail-In Ballots With Incorrect Dates: Pennsylvania Court

Officials Can’t Reject Mail-In Ballots With Incorrect Dates: Pennsylvania Court

A Pennsylvania court has ruled that election officials cannot reject mail-in ballots with incorrect dates or no dates as long as they were submitted before the filing deadline.

A man photographs himself depositing his ballot in an official ballot drop box at Philadelphia City Hall, Pa., on Oct. 27, 2020. Mark Makela/Getty Images

A panel of the Commonwealth State Appeals Court ruled on Aug. 30 that the state’s legal requirement for mail-in ballot envelopes to have dates written violates the state constitution.

“Simply put, the refusal to count undated or incorrectly dated but timely received mail ballots submitted by otherwise eligible voters because of meaningless and inconsequential paperwork errors violates the fundamental right to vote recognized in and guaranteed by the free and equal elections clause of the Pennsylvania Constitution,” wrote Commonwealth Court Judge Ellen Ceisler for the 4-1 majority.

The ruling applies to both Philadelphia and Allegheny counties, and strikes down a 2019 law – Act 77 – which included a provision requiring voters to date the envelope in which the mail-in ballots are enclosed.

As the Epoch Times notes further, the American Civil Liberties Union (ACLU) challenged that and other provisions, arguing that they are unconstitutional as they sued Pennsylvania Secretary of State Al Schmidt, the Philadelphia County Board of Elections, and the Allegheny County Board of Elections.

The Pennsylvania Republican Party and the Republican National Committee intervened in the case and said the provisions do not violate the state Constitution.

The majority declined to rule against other provisions but said the date requirement is unconstitutional.

Pennsylvania Gov. Josh Shapiro said in a social media statement that the court “got it right: an eligible voter’s minor error of forgetting to date or misdating a ballot envelope cannot be cause for disenfranchisement.”

The appeals court said in the ruling that officials still have the authority to make sure mail-in ballots comply with other requirements, including deadlines for submission.

Pennsylvania’s Department of State said that “multiple court cases have now confirmed that the dating of a mail-in ballot envelope, when election officials can already confirm it was sent and received within the legal voting window, provides no purpose to election administration.”

The office has not said how the decision might alter its guidance to counties that run elections. In July, the Department of State told counties that return envelopes should be printed to include the full year, “2024,” leaving voters to add the accurate month and day.

Mike Lee, executive director of the Pennsylvania ACLU, said the ruling “preserves the votes of thousands of voters who make this mistake in every election, without undemocratic, punitive enforcement by the counties.”

According to data presented to the court, more than 10,000 mail-in ballots were not counted in the 2022 midterm election and 4,000 were rejected in the primary elections earlier this year because the ballots did not comply with the ballot date requirement.

Tom King, who represents the state and national Republican Party groups in the case, said he was disappointed in the decision and “absolutely will appeal.”

Commonwealth Court Judge Patricia McCullough said in a dissent that the date requirement was “perhaps the least burdensome of all ballot-casting requirements” and that the groups that challenged the provision had not met the burden of showing that the requirement was so difficult as to deny voters their right to vote.

“It seems to me that the majority was swayed by the raw numbers and avoided applying the true test for evaluating a Free and Equal Elections Clause claim,” she wrote.

“Today the majority says that requiring the date on the voter declaration on a mail-in or absentee ballot envelope is subject to strict judicial scrutiny and cannot be enforced because doing so unconstitutionally denies the voting franchise altogether. I must wonder whether walking into a polling place, signing your name, licking an envelope, or going to the mailbox can now withstand the majority’s newly minted standard.”

The Associated Press contributed to this report.

Tyler Durden
Tue, 09/03/2024 – 20:30

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FDA Authorizes New COVID-19 Vaccine Without Clinical Data

FDA Authorizes New COVID-19 Vaccine Without Clinical Data

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The U.S. Food and Drug Administration (FDA) has authorized a new COVID-19 vaccine from Novavax, giving Americans an alternative to shots from Moderna and Pfizer.

A dose of Novavax’s COVID-19 vaccine is prepared, in this file image. Joroen Jumelet/ANP/AFP via Getty Images

Novavax’s protein-based vaccine will be available soon after regulators granted emergency authorization to the Maryland-based company for the product.

FDA officials said that animal testing data supported the decision.

“Today’s authorization provides an additional COVID-19 vaccine option that meets the FDA’s standards for safety, effectiveness and manufacturing quality needed to support emergency use authorization,” Dr. Peter Marks, who directs the FDA’s Center for Biologics Evaluation and Research, said in an Aug. 30 statement.

The FDA cleared vaccines from Moderna and Pfizer that are built on messenger ribonucleic acid technology (mRNA) earlier in the month.

Critics say that the agency should not be making an assertion about safety and effectiveness in the absence of clinical trial data.

The assertion rings hollow when FDA has not required manufacturers of the mRNA biological [products] to provide scientific evidence to the public that safety and effectiveness has been demonstrated,” Barbara Loe Fisher, co-founder and president of the National Vaccine Information Center, told The Epoch Times previously via email.

Novavax President and CEO John C. Jacobs said in a statement that the company’s vaccine showed “robust cross-reactivity against JN.1 lineage viruses” in animals.

JN.1 was displaced in the spring by KP.3 and other variants, according to sequencing performed by the U.S. Centers for Disease Control and Prevention.

The CDC estimates that KP.3 and the closely related KP.3.1.1 caused about four in 10 cases in the two weeks ending Aug. 3. The agency estimated that KP.3.1.1 became the dominant strain by the end of August.

The Pfizer and Moderna vaccines target KP.3.

FDA officials initially advised manufacturers to target JN.1 but later recommended they target KP.3.

Because Novavax’s vaccine is built on different technology, it takes longer to manufacture than the mRNA shots. Company officials told FDA advisers over the summer that they were planning to continue manufacturing a JN.1-based vaccine and believed it would perform well against KP.3 and other strains from the JN.1 lineage.

The authorization is for people aged 12 and older. People who have never received a vaccine can get two doses of Novavax’s vaccine about three weeks apart. People who have received a vaccine before can get a single dose.

The Moderna and Pfizer vaccines are available for individuals who are at least 6 months old.

The CDC is recommending vaccination for all people aged 6 months and older.

The United States ended the COVID-19 public health emergency in 2023 but extended the emergency declaration under the Public Readiness and Emergency Preparedness Act until the end of 2024. The FDA issued the emergency authorization under that authority.

COVID-19 levels have plummeted since early 2022, although data from wastewater and other sources have indicated a recent uptick.

Twenty-eight states are reporting high levels of COVID-19 and two states are reporting very high levels, based on wastewater, according to the CDC. Hospitalizations and deaths attributed to COVID-19 have also been climbing, although the numbers are far lower than the highs recorded in 2021 and 2022.

Tyler Durden
Tue, 09/03/2024 – 20:05

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