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BoJ Leaves Policy Stance Unchanged, Optimistic On Global Economy

Having briefly injected some anxiety into markets over reported comments last week about paring back easing in 2019 (which were swiftly denied), Kuroda is likely to err on the dovish side in his comments after BoJ left all monetary policy levers unchanged.

Consensus expectations are that the BOJ to leave all its key policy settings unchanged:

  • likely to keep the short-term rate at -0.1% and target for the 10-year JGB yield at around 0%

  • also likely to maintain the current pace of purchases of exchange-traded funds and real estate investment trusts

  • The BOJ is likely to retain its guideline on the annual pace of JGB accumulation at 80 trillion yen

  • Post-meeting comments by Kuroda are likely to be calibrated to avoid stoking upward pressure on the yen. That means he’s likely to avoid specifics if asked again about how or when the BOJ could manage an exit from extreme stimulus.

And that is what we got. All policy levers unchanged.

There was one dissenter – same as before – this guy not only wanted more NIRP, but also more QE, clearly unaware that the BOJ already owns more than half of all Japanese govt bonds.

  • BOJ Board Member Kataoka Votes Against Keeping Rates Unchanged

  • BOJ Kataoka: Should Take Additional Easing if Delay in Hitting Inflation Target

  • BOJ Kataoka: BOJ Should Lower Yields on JGBs of 10-Years and Longer

Language surrounding the global economy is more optimistic.

And don’t forget there lots of new faces on the BoJ…

For now, Kuroda has made clear the bank remains committed to powerful easing and will stay the course until the inflation target is met. Even though the economy grew better than expected in the fourth quarter, there’s no shortage of worry spots.

And as Bloomberg’s Chris Anstey concludes, all in all, very little change here, as we expected. The news on the BOJ, if any, today is going to come from Governor Kuroda’s press briefing this afternoon. The key questions there will be about his recent comments about starting to think about exiting from stimulus around next year.

Of course, do not forget, The BOJ’s purchases of exchange-traded funds have helped boost Japanese stocks. Bloomberg’s Min Jeong Lee and Nobuyuki Akama show the effects on the Nikkei 225 Stock Average against a history of the BOJ’s ETF buying.

 

Nikkei 225 jumped after-hours on the back of US-Korea headlines but that has all faded…

 

 

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Baltimore Mayor Pledges 60 Taxpayer-Funded Buses To Drive Students To D.C. Gun Protest

Kevin Rector, a crime reporter for the Baltimore Sun Newspaper, recorded Baltimore Mayor Catherine Pugh on Tuesday outside City Hall, shouting through a bullhorn to several hundred zombified students, of how she wants to provide 60 taxpayer-funded buses – to send more than 3,000 students to the March For Our Lives rally in Washington, D.C., scheduled for March 24.

“We are providing at least 60 buses so that our students from our city can take their voices to Washington D.C. so that they can hear what we have to say,” Pugh said while standing next to the new Baltimore City Police Commissioner Darryl De Sousa. “We believe as you believe, that there should be no guns…”

Earlier in the day, hundreds of Baltimore school students walked out of their classrooms onto the most dangerous streets in America, where the per capita homicide rate is on par with Venezuela, a country that is currently experiencing economic collapse.

We ask the question: Why haven’t city students protested Baltimore’s out of control murders?

The students wanted their voices heard and politicians to act regarding gun violence in schools, said WBAL Radio. The walkout is in response to the Marjory Stoneman Douglas High School in Parkland, Florida, which left seventeen people killed and seventeen more wounded, making it one of the world’s deadliest school massacres.

“We’re trying to stop gun violence trickling down to the youth. We see gun violence not just in schools, but all over Baltimore City, and we think it really needs to stop because it’s affecting the youth a lot. So we’re here to say something because we’re not going to be silenced,” said Amee Rothman, a student organizer.

“We all need to come together and protest, so that something can change,” said Talia Jackson, a student. “I’m marching today because I think what is happening is unacceptable and it’s very disturbing.”

City students had no issue leaving their classrooms and walking over to City Hall. Along the way, students passed strip clubs, homeless encampments, and methadone clinics. Nevertheless, since those things are typical in Baltimore, the students blindly passed some of the real issues that are leading Maryland’s largest city towards a collapse.

Students came well prepared. Rector, who was videotaping the underage group, said the students were chanting “This Is What Democracy Looks Like!”

Where have we heard that before?

Well, that phrase is part of a pool of chants that are generally shouted at Soros-funded rallies. It is still unclear who funded the student walkout, but for one thing, the school system and Mayor’s office were well informed that these students were going to walk out. Marches like these take a great deal of city planning through various government entities — regarding permits and coordination with law enforcement. To sum up, this was not a spontaneous walkout by students, it was well planned and organized through community groups working with city officials. That is undeniable…

It is rumored that protesting will be added to Baltimore City Schools’ curriculum next semester.

Fox News host Laura Ingraham blasts Baltimore Mayor for her decision to send 60 buses of 3,000 students to an anti-gun protest in DC on the taxpayer’s money. Throughout the interview, Ingraham confirms our thoughts of how Baltimore is on the verge of imploding, but it is evident, the mayor has other priorities…

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Rhode Island Wants To Tax Pornography

Authored by Simon Black via SovereignMan.com,

The government hasn’t yet figured out how to tax having sex. But Rhode Island at least wants to tax pornography.

Yes I’m serious.

It starts with censorship: two Rhode Island state senators just introduced legislation that would require Internet Service Providers (ISPs) to block all “sexual content and patently offensive material.”

We have no idea, of course, what is considered “offensive”. But in an age of cry-bullies where even the word “man” offends delicate university students, we can only imagine this covers a lot of ground.

Rhode Islanders could then unblock this ‘offensive’ content with a written request, presentation of government-issued ID which proves they’re over the age of 18, and then making a one-time payment of $20.

Internet Service Providers must collect the money and send it to the Rhode Island Treasury every quarter.

Enforcing this law rests solely on the shoulders of the ISPs. If they fail to respond to reports of unblocked pornography or sexual content, they will be fined $500 for each instance.

We can only begin to imagine what other genius ideas these politicians will come up with next.

And to continue learning how to ensure you thrive no matter what happens next in the world, I encourage you to download our free Perfect Plan B Guide.

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China Threatens Tariff Response That “Could Seriously Hurt The International Trade Order”

Despite President Donald Trump’s promises to “be flexible” for “friends” of the US when considering exemptions to the steel and aluminum tariffs that the he’s planning to impose in two weeks, China – the explicit target of the taxes – and the European Union are not at all pleased – and they’re threatening retaliation, per RT.

In a response to today’s announcement, China’s Commerce Industry urged the US to withdraw the planned-for tariffs while threatening to take “strong measures” that could “seriously hurt the international trade order.”

Kim

Adding insult to injury, President Trump boasted on twitter that trade wars are “good and easy to win,” triggering an outraged response from Donald Tusk, president of the European council, who responded, saying the truth is trade wars are “bad and easy to lose” and that the EU’s goal is to keep world trade alive and, if necessary, to protect Europeans  with a “proportionate response.”

 

 

 

 

EU Trade Commissioner Cecilia Malmström said thousands of jobs would be in jeopardy because of Washington’s import tariffs. In response, Europeans have threatened to retaliate by targeting US products such as whiskey, peanut butter, orange juice and motorcycles in retaliation, a group of products that amounts to $3.5 billion in trade annually.

Earlier in the week, China’s Foreign Minister Wang Yi warned that trade wars “harm the initiator,” according to the Guardian.

“As for our trade frictions, history teaches that trade war is never the right solution. In a globalized world it is particularly unhelpful as it will harm the initiator as well as the target country,” China’s Foreign Minister Wang Yi said.

“Given today’s globalization, choosing a trade war is a mistaken prescription. The outcome will only be harmful,” he added on the sidelines of an annual meeting of the national parliament. “China would have to make a justified and necessary response.”

Beijing said nothing about how, exactly, it would retaliate for curbing its metals trade with the US, but, as RT reports, US products like soybeans, aircraft and cars present likely targets for counter-tariffs. However, China has previously used its economic heft to punish US allies. Last year, China lashed out at the South Korean tourism and retail industries after Seoul agreed to host American anti-ballistic missiles on its territory, a move that Beijing described as a threat to its national security.

While the US only imports a small percentage of its steel from China (if one looks at the official data), the country’s rapid growth and debt-fueled expansion of its industrial sector have caused a worldwide glut of steel thanks to trans-shipping (or cheating as Navarro and Trump would say).

South Korean officials also expressed regret at the US tariffs, adding that they would probably inhibit Korean steel exports. The US said it would make exceptions for Mexican and Canadian steel and aluminum while Nafta negotiations are ongoing…

Steel

The Japanese struck a more amenable tone, with Finance Minister Aso said he’d work to get Japanese companies excluded from the tariffs. Though he added that the measures are “extremely regrettable” and that they would have a “big effect” on the global economy, according to Bloomberg.

While Trump prepares to implement the “negotiable” tariffs, plenty of Republicans, Democrats and other critics in the domestic economy are doing everything they can to kill the tariffs. Several US states are also bracing for tariffs, including Connecticut and Louisiana, which are among the states that will be hit the hardest.

States

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8 Reasons Your Portfolio Needs Crisis Insurance

Authored by Olivier Garret via MauldinEconomics.com,

We’ve recently witnessed what I consider to be a turning point for the stock market.

Just when many predicted another growth year for the markets, on Monday, February 5, the Dow plunged by 1,600 points—its greatest point drop in history.


Source: Money.CNN

The sudden decline shook investors’ bullishness to the core. Many belatedly remembered that markets do not always go up and that even the “New Economy” isn’t indestructible.

I have no doubt that the stock market bulls will find excellent excuses for this correction. Fundamentals are still strong for the economy and the markets. Maybe February 5 was just a fluke, and we can move confidently into the future!

I happen to think otherwise. I believe that what we experienced was only the foreshock before the “Big One” hits… and history is on my side.

History Repeats Itself

The vast majority of corrections and crashes follow initial warning signals.

Very often, market tops are followed by a few setbacks, followed by new highs, until the ultimate correction occurs.

The 2000 dot-com collapse is a perfect example.


Source: Wikimedia

The initial correction started on March 11, 2000, but the index didn’t bottom until October 2002 after losing 78% of its pre-crash value.

Similarly, the Financial Crisis of 2008 and the collapse of Lehman Brothers were preceded by the 90% share price drop and subsequent bankruptcy of New Century Financial in March and April of 2007.


Source: StockCharts.com

The market actually peaked on October 9, 2007—a full six months after the initial shock. Then another five months later, Bear Stearns crumbled, followed by IndyMac in July 2008.

Bubbles rarely blow all at once.

The Question You Should Ask Yourself

The question investors should ask themselves is: Which part of the cycle are we in today? Are we closer to a top or to a bottom?

If we are closer to a top and we start seeing early signs of a correction, it’s important to adopt a defensive investment strategy before a more serious crash occurs.

The market may still reach new highs, but the risks are mounting. Personally, I’d rather sacrifice a bit of performance to protect the downside.

The reasons why we want downturn insurance in place now are:

  1. Stocks still have rich valuations today, especially the FAANGs. P/Es are high compared to historical averages.

  2. Over the last several years, corporations have used leverage for financial engineering rather than boosting productivity. US corporate debt levels are at an all-time high (above $6 trillion or about 31% of GDP). This excess leverage is fine when interest rates are low, but it can be deadly in a recession. In addition, stock repurchases don’t have the same impact on profits than capital investments.

  3. Interest rates are expected to increase as a result of the Fed’s tightening policies. Treasury issuances will likely increase over the next few years. Unfortunately, this may coincide with lower demand for US debt from both international and domestic buyers.

  4. Higher interest rates will put pressure on demand for consumer goods and real estate. These are two critical drivers of economic activity in the US.

  5. Many asset categories are currently in bubble territory and prone to downward adjustments: growth stocks, bonds, real estate in many markets, arts, collectibles, and luxury goods, and cryptocurrencies.

  6. Geopolitical risks are not insignificant (North Korea, Iran).

  7. Political gridlock in the US could lead to paralysis after the mid-term elections.

  8. Heightened risks of protectionism and trade wars.

There are some positive indicators that could prolong the current expansion—such as high employment rates and robust economic activity in all the developed economies.

The Trump administration’s tax reform could also boost the economy, although most of the benefits are likely to be delayed.

As far as I am concerned, starting in 2017, I have started adjusting my portfolio to get ready for a sizeable correction. I haven’t sold all my stocks and bonds, of course, but I have rebalanced the asset allocation considerably.

For example, I’ve sold overvalued positions and added a lot of cash to redeploy once the correction hits. And I have purchased a significant amount of gold during the last 12 months—both as insurance and because it is a non-correlated asset class that also happens to be quite inexpensive right now. In fact, the current gold price is a good entry point.

If you don’t know where to start, first learn the difference of gold ETFs vs. physical gold and how to open a gold IRA, which is one of the best ways to buy gold.

Then you’ll have to decide on what type of gold you want to purchase. I recommend sovereign coins such as Gold American Eagles, Canadian Maple Leafs or Gold Buffalos, which are some of the most liquid coins in the market.

In addition, I have made a few long-term leveraged bets on a market correction.

I recommend you do the same.

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Chinese Consumer Prices Spike Most In 5 Years As Food Costs Soar

Yuan is tumbling after Chinese Consumer prices spiked 2.9% YoY in February – the biggest jump in inflation since Nov 2013.

Consumer prices jumped 1.2% MoM and 2.9% YoY (considerably higher than the 2.5% jump expected).

The biggest driver of the price surge being food (something few can do without) which soared 4.4% – the biggest jump since June 2016.

 

On the other hand producer prices rose less than expected, up 3.7% YoY in Feb (vs 3.8% exp and 4.3% in Jan)…

 

With China’s credit impulse slowing (if not reversing) and food inflation soaring, we suggest those who are hoping for more easing from China (which is actively pitching itself as managing leverage and derisking) not hold their breath for too long.

And the Yuan is selling off…

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TEPCO Admits Fukushima-Radiation-Blocking “Ice Wall” Is Failing

It has been nearly two-and-a-half years since TEPCO decided to give its “Game of Thrones”-inspired frozen water wall a second chance, despite initially experiencing difficulty getting the temperature low enough to freeze the ground water. At the time, we questioned their sanity, but pointed out that “wasting” tens of billions of yen on the project would, at the very least, help out the region’s badly damaged GDP…

…But today, with two years before the Tokyo Games, the Japanese utility company admitted to Reuters that the costly “ice wall” (more like an ice floor, it’s essentially a ground barrier consisting of frozen soil) is failing to stop groundwater from seeping into the ruined nuclear reactors at the ruined Fukushima Dai-ichi nuclear plant.

Tepco

The wall’s failure, among other factors, is preventing the company from removing all of the radioactive melted fuel at the site, where one of the world’s worst-ever nuclear disasters unfolded seven years ago when a tsunami struck the area.

When the “ice wall” was announced in 2013, TEPCO assured skeptics that it would effectively limit the flow of groundwater into the plant’s basement, where the water becomes contaminated with radioactive debris.

But since the wall became fully operational in August 2017, an average of 141 metric tonnes of groundwater has seeped into the reactor and turbines each day – worse than the 132 metric tonnes a day that seeped into the ruined plant during the nine months before the wall’s completion.

That’s far from the “nearly nothing” that TEPCO executives promised.

The unplanned groundwater seepage has delayed TEPCO’s clean-up at the site, the company said, and may undermine the entire decommissioning process for the plant, which the utility is tasked with cleaning up before the 2020 Olympics, though in reality, the process will likely take decades.

Tepco

Some of the 160,000 residents that were forced to flee after the disaster when the government declared an “exclusion zone” around the site are beginning to return to their former homes as the government has cut off their public assistance.

What people are finding is a ghost town overrun by radioactive boars.

As we pointed out, TEPCO’s options are apparently at an impasse: The company has lost several “swimming robots” inside the destroyed reactors. The robots were sent in to search for the melted nuclear core.

As Reuters explains, TEPCO sunk 34.5 billion yen ($324 million) in public funds into the project, which involved deploying 1,500 tubes filled with brine to a depth of 30 meters (100 feet) in a 1.5-kilometre (1-mile) perimeter around the plant’s four reactors. The plant then cools the brine to minus 30 degrees Celsius (minus 22 Fahrenheit). The goal is to freeze the soil into a solid mass.

What’s worse, the continuing seepage has created more toxic water that Tepco must pump out and store in cumbersome containers. The company says it will run out of space for the water by early 2021.

One nuclear regulator who spoke with Reuters said he believed the wall had been oversold..

“I believe the ice wall was ‘oversold’ in that it would solve all the release and storage concerns,” said Dale Klein, the former chairman of the U.S. Nuclear Regulatory Commission and the head of an external committee advising Tepco on safety issues.

“The hydrology of the Fukushima site is very complicated and thus the exact water flow is hard to predict,” he said, “especially during heavy rains.”

Depending on the level of rain, the amount of water flowing into the ruined plant can fluctuate between 83 tons during a dry month to 866 during a typhoon.

A government panel blasted the ice wall on Wednesday, saying it was only partially effective. What’s worse, the ice wall was supposed to be a crucial element of Japan’s plan to show that it has the cleanup effort under control.

The failure is bad news for area fishermen, because the government’s only other viable solution appears to be emptying tritium-laced water into the Pacific Ocean – which has angered locals, and probably should anger the international community as well.

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Why Investors Turn To Copper As An Inflation Hedge

Every year, a vast amount of copper is used by the global economy to manufacture a wide variety of goods.

It’s a major ingredient in big-ticket consumer goods like autos, appliances, electronics, and new homes. Simultaneously, Visual Capitalists’ Jeff Desjardins points out that copper is also gobbled up for many industrial uses including telecommunications, utilities, construction, and industrial machinery.

AN ECONOMIC BELLWETHER

Today’s infographic comes to us from Kutcho Copper, and it shows the red metal’s important role in the economy, as well as why it has become a famous economic bellwether.

Courtesy of: Visual Capitalist

Rising Demand
When the economy is doing well and new things are being made, demand soars for the red metal.

Rising Price
When demand goes up, it drives the price of copper higher.

All Eyes on Copper
Because of this historic relationship, analysts around the world watch the price of copper closely.

Dr. Copper
Copper’s long history of predicting economic movements has famously earned it a nickname as the metal “with a Ph.D. in economics”

In other words: when construction and manufacturing are growing, so do sales of copper products. But this link as an economic gauge has other important implications, especially to investors looking to build a robust portfolio.

RISING PRICES, RISING COPPER

While copper’s link to economic trends is interesting, it’s power to shield a portfolio from inflation is even more compelling.

Rising prices come from an overheating economy with strong consumer spending – the same factor that is an influence on copper prices. As a result of this connection, tor every 1% annual increase in consumer prices since 1992, copper’s price jumped almost 18%.

In an analysis by Bloomberg Intelligence, copper outperformed every major asset class aside from energy as an inflation hedge – and during periods of rising consumer prices, copper had triple the 5.2% gain logged by gold.

A THREAT TO PORTFOLIOS

Inflation can absolutely kill an unprotected portfolio.

Why? If inflation is higher than the portfolio’s rate of return, then that portfolio is actually producing a negative real return. (Example: 2% growth – 3% inflation = -1% return)

In other words, inflation can be a “stealth” threat that chips away at returns, especially for fixed income portfolios. The good news: holding copper or other commodities can protect against rising prices.

COPPER: THE INFLATION HEDGE

At the end of the day, other industrial metals are very specialized in their use, and precious metals tend to be driven by investor sentiment.

Copper, on the other hand, is used in a vast array of industrial and technological uses, which makes it a proxy for the economy as a whole.

Copper is more sensitive to inflation and the dollar because of its uses and its growth with the economy.

– Jodie Gunzberg, S&P Dow Jones Indices

 

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CDC: US Opioid Crisis Getting Worse – “We Have An Emergency On Our Hands”

Across the United States, government officials are struggling to combat the next wave of the opioid epidemic, which is expected to deliver a massive blow to the heartland. A new report from the Centers for Disease Control and Prevention (CDC) confirms the opioid crisis has dramatically worsened since the second half of 2016. Raw data from hospital emergency rooms show a significant increase in drug overdoses across the U.S.

In a press briefing on Tuesday, CDC Director Anne Schuchat, M.D., warned that the U.S. is currently experiencing the highest drug overdose death rates ever.

In the newly issued report, which examined data from 16 states, emergency department visits for suspected opioid overdoses jumped 30 percent from July 2016 through September 2017. In some regions of the country, overdoses were far more significant, but overall, data from most areas showed the opioid crisis is worsening, despite President Trump’s new initiative to tackle the epidemic.

“We have an emergency on our hands,” says CDC Director Anne Schuchat. “The fast-moving opioid overdose epidemic continues and is accelerating.”

According to the report, opioid overdoses increased for both genders, in all age groups, and across all regions in the U.S.

From July 2016 through September 2017, opioid overdoses increased:

  • Men (↑30%) and women (↑24%)

  • People ages 25-34 (↑ 31%), 35-54 (↑36%), and 55 and over (↑32%)

  • Most states (↑ 30% average), especially in the Midwest (↑70% average)

SOURCE: CDC’s National Syndromic Surveillance Program, 52 jurisdictions in 45 states reporting.

Opioid overdoses continued to increase in cities and towns of all types: 

  • Non-core (non-metro): 21 percent increase

  • Micropolitan (non-metro): 24 percent increase

  • Small metro: 37 percent increase

  • Medium metro: 43 percent increase

  • Large fringe metro: 21 percent increase

  • Large central metro: 54 percent increase – Large and steady increase for large cities

SOURCE: CDC’s Enhanced State Opioid Overdose Surveillance (ESOOS) Program, 16 states reporting percent changes from July 2016 through September 2017.

Recent trends in opioid overdose emergency department (ED) visits provides a shocking view of this fast-moving epidemic: 

SOURCE: CDC’s Enhanced State Opioid Overdose Surveillance (ESOOS) Program, 16 states reporting percent changes from July 2016 through September 2017.

“Long before we receive data from death certificates, emergency department data can point to alarming increases in opioid overdoses,” Schuchat said in a statement. “This fast-moving epidemic affects both men and women, and people of every age. It does not respect state or county lines and is still increasing in every region in the United States.”

CDC provides three shocking statistics from the latest report indicating the opioid crisis is out of control: 

  • Opioid overdoses went up 30% from July 2016 through September 2017 in 52 areas in 45 states.
  • The Midwestern region witnessed opioid overdoses increase 70% from July 2016 through September 2017.
  • Opioid overdoses in large cities increased by 54% in 16 states.

CBS News believes fentanyl could be the responsible actor in the recent surge of overdoses: 

The reasons for these increases are unclear, but officials say it may have to do with changes in the drug supply, including the availability of newer, highly toxic illegal opioids such as fentanyl, which has been spreading rapidly in recent years. Fentanyl, a synthetic drug that’s 50 to 100 times stronger than morphine, is often mixed in to make heroin more potent, leading many users to OD.  

It is all downhill from here, as the opioid crisis is now affecting most generations in all regions across the United States, which could be problematic for the US economy as millennials are set to dominate the most productive age segment of the US labor market.  Even the Federal Reserve has warned about the impact of the opioid crisis on productivity and the labor market.

But then again, DARPA, Silicon Valley, and Wall Street are quietly building an army of AI robots in the shadows, waiting for the moment America’s middle-class nose dives under the weight of the opioid crisis. So far, drug overdoses have managed to plunge the US life expectancy lower for two consecutive years, the last time this occurred it was 1963 and shortly after markets tumbled.

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How “Offended, Emotionally Shaken” Lawmakers Responded To This Viral Gun Speech By Nick Freitas

Authored by Daisy Luther via The Organic Prepper blog,

You may not have ever heard of Nick Freitas before, but I have a feeling we’ll all be hearing a lot about him soon. At first glance, this may seem very political, very Republican vs. Democrat.

But it’s not. It’s about logic versus emotion.

It’s about an eloquent defense of the Second Amendment and the reason that the gun control debate is stalled. And the response to this speech underlined everything that was said.

It’s about people who got so upset about historic facts that they had to leave the room instead of engaging in a discussion.

Last week, he gave a rousing speech on the floor of the Virginia House of Delegates in defense of the Second Amendment. Some of his key points:

  • We need to find out if gun-free zones are effective

  • We need to understand the reasons behind the Second Amendment

  • We need to make self-defense possible

  • We should consider arming teachers

  • We need to discuss this issue with mutual respect

  • We have to admit that the government failed in the Florida school shooting

One point he brought up that really spoke to me personally was the fact that not all gun-related acts of self-defense involve pulling the trigger and shooting the perpetrator. I know that in my own case during an attempted home invasion, just the presence of my gun and the perception of the would-be criminals that I wouldn’t hesitate to use it, deterred what could have been a heinous crime against me and my daughter.

Freitas said in the speech that we have an inherent right to defend ourselves and that he will not accept a false narrative. He pointed out that he and his fellow Republicans don’t believe Democrats when they say that all they want to do is ban bump stocks.

Freitas is a retired Green Beret who served 2 tours in Iraq.  (source) He was elected to the state delegation in 2016 and is a self-described Libertarian-Republican.

Listen to the entire speech in the video below.

The response by lawmakers

Despite Freitas’s factual and logical arguments, a number of Democrat delegates actually walked out of the room during his recitation of horrific past policies that were instituted by their own party and his plea for mutual respect so that a real conversation could happen.

Delegate Lamont Bagley was really upset, calling the speech “hateful and divisive.”

“We realize that we live in a ugly political moment. So while we were offended, we were not surprised,” Bagby said. “It should embarrass every member of this body that we have allowed such rhetoric to enter these chambers. Bringing up a very painful past to make a political point is disgusting and poisonous.” (source)

Delegate Delores McQuinn, who walked out while Freitas was speaking, told reporters:

“Let us not bring in things that would be hurtful and painful to people who have to live in a skin that some of you will never know and have to endure a reality that being black in America is sometimes difficult.” (source)

Freitas seemed unconcerned at the outrage, responding:

“More and more, offense is used as a weapon with which to turn away debate.And I’m not going to accept that.” (source)

His speech was so popular that he was interviewed by CNN, who played a clip of a Democrat, Delegate Joseph Lindsay, who said he was “offended as he had never been offended since being a part of this body” by Freitas’s passionate speech. He claimed that his colleagues were “emotionally shaken and bothered.”

Freitas wasn’t having any of it.

There aren’t many politicians that I’d say I would support, but Freitas just might be the exception. He’s currently running for the US Senate against Tim Kaine, who is the former governor of Virginia and was Hillary Clinton’s running mate in her failed bid for the presidency.

In his announcement for the bid, he promised to combat a worldview that “treats free people as if we were subjects instead of citizens.” He also said, “Quite frankly, establishment elements from both sides of the aisle have been responsible in thinking themselves made from finer clay than the rest of humanity.” (source)

Yep, I’m pretty sure we’ll be hearing more about Nick Freitas.

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