Lukewarm Promises at the U.N. Climate Change Conference


COP26introNewscom

The 120 or so presidents, prime ministers, princes, and other potentates gathered for the United Nations Climate Change Conference (COP26) in Glasgow, Scotland, have now all had their three minutes of climate change fame. President Joe Biden was in attendance, while Chinese President Xi Jinping and Russian President Vladimir Putin were no-shows.

At COP26, signatories to the Paris Agreement on climate change are supposed to submit their updated nationally determined contributions (NDCs), increasing the ambition of their earlier pledges to reduce their emissions of the greenhouse gases (GHGs) that are warming the planet. The Biden administration formally committed the U.S. to reducing its annual net GHG emissions to 50–52 percent below 2005 levels by 2030.

Under the 2015 Copenhagen Accord, the Obama administration’s NDC committed the U.S. to cut its net GHG emissions to 17 percent below 2005 levels by 2020 and to 26–28 percent below 2005 levels by 2025. The Rhodium Group, a consultancy firm, estimates that the U.S. actually exceeded its 2020 target and cut its GHG emissions by 21.5 percent. This was the result of the ongoing switch to cheap fracked natural gas, which produces half the carbon dioxide emissions as coal does in generating electricity. The economic fallout of the pandemic and stifled travel further reduced emissions. President Joe Biden’s new pledge gives the nation five years (2025–2030) to achieve essentially the same scale of GHG reductions that the Obama administration planned to attain after 10 (2015–2025).

Many countries were not so ambitious. China made very minor adjustments to its previous NDC pledge to peak its GHG emissions by 2030 and cut them to net-zero by 2060. China is the world’s largest emitter of carbon dioxide at 10.2 gigatons released in 2020. If current trends continue, its emissions would peak at around 16 gigatons in 2030. Adding in China’s emissions of other GHGs like methane, nitrous oxide, and various fluorinated gases, the country emitted 27 percent of the global total in 2019.

In comparison, the U.S. emitted 6.6 gigatons of GHGs in 2019, of which 5.3 gigatons were carbon dioxide, adding up to around 11 percent of global emissions. If Biden’s NDC benchmarks are implemented, U.S. GHG emissions would fall to 3.3 gigatons by the end of this decade.

Meanwhile, Putin essentially reiterated Russia’s NDC that promises to reduce its GHG emissions to 30 percent below its levels in 1990. In 1990, just before the collapse of the Soviet Union, the Russian Federation emitted about 3.1 gigatons of GHGs. It now emits a bit over 2.5 gigatons, which already amounts to a 19 percent reduction below the 1990 level.

Putin’s plan to reduce Russia’s GHG emissions even that much depends largely on his country’s vast forests absorbing carbon dioxide. One problem: Massive forest fires in Siberia this year likely released nearly one gigaton of carbon dioxide into the atmosphere. Putin did, however, add that Russia would aim for carbon neutrality by 2060.

The Paris Agreement’s aspirational goal is to keep the global average temperature from rising by more than 1.5°C by 2100. According to the U.N. Environment Programme, the nations of the world would need to cut global emissions by 55 percent before 2030 in order to stay on track toward that goal. Climate activists at COP26 have embraced “keep 1.5°C alive!” as a slogan. But given the lukewarm ambitions of some of the world’s biggest emitters, that is very unlikely to happen.

I will be reporting from COP26 next week, and I will delve more deeply into the potential effects on future temperature trends stemming from nations’ pledges to stop deforestation, reduce methane emissions, and shut down coal-fired electric power plants.

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Realtors Group Hearing “Hate Speech” “Ethics Complaint” Against Pastor-Realtor …

Late last year, the National Association of Realtors adopted a policy forbidding members from engaging in supposedly “harassing speech” or “hate speech” even in their private lives, entirely outside the context of real estate transactions. The Realtors are a private organization, so this isn’t a First Amendment violation, just as blacklisting of supposedly “un-American” employees in the 1950s wasn’t a First Amendment violation. But it strikes me as potentially quite dangerous, especially given that National Association of Realtors membership appears to be quite important professionally to real estate agents (more on that below).

In any event, we’re seeing now the potential scope of the policy: The Missoula Organization of Realtors (which is the Missoula County affiliate of the National Association) has concluded that a member of the public’s complaint against Montana realtor Brandon Huber “if taken as true on its face, constitutes potentially unethical conduct [under the prohibitions on ‘harassing speech’ and ‘hate speech’] and will be forwarded to the Professional Standards Committee”; Huber now faces a disciplinary hearing on Dec. 2, 2021. According to Huber’s lawsuit against the Missoula Organization of Realtors,

Penalties for violating [the speech code] include a $5,000 fine and suspension or termination of membership privileges, including denial of access to the Multiple Listing Service (MLS), a searchable online database that sorts available real estate properties by parameters such as square footage, acreage, and architectural style.

The complaint was apparently based on the following incident (to quote the lawsuit):

[31.] Brandon Huber also serves as lead pastor for Clinton Community Church in Clinton, Montana….

[34.] For many years, the Church had partnered with the Missoula Food Bank for the “Kids Eat Free” summer lunch program, which involved the distribution of free lunches throughout the summer to families with children.

[35.] In June 2021, the Church discovered that the Missoula Food Bank included an LGBTQ “Pride” insert in its lunches that was contrary to the Church’s teachings.

[36.] After discussing the matter with the Missoula Food Bank, the Church declined to participate further in the food bank’s program.

[37.] Instead, the Church began providing a separate lunch program for the community.

[38.] The Church announced its reasoning for this change on July 2, 2021, in a letter distributed to congregants as well as on the Facebook page of a local Clinton community group.

[39.] This announcement included the following paragraph:

This year, as well as the past two years, we have partnered with the Missoula Food Bank for the “Kids Eat Free” summer lunch program. This has been a great honor for us to be able to support the kids and families in our community with these meals throughout the summer months. This past week we found printed material in the lunches that we were handing out, that went against our biblical doctrine. After conversations with the food bank, we have found out that our beliefs and that of the Missoula Food Bank do not align. Due to this, Clinton Community Church has decided to end our partnership with the Missoula food bank effective today July 2, 2021.

The complaint opined that, based on this, Huber “cannot separate his religious bias from his entire person and will continue to be inherently biased against the LGBTQIAS+ community in any and all circumstances.” (The complaint also alleges that Huber referred to “gays being an abomination” and “defilement of scripture,” but Huber’s lawsuit claims that he had never made any such comments.)

Now naturally members of the public can criticize Huber, if they want, for his religious views (or secular views), and can decline to do business with him. But I think it’s dangerous and improper for an important professional organization such as an Association of Realtors to threaten to expel members for expressing such views—just as it would be to threaten to expel them for (say) speech that praises or makes excuses of rioters, or expresses hostility to capitalism and capitalists, or (as the hate speech ban itself might do) sharply criticizes conservative Christianity.

Huber is suing the Association for a declaratory judgment that (1) punishing him for his speech violates the Montana Constitution, which provides that, “Neither the state nor any person, firm, corporation, or institution shall discriminate against any person in the exercise of his civil or political rights on account of race, color, sex, culture, social origin or condition, or political or religious ideas” (emphasis added), and that (2) the Association of Realtors’ speech code is too vague under contract law. I’m not sure whether his claim will prevail under Montana law, but I’m glad he’s fighting this.

I should note that the National Association of Realtors and its state affiliates get various benefits under laws and regulations in various states, including Montana. A Montana regulation, for instance, provides

Each active licensee is required to complete a minimum of 12 hours of continuing property management education every licensing year … in property management continuing education courses that are:

(a) approved by the Association of Real Estate License Law Officials’ (ARELLO) Distance Education Certification, or a state real estate licensing regulatory agency or real estate commission; or

(b) endorsed by a national, state, or local Association of REALTORS®, or any national, state, or local real estate, landlords, or property management association.

Oklahoma law appears to give the Oklahoma Association of Realtors and the National Association of Realtors an even more special role in this process (since it doesn’t mention any other real-estate-related association). Laws in other states, such as Utah and West Virginia, give state Associations of Realtors the power to nominate members of various government boards.

It seems to me that state legislatures could and should provide that any such government-assigned powers will extend only to associations that don’t discriminate in membership based on the members’ race, religion, sex, constitutionally protected speech, and the like. Such nondiscrimination conditions attached to government-provided benefits are constitutional even as to purely ideological groups that seek, for instance, the sorts of benefits that universities routinely provide to all student groups, see Christian Legal Society v. Martinez (2010). They should be even more clearly constitutional and proper as to commercial professional groups, especially ones that get special benefits beyond those that other groups get.

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Jay “Brrrr” Powell, Lael “Brrrr” Brainard Both Seen At The White House On Thursday

Jay “Brrrr” Powell, Lael “Brrrr” Brainard Both Seen At The White House On Thursday

Shortly after the WSJ reported late on Thursday that Jay “Brrrrr” Powell was seen visiting the White House on Thursday, a visit that some said was likely to cement the Fed chair’s renomination for one more term even as Biden says he still hasn’t made a decision on Fed chair nomination amid vocal opposition from progressives such as Liz Warren who would prefer Clinton-supporting uberdove Lael Brainard to be the head money printer of the US, moments ago Reuters reported that Brainard was also seen at the White House on Thursday, potentially complicating the nomination calculus.

Or maybe not, because according to predictit, after pilling dangerously close in recent days in the aftermath of the Fed’s insider trading scandals…

… Brainard odds of replacing Powell have collapsed.

Still, at some point Brainard will become Fed chair – after all someone has to push through the $150 trillion “net zero” QE insanity; and until then, Brainard will most likely be promoted to the post recently vacated by Randy Quarles, as she becomes bank supervision head.

In any case, Bloomberg adds that it wasn’t clear if Biden met with either Powell or Brainard, and notes that Biden has not yet made a decision, according to people familiar with the matter. To be sure, Biden is certainly late as traditionally the president has made a decision by this time ahead of the renomination date.

On Thursday, Axios reported that the White House called for a meeting between Federal Reserve Chairman Jerome Powell and Democratic senators before Thanksgiving amid opposition from leading progressive Sen. Elizabeth Warren (D-Mass.) to his renomination, people familiar with the situation told Axios.

It wasn’t clear if Powell was also expected to give Senate Democrats some hot stock tips…

Tyler Durden
Fri, 11/05/2021 – 11:38

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Rabobank: We See Central Banks iPooing Themselves

Rabobank: We See Central Banks iPooing Themselves

By Michael Every of Rabobank

This week, the RBA were dowks (dovish hawks), and somehow couldn’t link rates to high house prices; the Fed were dowks, and somehow couldn’t link rates to high stock prices; so, of course the BOE, who had talked up market expectations of a 15bp rate hike, were also dowks, sending bond yields tumbling as they left rates on hold.

As BOE-watcher Stefan Koopman notes in the aptly titled “Forward Misguidance”, the near-term inflation forecast was revised up to 5%(!) in April 2022, and while this is seen as “transitory”, that claim is not even backed up by the Bank’s own forecasts. Growth was also revised down, even as the Bank warned a rate increase will be necessary “over coming months” – with labor market data to perhaps prove key. Stefan warns monetary tightening into a negative supply shock could turn out to be a mistake, and that the consequences of successive forward misguidance is that front-end yield curve volatility will remain elevated.

The Old Lady of Threadneedle Street, as the BOE is still known, is trying to thread the needle. In fact, with Halloween just behind us, it is doing far more than that. Like the 2011 South Park episode ‘HumancentiPad’ –where Kyle doesn’t read the user terms and conditions on his iPad, and so gives his consent to being stitched to two other people– the BOE is using a needle to stitch itself into an RBA-Fed-BOE Centralbank-iPad, hoping it scares the market – and the plunge in yields, and surge in stocks and the US Dollar this week says it is working so far. After all, the market never reads the terms and conditions. For its part, the RBA’s Statement on Monetary Policy today noted that “a rapid trajectory of recovery seems unlikely,” wages are “only expected to increase gradually,” the Bank is “prepared to be patient on rate rises,” and the first hike is still not seen until 2024: the Aussie market was pricing in over three hikes before that release, forcing another volatile repricing.

Or the BOE will stitch itself to the RBNZ and hike rates, which Stefan clearly sees as a potential looming policy error. However, it mostly seems only emerging markets are taking inflation, and monetary policy, seriously, with the Czechs hiking 125bp yesterday, for example, while Brazil recently did 150bp in one go. Does this DM/EM divide show structural outperformance, or institutional underperformance? Or, just how unfair it is that DM can run inflation of 5% while saying “transitory”, yet EM get smacked if inflation is slightly above target for five minutes?  

Yes, today “is all about US payrolls”. But it literally seems five minutes since I last wrote how boring it is to keep saying how important this number is, when most of the time it really isn’t. The market is expecting 450K for October, up from 194K – but after all the DM central-bankery this week, do you seriously think the Fed are going to shift hawkish on the back of a stronger print?

Moreover, the White House just set 4 January as the deadline for a large business vaccine mandate, with SMEs seemingly to follow. Note that people who haven’t gotten vaxxed so far didn’t forget: they don’t want to. We will therefore see the White House/firms threaten those who don’t get jabbed with loss of work; and empowered workers threaten businesses and GDP if they are jabbed at. Let’s lose another 20-30% of truckers, for example, and see where we end up economically. Unless the Supreme Court reads the terms and conditions and shoots it all down. (As it also edges towards allowing Americans to shoot things up, in terms of firearms.)

Politics, like the Thailand souvenir T-shirt few can now buy, is not ‘iPad’, but ‘iPooed’: PM Johnson has performed yet another U-turn, this time on independent sleaze investigations; as the Wall Street Journal puts it, ‘Indictment of Igor Danchenko Casts New doubts on Sourcing of Steele Dossier’; despite another promise of stimulus bills being passed imminently, at time of writing the Democratic Party still seemed to be a legislative circular firing squad; and the front page of the FT this morning is the White House blaming OPEC for risking imperilling the economic recovery, not its own actions on domestic fossil fuels.

This week has also seen the Pentagon report to Congress on Military and Security Developments Involving the People’s Republic of China, laying out the staggering scale of China’s recent advances; as Chinese state-owned media announce that from 1 January, its military expenditure will be expanded to provide free or preferential medical treatment to military families, as part of efforts to “maintain a focus on war preparation” and “strengthen troops’ cohesion and combat power.”

Meanwhile, markets have lots to chew on in matters they do pay attention to:

As Reuters puts it, ‘US toymaker looks beyond port logjams to the risk of gluts’, rightly worrying that if US consumer stimulus passes, high inflation and shortages are locked in, but if it doesn’t, then what is now a shortfall of everything could soon be a glut of everything. At no point here do we see a nice, easy return to a 2% CPI world. I suspect we therefore see Central-Banks-iPooing themselves.

In China, junk bonds yields continue to soar, and even no-red-lines-crossed property developer Kaisa was suspended from trading in Hong Kong this morning, after its bonds collapsed yesterday: it was mixed up in wealth management products. Is this really “contained”?

And as the US and EU plan ‘green tariffs’ on Chinese steel and aluminium, and the US is talking about higher China tariffs on some key value-chain areas, from 1 December, 32 nations will no longer grant favorable tariff treatment to Beijing, which will hit labor-intensive enterprises. Textiles and footwear exports still account for a notable slice of total Chinese shipments. Remove those hefty dollar earnings and net inflows (which, as Bloomberg reports today, mysteriously don’t show up in FX reserves) could look a lot smaller – unless Wall Street, which never met an iPad or an iPoo it didn’t like, can channel even more US funds into Chinese assets.

Happy Friday.

Tyler Durden
Fri, 11/05/2021 – 11:25

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“Did Glenn Youngkin Really Win Among Latinos? Or Did Terry McAuliffe Crush Him?”

From Politico (Sabrina Rodriguez & Marc Caputo):

Republican Glenn Youngkin pulled off the unthinkable in his victory in the Virginia governor’s race Tuesday: He won the Latino vote by roughly a dozen percentage points.

Or perhaps not.

Youngkin’s impressive performance was one of the exit poll findings from the Associated Press’ VoteCast. But according to Edison Research, which conducts the exit poll for the TV networks, Democrat Terry McAuliffe crushed Youngkin among Latino voters, carrying the group by a hefty 34 points….

In Virginia, none of the exit polls or surveys leading up to election night had a large enough sample of Latinos to be statistically significant — Latinos only account for between 5 and 7 percent of the state’s registered voters….

Exit polls have [also] become trickier to perform today than in the past, when most people voted on Election Day and it was easier for interviewers to grab voters at precincts after they cast their ballots….

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Lukewarm Promises at the U.N. Climate Change Conference


COP26introNewscom

The 120 or so presidents, prime ministers, princes, and other potentates gathered for the United Nations Climate Change Conference (COP26) in Glasgow, Scotland, have now all had their three minutes of climate change fame. President Joe Biden was in attendance, while Chinese President Xi Jinping and Russian President Vladimir Putin were no-shows.

At COP26, signatories to the Paris Agreement on climate change are supposed to submit their updated nationally determined contributions (NDCs), increasing the ambition of their earlier pledges to reduce their emissions of the greenhouse gases (GHGs) that are warming the planet. The Biden administration formally committed the U.S. to reducing its annual net GHG emissions to 50–52 percent below 2005 levels by 2030.

Under the 2015 Copenhagen Accord, the Obama administration’s NDC committed the U.S. to cut its net GHG emissions to 17 percent below 2005 levels by 2020 and to 26–28 percent below 2005 levels by 2025. The Rhodium Group, a consultancy firm, estimates that the U.S. actually exceeded its 2020 target and cut its GHG emissions by 21.5 percent. This was the result of the ongoing switch to cheap fracked natural gas, which produces half the carbon dioxide emissions as coal does in generating electricity. The economic fallout of the pandemic and stifled travel further reduced emissions. President Joe Biden’s new pledge gives the nation five years (2025–2030) to achieve essentially the same scale of GHG reductions that the Obama administration planned to attain after 10 (2015–2025).

Many countries were not so ambitious. China made very minor adjustments to its previous NDC pledge to peak its GHG emissions by 2030 and cut them to net-zero by 2060. China is the world’s largest emitter of carbon dioxide at 10.2 gigatons released in 2020. If current trends continue, its emissions would peak at around 16 gigatons in 2030. Adding in China’s emissions of other GHGs like methane, nitrous oxide, and various fluorinated gases, the country emitted 27 percent of the global total in 2019.

In comparison, the U.S. emitted 6.6 gigatons of GHGs in 2019, of which 5.3 gigatons were carbon dioxide, adding up to around 11 percent of global emissions. If Biden’s NDC benchmarks are implemented, U.S. GHG emissions would fall to 3.3 gigatons by the end of this decade.

Meanwhile, Putin essentially reiterated Russia’s NDC that promises to reduce its GHG emissions to 30 percent below its levels in 1990. In 1990, just before the collapse of the Soviet Union, the Russian Federation emitted about 3.1 gigatons of GHGs. It now emits a bit over 2.5 gigatons, which already amounts to a 19 percent reduction below the 1990 level.

Putin’s plan to reduce Russia’s GHG emissions even that much depends largely on his country’s vast forests absorbing carbon dioxide. One problem: Massive forest fires in Siberia this year likely released nearly one gigaton of carbon dioxide into the atmosphere. Putin did, however, add that Russia would aim for carbon neutrality by 2060.

The Paris Agreement’s aspirational goal is to keep the global average temperature from rising by more than 1.5°C by 2100. According to the U.N. Environment Programme, the nations of the world would need to cut global emissions by 55 percent before 2030 in order to stay on track toward that goal. Climate activists at COP26 have embraced “keep 1.5°C alive!” as a slogan. But given the lukewarm ambitions of some of the world’s biggest emitters, that is very unlikely to happen.

I will be reporting from COP26 next week, and I will delve more deeply into the potential effects on future temperature trends stemming from nations’ pledges to stop deforestation, reduce methane emissions, and shut down coal-fired electric power plants.

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“Did Glenn Youngkin Really Win Among Latinos? Or Did Terry McAuliffe Crush Him?”

From Politico (Sabrina Rodriguez & Marc Caputo):

Republican Glenn Youngkin pulled off the unthinkable in his victory in the Virginia governor’s race Tuesday: He won the Latino vote by roughly a dozen percentage points.

Or perhaps not.

Youngkin’s impressive performance was one of the exit poll findings from the Associated Press’ VoteCast. But according to Edison Research, which conducts the exit poll for the TV networks, Democrat Terry McAuliffe crushed Youngkin among Latino voters, carrying the group by a hefty 34 points….

In Virginia, none of the exit polls or surveys leading up to election night had a large enough sample of Latinos to be statistically significant — Latinos only account for between 5 and 7 percent of the state’s registered voters….

Exit polls have [also] become trickier to perform today than in the past, when most people voted on Election Day and it was easier for interviewers to grab voters at precincts after they cast their ballots….

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Workhorse Shares Drop Sharply After DOJ, SEC Investigations Revealed

Workhorse Shares Drop Sharply After DOJ, SEC Investigations Revealed

Shares of Workhorse dropped sharply Friday morning on news that the Securities and Exchange Commission and the Department of Justice are investigating the company.

The DOJ has “opened an investigation” into Workhorse, the Wall Street Journal reported Friday morning, citing documents. The focus of the inquiry wasn’t revealed, the report says. 

The Securities and Exchange Commission is also investigating the company, the report adds. Since an initial probe by the SEC was reported in September by WSJ, the company has “notified the SEC of misstatements it had made to safety regulators”.

Workhorse is the third EV company to be placed under scrutiny by the DOJ in the last 14 months, the report notes.

Those companies, Workhorse, Lordstown Motors and Nikola Corp. have all been targeted by short sellers. Workhorse was an early investor in Lordstown, the report notes. 

Recall, Nikola founder Trevor Milton was charged with three counts of fraud earlier this year. Milton was charged with making false claims regarding “nearly all aspects of the business”, according to a CNBC report this summer.

Among the bolder accusations made by Hindenburg Research in their scathing report about Nikola Corporation in late 2020 was the allegation that Nikola faked its Nikola One semi truck “in motion” video, which appeared to show a functioning big rig barreling through the desert, trailer in tow. Nikola later admitted that the video was simply a truck rolling down a hill.

Lordstown was also a target of Hindenburg back in May of this year, who released a report raising questions about the validity of the company’s pre-orders.
 

Tyler Durden
Fri, 11/05/2021 – 11:11

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Remember, Remember, The 5th Of November; The Bitcoin Revolution And Plot…

Remember, Remember, The 5th Of November; The Bitcoin Revolution And Plot…

Authored by Aleksandar Svetski via BitcoinMagazine.com,

The anniversary of Guy Fawkes’ Gunpowder Plot is a perfect time to remember Bitcoin as truth, and to move another step closer to obsoleting the parasitic nature of the current system.

“Remember, Remember,

The 5th of November,

The Gunpowder Treason and Plot,

I know of no reason

Why the Gunpowder Treason

Should ever be forgot.”

Traditional Guy Fawkes Night rhyme

On what better day and in what better way to remind everyone why we’re all here in the first place, than a little excerpt inspired by “V For Vendetta”?

On this most auspicious day roughly 400 years ago, a man named Guy Fawkes attempted to blow up parliament in England. While he may have failed in the act, his message was remembered.

His act was symbolic. It serves to remind people that their government exists to serve them, not to rule over them.

Here we are in 2021, almost half a millennium later, fighting the same fight, against an arguably more vicious foe. Only this time, we don’t need to blow up any buildings to prove a point. This time we have the ultimate tool, the ultimate weapon and the ultimate symbol.

Bitcoin does what no force or symbol has done before. It removes the ace that all governments throughout history have had up their sleeves, with which they’ve gained the upper hand over the citizenry.

It’s been their mechanism of control, of parasitism and of literally baking moral hazard into the grand game of life.

Yes, I’m talking about the money.

By placing it outside of the reach of any of us, whether individual, government, corporation, central bank or institution of any kind, we have for the first time in human history a true equality of opportunity. In fact, it’s the only equality of opportunity that can be verifiably measured and that actually counts. With it, we also have the potential for a prospering of the commons.

Bitcoin isn’t just “the next financial product” that the monkeys on Wall Street or scammers like Rug Pal would like to have you believe in with their blind attempts at financializing it, and patting themselves on the back over a stupid ETF. Nor is Bitcoin just another “Fourth Turning” event which is transient or cyclical in nature, like the morons who wrote “The Fourth Turning” may believe.

This is so much bigger than what any of us can begin to fathom. And Satoshi Nakamoto themselves knew that viscerally:

“Sorry to be a wet blanket. Writing a description for this thing for general audiences is bloody hard. There’s nothing to relate it to.”

Satoshi Nakamoto

Bitcoin is a step change in how humanity will operate. It will usher in a time when the map truly represents the territory, in high fidelity, when the scorecard of life is accurately measurable and incorruptible.

Bitcoin is like a time and energy superconductor which enables economic and behavioral feedback loops, and human coordination across time and space in a way never before achieved.

It is our tool to get through the great filter and we need to remember that. We need to remember it because we’re surrounded by enemies on all sides.

From shitcoiners to Silicon Valley soys and their venture capital firms, to bankers, hedge funds, governments, the media, the intelligentsia, economists, the academics and even cartoon character supervillains cosplaying as Dr. Evil.

All of them hate Bitcoin because it removes their ability to feed like the parasites that they are. I use that word specifically in place of “elites,” because these people are anything but elite. To be elite implies you are exceptional at something. These parasites hate it because it makes all of them and their very existence obsolete.

We all love Bitcoin because it levels the playing field and sets the stage for the good and functional to prevail, while the broken, fraudulent or ineffective either correct or disappear. We love it because in it we find deep meaning and through it we have the chance to bring about a period of human history that’s once again worth remembering.

Like the quote Evey Hammond found in V’s home in “V For Vendetta”:

“Vi veri veniversum vivus vici.

Roughly translated as:

“By the power of truth, I, while living, have conquered the universe.”

Bitcoin is our truth, with which we may conquer the universe. So, let’s use today as a reminder to move closer toward that truth … and, as a side benefit, take another step closer to making obsolete the parasites I mentioned earlier.

“Remember, remember, it is the 5th of November.

The Bitcoin Revolution and Plot,

I know of no reason why the Bitcoin Revolution

Should ever be forgot.”

*  *  *

Aleks Svetski is the CEO of Amber App.

Tyler Durden
Fri, 11/05/2021 – 11:04

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House Dems ‘Scrambling’ To Find Votes For Biden Agenda As Moderates Begin To Balk

House Dems ‘Scrambling’ To Find Votes For Biden Agenda As Moderates Begin To Balk

House Democrats are, as the New York Times puts it, “scrambling to line up the votes needed to push through a $1.85 trillion social safety net, climate and tax bill,” as moderate Democrats raise concerns over the cost after being “spooked by Tuesday’s electoral drubbing.”

This comes after Democratic leaders abandoned plans to to vote on Thursday, instead pushing it to Friday, when they also hope to vote on a $1 trillion bipartisan infrastructure bill that House progressives vowed to tank unless they had assurances that the bigger bill would pass in tandem.

House Speaker Nancy Pelosi had previously hoped to hold the social safety net vote on Thursday and the infrastructure vote on Friday, however they were unable to find the votes within their own party on Thursday.

With Republicans united in opposition, Democrats could afford to lose as few as three votes from their side. Among the biggest issues were the cost and economic effects of the social safety net bill.

A few centrists were also balking at supporting the package — which includes monthly payments to families with children, universal prekindergarten, a four-week paid family and medical leave program, health care subsidies and a broad array of climate change initiatives — before evaluating the fiscal impact of the latest, hastily assembled 2,135-page version of the legislation. -NYT

“There is certainly a lack of trust among some of the moderates,” Rep. Henry Cuellar (D-TX) told reporters. “I want to move the ball forward. But I mean, I still want to know, what are the differences?”

Pelosi, meanwhile, has mounted an ‘intense campaign’ to rally fellow Democrats behind the bill – going from lawmaker to lawmaker to get a sense of how the vote will go.

We’re going to pass both bills,” said Pelosi, adding “But in order to do so, we have to have votes for both bills.

Hilariously, the Times notes that while House Progressives – nearly 100 strong – have finally “fallen in line” behind both measures despite deep cuts to their agenda, moderates are starting to push back, and are in no rush to cast a vote over concerns that the legislation goes to far to the left.

“We’re reading through the 2,000 pages that we got last night,” said moderate Dem Rep. Josh Gottheimer of New Jersey, where Republicans made staggering gains in Tuesday’s off-year election. “There’s still changes being made, so we’re going through those, comparing the two versions line by line, which is the responsibility we have to the people we represent.”

CBO Score not happening for weeks

Another complication for House leadership is that a group of moderates have demanded to see a Congressional Budget Office (CBO) score for the reconciliation bill. According to Punchbowl NewsJake Sherman, that’s not going to happen until Thanksgiving week.

Meanwhile, moderate Democrats in swing districts are now worried that Republicans will use the progressive provisions in the bill – such as a pathway to citizenship for millions of illegals – as a cudgel in next year’s midterm elections.

“We want it as strong as possible,” said Rep. Adriano Espillat (D-NY), who has been in discussion with other Democrats on the immigration aspects of the package. “Whether I’m up or down on this, we want to see some things in writing.”

Both the social safety net bill and the infrastructure legislation, which carry a majority of Mr. Biden’s economic agenda, have been in limbo for weeks as Democrats tussled over the details. Centrist holdouts, led by Senator Joe Manchin III of West Virginia, demanded that the social safety net measure be scaled back to about half the $3.5 trillion that leaders had initially proposed.

While the Senate approved the $1 trillion infrastructure bill in August, the measure has stalled as progressives have repeatedly refused to supply their votes for it until there is agreement on the other bill. -NYT

Given the brewing infighting between House moderates and progressives, we’re guessing no vote today. That said, if House moderates are able to influence the legislation into a less partisan, less divisive package, it could mean that Senate moderates Joe Manchin (WV) and Kyrsten Sinema (AZ) would be on board.

 

Tyler Durden
Fri, 11/05/2021 – 10:45

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