Category: zerohedge

Authored by Paul Joseph Watson via Summit News,

A Rutgers gender studies professor gave an interview in which she asserted that “white people are committed to being villains,” and, “we gotta take these motherfuckers out!”

Yes, really.

“Dr. Brittney Cooper, a professor in the Rutgers Women’s, Gender, and Sexuality Studies department that goes by the Twitter moniker “ProfessorCrunk,” appeared on a September YouTube interview with writer Michael Harriot of The Root to discuss Critical Race Theory and recent attempts to oppose it being taught in elementary and high schools,” reports the College Fix.

During an outburst about white people fearing retribution if they give up power to blacks, Cooper made it clear what needed to happen for whites to relinquish control.

“The thing I want to say to you is that we gotta take these motherfuckers out, but like, we can’t say that, right?,” Cooper screeched.

Rutgers professor: “White people are committed to being villains,” “We gotta take these MF’ers out.”

This professor spewed hatred on a YouTube video with @TheRoot. pic.twitter.com/QrGsv77CCC

— MRCTV (@mrctv) October 26, 2021

After uttering that call to action, which would be taken as an ominous violent threat if said by a white person, Cooper claimed she doesn’t believe “in a project of violence.”

The professor went on to call whiteness “an inconvenient interruption” in the history of the world and claimed that black societies were “being brilliant, and libraries, and inventions, and vibrant notions of humanity, and cross-cultural exchange long before white people showed up being raggedy and violent and terrible and trying to take everything from everybody.”

Cooper makes $112,000 a year to lecture everyone about how much she hates white people, a surprising opportunity given that she thinks America is still run by “white supremacy.”

The interview once again highlights the demented anti-white extremism that has come to dominate the social justice movement and academia.

Such disgusting rhetoric is the natural conclusion of Critical Race Theory programs that teach white people to hate themselves and that its normal for them to face institutionalized vitriol and condemnation for their skin color.

The interview remains on YouTube, fully monetized, with no restriction of any kind whatsoever.

The Root is the perfect platform for such vile rhetoric given that they published an article last year declaring that “Whiteness” is a “pandemic” and “the only way to stop it is to locate it, isolate it, extract it, and kill it.”

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Members of New York’s finest are pushing back against Covid-19 vaccine mandates to the point of civil disobedience.

On Wednesday, the head of the New York City firefighters union said that he told unvaccinated members to report for duty regardless of an order from Mayor Bill de Blasio threatening to place them on unpaid leave if they refuse to take the jab, according to Reuters.

“I have told my members that if they choose to remain unvaccinated, they must still report for duty,” said Andrew Ansbro, president of the Uniformed Firefighters Association. “If they are told they cannot work, it will be the department and city of New York that sends them home. And it will be the department and the city of New York that has failed to protect the citizens of New York,” he added.

🇺🇸 President van de Uniformed Firefighters Association in New York, Andrew Ansbro :”Putting people out of work for making a personal health choice is something that we can never accept.” pic.twitter.com/87gQ7FdTcz

— Kees71 (@Kees71234) October 26, 2021

According to Ansbro, firefighters who have put their lives on the line during the pandemic feel “insulted” by de Blasio’s order, and New Yorkers will be the ones to suffer if the mayor carries out his threat.

“Fires are going to burn longer. Heart attack victims are going to be laying on the floor longer,” Ansbro told Fox News Radio.

“People in stuck elevators are going to be stuck there for hours if not days.” (h/t Summit News)

Ansbro also predicted that 30 to 40% of firehouses in NYC will be closed down if the mandate remains, as up to 45% of the workforce remains unvaccinated.

“On Friday, when they’re tallying the numbers of who complied and who didn’t, they’re going to be faced with a stark reality that they’re going to have to close firehouses down,” he said, adding “The mayor is going to be faced with either sending us home or sticking to his guns,” Ansbro continued, adding “And his guns are going to get New York City residents killed.”

NYPD loses bid to halt mandate

Meanwhile, a Staten Island Judge denied the Police Benevolent Association’s bid to temporarily halt the implementation of the city’s vaccine mandate set to take effect Nov. 1, according to CBS News.

The largest police union in the city had argued that de Blasio’s policy does not make clear their policy on potential exceptions, including for medical or religious reasons, and does not allow unvaccinated cops enough time to apply for said potential exemptions – which were required to be submitted just one week after the mandate was announced.

“Today’s ruling sets the city up for a real crisis. The haphazard rollout of this mandate has created chaos in the NYPD,” said PBA President Patrick J. Lynch in a statement. “City Hall has given no reason that a vaccine mandate with a weekly testing option is no longer enough to protect police officers and the public, especially while the number of COVID-19 cases continues to fall.”

The union plans to appeal, calling the mandate “arbitrary and capricious” in court documents.

The policy requires police officers, firefighters and other municipal workers get at least their first dose of the COVID-19 vaccine by Friday or be placed on unpaid leave. Correctional officers on Rikers Island — a New York City prison that has been grappling with staffing shortages and unsafe conditions — will be subject to the mandate on December 1.

The NYPD’s vaccination rate has lagged behind the rest of the city — as of Tuesday, the NYPD’s vaccination rate is 73%, compared with the 78.2% of adults who have been vaccinated in New York City. The PBA, which represents over 24,000 current NYPD officers, contends that getting the vaccine is a personal medical decision.

The NYPD has about 36,000 officers and about 19,000 civilian staff employees. -CBS News

We noticed nobody’s leading with the natural immunity argument, considering that thousands of NYPD officers have recovered from Covid-19.

Authored by John Rubino via DollarCollapse.com,

Years (and years) ago, I was an unskilled 17- year-old who needed a job. So I drove out to a “foundry” (a factory that makes things out of molten metal) on the edge of town and asked if they needed any more workers. They said yes, hired me on the spot, and enrolled me in the local United Steelworkers union.

The work was hard, the conditions dirty and sometimes scary, but I made adult money and got to know men (it was all men) who supported their families with that single 8-hour-a-day job.

We even went on strike once. The union rep called each of us one evening and told us not to show up until further notice. After about a week, having gotten some of what they wanted, they called us back in. Very civilized and unremarkable, completely normal for the time and place.

Then the whole concept of striking as a collective bargaining strategy disappeared. Factories began moving to China or Mexico, and the kinds of people who worked in foundries or assembly plants lost the power to negotiate with their bosses. No longer able to support families on one salary, they took ever crappier jobs, and – even with multiple family members working — fell from lower-middle-class to working poor. As a group, their share of national income crashed.

Meanwhile, the people who run those foreign factories — along with the bankers who structure the off-shoring deals and the politicians who enact free trade laws in return for generous campaign contributions — have done considerably better, rolling their ever-higher incomes into ever-growing stock, bond, and real estate portfolios. Today the richest 10% own the vast bulk of national wealth.

The Pendulum Swings Back

If this kind of trend seems unsustainable in a world where the 90% outnumbers the 10% (that is, in any world), well, it clearly is. There’s a limit to how rapacious an aristocracy can become before the pendulum starts swinging back towards the serfs.

And this year it started:

Tight U.S. job market triggers strikes for more pay

(Reuters) – Thousands of workers remain on strike across the United States demanding higher pay and better conditions despite Hollywood make-up artists and camera operators reaching a deal over the weekend to avoid a walkout, and the tight jobs market has only emboldened them.

Kevin Bradshaw is an employee at Kellogg Co’s (K.N) cereal plant in Memphis, Tennessee, where most of North America’s Frosted Flakes are made. He feels anything but great about cuts to healthcare coverage,

retirement benefits and vacation time that union officials say the company is pushing for from about 1,400 workers on strike since Oct. 5 at plants in Michigan, Nebraska, Pennsylvania and Tennessee.

“Enough is enough,” said Bradshaw, vice president of Bakery, Confectionary, Tobacco Workers and Grain Millers International Union Local 252G at the Memphis plant. “We can’t afford to keep giving away things to a company that financially has made record-breaking returns.”

Some 60,000 behind-the-scenes workers on movies and TV shows on Saturday avoided joining the Kellogg strikers, but the near-walkout was the latest demonstration of force by union members who say they are fed up with meager or no raises and other givebacks. Kellogg officials could not be reached for comment but have said the company’s compensation is among the industry’s best.

So far, at least 176 strikes have been launched this year, including 17 in October, according to Cornell University’s Labor Action Tracker.

“Workers are on strike for a better deal and a better life,” Liz Shuler, president of the AFL-CIO, the nation’s biggest labor federation, said last week at a SABEW journalism conference.

“The pandemic really did lay bare the inequities of our system and working people are refusing to return to crappy jobs that put their health at risk,” she added, noting that the term #Striketober was trending on Twitter.

“We have entered a new era in labor relations,” said Harley Shaiken, professor emeritus of labor at the University of California Berkeley. “Workers feel they’re in the driver’s seat and there’s plenty of lost ground to make up.”

Financial Earthquake

This long-overdue wealth rebalancing will change a lot of things, including:

Rising inflation and monetary policy tightening. When stocks, bonds and real estate go up, the Federal Reserve doesn’t count that as inflation. But when wages rise, the Fed finds that alarming. So expect the trend towards higher wages to generate scary CPI numbers which in turn lead the Fed to at least try to raise interest rates.

Near-term financial instability. Higher interest rates are good for retirees and savers who earn more money on their bank accounts and money market funds, but bad for the stocks, bonds and real estate that now dominate the economy. So expect the financial assets that account for the bulk of the 10%’s wealth to be “repriced” via bear markets.

Easy money ever after. Crashing financial assets would wipe out big parts of the global financial system, which the aristocracy will find completely unacceptable. So expect the Fed – as it has in every crisis since the 1990s – to reverse course and go back to aggressive monetary stimulus. Whether this “works” remains to be seen. One of these times it won’t. But so far, Fed capitulation has always been good for safe haven assets like gold and silver, making the investment implications pretty obvious.

Is arguably the most progressive Pope in the Catholic Church’s 2,000-year history suffering a rift with America’s second-ever Roman Catholic president? Or maybe the Vatican is simply worried that President Biden might embarrass the Vatican by being mentally unfit for a public appearance after such a long trip, and with so much else going on.

According to the AP, the Vatican abruptly cancelled a planned live broadcast that was supposed to feature President Biden meeting Pope Francis. This marks the latest move to curtail media coverage by the Holy See (ie the Vatican) as controversies over Pope Francis’s progressive positions – along with revelations that he too was complicit in the Catholic Church’s sex abuse scandals – have hurt his popularity.

The Vatican press office offered no explanation for why the live broadcast was canceled. The two leaders are still expected to meet after Biden lands in Rome for a G-20 meeting.

The live coverage was supposed to show Biden meeting Francis in the palace Throne Room, as well as footage of the two men sitting down to begin their private talks in Francis’ library.

Instead of airing any of this live, the Vatican says it will provide edited footage after the fact.

Biden has met Pope Francis three previous times, but this will be his first meeting with the leader of the world’s 1.2 billion Catholics as President.

Although the Vatican didn’t offer any clues as to the reason for the cancellation, it’s worth noting that Pope Francis is expected to hold his annual meeting with American bishops in a few weeks. A large group of American bishops have been pushing a new rule that would deny Biden – a lifelong Catholic who has made his faith central to his identity – communion, effectively ex-communicating one of the world’s most visible Catholics from the church.

Reporters covering the Vatican say they don’t expect any document that emerges from the bishops’ conclave with the Pope to mention Biden by name, but the expectation of a “clear rebuke” remains.

Per the AP, live broadcasts with world leaders are particularly important because the Vatican hasn’t allowed independent photographers and journalists into papal audiences since the start of the COVID pandemic. The Vatican has continued to cite the pandemic as a reason to deny external media access to the beginnings and ends of papal audiences.

When asked about Biden’s Vatican trip at a White House press conference the other day, Spokeswoman Jen Psaki “there’s a great deal of overlap between Biden and Pope Francis on a handful of issues”.

These issues will be the “centerpiece” of their discussion.

“I have just outlined for you what the focus of the meeting will be – now it’s time to move one… You know that the president believes in a woman’s right to choose, we’ve spoken on this issue many times.”

She later added that the administration is “pulling every lever that we have” to try and ensure more access.

The Vatican correspondents’ association says it’s against the cancellation because it will limit pool access and several media outlets formally complained about the decision Thursday.

Biden isn’t the only G-20 leader scheduled for a live audience with the pope during the summit. The leaders of India and South Korea are also scheduled for audiences with the Pope. It’s not clear whether live broadcasts of those meetings have been cancelled as well, although cancelling coverage for Biden and not other leaders would be tantamount to a major snub, and perhaps a sign that the Pope might support denying Biden communion over his stance on abortion, particularly at a time when conservative states are tightening restrictions on abortions, something the Catholic Church officially supports.

By Michael Every of Rabobank

What a day on so many fronts! Let’s start with the staid world of bond markets. The last 24 hours have seen huge swings in yield curves: in Australia, due to a slight overshoot in two of three official CPI measures (all the way to 2.1% y/y!); then the UK, due to the Budget, more on which later; then Canada, due to the BOC winding down QE and talking about a rate hike; and then the US, on further filleting of the Biden fiscal proposal: at this stage, so much has been taken out of the “$3.5 trillion” package we are no longer sure what is in it.

Short yields up, long down sharply, and curves flattening like a pancake is a reminder that raising rates against a structural inflation supply-shock and high energy prices, and without fiscal support in the US, is not a good idea. At least not for an asset-based, financialized ‘economy’. (Indeed, Q3 US GDP today is expected at only 2.6% q/q annualised.) You can make a valid argument it’s time to raise rates: just not do that and prop up our current idiotic system. As such, expect further market swings on a scale that are capable of wiping out those with strong, levered views on matters. And wait until we see a real central bank surprise!

On which note, the RBA did not step in to protect their yield curve control Maginot line today, which is being taken by the market as a sign that next week’s rate decision will see the policy dropped or altered. Once again, “None Shall Pass” becomes “Terms and Conditions Apply” on the back of a minor CPI overshoot in one quarter, when none of the socio-economic equality issues they pledged to address have been addressed? If so, I look forward to the post-policy error “whocouldanooed” RBA explanations in an economy that enjoys property asset bubbles more than any other. If not, the curve is waaaay wrong.

On inflation, some point out that after the surge in prices this year, and perhaps next on the energy and supply-chain front, price rises will level off. Hence, inflation will still be “transitory”, with a lag. Mathematically, that is true. But it is also price-of-everything-value-of-nothing logic. If the price of a consumer staple goes up 40%, for example, and then levels off, how much of a success has central-bank inflation fighting and price-stability really been in the public eye? Are central banks really claiming that anything short of an EM/1970’s-style wage-price-spiral into Weimar territory is victory for them?

Relatedly, China announced it will cap coal prices until May 2022, and will subsidize coal imports. Recall the surge in coal had forced its electricity producers to make losses, and stop producing. That was resolved by allowing costs to be passed on; and now by pushing up output and pushing down the price of the most polluting energy to a just-profitable level. Yes, we have seen opposite-of-green policies from many countries, and even the EU is looking to subsidize energy bills (for gas). However, the ‘environmental VaR shock’ here is larger due to the scale of the Chinese economy and its carbon output: and what if global energy prices are still high in May 2022? Meanwhile, China will have low-cost, high-carbon power as the rest of the world faces higher energy prices as part of a green transition about to be pledged at COP26. At a time of protectionism, and environmental activism seeing Brits glue their faces to roads, what will the ESG/“resilient” response be if China makes its carbon-intensive industries even more cost competitive? Of course, it can still pledge to peak in 2030 and be net zero by 2060 as part of a larger quid pro quo deal, given it repeatedly refuses to decouple green issues from others.

Back to that UK Budget. Chancellor Sunak went for a more Build Back Boris budget than some had expected, with an increase in the minimum wage, more green state spending…yet less gilt issuance due to projections of higher 2021 GDP growth. Raining on the parade, and on the long-end of the gilt curve, the Institute for Fiscal Studies tweeted that UK real wages are expected to remain stagnant for 20 years, and in 2026, wages are forecast to be £11.70 lower than if the pre-2008 trend in wage growth had continued. And saddle up! As the Guardian puts it, “A major trade dispute has broken out between the UK and France after Paris banned British fishing boats from key ports, vowed to impose onerous checks on cross-Channel trade, and threatened the UK’s energy supply over a row over post-Brexit rights to UK waters…Boris Johnson said the UK government would retaliate over what was described as a potential breach of international law.” Somebody wants to steal the thunder of right-wing populist Zemmour ahead of the looming presidential election, n’est-ce pas?

Europe is now fighting a two-front war, with the European Court of Justice (ECJ) imposing a daily EUR1m fine on Poland for snubbing it. Wolfgang Munchau has warned such escalatory tactics run the risk of exacerbating the situation to the point where Polexit is something we all learn how to pronounce.

If all of this craziness wasn’t enough for a Wednesday, yesterday also saw epic swings in crypto. ‘Shiba Inu’ –to quote Zero Hedge, “the Ethereum-based Dogecoin copycat altcoin which has a total circulating supply of 1 quadrillion”– saw a surge in orders so large that it dragged down other crypto assets. Let’s unpack this, shall we? A *copy* of an altcoin –so, self-printed electronic ‘money’, on a platform full of other self-printed ‘monies’– which is mimicking an ‘original’ altcoin openly self-printed as a *joke*, and which has a ridiculously large volume in circulation as a *double joke* about scarcity value, suddenly saw its price surge to give it a ‘market cap’ larger than many multinational corporations. And, in doing so, it took down the price of ‘establishment’ crypto jokes like Bitcoin – which Wall Street and the White House now appear to want to embrace as part of our ‘financial system’. (“Mr. Smith, your Bitcoin ETF fund is down 10% today, because somebody launched a William Shatner-based Shatcoin. You understand, of course, that this is just how normal markets work. Prices of self-printed jokes can go up or down.”)

I have a few crumpled-up pieces of paper here in front of me. On each, in uniquely ugly handwriting, I have scrawled “IOU Chicken”. I await bids to make me a millionaire. I expect Wall Street to come knocking to ask if they can set up an ETF to track it. I am sure major retailers will add “IOU Chicken” functionality to their diverse, eco-friendly websites so minimum wage workers can deliver me products made with the energy produced from subsidised coal. That *is* how the world works, isn’t it? It certainly seems to be.

Anyway, today we get to hear from both the BOJ and the ECB, where they can show us how much they are following what is going on re: inflation, curves, coal, and crypto. There will, of course, be a great deal of their own version of IOU Chicken.   

After surging an unexpected 8.1% MoM in August, and on the heels of rebounds in new- and existing-home sales, Pending Home Sales in September were expected to scrape out a modest 0.5% MoM rise, but that was a long way off as Pending Home Sales tumbled 2.3% MoM…

Source: Bloomberg

That is the 3rd monthly drop in the last 4 months and leaves pending home sales down over 7% year-over-year.

Source: Bloomberg

“Contract transactions slowed a bit in September and are showing signs of a calmer home price trend, as the market is running comfortably ahead of pre-pandemic activity,” said Lawrence Yun, NAR’s chief economist.

“It’s worth noting that there will be less inventory until the end of the year compared to the summer months, which happens nearly every year.

“Rents have been mounting solidly of late, with falling rental vacancy rates,” Yun said.

“This could lead to more renters seeking homeownership in order to avoid the rising inflation,”

Because if you can’t afford to rent, you can afford a million-dollar starter-home?

Signings declined in all four U.S. regions from the prior month, led by a 3.5% drop in the Midwest

“Some potential buyers have momentarily paused their home search with intentions to resume in 2022.”

Pending sales are a forward-looking indicator of closed sales in 1-2 months so this decline suggests trouble ahead for the rebounding sentiment among homebuilders.

In August 2020, Bitcoin had just breached $10,000, and anyone who bought was in for a six-bagger just 14 months later.

The most popular Altcoin, Ethereum, was hovering around $400, making it a 10-bagger today.

And the most popular ‘shitcoin’ – DOGE, made it to $0.0033, a respectable 7,172% return if held through Wednesday.

That same month, however, an anonymous investor began a series of 44 purchases of SHIBA INU ($SHIB) – which was created in August 2020 by a pseudonymous founder who goes by the name of Ryoshi.

What began as an outlay of $3,400 through a series of nine purchases using Wrapped Ethereum (WETH) – and 45 more purchases since then for a total investment of roughly $8,000, has turned into $5.8 billion – a gain of more than 95 million percent over the past 400 days, given SHIB’s recent moonshot.

This wallet bought roughly $8,000 of $SHIB last August.

It’s now worth $5.7 billion.

From $8,000 to $5.7 billion in roughly 400 days.

We may actually be looking at the greatest individual trade of all time. pic.twitter.com/LtdgQ83bKP

— Morning Brew ☕️ (@MorningBrew) October 27, 2021

At present, SHIB’s total market cap is more than $40.3 billion – unseating Dogecoin ($DOGE) as the most valuable dog-themed shitcoin in the world.

And while the anonymous ‘billionaire’ may be able to impress dates with their massive holdings, we wish him, or her, or X, the best of luck trying to liquidate without causing SHIB to crash.

Bravo, whoever you are.

Authored by Katabella Roberts via The Epoch Times,

The White House reiterated this week its promise to put pressure on members of the Organization of the Petroleum Exporting Countries (OPEC) to increase production amid declining supplies and rising energy prices.

Press secretary Jen Psaki told reports at a press briefing that the president is “mindful” of the increased prices consumers are facing when it comes to their energy bills and that he “reserves a range of options,” to combat the situation.

Psaki said the administration is focusing on raising its concern with “supply issues as it relates to oil” on the international stage.

“There’s a power of the president of the United States engaging on that front,” she said.

“That issue has been raised at [national security adviser Jake Sullivan’s] level, at a range of levels throughout government, but certainly the supply … and putting additional pressure on OPEC is something that certainly our national security team will continue to do.”

The administration is “concerned” over the high gas prices and has asked the Federal Trade Commission (FTC) to investigate the matter, Psaki said.

“I will also note that as it relates to gas prices, we remain concerned about trends we have seen where even as supply has increased at times over the last several months, we’ve still seen heightened prices,” she said.

“We’ve asked the FTC to look into that.”

Jerry Simmons, president of the Domestic Energy Producer Alliance (DEPA), has blamed Biden administration policies for hindering U.S. oil and gas companies from producing energy commodities, and securing American energy independence and lower prices for American families.

DEPA is a nationwide collaboration of 39 coalition associations representing individuals and companies who engage in onshore oil and natural gas exploration and production in the United States.

Speaking on NTD’s “Talking Points” hosted by David Zhang, Simmons said that the United States became the number one producer of crude oil and natural gas last year. But due to President Joe Biden’s ambitious climate agenda to reach net-zero emissions by 2050, the Biden administration’s policies have crippled oil and gas companies, and left consumers paying more.

“The idea that you have a federal government that has said it wants to do away with oil, gas, and coal by 2050, that makes it very hard for people to think about it as a future resource,” Simmons said.

“The Biden administration has done all they can to hinder us. We have some tax deductions that we get for doing business in this country that they’re trying to remove, and again, that drives up the cost, and when you drive up costs, people stop doing certain businesses, or they increase the cost of doing that business and pass it on to the consumer, which is exactly what’s happening,” Simmons added.

The White House put pressure on OPEC back in August to boost production of oil faster in an effort to combat rising gasoline prices, stating that its prior July agreement to boost production every month by 400,000 barrels per day starting in August until November was “simply not enough” during a “critical moment in the global recovery.”

Russian Deputy Prime Minister Alexander Novak told Reuters on Monday that Russia expects OPEC+ to raise its output by 400,000 barrels per day at the Nov. 4 meeting, as previously agreed.

Last night we noted the Czechs had the dubious honor of suffering the first yield curve inversion of this cycle…

The first inversion of many pic.twitter.com/wNPpbhcbM6

— zerohedge (@zerohedge) October 28, 2021

Then overnight saw the stress spread to Australia’s bond market, as a massive move higher in 2Y Yields undoubtedly triggered chaos in risk control departments.

And that VaR shock is now spreading to the US, where for the first time ever the yield on the 30Y UST is below the yield on the 20Y UST…

Source: Bloomberg

Picking up where we left off with our commentary on the 5-sigma VaR shock inducing move in the Aussie short-end, Nomura’s Charlie McElligott warns of “VaR-napalm emanating from Macro HF pods with fresh Rates calamity overnight” and adds that “this continues to be a disaster with trapped / bad positioning from clients, and Dealers largely unable to provide liquidity in light of event-risk (i.e. ECB) and VaR constraints, further exacerbating the stop-outs in both USD and EUR short upper left and steepeners seen seen recently.”

Drilling into the flattening mechanics, he notes that the extension of the front-end selloff has again fueled another bout of impulse-flattening in global Sovy Bond curves (e.g. UST 5s30s now a 3.6 z-score move ‘flatter’ over the past 2.5 weeks, 2s30s a 3.0 z-score move same period), while the long-end stays anchored by “policy error” impact on slowing growth impact and softer Crude -1.5% overnight.

Meanwhile, as opposed to the front-end sell-off still extending on the “CB hawkish panic” with regard to inflation catch-up, global bond futures 10Y-and-out are holding the painful multi-day short-squeeze rally, as a result of the unprecedented crowding in bearish bond futures positioning, particularly from systematic Trend / Momentum strats—i.e. “it’s not just “policy error” / slowdown” implications.

Finally, the Nomura quant notes that a “Bearish Bonds” trade is generally going to “work” for “Cyclical Value” when it is a bear-steepening, because the long-end is selling off on a “good” scenario of higher growth- and / or inflation- expectations; however in this case we are getting the “bad” outcome right now of market scrambling to price in aggressive Central Bank tightening, and soon—so the selloff is massively concentrated in the front-end as a “flattener,” which is triggering concerns of negative “growth” impact / “policy error.”

Authored by Paul Joseph Watson via Summit News,

The Danish health minister is threatening to “shut down society” if more people don’t get vaccinated after the country experienced a COVID spike despite over 75 per cent of the population being fully vaccinated.

As we highlighted on Monday, Denmark just suffered its worse COVID case load since May, while the virus reproduction (R number) also jumped to 2.01, which is the highest level since January.

Over 75 per cent of Denmark’s 5.8 million inhabitants have been fully vaccinated.

Despite the fact that 85 per cent of people over the age of 12 are vaccinated, Denmark has seen more than 1,000 daily cases of COVID for a week straight.

Now authorities are threatening to “shut down society,” according to opposition party health spokesman Martin Geertsen, if more Danes don’t take the shot.

“If we are to keep Denmark open, we must have more people get the vaccine,” said Health Minister Magnus Heunicke

Although Heunicke said the vaccine would remain voluntary, he ominously warned the unvaccinated that their refusal to get the jab “no longer works.”

Geertsen said the government was breaking its promise to eliminate lockdowns once a high proportion of the population had been vaccinated, adding that Heunicke was sending a “completely wild message.”

Last year, Danish authorities tried to pass a law that would have allowed the forced vaccination of anyone, with police being used to physically detain people and hold them down while being jabbed, but the effort was abandoned after mass protests.

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