AOC Gives ‘Loony-Tunes’ Answer Dismissing Organized Looting Mobs

AOC Gives ‘Loony-Tunes’ Answer Dismissing Organized Looting Mobs

Last year, Rep. Alexandria Ocasio-Cortez (D-NY) blamed a New York crime wave on people who “feel like they either need to shoplift some bread or go hungry.”

She’s at it again.

In a Friday interview with the Washington Times, AOC dismissed reports of “organized retail theft” as nothing more than “allegations” that are “not actually panning out.”

A lot of these allegations of organized retail theft are not actually panning out,” said the Democratic socialist. “I believe it’s a Walgreens in California cited it, but the data didn’t back it up.”

Apparently AOC doesn’t read much, or she’s just lying again.

Last Friday alone, San Francisco Bay Area officials made “one of the largest retail theft busts in California history,” with upwards of $8 million in merchandise recovered from CVS, Target and Walgreens according to Breitbart.

“This level of violence has taken it to a whole new level,” according to CA Retailers Association President Rachel Michelin, adding “No one has seen this before.”

Retail outlet groups and politicians equally blasted Ocasio-Cortez for her dismissal of the problem.

“Respectfully, the Congresswoman has no idea what she is talking about. Both the data and stack of video evidence makes fairly clear that this is a growing problem in need of solutions,” said Jason Brewer, Retail Industry Leaders Association (RILA) senior executive vice president of communications. “If she is not concerned with organized theft and increasingly violent attacks on retail employees, she should just say that.”

The retail outlet Walgreens, which has reportedly closed dozens of stores due to the rampant crimewave, asserted to the Washington Times that “organized retail crime is one of the top challenges facing” the company,” adding that the problem “has evolved beyond shoplifting and petty theft to the sale of stolen and counterfeit goods online.” -Breitbart

Does AOC’s abuela know she keeps covering for criminals?

Tyler Durden
Mon, 12/06/2021 – 12:59

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New York City Mayor Bill de Blasio Imposes Vaccine Mandate for all Private Employers


reason-bdb2

New York City is once again ratcheting up its vaccine mandates, this time with a requirement that all private sector workers in the city receive at least two COVID-19 vaccine doses.

“We in New York City have decided to use a preemptive strike, to really do something bold to stop the further growth of COVID and the dangers it’s causing to all of us,” said Mayor Bill de Blasio in an MSNBC interview this morning.

The mayor said this “first-in-the-nation” mandate was necessary to get ahead of the new omicron variant, and head off a potential winter surge of the delta variant.

The order itself has yet to be released, so it’s not clear what the sanctions will be for those not in compliance. The city’s health commissioner, Dave A. Chokshi, says that guidance for businesses will be coming next week.

Chokshi said the city will also require those aged 5–11 to have at least one vaccine shot in order to enter restaurants and other public venues. The city will also now require people aged 12 and up to get at least two doses of the vaccine to enter these places. Previously, people aged 12 and over only needed one shot to go to restaurants, gyms, and entertainment venues, and anyone younger didn’t need to be vaccinated at all.

Children aged 5–11 will also need to be vaccinated in order to participate in “high-risk” extracurricular activities like sports, band, and orchestra. Previously, only those aged 12 and up had to have their shots.

Eight cases of the omicron variant have been reported in New York state as of Saturday, reports The Guardian. According to data culled by The New York Times, there are 3,500 hospitalized COVID-positive patients in the state, a 34 percent increase from two weeks ago. The seven-day average for daily deaths has crept up slightly to 47, an increase from the 35 or so seven-day average New York had been posting since September.

As with a lot of preemptive strikes, it’s not entirely clear how effective de Blasio’s new order will be at its stated goal.

For starters, New York City is already one of the most vaccinated places in the world. Nearly 90 percent of the adult population has received at least one COVID-19 shot and 82 percent have received at least two shots.

The vaccination rate for children aged 5–17 is much lower (only 35 percent have received a full vaccine regimen). But children are also at a much lower risk from COVID-19. In New York City, 24 of the 30,646 reported COVID-involved deaths since the start of the pandemic were in children below the age of 18, according to the Centers for Disease Control and Prevention’s (CDC) data. That’s slightly fewer than the 29 children who died of pneumonia in the city.

The law of diminishing returns suggests that coercing the vaccination rate up to 85 or 90 percent won’t make some massive difference in the number of people who come down with COVID-19. That’s particularly true in the case of this new omicron variant, given that we don’t know how effective vaccines will be at preventing infection and transmission.

The CDC says that existing vaccines are likely to prevent “severe illness, hospitalizations, and deaths due to infection with the Omicron variant. However, breakthrough infections in people who are fully vaccinated are likely to occur.”

Perversely enough, New York City policy makers seem to think that the higher the vaccination rate goes, the more expansive vaccine mandates need to become. Requirements that people get vaccinated in order to eat in restaurants have only gotten the city to an 82 percent full vaccination rate, so obviously a general private employer vaccine mandate is required to raise that number, the logic goes

That’s an incredibly troubling approach to COVID-19 and one that will get more coercive the fewer unvaccinated people are left. Will a 95 percent vaccination rate be enough for the city to ease off the mandates? Or will that small remaining rump of the uninoculated necessitate a general vaccine requirement to finally get to universal vaccination?

It’s not clear what the off-ramp is for de Blasio and his ilk. Increasingly, it seems like there isn’t one.

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Zoom Workshop on Prof. David McGowan’s Forthcoming “A Bipartisan Case Against New York Times v. Sullivan”

It will be at 3 to 4 pm Pacific time on Thursday, December 9, 2021, at https://ucla.zoom.us/j/97253545203; please join us if you’re interested. You can also read the current draft (27 pages); here is the Introduction:

The actual malice rule of New York Times Co. v. Sullivan is iconic because of its beneficiaries, not its reasoning. The immediate beneficiaries of that rule were civil rights advocates and their movement; the general beneficiaries were established media firms. Benefits to civil rights advocates, and the intolerable prospect that libel laws could be used to suppress reporting of Southern racism, give the case its moral force. Benefits to established media firms account for the expansion of the holding and its entrenched status. But the reasoning itself is a pastiche of history and topical concerns held together by a plausible assumption about the economic incentives of publishers and an unstated assumption about the cost structure of publishing. The cost structure assumption no longer holds, and the reasoning alone is insufficient to justify the actual malice rule. Apart from respect for precedent as such, therefore, the case for retaining that rule is weak. Current calls to revisit the case are more pronounced on the Right, but there is good reason to rethink the actual malice rule regardless of one’s political views. Corollary doctrines—that a defamation plaintiff must prove falsity and, in cases involving matters of public concern, damages, and that factual findings receive de novo review, should remain.

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Oil Market Hit By Tsunami Of Hedge Fund Liquidations

Oil Market Hit By Tsunami Of Hedge Fund Liquidations

By John Kemp, Senior Market Analyst at Reuters

Fears over the Omicron coronavirus variant’s impact on international aviation and other sources of oil demand have prompted massive liquidation of previously bullish hedge fund positions.

Hedge funds and other money managers sold the equivalent of 131 million barrels in the six most important petroleum futures and options contracts in the week to Nov. 30.

The one-week sale was the 13th largest in 455 weeks since the start of 2013 and was a result of Omicron fears converging with low levels of liquidity after the Thanksgiving holiday in the United States.

Total sales since the start of October have reached 293 million barrels, according to position records published by ICE Futures Europe and the U.S. Commodity Futures Trading Commission.  In the most recent week there was heavy selling across Brent (-45 million barrels), NYMEX and ICE WTI (-43 million), European gas oil (-22 million), U.S. gasoline (-13 million) and U.S. heating oil (-8 million).

The combined position across all six contracts has fallen to 578 million barrels (44th percentile for all weeks since 2013), down from 871 million barrels (79th percentile) on Oct. 5.

Bullish long positions outnumber bearish short ones by a ratio of 3.9:1 (48th percentile), down from 6.7:1 (84th percentile) eight weeks ago.

In benchmark Brent, fund positions have been cut drastically to 167 million barrels (24th percentile), down from 333 million barrels (69th percentile).

Portfolio managers had been selling crude and other products in small volumes regularly through October and November, realizing some profits after the earlier price rally.

Sales also reflected concerns that the market could become overheated, with the long-short position very lopsided, as well as growing expectations of a release of emergency oil stocks.

Omicron arrived in a market that was already trending down and served to turn gentle selling pressure into a flood at a time when low liquidity helped to create the conditions for prices to plunge.

The new coronavirus variant has shaken the speculative froth out of the market and left benchmark prices close to long-term averages in real terms and positions neutral.

Tyler Durden
Mon, 12/06/2021 – 12:44

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New York City Mayor Bill de Blasio Imposes Vaccine Mandate for all Private Employers


reason-bdb2

New York City is once again ratcheting up its vaccine mandates, this time with a requirement that all private sector workers in the city receive at least two COVID-19 vaccine doses.

“We in New York City have decided to use a preemptive strike, to really do something bold to stop the further growth of COVID and the dangers it’s causing to all of us,” said Mayor Bill de Blasio in an MSNBC interview this morning.

The mayor said this “first-in-the-nation” mandate was necessary to get ahead of the new omicron variant, and head off a potential winter surge of the delta variant.

The order itself has yet to be released, so it’s not clear what the sanctions will be for those not in compliance. The city’s health commissioner, Dave A. Chokshi, says that guidance for businesses will be coming next week.

Chokshi said the city will also require those aged 5–11 to have at least one vaccine shot in order to enter restaurants and other public venues. The city will also now require people aged 12 and up to get at least two doses of the vaccine to enter these places. Previously, people aged 12 and over only needed one shot to go to restaurants, gyms, and entertainment venues, and anyone younger didn’t need to be vaccinated at all.

Children aged 5–11 will also need to be vaccinated in order to participate in “high-risk” extracurricular activities like sports, band, and orchestra. Previously, only those aged 12 and up had to have their shots.

Eight cases of the omicron variant have been reported in New York state as of Saturday, reports The Guardian. According to data culled by The New York Times, there are 3,500 hospitalized COVID-positive patients in the state, a 34 percent increase from two weeks ago. The seven-day average for daily deaths has crept up slightly to 47, an increase from the 35 or so seven-day average New York had been posting since September.

As with a lot of preemptive strikes, it’s not entirely clear how effective de Blasio’s new order will be at its stated goal.

For starters, New York City is already one of the most vaccinated places in the world. Nearly 90 percent of the adult population has received at least one COVID-19 shot and 82 percent have received at least two shots.

The vaccination rate for children aged 5–17 is much lower (only 35 percent have received a full vaccine regimen). But children are also at a much lower risk from COVID-19. In New York City, 24 of the 30,646 reported COVID-involved deaths since the start of the pandemic were in children below the age of 18, according to the Centers for Disease Control and Prevention’s (CDC) data. That’s slightly fewer than the 29 children who died of pneumonia in the city.

The law of diminishing returns suggests that coercing the vaccination rate up to 85 or 90 percent won’t make some massive difference in the number of people who come down with COVID-19. That’s particularly true in the case of this new omicron variant, given that we don’t know how effective vaccines will be at preventing infection and transmission.

The CDC says that existing vaccines are likely to prevent “severe illness, hospitalizations, and deaths due to infection with the Omicron variant. However, breakthrough infections in people who are fully vaccinated are likely to occur.”

Perversely enough, New York City policy makers seem to think that the higher the vaccination rate goes, the more expansive vaccine mandates need to become. Requirements that people get vaccinated in order to eat in restaurants have only gotten the city to an 82 percent full vaccination rate, so obviously a general private employer vaccine mandate is required to raise that number, the logic goes

That’s an incredibly troubling approach to COVID-19 and one that will get more coercive the fewer unvaccinated people are left. Will a 95 percent vaccination rate be enough for the city to ease off the mandates? Or will that small remaining rump of the uninoculated necessitate a general vaccine requirement to finally get to universal vaccination?

It’s not clear what the off-ramp is for de Blasio and his ilk. Increasingly, it seems like there isn’t one.

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Zoom Workshop on Prof. David McGowan’s Forthcoming “A Bipartisan Case Against New York Times v. Sullivan”

It will be at 3 to 4 pm Pacific time on Thursday, December 9, 2021, at https://ucla.zoom.us/j/97253545203; please join us if you’re interested. You can also read the current draft (27 pages); here is the Introduction:

The actual malice rule of New York Times Co. v. Sullivan is iconic because of its beneficiaries, not its reasoning. The immediate beneficiaries of that rule were civil rights advocates and their movement; the general beneficiaries were established media firms. Benefits to civil rights advocates, and the intolerable prospect that libel laws could be used to suppress reporting of Southern racism, give the case its moral force. Benefits to established media firms account for the expansion of the holding and its entrenched status. But the reasoning itself is a pastiche of history and topical concerns held together by a plausible assumption about the economic incentives of publishers and an unstated assumption about the cost structure of publishing. The cost structure assumption no longer holds, and the reasoning alone is insufficient to justify the actual malice rule. Apart from respect for precedent as such, therefore, the case for retaining that rule is weak. Current calls to revisit the case are more pronounced on the Right, but there is good reason to rethink the actual malice rule regardless of one’s political views. Corollary doctrines—that a defamation plaintiff must prove falsity and, in cases involving matters of public concern, damages, and that factual findings receive de novo review, should remain.

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Biden Mulls Cutting Russia Off SWIFT Ahead Of Putin Call In “Nuclear Option” Ukraine Response

Biden Mulls Cutting Russia Off SWIFT Ahead Of Putin Call In “Nuclear Option” Ukraine Response

CNN and others are reporting just a day ahead of the much anticipated video call between Russian President Vladimir Putin and US President Joe Biden that the White House is mulling “nuclear option” level actions against Moscow should it launch a military offensive against Ukraine – which US intelligence has lately said could be imminent based on assessing that some 175,000 troops have been mustered in the Crimea and regions near Ukraine’s eastern border.

This includes discussion of the possibility of disconnecting Russia from the SWIFT international payment system, seen as the most drastic potential measure which further includes fresh sanctions on Putin’s inner circle and on Russian energy producers.

AFP via Getty Images

The Kremlin has of course vehemently rejected the Ukraine threat accusations, saying it’s free to move its own troops wherever it sees fit within the Russian Federation’s sovereign territory and borders.

But the White House is now threatening the following, according to CNN on Monday:

    People familiar with the discussions said new economic sanctions could target a variety of sectors, including energy producers and Russian banks. The new sanctions could also go after Russia’s sovereign debt.

      They are also likely to go after top Russian oligarchs, limiting their ability to travel and potentially cutting off access to American banking and credit card systems.

      And in particular, the “nuclear option” – which is now grabbing headlines…

        Officials have also been weighing disconnecting Russia from the SWIFT international payment system, upon which Russia remains heavily reliant, according to two sources familiar with the discussions. This is being considered a “nuclear” option. The European Parliament passed a nonbinding resolution in the spring calling for such a move should Russia invade Ukraine, and the US has been discussing it with EU counterparts.

        On Russia’s side, it has the “energy option” vis-a-vis Europe – something that the US has long warned the EU about, especially when it comes to the controversial Nord Stream 2 pipeline coming online. “The fear is Russia then tries to retaliate by holding back production,” a top US official told CNN.

        “We have put together a pretty damn aggressive package,” an unnamed administration official additionally said to CNN, adding further that if Russia  invades Ukraine “the US and Europe together will impose the worst economic sanctions that have ever been imposed on a country, outside of Iran and North Korea,” according to the report.

        It should be noted that with such an “option” in play, if things actually escalated to the historically unprecedented level of Russia’s being blocked from SWIFT – such a scenario would mark a huge future day for cryptos, given cryptos have been suggested as the first space Putin would likely migrate to amid total isolation for the West-based payment system used by banks around the world.

        Tyler Durden
        Mon, 12/06/2021 – 12:18

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

        US Natgas Continues Plunge On Unexpectedly Mild Weather For Mid-December 

        US Natgas Continues Plunge On Unexpectedly Mild Weather For Mid-December 

        U.S. natural gas futures continued an epic plunge Monday after weather forecasts show temperatures across the U.S. will be well above seasonal trends through at least the mid-point of December. 

        Contracts for January stumbled 8% to $3.80 per million British thermal units, the lowest intraday price since late August. Prices have slid upwards of 40% since early October as it first became apparent the U.S. had ample supplies of natgas, and temperature forecasts were beginning to show warmer weather trends. 

        Bloomberg’s two-week outlook shows mean temps across the US-Lower 48 will be well above a 30-year average through Dec. 21. At some points, temperatures could be 10-degrees Fahrenheit over the seasonal averages. 

        Above-average temperatures mean heating demand for building structures, such as homes and businesses will decline. This is reflected on the US-Lower 48 heating degree day chart below. 

        Due to warmer weather and the rising supply of natgas from the Marcellus shale region, Morgan Stanley wrote in a note that prices are skewed to the downside. The bank sees natgas prices averaging around $3.75 in 2022. 

        Another way to view the natgas market is through the so-called ‘widowmaker‘ spread between March and April Henry Hub contracts. In early October, the spread soared to $1.90 per million British thermal units as traders bet on tight inventories and cold temperatures but have since reversed to now 23 cents, a complete collapse as outlooks forecast mild weather.

        Across the Atlantic, European natgas markets are the complete opposite as the continent struggles with low supplies and frigid temperatures. 

        Tyler Durden
        Mon, 12/06/2021 – 11:59

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

        Religious Exemption Regimes and Complicity in Sin

        Some people object to taking the COVID vaccine on the grounds that it was tested in part on cell lines from aborted fetuses (consider, for instance, in the recent San Diego case), and that their “faith prevents [them] from using any vaccines that depend on use of fetal cell lines at any stage of their development.” I’ve seen some people objecting that this sort of complicity claim is too attenuated to count for legal purposes. After all, the argument goes, the claimant isn’t being required to get an abortion, to perform an abortion, or even to consume a product that contained materials from aborted fetuses—only to consume a product that had been tested on cell lines tested using such fetuses.

        Yet it’s legally well-settled that such complicity claims do count for religious exemption purposes, so long as the objector sincerely believes that the complicity is sinful. When the connection becomes too attenuated is up to the objector’s religious beliefs, not up to secular courts to decide; the objector might still lose, but that would have to be on other grounds. And I think that approach is fundamentally correct. Let me briefly explain why.

        [1.] Federal and state law often creates what one might call “general religious exemption regimes”—legal rules under which the government must usually exempt religious objectors from various secular obligations, (a) so long as the obligation substantially burdens the objector’s religious beliefs, (b) unless denying the objection is narrowly tailored to a compelling government interest.

        • The federal Religious Freedom Restoration Act expressly provides this with regard to federal government action.
        • State RFRAs in about twenty states do the same as to state and local government action.
        • The federal Religious Land Use and Institutionalized Persons Act provides this with regard to state and local government action related to land use and, among others, prisoners.
        • State courts in about a dozen states have read their state constitutional religious freedom provisions as requiring this with regard to state and local government action.
        • From 1963 to 1990, the Court read the Free Exercise Clause as requiring this as to all federal, state, and local government action; it changed course in the Employment Division v. Smith case, but now it looks poised to flip back.
        • For now, the Supreme Court has read the Free Exercise Clause as requiring this as to all federal, state, and local government action that has pretty much any secular exemptions that “prohibits religious conduct while permitting secular conduct that undermines the government’s asserted interests in a similar way”—so long as the law has such secular exceptions, it has to create religious exceptions, too.

        Now whether such general exemption regimes are a good idea (or a sound interpretation of the state and federal constitutions) is controversial. I have taken the view that the federal and state Free Exercise Clauses should not be read as providing general religious exemption regimes, though jurisdiction-by-jurisdiction RFRAs should be enacted (albeit with a less demanding legal standard for determining exemption claims than “narrowly tailored to a compelling government interest”). But for now let’s set that aside, and assume that there is a religious exemption regime in play.

        [2.] What then of complicity claims? Is it indeed a substantial burden on an objector who views abortion as sinful to require her to take vaccines that had been tested on aborted fetuses?

        Under our individualistic law of religious exemptions, the question depends on what exactly the objector believes. If she merely thinks that it’s religiously improper for her to get or perform an abortion, but her objections to the vaccine stem from nonreligious reasons, then the vaccine mandate doesn’t substantially burden her religious belief.

        But, unsurprisingly, many people believe that, when some behavior is wrong, many sorts of complicity with that behavior are wrong, too. Many secular people believe this. The law takes this view, in all sorts of contexts. Religious people believe it, too.

        True, people disagree about when complicity stops. Some people think that race discrimination itself is wrong and thus didn’t want to do business in South Africa if they had to discriminate in hiring to do so. Others thought they shouldn’t do business in South Africa even if they could do so without discriminating. Others thought they shouldn’t do business with South African companies. Others may have thought they shouldn’t buy any products made in South Africa. Where the connection becomes too attenuated and morally or religiously culpable complicity stops is a question on which reasonable people will differ. Likewise, there is apparently a substantial debate on whether it’s ethical to use medical data from Nazi experiments on unwilling subjects, where different people likewise draw different lines.

        For purposes of religious exemption regimes, the question isn’t whether a judge or jury agrees with a person’s claim that a law requires him to engage in behavior that is sinful—it is whether the person sincerely believes that the behavior is sinful. Likewise, when the person believes that complicity itself is sinful, the question is not whether our secular legal system thinks that he has drawn the right line regarding complicity; it is whether he sincerely believes that the complicity is sinful.

        Thomas v. Review Board (1981), which the Court reaffirmed in Burwell v. Hobby Lobby Stores (2014), is the classic illustration of this principle. Eddie Thomas had been working at a machinery company and was transferred to a department that produced tank turrets. Thomas refused to work on such military production and was fired. Under the Court’s Free Exercise Clause jurisprudence, whether Thomas could claim unemployment compensation turns on whether his refusal to work on war production was an exercise of his religion. The lower court had said that it wasn’t, but the Court reversed (emphasis added):

        [The Indiana Supreme Court noted] that Thomas admitted before the referee that he would not object to “working for United States Steel or Inland Steel … produc[ing] the raw product necessary for the production of any kind of tank … [because I] would not be a direct party to whoever they shipped it to [and] would not be … chargeable in … conscience ….” The court found this position inconsistent with Thomas’ stated opposition to participation in the production of armaments. But Thomas’ statements reveal no more than that he found work in the roll foundry sufficiently insulated from producing weapons of war. We see, therefore, that Thomas drew a line, and it is not for us to say that the line he drew was an unreasonable one.

        Thomas wasn’t, of course, being required to kill anyone using a tank, fire a tank gun, ride in a tank helping the gunner, or assemble a completed tank. But he thought that the religious prohibition went further than that. Even making tank turrets—though not making steel that would go into a tank—was, he thought, itself sinful complicity with sin.

        And the Court held that it was for him, not for the secular courts, to figure out where he thought God wanted him to draw a line. The “substantial burden” requirement didn’t require that the connection be “substantial” enough in the secular legal system’s understanding of complicity. (A burden might be insubstantial because it imposes too small a secular cost to count, not because outsiders to a religion think that a causal connection is too weak to count as sinful complicity.)

        Likewise, certain abortion opponents draw a line: Taking vaccines that were tested using the products of what they see as murder is sinful complicity with sin; going to schools that have reopened only as a result of those vaccines being widely adopted is not. Perhaps some of them are lying, but so long as the judge (or, in some instances, a jury) concludes that they honestly believe this is the right line, the judge isn’t supposed to further decide whether it is indeed the right line.

        And this position should look especially sensible, I think, given how wide an array of judgments our own American legal system has on the subject of complicity.

        If you help someone with the purpose of helping him commit his crimes, you’re guilty of the crime itself as an accomplice. If you help someone, knowing that your actions are helping him commit the crime, you aren’t an accomplice under the laws of most states—but you are under the laws of some states.

        What’s more, the rules differ for different kinds of conduct. For instance, informing a particular person how to make a bomb, knowing that he plans to make a bomb (even if you have no specific purpose to help him do so), is a crime under federal law. Likewise, knowingly providing assistance to a foreign terrorist organization is a crime even if you don’t have the purpose of advancing the organization’s terrorist goals, but are just trying to promote the organization’s supposedly humanitarian wing or are trying to teach the organization’s members about international law.

        Knowing distribution and even possession of child pornography is banned, chiefly on the grounds that such distribution and possession tend to cause the making of child pornography by creating and sustaining a market for such material. The causal connection between possession of child pornography and the production of child pornography is quite indirect (though real). But the law criminalizes possession nonetheless, based on that connection.

        And that’s just the criminal law. If you know or have reason to know that your actions are materially helping someone infringe copyright, you are guilty of contributory copyright infringement. And in some situations, you can be vicariously liable for copyright infringement even if you weren’t negligent—for instance, if a band performs a song in a bar that you own and it turns out that (despite their assurances to the contrary) they weren’t licensed by the owner of the copyright in the song.

        Beyond copyright law, people can be liable for negligently facilitating another’s criminal conduct. Landlords can have their property seized if they negligently allowed it to be used for drug transactions. And the list could go on.

        Given this widely varying array of judgments about complicity in a single secular legal system, it’s not surprising that people would have still more varied judgments about religious obligation to avoid complicity. And it’s also not surprising that people might feel that God’s demands that they distance themselves from sin would be broader than Caesar’s demands.

        [3.] So what is a court to do when a religious exemption regime applies (item 1 above) and a person has a sincere religious objection to some law on the grounds that it involves complicity with sin (item 2 above)? Obviously, the person doesn’t categorically win: A court would still have to ask if denying the exemption is narrowly tailored to a compelling government interest—which is to say (more or less) if granting the exemption would unavoidably substantially harm that interest. It may well be that some vaccination mandates pass strict scrutiny, because they serve a compelling interest in protecting people’s lives, and because exemptions would indeed unavoidably cause some extra deaths.

        It’s just that this analysis is the same regardless of whether the objector’s claim is based on complicity or based on something else (e.g., some Christian Scientists appear to believe that it is wrong to rely on medicine as opposed to prayer, and the official Christian Science position appears to be that this is up to individual believers). If you sincerely believe that complicity with sin is itself sinful—or, more broadly, complicitly with religiously improper behavior is itself religious improper—American religious exemptions law doesn’t second-guess the reasonableness or directness of that complicity claim.

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        The Fed’s Monetary Policy Has Screwed Americans

        The Fed’s Monetary Policy Has Screwed Americans

        Authored by Lance Roberts via RealInvestmentAdvice.com,

        The Fed’s monetary policy has screwed Americans. Such is the basic premise of a recent Washington Times article discussing inflation. To wit:

        “Do you find it odd that banks and other financial institutions provide mortgage loans to millions at an approximately 3% interest rate for 30 years, while the government reports that inflation is over 6% at an annual rate and rising? Are you frustrated that you are a responsible and prudent person who saves for a ‘rainy day’ or retirement, and your savings account only pays 1% or so interest, while inflation is many times that? Do you find it odd that the government official most responsible for inflation – Treasury Secretary and former Fed Chairman Janet Yellen – several months ago told us that inflation would be mild and transitory, neither of which has turned out to be correct? Do you suspect that she may not know what she is doing, particularly when she says that more record government spending will bring down inflation?”

        There is a lot of truth in that statement. However, it is not just Janet Yellen’s fault. The problem lies directly with the Fed’s monetary policy decisions implemented since the turn of the century, and particularly, the Financial Crisis. As each bailout of the financial system occurred, yields fell along with inflationary pressures and economic growth.

        Of course, as discussed in “Fed Issues Stock Market Warning,” the only thing the Fed succeeded at was inflating a “valuation” bubble of epic proportions.

        At 40x trailing earnings, current valuations are higher at the peak of the market in 1999.

        Savers Have No Choice

        The Fed’s monetary policy was designed to force “savers” out of cash, into “risk” assets. Such, the Fed believed, would increase confidence and support economic growth. However, as shown, while stock prices surged, economic growth and interest rates fell.

        Such is a critical point.

        Most individuals are attempting to “save” money in order to reach their financial objectives. As “savers” we have three primary responsibilities:

        1. Have an appropriate savings rate for our goals,

        2. Ensure those savings adjust for inflation over time, and;

        3. Don’t lose it. 

        There have been plenty of times in history where you literally could stick your money in a “savings” account and earn enough, “risk-free,” to “save” your way to retirement. The chart below shows the savings rate on short-term deposits adjusted for inflation.

        There are two notable points to be made.

        1. Real savings rates have remained primarily negative since the Financial Crisis. Such was due to the Fed’s massive interventions and artificially pushing interest rates towards zero.

        2. Based on current inflation rates, the “real savings rate” is now as negative as it was in the late 70’s during the the “Arab Oil Embargo.”

        With “real savings rates” pushing a negative 6%, the Fed’s monetary policy has given individuals little choice.

        Nothing But Risk

        For investors who have money invested in the financial markets, the Fed’s actions had one very predictable outcome. By keeping interest rates pegged at zero for nearly a decade, the Fed forced “savers” to take on more “risk” for even a marginal rate of return to pace inflation.

        An article by The American Institute noted this point:

        “In fact, risk tolerances are up across the board. There are anecdotes, of course, but the evidence is clear in trends of some of the most historically risky markets. The stock market, once a fairly mid-range option for risk and return, has gone from a complement to a substitute for the role that bank accounts or Treasury bonds once filled.

        For example, investors are now taking on far more risk in “credit” than they get compensated for. Such has been the legacy of the Federal Reserve interventions since the turn of the century. When those rates did reverse, it was not a favorable outcome for investors.

        Given a decade of monetary interventions, investors came to believe “risk” was permanently mitigated by the Fed. For that reason, investors piled into both “credit and equity risk” with extreme exuberance. The deviation from the long-term exponential growth trend shows this.

        What you should take away from the chart above is apparent. Investing capital when prices are exceedingly above the underlying growth trend repeatedly had poor outcomes. For “savers,” putting capital into “equity risk” at peak deviations repeatedly led to long periods of ZERO returns. Not exactly the savings goal most are needing. 

        However, the “chase for yield,” is entirely understandable. When money market yields, bond yields, and equity yields are near zero, “There Is No Alternative.”

        It’s A Lose-Lose Game

        Investors are currently playing a “Lose-Lose” game.

        • If they fail to chase “risk,” they suffer the loss of return, not to mention the psychological beating from the financial media, to adjust their savings for inflation.

        • If they do chase risk, the odds are high that at some point, a reversion will occur that will take away a large chunk of their assets.

        Such was the conclusion from the American Institute:

        The Federal Reserve has done more in the past 25 years than its founding legislators ever conceived. With that in mind, one wonders what the end game is, especially in light of two facts.

        • First, the inclination of monetary authorities the world over is toward lower and lower thresholds for intervention.

        • Second, fiscal and monetary policies have a way of suddenly finding limits when the tax-payers are on the receiving end.

        If there is a component of the growing disposition for risk inspired by the idea that the Fed will swoop in to save retail investors from failed ETFs, collapsed SPAC prices, a wave of microcap stock delistings, or any other consequence of their understandable but reluctant march up the risk curve, it is ill-advised. 

        Any lasting solution is far more likely to come from markets themselves.”

        I would carefully consider the last sentence.

        So What Do You Do?

        It’s a tough question that few have an answer for.

        The financial media suggests, regardless of your age, that investing in equities is your only option. Bonds have historically provided some yield with a return of principal function in the future, but with inflation those yields are negative.

        We don’t have a good answer for you.

        The Fed has given “savers” no “risk-free” choice for saving for their future.

        The problem with “savers’ taking on excessive levels of equity risk, as we see today, is the eventual outcome is far worse than most expect.

        Will this time be different?

        Maybe. But I wouldn’t bet my retirement on it.

        Tyler Durden
        Mon, 12/06/2021 – 11:40

        via ZeroHedge News https://ift.tt/31xMGN1 Tyler Durden