President Biden Doesn’t Follow D.C.’s Absurd Mask Rules for Restaurants


spnphotosten487622

Over the weekend, President Joe Biden had dinner with First Lady Jill Biden at Fiola Mare, a swanky restaurant in the Georgetown neighborhood of Washington, D.C. Video footage captured the couple leaving the premises without their masks.

Note that this is a violation of the city’s mask mandate, which requires restaurant customers to wear masks while walking from the door to the table. Masks can only be removed when it’s time to sit down and actively eat or drink. Dining establishments that fail to enforce these rules can face a $1,000 fine, and thus workers can be fairly militant about it. I have been asked to put on a mask while walking to my table, or waiting in line for food, at a dozen different places—from fancy restaurants to grab-and-go sandwich shops.

But Democratic political figures whose mask mandates remain in effect in many major cities routinely fail to follow their own rules. D.C. Mayor Muriel Bowser has flouted her mask mandate at parties, weddings, and public events, and San Francisco Mayor London Breed clearly thinks it’s crazy to enforce masks to the degree required by her own mandate. Most recently, Chicago Mayor Lori Lightfoot was caught maskless in a photo at a Women’s National Basketball Association game; according to a witness who was at the game with her, the mayor only removed her mask for the photo. This is a perfectly reasonable thing to do, but the mask mandate does not include reasonable exceptions.

And that’s what should really irritate people about Biden failing to mask up while making a quick exit. He isn’t worried about his health during those few seconds; he probably knows that it’s pointless to require masking under some circumstances while groups of unmasked people are eating, drinking, and talking for hours. The government’s strict mask policies are so stupid that everyone who can get away with ignoring them already does so, yet they remain in place. Not for safety, or because of the science, but because our elected leaders can’t be bothered to tweak the rules.

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The Supreme Court Deals a Major Blow to Qualified Immunity Reform


31

The Supreme Court on Monday issued two opinions awarding qualified immunity to police officers accused of brutality, overturning lower court decisions that came to the opposite conclusion. The Court has thus prohibited the alleged victims from seeking accountability in civil court.

The doctrine of qualified immunity shields government actors from civil suits if the ways in which they are said to have misbehaved, and the exact circumstances surrounding the events in question, have not yet been spelled out as unconstitutional in a prior court ruling.

It can be a low bar. Previous recipients of qualified immunity include two cops who allegedly stole $225,000 while executing a search warrant, more than 24 cops who damaged an innocent man’s house during a drug raid on the wrong residence, cops who shot children, and cops who used force against subdued suspects and those who had surrendered—not because their conduct was necessarily permissible but because no court precedent had yet said the precise components of each case violated the Constitution.

Monday’s decision adds a few more to that list, including a cop in Union City, California, accused of injuring a man after pressing his left knee into the suspect’s back, as well as two officers in Tahlequah, Oklahoma, who shot and killed a man wielding a hammer.

Whether or not those officers deserve to pay damages to their accusers is not a question I have the answer to. But it’s a question that should be answered by a jury of their peers, who are constitutionally tasked with taking on that duty—and not a few judges sitting on high. Should the Supreme Court have agreed with the lower courts’ decisions and decided to withhold qualified immunity, neither plaintiff would have necessarily been awarded damages: They would simply have been legally permitted to argue their case before a jury, which they will now not have the privilege of doing.

In the first case, Officer Daniel Rivas-Villegas responded to a 911 call from a 12-year-old, who was afraid that Ramon Cortesluna, her mother’s ex-boyfriend, would hurt her and her family. When Rivas-Villegas apprehended Cortesluna on the ground, he allegedly injured him by digging his knee into his back for eight seconds. According to the U.S. Court of Appeals for the 9th Circuit, it was already clearly established law that an officer violates the Fourth Amendment when he acts in such a way with “suspects who were lying face-down on the ground and were not resisting either physically or verbally, on whose back the defendant officer leaned with a knee, causing allegedly significant injury.”

The Supreme Court disagreed, writing that there was no preexisting court precedent quite similar enough to exactly what happened between Rivas-Villegas and Cortesluna such that the officer would have been on notice that his conduct was unconstitutional.

In the second case, Officers Josh Girdner, Chase Reed, and Brandon Vick responded to an emergency call when Dominic Rollice’s ex-wife said he was drunk and would not leave the house. Upon arriving at the scene, the officers cornered Rollice in the garage, at which point he grabbed a hammer and appeared like he might throw it at one of the officers. Girdner and Vick then shot and killed Rollice.

The U.S. Court of Appeals for the 10th Circuit concluded that, although the shooting may have itself been reasonable, a jury could find that the cops created the situation when they cornered Rollice in the garage, and that such a move violated previously established law. The Supreme Court again disagreed, declining to determine if Rollice’s constitutional rights were violated but writing that the precedents were too disparate from the exact situation at hand.

Most troubling in today’s decision was the Court’s reiteration that it “is especially important in the Fourth Amendment context” to find identical court precedents when examining qualified immunity cases. That standard is what has made it so difficult for victims of government abuse to have a remote chance at holding the culprits accountable, including, for instance, the mother of the 10-year-old boy who was lying on the ground when Coffee County Sheriff’s Deputy Michael Vickers shot him. The cop was instead trying to kill a nonthreatening dog, who was a mere foot and a half away from the boy.

While the U.S. Court of Appeals for the 11th Circuit admonished Vickers, it did not allow the boy’s mother to sue for the money she lost to her son’s medical treatment, as she was unable to find a court ruling that mimicked that nightmarish day to a T. The odds are bleak.

Supporters of qualified immunity often say that without the doctrine, state officials would be inundated with vacuous lawsuits. Such a theory contradicts reality. Without qualified immunity, plaintiffs would still be required to prove that the government affirmatively violated their rights before going to trial. Qualified immunity is only the second piece, which then necessitates that a victim locate a matching court ruling. And the Supreme Court’s decision today is another reminder of why that process is a frustrating one: The justices specifically demurred at the opportunity to decide if the alleged victims here had their constitutional rights violated. We’re told that they need to find that perfect precedent, and then the courts often decline to establish those precedents when given the chance.

Today’s decision also represents somewhat of a departure for the Court. Though it has avoided the opportunity to conduct a wholesale reevaluation of qualified immunity—a legal principle it legislated into existence decades ago—it had seemingly taken steps over the last year to send the message that the lower courts were being too specific with their qualified immunity jurisprudence. That first step came in Taylor v. Riojas, a case that saw the justices claw back qualified immunity from a group of prison guards that threw a naked inmate in cells filled with sewage and feces, and the second was in McCoy v. Alamu, where the Court overturned a qualified immunity grant to a prison guard who pepper-sprayed an inmate without provocation. Clarence Thomas, the Court’s most conservative justice, and Sonia Sotomayor, one of the more liberal justices, have both recently taken aim at qualified immunity.

But victims of government abuse will have to wait longer still. “What these two decisions illustrate is that the Supreme Court—despite its decisions last term in Taylor v. Riojas and McCoy v. Alamu—does not seem interested in making any fundamental alterations to the doctrine of qualified immunity,” says Jay Schweikert, a research fellow with the Cato Institute’s Project on Criminal Justice. “To the contrary, both these decisions clearly reinforce the idea that overcoming qualified immunity generally requires a prior case with nearly identical facts.”

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President Biden Doesn’t Follow D.C.’s Absurd Mask Rules for Restaurants


spnphotosten487622

Over the weekend, President Joe Biden had dinner with First Lady Jill Biden at Fiola Mare, a swanky restaurant in the Georgetown neighborhood of Washington, D.C. Video footage captured the couple leaving the premises without their masks.

Note that this is a violation of the city’s mask mandate, which requires restaurant customers to wear masks while walking from the door to the table. Masks can only be removed when it’s time to sit down and actively eat or drink. Dining establishments that fail to enforce these rules can face a $1,000 fine, and thus workers can be fairly militant about it. I have been asked to put on a mask while walking to my table, or waiting in line for food, at a dozen different places—from fancy restaurants to grab-and-go sandwich shops.

But Democratic political figures whose mask mandates remain in effect in many major cities routinely fail to follow their own rules. D.C. Mayor Muriel Bowser has flouted her mask mandate at parties, weddings, and public events, and San Francisco Mayor London Breed clearly thinks it’s crazy to enforce masks to the degree required by her own mandate. Most recently, Chicago Mayor Lori Lightfoot was caught maskless in a photo at a Women’s National Basketball Association game; according to a witness who was at the game with her, the mayor only removed her mask for the photo. This is a perfectly reasonable thing to do, but the mask mandate does not include reasonable exceptions.

And that’s what should really irritate people about Biden failing to mask up while making a quick exit. He isn’t worried about his health during those few seconds; he probably knows that it’s pointless to require masking under some circumstances while groups of unmasked people are eating, drinking, and talking for hours. The government’s strict mask policies are so stupid that everyone who can get away with ignoring them already does so, yet they remain in place. Not for safety, or because of the science, but because our elected leaders can’t be bothered to tweak the rules.

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Amazon Hiring 150,000 Seasonal Workers To Meet Surge In Holiday Web Sales

Amazon Hiring 150,000 Seasonal Workers To Meet Surge In Holiday Web Sales

Amazon announced Monday that it would hire 150,000 seasonal jobs across fulfillment centers nationwide. The news comes as the company previously announced plans to hire 40,000 new corporate and tech jobs and 125,000 full and part-time fulfillment and transportation jobs. 

“Our seasonal hiring helps us deliver on our promises to customers while also providing flexibility to our full-time employees during busy periods,” said Alicia Boler Davis, senior vice president of global customer fulfillment, in a statement.

All new employees will receive an average starting pay of around $18 per hour, sign-on bonuses up to $3,000, and an additional $3 per hour depending on shifts.

“We are proud to be offering a huge range of full-time, part-time, and now seasonal jobs with great pay and benefits,” Davis said.

The states with the most seasonal jobs available include Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Maryland, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Tennessee, Texas, and Virginia.

“Joining Amazon in one of our seasonal roles offers high-paying, part-time work, or a path to a full-time position, with benefits like our Career Choice program to help people advance their education and careers within Amazon or beyond,” she continued. 

Big e-commerce players have begun to promote benefits and higher pay to seasonal workers as a surge in web sales is expected ahead of the holiday season. Walmart, Amazon’s competitor, also serves up perks for seasonal employees. 

Tyler Durden
Mon, 10/18/2021 – 13:10

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Israel Accused Of Killing Syrian Official With Sniper From Across Golan Border

Israel Accused Of Killing Syrian Official With Sniper From Across Golan Border

Authored by Dave DeCamp via AntiWar.com,

Damascus has accused Israel of killing a former member of Syria’s parliament with a sniper firing from across the border in the Israeli-occupied Golan Heights.

Medhat al-Saleh was gunned down in Ain al-Tinah, a Syrian village that overlooks Majdal Shams, a town on the Israeli side of the Golan. Al-Saleh was a Syrian Druze who was born on the Israeli side of the border.

AFP via Getty Images

After being jailed multiple times by Israeli authorities, including a 12-year sentence, al-Saleh moved to Syria and was elected to parliament in 1998.

After leaving parliament, al-Saleh was appointed as a government advisor for the Golan Heights. According to SANA, al-Saleh was the head of Syrian Golan Affairs and was killed Saturday “when the Israeli enemy targeted him.”

Israel’s military has not commented on the matter, but that is usually the case when it comes to Israeli operations inside Syria. Israel is constantly bombing Syria, and Israeli officials rarely acknowledge the strikes.

Israeli media portrayed al-Saleh as being linked to Iran, but people who knew him are disputing the claim. According to The Associated Press, Samih Ayoub, a resident on the Israeli side of the Golan, said al-Saleh had “no connection” to Iran or any militia groups. “He’s just a quiet man who works in an office. They killed him next to his house,” he said.

The Golan Heights was captured from Syria by Israel in 1967. In 1981, Israel formally annexed the territory, a move that was not internationally recognized. In 2019, the Trump administration made the US the first country to recognize Israeli sovereignty over the Golan, and the Biden administration has no plans to reverse the recognition.

Last week, Israeli Prime Minister Naftali Bennett reaffirmed Israel’s stance that the Golan Heights is Israeli territory. He announced a plan to quadruple the population of the Golan Heights to tighten Israel’s grip on the territory.

Tyler Durden
Mon, 10/18/2021 – 12:49

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The Supreme Court Deals a Major Blow to Qualified Immunity Reform


31

The Supreme Court on Monday issued two opinions awarding qualified immunity to police officers accused of brutality, overturning lower court decisions that came to the opposite conclusion. The Court has thus prohibited the alleged victims from seeking accountability in civil court.

The doctrine of qualified immunity shields government actors from civil suits if the ways in which they are said to have misbehaved, and the exact circumstances surrounding the events in question, have not yet been spelled out as unconstitutional in a prior court ruling.

It can be a low bar. Previous recipients of qualified immunity include two cops who allegedly stole $225,000 while executing a search warrant, more than two dozen cops who damaged an innocent man’s house during a drug raid on the wrong residence, cops who shot children, and cops who used force against subdued suspects and those who had surrendered—not because their conduct was necessarily permissible but because no court precedent had yet said the precise components of each case violated the Constitution.

Monday’s decision adds a few more to that list, including a cop in Union City, California, accused of injuring a man after pressing his left knee into the suspect’s back, as well as two officers in Tahlequah, Oklahoma, who shot and killed a man wielding a hammer.

Whether or not those officers deserve to pay damages to their accusers is not a question I have the answer to. But it’s a question that should be answered by a jury of their peers, who are constitutionally tasked with taking on that duty—and not a few judges sitting on high. Should the Supreme Court have agreed with the lower courts’ decisions and decided to withhold qualified immunity, neither plaintiff would have necessarily been awarded damages: They would simply have been legally permitted to argue their case before a jury, which they will now not have the privilege of doing.

In the first case, Officer Daniel Rivas-Villegas responded to a 911 call from a 12-year-old, who was afraid that Ramon Cortesluna, her mother’s ex-boyfriend, would hurt her and her family. When Rivas-Villegas apprehended Cortesluna on the ground, he allegedly injured him by digging his knee into his back for eight seconds. According to the U.S. Court of Appeals for the 9th Circuit, it was already clearly established law that an officer violates the Fourth Amendment when he acts in such a way with “suspects who were lying face-down on the ground and were not resisting either physically or verbally, on whose back the defendant officer leaned with a knee, causing allegedly significant injury.”

The Supreme Court disagreed, writing that there was no preexisting court precedent quite similar enough to exactly what happened between Rivas-Villegas and Cortesluna such that the officer would have been on notice that his conduct was unconstitutional.

In the second case, Officers Josh Girdner, Chase Reed, and Brandon Vick responded to an emergency call when Dominic Rollice’s ex-wife said he was drunk and would not leave the house. Upon arriving at the scene, the officers cornered Rollice in the garage, at which point he grabbed a hammer and appeared like he might throw it at one of the officers. Girdner and Vick then shot and killed Rollice.

The U.S. Court of Appeals for the 10th Circuit concluded that, although the shooting may have itself been reasonable, a jury could find that the cops created the situation when they cornered Rollice in the garage, and that such a move violated previously established law. The Supreme Court again disagreed, declining to determine if Rollice’s constitutional rights were violated but writing that the precedents were too disparate from the exact situation at hand.

Most troubling in today’s decision was the Court’s reiteration that it “is especially important in the Fourth Amendment context” to find identical court precedents when examining qualified immunity cases. That standard is what has made it so difficult for victims of government abuse to have a remote chance at holding the culprits accountable, including, for instance, the mother of the 10-year-old boy who was lying on the ground when Coffee County Sheriff’s Deputy Michael Vickers shot him. The cop was instead trying to kill a nonthreatening dog, who was a mere foot and a half away from the boy.

While the U.S. Court of Appeals for the 11th Circuit admonished Vickers, it did not allow the boy’s mother to sue for the money she lost to her son’s medical treatment, as she was unable to find a court ruling that mimicked that nightmarish day to a T. The odds are bleak.

Supporters of qualified immunity often say that without the doctrine, state officials would be inundated with vacuous lawsuits. Such a theory contradicts reality. Without qualified immunity, plaintiffs would still be required to prove that the government affirmatively violated their rights before going to trial. Qualified immunity is only the second piece, which then requires a victim to locate a matching court ruling. And the Supreme Court’s decision today is another reminder of why that process is a frustrating one: The justices specifically demurred at the opportunity to decide if the alleged victims here had their constitutional rights violated. We’re told that they need to find that perfect precedent, and then the courts often decline to establish those precedents when given the chance.

Today’s decision also represents somewhat of a departure for the Court. Though it has avoided the opportunity to conduct a wholesale reevaluation of qualified immunity—a legal principle it legislated into existence decades ago—it had seemingly taken steps over the last year to send the message that the lower courts were being too specific with their qualified immunity jurisprudence. That first step came in Taylor v. Riojas, a case that saw the justices claw back qualified immunity from a group of prison guards that threw a naked inmate in cells filled with sewage and feces, and the second was in McCoy v. Alamu, where the Court overturned a qualified immunity grant to a prison guard who pepper-sprayed an inmate without provocation. Clarence Thomas, the Court’s most conservative justice, and Sonia Sotomayor, one of the more liberal justices, have both recently taken aim at qualified immunity.

But victims of government abuse will have to wait longer still. “What these two decisions illustrate is that the Supreme Court—despite its decisions last term in Taylor v. Riojas and McCoy v. Alamu—does not seem interested in making any fundamental alterations to the doctrine of qualified immunity,” says Jay Schweikert, a research fellow with the Cato Institute’s Project on Criminal Justice. “To the contrary, both these decisions clearly reinforce the idea that overcoming qualified immunity generally requires a prior case with nearly identical facts.”

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Facebook Adds To Its Orwellian Content Moderation By Protecting Activists And Journalists From “Bullying”

Facebook Adds To Its Orwellian Content Moderation By Protecting Activists And Journalists From “Bullying”

Just when you thought the censorship at social media companies couldn’t possibly get any worse, Facebook has come along and moved the bar. 

The company is now going to be protecting activists and journalists, who is is called “involuntary” public figures, with additional safeguards against “harassment and bullying”, Reuters reported

The company says people it determines to be “human rights defenders” will be protected under the new safeguards, which we’re sure will be completely discretionary and applied only to those “activists” who are advocating for liberal causes. 

Nevermind the fact that when someone becomes an “activist” they are no longer an “involuntary” public figure, but we digress.

Facebook’s handling of public figures has been an area of debate over the last month, as the company deals with allegations form a “whistleblower” who went public with details of the company’s content moderation strategies. 

Reuters reported on the new rules:

Facebook also differentiates between public figures and private individuals in the protections it affords around online discussion: for instance, users are generally allowed to call for the death of a celebrity in discussions on the platform, as long as they do not tag or directly mention the celebrity. They cannot call for the death of a private individual, or now a journalist, under Facebook’s policies.

And not unlike the U.S. tax code or any industry subject to micromanagement from the government, the more spurious rules put into place, we’re certain the less effective they are going to be. 

Recall, recently, we also covered the broad outages at Facebook and the whistleblower’s claims that profit was being put ahead of (even more) muzzling of speech.

“The thing I saw at Facebook over and over again was there were conflicts of interest between what was good for the public and what was good for Facebook. And Facebook, over and over again, chose to optimize for its own interests, like making more money,” the whistleblower claimed.

Weird. Almost as if there’s some kind of profit motive left at Facebook. Although given how the rest of the capital markets reward companies that burn cash, we aren’t entirely surprised by how confusing capitalism has become for some people.

We’ll just make sure to remind the “whistleblower” of these priorities when she signs her book deal…

Tyler Durden
Mon, 10/18/2021 – 12:30

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More on the MIT Disinvitation of Dorian Abbot

University of Chicago professor Dorian Abbot was to deliver the Tenth Annual John Carlson Lecture at the Department of Earth, Atmospheric and Planetary Science at the Massachusetts Institute of Technology on October 21. As a result of a pressure campaign, he was disinvited from delivering that lecture because of his views on diversity and inclusion initiatives in American higher education. He will instead be delivering his remarks virtually (on planetary climate and the prospects of life on exoplanets) on October 21 at the James Madison Program at Princeton University. The Academic Freedom Alliance issued a public letter rebuking MIT for caving in to such pressure.

The provost at MIT has subsequently publicly released an email he sent to the faculty about the incident and minimizing the damage that had been done by the disinvitation. The Academic Freedom Alliance has now released a second public letter, this one directed to the provost at MIT and responding to the points raised in his email.

As I note in that letter:

You note in your letter that the Department of Earth, Atmospheric and Planetary Sciences “had to make a difficult decision” when an organized petition campaign was launched to pressure the Institute to disinvite Professor Abbot. It is true that universities are sometimes put in the difficult position of upholding their values of academic freedom and open inquiry when particular instances of speech become controversial and universities are being pressured to suppress speech. Identifying the correct principle and the university’s proper responsibilities in such circumstances is not difficult, however.

The university’s duty is clear – once a university has extended an invitation to a speaker to speak to members of the campus community, the university must not rescind that invitation because some object that the speaker or ideas that the speaker has expressed are unacceptable. The Institute seems to have lost sight of that very basic principle in this case, and in doing so has subverted its own institutional mission to foster the free exchange of ideas.

You can read the whole thing here.

I should add that the MIT president has now posted a public letter to the campus community about the incident here.

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NYC Cancels Thomas Jefferson

Today, the New York Public Design Commission will vote to remove a statue of Thomas Jefferson from City Hall. The seven-foot tall bronze statue will be loaned to the New York Historical Society. Annette Gordon-Reed criticized the move.

Annette Gordon-Reed, a Harvard Law School professor and a Jefferson expert, objected to the idea of taking down the Jefferson statue, but described its likely move to the New-York Historical Society, where she serves as a trustee, as the best-case scenario.

“This represents a lumping together of the Confederates and a member of the founding generation in a way which I think minimizes the crimes and the problems with the Confederacy,” Ms. Gordon-Reed said.

Later this year, the famous Theodore Roosevelt statue will be removed the Museum of Natural History.

Thankfully, Mt. Rushmore is not in Manhattan. At least three of the faces would be effaced.

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What Bitcoin’s New Exchange (Day) Traded Fund Means

What Bitcoin’s New Exchange (Day) Traded Fund Means

Submitted by @bit_hedge,

While nobody has missed the discussion surrounding a possible Bitcoin ETF this year and the subsequent 40% rally this month as prospects materialized, discussion in some circles has already turned to doubt in the success of what has now become the first approved crypto ETF by the SEC – one investing in Bitcoin futures.

Following SEC Chair Gensler’s apparent nod towards a Bitcoin ETF operating within the bounds of CME traded futures, giants such as ProShares, VanEck, and now Cathie Wood quickly threw their hats into the ring for a chance at getting approval for such a product. This week, speculation hit a fever pitch as CME Bitcoin futures saw their largest jump in open interest since last year and Bitcoin options stretched to all time high volumes, culminating finally in the confirmation of approval for ProShares’ filing as the following Bloomberg headlines hit on Friday afternoon:

  • *PROSHARES BITCOIN FUTURES ETF LAUNCH REVEALED IN SEC FILING

  • *PROSHARES SIGNALS BITCOIN FUTURES ETF LAUNCH AS SOON AS MONDAY

So with with the ETF going live as soon as today, questions are flying as to whether it will measure up to current vehicles such as the Grayscale Bitcoin Fund which is pushing $40B in assets under management, and if inflows into futures contracts will have as much of an impact as they’d have going into spot.

The good news is that there certainly is a mechanism for futures inflows to lift the price of Bitcoin. Via the popular ‘basis trade’ allowing directionally neutral firms to net double digit APY in a yield starved world by buying spot Bitcoin and selling CME futures against it, a renewed premium on Bitcoin CME futures would serve to attract more traders towards this strategy and hence more spot Bitcoin would be bought. There is no doubt that such a relationship between futures buys and spot buys would be less than 1:1, but nonetheless the effect does exist.

The bad news is that the efficiency of a futures-based ETF in an asset which typically trades in brutal contango (forward prices higher than spot) needs to be questioned. Per ProShares’ prospectus,

‘The Fund generally seeks to invest in “front month” CME Bitcoin futures contracts. “Front month” contracts are the monthly contracts with the nearest expiration date. CME Bitcoin Futures are cash settled on their expiration date unless they are “rolled” prior to expiration. The Fund intends to “roll” its CME Bitcoin Futures prior to expiration. Typically, the Fund will roll to the next “nearby” CME Bitcoin Futures. The “nearby” contracts are those contracts with the next closest expiration date.’

And while many have expressed concerns, no one has offered a quantification of the problem until now. Simulated by mirroring the fund’s 0.95% management fee, and by holding the front month CME Bitcoin futures contract until rolling to the next on the Monday prior to expiration, the hypothetical performance of such a product (shown since roughly the launch of CME Bitcoin futures, which coincidentally? debuted at the top of the 2017/18 mania) would look like this:

An investment in such a product at the start of 2018 would have lost almost a quarter of its value against Bitcoin since.

Looking at this underperformance, it becomes apparent that in the long run a futures based ETF in a contango-heavy product has an expected value of zero. So if Bitcoin fails to continue posting staggering returns, the chart of this ETF will eventually look like that of many other futures-based ETFS: down and to the right.

United States Oil Fund vs. front month crude oil contract

Which makes it painstakingly obvious that the approved ETF is not suitable for long term investment, and serves only as yet another way for day traders to partake in the exact highly speculative’ activity that Gary Gensler regularly criticizes. And since ‘uber-wealthy’ Gensler, ex-Goldman Sachs, (how else would he have gotten his current position) knows all too well how this contango effect plays out, one has to wonder what exactly his angle is in approving such a product.

Tyler Durden
Mon, 10/18/2021 – 12:10

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