iPhones With ‘Fortnite’ Are Listed On eBay For $15,000 

iPhones With ‘Fortnite’ Are Listed On eBay For $15,000 

Tyler Durden

Fri, 08/21/2020 – 05:30

As Epic Game’s battle over Apple’s 30% App Store fee enters the seventh day – Fortnite, the popular videogame, developed by Epic, is still removed from the App Store. This has resulted in potentially profitable arbitrage opportunities for people who have iPhones with the installed app are listing their phones on eBay and other online marketplaces for upwards of $15,000. 

While the game has been removed from the App Store, Apple has yet to remove it from user devices, which means anyone who had previously installed the game can still access it. 

A search of eBay and Facebook Marketplace for search term “iPhone Fortnite” turns up hundreds of listings:  

Searching “iPhone Fortnite” on eBay categorized under “most expensive:” 

An Apple iPhone XS Max with Fortnite currently (Aug. 20 (9:40ET)) has a bid of around $4,100. 

More results came up while searching Facebook Marketplace in New York City. Iphones with the app were listed for a few thousand dollars. 

And the reason fools are paying thousands of dollars for an iPhone with Fortnite, is that the game, in some respects, is “as addictive as cocaine.”

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

Depression In UK Doubles During CCP Virus Pandemic: Survey

Depression In UK Doubles During CCP Virus Pandemic: Survey

Tyler Durden

Fri, 08/21/2020 – 05:00

Authored by Lily Zhou via The Epoch Times,

Almost a fifth of adults in Britain were likely to have experienced depression in June, double the amount before the pandemic, according to the Office for National Statistics (ONS).

In a newly released report, the ONS compared the proportion of the British population with depressive symptoms before and during the CCP (Chinese Communist Party) virus pandemic.

Among the 3,527 participating adults, 19.2 percent showed moderate to severe depressive symptoms during the pandemic, almost double the number before the pandemic (9.7 percent).

Of the people surveyed, 6.2 percent had been experiencing moderate to severe depressive symptoms before the pandemic and continued to have the symptoms during the pandemic, while another 3.5 percent who had been experiencing depression improved during the pandemic.

Infographic: Depression spikes during the pandemic | Statista

You will find more infographics at Statista

Another 12.9 percent who had no or mild symptoms before the pandemic developed moderate to severe symptoms during it.

People under 40 were more likely to experience some form of depression during the pandemic than the older population.

Women, disabled, and poorer people, were also more likely to experience depressive symptoms during the pandemic.

Almost 1 in 6 (84.9 percent) identified stress and anxiety as the symptoms they were experiencing.

Adults experiencing depression are more likely to have their relationships affected during the pandemic.

Maudsley Hospital Director of Pharmacy and Pathology David Taylor told The Pharmaceutical Journal that the lack of human contact, which mental health “depends upon,” is one of the things that can cause anxiety and depression.

“Humans are social animals whose mental health depends upon frequent interaction with others and with the outside world,” he said.

Taylor suggested people experiencing these symptoms to go outdoors and interact with other people, as well as getting professional help when necessary.

The ONS’s report is based on the Opinions and Lifestyle Survey that usually surveys 2,010 individuals every month for 8 months of the year. Participants are asked to fill in an eight-item questionnaire.

Those who took part in the survey between July 2019 to March 2020 were asked to repeat it during June.

Tim Vizard, principal research officer for the ONS, said the comparison of the same group before and after the pandemic provided “a unique insight into how their symptoms of depression have changed over time.”

The Lancet in July published a similar study using different survey data. The study also found an increase of mental stress during the pandemic.

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

Brickbat: Who Was That Masked Man?

maskcomputer_1161x653

The Wisconsin Department of Natural Resources has told employees they must wear masks while taking part in virtual meetings from home. Agency officials say that members of the public may be watching, and agency employees have a duty to set an example showing they “care about the safety and health of others.” Gov. Tony Evers has mandated that masks be worn in indoor public spaces but not in private residences.

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Brickbat: Who Was That Masked Man?

maskcomputer_1161x653

The Wisconsin Department of Natural Resources has told employees they must wear masks while taking part in virtual meetings from home. Agency officials say that members of the public may be watching, and agency employees have a duty to set an example showing they “care about the safety and health of others.” Gov. Tony Evers has mandated that masks be worn in indoor public spaces but not in private residences.

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Russian Bank Issues First “Precedent-Setting” Crypto-Backed Loan

Russian Bank Issues First “Precedent-Setting” Crypto-Backed Loan

Tyler Durden

Fri, 08/21/2020 – 04:15

Amid the recent euphoria over DeFi (or decentralized finance) in crypto space which leverages decentralized networks to transform old financial products into trustless and transparent protocols, which among other things provide loans to businesses or the public with no intermediaries are present, a Russian bank has become the first lender in the country to issue a loan secured by cryptocurrency tokens, Russia’s Kommersant reported.

Lender Expobank said it issued an individual loan to businessman Mikhail Uspensky earlier this week, with Uspensky putting up Waves crypto tokens as collateral for the agreement, The Moscow Times noted. The size of the loan was not disclosed.

Kommersant said the bank consulted a number of lawyers and crypto experts on the deal beforehand, resulting in the Waves tokens being defined as “other property” and placed in an escrow account for the purposes of securing the loan.

Tanzila Yandieva, head of Expobank’s legal department said the deal was “precedent-setting for both the banking and legal communities.”

Russia passed its first law on cryptocurrency earlier this summer. The digital currency industry saw its provisions as overly restrictive, as the rules will ban Russians from using cryptocurrencies as a form of payment when they come into force next year. Businesses will also be barred from advertising crypto payment options.

Expobank believes the use of the crypto tokens as collateral for a loan, defined as “property”, would be allowed under the new guidelines.

The loan comes at a challenging time for cryptocurrency fans in Russia, which passed its first law on cryptocurrency earlier this summer. The digital currency industry saw its provisions as overly restrictive, as the rules will ban Russians from using cryptocurrencies as a form of payment when they come into force next year. Businesses will also be barred from advertising crypto payment options.

Despite the new law, Expobank believes the use of the crypto tokens as collateral for a loan, defined as “property”, would be allowed under the new guidelines.

Meanwhile, in the US, DeFi tokens like ChainLink, YAM, NXM, Datamine and Yearn.Finance…

… have exploded in recent week as the promise of decentralized finance in crypto has sparked a new flood of investors in the space.

via ZeroHedge News https://ift.tt/31h3pS4 Tyler Durden

Sweden’s Lead Epidemiologist: Wearing Face Masks Is “Very Dangerous”

Sweden’s Lead Epidemiologist: Wearing Face Masks Is “Very Dangerous”

Tyler Durden

Fri, 08/21/2020 – 03:30

Authored by Steve Watson via Summit News,

Sweden’s top expert on the coronavirus has warned that encouraging people to wear face masks is “very dangerous” because it gives a false sense of security but does not effectively stem the spread of the virus.

“It is very dangerous to believe face masks would change the game when it comes to COVID-19,” said Anders Tengell, who has overseen Sweden’s response to the pandemic while resisting any form of lockdown or mask mandate.

“Face masks can be a complement to other things when other things are safely in place,” Tengell added.

“But to start with having face masks and then think[ing] you can crowd your buses or your shopping malls — that’s definitely a mistake,” he further urged.

Tegnell has consistently spoken out against the use of masks, last month declaring that “With numbers diminishing very quickly in Sweden, we see no point in wearing a face mask in Sweden, not even on public transport.”

“The findings that have been produced through face masks are astonishingly weak, even though so many people around the world wear them,” Tengell has urged.

“I’m surprised that we don’t have more or better studies showing what effect masks actually have. Countries such as Spain and Belgium have made their populations wear masks but their infection numbers have still risen,” the epidemiologist also declared.

Sweden, which didn’t enforce any mandatory lockdown order, has seen its coronavirus cases and deaths slow to a trickle.

“That Sweden has come down to these levels is very promising,” Tegnell has said, adding “The curves are going down and the curves for the seriously ill are beginning to approach zero.”

As Newsweek acknowledged earlier this month, Sweden’s COVID-19 death rate is lower than those of Spain, the UK and Italy, countries which all imposed lockdowns.

Sweden’s GDP fall of 8.6 in Q2 2020 is also significantly less severe than the 12.1 average experienced in the Eurozone, leaving the Scandinavian country in “much better shape than the rest of Europe.”

via ZeroHedge News https://ift.tt/2EbU0Cs Tyler Durden

Swiss Watch Exports Tumble In July As Pandemic Slump Eases 

Swiss Watch Exports Tumble In July As Pandemic Slump Eases 

Tyler Durden

Fri, 08/21/2020 – 02:45

Could the worst be over for the Swiss watch industry? 

The Swiss watch industry experienced an unparalleled shock, in the first half of the year, sparked by the virus pandemic resulting in a plunge in watch exports. However, there is some good news, the rate of decline in exports appears to be slowing, which was boosted by Chinese demand, reported Federation of the Swiss Watch Industry. 

The federation reported Thursday watch exports in July plunged 17% on a year-over-year basis to $1.8 billion. The decline’s rate of change over the month was about 50% less than the prior month.

Shipments to the US were “stable” over the month, but compared to China, demand jumped 59%.

Performance in the main export markets for Swiss watches varied significantly in July. China (+59.1%) posted a second consecutive month of very strong growth, illustrating the early recovery in this market and the gradual resumption of domestic rather than foreign sales. Exports to the United States (-0.6%) were stable compared with July 2019, after three months of extremely poor performance. The situation in Hong Kong (-42.9%) showed no real signs of improving, although the decline was slightly less sharp than in April. Surprisingly, the United Kingdom (+2.5%) showed some signs of recovery ahead of other European markets, which were either stable (Germany -1.1%) or down sharply (Italy -33.6% and France -30.6%). Japan, in fourth place (-32.1%), another country deprived of Chinese tourists, remained clearly in the red. – the federation 

The federation said, “less expensive watches saw a more significant fall, while those at the other end of the scale held up better, posting only a third of the decline in comparison. Volumes, in particular, decreased sharply for watches under 200 francs (export price), falling by -41.5% compared with last year. Watches priced at over 3,000 francs saw a dip in the value of 11.1%.” 

The Swiss watch industry has been greatly affected by the virus-induced downturn, crushing worldwide consumers (see: “”Second Month Of Quasi-Paralysis” – Swiss Watch Exports Collapse 68% In May”).

With recent data from the US, Europe, and China all pointing to a global economic recovery stalling, it’s likely the overall demand for Swiss watches will remain in a slump for several years. 

Even before the virus pandemic, the Swiss watch industry was contending with overall shipments at three-decade lows. Demand for diamonds, jewelry, and timepieces were declining well before 2020.

Smartwatches, such as the Apple Watch, Samsung Galaxy Watch, and the Garmin smartwatch, have taken considerable market share from Swiss watchmakers. 

Perhaps the Chinese panic buying of fancy Swiss watches in July comes as smart money swaps out fiat for physical assets. 

via ZeroHedge News https://ift.tt/2EqL9Na Tyler Durden

Why Brennan, Strzok, & DOJ Needed Julian Assange Arrested; And Why UK Officials Obliged…

Why Brennan, Strzok, & DOJ Needed Julian Assange Arrested; And Why UK Officials Obliged…

Tyler Durden

Fri, 08/21/2020 – 02:00

Authored by ‘sundance’ via TheConservativeTreehouse.com,

According to reports in November of 2019, U.S Attorney John Durham and U.S. Attorney General Bill Barr were spending time on a narrowed focus looking carefully at CIA activity in the 2016 presidential election. One recent quote from a media-voice increasingly sympathetic to a political deep-state notes:

“One British official with knowledge of Barr’s wish list presented to London commented that “it is like nothing we have come across before, they are basically asking, in quite robust terms, for help in doing a hatchet job on their own intelligence services””. (Link)

It is interesting that quote came from a British intelligence official, as there appears to be  evidence of an extensive CIA operation that likely involved U.K. intelligence services. In addition, and as a direct outcome, there is an aspect to the CIA operation that overlaps with both a U.S. and U.K. need to keep Wikileaks founder Julian Assange under tight control. In this outline we will explain where corrupt U.S. and U.K. interests merge.

To understand the risk that Julian Assange represented to CIA interests, it is important to understand just how extensive the operations of the CIA were in 2016. It is within this network of foreign and domestic operations where FBI Agent Peter Strzok is clearly working as a bridge between the CIA and FBI operations.

By now people are familiar with the construct of CIA operations involving Joseph Mifsud, the Maltese professor now generally admitted/identified as a western intelligence operative who was tasked by the CIA (John Brennan) to run an operation against Trump campaign official George Papadopoulos in both Italy (Rome) and London. {Go Deep}

In a similar fashion the CIA tasked U.S. intelligence asset Stefan Halper to target another Trump campaign official, Carter Page. Under the auspices of being a Cambridge Professor Stefan Halper also targeted General Michael Flynn. Additionally, using assistance from a female FBI agent under the false name Azra Turk, Halper also targeted Papadopoulos.

The initial operations to target Flynn, Papadopoulos and Page were all based overseas. This seemingly makes the CIA exploitation of the assets and the targets much easier.

One of the more interesting aspects to the Durham probe is a possibility of a paper-trail created as a result of the tasking operations. We should watch closely for more evidence of a paper trail as some congressional reps have hinted toward documented evidence (transcripts, recordings, reports) that are exculpatory to the targets (Page & Papadop). HPSCI Ranking Member Devin Nunes has strongly hinted that very specific exculpatory evidence was known to the FBI and yet withheld from the FISA application used against Carter Page that also mentions George Papadopoulos. I digress…

However, there is an aspect to the domestic U.S. operation that also bears the fingerprints of the CIA; only this time due to the restrictive laws on targets inside the U.S. the CIA aspect is less prominent. This is where FBI Agent Peter Strzok working for both agencies starts to become important.

Remember, it’s clear in the text messages Strzok has a working relationship with what he called their “sister agency”, the CIA. Additionally, Brennan has admitted Strzok helped write the January 2017 Intelligence Community Assessment (ICA) which outlines the Russia narrative; and it is almost guaranteed the July 31st, 2016, “Electronic Communication” from the CIA to the FBI that originated FBI operation “Crossfire Hurricane” was co-authored from the CIA by Strzok…. and Strzok immediately used that EC to travel to London to debrief intelligence officials around Australian Ambassador to the U.K. Alexander Downer.

In short, Peter Strzok appears to be the very eager, profoundly overzealous James Bond wannabe, who acted as a bridge between the CIA and the FBI. The perfect type of FBI career agent for CIA Director John Brennan to utilize.

Fusion-GPS founder Glenn Simpson hired CIA Open Source analyst Nellie Ohr toward the end of 2015; at appropriately the same time as “FBI Contractors” were identified exploiting the NSA database and extracting information on a specific set of U.S. persons.

It was also Fusion-GPS founder Glenn Simpson who was domestically tasked with a Russian lobbyist named Natalia Veselnitskya. A little reported Russian Deputy Attorney General named Saak Albertovich Karapetyan was working double-agents for the CIA and Kremlin. Karapetyan was directing the foreign operations of Natalia Veselnitskaya, and Glenn Simpson was organizing her inside the U.S.

Glenn Simpson managed Veselnitskaya through the 2016 Trump Tower meeting with Donald Trump Jr. However, once the CIA/Fusion-GPS operation using Veselnitskaya started to unravel with public reporting… back in Russia Deputy AG Karapetyan fell out of a helicopter to his death (just before it crashed).

Simultaneously timed in late 2015 through mid 2016, there was a domestic FBI operation using a young Russian named Maria Butina tasked to run up against republican presidential candidates. According to Patrick Byrne, Butina’s handler, it was FBI agent Peter Strzok who was giving Byrne the instructions on where to send her. {Go Deep}

All of this context outlines the extent to which the CIA was openly involved in constructing a political operation that settled upon anyone in candidate Donald Trump’s orbit.

International operations directed by the CIA, and domestic operations seemingly directed by Peter Strzok operating with a foot in both agencies. [Strzok gets CIA service coin]

Recap: ♦Mifsud tasked against Papadopoulos (CIA). ♦Halper tasked against Flynn (CIA), Page (CIA), and Papadopoulos (CIA). ♦Azra Turk, pretending to be Halper asst, tasked against Papadopoulos (FBI). ♦Veselnitskaya tasked against Donald Trump Jr (CIA, Fusion-GPS). ♦Butina tasked against Trump, and Donald Trump Jr (FBI).

Additionally, Christopher Steele was a British intelligence officer, hired by Fusion-GPS to assemble and launder fraudulent intelligence information within his dossier. And we cannot forget Oleg Deripaska, a Russian oligarch, who was recruited by Asst. FBI Director Andrew McCabe to participate in running an operation against the Trump campaign and create the impression of Russian involvement. Deripaska refused to participate.

All of this engagement directly controlled by U.S. intelligence; and all of this intended to give a specific Russia impression. This predicate is presumably what John Durham is currently reviewing.

The key point of all that background is to see how committed the CIA and FBI were to the constructed narrative of Russia interfering with the 2016 election. The CIA, FBI, and by extension the DOJ, put a hell of a lot of work into it. Intelligence community work that Durham is now unraveling.

We also know specifically that John Durham is looking at the construct of the Intelligence Community Assessment (ICA); and talking to CIA analysts who participated in the construct of the January 2017 report that bolstered the false appearance of Russian interference in the 2016 election. This is important because it ties in to the next part that involves Julian Assange and Wikileaks.

On April 11th, 2019, the Julian Assange indictment was unsealed in the EDVA. From the indictment we discover it was under seal since March 6th, 2018:

(Link to pdf)

On Tuesday April 15th more investigative material was released. Again, note the dates: Grand Jury, *December of 2017* This means FBI investigation prior to….

The FBI investigation took place prior to December 2017, it was coordinated through the Eastern District of Virginia (EDVA) where Dana Boente was U.S. Attorney at the time. The grand jury indictment was sealed from March of 2018 until after Mueller completed his investigation, April 2019.

Why the delay?

What was the DOJ waiting for?

Here’s where it gets interesting….

The FBI submission to the Grand Jury in December of 2017 was four months after congressman Dana Rohrabacher talked to Julian Assange in August of 2017: “Assange told a U.S. congressman … he can prove the leaked Democratic Party documents … did not come from Russia.”

(August 2017, The Hill Via John Solomon) Julian Assange told a U.S. congressman on Tuesday he can prove the leaked Democratic Party documents he published during last year’s election did not come from Russia and promised additional helpful information about the leaks in the near future.

Rep. Dana Rohrabacher, a California Republican who is friendly to Russia and chairs an important House subcommittee on Eurasia policy, became the first American congressman to meet with Assange during a three-hour private gathering at the Ecuadorian Embassy in London, where the WikiLeaks founder has been holed up for years.

Rohrabacher recounted his conversation with Assange to The Hill.

“Our three-hour meeting covered a wide array of issues, including the WikiLeaks exposure of the DNC [Democratic National Committee] emails during last year’s presidential election,” Rohrabacher said, “Julian emphatically stated that the Russians were not involved in the hacking or disclosure of those emails.”

Pressed for more detail on the source of the documents, Rohrabacher said he had information to share privately with President Trump. (read more)

Knowing how much effort the CIA and FBI put into the Russia collusion-conspiracy narrative, it would make sense for the FBI to take keen interest after this August 2017 meeting between Rohrabacher and Assange; and why the FBI would quickly gather specific evidence (related to Wikileaks and Bradley Manning) for a grand jury by December 2017.

Within three months of the grand jury the DOJ generated an indictment and sealed it in March 2018. The EDVA sat on the indictment while the Mueller probe was ongoing.

As soon as the Mueller probe ended, on April 11th, 2019, a planned and coordinated effort between the U.K. and U.S. was executed; Julian Assange was forcibly arrested and removed from the Ecuadorian embassy in London, and the EDVA indictment was unsealed (link).

As a person who has researched this three year fiasco; including the ridiculously false 2016 Russian hacking/interference narrative: “17 intelligence agencies”, Joint Analysis Report (JAR) needed for Obama’s anti-Russia narrative in December ’16; and then a month later the ridiculously political Intelligence Community Assessment (ICA) in January ’17; this timing against Assange is too coincidental.

It doesn’t take a deep researcher to see the aligned Deep State motive to control Julian Assange because the Mueller report was dependent on Russia cybercrimes, and that narrative is contingent on the Russia DNC hack story which Julian Assange disputes.

This is critical. The Weissmann/Mueller report contains claims that Russia hacked the DNC servers as the central element to the Russia interference narrative in the U.S. election. This claim is directly disputed by WikiLeaks and Julian Assange, as outlined during the Dana Rohrabacher interview, and by Julian Assange on-the-record statements.

The predicate for Robert Mueller’s investigation was specifically due to Russian interference in the 2016 election. The fulcrum for this Russia interference claim is the intelligence community assessment; and the only factual evidence claimed within the ICA is that Russia hacked the DNC servers; a claim only made possible by relying on forensic computer analysis from Crowdstrike, a DNC contractor.

The CIA holds a massive conflict of self-interest in upholding the Russian hacking claim. The FBI holds a massive interest in maintaining that claim. All of those foreign countries whose intelligence apparatus participated with Brennan and Strzok also have a vested self-interest in maintaining that Russia hacking and interference narrative.

Julian Assange is the only person with direct knowledge of how Wikileaks gained custody of the DNC emails; and Assange has claimed he has evidence it was not from a hack.

This Russian “hacking” claim is ultimately so important to the CIA, FBI, DOJ, ODNI and U.K intelligence apparatus…. Well, right there is the obvious motive to shut Assange down as soon intelligence officials knew the Mueller report was going to be public.

Now, if we know this, and you know this; and everything is cited and factual… well, then certainly AG Bill Barr knows this.

The $64,000 dollar question is: will they say so publicly?

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Did Joe Biden and the Democratic National Convention Forget About Trump’s Tariffs?

dpaphotosfour668680

At this year’s Democratic National Convention, which wrapped up on Thursday night after more than eight hours of prime time political infomercials, organizers found only a couple of minutes in which to criticize Trump’s tariff policies.

Rick Telesz, a soybean farmer from Pennsylvania, made a brief appearance via webcam on Monday night to say he voted for Trump in 2016 but wouldn’t do so again. Trump’s trade war, Telesz said, threatened the existence of his farm. As Reason has noted several times, soybean farmers have been hit particularly hard by the trade war—prior to 2018, China was by far the largest consumer of American soybeans, but China retaliated by sharply reducing those totals.

“Trade tariffs with China have just been horrible,” Iowa farmer Dan Ryner said in a pre-recorded video segment shown during the DNC’s broadcast on Wednesday night.

That’s it.

Sure, highlighting the damage that Trump’s trade war has done to America’s farmers makes sense, but that’s hardly the whole story. Farmers like Telesz and Ryner got whacked by China’s retaliation against Trump’s tariffs. But there are plenty of blue-collar Americans harmed directly by the tariffs—which have increased the cost of imported aluminum, steel, and thousands of other products used in just about every aspect of manufacturing. If the Biden campaign couldn’t find them, they weren’t looking very hard.

More likely, the decision to downplay the trade war was a deliberate one. Biden’s acceptance speech tonight did not even mention the words “trade” or “tariffs” a sing time. And that’s coming from a politician who is just about the closest thing to an ardent free trader that you’re likely to find in the Democratic Party. Biden supported the North American Free Trade Agreement (NAFTA), which lowered tariff rates across the continent, when he was a member of the Senate. He was a lead cheerleader for the Obama Administration’s ill-fated Trans-Pacific Partnership (TPP) deal that would have lowered tariff rates for trade between the United States and a dozen other countries around the Pacific rim.

Biden had attacked Trump’s trade policies during the early stages of the primary campaign but has not emphasized them of late. Earlier this month, it appeared that Biden promised to scrap Trump’s tariffs on Chinese imports, but his campaign quickly clarified that he hadn’t meant it that way.

It’s possible that Democrats don’t see the trade war as a useful wedge issue, even in the key Rust Belt states they hope to take back from Trump this year. It’s also possible that Biden and his team are hoping to avoid making the tariffs a major issue so they can use the now-greatly-expanded tariff powers that Trump will leave behind. Maybe they figure the mishandled pandemic and high unemployment are enough to sink Trump’s reelection prospects.

Yet the last time an incumbent president was defeated, the fact that he’d raised taxes on Americans played a major role in the Democratic Party’s pitch to voters.

About one in four voters surveyed by exit pollers in 1992 said President George H. W. Bush’s decision to raise taxes was “very important” to their decision. “Of those, about two-thirds voted for” Bill Clinton, The New York Times reported at the time.

As Democrats try to unseat another incumbent president in 2020, they had an opportunity to pull a page from that same playbook. Tariffs imposed by President Donald Trump during his term have raised taxes on American consumers and businesses by about $57 billion annually.

The comparison between Bush’s tax increases and Trump’s tariffs is not a perfect one. Bush had promised not to raise taxes when he won his first term in 1988, while Trump had talked about using tariffs in the run-up to the 2016 election. The taxes Bush hiked—to help reduce a budget deficit that surged to the quaint level of $200 billion—were more visible than the cost of Trump’s tariffs, which get passed along supply chains and don’t show up on a tax return.

Regardless, Americans are missing out by not having a major party presidential candidate who makes the economically and historically sound argument for lower tariffs and more trade as a key to prosperity.

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Did Joe Biden and the Democratic National Convention Forget About Trump’s Tariffs?

dpaphotosfour668680

At this year’s Democratic National Convention, which wrapped up on Thursday night after more than eight hours of prime time political infomercials, organizers found only a couple of minutes in which to criticize Trump’s tariff policies.

Rick Telesz, a soybean farmer from Pennsylvania, made a brief appearance via webcam on Monday night to say he voted for Trump in 2016 but wouldn’t do so again. Trump’s trade war, Telesz said, threatened the existence of his farm. As Reason has noted several times, soybean farmers have been hit particularly hard by the trade war—prior to 2018, China was by far the largest consumer of American soybeans, but China retaliated by sharply reducing those totals.

“Trade tariffs with China have just been horrible,” Iowa farmer Dan Ryner said in a pre-recorded video segment shown during the DNC’s broadcast on Wednesday night.

That’s it.

Sure, highlighting the damage that Trump’s trade war has done to America’s farmers makes sense, but that’s hardly the whole story. Farmers like Telesz and Ryner got whacked by China’s retaliation against Trump’s tariffs. But there are plenty of blue-collar Americans harmed directly by the tariffs—which have increased the cost of imported aluminum, steel, and thousands of other products used in just about every aspect of manufacturing. If the Biden campaign couldn’t find them, they weren’t looking very hard.

More likely, the decision to downplay the trade war was a deliberate one. Biden’s acceptance speech tonight did not even mention the words “trade” or “tariffs” a sing time. And that’s coming from a politician who is just about the closest thing to an ardent free trader that you’re likely to find in the Democratic Party. Biden supported the North American Free Trade Agreement (NAFTA), which lowered tariff rates across the continent, when he was a member of the Senate. He was a lead cheerleader for the Obama Administration’s ill-fated Trans-Pacific Partnership (TPP) deal that would have lowered tariff rates for trade between the United States and a dozen other countries around the Pacific rim.

Biden had attacked Trump’s trade policies during the early stages of the primary campaign but has not emphasized them of late. Earlier this month, it appeared that Biden promised to scrap Trump’s tariffs on Chinese imports, but his campaign quickly clarified that he hadn’t meant it that way.

It’s possible that Democrats don’t see the trade war as a useful wedge issue, even in the key Rust Belt states they hope to take back from Trump this year. It’s also possible that Biden and his team are hoping to avoid making the tariffs a major issue so they can use the now-greatly-expanded tariff powers that Trump will leave behind. Maybe they figure the mishandled pandemic and high unemployment are enough to sink Trump’s reelection prospects.

Yet the last time an incumbent president was defeated, the fact that he’d raised taxes on Americans played a major role in the Democratic Party’s pitch to voters.

About one in four voters surveyed by exit pollers in 1992 said President George H. W. Bush’s decision to raise taxes was “very important” to their decision. “Of those, about two-thirds voted for” Bill Clinton, The New York Times reported at the time.

As Democrats try to unseat another incumbent president in 2020, they had an opportunity to pull a page from that same playbook. Tariffs imposed by President Donald Trump during his term have raised taxes on American consumers and businesses by about $57 billion annually.

The comparison between Bush’s tax increases and Trump’s tariffs is not a perfect one. Bush had promised not to raise taxes when he won his first term in 1988, while Trump had talked about using tariffs in the run-up to the 2016 election. The taxes Bush hiked—to help reduce a budget deficit that surged to the quaint level of $200 billion—were more visible than the cost of Trump’s tariffs, which get passed along supply chains and don’t show up on a tax return.

Regardless, Americans are missing out by not having a major party presidential candidate who makes the economically and historically sound argument for lower tariffs and more trade as a key to prosperity.

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