Faculty and Student Pledges

My general policy, which I flagged on Friday, is to not sign any statement I do not write. I share many of Keith’s concerns about the risks of joining open letters. Fortunately, most professors have the discretion to sign, or not sign public statements. But this year, I suspect that many faculty, as well as most students, will be asked to sign pledges. I italicize asked, because the request is not really optional.

Consider the pledge at the Ohio State University. The bulk of the pledge asks members of the community to take certain precautions to prevent the spread of COVID-19. Whatever. This document will not serve as a valid liability waiver. And if undergraduates are as careful as Major League Baseball players, classes will be online by Labor Day.

But the pledge also requires signatories to “acknowledge the Buckeye values.” What are those values? Here are two of them.

it is important to embrace diversity in people and ideas; foster the inclusion of all Buckeyes.

In the abstract, this language is nebulous enough. What does it mean to “embrace diversity”? What does it mean to “foster inclusion.” Who knows? But the ambiguity presents a precise risk. Signing onto this language will bind faculty and students to a pledge with an unknown direction. And the direction is not hard to figure out.

May I provide an insight where these measures are headed? Consider the “Race and Social Justice” curriculum that Seattle city employees will have to take. The classes separate employees by race, including a “whites-only training.” White employees will have to process their “white feelings” and consider “what we do in white people space.” Then the employees must examine their “relationships with white supremacy, racism, and whiteness.” The white employees must explain how their “[families] benefit economically from the system of white supremacy even as it directly and violently harms Black people.” And so on.

Some people may wish to take these classes. Others may not. But no mistake: there is no possible disagreement with these lectures. There is only one right answer. Any dissent will be deemed dispositive proof of bigotry, racism, and fragility. There is only one, orthodox truth.

In my mind, Justice Robert Jackson addressed this issues six decades ago:

If there is any fixed star in our constitutional constellation, it is that no official, high or petty, can prescribe what shall be orthodox in politics, nationalism, religion, or other matters of opinion or force citizens to confess by word or act their faith therein. If there are any circumstances which permit an exception, they do not now occur to us

Faculty and students should understand what they are signing up for when they agree to such pledges. These pledges are not meaningless statements.

Tenured faculty will have more autonomy to decline these pledges, but will still face pressure to join. Untenured faculty will reasonably fear retaliation for refusing to sign pledges. As it stands now, faculty candidates are required to submit “diversity statements.” Students who decline to sign the pledges may be subjected to forced re-education.

This sort of regime is not limited to higher education. New York City public schools separated teachers by race for “affinity groups.” Recently, a public high school teacher in Texas contacted me in a panic. He said his principal wanted to separate students by race, along the lines of the Seattle program. Black students could go to the white session. But white students could not go to the black session. This teacher had tenure protection, so he was prepared to object. But others may not be willing to do so.

This year will be very different from previous years. Faculty and staff should begin the semesters with their eyes wide open.

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Faculty and Student Pledges

My general policy, which I flagged on Friday, is to not sign any statement I do not write. I share many of Keith’s concerns about the risks of joining open letters. Fortunately, most professors have the discretion to sign, or not sign public statements. But this year, I suspect that many faculty, as well as most students, will be asked to sign pledges. I italicize asked, because the request is not really optional.

Consider the pledge at the Ohio State University. The bulk of the pledge asks members of the community to take certain precautions to prevent the spread of COVID-19. Whatever. This document will not serve as a valid liability waiver. And if undergraduates are as careful as Major League Baseball players, classes will be online by Labor Day.

But the pledge also requires signatories to “acknowledge the Buckeye values.” What are those values? Here are two of them.

it is important to embrace diversity in people and ideas; foster the inclusion of all Buckeyes.

In the abstract, this language is nebulous enough. What does it mean to “embrace diversity”? What does it mean to “foster inclusion.” Who knows? But the ambiguity presents a precise risk. Signing onto this language will bind faculty and students to a pledge with an unknown direction. And the direction is not hard to figure out.

May I provide an insight where these measures are headed? Consider the “Race and Social Justice” curriculum that Seattle city employees will have to take. The classes separate employees by race, including a “whites-only training.” White employees will have to process their “white feelings” and consider “what we do in white people space.” Then the employees must examine their “relationships with white supremacy, racism, and whiteness.” The white employees must explain how their “[families] benefit economically from the system of white supremacy even as it directly and violently harms Black people.” And so on.

Some people may wish to take these classes. Others may not. But no mistake: there is no possible disagreement with these lectures. There is only one right answer. Any dissent will be deemed dispositive proof of bigotry, racism, and fragility. There is only one, orthodox truth.

In my mind, Justice Robert Jackson addressed this issues six decades ago:

If there is any fixed star in our constitutional constellation, it is that no official, high or petty, can prescribe what shall be orthodox in politics, nationalism, religion, or other matters of opinion or force citizens to confess by word or act their faith therein. If there are any circumstances which permit an exception, they do not now occur to us

Faculty and students should understand what they are signing up for when they agree to such pledges. These pledges are not meaningless statements.

Tenured faculty will have more autonomy to decline these pledges, but will still face pressure to join. Untenured faculty will reasonably fear retaliation for refusing to sign pledges. As it stands now, faculty candidates are required to submit “diversity statements.” Students who decline to sign the pledges may be subjected to forced re-education.

This sort of regime is not limited to higher education. New York City public schools separated teachers by race for “affinity groups.” Recently, a public high school teacher in Texas contacted me in a panic. He said his principal wanted to separate students by race, along the lines of the Seattle program. Black students could go to the white session. But white students could not go to the black session. This teacher had tenure protection, so he was prepared to object. But others may not be willing to do so.

This year will be very different from previous years. Faculty and staff should begin the semesters with their eyes wide open.

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Amazon, Jeff Bezos, And The Influential Washington Post

Amazon, Jeff Bezos, And The Influential Washington Post

Tyler Durden

Sat, 08/01/2020 – 16:10

Authored by Bruce Wilds via Advancing Time blog,

After Jeff Bezos and several other CEOs testified before the House Judiciary antitrust subcommittee over anti-competitive conduct the following article has taken a huge leap in importance. The Washington Post is an influencer with great power. What is the definition of an influencer? The definition of an influencer is a person or entity that exerts influence. An influencer inspires or guides the actions of others The old theme of laziness and mellowness runs counter to today’s influencers, who are business-people and upscale inspirational promoters. During recent years several of the tech giants have come under fire for skewing and manipulating public opinion but sliding below the radar is the Washington Post. This means few people question the newspaper’s findings, stories, articles, or opinions.

Influence and Power Wrongly Placed!

The Washington Post is by far the most influential newspaper in America. Its subtle ability to influence, shape, and mold the opinion of Americans cannot be overestimated. Day after day those working for the Washington Post are quoted time and time again as experts and authorities as they appear on talk-shows and news-feeds spreading their message. Much in the way a stone hitting the water sends out ripples, this amplifies their spin and in many ways determines the focus and direction in how we view issues. The Washington Post’s power goes far beyond just reporting the news but it has the ability to plant an idea like you would a seed. It then shapes public opinion utilizing various tools and even coordinating the timing to maximize their impact.

Power Corrupts

Almost as frightening as the concentrated power held by companies such as Facebook and Google is the fact Jeff Bezos, CEO of Amazon and the world’s richest man, is the person who owns and controls the Washington Post. It is silly to think Jeff Bezos purchased the Washington Post in 2013 because he expected newspapers to make a lucrative resurgence. It is more likely he purchased the long-trusted U.S. newspaper for the power it would ensure him in Washington when wielded as a propaganda mouthpiece to extend his ability to both shape and control public opinion.

To be blunt, the Washington Post controls much of the narrative put before the American people. Jeff Bezos, the epitome of a person who rises to the top in unregulated capitalist systems where money rewards people who are comfortable with exploiting and harming others should not be wielding such power. The fact is, when you couple the voice of the Washington Post with Amazon, a company so deeply involved with discovering and archiving detailed files and information about individuals and politicians across America you command far too much muscle and clout.

It is not a coincidence that the Washington Post has broken many big stories that move the needle of public opinion in huge ways. This is done over the years with a cumulative effect, meaning that while many of these stories don’t immediately wow us they seem to rapidly spread throughout the mainstream media taking on a life of their own and eventually have huge ramifications that can be so subtle they go unnoticed by the average American. The propaganda they dish out can be very seductive, they simply add in a few gentle jabs to embarrass their enemies and then stir the power of suggestion.

Many people do not realize it but the Washington Post cloaking itself as a pro-establishment mainstream publication can defend establishment narratives but actively attack anyone who challenges them. By this I mean it serves the wealthy and the powerful which can only exist with nonstop advertising to convince the American public that the “overall status quo” is in their best interest. The Washington Post is used to manufacture consent for that system; for the economic system, for the wars which prop it up, for the politicians which the plutocrats own and operate, for the political system which wealthy insiders have infiltrated every level.

An example of this is how a story about Roy Moore published in the Washington Post on November 9, 2017, resulted in him losing the election. WaPo reported that Moore had initiated a sexual encounter with a young girl in 1979 when she was 14 and he was 32 years old. The allegations of sexual misconduct dumped out a month before the election while never proven spread like wildfire as the term “pedophile” went viral causing Moore to lose to Democratic candidate Doug Jones.

This brings us to the question of whether The Washington Post is “that good” at uncovering and reporting the truth or simply maximizing its influence to alter and control public opinion? Even when not breaking a big story WaPo is not averse to stirring the pot and increasing outrage that can later be directed towards their target. Whether we are talking about the “Me Too” movement or just recently, the idea that record gun sales for protection because people are afraid of growing crime, will result in countless deaths.

In recent months, according to the firearm industry’s trade group National Shooting Sports Foundation (NSSF), Americans have purchased millions of guns. These gun sales have occurred during the government-mandated lockdowns and riots erupted after the killing of George Floyd. An article authored by Ryan McMaken of The Mises Institute looks into how the Washington Post is trying to turn the soaring gun sales narrative around. A recent WaPo article claims people aren’t buying guns as a reaction to violence and social disarray but insists those new gun purchases are the cause of the violence in the first place. The piece even goes as far as attempting to tie the purchases to “state-level racism” using a study about data on Google searches for the n-word, an approach used by social scientists in the past.

Circling back to the crux of this article, being manipulated by biased reporting claiming to be fair and balanced is real and dangerous. This needs to be exposed and curtailed or society will be lead down a path designed to enhance the power of those in control. We must never forget that Amazon is a job-killing exploiter and the company is no stranger to sweetheart deals and has lined the pockets of its CEO, Jeff Bezos, at taxpayer expense. Many of the options Bezos employs to expand Amazon are available to him only because of the many areas his various companies engage in, this is the crux of growing antitrust talk surrounding Amazon which has become a threat to our democracy and capitalism.

Subtle but constant jabs take their toll over time and add fuel to an atmosphere that constantly warps our perception of reality. Adding to its importance is this is an election year and because our nation is so polarized the direction we take going forward matters a great deal. While Trump may not be God’s gift to mankind he does represent an effort to turn back economic forces and a deep state that has become too strong. Influencers such as WaPo by effectively undermining President Trump are much more dangerous at altering the results of the election than countries like Russia or China. Little things such as reminding the electorate and women especially that Trump “does not respect women” resulted in flipping a very valuable vote in an evenly split Senate, this matters.

When WaPo helped to fuel the “MeToo” movement that was raging due to high profile revelations relating to Harvey Weinstein and other powerful men acting like pigs they shifted votes. In an article titled, “The Marginalized Voices Of The #MeToo Movement” the Post took a victory lap of sorts on December 7, 2017, by pointing out that when Time magazine recognized the #MeToo movement as its Person of the Year, it solidified just how much of a cultural moment we are in when dealing with sexual harassment and assault allegations against powerful men. Unstated was how the growth of the movement has further polarized our divided nation. Even the mention of this movement in a negative light has resulted in people being cast off a show or dis-invited to an event.

All this adds fuel to an atmosphere that constantly warps our perception of the Trump administration. This is then coupled with a constant barrage of headlines such as “Trump Decides To remove National Security Advisor And Others May Follow” or, “Trump To Fire McMaster As National Security Advisor, WaPo Reports But White House Denies.” These often well-laundered stories tend to repeat vague rumors and innuendos which feed into the narrative of a White House in chaos. Most of these articles tend to loop back on themselves, while described as news they are designed to continually jolt the emotions of both those on the left and the right reinforcing the polarization that grips our nation but leaving nobody to blame.

This type of reporting does not stop at attacking Trump but extends into our feelings about the world including our view of Russia, North Korea, Iran, and even issues like trade. It all seems a bit ironic that it was the Washington Post which was the first to print these stories that you would normally expect to flow from a source closer to home such as a newspaper in the city or state where the event took place or the accuser lived. While this is inconclusive in proving that they were prefabricated of wrongdoing. it can be taken as proof of the power the Post wields.

One of the best descriptions I have ever read of Jeff Bezos calls him the most crafty plutocrat alive and stated he purchased the Washington Post so he could shape America’s agenda. The neo-liberal Orwellian establishment that Bezos is building his empire upon has been greatly enhanced by using the long-trusted US newspaper as a propaganda mouthpiece to propel his agenda forward. Very troubling is the fact Jeff Bezos is also a contractor with the CIA and sits on a Pentagon advisory board all part of doing everything he can to cozy up and ingratiate himself to the establishment on which his empire is built. This includes kicking WikiLeaks off Amazon servers in 2010 and dovetails in a creepy way with Amazon’s involvement in surveillance systems and digital “assistance” devices like Alexa.

It amazes me that average Americans still have a difficult time internalizing the fact businesses are dying and workers are getting poorer as Bezo’s empire continues to grow. Bezos is happily collaborating with depraved intelligence agencies, manipulating and propagandizing Americans, and expanding the gulf between the rich and the poor all in his effort to garner more wealth. In our system where money rewards sociopaths and money equals power the plutocrats that form alliances with each other and with defense and intelligence agencies to ensure the continuation and expansion of their empires have little concern for the average American.

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Portland’s ‘Peaceful’ Protesters Burn Bibles, American Flags And Pig’s Head After Feds Withdraw

Portland’s ‘Peaceful’ Protesters Burn Bibles, American Flags And Pig’s Head After Feds Withdraw

Tyler Durden

Sat, 08/01/2020 – 15:45

After federal agents withdrew from Portland late last week, neo-Marxist ‘youts‘ broke out the lighter fluid and began torching Bibles, American flags, and a severed pig’s head donning a police hat.

Meanwhile, over 150 rounds were fired at a shooting downtown, striking a woman in the arm who was transported to the hospital with non-life threatening injuries.

Of course, the Washington Post is out with fresh propaganda with the headline “Calm returns to Portland as federal agents withdraw.”

Right…

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“No-Protest Condition Will Be Dropped for People Facing Federal Charges in Portland Demonstrations”

So reports The Oregonian (Maxine Bernstein); this is the condition I discussed a few days ago: “defendant may not attend any other protests … or public gatherings in … Oregon.” As I mentioned then, the condition might well be unconstitutionally overbroad, though the complexity of the law of pretrial conditions makes that not entirely clear.

But the article also mentions,

Since early July, federal prosecutors have routinely asked judges to adopt other conditions before the defendants can be released pending trial: a curfew from either 8 or 10 p.m. until 6 a.m. and geographical limits that require them not to come within a five-block radius of the federal courthouse unless for official court business.

But U.S. Magistrate Judge John V. Acosta added the no-protest provision when a defendant balked at the proposed curfew, prohibiting the person from attending any protests, rallies or public assemblies while on release.

Are the curfew condition and the five-block exclusion condition constitutional? They are facially speech-neutral, but they would still have the effect of restricting speech—and indeed their purpose would presumably be to prevent attendance at protests, at least some part of the time. (What’s the point of a curfew for the defendants otherwise? Is the court worried that they’ll be out too late partying?) I’ve seen some such conditions upheld by some courts, even with pretty weak justifications; but I would think that they should be challengeable on First Amendment grounds here, though I stress again that the law in this area is complicated.

 

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“No-Protest Condition Will Be Dropped for People Facing Federal Charges in Portland Demonstrations”

So reports The Oregonian (Maxine Bernstein); this is the condition I discussed a few days ago: “defendant may not attend any other protests … or public gatherings in … Oregon.” As I mentioned then, the condition might well be unconstitutionally overbroad, though the complexity of the law of pretrial conditions makes that not entirely clear.

But the article also mentions,

Since early July, federal prosecutors have routinely asked judges to adopt other conditions before the defendants can be released pending trial: a curfew from either 8 or 10 p.m. until 6 a.m. and geographical limits that require them not to come within a five-block radius of the federal courthouse unless for official court business.

But U.S. Magistrate Judge John V. Acosta added the no-protest provision when a defendant balked at the proposed curfew, prohibiting the person from attending any protests, rallies or public assemblies while on release.

Are the curfew condition and the five-block exclusion condition constitutional? They are facially speech-neutral, but they would still have the effect of restricting speech—and indeed their purpose would presumably be to prevent attendance at protests, at least some part of the time. (What’s the point of a curfew for the defendants otherwise? Is the court worried that they’ll be out too late partying?) I’ve seen some such conditions upheld by some courts, even with pretty weak justifications; but I would think that they should be challengeable on First Amendment grounds here, though I stress again that the law in this area is complicated.

 

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American College Students Are More Reasonable Than We Think

American College Students Are More Reasonable Than We Think

Tyler Durden

Sat, 08/01/2020 – 15:20

Authored by Samuel Abrams via RealClearPolicy.com,

With colleges and universities opening to some degree in just a few short weeks, I was recently asked if I thought that the campus culture wars would continue despite the rise of distance education.

My answer remains the same as before COVID-19 engulfed higher education: the so-called culture wars – ranging from cancelling speakers for their viewpoints to attempts to co-opt the curriculum in the name of social justice – are overblown and not student driven.

In reality, the media, a core group of activist students, and social-justice-minded administrators are leading this fight. In general, our nation’s Gen Z students are overwhelmingly centrist, open, tolerant of a wide diversity of views, and are not interested in the protests constantly flaring up on Twitter and social media.

Now, there is compelling new evidence which supports my argument. The Higher Education Research Institute (HERI) just released its 2019 survey report on incoming college first-years and the data is remarkably encouraging. It shows that that students are interested in viewpoint diversity and ideas and not universally hoping to silence dissent. In fact, the data demonstrates that 51% of college students believe that colleges have the right to ban extreme speakers from campus, proving that a large number of students simply reject this notion. It seems students on campuses nationwide are not uniformly interested in shutting down ideas that they find unpleasant.

More specifically, the HERI survey presents a battery of attributes to the students asking if these attitudes are strengths. The responses show an increasing amount of openness to the marketplace of ideas. For instance, when queried about their “openness to having one’s own views challenged,” 67% of the students responded that being open to having their views challenged was an asset of theirs. This is up from 63% in 2013 when this question was first asked and while not a huge increase, the 2019 data shows that two-thirds of first-year students are open to being probed about their ideas and beliefs. 78% of first-years also note that it is a strength of theirs to see the world from someone else’s perspective and this is slightly up from 77% in 2013. This again shows that students have long been interested in and are able to hold and appreciate numerous points of view.

Similarly, when asked about being tolerant of others with different beliefs, 81% saw this as a virtue and these values have not shifted over time. As such, is should be no surprise that 87% maintain that they have the ability to cooperate and work well with a diverse group of people. This has grown from 85% in 2013. Finally, 69% assert that they have the ability to discuss and negotiate controversial issues on campuses and this is almost identical to the 2013 figure. In each case, large majorities of students are open to viewpoint diversity which suggests that despite the polarization of the political system and so much about educational life on campus today, our nation’s students are not nearly as extreme as widely believed.

As for tangible forms of political behavior and action, the HERI survey asks the incoming students about what they intend to do on campus and the data is very clear again: protesting is not dominant whatsoever. Two-thirds of first-year students at the time they were asked in the fall estimate that there is a “very good chance” that they will vote in upcoming elections and a little over a third state that they intended to volunteer or become involved with community service, but just 11% anticipate participating in some form of protest and demonstration. Although the 2019 protest figure is twice the number from the early 1980s and even the early 2010s and the number began to increase by 2015, this percentage of students is a small minority in a very uncertain time with extreme dissatisfaction in the socio-political system.

Finally, the data once again reveal a point that is often lost in the constant criticisms of higher education: Students in our nation’s colleges and universities are not overwhelmingly liberal and there is no leftist student monoculture our campuses. The HERI survey data shows that 37% of these Gen Z students are left of center and this compares to 20% who are right of center. While there are more liberals compared to conservatives, this ratio is nowhere close to the ideological imbalance found among college faculty or administrators. Moreover, the majority of these students identify as middle of the road at 44% and just 7% of all first-year students identify as extremists on the far left or right. Despite, again, deep frustrations with the status quo among the younger voters toward the White House and the leadership in the Senate, these ideological breakdowns have barely moved in the past few years. Even in 2010, during a popular Obama era for younger Americans, 46% of first-year students were middle of the road compared to 30% on the left and 24% on the right; there is no liberal student dominance among incoming college campuses at all.

These new data from HERI report on incoming first years who began the collegiate experiences in the fall of 2019 and lived through quite a bit of political chaos while in high school and completed their first year away from campus, virtually. I had the pleasure of teaching these students on my campus and meeting many around the country. What was immediately clear in my classes and lectures has been confirmed by the HERI data: These students are simply not extremists or ideological purists.

Our nation’s rising sophomores – like most upper-class students – are open-minded, tolerant, practical with their hearts and minds curious and compassionate. While we may see petitions and various extremist videos on Tik-Tok and Twitter, virtual classes may be hacked, and statements will be taken out of context, this does not represent the political and intellectual realities for students who crave viewpoint diversity and thrive in environments with varied understandings of the world.

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Cryptos Are Spiking Again: Ether At 2-Year Highs, Bitcoin “Perfectly On Track” For $100k

Cryptos Are Spiking Again: Ether At 2-Year Highs, Bitcoin “Perfectly On Track” For $100k

Tyler Durden

Sat, 08/01/2020 – 14:55

The incessant fall in the dollar and surge in global negative-yielding debt appears to continue to push the global citizenry into alternative assets, such as precious metals and cryptos.

Source: Bloomberg

And, as CoinTelegraph’s Michael Kapilov notes, a recent Bloomberg article claims that Americans are foregoing the safety of the dollar. Because of the COVID-19 lockdown, the personal savings rate in the U.S. is at a historic high. The yield offered by the financial institutions on savings accounts, however, is close to zero. At the same time, assets as Bitcoin, equities, and gold, all have made double-digit gains since March. This is making them an attractive option for investors.

Source: Bloomberg.

The article mentions a 28 year-old Californian, who told the reporter that he is going to convert his $15,000 savings held in a high-yield savings account at Ally Bank into Bitcoin. He says that he is doing so because he expects long-term economic stagnation.

 

image courtesy of CoinTelegraph

July was USD’s worst month in a decade

The reality is even worse than what the Bloomberg article posits. It is no secret that the dollar is rapidly depreciating against other leading fiat currencies. In fact, according to the Financial Times, July is the dollar’s worst month in a decade.

Bitcoin and U.S. Dollar Index (DXY)  July 2020.

With another round of stimulus checks around the corner and most of the nation still affected by COVID-19 restrictions, it is possible that this problem will only get worse. Americans may likely have more depreciating fiat on their hands in the short term, and could seek to convert their holdings into higher-yielding assets. However, there is no such thing as a free lunch. In the investment world, high-return comes with high-risk.

And the gains are increasing this weekend…

Source: Bloomberg

Ethereum is now up 12 of the last 13 days…

Source: Bloomberg

Soaring to its highest in two years…

Source: Bloomberg

And Bitcoin surpassed $11,700 as CoinTelegraph’s Joseph Young notes that the creator of the Stock to Flow model says BTC to $100,000 is well on track.

Source: Bloomberg

PlanB, the well-known creator of the contested stock-to-flow (S2F) model, believes Bitcoin (BTC) is now well on track to reach $100,000 as the price has risen to yearly highs. The optimistic sentiment coincides with the shift in momentum from alternative cryptocurrencies, or altcoins, to BTC.

He said:

“I can’t make a chart for you now (at sea), but S2F model perfectly on track.”

At the same time, the price of Bitcoin has increased by 17% this week, as it broke through a major three-year trendline. As Cointelegraph reported, traders seemingly expect BTC to test higher resistance levels in the near term.

The price of Bitcoin surpasses $11,700 on its way to $100,000

Data shows it might be the time for Bitcoin to shine

Altcoin declined particularly in the past 72 hours when the price of Bitcoin started to rally. Ethereum’s Ether (ETH) moved in tandem with BTC throughout the rally, but it slumped against BTC in the past two days.

In the short term, as Bitcoin sees a profit-taking rally from altcoins, some investors expect BTC to outperform altcoins. Kelvin Koh, the co-founder of Asia-based venture capital firm Spartan Group, said:

“If BTC breaks the resistance at $11.4K, we are going above $12K in no time. Will take the wind out of alts again short term.”

The pattern of a Bitcoin rally following a strong altcoin season is not new. In previous cycles, the top cryptocurrency typically saw a sharp uptrend after altcoins initially gained against BTC. Such a trend materializes because investors seek safer options, like BTC, when the altcoin market gets overheated.

Most recently, the fear of missing out, or FOMO, of retail investors around DeFi led small market cap tokens to surge substantially. In the early days of the DeFi market craze, for example, Compound (COMP) saw a major rally. Then, smaller tokens, including Yearn Finance (YFI), Synthetix Network (SNX), and Aave (LEND), followed.

Eventually, as small tokens saw five to ten-fold spikes in price, investors started to take profit. The abrupt pullback of DeFi tokens coincided with a BTC rally as momentum shifted back to Bitcoin.

Traders say the trend is still up

Data from Skew shows that tens of millions of dollars worth of short contracts are still getting liquidated. It indicates that a relatively large number of investors are betting against BTC in the near term.

Bitcoin liquidations on BitMEX. Source: Skew

Cryptocurrency trader Cantering Clark said that while he understands why shorts are compelling, the upward trend is too strong. He said:

“Looking at trades from the standpoint of R:R is good, but understanding context is superior. After a major contextual change like this, you can assume that your shorts have a lower probability of resolving successfully. Bets should be on strength always showing up.”

For some traders, a short against Bitcoin could be attractive because BTC has increased steeply in the past week and is testing major resistance levels. 

A 17% rally in six days — even during a bull market — is substantial, even for Bitcoin. But when the trend of BTC is overwhelmingly bullish, a short squeeze could only add more rocket fuel.

In the last 12 hours, more than $23 million worth of shorts were liquidated, for example, as the price hit as high as $11,750. Thus, during a strong upward price trend, shorts could indirectly catalyze a larger rally.

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The Highlights of Joan Biskupic’s Four-Part Series

Last week, I wrote four blog posts (See 1, 2, 3, 4) on Joan Biskupic’s four-part CNN series (See 1, 2, 3, and 4). On Monday, I will publish an Op-Ed in Newsweek that provides a path forward for the Supreme Court. I will offer specific guidance–to the Chief Justice in particular–how to resolve this crisis. A Supreme Court divided cannot stand.

This post will summarize the highlights of that series. Indeed, the bulk of this post is material that I omitted from Newsweek. 

***

Joan Biskupic is a veteran Supreme Court reporter for CNN. She has written acclaimed books about Chief Justice Roberts, and Justice Sandra Day O’Connor, Antonin Scalia, and Sonia Sotomayor. She has personally interviewed the Justices and their closest confidants. Biskupic’s books always include little tidbits about internal deliberations. Supreme Court watchers find these insights scintillating, as they shed light on the Court’s often-obscure decision. But never before has the Supreme Court’s cloak of secrecy been lifted so high and so quickly. Less than a month after the Supreme Court’s term concluded, Biskupic has provided a detailed, play-by-play of the most contentious cases, as the Justices squabbled to reach consensus. And in the process, Biskupic has advanced narratives to paint some Justices in a flattering light, others in a jaundiced light, and leaves the rest mysteriously out of the picture.

Let’s start with Bostock v. Clayton County, Georgia. This case considered whether the Civil Rights Act of 1964 prohibits discrimination on the basis of sexual orientation and gender identity. After oral arguments, the Wall Street Journal and other conservatives wrote that Justice Gorsuch and Chief Justice Roberts were being lured by Justice Kagan, and would vote to expand the meaning of the Civil Rights Act. At the time, I suspected there was a leak from the Court. I was right. Ultimately, Gorsuch and Roberts voted with the Court’s four progressives. I criticized that ruling elsewhere, but now is not the time to quibble about statutory interpretation. Instead, I am far more troubled about the leaks concerning this case. 

In her report, Biskupic tells us that Gorsuch was not led astray by Justice Kagan. Instead, “the die was cast in that private session [after oral arguments] for the ultimate 6-3 decision that emerged.” The narrative here was clear. Justice Gorsuch was not under the spell of his progressive colleague. Instead, he took charge from the beginning. Biskupic assures us, “it was Gorsuch, writing for the majority, who played the central role as author of the opinion.” I can’t help but think that someone in Gorsuch’s camp was behind this leak. The source was trying to rehabilitate the Justice against charges from the conservative media that he was indecisive, and under the sway of Kagan. Alas, these leaks have done far more damage than isolated editorials from the right.

CNN tells us that no one could persuade Justice Gorsuch otherwise–not even his closest confidante on the Court. Biskupic reveals a private interaction that should have never been made public. She writes, “Thomas, the senior member of that conservative team, had tried subtly to persuade Gorsuch that he was not being true to conservative textualism, but to no avail.” This leak is heart-breaking. Justice Thomas, in confidence, tried to have a subtle–I think that means private–conversation with his colleague. Instead, that intimate interaction has been plastered throughout the mainstream media. Moreover, the account as written is implausible. Justice Thomas would never describe his approach as “conservative textualism.” Never. He views his approach as textualism, without any ideological bend. Whoever relayed this account slandered Justice Thomas, and textualism. And, regrettably, this leak likely fractured the bond of trust that existed between Gorsuch and Thomas. How can Thomas ever be sure that his private communiques will remain secret? So much was lost for so little gained.

Next, let’s consider the DACA Case. In 2017, the Trump Administration tried to wind-down the Obama-era executive action on immigration. Chief Justice Roberts ruled against Trump. He wrote the majority opinion, joined by the four liberals. In theory, at least, Trump can try again to cancel DACA, but the election will likely cancel him first. I filed an amicus brief arguing that DACA was unlawful, but my aim here is not to relitigate the merits. Rather, I am disheartened by the leaks about how this case proceeded. 

Once again, the narrative was clear: Roberts was in control, and did not change his mind late in the process. He cast his vote after the case was argued in November, and CNN assures us, he “did not waiver.” Biskupic wrote, “unlike Roberts’ 2012 move to uphold Obamacare and separate 2019 action to ensure no citizenship question on the 2020 census, Roberts’ action on DACA was not a late vote switch.” Here, the leaks from the Roberts camp were designed to address the allegations that the Chief Justice had changed his mind in the past.

The next set of leaks were designed to marginalize the newest member of the Court. Justice Kavanaugh comes off looking weak, calculating, but ineffective. Biskupic sets the stage. She says the wounds from Kavanaugh’s “searing confirmation hearings . . . remain fresh.” Biskupic adds, “Having undergone that divisive battle, Kavanaugh, in his writing, appears keenly aware of tenuous public opinion of him and ready to adopt a posture of conciliation with his colleagues as he tries to influence deliberations on cases.” From CNN, we learn that Kavanaugh “looks to please dueling factions of the court as he seeks to move beyond the angry and defiant image he projected in 2018.”

Biskupic probes Kavanaugh’s actions in three, high-profile matters. First, we start with Congress’s efforts to subpoena President Trump’s tax returns. CNN tells us that Kavanaugh circulated “an internal memo” and had “conversations” that charted a middle ground. Kavanaugh would have dismissed the case as a “political question”–that is, an issue that the courts could not resolve. Had the Court adopted the political question doctrine, Trump’s challenge would have been dismissed, and the House would have gotten the returns. Kavanaugh managed to persuade his colleagues to order the parties to submit briefs on this issue. But “in the end,” we learn, Kavanaugh “failed to sway the other justices, and [he] backed away from it.” If Kavanaugh actually thought the political question was the correct way to resolve the case, he should have stuck to his guns. But this leak portrays him as a calculating jurist who advances an idea only if it garners five votes.

Biskupic sounds a similar note in the second case in June Medical v. Russo. Here too, Kavanaugh failed to mediate a truce in the abortion case. Louisiana enacted a law that required abortion providers to seek admitting privileges at nearby hospitals. It wasn’t entirely clear how difficult it would have been for the doctors to actually obtain these privileges. Perversely, if the abortion providers gained the privileges, their case would have been undermined undermined. So in this facial challenge, the doctors had every incentive to exaggerate the difficulty of obtaining these permissions. In March, after the case was argued, Justice Kavanaugh “began making his case in a series of private memos to his colleagues.” He contended that the Justices could punt on the constitutional question, and ask the “trial court judge to gather more facts on just how onerous the admitting privileges requirement was.” Here, Kavanaugh was trying to persuade the Chief Justice, who had already voted to uphold the Louisiana law. 

Did Kavanaugh’s stratagem work? Nope. Roberts, we learn, “held fast to what must have been a difficult vote, for abortion rights.” Once again, Justice Kavanaugh looks bruised and defeated, and the Chief Justice is in control. Indeed, Biskupic writes, “There were no takers among the justices for Kavanaugh’s suggested solution.” We learn that “The liberals were locked in, and the three other conservatives were ready to dissent with no equivocation.” Kavanaugh was all alone.

Finally, Biskupic turns to the Second Amendment. Earlier this year, the Court considered a challenge to a New York gun control law. This case would have been the first big decision on the Second Amendment in a decade. However, New York repealed the statute after certiorari was granted. As a result the Court, the Court dismissed the case as moot. The Justices issued a two-page unsigned ruling, known as a per curiam decision. Biskupic reveals the author: “Guided by Roberts, Justice Brett Kavanaugh crafted much of” the opinion. Guided? As if Roberts was Kavanaugh’s sherpa, and he needed someone to hold his hand to get it right. And the opinion was only two pages long! If Roberts wanted to write the unsigned opinion, he could have done so himself. But he wanted to let Kavanaugh think he had some control. He didn’t.  

It gets worse. In the New York case, Kavanaugh wrote a concurrence and said the Supreme Court should promptly grant review in another Second Amendment case. At that point, Kavanaugh must have thought there were sufficient votes to expand the right to bear arms. Kavanaugh is savvy enough, and would not have written what he wrote unless he thought the Court would pick up another case. Kavanaugh, as well as Thomas, Alito, and Gorsuch were ready. 

I have to think Kavanaugh believed that Roberts was on board. But soon, Roberts would pull the rug out from underneath him. Two months later, the Supreme Court denied review in ten firearm cases. And, Biskupic tells us “Roberts also sent enough signals during internal deliberations on firearms restrictions, sources said, to convince fellow conservatives he would not provide a critical fifth vote anytime soon to overturn gun control regulations.” She adds, “the justices on the right did not believe they could depend on a fifth vote from Roberts, who had in 2008 and 2010 voted for milestone gun-rights rulings but more recently seemed to balk at the fractious issue.” In the end, Kavanaugh looks like a fool. Justice strongly suggested that the Court would take another case–an assurance that many Second Amendment advocates took to heart. Alas, he quickly had to eat crow. 

Kavanaugh failed to persuade on the tax returns. He failed to persuade on tax abortions. He also failed to persuade on the Second Amendment petitions. It is tough to call shots when you are not the median justice. Kavanaugh’s former boss, Justice Kennedy, could make such power plays. But Kavanaugh cannot. Whoever leaked this information was trying to convey how much power Roberts holds over Kavanaugh–and the Junior Justice better not step out of line, for fear of future retaliatory leaks.

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NY Bar Says Liquor License Suspended Over “F*CK CUOMO” Menu

NY Bar Says Liquor License Suspended Over “F*CK CUOMO” Menu

Tyler Durden

Sat, 08/01/2020 – 14:30

A bar in Western New York says the state suspended their liquor license over a satirical menu which spells out “FUCK CUOMO” – meant to mock the governor over his executive order requiring customers to purchase food with alcohol, according to Spectrum News.

“He doesn’t have a right to selectively enforce laws or directives against certain people just because he has a personal beef with them,” said Chris Gardella, whose brother owns The Village Line in Kenmore.

According to state officials, a State Liquor Authority Investigator entered the bar and asked for a menu. He says he was told that he could order pizza next door and bring it back to the bar. The investigator also says he witnessed three patrons with alcohol and no food – which Gardella said they had probably already finished.

The Village Line disagrees.

“We didn’t serve anyone alcohol without having food present,” said Gardella. “As far as we can tell, it was someone who came into order wings, which we didn’t have. We recommended they go somewhere else and that was that.

“The directive that Cuomo had put out was not that you need to have food in front of you at all times while consuming alcoholic beverages. It was: if you are going to go to a bar to drink, you need to order food,” he added.

The bar’s liquor license was suspended following a charge for violating Cuomo’s executive order, and for not having food available – which is required of all licensed establishments. It is one of just seven establishments suspended according to a Thursday afternoon announcement – and the only one from Upstate New York.

Gardella says they not only had food – but their menu had gone viral on social media.

“The messaging was satirical in nature which I think anyone, any reasonable person would be able to understand. With that said, the menu is very much available with all the items listed on there,” said Gardella.

The menu includes flour tortilla, Utz BBQ chips, a carrot stick, going on to eventually create an acrostic spelling out an obscenity and the governor’s last name. Gardella didn’t want to litigate whether the items were in compliance with the liquor license but rather asked if there was a reason the SLA was there in the first place.

“Look at other bars on Elmwood Avenue that don’t serve any food, that if you walk by there on any given day are still operating without any level of harassment from the state,” he said. –Spectrum News

“I can only assume that the governor’s thin skin has led him to purposely target The Village Line,” he said.” If you go to The Village Line, we’re not a well-known bar outside of the neighborhood. This isn’t something that a state official just stumbles upon into because they were taking a walk through Buffalo,” he added.

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