“Tough Months Ahead” – NYC’s Lackluster Recovery Continues To Decimate Businesses And Livelihoods

“Tough Months Ahead” – NYC’s Lackluster Recovery Continues To Decimate Businesses And Livelihoods

Indoor dining is banned; offices are empty; city dwellers are fleeing the metro area. 

The virus pandemic has deeply scarred New York City’s economy that will have long-lasting effects. Many small and medium-sized firms, entire industries, and livelihoods continue to unravel as the economic toll continues to rise nearly one year after the pandemic began. 

Bloomberg reports the Bronx’s unemployment rate stands around 16%, which is much higher than the national average of 6.7%. The virus-induced downturn could result in at least 33% of the city’s businesses going under as the vaccine rollout has been incredibly slow. 

“It is really going to be tough still in the coming months,” said Tim Tompkins, former head of the Times Square Alliance, which hosted its annual New Year’s Eve celebration without the public for the first time in more than a century.

Jobless rates across all five of the city’s boroughs remain stubbornly high but off the highs seen in June.

Source: Bloomberg 

New Yorkers shouldn’t be shocked if a multi-year economic downturn unfolds. 

“This is an event that struck right at the heart of New York’s comparative advantages,” Mark Zandi, the chief economist for Moody’s Analytics, recently said. “Being globally oriented, being stacked up in skyscrapers and packed together in stadiums: the very thing that made New York the pandemic undermined New York, was upended by it.” 

Zandi said while the US economy “will be a long slog” from here, with estimates of a downturn lasting until 2023 – New York might not experience a recovery until 2025. 

Zandi said NYC’s recovery could take two years longer than the rest of the country as the virus-induced downturn has severely damaged five key industries – restaurants, hotels, the arts, transportation, and building services – most of which heavily rely on travel and tourism. 

Airbnb Chief Executive Officer Brian Chesky explained that a significant problem is developing for large cities. He said this summer people would vacation not in big cities like New York but in small towns and rural communities. The shift in domestic travel trends will continue to pressure New York City’s key industries, resulting in stubbornly high unemployment. 

A recovery in the city is unlikely this year. As explained by the World Bank Chief Economist Carmen Reinhart on Wednesday, don’t confuse the latest economic rebound with a “recovery.” 

Making matters worse, New Yorkers are leaving en masse – reports already indicate 300,000 people have fled the metro area because of the virus pandemic, social unrest, and increasing violent crime. 

With the services industries decimated and a rapidly shrinking city, remaining businesses may add back fewer than 30% of the 662,000 jobs lost in 2020. 

What does this mean? 

Some New Yorkers’ livelihoods will be permanently destroyed as hundreds of thousands will be financially devastated as the labor market shrinks. Many have resorted to food banks and government assistance programs to survive. The situation is even becoming even direr for the working-poor as they owe a whopping $2 billion in back rent

New York financial district gets it. They are also leaving as they understand the city is descending into years of socio-economic chaos. 

Wall Street firms are packing up their bags and moving elsewhere. Other firms are shrinking their corporate footprint as work-at-home dominates. 

The latest high-frequency data shows foot traffic inside the financial district is rolling over as Manhattan transforms into a ghost town once more. Check out some of the data showing recovery is nowhere in sight to begin the new year:

Source: Bloomberg 

Apple mobility data for New York City is rolling over. 

Source: Apple

All of this has crushed the residential and commercial real estate markets. 

Manhattan apartment rents have dived to decade lows as inventory swells to record highs. As for Manhattan’s office space supply, well, inventory has hit highs not seen since the 2000s.

There are concerns that some CMBS tranches heavily exposed to New York City hotels and shopping malls could experience defaults as there is no significant improvement in the metro area’s economic recovery. 

To sum up, Paul Joseph Watson said, “New York City is dead, and it’s not coming back.”

Tyler Durden
Sat, 01/16/2021 – 21:30

via ZeroHedge News https://ift.tt/38Q1yqS Tyler Durden

What Will WHO Experts Find During Their Wuhan Trip?

What Will WHO Experts Find During Their Wuhan Trip?

Authored by Wang Youqun, op-ed via The Epoch Times,

On Jan. 14, a team of experts from the World Health Organization was finally allowed to travel to Wuhan and investigate the origin of the CCP (Chinese Communist Party) virus. The announcement issued by the National Health Commission on Jan. 11 contained only a short sentence. It did not mention the length of the trip, nor specified a detailed itinerary. This trip takes place more than a year after the virus first emerged. It has since spread to 191 countries and regions.

Can WHO experts find the source of the CCP virus in Wuhan?

I think it is unlikely.

The reasons are as follows:

First, tracing the virus origin and tracing who’s responsible for its global spread are closely linked.

If Wuhan is found to be the source of the global pandemic, but the CCP allowed virus carriers to fly from Wuhan to other parts of the world—causing at least 93 million infections and over 2 million deaths to date—the CCP will be held accountable. This is something the CCP is absolutely unwilling to face.

On May 19, 2020, under strong pressure from the international community, the World Health Assembly passed a resolution to investigate the source of the virus. However, for the WHO experts to go to Wuhan, the CCP dragged its feet again and again for more than 7 months. Why did it take so long? Some experts believe that it is to clean up all the evidence at the scene of the virus outbreak.

Since the outbreak in 2020, the U.S. Health and Human Services Department repeatedly offered to send experts to China, but was rejected time and time again. In the end, China only agreed that the U.S. experts would go to China with the WHO expert team. In February 2020, after a 9-day trip, Canadian Bruce Aylward, the team leader of the WHO China Joint Mission, was asked by reporters in Geneva why he did not go through quarantine after visiting Wuhan. His answer accidentally revealed the fact that he had not been to any “dirty areas” of the Wuhan hospital. In other words, the expert group only went where the CCP allowed and anything they saw and heard was carefully arranged.

Also, the CCP will silence all relevant personnel. Yan Limeng, a virologist at the University of Hong Kong School of Public Health fled to the United States to reveal the truths about the CCP virus. Officials from the Ministry of National Security went to her hometown of Qingdao to harass her family. She said that since mid-May, the CCP began to attack her on the internet, spread rumors, and destroy her reputation. The CCP set up a fake Facebook account with her name and resume, she alleged. The CCP lied about her being kidnapped in the United States, and claimed that she was lying and mentally ill. Yan’s mother was subsequently arrested.

The CCP has brutally clamped down on those Chinese citizens who requested to investigate the source of the virus and hold leaders accountable. For example, Ren Zhiqiang, former business tycoon and “red princeling,” was sentenced to 18 years for his outspoken criticism of the CCP; Zhang Zhan, a citizen journalist who went to Wuhan to investigate the epidemic, was sentenced to four years in prison; and citizen journalist Fang Bin has disappeared, with many suspecting that he has been detained by authorities.

The CCP has repeatedly retaliated against Australia, which proposed an independent investigation into the source of the virus. The Chinese regime has banned imports of Australian barley, imposed tariffs of 107.1 to 212.1 percent on Australian wine, blacklisted six Australian beef suppliers, and placed other restrictions on imports of Australian coal, cotton, and lobster.

The CCP continues to blame other countries on the source of the virus. On March 12, 2020, Chinese foreign ministry spokesperson Zhao Lijian posted a tweet claiming, without evidence, that the virus was brought into Wuhan by the U.S. army. After that, the “blaming” wars commenced. Chinese state media have claimed, on different occasions, that the virus originated in Italy, Spain, Germany, France, India, Bangladesh, Australia, Italy, Russia, Greece, and Czech Republic.

Since the Australian government proposed in April last year that a global independent investigation into the source of the virus must be conducted, the international community has begun the research.

In early July last year, the Independent Panel for Pandemic Preparedness and Response was set up with the former Prime Minister of New Zealand Helen Clark and the former President of Liberia Ellen Johnson Sirleaf serving as co-chairs.

And some experts and officials outside of China have raised the possibility that the CCP virus leaked out of a virology lab in Wuhan.

The CCP will definitely do everything possible to conceal the truth about the source of the virus – deceit is in its nature. But nothing can be kept hidden forever. The truth will eventually come to light.

Tyler Durden
Sat, 01/16/2021 – 21:00

via ZeroHedge News https://ift.tt/3bL6GhX Tyler Durden

Goldman Sounds The Alarm On Stocks: When Euphoria Is This High, “It’s A Good Time To Reduce Risk”

Goldman Sounds The Alarm On Stocks: When Euphoria Is This High, “It’s A Good Time To Reduce Risk”

The past few months can best be characterized as a period of unprecedented market optimism and sheer euphoria, and we have done just that with several recent articles…

… and so on. But whereas in the recent past, the euphoria was always bounded by the upper limit reached during the insatiable buying spree of the dot com bubble, the first week of 2021 is when we went off the chart. Literally. As we showed last week, Citi’s latest Panic/Euphoria model hit a record reading of 1.83 versus an upwardly revised 1.69 in the prior week. 

What does this mean? It’s simple: as Citi chief economist Tobias Levkovich wrote last Friday when looking at market returns following previous euphoria extremes, there is now a “100% historical probability of down markets in the next 12 months at current levels.”

Judging by the market action in the subsequent week which saw the S&P slide 1.5%, the Citi economist may be right, and the selloff is only just starting. Then again, the market has a tendency to do the opposite of what consensus expects it to do – and right now consensus among even the most bullish banks is that the next move in stocks will be lower – which is why the fact that Citi’s call for a selloff becoming consensus, make us wonder if the next move in stocks won’t be much higher instead.

Case in point, in the latest Goldman Portfolio Research Strategy report, Christian Mueller-Glissman writes that Goldman’s Risk Appetite Indicator (RAI) reached a reading of 1 this week – the highest in 4 years and just shy of an all time high – after a large increase in risk appetite since Q4 last year.

How did we get to such a high reading?

As Goldman explains, this was largely on the back of growth optimism in 2021, and while the bank expects monetary policy to remain supportive, “we see less potential for much more positive impulses from here. Following the news of a successful COVID-19 vaccine in November, growth optimism has broken out and shifted further into positive territory since Q4 as markets have become more optimistic on the prospects for reflation.” These various dynamics are shown below:

The Goldman strategist then notes that he has “seen a similar bullish shift in other sentiment and positioning indicators” and explains that while “sentiment and positioning alone are seldom a catalyst for a reversal, at extremes they increase that risk in the event of shocks.” Furthermore, “they are often a better contrarian signal on the way down as markets tend to overshoot faster during ‘risk off’ episodes – on the flipside risk appetite tends to build up slowly and can remain positive for a long time with a supportive macro backdrop.”

At this point, Goldman basically repeats what Citi said last week, warning that “from RAI levels close to 1 the asymmetry to add risk is worse: subsequent equity returns, especially in the near term, tend to be more negatively skewed and there is increased risk of drawdowns.”

Furthermore, at current RAI levels the market is more vulnerable to negative growth nor rate shocks in the near term, such as monetary and fiscal policy disappointments or more negative COVID-19 news. The key driver of risk appetite in the coming months is likely to be growth and reflation sentiment –we don’t expect more positive impulses from monetary policy.

That said, Goldman isn’t telling its clients to sell just yet because as Glissman writes, “risk appetite can stay at elevated levels for prolonged periods as long as the macro backdrop remains supportive” and explains further:

the RAI only tends to be at extremes for short periods of time: for example, the RAI has spent just 1.1% of the time below -2 and 1.7% of the time above 1. Still, adjusting equity allocations tactically based on RAI signals has enhanced returns: Exhibit 17 and Exhibit 18 show strategies that only invest 80% in the S&P 500 (the rest in T-Bills) if the RAI is high and 120% (with leverage) if it is very low. But the improved performance was captured only on a few days – for example, the RAI on average time spent only 6 consecutive days above 0.9.

On the other hand, “periods when the RAI declined back to zero from elevated levels have on average delivered positive, albeit slower, returns for risky assets.”

This is Goldman’s base case for the rest of 2021, and is why the bank remains pro-risk in its asset allocation, and expects the S&P to rise to 4,100 by the end of the year, and 4,400 in two years.

Which is odd, because Glissman also warns that a backtest of extreme RAI readings, shows that it is a good contrarian signal.

The problem is that while the right move here may well be to sell, the question is when: as Goldman explains, market timing with the RAI alone is difficult as it tends to spend little time at extremes. Still, not even Glissman can deny that what is coming won’t be pleasant – contrary to the recos from Goldman’s chief equity strategist David Kostin – and concludes that “when the RAI is above 0.9 and until it normalizes below 0.75, it has been a good time reduce risk tactically.”

So… time to buy?

Tyler Durden
Sat, 01/16/2021 – 20:30

via ZeroHedge News https://ift.tt/3ik1Tp3 Tyler Durden

Tech Supremacy: Silicon Valley Can No Longer Conceal Its Power

Tech Supremacy: Silicon Valley Can No Longer Conceal Its Power

Authored by Niall Ferguson via The Spectator,

‘To see what is in front of one’s nose needs a constant struggle,’ George Orwell famously observed. He was talking not about everyday life but about politics, where it is ‘quite easy for the part to be greater than the whole or for two objects to be in the same place simultaneously’.

The examples he gave in his 1946 essay included the paradox that ‘for years before the war, nearly all enlightened people were in favour of standing up to Germany: the majority of them were also against having enough armaments to make such a stand effective’.

Last week provided a near-perfect analogy. For years before the 2020 election, nearly all American conservatives were in favour of standing up to big tech: the majority of them were also against changing the laws and regulations enough to make such a stand effective. The difference is that, unlike the German threat, which was geographically remote, the threat from Silicon Valley was literally in front of our noses, day and night: on our mobile phones, our tablets and our laptops.

Writing in this magazine more than three years ago, I warned of a coming collision between Donald Trump and Silicon Valley. ‘Social media helped Donald Trump take the White House,’ I wrote. ‘Silicon Valley won’t let it happen again.’ The conclusion of my book The Square and the Tower was that the new online network platforms represented a new kind of power that posed a fundamental challenge to the traditional hierarchical power of the state.

By the network platforms, I mean Facebook, Amazon, Twitter, Google and Apple, or FATGA for short — companies that have established a dominance over the public sphere not seen since the heyday of the pre-Reformation Catholic Church. FATGA had humble enough origins in garages and dorm rooms. As recently as 2008, not one of them could be found among the world’s largest companies by market capitalisation. Today, they occupy first, third, fourth and fifth places in the market cap league table, just above their Chinese counterparts, Tencent and Alibaba.

What happened was that the network platforms turned the originally decentralised worldwide web into an oligarchically organised and hierarchical public sphere from which they made money and to which they controlled access. That the original, superficially libertarian inclinations of these companies’ founders would rapidly crumble under political pressure from the left was also perfectly obvious, if one bothered to look a little beyond one’s proboscis.

Following the violent far-right rally at Charlottesville in August 2017, Matthew Prince, chief executive of the internet service provider Cloudflare, described how he had responded: ‘Literally, I woke up in a bad mood and decided someone shouldn’t be allowed on the internet.’ On the basis that ‘the people behind the [white supremacist magazine] Daily Stormer are assholes’, he denied their website access to the internet. ‘No one should have that power,’ he admitted. ‘We need to have a discussion around this with clear rules and clear frameworks. My whims and those of Jeff [Bezos] and Larry [Page] and … Mark [Zuckerberg] shouldn’t be what determines what should be online.’

But that discussion had barely begun in 2017. Indeed, many Republicans at that time still believed the notion that FATGA were champions of the free market that required only the lightest regulation. They know better now. After last year’s election Twitter attached health warnings to Trump’s tweets when he claimed that he had in fact beaten Joe Biden. Then, in the wake of the storming of the Capitol by a mob of Trump supporters, Twitter and Facebook began shutting down multiple accounts — including that of the President himself, now ‘permanently suspended’ from tweeting. When Trump loyalists declared their intention to move their conversations from Twitter to rival Parler — in effect, Twitter with minimal content moderation — Google and Apple deleted Parler from their app stores. Then Amazon kicked Parler off its ‘cloud’ service, effectively deleting it from the internet altogether. It was a stunning demonstration of power.

It is only a slight overstatement to say that, while the mob’s coup against Congress ignominiously failed, big tech’s coup against Trump triumphantly succeeded. It is not merely that Trump has been abruptly denied access to the channels he has used throughout his presidency to communicate with voters. It is the fact that he is being excluded from a domain the courts have for some time recognised as a public forum.

Various lawsuits over the years have conferred on big tech an unusual status: a public good, held in private hands. In 2018 the Southern District of New York ruled that the right to reply to Trump’s tweets is protected ‘under the “public forum” doctrines set forth by the Supreme Court’. So it was wrong for the President to ‘block’ people — i.e. stop them reading his tweets — because they were critical of him. Censoring Twitter users ‘because of their expressed political views’ represents ‘viewpoint discrimination [that] violates the First Amendment’.

In Packingham vs North Carolina (2017), Justice Anthony Kennedy likened internet platforms to ‘the modern public square’, arguing that it was therefore unconstitutional to prevent sex offenders from accessing, and expressing opinions on, social network platforms. ‘While in the past there may have been difficulty in identifying the most important places (in a spatial sense) for the exchange of views,’ Justice Kennedy wrote, ‘today the answer is clear. It is cyberspace —the “vast democratic forums of the internet” in general … and social media in particular.’

In other words, as President of the United States, Trump could not block Twitter users from seeing his tweets, but Twitter is apparently within its rights to delete the President’s account altogether. Sex offenders have a right of access to online social networks; but the President does not.

This is not to condone Trump’s increasingly deranged attempts to overturn November’s election result. Before last week’s riots, he egged on the mob; he later said he ‘loved’ them, despite what they had done. Nor is there any denying that a number of Trump’s most fervent supporters pose a threat of further violence. Considering the bombs and firearms some of them brought to Washington, the marvel is how few people lost their lives during the occupation of the Capitol.

Yet the correct response to that threat is not to delegate to Facebook’s Mark Zuckerberg, Twitter’s Jack Dorsey and their peers the power to remove from the public square anyone they deem to be sympathetic to insurrection or otherwise suspect. The correct response is for the FBI and the relevant police departments to pursue any would-be Trumpist terrorists, just as they have quite successfully pursued would-be Islamist terrorists over the past two decades.

The key to understanding what has happened lies in an obscure piece of legislation, almost a quarter of a century old, enacted after a New York court held online service provider Prodigy liable for a user’s defamatory posts. Congress then stepped in with the 1996 Telecommunications Act and in particular Section 230, which was written to encourage nascent firms to protect users and prevent illegal activity without incurring massive content management costs. It states:

1. No provider or user of an interactive computer service shall be treated as the publisher or speaker of any information provided by another information content provider.

2. No provider or user of an interactive computer service shall be held liable on account of … any action voluntarily taken in good faith to restrict access to or availability of material that the provider or user considers to be obscene, lewd, lascivious, filthy, excessively violent, harassing, or otherwise objectionable.

In essence, Section 230 gives websites immunity from liability for what their users post if it is in any way harmful, but also entitles websites to take down with equal impunity any content that they don’t like the look of. The surely unintended result of this legislation, drafted for a fledgling internet, is that some of the biggest companies in the world enjoy a protection reminiscent of Joseph Heller’s Catch-22. Try to hold them responsible as publishers, and they will say they are platforms. Demand access to their platforms and they will insist that they are publishers.

This might have been a tolerable state of affairs if America’s network platforms had been subject to something like the old Fairness Doctrine, which required the big three terrestrial TV networks to give airtime to opposing views. But that was something the Republican party killed off in the 1980s, seeing the potential of allowing more slanted coverage on cable news. What goes around comes around. The network platforms long ago abandoned any pretence of being neutral. Even before Charlottesville, their senior executives and many of their employees had made it clear that they were appalled by Trump’s election victory (especially as both Facebook and Twitter had facilitated it). Increasingly, they interpreted the words ‘otherwise objectionable’ in Section 230 to mean ‘objectionable to liberals’.

Throughout the summer of last year, numerous supporters of Black Lives Matter used social media, as well as mainstream liberal media, to express their support for protests that in many places escalated into violence and destruction considerably worse than occurred in the Capitol last week. One looked in vain for health warnings, much less account suspensions, though Facebook says it has removed accounts that promote violence.

Compare, for example, the language Trump used in his 6 January speech and the language Kamala Harris used in support of BLM on Stephen Colbert’s show on 18 June. Neither explicitly condoned violence. Trump exhorted the crowd to march to the Capitol, but he told them to ‘peacefully and patriotically make your voices heard’. Harris condemned ‘looting and… acts of violence’, but said of the BLM protestors: ‘They’re not going to stop. They’re not. This is a movement. I’m telling you. They’re not going to stop, and everyone, beware. Because they’re not going to stop. They’re not going to stop before election day in November, and they are not going to stop after election day. And everyone should take note of that on both levels.’ What exactly was the significance of that ‘beware’?

Earlier, on 1 June, Harris had used Twitter to solicit donations to the Minnesota Freedom Fund, which posted bail for people charged with rioting in Minneapolis after the death of George Floyd. It would be easy to cite other examples. ‘Destroying property, which can be replaced, is not violence,’ Nikole Hannah-Jones of the New York Times told CBS in early June, at a time when multiple cities were being swept by arson and vandalism. Her Twitter account is still going strong.

The double standard was equally apparent when the New York Post broke the story of Biden’s son Hunter’s dubious business dealings in China. Both Twitter and Facebook immediately prevented users from posting links to the article — something they had never done with stories damaging to Trump.

You don’t need to be a Trump supporter to find all this alarming. Conservatives of many different stripes — and indeed some bemused liberals — have experienced the new censorship for themselves, especially as the Covid-19 pandemic has emboldened tech companies to police content more overtly. In the UK, TalkRadio briefly vanished from YouTube for airing anti–lockdown views that violated the company’s ‘community guidelines’. A recording of Lionel Shriver reading one of her Spectator columns on the pandemic was taken down for similar reasons. Carl Heneghan and Tom Jefferson, two Oxford academics, fell foul of Facebook’s censors when they wrote for this magazine about a briefly controversial paper on the efficacy of masks in Denmark.

You might think that FATGA have finally gone too far with their fatwa against a sitting president of the United States. You might think a red line really has been crossed when both Alexei Navalny and Angela Merkel express disquiet at big tech’s overreach. But no. To an extent that is remarkable, American liberals have mostly welcomed (and in some cases encouraged) this surge of censorship — with the honourable exception of the American Civil Liberties Union.

True, during last year’s campaign the Biden team occasionally talked tough, especially about Facebook. However, it is increasingly clear that the most big tech has to fear from the Biden-Harris administration is protracted antitrust actions focused on their alleged undermining of competition which, if history is any guide, will likely end with whimpers rather than bangs. Either way, the issue of censorship will not be addressed by antitrust lawsuits.

It is tempting to complain that Democrats are hypocrites — that they would be screaming blue murder if the boot were on the other foot and it was Kamala Harris whose Twitter account had been cancelled. But if that were the case, how many Republicans would now be complaining? Not many. No, the correct conclusion to be drawn is that the Republicans had their chance to address the problem of over-mighty big tech and completely flunked it.

Only too late did they realise that Section 230 was Silicon Valley’s Achilles heel. Only too late did they begin drafting legislation to repeal or modify it. Only too late did Section 230 start to feature in Trump’s speeches. Even now it seems to me that very few Republicans really understand that, by itself, repealing 230 would not have sufficed. Without some kind of First Amendment for the internet, repeal would probably just have restricted free speech further.

As Orwell rightly observed, ‘we are all capable of believing things which we know to be untrue, and then, when we are finally proved wrong, impudently twisting the facts so as to show that we were right. Intellectually, it is possible to carry on this process for an indefinite time: the only check on it is that sooner or later a false belief bumps up against solid reality.’

Those words sum up quite a lot that has gone on inside the Republican party over the past four years. There it was, right in front of their noses: Trump would lead the party to defeat. And he would behave in the most discreditable way when beaten. Those things were predictable. But what was also foreseeable was that FATGA — the ‘new governors’, as a 2018 Harvard Law Review article called them — would be the true victors of the 2020 election.

Tyler Durden
Sat, 01/16/2021 – 20:00

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

UFO In Cape Hatteras? Viral Video Sparks Debate Of Mysterious Flying Object

UFO In Cape Hatteras? Viral Video Sparks Debate Of Mysterious Flying Object

Days before the CIA released a large cache of files involving unidentified flying objects (UFOs), following a Freedom of Information Act (FOIA) request by podcaster John Greenwald Jr., social media was a buzz about a UFO last week over North Carolina’s Outer Banks area. 

According to the regional newspaper The News & Observer, photographer Wes Snyder captures what appears to be a mysterious object in the night sky. 

“The object was visible for just under 3 minutes total, so I doubt it’s a meteor, (or) shooting star as those typically only last a few seconds,” Snyder posted on YouTube.

Judging by the video, the object appears to have corners. Here’s the video in full. 

“I spent a night at the Cape Hatteras Lighthouse shooting time-lapse photos to create an upcoming video. While I was looking through my footage, I realized there was something in the video that I could not explain,” he wrote on Facebook. “It’s much larger than your typical plane appears, and it’s moving way faster than clouds.”

Snyder said the best explanation is that it may be “space junk or a satellite burning up in the atmosphere.”

Comments on Snyder’s Facebook post agreed that it certainly wasn’t a meteor. 

“It’s not a meteor,unless somebody reported one crashing somewhere within the surrounding towns or counties, cuz it was way to close. Anybody with common sense knows that it cannot a shooting star. WavyTv 10 did a special a while back about the pilots at Norfolk Air Force Base and the unidentifiable things they have witnessed over the years. So I’m gonna say it’s Extraterrestrial. I bet that the airport on Hatteras Island would have some sort of record of it. So would NASA and the Air Force Base,” wrote Regan Wynne.

Someone else wrote, “I’d say the best bet would be a stage of the space x rocket.” 

Another said, “Space station or a satellite fly by.” 

Authorities have yet to identify what exactly flew by the Cape Hatteras Lighthouse. 

But with the recent CIA dump of UFO files, it certainly makes you wonder if life beyond Earth actually does exist. 

Tyler Durden
Sat, 01/16/2021 – 19:30

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Iran Releases Rare Footage Of Prior IRGC Ballistic Missile Attack On US Forces

Iran Releases Rare Footage Of Prior IRGC Ballistic Missile Attack On US Forces

Via AlMasdarNews.com,

Iran’s military has published on social media a new video clip of the Iranian missile strike on the Ain Al-Assad base in western Iraq, where US forces are stationed.

This attack, which took place on January 8th, 2020, was carried out by the Islamic Revolutionary Guard Corps (IRGC) on the US forces at the Ain Al-Assad base, targeted one of the largest installations in the country.

The video shows an Iranian operations room and the moment of pressing the launch button for the missiles that fell on the base where many US personnel were stationed in the Al-Anbar Governorate of western Iraq, causing huge explosions at the site, where the flames escalated to tens of meters.

The Islamic Revolutionary Guard Corps carried out this powerful attack on the US forces in response to the assassinations of Major General Qassem Soleimani of the IRGC’s Quds Force and Abu Mahdi Al-Mohandis of Iraq’s Popular Mobilization Units.

Later in the year, the US military deployed Patriot missiles to the country, amid the increase in attacks on the Green Zone in Baghdad, which have been blamed on the Iraqi forces allied with Iran.

Via NPR/Planet: A satellite photo from the commercial company Planet shows damage to at least five structures at the Ain al-Assad air base in Iraq.

While Iran had previously published footage of the missiles soaring through the air from Iranian airspace (see below), the new video published Friday is the first to provocatively show the command center and under-surface rocket silos from where they were launched.

Tensions have remained high between the US and Iran, as several reports surfaced last month about the American President Donald Trump’s interest in possibly striking the nuclear facilities of the Islamic Republic.

Tyler Durden
Sat, 01/16/2021 – 19:00

via ZeroHedge News https://ift.tt/3ii9bK2 Tyler Durden

89 Year Old Donald Tober, Who Popularized Sweet N’ Low, Jumps To His Death From Park Ave. Apartment

89 Year Old Donald Tober, Who Popularized Sweet N’ Low, Jumps To His Death From Park Ave. Apartment

An 89 year old business magnate who was “struggling with Parkinson’s disease” leapt to his death from the top of his Park Ave. apartment building last week, 

Donald Tober, who was CEO and co-owner of Sugar Foods – the company best known for Sweet n’ Low – jumped from his building just after 5AM on Friday, according to the NY Post.

He was found “in the courtyard of the luxury Upper East Side building between 65th and 66th streets”, the report notes. 

Tober was responsible for taking the Sweet n’ Low brand and making it into a restaurant and home mainstay. His company also produced “Sugar in the Raw” and “N’Joy” coffee creamer. 80% of all foodservice establishments used Sweet n’ Low by the mid 1990’s, the Post said. 

He had described his company in 1995 by saying: “Basically, we’re concerned with everything that surrounds the coffee cup. We’re tightly focused.”

“Donald IS Sweet’N Low,” the company’s President, Steve Odell, had said at the time. “Don’s had as much to do with building Sweet’N Low into a household name as anyone ever has with a product. Every packet of Sweet’N Low sold today can be traced back to a single sales call that he probably made or at least had a part in.”

Odell continued: “He was bigger than life. He made everybody feel special — everybody. He’s an icon and he’ll always be.”

“I talked to him yesterday and certainly, no. There was no indication whatsoever,” he said, when asked about the suicide. 

Odell concluded: “He was much more than just one product. A thousand people a second use our products. Donald left us with eight words, and we live them every day. The first two words are ‘Be prepared.’ The second are ‘Show up.’ The third two words are ‘On time.’ And the last two are ‘Follow through.’”

“He did that every day, all day, through his career.”

Rest easy, Donald. 

Tyler Durden
Sat, 01/16/2021 – 18:30

via ZeroHedge News https://ift.tt/2XK0Cy4 Tyler Durden

Biden Promises to ‘Manage the Hell Out’ of the COVID-19 Vaccine Rollout

BidenVac3

President-elect Joe Biden on Friday promised that his incoming administration will be “sparing no effort to get Americans vaccinated” against COVID-19. Citing the rising number of COVID-19 cases, hospitalizations, and deaths, he did warn that Americans still face “a very dark winter” and that “things will get worse before they get better.”

Noting that the “vaccine rollout in the United States has been a dismal failure so far,” Biden outlined five things his administration plans to do to achieve his goal of administering 100 million shots in 100 days after he takes office next week.

First, his team will work with states to open access to vaccines to more groups of people, including Americans aged 65 and older. In addition, the vaccines will be targeted to reach more first responders, teachers, and grocery store workers.

Second, his administration will open 100 federally supported vaccination sites by the end of his first month. They will be located at facilities such as school gyms and sports stadiums. In addition, mobile vaccination clinics will be up and running with the help of  local community health organizations. He will end the shortage of vaccinators by mobilizing emergency medical first responders, retired health care professionals, and military medical care personnel. In addition, states will be reimbursed 100 percent for calling up their national guard units to aid in the vaccination push.

Third, citing the successful role of local pharmacies in administering flu shots, Biden is mounting “a major new effort” to “fully activate pharmacies across the United States” as centers for dispensing COVID-19 vaccinations. Americans should be able to get their inoculations close to their homes.

Fourth, Biden said that he will apply the “full strength of the government” to ramp up the manufacturing of vaccines and medical supplies like tubes and syringes. Planning to invoke the Defense Production Act, Biden said that members of his COVID-19 task force are already talking with companies about what they can do to speed this process up.

Fifth, Biden promised to be transparent about vaccine supplies and when Americans can expect to gain access to them.

Biden added that his administration would counter disinformation about the safety of the vaccines and seek to allay the concerns of those Americans who remain hesitant about getting vaccinated.

The president-elect ended with an admonition to continue to do what works to slow the transmission of the virus: Wear masks (especially in crowded indoor spaces), wash your hands, and maintain social distancing.

Notably, the president-elect did not mention any plans to ramp up COVID-19 testing availability.

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Designed To Fail, Failure Guaranteed

Designed To Fail, Failure Guaranteed

Authored by Charles Hugh Smith via OfTwoMinds blog,

Yet it still comes as a great surprise to everyone when ‘doing more of what’s failed spectacularly’ ends up collapsing the whole rotten structure.

Systems and nations are designed to fail without anyone even noticing: nobody set out to design the current broken system to fail at critical points, but now failure can’t be avoided because the incentive structure has locked in embedded processes that enrich self-serving cartels and insiders at the expense of the nation and its populace.

Nobody chose America’s insanely perverse healthcare system–it arose from a set of initial conditions that generated perverse incentives to do more of what’s failing and protect the processes that benefit cartels and insiders at the expense of everyone else.

In other words, the system that was intended to benefit all ends up benefiting the few at the expense of the many.

The same question can be asked of America’s broken higher education system: would any sane person choose a system that enriches insiders by indenturing students via massive student loans (i.e. forcing them to become debt serfs)?

Students and their parents certainly wouldn’t choose the current broken system, but the lenders reaping billions of dollars in profits would choose to keep it, and so would the under-assistant deans earning a cool $200K+ for “administering” some embedded process that has effectively nothing to do with actual learning.

The academic ronin a.k.a. adjuncts earning $35,000 a year (with little in the way of benefits or security) for doing much of the actual teaching wouldn’t choose the current broken system, either.

Now that the embedded processes are generating profits and wages, everyone benefiting from these processes will fight to the death to retain and expand them, even if they threaten the system with financial collapse and harm the people who the system was intended to serve.

How many student loan lenders and assistant deans resign in disgust at the parasitic system that higher education has become? The number of insiders who refuse to participate any longer is signal noise, while the number who plod along, either denying their complicity in a parasitic system of debt servitude and largely worthless diplomas (i.e. the system is failing the students it is supposedly educating at enormous expense) or rationalizing it is legion.

If I was raking in $200,000 annually from a system I knew was parasitic and counter-productive, I would find reasons to keep my head down and just “do my job,” too.

At some point, the embedded processes become so odious and burdensome that those actually providing the services start bailing out of the broken system. We’re seeing this in the number of doctors and nurses who retire early or simply quit to do something less stressful and more rewarding.

These embedded processes strip away autonomy, equating compliance with effectiveness even as the processes become increasingly counter-productive and wasteful. The typical mortgage documents package is now a half-inch thick, a stack of legal disclaimers and stipulations that no home buyer actually understands (unless they happen to be a real estate attorney).

How much value is actually added by these ever-expanding embedded processes?

By the time the teacher, professor or doctor complies with the curriculum / “standards of care”, there’s little room left for actually doing their job. But behind the scenes, armies of well-paid administrators will fight to the death to keep the processes as they are, no matter how destructive to the system as a whole.

This is how systems and the nations that depend on them fail. Meds skyrocket in price, student loans top $1 trillion, F-35 fighter aircraft are double the initial cost estimates and so on, and the insider solutions are always the same: just borrow another trillion to keep the broken system afloat for another quarter.

Yet it still comes as a great surprise to everyone when doing more of what’s failed spectacularly ends up collapsing the whole rotten structure.

Consider a spacecraft as a metaphor for a system which is designed not to fail but that can fail anyway. There are two basic ways the spacecraft can fail: a single essential component can fail, or a single failure can trigger a domino-like cascade which leads to the entire craft failing.

If the craft’s single oxygen tank ruptures, the crew dies. 99% of the spacecraft is still working perfectly, but the system failed in its primary purpose: keeping the crew alive.

If an electrical failure causes a cascade of subsystem failures, you end up with the same result: a powerless craft and a dead crew.

But 99% of the system is working just fine is little solace to the expired crew.

*  *  *

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Tyler Durden
Sat, 01/16/2021 – 18:00

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

Biden Promises to ‘Manage the Hell Out’ of the COVID-19 Vaccine Rollout

BidenVac3

President-elect Joe Biden on Friday promised that his incoming administration will be “sparing no effort to get Americans vaccinated” against COVID-19. Citing the rising number of COVID-19 cases, hospitalizations, and deaths, he did warn that Americans still face “a very dark winter” and that “things will get worse before they get better.”

Noting that the “vaccine rollout in the United States has been a dismal failure so far,” Biden outlined five things his administration plans to do to achieve his goal of administering 100 million shots in 100 days after he takes office next week.

First, his team will work with states to open access to vaccines to more groups of people, including Americans aged 65 and older. In addition, the vaccines will be targeted to reach more first responders, teachers, and grocery store workers.

Second, his administration will open 100 federally supported vaccination sites by the end of his first month. They will be located at facilities such as school gyms and sports stadiums. In addition, mobile vaccination clinics will be up and running with the help of  local community health organizations. He will end the shortage of vaccinators by mobilizing emergency medical first responders, retired health care professionals, and military medical care personnel. In addition, states will be reimbursed 100 percent for calling up their national guard units to aid in the vaccination push.

Third, citing the successful role of local pharmacies in administering flu shots, Biden is mounting “a major new effort” to “fully activate pharmacies across the United States” as centers for dispensing COVID-19 vaccinations. Americans should be able to get their inoculations close to their homes.

Fourth, Biden said that he will apply the “full strength of the government” to ramp up the manufacturing of vaccines and medical supplies like tubes and syringes. Planning to invoke the Defense Production Act, Biden said that members of his COVID-19 task force are already talking with companies about what they can do to speed this process up.

Fifth, Biden promised to be transparent about vaccine supplies and when Americans can expect to gain access to them.

Biden added that his administration would counter disinformation about the safety of the vaccines and seek to allay the concerns of those Americans who remain hesitant about getting vaccinated.

The president-elect ended with an admonition to continue to do what works to slow the transmission of the virus: Wear masks (especially in crowded indoor spaces), wash your hands, and maintain social distancing.

Notably, the president-elect did not mention any plans to ramp up COVID-19 testing availability.

from Latest – Reason.com https://ift.tt/3qx1D9b
via IFTTT