Robby Soave on the New York Times / Slate Star Codex Controversy

I thought the piece (“The New York Times‘s Inconsistent Standards Drove Slate Star Codex To Self-Cancel“) was thoughtful and sober, and I suspect correct, so I thought I’d pass along a link.

Note that there isn’t anything tortious or otherwise illegal about the New York Times‘ plan to identify Slate Star Codex’s author. There’s no general law against “doxxing,” which is good because there’s no really clear definition of “doxxing” (at least outside the narrowest ones, which focus on publishing highly private and almost always irrelevant information, such as social security numbers or bank account numbers). But it is good to think about when identifying a pseudonymous author is the right call.

from Latest – Reason.com https://ift.tt/2A1zRgh
via IFTTT

Journalists Abandoning ‘Objectivity’ for ‘Moral Clarity’ Really Just Want To Call People Immoral

WesleyLowery

Wesley Lowery, a Pulitzer-prize-winning correspondent for the 60 Minutes offshoot 60 in 6, has the latest and perhaps loudest in a recent series of think-pieces extolling the virtues of newsroom revolts such as the one that erupted at The New York Times earlier this month after its opinion pages published a controversial piece by Sen. Tom Cotton (R – Ark.).

Lowery and his industry allies contend that the national tumult stemming from the police killing of George Floyd is a prime opportunity to overhaul journalism’s very mission statement. “Neutral objectivity” as an aspiration, he argues in a Times essay, has failed, and should be replaced by “moral clarity.”

“Moral clarity would insist that politicians who traffic in racist stereotypes and tropes—however cleverly—be labeled such with clear language and unburied evidence,” Lowery writes. “Racism, as we know, is not about what lies in the depths of a human’s heart. It is about word and deed. And a more aggressive commitment to truth from the press would empower our industry to finally admit that.”

This proposed objectivity-for-morality swap is gaining momentum in the spaces where professional journalists congregate, pontificate, and/or swarm on Twitter to get senior managers fired.

Newsrooms “are really struggling to cover…in a way that appears to be nonpartisan a kind of political landscape where one political party in many ways has gone rogue and is not following the rules,” the Times’ Pulitzer-Prize-winning Nikole Hannah-Jones said on CNN’s Reliable Sources after the Cotton flap, in which she was a driving figure. “This adherence to even-handedness, both-sidesism, the View from Nowhere, doesn’t actually work in the political circumstances that we’re in.”

Relying on the creaky tools of liberalism in the era of Donald Trump, the new argument goes, is like bringing a banana to a knife fight.

“Can the view-from-nowhere, tabula rasa, Objective Unbiased Journalism tradition survive the current moment?” Esquire Politics Editor Jack Holmes mused recently. “Is it capable of dealing with bad-faith actors, and of prioritizing the truth over concerns about accusations of bias? Can we psychically handle the task of saying one of our political parties has lost its mind, or will we Both Sides ourselves into oblivion?…[H]ow much bullshit can any one person stomach—and spread—in the interest of ‘norms’?”

For non-journalists, understanding this rapidly spreading sentiment (and the repetitive, in-group jargon that comes with it) is a key to basic media literacy. The institutional stuff you read, watch, and listen to will increasingly be shaped by people whose moral warning systems are on ever-higher alert to make sure valued “platforms” remain unsullied—and unmanipulated—by barbarians.

“Cotton’s views should be known, but not amplified and normalized within the prized real estate that is the op-ed page of the New York Times,” wrote influential Washington Post media columnist Margaret Sullivan earlier this month. “What if we framed coverage with this question at the forefront: What journalism best serves the real interests of American citizens? Make decisions with that in mind, and at least some of the knotty problems get smoothed out.”

There is an obvious paradox at the heart of this project, one that is all the more glaring for passing undetected under the noses of its most prominent practitioners. In replacing their decidedly strawman version of the “objectivity” ideal with a more courageous “moral clarity,” journalists are trading the unattainable for the unknowable, and consciously elevating narrative “truths” over verified facts.

Wesley Lowery wants journalists to be unshackled so that they can positively identify individuals and organizations as “racist,” adding that: “Racism, as we know, is not about what lies in the depths of a human’s heart. It is about word and deed.” But there’s a wide swath of hotly contested territory within just that four-letter word deed.

Do policies, rules, and practices that correlate with comparatively poor outcomes among people of historically discriminated-against racial (or gender, or sexual, or national) classifications count automatically as racist, regardless of intent? You certainly hear that argument in New York City about public-school admissions criteria, for example:

But if that’s the standard then intellectual consistency requires it also be tested out on the War on Poverty, minimum wage laws, gun control, and—yes—the removal of public-school admissions criteria. The point here is neither to play racism gotcha nor argue ad absurdum that it’s fruitless to worry over unequal outcomes: it’s to observe that these assessments are very much under dispute, and rightly so. Difficult questions do not suddenly get “smoothed out” by the bold assertion that they belong to a binary category marked either “moral” or “immoral.”

A classic pitfall of such simplistic thinking, widely unremembered now on the journalistic left, is the presumption that a proposal born in moral virtue will retain its luster after coming in contact with the real world. Policy—particularly the thorny, emotional, life-and-death stuff like immigration, criminal justice, and war—is hard, with the wreckage of unintended consequences all around us.

Margaret Sullivan in her piece asserts that, “It’s more than acceptable that [journalists] should stand up for civil rights—for press rights, for racial justice, for gender equity and against economic inequality.” I agree! But these issues are not on-off switches, nor should their depiction be in the press.

Do “civil rights” include the individual right to keep and bear arms, or to grow your own medical marijuana for personal consumption? Do “press rights” include an extra “journalist privilege“? Does “gender equity” require government intervention to mandate wage levels? Does “economic equality” mean that an “ultra-millionaire tax” is a good idea? These are all heavily contested questions, not dividing lines between the virtuous and the deplorable.

You do not have to share the foundational anti-media animus of modern conservatism to guess from where the future errors of a newly emboldened journalism class will emanate. Wherever there is a preponderance of ideological sympathy—say, toward the cause of erasing the gender gap—there will be an abundance of journalistic sloppiness. Wherever there is a broad ideological or personal revulsion toward a person or group or class, there will be actual malfeasance.

Evidentiary standards, particularly as concerns the most radioactive of contemporary accusations—racism—threaten to become so one-sided that only journalists could fail to notice the double standard. Media critics have spent so long on the lookout for opportunistic conservatives “working the refs” that they have become slow to recognize the tactic when it comes from the left.

In Lowery’s essay, he declaims Tom Cotton’s op-ed as being “beneath” the paper’s “standards,” due in part to its “inflammatory rhetoric,” “overstatements,” and “unsubstantiated assertions.” Lowery also makes such arguably inflammatory unsubstantiated assertions as:

* “The views and inclinations of whiteness are accepted as the objective neutral.”

* “[S]elective truths have been calibrated to avoid offending the sensibilities of white readers.”

* “Black journalists are speaking out because one of the nation’s major political parties and the current presidential administration are providing refuge to white supremacist rhetoric and policies, and our industry’s gatekeepers are preoccupied with seeming balanced, even ordering up glossy profiles of complicit actors.”

* “The turmoil at The Times and the simultaneous eruptions inside other newsrooms across the country are the predictable results of the mainstream media’s labored refusal to racially integrate.”

* “[I]t remains to be seen if the changes at The Times will include aggressively tackling a culture that leaves its own staff members so internally powerless that they have to battle their own publication in public.”

Even if all these statements are 100 percent accurate (which I doubt), they are not substantiated, nor given anything like the post-facto scrutiny applied to a single 700-word piece by a sitting U.S. senator. (The same day that the Gray Lady’s staff was melting down over Cotton’s allegedly harmful words, the paper published an op-ed encouraging people to tell their relatives and loved ones that “you will not be visiting them or answering phone calls until they take significant action in supporting black lives either through protest or financial contributions.”)

Times staffers will explode in public vitriol when presented with an utterly inoffensive Twitter recommendation from controversial Opinion staffer Bari Weiss, yet mostly sit on their hands when Nikole Hannah-Jones encourages people to read conspiratorial claptrap about possibly racist fireworks campaigns. More productive energy will continue to be spent policing the paper’s not-quite-anti-Trump-enough headlines and tweets than will for the same treatment of every elected Democrat combined. You don’t need a map to see the direction this all is heading.

“I fear a new misunderstanding is taking root in newsrooms today, one [that] could destroy the already weakened system of journalism,” wrote media historian Tom Rosenstiel, in a long and worthwhile Twitter thread in response to Lowery’s piece (which he praised repeatedly). “That misunderstanding is the idea that if we adopt subjectivity to replace a misunderstood concept of objectivity, we will have magically arrived at truth—that anything I am passionate about and believe deeply is a kind of real truth….If [moral clarity] invites people to think that simply opining is some kind of truer or more moral form of reporting, they would be wrong and the effect would be tragic. If journalists replace a flawed understanding of objectivity by taking refuge in subjectivity and think their opinions have more moral integrity than genuine inquiry, journalism will be lost.”

Lowery, who has done valuable work covering the criminal justice system, makes several good points in his op-ed about media bias and grotesque euphemism when it comes to portraying the perspective of those in power, particularly the police. There is, I think, an obvious truth in the critiques that elite journalism spent a half-century abandoning and alienating itself from entire communities, and overly fretting about giving off the surface appearance of bias.

But by my lights, that half-century ended around 2010 or so. An oddness about this contemporary journalistic discussion is that it largely carries on as if the past decade of industry navel-gazing and industry transformation hadn’t taken place. Ten years ago the Washington Post was agonizing over having hired a young (formerly of Reason!) political writer who was subsequently discovered to have said intemperate things about some conservatives. Now, David Weigel works comfortably at…the Washington Post.

Fifteen years ago, we were arguing about whether cable news should have an openly left-leaning network; now, it’s over which one has the sassiest chyrons. “False balance,” “View from Nowhere,” “both-sidesism,” “working the refs” … all of these notions were being vigorously debated among media observers and participants during the administration of President George W. Bush.

Meanwhile, Facebook launched in 2004, YouTube in 2005, Twitter in 2006, and the iPhone in 2007, combining to form the mother of all workarounds to legacy media inattention. As Peter Suderman recently put it, “We Filmed Cops. People Changed Their Minds.”

The genius of American media, from the penny daily to the illustrated monthly, national newsweekly to local alt-weekly, broadcaster to blogger, TED talker to podcaster, is that every new establishment quickly creates its own vibrant alternative. The emerging new establishment, busy overhauling a newsroom near you, is about to discover just how popular their interpretation of moral clarity is.

from Latest – Reason.com https://ift.tt/2CyvKsV
via IFTTT

Misdemeanor Public Defender’s Defamation Claim Against ACLU Can Go Forward

From Tuesday’s Georgia Court of Appeals opinion by Judge Clyde Reese in ACLU v. Zeh, joined by Judges D. Todd Markle and Verda Colvin:

Zeh’s complaint alleged the following facts. In 2015, Zeh was the part-time misdemeanor public defender in state court in Glynn County, but he also had a private practice where he represented clients in a variety of matters including felony cases in superior court. On the morning of April 1, 2015, Robert Cox was arraigned in state court for misdemeanor shoplifting. Cox attempted to plead guilty to the misdemeanor, but the prosecutor announced his intention to transfer the case to superior court and charge Cox with a felony pursuant to The judge advised Cox to consult with an attorney.

Later that day, Cox went to Zeh’s private practice office, seeking representation on the felony charge. Zeh’s secretary contacted the office of the solicitor, who confirmed that Cox’s charge would be increased to a felony and transferred to superior court. Cox agreed to compensate Zeh $2,500 for his professional services regarding the felony charge, and Cox’s mother, Barbara Hamilton, mailed a check to Zeh that day. The case was transferred to superior court five days later, and Zeh ultimately secured a dismissal of the felony charge against Cox.

Three years later, the ACLU published a blog post titled, “Glynn County, Georgia’s Crooked Public Defender[.]” The blog post began:

“As the public defender for Glynn County, Georgia, Reid Zeh is entrusted with advocating for the most vulnerable members of his community when they come up against the criminal justice system. Rather than do his job, however, Zeh routinely ignores his clients or worse — extorts them to enrich himself. That’s what happened when Robert Cox and his 75-year-old mother, Barbara Hamilton, came to Zeh for legal assistance after Cox was charged with a misdemeanor. Instead of looking out for his client’s interests, Zeh took advantage of the family by charging them $2,500 for services that should have been free-of-charge.”

The blog post went on to state that Zeh’s behavior, which included ignoring Cox over the next two years, was consistent with the experiences of the ACLU’s original two clients in the ACLU’s pending lawsuit against Zeh and others. The ACLU continued: “That’s why this week we’re seeking permission from the [federal district] court to add Cox and Hamilton to our lawsuit against Zeh for his role in perpetuating Glynn County’s wealth-based incarceration system and for failing to provide legal assistance to his clients who cannot afford a private attorney.” {According to the ACLU, the blog post included a hyperlink, connected to the phrase “seeking permission” in the summary paragraph, to the relevant case filings.}

The ACLU also linked to the article in a paid advertisement on Facebook, which included a picture of Zeh with the headline: “Rather than trying to get his clients out of jail, this public defender extorts money from them.” …

The court held that Zeh’s case could go forward:

According to the complaint, the ACLU falsely stated that, in his role as a public defender, Zeh “extorted” his clients by “charging them $2,500 for services that should have been free-of-charge.” Although the ACLU argues that it was merely stating an opinion, its expression implies an assertion of objective fact. As noted above, Zeh alleged that he maintained a private practice in order to handle felonies. [This presumably refers to Zeh’s part-time job for the county being a misdemeanor public defender, so that he did not have to provide felony representation for free. -EV] Accepting Zeh’s evidence as true, he has made a sufficient prima facie showing to establish that the objective facts were false and defamatory….

Certain … communications are conditionally privileged where they are made in good faith. {The following communications are deemed privileged: (1) Statements made in good faith in the performance of a public duty; (2) Statements made in good faith in the performance of a legal or moral private duty; (3) Statements made with a good faith intent on the part of the speaker to protect his or her interest in a matter in which it is concerned; (4) Statements made in good faith as part of an act in furtherance of the person’s or entity’s right of petition or free speech under the Constitution of the United States or the Constitution of the State of Georgia in connection with an issue of public interest or concern, as defined in subsection (c) of  Code Section 9-11-11.1; (5) Fair and honest reports of the proceedings of legislative or judicial bodies; (6) Fair and honest reports of court proceedings; (7) Comments of counsel, fairly made, on the circumstances of a case in which he or she is involved and on the conduct of the parties in connection therewith; (8) Truthful reports of information received from any arresting officer or police authorities; and (9) Comments upon the acts of public men or public women in their public capacity and with reference thereto.} However, Zeh has established a prima facie case that the ACLU did not make its statements in good faith, and that the statements are thus not privileged ….

“Statements are deemed to have not been made in good faith, but rather with malice, if the evidence shows in a clear and convincing manner that a defendant in fact entertained serious doubts as to the truth of his statements.” Construed in the light most favorable to Zeh, Zeh did not represent Cox until after the prosecutor had expressed his intent in open court to transfer the shoplifting charge to superior court and charge Cox with a felony. Such transfer happened a few days later, more than three years before the ACLU made the statements at issue….

Zeh has made a prima facie showing that, as a part-time misdemeanor public defender, he is not a public official under the standard of New York Times Co. v. Sullivan. He has also made a prima facie showing that the ACLU should have determined from public court records whether there was any truth to Cox’s contentions.

{In Cox’s June 15, 2018 declaration, attached to the motion for leave to file an amended complaint in the federal action, Cox stated that he struggled with an alcohol abuse disorder and that he had been charged with misdemeanors in Glynn County more times than he could remember. According to Cox, his attorneys had “refreshed [his] memory by sharing a handful of [his] court records.” Cox stated: “Based on reviewing those records, I can describe a few of my cases over the last several months.” “In one case after approximately seven arrests,” Cox went to his court date, where the judge “directed [him] to see the public defender, Mr. Zeh. [Cox] went to Mr. Zeh’s office right after court. Mr. Zeh indicated that he would charge [Cox] an additional $2,500 to represent me as my public defender.”}

from Latest – Reason.com https://ift.tt/2B6Ep5C
via IFTTT

Daily Briefing – June 24, 2020

Daily Briefing – June 24, 2020


Tyler Durden

Wed, 06/24/2020 – 18:25

Senior editor Ash Bennington joins managing editor Roger Hirst to analyze the anatomy of bubbles, propelled by emotional mania, and how that is relevant to today’s markets. Bennington and Hirst discuss how equity markets appear to be inflated by flows rather than grounded in fundamentals and why the Fed’s balance sheet is the key driver of all of the recent price action. They also explain why time horizons are a critical piece to how traders should form their thesis and shapes the way they look at the market as well. In the intro, Nick Correa shares the IMF’s latest update on its global GDP projections, what’s happening in CDS markets, and the cost of business operations during coronavirus.

via ZeroHedge News https://ift.tt/2Z4CXZv Tyler Durden

The State Is The Deadliest Virus

The State Is The Deadliest Virus

Tyler Durden

Wed, 06/24/2020 – 18:25

Authored by Jesús Huerta de Soto via The Mises Institute,

The deadliest virus is the institutionalized coercion which lies in the very DNA of the state and may even initially permit a government to deny the outbreak of a pandemic. Evidence has been suppressed, and heroic scientists and doctors have been harassed and silenced simply because they were the first to realize and expose the gravity of the problem. As a result, weeks and months have been lost, at an enormous cost: hundreds of thousands of people have died due to the worldwide spread of an epidemic which, in the beginning, the shamefully manipulated official statistics made appear less dangerous than it actually was.

The deadliest virus is the existence of cumbersome bureaucracies and supranational organizations, which did not manage or wish to monitor in situ the reality of the situation, but instead endorsed the information received, while offering constant support and even praising—and thus becoming accessories to—all the coercive policies and measures adopted.

The deadliest virus is the notion that the state can guarantee our public health and universal welfare, when economic science has demonstrated the theoretical impossibility of the central planner’s giving a coherent and coordinating quality to the coercive commands it issues in its attempt to achieve its pompous objectives. This impossibility is due to the huge volume of information and knowledge which such a task would require and which the planning agency lacks. It is also, and primarily, due to the fact that the institutional coercion typical of the agency impacts the social body of human beings, who alone are capable of coordinating themselves (and do so spontaneously) and creating wealth. Such coercion prevents the emergence of precisely the firsthand knowledge the state needs to bring about coordination with its commands. This theorem is known as the impossibility of economic calculation under socialism. Mises and Hayek discovered the theorem in the 1920s, and the events of world history cannot be understood without it.

The deadliest virus is the dependency and complicity shown toward the state by countless scientists, experts, and intellectuals. When authorities are drunk with power, this symbiosis leaves a manipulated civil society unarmed and defenseless. For instance, the Spanish government itself urged citizens to take part in mass demonstrations of hundreds of thousands of people while the virus was already spreading exponentially. Then, just four days later, the decision was announced to declare a state of alarm and coercively confine the entire population to their homes.

The deadliest virus is the demonization of private initiative and of the agile and efficient self-regulation characteristic of it, combined with the deification of the public sector in every area: the family, education, pensions, employment, the financial sector, and the healthcare system (a particularly relevant point at present). Over 12 million Spanish people, including—quite significantly—almost 90 percent of the more than 2 million government employees (and among them a vice president of the Spanish government), have freely chosen private healthcare over public healthcare. The doctors and nurses of the public healthcare system work hard and selflessly, and their heroic efforts are never sufficiently recognized. However, the system cannot possibly do away with its internal contradictions, its waiting lists, or its proven incompetence in the matters of universal prevention and the protection of its own workers. But, by a double standard, any minor defect in the private sector is always immediately condemned, while far more serious and flagrant defects in the public sector are viewed as definitive proof of a need to spend more money and increase the size of the public sector even further.

The deadliest virus is the political propaganda channeled through state-owned media and also through private media outlets which, nonetheless, are dependent on the state as if it were a drug. As Goebbels taught, lies repeated often enough to the population can be turned into official truths. Here are a few: that the Spanish public healthcare system is the best in the world; that public spending has continued to decrease since the last crisis; that taxes are to be paid by “the rich” and they are not paying their fair share; that the minimum wage is not detrimental to employment; that maximum prices do not cause shortages; that a universal minimum income is the panacea of well-being; that the northern European countries are selfish and unsupportive, because they do not wish to mutualize the debt; that the number of deaths officially reported reflects the actual number of deaths; that only a few hundred thousand people have been infected; that we are performing more than enough tests; that face masks are unnecessary, etc. Any moderately diligent citizen can easily verify that these are all lies.

The deadliest virus is the corrupt use of political terminology involving misleading metaphors to mesmerize the population and make people even more submissive and dependent on the state. We are told that we are fighting a “war,” and that once we win, we will need to begin the “reconstruction.” But we are not at war, nor is it necessary to reconstruct anything. Fortunately, all of our capital equipment, factories, and facilities are intact. They are there, waiting for us to devote all of our effort and entrepreneurial spirit to getting back to work, and when that happens, we will very quickly recover from this standstill. However, for this to occur, we must have an economic policy that favors less government and more entrepreneurial freedom, reduces taxes and regulations, balances public accounts and puts them on a sound footing, liberalizes the labor market, and provides legal certainty and bolsters confidence. While such a free market policy enabled the Germany of Adenauer and Erhard to recover from a far graver situation following World War II, Spain will be impoverished and doomed to move at idling speed if we insist on taking the opposite path of socialism.

The deadliest virus consists of the deification of human reason and the systematic use of coercion, which the state embodies. It appears before us in sheep’s clothing as the quintessence of a certain “do-goodism” that tempts us with the possibility of reaching nirvana here and now and of achieving “social justice” and ending inequality. However, it conceals the fact that the Leviathan thrives on envy and thus fuels hatred and social resentment.

Hence, the future of humanity depends on our ability to immunize ourselves against the most deadly virus: the socialism which infects the human soul and has spread to all of us.

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

Julian Assange Charged In Superseding Indictment By DOJ

Julian Assange Charged In Superseding Indictment By DOJ

Tyler Durden

Wed, 06/24/2020 – 18:20

A federal grand jury returned a second superseding indictment today charging WikiLeaks founder Julian Assange with offenses that relate to Assange’s alleged role in “one of the largest compromises of classified information in the history of the United States”, according to a DOJ statement.

The new indictment does not add additional counts to the prior 18-count superseding indictment returned against Assange in May 2019.  It does, however, broaden the scope of the conspiracy surrounding alleged computer intrusions with which Assange was previously charged. 

According to the charging document, Assange and others at WikiLeaks recruited and agreed with hackers to commit computer intrusions to benefit WikiLeaks. In addition, the broadened hacking conspiracy continues to allege that Assange conspired with Army Intelligence Analyst Chelsea Manning to crack a password hash to a classified Department of Defense computer.

Some more details from the indictment:

Since the early days of WikiLeaks, Assange has spoken at hacking conferences to tout his own history as a “famous teenage hacker in Australia” and to encourage others to hack to obtain information for WikiLeaks.  In 2009, for instance, Assange told the Hacking At Random conference that WikiLeaks had obtained nonpublic documents from the Congressional Research Service by exploiting “a small vulnerability” inside the document distribution system of the United States Congress, and then asserted that “[t]his is what any one of you would find if you were actually looking.”

In 2010, Assange gained unauthorized access to a government computer system of a NATO country.  In 2012, Assange communicated directly with a leader of the hacking group LulzSec (who by then was cooperating with the FBI), and provided a list of targets for LulzSec to hack.  With respect to one target, Assange asked the LulzSec leader to look for (and provide to WikiLeaks) mail and documents, databases and pdfs.  In another communication, Assange told the LulzSec leader that the most impactful release of hacked materials would be from the CIA, NSA, or the New York Times.  WikiLeaks obtained and published emails from a data breach committed against an American intelligence consulting company by an “Anonymous” and LulzSec-affiliated hacker.  According to that hacker, Assange indirectly asked him to spam that victim company again.

If convicted, Assange faces a maximum penalty of 10 years in prison on each count except for conspiracy to commit computer intrusion, for which he faces a maximum penalty of five years in prison.

via ZeroHedge News https://ift.tt/2CHe2Ut Tyler Durden

Pentagon Produces List Of 20 Chinese Firms ‘Backed By China’s Military’

Pentagon Produces List Of 20 Chinese Firms ‘Backed By China’s Military’

Tyler Durden

Wed, 06/24/2020 – 18:05

Since last year the Department of Defense and other federal agencies have had a ban in effect on Chinese made surveillance cameras and tech believed tied to the Chinese government, with the The National Defense Authorization Act of the past two years including amendments and language ensuring federal agencies are prevented from purchasing surveillance cameras which Beijing could use for spying.

With major firms like Huawei, Dahua, Hikvision, and others already under US military and intelligence scrutiny and spotlight for China potentially using them for ‘Trojan Horse’ type surveillance activity in the US, the Pentagon is about to release a bombshell which will no doubt further escalate tensions between Beijing and the White House.

Reuters reports the Pentagon has cleared for public release its list of companies it deems owned or controlled by China’s military.

According to the breaking report:

The Trump administration has determined that top Chinese firms, including telecoms equipment giant Huawei Technologies and video surveillance company Hikvision, are owned or controlled by the Chinese military, laying the groundwork for new U.S. financial sanctions, according to a document seen by Reuters on Wednesday.

In total the list is said to include 20 companies under the aegis of China’s PLA:

The list of 20 companies that Washington alleges are backed by the People’s Liberation Army also includes China Mobile Communications Group and China Telecommunications Corp as well as aircraft manufacturer Aviation Industry Corp of China. A U.S. defense official speaking on condition of anonymity confirmed the authenticity of the document and said it had been sent to Congress.

Axios later in the day Wednesday obtained the list and published it:

Meanwhile much closer to home, we wonder if these “concerns” are still being looked into?

What’s more is that it’s seen as paving the way for further US sanctions and financial restrictions aimed at disrupting the companies ability to do business in the United States and in the West more broadly.

via ZeroHedge News https://ift.tt/31fI0cm Tyler Durden

The ‘Can’ To Be Kicked-Down-The-Road Is Just Too Damn Big

The ‘Can’ To Be Kicked-Down-The-Road Is Just Too Damn Big

Tyler Durden

Wed, 06/24/2020 – 17:45

Authored by Egon von Greyerz via GoldSwitzerland.com,

There are lies, damned lies, and economists. Whether these economists work for the government or a bank, they spend all their time on the computer extrapolating current trends with minor adjustments. 

If you want to understand the future, don’t spend your life preparing and constantly revising an Excel sheet with masses of economic data. Collective human behaviour is extremely predictable. But not by spreadsheet analysis but by studying history. 

HISTORY IS A BETTER FORECASTER THAN ECONOMISTS

There just is nothing new under the sun. So why is there so much time and money wasted around the world to make economic forecasts that are no better than a random job by a few chimps?

Instead, give some lateral thinkers a few history books and let them study the rise and decline of the major empires in history. That will tell them more about long term economic forecasts than any spreadsheet. 

After a 50 year decline of the US economy and the dollar, we still hear about the V-shaped recovery being imminent. 

On what planet do these people live who believe that a world on the cusp of an economic and social collapse is going to see a miraculous recovery out of the blue. 

This is the problem with a system that is totally fake and dependant on constant flow of stimulus even though it has zero value. Most people are fooled and believe it is for real.

ALL EMPIRES END WITH COLLAPSING CURRENCY AND SURGING DEBTS

We are now in the final stages of the end game. The end of the end could be extended affairs or they could be extremely quick. Most declines of major cycles are drawn out and this one has lasted half a century. During that time the dollar is down 50% against the DM/Euro and 78% vs the Swiss franc. And US debt has gone up 65x since 1971 from $400B to $26T. A collapsing currency and surging debts are how all empires end.

But the end of the end has also been drawn out and started in 2006 with the Great Financial Crisis. The financial system was on the verge of collapse in 2008 but was miraculously rescued with tens of trillions of dollars in printed money and guarantees. 

Central banks have since then frenetically kept the party going by manufacturing worthless paper money. The music should have stopped in 2008 but the participants are still dancing on the grave of a system that is about to succumb. 

The degree of the coming disintegration of the world economy will only be known with certainty by future historians. What is clear though is that we are seeing the end of a major cycle. What we will experience next is not just the fall of one nation but of most nations on earth, both advanced and developing countries. Debt is a global problem that virtually every country is seriously affected by. When the financial system crumbles so will world trade. 

WHAT WILL HAPPEN NEXT?

Asset Bubbles can only end in one of two ways: Either they Implode or they Explode

The principal bubbles we are here talking about is the financial system, stock markets, bond markets, and property. So in principle, we are looking at two options for this era to end. 

The net result is always the same although the Explosion finale will be the more violent and lead to a quicker massacre than the Implosion.

Explosion 

The risk of an Explosive end is very high. That would most probably involve acute problems in the banking system leading to a major bank defaulting, say Deutsche Bank. This would spread throughout the whole banking system like wildfire and obviously also affect the derivatives bubble of $1.5+ quadrillion. It would happen so quickly that central banks wouldn’t be able to print money fast enough to stop it. In any case, the whole financial world would know at that point that any freshly printed money would have ZERO value and therefore ZERO effect. 

An Explosive outcome of this 100-year bubble-era would clearly be cataclysmic for the world. It would lead to a global deflationary depression of a magnitude never seen before. It would also take life back to a level of devastation and deprivation that would be unimaginable today. 

Implosion

The only difference with an Implosive outcome is that it would take longer and therefore involve both hope and pain as desperate central banks create trillions and quadrillions of worthless dollars, euros etc to temporarily keep the balloon inflated. 

Even though this process would be more drawn out, it would also fail in the end. First, there would be a brief period, maybe a couple of years, of hyperinflation before it would end in a deflationary collapse. 

So these are the two options. There is absolutely nothing that can stop it. Well, we always have Deus ex Machina of course. Yes, miracles can always happen and the world would certainly need one this time. But sadly the odds are not in favour of these kinds of wonders. 

WHAT WE KNOW

  • Coronavirus is a convenient excuse but not the cause of the current problems. CV was a catalyst but the real crisis this time started in Aug-Sep 2019 with the Fed and ECB panicking.
  • The real problem is excessive debt at all levels of the economy, sovereign, corporate, financial, and personal. Governments and CBs have created the debt and are now desperately trying to remedy their mistake by doing more of the thing that created it all. As Einstein said, “We cannot solve our problems with the same thinking that we used when we created them”.
  • But CBs have no other tools. Rates are already zero and making them negative means you would have to pay for lending money to a bankrupt borrower. There are clearly more attractive investments which I will discuss later. 
  • Unemployment is currently in the 100s of millions globally. Many people now earn more by not working and would be allergic to having to work for the money in the future. Also, a high percentage of the lost jobs will not come back in the world.

46 million Americans, almost 30% of the US workforce, have filed unemployment claims since CV started.

ILO (International Labour Organisation) estimates that almost 50% of the world’s labour force, in particular in developing countries could lose their jobs.

  • Businesses, big and small, are failing. 1000s of companies are going under in all sectors. Total losses will easily be in the $trillions.

As an example, the whole travel industry is on the verge of a total collapse. Carnival the cruise business just announced a $4.4 billion loss and the sale of 6 major cruise ships. Airlines and hotels are either going under or losing fortunes. Global tourism is a $5T market and with indirect support businesses making a $9.2T contribution to global GDP. Just imagine, here is an industry that represents 11% of global GDP that is hemorrhaging and will not recover in this decade at least. 

Another example is the Swiss watch industry which is important to the country. It lost 81% of exports in April and 68% in May compared to 2019. Another sector which will never be the same.

  • Bad loans surging as companies and individuals can neither afford to pay interest or installments. In the US, it is estimated that no payments have been made on over 100 million loans.
  • Half of Americans consider selling their houses to survive financially. Most Americans don’t have savings to cover more than two weeks of spending.
  • Global printing presses are working 24/7 to save the world from perdition. Since CV started, the total fiscal and monetary stimulus so far is $18T
  • The $18T stimulus could easily double. But “just” $18T is a massive 22.5% of global GDP. 

The 6 biggest money manufactures are:

  1. US $6.5T,

  2. EU $3T,

  3. Japan $2.1T,

  4. China $1.2T,

  5. Italy $1.1T

  6. France $0.8T

The above list of problems is just an example of the global pressures on states, companies, and individuals that either are bankrupt or will collapse under the weight of their own debt in the next few years. 

WHAT THE EFFECTS WILL BE

  • As I have already discussed in this article, there is no solution to a global debt problem in a world that is collectively bankrupt.
  • The $18T stimulus that has just been created is not real money. It is monopoly money that might be useful if you play the Monopoly board game but it has zero value in the real world. So throwing $18T of fake money at $275T global debt (which can’t be repaid either) might fool some people for a few weeks. It is certainly fooling retail stock investors who are being lured into the biggest suckers’ rally in history. They will soon have the shock of a lifetime.
  • Virtually all asset markets will collapse, including stocks and property. But the biggest devastation will be when bond and credit markets implode. When that happens the $2quadrillion derivative market will go up in smoke too with devastating consequences for the world. 
  • Whether we finish with an explosion or implosion makes little difference to the end result. We could have a hyperinflationary explosion first, which I believe is more likely. But that would soon end in a depressionary and deflationary implosion. This will take the world back at least 50 years in production and trade terms and thus also in the standard of living. But before the decline stops, there will be massive financial and human suffering in the world, including social unrest and probably wars.
  • I was with one of my grandsons yesterday who wanted to photograph a peregrine falcon’s nest. These majestic birds can dive at 390km/h (240mph) to hit their prey which can be a pigeon for example. The poor pigeon doesn’t know what has hit him when the world’s fastest animal comes diving from above at 390km/h. If the economic bubble explodes as I have described above, the world will not know what has hit it either. It will all happen so fast.

WHAT WE SHOULD DO

Most people sadly cannot plan for what is coming. They don’t have any savings and might have problems affording to stay in their house or apartment. 

For the ones with small savings, even if it is only a few hundred dollars, take it out of the bank and buy some silver or gold bars or coins. One gramme of gold costs $60-70. One gramme of silver costs 70 cents and an ounce of silver costs $20. Many people can afford that and what today looks like small investments could save your life in a few years. Just ask the Venezuelans. 

For bigger investors, get out of stocks, except for gold and silver stocks, and get out of bonds and investment properties. On your own home, pay down the mortgage if you can. 

And obviously, buy as much physical gold and silver that you can afford and store it outside the banking system.  

Gold and silver will work effectively as wealth protection both in inflation and deflation.

In a period of crisis, your best asset and support system is a close circle of friends and family. This is what will keep you going physically, mentally, and morally. 

MARKETS

Stocks

The secular bull market in stocks ended in February 2020. We have now entered a secular and devastating bear market. The first leg down finished in mid-March and we are just finishing the suckers’ rally that makes retail investors uber-optimistic. The next leg down is imminent. It will shock the world. There could be a vicious catalyst. 

Gold & Silver

The move up to $1,950 – $2,100 has started. We could see an acceleration starting soon. Once gold clears $2,000 much higher values are coming. 

For most people who know and follow me, I hardly need to repeat that you mustn’t focus on the price of gold or silver measured in soon worthless paper currencies. Just own physical precious metals for insurance and wealth preservation. 

Measured in overvalued paper money, gold and silver are absurdly cheap. 

via ZeroHedge News https://ift.tt/2Z8NJxF Tyler Durden

Misdemeanor Public Defender’s Defamation Claim Against ACLU Can Go Forward

From Tuesday’s Georgia Court of Appeals opinion by Judge Clyde Reese in ACLU v. Zeh, joined by Judges D. Todd Markle and Verda Colvin:

Zeh’s complaint alleged the following facts. In 2015, Zeh was the part-time misdemeanor public defender in state court in Glynn County, but he also had a private practice where he represented clients in a variety of matters including felony cases in superior court. On the morning of April 1, 2015, Robert Cox was arraigned in state court for misdemeanor shoplifting. Cox attempted to plead guilty to the misdemeanor, but the prosecutor announced his intention to transfer the case to superior court and charge Cox with a felony pursuant to The judge advised Cox to consult with an attorney.

Later that day, Cox went to Zeh’s private practice office, seeking representation on the felony charge. Zeh’s secretary contacted the office of the solicitor, who confirmed that Cox’s charge would be increased to a felony and transferred to superior court. Cox agreed to compensate Zeh $2,500 for his professional services regarding the felony charge, and Cox’s mother, Barbara Hamilton, mailed a check to Zeh that day. The case was transferred to superior court five days later, and Zeh ultimately secured a dismissal of the felony charge against Cox.

Three years later, the ACLU published a blog post titled, “Glynn County, Georgia’s Crooked Public Defender[.]” The blog post began:

“As the public defender for Glynn County, Georgia, Reid Zeh is entrusted with advocating for the most vulnerable members of his community when they come up against the criminal justice system. Rather than do his job, however, Zeh routinely ignores his clients or worse — extorts them to enrich himself. That’s what happened when Robert Cox and his 75-year-old mother, Barbara Hamilton, came to Zeh for legal assistance after Cox was charged with a misdemeanor. Instead of looking out for his client’s interests, Zeh took advantage of the family by charging them $2,500 for services that should have been free-of-charge.”

The blog post went on to state that Zeh’s behavior, which included ignoring Cox over the next two years, was consistent with the experiences of the ACLU’s original two clients in the ACLU’s pending lawsuit against Zeh and others. The ACLU continued: “That’s why this week we’re seeking permission from the [federal district] court to add Cox and Hamilton to our lawsuit against Zeh for his role in perpetuating Glynn County’s wealth-based incarceration system and for failing to provide legal assistance to his clients who cannot afford a private attorney.” {According to the ACLU, the blog post included a hyperlink, connected to the phrase “seeking permission” in the summary paragraph, to the relevant case filings.}

The ACLU also linked to the article in a paid advertisement on Facebook, which included a picture of Zeh with the headline: “Rather than trying to get his clients out of jail, this public defender extorts money from them.” …

The court held that Zeh’s case could go forward:

According to the complaint, the ACLU falsely stated that, in his role as a public defender, Zeh “extorted” his clients by “charging them $2,500 for services that should have been free-of-charge.” Although the ACLU argues that it was merely stating an opinion, its expression implies an assertion of objective fact. As noted above, Zeh alleged that he maintained a private practice in order to handle felonies. [This presumably refers to Zeh’s part-time job for the county being a misdemeanor public defender, so that he did not have to provide felony representation for free. -EV] Accepting Zeh’s evidence as true, he has made a sufficient prima facie showing to establish that the objective facts were false and defamatory….

Certain … communications are conditionally privileged where they are made in good faith. {The following communications are deemed privileged: (1) Statements made in good faith in the performance of a public duty; (2) Statements made in good faith in the performance of a legal or moral private duty; (3) Statements made with a good faith intent on the part of the speaker to protect his or her interest in a matter in which it is concerned; (4) Statements made in good faith as part of an act in furtherance of the person’s or entity’s right of petition or free speech under the Constitution of the United States or the Constitution of the State of Georgia in connection with an issue of public interest or concern, as defined in subsection (c) of  Code Section 9-11-11.1; (5) Fair and honest reports of the proceedings of legislative or judicial bodies; (6) Fair and honest reports of court proceedings; (7) Comments of counsel, fairly made, on the circumstances of a case in which he or she is involved and on the conduct of the parties in connection therewith; (8) Truthful reports of information received from any arresting officer or police authorities; and (9) Comments upon the acts of public men or public women in their public capacity and with reference thereto.} However, Zeh has established a prima facie case that the ACLU did not make its statements in good faith, and that the statements are thus not privileged ….

“Statements are deemed to have not been made in good faith, but rather with malice, if the evidence shows in a clear and convincing manner that a defendant in fact entertained serious doubts as to the truth of his statements.” Construed in the light most favorable to Zeh, Zeh did not represent Cox until after the prosecutor had expressed his intent in open court to transfer the shoplifting charge to superior court and charge Cox with a felony. Such transfer happened a few days later, more than three years before the ACLU made the statements at issue….

Zeh has made a prima facie showing that, as a part-time misdemeanor public defender, he is not a public official under the standard of New York Times Co. v. Sullivan. He has also made a prima facie showing that the ACLU should have determined from public court records whether there was any truth to Cox’s contentions.

{In Cox’s June 15, 2018 declaration, attached to the motion for leave to file an amended complaint in the federal action, Cox stated that he struggled with an alcohol abuse disorder and that he had been charged with misdemeanors in Glynn County more times than he could remember. According to Cox, his attorneys had “refreshed [his] memory by sharing a handful of [his] court records.” Cox stated: “Based on reviewing those records, I can describe a few of my cases over the last several months.” “In one case after approximately seven arrests,” Cox went to his court date, where the judge “directed [him] to see the public defender, Mr. Zeh. [Cox] went to Mr. Zeh’s office right after court. Mr. Zeh indicated that he would charge [Cox] an additional $2,500 to represent me as my public defender.”}

from Latest – Reason.com https://ift.tt/2B6Ep5C
via IFTTT

Glenn Loury on Police Abuse, Systematic Racism, and Hysteria

loury2

In the wake of the police killing of George Floyd in Minneapolis, protests have erupted around the country, calling attention to racial disparities in the way that black people are treated by the criminal justice system and by American society more generally.

Brown University’s Glenn Loury has emerged as one of the most vocal and outspoken critics of Black Lives Matter and other groups arguing that systemic racism is at the center of the African American experience in the United States today. Loury worries that our institutions are failing “to affirm the primacy of reason over violence in calibrating our reactions to the supposed ‘oppression,'” as he wrote in response to an open letter from his school’s administrators that highlighted “anger” at what they called an “ongoing epidemic of racism.”

The 72-year-old professor—the first African American to be granted tenure in Harvard’s economics department back in the 1970s—talked with Reason via Zoom about how the U.S. has changed for the better over his lifetime, why understanding history is vital to social change, and whether rational discourse has any purchase in social and political debates.

from Latest – Reason.com https://ift.tt/2Z9iJhh
via IFTTT