12,000 NYC Students Banned From School For Not Consenting To Random Covid Testing

12,000 NYC Students Banned From School For Not Consenting To Random Covid Testing

Today in “how far can your rights be infringed upon before people start to push back” news

About 12,000 New York City students are being prevented from attending in-person learning because their parents “failed to sign consent forms for weekly random testing”, Bloomberg reported last week. The students are part of a larger group of 190,000 pre-school through elementary students who returned to classrooms in December. 

While about 60,000 pre-school and kindergarten students are exempt from testing, there are still about 130,000 students who are required to participate in random testing. 

Nathaniel Styer, a spokesman for the city Department of Education, said: “Due to the extensive efforts of our staff, 91% of students who need a consent form have one on file. Students without consent forms, and who do not have approved exemptions, are transitioned to remote instruction.”

Random testing is conducted on 20% of everyone in each school building, every week. Mayor Bill de Blasio and Schools Chancellor Richard Carranza are responsible for implementing the standards that went into place after NYC schools had previously shut down. 

Meanwhile, high school and middle school students that are part of NYC’s 1 million plus student body are all receiving remote instruction. “Tens of thousands” of elementary school parents have voluntarily opted out of the random testing in favor of remote learning as well, Bloomberg concluded. 

Tyler Durden
Mon, 12/28/2020 – 11:48

via ZeroHedge News https://ift.tt/38J2pbB Tyler Durden

Record Big 2Y Treasury Auction Tails, Met With Subpar Demand

Record Big 2Y Treasury Auction Tails, Met With Subpar Demand

It may be the last, holiday-shortened week of the year, but that doesn’t mean the US Treasury can take time off from shoving US debt down the throat of anyone who still believes that the US dollar will remain a reserve currency in the near and not too near future, and at 1130am, the Treasury held the first of the day’s two auctions, when it sold a record $58BN in 2Y notes.

The auction priced at a high yield of 0.137%, 2.8bps below the 0.165% yield last month but a 0.2bps tail to the 0.135% When Issued.

The poor metrics continued with the Bid to Cover, which dropped from 2.712 to 2.453, which was below the 2.52 six auction average.

The only silver lining was the modest increase in Indirect demand, with foreign central banks getting 49.2% of the allotment, up from 46.1% last month, if still below the 51.1% recent average. Finally, with Directs taking down 17.5%, or the highest since April, Dealers were left holding 33.3% of the auction, bonds which they will soon flip back to the Fed as part of the ongoing $80BN/month POMO.

Overall, another record if somewhat sloppy auction to start the truncated weekly issuance which sees today’s next auction in 90 minutes, when 5Y paper is sold, and the last auction of the year will take place tomorrow when the Treasury dumps as much 7Y paper as it can.

Tyler Durden
Mon, 12/28/2020 – 11:45

via ZeroHedge News https://ift.tt/3hpXH6L Tyler Durden

Georgia Makes Early Ballot Counting Mandatory In Jan. 5 Runoff

Georgia Makes Early Ballot Counting Mandatory In Jan. 5 Runoff

Authored by Charlotte Cuthbertson via The Epoch Times,

The upcoming runoff elections in Georgia will operate in the same manner as the Nov. 3 election, except for one minor change, a spokesperson from the secretary of state’s office says.

Counties are allowed to start tallying the absentee and mail-in ballots two weeks before the Jan. 5 runoff, the spokesperson told The Epoch Times.

This time, though, it will be required starting on Dec. 30, one week before Election Day. Consequently, results should be posted much more quickly than in November, when it took days before an unofficial result was available.

“We had some counties in the general election who didn’t take advantage of the extra time, and as a result, we were waiting on them,” the spokesperson said. He said some counties waited until Election Day to start counting their mail-in ballots.

Responding to criticism from poll watchers who said they didn’t have meaningful access to the counting process, the spokesperson said “most parts of the election process are open to the public.”

“But the law doesn’t require them to have to be close enough to where they can actually look on the ballots and make their own opinion about whether or not that was a mark for Smith or Brown,” he said.

Secretary of State Brad Raffensperger, a Republican, has said the Nov. 3 election was run well and he stands by the results. However, he said on Dec. 23 that he wants the state to stop allowing no-excuse absentee balloting during elections, saying the method “opens the door to potential illegal voting.”

Currently, anyone who wants to vote by mail can do so by applying for an absentee ballot—a provision that has been in place since 2005, but until this year was only ever used by 5 to 7 percent of voters.

“It makes no sense when we have three weeks of in-person early voting available,” Raffensperger said at a state hearing on Dec. 23.

Early voting for the runoff began on Dec. 7, and all but overseas ballots must be cast or received by 7 p.m. on Jan. 5.

Overseas ballots and ballot curing can still occur through Jan. 8, but the number of ballots in those categories are expected to be fairly low, the spokesperson said. Ballot curing is most common in mail-in ballots, when the voter hasn’t signed the outer envelope. In this case, the local elections office contacts the voter and allows them to correct the mistake via a provisional ballot.

As of Dec. 22, more than 1.7 million ballots had already been cast in the runoff, the spokesperson said.

The election will decide two U.S. Senate seats as well as the state’s public utility commissioner.

Senate Republican incumbents David Perdue and Kelly Loeffler are up against Democrats Jon Ossoff and Raphael Warnock, respectively. Currently, Republicans hold 50 seats in the Senate, while Democrats have 48.

Georgia’s presidential election results are under contention as allegations of fraud have surfaced, challenging the slim lead (12,670 votes) that Democratic nominee Joe Biden has over President Donald Trump.

Lawyer Sidney Powell filed an emergency petition to the U.S. Supreme Court on Dec. 11 in a case that alleges “massive fraud” in Georgia, including ballot stuffing and vote manipulation.

On the same day, the Supreme Court docketed an appeal brought by lawyer Lin Wood that claims that election rules unconstitutionally changed by state officials could have invalidated absentee ballots.

Matt Braynard, the head of the Voter Integrity Project, said on Dec. 10 that he’s delivered evidence of more than 21,000 election anomalies and irregularities to three top Georgia officials. The list includes Georgians who had submitted a national change of address form, indicating they had moved out of state, yet appeared to have voted in 2020 in the state they moved from.

Raffensperger said he’s sent out 800 warning letters to people who requested a ballot for the runoff election, but have indicated they’ve moved out of state.

“Let this be a warning to anyone looking to come to Georgia temporarily to cast a ballot in the runoffs or anyone who has established residence in another state but thinks they can game the system: we will find you and we will prosecute you to the fullest extent of the law,” he said in a press statement.

Raffensperger recertified Georgia’s presidential election results on Dec. 7, following a hand recount and a machine recount.

Tyler Durden
Mon, 12/28/2020 – 11:25

via ZeroHedge News https://ift.tt/3b0MlVN Tyler Durden

UK’s Mutant COVID Strain Conquers Scandinavia As Doctors Warn Of “Grim Month Ahead”; Russia Extends UK Travel Ban: Live Updates

UK’s Mutant COVID Strain Conquers Scandinavia As Doctors Warn Of “Grim Month Ahead”; Russia Extends UK Travel Ban: Live Updates

Summary:

  • Finland latest to confirm presence of UK mutant strain
  • Erdogan says will receive COVID vaccine Thurs
  • Russia extends UK travel halt
  • Global cases top 80MM
  • US cases decline as states see holiday-related reporting delays
  • AZ’s CEO latest to reassure public vaccine will work for mutant strain
  • Dr. Gottlieb joins Dr. Fauci, others in warning of “grim month ahead”
  • Indonesia imposes temporary ban on all foreign visitors
  • Norway shortens traveler quarantine
  • First Japanese lawmaker dies of COVID
  • UK to approve AstraZeneca vaccine in coming days
  • Beijing tightens travel curbs

* * *

As we emerge from the post-holiday weekend in the west, the biggest COVID-19 related news over the past few days has focused mostly on burgeoning fears of the “variant” COVID-19 strain known as B.1.1.7, which is the mutated strain first isolated in the UK believed to be 70% more infectious (according to “official” UK government estimates, which we should probably point out is based on a surprising dearth of research).

Finland became the latest Scandinavian country to confirm a case of the “mutated” COVID, as a Finnish traveler who had recently returned from a UK holiday (before the Finns halted all air travel with Britain last week). Health officials said Monday the Finnish citizen was diagnosed in the southeast Kymenlaakso region over the weekend, and that his family members have been isolated Authorities believed they have “contained” the outbreak.

Russia on Monday morning became the latest power to extend its travel halt involving flights to and from the UK through Jan. 12, while Turkish President Recep Tayyip Erdogan announced that he would receive the first dose of a Chinese vaccine on Thursday.

While the US remains a critical holdout, refusing to curtail travel with the UK, the number of people screened at US airports hit 1.28MM on Sunday, the highest number since mid-March.

Stories about adverse allergic reactions to COVID vaccines (many have been tied to certain ingredients of the vaccine) have multiplied, but authorities have continued to reassure the public that examples of adverse reactions are uncommon. In Russia, authorities have begun on Monday to vaccinate those who are 60 years old and older, a sign that hard-hit Russia is moving quickly to vaccinate the most vulnerable.

As we noted last night, AstraZeneca’s CEO is the latest to reassure the press that the company’s vaccine will work against the mutated strains from the UK, South Africa etc.

COVID cases are nearing 81MM globally, while nearly 1.766MM have died, according to the count from Johns Hopkins. With 19.14MM cases, the US appears to be on the cusp of becoming the first country to top 20MM confirmed cases.

Some of the biggest COVID-19-related news from over the weekend concerns Dr. Anthony Fauci. With the good doctor expected to stay on under Biden, the MSM just before the holiday called him out over the steady upward trajectory of his “herd immunity” estimates (for what it’s worth, Wall Street is already pegging the herd immunity rate in the US at around 30%). Recently, they’ve moved as high as 90%, around the level of immunity believed required to stave off the spread of measles (for what it’s worth, CNBC says Dr. Fauci told them last week he expects ‘herd immunity ‘ to be around 75%-80%).

However, the good doctor has just recently acknowledged that the steady inflation in his numbers was part of a deliberate strategy of what some might describe as “noble lies” to ensure the public would be ready to hear the doctor’s message about how vaccinations are critical, even as many continue to have reservations, and the number of confirmed adverse reactions in the US tops 5K.

While Dr. Fauci doubles down on the hysteria, it’s difficult to tell how the US outbreak is going as states have several states have offered “incomplete” data over the past week, according to the COVID tracking project.

Holidays have typically coincided with a dip in new cases.

Still, for the past week or so, Dr. Fauci has been insisting that the US could see another surge in cases over the coming months as we enter the heart of what was (before this year) known as the heart of flu season. Over the weekend, he warned that the coming months could see COVID cases, hospitalizations and deaths potentially surge as already-overwhelmed medical systems are hammered by another wave of critically ill patients.

As markets appear undaunted by this warning, CNBC on Monday morning invited on another doctor “expert” to expand on Dr. Fauci’s warning: “no question we are going to see another surge in January…and hospitals are going to be facing that when they’re already full.”

Former FDA Chief Scott Gottlieb told CBS during a Sunday interview on “Face the Nation” that “we have a grim month ahead of us” after a recent increase in cases, with hospitalizations rising on a lag of a few weeks.

On the vaccine front, as the number of confirmed vaccinations (according to CDC and Bloomberg data) tops 4.4MM, the number in the US is nearing 2MM. We should probably note that these numbers likely exclude millions who were vaccinated on an “emergency basis” in China. The US is allocating 5.1MM doses of Pfizer and BioNTech’s vaccine and 6MM doses of Moderna’s shot for distribution this week (and keep in mind, each individual needs two shots).

Here’s some more COVID news from Monday morning and overnight:

Thailand reported its first coronavirus death in almost two months as a resurgence in the outbreak tied to migrant laborers in a seaside province near the capital continued to infect more people. A 45-year-old man in Rayong province, who tested positive for Covid-19 and had pre-existing heart conditions, died on Monday, according to Deputy Health Minister Satit Pitutecha (Source: Bloomberg).

Travelers arriving in Norway can leave quarantine after seven days at the earliest if they test negative for Covid-19 twice after arrival, Health and Care Services Ministry says in a statement on the government’s website. The first test must be taken within three days of arrival and the second no earlier than seven days after arrival (Source: Bloomberg).

Indonesia has decided to impose a temporary ban on all foreigners from visiting the country on concern over the spread of a new variant of the virus. The restriction will apply from Jan. 1 to 14, with exceptions given to official visits by those holding ministerial-level positions or higher, said Foreign Minister Retno Marsudi in a Monday briefing (Source: Bloomberg).

Former transport minister Yuichiro Hata was confirmed to have died from the new coronavirus, his political party said Monday, making him the first sitting member of Japan’s parliament to fall victim to COVID-19 (Source: Nikkei).

Beijing has tightened COVID-19 curbs over concerns that China’s mass travel during the holiday period could cause cases to spike in the capital, as it reported locally transmitted cases for a fourth straight day on Sunday (Source: Nikkei).

UK will approve the Oxford-AstraZeneca coronavirus vaccine in the coming days, with the number of people being inoculated expected to increase significantly from the first week of January (Source: FT).

* * *

To sum up: the UK’s announcement about a new, super-infectious mutated version of the virus has continued to create problems for the British as more than 30 nations have cut off travel amid a wave of new “firsts” over the weekend, which, as the Finland news suggests, will likely continue on Monday. We wonder, which European nation will be the next to confirm cases of the new “mutant” strain.

Tyler Durden
Mon, 12/28/2020 – 11:05

via ZeroHedge News https://ift.tt/34Qwq8u Tyler Durden

The New York Times Helped a Vindictive Teen Destroy a Classmate Who Uttered a Racial Slur When She Was 15

The_New_York_Times_Building_-_Manhattan_-_New_York_City_-_USA_(24894121662)

Jimmy Galligan is an 18-year-old college freshman from Leesburg, Virginia. He may also be cancel culture’s Count of Monte Cristo.

Some months ago, Galligan—who is biracial—posted a years’ old, three-second video of a white, female classmate using a racial slur. Galligan had sat on the video for a long time, waiting for the moment it would do the most damage. After the girl—a cheerleader named Mimi Groves—was accepted to the University of Tennessee, the time had come.

“I wanted to get her where she would understand the severity of that word,” said Galligan.

The video depicted Groves, who was 15 at the time, and had just obtained her learner’s permit, saying “I can drive, [slur].” The remark was not directed at anyone in particular. The brief video clip featuring it circulated on Snapchat until it was obtained and saved by Galligan, who had grown furious at how often he heard his white classmates using the N-word.

Galligan shared it publicly in June. In response, Groves lost her spot on UT’s cheerleading squad. Then the university pressured her to withdraw from the school entirely. The admissions office had apparently received hundreds of messages from irate alumni demanding blood. Groves is now attending a community college.

This story is a powerful example of several social phenomena: the militant streak in social justice activism, the naivety of today’s teens and their not-actually-disappearing Snapchat messages, social media’s hunger for mob justice, and even the capacity for elaborate cruelty that has always existed among high schoolers. But the wildest thing about this incident is that most people will learn about it by reading The New York Times.

“A Racial Slur, a Viral Video, and a Reckoning.” That’s the title of the Times‘s article on the subject, published the day after Christmas. Reporter Dan Levin tries to add considerable context by detailing a history of alleged unpleasantness at Heritage High School, which Groves and Galligan attended. It sits in a wealthy, predominantly white county where “slave auctions were once held on the courthouse grounds.”

“In interviews, current and former students of color described an environment rife with racial insensitivity, including casual uses of slurs,” notes Levin. “A report commissioned last year by the school district documented a pattern of school leaders ignoring the widespread use of racial slurs by both students and teachers, fostering a ‘growing sense of despair’ among students of color, some of whom faced disproportionate disciplinary measures compared with white students.”

Levin connects the outcry from aggrieved students to the broader Black Lives Matter movement and protests that occurred this summer following the deaths of George Floyd and Breonna Taylor at the hands of police. But nowhere does his article reckon with a very basic fact: The New York Times has opted to assist a teenager’s desperate quest to ruin the life of a young woman who said something stupid when she was 15.

Everyone roughly 25 and older should thank their lucky stars that they completed adolescence before the age of social media and ubiquitous camera phones, because the country’s most important newspaper apparently thinks it is appropriate to shame teenagers over their juvenile behavior. This is the very worst aspect of cancel culture—the burning desire to hold people accountable for mistakes they made as kids, even if they have long since learned their lesson and grown past them—and the Times has fully embraced it.

While the piece strives for a veneer of neutrality, it clearly lionizes Galligan, whose portrait—which appears early in the story—calls to mind The Washington Post‘s excessively flattering photograph of Lexie Gruber and Lyric Prince, who extorted the paper into humoring their Halloween-costume-related grievance. Levin never really challenges Galligan; in fact, the reporter lets Galligan get away with the assertion that his white father suffers from “white privilege.” Groves is treated somewhat sympathetically, but Levin really should have explained the difference between using the word as an epithet and using it in the manner Groves did.

Or better yet, he could have simply not written this story, which concerns bad but by no means uncommon teenager behavior. If Groves had cheated on her math test, or planted a kick-me sign on a rival’s back, would this constitute national news? No crime was committed; the utterance of the word did not even take place at school. The only thing novel about this situation is that it attracted the national media’s attention.

It’s for this reason that I do not share the conclusion of Rod Dreher in The American Conservative, who described Galligan as a “moral monster.”

“What a horrible person that Galligan kid is,” writes Dreher.

Galligan did a monstrous thing, but none of us should pretend to know whether he is a monster. It’s unfair to write him off as irredeemably bad, just as it was unfair to brand Groves a racist and derail her future plans because of one mistake. They are both teenagers, and teenagers—even ones who turn out to be perfectly fine and upstanding adults—do really terrible things to each other. (Maybe you don’t remember high school? I do!) They should be corrected, forgiven, and allowed to move on.

That’s why this new drive to reduce teens to the worst moment of their lives is so pathologically toxic. It’s completely at odds with the emotional and social journeys of most young people. Very few of us sailed through high school as saints, but today’s kids are practically required to be perfect from the time they turn 12.

The people who really ought to have known better are not the story’s teenage subjects, but its editors at The New York Times. Imagine thinking the paper should not run an op-ed by a sitting Republican senator because his policy proposal makes people feel unsafe, but a story about a teenage girl who said something stupid? Unleash the righteous fervor of social media upon her: The 1793 Project continues.

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Peter Schiff: A Lot Of Americans Think Like A 7-Year-Old

Peter Schiff: A Lot Of Americans Think Like A 7-Year-Old

Via SchiffGold.com,

Peter Schiff shared his son’s Christmas list and drew a rather disconcerting conclusion – a lot of Americans think like a 7-year-old kid.

“The problem is a lot of grown-up Americans still think like a 7-year-old. Except they don’t think Santa Clause lives up in the North Pole. They think he lives in Washington D.C.

And they don’t think that he wears a red suit.

They think he wears a coat and tie. His name isn’t even Santa Clause. It’s Jerome Powell.

The problem is if Americans keep thinking that whoever chairs the Federal Reserve is Santa Clause, and they keep asking Santa to fill their stockings with all sorts of goodies and they don’t care what anything costs because it’s all coming for free from Santa Clause. Well, if that’s what’s going to keep happening, then at the end of the day, $100 trillion may not be an absurd amount of money. In fact, you may need $100 trillion to buy a cosmo robot.”

Tyler Durden
Mon, 12/28/2020 – 10:45

via ZeroHedge News https://ift.tt/2WSugk8 Tyler Durden

The New York Times Helped a Vindictive Teen Destroy a Classmate Who Uttered a Racial Slur When She Was 15

The_New_York_Times_Building_-_Manhattan_-_New_York_City_-_USA_(24894121662)

Jimmy Galligan is an 18-year-old college freshman from Leesburg, Virginia. He may also be cancel culture’s Count of Monte Cristo.

Some months ago, Galligan—who is biracial—posted a years’ old, three-second video of a white, female classmate using a racial slur. Galligan had sat on the video for a long time, waiting for the moment it would do the most damage. After the girl—a cheerleader named Mimi Groves—was accepted to the University of Tennessee, the time had come.

“I wanted to get her where she would understand the severity of that word,” said Galligan.

The video depicted Groves, who was 15 at the time, and had just obtained her learner’s permit, saying “I can drive, [slur].” The remark was not directed at anyone in particular. The brief video clip featuring it circulated on Snapchat until it was obtained and saved by Galligan, who had grown furious at how often he heard his white classmates using the N-word.

Galligan shared it publicly in June. In response, Groves lost her spot on UT’s cheerleading squad. Then the university pressured her to withdraw from the school entirely. The admissions office had apparently received hundreds of messages from irate alumni demanding blood. Groves is now attending a community college.

This story is a powerful example of several social phenomena: the militant streak in social justice activism, the naivety of today’s teens and their not-actually-disappearing Snapchat messages, social media’s hunger for mob justice, and even the capacity for elaborate cruelty that has always existed among high schoolers. But the wildest thing about this incident is that most people will learn about it by reading The New York Times.

“A Racial Slur, a Viral Video, and a Reckoning.” That’s the title of the Times‘s article on the subject, published the day after Christmas. Reporter Dan Levin tries to add considerable context by detailing a history of alleged unpleasantness at Heritage High School, which Groves and Galligan attended. It sits in a wealthy, predominantly white county where “slave auctions were once held on the courthouse grounds.”

“In interviews, current and former students of color described an environment rife with racial insensitivity, including casual uses of slurs,” notes Levin. “A report commissioned last year by the school district documented a pattern of school leaders ignoring the widespread use of racial slurs by both students and teachers, fostering a ‘growing sense of despair’ among students of color, some of whom faced disproportionate disciplinary measures compared with white students.”

Levin connects the outcry from aggrieved students to the broader Black Lives Matter movement and protests that occurred this summer following the deaths of George Floyd and Breonna Taylor at the hands of police. But nowhere does his article reckon with a very basic fact: The New York Times has opted to assist a teenager’s desperate quest to ruin the life of a young woman who said something stupid when she was 15.

Everyone roughly 25 and older should thank their lucky stars that they completed adolescence before the age of social media and ubiquitous camera phones, because the country’s most important newspaper apparently thinks it is appropriate to shame teenagers over their juvenile behavior. This is the very worst aspect of cancel culture—the burning desire to hold people accountable for mistakes they made as kids, even if they have long since learned their lesson and grown past them—and the Times has fully embraced it.

While the piece strives for a veneer of neutrality, it clearly lionizes Galligan, whose portrait—which appears early in the story—calls to mind The Washington Post‘s excessively flattering photograph of Lexie Gruber and Lyric Prince, who extorted the paper into humoring their Halloween-costume-related grievance. Levin never really challenges Galligan; in fact, the reporter lets Galligan get away with the assertion that his white father suffers from “white privilege.” Groves is treated somewhat sympathetically, but Levin really should have explained the difference between using the word as an epithet and using it in the manner Groves did.

Or better yet, he could have simply not written this story, which concerns bad but by no means uncommon teenager behavior. If Groves had cheated on her math test, or planted a kick-me sign on a rival’s back, would this constitute national news? No crime was committed; the utterance of the word did not even take place at school. The only thing novel about this situation is that it attracted the national media’s attention.

It’s for this reason that I do not share the conclusion of Rod Dreher in The American Conservative, who described Galligan as a “moral monster.”

“What a horrible person that Galligan kid is,” writes Dreher.

Galligan did a monstrous thing, but none of us should pretend to know whether he is a monster. It’s unfair to write him off as irredeemably bad, just as it was unfair to brand Groves a racist and derail her future plans because of one mistake. They are both teenagers, and teenagers—even ones who turn out to be perfectly fine and upstanding adults—do really terrible things to each other. (Maybe you don’t remember high school? I do!) They should be corrected, forgiven, and allowed to move on.

That’s why this new drive to reduce teens to the worst moment of their lives is so pathologically toxic. It’s completely at odds with the emotional and social journeys of most young people. Very few of us sailed through high school as saints, but today’s kids are practically required to be perfect from the time they turn 12.

The people who really ought to have known better are not the story’s teenage subjects, but its editors at The New York Times. Imagine thinking the paper should not run an op-ed by a sitting Republican senator because his policy proposal makes people feel unsafe, but a story about a teenage girl who said something stupid? Unleash the righteous fervor of social media upon her: The 1793 Project continues.

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GreenPro Doubles Overnight After $100 Million Bitcoin Investment… But Here’s The Real News

GreenPro Doubles Overnight After $100 Million Bitcoin Investment… But Here’s The Real News

Just over a month ago, when we discussed the ongoing accumulation of bitcoin by (formerly) business-intelligence company, Microstrategy, whose CEO Michael Saylor has emerged as one of the most vocal supporters of the crypto space (and with good reason – MSTR stock has exploded ever since it first started converting its cash into bitcoin), we predicted that it was only a matter of time before the very public and quite vocal purchases of bitcoin by various firms and institutions would be today’s version of adding “blockchain” to every corporate name. Specifically we said that “Here comes the new “blockchain” bandwagon: Which company will convert its cash into bitcoin next?”

Two observations here: i) we were 100% correct that increasingly more companies would seek to generate a quick stock price boost by parading with bitcoin purchase announcements, in many cases not just random public companies but financial advisor and asset managers themselves transferring a portion of their fiat into bitcoin/crypto (like the venerable 169-year-old Mass Mutual which bought $100MM in bitcoin earlier this month); ii) frontrunner MicroStrategy had no intention of handing over the reins to some up and comer, and last week MSTR said it had purchased an additional approximately 29,646 bitcoins for approximately $650 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $21,925 per bitcoin, inclusive of fees and expenses, bringing its total to 70,470 bitcoins, which were acquired at an aggregate purchase price of approximately $1.125 billion as of December 21, 2020.

As a result of having made bitcoin its biggest asset, MSTR’s price just hit a new all time high of $370/share, sending its market cap well over $3 billion… 

… which only reinforces our belief that ever more companies will seek to repeat what MicroStrategy has done, converting ever more cash into crypto, in the process pushing the price of bitcoin ever higher and so on in a positive feedback loop as more and more companies convert cash into crypto.

Just to confirm that others also read our tweet, if with a modestly delay, this morning Malaysia’s Greenpro Capital soared 130% premarket after the investment company said it intends to start a Bitcoin fund: specifically, the Kuala Lumpur-based GRNQ will raise up to $100 million of debt to invest in Bitcoin.

Greenpro said in a statement that Bitcoin “is a reliable future store of value” and cryptocurrencies “provide the opportunity for better returns and preserve the value of our capital over time rather than holding cash.”

While Greenpro’s copycat news is hardly a surprise to regular readers who knew this would happen last month (as we predicted), what is striking in the way the transaction was structured is that it sets the stage for what may be the biggest capital markets paradigm shift in a decade: instead of issuing debt to buyback their outstanding shares, companies are now selling debt to purchase bitcoin. Why? Because the return is orders of magnitude higher as the performance of GRNQ stock makes abundantly clear.

And with bitcoin having a “clear” price runway up to $650,000 where it will hit parity with gold at a market value of around $12 trillion (read “Bitcoin At $650,000? One Stunning Chart, And Why JPMorgan Thinks Nothing Can Stop It Now“)…

… expect many more companies to join this feedback looping bandwagon which leads to not only wider acceptance of bitcoin and a greater corporate participation, but also far higher prices.

Tyler Durden
Mon, 12/28/2020 – 10:25

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

2020: An Awful Year With a Legacy We Won’t Soon Escape

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There’s little doubt that 2020 will go down as an annus horribilis to be referenced with shudders in the future. Unless you’re part of the ruling class reveling in vast new powers or a tech company executive profiting from an online-dependent world, you’ve certainly had enough of viral pandemics, lockdown orders, economic privation, political polarization, street violence, and choose-your-doom elections.

Fortunately, 2020 is nearly at an end. Unfortunately, its events will leave one hell of a mark on the years to come.

Let’s start with COVID-19, which cast such a long shadow over the past year. It’s not gone, and it’s brought some mutant friends to the party in the United Kingdom and South Africa. So far, the new viral strains appear likely to respond to existing vaccines, so we shouldn’t have to put the pharmaceutical industry to another snap test too terribly soon. Then again, who knows what viral menaces will come our way in the months to come, tempting government officials to order us all to hide under the bed once again?

Speaking of those lockdown orders, it turns out that they were as much a product of China as COVID-19 itself. Last week, Professor Neil  Fergusonadvisor to the British government until he was caught ignoring the restrictions he had recommendedadmitted that Chinese policies inspired the stay-at-home orders, travel bans, and business closures that became de rigueur among public health professionals.

“It’s a communist one party state, we said,” Ferguson told the Times of London about the initial reaction to China’s draconian crackdowns. “We couldn’t get away with it in Europe, we thought… and then Italy did it. And we realised we could.” (UnHerd offers an unpaywalled summary.)

The totalitarian public health model has definitely won fans in the political class, if not among the public. It’s the go-to policy for pandemic response from California to France to Israel. Meanwhile, apparatchiks like Ferguson flout their own rules as the public engages in growing rebellion.

Despite revolts and simultaneous judicial pushback, you can expect politicians of the future to fondly remember the near-absolute power they exercised over personal lives and economic activity. They’re not going to want to give it up just because the date rolls over on the budgets they ignore.

“The central irony of the crisis may be that the very methods that liberal democracies are currently using to effectively fight the virus are the same tactics that authoritarian leaders use to dominate their people,” Andy Wang observed in the Harvard International Review. “The tools that have been temporarily deployed in the fight against a once-in-a-lifetime disease may become permanent.”

That’s especially unfortunate, given that after people’s initial reactions to the new virus, the year’s job losses, bankruptcies, and impoverishment were often a result of government mandates rather than private choices. “Google mobility data (averaged) for the 7 non-lockdown states and the 7 most heavily restricted states + DC … suggests the lockdowns, and not the virus, are the primary reason for the economic harm of the last 8 months,” writes economic historian Phil Magness.

That economic harm will stick around like, well, a viral infection. “COVID-19’s economic fallout may be with us for decades,” predicts the International Monetary Fund. Debt-fueled government spending intended to offset that fallout “is expected to raise borrowing costs, lower economic output, and reduce national income in the longer term,” warns the Congressional Budget Office.

The economic harm, which left people stressed and side-lined, also contributed to the social and political turmoil of 2020. That turmoil included justified protest against abusive law enforcement and calls for reform. Unfortunately, it also featured politically charged riots and deaths.

The long-building partisan divisions that fueled so much nastiness this year aren’t going anywhere soon.

“Voters who supported Biden and Donald Trump say they not only differ over policies, but also have fundamental disagreements over core American values,” Pew Research reported after an election that gave Democrats the presidency and also saw Republicans make gains in the House of Representatives. “Yet there is a sentiment with which large shares of both Biden and Trump voters agree: a feeling that those who supported the other candidate have little or no understanding of people like them.”

Actually, the alienation is a little deeper than that:

Twenty-four percent of likely U.S. voters “think Biden voters are America’s biggest enemy as 2020 draws to a close. The same number (24%) see China as enemy number one,” Rasmussen Reports noted earlier this month. “Nearly as many (22%) regard Trump voters as the biggest enemy.”

Don’t expect future elections to settle domestic hostilities any more effectively than did the 2020 election. Political scientist Morris P. “Fiorina says we are in an extended age of what he calls ‘unstable majorities’ because neither the Republican Party nor the Democratic Party is popular enough to get and hold enduring legislative power,” Nick Gillespie wrote in October. Fiorina “also expects ‘electoral chaos’ to characterize the 2022 midterms and the 2024 presidential election because the underlying conditions that produce such unstable majorities haven’t changed.”

So, if you’re a big fan of 2020’s political street theater, you can expect encore performances to keep coming your way for the foreseeable future.

That’s not to say that all of the lingering effects of this annus are necessarily horribilis.

The events of the past year have normalized remote work. That means a larger share of the population than in the past has the option of working from where they wish to live, rather than living where they have to work. Sure enough, some of the bigger, more-expensive cities are losing population, especially to small metro areas and suburbs.

Likewise, 2020 has hammered home the flaws and limitations of rigid, government-controlled education. Many families have been turning to private schools, homeschooling, and other education options of their choice rather than let their children languish in the hands of bureaucrats and union officials. That’s a big win for viewpoint diversity in lessons, as well as for kids overall.

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2020: An Awful Year With a Legacy We Won’t Soon Escape

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There’s little doubt that 2020 will go down as an annus horribilis to be referenced with shudders in the future. Unless you’re part of the ruling class reveling in vast new powers or a tech company executive profiting from an online-dependent world, you’ve certainly had enough of viral pandemics, lockdown orders, economic privation, political polarization, street violence, and choose-your-doom elections.

Fortunately, 2020 is nearly at an end. Unfortunately, its events will leave one hell of a mark on the years to come.

Let’s start with COVID-19, which cast such a long shadow over the past year. It’s not gone, and it’s brought some mutant friends to the party in the United Kingdom and South Africa. So far, the new viral strains appear likely to respond to existing vaccines, so we shouldn’t have to put the pharmaceutical industry to another snap test too terribly soon. Then again, who knows what viral menaces will come our way in the months to come, tempting government officials to order us all to hide under the bed once again?

Speaking of those lockdown orders, it turns out that they were as much a product of China as COVID-19 itself. Last week, Professor Neil  Fergusonadvisor to the British government until he was caught ignoring the restrictions he had recommendedadmitted that Chinese policies inspired the stay-at-home orders, travel bans, and business closures that became de rigueur among public health professionals.

“It’s a communist one party state, we said,” Ferguson told the Times of London about the initial reaction to China’s draconian crackdowns. “We couldn’t get away with it in Europe, we thought… and then Italy did it. And we realised we could.” (UnHerd offers an unpaywalled summary.)

The totalitarian public health model has definitely won fans in the political class, if not among the public. It’s the go-to policy for pandemic response from California to France to Israel. Meanwhile, apparatchiks like Ferguson flout their own rules as the public engages in growing rebellion.

Despite revolts and simultaneous judicial pushback, you can expect politicians of the future to fondly remember the near-absolute power they exercised over personal lives and economic activity. They’re not going to want to give it up just because the date rolls over on the budgets they ignore.

“The central irony of the crisis may be that the very methods that liberal democracies are currently using to effectively fight the virus are the same tactics that authoritarian leaders use to dominate their people,” Andy Wang observed in the Harvard International Review. “The tools that have been temporarily deployed in the fight against a once-in-a-lifetime disease may become permanent.”

That’s especially unfortunate, given that after people’s initial reactions to the new virus, the year’s job losses, bankruptcies, and impoverishment were often a result of government mandates rather than private choices. “Google mobility data (averaged) for the 7 non-lockdown states and the 7 most heavily restricted states + DC … suggests the lockdowns, and not the virus, are the primary reason for the economic harm of the last 8 months,” writes economic historian Phil Magness.

That economic harm will stick around like, well, a viral infection. “COVID-19’s economic fallout may be with us for decades,” predicts the International Monetary Fund. Debt-fueled government spending intended to offset that fallout “is expected to raise borrowing costs, lower economic output, and reduce national income in the longer term,” warns the Congressional Budget Office.

The economic harm, which left people stressed and side-lined, also contributed to the social and political turmoil of 2020. That turmoil included justified protest against abusive law enforcement and calls for reform. Unfortunately, it also featured politically charged riots and deaths.

The long-building partisan divisions that fueled so much nastiness this year aren’t going anywhere soon.

“Voters who supported Biden and Donald Trump say they not only differ over policies, but also have fundamental disagreements over core American values,” Pew Research reported after an election that gave Democrats the presidency and also saw Republicans make gains in the House of Representatives. “Yet there is a sentiment with which large shares of both Biden and Trump voters agree: a feeling that those who supported the other candidate have little or no understanding of people like them.”

Actually, the alienation is a little deeper than that:

Twenty-four percent of likely U.S. voters “think Biden voters are America’s biggest enemy as 2020 draws to a close. The same number (24%) see China as enemy number one,” Rasmussen Reports noted earlier this month. “Nearly as many (22%) regard Trump voters as the biggest enemy.”

Don’t expect future elections to settle domestic hostilities any more effectively than did the 2020 election. Political scientist Morris P. “Fiorina says we are in an extended age of what he calls ‘unstable majorities’ because neither the Republican Party nor the Democratic Party is popular enough to get and hold enduring legislative power,” Nick Gillespie wrote in October. Fiorina “also expects ‘electoral chaos’ to characterize the 2022 midterms and the 2024 presidential election because the underlying conditions that produce such unstable majorities haven’t changed.”

So, if you’re a big fan of 2020’s political street theater, you can expect encore performances to keep coming your way for the foreseeable future.

That’s not to say that all of the lingering effects of this annus are necessarily horribilis.

The events of the past year have normalized remote work. That means a larger share of the population than in the past has the option of working from where they wish to live, rather than living where they have to work. Sure enough, some of the bigger, more-expensive cities are losing population, especially to small metro areas and suburbs.

Likewise, 2020 has hammered home the flaws and limitations of rigid, government-controlled education. Many families have been turning to private schools, homeschooling, and other education options of their choice rather than let their children languish in the hands of bureaucrats and union officials. That’s a big win for viewpoint diversity in lessons, as well as for kids overall.

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