Russia’s $186 Billion Sovereign Wealth Fund Dumps All Dollar Assets

Russia’s $186 Billion Sovereign Wealth Fund Dumps All Dollar Assets

Following a series of corporate cyberattacks that American intelligence agencies have blamed on Russian actors, Russia’s sovereign wealth fund (officially the National Wellbeing Fund) has decided to dump all of its dollars and dollar-denominated assets in favor of those denominated in euros, yuan – or simply buying precious metals like gold, which Russia’s central bank has increasingly favored for its own reserves.

Finance Minister Anton Siluanov

Finance Minister Anton Siluanov made the announcement Thursday morning at the annual St. Petersburg International Economic Forum.

“We can make this change rather quickly, within a month,” Siluanov told reporters Thursday.

He explained that the Kremlin is moving to reduce exposure to US assets as President Biden threatens more economic sanctions against Russia following the latest ransomware attacks. The transfer will affect $119 billion in liquid assets, Bloomberg reported, but the sales will largely be executed through the Russian Central bank and its massive reserves, limiting the market impact and reducing visibility on what exactly the sovereign wealth fund will be buying.

“The central bank can make these changes to the Wellbeing Fund without resorting to market operations,” said Sofya Donets, economist at Renaissance Capital in Moscow. “This in some sense a technical thing.”

Jordan Rochester, currency strategist at Nomura International PLC, said, “This is a transfer of euros from the central bank to the wealth fund, we’ll then see the central bank the holder of the USDs and it’s up to them to manage it. No initial market impact.”

The news isn’t a complete surprise: The Bank of Russia, Russia’s central bank, has steadily reduced its dollar holdings over the last few years amid increasing sanctions pressure from the US and Europe. That trend continued through President Trump’s term.

Just a few days ago, we reported that the Russian parliament had just authorized the sovereign wealth fund to buy gold through the central bank. However, the central bank reports its holdings with a six-month lag, making it impossible to determine its current holdings.

Russia’s gold holdings eclipsed its dollar reserves last year despite a halt in gold purchases. This was partly due to an increase in the value of its gold holdings with the rise in gold prices, and partly a function of the central bank’s continued efforts to shed dollar assets.

The wealth fund currently holds 35% of its liquid assets in dollars, worth about $41.5 billion, with the same amount in euros and the rest spread across yuan, gold, yen and pounds. After this latest change, the fund’s assets will be held 40% in euros, 30% in yuan, 20% in gold and 5% each in yen and pounds, Siluanov said.

The wealth fund holds savings from Russia’s oil revenues above a cutoff price and is used to help offset shortfalls when the market falls below that level. Together with illiquid assets, its total value is $185.9 billion.

A few years ago, Russian President Vladimir Putin warned that Washington was inadvertently accelerating de-dollarization with its aggressive financial sanctions, which were forcing its geopolitical adversaries to reduce their dependence on the greenback. Just last month, Russia reached a new milestone whereby fewer than 50% of its exports were paid for in dollars.

It appears that after years of steadily reducing its dependence on the dollar, Russia is about to intensify those efforts in a way that Washington will be forced to take notice.

Tyler Durden
Thu, 06/03/2021 – 07:00

via ZeroHedge News https://ift.tt/3ifJD1V Tyler Durden

From Fed To ECB, Red-Hot Housing Costs May Bring Taper Closer

From Fed To ECB, Red-Hot Housing Costs May Bring Taper Closer

Authored by Wes Goodman via Bloomberg,

Soaring housing prices may be what bring central banks to start tapering stimulus

Policy makers over the world are expressing concern.

Some of the highlights:

The BOE officials are indicating unease about the U.K. housing market as prices growing at the fastest rate since 2014.

ECB Executive Board member Isabel Schnabel said, “Rising housing costs are a burden for many people and may give rise to financial stability risks.”

She added, “We discuss how to better capture housing costs in our inflation measure. But we do not target asset prices.”

BOC Governor Tiff Macklem said recent gains in home prices aren’t sustainable and warned households against taking on too much mortgage debt because interest rates will eventually rise.

The Bank of Canada published a new house-price exuberance indicator that found Toronto, Hamilton and Montreal are experiencing episodes of “extrapolative expectations,” with Ottawa nearing that threshold. This means that more Canadians are buying homes with the expectations prices will continue to rise and so they are more willing to bid above the asking price.

At the Fed, some policy makers have said that when the central bank does start scaling back purchases, it should start with mortgage-backed securities, arguing that record-high housing prices are a sign that market no longer needs the central bank’s support.

As economies improve, central banks may have surging housing prices in mind if rising inflation leads to some tapering.

Tyler Durden
Thu, 06/03/2021 – 06:30

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

Wittgenstein vs. the Woke


culture

Last summer, protesters from Baltimore to Bristol defaced statues and dumped them into rivers in an iconoclastic spasm, providing a momentary diversion from what the new progressives take to be the real agents of oppression: words. Words matter, they say, plausibly enough. Words have power and consequences, and there must be accountability, they add. These generalities are supposed to settle such matters as whether President Donald Trump calling the coronavirus the “kung flu” caused anti-Asian sentiment, which caused the Atlanta spa shootings, with no factual evidence required. That words have power is a commonplace, but then again so are observations that talk is cheap and that you’d better put your money where your mouth is.

The view that words drive events is the spiritual orientation of youthful leftism. But it’s hard to think of a view that would more directly contradict Marxist ideas about history, according to which words are frippery or ideology, concealing the material conditions of production. That sort of realism, which presupposes that we inhabit a physical universe, seems passé. Contemporary social justice movements focus on semiotic injustice, on the alleged violence perpetrated in and by words and images. We appear in this conception to live in a world that we are making with symbols, in a history driven by the production of signs and sentences rather than widgets.

The current censorial atmosphere raises philosophical questions. You start by asking about the effects of somebody’s rhetoric and end up trying to figure out whether language reflects reality or reality reflects language. In order to know what sort of power words could possibly have, we’ll need to reflect on what they are and how they mean. Fortunately, philosophers such as Charles Sanders Peirce, Gottlob Frege, and Ludwig Wittgenstein spent much of the late 19th and early 20th centuries trying to deal with general questions about linguistic meaning in a systematic way. Some of the central insights they developed have come to be foundational in philosophy and may even constitute something of a toolkit: Wittgenstein vs. the woke.

Meaning and Intention

First, we need to distinguish what words mean both from what the speaker intends and from what the hearer or reader understands. After an imbroglio at The New York Times, the practical necessity of doing some philosophical reflecting became obvious. The Daily Beast in January revealed that longtime Times science reporter Donald McNeil, who was conducting teenagers on a trip to Peru sponsored by the paper, had uttered the word nigger in a discussion about whether the use of that term on social media should lead to a child’s suspension from school. Editor in Chief Dean Baquet and Publisher A.G. Sulzberger then successfully pressured McNeil into resigning.

Times columnist Bret Stephens wrote a column, which the paper spiked (and Stephens subsequently placed with the New York Post), attacking his employer for McNeil’s removal. Stephens staked the whole question on McNeil’s intentions.

“Intention,” he wrote, “is the difference between murder and manslaughter. It is an aggravating or extenuating factor in judicial settings….A hallmark of injustice is indifference to intention.” In this case, of course, the focus isn’t on whether someone committed murder or manslaughter, but on what words mean and what people mean by them, which is quite a different matter. Stephens’ defense of McNeil rests on the connection of meaning and intention. McNeil, Stephens argues, didn’t intend to use the slur-of-all-slurs to attack anyone; he intended to talk about the word and its history.

But merely appealing to McNeil’s intentions will not clear his name. We often say something that reveals what we mean or even who we are without intending to. The words I utter or write can fail to mean what I intend; they can even mean the opposite. So, for example, if you ask me for directions somewhere and I tell you to take a left when I meant to say right, still I told you to go left; the sentence I uttered meant that you should turn left, whatever my intentions. What I said was wrong; it didn’t mean what I intended it to mean. The meaning of left, like the meaning of a slur, is a public matter, and it would be a lame defense to say that when I spewed a bunch of hate, I had love in my heart. If words actually meant whatever anyone intended them to mean, as opposed to what we mean by them together, we couldn’t communicate at all. Meaning, as Wittgenstein argued, is not “in the head”; it’s in the public language.

On the other hand, and for the same reason, the meaning of a word or sentence is also definitely not whatever the hearer or reader takes it to be. Otherwise, misunderstandings would be impossible. So if I say “take a right,” and you mistakenly take me to have said “left,” what I said was correct; you just misheard me. That words can be misinterpreted is also a precondition for any linguistic communication; if words mean anything, then people can get their meanings wrong. You can be responsible to some extent for some of the unintended consequences of your actions, but you can’t be held responsible for misapprehensions of your words.

It is possible to hear something as a slur, for example, and maybe even be traumatized by the experience, due only to a misapprehension. A classic example of this is provided by the experience of Greg Patton, a business professor suspended by the University of Southern California for using a Chinese word meaning “that”—nèige—in a Zoom class. At any rate, neither what the person thinks her words mean nor what her hearers think they mean determines what they do mean. This is useful, because otherwise the discussion starts slipping into a netherworld of mental states hiding in people’s heads, whether these states are intentions or traumas. That you were traumatized by hearing nèige because it sounds something like nigger cannot itself be used as a basis for determining what Patton said, what his words meant, or whether he ought to be sanctioned.

Use vs. Mention

We need to distinguish using words from talking about them, quoting them, paraphrasing them, and defining them. The philosophy of language rests on what is termed the use/mention distinction: the difference, for example, between hurling an insult at someone and quoting or talking about the insult that was hurled. Queen Latifah starts her song “U.N.I.T.Y.” by asking “Who you callin’ a bitch?” She obviously does so not to call anyone a bitch but rather to criticize the word’s routine use in the hip-hop of that era. Amazingly, the word was cut out when the video first aired on MTV; banning the mention of the word made it impossible for Latifah to make her point.

Gottlob Frege’s “On Sense and Reference” is often considered the foundational text in modern philosophy of language, and it pretty much begins, as it must, with the distinction between directly using words and talking about them: “If words are used in the ordinary way, what one intends to speak of is [the things they refer to]. It can also happen, however, that one wishes to talk about the words themselves or their sense. This happens, for instance, when the words of another are quoted. One’s own words then first designate words of the other speaker….We then have signs of signs. In writing, the words are in his case enclosed in quotation marks. Accordingly, a word standing between quotation marks must not be taken as having its ordinary reference.”

Without this distinction we cannot talk about the meaning of words at all; there could be no dictionary, for example. We employ this distinction all the time. A politician might quote or paraphrase her opponent and then attack what he said. Jake Tapper might describe the ridiculous doctrines of QAnon with a scowl on his face. But without the use/mention distinction, people who are quoting their opponents must also be endorsing their views.

The McNeil situation seems to turn on this distinction, and an even clearer case is provided by Slate‘s former sports reporter, Mike Pesca, who, in an amazing nadir for the philosophy of language, was suspended from the podcast The Gist for drawing the use/mention distinction. In a workplace Slack discussion in which he was defending McNeil, Pesca said, “The question is: Is an out-loud utterance of that word, in a work environment, fireable, censurable….Even as a point of clarification to a question exactly about the use of that word.” Just raising the question turned out to be a suspendable offense, if not a fireable one.

The reference of a directly hurled slur is the person slurred, and it derides or devalues her for her membership in a particular group. But the reference of “slur” (with the quotation marks) is the word slur. “A pig” is composed of four letters, but a pig is composed of flesh and bone. “A pig” is a phrase, but a pig is mammal. Now, McNeil’s case and many others are cases in which, quite explicitly, the slur is mentioned, but not used. In Pesca’s case it is not even mentioned; Pesca uses “the n-word” to refer to the word at the center of the McNeil controversy. In these cases, the slur is not directed at anyone, in the very literal sense that it does not refer to anyone; we’re talking about a word or a phrase, not an ethnic group. Randall Kennedy’s book, Nigger: The Strange Career of a Troublesome Word, is a history of the use of the term, not a history of the people at whom it was hurled. If a history of the African diaspora were published under this title, it would be a racist text rather than a book that sheds light on the history of racism and the use of racist language.

It’s true that someone could work offensive terms into conversation by routinely talking about the words as words. But prohibiting even talking about certain words begins to smack of superstition by attributing magical powers to sounds—as does censuring the use of words that sound similar: niggling, for example. Banning sounds starts to create an obviously irrational taboo, registering a fear not of racist or sexist abuse but of phonemes or little squiggles on screens. Making certain sounds taboo might even make it impossible to express the taboo clearly.

In March, NBA player Meyers Leonard was traded by the Miami Heat to the Oklahoma City Thunder, who promptly cut him, perhaps ending his career, because he used an antisemitic slur (“kike”) on the streaming video game site Twitch. But you could read many news accounts and not know what slur was used. If one does not know what the slur was, and if the video is deleted from social media, it becomes impossible even to form a reasonable opinion on the whole matter. In other words, you’ll need the use/mention distinction to tell us what you’re against or why someone was fired.

Types and Tokens

We need to distinguish between words themselves, which are abstract objects, like numbers, and the soundwaves, inkstains, or pixels in which words appear on particular occasions. We can burn all the copies of Huckleberry Finn and redact every appearance of the word nigger that we can find, but we cannot destroy the word itself, which, as the philosopher Arthur Danto pointed out, is “logically incombustible.” The same word can be written or spoken here and there, now and then. It’s an abstract structure, realized or represented by concrete soundwaves or squiggles. This is true not only of each letter and each word, but of each sentence and each novel, too. Anything that has the right structure or form, the right words in the right order, is a copy of Huckleberry Finn.

The inventor of semiotics, C.S. Peirce, wrote that a word or a text is a type, while its physical realizations are tokens. Each copy of Huckleberry Finn is a token of the same type, which is the novel itself, and every spoken slur is a token of the word that’s being uttered. Tokens are particular physical things consisting of vibrations in the air, pencil lead on paper, pixels on a screen. But the novel itself, or the slur, is the structure that all these copies have in common, what makes them all copies of the same book or utterances of the same slur.

By social pressure or outright censorship, it’s obvious that you can reduce the number of tokens of a word; every time you pulp or edit a copy of Huckleberry Finn, you’ve reduced the number of tokens of the word nigger in the world. But you have not done anything at all to the word itself, which is invulnerable. And unless you can destroy the letters of which it consists, which are also abstract types, the word can always be reconstituted, like Iran’s nuclear program. However, the fact that a word is an abstract object means that, unlike Iran’s nuclear program, it can’t be blown up—and also that it can’t be used to blow up anything else.

We should think rationally about what sort of power words could possibly have; they definitely cannot have the sorts of powers currently being attributed to them. The current flavor of language-oriented activism explicitly confuses words with things. It treats them as though they are supernatural weapons, and suggests that words themselves give rise directly to the concrete forces that drive oppression. But an abstract object cannot accomplish violence in the physical world.

You can deface a statue or dump it in a river or melt it down, but you can’t vandalize, drown, or melt a word. You can cancel a person by trying to get him fired or forcing him to recant, but you can’t cancel a phrase. Indeed, you might want to keep even the worst word in the world around so that you can mention it—so that you can give a realistic picture of the devastating history of racism, for example. For the word has many uses, not only in expressing but, as Kennedy’s book shows, in exposing bigotry. Fearing the abstract structure itself, which is everywhere and nowhere, which has no meaning in itself but only in particular things people use it to express on particular occasions, is merely some sort of superstition.

Words are a lot harder to suppress than one might wish, and their suppression is far less desirable than it might appear to be. Trying to suppress them cannot have the sort of concrete effects in ameliorating injustice that the woke anticipate. The picture of the nature, meaning, and effects of language behind the current wave of speech repression is not defensible.

Rarely has philosophy, in its millennia-long history, provided firm or useful results, but these are some that are relatively firm and fairly useful for showing that the current arguments against free expression rest on untenable or incomprehensible claims about the power of words.

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Wittgenstein vs. the Woke


culture

Last summer, protesters from Baltimore to Bristol defaced statues and dumped them into rivers in an iconoclastic spasm, providing a momentary diversion from what the new progressives take to be the real agents of oppression: words. Words matter, they say, plausibly enough. Words have power and consequences, and there must be accountability, they add. These generalities are supposed to settle such matters as whether President Donald Trump calling the coronavirus the “kung flu” caused anti-Asian sentiment, which caused the Atlanta spa shootings, with no factual evidence required. That words have power is a commonplace, but then again so are observations that talk is cheap and that you’d better put your money where your mouth is.

The view that words drive events is the spiritual orientation of youthful leftism. But it’s hard to think of a view that would more directly contradict Marxist ideas about history, according to which words are frippery or ideology, concealing the material conditions of production. That sort of realism, which presupposes that we inhabit a physical universe, seems passé. Contemporary social justice movements focus on semiotic injustice, on the alleged violence perpetrated in and by words and images. We appear in this conception to live in a world that we are making with symbols, in a history driven by the production of signs and sentences rather than widgets.

The current censorial atmosphere raises philosophical questions. You start by asking about the effects of somebody’s rhetoric and end up trying to figure out whether language reflects reality or reality reflects language. In order to know what sort of power words could possibly have, we’ll need to reflect on what they are and how they mean. Fortunately, philosophers such as Charles Sanders Peirce, Gottlob Frege, and Ludwig Wittgenstein spent much of the late 19th and early 20th centuries trying to deal with general questions about linguistic meaning in a systematic way. Some of the central insights they developed have come to be foundational in philosophy and may even constitute something of a toolkit: Wittgenstein vs. the woke.

Meaning and Intention

First, we need to distinguish what words mean both from what the speaker intends and from what the hearer or reader understands. After an imbroglio at The New York Times, the practical necessity of doing some philosophical reflecting became obvious. The Daily Beast in January revealed that longtime Times science reporter Donald McNeil, who was conducting teenagers on a trip to Peru sponsored by the paper, had uttered the word nigger in a discussion about whether the use of that term on social media should lead to a child’s suspension from school. Editor in Chief Dean Baquet and Publisher A.G. Sulzberger then successfully pressured McNeil into resigning.

Times columnist Bret Stephens wrote a column, which the paper spiked (and Stephens subsequently placed with the New York Post), attacking his employer for McNeil’s removal. Stephens staked the whole question on McNeil’s intentions.

“Intention,” he wrote, “is the difference between murder and manslaughter. It is an aggravating or extenuating factor in judicial settings….A hallmark of injustice is indifference to intention.” In this case, of course, the focus isn’t on whether someone committed murder or manslaughter, but on what words mean and what people mean by them, which is quite a different matter. Stephens’ defense of McNeil rests on the connection of meaning and intention. McNeil, Stephens argues, didn’t intend to use the slur-of-all-slurs to attack anyone; he intended to talk about the word and its history.

But merely appealing to McNeil’s intentions will not clear his name. We often say something that reveals what we mean or even who we are without intending to. The words I utter or write can fail to mean what I intend; they can even mean the opposite. So, for example, if you ask me for directions somewhere and I tell you to take a left when I meant to say right, still I told you to go left; the sentence I uttered meant that you should turn left, whatever my intentions. What I said was wrong; it didn’t mean what I intended it to mean. The meaning of left, like the meaning of a slur, is a public matter, and it would be a lame defense to say that when I spewed a bunch of hate, I had love in my heart. If words actually meant whatever anyone intended them to mean, as opposed to what we mean by them together, we couldn’t communicate at all. Meaning, as Wittgenstein argued, is not “in the head”; it’s in the public language.

On the other hand, and for the same reason, the meaning of a word or sentence is also definitely not whatever the hearer or reader takes it to be. Otherwise, misunderstandings would be impossible. So if I say “take a right,” and you mistakenly take me to have said “left,” what I said was correct; you just misheard me. That words can be misinterpreted is also a precondition for any linguistic communication; if words mean anything, then people can get their meanings wrong. You can be responsible to some extent for some of the unintended consequences of your actions, but you can’t be held responsible for misapprehensions of your words.

It is possible to hear something as a slur, for example, and maybe even be traumatized by the experience, due only to a misapprehension. A classic example of this is provided by the experience of Greg Patton, a business professor suspended by the University of Southern California for using a Chinese word meaning “that”—nèige—in a Zoom class. At any rate, neither what the person thinks her words mean nor what her hearers think they mean determines what they do mean. This is useful, because otherwise the discussion starts slipping into a netherworld of mental states hiding in people’s heads, whether these states are intentions or traumas. That you were traumatized by hearing nèige because it sounds something like nigger cannot itself be used as a basis for determining what Patton said, what his words meant, or whether he ought to be sanctioned.

Use vs. Mention

We need to distinguish using words from talking about them, quoting them, paraphrasing them, and defining them. The philosophy of language rests on what is termed the use/mention distinction: the difference, for example, between hurling an insult at someone and quoting or talking about the insult that was hurled. Queen Latifah starts her song “U.N.I.T.Y.” by asking “Who you callin’ a bitch?” She obviously does so not to call anyone a bitch but rather to criticize the word’s routine use in the hip-hop of that era. Amazingly, the word was cut out when the video first aired on MTV; banning the mention of the word made it impossible for Latifah to make her point.

Gottlob Frege’s “On Sense and Reference” is often considered the foundational text in modern philosophy of language, and it pretty much begins, as it must, with the distinction between directly using words and talking about them: “If words are used in the ordinary way, what one intends to speak of is [the things they refer to]. It can also happen, however, that one wishes to talk about the words themselves or their sense. This happens, for instance, when the words of another are quoted. One’s own words then first designate words of the other speaker….We then have signs of signs. In writing, the words are in his case enclosed in quotation marks. Accordingly, a word standing between quotation marks must not be taken as having its ordinary reference.”

Without this distinction we cannot talk about the meaning of words at all; there could be no dictionary, for example. We employ this distinction all the time. A politician might quote or paraphrase her opponent and then attack what he said. Jake Tapper might describe the ridiculous doctrines of QAnon with a scowl on his face. But without the use/mention distinction, people who are quoting their opponents must also be endorsing their views.

The McNeil situation seems to turn on this distinction, and an even clearer case is provided by Slate‘s former sports reporter, Mike Pesca, who, in an amazing nadir for the philosophy of language, was suspended from the podcast The Gist for drawing the use/mention distinction. In a workplace Slack discussion in which he was defending McNeil, Pesca said, “The question is: Is an out-loud utterance of that word, in a work environment, fireable, censurable….Even as a point of clarification to a question exactly about the use of that word.” Just raising the question turned out to be a suspendable offense, if not a fireable one.

The reference of a directly hurled slur is the person slurred, and it derides or devalues her for her membership in a particular group. But the reference of “slur” (with the quotation marks) is the word slur. “A pig” is composed of four letters, but a pig is composed of flesh and bone. “A pig” is a phrase, but a pig is mammal. Now, McNeil’s case and many others are cases in which, quite explicitly, the slur is mentioned, but not used. In Pesca’s case it is not even mentioned; Pesca uses “the n-word” to refer to the word at the center of the McNeil controversy. In these cases, the slur is not directed at anyone, in the very literal sense that it does not refer to anyone; we’re talking about a word or a phrase, not an ethnic group. Randall Kennedy’s book, Nigger: The Strange Career of a Troublesome Word, is a history of the use of the term, not a history of the people at whom it was hurled. If a history of the African diaspora were published under this title, it would be a racist text rather than a book that sheds light on the history of racism and the use of racist language.

It’s true that someone could work offensive terms into conversation by routinely talking about the words as words. But prohibiting even talking about certain words begins to smack of superstition by attributing magical powers to sounds—as does censuring the use of words that sound similar: niggling, for example. Banning sounds starts to create an obviously irrational taboo, registering a fear not of racist or sexist abuse but of phonemes or little squiggles on screens. Making certain sounds taboo might even make it impossible to express the taboo clearly.

In March, NBA player Meyers Leonard was traded by the Miami Heat to the Oklahoma City Thunder, who promptly cut him, perhaps ending his career, because he used an antisemitic slur (“kike”) on the streaming video game site Twitch. But you could read many news accounts and not know what slur was used. If one does not know what the slur was, and if the video is deleted from social media, it becomes impossible even to form a reasonable opinion on the whole matter. In other words, you’ll need the use/mention distinction to tell us what you’re against or why someone was fired.

Types and Tokens

We need to distinguish between words themselves, which are abstract objects, like numbers, and the soundwaves, inkstains, or pixels in which words appear on particular occasions. We can burn all the copies of Huckleberry Finn and redact every appearance of the word nigger that we can find, but we cannot destroy the word itself, which, as the philosopher Arthur Danto pointed out, is “logically incombustible.” The same word can be written or spoken here and there, now and then. It’s an abstract structure, realized or represented by concrete soundwaves or squiggles. This is true not only of each letter and each word, but of each sentence and each novel, too. Anything that has the right structure or form, the right words in the right order, is a copy of Huckleberry Finn.

The inventor of semiotics, C.S. Peirce, wrote that a word or a text is a type, while its physical realizations are tokens. Each copy of Huckleberry Finn is a token of the same type, which is the novel itself, and every spoken slur is a token of the word that’s being uttered. Tokens are particular physical things consisting of vibrations in the air, pencil lead on paper, pixels on a screen. But the novel itself, or the slur, is the structure that all these copies have in common, what makes them all copies of the same book or utterances of the same slur.

By social pressure or outright censorship, it’s obvious that you can reduce the number of tokens of a word; every time you pulp or edit a copy of Huckleberry Finn, you’ve reduced the number of tokens of the word nigger in the world. But you have not done anything at all to the word itself, which is invulnerable. And unless you can destroy the letters of which it consists, which are also abstract types, the word can always be reconstituted, like Iran’s nuclear program. However, the fact that a word is an abstract object means that, unlike Iran’s nuclear program, it can’t be blown up—and also that it can’t be used to blow up anything else.

We should think rationally about what sort of power words could possibly have; they definitely cannot have the sorts of powers currently being attributed to them. The current flavor of language-oriented activism explicitly confuses words with things. It treats them as though they are supernatural weapons, and suggests that words themselves give rise directly to the concrete forces that drive oppression. But an abstract object cannot accomplish violence in the physical world.

You can deface a statue or dump it in a river or melt it down, but you can’t vandalize, drown, or melt a word. You can cancel a person by trying to get him fired or forcing him to recant, but you can’t cancel a phrase. Indeed, you might want to keep even the worst word in the world around so that you can mention it—so that you can give a realistic picture of the devastating history of racism, for example. For the word has many uses, not only in expressing but, as Kennedy’s book shows, in exposing bigotry. Fearing the abstract structure itself, which is everywhere and nowhere, which has no meaning in itself but only in particular things people use it to express on particular occasions, is merely some sort of superstition.

Words are a lot harder to suppress than one might wish, and their suppression is far less desirable than it might appear to be. Trying to suppress them cannot have the sort of concrete effects in ameliorating injustice that the woke anticipate. The picture of the nature, meaning, and effects of language behind the current wave of speech repression is not defensible.

Rarely has philosophy, in its millennia-long history, provided firm or useful results, but these are some that are relatively firm and fairly useful for showing that the current arguments against free expression rest on untenable or incomprehensible claims about the power of words.

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Saudi And Russian Oil Producers Benefit From “Climate Activism” Lobbed At Western Producers

Saudi And Russian Oil Producers Benefit From “Climate Activism” Lobbed At Western Producers

Believe it or not, oil companies in Russia and Saudi Arabia are cheering on climate activists who are doing battle with names like Shell and Exxon.

That’s because wins in the courtroom for activists against Shell, Chevron and Exxon have been a tailwind for Saudi Aramco, Abu Dhabi National Oil Co and Gazprom. The pressure for U.S. names to cut carbon emissions faster pushes more business to companies in Saudi Arabia and Russia, and to OPEC, Reuters reports. 

Among the recent wins was a Dutch court ruling that required Shell to “drastically cut emissions”. Exxon and Chevron also both activist battles with shareholders who have accused the giants of not being proactive enough in addressing climate change. 

Amrita Sen from consultancy Energy Aspects said: “Oil and gas demand is far from peaking and supplies will be needed, but international oil companies will not be allowed to invest in this environment, meaning national oil companies have to step in.”

The Saudis, meanwhile, don’t seem quite as alarmed by the issue of climate change. When The International Energy Agency issued guidance last month to scrap all new oil and gas developments, Saudi Energy Minister Prince Abdulaziz bin Salman responded by stating: 

“It (the IEA report) is a sequel of the La La Land movie. Why should I take it seriously? We (Saudi Arabia) are … producing oil and gas at low cost and producing renewables. I urge the world to accept this as a reality: that we’re going to be winners of all of these activities.”

A spokesperson from Gazprom jabbed: “It looks like the West will have to rely more on what it calls ‘hostile regimes’ for its supply”.

“Western oil majors like Shell have dramatically expanded in the last 50 years” as a result of the West trying to cut reliance on Middle Eastern and Russian oil, Reuters notes. Now these producers must balance a growing chorus of criticisms about climate change with continued output. 

Nick Stansbury at Legal & General, which manages $1.8 trillion, said: “It is vital that the global oil industry aligns its production to the Paris goals. But that must be done in step with policy, changes to the demand side, and the rebuilding of the world’s energy system. Forcing one company to do so in the courts may (if it is effective at all) only result in higher prices and foregone profits.”

While Saudi Arabia claims to have targets to cut carbon emissions, it isn’t beholden to U.N.-backed targets or activist investors like Western companies are. Gazprom has indicated a shift to natural gas to try and manage its carbon emissions. 

Western names account for about 15% of all output globally, while Russia and OPEC make up about 40%. At the same time, global oil consumption has risen to 100 million barrels per day from 65 million barrels per day in 1990. 

“The same oil and gas will still be produced. Just with lower ESG standards,” one Middle Eastern oil executive concluded.

Tyler Durden
Thu, 06/03/2021 – 05:45

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Leading UK Immunologist: “We Can’t Hide Down A Hole Every Time There’s A New Variant”

Leading UK Immunologist: “We Can’t Hide Down A Hole Every Time There’s A New Variant”

Authored by Steve Watson via Summit News,

A leading immunologist has advised the UK government to “move on” with reopening society, warning that coronavirus is “here to stay” and that it makes no sense trying to hide every time a new variant emerges.

The BBC reports the comments by Sir John Bell, a Chair of Medicine at the University of Oxford, member of the Office for Strategic Coordination of Health Research (OSCHR), and a leading member of the government’s vaccine taskforce.

In an interview with BBC Radio Four, Bell urged that “If we scamper down a rabbit hole every time we see a new variant, we’re going to spend a long time huddled away.”

Bell further asserted that the virus “is here to stay probably forever”, adding that there is a “need to get a bit of balance in the discussion.”

Bell said the government needs to focus on reducing “hospitalisations, serious disease and deaths” rather than the fruitless task of reducing cases through lockdowns and other restrictions.

The immunologist urged that the focus needs to be on the suppression of the virus “around the world because otherwise we’re just going to sit here and get slammed by repeated variants that come in the door.”

Bell noted that the UK’s “numbers don’t look too intimidating” and that he is “encouraged” by the fact that no new deaths were recorded Tuesday for the first time in over a year.

His comments come amid a rash of government advisors suggesting that the slated June 21 reopening of society should be delayed.

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Tyler Durden
Thu, 06/03/2021 – 05:00

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Brickbat: Thick Skin


facebookpolice_1161x653

Federal prosecutors have charged West Hazleton, Pennsylvania, Police Chief Brian Buglio with violating the civil rights of Paul DeLorenzo. DeLorenzo said Buglio was upset with him for criticizing the chief and his department on Facebook, calling them slow to make an arrest in a case involving him. DeLorenzo said Buglio threatened to make up a “fake arrest” and jail him if he did not remove his post. Buglio faces up to one year in prison and a $100,000 fine if convicted. Authorities say he has agreed to a plea bargain that will require him to resign.

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Cold War Over EU Skies: Germany Blocks All Inbound Russian Flights In Huge Escalation

Cold War Over EU Skies: Germany Blocks All Inbound Russian Flights In Huge Escalation

Here we go again in the latest tit-for-tat escalation following the May 23rd forced diversion of the Ryanair flight carrying anti-Lukashenko activist and journalist Roman Pratasevich by Belarus, who was subsequently arrested when the plane landed in Minsk: Russia and Germany have just denied each others’ airlines permission for incoming flights

AFP is confirming that “Germany has blocked flights operated by Russian airlines from arriving in its territory in tit-for-tat action after Moscow failed to provide authorizations for Lufthansa, the transport ministry said Wednesday, amid tensions over Belarus.”

Days ago Moscow had begun blocking European carriers which were actively avoiding Belarusian airspace, also as Russia’s former Soviet satellite state ally was targeted for expanded EU sanctions, including an imminent expected blacklisting of national carrier Belavia.

The Biden administration is also said to be drawing up a list of targeted sanctions, but for now it’s looking like a new Cold War over the skies of Europe is playing out, potentially severely disrupting popular international travel and transit routes and leading to a worsened diplomatic standoff.

Germany’s transport ministry said on Wednesday that it had denied three Russian Aeroflot flights access to its airspace and another four on Wednesday in response to prior Lufthansa flight cancelations that were the direct result of Russian policy:

“Due to the reciprocal practice, the Federal Aviation Authority also did not issue any further permits for flights operated by Russian airlines as long as authorizations are pending on the Russian side,” it added.

….”Once permits for Lufthansa flights are granted by the Russian site, the flights of Russian airlines will also be authorized,” added the German ministry.

Recall too that Air France flights had been impacted by lack of Russian flight path approval as early as a week ago after broad EU-wide avoidance of Belarusian airspace. The Kremlin had tried to downplay it at the time as vaguely based on “technical” reasons.

As the below comment from an Atlantic Council pundit reveals, the May 23 Ryanair incident is increasingly being blamed on Putin’s Russia, given his longtime support for the Belarusian strongman…

Further upping the ante, NATO Secretary General Jens Stoltenberg weighed in on Wednesday saying more punitive actions are on the table my the Western military alliance over what was widely condemned as Lukashenko’s authorized “state hijacking” of the Ryanair flight last month.

“I think the most important thing now is to make sure that those sanctions that are agreed are fully implemented,” he said in what’s looking to be a major coordinated sanctions avalanche involving the US, EU, and UK. “It has to be clear that when a regime like the regime in Minsk behaves in the way they did, violating basic international norms and rules, we will impose costs on them.”

Tyler Durden
Thu, 06/03/2021 – 04:15

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Brickbat: Thick Skin


facebookpolice_1161x653

Federal prosecutors have charged West Hazleton, Pennsylvania, Police Chief Brian Buglio with violating the civil rights of Paul DeLorenzo. DeLorenzo said Buglio was upset with him for criticizing the chief and his department on Facebook, calling them slow to make an arrest in a case involving him. DeLorenzo said Buglio threatened to make up a “fake arrest” and jail him if he did not remove his post. Buglio faces up to one year in prison and a $100,000 fine if convicted. Authorities say he has agreed to a plea bargain that will require him to resign.

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Alibaba’s European Hub Is Causing Espionage Concerns In Belgium

Alibaba’s European Hub Is Causing Espionage Concerns In Belgium

Authored by Kelly Song via The Epoch Times,

Belgium’s Minister of Justice Vincent Van Quickenborne raised concerns over Chinese espionage in connection to Chinese e-commerce giant Alibaba’s logistics center under construction in Belgium’s Liège Airport.

Liège Airport is the seventh-largest airport in Europe. It is situated at the heart of the Amsterdam-Paris-Frankfurt golden triangle, a very dense area of production in Europe.

Alibaba Group and the Belgium government signed an agreement in December 2018 to open Alibaba’s first Electronic World Trade Platform (eWTP) in Europe. The logistics arm of Alibaba Group and Liège Airport also signed a contract to lease a 220,000-square-meter area to build a logistics hub at the airport, which became a subject of concern.

Espionage Concerns

On May 6, Minister Van Quickenborne told Members of the Parliament that “Chinese intelligence agents could have access to sensitive and secure areas of the airport.”

Van Quickenborne referred to a 2017 Chinese law that forces all private companies to cooperate with state intelligence. “Alibaba also has to obey the Chinese security apparatus in the event that the latter wishes to have access to potentially sensitive commercial and personal data held by Alibaba in the context of its activities in Liège,” Van Quickenborne added.

A live demonstration uses artificial intelligence and facial recognition in dense crowd spatial-temporal technology at the Chinese chipmaker Horizon Robotics exhibit at the Las Vegas Convention Center during CES 2019 in Las Vegas, Nev., on Jan. 10, 2019. (David McNew/AFP/Getty Images)

Furthermore, Van Quickenborne stated that “this interest is not limited to intelligence and security purposes but can be viewed within a broader political and economic framework.”

Alibaba Group’s Electronic World Trade Platform

To achieve global dominance in e-commerce, Alibaba plans to establish a platform that “will promote public-private cooperation to improve the business environment and incubate future rules for cross border eTrade in some key areas, including simplification of regulations and standards, and harmonization of taxation,” according to its eWTP website.

Back in mid-2018, it announced the plan to open five logistics hubs in Asia, Europe, and the Middle East to enhance its global logistics capabilities. The hub in Liège was the first one.

According to a report by the Chinese state-run media Xinhua, as part of China’s One Belt One Road Initiative, the eWTP project in Liège has brought tremendous economic advancements to the region. Direct cargo flight and train routes had been scheduled between Liège Airport and at least eight major Chinese cities. The report also stated that the Liège hub will create 900 direct jobs and 3,000 indirect jobs in the region.

Local Opposition

However, Watching Alibaba, a local group opposing the Liège hub, states on their website that “the number of jobs created is highly uncertain, and they would be low-grade jobs (precarious, highly controlled night jobs and the like) and would destroy other jobs, in other economic sectors.”

The group opposes the very form of e-commerce Alibaba is building because it is “bad for the regional economy, as it sets local retailers in direct competition with products imported over long distances, sold cheaper, at times counterfeit, often of lesser quality and produced in dubious conditions. For each job created in the field of e-commerce, two or three are destroyed in traditional commerce.”

Moreover, Watching Alibaba is not pleased with the decision to build the hub in Liège Airport because it was made “without any information to and with citizens or any independent and comprehensive impact assessment.”

Businesses Facing Domestic and International Challenges in China

In their pursuit of global expansion, China’s retail and tech giants are facing challenges from their own employees. Some of the challenges are caused by labor law disputes and some by the “996” work culture. The “996” culture, promoted by Alibaba and JD.com, makes working from 9 a.m. to 9 p.m., six days a week, the norm.

A 22-year-old employee of e-commerce platform Pinduoduo died in December 2020. His death was widely attributed to the “996” work culture. A former delivery driver for a partner of an Alibaba subsidiary set himself on fire in January following a pay dispute.

In recent months, Alibaba’s founder Jack Ma fell out of favor with the Chinese government, and Alibaba was fined by Beijing $2.8 billion for anti-monopoly violations.

Moreover, the European Union Commission suspended the EU-China trade deal (Comprehensive Agreement on Investment) in May, which was signed in December after seven years of negotiation. This came after the two sides exchanged sanctions due to growing tensions over human rights issues in Xinjiang.

A group of protesters calling themselves ‘Watching Alibaba,’ are in the streets of Liège, Belgium, on Jan. 17, 2020. They are protesting against the arrival of online web shop Alibaba to the Liège region. (Thomas Michiels/Belga Mag/AFP via Getty Images)

Chinese Government Responds to Espionage Concerns

In response to the Belgium government’s espionage concerns, the Chinese government played hardball and softball simultaneously.

One day after the Belgian minister voiced his concern of potential Chinese espionage, the Chinese Embassy in Belgium issued a statement on its website saying the concerns were “baseless,” and that “We express our strong dissatisfaction and resolute opposition to this practice of slandering Chinese companies on conjured up charges.”

The Chinese Ambassador to Belgium met with the head of the Globalization Office of Alibaba Group. Alibaba presented a progress report to the Chinese ambassador on eWTP and the Liège hub project.

The ambassador asked Alibaba Group to “take the 50th anniversary of the establishment of diplomatic relations between China and Belgium as an opportunity to steadily advance cooperation projects, deepen China-EU business cooperation in the e-commerce industry, and promote China-Belgium cooperation to a higher level.”

Alibaba’s Liège Airport hub is scheduled to be in full operation by late 2021. The Epoch Times has reached out to Alibaba Group for comments.

Tyler Durden
Thu, 06/03/2021 – 03:30

via ZeroHedge News https://ift.tt/3vNf8Vf Tyler Durden