Babylon Bee CEO Said Elon Musk Called To Confirm Their Suspension From Twitter Before Taking His Stake

Babylon Bee CEO Said Elon Musk Called To Confirm Their Suspension From Twitter Before Taking His Stake

Twitter banning parody news site The Babylon Bee seemed to be the straw that broke the camel’s back for Elon Musk.

Seth Dillon, the CEO of The Babylon Bee, noted on Twitter yesterday that Musk had reached out to him before taking his stake in the company, to confirm that the Bee had, in fact, been suspended from the social media site. 

Dillon also wrote that Musk was potentially considering buying the company. “He even mused on that call that he might need to buy Twitter. Now he’s the largest shareholder and has a seat on the board,” he wrote. 

Recall, The Babylon Bee’s editor-in-chief Kyle Mann was also placed in ‘twitter jail’, locked out of his account for suggesting that Twitter might lift its original suspension “if we throw a few thousand Uighurs in a concentration camp.”

The comment was likely a reference to Twitter allowing Communist Chinese Party PR people and apologists to operate freely on the platform.

As we covered, Seth Dillon appeared on on Tucker Carlson’s show last month to speak about the original suspension of the Babylon Bee by Twitter for for promoting a parody article about transgender Biden Assistant Secretary for Health Rachel Levine being the “man of the year.”

Now that Musk has a board seat on the social media company’s Board of Directors, there continues to be discussion about whether or not Musk may push to have former President Donald Trump’s account on the platform reinstated. 

According to Musk’s 13G filing, he had accumulated 73,486,938 shares of Twitter, representing a 9.2% (based on 800,641,166 shares of Common Stock outstanding). The stake is worth nearly $2.9 billion, based on last Friday’s closing price. 

The filing comes about ten days after Musk tweeted that the social media company is “failing to adhere to free speech principles fundamentally undermines democracy.” He asks his audience of more than 80 million people: “What should be done?” 

The stake also comes two days after founder Jack Dorsey partially blames himself for the state of the internet today, admitting that “centralizing discovery and identity into corporations really damaged the internet.”

Wedbush analyst Dan Ives told CNBC’s “Squawk Box” earlier this week that the billionaire “could try to take a more aggressive stance here on Twitter,” adding “this could eventually lead to some sort of buyout.”

The current mood of woke Twitter employees… 

Tyler Durden
Wed, 04/06/2022 – 16:40

via ZeroHedge News https://ift.tt/3yLcJ7m Tyler Durden

The Media and Big Tech Covered Up These Stories. Where’s the Reckoning?


zumaamericasthirtyfour144924

President Joe Biden says he never talked business with his son.

Maybe he didn’t.

Maybe that Ukrainian gas company paid Hunter Biden half a million dollars because he has unique business skills that no one else noticed.

It’s possible.

But unlikely.

Now a Justice Department investigation may tell us whether Hunter is a sleazy opportunist who broke the law and whether his father knew, or even helped.

But equally revealing is the arrogance and bias the reporting on Hunter’s laptop revealed among wide swaths of media and big tech gatekeepers.

Even today, most will not admit they were wrong.

The New York Post broke the laptop story near the end of the presidential campaign. The story was explosive, of course, and the media pile-on intense. Some piled on Hunter Biden, but more piled on the Post. They questioned the authenticity of the hard drive and the timing and accuracy of the story.

Twitter blocked the story from even being shared. Facebook hid the story. Politico said it might be “Russian disinformation.” A Washington Post column called it “laughably weak.” A New York Times piece labeled it “farcical retread of the Russian hack-and-leak operation that helped torpedo Hillary Clinton’s presidential aspirations.” The story was mocked and buried.

Now, a year and a half later, the Post and Times admit that major parts of the story were accurate.

Do you know what they haven’t said?

“Sorry. We cannot stand the idea of another Trump term, so we didn’t report on bad things Democrats did.”

The Washington Post finally wrote that the way the media handled the story was an “opportunity for a reckoning.” But then they spent the rest of their editorial making excuses for their mistakes.

No one was fired.

No one was suspended.

No policy was changed.

This is nothing new. For months, Facebook blocked any mention of the theory that COVID-19 may have been leaked from a lab. Most media sneered that it was “fake news.” The Washington Post called it “a fringe theory.” The New York Times, a “conspiracy theory.” PolitiFact rated it “Pants on Fire!”

Only when the Biden administration said there might have been a lab leak did Facebook drop its censorship.

Did Facebook say, “Sorry? We shouldn’t censor such important discussion?”

No.

Did we see apologetic commentaries on CNN and MSNBC?

I must have missed them.

Maybe none of this is a big deal to you, but it’s a big deal to me.

I make my living posting videos on digital platforms. I made two videos that suggested fears about climate change are overblown.

I didn’t say climate change isn’t real.

I didn’t say it won’t cause problems. In fact, I said it’s already caused problems.

But because I said the fear might be overblown, Facebook’s climate-activist “fact-checkers” make sure fewer people see my work.

I once got millions of views on Facebook. Not anymore.

Nothing I’d said in my climate videos was wrong. In one case, Facebook’s own fact-checker admitted that I didn’t get any facts wrong. Still, Facebook continues to smear my work as “partly false.”

They even quote me saying something I never said!

Yet even after I point that out, Facebook will not make a correction.

Facebook, Twitter, The New York Times, The Washington Post, CNN, NBC, Poynter Institute “fact-checkers,” and most of the elite media are now part information-sharers, part leftist interest groups.

I’m neither Democrat nor Republican. I don’t obsess over whether Hunter Biden got paid to do sleazy things and whisper in his father’s ear. If he did, I doubt that he had much influence, anyway.

I feel far more threatened when America’s Big Media don’t report facts, don’t speak up when censors are wrong, and don’t remove mistakes when they’re caught making them.

Apologizing for mistakes is something we teach little kids to do. Is that too much to ask of our media and social media giants?

COPYRIGHT 2022 BY JFS PRODUCTIONS INC.

The post The Media and Big Tech Covered Up These Stories. Where's the Reckoning? appeared first on Reason.com.

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The Media and Big Tech Covered Up These Stories. Where’s the Reckoning?


zumaamericasthirtyfour144924

President Joe Biden says he never talked business with his son.

Maybe he didn’t.

Maybe that Ukrainian gas company paid Hunter Biden half a million dollars because he has unique business skills that no one else noticed.

It’s possible.

But unlikely.

Now a Justice Department investigation may tell us whether Hunter is a sleazy opportunist who broke the law and whether his father knew, or even helped.

But equally revealing is the arrogance and bias the reporting on Hunter’s laptop revealed among wide swaths of media and big tech gatekeepers.

Even today, most will not admit they were wrong.

The New York Post broke the laptop story near the end of the presidential campaign. The story was explosive, of course, and the media pile-on intense. Some piled on Hunter Biden, but more piled on the Post. They questioned the authenticity of the hard drive and the timing and accuracy of the story.

Twitter blocked the story from even being shared. Facebook hid the story. Politico said it might be “Russian disinformation.” A Washington Post column called it “laughably weak.” A New York Times piece labeled it “farcical retread of the Russian hack-and-leak operation that helped torpedo Hillary Clinton’s presidential aspirations.” The story was mocked and buried.

Now, a year and a half later, the Post and Times admit that major parts of the story were accurate.

Do you know what they haven’t said?

“Sorry. We cannot stand the idea of another Trump term, so we didn’t report on bad things Democrats did.”

The Washington Post finally wrote that the way the media handled the story was an “opportunity for a reckoning.” But then they spent the rest of their editorial making excuses for their mistakes.

No one was fired.

No one was suspended.

No policy was changed.

This is nothing new. For months, Facebook blocked any mention of the theory that COVID-19 may have been leaked from a lab. Most media sneered that it was “fake news.” The Washington Post called it “a fringe theory.” The New York Times, a “conspiracy theory.” PolitiFact rated it “Pants on Fire!”

Only when the Biden administration said there might have been a lab leak did Facebook drop its censorship.

Did Facebook say, “Sorry? We shouldn’t censor such important discussion?”

No.

Did we see apologetic commentaries on CNN and MSNBC?

I must have missed them.

Maybe none of this is a big deal to you, but it’s a big deal to me.

I make my living posting videos on digital platforms. I made two videos that suggested fears about climate change are overblown.

I didn’t say climate change isn’t real.

I didn’t say it won’t cause problems. In fact, I said it’s already caused problems.

But because I said the fear might be overblown, Facebook’s climate-activist “fact-checkers” make sure fewer people see my work.

I once got millions of views on Facebook. Not anymore.

Nothing I’d said in my climate videos was wrong. In one case, Facebook’s own fact-checker admitted that I didn’t get any facts wrong. Still, Facebook continues to smear my work as “partly false.”

They even quote me saying something I never said!

Yet even after I point that out, Facebook will not make a correction.

Facebook, Twitter, The New York Times, The Washington Post, CNN, NBC, Poynter Institute “fact-checkers,” and most of the elite media are now part information-sharers, part leftist interest groups.

I’m neither Democrat nor Republican. I don’t obsess over whether Hunter Biden got paid to do sleazy things and whisper in his father’s ear. If he did, I doubt that he had much influence, anyway.

I feel far more threatened when America’s Big Media don’t report facts, don’t speak up when censors are wrong, and don’t remove mistakes when they’re caught making them.

Apologizing for mistakes is something we teach little kids to do. Is that too much to ask of our media and social media giants?

COPYRIGHT 2022 BY JFS PRODUCTIONS INC.

The post The Media and Big Tech Covered Up These Stories. Where's the Reckoning? appeared first on Reason.com.

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Does California’s Latest Mass Shooting Show the Country’s Strictest Gun Laws Are Not Strict Enough?


Sacramento-shooting-4-3-22-Newscom

A mass shooting that killed six people and injured 12 in Sacramento last weekend predictably provoked immediate agitation for stricter gun control, including policies that seem utterly irrelevant to the facts of the case. That’s a familiar pattern in the gun policy debate, which consists largely of reiterating previous proposals in response to mass shootings, regardless of whether those ideas have anything to do with the most recent example.

The Sacramento Bee described the weekend’s apparently gang-related violence, which began around 2 a.m. Sunday in a downtown area where nightclubs had just closed, as “the worst mass shooting in city history.” The Los Angeles Times says “the shooting was California’s single deadliest in 2022,” although “there have been worse in the last year.” While these incidents supposedly underline the need for gun control, they simultaneously cast doubt on that argument, since California already has the strictest gun laws in the country.

Everytown for Gun Safety implicitly acknowledges that inconvenient fact in its press release about the Sacramento shoot-out. “Gun sense champions in California have continually responded to gun violence tragedies by taking action on life saving gun safety policies,” it says. “Strong gun laws save lives—and California is a clear example of that. The state continues to have one of the lowest rates of gun violence in the country while their lawmakers are leading the gun violence prevention movement.”

California does have a relatively low rate of gun-related deaths: the seventh-lowest in the country, according to data from the Centers for Disease Control and Prevention. Its ranking is less impressive, however, when you focus on firearm homicides, which is what Everytown for Gun Safety ostensibly is talking about in this context. Based on data from 2010 through 2017, California’s gun homicide rate was middling: lower than the rates in 24 states but higher than the rates in 25 states, including many with looser gun laws.

If you want to make the case that California’s firearm restrictions have resulted in fewer homicides than otherwise would have occurred, you need to look at what happened after those laws were passed and compare it to what happened in otherwise similar places that did not enact such laws. The observation that “California continues to have one of the lowest rates of gun violence in the country” (if you include suicides) as legislators pass one gun law after another hardly shows those laws are working as advertised.

Even as Everytown for Gun Safety argues that California’s strict gun laws have been effective, it says they have been stymied by the failure of other states to follow California’s example. “Gun violence continues in the state because it is surrounded by states with weaker gun laws and has become the epicenter of ‘ghost guns,'” it says. “California is only as safe as the nearest state with weak gun laws, so we need federal action to ensure that every state in the country requires background checks on all gun sales.”

The reference to “ghost guns”—i.e., homemade firearms without serial numbers—seems like a red herring based on what we know at this point. The investigation of the Sacramento shooting, which so far has resulted in three arrests, is ongoing. The Los Angeles Times says Sacramento police believe it started with a dispute between gang members. So far, however, I have not seen any reference to “ghost guns.” In any case, California already requires serial numbers on all guns, including homemade ones as of 2016. According to Everytown for Gun Safety, the state nevertheless “has become the epicenter of ‘ghost guns.'”

Police said more than 100 rounds were fired by multiple people during the Sacramento shooting. One of the weapons, they said, was a handgun that had been illegally modified so that it qualifies as a “machine gun” under California law, meaning a weapon that “shoots, is designed to shoot, or can readily be restored to shoot, automatically more than one shot, without manual reloading, by a single function of the trigger.” California prohibits possession of such firearms without a special, rarely issued permit, and they are strictly regulated under federal law, which has banned sales of newly produced machine guns to civilians since 1986.

What about requiring “background checks on all gun sales”? California has required “universal background checks,” covering private transfers as well as sales by federally licensed dealers, since 1991. A 2019 study found that requirement “was not associated with a net change in the firearm homicide rate over the ensuing 10 years in California.” Another study suggested that such requirements are widely disregarded, finding that background checks increased when Delaware enacted a law like California’s but not when Colorado and Washington did.

The problem, according to Everytown for Gun Safety, is that many states do not require universal background checks, which is why we need a federal law imposing that requirement on the entire country. But there is little reason to think that people will be more inclined to follow this requirement, which in practice means that all gun transfers have to be mediated by a federally licensed dealer, simply because Congress joins California et al. in saying they should. More to the point, it is hard to see how such a requirement is relevant to what happened in Sacramento.

The converted handgun that police recovered after the shooting was stolen, which is not the sort of transfer that would be affected even by perfect compliance with a law requiring “background checks on all gun sales.” According to a 2019 study by the Bureau of Justice Statistics, just 10 percent of guns used in crimes were obtained from a “retail source” such as a gun store, a pawn shop, a flea market, or a gun show. Nine out of 10 were obtained from informal sources, including friends or relatives, the “underground market,” and theft.

It makes sense that criminals would prefer such sources, especially if they have felony records that disqualify them from legally possessing firearms. But given these longstanding workarounds, expanding background-check requirements so that they notionally cover all transfers cannot reasonably be expected to have a significant impact on criminals’ access to guns.

To suppose that a federal law requiring “background checks on all gun sales” could have prevented the Sacramento shooting, you would have to believe that the perpetrators 1) would have failed background checks and 2) evaded them by obtaining guns from private sellers in other states who would have complied with such a law. That is clearly not true of the converted handgun, and it seems unlikely that it will prove to be true of the other firearms used in the shooting.

Everytown for Gun Safety also suggests that California legislators should respond to this incident by approving 10 bills, including “legislation to require schools to notify parents and guardians about secure storage laws,” “legislation to allow lawsuits against manufacturers and sellers of firearms for the harm caused by their product,” “legislation to further restrict ghost guns in California by ensuring that these parts and kits cannot be sold until they are treated as firearms under federal law,” and “legislation to create a private right of action for the residents of California that would allow citizens to sue anyone who is found to be in violation of the state’s firearm laws relating to the illegal manufacturing/transferring/selling of either assault weapons or ghost gun parts.”

What all this has to do with the incident that supposedly demonstrates the need for such measures is anybody’s guess. “After the Sacramento shooting,” an NPR headline informs us, “the state with the most gun laws may soon get more.” The Sacramento Bee notes that “California has [the] toughest U.S. gun laws” and wonders: “After [the] Sacramento shooting, what else can lawmakers do?” The Bee describes some of what they have done so far:

They’ve banned high-capacity magazines and cracked down on assault weapons. They’ve made it so Californians have to pass a background check to purchase a gun and ammunition. They’ve prohibited buyers from having ammo or “ghost” gun parts shipped directly to their homes. When it comes to gun laws, California’s legislators have passed some of the most stringent regulations in the country, checking off nearly every box on national gun control advocates’ wishlist.

The Bee omits some of the other boxes California has checked, including gun registration, a 10-day waiting period for gun purchases, a broad “red flag” law that shows little regard for due process, and a carry permit policy that treats “the right of the people to keep and bear arms” as a privilege to be granted at the government’s discretion. But there are always more boxes on “gun control advocates’ wishlist.” Everytown for Gun Safety was ready with a dozen ideas. Whether they are good ideas—and in particular, whether they plausibly could prevent the sort of violence that Sacramento saw over the weekend—is another matter.

The post Does California's Latest Mass Shooting Show the Country's Strictest Gun Laws Are Not Strict Enough? appeared first on Reason.com.

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Does California’s Latest Mass Shooting Show the Country’s Strictest Gun Laws Are Not Strict Enough?


Sacramento-shooting-4-3-22-Newscom

A mass shooting that killed six people and injured 12 in Sacramento last weekend predictably provoked immediate agitation for stricter gun control, including policies that seem utterly irrelevant to the facts of the case. That’s a familiar pattern in the gun policy debate, which consists largely of reiterating previous proposals in response to mass shootings, regardless of whether those ideas have anything to do with the most recent example.

The Sacramento Bee described the weekend’s apparently gang-related violence, which began around 2 a.m. Sunday in a downtown area where nightclubs had just closed, as “the worst mass shooting in city history.” The Los Angeles Times says “the shooting was California’s single deadliest in 2022,” although “there have been worse in the last year.” While these incidents supposedly underline the need for gun control, they simultaneously cast doubt on that argument, since California already has the strictest gun laws in the country.

Everytown for Gun Safety implicitly acknowledges that inconvenient fact in its press release about the Sacramento shoot-out. “Gun sense champions in California have continually responded to gun violence tragedies by taking action on life saving gun safety policies,” it says. “Strong gun laws save lives—and California is a clear example of that. The state continues to have one of the lowest rates of gun violence in the country while their lawmakers are leading the gun violence prevention movement.”

California does have a relatively low rate of gun-related deaths: the seventh-lowest in the country, according to data from the Centers for Disease Control and Prevention. Its ranking is less impressive, however, when you focus on firearm homicides, which is what Everytown for Gun Safety ostensibly is talking about in this context. Based on data from 2010 through 2017, California’s gun homicide rate was middling: lower than the rates in 24 states but higher than the rates in 25 states, including many with looser gun laws.

If you want to make the case that California’s firearm restrictions have resulted in fewer homicides than otherwise would have occurred, you need to look at what happened after those laws were passed and compare it to what happened in otherwise similar places that did not enact such laws. The observation that “California continues to have one of the lowest rates of gun violence in the country” (if you include suicides) as legislators pass one gun law after another hardly shows those laws are working as advertised.

Even as Everytown for Gun Safety argues that California’s strict gun laws have been effective, it says they have been stymied by the failure of other states to follow California’s example. “Gun violence continues in the state because it is surrounded by states with weaker gun laws and has become the epicenter of ‘ghost guns,'” it says. “California is only as safe as the nearest state with weak gun laws, so we need federal action to ensure that every state in the country requires background checks on all gun sales.”

The reference to “ghost guns”—i.e., homemade firearms without serial numbers—seems like a red herring based on what we know at this point. The investigation of the Sacramento shooting, which so far has resulted in three arrests, is ongoing. CNN reported that “a video posted on social media appears to show an altercation before the shooting” and that police were trying to determine whether that incident was related to the deadly violence. The Los Angeles Times says Sacramento police believe it started with a dispute between gang members.

So far, however, I have not seen any reference to “ghost guns.” In any case, California already requires serial numbers on all guns, including homemade ones as of 2016. According to Everytown for Gun Safety, the state nevertheless “has become the epicenter of ‘ghost guns.'”

Police said more than 100 rounds were fired by multiple people during the Sacramento shooting. One of the weapons, they said, was a handgun that had been illegally modified so that it qualifies as a “machine gun” under California law, meaning a weapon that “shoots, is designed to shoot, or can readily be restored to shoot, automatically more than one shot, without manual reloading, by a single function of the trigger.” California prohibits possession of such firearms without a special, rarely issued permit, and they are strictly regulated under federal law, which has banned sales of newly produced machine guns to civilians since 1986.

What about requiring “background checks on all gun sales”? California has required “universal background checks,” covering private transfers as well as sales by federally licensed dealers, since 1991. A 2019 study found that requirement “was not associated with a net change in the firearm homicide rate over the ensuing 10 years in California.” Another study suggested that such requirements are widely disregarded, finding that background checks increased when Delaware enacted a law like California’s but not when Colorado and Washington did.

The problem, according to Everytown for Gun Safety, is that many states do not require universal background checks, which is why we need a federal law imposing that requirement on the entire country. But there is little reason to think that people will be more inclined to follow this requirement, which in practice means that all gun transfers have to be mediated by a federally licensed dealer, simply because Congress joins California et al. in saying they should. More to the point, it is hard to see how such a requirement is relevant to what happened in Sacramento.

The converted handgun that police recovered after the shooting was stolen, which is not the sort of transfer that would be affected even by perfect compliance with a law requiring “background checks on all gun sales.” According to a 2019 study by the Bureau of Justice Statistics, just 10 percent of guns used in crimes were obtained from a “retail source” such as a gun store, a pawn shop, a flea market, or a gun show. Nine out of 10 were obtained from informal sources, including friends or relatives, the “underground market,” and theft.

It makes sense that criminals would prefer such sources, especially if they have felony records that disqualify them from legally possessing firearms. But given these longstanding workarounds, expanding background-check requirements so that they notionally cover all transfers cannot reasonably be expected to have a significant impact on criminals’ access to guns.

To suppose that a federal law requiring “background checks on all gun sales” could have prevented the Sacramento shooting, you would have to believe that the perpetrators 1) would have failed background checks and 2) evaded them by obtaining guns from private sellers in other states who would have complied with such a law. That is clearly not true of the converted handgun, and it seems unlikely that it will prove to be true of the other firearms used in the shooting.

Everytown for Gun Safety also suggests that California legislators should respond to this incident by approving 10 bills, including “legislation to require schools to notify parents and guardians about secure storage laws,” “legislation to allow lawsuits against manufacturers and sellers of firearms for the harm caused by their product,” “legislation to further restrict ghost guns in California by ensuring that these parts and kits cannot be sold until they are treated as firearms under federal law,” and “legislation to create a private right of action for the residents of California that would allow citizens to sue anyone who is found to be in violation of the state’s firearm laws relating to the illegal manufacturing/transferring/selling of either assault weapons or ghost gun parts.”

What all this has to do with the incident that supposedly demonstrates the need for such measures is anybody’s guess. “After the Sacramento shooting,” an NPR headline informs us, “the state with the most gun laws may soon get more.” The Sacramento Bee notes that “California has [the] toughest U.S. gun laws” and wonders: “After [the] Sacramento shooting, what else can lawmakers do?” The Bee describes some of what they have done so far:

They’ve banned high-capacity magazines and cracked down on assault weapons. They’ve made it so Californians have to pass a background check to purchase a gun and ammunition. They’ve prohibited buyers from having ammo or “ghost” gun parts shipped directly to their homes. When it comes to gun laws, California’s legislators have passed some of the most stringent regulations in the country, checking off nearly every box on national gun control advocates’ wishlist.

The Bee omits some of the other boxes California has checked, including gun registration, a 10-day waiting period for gun purchases, a broad “red flag” law that shows little regard for due process, and a carry permit policy that treats “the right of the people to keep and bear arms” as a privilege to be granted at the government’s discretion. But there are always more boxes on “gun control advocates’ wishlist.” Everytown for Gun Safety was ready with a dozen ideas. Whether they are good ideas—and in particular, whether they plausibly could prevent the sort of violence that Sacramento saw over the weekend—is another matter.

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Biden’s “Booming Economy” Is Just Another Front In The Media’s War On Reality

Biden’s “Booming Economy” Is Just Another Front In The Media’s War On Reality

Authored by Kit Knightly via Off-Guardian.org,

Did you know the economy was booming?

This may come as a shock to anyone out there who a) is alive or b) has to buy things, but it’s definitely true.

MSNBC and the New York Times said so.

Mehdi Hasan did a segment on his show:

NBC report “President Biden’s approval rating has fallen to lowest level of his presidency despite booming economy”, and Hasan just doesn’t understand why people would be “unhappy with the way Biden is handling the economy” when wages are growing and they’ve added a “record 6.4 million job” in 2021.

Now, OK, that reported 4.5% wage growth is lagging way behind inflation, meaning in real terms people are being paid less.

Yes, alright, the “new jobs” were really just (some) of the people who lost their jobs during lockdown being rehired.

And fine, the reason spending is increasing could be that everything costs more.

But seriously, we’re fine, it’s booming.

Now, some booming economy deniers, Russian bots or anti-vaxxers will doubtless point to all the “evidence” that the US economy is not booming.

Clearly, this is all just conspiracy theories and nonsense. The economy really is booming. Oh, and in more good news the chocolate ration has increased from 30 grams a week to 20.

…that’s enough sarcasm for now. It’s time to circle back to reality, because that is what’s missing here.

Reality.

I originally started writing this piece as a brief illustration of the language of propaganda – an entry in the “New normal newspeak” series, but in the writing it changed.

It made me think – the story is more insidious than just a lie, or even re-inventing the meaning of words. It’s an illustration of how far removed from the world of the real our “reality” can become.

In the 50s and 60s, a single full-time job could feed, clothe and house a family of four. Now every family needs at least two incomes just to get by. Millions of people work multiple jobs and struggle to make ends meet.

The UK has food banks readily discussed in the news every day. For most of my life the UK did not have foodbanks, I had never heard of them before I was thirty.

A relative of mine once told me a story about travelling to South America in the 1980s and seeing the first homeless person she had ever seen. Now, millions of unfortunate people are forced to live on the streets all across the Western world.

People cannot afford gas or heat or food or rent. The price of everything is increasing even as wages lag behind inflation. Everywhere you shop you buy less and spend more.

If all of that can be translated into “booming”, then “the economy” itself becomes a nonsense concept so abstract and removed from real-life experience that it is either entirely fictional or completely irrelevant.

We just lived through a fake pandemic. We know we have rigged elections. “The economy” is apparently meaningless.

How much of what we see and hear in the mass media has any grounding in reality at all? We know it’s not 100%, and it could easily be as little as none.

Maybe we’re not headed toward an Orwellian dystopia, we’re already living in one. A world where reality is not refuted, it is simply not acknowledged to exist.

The only “truth” is the headlines, which report nothing but covert advertising for the status quo or pump out outrage porn designed to divide society along carefully constructed fault lines, and distract from the simple truth – everything is getting worse and they’re doing it on purpose.

No matter how they employ contrived statistics to convince the mass of people that everything is fine (even as they’re fired for not being vaccinated and have to choose between getting warm or getting fed) the truth is that almost everyone works more and has less. Worries more, enjoys less. Fears more, thinks less.

Economically, educationally, spiritually…we’re going backwards. And behind this decline is intent.

It’s not accidental, it’s not a by-product of “the system”, it’s not the inevitable fallout of capitalism – it is directed, deliberate and malign. They are trying to make you poor, they said so.

Fly less. Drive less. Shower less. No meat. No sugar. No alcohol. Rent don’t buy. Own nothing. Be happy.

They want you to suffer. They want you to be cold and hungry and not to mind, or even know.

They want you sitting in your rented one-room flat, shivering under fifty layers of rented clothes, sipping your rented cup of GMO-cabbage water, and nodding in approval because the rented television says the economy is doing well.

They want you arguing vociferously with your neighbours about things that never happened to people who do not exist.

They want you to live like a pauper and smile because you’re doing it for a good cause they made up.

They want you to “reject the evidence of your ears and eyes”, because making people believe a lie – especially an obvious, irrational, impossible lie – is the purest form of power and the ultimate form of control.

Orwell was right about that, as he was about so much else.

Tyler Durden
Wed, 04/06/2022 – 16:20

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Fed’s ‘Volcker Moment’ Slams Bonds, Stocks, Crypto, & Crude

Fed’s ‘Volcker Moment’ Slams Bonds, Stocks, Crypto, & Crude

The big headline from today was the mainstream media ‘finally’ getting the joke that we first warned about weeks ago… that The Fed needs to crash the market to slow/stop inflation. Former NYFed boss Dudley explained it to Bloomberg readers:

Which was then confirmed by The Fed Minutes showing fear that they may lose the public’s confidence in their resolve to battle inflation if they don’t act aggressively.

While bonds are broadly priced for The Fed’s rate/QT trajectory, stocks definitely are not and today’s reaction, building on yesterday’s weakness, showed it off (even with dip-buyers trying to rescue things). Nasdaq was hardest hit and The Dow the least lame horse in the glue factory today…

On the week, Small Caps are the biggest loser (-3.5%).

All the US majors broke or are at critical technical levels with the S&P battling at its 200-day moving average…

After the market melt-up in the second half of March – as negative delta (hedges) were unwound en masse – cyclicals have tanked relative to defensives as reality sets in on The Fed’s hawkish path ahead…

Source: Bloomberg

Is it catch-down time?

Source: Bloomberg

Treasury yields were mixed today with the short-end flat while the long-end sold off further (2Y -1.5bps, 30Y +6bps)…

Source: Bloomberg

The yield curve has un-inverted (2s10s now +10bps), which is the actual trigger signal for imminent recession (as opposed to the inversion itself)…

Source: Bloomberg

Notably there was no major shift in rate-hike or rate-cut expectations post-Fed-Minutes (9 hikes and 3-4 cuts priced in)

The Ruble extended its rebound back above pre-invasion levels (Yellen brushed it off as not real for some reason)…

Source: Bloomberg

Crypto was clubbed like a baby seal once again with Bitcoin back below $44k, hovering around the post-invasion-spike high levels…

Source: Bloomberg

The dollar surged up to the FOMC day spike highs today after the Minutes confirmed the hawkish bias…

Source: Bloomberg

Gold ended the day unch…

WTI tumbled back below $100…

And finally, the good news – if things stay this way – is that gas prices may just drop a bit… but they remain up dramatically since Biden’s term began…

Source: Bloomberg

And the SPR release is actually driving up prices in mid-term months as it’s going to need to be refilled at some point…

Source: Bloomberg

But that would be after the Midterms!

Tyler Durden
Wed, 04/06/2022 – 16:00

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Melvin Capital Down 21% After Another Catastrophic Quarter

Melvin Capital Down 21% After Another Catastrophic Quarter

The last time we looked at the hedge fund at the center of the “Gamestopped” debacle, we found that Melvin Capital was down a whopping 17% in January after the worst start to the year in decades. Fast forward to today when questions how Gabe Plotkin is still in business ring even clearer, following Bloomberg’s report that After a dismal January and a flattish February, Melvin Capital was down another 3.8% in March, dragging its Q1 performance to 20.6% a year after it suffered a historic  55% loss in January of 2021 when the reddit apes sparked a furious ramp across all of Melvin’s top short positions and leading to some $7 billion in losses.

The losses follow a tumultuous 2021, when New York-based Melvin Capital ended the year down 39%. Amazingly, after a catastrophic year and quarter, and a bailout by both Steve Cohen and Ken Griffin, Melvin capital still somehow managed $10 billion as of March 1. The only explanation is that some people really have way too much money and they don’t care if their billions become millions then thousands in the hands of the Gabe Plotkin. Though maybe the stupidity won’t last too much longer: as we reported last month, both Citadel and Point72 have started asking for their money back realizing there will be no hail mary’s here.

As Bloomberg notes, of Melvin’s six largest U.S. stock holdings at the end of the first year, five declined in the first quarter, with Bath & Body Works sinking by almost a third and Laboratory Corp. of America Holdings falling 16%.

Melvin Capital is the latest in a string of one-trick pony, growth/high-beta/momentum-chasing hedge funds that have been crushed amid market volatility following last year’s eruption of most shorted names and the most recent surge in inflationary concerns and Russia’s invasion of Ukraine. 

Faring even worse than Melvin, we recently noted that uber-momo grand daddy of them all, Tiger Global Management’s flagship hedge fund, ended the quarter with a 34% loss, losing tens of billions in the Q1 tech wreck, while Coatue Management fell 10%.

Which brings up a question: can we please stop calling them “hedge” funds? After all, they don’t hedge anything and if anything, they underperform the market when it rises, and also underperform it when it drops. A much more accurate description would be “High-beta liquidity trap” funds, although we somehow doubt greater fools would be willing to part with 2 and 20 if they knew they could just buy the SPY for free and outperform 95% of the quote unquote smart money.

Tyler Durden
Wed, 04/06/2022 – 15:44

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EU Calls China Summit A “Deaf Dialogue” On Ukraine

EU Calls China Summit A “Deaf Dialogue” On Ukraine

Not for the first time, China’s foreign ministry charged that Washington is “fanning the flames” in Ukraine by “imposing sanctions” on Russia and its “coercive words and deeds” in a Wednesday statement.

At the same time European Union has implied that Beijing is being tone deaf on the Ukraine crisis, with EU foreign policy chief Josep Borrell characterizing the latest EU summit with Xi Jinping as a “deaf dialogue”.

“China wanted to set aside our difference on Ukraine,” Borrell said of last week’s virtual summit. “They didn’t want to talk about Ukraine. They didn’t want to talk about human rights and other issues, and instead focused on the positive things.”

The EU top diplomat described further that “the European side made clear that this compartmentalization is not feasible, not acceptable,” adding that, “For us the war in Ukraine is a defining moment for whether we live in a world governed by rules or by force.”

The clear allegation out of Brussels is that Beijing is showing little active interest in ending the war in Ukraine. Recently European leaders have been urging Beijing to intervene diplomatically to convince Putin to halt the invasion, which is now focused on securing Ukraine’s eastern regions.

Meanwhile, one top US Navy commander says China is watching the Russia-Ukraine war closely, with an eye on Taiwan:

As the Russia-Ukraine war continues, a senior US commander stated that Washington must remain vigilant on the Taiwan issue as China is increasing its capabilities and making adjustments to its plans to forcefully unite the island nation.

US Pacific Fleet Commander Admiral Samuel Paparo said, “China is undoubtedly watching what’s happened in Ukraine, taking notes, and learning from it.”

Image: AFP

“And there will be learning and there will be adjustments to the extent that they’re able to learn from it. And they will improve their capabilities based on what they learn at this time,” Adm. Paparo told a gathering of Washington-based journalists from Indo-Pacific countries.

* * *

Rabobank related to the above underscores that the Ukraine crisis has turned even Borrell into a hawk…

Even EU foreign affairs chief Josep Borrell is now a hawk, stating to the European Parliament tonight that last week’s EU-China Summit: “…was not exactly a dialogue, maybe a dialogue of the deaf… we could not talk about Ukraine a lot, and we did not agree on anything else. China… didn’t want to talk about Ukraine,… human rights and other stuff and instead focus on positive things. The European side make clear that this… compartmentalisation isn’t feasible… for us Ukraine is the defining moment on whether we live in a world governed by rules or by force. We condemn Russian aggression against Ukraine and support this country’s sovereignty, democracy, not because we follow the US blindly, as sometimes China’s suggests, but because it is our position… China cannot pretend to be a responsible great power but close its eyes or cover its ears when it comes to a conflict that obviously makes it uncomfortable… because it knows very well who the aggressor is, although for political reasons, refuses to name them.”

Tyler Durden
Wed, 04/06/2022 – 15:25

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“Warning Signs” Show Great Resignation Not Slowing Down: Randstad Survey

“Warning Signs” Show Great Resignation Not Slowing Down: Randstad Survey

Authored by Katabella Roberts via The Epoch Times,

The phenomenon of record numbers of workers quitting their positions may persist among employees who remain unsatisfied with their jobs, according to a survey (pdf) by Randstad NV, a global provider of employment services.

Dubbed the “great resignation” by experts, the trend has seen job openings outnumber individuals searching for employment opportunities, leaving employers scrambling to fill positions in an already struggling economy.

This in turn has seen many businesses offering attractive bonus schemes, wage increases, and numerous other perks in a bid to entice new workers.

The record number of workers quitting their jobs is being driven by a stronger desire among employees to “enjoy life” and an increase in individuals prioritizing their personal lives over their working lives in the post-COVID-19-pandemic age, Randstad says. Meanwhile, more and more employees are prepared to go elsewhere if their needs aren’t being met.

Randstad’s survey is based on responses from 35,000 employees across 34 markets and is one of the largest studies of its kind, according to the Dutch company.

It found that 83 percent of those surveyed want work hours that complement their lives, yet only a small portion of employers are meeting that demand, with just over one-quarter of employees stating employers are offering more flexibility in both areas.

A total of 60 percent of those surveyed said their employer currently allows flexible hours, while 47 percent said they have a choice of where they work.

Roughly 60 percent of those surveyed said their personal life is more important than work life, and about half said they would quit a job if it prevented them from enjoying life.

Furthermore, one-third of the participants in Randstad’s survey said they had left a job because it didn’t fit their personal life.

Randstad says that the latest survey data points to “warning signs” that the great resignation may persist, while talent scarcity may also continue for the time being.

“That is sort of a change today: Employees are more prepared to attach consequences to their unhappiness or not getting what they want,” said Sander van ‘t Noordende, who took over as CEO of the Dutch company March 29, in an interview with Bloomberg.

“Employers really have to raise their game in terms of personalizing the work experience for every individual employee,” van ‘t Noordende said.

Randstad’s survey comes after the number of job openings in the United States reached 11.3 million in February 2022, just below the December 2021 revised figure of 11.4 million, according to the U.S. Bureau of Labor Statistics.

Meanwhile, resignations were at a high of 4.4 million, or 2.9 percent, up from 4.3 million in January 2022 but down slightly from a historical high of 4.5 million in November 2021.

Resignations in the retail industry were up by 74,000 and in durable goods manufacturing by 22,000. However, job resignations decreased by 30,000 in finance and insurance.

Other studies have presented similar findings, with a November Qualtrics Employee Experience Trends Report for 2022 suggesting that fewer people intend to stay at their current jobs this year compared to 2021.

That study surveyed nearly 14,000 full-time employees from 27 countries and found that just 65 percent of workers planned on staying in their current roles in 2022, compared to 70 percent in 2021.

“They’re prepared to quit their job if they’re not happy,” van ‘t Noordende said of workers participating in the great resignation.

Tyler Durden
Wed, 04/06/2022 – 15:00

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