If The Fed Starts A Digital Currency, It Had Better Guarantee Privacy

If The Fed Starts A Digital Currency, It Had Better Guarantee Privacy

Authored by By Andrew M. Bailey & William J. Luther via RealClearPolicy.com,

President Biden’s latest executive order calls for extensive research on digital assets and may usher in a U.S. central bank digital currency (CBDC), eventually allowing individuals to maintain accounts with the Federal Reserve. Other central banks are already on the job. The People’s Bank of China began piloting a digital renminbi in April 2021. India’s Reserve Bank intends to launch a digital rupee as early as this year.

A CBDC may upgrade the physical cash the Federal Reserve already issues – but only if its designers appreciate the value of financial privacy.

Cash is a 7th century technology, with obvious drawbacks today. It pays no interest, is less secure than a bank deposit, and is difficult to insure against loss or theft. It is unwieldy for large transactions, and also requires those transacting to be at the same place at the same time — a big problem in an increasingly digital world.

Nonetheless, cash remains popular. Circulating U.S. currency exceeded $2.2 trillion in January 2022, more than doubling over the last decade. The inflation-adjusted value of circulating notes grew more than 5.5 percent per year over the period. And U.S. consumers used cash in 19 percent of transactions in 2020.

Why is cash so popular, despite its drawbacks? Cash is easy to use. There are no bank or merchant terminal fees associated with cash. And, most importantly, it offers more financial privacy than the available alternatives.

When you use cash, no one other than the recipient needs to know. Unlike a check or debit card transaction, there’s no bank recording how you spend your money. You can donate to a political or religious cause, buy controversial books or magazines, or secure medicine or medical treatment without much concern that governments, corporations, or snoopy neighbors will ever find out.

Privacy means you get to decide whether to disclose the intimate details of your life. Some will happily share. That is their choice. But others will prefer to keep those details private.

In a digital world, personal information can spread far and wide. And it can be used to exclude or exploit people on the margins. The choice about what information to share is important. For some, flourishing depends on carefully choosing how much others know about their politics, religion, relationships, or medical conditions.

Financial privacy matters just as much as privacy in other areas. What we do reveals much more about who we are than what we say. And what we do often requires spending money. In many cases, meaningful privacy requires financial privacy.

Privacy also operationalizes the presumption of innocence and promotes due process. You are not obliged to testify against yourself. If law enforcement believes you have done something unlawful, they must convince a judge to issue a warrant before rifling through your things. Likewise, financial privacy prevents authorities from monitoring your transactions without authorization.

The recent executive order, to the administration’s credit, notes that a CBDC should “maintain privacy; and shield against arbitrary or unlawful surveillance, which can contribute to human rights abuses.” But a reasonable person might worry that the government is paying lip service to privacy concerns.

recent paper from the Fed, offered as “the first step in a public discussion” about CBDCs, suggests the central bank has no interest in guaranteeing privacy at the design stage. Instead, it maintains that a “CBDC would need to strike an appropriate balance […] between safeguarding the privacy rights of consumers and affording the transparency necessary to deter criminal activity.” The Fed then solicits comments on how a CBDC might “provide privacy to consumers without providing complete anonymity,” which it seems to equate with “facilitating illicit financial activity.” A U.S. CBDC, in other words, will likely offer much less privacy than cash.

We do not deny that financial privacy benefits criminals and tax cheats. Such claims tend to be exaggerated, though. In reality, it is a small price to pay for civil liberty. That due process applies to everyone — criminals included — is no reason to scrap the Fourth or Fifth Amendments.

Policymakers may be tempted to compromise on financial privacy when implementing a CBDC. Instead, they should attempt to replicate the privacy afforded by cash. Like non-alcoholic beer, the Fed’s “digital form of paper money” would superficially resemble the real McCoy while lacking its defining feature.

Tyler Durden
Tue, 04/05/2022 – 21:00

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NYC Mom Who Confronted Mayor Adams Over Toddler Masking Fired By City The Same Day

NYC Mom Who Confronted Mayor Adams Over Toddler Masking Fired By City The Same Day

A New York City mother who asked Mayor Eric Adams why he reneged on his promise to “unmask our toddlers” was fired shortly after putting Adams on blast.

According to the NY Post, Daniela Jampel – who was an assistant corporation counsel in the city Law Department, learned she was fired ‘less than an hour’ after confronting the Mayor at an unrelated LGBTQ event which had a podium banner reading “Come to the city where you can say whatever you want.”

“Three weeks ago, you told parents to trust you that you would unmask our toddlers,” said Jampel. “You stood right here, and you said that the masks would come off April 4. That has not happened.”

When City Hall staffers attempted to cut Jampel off, Adams told them to let her speak – only to condescend to her by telling her she needed to “come to a conclusion.”

Watch:

 As the Post reports;

Sources close to the matter said Jampel — a leading local critic of the toddler mask mandate and pandemic school closures — was informed by email shortly after the presser that she was fired.

The Law Department’s spokesman confirmed to The Post that Jampel was terminated Monday, although the rep said the decision to fire her was made “prior to today. 

According to a city spokesman, the decision to fire Jampel had previously been made – and her ‘decision to lie’ and say she’s a journalist caused them to do it that day.

“We hold all of our employees to the highest professional standards. In public statements, Ms. Jampel has made troubling claims about her work for the city Law Department. Based on those statements, the decision had been made to terminate her prior to today.” 

Today’s events, however, which include her decision to lie to City Hall staff and state she was a journalist at a press conference, demonstrate a disturbing lack of judgment and integrity. As of today, she is no longer an employee of the Law Department.”

Jampel, a mother of three who has been out on maternity leave for the past 8 months, and co-founded an advocacy group against pandemic restrictions in schools, told the Post that she is “retaining counsel and will not litigate in the press.”

A ‘source familiar with the matter’ told the Post that Jampel was in good standing with her bosses ‘as recently as mid-February,’ pointing to the approval of a request for extended maternity leave.

City sources say the decision to terminate Jampel came Friday after she wrote a tweet criticizing Adams for upholding the toddler mask mandate and said her job with the city entailed defending “cops who lie in court, teachers who molest children, prison guards who beat inmates.”

“It is a job I have done proudly. Until tonight. Fighting to keep masks on toddlers is shameful. I am ashamed of my office,” Jampel wrote. -NYP

Jampel attended an anti-toddler-mask rally around two weeks ago, and was quoted by the Post for saying Adams was “not following the science.”

“This is making a mockery of the science. This is playing us for fools,” she said. “New York state recognizes the science. Everywhere else in New York state — 10 miles away in Nassau County, 10 miles away in Westchester County — toddlers are allowed to take off their masks along with their older brothers and sisters.”

But “our mayor and our new health commissioner tell us it’s not safe for toddlers to take off their masks,” she continued at the time.

Tyler Durden
Tue, 04/05/2022 – 20:40

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Shellenberger: Why Wishful Liberal Thinking Led To Disasters In Ukraine, Homelessness, & Climate

Shellenberger: Why Wishful Liberal Thinking Led To Disasters In Ukraine, Homelessness, & Climate

Authored by Michael Shellenberger via Substack,

The good news is that everything is changing… and fast…

In the three decades since the collapse of the Soviet Union, liberals in the West have denounced their political opponents as deniers of climate change, science, and reality in general. Progressives and neoliberals alike argued that they alone could see the shape of the new world being born. It would be increasingly globalized, democratic, and focused on new threats, like climate change.

It’s now clear that all of that was a delusion. Neither China nor Russia is democratizing and both have become more autocratic and totalitarian. Neither nation views climate change as a major threat. On the contrary. Russia views climate change as an opportunity to expand agriculture and shipping through its newly ice-free waters. Where both Putin and Chinese Premier Xi used to give lip service to climate change, neither even bothered to attend last fall’s United Nations climate talks.

It’s true that the West has imposed sanctions on Russia, and the Ukranian people are battling the Russians fiercely and admirably. A few days ago, Russians retreated from the capital city of Kyiv. Western nations froze bank accounts of Russian oligarchs, hammering the ruble. And European governments are calling on their citizens to reduce energy consumption.

Rep. Alexandria Ocasio-Cortez (left) admits, “We’re in Trouble,” as President Joe Biden (center) struggles to respond to the worst energy crisis in 50 years, and as California Gov. Gavin Newsom (right) makes homelessness worse.

But those are hiccups on the way to a rapidly changed world. Consider that:

  • China aided Russia’s invasion of Ukraine through a massive cyberattack on Ukraine’s military and nuclear facilities, according to intelligence memos obtained by The Times of London.

  • Europe continues to import Russian energy while China nor India are buying Russian oil at a steep discount. There is little reason to believe conservation measures by Western consumers will make much of a dent in energy consumption.

  • And Russia’s retreat from Kyiv appears to be temporary and strategic.

Russia’s invasion of Ukraine comes at the very same time as: the collapse of the West’s climate and renewables agenda; an energy crisis triggered by climate activists; and a worsening drug, crime, and homeless crisis in America’s cities.

What do all these events have in common? They all point to the grave dangers of irrational liberal optimism.

Liberals aren’t the only ones who are guilty of wishful thinking. There are an alarming number of Republicans who believe that Donald Trump was elected President in 2020 and that Larry Elder defeated Governor Gavin Newsom in California’s recall election last fall. Only an elaborate electoral fraud conspiracy, the reasoning goes, kept them from assuming office.

And conservatives contributed to the disasters in Ukraine, homelessness, and climate change. George W. Bush famously said he looked into Putin’s eyes and “was able to get a sense of his soul.” Bush also made the disastrous “Housing First” policy of giving away apartment units, unconditionally, to addicts and the mentally ill, federal policy. And many Republicans have, in recent years, promoted renewable energy subsidies.

But when it comes to the West’s failure to deter an increasingly totalitarian and violent Russia and China, the growing scarcity and unreliability of energy, and the destruction of America’s cities by open air drug scenes, the fault lies squarely with people on the Left end of the political spectrum.

Western leaders, including President Joe Biden, French President Emanuel Macron, and former German Chancellor Angela Merkel, all denied to themselves, and to others, what was plainly obvious to many analysts for years: Putin intended to invade Ukraine.

Even as Russian forces prepared for war games last fall, Biden’s national security adviser Jake Sullivan wondered “why Russia would take such a military action at that time,” according to a reconstruction of the events leading up to Putin’s invasion by the Wall Street Journal.

On climate change, center-Left parties around the world deluded themselves into thinking their high-energy economies could be powered by renewables, which energy historians have known for centuries had to be abandoned for fossil fuels in order for the industrial revolution to happen. And around the world it was liberals not conservatives who fought to shut down nuclear plants and block natural gas pipelines and infrastructure.

Liberals and progressives could have embraced a climate and energy strategy focused on domestically-produced natural gas and nuclear, as I have urged them to do for over a decade, and which Putin did, allowing him to gain a stranglehold over Europe’s energy supplies.

Such a strategy was the only one that ever made any sense from an environmental point of view. Nuclear and natural gas are the two technologies that are most responsible for declining emissions by the US and Europe since the 1970s.

Instead, the Left in Europe opted for importing fossil fuels from Russia and the Left in the US for importing solar panels made by enslaved Muslims in China.

On crime, liberal cities have gradually reduced consequences for breaking laws, whether from addiction or malevolence, resulting in rising homicides, burglaries, and open air drug scenes. Relatedly, on homelessness, progressives have funneled hundreds of billions into “Housing First,” which gives away apartments to homeless drug addicts without requiring sobriety.

California Gov. Gavin Newsom doubled down on Housing First last year. At a press conference announcing $12 billion for Housing First, a journalist asked, ”How do you keep California from becoming a magnet for people who have issues in other states and coming here to take advantage of what California is spending. It’s been a problem in the past.”

Responded Newsom, “To the extent that people want to come here for new beginnings and all income levels, that’s part of the California dream. And we have a responsibility to enliven and inspire. California’s dream is still alive and well. A $80 billion budget surplus… And that should not just be for certain people.”

The result is that, today, well over 50 percent of the people on the streets of San Francisco and Los Angeles are from out of town, according to expert insidershomeless outreach workers, and the homeless themselves.

Why do liberals keep making the same mistake over and over again?

In part, it’s because of what cognitive psychologists call “theory of mind.” Liberals tend to think that other people think like they do. Western liberal leaders thought Putin was one of them, a liberal democrat committed to rule of law, even though he repeatedly said he wanted to reconstruct the Soviet empire.

Similarly, leading liberal leaders think homeless drug addicts are seeking a better life, and just need their own apartment to quit drugs, get a job, and re-connect with family and friends. In truth, many if not most homeless addicts maintain their addiction until they are forced to quit.

On energy and climate change, progressives indulged in the fantasy that we could power the world with energy sources that have no negative consequences. They convinced themselves that renewables were better in every way than either fossil fuels and nuclear, even as they demanded massive subsidies for, and the right to kill endangered species in, their deployment.

And liberals engaged in wishful thinking that high standards of living can be maintained with much lower levels of energy consumption, and that poor and working people will accept low standards of living.

There were financial rewards for such wishful thinking. Politicians like Newsom can raise much more money from homeless housing developers than from homeless shelter providers. Center Left parties take money from renewable energy companies all over the world. And it’s now clear that climate activists in Europe, and perhaps the United States, took, took money from the Russian government to fight fracking and natural gas production.

The good news is that the failure of elites to govern at local, national, and international levels points to a coming change of leadership, triggered by covid, but ultimately resulting from the exhaustion of post-Cold War ideologies and institutions.

It will gradually become clear that the West must defend itself more vigorously against resurgent illiberal regimes, particularly Russia and China, which could well invade Taiwan, or even attempt to take a Japanese island, in the coming months or years.

In California, it has fallen to mothers of homeless addicts to speak out against the open drug scenes. Yesterday they held a press conference in San Francisco warning foreign tourists not to visit. The dangers of the open air fentanyl markets, unofficially supported by the governments of San Francisco, California, and the United States, are simply too great. The billboard they purchased in Union Square to warn tourists was covered by every major San Francisco news media outlet.

And major political changes are afoot. Republicans will likely take one or more house of Congress, and President Joe Biden is unlikely to run again in 2024. The result will be major changes within both parties. California, long a leader of change, for good or ill, will likely see the recall of district attorneys in San Francisco and Los Angeles, the election of a new attorney general, and the election of a new, more moderate, governor.

In this context, it becomes clear that the claims of reality denial by progressives were a kind of psychological projection. It was progressives who denied the realities of climate change and energy, the intentions of Vladimir Putin, and homelessness. The good news is that people are waking up, and quickly. The trend toward the dismantling of civilization could soon reverse itself. But, ultimately, what happens next is up to us.

*  *  *

Donate To Shellenberger 2022

Tyler Durden
Tue, 04/05/2022 – 20:20

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“Absolutely Historic” – Harvard’s Rogoff Admits US’ Weaponization Of Dollar Could End Dominance Within 20 Years

“Absolutely Historic” – Harvard’s Rogoff Admits US’ Weaponization Of Dollar Could End Dominance Within 20 Years

During a lengthy interview with Bloomberg TV on the role of cryptocurrencies in the world, when asked by anchor Matt Miller if we will look back at this moment as the beginning of the end of the dollar as the world reserve currency, Harvard University economics professor Kenneth Rogoff started by claiming “…that’s a little hyperbolic but it could be true… a long time from now.”

However, Rogoff then quickly admitted that “China and Russia have been looking for an alternative to the dollar for a very long time.”

Indeed they have Mr.Rogoff, as we have detailed over the past few years, de-dollarization of the world has been gathering pace and the recent actions taken by the US and its allies to restrict Russia’s access to the dollar-dominated global financial system – the so-called ‘weaponization of the US Dollar’ – could further stimulate moves to develop an alternative to the greenback.

For the largest nations, the Harvard prof says challenges of displacing the dollar include “huge network effects, not to mention that in China the rule of law isn’t what it is in the United States,” but, he says, “for smaller, emerging countries, [crypto] is something of an alternative to the dollar.”

He continues to expound on this by admitting that “China and Russia are going to be looking for something like this… maybe not on a public blockchain but more centrally-controlled,” raising the probability that, as we have noted previously, a ‘de-dollarization alliance’ could be forthcoming, to diminish the economic heft of Washington’s sanctions powers, and its de facto control of SWIFT, the primary inter-bank messaging service via which banks move money from country to country.

The move that the U.S. did of shutting down the reserves, or blocking the reserves of the Russian central bank – absolutely historic” Rogoff says, warning that this precedent “will probably accelerate moves in the international financial system” to compete with the dollar.

“But they’re not going to take place at warp speed. Something that would have taken 50 years maybe is going to take 20 years.

Bear in mind, as Wolf Richter points out, that the global share of US-dollar-denominated foreign exchange reserves fell by 40 basis points from Q3 to 58.8% in Q4, setting a new 26-year low, edging out the low in Q4 2020, according to the IMF’s COFER data released at the end of March.

Over the past 20 years, since 2001 – just before the official arrival of euro banknotes and coins – the dollar’s share has dropped by 12.7 percentage points, from 71.5% then to 58.8% now.

“Until now, the Chinese authorities have had an ambivalent view of internationalization,” wary about “the loss of monetary policy autonomy that could result from offshore trading in yuan and large foreign investments in the local bond market,” says Michael Spencer, chief economist and head of research, Asia Pacific, at Deutsche Bank AG.

But now, “the potential threat of being prevented from making or receiving payments in dollars or euros would likely encourage China to redouble its efforts to redenominate international transactions into yuan.”

Don’t forget, the greenback is hardly the first “global currency”…

…and nothing lasts forever… not even bitcoin? as Rogoff opined on the future of the largest crypotocurrency, suggesting as Myspace ‘replaced’ Facebook, he “expects to see other things replace” bitcoin, as it becomes more regulated.

Tyler Durden
Tue, 04/05/2022 – 20:00

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Biden Wants $2.6 Billion For Gender Equity Worldwide

Biden Wants $2.6 Billion For Gender Equity Worldwide

Authored by Adam Andrzejewski via RealClear Policy,

On International Women’s Day, President Joe Biden announced that his FY 2023 budget will include $2.6 billion for foreign assistance programs to promote gender equity, more than double than what he set aside the previous year.

In the announcement, Biden touted his accomplishments in gender equity, like the creation of a White House Gender Policy Council, the reauthorization of the Violence Against Women Act, the provisions for childcare funding in the American Rescue Plan, and the establishment of the Gender Equity and Equality Action Fund, among others. 

Biden didn’t release details about exactly where the money was going, but funding for foreign assistance programs often results in waste because of its decentralized nature.

Last summer, our auditors at OpenTheBooks.com released a report showing that U.S. taxpayers already pay approximately $50 billion a year in foreign aid – an amount more than the federal money flowing to 48 out of 50 state governments.

Much of the new worldwide gender funding will likely go to individual missions and embassies in foreign countries, which will have broad discretion in the programs they choose to sponsor.

With few guidelines and little oversight, there’s no telling where these funds will end up.

The budget request will soon be sent to Congress, which ultimately decides what funding to approve, but the Democratic majority in the House of Representatives will likely try to incorporate the president’s priorities into its bill. It’s likely that $2.6 billion for gender equity for foreign assistance programs will make its way into the final bill.  

The #WasteOfTheDay is brought to you by the forensic auditors at OpenTheBooks.com.

Tyler Durden
Tue, 04/05/2022 – 19:40

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Chinese Company Insiders Have Sidestepped Billions In Losses With Conveniently Timed Stock Sales

Chinese Company Insiders Have Sidestepped Billions In Losses With Conveniently Timed Stock Sales

Insiders at Chinese companies seem to have incredible timing in selling their own stock.

At least, that’s the reasonable conclusion one has to draw after reading a new Wall Street Journal report that shows insiders had propensities to sell “large stock holdings” in the periods just before sharp declines. 

An academic analysis of securities filings shows that Chinese company insiders “avoided at least $10 billion in losses on trades made between 2016 and mid-2021 by selling stock ahead of significant price declines,” the report said. 

The analysis was performed by former SEC commissioner Robert Jackson and the University of Pennsylvania’s Bradford Lynch and Daniel Taylor, the Journal wrote. They looked at more than 100,000 Form 144 filings that were filed between 2016 and 2021 as part of their research. 

In the year following their sales, share prices were down by 21% on average. For American insiders whose stock sales were similarly analyzed, the research showed that stock sales preceded 2% gains in stocks the following year. 

One stunning example was when an entity controlled by an Alibaba insider sold $150 million of Alibaba stock in the day before founder Jack Ma was critical of Chinese regulators. The day after Ma’s speech, Alibaba fell 8%.

The sale by an entity called Sky Scraper Enterprises Ltd. “avoided hundreds of millions of dollars” in losses, the Journal wrote, stating that the entity likely belonged to “one of the company’s best-paid executives in recent years”.

The sale was made under a Rule 10b5-1 plan, and an Alibaba company spokesperson said: “It is highly inappropriate to suggest that a plan adopted by SkyScraper Limited in early September 2020 was timed to result in a stock sale ahead of unexpected challenges the Ant IPO encountered two months after the plan was put in place.”

In addition, the Journal looked at iQIYI stock sales, where $125 million was sold before shares were cut in half in the following two months in 2021. It also looked at how top executives at Vipshop Holdings sold more than $250 million in stock near the company’s record highs, before the stock fell 70% in the six months following the sales. 

The use of Form 144s hid the sales, the Journal noted:

If those were American companies, the trades would have been reported to the SEC’s corporate-filings website, Edgar, and immediately noticed by investors and services that closely track insider sales. Instead, PDFs documenting them were emailed to the agency’s headquarters and posted on an obscure SEC website.

Jackson will be testifying in front of congress on Tuesday about insider trading laws. His testimony will state: “Exempting foreign-firm executives from rules governing the transparency of insider trades is the kind of gap in our law that we must close to protect Americans’ confidence in the fairness of our markets.”

Tyler Durden
Tue, 04/05/2022 – 19:20

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Tennessee Senate Advances Bill That Withholds Funding From Schools Allowing Transgender Athletes To Compete

Tennessee Senate Advances Bill That Withholds Funding From Schools Allowing Transgender Athletes To Compete

Authored by Matt McGregor via The Epoch Times (emphasis ours),

Tennessee legislation that would withhold funding from school districts allowing transgender students to participate in sports passed in the Senate Education Committee on March 29.

Tennessee Gov. Bill Lee speaks in the East Room of the White House in Washington on April 30, 2020. (Mandel Ngan/AFP via Getty Images)

If passed into law, Senate Bill 1861 (pdf) would require the commissioner of education to withhold a portion of state education funding if the school refuses to determine the gender of a student participating in sports.

“We passed a bill last year that required boys to play boys and girls to play girls in K–12, and this bill is putting teeth into it,” Rep. John Ragan, a Republican, said on the House floor when speaking about the companion House Bill 1895.

The bill assigns unspecified financial penalties to the Tennessee law passed in 2021 that prohibited males from playing in female sports.

Opposition to the Bill

According to organizations such as the Human Rights Campaign (HRC), one of the largest LGBTQ-advocate organizations, the bill is discriminatory. The organization stated that allowing transgender youth to participate in sports doesn’t disadvantage other athletes.

This bill is only an attempt to continue the conversation to publicly ostracize, demonize, and harm transgender children who only want to play,” HRC said in a press release.

Rep. Gloria Johnson, a Democrat, said of the bill’s passage on Twitter: “Today on the floor we passed another LGBTQ hate bill (HB1895) that takes away school funding based on last year’s ‘solution’ to a problem we don’t have. There is so much hate in this body due to pure ignorance—it’s stunning.”

In response to those who call it a “hate bill,” Ragan told The Epoch Times that those statements are “emotionally-based rhetoric, not based in logic.”

“And I personally don’t hate any of these people,” Ragan said. “But by the same token, the law is the same for everybody. You don’t get a special exemption just because you think you’re not what you are physically.

Quoting from the Enlightenment writer and philosopher Voltaire, Ragan said, “‘Those who can make you believe absurdities can make you commit atrocities.’ And the definition of absurdity in my mind is denying reality.”

Rep. Kent Calfee, a Republican, pointed to the transgender swimmer at the University of Pennsylvania who in March won the 500-yard freestyle race at the NCAA Division 1 women’s championship. Lia Thomas grew up competitively swimming as a male who began taking hormone replacement therapy in 2019, declaring himself a woman in his junior year in college.

That’s totally unfair to people who were born a woman and are competing,” Calfee said.

Another Ragan-sponsored bill, HB 2316, which passed in House and Senate committees, would prohibit males from participating in female sports in higher education.

Penn Quakers swimmer Lia Thomas holds a trophy after finishing first in the 500 freestyle at the NCAA Womens Swimming & Diving Championships at Georgia Tech. (Brett Davis/USA Today Sports)

Transgender Day of Visibility

On March 30—or what has been nationally deemed “Transgender Day of Visibility,” President Joe Biden said transgender Americans continue to be discriminated against as his administration issued a batch of documents promoting transgender surgery and hormone therapy in children.

“In the past year, hundreds of anti-transgender bills in States were proposed across America, most of them targeting transgender kids,” Biden said. “The onslaught has continued this year.  These bills are wrong.”

In January 2021, Biden signed an executive order titled “Preventing and Combating Discrimination on the Basis of Gender Identity or Sexual Orientation.”

On March 31, the U.S. Department of Health and Human Services’ (DHHS) Office of Population Affairs released a document titled “Gender-Affirming Care and Young People,” which endorses gender-reassignment surgery and hormone treatment for minors. On the same day, the Substance Abuse and Mental Health Services Administration’s National Child Traumatic Stress Network (NCTSN), a division of DHHS, released a document titled, “Gender Affirming Care is Trauma-Informed Care,” which promotes surgical procedures for minors.

Providing gender-affirming care is neither child maltreatment nor malpractice,” the NCTSN document states.

It also says there is no scientific research showing negative impacts on a child’s well-being after receiving puberty blockers or what it calls “gender-affirming hormones.”

A Tennessee bill prohibiting transgender procedures in children stalled in the Senate General Subcommittee where it will likely not pass. House Bill 2835, or the Youth Protection Act, would have specifically prohibited a child who hasn’t reached puberty from getting hormone therapy or other gender alterations, such as surgeries, even if parents approve. If they have reached puberty but are still a minor, they must get parental consent.

We have age restrictions on our youth for a number of different reasons that are there to protect them,” Ragan said. “These protections are multifaceted and across the board.”

The bill would have made it illegal to perform procedures that would “facilitate the minor’s desire to present or appear in a manner that is inconsistent with the minor’s sex.”

Scientifically, at a cellular level, one is either male or female,” Ragan said. “There’s no denying that, aside from some genetic malfunctions. But what some have decided is that what’s between their ears should conquer reality. The reality is that’s not true.”

DHHS, NCTSN, and Biden cited mental health issues leading to high suicide rates resulting from what he called transgender discrimination.

Ragan shared a study that argued the opposite (pdf). It examined 324 sex-reassigned persons (191 male-to-females, 133 female-to-males) in Sweden that concluded that people “with transsexualism, after sex reassignment, have considerably higher risks for mortality, suicidal behavior, and psychiatric morbidity than the general population.”

The study defines transsexualism, or gender identity disorder, as a condition in which a person’s gender identity “contradicts his or her bodily sex characteristics.”

The study found “substantially higher rates of overall mortality, death from cardiovascular disease and suicide, suicide attempts, and psychiatric hospitalizations in sex-reassigned transsexual individuals compared to a healthy control population.”

In 2004, the Birmingham University Aggressive Research Intelligence Facility (ARIF) assessed the findings of more than 100 follow-up studies of post-operative transexuals.

ARIF concluded that none of the studies provided “conclusive evidence that gender reassignment is beneficial for patients.”

Tyler Durden
Tue, 04/05/2022 – 19:00

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Pentagon Wants Permanent Military Bases In Eastern Europe To Deter Russia

Pentagon Wants Permanent Military Bases In Eastern Europe To Deter Russia

Chairman of the Joint Chiefs of Staff Gen Mark Milley in Tuesday testimony before the House Armed Services Committee told Congressional leaders that the US should establish permanent military bases in Eastern Europe in the wake of Russia’s invasion of Ukraine. 

He cited that allies Romania, Poland and Baltic countries remain “very willing” to host US bases, and that “they’ll build them, they’ll pay for them.” He testified alongside Secretary of Defence Lloyd Austin. “My advice would be to create permanent bases, but don’t permanently station,” Milley said.

Chairman of the Joint Chiefs of Staff Gen. Mark Milley, via AP

He explained that this wouldn’t necessitate permanently deployed forces, but with the same benefits: “You get the effect of permanence by rotational forces,” the top general said.

Among other highlights in the House testimony was his being questioned over whether Vladimir Putin could have been deterred ahead of the Feb.24 invasion of Ukraine, short of direct US-Russia clash. He said:

“Candidly, short of the commitment of US military forces into Ukraine proper, I’m not sure he was deterrable.”

But he and Secretary Austin touted the Pentagon’s robust response in assisting Ukrainian forces, including providing weapons as well as intelligence sharing: 

“We’ve had extraordinary intelligence all throughout and the intelligence sharing that we’ve enabled Ukraine to see … the ability of us to transmit information that is useful to Ukraine has been enormously helpful,” the US commander said.

On US weapons in the Ukraine war being a game-changer, Milley described, “We’ve seen them again blunt the advance of a far superior force with respect to the Russians in terms of numbers and capability by using the right types of techniques and the right weapon systems; the Javelin, the Stingers are proven to be very effective in the fight.”

Gen. Milley further called Russia’s action the “greatest threat to peace and security of Europe, perhaps the world in my 40 years of service and in uniform.”

He described that it shakes the foundations of the current global order, specifically also mentioning China: “We are now facing two global powers, China and Russia, each with significant military capabilities,” he said.

Secretary Austin backed Milley’s Ukraine assessment, confirming that the US had provided Ukraine with one billion dollars in aid ahead of the Russian invasion

And on new cutting-edge drones, he confirmed the Pentagon will send Switchblade armor penetrating drones to the Ukrainians, as Reuters reports:

The United States will send a variant of the Switchblade drone that has an anti-armor warhead to Ukraine as quickly as possible, U.S. Defense Secretary Lloyd Austin said on Tuesday. “The Switchblade 600 and 300 will move as quickly as they possibly can,” Austin said during a House Armed Services Committee hearing. The 600 variant has the anti-armor warhead and can loiter over a target for more than 40 minutes, according to AeroVironment, which makes the drones.

The Pentagon chief further said an additional billion dollars in “security assistance” has been approved and is being rushed, now on the way. 

Tyler Durden
Tue, 04/05/2022 – 18:40

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Your Rising Wages May Make You Feel Better… Until You Try To Buy Stuff

Your Rising Wages May Make You Feel Better… Until You Try To Buy Stuff

Via SchiffGold.com,

Despite the biggest increase in average hourly wages for production and non-supervisory workers in 40 years, these people are actually worse off.

Why?

Rising prices are eating up their income gains.

Year-over-year, average hourly wages for production and nonsupervisory employees were up 6.7% in March, according to Bureau of Labor Statistics data. Other than the lockdown distortions in April and May of 2020, this was the biggest gain since 1982.

This includes jobs in all industries that are non-management, ranging from assembly line workers to computer coders.

In dollar terms, the average wage of Production and Nonsupervisory Employees increased by $0.11 month-on-month. Wages were up $1.71 from a year ago, to $27.06.

As WolfStreet explains, the spike in the spring of 2020 was due to the lockdown.

Many lower-wage employers, such as restaurants and retailers, were shut down, and their employees were laid off. Their relatively lower wages fell out of the averages, while many people in higher-paying service jobs, such as those in financial services, tech, and other sectors, switched to working from home. As millions of lower-wage people were laid off, the higher wage earners became a bigger proportion of the earners and pushed up the year-over-year gains in average hourly wages. In April and May 2021, the low year-over-year gains reflect the high base a year earlier.”

The big jump in wages over the last several months may make you feel better — that is until you actually go out and try to buy stuff.

We hear a lot about 7.9% CPI. That is 1.2% higher than the age gains. And the CPI understates the pain.

Consider rents. The cost of renting an apartment or a single-family house spiked by 17% from a year ago, according to Zillow’s Observed Rent Index. This is much higher than the contrived calculation the government uses to calculate housing costs in the CPI.

The price of durable goods, including vehicles, furniture, consumer electronics, etc. jumped by 18.7% in February.

Nondurable goods prices were up 10.7% in February. That includes food, gasoline and other household supplies. And this was before the huge jump in gas prices due to the Russian invasion of Ukraine.

In fact, based on BLS data, your real earnings have lost over 5% of their value in the last two years as real average hourly earnings have dropped on year-over-year basis for 11 straight months…

As WolfStreet noted, inflation hits the average American hardest.

The people that earn hourly wages — they will not be fine. Their raises might make them feel better briefly – until they have to go fill up their car, buy groceries, pay for the rent increase, or buy a car. And if they want to buy a house, well, forget it.”

Economists and pundits talk about inflation as an academic exercise. They rarely reflect on the fact that rising prices have real impacts on real people. And if you happen to be somebody living on a fixed income or savings, you’re really screwed as inflation is rapidly eating away your purchasing power and your income streams aren’t increasing at all. Inflation always causes the most pain for the poor and elderly.

Tyler Durden
Tue, 04/05/2022 – 18:20

via ZeroHedge News https://ift.tt/vrip2u4 Tyler Durden

Daily Briefing: Fed Voices Get Hawkish on Inflation – LIVE from San Diego

Daily Briefing: Fed Voices Get Hawkish on Inflation – LIVE from San Diego

With the minutes of the Federal Open Market Committee’s March meeting set for release on Wednesday, financial markets continue to search for direction. Kansas City Fed President Esther George said today a faster pace of rate increases may be warranted, with 50 basis points on the table for May. Federal Reserve Governor Lael Brainard noted the central bank will raise interest rates steadily and will begin reducing its balance sheet as soon as next month. Brainard, normally a dovish voice, also noted that balance-sheet reduction could proceed “at a rapid pace.” U.S. equity indexes lingered in the red at midday, as bond prices sagged on Brainard’s comments. The question now is how aggressively the Fed will move after having indulged the “transitory” fantasy too long. Real Vision is in San Diego for this week’s Macro Experience event, where we continue to meet face to face with some of our favorite guests. Mish Schneider, Director of Trading Education at MarketGauge.com, joins Maggie Lake to talk about the Fed’s approach to inflation on today’s Daily Briefing. Want to submit questions? Drop them right here on the Exchange: https://rvtv.io/3LHARWe and check out our new podcast, My Life in 4 trades right here: https://www.realvision.com/podcast/mylifein4trades/page/1

Tyler Durden
Tue, 04/05/2022 – 14:19

via ZeroHedge News https://ift.tt/mx4nj70 Tyler Durden