Why Q1 Was So Strange

Why Q1 Was So Strange

Submitted by Nicholas Colas of Datatrek

Q1 2022 saw the first sharp break lower for US/global equities since the March 2020 pandemic lows, so what happened and what does it say about current and near-future market narratives? Three points to answer that question:

First, here are price returns from the end of 2021 to the early-mid March 2022 lows for select global and US equity market indices:

  • MSCI All-Country World Index: -13.1 percent (March 8th lows)
  • MSCI All-Country ex-US Index: -13.3 pct (March 7th lows)
  • S&P 500: -12.7 percent (March 8th lows)
  • Russell 2000: -13.6 pct (March 14th lows, late January lows -14.1 pct)
  • NASDAQ Composite: -20.1 pct (March 14th lows)
  • MSCI Europe: -18.7 percent (March 7th lows)
  • MSCI Japan: -13.0 pct (March 8th lows)
  • MSCI Emerging Markets: -15.4 percent (March 14th lows)
  • MSCI China: -28.4 pct (March 15th lows)

Comment: European and Chinese stocks forcefully dragged global equity markets lower from the start of the year to the early-mid March bottom. Rising oil prices and the Russia-Ukraine conflict explain Europe’s underperformance. Chinese equities had been under pressure since February 2021 due to a host of pandemic- and local Big Tech regulatory-related issues. Higher oil prices and continuing concerns about regulation put even more of a strain on China’s stock market from January – mid-March 2022. The NASDAQ and Russell, riskier indices with a perennially +1.0 beta, sold off harder than the S&P 500.

Now, here is how each of these indices has fared from their respective March lows through today:

  • MSCI All-Country World Index: +9.0 percent
  • MSCI All-Country ex-US Index: +8.3 pct
  • S&P 500: +9.7 percent
  • Russell 2000: +7.0 pct
  • NASDAQ Composite: +14.1 pct
  • MSCI Europe: +12.5 percent
  • MSCI Japan: +6.2 pct
  • MSCI Emerging Markets: +8.8 percent
  • MSCI China: +18.8 pct

Comment: the snapback from the lows for global equities earlier this month was most pronounced in European and Chinese stocks, mirroring the returns during the meltdown. That the Russia-Ukraine crisis did not spiral into a wider European conflict has helped the region’s equity markets bounce back. Separately, the Chinese government finally realized that its local equity market was getting dangerously close to free-fall and stepped in to reassure investors that it understood it had to tread more lightly.

As for other reasons early-mid March was the low for global equities, consider the following:

  • WTI Crude peaked on March 8th at $124/barrel, now $100/barrel
  • Gold peaked on March 8th at $2,043/oz, now $1,923/oz
  • Euro/dollar exchange rate troughed on March 7th at $1.085, now $1.100
  • Chinese offshore yuan/dollar exchange rates peaked on March 14th at 6.395, now 6.385
  • The CBOE VIX “Fear Gauge” Index peaked on March 7th at 36.5, now 19.6. The first number is 2 standard deviations from the mean, the second is the long run mean back to 1990.

So, we know oil, gold, currencies, and market fear all peaked at/near the lows, but here’s what DID NOT peak at the same time:

  • 2-year Treasury yields, a market proxy for Fed policy, which were 1.6 – 1.7 percent mid-month but are 2.34 percent today.
  • 10-year Treasury yields, a market proxy for the US neutral rate of interest, which were 1.9 – 2.0 percent mid-month but are 2.47 percent now.
  • 10-year German and French sovereign bond yields, market proxies for the European neutral rate of interest, which were 0.00 – 0.75 percent mid-month but are 0.59 – 1.00 percent today.

Takeaway: geopolitics/oil prices and Chinese economic/commercial policy uncertainty were more important market narratives in Q1 than changing market perceptions of future Federal Reserve rate hikes. If a more hawkish Fed really were a market driver, we wouldn’t be rallying into quarter end with bond markets discounting ever-more aggressive Fed policy by the day. As for what captures the market’s attention in Q2, we think the 1-word answer is “earnings”. As long as Russia-Ukraine does not cause another oil price spike, the market only has to worry about Fed policy (which it now assumes will be aggressive) and corporate earnings power. That’s not a bad setup as we start the second quarter; if the last 2 years have shown us anything, it is that American companies know how to generate strong profits.

Tyler Durden
Sun, 04/03/2022 – 09:20

via ZeroHedge News https://ift.tt/UxplP87 Tyler Durden

Sacramento Mass Shooting: 6 Killed, 15 Injured As Gunfire Erupts Near Capitol Building 

Sacramento Mass Shooting: 6 Killed, 15 Injured As Gunfire Erupts Near Capitol Building 

Police in Sacramento said at least 15 people were shot, including six deceased. The mass shooting occurred in the city’s downtown district in the early morning hours of Sunday. 

Sacramento Police tweeted the shooting location, at the intersection of 10th and J Streets, down the street from the California State Capitol Building. 

A video posted on Twitter allegedly shows a fight broke out. Then moments later, gunfire erupted, along with the sound of automatic gunfire. 

Another video shows the incident area around 0300 local time with a large police presence and the capitol building in the background. Some say at least 50 rounds were fired in a matter of seconds. 

Police provided limited details about the mass shooting but said in a tweet that a “large police presence will remain and the scene remains active.”

*Developing 

Tyler Durden
Sun, 04/03/2022 – 08:43

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

Central Banks: Who Needs Them? (Spoiler Alert: No One)

Central Banks: Who Needs Them? (Spoiler Alert: No One)

Authored by Vibhu Vikramaditya via The Mises Imstitute,

As the Federal Reserve hikes its lending rate to a range of 0.25–0.50 percent, murmurs are heard around the world, with financial pundits predicting doom due to the increased pressures imposed on the cost structures of firms that are recovering from the pandemic lockdowns. The Federal Reserve is leader of the group of central banks around the world that are ostensibly directed by their respective countries to pursue stability and smooth functioning of their economies.

The alleged legitimacy of central banks rests on three fundamental goals that central banks around the world share.

  • The first goal is price stability, which is the belief that central banks should expand and contract the money supply in relation to actual demand and supply pressures from the economy.

  • Goal number two is fueling macroeconomic growth prospects, which is done through lowering the cost of borrowing, which supposedly leads businesses to increase their investments, leading to increases in output and overall growth.

  • Finally, the last goal is performing countercyclical measures, which are actions that the central bank undertakes in order to offset the high unemployment rates that may result from falling output during a trough in the business cycle.

Price Stability

The role of the central bank in maintaining price stability in effect lies in controlling the value of money; i.e., not allowing a general inflation or a general deflation to take place. An index is created comprising a basket of goods that are weighted in terms of expenditures on them, and then their price movements are tracked as a proxy for changes in the general price level in the economy.

The increase or decrease in value of the index are judged alongside a constant percentage growth rule. When the value of the index increases or decreases more than the designated rate of constant growth, usually 2 percent, the central bank steps in with its monetary policy instruments to influence the value of money in the markets.

While the idea of preserving the value of money may be well intentioned, it suffers from a misunderstanding of the role rising and falling prices play in the market economy. Prices act as coordinating signals that convey information about important economic data scattered around in a decentralized manner. The rise in prices in a well-functioning market has a specific role: when an object becomes scarce in the market, rising prices are a signal to consumers to economize on it while at the same time pointing out a more profitable employment of resources to suppliers, who increase supply of the object until supernormal profits are all exploited, bringing down its price in the process.

Therefore, when the prices of goods in the basket of goods rise, the value of the index increases, providing the central bank with reasons to interfere in the market in order to offset the increases in price, but by doing so, central banks interfere in the market process. This prevents entrepreneurs from capitalizing on high-profit opportunities; if the rise in prices is caused by demand-pull inflation, the intervention also stops consumers from getting goods which would make them better off.

Macroeconomic Growth and Countercyclical Goals

Modern central banking traces ups and downs through the deviations of the actual growth rate of the economy from its long-run trend rate of growth. In other words, a growth-cycle upturn (downturn) is marked by growth higher (lower) than the long-run trend rate. The health of an economy is understood in terms of the closeness between its current growth rate and its projected growth rate based on long-term trends. Central banks also use other lagging and leading indicators such as consumer confidence surveys, weekly work time surveys, and the industrial production indices to gauge the current health of the economy.

When the current growth level or the value of the indicators suggest that the economy needs to be stimulated, various monetary policy instruments are used to influence the demand and supply of money in the economy to accomplish the goal of bringing the economy back on track. In trying to lower the cost of borrowing for firms, the central banks also lower the cost of lending for commercial banks, which would then lower commercial banks’ own interest rates. The decrease in interest rates is supposed to lower the cost of borrowing for firms such that the return on an investment becomes marginally greater than its cost and thereby increase investment and output through the multiplier process.

But while at first glance such measures against falling output and spending may seem sound, they warrant a deeper look, as the actions of central bankers impact the economy disproportionately. The total spending in the economy consists of two parts, one being spending to support the structure of production and the other being spending on the final products. The spending on the structure of production consists of spending on capital investments to increase the productivity as well as scale of firms, and on circulating capital, which is used as input to produce outputs, while the spending on final products implies consumer spending on finished goods and services.

Firms often save a part of their profits and use this pool to finance their capital investments in the future. When firms resort to saving instead of spending, there might be falling output, but such a fall in output and spending is not a sign of bad health of the economy but merely a process that the economy needs to undergo that results in increased productivity, innovation, and efficiency in production due to lowered costs.

This efficiency results from changes in capital structures of firms as they change their machines or increase their scale. The process also results in an increased value of money, as the goods per unit of money spent increase.

A fall in output would soon taper off to a greater level of productivity and prosperity for the economy, but if the central bank intervenes with an easy money policy to reduce the cost of borrowing, it leads to Cantillon effects. Savers lose due to additional generation of artificial money, which lowers the value of their money, leading to inflation.

Conclusion

Easy money policies fuel unsustainable booms that eventually result in misallocation of capital, as capital investment is redirected in an unsustainable direction. Each firms makes its investments on the basis of comparison of costs and benefits. When the costs are artificially lowered through decreased interest rates, investments that were previously unprofitable now seem profitable, but since such profitability is not based on true underlying consumer demand, inflation soon increases as producers compete for scarce resources.

The increase in inflation shrinks the profit margins originally fueled by artificially low interest rates where an additional monetary push would again be needed to keep current investments from becoming unsustainable. Thus, we conclude that central banks create business cycles and distort market processes. Therefore, we should reexamine the need for central banks, since they are the source of a lot of economic ills.

Tyler Durden
Sun, 04/03/2022 – 08:10

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

“Don’t Believe The Pollsters” – Macron Tells Supporters He Could Still Lose French Election To The “Far Right”

“Don’t Believe The Pollsters” – Macron Tells Supporters He Could Still Lose French Election To The “Far Right”

Many untrained political observers probably assumed that the outbreak of war in Ukraine probably bolstered French President Emmanuel Macron’s odds of securing a second term during the French presidential election this month. But the truth is the race is much closer than it might appear.

With this in mind, Macron – who has survived multiple crises during his first five-year term, including the COVID pandemic and the Gilet-Jaunes protest movement that unleashed waves of unrest across Paris and other French population centers in retaliation for an increase in the fuel tax a few years back – warned his supporters on Saturday during a massive rally on the outskirts of Paris that he could very well lose to one of his “far right” rivals.

According to the FT, Macron warned his supporters on Saturday that one of his conservative rivals (perhaps National Rally leader Marine Le Pen) could very well defeat him. As evidence for this claim, he pointed to the Brexit vote, and his own victory in 2017.

“Don’t believe pollsters who say the election is already decided,” he said. “Look at us! Five years ago, it seemed impossible. Nothing is impossible.”

Macron spoke Saturday during his only major rally of the campaign held at the Paris La Defense Arena in Nanterre, a western suburb of Paris. During the rally, he told more than 10,000 supporters that the “extremist danger” facing France “is even greater” today “than it was a few months ago.”

“The extremist danger today is even greater than it was a few months ago, a few years ago,” he told supporters who gathered in an auditorium at La Défense just outside Paris on Saturday.”

“Don’t believe the commentators or the opinion polls who say it’s impossible, unthinkable, who say ‘the election is already won and it’ll all be fine’. Look at us, look at you, five years ago. People said it was impossible. Look at Brexit and so many elections where the result seemed improbable but did actually happen.”

Opinion polls project that Macron will prevail during the first round of voting next weekend, coming in ahead of Marine Le Pen, the conservative rival whom he bested during his initial presidential victory in 2017. Polls project that he will win during the second and final round, which will be held in three weeks. But compared to his original victory, polls are projecting a much narrowing margin of triumph.

The latest Ipsos survey released on Saturday, Macron would receive 26% of first round votes, followed by Le Pen on 21% and the far-left candidate Jean-Luc Mélenchon on 15.5%. 

During the second round, Macron would beat Le Pen by 53% to 47%.

As the FT explains, Macron’s main vulnerability is linked to the fact that, after half a decade in power, he is seen as an entrenched part of the establishment. Despite having been appointed to serve in the government of former Socialist leader Francois Hollande following a career at the investment bank Rothschild & Co., Macron was viewed by the French people as an “outsider” who was “neither left nor right”, which allowed him to lead his “La Republique En Marche!” movement to victory.

This, of course, is no longer the case.

In 2017 Macron campaigned as a candidate who was “neither right nor left”. He had never held elected office and was hailed as a breath of fresh air. He crushed the two main political movements that had held the presidency for the past six decades: the Gaullists, now represented by the conservative Les Républicains, and the Socialists. This time, however, he is seen as part of the establishment after five years in the Elysée Palace.

And while he enjoyed a brief bump in his approval ratings following Russia’s invasion of Ukraine, the bump has since faded.

During his speech on Saturday, Macron boasted that France’s embrace of renewables and nuclear power (which France has courted in contrast to Germany, which rejected nuclear following the Fukushima Daiiche disaster in Japan), would allow France to become the first “great nation” to end its dependence on fossil fuels. Macron also emphasized his commitment to the EU, and bashed rivals Le Pen and (the left-wing pseudo-communist) Jean-Luc Melenchon for opposing the pan-European experiment.

According to Bloomberg, Macron also seized the opportunity to push back against critics who have slammed his government’s use of private consultants, including hiring American consulting giant McKinsey. His opponents have dubbed the controversy the “McKinsey Affair”

Tyler Durden
Sun, 04/03/2022 – 07:35

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

British Government Admits “Cannot Completely Nullify” Pressure On Energy Costs

British Government Admits “Cannot Completely Nullify” Pressure On Energy Costs

Via The Epoch Times,

It is not possible to “completely nullify” the pressures on energy prices, a Cabinet minister has said, as demonstrators gather across the country over the cost-of-living crisis.

But Northern Ireland Secretary Brandon Lewis said the Government is “looking… across the board at what we’re doing with the public’s money”, and will “put in the support that we can, as and when we can” to ease the sting of rising prices.

The People’s Assembly said it expects thousands of protesters to take to the streets in dozens of locations throughout the UK to highlight those suffering “real hardships” due to the combination of a hike in fuel and food costs, inflation and low pay.

Unions have complained that Chancellor Rishi Sunak’s spring statement last week did nothing to allay fears about soaring fuel bills and rising inflation, with the TUC calling for an emergency budget to help families.

The lifting of the energy price cap on Friday will create an “impossible choice for many”, to eat or heat, said the People’s Assembly.

A spokesperson for the campaign group said: “Public outrage over the cost-of-living crisis is growing fast, and our response is gaining momentum.”

Speaking to Sky News, Lewis said the Government cannot “completely nullify” the impacts of global pressure on energy prices, but ministers will put in supportive measures where possible.

“I know, even this week, where I live we’re on oil-fired heating, I’ve seen that change directly in the price of oil – and actually the ability to get it,” he said.

“At home, my family went a few days where we had no oil, just waiting for the suppliers and seeing the very big increase in price on that.

“We can’t completely nullify the impacts of the global markets and global pressure, for example, on energy, which is obviously the main focus at the moment for most people.

“But we will put in the support that we can, as and when we can, as I say, looking… across the board at what we’re doing with the public’s money.”

On Saturday there was a protest outside Downing Street in London, with similar events in towns and cities including Birmingham, Bournemouth, Bristol, Cardiff, Cambridge, Coventry, Derby, Doncaster, Glasgow, Hanley, Hull, Ipswich, Lancaster, Leicester, Liverpool, Manchester, Milton Keynes, Newcastle, Peterborough, Portsmouth, Preston, Redcar, Sheffield and Southampton.

Former Labour leader Jeremy Corbyn, who will be speaking at the London demonstration, said: “With rising fuel, food and energy bills, the soaring cost of living is pushing millions into poverty, and the disgusting treatment of the sacked P&O workers needs urgent action from the Government.

“Demonstrations will be taking place all over the country, with thousands of people coming together to demand redistribution of wealth and power and decent wages for all, as well as justice for P&O workers.”

Laura Pidcock, national secretary of the People’s Assembly, who will be speaking at the Liverpool protest, said: “What people are experiencing is intolerable.

“No matter how patiently we explain that Government inaction over soaring energy and fuel costs and sharply rising food prices is deepening poverty, misery and hunger, it is met with at best indifference and at worst more of the same.

“The truth is they are so wedded to the economic system we have, comfortable with a hands-off approach, that even when markets are obviously failing us, they continue with business as usual.

“We tell them about children going hungry and the Government shrug, politically speaking.”

Labour has repeatedly called for a windfall tax on oil and gas companies, which it says could generate funds to help struggling families and pensioners with energy bills.

Lewis told Sky News that such a levy may sound like “an attractive option” but it “won’t necessarily have the impact on global prices that people think it will”.

“I do understand why people look to that… Labour have been making this point for a while. What they’re not able to answer… is the reality of what is happening in the energy market,” he said.

“First of all, this is a global pressure, we’re seeing this around the world. So what we do with companies here in the UK won’t have the impact of changing the whole global energy market prices, but we should also remember that those energy companies here in the UK are already paying about 40% tax – that’s roughly double what most sectors in the UK economy are paying.

They employ hundreds of thousands of people in the UK… they are investing hugely in more work to develop more energy and produce more energy. They need the income that they have to make those investments, and the part they play in the economy paying salaries.

“So a windfall tax on those companies won’t necessarily have the impact on global prices that people think it will. It can have an impact on some domestic prices by taxing higher a sector that is already very, very highly taxed.

“So although… it sounds an attractive option, in the wider economic context it doesn’t really work. And that’s why we’ve looked at what can we do that will have a beneficial impact directly for people in their pockets.”

The Rail, Maritime and Transport union (RMT) is planning further protests in the coming days over the sacking of almost 800 P&O seafarers.

The Insolvency Service announced on Friday that it has launched formal criminal and civil investigations into the circumstances surrounding the redundancies.

RMT general secretary Mick Lynch said there were “clear grounds” to detain P&O’s ships.

Tyler Durden
Sun, 04/03/2022 – 07:00

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

Against Scientific Gatekeeping


health1

In March 2020, the iconoclastic French microbiologist Didier Raoult announced that the anti-malaria drug hydroxychloroquine had cured all 36 COVID-19 patients enrolled in his clinical trial. Many of Raoult’s colleagues rejected his conclusions, arguing that the trial was too small and noting that it was not randomized and controlled. But as the deadly coronavirus spread rapidly throughout the world and governments responded with draconian lockdowns, public attention was quickly drawn to the chance that a common and inexpensive drug might rid the world of the danger.

President Donald Trump promoted hydroxychloroquine as a “game changer,” which raised the ire of many medical and public health experts. Without randomized controlled trials, they complained, it was irresponsible to prescribe the drug for infected patients. Under pressure from Trump, other Republican politicians, and conservative pundits, the Food and Drug Administration (FDA) nevertheless issued an emergency use authorization (EUA) for adding hydroxychloroquine to the strategic national stockpile of COVID-19 treatments.

After numerous randomized controlled trials failed to demonstrate the drug’s effectiveness, the FDA revoked the EUA, leaving the national stockpile with 63 million unused doses of hydroxychloroquine. Florida’s Republican governor, Ron DeSantis, had purchased 1 million doses for the state’s stockpile, which likewise remained unused.

There is a difference, however, between the claim that a drug has been proven not helpful and the weaker claim that it has not been proven helpful. Despite the failure to validate Raoult’s claims, many Americans believed that hydroxychloroquine’s potential benefits outweighed its minimal risks. Exercising their right to self-medicate, some people infected by the coronavirus continued to take the drug.

The hydroxychloroquine brouhaha illustrates the roiling conflict between the scientific establishment and its uncredentialed challengers. Because the internet has democratized science, the academy no longer has a monopoly on specialized information. Based on their own assessments of that information, lay people can chime in and may even end up driving the scientific narrative, for good or ill.

Meanwhile, the internet is developing its own would-be gatekeepers. Those who oversee the major social media platforms can filter information and discourse on their platforms. Pleasing the priesthood enhances their credibility with elites and might protect them from criticism and calls for regulatory intervention, but they risk being captured in the process.

Challenges to the priesthoods that claim to represent the “scientific consensus” have made them increasingly intolerant of new ideas. But academic scientists must come to terms with the fact that search engines and the digitization of scientific literature have forever eroded their authority as gatekeepers of knowledge, a development that presents opportunities as well as dangers.

Experts, Yes; Priesthoods, No

Most people prefer experts, of course, especially when it comes to health care. As a surgeon myself, I can hardly object to that tendency. But a problem arises when some of those experts exert outsized influence over the opinions of other experts and thereby establish an orthodoxy enforced by a priesthood. If anyone, expert or otherwise, questions the orthodoxy, they commit heresy. The result is groupthink, which undermines the scientific process.

The COVID-19 pandemic provided many examples. Most medical scientists, for instance, uncritically accepted the epidemiological pronouncements of government-affiliated physicians who were not epidemiologists. At the same time, they dismissed epidemiologists as “fringe” when those specialists dared to question the conventional wisdom.

Or consider the criticism that rained down on Emily Oster, a Brown University economist with extensive experience in data analysis and statistics. Many dismissed her findings—that children had a low risk of catching or spreading the virus, an even lower risk of getting seriously ill, and should be allowed to normally socialize during the pandemic—because she wasn’t an epidemiologist. Ironically, one of her most vocal critics was Sarah Bowen, a sociologist, not an epidemiologist.

The deference to government-endorsed positions is probably related to funding. While “the free university” is “historically the fountainhead of free ideas and scientific discovery,” President Dwight Eisenhower observed in his farewell address, “a government contract becomes virtually a substitute for intellectual curiosity.” He also warned that “we should be alert to the…danger that public policy could itself become captive of a scientific ​technological elite.” Today we face both problems.

The Orthodoxy in Earlier Times

The medical science priesthood has a long history of treating outside-the-box thinkers harshly. Toward the end of the 18th century, Britain’s Royal Society refused to publish Edward Jenner’s discovery that inoculating people with material from cowpox pustules—a technique he called “vaccination,” from the Latin word for cow, vacca—prevented them from getting the corresponding human disease, smallpox. Jenner’s medical colleagues considered this idea dangerous; one member of the Royal College of Physicians even suggested that the technique could make people resemble cows.

At the time, many physicians were making a good living by performing variolation, which aimed to prevent smallpox by infecting patients with pus from people with mild cases. Some saw vaccination as a threat to their income. Thankfully, members of Parliament liked Jenner’s idea and appropriated money for him to open a vaccination clinic in London. By the early 1800s, American doctors had adopted the technique. In 1805, Napoleon ordered smallpox vaccination for all of his troops.

Half a century later, the prestigious Vienna General Hospital fired Ignaz Semmelweis from its faculty because he required his medical students and junior physicians to wash their hands before examining obstetrical patients. Semmelweis connected puerperal sepsis—a.k.a. “childbed fever,” then a common cause of postnatal death—to unclean hands. Ten years after Semmelweis returned to his native Budapest, he published The Etiology, Concept and Prophylaxis of Childbed Fever. The medical establishment rained so much vitriol on him that it drove him insane. (Or so the story goes: Some think, in retrospect, that Semmelweis suffered from bipolar disorder.) He died in an asylum in 1865 at the age of 47.

The “germ theory” anticipated by Semmelweis did not take hold until the late 1880s. That helps explain why, in 1854, the public health establishment rebuffed the physician John Snow after he traced a London cholera epidemic to a water pump on Broad Street. Snow correctly suspected that water from the pump carried a pathogen that caused cholera.

Public health officials clung instead to the theory that the disease was carried by a miasma, or “bad air.” The British medical journal The Lancet published a brutal critique of Snow’s theory, and the General Board of Health determined that his idea was “scientifically unsound.” But after another outbreak of cholera in 1866, the public health establishment acknowledged the truth of Snow’s explanation. The incident validated the 19th century classical liberal philosopher Herbert Spencer’s warning that the public health establishment had come to represent entrenched political interests, distorting science and prolonging the cholera problem. “There is an evident inclination on the part of the medical profession to get itself organized after the fashion of the clericy,” he wrote in 1851’s Social Statics. “Surgeons and physicians are vigorously striving to erect a medical establishment akin to our religious one. Little do the public at large know how actively professional publications are agitating for state-appointed overseers of the public health.”

Heterodoxy Finds a Welcome Environment

Advances like these made the medical establishment more receptive to heterodoxy. As new knowledge overthrew long-held dogmas in the 20th century, scientists were open to fresh hypotheses.

As a surgical resident in the 1970s, for example, I was taught to excise melanomas with about a five-centimeter margin of normal skin, the theory being that dangerous skin cancer should be given a wide berth. A skin graft is needed to cover a defect that size. This approach was never evidence-based but had been universally accepted since the early 20th century. In the mid-’70s, several clinical researchers challenged the dogma. Multiple studies revealed that the five-centimeter margin was no better than a two-centimeter margin. Now the five-centimeter rule is a thing of the past.

For decades, physicians thought the main cause of peptic ulcer disease was hyperacidity in the stomach, often stress-related. In the 1980s, a gastroenterology resident, Barry Marshall, noted the consistent appearance of a bacterium, Helicobacter pylori, on the slides of stomach biopsy specimens he sent to the lab. He suspected the bacterium caused the ulcers. He ingested the bacteria, which indeed gave him ulcers. He then easily cured himself with antibiotics. By the early 1990s, several studies had confirmed Marshall’s discovery, and today Helicobacter pylori is recognized as the cause of most peptic ulcers.

“Off-label” use of FDA-approved drugs is another path to medical innovation. When the FDA approves a drug, it specifies the condition it is meant to treat. But it is perfectly legal to use the drug to treat other conditions as well. Roughly 20 percent of all drugs in the U.S. are prescribed off label. That practice is often based on clinical hunches and anecdotal reports. Eventually the off-label use stimulates clinical studies.

Sometimes, as with hydroxychloroquine, the studies fail to validate the initial hunches. But sometimes evidence from clinical trials supports off-label uses. We surgeons use the antibiotic erythromycin to treat postoperative stomach sluggishness. Lithium was originally used to treat gout and bladder stones; now it is used to treat bipolar illness. Thalidomide was developed to treat “morning sickness” in pregnant women. Because it caused horrific birth defects, it is no longer used for that purpose. But thalidomide was subsequently found useful in treating leprosy and multiple myeloma. Tamoxifen, developed as an anti-fertility drug, is now used to treat breast cancer.

These are just a few examples of the rapid advances in the understanding and treatment of health conditions during my medical career, made possible by an environment that welcomes heterodoxy. But even health care practitioners who recognize the value of unconventional thinking tend to bridle when they face challenges from nonexperts.

Today the internet gives everyone access to information that previously was shared only among medical professionals. Many lay people engage in freelance hypothesizing and theorizing, a development turbocharged by the COVID-19 pandemic. Every physician can tell stories about patients who ask questions because of what they’ve read on the internet. Sometimes those questions are misguided, as when they ask if superfoods or special diets can substitute for surgically removing cancers. But sometimes patients’ internet-inspired concerns are valid, as when they ask whether using surgical mesh to repair hernias can cause life-threatening complications.

It may be true that, as American science fiction and fantasy writer Theodore Sturgeon said, “90 percent of everything is crap.” But the remaining 10 percent can be important. Health care professionals who see only the costs of their patients’ self-guided journeys through the medical literature tend to view this phenomenon as a threat to the scientific order, fueling a backlash. Their reaction risks throwing the baby out with the bathwater.

The Return of Intolerance

It is easy to understand why the scientific priesthood views the democratization of health care opinions as a threat to its authority and influence. In response, medical experts typically wave the flag of credentialism: If you don’t have an M.D. or another relevant advanced degree, they suggest, you should shut up and do as you’re told. But credentials are not always proof of competence, and relying on them can lead to the automatic rejection of valuable insights.

Economists who criticize COVID-19 research, for example, are often dismissed out of hand because they are not epidemiologists. Yet they can provide a useful perspective on the pandemic.

“Many epidemiological models are simply focused on disease spread assuming behaviors undertaken by the population,” Cato Institute economist Ryan Bourne notes in his book Economics in One Virus. “They do not allow us to balance the full range of costs and benefits of decisions to mitigate disease spread, [or] to consider how these broader costs and benefits themselves influence people’s decisions to interact….Economic insights are therefore hugely important both in making broader evaluations of decisions and highlighting where the simplism of the modeling can lead us astray.”

Scott Atlas, a former chief of neuroradiology at Stanford Medical School, has published and critically reviewed hundreds of medical research papers. He is a member of the Nominating Committee for the Nobel Prize in Medicine and Physiology. Yet when Atlas commented on COVID-19 issues, the priesthood and its journalistic entourage derided him because he is “not an infectious disease expert”—as if a 30-year career in academic medicine does not provide enough background to understand and analyze public health data. Why? Because this physician had the temerity to contradict the public health establishment. “He’s an MRI guy,” Ashish Jha, dean of Brown University’s School of Public Health, told NPR. “He has no expertise in any of this stuff.”

The dangers of credentialism are apparent in other fields as well. Although David Friedman earned a Ph.D. in physics and never took a course for credit in either law or economics, he spent part of his academic career teaching law and economics at Santa Clara Law School. George H. Smith, despite never graduating from high school, published The System of Liberty: Themes in the History of Classical Liberalism through Cambridge University Press. The late Roy A. Childs Jr., who never graduated from college, was a major intellectual contributor to the libertarian movement in the second half of the 20th century.

Meanwhile, we physicians like to ask, “What do you call the person who graduates last in his medical school class?” The answer: “Doctor.”

Still, it is certainly true that lacking a background in a specific discipline can impede critical analysis of scientific studies by laypeople, making them more vulnerable to quacks and charlatans. Training in the discipline can make it easier to detect “cherry picking” of data and anticipate alternative interpretations of the evidence. Experts are experts for a reason. The question is how we can maximize the benefits of scientific democratization while minimizing its costs.

Politics and the Science Priesthood

When COVID-19 struck in early 2020, the Trump administration responded in a schizophrenic manner. The president deferred policy making to federal public health officials while criticizing and questioning them from the sidelines, almost as if he were a spectator instead of the chief executive.

Trump’s public health team consisted of Deborah Birx, an infectious disease specialist who was in charge of the White House Coronavirus Task Force; Anthony Fauci, an immunologist who directed (and still directs) the National Institute of Allergy and Infectious Diseases; Robert Redfield, an infectious disease specialist and research virologist who headed the Centers for Disease Control and Prevention (CDC); and then–Surgeon General Jerome Adams, an anesthesiologist. The team favored broad restrictions on economic and social activity to reduce virus transmission, even though the scientific consensus as recently as 2019 was that large-scale lockdowns do not control the spread of respiratory viruses.

Trump openly expressed skepticism toward this approach. The conspicuous schism between the president and his public health team helped create a starkly polarized debate in which political allegiances dictated people’s positions on COVID-19 issues, even on empirical questions such as the effectiveness of face masks.

When Trump, eager for a quick resolution to the public health crisis, touted hydroxychloroquine as a therapeutic agent, the medical profession’s usual openness to off-label drug use suddenly seemed to disappear. Anyone willing to entertain the idea was immediately perceived as an ally of the medical ignoramus in the White House. Trump supporters who shared his desire to end pandemic restrictions, meanwhile, seemed to reflexively favor the drug. The chaotic way in which the proposed treatment was addressed wasted valuable time and money.

Politics and tribalism also contaminate discussions of ivermectin. Several limited studies suggest the drug might be effective in preventing and/or treating COVID-19. But since ivermectin has been touted by Trump supporters, including people opposed to vaccination, it has been unfairly and inaccurately mocked as nothing more than a “horse dewormer.” A large randomized controlled trial underway in the United Kingdom should help resolve this debate.

The politicization of COVID-19 science was also apparent in the reaction to a prominent skeptic of lockdowns. In early March 2020, John P.A. Ioannidis, a professor of epidemiology and biostatistics at Stanford and an icon of the movement for evidence-based medicine, published an essay in STAT titled “A Fiasco in the Making?” The subhead warned that “as the coronavirus pandemic takes hold, we are making decisions without reliable data.”

Ioannidis argued that school closures and other lockdown measures could inflict great harm. Before imposing unprecedented restrictions, he said, public health officials should wait for more data.

Ioannidis’ political views are unknown. But his essay jibed with the skepticism expressed by the president and many of his supporters. The heretofore revered epidemiologist therefore was pilloried by the medical science priesthood and its supporters in the media. The Nation published an article calling Ioannidis’ work a “black mark” on Stanford and implying it was influenced by corporate sponsors.

Another example: Vinay Prasad, an oncologist and epidemiologist at the University of California, San Francisco, is a leading critic of face mask mandates. He has opined on the subject for popular medical websites, and he co-authored a Cato Institute review of the relevant literature, which found no evidence that cloth masks are effective in reducing transmission of the virus—a position that even the CDC has at least partly accepted. For this Prasad was subjected to personal attacks by peers. Some disseminated out-of-context screenshots of his Twitter feed, tagging his employer and accusing him of being indifferent to death.

Or consider the reaction to the Great Barrington Declaration, published on October 4, 2020, by Martin Kulldorff, then a professor of epidemiology at Harvard; Sunetra Gupta, a professor of epidemiology and immunology at Oxford; and Jay Bhattacharya, a Stanford professor of medicine with a Ph.D. in economics. The statement, which was eventually endorsed by thousands of medical and public health scientists, including the recipient of the 2013 Nobel Prize in chemistry, noted that broad lockdowns entail large costs and advocated a more focused approach that would let those least vulnerable to COVID-19 resume normal life as much as possible.

The authors of the Great Barrington Declaration represent a range of political ideologies. But because they opposed the policies favored by the public health establishment and received applause from people aligned with Trump, they were vilified. An editorial in the journal Science-Based Medicine said they were “following the path laid down by creationists, HIV/AIDS denialists, and climate science deniers.”

The medical priesthood was still seething a year later, when the surgical oncologist David Gorski and the Duke University public health professor Gavin Yamey published a scathing ad hominem attack on Kulldorff et al. in BMJ Opinion, calling the Great Barrington Declaration a “well-funded sophisticated science denialist campaign based on ideological and corporate interests.” Kulldorff promptly responded with a fierce rebuttal in Spectator World, stating the BMJ attack “urges people to use ‘political and legal strategies’ rather than scientific argument to counter our views on the pandemic.”

In December, the American Institute for Economic Research (AIER), where the Great Barrington Declaration was drafted and signed, released some revealing emails that it had obtained through a Freedom of Information Act request. “This proposal from the three fringe epidemiologists who met with [Secretary of Health and Human Services Alex Azar] seems to be getting a lot of attention—and even a co-signature from Nobel Prize winner Mike Leavitt at Stanford,” then–National Institutes of Health Director Francis Collins wrote to Fauci on October 8, 2020. “There needs to be a quick and devastating published take down of its premises. I don’t see anything like that online yet—is it underway?”

Behind-the-scenes maneuvering no doubt also played a role in the attack on Atlas, whom Trump invited to join his coronavirus task force in August 2020. Since Atlas had repeatedly criticized lockdowns, that decision seemed like a deliberate poke at Birx, Fauci, and Redfield. They waged an email campaign aimed at discrediting Atlas as “dangerous and a true threat to a comprehensive and critical response to this pandemic.” The private and public assault on Atlas drove him to resign just a few months later.

“The fact that the acceptance or rejection of science is increasingly determined by political affiliations threatens the autonomy of scientists,” the Harvard science historian Liv Grjebine noted in a May 2021 essay for The Conversation. “Once a theory is labeled ‘conservative’ or ‘liberal’ it becomes difficult for scientists to challenge it. Thus, some scientists are less prone to question hypotheses for fear of political and social pressures.”

While “science cannot thrive under an administration that ignores scientific expertise as a whole,” Grjebine wrote, “neither can it thrive if scientists are told which political and moral values they must embrace. This could slow down or even prevent the emergence of new scientific hypotheses. Indeed, when scientists align themselves with or against political power, science can easily lose its most important asset: the ability to encourage disagreement and to raise new hypotheses that may go against common sense.”

The Role of ‘Misinformation’

One cannot ignore the role of social media in all this. Platforms such as Facebook, Twitter, and YouTube are private property, and the owners have the right to decide what sort of content they will allow. But the major platforms, like the mainstream news media, tend to align themselves with the science priesthoods. They therefore are inclined to suppress scientific heterodoxy—a tendency encouraged by the Biden administration’s explicit demands that they eliminate COVID-19 “misinformation,” including content that is deemed “misleading” even if it is not verifiably false.

Cultural and ideological affinity with the priesthood might partially explain this alignment. While many of the tech entrepreneurs didn’t acquire academic credentials, they see themselves as new members of the intellectual elite. In addition, both Republicans and Democrats in Congress have spoken of the digital media as “the wild west,” each seeking to regulate it to their own advantage. By forging an alliance with the scientific priesthood and academic elite, tech entrepreneurs might strengthen their position against political assaults.

This helps explain why Facebook used “fact checkers,” Twitter applied warning labels, and YouTube removed posts that questioned the lockdown policies advocated by the public health establishment in the pandemic’s early days. Yet, in recent months it has become acceptable in polite society to criticize school and business closures and other lockdown measures.

In October 2020, Twitter took down a post by Atlas, while he was a member of Trump’s coronavirus task force, for citing published scientific literature that questioned the efficacy of masks. Twitter claimed Atlas violated its policy by sharing false or misleading content related to COVID-19 that could lead to harm. In describing the incident, CNN reporters Jeremy Diamond and Paul LeBlanc wrote: “The message pushed by the controversial neuroradiologist [i.e., not an epidemiologist] goes against guidance from the U.S. Centers for Disease Control and Prevention.” While studies on the benefits of masking remain inconclusive, a consensus has since emerged that cloth masks are, as CNN medical analyst Leana Wen said, “little more than facial decorations.”

Perhaps the most egregious example of digital media doing the dirty work for the priesthood is the suppression of talk about the potentially embarrassing source of the COVID-19 virus. Efforts to suggest the source was a leak at the Wuhan Institute of Virology were dismissed as a “conspiracy theory” by pundits and suppressed by social media gatekeepers. After The Wall Street Journal reported in May 2021 that intelligence sources believed a lab leak is a plausible explanation that deserves further investigation, Facebook lifted its ban on posts that mentioned the theory. Twitter, on the other hand, refused to commit to what it would censor on the subject. By summer 2021, a consensus emerged among scientists in the academy and the media that the lab leak theory was at least plausible and should be explored.

What the Public Health Priesthood Got Wrong

During the last two years, public health officials got a lot of things wrong, although it remains to be seen if they will ever admit it. Multiple studies, for example, have concluded that there is little or no evidence that shelter-in-place orders and other lockdown strategies had an important impact on COVID-19 infections or deaths. Other research has shown that such restrictions disproportionately harmed the young and the poor.

Public health officials criticized Kuldorff et al. for stressing natural immunity’s role in protecting against infection. On January 19, 2022, the CDC publicly acknowledged that during the delta wave, natural immunity had offered better protection than vaccination. The authors of the Great Barrington Declaration had been largely correct.

Policy makers also emphasized vaccine development and vaccination at the expense of therapeutics. With the emergence of the omicron variant, vaccines were less effective in stopping viral spread, although they remained quite effective in preventing severe disease. Therapeutic medicines would come in handy now that we are facing an endemic, highly contagious virus. And with a renewed appreciation for therapeutics, it is baffling that public health officials emphasize the new Pfizer and Merck antivirals while ignoring fluvoxamine, a safe antidepressant drug approved in 1994 that, according to randomized controlled trials, rivals the antivirals in effectiveness.

Public health officials were wrong to issue one-size-fits-all vaccine recommendations. Since the public is now privy to the same information as professional scientists, people understand the importance of infection-induced immunity. They see the same hospitalization and fatality numbers that officials see. They know which groups are most vulnerable to serious illness and which groups are more susceptible to vaccine-induced myocarditis and other complications. Vaccine recommendations can and should be more nuanced.

To be clear: As a physician, I have no doubt that the mRNA vaccines are both safe and highly effective, especially for the age group most at risk. But when public health officials and the intelligentsia portray people with legitimate questions and concerns about the vaccines as “anti-vaxxers” or “COVID deniers,” they undermine public trust.

A Little Tolerance Goes a Long Way

Just as public health officials must abandon a “zero COVID” strategy and accept that the virus will be endemic, the science priesthood must adapt to a world where specialized knowledge has been democratized. For scientific knowledge to advance, scientists must reach a rapprochement with the uncredentialed. They must not dismiss lay hypotheses or observations out of hand. They must fight against the understandable desire to avoid any hypothesis that might upset the health bureaucrats who control billions of research grant dollars. It is always useful to challenge and reassess long-held premises and dogmas. People outside of a field might provide valuable perspectives that can be missed by those within it.

Openness to unconventional ideas has its limits. We don’t take flat-earthers seriously. Nor should we lend credence to outlandish claims that COVID-19 vaccines cause infertility, implant people with microchips, or change their DNA. There are not enough hours in the day to fully address every question or hypothesis. But a little tolerance and respect for outsiders can go a long way. If those habits become the new norm, people will be more likely to see rejection of challenges to the conventional wisdom as the objective assessment of specialists rather than the defensive reaction of self-interested elites. Science should be a profession, not a priesthood.

The post Against Scientific Gatekeeping appeared first on Reason.com.

from Latest https://ift.tt/DKA5rZz
via IFTTT

Against Scientific Gatekeeping


health1

In March 2020, the iconoclastic French microbiologist Didier Raoult announced that the anti-malaria drug hydroxychloroquine had cured all 36 COVID-19 patients enrolled in his clinical trial. Many of Raoult’s colleagues rejected his conclusions, arguing that the trial was too small and noting that it was not randomized and controlled. But as the deadly coronavirus spread rapidly throughout the world and governments responded with draconian lockdowns, public attention was quickly drawn to the chance that a common and inexpensive drug might rid the world of the danger.

President Donald Trump promoted hydroxychloroquine as a “game changer,” which raised the ire of many medical and public health experts. Without randomized controlled trials, they complained, it was irresponsible to prescribe the drug for infected patients. Under pressure from Trump, other Republican politicians, and conservative pundits, the Food and Drug Administration (FDA) nevertheless issued an emergency use authorization (EUA) for adding hydroxychloroquine to the strategic national stockpile of COVID-19 treatments.

After numerous randomized controlled trials failed to demonstrate the drug’s effectiveness, the FDA revoked the EUA, leaving the national stockpile with 63 million unused doses of hydroxychloroquine. Florida’s Republican governor, Ron DeSantis, had purchased 1 million doses for the state’s stockpile, which likewise remained unused.

There is a difference, however, between the claim that a drug has been proven not helpful and the weaker claim that it has not been proven helpful. Despite the failure to validate Raoult’s claims, many Americans believed that hydroxychloroquine’s potential benefits outweighed its minimal risks. Exercising their right to self-medicate, some people infected by the coronavirus continued to take the drug.

The hydroxychloroquine brouhaha illustrates the roiling conflict between the scientific establishment and its uncredentialed challengers. Because the internet has democratized science, the academy no longer has a monopoly on specialized information. Based on their own assessments of that information, lay people can chime in and may even end up driving the scientific narrative, for good or ill.

Meanwhile, the internet is developing its own would-be gatekeepers. Those who oversee the major social media platforms can filter information and discourse on their platforms. Pleasing the priesthood enhances their credibility with elites and might protect them from criticism and calls for regulatory intervention, but they risk being captured in the process.

Challenges to the priesthoods that claim to represent the “scientific consensus” have made them increasingly intolerant of new ideas. But academic scientists must come to terms with the fact that search engines and the digitization of scientific literature have forever eroded their authority as gatekeepers of knowledge, a development that presents opportunities as well as dangers.

Experts, Yes; Priesthoods, No

Most people prefer experts, of course, especially when it comes to health care. As a surgeon myself, I can hardly object to that tendency. But a problem arises when some of those experts exert outsized influence over the opinions of other experts and thereby establish an orthodoxy enforced by a priesthood. If anyone, expert or otherwise, questions the orthodoxy, they commit heresy. The result is groupthink, which undermines the scientific process.

The COVID-19 pandemic provided many examples. Most medical scientists, for instance, uncritically accepted the epidemiological pronouncements of government-affiliated physicians who were not epidemiologists. At the same time, they dismissed epidemiologists as “fringe” when those specialists dared to question the conventional wisdom.

Or consider the criticism that rained down on Emily Oster, a Brown University economist with extensive experience in data analysis and statistics. Many dismissed her findings—that children had a low risk of catching or spreading the virus, an even lower risk of getting seriously ill, and should be allowed to normally socialize during the pandemic—because she wasn’t an epidemiologist. Ironically, one of her most vocal critics was Sarah Bowen, a sociologist, not an epidemiologist.

The deference to government-endorsed positions is probably related to funding. While “the free university” is “historically the fountainhead of free ideas and scientific discovery,” President Dwight Eisenhower observed in his farewell address, “a government contract becomes virtually a substitute for intellectual curiosity.” He also warned that “we should be alert to the…danger that public policy could itself become captive of a scientific ​technological elite.” Today we face both problems.

The Orthodoxy in Earlier Times

The medical science priesthood has a long history of treating outside-the-box thinkers harshly. Toward the end of the 18th century, Britain’s Royal Society refused to publish Edward Jenner’s discovery that inoculating people with material from cowpox pustules—a technique he called “vaccination,” from the Latin word for cow, vacca—prevented them from getting the corresponding human disease, smallpox. Jenner’s medical colleagues considered this idea dangerous; one member of the Royal College of Physicians even suggested that the technique could make people resemble cows.

At the time, many physicians were making a good living by performing variolation, which aimed to prevent smallpox by infecting patients with pus from people with mild cases. Some saw vaccination as a threat to their income. Thankfully, members of Parliament liked Jenner’s idea and appropriated money for him to open a vaccination clinic in London. By the early 1800s, American doctors had adopted the technique. In 1805, Napoleon ordered smallpox vaccination for all of his troops.

Half a century later, the prestigious Vienna General Hospital fired Ignaz Semmelweis from its faculty because he required his medical students and junior physicians to wash their hands before examining obstetrical patients. Semmelweis connected puerperal sepsis—a.k.a. “childbed fever,” then a common cause of postnatal death—to unclean hands. Ten years after Semmelweis returned to his native Budapest, he published The Etiology, Concept and Prophylaxis of Childbed Fever. The medical establishment rained so much vitriol on him that it drove him insane. (Or so the story goes: Some think, in retrospect, that Semmelweis suffered from bipolar disorder.) He died in an asylum in 1865 at the age of 47.

The “germ theory” anticipated by Semmelweis did not take hold until the late 1880s. That helps explain why, in 1854, the public health establishment rebuffed the physician John Snow after he traced a London cholera epidemic to a water pump on Broad Street. Snow correctly suspected that water from the pump carried a pathogen that caused cholera.

Public health officials clung instead to the theory that the disease was carried by a miasma, or “bad air.” The British medical journal The Lancet published a brutal critique of Snow’s theory, and the General Board of Health determined that his idea was “scientifically unsound.” But after another outbreak of cholera in 1866, the public health establishment acknowledged the truth of Snow’s explanation. The incident validated the 19th century classical liberal philosopher Herbert Spencer’s warning that the public health establishment had come to represent entrenched political interests, distorting science and prolonging the cholera problem. “There is an evident inclination on the part of the medical profession to get itself organized after the fashion of the clericy,” he wrote in 1851’s Social Statics. “Surgeons and physicians are vigorously striving to erect a medical establishment akin to our religious one. Little do the public at large know how actively professional publications are agitating for state-appointed overseers of the public health.”

Heterodoxy Finds a Welcome Environment

Advances like these made the medical establishment more receptive to heterodoxy. As new knowledge overthrew long-held dogmas in the 20th century, scientists were open to fresh hypotheses.

As a surgical resident in the 1970s, for example, I was taught to excise melanomas with about a five-centimeter margin of normal skin, the theory being that dangerous skin cancer should be given a wide berth. A skin graft is needed to cover a defect that size. This approach was never evidence-based but had been universally accepted since the early 20th century. In the mid-’70s, several clinical researchers challenged the dogma. Multiple studies revealed that the five-centimeter margin was no better than a two-centimeter margin. Now the five-centimeter rule is a thing of the past.

For decades, physicians thought the main cause of peptic ulcer disease was hyperacidity in the stomach, often stress-related. In the 1980s, a gastroenterology resident, Barry Marshall, noted the consistent appearance of a bacterium, Helicobacter pylori, on the slides of stomach biopsy specimens he sent to the lab. He suspected the bacterium caused the ulcers. He ingested the bacteria, which indeed gave him ulcers. He then easily cured himself with antibiotics. By the early 1990s, several studies had confirmed Marshall’s discovery, and today Helicobacter pylori is recognized as the cause of most peptic ulcers.

“Off-label” use of FDA-approved drugs is another path to medical innovation. When the FDA approves a drug, it specifies the condition it is meant to treat. But it is perfectly legal to use the drug to treat other conditions as well. Roughly 20 percent of all drugs in the U.S. are prescribed off label. That practice is often based on clinical hunches and anecdotal reports. Eventually the off-label use stimulates clinical studies.

Sometimes, as with hydroxychloroquine, the studies fail to validate the initial hunches. But sometimes evidence from clinical trials supports off-label uses. We surgeons use the antibiotic erythromycin to treat postoperative stomach sluggishness. Lithium was originally used to treat gout and bladder stones; now it is used to treat bipolar illness. Thalidomide was developed to treat “morning sickness” in pregnant women. Because it caused horrific birth defects, it is no longer used for that purpose. But thalidomide was subsequently found useful in treating leprosy and multiple myeloma. Tamoxifen, developed as an anti-fertility drug, is now used to treat breast cancer.

These are just a few examples of the rapid advances in the understanding and treatment of health conditions during my medical career, made possible by an environment that welcomes heterodoxy. But even health care practitioners who recognize the value of unconventional thinking tend to bridle when they face challenges from nonexperts.

Today the internet gives everyone access to information that previously was shared only among medical professionals. Many lay people engage in freelance hypothesizing and theorizing, a development turbocharged by the COVID-19 pandemic. Every physician can tell stories about patients who ask questions because of what they’ve read on the internet. Sometimes those questions are misguided, as when they ask if superfoods or special diets can substitute for surgically removing cancers. But sometimes patients’ internet-inspired concerns are valid, as when they ask whether using surgical mesh to repair hernias can cause life-threatening complications.

It may be true that, as American science fiction and fantasy writer Theodore Sturgeon said, “90 percent of everything is crap.” But the remaining 10 percent can be important. Health care professionals who see only the costs of their patients’ self-guided journeys through the medical literature tend to view this phenomenon as a threat to the scientific order, fueling a backlash. Their reaction risks throwing the baby out with the bathwater.

The Return of Intolerance

It is easy to understand why the scientific priesthood views the democratization of health care opinions as a threat to its authority and influence. In response, medical experts typically wave the flag of credentialism: If you don’t have an M.D. or another relevant advanced degree, they suggest, you should shut up and do as you’re told. But credentials are not always proof of competence, and relying on them can lead to the automatic rejection of valuable insights.

Economists who criticize COVID-19 research, for example, are often dismissed out of hand because they are not epidemiologists. Yet they can provide a useful perspective on the pandemic.

“Many epidemiological models are simply focused on disease spread assuming behaviors undertaken by the population,” Cato Institute economist Ryan Bourne notes in his book Economics in One Virus. “They do not allow us to balance the full range of costs and benefits of decisions to mitigate disease spread, [or] to consider how these broader costs and benefits themselves influence people’s decisions to interact….Economic insights are therefore hugely important both in making broader evaluations of decisions and highlighting where the simplism of the modeling can lead us astray.”

Scott Atlas, a former chief of neuroradiology at Stanford Medical School, has published and critically reviewed hundreds of medical research papers. He is a member of the Nominating Committee for the Nobel Prize in Medicine and Physiology. Yet when Atlas commented on COVID-19 issues, the priesthood and its journalistic entourage derided him because he is “not an infectious disease expert”—as if a 30-year career in academic medicine does not provide enough background to understand and analyze public health data. Why? Because this physician had the temerity to contradict the public health establishment. “He’s an MRI guy,” Ashish Jha, dean of Brown University’s School of Public Health, told NPR. “He has no expertise in any of this stuff.”

The dangers of credentialism are apparent in other fields as well. Although David Friedman earned a Ph.D. in physics and never took a course for credit in either law or economics, he spent part of his academic career teaching law and economics at Santa Clara Law School. George H. Smith, despite never graduating from high school, published The System of Liberty: Themes in the History of Classical Liberalism through Cambridge University Press. The late Roy A. Childs Jr., who never graduated from college, was a major intellectual contributor to the libertarian movement in the second half of the 20th century.

Meanwhile, we physicians like to ask, “What do you call the person who graduates last in his medical school class?” The answer: “Doctor.”

Still, it is certainly true that lacking a background in a specific discipline can impede critical analysis of scientific studies by laypeople, making them more vulnerable to quacks and charlatans. Training in the discipline can make it easier to detect “cherry picking” of data and anticipate alternative interpretations of the evidence. Experts are experts for a reason. The question is how we can maximize the benefits of scientific democratization while minimizing its costs.

Politics and the Science Priesthood

When COVID-19 struck in early 2020, the Trump administration responded in a schizophrenic manner. The president deferred policy making to federal public health officials while criticizing and questioning them from the sidelines, almost as if he were a spectator instead of the chief executive.

Trump’s public health team consisted of Deborah Birx, an infectious disease specialist who was in charge of the White House Coronavirus Task Force; Anthony Fauci, an immunologist who directed (and still directs) the National Institute of Allergy and Infectious Diseases; Robert Redfield, an infectious disease specialist and research virologist who headed the Centers for Disease Control and Prevention (CDC); and then–Surgeon General Jerome Adams, an anesthesiologist. The team favored broad restrictions on economic and social activity to reduce virus transmission, even though the scientific consensus as recently as 2019 was that large-scale lockdowns do not control the spread of respiratory viruses.

Trump openly expressed skepticism toward this approach. The conspicuous schism between the president and his public health team helped create a starkly polarized debate in which political allegiances dictated people’s positions on COVID-19 issues, even on empirical questions such as the effectiveness of face masks.

When Trump, eager for a quick resolution to the public health crisis, touted hydroxychloroquine as a therapeutic agent, the medical profession’s usual openness to off-label drug use suddenly seemed to disappear. Anyone willing to entertain the idea was immediately perceived as an ally of the medical ignoramus in the White House. Trump supporters who shared his desire to end pandemic restrictions, meanwhile, seemed to reflexively favor the drug. The chaotic way in which the proposed treatment was addressed wasted valuable time and money.

Politics and tribalism also contaminate discussions of ivermectin. Several limited studies suggest the drug might be effective in preventing and/or treating COVID-19. But since ivermectin has been touted by Trump supporters, including people opposed to vaccination, it has been unfairly and inaccurately mocked as nothing more than a “horse dewormer.” A large randomized controlled trial underway in the United Kingdom should help resolve this debate.

The politicization of COVID-19 science was also apparent in the reaction to a prominent skeptic of lockdowns. In early March 2020, John P.A. Ioannidis, a professor of epidemiology and biostatistics at Stanford and an icon of the movement for evidence-based medicine, published an essay in STAT titled “A Fiasco in the Making?” The subhead warned that “as the coronavirus pandemic takes hold, we are making decisions without reliable data.”

Ioannidis argued that school closures and other lockdown measures could inflict great harm. Before imposing unprecedented restrictions, he said, public health officials should wait for more data.

Ioannidis’ political views are unknown. But his essay jibed with the skepticism expressed by the president and many of his supporters. The heretofore revered epidemiologist therefore was pilloried by the medical science priesthood and its supporters in the media. The Nation published an article calling Ioannidis’ work a “black mark” on Stanford and implying it was influenced by corporate sponsors.

Another example: Vinay Prasad, an oncologist and epidemiologist at the University of California, San Francisco, is a leading critic of face mask mandates. He has opined on the subject for popular medical websites, and he co-authored a Cato Institute review of the relevant literature, which found no evidence that cloth masks are effective in reducing transmission of the virus—a position that even the CDC has at least partly accepted. For this Prasad was subjected to personal attacks by peers. Some disseminated out-of-context screenshots of his Twitter feed, tagging his employer and accusing him of being indifferent to death.

Or consider the reaction to the Great Barrington Declaration, published on October 4, 2020, by Martin Kulldorff, then a professor of epidemiology at Harvard; Sunetra Gupta, a professor of epidemiology and immunology at Oxford; and Jay Bhattacharya, a Stanford professor of medicine with a Ph.D. in economics. The statement, which was eventually endorsed by thousands of medical and public health scientists, including the recipient of the 2013 Nobel Prize in chemistry, noted that broad lockdowns entail large costs and advocated a more focused approach that would let those least vulnerable to COVID-19 resume normal life as much as possible.

The authors of the Great Barrington Declaration represent a range of political ideologies. But because they opposed the policies favored by the public health establishment and received applause from people aligned with Trump, they were vilified. An editorial in the journal Science-Based Medicine said they were “following the path laid down by creationists, HIV/AIDS denialists, and climate science deniers.”

The medical priesthood was still seething a year later, when the surgical oncologist David Gorski and the Duke University public health professor Gavin Yamey published a scathing ad hominem attack on Kulldorff et al. in BMJ Opinion, calling the Great Barrington Declaration a “well-funded sophisticated science denialist campaign based on ideological and corporate interests.” Kulldorff promptly responded with a fierce rebuttal in Spectator World, stating the BMJ attack “urges people to use ‘political and legal strategies’ rather than scientific argument to counter our views on the pandemic.”

In December, the American Institute for Economic Research (AIER), where the Great Barrington Declaration was drafted and signed, released some revealing emails that it had obtained through a Freedom of Information Act request. “This proposal from the three fringe epidemiologists who met with [Secretary of Health and Human Services Alex Azar] seems to be getting a lot of attention—and even a co-signature from Nobel Prize winner Mike Leavitt at Stanford,” then–National Institutes of Health Director Francis Collins wrote to Fauci on October 8, 2020. “There needs to be a quick and devastating published take down of its premises. I don’t see anything like that online yet—is it underway?”

Behind-the-scenes maneuvering no doubt also played a role in the attack on Atlas, whom Trump invited to join his coronavirus task force in August 2020. Since Atlas had repeatedly criticized lockdowns, that decision seemed like a deliberate poke at Birx, Fauci, and Redfield. They waged an email campaign aimed at discrediting Atlas as “dangerous and a true threat to a comprehensive and critical response to this pandemic.” The private and public assault on Atlas drove him to resign just a few months later.

“The fact that the acceptance or rejection of science is increasingly determined by political affiliations threatens the autonomy of scientists,” the Harvard science historian Liv Grjebine noted in a May 2021 essay for The Conversation. “Once a theory is labeled ‘conservative’ or ‘liberal’ it becomes difficult for scientists to challenge it. Thus, some scientists are less prone to question hypotheses for fear of political and social pressures.”

While “science cannot thrive under an administration that ignores scientific expertise as a whole,” Grjebine wrote, “neither can it thrive if scientists are told which political and moral values they must embrace. This could slow down or even prevent the emergence of new scientific hypotheses. Indeed, when scientists align themselves with or against political power, science can easily lose its most important asset: the ability to encourage disagreement and to raise new hypotheses that may go against common sense.”

The Role of ‘Misinformation’

One cannot ignore the role of social media in all this. Platforms such as Facebook, Twitter, and YouTube are private property, and the owners have the right to decide what sort of content they will allow. But the major platforms, like the mainstream news media, tend to align themselves with the science priesthoods. They therefore are inclined to suppress scientific heterodoxy—a tendency encouraged by the Biden administration’s explicit demands that they eliminate COVID-19 “misinformation,” including content that is deemed “misleading” even if it is not verifiably false.

Cultural and ideological affinity with the priesthood might partially explain this alignment. While many of the tech entrepreneurs didn’t acquire academic credentials, they see themselves as new members of the intellectual elite. In addition, both Republicans and Democrats in Congress have spoken of the digital media as “the wild west,” each seeking to regulate it to their own advantage. By forging an alliance with the scientific priesthood and academic elite, tech entrepreneurs might strengthen their position against political assaults.

This helps explain why Facebook used “fact checkers,” Twitter applied warning labels, and YouTube removed posts that questioned the lockdown policies advocated by the public health establishment in the pandemic’s early days. Yet, in recent months it has become acceptable in polite society to criticize school and business closures and other lockdown measures.

In October 2020, Twitter took down a post by Atlas, while he was a member of Trump’s coronavirus task force, for citing published scientific literature that questioned the efficacy of masks. Twitter claimed Atlas violated its policy by sharing false or misleading content related to COVID-19 that could lead to harm. In describing the incident, CNN reporters Jeremy Diamond and Paul LeBlanc wrote: “The message pushed by the controversial neuroradiologist [i.e., not an epidemiologist] goes against guidance from the U.S. Centers for Disease Control and Prevention.” While studies on the benefits of masking remain inconclusive, a consensus has since emerged that cloth masks are, as CNN medical analyst Leana Wen said, “little more than facial decorations.”

Perhaps the most egregious example of digital media doing the dirty work for the priesthood is the suppression of talk about the potentially embarrassing source of the COVID-19 virus. Efforts to suggest the source was a leak at the Wuhan Institute of Virology were dismissed as a “conspiracy theory” by pundits and suppressed by social media gatekeepers. After The Wall Street Journal reported in May 2021 that intelligence sources believed a lab leak is a plausible explanation that deserves further investigation, Facebook lifted its ban on posts that mentioned the theory. Twitter, on the other hand, refused to commit to what it would censor on the subject. By summer 2021, a consensus emerged among scientists in the academy and the media that the lab leak theory was at least plausible and should be explored.

What the Public Health Priesthood Got Wrong

During the last two years, public health officials got a lot of things wrong, although it remains to be seen if they will ever admit it. Multiple studies, for example, have concluded that there is little or no evidence that shelter-in-place orders and other lockdown strategies had an important impact on COVID-19 infections or deaths. Other research has shown that such restrictions disproportionately harmed the young and the poor.

Public health officials criticized Kuldorff et al. for stressing natural immunity’s role in protecting against infection. On January 19, 2022, the CDC publicly acknowledged that during the delta wave, natural immunity had offered better protection than vaccination. The authors of the Great Barrington Declaration had been largely correct.

Policy makers also emphasized vaccine development and vaccination at the expense of therapeutics. With the emergence of the omicron variant, vaccines were less effective in stopping viral spread, although they remained quite effective in preventing severe disease. Therapeutic medicines would come in handy now that we are facing an endemic, highly contagious virus. And with a renewed appreciation for therapeutics, it is baffling that public health officials emphasize the new Pfizer and Merck antivirals while ignoring fluvoxamine, a safe antidepressant drug approved in 1994 that, according to randomized controlled trials, rivals the antivirals in effectiveness.

Public health officials were wrong to issue one-size-fits-all vaccine recommendations. Since the public is now privy to the same information as professional scientists, people understand the importance of infection-induced immunity. They see the same hospitalization and fatality numbers that officials see. They know which groups are most vulnerable to serious illness and which groups are more susceptible to vaccine-induced myocarditis and other complications. Vaccine recommendations can and should be more nuanced.

To be clear: As a physician, I have no doubt that the mRNA vaccines are both safe and highly effective, especially for the age group most at risk. But when public health officials and the intelligentsia portray people with legitimate questions and concerns about the vaccines as “anti-vaxxers” or “COVID deniers,” they undermine public trust.

A Little Tolerance Goes a Long Way

Just as public health officials must abandon a “zero COVID” strategy and accept that the virus will be endemic, the science priesthood must adapt to a world where specialized knowledge has been democratized. For scientific knowledge to advance, scientists must reach a rapprochement with the uncredentialed. They must not dismiss lay hypotheses or observations out of hand. They must fight against the understandable desire to avoid any hypothesis that might upset the health bureaucrats who control billions of research grant dollars. It is always useful to challenge and reassess long-held premises and dogmas. People outside of a field might provide valuable perspectives that can be missed by those within it.

Openness to unconventional ideas has its limits. We don’t take flat-earthers seriously. Nor should we lend credence to outlandish claims that COVID-19 vaccines cause infertility, implant people with microchips, or change their DNA. There are not enough hours in the day to fully address every question or hypothesis. But a little tolerance and respect for outsiders can go a long way. If those habits become the new norm, people will be more likely to see rejection of challenges to the conventional wisdom as the objective assessment of specialists rather than the defensive reaction of self-interested elites. Science should be a profession, not a priesthood.

The post Against Scientific Gatekeeping appeared first on Reason.com.

from Latest https://ift.tt/DKA5rZz
via IFTTT

What Is The “Great Reset” And What Do The Globalists Actually Want?

What Is The “Great Reset” And What Do The Globalists Actually Want?

Authored by Brandon Smith via Alt-Market.us,

I first heard the phrase “Great Reset” way back in 2014. Christine Lagarde, who was head of the IMF at the time, was suddenly becoming very vocal about global centralization. It was an agenda that was generally only whispered about in the dark corners of institutional white papers and the secretive meetings of banking elites, but now these people were becoming rather loud about it.

Lagarde was doing a Q&A at the World Economic Forum and the notion of the “Reset” was very deliberately brought up; what the project entailed was vague, but the basic root of it was a dramatic shift away from the current economic, social and political models of the world into a globally centralized and integrated system – A “New World Order,” if you will…

It’s important to remember that we had just jumped through the fires of an international credit collapse which started in 2008 and had continued to cause uncertainty in markets for years. The central banks had dumped tens of trillions of dollars worth of stimulus into the system just to keep it on life support. Some of us in the alternative media believed that these actions were not meant to save the economy, only zombify the economy through currency devaluation and inflation. Not long down the road, this zombie creation would turn on us and try to eat us alive, and only the central bankers new exactly when this would occur.

Think of the crash of 2008 as Stage 1 of the Reset agenda; the globalists were getting cocky and were ready to unveil their plans to the public.

Lagarde’s discussion at the WEF was also held around the time that Klaus Schwab was introducing his 4th Industrial Revolution concept, which is a little more forward with what the globalists really want. He talks excitedly of a true “global society” and a world in which people turn to Artificial Intelligence (AI) as a better means of governance. He even suggests that laws would eventually be dictated by AI and that courts would be run by robots.

Of course, he admits that this cannot happen without a period of economic deconstruction in which people and governments will have to choose between sacrifice for the sake of stability or continued pain in the name of holding on to the “old ways.” Look at it this way: The Great Reset is the action or the chaos, and the 4th Industrial Revolution is the intended result or planned “order.” That is to say, it’s a new order created out of engineered chaos.

Yeah, it sounds like bad science fiction, but remember these are the people that enjoy the undivided attention of many of our political leaders and they rub elbows with the central bankers at the Federal Reserve. I’ll say it again: The proponents of the Great Reset and the 4th Industrial Revolution, who want to completely undermine and reconstitute our society and way of life, are close partners with our national leaders and the very bankers that could force such a reset to happen through a deliberate collapse.

The globalists have been trying to rebrand and repackage their New World Order agenda for many years, and the Reset was what they came up with. Rather than being innocuous sounding, the term threatens systemic upheaval and an erasure of the past. When you “reset” something it usually goes back to zero – A blank slate that the engineers can use to rewrite the code and the functions. But what does this really mean?

What do the globalists REALLY WANT? Here are the details, so far as I can prove or support with evidence, of what the “Great Reset” actually is and what programs they hope to enforce:

Total Global Economic Centralization

Some people might claim that we already have global economic centralization, but they don’t understand what this really means. While national central banks are all members of the IMF and the Bank for International Settlements and take their marching orders from these institutions, what the globalists want is open global governance of finance, probably through the IMF.

In other words, it’s not enough that they manipulate economies secretly by using national central banks as proxies; what they want is to stop hiding and to come out into the light as the magnanimous rulers they think they are.

The ultimate goal of full centralization is to erase the very idea of free markets and to allow a handful of people to micromanage every aspect of trade and business. It’s not just about influence, it’s about economic empire. But in order to achieve a global central bank they must first implement a one world currency plan.

A One World Digital Currency System

The IMF has been talking about using their Special Drawing Rights basket as the foundation for a global currency for years (since at least the year 2000). Around a decade ago China started taking on trillions of dollars in debt just to qualify as a member of the SDR system, and the IMF has hinted that when all is said and done that system will go digital. All that is needed is the right kind of crisis to shock the public into compliance.

This was evident at the height of the covid pandemic lockdowns and the threat of economic disaster when globalist institutions began to suggest that the IMF’s SDR could be used as a safety net for nations, with strings attached, of course. But beyond the stresses of the pandemic there is a much bigger crisis; namely the stagflationary crisis now on our doorstep. With multiple national currencies in decline and the dollar’s world reserve status increasingly in question, I have no doubt that the globalists will take the opportunity to offer the public their digital currency as a solution.

The new system would be more like a phantom currency for a time. The SDR would be the glue or the backing while national currencies remain in circulation until the digital framework becomes pervasive. The IMF and the people behind it would become the defacto world central bank, with the power to steer the course of all national economies through a single currency mechanism.

On the micro-economic side, each and every individual would now be dependent on a digital currency or cryptocurrency which removes all privacy in trade. All transactions would be tracked, and by the very nature of blockchain technology and the digital ledger this would be required. The money elites wouldn’t have to explain the tracking, all they would have to say is “That’s how the technology functions; without the ledger it doesn’t work.”

A Global Social Credit System

The evil inherent in globalism was readily apparent during the recent lockdowns and the violent push for medical tyranny. Despite the fact that covid only had a median Infection Fatality Rate of only 0.27% according to dozens of official studies, the WEF contingent of politicians and world leaders were frothing at the mouth, proclaiming that the existence of covid gave them the right to take total control of people’s lives.

Klaus Schwab and the WEF happily announced that the pandemic was the beginning of the “Great Reset” and the 4th Industrial Revolution, stating that the covid crisis presented a perfect “opportunity” for change.

The vaccine passports were thankfully defeated by numerous conservative red states in the US, leading to the complete reversal of such policies across most of the western world. We were free for years while many blue states and other countries were facing authoritarianism and this caused a lot of problems for the globalists. It’s hard to institute a global medical dystopia when people around the world can look at the conservatives in the US and see that we are living just fine without the controls.

The vax passports need to be understood as a first step towards something else – The beginning of a massive social credit system much like the one being used in China right now. If you think cancel culture is a nightmare today, just think what would happen if the collectivist mob had the power to drop a review bomb on your social credit account and declare you to be untouchable? Imagine if they had the power to simply shut down your ability to get a job, to shop in grocery stores and even shut down access to your money? Without your compliance to the collective, access to normal survival necessities would be impossible.

This is what the globalists want, as they openly admitted at the start of the pandemic, and the vax passports would have been an introduction to that technocratic horror had we conservatives not stood our ground.

You Will Own Nothing And Be Happy By 2030

The “Sharing Economy” (also sometimes referenced in parallel with “Stakeholder Capitalism”) is a concept that has been making the rounds in the WEF for a few years now. The media has attempted at every turn to spread lies and disinformation claiming that the plan does not exist; but again, it is openly admitted.

The sharing economy is essentially a communistic economy, but distilled down to a bizarre minimalism even people who lived in the Soviet Union did not have to experience. The structure is described as a kind of commune based society in which people live in Section 8-style housing, with shared kitchens, shared bathrooms, and barely any privacy. All property is rented, or borrowed. All cars are borrowed and shared, most transit is mass transit, basic personal items such as computers, phones, and even cooking utensils might be shared or borrowed items. As the WEF says, you will own nothing.

Being happy about it is another matter.

The argument for this kind of society is of course that “climate change” and the frailties of consumer economics demand that we reduce our living standards to near zero and abandon the sacred ideal of property ownership for the sake of the planet.

Set aside the fact that carbon based global warming is a farce. The world’s temperatures have only risen by 1 DEGREE CELSIUS in the span of a century, according to the NOAA. This was data that climate scientists had attempted to hide or gloss over for years, but now it is out there for everyone to see. There is no proof of man made global warming. None.

The globalists have been scheming to use environmentalism as an excuse for centralization since at least 1972, when the Club Of Rome published a treatise titled ‘The Limits To Growth’. Twenty years later they would publish a book titled ‘The First Global Revolution.’ In that document they specifically recommend using global warming as a vehicle:

In searching for a common enemy against whom we can unite, we came up with the idea that pollution, the threat of global warming, water shortages, famine and the like, would fit the bill. In their totality and their interactions these phenomena do constitute a common threat which must be confronted by everyone together. But in designating these dangers as the enemy, we fall into the trap, which we have already warned readers about, namely mistaking symptoms for causes. All these dangers are caused by human intervention in natural processes, and it is only through changed attitudes and behaviour that they can be overcome. The real enemy then is humanity itself.”

The statement comes from Chapter 5 – The Vacuum, which covers their position on the need for global government. The quote is relatively clear; a common enemy must be conjured in order to trick humanity into uniting under a single banner, and the elites see environmental catastrophe, caused by mankind itself, as the best possible motivator.

They present the solution of the shared economy concept as if it is a new and bold idea. What the globalists ultimately want for their Great Reset, however, is a tidal wave reversal from freedom and individual prosperity back to a very old manner of doing things, similar to ancient feudalism. You become a peasant working on land owned by the elites, or by the state, and you will never be allowed to own that land.

The only difference would be that in a feudal empire of the past peasants could not own land because of the class system. This time around, you won’t be allowed to own anything, including land, because wanting to own anything is “selfish” and destructive to the planet.

Total Information Control

The truth is a rare commodity these days, but nowhere near as rare as it will be if these elitists get what they want. The globalists are far more open about their agenda today than they have ever been before, and I suspect this is because they believe they will be able to rewrite the history of today’s events with impunity after the Reset unfolds. They think they will own the world of information and will be able to edit our cultural memory as they go.

The mainstream media calls all of this “conspiracy theory.” I call it conspiracy reality. It’s hard to deny openly spoken admissions by the globalists themselves, all they can do is try to spin the information as much as possible to keep the public on the fence in terms of what needs to be done, which is a purge of the globalists from our country and perhaps the entire world.

If we do not do this, there will come a time when nothing I say here is remembered and no evidence of the Reset plan will exist. The establishment will have eliminated all notions of it from written history, leaving only a fantasy tale of how the world collapsed and a small organization of “visionary” globalists saved it from oblivion through a new religion of centralization.

*  *  *

If you would like to support the work that Alt-Market does while also receiving content on advanced tactics for defeating the globalist agenda, subscribe to our exclusive newsletter The Wild Bunch Dispatch.  Learn more about it HERE.

Tyler Durden
Sat, 04/02/2022 – 23:30

via ZeroHedge News https://ift.tt/lG5FqTj Tyler Durden