“I’m Witnessing History In The Making”, Says Protester In Shanghai

“I’m Witnessing History In The Making”, Says Protester In Shanghai

Authored by Kelly Song via The Epoch Times (emphasis ours),

Protests demanding an end to COVID lockdowns broke out in the center of Shanghai on Sunday, following outrage over an apartment building fire in Urumqi, Xinjiang, that killed 10 people on Thursday.

People sing slogans while gathering on a street in Shanghai to protest on Nov. 27, 2022. (Hector Retamal/AFP via Getty Images)

Those who perished in the fire were trapped in their apartments under strict zero-COVID lockdown measures.

After the news of the fire spread via social media, hundreds of angry Shanghai residents gathered at central Wulumuqi Road, which is named after Urumqi, the capital of the Xinjiang region.

The Epoch Times spoke with one of the protesters, who used the pseudonym Zhengyi Dong, who took to the streets with her boyfriend on Sunday.

At Wulumuqi Road, Dong said she saw some protesters holding blank pieces of paper, some got into scuffles with police, some were beaten, and some were taken into police buses.

Dong described the scene as “shocking.”

“I was very moved. The people have been suppressed for too long. It was not fear. I felt that my blood was boiling,” she said.

Police and people clash during a protest against China’s zero-COVID policy in Shanghai on Nov.27, 2022. (Hector Retamal/AFP via Getty Images)

Dong said there were at least 100 police at the location, and they had blocked off the road and taken down the road sign.

Videos online show protesters  chanting slogans such as “Down with the Chinese Communist Party” and “Remove Xi Jinping from office.”

Before Dong left the scene at around 8 pm, she saw at least three protesters arrested. Other protesters were shouting, “release them, release them,” but to no avail, she said.

There were other reports of protesters being arrested, with some being beaten, with one witness stating that he saw one female protestor being beaten by a dozen police, reported RFI.

Other protesters estimated several dozen people were arrested. The exact number of arrests cannot be confirmed.

BBC reported that one of its reporters was arrested when interviewing protesters. The reporter was released several hours later.

A man is arrested while people gather on a street in Shanghai to protest on Nov. 27, 2022. (Hector Retamal/AFP via Getty Images)

Dong’s parents live in Xinjiang, and her grandmother died during the pandemic.

She said she used to trust the Chinese Communist Party (CCP) and thought that China would improve and that the police were there to protect society.

After she saw the protest scene, she said she was shocked, “the people’s police were actually taking down the road signs and beating the people!”

This cannot solve the problem but exacerbate the issue. We will go to protest again,” Dong said.

Someone posted on social media a picture of the street sign Wulumuqi Road being taken down by police. Some suggested changing the road name to “Zero-COVID Road.”

Dong said that she is not easily swayed, adding that the protest had a legitimate reason—concern over the deadly fire in Urumqi.

I don’t know about other people, but no one told me to go there; I went there out of my own will,” Dong said.

“When we heard the news, we were outraged. At the time, nothing but the fire was discussed on WeChat, Tik Tok, or other platforms. But these platforms keep deleting the posts.”

She said, “I have had three accounts on WeChat banned.”

Dong said she felt that her blood was boiling at the protest—there was no fear but only astonishment.

“I felt that I was witnessing history in the making. I had goosebumps,” she said.

Read more here…

Tyler Durden
Tue, 11/29/2022 – 17:25

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Canadian Fashion Firm Releases Ad Celebrating “Beauty” Of Assisted Suicide

Canadian Fashion Firm Releases Ad Celebrating “Beauty” Of Assisted Suicide

The prominent Canadian fashion and home decor retailer Simons is coming under fire for glorifying suicide as a marketing ploy. 

The company recently produced and released a three-minute film which celebrates the planned assisted suicide of Jennyfer Hatch. More recently, after the project was completed, the Canadian Broadcasting Corporation confirmed thatThe 37-year-old died on Oct. 23 and chose medical assistance in dying (MAID) after dealing with complications and chronic pain associated with her diagnosis of Ehlers Danlos syndrome, a group of inherited disorders that affect the connective tissue supporting many body parts.” A snippet of the fuller ad can be viewed below…

And now she’s the subject of the short film and ad campaign “All is Beauty” – which the company claims is all about building a “human connection” and reflects its “values” (so… death/suicide). “Even now as I seek help to end my life, there is so much beauty,” Hatch narrates in the video for the Canadian clothes retailer.

CEO Peter Simons went so far as to reference lessons learned and the hardships of the Covid-19 pandemic as inspiration for the commercial/short film

“We really felt — after everything we’ve been through in the last two years and everyone’s been through — maybe it would resonate more to do a project that’s less commercially oriented and more focused on inspiration and values that we hold dear,” said Simons.

However, given the subject matter and eerie scenes like the below, it seems like something more out of a Black Mirror episode…

Screenshot of Simons commercial, via YouTube

Consider too how loose the Canadian government’s “medical assistance in dying” (MAID) law is and how actively it is being promoted. A simple Google search of “Canada euthanasia law” returns info encouraging users to learn about their “rights” – which includes the following dystopian and disturbing aspect to the law… 

“…the law no longer requires a person’s natural death to be reasonably foreseeable to access medical assistance in dying.” 

But again, keep in mind that the “All is Beauty” ad film is ultimately all about a ‘woke’ corporation selling more of its product. As Rod Dreher of The American Conservative aptly points out

This is so evil. They are making a sick woman’s decision to end her life into an occasion of beauty, and created a short film glorifying suicide … for the sake of selling fashion and home decor! And that’s the truly creepy part about it: that they’re using a glamorized suicide to encourage people to think sympathetically of their brand, so they’ll buy clothes and furnishings there. (Note: an ad like this doesn’t have to directly market the product; a Japanese luxury car brand in the early 2000s, I think it was, pioneered this kind of advertising, designed to associate a certain aesthetic vibe around a product or company.)

See the full 3-minute version of the Simons short film below:

Dreher further concludes in the following: “First Balenciaga, which its child sex chic, and now Simons, selling frocks and trousers by selling suicide. This is beyond Late Roman Empire stuff. A culture that glorifies death like this has lost its collective will to live. And it won’t.”

And one commenter on Simons’ YouTube channel laments that “This woman was murdered and betrayed by every single person she knew who did not try to stop this. And now her death has been commodified and commercialized.”

Tyler Durden
Tue, 11/29/2022 – 17:05

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Biden’s Spending Spree Is Unprecedented


President Biden pointing to a money sign.

More than any time in recent history, the consequences of government over-spending are becoming apparent. Inflation continues to be well above the Federal Reserve’s target, and the national debt recently topped $31 trillion for the first time in U.S. history—just eight months after it crossed $30 trillion. Yet few seem to connect these events with one of their underlying causes: President Joe Biden’s continued spending binge.

Tacking on $1 trillion in debt in barely more than half a year used to be unheard of. But that norm went out the window when Biden’s predecessor, President Donald Trump, turbocharged the national debt—even before he put federal spending on steroids in response to the COVID-19 pandemic. What is shocking now, however, is that hardly anyone is paying attention to Biden’s spending, even amid historic inflation. 

For much of recent history, presidents have been able to get away with ignoring their campaign promises of fiscal responsibility. But as the bills are coming due for the U.S. economy, those days should be numbered.

Despite campaigning as a moderate, President Biden has dramatically accelerated federal spending during his time in office. He has now spent more in his first two years than President Trump did during his last two years at the height of the pandemic. 

Official estimates from the Congressional Budget Office (CBO) show that, since January 2021, legislation signed by President Biden has set in motion a record $3.37 trillion in new spending, surpassing Trump’s previous record of $3.28 trillion during the 116th Congress.

Like Trump, Biden has overseen significant pandemic-related relief, but he also has ramped up spending on priorities well beyond COVID-19. The American Rescue Plan Act (ARPA), passed in March 2021, cost $1.8 trillion, more than half of the new spending enacted during Biden’s time in office.  

But it’s the other expensive legislation Biden has signed that pushed him past Trump. The much-vaunted Infrastructure Investment and Jobs Act spent another $765 billion, though the infrastructure expenditures will occur over the course of the next five years. The Jon Stewart-promoted Promise to Address Comprehensive Toxics (PACT) Act contributed another $278 billion, while the recently passed CHIPS Act “chipped” in $255 billion more. And though congressional Democrats failed to pass Biden’s Build Back Better legislation earlier this year, its eventual successor, the Inflation Reduction Act, is still estimated by the CBO to add another $51 billion to the federal ledger.

Of course, these new laws all represent spending carried out by Biden in consort with the Democratic-controlled Congress. But on top of everything Congress is doing, the president has taken numerous, expensive executive actions that make his impact on the federal budget even greater than official numbers indicate. 

In response to a request from House Republicans, the CBO estimated in June that a number of the president’s executive actions total another $532 billion, including interest expenses. The list of actions reviewed by the CBO include $300 billion for an expansion of the Supplemental Nutrition Assistance Program, $34 billion for the extension of various healthcare subsidies, and $85 billion for pauses in student loan repayment.

What’s more, on the topic of student loans, Biden has since taken even greater actions. One estimate puts his most recent pause at another $40 billion, while the cost of fuller loan forgiveness would be more than $400 billion. Taken together, these add more than another $1 trillion in spending to Biden’s legislative impact, and help explain how the administration racked up a whopping $4.8 trillion in new borrowing in just the last two years.

Meanwhile, this trend is scarcely noticed in the media or even by some congressional Republicans more interested in fighting the culture war.

It is worth considering how radical this new norm is. For example, in 2009, the American Recovery and Reinvestment Act (ARRA) spent more than $575 billion and was estimated by the CBO to raise the national debt by $787 billion over the subsequent decade. That legislation helped spark a nationwide backlash against Washington’s spending, eventually culminating in the rise of the so-called “Tea Party” movement on the right. 

In contrast, the bipartisan infrastructure bill will spend nearly $200 billion more than the ARRA and has been championed as a compromise—and the bill is not even the most expensive one passed during Biden’s first two years. But few seem to object.

It seems that the Biden administration is determined to prove that deficits don’t matter, and when it comes to media and public accountability, this may be the case. But the economy may prove that notion wrong. Instead of taking the opportunity to fix the egregious fiscal trends President Trump helped set in motion, Biden continues to carry on one of Trump’s worst legacies as inflation remains high.

This is a strikingly ahistorical choice. A bit more than a decade ago, President Barack Obama, with his first term also occurring under united Democratic party rule, contributed just shy of $2.2 trillion in new spending during his time in office, or more than $1 trillion less than Biden. He was met with loud and sustained opposition.

While Obama eventually struck a compromise with congressional Republicans in the form of the Budget Control Act of 2011, it remains unclear if Biden will do the same. But if history is any guide, continued inflation may ultimately force a course correction. Political power, after all, can only be sustained so long without strong economic fundamentals. 

The post Biden's Spending Spree Is Unprecedented appeared first on Reason.com.

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The Former Kanye West Is Running for President Again, Allying With Fascists


Clockwise from top left: Milo, Ye, Tim Pool, Nick Fuentes

Ye, the fabulously successful musical and fashion artist formerly known as Kanye West, appears to be running for president for a second time. He has launched a “Ye24” campaign seemingly managed and shaped by, first, alt-right provocateur Milo Yiannopoulos, soon thereafter joined by fascist online personality and political commentator Nick Fuentes.

This nascent campaign made news last week by apparently fooling former President Donald Trump into the bad-optics choice of eating dinner at Mar-a-Lago with Fuentes, a much-banned character (and at least formerly enormous Trump supporter) whose public pronouncements are full of racism, antisemitism, and an open desire to impose his political will with violent force, under the guise of Christian nationalism.

At the meeting, Ye claimed, he asked Trump to be his running mate. Ye has said both that Trump was impressed with Fuentes, in a now-deleted tweet video, and that Trump “had no idea who Nick was” before Ye took him to dinner. Trump has also insisted in a Truth Social post that he did not know Fuentes. Ye did not seem to come out of the meeting with his former admiration for Trump intact.

It is unclear if Ye in 2024 intends to run independently as in 2020 (when he was on the ballot in 12 states and got slightly fewer than 68,000 votes) or for the Republican nomination. Ye referred in the past week in a deleted tweet to Florida Gov. Ron DeSantis, understood to be a 2024 GOP possibility, as his opponent. Running as an independent would be a far easier path to Ye’s actually being on the ballot. If he doesn’t bother with launching a full third-party apparatus, the qualifications for independent presidential ballot access are quite within the reach of someone with Ye’s wealth and head start (with a halfway competent staff).

Ye, Yiannopoulos, and Fuentes had an aborted appearance on Tim Pool’s very popular podcast last night which previewed the public face of the Ye24 campaign. Ye and his team chose to make their animus against Jews their only apparent concern or policy position. Ye wanted people to contemplate that both former Presidents Barack Obama and Trump had trusted advisers who were Jewish (Rahm Emanuel and Jared Kushner) and seems to believe there is a concerted conspiracy on the part of Jewish people to harm him.

Ye alluded to his grievances against his former trainer Harley Pasternak, who Ye alleges sent him a text message threatening to have him drugged and institutionalized again (complete with an implied threat to ruin his relationships with his children) after Ye began his current wave of public animus against the Jews. (Ye was with Pasternak when he was first placed on involuntary psychiatric hold in 2016, and Ye has complained that Jewish doctors gave him medications that were bad for him.) Pool’s partner Luke Rudkowski drew attention to the fact that Pasternak had past employment with Canada’s Department of National Defense, which to him makes it likely that Pasternak may have been an intelligence agent “handler” of Ye on the part of unnamed sinister controlling forces, a belief of Ye’s.

Since Ye issued his since-deleted “death con 3 On JEWISH PEOPLE” tweet in October, he has been abandoned by business partners including Adidas. Ye intimated on Pool’s podcast that just yesterday he learned he was in some sort of tax debt trouble that he fears could land him in jail; he was relieved to learn he could run for president from jail.

While Ye’s previous political consigliere was Candace Owens of Turning Point USA and the “Blexit” movement encouraging a black diaspora from Democratic Party support, Ye explained on Pool’s podcast that he found his way to Yiannopoulos via an associate of Alex Jones when they were commiserating over their status as highly “canceled” public figures. Yiannopoulos then hooked him up with Fuentes, who Yiannopoulos called on Pool’s podcast the most “extraordinarily brilliant political commentator of his generation”

When Pool tried to object to smearing an every adherent of a certain religion as purportedly sinister because Ye feels he has been treated unfairly by certain music, fashion, and banking industry executives who were Jewish, Ye walked out and his team soon followed.

In Ye’s first wave of political controversy in the Trump era, when he was an enthusiastic MAGA-hat-wearing Trump supporter, the only specific policies he ever seemed to advocate for were related to criminal justice reform, making life easier for prisoners and ending the involuntary servitude associated with modern imprisonment, and a return of industrial production to American cities. Those stances fit well within Trumpism as it was practiced—and both fit perfectly well within standard modern progressive/Democratic platforms as well. A campaign based around complaining about Jews and allying with open advocates of a violent overthrow of the government to impose right-wing Christian values and keep out or reduce the legal rights of nonwhite male Christians might have less crossover appeal.

When Ye actually ran for president in 2020, after a brief public turn toward making his music and public persona more explicitly Christian/gospel in message, he front-and-centered abortion as a concern, but even then he did not advocate banning it but rather providing public financial support for women to encourage them to choose to give birth. He also said he was explicitly intending to steal votes from Joe Biden, and thus help Trump, and offered a potpourri of policies including (through means unspecified) household and student debt reduction, “fair trade,” a wider range of educational choices including vocational, and more faith-based local support provision.

“Ye24” has projected nothing specific in its policies or intentions, except for what might be reasonably guessed at by his choice to publicly ally with Yiannopoulos and Fuentes. That mixture is probably best characterized as Christo-fascism: an alleged dedication to pushing Christian beliefs and strictures in public policy combined with malign animus against those who are not white Christians. (Yes, Ye is black. But unless and until he explains what he does, and doesn’t, like about his new consigliere and traveling companion Fuentes, the policy implications of his alliance with him seem to be that he agrees with the message Fuentes has been promoting for years. In a now-deleted tweet the other day, Ye wrote/joked? that Fuentes was writing his tweets.)

At this point in his campaign, the only specific point that Ye seems to believe God and Jesus are inspiring him toward as a candidate is reminding the world that he feels various Jewish people did him harm and that it’s very important he remind the world that those people are Jewish. It is unlikely this will prove a winning message electorally, though Yiannopoulos on Pool’s podcast seems to believe it’s a message a mass of Americans are waiting to hear, explaining that Ye is the “dam burst” on an issue that “everyone had been wondering about,” that is, why one can’t openly blame the Jewish people writ large for substantial portions of the world’s troubles, or at least Ye’s troubles, without people wanting nothing to do with you. (That our culture has developed taboos about the expression of certain blanket condemnations of certain types, like blacks and Jews, based on the fact that those beliefs have led in living memory to some of history’s most massive and horrible crimes, genocides, slavery, and general oppression is something Ye has not yet been asked to consider in public by anyone who has spoken to him.)

As a musician and fashion mogul, Ye had a far brighter and smarter sense of how to find high-quality people to work with than he seems to with politics; it goes without saying that it’s depressing to see the greatest pop artist of the century become a bottom-feeding fascist presidential candidate, but his example may help the modern Republican right decide more sharply where they stand, or at least how far in the direction of white nationalist fascism the American electorate is prepared to go.

The post The Former Kanye West Is Running for President Again, Allying With Fascists appeared first on Reason.com.

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WTI Extends Gains After API Reports Large Crude Draw

WTI Extends Gains After API Reports Large Crude Draw

Flip-flopping headlines from OPEC+ leaks and China COVID restrictions prompted a volatile day in crude markets today but WTI ended higher.

OPEC+ does “not like contango and that is what has raised market expectations of deeper cuts,” Amrita Sen, chief oil analyst at consultant Energy Aspects, said in a Bloomberg TV interview.

“I’m not ruling out deeper cuts — that’s of course on the table — but I would say that’s not our base case.”

Earlier in the session, prices rallied above $79 a barrel after Beijing said it would bolster vaccination among seniors then prices briefly flirted with losses after Reuters reported that the production cartel would stick with its current oil-output policy

API

  • Crude -7.85mm (-2.49mm exp) – biggest draw since April 2022

  • Cushing -150k

  • Gasoline +2.85mm

  • Distillates +4.01mm

This is the 3rd sizable crude draw in a row…and the 3rd straight week of sizable product builds…

Source: Bloomberg

WTI was hovering around $78.50 ahead of the API print and extended gains after…

Notably, the shape of the futures curve has flipped in recent weeks, continuing to signal an oversupplied market.

Source: Bloomberg

That is the largest contango since 2020.

Tyler Durden
Tue, 11/29/2022 – 16:36

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NBC News Reporter Not Seen On Air Since Paul Pelosi Attack Report Retracted

NBC News Reporter Not Seen On Air Since Paul Pelosi Attack Report Retracted

Authored by Jack Phillips via The Epoch Times (emphasis ours),

NBC News correspondent Miguel Almaguer has not appeared on the air since a Nov. 4 report on details surrounding the attack targeting Paul Pelosi last month was retracted without explanation.

Illustration: ZeroHedge

Almaguer is usually featured on NBC’s “Today” and “Nightly News” programs. Reports earlier this month indicated that he was suspended by the network after the video report was retracted, and he has not been seen on NBC since then.

Meanwhile, NBC News or its parent company has not issued any statements on why Almaguer is gone, if he was suspended, and for how long. Almaguer also has not publicly commented on the matter.

NBC News has not returned a request for comment on Monday on if or when Almaguer will return. The Epoch Times also contacted Almaguer for comment.

After the report was pulled down from its “Today” website, NBC included an editor’s note saying, “This piece has been removed from publication because it did not meet NBC News reporting standards.”

What Was Said

In his retracted video report, Almaguer said that Paul Pelosi—the husband of House Speaker Nancy Pelosi (D-Calif.)—opened the door to their San Francisco home last month when police arrived. However, he did not try to escape or alert police to an emergency, and he instead walked to the police and back toward the alleged attacker, David DePape.

When his report was shared en masse on Nov. 4, coming days after the attack was reported, NBC removed the report from its website and social media.

Almaguer also has not posted on Twitter, where he is normally active, since Nov. 3. Last week, Almaguer posted photos of himself in Barcelona, Spain, on Instagram, suggesting he spent the Thanksgiving holiday there.

“After a ‘knock and announce,’ the front door was opened by Mr. Pelosi. The 82-year-old did not immediately declare an emergency or tried to leave his home but instead began walking several feet back into the foyer toward the assailant and away from police,” Almaguer said in the now-deleted Nov. 4 video report. Almaguer cited unnamed sources for the claims.

“It’s unclear if the 82-year-old was already injured or what his mental state was, say sources,” the NBC correspondent added.

His report appeared to contradict some official statements that were made by police and the local district attorney’s office, who said police officers arrived to find Pelosi struggling with DePape over a hammer. When police told the two to drop the hammer, DePape allegedly then struck Pelosi, 82, in the head with it, according to the DA’s office.

David DePape in Berkeley, Calif., on Dec. 13, 2013. (Michael Short/San Francisco Chronicle via AP)

Earlier this month, a spokesperson for NBC told the Daily Beast that “we don’t comment on personnel matters.” Almaguer’s agent told Fox News on Monday they will not speak “on client matters.”

More Details

Pelosi’s office confirmed later that Paul Pelosi returned from the hospital about a week after the alleged attack. DePape has, in the meantime, pleaded not guilty to federal and state charges.

Paul Pelosi told a 911 dispatcher that he was sleeping when a man he had never seen before entered his bedroom looking for Nancy Pelosi, who was in Washington, D.C. Officers later found a broken glass door to the back porch. They recovered zip ties, a roll of tape, white rope, a second hammer, and a pair of rubber and cloth gloves, according to court documents.

Read more here…

Tyler Durden
Tue, 11/29/2022 – 16:20

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Big-Tech & Bonds Sink As Global Yield Curve Inverts For First Time In Decades

Big-Tech & Bonds Sink As Global Yield Curve Inverts For First Time In Decades

A wave of deflationary impulses overnight from European inflation data combined with headlines suggesting China could be easing its COVID restrictions supported futures overnight but by the time the US cash markets opened, stocks were already leaking lower (not helped by weak housing data).

At around 1057ET, a headline hit that the Chinese city that houses the key iPhone production plant is set to loosen COVID restrictions – which would seem like good news – but instead it sent AAPL reeling and that dragged the entire market lower…

By the close, Small Caps managed gains. The Dow managed to get back to unch with some last minute magic, but Nasdaq the biggest loser…

The S&P traded around CTA momentum triggers:

  • short-term 3879

  • medium-term 3969 (most important)

  • long-term 4064

Fed Chair Powell is due to speak tomorrow – his last public address before the FOMC meeting – which will be followed by Payrolls later in the week, and we suspect some anxiety on positioning is likely to have added to today’s fragility.

Source: Bloomberg

Treasury yields ended higher on the day, with the long-end underperforming as AMZN hit the calendar with some major issuance prompting rate-locks to reverse the TSY gains overnight…

Source: Bloomberg

The 10Y yield spiked up from overnight lows to run stops at Friday’s yield highs…

Source: Bloomberg

The dollar ended the day lower but followed a similar trajectory top yesterday with overnight weakness reversing into gains during the EU/US session…

Source: Bloomberg

Overnight saw a bid hit Bitcoin, lifting the crypto back above $16,500…

Source: Bloomberg

Oil prices ended the day higher – though faced significant intraday volatility amid China and OPEC headlines…

Gold managed gains on the day, despite closing well off the intraday highs…

Finally, for the firs time since at least 2000 (since Bloomberg’s records began), the average yield on global sovereign debt maturing in 10 years or more has fallen below that of securities due in one-to-three years…

“Central bankers paralyzed by inflation fears will keep cash rates anchored in the restrictive zone for longer,” said Prashant Newnaha, a rates strategist at TD Securities Inc. in Singapore.

“This will be a key catalyst for ongoing curve flattening.”

The inversion of the yield curve is typically seen to herald a recession, as investors switch money to longer-term bonds due to pessimism over the economic outlook. Those fears are growing as policy makers around the world pledge further monetary tightening to tame rising consumer prices.

Tyler Durden
Tue, 11/29/2022 – 16:00

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Fidelity Begins Opening Retail Bitcoin Trading Accounts

Fidelity Begins Opening Retail Bitcoin Trading Accounts

Authored by ‘BTCCasey’ via BitcoinMagazine.com,

Fidelity, one of the world’s largest financial services providers, has officially started opening retail bitcoin trading accounts.

The development comes after their announcement of a wait list previously this month. According to a report by The Block, certain users, presumably those on the wait list, received an email detailing the release, which stated that “The wait is over.”

Fidelity has been active in the bitcoin industry for some time — according to the company website, it began mining bitcoin in 2014. In addition, it launched a spot bitcoin ETF in Canada in December of 2021.

The financial services giant’s interest in bitcoin has not come without criticism, having been the subject of U.S. senators’ scrutiny for its offering of a 401k plan that allows users to allocate to bitcoin.

The same criticism has resurfaced again recently, from the same group of senators, who stated in their latest letter, “Fidelity Investments has opted to expand beyond traditional finance and delve into the highly unstable and increasingly risky digital asset market.”

Despite these warnings, Fidelity appears to be diving headfirst into bitcoin, as interest in bitcoin amongst the traditional finance community continues to grow. It should be noted, the move comes at a particularly interesting time, given recent developments surrounding the collapse of FTX and the heightened attention being paid to volatility in the industry.

With industry perception perched so precariously, the actions of behemoths like Fidelity will almost certainly have ramifications for the future of bitcoin regulation.

Tyler Durden
Tue, 11/29/2022 – 15:40

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Stocks Cower Ahead Of Powell’s Speech Tomorrow But It Is The Blackout Period Right After That Matters More

Stocks Cower Ahead Of Powell’s Speech Tomorrow But It Is The Blackout Period Right After That Matters More

In the data-packed week, it is tomorrow’s speech by Fed chair Powell at Brookings titled “Economic Outlook and the Labor Market” (at 1:30pm) that is captivating markets.

As Goldman notes, it is the risk that Powell will once again unleash a market beatdown that is keeping sentiment depressed. As Goldman puts it “keep an eye on Powell speech wed for more verbal Financial Conditions tightening“. The Fed chair will discuss the economy and labor market; echoing the language in the post-meeting statement, FOMC participants argued that the level of the policy rate, the uncertain lags with which monetary policy affects activity, and the incoming data would all be important factors for the future path of monetary policy.

Powell speech comes just days after a more dovish than expected FOMC Minutes helped push stocks above 4,000, however briefly, as gains then vaporized amid the Covid zero drama and with Powell’s own speech looming. On Monday morning, Goldman trader Rich Privorotsky said to “expect the market to trade weak into the event…” and although there is little that he can say to make Fed not be data dependent (NFP and CPI pre Dec FOMC still matter) “he can start to shape the reaction function.”

As Privorotsky concludes, “the message will be hawkish, an attempt to reiterate that even if it looks like inflation is falling this Fed will keep real rates higher for longer to ensure inflation expectations come down to their objective (2%).” To be sure, markets are already frontrunning this with Goldman Prime writing that “flows last week showed selling with investors re-engaging with single stocks shorts “Macro Products were net bought, driven largely by short covering, while Single Stocks were net sold with short sales outpacing long buys (6.4 to 1).“

That’s the bad news: the good news is that as another Goldman trader, Michael Nocerino (both notes available to pro subs) writes, just days after the Powell speech, the Fed Blackout begins (Dec. 3) lasting ten days until the FOMC Dec 14 announcement; and as Nocerino reminds us, “recall last blackout Fed got dovish (FCI was at YTD highs, S&P was 3600-3700, 10yr was 4-4.3%, and there was fear of overtightening & market hopes of a potential pivot soared).” Now, however, the Goldman financial conditions index is back under 100, 10yr rates are at 3.7%, S&P is in a 3950-4000 range and the Fed is doing what they can to not lose ground, and yet Powell’s jawboning will the last of the Fed’s “verbal FCI tightening” while a disappointing payrolls report is set to follow immediately, with another weaker than expected CPI is on deck before the Dec FOMC.

Then there are the the technicals, while buybacks continue to crank at a very healthy clip, or roughly double the average pace at $6BN per day…

BUYBACKS…Volumes finished the week 2.0x vs 2021 FY ADTV. Currently estimate ~98% of S&P to be in their open window. Per our estimates, this is roughly $6B/day in demand

We are still currently in an estimated open window with ~98% of the S&P 500 estimated to be in their open period when they have the ability to enter discretionary repurchase orders. Historically, we typically see November to be a more active month of the year as majority of companies are estimated to be in their open window. We estimate the next blackout window will begin ~12/19…

… it is what CTAs do next that will be critical. As Nocerino explains, “keep an eye on this math this morning…we closed right around the MT threshold of 3969. This should hinder the demand we’ve been seeing. Would also note that they have covered and gone long a decent amount ($153B) so the demand will start to dwindle.” And some more details from his Goldman trading colleague, John Flood:

CTAs are currently long $4.1b of S&P. Over the last week we estimate CTAs have purchased $8.2b S&P (+$23b over the last month). This S&P demand has now flipped to supply (an $8b reversal overnight) as CTA medium term momentum pivoted from positive to negative with S&P closing below 3969 (short term momentum trigger is 3879 and long term is 4064). Medium term momentum is the most followed threshold in terms of total CTA AUM.

Yesterday we estimated +$8b of S&P to buy over 1 week in a flat (medium term Mo was positive)…

Versus today we now estimate -$172mm of S&P for sale in a flat tape (Medium term Mo negative south of 3969)…

Translation: much will depend on where the S&P closes today and in the next few days; here again are the key CTA levels:

  • short-term 3879
  • medium-term 3969 (most important)
  • long-term 4064

Oh, and those asking if pensions will spoil the party with another month-end dump, here is the answer: according to Goldman, the November Pension rabalnce has funds sitting on $1BN to Buy, “a non-event.”

In summary, if Powell fails to spark another selloff, and stocks close above 3,969, the blackout period of no more Fed jawboning until Mid-December may be all that is needed to push the S&P into the year-end meltup which both Morgan Stanley and Deutsche Bank now expect as their base case.

All reports mentioned above available to pro subs.

Tyler Durden
Tue, 11/29/2022 – 15:20

via ZeroHedge News https://ift.tt/8F3dp5t Tyler Durden

Watch: Fauci Again Defends Chinese Lockdowns

Watch: Fauci Again Defends Chinese Lockdowns

Authored by Steve Watson via Summit News,

Anthony Fauci once again defended brutal Chinese lockdowns, admitting that the Communist government is forcefully locking people inside buildings but adding that if it means people get vaccinated then he is “okay” with it.

“China’s official news agency today published an op-ed asserting that the country’s strict COVID measure are scientific and effective. Are they?” host CNN host Jake Tapper asked.

“Well when you want to shut down in order to interrupt immediately a process that’s going on like the spread of infection, there should be a purpose to it like you want to make sure you get enough ventilators or enough PPE or you want to get your population vaccinated,” Fauci responded.

“The comment that I made about their severe actions that they’ve taken is that you have to have an endgame,” Fauci continued, adding “What’s the purpose? If the purpose is let’s get all the people vaccinated, particularly the elderly, then OK. For a temporary period of time to do that, but they have very, very strict type of a lockdown.”

Tapper further stated “obviously I’m not here to defend the Chinese government, but they say they’re doing it just to stop the spread, right?”

Fauci made the comments despite the fact that China has exploded into chaos with protests over the government locking people inside a building in the northwestern Xinjiang region that caught fire, killing up to forty people.

Fauci has continuously expressed support for lockdowns, particularly in China.

During the same interview, Fauci claimed that he’s “almost certain” his NIH didn’t fund the gain of function research in Wuhan that led to the lab leak of the particular virus that caused the pandemic:

That is quite some spin.

As we highlighted yesterday, Fauci blamed President Trump Sunday for China’s continued obfuscation of the origins of COVID, and refused to call China’s actions a “cover up”.

Meanwhile, the Biden administration has refused to denounce China’s crackdown on protesters, or the Communist state’s Zero COVID lockdown policy:

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Tyler Durden
Tue, 11/29/2022 – 15:00

via ZeroHedge News https://ift.tt/1T8mgtv Tyler Durden