Stocks, Bonds, Bullion, & Black Gold Battered As ‘Soft Landing’ Hopes Fade

Stocks, Bonds, Bullion, & Black Gold Battered As ‘Soft Landing’ Hopes Fade

Futures drifted gently lower overnight despite Chinese stocks rising on COVID-restriction-lifting rumors but then got bitch-slapped down by Fed whisperer Nick Timiraos pushing the ‘higher rates for longer’ narrative to walk back some of the market’s post-Powell exuberance. That sent bonds and stocks lower and terminal Fed rate expectations higher.

A mixed bag in the Services surveys (PMI down hard but ISM higher somehow) and Factory Orders rose more than expected, prompted another leg down in stocks and higher in terminal Fed rate expectations (back above 5.00%)…

Source: Bloomberg

So The Fed will hold rates ‘higher for longer’ as ‘good’ economic news remains too strong… not a good sign for the ‘soft landing’ narrative.

All of which prompted an ugly session in stocks with the S&P and Nasdaq down 2% (Small Caps worst of the majors on the day, down 3%)…

“Most Shorted” stocks tanked today with no squeeze attempt at all…

Source: Bloomberg

Bear in mind that the S&P is down for 6 of the last 7 days (the only winning day was after Powell spoke last week). The Dow and Small Caps are now only up 0.5% from before Powell’s address…

The S&P broke down below its 200DMA…

VIX traded back above 20 today but remains dramatically low relative to realized vol…

Source: Bloomberg

Bonds were also dumped today with the belly of the curve dramatically underperforming (5Y +15bps, 30Y +6bps)…

Source: Bloomberg

The 2Y Yield pushed back up to Friday’s post-payrolls spike highs (still well down from pre-Powell)…

Source: Bloomberg

The dollar surged back above Friday’s spike highs…

Source: Bloomberg

Bitcoin rallied up to $17500 overnight, only to give it all back, trading back below $17k…

Source: Bloomberg

The dollar strength (and hawkish sentiment) hit Gold, which tumbled back below $1800…

A massive roller-coaster of a day for crude prices as China COVID easing, OPEC headlines, and Russia price caps all combined with a string dollar and hawkish sentiment to pump and dump WTI to $83 and back down to $76 handle…

Finally, are we heading back down?

Source: Bloomberg

No way, right?

Tyler Durden
Mon, 12/05/2022 – 16:00

via ZeroHedge News https://ift.tt/S3wvaiL Tyler Durden

The Gall Of Lockdowners Who Support China’s Anti-Lockdown Protests

The Gall Of Lockdowners Who Support China’s Anti-Lockdown Protests

Authored by Michael Senger via ‘The New Normal’ Substack,

If the intent was to get western elites to simultaneously support totalitarianism in their own countries while pretending to oppose it in China, then Xi Jinping has certainly made his point…

Across the political spectrum, voices have risen up in support of the Chinese people who’ve launched protests of unprecedented scale against the Chinese Communist Party’s indefinite Covid lockdown measures.

As well they should. Even by Chinese standards, the lockdowns that Xi Jinping pioneered with the onset of Covid are horrific in terms of their scale, their duration, their depravity, and the new totalitarian surveillance measures to which they’ve led. Anyone who participates in a protest in China runs a risk of being subject to cruel and arbitrary punishment. For ordinary Chinese people to brave that risk in defiance of this new form of inhuman medical tyranny is an act of courage worthy of admiration.

There are notable exceptions to the otherwise widespread support the protesters have received. Apple has been silent about the protests, and had the gall to limit the protesters’ use of a communication service called AirDrop in compliance with the CCP’s demands, even as it threatens to remove Twitter from its app store over Elon Musk’s free speech policy. This comes even after Apple has long ignored requests by FCC officials to remove the Chinese-owned app TikTok from its app store over unprecedented national security concerns. So Apple complies with requests by the Chinese government, but not the United States government. Let that sink in…

Apple is, unfortunately, far from alone in its CCP apologism. Anthony Fauci told CNN that China’s totalitarian lockdowns would be fully justified so long as the purpose was to “get all the people vaccinated.”

This kind of apologism for the CCP’s grisly bastardization of “public health” is horrific, especially coming from the man most widely seen as the leader of America’s response to Covid.

But what may be even more galling than this apologism is the widespread support China’s anti-lockdown protesters have received even among those who demonized anti-lockdown protesters in their home countries and wished their lockdowns were more like China’s.

In 2020, the New York Times denounced anti-lockdown protesters as “Anti-Vaxxers, Anticapitalists, Neo-Nazis” and urged the United States to be more like China.

But in 2022, the New York Times admired the bravery of China’s anti-lockdown protesters fighting Xi Jinping’s “unbending approach to the pandemic” that has “hurt businesses and strangled growth.”

In 2020, CNN published an open letter from “over 1,000 health professionals” denouncing anti-lockdown protests as “rooted in white nationalism” while admiring “China’s Covid success compared to Europe.”

But in 2022, CNN admired China’s anti-lockdown protesters as “young people” who “cry for freedom”

In 2020, the Washington Post denounced anti-lockdown protesters as “angry” populists who “deeply distrust elites,” and wished the United States was more like China.

But in 2022, the Washington Post celebrated global “demonstrations of solidarity” with China’s anti-lockdown protests.

In 2020, the New Yorker denounced anti-lockdown protesters as “militias against masks” while marveling at how “China controlled the coronavirus.”

But in 2022, the New Yorker admired the protesters standing up to Xi Jinping.

Earlier this year, Amnesty International issued a statement of concern about Canada’s anti-lockdown Freedom Convoy protests being affiliated with “overtly racist, white supremacist groups,” even as Justin Trudeau invoked the Emergencies Act to crush the protests.

But now, Amnesty International has issued a statement urging the Chinese government not to detain peaceful protesters.

These headlines are, of course, in addition to the hundreds of other commentators, influencers, and health officials, such as NYT journalist Zeynep Tufekci, who used their platforms in 2020 to urge for lockdowns that were even stricter than those their governments imposed, but now join in support for those in China protesting the same policies they were urging their own countries to emulate.

Etymologically, Zeynep’s latter comment makes no sense. Lockdowns had no history in western public health policy and weren’t part of any democratic country’s pandemic plan prior to Xi Jinping’s lockdown of Wuhan in 2020. Though some countries, such as Italy, imposed lockdowns shortly before the United States, their officials too had simply taken the policy from China. Thus, because no other precedent existed, any call for a “real lockdown” or a “full lockdown” in spring 2020 was inherently a call for a Chinese-style lockdown.

Though by “full lockdown” Zeynep may have intended somewhere in between the strictness of lockdowns in the United States and China, there was no way for any reader to know what that medium was; it existed only in her own head. Thus, the reader is left only with a call for a “full lockdown,” and the only example of a “successful” “full lockdown” that then existed was a full Chinese lockdown.

Zeynep’s latter comment further illustrates the efficacy of what was arguably some of the CCP’s most effective lockdown propaganda in early 2020: The ridiculous viral videos of CCP cadres “welding doors shut” so poor Wuhan residents couldn’t escape.

CCP apologists have argued that these videos prove the CCP was not trying to influence the international response to Covid, because they make the CCP look so bad. But on the contrary, the over-the-top inhumanity of the idea of welding residents’ doors shut was precisely the purpose of this propaganda campaign. The idea had to be so absurd that no decent government would ever actually try it. It thus gave the CCP and its apologists an infinite excuse for why lockdowns “worked” in China and nowhere else—because only China had ever had a “real lockdown” in which residents were welded into their homes.

When those with a decent knowledge of geopolitics or a bit of common sense see a graph like this, which looks nothing like that of any other country in the world, from a regime with a long history of faking its data on virtually every topic, the conclusion is obvious: China’s results are fraudulent. But to simple minds, a weld is a strong, durable bond capable of incredible feats, from supporting skyscrapers to spaceships. Surely, if a weld can do all that, then it must be able to stop a ubiquitous respiratory virus?

The entire concept is, of course, utterly asinine. You cannot stop a respiratory virus by indefinitely suspending everyone’s rights. But this idea that lockdowns had worked in China because the CCP had gone so far as to weld people into their homes was invoked over and over again during Covid, creating a limitless “No-True-Scotsman” out for lockdown apologists as to why lockdowns weren’t “working” anywhere except China. Whether COVID-19 cases went up, down, or sideways, the solution would always be the same: “Be more like China.”

The use of this darkly humorous propaganda campaign of welding residents into their homes speaks to two key points as to how Xi Jinping and CCP hawks like him view China’s relationship with the west. The first is that westerners will never respect the CCP; thus, you can make westerners believe anything so long as it confirms westerners’ prior belief that the CCP is barbaric.

Second, Xi Jinping sees the concepts of democracy and human rights as mere propaganda that western elites use to further their own self-interest. So long as they approve of a policy, then it’s not a human rights violation, but if they oppose it, then it is. It remains to be seen whether the response to Covid will, in the long run, ultimately advance Xi’s goal of making the world China. But insofar as the intent was to get western elites to simultaneously support totalitarianism in their own countries while pretending to oppose it in China, then he’s certainly made his point.

*  *  *

Michael P Senger is an attorney and author of Snake Oil: How Xi Jinping Shut Down the World. Want to support my work? Get the book

Tyler Durden
Mon, 12/05/2022 – 15:53

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Peter Schiff: A Currency Crisis Will Fuel the Inflationary Fire

Peter Schiff: A Currency Crisis Will Fuel the Inflationary Fire

Via SchiffGold.com,

According to the Democrats and many mainstream pundits, the US economy is “resilient.” As Laura Ingraham put it, “it’s all peaches and cream according to Joe and his team.”

But what’s the truth?

Peter Schiff painted a less rosy picture during his appearance on The Ingraham Angle, saying the coming currency crisis is going to fuel the inflationary fire.

Setting up the discussion, Ingraham pointed out that the savings rate has dropped to the lowest level since the Great Recession. Meanwhile, Americans are piling up debt. Meanwhile, we’re starting to see significant layoffs, especially in this tech sector. Is this a sign of a healthy economy?

Former UBS America CEO Robert Wolf said he does see a bright side in all this, arguing that this is nothing like 2008. He said we’re not seeing a lot of leverage in the banking system, the labor market appears strong, and American consumers continue to spend. He said he’s worried about inflation but doesn’t anticipate a “hard landing.”

Peter said he agrees in a way — it’s not like the 2008 recession or the financial crisis.

It’s actually going to be much worse than that. This is just the beginning. I think we’ve been in a stealth recession all year. But I think the recession is going to get much worse in 2023. But what’s also going to get a lot worse is inflation. Because one thing that has kept the lid on consumer prices in 2022 has been the strength of the dollar. But I think the dollar has lost that strength.”

The dollar index has been falling. In fact, in November, the dollar had its worst month in 12 years. The first few days in December weren’t much better.

I think we’re going to have a currency crisis in 2023, and that’s going to fuel the inflation fire just as the unemployment rate is really spiking and this recession is kicking into a higher gear.”

Ingraham pointed out that consumers aren’t particularly optimistic. She also noted that with the Strategic Petroleum Reserve having been drawn down, we’re about out of ideas in terms of controlling energy prices. Wolf agreed that energy prices will likely continue to be an issue.

Meanwhile, Treasury Secretary Janet Yellen recently blamed the inflation problem on consumers spending money on goods during the pandemic. She’s not completely wrong. But as Peter pointed out, she left out half of the equation.

What Janet Yellen is overlooking is just where did all these consumers sitting at home get all this money to buy all that stuff? They got the money from the US government that flooded the economy with PPP money and unemployment benefits that in many cases were two to three times what people earned when they actually had jobs. And so the government made it possible for the unemployed to sit at home and keep spending money as if they still had jobs and were productive members of society. So, the inflation was created by government.”

Wolf mentioned tax cuts, but Peter said that’s not the answer.

We just substitute taxation for inflation. What we actually need are big cuts in government spending. And unfortunately, we’re not getting that. We’re getting more government spending.”

Tyler Durden
Mon, 12/05/2022 – 14:59

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Iranians Skeptical That Morality Police Actually Disbanded After Surprise Announcement 

Iranians Skeptical That Morality Police Actually Disbanded After Surprise Announcement 

Skepticism is growing that the government of Iran has disbanded its feared morality police, after widespread weekend reports said Tehran took the drastic measure as a compromise in order to appease and soften the still raging ‘anti-hijab’ protest movement. 

Iranian Attorney General Mohammad Jafar Montazeri suggested the change was made on Saturday, however this “announcement” that the morality police has been disbanded remained ultra-vague, leading to confusion and rising skepticism.

“The morality police has nothing to do with the judiciary, and it was abolished by those who created it,” Iranian Attorney General Mohammad Jafar Montazeri had said on Saturday, but without elaborating on the surprise assertion. “But of course the judiciary will continue to watch over behavioral actions in the society,” he had added.

Via AP

His words were initially received as a partial victory for the protest movement, which has at times gotten violent in confrontations with police, and given buildings have been burned down. According to recent figures from the start of December, at least 450 protesters and 60 security forces have been killed. Tehran has dismissed the movement has foreign-backed and driven by “rioters”. 

Protesters are now said to be by and large dismissing as authentic the claim of the disbandment of the morality police. According to The Washington Post

He appeared to be referring to the relative absence of the morality police on the streets since protests against Iran’s clerical leaders broke out. An app Iranians initially used to track the roaming patrols has in recent weeks been used to monitor and evade security forces instead.

But Montazeri’s remarks, while affirming that the morality police were not under the judiciary’s purview, were not an official confirmation of disbandment, which would require higher-level approval.

Additionally, Iran watcher Alex Vatanka of the Middle East Institute said, “It’s not 100 percent sure that this is a done deal.” Vatanka, added in Sunday statements, “It could be that they’re just testing the waters to see how it will be received by the protesters.”

The White House has meanwhile repeatedly said it stands in solidarity with the demonstrators, with President Biden weeks ago even appearing to call for regime change. He urged protesters to “keep fighting” an October statement. 

Iran protests have been persisting and growing fiercer since the September 16 death of 22-year old Mahsa Amini, who had been detained by police in Tehran for not adhering to the country’s strict Islamic dress code. 

Tyler Durden
Mon, 12/05/2022 – 14:41

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Unprecedented Liquidations Lead To Historic Collapse In Investors’ Oil Exposure

Unprecedented Liquidations Lead To Historic Collapse In Investors’ Oil Exposure

By John Kemp, senior market analyst

Portfolio investors sold petroleum heavily for the third week running as fears about disruption to crude oil flows from the price cap on Russia’s exports receded.

Hedge funds and other money managers sold the equivalent of 42 million barrels in the six most important oil-related futures and options contracts over the seven days ending on Nov. 29.

Sales over the three most recent weeks totalled 190 million barrels, more than reversing the 169 million barrels purchased over the previous six weeks in October and early November. As Bloomberg adds, money managers have trimmed positioning in Nymex crude for three weeks in a row. A breakdown of the data show the drop in positions is mostly from money managers cutting long exposure, rather than an abrupt short-covering.

In the latest week, sales were again concentrated in crude (-40 million barrels), especially Brent (-39 million), with only insignificant changes in other contracts.

Brent is the contract with the most direct exposure to the crude exports from Russia subject to the price cap announced by the United States, the European Union and their allies on Dec. 2.

Fund managers cut their net position in Brent to just 99 million barrels (6th percentile for all weeks since 2013) last week from 238 million barrels (50th percentile) on Nov. 8.

Bullish long positions outnumbered bearish short ones in Brent by a ratio of just 2.17:1 (11th percentile), down from 6.74:1 in late October (76th percentile).

The long-short ratio is the lowest for two years since November 2020, before the first successful coronavirus vaccines were announced a few weeks later.

Fears the price cap would reduce global crude supplies appear to have prompted a wave of buying in both physical and paper markets throughout late September and early October.

Precautionary buying drove front-month Brent futures up to a high of almost $99 per barrel on Nov. 4 from just $84 on Sept. 26. It also helped keep the futures market in a steep six-month backwardation.

But as it became clear the cap would be set at a relatively high level, with a relaxed approach to enforcement, this buying has reversed, causing prices and spreads to fall sharply.

With the risk from the price cap removed, for now investors’ attention has returned to the weak outlook for the economy and oil consumption in 2023.

Tyler Durden
Mon, 12/05/2022 – 14:21

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Arizona Certifies 2022 Election As Flood Of GOP Lawsuits Expected

Arizona Certifies 2022 Election As Flood Of GOP Lawsuits Expected

Arizona officials on Monday certified the states’ vote canvass for the 2022 midterm elections held last month, declaring winners in various high-profile races.

The process turned into a contentious battle between Republican candidates who say they were cheated, and election officials who say printer malfunctions and other election day issues didn’t affect the ultimate outcome.

Officials have acknowledged ‘mishaps,’ but say no voters were disenfranchised.

The GOP, however, say the officials are lying, and had called on county boards to delay certification of their canvasses in recent days.

One direct beneficiary of the certification, Democratic Arizona Secretary of State Katie Hobbs – and now governor-elect, met with Gov. Doug Ducey (R) and state Attorney General Mark Brnovich and state Supreme Court Chief Justice General Robert Brutinel to canvass and certify the election on Monday, a process required by law.

“Arizona had a successful election,” said Hobbs. “But too often throughout the process, powerful voices proliferated misinformation that threatened to disenfranchise voters. Democracy prevailed, but it’s not out of the woods. 2024 will bring a host of challenges from the election denial community that we must prepare for.”

Remember folks, asking questions is now ‘misinformation.’

The certification paves the way for automatic recounts to begin in three close races — attorney general, state superintendent and a state House seat near Phoenix — and officials signed certificates of election for the other contests.

Hobbs’s team will now go before a state judge, who is poised to officially order the three recounts.

But Monday’s meeting is also likely to spark multiple GOP-led lawsuits, as gubernatorial candidate Kari Lake (R), who lost to Hobbs, and attorney general candidate Abe Hamadeh (R), who trails his Democratic rival by the slimmest of margins ahead of the automatic recount, promise to take legal action. -The Hill

Hobbs was criticized by the Kari Lake and Abe Hamadeh campaigns, which said she had a clear conflict of interest in signing the certification paperwork on Monday. Hobbs replied that the meeting was merely a formality that was required under the law, and that Republicans Ducey and Brnovich were both present at the meeting.

The Monday certification came after all 15 counties in the state certified their vote canvasses. Board members in two red counties, Mohave and Cochise, sought to delay certifying their vote canvasses, however they eventually caved.

Republicans have five days to formally contest the results in court.

Tyler Durden
Mon, 12/05/2022 – 13:50

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Two Great Months For US Stocks Promise Too Much for Own Good

Two Great Months For US Stocks Promise Too Much for Own Good

By Ven Ram, Bloomberg markets live reporter and analyst

US stocks have had a stunning quarter so far, the best Q4 since 1999! To expect them to continue rallying would to be wish for the Hailey’s Comet to keep appearing in quick succession.

The markets have been front-running the idea of a Fed pivot for some time now. While that is far-fetched, one must still admit that a Fed pause after its funds rate reaches circa 5%-5.25% is very much on the cards. While pretty much everyone in the markets is primed for the idea of a US recession, November’s non-farm payroll numbers (and perhaps even more importantly, the hourly earnings rising at twice the forecast pace) suggest that this inflationary episode may be around longer than realized.

And that is a worse denouement than any stock investor would wish. Not only do you have a scenario where inflation is corroding the nominal coupon on stocks, but you also have to factor in a slowing economy where presumably there is also a drag on earnings. A scenario that weighs on both the numerator and denominator (a high interest-rate recession) is hardly a prescription for a stellar rally month after month.

At current levels, the S&P 500 offers an estimated earnings yield of around 5.40% and the Nasdaq 100 around 4.32%, hardly anything to write home about in an environment where you can invest in two-year Treasuries that offer 4.27%.

Yes, there may be something to be said for being a part of that smart-money brigade that has made a grand return of 20%+ within a quarter and fleeing to where the honey is next, but that is predicated more on getting the timing right — an iffy proposition even with the most seasoned investors. For every one idea that works out as per plan, the nine that follow come a cropper.

As Benjamin Graham said, investment is most intelligent when it is most business-like, not when you treat the stock market as a casino, looking for the next big lottery that will offer massive returns overnight.

Tyler Durden
Mon, 12/05/2022 – 13:30

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The Bubble Economy’s Credit-Asset Death Spiral

The Bubble Economy’s Credit-Asset Death Spiral

Authored by Charles Hugh Smith via OfTwoMinds blog,

Who believed that central banks’ financial perpetual motion machine was anything more than trickery designed to generate phantom wealth?

Central banks seem to have perfected the ideal financial perpetual motion machine: as credit expands, money pours into risk assets, which shoot higher under the pressure of expanding demand for assets that yield either hefty returns (junk bonds) or hefty capital gains as the soaring assets suck in more capital chasing returns.

As assets soar in value, they serve as collateral for more credit. Higher valuations = more collateral to borrow against. This open spigot of additional credit sluices capital right back into the assets that are climbing in value, pushing them higher–which then creates even more collateral to support even more credit.

This self-reinforcing feedback of expanding credit feeding expanding valuations feeding expanding collateral which then feeds expanding credit has no apparent end. Modest houses once worth $100,000 are now worth $1,000,000, and nobody’s complaining except those priced out of the infinite spiral of prices and credit.

For those priced out of traditional assets, there’s NFTs, meme stocks and short-duration options. The credit-asset bubble-economy casino has a gaming table for everyone’s budget and desire to “make it big” via speculation, since the traditional ladders to middle-class security have all been splintered.

This financial perpetual motion machine distorts traditional incentives. Why bother renting a house bought for speculative gains? Renters are problematic, better to just let it sit empty and rack up huge capital gains.

Count the lighted windows at night in all those new condo high-rises. Are even 20% occupied? Probably not.

This is how you get a “housing shortage”: investors would rather keep units clean and off the market rather than risk renting units. When credit and asset valuations are both feeding an infinite expansion, all that matters is leveraging capital to acquire as many assets as possible to maximize the gains from this self-reinforcing wealth-creation machine.

This machine also incentivizes fraud. To really maximize gains, why not borrow clients’ capital? Indeed, why not?

But unbeknownst to the central bank sorcerers and the greed-crazed participants, all systems have limits and all consequences have their own consequences, i.e. second-order effects. There are many such dynamics which are eroding the apparently unbreakable financial perpetual motion machine.

One is debt saturation. Even low rates of interest eventually pile up consequential debt-service obligations, and any weakening in revenues, cash flow or income exposes the borrower to a cash crunch which can only be resolved by selling assets.

Another is the widening disconnect between financially sound valuations and “market” valuations set by rapidly expanding credit and collateral. Based on rental income or cash flow, Asset B is worth $200,000, but it’s currently valued at $1 million, and still rising. Obviously, traditional methods of valuation no longer apply.

But weirdly enough, they do. Debt service doesn’t matter when your collateral is expanding so fast you can borrow mountains of capital at “low, low prices” and not even consider debt service. But once collateral stops rising and interest rates start rising, suddenly all those absurd obsessions with cash flow start making sense.

But too late, too late: bubbles, regardless of how rock-solid the sorcery, tend to manifest symmetry: they fall at roughly the same rate and magnitude as they rose. As collateral declines, loans slide underwater as the asset is not longer worth more than the outstanding loan. Credit dries up and so does buying as greed-crazed buyers start worrying that perhaps the asset they’re about to buy might actually be worth less next month (gasp).

Liquidity and the credit impulse aren’t sorcery, they’re herd behaviors. When the madness of the herd switches from greed to panic, buyers disappear and thus so does liquidity–the ability of sellers to find a Greater Fool to buy the depreciating asset.

Greater Fools are soon wiped out and then there’s nobody left who’s dumb enough to buy assets that are in freefall and still far above any financially prudent valuation. The magic circle reverses, and as valuations fall, collateral shrinks and credit collapses. Lenders who greedily reckoned valuations and thus collateral would rise forever are stuck with life-changing losses–along with all the punters who built shanties of credit and leverage they mistakenly viewed as permanent palaces.

In making the economy dependent on the financial sorcery of self-reinforcing credit-asset bubbles, central banks and all the greed-crazed punters who participated have guaranteed a self-reinforcing death spiral as the “virtuous” self-reinforcing wealth-creation machine reverses into a self-reinforcing wealth-destruction machine.

Who believed that central banks’ financial perpetual motion machine was anything more than trickery designed to generate phantom wealth? Once the death spiral reaches its devastating end-game, the true believers will have fallen silent.

*  *  *

My new book is now available at a 10% discount ($8.95 ebook, $18 print): Self-Reliance in the 21st CenturyRead the first chapter for free (PDF)

Become a $1/month patron of my work via patreon.com.

Tyler Durden
Mon, 12/05/2022 – 12:50

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Musk Tells Millions In Twitter Spaces That Apple Ads “Fully Resumed” After Spat

Musk Tells Millions In Twitter Spaces That Apple Ads “Fully Resumed” After Spat

Twitter chief Elon Musk joined a Twitter Spaces conversation on Saturday, saying Apple has “fully resumed” advertising on the social media platform, reported Bloomberg

The comments follow Musk’s rant against Apple, Twitter’s top advertiser, last Monday when he said the company threatened to remove the social media platform from its App Store without explanation and dialed back most advertising on Twitter. By late week, Musk visited Apple CEO Tim Cook and said the two had a “good conversation” and “resolved the misunderstanding about Twitter potentially being removed from the App Store.” 

On Saturday, Apple ads started reappearing on feeds, a clear sign the world’s most valuable company restated its advertising program. 

Musk was speaking to at least 2 million people on Twitter Space when he made the announcement but didn’t elaborate anymore.

He also tweeted:

Since Musk’s takeover, many companies have suspended advertising on the platform because they feel it is not a safe space for brands. 

However, Platformer News reporter Zoe Schiff said Amazon plans to resume advertising on Twitter at $100 million per annum, pending security tweaks to the company’s ads platform.

Reuters noted a recent letter sent by Twitter to advertising agencies offered incentives to increase their spending on the social media platform. 

Twitter billed the offer as the “biggest advertiser incentive ever on Twitter,” according to the email reviewed by Reuters. U.S. advertisers who book $500,000 in incremental spending will qualify to have their spending matched with a “100% value add,” up to a $1 million cap, the email said.

Apple and Amazon are restarting advertising campaigns on Twitter, providing further indications of de-escalation after chaos erupted on the social media platform as Musk rids it of censorship towards one that embraces free speech.

Tyler Durden
Mon, 12/05/2022 – 12:30

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The Recurring Threat To Reimpose A Broad Mask Mandate In Los Angeles County

The Recurring Threat To Reimpose A Broad Mask Mandate In Los Angeles County

Authored by Adam Dick via The Ron Paul Institute,

Barbara Ferrer, the director of the Los Angeles County Department of Public Health, is once again threatening to reimpose a broad mask wearing mandate on people in the county, purportedly to counter coronavirus.

Of course, masks have never been shown to provide net protection against coronavirus and even most people who succumbed to the coronavirus fearmongering early on have happily turned their backs on masks, “social distancing,” isolation at home, and the rest of the pseudoscientific protocols that were thrust upon them before.

Nonetheless, some bureaucrats can’t help but keep grasping to reclaim the power that has slipped through their fingers.

Back in July, Ferrer threatened that a broad mask mandate would likely soon automatically swing back in force in the county because of increases in coronavirus “community transmission” numbers in the county – numbers the Centers for Disease Control and Prevention had singled out as important. She is back now with a similar threat.

As reported by ABC News out of Los Angeles, on Thursday “Ferrer said the mandate would be issued if two hospital metrics reach [Centers for Disease Control and Prevention (CDC)] thresholds — a daily average admission rate of more than 10 per 100,000 residents and a greater than 10% rate of staffed inpatient beds being occupied by COVID patients.”

Maybe people in Los Angeles County will luck out and not be subjected to the reimposition of the broad mask mandate because what ended up happening over the summer happens again: In July, the coronavirus numbers ultimately just missed tripping a CDC-inspired threshold, denying Ferrer her anticipated mandate.

But, it is a sad situation that people must continue to live under the shadow of threats to reimpose the buffoonish and authoritarian mandate.

Some tyrants will not give up on the new power they grabbed up in coronavirus crackdowns until they are forced to do so.

Tyler Durden
Mon, 12/05/2022 – 12:10

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