Trump Unveils ‘Universal Import Tariffs’ As Part Of 2024 Campaign

Trump Unveils ‘Universal Import Tariffs’ As Part Of 2024 Campaign

Former President Donald Trump unveiled a key talking point for his 2024 campaign – an “America First” trade plan which would include universal tariffs on most goods imported into the US.

Trump laid it out in a Feb. 27 statement, which called for a system of universal baseline tariffs on most foreign products, while rewarding American domestic production. The new policy will “tax China to build up America,” according to Trump.

“Joe Biden claims to support American manufacturing, but in reality, he is pushing the same pro-China globalist agenda that ripped the industrial heart out of our country,” Trump said in a video titled “Pro-American Trade to End our Reliance on China.”

Trump claims his plan is a matter of “both economic and national security,” and would “implement a bold series of reforms to completely eliminate dependence on China in all critical areas.”

As Rabobank notes;

In short, his proposed “America First” policy would phase in a system of universal, baseline tariffs on most foreign products, the revenue from which would reduce taxation on firms producing in the US. Moreover, tariffs “would increase incrementally depending on how much individual foreign countries devalue their currency.”

Honestly, I am not shocked. I am sure no other markets Daily uses the word “mercantilism” as freely as this one has for around a decade – I had to explain the word in 2015, and then how pre-WW2 US presidents were mercantilists; when Trump floated his first tariffs, I argued phasing them in to allow onshoring FDI before imported goods got more expensive would be logical; ‘Weaker currency = higher tariffs’ was factored into our report on ‘Balance of payments -and power- crises’; and clearly there is still US momentum to change things even if means breaking things, which we factored into our ‘The World in 2030’ report  – which we may arrive at early; moreover, as argued last year, and this, ‘Bretton Woods 3 Won’t Work’.

*  *  *

To that end, since Trump left office in 2021, the former president has been highly critical of Joe Biden – who he says has punished domestic producers, while rewarding multinational corporations that outsource labor to hostile nations such as communist China.

“Biden’s pro-China economic program puts America last and it’s killing our country,” said Trump, adding “My cutting-edge trade agenda will revitalize our economy by once again putting America first. We will quickly become a manufacturing powerhouse like the world has never seen before.”

Trump’s plan would strip China of its most favored nation trade status, while adopting a four-year plan to phase out all Chinese imports of essential goods, as well as a ban on federal contracts for any company that outsources to Beijing.

Under Biden, the US-China trade deficit has risen nearly 10% to $382.9 billion in 2022 alone. The Biden admin, meanwhile, has proposed a nearly $2 trillion tax increase on Americans.

Very simply, the Biden agenda taxes America to build up China,” said Trump, adding that he would instead “tax China to build up America.”

As the Epoch Times notes;

Universal Baseline Tariff Would Fill US Treasury’s Coffers, Says Trump

Trump said if he were in charge, he would instead impose a universal baseline tariff on foreign producers of most imported goods, rather than raise taxes on American producers.

He said that he would gradually increase tariffs if other countries manipulate their currency or otherwise engage in unfair trading practices, like China.

The former president believes that if tariffs on foreign exporters go up, domestic taxes on American workers, families, and businesses would decrease substantially.

That means a lot of jobs coming in,” the 45th president said.

Trump said higher tariffs will “increase incrementally depending on how much individual foreign countries devalue their currency.”

He slammed the practice of other countries devaluing their currency, while subsidizing their industries, saying they were engaging in what he described as “trade cheating and abuse.”

He noted that they still “do it now like never before,” but that his administration had largely stopped it “and it was going to be stopped completely within less than a year” if he stayed in office, according to Trump.

As tariffs on foreign producers go up, taxes on American producers will go down, and go down very substantially.”

In addition to reducing the nation’s massive trade deficits and bringing back home millions of manufacturing jobs, the 2024 Republican presidential candidate said that his economic program would rake in “trillions and trillions of dollars” for the Treasury Department from foreign countries, which would instead be invested in “American workers, American families and American communities.”

45th President to Continue His Administration’s Trade Policy

Trump called his new economic plan the “linchpin of a new Strategic National Manufacturing Initiative, that builds on my historic success in ending NAFTA.”

He called his replacement of the North American Free Trade Agreement (NAFTA) one of the most “tremendous” achievements of his administration.

After negotiating with the leaders of Mexico and Canada, Trump replaced the NAFTA accords with the United States-Mexico-Canada Agreement (USMCA), which covered more than $1.3 trillion of commerce throughout North America.

The USMCA required that 75 percent of automobile components be manufactured in the United States, Canada, or Mexico in order to avoid tariffs.

The new trade agreement required that 40 to 45 percent of automobile parts be made by workers who earned at least $16 an hour by 2023.

The USMCA was expected to create thousands of new jobs tied in the auto industry in North America and bring in around $30 billion of new investments into the sector.

In addition, the trade deal was designed to open up new markets for American agricultural products like wheat, poultry and eggs.

“We’re also going to end other unfair trade deals, and we’ll end them quickly,” added Trump.

For example, the former president scrapped the Obama administration’s agreement to participate in the Trans-Pacific Partnership trade agreement in January 2017.

This deal was created to further trade ties between the U.S. and eleven other countries around the Pacific.

The remaining countries negotiated a new trade agreement called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which incorporates most of the provisions of the TPP and entered into force in December 2018.

Tyler Durden
Wed, 03/01/2023 – 18:40

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Fox’s Excuses Reinforce Dominion’s Defamation Case


Lou Dobbs speaks behind a podium

Did Fox News actively promote the conspiracy theory that implicated Dominion Voting Systems in a “massive fraud” that supposedly denied Donald Trump a second term? Or did Fox merely report what the president and his representatives were saying?

Those questions are at the heart of the defamation lawsuit that Dominion filed against Fox in March 2021. For obvious reasons, Fox prefers the second interpretation. But in response to questions from Dominion’s lawyers, Fox Corporation Chairman Rupert Murdoch conceded that several Fox News and Fox Business hosts had “endorsed” the unsubstantiated fraud allegations that Trump lawyers Rudy Giuliani and Sidney Powell made on their shows after the 2020 presidential election.

During that deposition, which Dominion describes in a brief it filed this week, Murdoch nevertheless insisted that Fox as a whole had not endorsed Giuliani and Powell’s wild charges. That distinction is problematic for a couple of reasons.

First, the fact that Fox News reporters were appropriately skeptical of those claims does not absolve Fox of liability for the credulous reception that Giuliani and Powell received on shows such as Lou Dobbs Tonight. Second, Dominion argues that Murdoch, who was privately calling their story “really crazy stuff,” nevertheless decided not to intervene because he was worried about alienating Trump supporters.

Dominion says the responsibility for Giuliani and Powell’s baseless accusations extends beyond them and the hosts who repeatedly gave them a forum and lent credence to their claims. It includes producers and executives who knew or should have known those claims were false and had the power to stop hosts like Lou Dobbs from continuing to promote them. They chose not to do so, Dominion argues, because they were afraid of losing viewers to right-wing competitors.

In its summary judgment brief, Fox does not seriously address the culpability of Murdoch or other executives. Instead it focuses on what Fox News and Fox Business hosts said on the air or on Twitter, arguing that “a reasonable viewer” would view those statements as summaries of unproven allegations rather than assertions of fact. Fox also cites questions and comments that supposedly show the hosts did not take the truth of Giuliani and Powell’s claims for granted. These point-by-point rebuttals are so unpersuasive that Fox inadvertently reinforces Dominion’s case.

Before reading Fox’s brief, I was open to the argument that “Dominion has mischaracterized the record, cherry-picked quotes stripped of key context, and spilled considerable ink on facts that are irrelevant under black-letter principles of defamation law,” as Fox claimed in an emailed statement to Reason. “The core of this case,” Fox said, “remains about freedom of the press and freedom of speech, which are fundamental rights afforded by the Constitution and protected by New York Times v. Sullivan.” But after reading Fox’s brief last week, I was more persuaded than ever that Dominion’s claims have merit.

Consider Fox’s treatment of tweets in which Dobbs promoted Powell’s appearances on his show. If you “read all about Dominion and Smartmatic voting companies,” Dobbs declared in a November 14 tweet, “you’ll soon understand how pervasive this Democrat electoral fraud is, and why there’s no way in the world the 2020 Presidential election was either free or fair.” In a December 10 tweet, Dobbs echoed Powell’s claim that “the 2020 Election [was] a cyber Pearl Harbor,” adding that “the leftwing establishment have aligned their forces to overthrow the United States government.”

That tweet included an unattributed document averring that Dominion participated in that scheme. The document said the conspiracy also involved Smartmatic, Cuba, Venezuela, George Soros, the Chinese Communist Party, “the Democrat party,” and “the American media,” all of whom “aligned…against the will of the people of the US.” That document, we can surmise, was prepared by Powell. But Dobbs did not indicate who wrote it, and his tweet unambiguously endorsed its claims.

Would a reasonable reader conclude that Dobbs himself was lodging these allegations? Or would a reasonable reader conclude that “these statements came from Powell, not Dobbs,” as Fox maintains?

Fox also argues that “the forum of the statement—Twitter—reinforces the conclusion that Dobbs was not stating defamatory facts about Dominion,” because “Twitter is not a natural setting in which a reasonable viewer would conclude that she is hearing actual facts about the plaintiff.” The “common expectation” on Twitter, Fox says, “is that such statements ‘will represent the viewpoints of their authors and, as such, contain considerable hyperbole, speculation, diversified forms of expression and opinion.'” Fox seems to be implying that tweets, by their very nature, cannot be defamatory. Twitter users would be ill-advised to act on that reading of the law.

During a November 12 interview with Giuliani, Dobbs described the alleged election conspiracy as “the end game to a four-and-a-half-year-long effort to overthrow the President of the United States.” But according to Fox, “a reasonable viewer would have readily understood that the statement was Dobbs’ opinion, and a tentative one at that.” It was so tentative that Dobbs twice reiterated the same conclusion on his show the next day. That may have been “Dobbs’ opinion,” but it was based on the assumption that Giuliani and Powell were speaking the truth.

While interviewing Powell on November 24, Dobbs referred matter-of-factly to “the electoral fraud that’s been perpetrated this year.” He worried that “Americans have given no thought to electoral fraud that would be perpetrated through electronic voting,” which he said involved Dominion, “at least in the suspicions of a lot of Americans.”

Dobbs left no doubt that he believed those suspicions were well-founded. While interviewing Powell on December 10, he falsely asserted that “we have tremendous evidence already of fraud in this election.” Afterward, he falsely claimed Powell had presented “groundbreaking new evidence indicating our Presidential election came under massive cyber-attack orchestrated with the help of Dominion, Smartmatic, and foreign adversaries.”

Echoing Giuliani, Dobbs asserted that servers containing voting data were located in “foreign countries.” He said that meant states “have no ability to audit meaningfully the votes that are cast because the servers are somewhere else and are considered proprietary.” But as Dominion notes, “local jurisdictions administer elections locally and Dominion did not send or store votes overseas.”

More generally, Dobbs applauded “President Trump’s fight for a free and fair election,” and said Trump had been “wronged mightily.” He added: “Only an idiot would try to claim that there were no irregularities, that there were no anomalies, and that there were insufficient evidence and documents suggesting fraud and inexplicable mathematic ratios that tell us quickly there is something terrible afoot here….There is no election in our presidential history, our nation’s history, in which there were so many anomalies, so many irregularities, and so much clearer evidence of fraud.” Dobbs thanked Powell, whom he described as “one of the country’s leading appellate attorneys,” for doing “the Lord’s work,” which he claimed had uncovered “new information regarding electoral fraud in the radical left’s efforts to steal an election.”

I could go on, but you get the idea. According to Fox’s lawyers, none of this amounted to endorsing Powell and Giuliani’s allegations. Murdoch disagrees. When asked whether transcripts showed that Dobbs “had endorsed at times this false notion of a stolen election,” Murdoch replied, “Oh, a lot.” What about Fox News host Maria Bartiromo? “Yes,” Murdoch said. “C’mon.” He added that “I think” Jeanine Pirro also “endorsed” that “false notion,” while Sean Hannity—who would later say he “did not believe” Powell’s claims “for a second”—did so “a bit.”

What about Fox’s argument that Dobbs et al. pushed back against Powell and Giuliani’s claims, asking them what evidence they had to support them? The hosts did ask whether Powell and Giuliani would be able to muster enough evidence and present it in court (which they never did) before the Electoral College deadlines. But those inquiries were framed as questions about timing rather than questions about the veracity of the allegations.

Fox’s description of this supposed pushback is highly misleading. On his November 13 show, for example, Dobbs mentioned that the Cybersecurity and Infrastructure Security Agency (CISA) “says the November 3rd election was the most secure in American history.” Fox presents that statement as evidence that Dobbs “cast doubt on the claims” that Giuliani and Powell were making. It neglects to mention that his statement was accompanied by a graphic that said “CISA IGNORES VOTER FRAUD.”

Dobbs was similarly contemptuous of other government agencies that found no support for the claims he was promoting. The Justice Department is “trying to blind us to what is going on,” Dobbs warned on his November 16 show. “We cannot trust the Justice Department, the FBI, or any intelligence agency,” he told viewers on November 30. “Let me be straightforward with you. I had damn sight rather have Sidney Powell and Rudy Giuliani on the case than [FBI Director] Christopher Wray and the fools, the corrupt fools, that lead the FBI any day.”

Behind the scenes, meanwhile, Fox executives and producers had considerably less faith in Powell and Giuliani. On November 7, Murdoch told Col Allan, then editor in chief of the New York Post, that he “just saw a bit of Rudy ranting.” Murdoch called Giuliani “a terrible influence on Donald.” Allan agreed that Giuliani seemed “unhinged,” adding that he “has been for a while” and “I think booze has got him.”

Dobbs described Giuliani and Powell’s bizarre November 19 press conference as a “powerful” presentation of “powerful charges.” Murdoch offered a different assessment. He told Fox News CEO Suzanne Scott it was “terrible stuff” that was “damaging everybody” and “probably hurting us too.” In an email to News Corporation CEO Robert Thomson, Murdoch called Giuliani’s claims “really crazy stuff.” In a November 23 message to a former Fox executive, Murdoch expressed satisfaction that Fox News host Tucker Carlson, who had publicly noted Powell’s failure to back her claims with evidence, had “called out that crazy would be lawyer.”

Fox Corporation Senior Vice President Raj Shah took the same view. In a deposition, he said he was skeptical of the “stolen election” claims from the beginning. He called Giuliani and Powell’s November 19 presentation a “crazy fucking presser” and described Powell as “nuts.” In a November 21 message to a producer on Carlson’s show, Shah called Powell’s fantasy “totally insane” and “MIND BLOWINGLY NUTS.”

In a November 16 text to colleagues, John Fawcett, an associate producer for Lou Dobbs Tonight, texted colleagues that Powell seemed to be “doing lsd and cocaine and heroin and shrooms.” In a November 22 text exchange with Dobbs, Fawcett noted that the Trump campaign, by disassociating itself from Powell, seemed to be “calling bullshit” on her. Fawcett suggested that Powell “could be losing her mind,” noting that her story “doesn’t make sense” and adding, “I just don’t think she is verifying anything she is saying.”

Former House Speaker Paul Ryan, a member of Fox Corporation’s board, warned Murdoch and his son Lachlan, the company’s CEO, about the dangers of lending credence to the stolen-election narrative. “We are entering a truly bizarre phase of this where [Trump] has actually convinced himself of this farce and will do more bizarre things to delegitimize the election,” Ryan said in a December 6 text. “I see this as a key inflection point for Fox, where the right thing and the smart business thing to do line up nicely.”

Dobbs nevertheless continued to promote Powell, who appeared yet again on his show four days later. As late as January 26, 2021, Carlson provided a forum for My Pillow CEO Mike Lindell, who regurgitated Powell’s claims. Carlson said he did not anticipate that, because Lindell was supposed to discuss “cancel culture.” But in a deposition, Rupert Murdoch conceded that it was “wrong for Tucker to host Mike Lindell to repeat those allegations against Dominion” if Carlson did not challenge them. Carlson, despite his previous skepticism about Powell’s claims, notably failed to do that.

Lindell said “we have all the evidence” to show Dominion’s complicity in election fraud and complained that “they just say, ‘Oh, you’re wrong.'” Instead of asking Lindell to elaborate on that “evidence,” Carlson sympathized with his complaint. “They’re not making conspiracy theories go away by doing that,” Carlson said. “You…don’t make people kind of calm down and get reasonable and moderate by censoring them. You make them get crazier, of course. This is…ridiculous.”

That comment, Fox argues, implied skepticism by referring to “conspiracy theories.” Dominion argues that “a regular viewer of Carlson’s would likely have thought Carlson changed his mind on the subject, given how differently he treated Lindell than he had treated Powell.”

Admittedly, this is a closer call than Dobbs’ explicit embrace of Powell’s tall tale. But by this point, Dominion argues, Fox should have known better than to put someone like Lindell on the air. Even two months earlier, Dominion says, it was abundantly clear that Giuliani and Powell were spouting nonsense, as Murdoch himself recognized shortly after the election. Murdoch conceded that he “could have” told Scott to stop featuring Giuliani and Powell, “but I didn’t.”

Why not? Dominion tells a plausible story, backed by internal communications, that Fox continued to host “crazy” conspiracy theorists because it had a financial interest in doing so. Viewers were angry after Fox News called Arizona for Trump, and executives were alarmed by their disenchantment and their flight to Newscom and One America News Network. In short, Dominion says, Fox favored profits over truth.

Dominion has to prove by “clear and convincing evidence” that Fox either knowingly or recklessly promoted damaging lies about the company. While that’s a very tough test, Fox’s lame excuses provide reason to believe that Dominion can meet it.

The post Fox's Excuses Reinforce Dominion's Defamation Case appeared first on Reason.com.

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FDA Cracks Down on Animal Tranquilizer That Is Sometimes Mixed With Fentanyl


A sleepy kitty sedated on a verterinary exam table.

The Food and Drug Administration (FDA) announced this week that it would crack down on imports of xylazine, a non-opioid veterinary sedative used on animals ranging from dogs and cats to deer and elk. The FDA is targeting the drug because black-market sellers have added it to various illicit fentanyl mixtures; the FDA said it has also turned up mixed with stimulants like cocaine and methamphetamine. If ingested by humans, xylazine “can depress breathing, blood pressure, heart rate and body temperature to critical levels”; if injected, it can cause tissue decay requiring amputation. It’s also known by the street names “tranq” and “zombie drug.”

The FDA’s new alert authorizes import authorities to “detain without physical examination shipments of xylazine” and any drugs which contain xylazine. The agency’s announcement specified that it intends to “prevent the drug from entering the U.S. market for illicit purposes, while maintaining availability for its legitimate uses in animals.”

However, government efforts to ensure certain drugs are used only for specific purposes have proven fruitless because prohibition incentivizes circumvention: When it’s hard to procure a particular substance, drug traffickers will get the most potent version of it they can find, as a smaller and more easily concealed quantity can be parceled out further over a more significant number of sales.

This is why fentanyl is used in black-market opioids in the first place. Users did not demand a substance that is 40 times more potent than heroin for recreational use; prohibitionist policies made it more challenging to procure pain medication, leading pain patients to seek out heroin. Heroin, however, is a crop drug, which makes it expensive to produce, ship, and buy. Fentanyl is synthetic, making it cheaper to produce, ship, and buy. When the law makes it harder to get legal pain pills, everybody adapts, and you get illegal fentanyl with no quality control.

Similarly, users of illicit drugs aren’t clamoring for animal tranquilizers—drug dealers are just adapting to market conditions.

The FDA’s regulatory actions on xylazine may sound reasonable, but government prohibition created the problem, and more prohibition won’t solve it.

The post FDA Cracks Down on Animal Tranquilizer That Is Sometimes Mixed With Fentanyl appeared first on Reason.com.

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Dr. Vinay Prasad: Stop Trusting the Public Health Establishment


Dr. Vinay Prasad: Stop trusting the public health establishment

“Trust is justified based on how an organization or system performs,” writes Vinay Prasad, a hematologist-oncologist and associate professor of epidemiology and biostatistics at the University of California, San Francisco. “And the truth is, the entire public health apparatus, failed.”

Join Prasad and Reason‘s Nick Gillespie and Zach Weissmueller for the YouTube premiere of a discussion of America’s public health system, mask policies, vaccine and booster mandates, and the ongoing threat that the federal and state governments’ expansive use of emergency powers during the COVID-19 pandemic poses to Americans’ civil liberties this Thursday at 1 p.m. Eastern. Chat live with Zach Weissmueller on YouTube during the premiere of the pre-recorded interview.

Mentioned in the show:

COVID-19 vaccines: history of the pandemic’s great scientific success & flawed policy implementation, by Vinay Prasad

​​How Democracy Ends,” by Vinay Prasad

The Epidemic of #DiedSuddenly,” by Vinay Prasad and John Mandrola

Circulating Spike Protein Detected in Post–COVID-19 mRNA Vaccine Myocarditis

CDC and FDA Identify Preliminary COVID-19 Vaccine Safety Signal for Persons Aged 65 Years and Older

Germany, France Restrict Moderna’s Covid Vaccine For Under-30s Over Rare Heart Risk—Despite Surging Cases,” by Robert Hart

COVID-19 vaccine induced myocarditis in young males: A systematic review, by Benjamin Knudsen and Vinay Prasad

Effectiveness of mRNA-1273 against SARS-CoV-2 omicron and delta variants

United States: COVID-19 weekly death rate by vaccination status

The post Dr. Vinay Prasad: Stop Trusting the Public Health Establishment appeared first on Reason.com.

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Getting Ohioans Back To Work Means Battling Obesity

Getting Ohioans Back To Work Means Battling Obesity

Authored by Rea S. Hederman, Jr. via RealClear Wire,

As America teeters on the edge of recession, various factors have contributed to its broken supply chains, historic inflation, and depleted workforces. One factor that has gone largely overlooked has been a silent burden for employers and employees alike: obesity. This is one of many critical topics highlighted during Obesity Care Week.

Recent national studies highlight the economic costs that obesity imposes on America’s beleaguered workforce. According to a National Institute of Health study, workers with obesity are almost twice as likely to miss work. More likely to be sick or absent from work for longer periods of time, these workers lag in work experience, which reduces their future pay. Researchers estimate that such productivity losses cost America $1.0 trillion annually.

Similarly, workers with obesity are more likely to suffer diabetes and other debilitating diseases that increase healthcare, health insurance, and workers’ compensation costs for employers. A study by Duke Health, for example, revealed that workers with obesity filed twice as many workers’ compensation claims and that average medical claims per 100 employees were more than $50,000 for those with obesity compared to only $7,500 for those without.

Obesity’s indirect costs are expensive, too. Adults with obesity are more likely to remain under employed or forfeit better wages. A Journal of Business and Psychology study warned that workers suffering obesity may lose more than $114,000 in earnings due to productivity losses. And adults with obesity are more likely to remain unemployed entirely, costing them a lifetime of potential income and savings.

Ohio feels the negative side effects of obesity more acutely than most states. With one-third of its workforce fighting obesity, Ohio ranks 15th in the nation. Over the last several years, obesity-related health issues have cost the Ohio Department of Medicaid hundreds of millions of dollars. Additionally, a forthcoming study by The Buckeye Institute’s Economic Research Center estimates that obesity has sidelined more than 32,000 workers — more than enough to construct and fully staff Intel’s new semiconductor plant in central Ohio. And those missing workers have deprived the state of nearly $20 million in tax revenue.  

Other states have already taken promising steps to better help those suffering obesity. Ohio should do the same. 

Nutrition counseling, surgery, and medication are helpful to obesity sufferers, and Ohio’s state employee health plans have adopted an “all of the above” approach to fighting obesity and getting people with the disease back into the workforce. As those efforts proceed, researchers, employers, and regulators should monitor the results — in Ohio and across the country — and enhance the most successful.

In the meantime, Ohio should also pursue commonsense regulatory reforms to make access to obesity treatments easier and more affordable. Ohio’s nutrition licensing requirements, for example, remain some of the nation’s worst and most stringent, restricting access to diet and nutrition counseling and artificially raising prices. Relaxing those regulatory requirements will lower prices and increase access to life-changing counseling for thousands.

Reducing obesity through prevention and better care in the workforce is a win-win-win for Ohio, employers, and employees battling obesity. Bringing obesity-sufferers back into the labor force will reduce state-funded healthcare costs, boost tax revenue, help alleviate worker shortages and supply chain woes, and provide or increase earnings for those under- or unemployed. Studying obesity prevention and treatment methods, encouraging the public and private sectors alike to implement best practices, and prudent regulatory reforms like relaxing nutrition counseling licensing requirements could help get Ohio on the road to recovery and wellness.

Rea S. Hederman Jr. is executive director of the Economic Research Center and vice president of policy at The Buckeye Institute.

Tyler Durden
Wed, 03/01/2023 – 18:20

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‘Big Short’ Michael Burry Predicts “Terrible Consequences” From Biden’s Student Loan Forgiveness

‘Big Short’ Michael Burry Predicts “Terrible Consequences” From Biden’s Student Loan Forgiveness

Investor Michael Burry says “terrible consequences” are in store if student loans are forgiven.

“Let’s not forget that the student debt problem is built on a foundation of terrible major choices,” Burry tweeted on Tuesday.

“Bailing generations out of those bad choices will mean more bad choices, tuition hikes, and terrible consequences for America.”

Burry’s comments come as the US Supreme Court considers Tuesday oral arguments over President Biden’s student loan forgiveness program, which was legally justified based on the pandemic. The program offered up to $20,000 of loan forgiveness per borrower – an initiative which has been put on hold while the high court debates the case, according to Politico.

During more than three hours of oral argument, conservative justices on the court repeatedly questioned whether the Education Department had the legal authority it claimed to discharge federal student loan debt to help borrowers recover economically from the national emergency spurred by Covid-19.

Chief Justice John Roberts emerged as one of the most hostile voices on the court towards the debt relief plan, repeatedly invoking its overall cost and raising questions about its fairness. -Politico

“We’re talking about half a trillion dollars and 43 million Americans,” said Roberts early into the arguments, who also slammed the Biden administration’s claim that the debt cancellation plan wasn’t much different than existing programs that forgive student debts in specific circumstances.

“Because there’s a provision to allow [a] waiver when your school closes…because of that Congress shouldn’t have been surprised when half a trillion dollars is wiped off the books?” asked Roberts, who added that the administration’s decision not to wait for Congress to craft debt-forgiveness legislation may have cut short debates Congress could have had over special treatment vs. people who have paid off their loans.

“Nobody’s telling the person who was trying to set up the lawn service business that he doesn’t have to pay his loan,” said Roberts. “He still does, even though his tax dollars are going to support the forgiveness of a loan for the college graduate who’s not going to make a lot more than him over the course of his lifetime.”

The 51-year-old Burry who rose to fame betting against the housing market before the 2008 crash took on “well into six figures of educational debt” going to UCLA and then Vanderbilt University for his medical degree. He began his residency at Stanford University, but dropped out to focus on investing.

Meanwhile, Justice Samuel Alito hammered the fairness aspect as well.

“Why is it fair? Why is it fair?….Why was it done?” Alito asked Biden administration lawyer, Solicitor General Elizabeth Prelogar.

In all, four of the conservative justices–Roberts, Alito, Clarence Thomas and Neil Gorsuch–seemed most skeptical of the claimed legal basis for the debt relief plan, while all three of the court’s liberals appeared inclined to reject the challenges to the program.

The high court’s two other members–Brett Kavanaugh and Amy Coney Barrett–were less clear in their views. Barrett, notably, questioned some of the GOP states’ arguments that they had standing to bring the lawsuit. -Politico

Prelogar focused her argument on how the Biden administration was acting within the law to avoid borrower distress during national emergencies, and refuted claims by the plaintiffs that they had been harmed in any way by the policy.

When asked by Justice Clarence Thomas how “half a trillion dollars” fits uinder the “normal understanding of ‘modifying'” falls under the scope of the so-called Heroes Act, Preloger countered that the heart of the provision’s purpose was to allow the secretary to ensure that borrowers don’t suffer financially during a crisis.

Justice Elena Kagan agreed.

“This is an emergency provision,” she said, comparing the pandemic to an earthquake. “You don’t think Congress wanted to give … the secretary power to say, ’Oh, my gosh, people have had their homes wiped out, we’re going to discharge their student loans?'”

As Bloomberg notes, in 1970 the average student debt was just $1,070 – which rose to $31,100 in 2021, an increase of more than 2,800%.

Tyler Durden
Wed, 03/01/2023 – 18:00

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Watch: Sen. Hawley Exposes Biden Archivist Nominee With Her Own Past Partisan Tweets

Watch: Sen. Hawley Exposes Biden Archivist Nominee With Her Own Past Partisan Tweets

Authored by Steve Watson via Summit News,

In a hearing Tuesday, Senator Josh Hawley completely eviscerated Joe Biden’s National Archivist nominee by presenting her with her own past tweets which are extremely partisan.

During the Senate Homeland Security Committee hearing, Hawley exposed how Dr. Colleen Shogan routinely criticised Republican representatives and their policies, despite the fact that she had locked her Twitter account as soon as she was nominated for the supposedly non-partisan role heading up the National Archives and Records Administration.

As Hawley presented each of her past statements, Shogan refused to comment, prompting the Senator to accuse her of stonewalling.

Hawley noted that in February of 2022 Shogan tweeted complaining about mask mandates being lifted.

“I asked you to provide the public posts that had previously been available on Twitter because the ones that we have were pretty disturbing,” Hawley noted, adding “You responded as follows, and I quote, ‘My personal Twitter account is comprised of posts about my mystery novels, events at the White House Historical Association, Pittsburgh sports teams, travels and my dog.’ Is this an accurate statement?”

“My social media is in my personal capacity,” Shogan responded.

Hawley shot back, “Answer my question, please, because you’ve testified under oath that you only posted about your dog, and sports teams and novels, and you also said you wouldn’t give this committee any of your public posts.”

Shogan still refused to answer, prompting Hawley to remind her “You are under oath before this committee, and I have to say, you have placed this issue squarely in record by repeatedly refusing to answer.”

The deluge continued for over 7 straight minutes, as Hawley presented anti-Trump tweets, anti-second amendment tweets and anti-religion tweets, proving once again that the Biden administration is only interested in filling the government with people who will follow its agenda in lockstep.

Hawley noted “I have never seen a witness stonewall like this before. Never. And I’ve seen a lot. This is extraordinary. … I mean, this is unbelievable, and you want to be the archivist of the United States. You lied to us under oath, you lied to us in your [Questions for the Record], you just lied to me a second ago under oath, and now you’re sitting here stonewalling, not answering questions about public posts that you’ve made.”

The Senator continued, “I have never seen a witness blatantly lie under oath like Dr. Shogan has just done to this committee, stonewalled this committee, and just repeatedly refused to answer my questions about her own posts that are in public.”

“For these reasons, I will oppose your nomination and I strongly, strongly urge this committee to take action on this and force this witness to own up to the fact that she is misleading us right now before our eyes,” Hawley asserted.

Watch:

Despite all of this, Shogan will likely be confirmed, given the Democratic majority in the Senate. 

Elsewhere during the hearing, Senator Rand Paul noted that last month the National Archives had forced visiting students, in Washington for the March for Life, to remove clothing with pro-life messages on it.

“It’s hard to imagine a more offensive way to violate their freedom of speech,” Paul noted, adding “Nothing like this can ever happen again. We must understand who ordered it.”

Paul also further told the nominee, “The difference in how Archives appear to have handled disputes over documents held by former President Trump and Vice President Pence, and President Biden on the other hand, raised questions about the impartiality of the agency.”

“Specifically, the agency seems to have aggressively publicized the search for documents at President Trump and Vice President Pence’s residences, but tried to keep quiet about the documents President Biden kept at, at least three locations,” Paul added.

*  *  *

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Tyler Durden
Wed, 03/01/2023 – 17:40

via ZeroHedge News https://ift.tt/XqJ9Eer Tyler Durden

Brazil Flouts Biden Pressure, Welcomes Iranian Warships To Rio Port

Brazil Flouts Biden Pressure, Welcomes Iranian Warships To Rio Port

In defiance of US pressure, Brazilian authorities have allowed a pair of Iranian warships to dock in Rio de Janeiro this week. This ships were welcomed despite specific warnings from Biden administration officials. 

The IRIS Makran and IRIS Dena warships pulled into port on Sunday morning, Rio’s port authority confirmed at the start of the week. Initially, just after his historic defeat of incumbent Blair Bolsonaro, far-Left President Luiz Inacio Lula da Silva had vowed to deny Tehran’s request for the ships to stop in Brazil.

IRINS Makran. FARS Photo

But that decision which was meant to appease the Biden administration just after Lula’s election win was clearly reversed, with Brazilian Navy Vice Admiral Carlos Eduardo Horta Arentz having given his approval for the ships to dock between February 26 and March 4.

In mid-February US Ambassador Elizabeth Bagley ramped up the pressure on the Brazilian government in the following appeal: 

“In the past, those ships facilitated illegal trade and terrorist activities, and have also been sanctioned by the United States. Brazil is a sovereign nation, but we firmly believe those ships should not dock anywhere,” she said.

Additionally, Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson in a statement had earlier said “The United States will continue to aggressively target all elements of Iran’s UAV program.”

Photos confirmed the presence of the two Iranian ships at Rio’s port…

It’s likely the Iranian ships have military drones aboard, and that they could be launched with ease. In early February, the threat of sanctions was invoked for any third party caught coordinating and cooperating with banned Iranian entities. 

“[P]ersons that engage in certain transactions with the individuals or entities designated today may themselves be exposed to sanctions. Furthermore, any foreign financial institution that knowingly facilitates a significant transaction or provides significant financial services for any of the individuals or entities … could be subject to U.S. sanctions,” reads the statement.

Currently, Washington policy-makers in their thinking still adhere to the Monroe Doctrine in some form or fashion. They’ve long accused both Iran and its Lebanese proxy Hezbollah of making inroads into Latin America, also with charges of drug and weapons trafficking. 

Tyler Durden
Wed, 03/01/2023 – 17:20

via ZeroHedge News https://ift.tt/y7Ycjn4 Tyler Durden

DC Officer Who Struck Protesters With Flagpole On Jan. 6 Bragged ‘That Was My Best Weapon’

DC Officer Who Struck Protesters With Flagpole On Jan. 6 Bragged ‘That Was My Best Weapon’

Authored by Joseph M. Hanneman via The Epoch Times (emphasis ours),

A Metropolitan Police Department officer wielding a wooden flagpole like a medieval lance inside the U.S. Capitol tunnel on Jan. 6, 2021, later bragged to fellow officers that the long wooden dowel was “my best weapon,” newly released bodycam video shows.

Metropolitan Police Department Officer Michael Dowling uses a flagpole to jab at a protester in the Lower West Terrace tunnel at the U.S. Capitol on Jan. 6, 2021. (Metropolitan Police Department/Screenshot via The Epoch Times)

Video recorded by Officer Michael Dowling’s bodycam shows him climbing onto a narrow ledge in the Lower West Terrace tunnel and attacking a woman in a white coat standing near the entrance.

As Dowling jabbed at the woman—including two contacts to the head—she hurried to get off the ledge and escape the tunnel.

“I’m trying!” she cried out.

Someone at the front of the tunnel shouted at her, “Get the [expletive] out of here!”

Dowling picked up the flagpole from the floor of the tunnel entrance at 3:19 p.m. and moved into the tunnel.

After dislodging the woman in white, Dowling jabbed at a number of men at the front line who faced inward toward the police. That drew the ire of protest leader Anthony Alexander Antonio of Wilmington, Delaware, who had been addressing the crowd with a bullhorn.

“Quit that [expletive],” Antonio shouted at Dowling. “Quit that [expletive].”

Two hours later, after the crowds were pushed from the Lower West Terrace, Dowling met up with MPD Officer Jeffrey Leslie.

“I lost my flagpole,” Dowling lamented. “That was my best weapon.”

Metropolitan Police Department Officer Michael Dowling uses a flagpole to jab at protesters at the Lower West Terrace tunnel entrance of the U.S. Capitol on Jan. 6, 2021. (Metropolitan Police Department/Screenshot via The Epoch Times)

“You did well with that, sir,” Leslie replied. When another officer approached, Leslie told him, “This guy’s the man with the flagpole.”

Dowling explained, “I started jabbing people with the flagpole.”

A fourth officer joined the conversation. “You got a few people with it?” he asked.

“Oh yeah,” Dowling replied.

“Good!”

“It snapped, and then they took it back,” Dowling said.

After that conversation, Dowling went back into the Capitol and spoke with another MPD officer at the top of a staircase.

“Listen, I would have never thought I’d have the occasion to hit a man with the American flag in the Rotunda of the U.S. Capitol Building,” the officer told Dowling. “And I got to today.”

The Epoch Times asked the Metropolitan Police Department for comment on Dowling’s use of force, but did not receive a reply.

The tone for the afternoon was set at 2:41 p.m., when an officer in the staging area just inside the Capitol shouted instructions.

‘We need an old-school CDU [civil-disturbance unit] for these doors, you hear me? Old-school CDU,” the officer said. “Nightstick out. We are not losing the U.S. Capitol today! Do you hear me? We are not losing the U.S. Capitol!”

At 2:49 p.m., someone discharged a fire extinguisher into the tunnel, causing the interior Capitol hallways to fill with a dry airborne chemical.

‘Sordid Record’

Brad Geyer, the Jan. 6 defense attorney who posted the Dowling bodycam on Twitter, said the videos are peeling back the court-enforced veneer that, in many cases, hid the truth.

Read more here…

Tyler Durden
Wed, 03/01/2023 – 17:00

via ZeroHedge News https://ift.tt/SPaw4BH Tyler Durden

US Intel Agencies Belatedly Debunk Years Of Fake News Over ‘Havana Syndrome’ 

US Intel Agencies Belatedly Debunk Years Of Fake News Over ‘Havana Syndrome’ 

Yet another major instance of a story which grabbed headlines for years, and was widely linked to Russian intelligence, entering the dustbin of history…

A joint US intelligence community assessment now says that ‘Havana Syndrome’ was not caused by a foreign adversary. This after endless and breathless media reporting which attempted to link the mysterious ailments allegedly experienced by American spies and diplomats at missions around the world since 2016 to some kind of Russian supersonic weapon or secret ‘directed energy’ device.

The new US intelligence report, announced Wednesday, determined that a foreign adversary is “very unlikely” to be responsible. Mass sicknesses, including unexplained nausea, headaches and possibly vomiting were first reported experienced among many staffers at the US Embassy in Cuba. 

The Guardian: A slide from the 60s or early 70s from a CIA briefing on microwave radiation. A microwave weapon has been suggested as a possible cause of ‘Havana Syndrome’ suffered by US officials.

As The New York Times now reports, “The assessment builds on interim findings from the C.I.A. last year that neither Russia nor another hostile power was responsible for a global campaign targeting intelligence officers and diplomats who reported a wide range of symptoms such as headaches, dizziness and balance problems.”

The Times additionally recalls that “In many of these cases, the patients said the symptoms began after they heard a strange sound and felt intense pressure in their heads.”

In case the likes of Rachel Maddow or any other commentators who spent a half-decade hyping all things Russiagate and “Putin’s agents are everywhere!” narratives still have doubt, the following lines are remarkably assertive and definitive

But the conclusions released by the Director of National Intelligence’s office on Wednesday were broader, finding that none of the episodes the government investigated could be attributed to hostile foreign action.

The intelligence community assessment found that while seven different agencies had varying levels of confidence, most “concluded it is ‘very unlikely’ a foreign adversary is responsible” for the reported ailments. As part of the investigation, U.S. spy agencies reviewed intelligence, which showed that adversaries were puzzled and thought the reported symptoms were part of an American plot.

This suggests the US noted Russian intel officials’ own confusion in real time amid all of the Havana Syndrome reporting. And rather than unearthing any evidence whatsoever the Kremlin was behind it, instead the Russians were apparently as confused as anyone else. 

Graphics like the following have widely circulated over the years ‘charting’ incidents:

Over the years various theories have been discussed among scientists and psychologists, including everything from large amounts of crickets buzzing in Havana (and the vibrating sound then inducing headaches) to theories of self-induced mass hysteria or stressful work environments, to even the possibility of US embassy staffers simply faking illnesses.

Via Tortoise Media

…or else there’s the possibility that the narrative was entirely made up, cut out of whole cloth, by US authorities in order pile pressure on Russia.

Tyler Durden
Wed, 03/01/2023 – 16:40

via ZeroHedge News https://ift.tt/Lq8ad2S Tyler Durden