Anti-Putin Activist Alexey Navalny Handed 19 More Years In Prison

Anti-Putin Activist Alexey Navalny Handed 19 More Years In Prison

Jailed Kremlin critic and anti-Putin activist Alexei Navalny has been sentenced to 19 years in prison, according to Interfax on Friday. He was convicted on what are being dubbed “extremism” charges.

The sentence will be carried out at a restrictive “special regime” prison, the report indicates, following the closed-door trial conducted in a prison colony east of Moscow, where Navalny is currently confined.

The 47-year old political oppositionist stated Thursday in a social media post that he expected a “Stalinist” sentence that would be long, and urged Russians to fight against “the corruption of Putin and his officials.”

Via Reuters

He addressed the broader Russian public in the post, writing the day prior that “When the figure is announced, please show solidarity with me and other political prisoners by thinking for a minute why such an exemplary huge term is necessary. Its main purpose is to intimidate. You, not me.”

Navalny’s legal team has complained he’s been kept in solitary confinement, in a small cell for up to 200 days. Last year and in the past months he’s claimed that his prison conditions have left him sick and with ailments. 

Among the latest charges he faced was parole violation. This fresh series of charges are summarized as follows:

The new charges are related to the activities of Navalny’s anti-corruption foundation and statements by his top associates. It was his fifth criminal conviction and the third and longest prison term handed to him, all of which his supporters see as a deliberate Kremlin strategy to silence its most ardent opponent.

Russian state news agencies reported that he would serve this new term concurrently with his current sentence on charges of fraud and contempt of court.

At this point, Navalny is looking at what effectively could become a life in prison sentence

It must be recalled that he had been living free in Germany. He spent five months there in 2020, recovering for much of that time in a Berlin hospital, for what was an alleged ‘assassination attempt’ at the hands of Russian intelligence. His supporters say he was poisoned. 

But then Navalny agreed to face charges against him (including parole violation stemming from an earlier corruption-related conviction) and flew to Moscow’s Sheremetyevo airport on January 17, 2021 – whereupon he was immediately arrested and tried.

Tyler Durden
Fri, 08/04/2023 – 18:40

via ZeroHedge News https://ift.tt/f4WhyBu Tyler Durden

Will Insurance Costs Derail The EV Revolution?

Will Insurance Costs Derail The EV Revolution?

Authored by Duggan Flanakin via RealClear Wire,

Four hundred ninety-eight electric vehicles (EVs) and over 3,200 other vehicles, including 350 Mercedes Benzes, were bound for Egypt on the Fremantle Highway when one or more of the EVs caught fire, costing at least one seaman his life and injuring several others. Curiously, the Dutch coast guard had initially reported that only 25 of the vehicles were battery-electric models.

At last report, the Dutch coast guard admitted that it has been unable to put out the fire and that the ship has taken on water and is “listing” and on a trajectory toward a capsize. Should the ship sink, the total loss would also threaten the Frisian island of Ameland, part of a UNESCO World Heritage Site that is home to over 10,000 aquatic and terrestrial species and located near one of the world’s most important migratory-bird habitats.

On a global scale, of course, 3,000 vehicles are but a drop in the bucket, and in insurance terms, the loss of one 18,500–ton transport ship and one human life (all the wounded are expected to survive, despite broken bones, burns, and respiratory problems) is only so much. To compute a total cost, the ecological devastation would also have to be factored in, along with the cost of rescue, firefighting, and salvage operations.

But all in all, this was a freak accident, a one-off. This stuff never happens. Right? 

Actually, it does. Just a year ago, the “Felicity Ace” sank as it was being towed from the site where 13 days earlier a fire had broken out on board. That ship, too, was transporting EVs and internal-combustion vehicles – including 15 Lamborghini Aventador LP 780-4 Ultimae supercars valued at half a million dollars apiece. Also lost were 1,117 Porches, 1,944 Audis, 561 Volkswagens, 189 Bentleys, and 70 other Lamborghinis.

And just a month ago, two firefighters died battling flames that broke out on another roll-on, roll-off (RORO) cargo ship docked at Port Newark in New Jersey. Firefighters arrived at the scene when just five to seven vehicles on the 10th floor of the ship were on fire, but the fire quickly spread to the 11th and 12th floors. 

One commenter explained that on a RORO ship, vehicles are chain-shackled on all four wheels to the deck, creating trip hazards for firefighters. There are multiple decks, ramps, ladders, confined spaces, low overhead, and solid metal all around (like a gigantic oven). Fighting such fires is a very dangerous challenge, even if the deck plan of the ship is well known.

The port authority assured reporters that no EVs numbered among the 5,000 vehicles (bound for Africa) on board, but just imagine if the fire had begun with the ship far out at sea. Or imagine the horror should an EV fire break out on a ferry boat carrying hundreds of vehicles and thousands of passengers? Or in an underground parking garage in a New York high-rise?

Olivia Murray notes that automakers have largely replaced steel and metal with plastic, and that a huge fire could unleash immeasurable quantities of synthetic chemicals into the atmosphere from the burning plastic. A total capsize would send millions of pounds of debris and spilled motor oil (from the non-EV autos) to the sea floor along with any toxic flame retardants. The impact on sensitive marine life would not be known for years. 

Even at $80,000 per vehicle (a low number, perhaps), the insurance loss for the nearly 4,000 vehicles on the “Felicity Ace” alone would be $320 million – and this does not include the loss to end-buyers of the opportunity to drive a vehicle that they may have already purchased.

But massive fires are not the only insurance concern with EVs. The New York Times recently reported the sad story of a Rivian owner whose electric pickup truck was involved in what would normally be considered “a minor fender bender.” The owner’s insurance company gladly offered to pay about $1,600 for the repairs, but the certified repair shop produced a bill for $42,000 – about half the cost of the vehicle. 

The Times reporter explained: “A key reason is that the accident damaged a sleek panel that extends from the truck’s rear to front roof pillars.” To repair and repaint the vehicle, mechanics had to remove the interior ceiling material (the headliner) and the front windshield. Indeed, the State of New York’s consumer guide for auto insurance lists many models as “difficult-to-insure vehicles” simply because they are electric.

But that’s still better than the news reported in March that insurance companies are having to write off EVs with just a few miles – leading to higher premiums – because of the many EVs for which there is no way to repair or assess even slightly damaged battery packs after accidents. EV battery packs are ending up in junkyards in multiple countries.

According to the Agent Support Network of America, the intense impact of a crash can be much more devastating to EVs, increasing the likelihood of a totaled versus repairable car. EVs, according to Consumer Reports, may not withstand an accident as well as traditional gasoline-powered vehicles. EV batteries are vulnerable to damage, and with any indication of a compromised battery, insurance companies will likely declare an EV crash a total loss.

An overlooked insurance cost for EVs involves towing, which many insurance customers (and AAA members) take for granted as an inexpensive add-on to their policies. But EVs can be safely towed only on a flatbed truck with enough load capacity to handle the extra weight of the vehicle. Drivers are warned not to allow anyone to try to tow their EV with its wheels on the ground. Improper towing can damage, even total, the vehicle.

The higher costs for auto insurance only add to the already-higher costs of purchasing an EV, then procuring a personal charging station and spending more money to upgrade home wiring boxes (especially for older homes). The inconvenience of having your nearly new vehicle totaled – and then having to wait perhaps months for a replacement – further adds to the “buyer avoidance” that has frustrated those who demand an immediate end to the traditional gasoline-powered vehicles that most people around the world rely upon. 

As automakers continue to lose money on EVs and consumers worldwide continue to prefer the vehicles they have learned to trust over decades, will EV mandates fall by the wayside – or will elites again double down, believing that “resistance is futile”?

 Duggan Flanakin is a senior policy analyst for the Committee for a Constructive Tomorrow and a frequent writer on public policy issues. 

Tyler Durden
Fri, 08/04/2023 – 18:20

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RFK Jr. Sues Google, YouTube Over Censorship

RFK Jr. Sues Google, YouTube Over Censorship

Democratic presidential candidate Robert F. Kennedy Jr. has filed a lawsuit against Google and YouTube, who he claims are ‘state actors’ who have violated his free speech.

Kennedy, who’s campaigning against President Joe Biden for the Democratic party nomination said in a 27-page complaint that the sites caved to pressure from the Biden administration, and that his videos about Covid vaccines were being censored through “overt and covert” means.

“Under these circumstances, YouTube is a state actor and it violated Mr Kennedy’s First Amendment rights by engaging in viewpoint discrimination,” reads the filing. “This complaint concerns the freedom of speech and the extraordinary steps the United States government has taken under the leadership of Joe Biden to silence people it does not want Americans to hear.”

The lawsuit points to several instances of the sites removing Kennedy’s speeches and interviews, including one with Joe Rogan, and a March speech he gave to the New Hampshire Institute of Politics.

“Unlike other tech companies — notably Facebook and Instagram (both owned by Facebook parent Meta) and Twitter (now owned by Elon Musk) — YouTube has not treated Mr Kennedy differently now that he is a political candidate,” the suit states.

“Although it cited its own COVID vaccine misinformation policies when censoring Mr. Kennedy, the policies rely entirely on government officials to decide what information gets censored,” reads the complaint. “They say that YouTube does not allow people to say anything ‘that contradicts local health authorities’ (LHA) or the World Health Organization’s (WHO) medical information about COVID-19.'”

According to the complaint, while other social media companies have stopped suppressing Kennedy since he declared his candidacy, YouTube has continued to silence him. “This censorship campaign prevents Mr. Kennedy’s message from reaching millions of voters. It also makes it harder for groups that are supporting his campaign to amplify his message through public sources.”

Last month, the 69-year-old told the GOP’s House Subcommittee on the Weaponization of the Federal Government that he’s being censored by a cabal of “big government, big tech and big media.”

In response, Google told The Independent: “YouTube applies its Community Guidelines independently, transparently, and consistently, regardless of political viewpoint.

“These claims are meritless and we look forward to refuting them.”

Kennedy also filed a class action lawsuit against Biden and the US Government in March for attempting to induce Facebook, Google and Twitter to “censor constitutionally protected speech.”

Tyler Durden
Fri, 08/04/2023 – 18:00

via ZeroHedge News https://ift.tt/aWgYnP9 Tyler Durden

The “War On Climate-Change” Is Coming… Again

The “War On Climate-Change” Is Coming… Again

Authored by Kit Knightly via Off-Guardian.org,

Last week, a senior member of Parliament for the UK’s Labour Party went on television demanding the UK – maybe even the entire world – be on a “war-like footing” to combat climate change.

Speaking on the BBC’s flagship political magazine Newsnight, Barry Gardiner MP argued for unity of purpose against climate change’s “existential threat”:

“…if this were a war we wouldn’t be arguing about whether the Labour strategy or the Tory strategy were better, we would be working together to try and win […] Well, it is a war. It is a war for survival and climate change threatens everything […] So actually instead of playing party political games about who is up, who is down, what we need to be doing is saying let’s get together, let’s mobilise on a war footing and that is what is needed…”

Two days later, the exact same thoughts were expressed in a Financial Times column by Camilla Cavendish, former head of David Cameron’s Downing Street policy unit and Kennedy School of Government alumnus:

The answer is surely to invoke a wartime spirit, and make the fight against climate change a joint endeavour against a common enemy. If the public and political will is there, human ingenuity can prevail, with remarkable speed. In the second world war, America transformed its manufacturing base to produce tanks and ammunition. The Covid pandemic resulted in the discovery and development of vaccines at scale, saving millions of lives.

It’s interesting to note the comparison to Covid, but we’ll come back that.

The campaign isn’t isolated to the UK, in fact it kicked off on the other side of the Atlantic, with the Inquirer running an article headlined “President Biden should address the nation and declare war…on climate change” on July 16th, which argued:

Biden and his aides need to grab that metaphorical bullhorn and call the TV networks to announce a prime-time address from the Oval Office that will declare a national emergency — in essence, a state of war — to fight climate change.

Joe Biden himself called climate change an “existential threat” on July 27th.

The invocation of metaphorical war is of course nothing new.

“War” is a very important word in the world of politics and propaganda. It has – or is assumed to have –  an immediate effect on the collective public mind; an instant connection to generations of shared memories, that promotes feelings of conformity and solidarity.

Some psychological study or focus group clearly figured this out decades ago, and as such the word “war” is frequently used to control narratives.

In Western “democracies” the deployment of the W word is code for bi-partisan agreement, attempting to breed faux solidarity between the same people they encourage to hate each other 90% of the time, whilst branding any dissenters as outsiders who are a threat to the safety of the group.

More pragmatically, being “at war” creates an “emergency” which justifies “temporary” suppression of human rights and freedoms and permits increases in the powers assumed by the state.

OffG – and others – have discussed this ad infinitum, past a certain point any authoritarian government needs to exist in a state of war in order to avoid collapse, and so enemies are created that, by their nature,  can remain forever never undefeated.

See: “The War on Drugs”, “The War on Terror”, “The War on Covid”

…and, now, the war on climate change.

Or, more properly, “the war on climate change…again”.

Because neither Barry Gardiner nor Camilla Cavendish are the first person to express this thought. Not even close.

Then-Prince now-King Charles expressed the exact same sentiment in the exact same words in a speech to the COP26 in November 2021, contemporary opinion pieces in the Guardian agreed with him.

They were, in fact, echoing a University College London report from May 2021.

CNN warned we were “losing the war on climate change” in April 2019, plagiarizing the exact same headline in The Economist from a year earlier in August 2018.

Bill McKibben wrote “We’re under attack from climate change—and our only hope is to mobilize like we did in WWII” for the New Republic in August 2016.

Venkatesh Rao wrote “Why Solving Climate Change Will Be Like Mobilizing for War” for the Atlantic in October 2015, repeating the same arguments from a CNN article four months earlier.

Hell, all the way back in 2003 the New York Times was running editorials “After Iraq: Declare war on global warming”

(Ah, remember when Climate Change hadn’t yet received it’s unfalsifiability  makeover and was still just known as “global warming”?)

Essentially, every few months they trot out this idea of “declaring war on climate change”, get almost no engagement from the public, and then go back to spouting alarmism and fear porn for a while before trying again.

They have been doing this for years. So far it has not worked.

…but this time might be a little different.

Why? Because we now live in a post-Covid society.

Consider, with the exception of the vaccines, everything brought on by Covid – the lockdowns, the financial collapse, all of the “Great Reset” – was originally meant to be a “response” to climate change.

They had a package of “solutions” ready and waiting for a public “reaction” that never came. People were simply never scared enough at the idea the world  might get a bit warmer.

It could be argued that global warming’s repeated failure to spark a global panic is the very reason they resorted to “Covid” in the first place, but whatever the cause-and-effect relationship the fact of the matter is that Covid has laid a foundation for the “war on climate change” that never existed before.

  • “anti-Covid measures” provide precedent both for the use of extreme ‘responses’ and their apparent “effectiveness”

  • Covid created enough fear that they can increase climate hysteria by linking environmentalism to future potential “pandemics”

  • Covid (allegedly) “inspired global cooperation” and “demonstrated what we can achieve when we all work together”

  • Covid lockdowns (allegedly) “showed how the world can heal” by cutting emissions.

  • And, most vitally, the roll out of the Covid narrative demonstrated that once people have invested their virtue or personality in a story you can tell them almost anything relating to that story and they’ll be incentivised to believe you – NO MATTER HOW ABSURD IT MIGHT BE.

We noted earlier that several recent articles “declaring war on climate change” reference Covid, almost always as a global success story.

It is now common place to talk about avoiding climate disaster through the medium of Covid. The United Nations, the Council on Foreign Relations and International Monetary Fund have all run articles in the last couple of years with near-identical titles eg:

What the Coronavirus Pandemic Teaches Us About Fighting Climate Change

Perhaps the most blatant example of using Covid imagery to sell climate change and globalism is the call to create a “Global Climate Organization”, from Dr David King in the Independent a few days ago (our emphasis):

“In terms of a health crisis, such as the Covid crisis, we have a World Health Organisation and it’s based in Geneva and is part of the United Nations. We don’t have a world climate crisis organisation. That’s what we need, so that all countries of the world could come together through a body of this kind, as we do when there’s a health crisis, we all contribute to the cost of the WHO. We need a global system that pulls us all together to battle with this external threat to our manageable future.”

We know what this is, this is the “pivot from Covid to climate” they literally told us was coming.

The “Great Reset” has made a good start, but they still have a raft of fun policies they want to introduce (eg. rationing food). In a post Covid world, they are hoping to finally make “climate change” frightening enough that people will beg them to completely reshape the world as they see fit.

The amusing part is that it still doesn’t feel like it’s landing, to be honest.

Outside of the media echo-chamber and the virtue-signalers, all the “terrifying” temperature maps, the experts warning that “millions will die instantly” if they turn their air conditioning off, the new buzzphrase of “global boiling” is being met with a bit of a  “meh”.

Unfortunate for them, because they’ve set themselves a deadline. Every year that passes without catastrophic climate breakdown, every summer the ice caps don’t disappear, every unseasonably cold or wet July is another nail in the coffin of their narrative, a few more normies disengaging from the story.

Which is probably why the coverage of “heatwave cerberus” and “global boiling” is fervid verging on feverish. There is an element of sweaty-palmed desperation seeping into every tweet, every headline.

They are running out of time.

The dark corollary of that is that someday soon they may well give up trying to persuade people, and start trying to force them.

Tyler Durden
Fri, 08/04/2023 – 17:40

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

Hollywood Starlets Face Extinction As Sexy AI-Influencers Invade Social Media

Hollywood Starlets Face Extinction As Sexy AI-Influencers Invade Social Media

The proliferation of scantily-clad AI-generated social media influencers is a wake-up call for striking Hollywood writers, actors, and other creators.

Thanks to the advent of AI-powered image and video generators, as well as chatbots, a number of virtual influencers, such as “Milla Sofia,” are posting content that appears to show them living a life of luxury. 

Sofia may claim to hail from Finland and post bikini pictures from European trips. And to the untrained eye, her content appears real, but it’s not. A message on the AI bot’s website reads Sofia is a “24-year-old virtual influencer and fashion model.”

The AI influencer has posted content on social media platforms like Instagram, TikTok, and Twitter since late 2022. However, the content has mostly stayed the same, but the pictures’ realism has improved because of AI advancements. 

“I’m always on the grind, learning and evolving through fancy algorithms and data analysis,” Sofia’s website continues. “I’ve got this massive knowledge base programmed into me, keeping me in the loop with the latest fashion trends, industry insights, and all the technological advancements.”

And Sofia isn’t the only AI influencer on Twitter. A simple search turns up dozens…

“Who needs pickup lines when you’re a virtual girl?” tweeted another virtual influencer Alexis Ivyedge. 

… and then there’s this. 

The trend raises plenty of concerns for OnlyFans creators. According to Medium:

AI bots can pump out quality content much faster, at a much cheaper price. Where an Onlyfans model might charge $20.00+ for a subscription to their page, a bot could produce the same photos, videos, and messages for less than half the price.

Maybe GenZ should start thinking about other jobs. 

Then there are striking actors and writers in Hollywood. Their unions are concerned major studios — Netflix, Sony, Amazon, and Disney — will replace them with AI. Netflix has already angered the Writers Guild of America and SAG-AFTRA by posting job openings for AI experts.

Yet more bad news for content creators and Hollywood folks. Several months ago, Goldman provided clients with a note on current jobs exposed to AI. 

Tyler Durden
Fri, 08/04/2023 – 17:20

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

Shellenberger Exposes The Fear, Arrogance, & Greed Behind ‘News Rating’ Organizations

Shellenberger Exposes The Fear, Arrogance, & Greed Behind ‘News Rating’ Organizations

Authored by Michael Shellenberger via Public Substack,

The bewildering number of news organizations has inspired entrepreneurs to create ways to rank them. The most prominent of them is NewsGuard.

It ranks media organizations based on their trustworthiness and then provides these rankings to large corporate advertisers.

NewsGuard’s co-CEOs are Steven Brill and Gordon Crovitz. Before starting NewsGuard, Brill had created CourtTV, and Crovitz was the publisher of The Wall Street Journal.

I interviewed them in March.

Gordon Crovitz and Steven Brill of NewsGuard

I have two specific concerns with NewsGuard.

  • First, it has taken money from the Pentagon.

How could NewsGuard be objective in evaluating news media coverage of the Defense Department if the Defense Department funds it?

  • Second, NewsGuard wrongly labeled the idea that Covid-19 escaped from a Chinese lab as a “conspiracy theory.”

And given that NewsGuard spread misinformation about covid’s origins, what right does it have to criticize others for spreading misinformation?

To NewsGuard’s credit, it publicly acknowledges that it took money from the Pentagon and got covid origins wrong. On its website, NewsGuard writes, “NewsGuard either mischaracterized the sites’ claims about the lab leak theory, referred to the lab leak as a ‘conspiracy theory,’ or wrongly grouped together unproven claims about the lab leak with the separate, false claim that the COVID-19 virus was man-made without explaining that one claim was unsubstantiated, and the other was false. NewsGuard apologizes for these errors.”

But NewsGuard still claims on its website as “THE TRUTH,” that “Scientific evidence points to the virus originating in bats.study published in the journal Nature in February 2020 found the new virus’s genome is “96 percent identical” to a bat coronavirus. A March 2020 study published in the journal Nature Medicine concluded that the virus “is not a laboratory construct or a purposefully manipulated virus.”

The above information is still on NewsGuard’s web site even though its own standard defines it as “misinformation.”

In fact, as Public and others have shown, the scientific evidence does not point to the virus originating in bats. In fact, in their emails and internal messages, the authors of the March 2020 Nature Medicine paper expressed serious doubts that pangolins were the intermediary host from bats to humans. As late as April 2020, the authors of “Proximal Origin” expressed doubt about the bat theory of covid. Indeed, it now appears that Anthony Fauci oversaw an effort to spread disinformation about covid’s origins, including by instigating the “Proximal Origin” paper.

[ZH: Of course, the “Proximal Origin” paper was not the only ‘issue’ that NewsGuard screwed up.]

As @ComfortablySmug relayed in a brief Twitter thread in March of 2022

If you thought it was more likely that Russians faked thousands of emails than that a crack addict forgot where he left his laptop, maybe you should get out of the fact-checking biz.

A story in three parts

10/20: NewsGuard CEO says the laptop is “a hoax perpetrated by the Russians” 

3/16/22: Huge ad agency says they’ll use NewsGuard to avoid placing ads on “unreliable” news

3/17/22: NYT says the laptop is real

Pretty obvious what’s going on here.]

Conflicts Of Interest

As for NewsGuard’s Pentagon funding, I felt Brill and Crovitz were slippery about what is obviously a conflict of interest.

Shellenberger: You seem to disagree that the $750,000 you received from the Pentagon is funding?

Brill: We didn’t form News Guard or do anything that has anything to do with us, you know, approaching the Pentagon, saying, “Hey, if you give us this money, we’ll do this.” It’s a product that we have.

Crovitz: We provide a service to the Pentagon. They license our data that Steve said, “misinformation fingerprints.” Like others, they’re just another licensee. So to say that we’re “government-funded” is like saying Verizon is government-funded. Yes, we have a government contract. We’re proud of the work that we do with the Pentagon to counter Russian and Chinese disinformation.

But funding is funding. The money creates a conflict of interest.

After all, NewsGuard must rank news media that cover Pentagon “counter-disinformation” efforts, including the kind NewsGuard does. Why would anyone expect NewsGuard to objectively evaluate such news coverage if the evaluation could negatively impact its client at the Pentagon? Why would we expect NewsGuard to objectively evaluate us, Public, given our criticisms of NewsGuard’s Pentagon funding?

The fact that Brill and Crovitz waved away this concern runs counter to the whole premise of NewsGuard, which is that it is objective and above financial conflicts of interest.

I believe Brill and Crovitz suffer from the third-person effect.

They seem to believe that the mass media do not influence them and, indeed, rise above it.

Similarly, they seem to believe that they are uniquely capable of recognizing misinformation but not guilty of spreading it.

Even though they admit that they did spread wrong information on covid origins, they don’t seem to think they might be doing the same with Misinformation Fingerprints™ or with their government contract, which they themselves called a “grant.”

I was glad that Brill and Crovitz agreed to speak with me when so many other organizations within the Censorship Industrial Complex refused to do so.

But I left feeling that they were blind to their own biases and arrogant as a result.

What’s behind the demand for their services, I believe, is a fear of the rise of independent media that might divert advertising revenue from traditional news media organizations.

This fear appears to emerge from traditional news media’s greed and sense of entitlement that only they, and not competitor news media, should receive advertiser money.

Subscribers to the Public Substack can read the full excellent report on NewsGuard here…

 

Tyler Durden
Fri, 08/04/2023 – 17:00

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Alex Winter: Is The YouTube Effect Good or Bad on Balance?


alex-winter

Today’s episode is an audio version of The Reason Livestreamwhich takes place every Thursday at 1 p.m. Eastern on Reason‘s YouTube channel.

The guest this week was actor and filmmaker Alex Winter, whose new documentary is The YouTube Effect, an in-depth look at the ways in which that video site has radically altered how we produce and consume politics, culture, and ideas. In past documentaries, Winter investigated Napster and its users; told the story of Ross Ulbricht, the creator of the Silk Road dark [OK?] web site; and profiled the life and legacy of rock musician and free expression activist Frank Zappa.

In The YouTube Effect, Winter traces the rise of YouTube from its launch in 2005 to its status as the second-most-visited website on the planet, behind only its corporate owner, Google. My co-host Zach Weissmueller and I talk with him about his concerns about polarization and disinformation in a lively and spirited conversation about the future of free speech and creative expression.

The post Alex Winter: Is <i>The YouTube Effect</i> Good or Bad on Balance? appeared first on Reason.com.

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Fed F**kery Is Back: Seasonal Adjustments Turns $38BN Bank Deposit Outflow Into $5BN Inflow

Fed F**kery Is Back: Seasonal Adjustments Turns $38BN Bank Deposit Outflow Into $5BN Inflow

Usage of The Fed’s emergency bailout facility rose to a new record high last week and money-market funds saw further inflows, all eyes are once again on bank deposits

Seasonally-adjusted, total deposits rose by a de minimus $3.3 billion last week (the 2nd straight week on SA inflows)…

Source: Bloomberg

However, and not at all surprisingly, non-seasonally-adjusted total deposits tumbled $30 billion last week (the 3rd straight week of NSA deposit outflows)…

Source: Bloomberg

The divergence between money-market fund assets and bank deposits remains extreme…

Source: Bloomberg

On the other side of the ledger, both large- and small-banks saw loan volumes increase (+$8.7BN and +$1.6BN respectively). This is the 3rd straight week of loan volume increases…

Source: Bloomberg

Seasonally-adjusted large-banks saw deposit outflows (-$11BN), while small-banks saw $16BN in deposit inflows. Foreign banks saw $1.8bn in deposit outflows…

Source: Bloomberg

But, Large-banks saw a massive $46BN deposit outflow on a NSA basis (the 3rd week in a row of big outflows) while small banks and foreign banks saw deposit inflows…

Source: Bloomberg

The aggregate NSA-SA ‘gap’ is now around $160BN!!

So, Domestically, banks saw a $5BN deposit inflow (SA) but a $37BN deposit outflow (NSA)

Source: Bloomberg

This is the second week in a row that The Fed’s sleight of hand has turned outflows into inflows.

Tyler Durden
Fri, 08/04/2023 – 16:40

via ZeroHedge News https://ift.tt/sE0Vg8m Tyler Durden

Jim Kunstler Fears “Civic Upheaval” From ‘A Final Desperate Diversion’ By Our “Lawless, Faithless, Clueless Government”

Jim Kunstler Fears “Civic Upheaval” From ‘A Final Desperate Diversion’ By Our “Lawless, Faithless, Clueless Government”

Authored by James Howard Kunstler via Kunstler.com,

Desperation Creeps In

“There is only one way to explain this shambles: Every one of these crises traces back to the Democratic Party’s obsession with taking and holding power more or less indefinitely to suit its hubristic, end-of-history “narrative” of righteous liberal triumph.”

– Patrick Lawrence

That silence you hear these dog days of a wilting empire is the calm before the storm and everybody knows it.

“Joe Biden’s” final desperate ploy against the menace of Donald Trump looks about on par with the Ukraine spring offensive, hardly even worth a “hey, nice try.”

So, the best they could do was to charge Mr. Trump with objecting vocally to an election that looked as rotten as Hunter’s uncapped teeth?

We all saw what happened overnight November 3 and 4, 2020:

  • what the numbers looked like in the swing precincts at midnight and the magic mathematics that swapped tens of thousands of votes over from the Trump column to the Biden column (say, whu?) …

  • the shutdown of the Fulton County State Farm Arena due to a supposedly leaking toilet and the ensuing monkey business with rolly-bags full of ballots under the tables captured by the closed-circuit cameras…

  • the miraculous wee-hour harvest of ballots in Milwaukee…

  • US Postal Service truck full of completed ballots out of Bethpage, Long Island, that turned up in Philadelphia…

  • Mark Zuckerberg’s $419-million-dollar operation using two front orgs, the Center for Technology and Civic Life (CTCL) and the Center for Election Innovation and Research (CEIR) to staff precinct election boards with party shills and buy votes…

  • the thumb drives and modems in the vote-counting machines….

Special Counsel Jack Smith may find it difficult to prove that expressing an opinion about all that is some kind of crime. Meanwhile, he’s turned Mr. Trump into the poster boy for the many other aggrieved victims of a government weaponized against its own people.

More than half the country sees exactly what’s going on and no amount of video footage showing “JB” and Jill holding hands on the beach is going cover for that.

We are on the threshold of a king-hell national crisis.

Consider: a 27.4% drop in goods of all kinds “roaded-in” on semi-trucks to the northeast USA this summer. That’s everything from auto parts to lumber, clothing, and food. What else do you think sent the Yellow Corp trucking company, one hundred years old, spinning into sudden bankruptcy this week? Yellow won’t be bought and reorganized, either. It owes three quarters of a billion dollars in loans to the federal government (i.e., to us taxpayers) and untold pension obligations. Next, 22,000 Yellow Corp workers will hit the unemployment rolls. Yellow Corp had a special role in the supply chain: the LTL (less-than-truckload) niche, often the final journey of a product to the customer. It was also the cheapest. Whoever picks up the work — FedEx, ABF Freight? — will cost more, and so will everything you have to buy.

Behind this crumbling economy looms the fragile financial system of banks, securities markets, a wilderness of derivatives trades, and currencies. How long do you think it will take before that clockwork of debt obligations and ownerships in failing enterprises breaks down? Think: four to eight weeks, starting with when everyone comes back from the beach or the lake after Labor Day. Banks will resume failing, too, followed by bail-out efforts that will open a trapdoor under the dollar.

The country will finally learn what Bidenomics means.

Money trouble tends to blot out whatever else is happening to you, so the nation may not even notice that the Ukraine war is a lost cause. Not that we actually lost it, the Ukrainians did, poor buggers. What role did it play in American life besides money laundromat for the Biden family and a convenient stash for any number of bio-weapons labs?  Are you still pretending that the war we provoked there was a heroic stand for “democracy?” Will the place matter to us when Russia has to take it on as a charity? The only thing a lot of newly-broke Americans will notice is the more than $100-billion we pounded down that rat-hole, and the thought will not make them feel warm and fuzzy.

Have you noticed the clamor about a coming new pandemic virus? The catch is that it doesn’t even have to be some kind of lab-grown novelty disease this time. All it will take now to remove millions from the voter rolls is an ordinary seasonal flu, considering how many Americans are walking around with wrecked immune systems from the mRNA vaccines they lined-up for so giddily.

There will be so much going on this fall that the nation might not even notice the impeachment hearings against Mr. Biden, AG Garland, and Mr. Mayorkas of Homeland Security. The major media won’t even cover the proceedings.

The only open question around all of these things —a presidential scandal, the Ukraine war, an economic train wreck, political show trials — is how much civic upheaval there might be on-the-ground across the land while all this plays out, especially if our lawless, faithless, clueless government tries to lay a climate emergency trip on everybody as a final, desperate diversion?

*  *  *

Support his blog by visiting Jim’s Patreon Page

Tyler Durden
Fri, 08/04/2023 – 16:20

via ZeroHedge News https://ift.tt/caAIrD5 Tyler Durden

Less Jobs, More Inflation: Stocks Puke, Oil Soars, Yield Curve Steepens

Less Jobs, More Inflation: Stocks Puke, Oil Soars, Yield Curve Steepens

Less jobs, slower Services and Manufacturing sector growth, sticky prices (ISM), and surging gasoline costs (thank you OPEC) – Bidenomics smells more like stagflation.

‘Hope’ has been in charge of macro data recently with ‘soft’ survey data surging back in its mean-reverting manner as ‘hard’ real data has been fading (led down by industrial, personal finance, and housing data)…

Source: Bloomberg

After a bloodbath in bond-land this week, today’s ugly jobs data sparked a bond-buying-panic (the belly outperformed today 5Y -15bps), sending yields at the shorter-end of the curve lower on the week (-10bps), though the long-end was still up around 20bps on the week…

 

Source: Bloomberg

No-one should be surprised by this purge in yields…

Rate-hike expectations tumbled…

Source: Bloomberg

On the stock side, AMZN and AAPL were the big movers (the former surging most since Nov as the latter tumbled by the most this year)…

 

Overall, they lost around $30 billion in market cap today…

Source: Bloomberg

That weighed on Nasdaq which was the week’s worst performer – its worst week since March. The Dow managed a bounce today – perfectly tagging unch for the week – before it all fell apart…

It seems Goldman’s Scott Rubner was on to something when he warned “fade the green” as stocks bounced this morning.

Options traders aggressively faded the bounce post-payrolls in stocks then they piled on as the S&P broke 4500…

Source: SpotGamma

The S&P plunged to 3-week lows…

None of which should have been a surprise given our warning.

‘Most Shorted’ stocks tumbled on the week – the first losing week in the last six…

Source: Bloomberg

VIX (and VVIX) were both higher on the week with significant volatility…

Source: Bloomberg

Back to bonds, the yield curve surged this week (2s30s steeper for the 9th straight day). Outside of the SVB collapse, the last two weeks have seen the biggest curve-steepening since April 2022…

Source: Bloomberg

Yields reversed at key resistance levels from last November (or March’s SVB collapse)…

Source: Bloomberg

The dollar rallied for the 3rd straight week, though today’s dovishness took some of the lipstick off. The reversal in the USD happened right at the pre-Payrolls dump level from July…

Source: Bloomberg

Crypto continues to tread water with BTC hovering around $29k (after tagging $30k intraday during the week)

Source: Bloomberg

Gold rallied on the day as the dollar sank but overall was lower for the second week in a row. Today’s post-payrolls jump echoed last month’s…

Oil prices surged to $83 (WTI) today after the OPEC+ panel’s recc and are up for the sixth straight week (longest streak since June 2022)…

…with WTI at its highest since November…

Source: Bloomberg

Which is a very bad thing for those who believed The Fed has beaten inflation – Pump prices are about to explode…

Source: Bloomberg

And this time Biden is out of options with the SPR… maybe time for another fist-bump?

Finally, you are here…

Source: Bloomberg

And, as Goldman notes, companies that are beating consensus ests by >1SD are only outperforming the S&P 500 by +70bps on the trading session directly following earnings. Typically beats outperform the S&P 500 by over 100bps.

In other words, it’s all priced-in.

Tyler Durden
Fri, 08/04/2023 – 16:00

via ZeroHedge News https://ift.tt/U4Ic9Jk Tyler Durden